# EDGAR Filing Document

**Accession Number:** 0002095743
**File Stem:** 0001193125-26-153091
**Filing Date:** 2026-4
**Character Count:** 6144964
**Document Hash:** 52d7b0e184bd2a7f212a1dde1dc9fb62
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-153091.hdr.sgml**: 20260413

**ACCESSION NUMBER**: 0001193125-26-153091

**CONFORMED SUBMISSION TYPE**: S-1

**PUBLIC DOCUMENT COUNT**: 444

**FILED AS OF DATE**: 20260413

**DATE AS OF CHANGE**: 20260413

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Rare Earths Americas, Inc.
- **CENTRAL INDEX KEY:** 0002095743
- **STANDARD INDUSTRIAL CLASSIFICATION:** METAL MINING [1000]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 394918133
- **STATE OF INCORPORATION:** TX
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-1
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-295032
- **FILM NUMBER:** 26858569

**BUSINESS ADDRESS:**
- **STREET 1:** 250 FILLMORE STREET, SUITE 150
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80206
- **BUSINESS PHONE:** 719-659-8838

**MAIL ADDRESS:**
- **STREET 1:** 250 FILLMORE STREET, SUITE 150
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80206

**As filed with the Securities and Exchange Commission on April 13, 2026.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Registration No. 333-** 

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**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**___________________________**

**FORM S-1**

**REGISTRATION STATEMENT**

**UNDER**

**THE SECURITIES ACT OF 1933**

**___________________________**

**Rare Earths Americas, Inc.**

(Exact name of registrant as specified in its charter)

**___________________________**

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| | | | |
|:---|:---|:---|:---|
| **Texas** | **1000** | **1000** | **39-4918133** |
| (State or other jurisdiction of <br>incorporation or organization) |  | (Primary Standard Industrial <br>Classification Code Number) | (I.R.S. Employer <br>Identification Number) |

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**101 W. Main Street**

**Manchester, GA 31816**

**(706) 846-5063**

(Address, including zip code, and telephone number, including area code, of Registrant's principal executive offices)

**___________________________**

**Donald Swartz**

**Chief Executive Officer and President**

**Rare Earths Americas, Inc.**

**101 W. Main Street**

**Manchester, GA 31816**

**(706) 846-5063**

(Name, address, including zip code, and telephone number, including area code, of agent for service)

**___________________________**

**Copies to:**

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Era Anagnosti**<br>**Andrew Ledbetter**<br>**DLA Piper LLP (US)**<br>**500 Eighth Street, NW**<br>**Washington, D.C. 20004**<br>**(202) 799-4000** | **James Guttman**<br>**Dorsey & Whitney LLP**<br>**TD Bank Tower**<br>**66 Wellington Street W, Suite 3400**<br>**Toronto, ON M5K 1E6**<br>**(416) 367-7370** |

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**___________________________**

**Approximate date of commencement of proposed sale to the public:** As soon as practicable after the effective date of this Registration Statement.

If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, check the following box. ☐

If this form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

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| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☐ | Accelerated filer | ☐ |
| Non-accelerated filer | ☐ | Smaller reporting company | ☒ |
|  |  | Emerging growth company | ☒ |

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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

**The Registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until the Registrant shall file a further amendment which specifically states that this registration statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933, as amended, or until the registration statement shall become effective on such date as the Securities and Exchange Commission, acting pursuant to said Section 8(a), may determine.**

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**The information in this prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities and it is not soliciting an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.**

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| | |
|:---|:---|
| **PRELIMINARY PROSPECTUS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**SUBJECT TO COMPLETION, DATED , 2026** |

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**Shares**

**Common Stock**

![img7449594_0.gif](img7449594_0.gif)

**RARE EARTHS AMERICAS, INC.**

This is the initial public offering of shares of common stock of Rare Earths Americas, Inc. All of the shares of common stock are being sold by us.

Prior to this offering, there has been no public market for our common stock. It is currently estimated that the initial public offering price per share will be between $ and $. We intend to apply to list our common stock on the NYSE American LLC ("NYSE American") under the trading symbol "REA".

We are an "emerging growth company" and a "smaller reporting company" as defined under the federal securities laws and, as such, have elected to comply with certain reduced public company reporting requirements for this prospectus and may elect to do so in future filings.

**Investing in our common stock involves a high degree of risk. See the section titled "Risk Factors" beginning on page 11 to read about factors you should consider before buying shares of our common stock.**

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| | | |
|:---|:---|:---|
|  | **Per share** | **Total** |
| &nbsp;&nbsp;&nbsp;Initial public offering price | $| $|
| &nbsp;&nbsp;&nbsp;Underwriting discounts<sup>(1)</sup> | $| $|
| &nbsp;&nbsp;&nbsp;Proceeds to us before expenses<sup>(2)</sup> | $| $|

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____________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)We have agreed to pay the underwriters underwriting discounts and commissions equal to 7.0% of the aggregate gross proceeds in this offering from the sale of securities to certain investors, and (ii) 3.5% of the aggregate gross proceeds in this offering from the sale of securities to existing shareholders of the Company and of certain affiliates of the Company in accordance with the terms of the Underwriting Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)The proceeds to us before expenses presented in this table do not give effect to any exercise by the underwriters of the option we have granted to the underwriters to purchase additional shares of our common stock from us as described below and do not include the reimbursement of certain expenses of the underwriters. See the section titled "Underwriting" beginning on page 148 for additional information regarding compensation payable to the underwriters.

To the extent that the underwriters sell more than shares of common stock, the underwriters have the option to purchase up to an additional shares of common stock from us at the initial public offering price less the underwriting discount.

The underwriters expect to deliver the shares against payment in New York, New York on , 2026.

**Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or passed upon the accuracy or adequacy of this prospectus. Any representation to the contrary is a criminal offense.**

**Cantor Stifel** 

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**B. Riley Securities Canaccord Genuity** 

Prospectus dated , 2026

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**TABLE OF CONTENTS**

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| | |
|:---|:---|
|  | **Page** |
| &nbsp;&nbsp;&nbsp;[<u>Prospectus Summary</u>](#prospectussummary) | 1 |
| &nbsp;&nbsp;&nbsp;[<u>The Offering</u>](#the_offering) | 6 |
| &nbsp;&nbsp;&nbsp;[<u>Summary Financial Data</u>](#summary_financial_data) | 8 |
| &nbsp;&nbsp;&nbsp;[<u>Glossary of Mining and other Terms</u>](#glossaryofminingandotherterms) | 9 |
| &nbsp;&nbsp;&nbsp;[<u>Risk Factors</u>](#risk_factors) | 11 |
| &nbsp;&nbsp;&nbsp;[<u>Special Note Regarding Forward-Looking Statements</u>](#specialnoteregardingforwardlookingstatem) | 42 |
| &nbsp;&nbsp;&nbsp;[<u>Market and Industry Data</u>](#marketandindustrydata) | 44 |
| &nbsp;&nbsp;&nbsp;[<u>Use of Proceeds</u>](#useofprocceds) | 46 |
| &nbsp;&nbsp;&nbsp;[<u>Dividend Policy</u>](#dividendpolicy) | 47 |
| &nbsp;&nbsp;&nbsp;[<u>Capitalization</u>](#capitalization) | 48 |
| &nbsp;&nbsp;&nbsp;[<u>Dilution</u>](#dilution) | 50 |
| &nbsp;&nbsp;&nbsp;[<u>Management's Discussion and Analysis of Financial Condition and Results of Operations</u>](#mda) | 52 |
| &nbsp;&nbsp;&nbsp;[<u>Business</u>](#business) | 64 |
| &nbsp;&nbsp;&nbsp;[<u>Properties</u>](#properties) | 95 |
| &nbsp;&nbsp;&nbsp;[<u>Management</u>](#management_1) | 127 |
| &nbsp;&nbsp;&nbsp;[<u>Executive Compensation</u>](#executivecompensation) | 134 |
| &nbsp;&nbsp;&nbsp;[<u>Certain Relationships and Related Party Transactions</u>](#certain_relationships_and_related) | 144 |
| &nbsp;&nbsp;&nbsp;[<u>Principal Stockholders</u>](#principalstockholders) | 146 |
| &nbsp;&nbsp;&nbsp;[<u>Description of Capital Stock</u>](#descriptionofcapitalstock) | 148 |
| &nbsp;&nbsp;&nbsp;[<u>Shares Eligible for Future Sale</u>](#shareseligibleforfuturesale) | 153 |
| &nbsp;&nbsp;&nbsp;[<u>Material U.S. Federal Income Tax Consequences to Non-U.S. Holders</u>](#materialusfederalincometaxconsequences) | 155 |
| &nbsp;&nbsp;&nbsp;[<u>Underwriting</u>](#underwriting) | 159 |
| &nbsp;&nbsp;&nbsp;[<u>Legal Matters</u>](#legal_matters) | 170 |
| &nbsp;&nbsp;&nbsp;[<u>Experts</u>](#experts) | 170 |
| &nbsp;&nbsp;&nbsp;[<u>Where You Can Find Additional Information</u>](#whereyoucanfindadditionalinformation) | 170 |
| &nbsp;&nbsp;&nbsp;[<u>Index to Financial Statements</u>](#index) | F-1 |

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"REA," "Rare Earths Americas," the "Rare Earths Americas" logo, and other trademarks, trade names, or service marks of Rare Earths Americas, Inc. appearing in this prospectus are the property of Rare Earths Americas, Inc. All other trademarks, trade names, and service marks appearing in this prospectus are the property of their respective owners. Solely for convenience, the trademarks and trade names in this prospectus may be referred to without the <sup>®</sup> and™ symbols, but such references should not be construed as any indicator that their respective owners will not assert their rights thereto.

**Neither we nor the underwriters have authorized anyone to provide you with any information or to make any representations other than those contained in this prospectus or in any free writing prospectuses prepared by or on behalf of us or to which we have referred you. We and the underwriters take no responsibility for, and can provide no assurance as to the reliability of, any other information that others may give you. This prospectus is an offer to sell only the shares offered hereby, but only under circumstances and in jurisdictions where it is lawful to do so. The information contained in this prospectus or in any applicable free writing prospectus is current only as of its date, regardless of its time of delivery or any sale of shares of our common stock. Our business, financial condition, and results of operations may have changed since that date.**

**For investors outside the United States: Neither we nor the underwriters have done anything that would permit this offering or possession or distribution of this prospectus or any free writing prospectus we may provide to you in connection with this offering in any jurisdiction where action for that purpose is required, other than in the United States. You are required to inform yourselves about and to observe any restrictions relating to this offering and the distribution of this prospectus and any such free writing prospectus outside the United States.**

i

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**PROSPECTUS SUMMARY**

*This summary highlights selected information contained in greater detail elsewhere in this prospectus. This summary is not complete and does not contain all of the information you should consider in making your investment decision. Before investing in our common stock, you should carefully read this entire prospectus, including the sections titled "Risk Factors," "Special Note Regarding Forward-Looking Statements," and "Management's Discussion and Analysis of Financial Condition and Results of Operations" and our financial statements and the related notes included elsewhere in this prospectus. As used in this prospectus, unless the context otherwise requires, references to "we," "us," "our," "the Company," "REA," "Rare Earths Americas" and similar references refer to Rare Earths Americas, Inc. together with its consolidated subsidiaries.*

**Overview**

We are an exploration stage company advancing a portfolio of critical minerals projects focused on high-grade heavy rare earth mineral assets. Our work is aimed toward defining mineralization for our projects and increasing our understanding of its characteristics and economics. Our portfolio includes three material projects, which we believe positions REA as a future potential cornerstone of non-Chinese rare earth supply, aligning with Western industrial and national security priorities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Shiloh Project (Georgia, United States)**: We believe that the Shiloh Project represents a significant exploration opportunity in the rare earth sector. The exploration activities completed to date, including radiometric surveys, drilling programs, and preliminary metallurgical test work, have indicated the presence of wide-spread and high-grade rare earth elements mineralization, primarily in the form of monazite. The geological setting, favorable land position spanning 1,927 acres, and the increasing market demand for domestic sources provide a foundation for the additional work that is recommended to be conducted in the Shiloh Project area. The Shiloh Project presents a new rare earth district discovery in the U.S, of approximately 400 km² with high rare earth grades for boulder assays of up to 20.01% Total Rare Earth Oxides ("TREO") and trenching intercepts of up to 30.98% TREO in early-stage exploration results, including high grades of heavy rare earth elements used in high performance magnets. Located on private land, this project benefits from well-established infrastructure, low-cost power and a streamlined pathway to obtaining necessary permits. Exploration activities are at an earlier stage than at our other material projects, and we have not established mineral resources or mineral reserves at the Shiloh Project.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Alpha Project (Bahia, Brazil)**: Due to its large land package, the Alpha Project has the potential to become one of the largest ionic adsorption clay ("IAC") resources globally, with district-scale of approximately 496 km of tenements ionic clay rare earth deposit. The resources disclosed are for a deposit area located on nine contiguous concessions (100 km²) with a defined 201.7 Mt inferred mineral resource at 1,520 ppm TREO above a cut-off of 1,000 ppm TREO and a potentially larger estimate at lower cutoff grades that will be further refined with additional study, underscoring its promising potential for scale and expansion. With high-value neodymium-praseodymium ("NdPr"), dysprosium ("Dy"), and terbium ("Tb") comprising approximately 24% of contained oxides, this project is positioned to service the high-performance permanent magnet market. The deposit is characterized by shallow, laterally extensive IAC mineralization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Constellation Project (Minas Gerais, Brazil)**: Located in the prolific Poços de Caldas alkaline district, the Constellation Project spans approximately 59.5 km² of tenements with the resource limited to 16 km² at this time. The project has a defined 266.2 Mt inferred mineral resource at 2,637 ppm TREO above a cut-off of 1,000 ppm TREO and a potentially larger estimate at lower cutoff grades that will be further refined with additional study, underscoring the project's promising potential for scale and expansion. With high-value NdPr, Dy, and Tb comprising over 22% of contained oxides, this project is positioned to service the high-performance permanent magnet market. The deposit is characterized by shallow, laterally extensive IAC mineralization.

We also hold rights to several additional, currently not material, early-stage exploration projects, most notably our Homer Project located in Goiás, Brazil, and Liberty Peak located in Georgia, United States. The Homer Project hosts multiple large carbonatite clusters with potential for rare earth minerals and niobium considering the region contains

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some of the world's preeminent niobium mines. During the first quarter of 2026, we started an active drilling campaign at Homer, based on field work, sampling and prospecting work performed in 2024 and 2025. We control 1,233 km² of tenements in Brazil. Liberty Peak is a new discovery zone within the Shiloh Project area, with recent prospecting confirming monazite-sands at the surface. We recently completed an airborne geophysical and magnetic survey over approximately 500 km<sup>2</sup>of Liberty Peak and plan to accelerate exploration at Liberty Peak throughout 2026, including land acquisition, future drilling, and opening of a satellite facility.

Our primary focus is on heavy rare earth elements, which are critical to high-performance permanent magnets used in robotics, defense applications, electric vehicles, wind power systems, renewable energy systems, and consumer electronics. We are currently in the exploration stage, with no revenue generated to date. Our objective is to systematically advance our portfolio—comprising the Shiloh Project, the Alpha Project, and the Constellation Project—from early exploration toward resource definition and, eventually, development.

Our projects are strategically positioned, with dual-jurisdiction exposure in the United States and Brazil, which aligns with growing initiatives in the U.S. and its cooperating nations to ensure diversified, secure rare earth elements supply chains.

**Our Business Strategy**

We intend to grow the value of our assets by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•advancing our project portfolio through land acquisition, drilling, exploration, land consolidation, process flowsheet development, resource definition, metallurgical test work, permitting, and engineering studies in accordance with S-K 1300 (as defined below);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•pursuing strategic partnerships and financing to accelerate project development; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•developing a U.S.-aligned platform to strengthen critical mineral supply chains.

We believe the long-term prospects for rare earth elements, more specifically heavy rare earth elements, continue to be strong, as described in more detail in the section titled "Business." In part, this reflects the acknowledgment of the U.S. Government that critical minerals, including rare earth elements, are essential for national security and economic resilience and its policies to facilitate domestic mineral production, including by offering expedited permitting, reconsidering regulatory bottlenecks, and providing capital and technical assistance. We have assembled a team with extensive mining sector-related experience, including exploration, development, permitting, operations and capital markets, to execute our strategy and pursue the market opportunity available to us.

**Corporate Information**

We were incorporated in February 2025 under the laws of the Cayman Islands as "Rare Earths Americas Ltd." We completed a redomestication transaction through the filing of a certificate of conversion, becoming a Texas corporation on October 15, 2025 (the "Redomestication"). Following the Redomestication, our name changed to "Rare Earths Americas, Inc."

In July 2025, in two transactions, each contingent upon the completion of the other, we acquired our predecessor, Alpha Minerals Brazil Participações Ltda., a company organized under the laws of Brazil ("AMBPL" or "Predecessor"), and Foothills Rare Earths Limited, an Australian public unlisted corporation ("FRE Australia"). Consideration paid to the shareholders of AMBPL and FRE Australia consisted of shares of our common stock and warrants exercisable for shares of our common stock. REA and AMBPL were entities under common control at the acquisition date.

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We operate and control our business and affairs through our wholly owned subsidiaries: AMBPL, FRE Australia, Foothills Rare Earths LLC ("FRE US"), and T.E. Liberty Holdings, LLC ("T.E. Liberty").

![img7449594_1.gif](img7449594_1.gif)

Our principal executive offices are located at 101 W. Main Street, Manchester, Georgia 31816. In support of our exploration activities, we also maintain field offices in the state of Georgia and in Brazil. Our corporate website is *rareearthsamericas.com*. Information contained on, or accessible through, our website shall not be deemed incorporated by reference and is not a part of this prospectus or the registration statement of which it forms a part. We have included our website in this prospectus solely as an inactive textual reference and do not intend it to be an active link to our website.

**Risk Factors**

Our business is subject to a number of risks of which you should be aware before making a decision to invest in our common stock. These risks are more fully described in the section titled "Risk Factors" immediately following this prospectus summary. These risks include, among others, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•All of our business activities are now in the exploration stage and there can be no assurance that we will build successful business operations or ever produce minerals from any of our properties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Our mining rights are subject to mineral rights purchase option agreements, and we may be unable to exercise such options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We will require substantial additional capital to advance our projects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We have no history of producing rare earth minerals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Mineral exploration is highly speculative and subject to an exceptionally high probability of failure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Exploration results may not demonstrate economically recoverable reserves under S-K 1300.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Metallurgical recoveries and process economics remain uncertain.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The demand for, and prices of, magnet rare earth elements are highly volatile.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The growth of existing and emerging uses for magnet rare earth elements is highly uncertain.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The global supply of magnet rare earth elements is subject to dumping, predatory pricing and other adverse tactics by our competitors or state actors, and, in addition, other new rare earth elements projects may be commissioned and/or existing mines may increase production that substantially increase supply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Estimates that guide our development plans and anticipated financing needs with respect to our mineral projects may prove inaccurate or incomplete.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Mining and mineral exploration is inherently dangerous and subject to conditions or events beyond our control, which could have a material adverse effect on our business and plans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Our business is subject to operational risks that are generally outside of our control and could adversely affect our business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We depend on key personnel for the success of our business, and we may be unable to attract and retain qualified mining and technical personnel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Our operations rely on infrastructure, and disruptions could adversely impact our results and financial condition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We face permitting, environmental, and tenure risks in both the U.S and Brazil.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•China controls a significant portion of the global output of rare earth minerals and possesses great leverage in dealing with competitors in the industry.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The U.S. Government and other cooperating nations' governments may decrease support for rare earth elements and critical minerals, which could adversely impact demand for our products and/or may pose permitting, financing and other risks for developing our projects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We could be adversely affected by changes in government policies, rules or regulations or trends such as resource nationalism, including the imposition of new taxes, tariffs, or royalties on mining activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The market for, trading price of and other matters associated with our common stock.

**Implications of Being an Emerging Growth Company and a Smaller Reporting Company**

We qualify as an "emerging growth company" as defined in the Jumpstart Our Business Startups Act of 2012 (the "JOBS Act"). An emerging growth company may take advantage of relief from certain reporting requirements and other burdens that are otherwise applicable generally to public companies. These provisions include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Reduced obligations with respect to financial data, including presenting only two years of audited financial statements and only two years of selected financial data;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•An exemption from compliance with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002 (the "Sarbanes-Oxley Act");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Reduced disclosure about our executive compensation arrangements in our periodic reports, proxy statements, and registration statements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Exemptions from the requirements of holding non-binding advisory votes on executive compensation or golden parachute arrangements.

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In addition, under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards until such time as those standards apply to private companies. We intend to avail ourselves of this exemption from new or revised accounting standards, and accordingly, we will not be subject to the same new or revised accounting standards as other public companies that are not emerging growth companies or that have opted out of using such extended transition period, which may make comparison of our financial statements with those of other public companies more difficult. We may take advantage of these reporting exemptions until we no longer qualify as an emerging growth company or, with respect to adoption of certain new or revised accounting standards, until we irrevocably elect to opt out of using the extended transition period.

We will remain an emerging growth company until the earliest of (i) the last day of the fiscal year in which we have total annual gross revenue of $1.235 billion or more; (ii) the last day of our fiscal year following the fifth anniversary of the date of the closing of this offering; (iii) the date on which we have issued more than $1 billion in nonconvertible debt during the previous three years; and (iv) the date on which we are deemed to be a large accelerated filer under the rules of the SEC. We may choose to take advantage of some but not all of these reduced reporting burdens.

We are also a "smaller reporting company," meaning that the market value of our stock held by non-affiliates plus the proposed aggregate amount of gross proceeds to us as a result of this offering is less than $700.0 million and our annual revenue is less than $100.0 million during the most recently completed fiscal year. We may continue to be a smaller reporting company after this offering if either (i) the market value of our stock held by non-affiliates is less than $250.0 million or (ii) our annual revenue is less than $100.0 million during the most recently completed fiscal year and the market value of our stock held by non-affiliates is less than $700.0 million. If we are a smaller reporting company at the time we cease to be an emerging growth company, we may continue to rely on exemptions from certain disclosure requirements that are available to smaller reporting companies. Specifically, as a smaller reporting company we may choose to present only the two most recent fiscal years of audited financial statements in our Annual Report on Form 10-K and, similar to emerging growth companies, smaller reporting companies have reduced disclosure obligations regarding executive compensation.

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**THE OFFERING**

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| | |
|:---|:---|
| Common stock offered by us | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares |
| Underwriters' option to purchase <br>additional shares of common stock | We have granted the underwriters a 30-day option to purchase up to additional shares of common stock at the initial public offering price less the underwriting discounts. |
| Common stock to be outstanding <br>immediately after this offering | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares (shares if the underwriters exercise their over-allotment option in full). |
| &nbsp;&nbsp;&nbsp;Use of proceeds | We estimate that the net proceeds from this offering will be approximately $ million (or approximately $ million if the underwriters exercise in full their option to purchase up to additional shares of common stock), after deducting the underwriting discounts and estimated offering expenses payable by us. We intend to use the net proceeds from this offering as follows: <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•approximately $ million to fund land acquisition and option payments, drilling, metallurgical test work, permitting and S-K 1300 technical report summary preparation at our Shiloh Project. We plan to prioritize advancement of our Shiloh Project;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•approximately $ million to fund exploration, evaluation, land consolidation, metallurgy, engineering and permitting studies at our Alpha Project; and<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•approximately $ million to fund exploration, evaluation, land option payments, metallurgy, engineering and permitting studies at our Constellation Project. <br>We intend to use any remaining net proceeds for evaluating our non-material exploration projects, including Homer and Liberty Peak, as well as for working capital and other general corporate purposes. See the section titled "Use of Proceeds" for additional information. We may find it necessary or advisable to use the net proceeds for other purposes, and our management will have broad discretion in the application of the net proceeds, and investors will be relying on our judgment regarding the application of the net proceeds from this offering. |
| &nbsp;&nbsp;&nbsp;Lock-up | We have agreed, subject to certain exceptions and without the approval of Cantor, not to offer, issue, sell, contract to sell, encumber, grant any option for the sale of, or otherwise dispose of any of our securities for a period of 180 days following the closing of this offering.<br>Our directors, executive officers, and a significant portion of all other holders of our common stock prior to this offering have agreed with the underwriters not to offer for sale, issue, sell, contract to sell, pledge or otherwise dispose of any of our common stock or securities convertible into common stock for a period of 180 days following the closing of this offering, subject to certain exceptions.<br>See the section titled "Underwriting" for additional information. |
| Risk factors | See "Risk Factors" on page 11 and other information included in this prospectus for a discussion of factors to consider carefully before deciding to invest in our securities. |
| Proposed NYSE American symbol | REA |

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The number of shares of our common stock to be outstanding after this offering is based on shares of common stock outstanding as of , 2026 and excludes:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•1,850,000 shares of our common stock reserved for future issuance under the new equity incentive plan we are adopting in connection with this offering, or our 2026 Equity Incentive Plan (the "2026 Plan"), as well as any future increases in the number of shares of our common stock reserved for future issuance pursuant to the 2026 Plan, which will become effective immediately prior to the closing of this offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•shares of common stock issuable upon the exercise of warrants outstanding as of , 2026, with a weighted-average exercise price of $ per share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shares of common stock issuable upon the vesting and settlement of restricted stock units ("RSUs") outstanding as of , 2026, issued pursuant to our 2025 Equity Incentive Plan (the "2025 Plan");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shares issuable in connection with repayment of the Loan pursuant to the Deed of Novation (each as defined below); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shares issuable upon exercise of options in connection with our mineral rights purchase and/or lease option agreements described in the sections titled "Business – Mining Rights" and "Properties".

Our 2026 Plan provides for annual automatic increases in the number of shares reserved thereunder. See the section titled "Executive Compensation—Equity Incentive Plans" for additional information.

Unless otherwise indicated, all information contained in this prospectus, including the number of shares of common stock that will be outstanding after this offering, assumes or gives effect to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•no exercise of the outstanding warrants described above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•no settlement of outstanding RSUs described above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•no exercise by the underwriters of their over-allotment option to purchase up to additional shares of our common stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•no grants of additional equity awards under the 2025 Plan after , 2026;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•no exercise of options in connection with our mineral rights purchase and/or lease option agreements described in the sections titled "Business – Mining Rights" and "Properties"; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•no issuance of shares of common stock in connection with repayment of the Loan.

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**SUMMARY FINANCIAL DATA**

The following tables set forth a summary of our historical financial data. The selected consolidated statements of operations data for the years ended December 31, 2025 and 2024, and the selected consolidated statements of cash flows data for the years ended December 31, 2025 and 2024 have been derived from our consolidated financial statements included elsewhere in this prospectus. Our historical results are not necessarily indicative of the results that may be expected in the future.

You should read the following summary financial data in conjunction with "Management's Discussion and Analysis of Financial Condition and Results of Operations" and our financial statements and related notes included elsewhere in this prospectus. The summary financial data in this section are not intended to replace, and are qualified in their entirety by, the financial statements and related notes. Dollars presented in thousands, except per share data.

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| | | |
|:---|:---|:---|
|  | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
|  | **2025** | **2024** |
| **Operating expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Exploration and evaluation expenses | $3717 | $2890 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative expenses | 5466 | 1094 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation expense | 25 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transaction costs | 247 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 9455 | 3990 |
| **Operating loss** | (9455) | (3990) |
| **Other income (expenses):** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | 138 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | (206) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange gain | 31 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on extinguishment of debt | (577) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of warrants | 139 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other (expenses) income | (475) | 15 |
| Loss before income taxes | (9930) | (3975) |
| Provision for income taxes |  |  |
| **Net loss** | (9930) | (3975) |
| Less: Net loss attributable to noncontrolling interest |  |  |
| **Net loss attributable to Rare Earths Americas, Inc.** | $(9930) | $(3975) |

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| | | |
|:---|:---|:---|
| **Net loss per common share, basic and diluted** | $(0.85 | $(0.46 |
| **Weighted average common shares outstanding, basic and diluted** | 11744438 | 8674507 |

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| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** |
| **Other Financial Data (in thousands):** |  |  |
| Net cash used in operating activities | $(4855) | $(3793) |
| Net cash provided by investing activities | 1063 | 65 |
| Net cash provided by financing activities | 26547 | 3311 |

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**GLOSSARY OF MINING AND OTHER TERMS**

"**Cut-off Grade**" means a term used in S-K 1300 to describe the grade that determines the destination of the material during mining. For purposes of establishing "prospects of economic extraction," the cut-off grade is the grade that distinguishes material deemed to have no economic value (it will not be mined in underground mining or if mined in surface mining, its destination will be the waste dump) from material deemed to have economic value (its ultimate destination during mining will be a processing facility).

"**Deposit**" means an accumulation of minerals.

"**Development Stage**" means a term used in S-K 1300 to describe a property that has mineral reserves disclosed but no material extraction.

"**Exploration Stage**" means a term used in S-K 1300 to describe a property that has no mineral reserves disclosed.

"**Feasibility Study**" means a term used in S-K 1300 to describe a comprehensive technical and economic study of the selected development option for a mineral project, which includes detailed assessments of all applicable modifying factors, as defined by S-K 1300, together with any other relevant operational factors, and detailed financial analysis that are necessary to demonstrate, at the time of reporting, that extraction is economically viable. The results of the study may serve as the basis for a final decision by a proponent or financial institution to proceed with, or finance, the development of the project.

"**Indicated Mineral Resource**" means a term used in S-K 1300 to describe that part of a mineral resource for which quantity and grade or quality are estimated on the basis of adequate geological evidence and sampling. The level of geological certainty associated with an indicated mineral resource is sufficient to allow a qualified person to apply modifying factors in sufficient detail to support mine planning and evaluation of the economic viability of the deposit. Because an indicated mineral resource has a lower level of confidence than the level of confidence of a measured mineral resource, an indicated mineral resource may only be converted to a probable mineral reserve.

"**Inferred Mineral Resource**" means a term used in S-K 1300 to describe that part of a mineral resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling. The level of geological uncertainty associated with an inferred mineral resource is too high to apply relevant technical and economic factors likely to influence the prospects of economic extraction in a manner useful for evaluation of economic viability. Because an inferred mineral resource has the lowest level of geological confidence of all mineral resources, which prevents the application of the modifying factors in a manner useful for evaluation of economic viability, an inferred mineral resource may not be considered when assessing the economic viability of a mining project, and may not be converted to a mineral reserve.

**"Measured Mineral Resource**" means a term used in S-K 1300 to describe that part of a mineral resource for which quantity and grade or quality are estimated on the basis of conclusive geological evidence and sampling. The level of geological certainty associated with a measured mineral resource is sufficient to allow a qualified person to apply modifying factors, as defined in S-K 1300, in sufficient detail to support detailed mine planning and final evaluation of the economic viability of the deposit. Because a measured mineral resource has a higher level of confidence than the level of confidence of either an indicated mineral resource or an inferred mineral resource, a measured mineral resource may be converted to a proven mineral reserve or to a probable mineral reserve.

"**Mineralization**" means the concentration of metals within a body of rock or the process by which such concentration occurs.

**"Mineral Reserve**" means a term used in S-K 1300 to describe an estimate of tonnage and grade or quality of indicated and measured mineral resources that, in the opinion of a qualified person, can be the basis of an economically viable project. More specifically, it is the economically mineable part of a measured or indicated mineral resource, which includes diluting materials and allowances for losses that may occur when the material is mined or extracted.

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"**Mineral Resource**" means a term used in S-K 1300 to describe a concentration or occurrence of material of economic interest in or on the Earth's crust in such form, grade or quality, and quantity that there are reasonable prospects for economic extraction. A mineral resource is a reasonable estimate of mineralization, taking into account relevant factors such as cut-off grade, likely mining dimensions, location or continuity, that, with the assumed and justifiable technical and economic conditions, is likely to, in whole or in part, become economically extractable. It is not merely an inventory of all mineralization drilled or sampled.

"**Mining**" means the extraction of valuable geological materials from the Earth.

"**Probable Mineral Reserves**" means a term used in S-K 1300 to describe the economically mineable part of an indicated and, in some cases, a measured mineral resource.

"**Qualified Person**" or "**QP**" means a term used in S-K 1300 to describe an individual who (1) is a mineral industry professional with at least five years of relevant experience in the type of mineralization and type of deposit under consideration and in the specific type of activity that person is undertaking on behalf of us; and (2) is an eligible member or licensee in good standing of a recognized professional organization that meets certain criteria specified under S-K 1300.

"**Recovery**" means that portion (usually expressed as a percentage) of the metal contained in mineralized material that is successfully extracted by processing.

"**Sampling**" means selecting a fractional part of a mineral deposit for analysis.

"**Sediment**" means solid fragmental material that originates from weathering of rocks and is transported or deposited by air, water, or ice, or that accumulates by other natural agents, such as chemical precipitation from solution or secretion by organisms, and that forms in layers on the earth's surface at ordinary temperatures in a loose, unconsolidated form.

"**S-K 1300**" means subpart 1300 of Regulation S-K, promulgated by the U.S. Securities and Exchange Commission, which sets forth the rules and regulations for disclosure by registrants engaged in the mining industry.

"**Technical Report Summaries**" means, collectively, the technical report summaries for each of the Shiloh Project, Alpha Project and Constellation Project, in accordance with S-K 1300, filed as Exhibits 96.1, 96.3 and 96.2, respectively, to this registration statement, of which this prospectus forms a part.

"**TREO**" means total rare earth oxides.

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**RISK FACTORS**

*In addition to the other information contained in this prospectus, including the matters addressed under the heading "Special Note Regarding Forward-Looking Statements" and "Market and Industry Data," you should carefully consider the following risk factors, together with all of the other information included in this prospectus, including the financial statements and notes to the financial statements included herein, before deciding whether to invest in our common stock. The risk factors described below disclose the material risks, but are not intended to be exhaustive, and do not describe all of the risks we are facing or may face in the future. The occurrence of one or more of the events or circumstances described in these risk factors, alone or in combination with other events or circumstances, may have a material adverse effect on our business, financial condition, results of operations and prospects of, in which event the market price of our common stock could decline, and you could lose part or all of your investment. Additional risks not currently known to us or that we currently deem to be immaterial, or that are not identified because they are generally common to businesses, also may have a material adverse effect on our business, financial condition, results of operations or prospects. Because of the factors described in this section and elsewhere in this prospectus, as well as other factors affecting our businesses, financial condition, operating results, and prospects, past financial performance should not be considered a reliable indicator of future performance, and investors should not rely on historical trends to anticipate trends or results in the future.* 

**<u>Risks Related to Our Business</u>** 

***We are an exploration stage mining company with no operating history other than conducting limited exploratory activities, and there are no assurances that we will build successful business operations or ever produce minerals from any of our properties.***

We are an exploration stage mining company, which means that we have no material property with mineral reserves disclosed. We do not currently operate any mines, and we do not have any direct or indirect interest in any active mining operations. Each of our three material mineral projects, the Shiloh Project, Alpha Project, and Constellation Project, is in an exploration stage and has never been mined for rare earth elements by us or by any prior owner. Additionally, we have several additional, currently not material, early-stage exploration projects, including our Homer Project and Liberty Peak. As a result, we have never produced revenue, and we have no operating history upon which to base estimates of future operating costs, capital expenditure needs, site remediation costs or other necessary investments. While our management team and board of directors have extensive combined mining sector-related experience, the Company has no experience in developing or operating a mine.

We may never be able to develop and produce minerals from a commercially viable mineral property. Although we continue systematic exploration of our properties, such as the Shiloh Project, results of these exploratory works are not yet available and there is no certainty that such results will be consistent with the earlier results disclosed herein.

Advancing our mineral properties to the development stage (which the SEC defines as the preparation of mineral reserves for extraction) will require significant capital and time, and successful commercial production from any mines will be subject to the additional risks associated with developing and establishing new mining operations and business enterprises including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•completing various studies to verify resources, reserves and commercial viability, including the ability to find sufficient mineralization to support a commercial mining operation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•obtaining the financial resources to fund further exploration, permitting and construction of infrastructure, mining, refining and other processing facilities and equipment at our projects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the availability of drilling and other mining and processing equipment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•compliance with environmental, health, and safety regulations and other governmental approval and permitting requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•potential changes in laws, regulations, or the political environment affecting mining in the jurisdictions where our mineral projects are located;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•potential opposition from non-governmental organizations, local groups or local inhabitants that may delay or prevent development activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•potential increases in exploration, construction, and operating costs due to changes in the cost of fuel, water, power, materials, and supplies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•potential shortages of mineral processing, construction, and other facilities and related supplies; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•potential shortages of properly trained and experienced exploration personnel, skilled labor and other personnel.

***Our mining rights are subject to mineral rights purchase option agreements, and we may be unable to exercise such options.***

Our wholly owned subsidiaries are party to various mineral rights purchase option agreements, pursuant to which we have been granted options to purchase and/or lease certain mining rights subject to, among other things, our payment of the applicable premiums and exercise prices, which are substantial. Therefore, our acquisition of certain mining rights depends on our ability to obtain adequate financial resources to pay the applicable exercise prices. In some instances, the payment of the exercise price shall be via the issuance of our shares, which issuance would dilute the ownership percentage of existing stockholders. We may not be able to successfully complete our planned exploration activities, establish mining operations or profitably produce rare earth elements at any of our current or future properties if we are unable to exercise such options. Please see the section titled "Business – Mining Rights" for a description of our mineral rights purchase option agreements. In addition, any impairment in the value of these mineral interests could negatively impact our business and cause the price of our common stock to decline.

***We have no history of producing rare earth elements.***

We have no history of producing rare earth elements. Our properties are all exploration stage properties in various stages of exploration and evaluation. Our Shiloh Project and our non-material exploration projects, including Homer and Liberty Peak, are all early-stage exploration projects and are not yet at the resource stage. Advancing properties from exploration into the development stage requires significant capital and time, and successful commercial production from a property, if any, will be subject to completing various studies through definitive feasibility, permitting and construction of the mines, processing plants, roads, and other related works and infrastructure. As a result, we are subject to all the risks associated with developing and establishing new mining operations and business enterprises including:

• completion of studies to verify resources, reserves and commercial viability, including the ability to find sufficient rare earth elements to support a commercial mining operation;

• the timing and cost, which can be considerable, of further exploration, preparing feasibility studies, permitting and construction of infrastructure, mining and processing facilities;

• the availability and costs of drill equipment, exploration personnel, third-party processing labs and facilities, skilled labor and mining and processing equipment, if required;

• the availability and cost of appropriate refining arrangements, if required, and securing a commercially viable sales outlet for our products;

• compliance with environmental, health, and safety regulations and other governmental approval and permitting requirements;

• the availability of funds to finance exploration, development and construction activities, as warranted;

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• potential opposition from non-governmental organizations, environmental groups, local groups or local inhabitants which may delay or prevent development activities;

• potential increases in exploration, construction and operating costs due to changes in the cost of fuel, power, materials and supplies; and

• potential shortages of mineral processing, construction and other facilities related supplies.

The costs, timing and complexities of exploration, development and construction activities may be increased by the location of our properties and demand by other rare earth elements exploration and mining companies. It is common in exploration programs to experience unexpected problems and delays during drill programs and, if warranted, development, construction and mine start-up. Accordingly, our activities may not result in profitable mining operations and we may not succeed in establishing mining operations or profitably producing rare earth minerals.

***Mineral exploration is highly speculative and subject to an exceptionally high probability of failure.***

The mineral exploration industry is characterized by significant risk and uncertainty. It is widely understood that many exploration programs are unsuccessful for a multitude of reasons including political environment, capital markets, lack of funding and government regulation.

The purpose of exploration is to demonstrate the dimensions, position and mineral characteristics of mineral deposits, estimate mineral resources, assess amenability of the deposit to mining and processing scenarios and estimate potential deposit value. Once mineralization is discovered, it may take several years from the initial exploration phases before production is possible, during which time the project may cease to be feasible. Substantial expenditures are required to establish proven and probable mineral reserves, to determine processes to extract the metals and, if required, to construct mining and processing facilities and obtain the rights to the land and resources required to develop the mining activities.

Development projects have no operating history upon which to base estimates of proven and probable mineral reserves and estimates of future operating costs. Estimates are, to a large extent, based upon the interpretation of geological data and modeling obtained from drill holes and other sampling techniques, feasibility studies that derive estimates of operating costs based upon anticipated tonnage and grades of material to be mined and processed, the configuration of the deposit, expected recovery rates, facility and equipment capital and operating costs, anticipated climatic conditions and other factors. As a result, actual operating costs and economic returns based upon development of proven and probable mineral reserves may differ significantly from those originally estimated. Moreover, significant decreases in actual or expected commodity prices may mean rare earth elements, once found, will be uneconomical to mine.

We have not yet established mineral reserves and hold exploration options that may not mature into viable operations. There is no guarantee that the properties contain economically extractable rare earth elements, or that we will be able to bring such properties to economic production.

***Estimates that guide our development plans and anticipated financing needs with respect to our mineral projects may prove inaccurate or incomplete, which could adversely affect our ability to continue our exploration plans and to profitably produce rare earth elements at any of our properties.***

Estimates that guide our development and financing plans are based on the interpretation of geological data, feasibility studies, anticipated climatic conditions and other factors. Any of the following events, among the other events and uncertainties described in this prospectus, could affect the accuracy of such estimates:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•unanticipated changes in the grade and tonnage of mineralized material;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•incorrect data used in engineering assumptions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•delays in construction schedules;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•unanticipated construction and transportation costs;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•incorrect predictions of the nature and timing of major equipment needs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•possible litigation risks, including permit disputes (e.g., in respect of access and/or validity of tenure), environmental claims, occupational health and safety claims, and employee claims;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•unavailability of adequate mining personnel or unfavorable outcomes of labor negotiations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•adverse changes in laws or regulations (including laws or regulations regarding mining concessions, prices, cost of consumables, royalties, duties, taxes, permitting and restrictions or production quotas on exportation of minerals) and title claims.

Inaccuracies in such estimates could adversely affect our ability to continue our exploration plans and to profitably produce rare earth elements at any of our current or future properties.

***Any material changes in mineralization estimates and grades of mineralization will affect the economic viability of placing any projects into production.***

Because we have not completed various studies and have not commenced actual production, mineralization estimates for our projects may require adjustments or downward revisions. Rare earth elements recovered in small scale tests may not be duplicated in large scale tests under on-site conditions or in production scale. Moreover, while we continue systematic exploration of our properties, such as the Shiloh Project, results of these exploratory works are not yet available, and may be significantly delayed due to the limited availability of laboratories to process and analyze assay results and there is no certainty that such results will be consistent with results disclosed in this prospectus.

The estimates contained in this prospectus have been determined and valued based on assumed future prices, cut-off grades and operating costs that may prove to be inaccurate. Extended declines in market prices for rare earth elements may render portions of our mineralization estimates uneconomic and result in reduced reported mineralization or adversely affect the commercial viability determinations we reach. Any material reductions in estimates of mineralization, or of our ability to extract this mineralization, could have a material adverse effect on our share price and the value of our properties.

***We may be adversely affected by fluctuations in demand for, and prices of, magnet rare earth elements.***

Because our potential revenue is, and will for the foreseeable future be, derived from the production and sale of rare earth elements, changes in demand for, and the market price of, and taxes and other tariffs and fees imposed upon magnet rare earth elements and their inputs could significantly affect our profitability. Our financial results may be significantly adversely affected by declines in the prices of magnet rare earth elements. Magnet rare earth elements prices may fluctuate and are affected by numerous factors beyond our control, such as interest rates, exchange rates, taxes, tariffs, inflation or deflation, fluctuation in the relative value of the U.S. dollar against foreign currencies on the world market, shipping and other transportation and logistics costs, global and regional supply and demand for magnet rare earth elements, potential industry trends, such as competitor consolidation or other integration methodologies, and the political and economic conditions of countries that produce and procure magnet rare earth elements. Furthermore, supply side factors have a significant influence on price volatility for critical and rare earth elements prices. Supply of rare earth elements is currently dominated by Chinese producers. The Chinese Central Government regulates production via quotas and environmental standards and has in the past and may continue to change in the future such production quotas and environmental standards. Periods of over supply or speculative trading of rare earth elements can lead to significant fluctuations in the market price of rare earth elements.

In contrast, extended periods of high commodity prices may create economic dislocations that may be destabilizing to rare earth elements supply and demand and ultimately to the broader markets. While some periods of high rare earth elements market prices generally are beneficial to our financial performance if we are producing rare earth elements, if ever, or if magnet rare earth elements prices rise in concert with such higher rare earth elements prices, strong rare earth elements prices, however, also create economic pressure to identify or create alternate technologies that ultimately could depress future long-term demand for magnet rare earth elements, and at the same time may incentivize development of competing mining properties.

***The success of our business will depend, in part, on the growth of existing and emerging uses for magnet rare earth elements.***

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Our strategy is to produce and sell magnet rare earth elements, which are used in existing and emerging technologies, such as robotics, electric and hybrid vehicles, advanced air mobility, clean energy, consumer electronics and other high-growth, advanced motion technologies. The success of our business accordingly depends on the continued growth of these end markets and successfully commercializing magnet rare earth elements in such markets. If the market for these existing and emerging technologies does not grow as we expect, grows more slowly than we expect, or if the demand for our products in these markets decreases, then our business, prospects, financial condition and operating results could be harmed. In addition, the market for these technologies, particularly in the automotive and wind turbine industry, tends to be cyclical, which exposes us to increased volatility, and it is uncertain as to how such macroeconomic factors will impact our business.

A prolonged or significant economic contraction in the United States or worldwide could put downward pressure on market prices of magnet rare earth elements. Protracted periods of low prices for magnet rare earth elements could significantly reduce revenues and the availability of required development funds in the future. This could cause substantial reductions to, or a suspension of, magnet production operations, impair asset values and reduce our results of operations and financial condition.

Demand for our products may be impacted by demand for downstream products incorporating magnet rare earth elements, including robotics, hybrid and electric vehicles, wind turbines, medical equipment, military equipment and other high-growth, advanced motion technologies, as well as demand in the general automotive and electronic industries. Lack of growth or changes in these markets may adversely affect the demand for our products. Any unexpected costs or delays in the commercialization of magnet rare earth elements or any of our other expected products, or less than expected demand for the critical existing and emerging technologies that use magnet rare earth elements, could have a material adverse effect on our financial condition or results of operations.

***An increase in the global supply of magnet rare earth elements or, dumping, predatory pricing and other tactics by our competitors or state actors may adversely affect our profitability.*** 

The pricing and demand for magnet rare earth elements is affected by several factors beyond our control, including growth of economic development and the global supply and demand for magnet rare earth elements. China is projected to continue to account for a substantial portion of global magnet rare earth elements production in the near future. China dominates the manufacture of metals and magnet rare earth elements, capabilities that are not currently materially present in the United States, and the Chinese Central Government regulates production via quotas and environmental standards. Over the past few years, there has been significant restructuring of the Chinese markets in line with China Central Government policy. Assuming that we reach production of magnet rare earth elements and other planned downstream products and subsequently become fully operational and integrated, increased competition may lead our competitors to engage in predatory pricing or other behaviors designed to inhibit our further downstream integration. Any increase in the amount of magnet rare earth elements or related products available in the market, including those exported from other nations, would result in increased competition and may result in price reductions, reduced margins or loss of potential market share, any of which could materially adversely affect our profitability. As a result of these factors, we may not be able to compete effectively against current and future competitors.

***A shortage of equipment, supplies and qualified personnel could adversely affect our ability to operate our business.***

We are dependent on various supplies and equipment to carry out our mining exploration and, if warranted, development operations. The shortage of such supplies, equipment and parts could have a material adverse effect on our ability to carry out our operations and therefore limit or increase the cost of production.

***Suitable infrastructure may not be available or damage to existing infrastructure may occur.***

Exploration activities depend on adequate infrastructure. Reliable roads, bridges, port and/or rail transportation, power sources, water supply and access to key consumables are important determinants for capital and operating costs. The lack of availability on acceptable terms or the delay in the availability of any one or more of these items could prevent or delay exploration, development or exploitation of our projects. If adequate infrastructure is not available in a timely and cost-effective manner, the exploitation or development of our projects might not be commenced or completed on a timely basis, or at all, the resulting operations might not achieve the anticipated production volume and the construction costs and operating costs associated with the exploitation and/or development of our projects might be higher than anticipated. In addition, extreme weather phenomena, sabotage, vandalism, government, non-governmental organization and community or other interference in the maintenance or provision of such infrastructure could adversely affect our business, results of operations, financial condition or prospects.

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***Diminished access to water may adversely affect our operations.***

Exploration and eventual processing of rare earth elements requires significant amounts of water. Any disruption in the process or loss of access to adequate water sources could prompt the need for significant access to fresh water. Additionally, once we complete the pending projects, we will require an even greater amount of water for our separation and extraction operations, including additional fresh water. In addition, water usage, including extraction, containment, and recycling, requires appropriate permits, which are granted by respective regulatory authorities in Brazil and the United States. The available water supply may be adversely affected by shortages or changes in governmental regulations. We cannot assure stockholders that water will be available in sufficient quantities to meet our future production needs or will prove sufficient to meet our water supply needs. In addition, we cannot assure stockholders that we will maintain our existing licenses related to water rights, particularly if political changes lead to additional regulatory requirements or review of existing licenses. A reduction in our water supply could materially adversely affect our business, results of operations and financial position. In addition, if we are unable to obtain the necessary licenses with respect to water use, we may be prevented from pursuing some of our planned expansion projects.

***We depend on key personnel for the success of our business. We may be unable to attract and retain qualified mining and technical personnel, which could materially and adversely affect our business and the execution of our strategic plans.***

We highly value and depend on the contributions of our senior management and key personnel, particularly our experts with respect to rare earth elements production. Our success continues to depend largely upon the performance of key officers, employees and consultants who have advanced us to our current stage and contributed to our potential for future growth. The mining industry in the United States faces a significant and growing shortage of skilled personnel, including qualified mining engineers, geologists, metallurgists, and experienced technical staff. The U.S. mining workforce has a high average age, and a substantial number of experienced professionals are expected to retire in the coming years. At the same time, enrollment in university and college mining engineering and geology programs has been in a long-term decline, leading to a limited pipeline of new talent.

Our ability to execute our exploration, development, and operational plans depends on our capacity to attract, hire, and retain individuals with the necessary technical skills and experience. As a result of this industry-wide shortage, we face increased competition for talent, which may require us to offer higher compensation packages or face delays in hiring. We may also be required to seek talent from foreign jurisdictions, which could be subject to visa and other immigration-related restrictions. We may not be able to replace our senior management or key personnel (including personnel that are key to rare earth elements production) with persons of equivalent expertise and experience within a reasonable period of time or at all if one or more of our senior management and key personnel are not retained, and we may incur additional expenses to recruit, train and retain additional personnel. Any prolonged inability to retain key individuals, or to attract and retain new talent as we grow, could have a material adverse effect upon our growth potential and prospects. Additionally, we have not purchased any "key-man" insurance for our directors, officers or key employees.

The loss of key personnel or our inability to find suitable replacements in a timely manner could:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Delay our project timelines and increase costs, potentially impacting our ability to meet production schedules or capitalize on market opportunities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Result in a loss of institutional knowledge and technical expertise, which could negatively affect the efficiency, safety, and environmental performance of our operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Adversely affect our ability to comply with complex regulatory requirements related to mine planning, environmental stewardship, and health and safety.

If we are unable to successfully attract and retain a sufficient number of qualified employees, it could have a material adverse effect on our business, financial condition, and results of operations.

***We may enter into contracts with government entities, which may expose us to greater risks than contracts with non-government entities.***

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We may enter into contracts with government entities. The terms of such contracts are often non-negotiable and may expose us to greater commercial, political and operational risks than we would assume in other contracts, such as, for example, exposure to materially greater environmental liability, personal injury and other claims for damages (including consequential damages), or the risk that the contract may be terminated by the government entity without cause on short-term notice, contractually or by governmental action, under certain conditions that may not provide us with an early termination payment. Should we enter into such contracts, we can provide no assurance that the increased risk exposure will not have an adverse impact on our future operations.

**<u>Risks Related to Our Financial Position and Capital Needs</u>**

***As a newly public company with no revenue and operations, we will incur substantial operating losses for the foreseeable future and may never achieve or sustain profitability.***

We may never achieve or sustain profitability. None of our mineral projects have commenced commercial production, and commercial production at our mineral projects will require significant capital and expenditures. To become and remain profitable, we must generate significant revenues at one or more of our mineral projects, which will require us to be successful in a range of challenging activities that are subject to numerous risks, including those set forth in this "Risk Factors" section. In addition, we may encounter unforeseen expenses, difficulties, complications, delays and other unknown factors that may adversely affect our revenues, expenses and profitability. Our failure to achieve or sustain profitability would depress our market value, could impair our ability to execute our business plan, raise capital or continue our operations and could cause you to lose all or part of your investment.

***Our ability to fund mineral exploration and development depends on our ability to obtain additional financing, and we may be unable to do so on favorable terms, if at all.***

Mineral exploration and development are capital-intensive activities. Specifically, the exploration and exploitation of reserves, mining and processing costs, the maintenance of machinery and equipment and compliance with applicable laws and regulations require substantial capital expenditures. We will be required to make substantial expenditures for the continued exploration and, if warranted, development of our mineral properties. Mining industry development projects typically require a number of years and significant expenditures before production can begin.

Our current financial resources are limited and will be insufficient to fund all planned exploration, development, and general administrative expenses. To continue operations, we will need to raise substantial additional capital through equity or debt financings in the future. The ability to secure this capital is subject to numerous factors, including the success of our exploration efforts, the general state of the capital markets, and investor sentiment toward the rare earth elements industry. There is no assurance that future financing will be available when needed or that it will be on terms that are not highly dilutive to existing shareholders. Mineral projects could experience unexpected problems and delays during development, construction and start-up. We may not be successful in obtaining the required financing or, if we can obtain such financing, such financing may not be on terms that are favorable to us. Any failure to obtain sufficient equity or debt financing for our operations on favorable terms could have a material adverse effect on our financial condition, results of operations, and prospects.

***We may experience time delays, unforeseen expenses, increased capital costs, and other complications while developing our projects, these could delay the start of revenue-generating activities and increase development costs. If we establish the existence of mineral reserves in our ongoing projects in a commercially exploitable quantity, we will require additional capital in order to develop the properties into producing mines. If we cannot raise this additional capital, we will not be able to exploit any reserves, and our business could fail.***

The production of rare earth elements and mineral exploration and mining by their nature involve significant risks and hazards, including potential for adverse environmental impacts, as well as industrial and mining accidents. These include, for example, occupational hazards, leaks, ruptures, explosions, chemical spills, seismic events, fires, cave-ins and blockages, flooding, discharges of gasses and toxic substances, contamination of water, air or soil resources, unusual and unexpected rock formation affecting mineralization or wall rock characteristics, ground or slope failures, rock bursts, wildfires, radioactivity and other accidents, incidents, or conditions resulting from mining or manufacturing activities, including, among others, blasting and the transport, storage and handling of hazardous materials. These operations can be dangerous and safety incidents in these operations may cause damage to and loss of equipment, injury or death, monetary losses and potential legal liabilities. Any such incidents could have a material

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adverse effect on our business, operating results and financial condition. Furthermore, there is the risk that relevant regulators may impose fines and work stoppages for non-compliant production or mining operating procedures and activities, which could reduce or halt production or mining until lifted. The occurrence of any of these events could delay or halt production, increase production costs and result in financial and regulatory liability for us, which could have a material adverse effect on our business, results of operations and financial condition. In addition, the relevant environmental authorities have issued and may issue administrative directives and compliance notices in the future, to enforce applicable statutes or regulations which may require us to implement, maintain, or complete specific environmental assessment, protection or remediation measures. The authorities may also order the suspension of part, or all, of our operations if there is non-compliance with applicable laws or regulations. Contravention of some of these statutes or rules may also constitute a criminal offense and an offender may be liable for a fine or imprisonment, or both, in addition to administrative penalties. As a result, the occurrence of any of these events may have a material adverse effect on our business, results of operations and financial condition.

***We have no operating history on which to evaluate our business and performance, and accordingly, our prospects must be considered in light of the risks that any new company encounters.***

We were re-incorporated under the laws of the State of Texas, effective as of October 15, 2025. We have never generated any revenue from operations, our mineral properties are in the exploration stage, and we have never produced minerals in commercial quantities from any of our mineral properties. We face many risks common to early-stage enterprises, including under-capitalization, cash shortages and limitations with respect to personnel and other resources. The likelihood that in the future we will generate a level of revenue to achieve and sustain profitable operations must be considered in light of the early stage of our operations.

There is no assurance that any of our mineral properties will ultimately produce minerals in commercially viable quantities or otherwise generate operating earnings. Advancing our mineral properties into the development stage will require significant capital and time, and successful commercial production from any mines on such properties will require us to complete feasibility studies to estimate the anticipated economic returns of a project, obtain adequate financing, obtain various permits, construct processing plants and infrastructure, and complete other activities. We may not succeed in establishing mining operations or profitably producing metals at any of our current or future properties.

***A non-U.S. holder may be treated as having income that is "effectively connected" with a United States trade or business upon the sale or other taxable disposition of our common stock unless (i) our common stock is regularly traded on an established securities market and (ii) such non-U.S. holder did not meet certain ownership thresholds during the applicable testing period.***

A Non-U.S. Holder (as defined below) of our common stock generally will incur U.S. federal income tax on any gain realized upon a sale or other disposition of our common stock to the extent our common stock constitutes a "United States real property interest" ("USRPI") under the Foreign Investment in Real Property Tax Act of 1980 ("FIRPTA"). A USRPI includes stock in a "United States real property holding corporation" within the meaning of Section 897(c)(2) of the Code (a "USRPHC"). To our knowledge, we believe we currently are not a USRPHC. However, since the determination of whether we are or may become a USRPHC depends on the fair market value of our USRPIs relative to the fair market value of our non-U.S. real property interests and our other business assets, there can be no assurance we will not become one in the future.

Under the FIRPTA regime, a Non-U.S. Holder is taxed on any gain realized upon a sale or other disposition of a USRPI as if such gain were "effectively connected" with a United States trade or business of the Non-U.S. Holder. A Non-U.S. Holder thus will be taxed on such a gain at the same graduated rates generally applicable to U.S. persons. In addition, a Non-U.S. Holder will have to file a U.S. federal income tax return reporting that gain.

However, if our common stock is regularly traded on an established securities market (the "Regularly Traded Exception"), then gains realized upon a sale or other disposition of the common stock will not be treated as gains from the sale of a USRPI, as long as the Non-U.S. Holder owned, actually and constructively, 5% or less of our common stock throughout the shorter of the five-year period ending on the date of the sale or other taxable disposition or the Non-U.S. Holder's holding period. It is uncertain whether a trading market for our securities may develop and whether our common stock will be regularly traded for purposes of the Regularly Traded Exception (see also our "*There has* 

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*been no public market for our common shares prior to this offering, and an active market in which investors can resell their shares may not develop*" risk factor on page 28 of this prospectus). Accordingly, we can provide no assurances that the common stock will meet the Regularly Traded Exception at the time a Non-U.S. Holder purchases such security or sells, exchanges, or otherwise disposes of such security. The foregoing summary is qualified in its entirety by the discussion contained herein under the heading "Material U.S. Federal Income Tax Consequences to Non-U.S. Holders".

Non-U.S. Holders should consult their own tax advisors regarding the potential application of the FIRPTA regime to their investment in our common stock.

***We may experience increased costs at our mineral properties which could have a material adverse effect on our business, financial condition, results of operation and prospects.***

The costs of exploring and developing our mineral properties will be subject to variation from time to time due to a variety of factors including

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•inflation and general economic conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•changes in the grade and metallurgy of samples from our properties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•revisions to mine plans, if any, in response to the physical shape and location of any applicable ore body;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•changes in the cost of labor and third-party consultants due to changes in demand for those services and regional or national wage pressure; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•changes in, or stricter enforcement or interpretation of, rules or regulations, including taxation, environmental, permitting requirements.

Costs are also affected by the price of commodities necessary for our operations such as fuel, steel, water, and electricity. Such commodities may be subject to volatile price movements, including increases that could make production at certain operations less profitable. A material increase in costs at any of our four material mineral projects could have a material negative impact on our business, financial condition, results of operation and prospects.

**<u>Risks Related to the Rare Earth Elements Mining Industry</u>**

***The mining industry is highly competitive.***

The mining industry is highly competitive. Much of our competition will come from larger and more established mining companies that have greater resources than us, including more executive management and administrative personnel, more qualified employees, newer and more efficient equipment, lower cost structures, greater liquidity and access to credit and other financial resources, more effective risk management policies and procedures, and greater financial resources allowing for a greater ability to explore and develop mining properties and withstand potential losses. As a result of such advantages, some of our competitors may be able to (i) respond more quickly to new laws, regulations or emerging technologies, (ii) devote greater resources to the operation, expansion or efficiency of their operations, and (iii) expend greater amounts of resources, including capital, in acquiring new and prospective mining properties. In addition, current and potential competitors may make strategic acquisitions or establish cooperative relationships among themselves or with third parties; and the resulting competitors or alliances may gain significant market share to our detriment. We may not be able to compete successfully against current and future competitors, and any such failure to compete successfully could have a material adverse effect on our business, financial condition or results of operations.

***China has historically been the largest producer of rare earth elements, controlling a significant portion of the global output, and as a significant player, China possesses great leverage in dealing with competitors in the industry, by among other things, manipulating pricing, processing speed and other factors.***

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China controls a substantial majority of the world's rare earth elements production. China's rare earth elements industry benefits from extensive government support, allowing Chinese companies to offer rare earth elements at subsidized prices, often undercutting other producers. Moreover, Chinese companies have invested heavily in improving their processing capabilities, giving them a technological and cost advantage in the global market. Since December 2023, China has banned the export of such technologies and capabilities. While geopolitical friction and U.S. tariff measures have tightened the pressure on China's rare earth supply-chain leading position, weakening or displacing China's preeminence in the sector will demand sustained, coordinated action and significant investment over an extended horizon.

***Mining and mineral exploration is inherently dangerous and subject to conditions or events beyond our control, which could have a material adverse effect on our business and plans.***

Mining and mineral exploration involves various types of risks and hazards, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•environmental damage to our properties or the properties of third parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•power outages;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•metallurgical and other processing problems;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•unusual or unexpected geological formations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•personal injury, flooding, fire, explosions, cave-ins, landslides and rock-bursts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•inability to obtain suitable or adequate machinery, equipment, or labor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•metals losses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•fluctuations in exploration, development and production costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•labor disputes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•unanticipated variations in grade;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•mechanical equipment failure; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•periodic interruptions due to inclement or hazardous weather conditions.

These risks could result in damage to, or destruction of, our projects, production facilities or other properties, personal injury, environmental damage, delays in mining, increased production costs, monetary losses and possible legal liability. We may not be able to obtain insurance to cover these risks at economically feasible premiums. Insurance against certain environmental risks, including potential liability for pollution or other hazards as a result of the disposal of waste products occurring from production, may be prohibitively expensive. We may suffer a material adverse effect on our business if we incur losses related to any significant events that are not covered by our insurance policies.

***Permitting, licensing and approval processes are required for our operations and obtaining and maintaining required permits and licenses is subject to conditions which we may be unable to achieve.***

Both mineral exploration and extraction at our projects require permits from various federal, state, provincial and local governmental authorities and are governed by laws and regulations, including those with respect to prospecting, mine development, mineral production, transport, export, taxation, labor standards, occupational health, waste disposal, toxic substances, land use, environmental protection, mine safety and other matters. Please see the sections titled "Properties – Shiloh Project," "Properties – Alpha Project," and "Properties – Constellation Project" for a description of the permits known to be required. Such licenses and permits are subject to changes in regulations and changes in various operating circumstances. Companies such as ours that engage in exploration activities often experience increased costs and delays in production and other schedules because of the need to comply with applicable laws, regulations and permits. Issuance of permits for our activities is subject to the discretion of government authorities,

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and we may be unable to obtain or maintain such permits. Permits required for future exploration or development may not be obtainable on reasonable terms or on a timely basis. There can be no assurance that we will be able to obtain or maintain any of the permits required for the continued exploration or development of our projects (or any other mineral properties that we may subsequently acquire) or for the construction and operation of a mine on our properties that we may subsequently acquire at economically viable costs. If we cannot accomplish these objectives, our business could face difficulty and/or fail.

***There may be defects in our rights under the mining claims that comprise our properties, and such defects could impair our ability to explore for mineralized material and to otherwise develop such properties.***

The mining claims we rely on at our mineral properties may be challenged, and we may not have, or may not be able to obtain, the surface rights needed to explore for or develop any resources present at the property related to such claims. Unknown defects with respect to any of such claims could adversely affect our ability to explore and develop the property or process the minerals that we may ultimately mine at the applicable property. Title insurance for mineral properties is generally not available at a reasonable cost, and we may have limited ability to ensure that we have obtained valid rights to individual mineral properties. We rely on public records in Brazil with respect to our mining claims. However, any challenge to our rights in a concession could result in litigation, insurance claims and potential losses, hinder our access to capital, delay the exploration and development of the property and ultimately result in the loss of some or all of our interest in the related mineral project.

***Mineral operations are subject to market forces outside of our control which could negatively impact our operations.***

The marketability of minerals is affected by numerous factors beyond our control including market fluctuations, government regulations relating to prices, taxes, royalties, allowable production, imports, exports and supply and demand. One or more of these risk elements could have an impact on the costs of our operations and if significant enough, reduce the profitability of our operations.

***Volatility in commodity markets may impair our financial results and access to capital.***

Prices for minerals constantly fluctuate, and if the prices of rare earth elements (the primary minerals for which we are exploring) experience sudden or protracted declines, our exploration activities for those minerals may become unattractive and we may discontinue those activities. Prices of minerals are determined by a variety of factors, including market volatility in commodities prices; the exchange rate between the Brazilian Real and the U.S. Dollar; global and regional supply and demand; and changes or volatility in political and economic conditions and production costs in major mineral producing regions of the world.

***Changes in government policies or funding priorities for rare earth elements and critical minerals could reduce or eliminate incentives, grants, or programs we rely on, adversely affecting development of our mineral projects and demand for our products.***

Government policies regarding rare earth elements and critical minerals are subject to frequent changes based on national security priorities, supply chain assessments, and political considerations. Changes to critical minerals lists, or government funding priorities related to commercial facilities for the mining or manufacturing of rare earth elements or critical minerals, could affect our eligibility for government incentives, grants, or preferential treatment in government procurement. The modification of programs such as the Defense Production Act, the Infrastructure Investment and Jobs Act, or the Inflation Reduction Act could impact available funding, tax incentives, or regulatory streamlining that we currently benefit from or expect to benefit from in the future. Additionally, changes in government priorities or budget constraints could further result in the elimination or reduction of programs that support domestic rare earth elements and critical mineral production and processing. Further, cooperating nations' governments may decrease support for rare earth elements and critical minerals, which could also adversely impact demand for our products and/or may pose permitting, financing and other risks for developing our projects.

**<u>Risks Related to Our Operations in Brazil</u>**

***Changes in U.S. trade policy, including the imposition of tariffs on goods from Brazil, could materially and adversely affect our business and financial results.***

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Our operations in Brazil, including export of rare earth elements, are or could become subject to changes in U.S. trade policy. In 2025, the U.S. presidential administration imposed new tariffs on a wide range of imports from Brazil, citing various national security, economic, and foreign policy concerns. For example, on July 30, 2025, President Trump signed an executive order imposing an additional 40% tariff on certain Brazilian goods, bringing the cumulative duty to as high as 50% for many products.

In February 2026, the U.S. Supreme Court issued a ruling striking down certain tariffs previously imposed under the International Emergency Economic Powers Act ("IEEPA"), including the 40% additional tariff on most imports from Brazil. Following the Supreme Court's decision, the U.S. presidential administration announced its intention to invoke other laws to collect tariffs and announced new tariffs on imports from all countries, in addition to any existing non-IEEPA tariffs. There remains substantial uncertainty regarding the duration of existing and newly announced tariffs, potential changes or pauses to such tariffs, tariff levels, and whether further additional tariffs or other retaliatory actions may be imposed, modified, or suspended, and the impacts of such actions on our business.

The imposition of new or increased tariffs on these products could:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Increase the cost of our goods to U.S. customers, potentially reducing demand and affecting our sales volume and market share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Result in decreased profit margins if we are unable to pass on the full cost of the tariffs to our customers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Prompt retaliatory measures from the Brazilian government, such as increased tariffs on U.S. goods, which could impact our ability to acquire essential U.S.-manufactured equipment and parts for our operations, leading to higher costs and supply chain disruptions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Create significant uncertainty in our business planning and investment decisions, as trade policies may be volatile and unpredictable.

Any of these factors could have a material adverse effect on our business, financial condition, and results of operations.

***Our ability to respond to market fluctuations may be limited by labor regulations and union agreements in Brazil, which could materially adversely affect our financial performance.***

We will likely have a significant number of employees in Brazil upon reaching construction and production who could be members of labor unions and covered by collective bargaining agreements. Labor relations in Brazil are governed by a complex framework of laws and regulations, in addition to the terms of these agreements. As a result, our ability to implement cost-cutting measures, such as reducing our workforce or adjusting compensation, during periods of weak demand may be limited by labor regulations or existing collective bargaining agreements. Conversely, during periods of high demand, our ability to rapidly increase production capacity may be constrained by these same regulations and agreements. We may also be subject to labor disputes, strikes, work stoppages, or other industrial actions that could disrupt our operations, result in a loss of production, and negatively impact our financial results. Any such events could have a material adverse effect on our business, financial condition, and results of operations.

***Our reliance on a shared services arrangement with third-party individuals in Brazil, rather than directly managing our own employees, may expose us to operational, compliance, and legal risks.***

We have entered into a shared services agreement with certain individuals in Brazil to provide services to our Brazilian entities. Unlike our own employees, over whom we exercise direct management and supervision, we have limited direct control over these individuals. Our ability to ensure their compliance with our policies, procedures, and legal obligations, including those related to anti-corruption, anti-bribery, and data privacy, relies on the terms of our contractual arrangement and their adherence to our instructions. The individuals providing these services are not our employees, and we have a more limited ability to train, monitor, and enforce compliance than we would with a traditional employment relationship.

Any failure by these third-party individuals to perform their services adequately, to adhere to our standards, or to comply with applicable laws could result in operational disruption, financial loss, and damage to our reputation. In

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particular, we could be held liable for any improper acts committed by these individuals, which could subject us to significant fines, penalties, and other sanctions under a range of legal frameworks, including the U.S. Foreign Corrupt Practices Act and Brazil's "Clean Company Act." While we have contractual provisions intended to mitigate these risks, there can be no assurance that they will be sufficient or that we will be able to enforce them effectively. A failure to properly manage this shared services arrangement could have a material adverse effect on our business, results of operations, and financial condition.

**<u>Health, Safety, Environmental and Social Risks</u>**

***Our business presents environmental, health, and safety risks and hazards.***

The viability of our business is connected to our ability to protect the well-being of the environment, workers, and communities in which we operate. Inherent in our operations are various physical, chemical, biological, ergonomic, and accident hazards and risks, such as those associated with mobile equipment, vehicles or machinery, and the use or proximity to other industrial equipment. These risks include exposure to hazardous materials, accidents involving heavy machinery, vehicle collisions, falls, fires, explosions, and other incidents that may result in serious injury or death. Such events can occur due to deficiencies in risk identification and assessment or in the implementation of controls associated with risk management. The occurrence of any of the foregoing could result in property damage, loss of production or production delays, harm to employees, contractors, or community members, financial losses, reputational harm, and potential legal or regulatory liability. Additionally, our employees and contractors may also be exposed to infectious diseases or other health hazards that can affect their health and safety.

While we have established corporate standards, policies, controls, and monitoring procedures to mitigate such risks, our operations remain subject to incidents that could adversely impact our business, stakeholders, reputation, or result in violations of environmental laws or human rights. Additionally, our operations involve the use, handling, storage, discharge, and disposal of hazardous substances into the environment, as well as the use of significant natural resources such as water and energy. These activities can result in adverse impacts on people, flora and fauna, and the broader environment, including risks of fire, explosion, toxic gas leaks, spills or leaks of hazardous materials, rockfalls, incidents involving dams, failure of other operational structures. We could become subject to claims for toxic torts, natural resource damages and other damages as well as for the investigation and clean-up of soil, surface water, groundwater, and other media.

Any of the foregoing operational, environmental, health, or safety conditions could result in significant adverse environmental, social, health, or human rights impacts, and could adversely affect our business, financial condition, and results of operations. Additionally, under some circumstances, our liability for claims arising out of such matters may be joint and several, so that we may be held responsible for more than our share of the contamination or other damages.

***Labor disputes in the United States may disrupt our operations from time to time.***

We currently do not have a unionized workforce in the United States. While we believe we will not have a unionized workforce at our United States assets in the future, there is no guarantee that we will not face unionizing activity and ultimately have a unionized workforce in the United States. Strikes or other labor disruptions at any of our operations could adversely affect operational efficiency, delay project completion, and increase project costs. Additionally, our operations could be impacted by labor disputes affecting third-party suppliers that provide us with essential goods or services.

***We are, or may become subject to, stringent environmental rules and regulations that may increase operational costs, affect profitability, and impose compliance requirements, and we may face claims and liability for incidents or breaches, or allegations of breaches, of applicable laws and regulations***

Our current or future operations, including development activities and commencement of production on our properties, require permits from various federal, provincial and local governmental authorities, and such operations are and will be governed by laws and regulations governing prospecting, development, mining, production, exports, taxes, labor standards, occupational health, waste disposal, toxic substances, land use, environmental protection, mine safety and other matters. These associated requirements are extensive and require various institutional and procedural controls to prevent negative environmental, health, or safety consequences of our operations, including spills, releases or emissions of various substances produced in association with certain mining industry operations, such as seepage from tailings disposal areas, that could result in environmental contamination. The cost of compliance with changes in

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governmental regulations has the potential to reduce the profitability of operations. Non-compliance with such legislation may result in the imposition of fines and penalties or lead to inspections, audits, or reviews by governmental authorities. The introduction of new regulations, amendments to existing requirements or stricter enforcement or interpretation of current laws, regulations and permitting requirements governing operations and activities of mining companies, could have a material adverse impact on us and cause increases in capital expenditures or production costs or reduction in levels of production at producing properties or require abandonment or delays in development of new mining properties. These risks may become more significant as our operations advance from the exploration phase.

In addition, certain types of operations require the submission and approval of environmental impact assessments. Environmental assessments of proposed projects carry a heightened degree of responsibility for companies and directors, officers and employees.

Mining operations and exploration activities may also require our company to obtain permits from various governmental agencies. There can be no assurance, however, that all permits that we may require for our operations and exploration activities will be obtainable on reasonable terms or on a timely basis or that such laws and regulations will not have an adverse effect on any mining project which we might undertake.

Failure to comply with applicable environmental, health, and safety laws, regulations, standards, or permitting requirements may result in litigation, fines, penalties, permit revocation, or other enforcement actions thereunder. This includes orders issued by regulatory or judicial authorities causing operations to cease or be curtailed, and may include corrective measures requiring capital expenditures, installation of additional equipment, or other remedial actions. Parties engaged in mining operations may be required to compensate those suffering loss or damage by reason of mining activities and may have civil or criminal fines or penalties imposed for violations of applicable environmental, health, and safety laws or regulations.

***Natural disasters may cause severe damage to our operations and projects in the countries where we operate and may have a negative impact on our sales to countries affected by such disasters.***

Natural disasters may adversely affect our operations, projects and people in the countries where we operate and may cause a contraction in sales to countries adversely affected due to, among other factors, power outages and the destruction of industrial facilities and infrastructure.

Climate change can impact the frequency and intensity of extreme events, both acute and chronic, including our neighboring communities, damage to our assets, operational interruptions, and supply chain disruptions. We assess the exposure to increased incidence and intensity of atmospheric discharges, changes in rainfall patterns, higher temperatures, floods, droughts, water shortages and sea level rise on assets such as ports, railways, mining facilities, and processing plants. Due to the complexity and uncertainties of physical risk evaluation process, there may be additional risks that are not currently known or assessed, and that could negatively affect our operations and projects. In recent years, we have occasionally determined that force majeure events occurred because of severe weather on our mining and logistics activities. Areas with lower ecological integrity (e.g., areas with reduced natural vegetation cover) are more susceptible to these risks due to lower resilience and protection against extreme weather conditions.

***Our financial condition, results of operations, cash flows, and competitive position could be materially adversely impacted by pandemics, epidemics, or disease outbreaks.***

Disruptions caused by pandemics, epidemics or disease outbreaks, could materially adversely impact our financial condition, results of operations, cash flows, and competitive position, particularly as it relates to rising costs and supply chain delays and disruptions. Measures taken by governmental authorities in response to such events may also impact our business, including upon restrictions to our operations, lockdowns, shutdowns, reduced inspections, assessments and authorizations, among other difficulties. We cannot predict when and if any such events will occur and evolve, neither their scope and duration, and therefore cannot estimate the potential impact in our financial condition, results of operations, cash flows and competitive position.

***Our success depends on developing and maintaining relationships with the local communities and stakeholders where we operate.***

Our ongoing and future success depends on developing and maintaining productive relationships with the communities surrounding our projects, including those people who may have rights or may assert rights to certain of our properties

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and other stakeholders in our operating locations. Local communities and stakeholders may be dissatisfied with our activities or the level of benefits provided, which may result in legal or administrative proceedings, civil unrest, protests, direct action or campaigns against us. Any such occurrence could materially and adversely affect our business, financial condition or results of operations, as well as our ability to commence or continue exploration or mine development activities.

**<u>Legal, Political, Economic and Regulatory Risks</u>**

***Our failure to comply with applicable anti-corruption, anti-bribery, anti-money laundering and similar laws and regulations could negatively impact our reputation and results of operations.***

The legal and regulatory framework in which we operate is complex, and our governance and compliance policies and processes may not prevent potential breaches of law or accounting or other governance practices. Our operating and ethical codes, among other standards and guidance, may not prevent instances of fraudulent behavior and dishonesty, nor guarantee compliance with legal and regulatory requirements.

We are subject to anti-corruption laws and regulations imposed by governments around the world with jurisdiction over our operations, which includes our business in Brazil. These laws may include, but are not limited to, the U.S. Foreign Corrupt Practices Act (FCPA) and Brazil's "Clean Company Act" (Law No. 12,846/2013). The Brazilian law holds legal entities strictly liable for corrupt acts committed in their interest or benefit, meaning a company can be held responsible even if it did not have prior knowledge of the act.

These and other applicable laws prohibit us and our officers, directors, employees, and business partners acting on our behalf, including agents, from corruptly offering, promising, authorizing, or providing anything of value to "foreign officials" for the purposes of influencing official decisions or obtaining or retaining business or otherwise obtaining favorable treatment. Due to the nature of our operations in Brazil, our personnel and representatives may be brought into contact with "foreign officials" responsible for issuing or renewing permits, licenses, or approvals or for enforcing other governmental regulations.

Our failure to successfully comply with these laws and regulations may expose us to reputational harm, as well as significant sanctions. The Brazilian Clean Company Act, for instance, provides for severe penalties, including fines of up to 20% of a company's gross revenue, the prohibition from receiving public incentives, and even the potential for a company's dissolution. We may also face criminal fines, imprisonment, civil penalties, disgorgement of profits, and debarment from government contracts under the laws of other jurisdictions, such as the FCPA. Investigations of alleged violations can be expensive and disruptive to our business.

We continuously develop and maintain policies and procedures designed to comply with applicable anti-corruption, anti-bribery, anti-money laundering, and similar laws. However, there can be no guarantee that our policies and procedures will effectively prevent violations by our employees or business partners acting on our behalf, for which we may be held responsible, and any such violation could adversely affect our reputation, business, results of operations, and financial condition.

***We are exposed to possible litigation risks, including permit disputes (including in respect of access and/or validity of tenure), environmental claims, occupational health and safety claims and employee claims.*** 

We may become involved in, named as a party to, or be the subject of, various legal proceedings, including regulatory proceedings, tax proceedings and legal actions, relating to personal injuries, property damage, property taxes, land rights, the environment and contract disputes. For certain claims, our liability may be joint and several. Accordingly, we may be held responsible for more than our share of the claimed damages.

The outcome of outstanding, pending or future proceedings cannot be predicted with certainty and may be determined adversely to us and as a result, could have a material adverse effect on our assets, liabilities, business, financial condition or results of operations. Even if we prevail in any such legal proceeding, the proceedings could be costly, time-consuming and may divert the attention of management and key personnel from our business operations, which could adversely affect our financial condition.

***Changes in China's or the United States' political environment and policies, including changes in export/import policy may affect our business in ways we are not able to anticipate or mitigate.***

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Because of the current dominance of China in the rare earth elements industry, the possibility of adverse changes in trade or political relations with China, political instability in China, increases in labor or shipping costs, the occurrence of prolonged adverse weather conditions or a natural disaster such as an earthquake or typhoon, or the outbreak of another global pandemic disease like COVID-19 could severely interfere with our industry and would have a material adverse effect on our operations.

Our sales may be adversely affected by the current and future political environment in China and the policies of the China Central Government. China could oversupply our markets in the United States and elsewhere with either cheaper magnet rare earth elements or rare earth elements or feedstock. China has historically heavily subsidized its domestic rare earth producers with respect to both rare earth feedstock and magnets. The United States government has called for substantial changes to foreign trade policy with China and has from time to time raised (as well as has proposed to further raise in the future), tariffs on several Chinese goods. China has at times retaliated with increased tariffs on United States goods, or the ban of exports of rare earth technologies and feedstock to other countries such as the United States. While some impacts of Chinese trade policy may be beneficial for our business, any changes in United States trade policy could trigger retaliatory actions by affected countries, including China, resulting in trade wars which could likely result in increased volatility in the prices of rare earth and critical minerals, necessary feedstock, and magnet rare earth elements. Furthermore, unless and until these dynamic changes in favor of the increased competitiveness of domestic production, domestic production may not be economically viable in the global market place. As China currently dominates the global supply of rare earth feedstock necessary for the production of magnet rare earth elements, any changes in United States and China relations, including through changes in policies by the Chinese government, could adversely affect our financial condition and results of operations, including: changes in laws, regulations or the interpretation thereof, confiscatory taxation, governmental royalties, restrictions on currency conversion, imports or sources of supplies, or the expropriation or nationalization of private enterprises.

***Political, economic and social conditions in the countries in which we have operations projects, customers or suppliers, could adversely impact our business.***

Our financial performance may be negatively affected by regulatory, political, economic and social conditions in countries in which we have significant operations or projects. In Brazil, we are exposed to various risks such as political instability, political movements for protectionism or for greater vertical integration of value chains, bribery, cyber-attacks, extortion, corruption, robbery, sabotage, kidnapping, civil strife, human rights violation, acts of war, guerilla activities, piracy in international shipping routes and terrorism. These issues may adversely affect the economic and other conditions under which we operate in ways that could have a material negative effect on our business.

In Brazil, where a significant part of our operations is concentrated, the federal government's economic policies may have important effects on Brazilian companies, including our Brazilian subsidiary, AMBPL, and on market conditions and prices of securities of Brazilian companies. Our financial condition and results of operations may be adversely affected, for instance, by the following factors and the Brazilian federal government's response to these factors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•exchange rate movements and volatility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•inflation and high interest rates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•financing of the current account deficit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•liquidity of domestic capital and lending markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•tax policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•pension, tax and other reforms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•political instability resulting from allegations of corruption involving political parties, elected officials or other public officials; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•other political, diplomatic, social and economic developments in or affecting Brazil.

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Historically, the country's political situation has influenced the performance of the Brazilian economy and political crises have affected the confidence of investors and the general public, which resulted in economic deceleration, and downgrading of credit ratings of the Brazilian government. Political instability may aggravate economic uncertainties in Brazil. Future economic, social and political developments in Brazil may impair our business, financial condition or results of operations, or cause the market value of our securities to decline.

***Increased levels of volatility or a rapid destabilization of global economic and political conditions could have a material adverse effect on our operations and financial condition.***

In recent years, global financial conditions have been characterized by increased volatility which has impacted many industries, including the mining industry. Global financial conditions are subject to sudden and rapid destabilization in response to current and future events, as governmental authorities may have limited resources to respond to such events. Global capital markets continue to experience increased volatility in response to global events such as the significant increase in the rate of inflation in recent years, and the effects of certain countermeasures taken by central banks including increased interest rates. Future economic crises may be precipitated by any number of causes, including geopolitical instability and war (such as the Russian invasion of Ukraine, the Israel-Palestine conflict and the Israel/U.S. conflict with Iran), natural disasters, epidemics, the failure of financial institutions, terrorism, material changes in the price of oil, the volatility of metal prices, and the volatility of global financial markets. Continued increased levels of volatility or a sudden or rapid destabilization of global economic and political conditions could negatively impact our ability to make suitable arrangements to finance our projects which, in turn, could have a material adverse effect on our business, financial condition or results of operations.

***Our governance, internal controls and compliance processes may fail to prevent breaches of legal, regulatory accounting, ethical or governance standards.***

We operate in a global environment and our activities extend over multiple jurisdictions and complex regulatory frameworks, with increasing enforcement activities worldwide. We are required to comply with a wide range of laws and regulations in the countries where we operate or do business, including anti-corruption, international sanctions, anti-money laundering, data protection, privacy of personal data, and related laws and regulations. Our governance and compliance processes, which include the review of internal control over financial reporting, may not timely identify or prevent future breaches of legal, regulatory, accounting, governance or ethical standards. We may be subject to breaches of our code of conduct, anti-corruption policies, human rights policies or other internal policies, or breaches of business conduct protocols and to instances of fraudulent behavior, corrupt practices and dishonesty by our employees, contractors or other agents. Our failure to comply with applicable laws and other standards could subject us to investigations by authorities, litigation, fines, loss of operating licenses, disgorgement of profits, involuntary dissolution and reputational harm.

***We could be adversely affected by changes in government policies, rules or regulations or trends such as resource nationalism, including the imposition of new taxes, tariffs, or royalties on mining activities.***

Mining is subject to government regulation, including taxes and royalties, which can have a significant financial impact on our operations. In the countries where we operate, including Brazil, we are exposed to varying probabilities of potential renegotiation, annulment, cancellation, or mandatory modification of existing contracts and licenses, changes in local laws, regulations, and policies, as well as audits and reassessments. We may also face risks relating to expropriation or nationalization of property, foreign exchange controls, and capital ownership requirements related to mining activities. We are also subject to new taxes or increases in existing taxes and royalty rates, reductions in tax exemptions and benefits, renegotiation of tax stabilization agreements or changes in the basis on which taxes are calculated in a manner that is unfavorable to us. Governments that have committed to provide a stable taxation or regulatory environment may alter those commitments or shorten their duration. We also face the risk of having to submit to the jurisdiction of a foreign court or arbitration panel or having to enforce a judgment against a sovereign nation within its own territory.

We are also required to meet domestic beneficiation requirements in certain countries, such as local processing rules, export taxes or restrictions or charges on unprocessed ores. The imposition of or increase in such requirements, taxes or charges can significantly increase the risk profile and costs of operations in those jurisdictions. We and the mining

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industry are subject to rising trends of resource nationalism in certain countries in which we operate that can result in constraints on our operations, increased taxation or even expropriations and nationalizations.

The potential imposition of additional tariffs by the U.S. Government and other developments in international trade may also adversely impact our business. The overall impact of these developments are difficult to predict, but could adversely impact our costs, our investments, and the demand and price of rare earth elements and magnet rare earth elements. Global trade is subject to a growing trend of increased trade barriers, which could exacerbate commodities' price volatility and in turn result in instability in the prices of magnet rare earth elements.

***Concessions, authorizations, licenses and permits are subject to expiration, limitation on renewal and various other risks and uncertainties.***

Our operations depend on authorizations, concessions and licenses from governmental regulatory agencies and other authorities in the countries in which we operate. We are subject to laws and regulations in jurisdictions that can change at any time, and changes in laws and regulations may require modifications to our technologies and operations and result in unanticipated capital expenditures. We are also exposed to political risk in our relationship with governmental and regulatory authorities that issue these authorizations, concessions and licenses.

Some of our mining concessions are subject to fixed expiration dates and might only be renewed a limited number of times for a limited period. Apart from mining concessions, we may need to obtain various authorizations, licenses and permits from governmental or other regulatory bodies in connection with the planning, maintenance, operation and closure of mineral properties and related logistics infrastructure, which may be subject to fixed expiration dates or periodic review or renewal. There is no assurance that renewals will be granted as and when sought, and there is no assurance that new conditions will not be imposed in connection with renewal. Fees for mining concessions might increase substantially due to the passage of time from the original issuance of each individual exploration license. If so, the costs of holding or renewing our mining concessions may render our business objectives not viable. Accordingly, we need to continually assess the mineral potential of each mining concession, particularly at the time of renewal, to determine if the costs of maintaining the concession are justified by the results of operations to date, and we might elect to let some of our concessions lapse. There can be no assurance that concessions will be obtained on terms favorable to us, or at all, for our future intended mining or exploration targets.

In several jurisdictions where we have exploration projects, we may be required to retrocede to the state a certain portion of the area covered by the exploration license as a condition to renewing the license or obtaining a mining concession. This requirement can lead to a substantial loss of part of the mineral deposit originally identified in our feasibility studies.

We are also subject to laws and regulations and acts by authorities, related to dams, caves, and biodiversity (fauna, flora and ecosystems), that may limit or modify our mineral projects, and impact our costs and resources. For more information on mining concessions and other similar rights, see the sections titled "Properties" and "Business – Mining Rights".

***If we take governmental grants or loans, we could become subject to governmental regulations that could delay timing of our projects and increase costs.***

To date, we have not accepted any governmental grants or loans. The acceptance of governmental grants or loans would make our operations subject to continued compliance with various governmental regulations to which we are not currently subject. The imposition of any additional governmental regulations as a result of accepting any governmental grants or loans could delay timing of the expected completion of our projects and increase our costs. Any such delays or increased costs could harm our business and operations.

**<u>Risks Related to this Offering and Ownership of Our Common Stock</u>**

***There has been no public market for our common shares prior to this offering, and an active market in which investors can resell their shares may not develop.***

Prior to this offering, there was no public market for our common shares. We plan to apply to list our common shares on the NYSE American under the symbol "REA." There is no guarantee that NYSE American or any other exchange or quotation system, will permit our common shares to be listed and traded.

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Even if our common shares are approved for listing on the NYSE American, a liquid public market for our common shares may not develop. The initial public offering price for our common shares has been determined by negotiation between us and the underwriters based upon several factors, including prevailing market conditions, our historical performance, estimates of our business potential and earnings prospects, and the market valuations of similar companies. The price at which the common shares are traded after this offering may decline below the initial public offering price, meaning that you may experience a decrease in the value of your common shares regardless of our operating performance or prospects.

***The market price of our common shares may fluctuate, and you could lose all or part of your investment.***

After this offering, the market price for our common shares is likely to be volatile, in part because our shares have not been traded publicly. In addition, the market price of our common shares may fluctuate significantly in response to several factors, most of which we cannot control, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•actual or anticipated variations in our operating results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•increases in market interest rates that lead investors of our common shares to demand a higher investment return;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•changes in earnings estimates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•changes in market valuations of similar companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•actions or announcements by our competitors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•adverse market reaction to any increased indebtedness we may incur in the future;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•additions or departures of key personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•actions by stockholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•speculation in the media, online forums, or investment community; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our intentions and ability to list our common shares on the NYSE American and our subsequent ability to maintain such listing.

The public offering price of our common shares has been determined by negotiations between us and the underwriters based upon many factors and may not be indicative of prices that will prevail following the closing of this offering. Volatility in the market price of our common shares may prevent investors from being able to sell their common shares at or above the initial public offering price. As a result, you may suffer a loss on your investment.

***We will have broad discretion in the use of net proceeds from this offering and may invest or spend the proceeds in ways with which you do not agree and in ways that may not yield a return.***

We cannot specify with any certainty the particular uses of the net proceeds that we will receive from this offering. Our management will have broad discretion over the use of net proceeds from this offering, including for any of the purposes described in "Use of Proceeds," and you will not have the opportunity as part of your investment decision to assess whether the net proceeds are being used appropriately. Investors may not agree with our decisions, and our use of the proceeds may not yield any return on your investment. Because of the number and variability of factors that will determine our use of the net proceeds from this offering, their ultimate use may vary substantially from their currently intended use. We may invest the net proceeds from this offering in a manner that does not produce income. The decisions made by our management may not result in positive returns on your investment and you will not have an opportunity to evaluate the economic, financial, or other information upon which our management bases its decisions. Our failure to apply the net proceeds of this offering effectively could impair our ability to pursue our

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growth strategy or could require us to raise additional capital and could have a material adverse effect on our business, financial condition, and results of operations.

***You will experience immediate and substantial dilution in the net tangible book value of the shares of common stock you purchase in this offering.***

The initial public offering price of our common stock is substantially higher than the pro forma net tangible book value per share of our common stock immediately after this offering. If you purchase shares of our common stock in this offering, you will suffer immediate dilution of $ per share, representing the difference between the assumed initial public offering price of $ per share, the midpoint of the estimated offering price range set forth on the cover page of this prospectus, and our pro forma net tangible book value per share as of , 2026 after giving effect to the sale of common stock in this offering at the assumed initial public offering price of $ per share. See "Dilution."

***Additional stock issuances (including pursuant to the exercise of option rights in connection with mineral rights purchase and/or lease option agreements which we and/or our subsidiaries are a party to, or in connection with the repayment of the Loan), the conversion of our outstanding SAFEs into equity, or the exercise of warrants could result in significant dilution to our shareholders and cause the trading price of our common stock to decline.***

We may issue our capital stock or securities convertible into our capital stock from time to time in connection with financing our business operations or growth, to repay debt, or for acquisitions, investments or otherwise (including pursuant to the exercise of option rights in connection with mineral rights purchase and/or lease option agreements which our subsidiaries are a party to). Additional issuances of our common stock or securities convertible into common stock will result in dilution to existing holders of our common stock. Any such issuances could result in substantial dilution to our existing shareholders and cause the trading price of our common stock to decline.

Prior to this offering, warrants to purchase our common stock were issued to certain shareholders, of which are in the money and do not terminate until 2029. Additional issuances of our common stock upon the exercise of such warrants could result in substantial dilution to our existing shareholders and cause the trading price of our common stock to decline.

In particular, following the issuance of shares of common stock in connection with the exercise of option rights in connection with mineral rights purchase and/or lease option agreements which our subsidiaries are a party to and the issuance of shares upon the exercise of warrants, such shares of common stock will have the same economic rights as other shares of common stock. In addition, our outstanding SAFEs will automatically convert into shares of our common stock upon the closing of this offering at a conversion price equal to the lesser of a discount to the initial public offering price or the price determined by a valuation cap. This would further dilute the ownership interests of our existing shareholders and could adversely affect the trading price of our common stock. The extent of this dilution will depend on the number of shares issued upon SAFE conversion and the initial public offering price. Further, shares of common stock may be issued in connection with the repayment of the Loan pursuant to the Deed of Novation, which could result in dilution to our existing shareholders and cause the trading price of our common stock to decline.

***Future sales, or the perception of future sales, by us or our existing shareholders in the public market following this offering could cause the market price for our common stock to decline.***

After this offering, the sale of shares of our common stock in the public market, or the perception that such sales could occur, could harm the prevailing market price of shares of our common stock. These sales, or the possibility that these sales may occur, also might make it more difficult for us to sell equity securities in the future at a time and at a price that we deem appropriate.

Upon consummation of the offering, we will have outstanding a total of shares of common stock. Of the outstanding shares, the shares sold in this offering (or shares if the underwriters exercise in full their option to purchase additional shares of common stock) will be freely tradable without restriction or further registration under the Securities Act of 1933, as amended (the "Securities Act"), other than any shares held by our affiliates. Any shares of common stock held by our affiliates will be eligible for resale pursuant to Rule 144 under the Securities Act, subject to the volume, manner of sale, holding period and other limitations of Rule 144.

Our directors and executive officers will enter into lock-up agreements with the underwriters prior to the commencement of this offering pursuant to which each of these persons or entities, subject to certain exceptions,

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restrict the sale of the shares of our common stock and certain other securities held by them for a period of 180 days after the date of this prospectus. Cantor may, in its sole discretion and at any time, release all or any portion of the shares or securities subject to any such lock-up agreements. See "Underwriting."

In addition, we have reserved shares of common stock for issuance under the 2025 EIP. Any common stock that we issue under the 2025 EIP or other equity incentive plans that we may adopt in the future would dilute the percentage ownership held by the investors who purchase common stock in this offering.

As restrictions on resale end or if these shareholders exercise their registration rights, the market price of our shares of common stock could drop significantly if the holders of these shares sell them or are perceived by the market as intending to sell them. These factors could also make it more difficult for us to raise additional funds through future offerings of our shares of common stock or other securities.

In the future, we may also issue securities in connection with investments, acquisitions, or capital raising activities. In particular, the number of shares of our common stock issued in connection with an investment or acquisition, or to raise additional equity capital, could constitute a material portion of our then-outstanding shares of our common stock. Any such issuance of additional securities in the future may result in additional dilution to you or may adversely impact the price of our common stock.

***Our trading price and trading volume could decline if securities or industry analysts do not publish research about our business, or if they publish unfavorable research.***

Equity research analysts do not currently provide coverage of our common stock, and we cannot assure that any equity research analysts will adequately provide research coverage of our common stock after the listing of our common stock on NYSE American. A lack of adequate research coverage may harm the liquidity and trading price of our common stock. To the extent equity research analysts do provide research coverage of our common stock, we will not have any control over the content and opinions included in their reports. The trading price of our common stock could decline if one or more equity research analysts downgrade our stock or publish other unfavorable commentary or research. If one or more equity research analysts cease coverage of our company, or fail to regularly publish reports on us, the demand for our common stock could decrease, which in turn could cause our trading price or trading volume to decline.

***We do not intend to pay dividends for the foreseeable future.***

We have never declared or paid any cash dividends on our capital stock, and we do not intend to pay any cash dividends in the foreseeable future. We expect to retain future earnings, if any, to fund the development and growth of our business. Any future determination to pay dividends on our capital stock will be at the discretion of our board of directors. In addition, our ability to pay dividends on our capital stock may be further restricted by the terms of any future debt or preferred securities. Accordingly, shareholders must rely on sales of their common stock after price appreciation, which may never occur, as the only way to realize any future gains on their investments.

***We are an emerging growth company and a smaller reporting company within the meaning of the Securities Act, and if we take advantage of certain exemptions from disclosure requirements available to emerging growth companies or smaller reporting companies, this could make our common stock less attractive to investors and may make it more difficult to compare our performance with other public companies.***

The JOBS Act is intended to reduce the regulatory burden on "emerging growth companies." As defined in the JOBS Act, a public company whose initial public offering of common equity securities occurs after December 8, 2011, and whose annual net revenues are less than $1.235 billion will, in general, qualify as an "emerging growth company" until the earliest of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the last day of its fiscal year following the fifth anniversary of the date of its initial public offering of common equity securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the last day of its fiscal year in which it has annual gross revenue of $1.235 billion or more;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the date on which it has, during the previous three-year period, issued more than $1.0 billion in nonconvertible debt; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the date on which it is deemed to be a "large accelerated filer," which will occur at such time as the company (1) has an aggregate worldwide market value of common equity securities held by non-affiliates of $700 million or more as of the last business day of its most recently completed second fiscal quarter, (2) has been subject to the reporting requirements under the Securities Exchange Act of 1934, as amended (the "Exchange Act") for a period of at least 12 months, and (3) has filed at least one annual report pursuant to the Exchange Act.

Under this definition, we will be an "emerging growth company" upon completion of this offering and could remain an "emerging growth company" until as late as the fifth anniversary of the completion of this offering. For so long as we are an "emerging growth company," we will, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•only be required to have two years of audited financial statements and two years of related management's discussion and analysis of financial condition and results of operations disclosure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•not be required to engage an auditor to report on our internal control over financial reporting pursuant to Section 404(b) of the Sarbanes-Oxley Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•not be required to comply with the requirement of the PCAOB, regarding the communication of critical audit matters in the auditor's report on the financial statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•not be required to submit certain executive compensation matters to shareholder advisory votes, such as "say-on-pay," "say-on-frequency" and "say-on-golden parachutes"; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•not be required to comply with certain disclosure requirements related to executive compensation, such as the requirement to present a comparison of our Chief Executive Officer's compensation to our median employee compensation.

In addition, Section 107 of the JOBS Act provides that an emerging growth company can use the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. This permits an emerging growth company to delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We have elected to use this extended transition period and, as a result, our combined financial statements may not be comparable to the financial statements of issuers who are required to comply with the effective dates for new or revised accounting standards that are applicable to other public companies.

Additionally, we are a "smaller reporting company" as defined in Item 10(f)(1) of Regulation S-K. Smaller reporting companies may take advantage of certain reduced disclosure obligations, including, among other things, providing only two years of audited financial statements. We will remain a smaller reporting company until the last day of the fiscal year in which (1) the market value of our common stock held by non-affiliates is equal to or exceeds $250 million as of the prior June 30, or (2) our annual revenues equaled or exceeded $100 million during such completed fiscal year and the market value of our common stock held by non-affiliates is equal to or exceeds $700 million as of the prior June 30. To the extent we take advantage of such reduced disclosure obligations, it may also make comparison of our financial statements with other public companies difficult or impossible.

We cannot predict if investors will find our common stock less attractive as a result of our decision to take advantage of some or all of the reduced disclosure requirements above. If some investors find our common stock less attractive as a result, there may be a less active trading market for our common stock and our stock price may be more volatile.

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***Provisions in our corporate charter documents and under Texas law may prevent or frustrate attempts by our shareholders to change our management or hinder efforts to acquire a controlling interest in us, and the market price of our common stock may be lower as a result.***

There are provisions in our certificate of formation and bylaws, as in effect immediately prior to the closing of this offering, that may make it difficult for a third party to acquire, or attempt to acquire, control of our company, even if a change in control was considered favorable by our shareholders.

Such provisions that could have an anti-takeover effect include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•permitting the board of directors to establish the number of directors and fill any vacancies and newly created directorships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•providing that our directors may be removed only for cause and only upon the affirmative vote of holders of a majority of the voting power of our then-outstanding shares of capital stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•requiring super-majority voting to amend some provisions in our certificate of formation and our bylaws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•providing that any action required or permitted to be taken at an annual or special meeting of shareholders may be taken by written consent in lieu of a meeting of shareholders only with the unanimous written consent of our shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•providing that the written request of the holders of at least 25% of the voting power of our outstanding capital stock entitled to be voted at a special meeting is required for our shareholders to call a special meeting of shareholders; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•require that shareholders give advance notice to nominate directors or submit proposals for consideration at shareholder meetings.

Further, as a Texas corporation, we are also subject to provisions of Texas law that may impair a takeover attempt that our shareholders may find beneficial. For additional information, see "Description of Capital Stock – Anti-Takeover Provisions in our Governing Documents and Under Texas Law." Any provision of our certificate of formation, bylaws, or Texas law that has the effect of delaying or preventing a change in control could limit the opportunity for our shareholders to receive a premium for their shares of our capital stock and could also affect the price that some investors are willing to pay for our common stock.

***Texas law permits, and our corporate charter documents may adopt, provisions which may limit our shareholders' ability to submit a proposal on a matter to be acted upon at a meeting of shareholders.***

Currently, our corporate charter documents permit any shareholder to submit a proposal for consideration at the annual meeting if, and only if, the shareholder (i) is a shareholder of record entitled to vote at the annual meeting on the date the shareholder's notice is given, on the record date for determining shareholders entitled to vote at that meeting, and on the date of the meeting, and (ii) complies with the advance notice procedures set forth in Section 2.14(a) of our bylaws. Our corporate charter documents do not impose any minimum stock ownership requirements to submit a shareholder proposal.

Following this offering, we will be considered a "nationally listed corporation" as defined under Section 21.373 of the TBOC and may adopt such section's standing requirements, which would limit our shareholders' ability to submit proposals. Section 21.373 of the TBOC permits a "nationally listed corporation" to amend its governing documents to impose stock ownership requirements on shareholders seeking to submit a proposal on a matter (other than director nominations and procedural resolutions ancillary to the conduct of a shareholder meeting) to the shareholders of such corporation for approval at a shareholder meeting. If a corporation elects to be governed by Section 21.373 of the TBOC, a shareholder or group of shareholders may submit a proposal on a matter to the shareholders of such corporation for approval at a meeting of shareholders only if such shareholder or group of shareholders (i) holds an amount of shares entitled to vote at such meeting equal to at least $1,000,000 in market value of the Company (determined as of the date of submission of the proposal) or 3% of the total number of shares eligible to vote at such

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meeting, and (ii) has held such amount for a continuous period of at least six months before the date of the meeting, (iii) holds such amount throughout the meeting and (iv) solicits the holders of shares representing at least 67% of the voting power of shares entitled to vote on the proposal at the shareholder meeting.

***Our certificate of formation provides that the Business Court in the First Business Court Division of the State of Texas (or, if the Business Court determines that it lacks jurisdiction, the federal district court for the Northern District of Texas, Dallas Division) will be the sole and exclusive forum for substantially all disputes between us and our shareholders, which could limit our shareholders' ability to obtain a favorable judicial forum for disputes with us or our directors, officers, employees or shareholders.***

Our certificate of formation provides that, unless we consent in writing to the selection of an alternative forum, the Business Court in the First Business Court Division of the State of Texas (the "Texas Business Court") will be the exclusive forum for the following types of actions or proceedings under Texas statutory or common law:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•any derivative claim or cause of action brought on our behalf;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•any claim or cause of action for a breach of fiduciary duty owed by any of our current or former directors, officers or other employees to us or our shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•any claim or cause of action against us or any of our current or former directors, officers or other employees arising out of or pursuant to any provision of the Texas Business Organizations Code (the "TBOC"), our certificate of formation or our bylaws (as each may be amended from time to time);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•any claim or cause of action seeking to interpret, apply, enforce or determine the validity of our certificate of formation or our bylaws (as each may be amended from time to time, including any right, obligation or remedy thereunder);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•any action asserting an "internal entity claim" as defined in the TBOC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•any claim or cause of action against us or any of our current or former directors, officers or other employees governed by the internal-affairs doctrine; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•any other action within the jurisdiction of the Texas Business Court, including claims within its supplemental jurisdiction.

In addition, our certificate of formation provides that, unless we consent in writing to the selection of an alternative forum, the federal district courts of the United States of America shall be the exclusive forum for the resolution of any complaint asserting a cause or causes of action arising under the Securities Act or the Exchange Act. For the avoidance of doubt, this provision is intended to benefit, and may be enforced by, us, our officers and directors, the underwriters to any offering giving rise to such complaint, and any other professional entity whose profession gives authority to a statement made by that person or entity and who has prepared or certified any part of the documents underlying the offering. If a court were to find either choice of forum provision contained in our certificate of formation to be inapplicable or unenforceable in an action, we may incur additional costs associated with resolving such action in other jurisdictions.

These choice of forum provisions may limit a shareholder's ability to bring a claim in a judicial forum that it finds favorable for disputes with us or our directors, officers, or other employees. While the Texas courts have determined that such choice of forum provisions are facially valid, a shareholder may nevertheless seek to bring a claim in a venue other than those designated in the exclusive forum provisions, and there can be no assurance that such provisions will be enforced by a court in those other jurisdictions. We note that investors cannot waive compliance with the federal securities laws and the rules and regulations thereunder.

Additionally, our certificate of formation provides that any person or entity holding, owning or otherwise acquiring any interest in any of our securities shall be deemed to have notice of and consented to these provisions.

***Our certificate of formation includes a waiver of jury trial for "internal entity claims" as defined in the TBOC and, to the fullest extent permitted by applicable law, other claims within the scope of the exclusive forum provision in*** 

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***our certificate of formation, which could discourage or limit our shareholders from bringing lawsuits against us or our directors and officers and cause them to face increased costs or delays.***

Our certificate of formation provides that any person or entity purchasing or otherwise acquiring or holding any interest in shares of stock of the Company shall be deemed to have irrevocably and unconditionally waived any right to a trial by jury in any legal action, proceeding, cause of action or counterclaim asserting an "internal entity claim" (as defined in Section 2.115 of the TBOC), and to the fullest extent permitted by applicable law, any other legal action, proceeding, cause of action or counterclaim within the scope of the exclusive forum provision in our certificate of formation.

Section 2.115(a) of the TBOC defines "internal entity claim" as "a claim of any nature, including a derivative claim in the right of an entity, that is based on, arises from, or relates to the internal affairs of the entity." In turn, Section 1.105 of the TBOC defines "internal affairs" as "(1) the rights, powers, and duties of its governing authority, governing persons, officers, owners, and members; and (2) matters relating to its membership or ownership interests." The jury trial waiver set forth in our certificate of formation also applies, to the fullest extent permitted by applicable law, to any other claim within the scope of the exclusive forum provision in our certificate of formation. The exclusive forum provision includes, but is not limited to, any derivative action or proceeding brought on behalf of the Company, any action asserting a claim for breach of a fiduciary duty by any current or former director, officer, other employee, agent or shareholder of the Company, any other claim arising under the TBOC or within the jurisdiction of the Texas Business Court, and any cause of action arising under the Securities Act or the Exchange Act. As such, the jury trial waiver set forth in our certificate of formation applies to claims under the federal securities laws and claims other than in connection with this offering.

Section 2.116 of the TBOC specifically authorizes a Texas corporation to include a waiver of the right to a jury trial in its governing documents for "any internal entity claim." Section 2.116(c) states that "[i]n a lawsuit asserting an internal entity claim, a waiver of the right to a jury trial contained in the governing documents of a domestic entity is enforceable, regardless of whether the applicable governing document is signed by the members, owners, officers, or governing persons." Section 2.116(d) states that "[a] person asserting an internal entity claim is considered to have been informed of the waiver of the right to a jury trial contained in the governing documents and to have knowingly waived the right in the action if the person: (1) voted for or affirmatively ratified the governing document containing the waiver; or (2) acquired an equity security of the domestic entity or any predecessor to the entity at, or continued to hold an equity security of a domestic entity that has one or more classes of equity securities listed on a national securities exchange after, a time at which the waiver was included in the governing documents."

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As set forth above, the certificate of formation includes a waiver of jury trial to the fullest extent permitted by applicable law and is not limited to "internal entity claims" as defined by the TBOC. To our knowledge, the scope of such a waiver, including its applicability to claims arising under the federal securities laws, has not been finally adjudicated by any applicable federal or state court. At all times, we intend to enforce the waiver to the fullest extent permitted by then-existing applicable law.

Further, the jury trial waiver applies to any person or entity purchasing or otherwise acquiring or holding any interest in shares of stock of the Company. Therefore, purchasers of interests in a secondary transaction would also be subject to the jury trial waiver provision.

We believe the waiver of the right to trial by jury set forth in our certificate of formation benefits us by providing increased consistency in the application of Texas law in the types of lawsuits to which it applies. To the extent that this provision is enforceable, the provision may have the effect of discouraging lawsuits against the Company's directors, officers, employees and shareholders, as a result of, among other things, increased costs to bring such lawsuits or claims. Further, the jury trial waiver provision could limit a shareholder's ability to bring or demand a jury trial in any litigation against the Company involving corporate governance or securities claims, which could result in less favorable outcomes to the plaintiffs of any such action. If a lawsuit is brought against any of the Company's directors, officers, employees and shareholders, it may be heard only by a judge or justice of the applicable court as set forth in the exclusive forum provision of our certificate of formation, which would be conducted according to different procedures and may result in different outcomes than a trial by jury would have.

We believe that a contractual pre-dispute jury trial waiver provision is generally enforceable, including under the laws of the State of Texas, as set forth above. Nevertheless, by agreeing to the jury trial waiver provision set forth in our certificate of formation, investors will not be deemed to have waived the Company's compliance with the substantive provisions of federal securities laws and the rules and regulations thereunder.

Investors in our common stock may wish to consult legal counsel regarding the waiver of this jury trial provision prior to purchasing or otherwise acquiring any interest in our common stock. The waiver of jury trial provision set forth in our certificate of formation may discourage investors from investing in our shares of common stock, as well as discourage or limit investors from bringing lawsuits against us or our directors and officers, even in instances where they might otherwise have a valid claim, due to the perceived disadvantages of a non-jury process or the potential for increased costs. Alternatively, if a court were to find the waiver of jury trial provision set forth in our certificate of formation to be inapplicable or unenforceable in an action, we may incur additional costs associated with resolving such action in other jurisdictions or before a jury, which could harm our business, results of operations, and financial condition.

**<u>General Risks</u>**

***Our financial condition and results of operations are subject to, and may be adversely affected by, a number of economic or political factors, many of which are also largely outside our control and as such our results may fluctuate significantly and may not fully reflect the underlying performance of our business.***

Our results of operations may vary significantly in the future as they have in the past, and period-to-period comparisons of our results of operations may not be meaningful. Accordingly, the results of any one period should not be relied upon as an indication of future performance. Our results of operations may fluctuate as a result of a variety of factors, many of which are outside of our control and, as a result, may not fully reflect the underlying performance of our business. In the future, results of operations may fall below the expectations of securities analysts and investors. In that event, the price of our common stock could be adversely impacted. Factors that may cause fluctuations in our results of operations include, without limitation, those listed elsewhere in this Risk Factors section.

***Changes in statutory, regulatory, accounting, and other legal requirements, including changes in accounting principles generally accepted in the United States, could potentially impact our operating and financial results.***

We are subject to numerous statutory, regulatory and legal requirements. Our operating results could be negatively impacted by developments in these areas due to the costs of compliance in addition to possible government penalties and litigation in the event of deemed noncompliance.

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Generally accepted accounting principles in the United States ("GAAP") are subject to interpretation by the Financial Accounting Standards Board, the American Institute of Certified Public Accountants, the SEC, and various bodies formed to promulgate and interpret appropriate accounting principles. A change in these principles or interpretations could have a significant effect on our reported financial results, and could affect the reporting of transactions completed before the announcement of a change.

In addition, changing laws, regulations, and standards relating to corporate governance and public disclosure, including regulations implemented by the SEC and NYSE American, may increase legal and financial compliance costs and make some activities more time consuming. These laws, regulations and standards are subject to varying interpretations, and as a result, their application in practice may evolve over time as new guidance is provided by regulatory and governing bodies. We intend to invest resources to comply with evolving laws, regulations, and standards, and this investment may result in increased selling, general and administrative expenses and a diversion of management's time and attention from revenue-generating activities to compliance activities. If, notwithstanding our efforts, we fail to comply with new laws, regulations, and standards, regulatory authorities may initiate legal proceedings against us and our business may be harmed.

***We will incur costs and demands upon management as a result of complying with the laws and regulations affecting public companies in the United States, which may harm our business.*** 

As a public company, we will be subject to the reporting requirements of the Exchange Act, the Sarbanes-Oxley Act, and the rules and regulations of the applicable listing standards of NYSE American. These rules and regulations could make it more difficult for us to attract and retain qualified persons to serve on our board of directors or our board committees or as executive officers. Our management and other personnel will devote a substantial amount of time to these compliance initiatives. As a result, management's attention may be diverted from other business concerns, which could harm our business and operating results. We will need to hire more employees in the future to comply with these requirements, which will increase our costs and expenses.

Our management team and other personnel devote a substantial amount of time to new compliance initiatives and we may not successfully or efficiently manage our transition to a public company. To comply with the requirements of being a public company, including the Sarbanes-Oxley Act, we will need to undertake various actions, such as implementing new internal controls and procedures and hiring accounting or internal audit staff, which would require us to incur additional expenses and harm our results of operations.

Failure to comply with these rules might also make it more difficult for us to obtain certain types of insurance, including director and officer liability insurance, and we might be forced to accept reduced policy limits and coverage or incur substantially higher costs to obtain the same or similar coverage. The impact of these events would also make it more difficult for us to attract and retain qualified persons to serve on our board of directors, on committees of our board of directors or as members of senior management.

***We may be subject to shareholder litigation, governmental investigations, and other proceedings involving our officers and directors, which could result in significant costs, divert management's attention, and adversely affect our reputation and financial condition.*** 

From time to time, we and certain of our officers and directors may become the subject of claims and investigations, including, but not limited to, securities class actions, derivative suits, and whistleblower and employment claims. In connection with this offering and our transition to a public company, we may face an increased likelihood of such claims or proceedings. For certain claims, our liability may be joint and several. Accordingly, we may be held responsible for more than our share of the claimed damages. The outcome of outstanding, pending or future proceedings cannot be predicted with certainty and may be determined adversely to us and as a result, could have a material adverse effect on our assets, liabilities, business, financial condition or results of operations. Even if we prevail in any such legal proceeding, the proceedings could be costly, time-consuming and may divert the attention of management and key personnel from our business operations, which could adversely affect our reputation and financial condition.

***Our management team has limited experience managing a public company.***

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Most members of our management team have limited experience managing a publicly traded company, interacting with public company investors and complying with the increasingly complex laws pertaining to public companies. Our management team may not successfully or efficiently manage our transition to being a public company that is subject to significant regulatory oversight and reporting obligations under the federal securities laws and the continuous scrutiny of securities analysts and investors. Furthermore, we are committed to maintaining high standards of corporate governance and public disclosure, and our efforts to establish the corporate infrastructure required of a public company and to comply with evolving laws, regulations and standards are likely to divert management's time and attention away from revenue generating activities to compliance activities, which may prevent us from implementing our business strategy and growing our business. Moreover, we may not be successful in implementing these requirements. If we do not effectively and efficiently manage our transition into a public company and continue to develop and implement the right processes and tools to manage our changing enterprise and maintain our culture, our ability to compete successfully and achieve our business objectives could be impaired, which could negatively impact our business, financial condition and results of operations.

***Our business could be negatively affected by security threats and disruptions, including electronic, cybersecurity or physical security threats and other disruptions.***

We rely on computer systems, hardware, software, technology infrastructure and online sites and networks for both internal and external operations that are critical to our business (collectively, "IT Systems"). We own and manage some of these IT Systems but also rely on third parties for a range of IT Systems and related products and services. Our business faces numerous and evolving security threats, including cybersecurity risks that threaten the confidentiality, integrity and availability of our IT Systems and information that we collect, maintain and process, including personal, confidential and other types of proprietary or sensitive information (collectively, "Confidential Information"); threats to the security of our facilities and infrastructure or third-party facilities and infrastructure, such as processing plants and pipelines; and threats from terrorist acts, civil unrest and similar acts. The potential for such security threats has subjected our operations to increased risks that could have a material adverse effect on our business. In particular, our implementation of various procedures and controls to monitor and mitigate security threats and to increase security for our information, facilities and infrastructure may result in increased capital and operating costs. Moreover, there can be no assurance that such procedures and controls will be sufficient to prevent security threats, incidents or disruptions from occurring. Security incidents could lead to losses of Confidential Information, critical infrastructure or capabilities essential to our operations, or otherwise impact the availability, integrity or confidentiality of our IT Systems and Confidential Information and could have a material adverse effect on our reputation, financial position, results of operations and cash flows.

There can be no assurance that our efforts to secure our IT Systems will be effective in protecting such IT Systems, facilities, infrastructure and Confidential Information, or that future attempted cybersecurity attacks, incidents, or disruptions would not be successful or damaging. Cybersecurity attacks and risks in particular are becoming more varied, and include threats from diverse vectors such as social engineering/phishing, malware (including ransomware), malfeasance by insiders, human or technological error, as a result of malicious software or malicious code embedded in open-source software, misconfigurations, bugs or other vulnerabilities in commercial software that are integrated into our (or our third party's) IT Systems. The threat landscape is constantly evolving as threat actors become increasingly sophisticated in using techniques and tools, including artificial intelligence ("AI") and other emerging technologies, that circumvent security controls, evade detection and remove forensic evidence. As a result, we may be unable to detect, investigate, remediate or recover from future attacks or incidents, or to avoid a material adverse impact to our IT Systems, Confidential Information or business. While to date we have not experienced cyberattacks or other incidents, we cannot guarantee that cyberattacks or other incidents will not occur in the future.

Any adverse impact on the availability, integrity or confidentiality of our IT Systems or Confidential Information, including any attempts to gain unauthorized access to information and systems and other security incidents or breaches, could lead to disruptions in critical systems, unauthorized release of information and corruption of data. They could also damage our reputation, lead to legal claims or proceedings, regulatory investigations and enforcement actions, significant costs from remedial actions, loss of business or potential liability. We cannot guarantee that any costs and liabilities incurred in relation to an attack or incident will be covered by our existing insurance policies or that applicable insurance will be available to us in the future on economically reasonable terms or at all.

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***We operate in an intensely competitive business environment. We may not be as successful as our competitors incorporating AI into our business or adapting to a rapidly changing marketplace.***

Our competitors may be larger, more diversified, better funded, and have access to more advanced technology, including AI. These competitive advantages may enable our competition to innovate better and more quickly, to compete more effectively on quality and price, causing us to lose business and profitability. Burgeoning interest in AI may increase our competition and disrupt our business model. AI may lower barriers to entry in our industry and we may be unable to effectively compete with the products or services offered by new competitors. AI-related changes to the products and services on offer may affect our customers' expectations, requirements, or tastes in ways we cannot adequately anticipate or adapt to, causing our business to lose sales, market share, or the ability to operate profitably and sustainably.

***A failure to establish and maintain an effective system of disclosure controls and internal control over financial reporting, could adversely affect our ability to produce timely and accurate financial statements or comply with applicable regulations.***

As a public company, we will be subject to the reporting requirements of the Exchange Act, the Sarbanes-Oxley Act, and the rules and regulations of the applicable listing standards of NYSE American. The Sarbanes-Oxley Act requires, among other things, that we maintain effective disclosure controls and procedures and internal control over financial reporting. We are continuing to develop and refine our disclosure controls and other procedures that are designed to ensure that information required to be disclosed by us in the reports that we will file with the SEC is recorded, processed, summarized, and reported within the time periods specified in SEC rules and forms and that information required to be disclosed in reports under the Exchange Act, is accumulated and communicated to our principal executive and financial officers. We are also continuing to improve our internal controls over financial reporting. For example, as we have prepared to become a public company, we have worked to improve the controls around our key accounting processes and our quarterly close process, and we have hired additional accounting and finance personnel to help us implement these processes and controls. In order to maintain and improve the effectiveness of our disclosure controls and procedures and internal control over financial reporting, we have expended, and anticipate that we will continue to expend, significant resources, including accounting-related costs and investments to strengthen our accounting systems.

Our current controls and any new controls that we develop may become inadequate because of changes in conditions in our business. In addition, changes in reporting requirements or accounting principles or interpretations could also challenge our internal controls and require that we establish new business processes, systems, and controls to accommodate such changes. We have limited experience with implementing the systems and controls that will be necessary to operate as a public company, as well as adopting changes in accounting principles or interpretations mandated by the relevant regulatory bodies. Additionally, if these new systems, controls or standards and the associated process changes do not give rise to the benefits that we expect or do not operate as intended, it could adversely affect our financial reporting systems and processes, our ability to produce timely and accurate financial reports or the effectiveness of internal control over financial reporting. Moreover, our business may be harmed if we experience problems with any new systems and controls that result in delays in their implementation or increased costs to correct any post-implementation issues that may arise.

Further, weaknesses in our disclosure controls and internal control over financial reporting may be discovered in the future. Any failure to develop or maintain effective controls or any difficulties encountered in their implementation or improvement could harm our results of operations or cause us to fail to meet our reporting obligations and may result in a restatement of our financial statements for prior periods. Any failure to implement and maintain effective internal control over financial reporting also could adversely affect the results of periodic management evaluations and annual independent registered public accounting firm attestation reports regarding the effectiveness of our internal control over financial reporting that we will eventually be required to include in our periodic reports that will be filed with the SEC. Ineffective disclosure controls and procedures and internal control over financial reporting could also cause investors to lose confidence in our reported financial and other information, which would likely have a negative effect on the trading price of our common stock. In addition, if we are unable to continue to meet these requirements, we may not be able to remain listed on NYSE American. We are not currently required to comply with the SEC rules that implement Section 404 of the Sarbanes-Oxley Act and are therefore not required to make a formal assessment of the effectiveness of our internal control over financial reporting for that purpose. As a public company, we will be required to provide an annual management report on the effectiveness of our internal control over financial reporting commencing with our second annual report on Form 10-K.

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Our independent registered public accounting firm is not required to formally attest to the effectiveness of our internal control over financial reporting until after we are no longer an "emerging growth company" as defined in the JOBS Act. At such time, our independent registered public accounting firm may issue a report that is adverse in the event it is not satisfied with the level at which our internal control over financial reporting is documented, designed or operating. Any failure to maintain effective disclosure controls and internal control over financial reporting could harm our business, results of operations, and financial condition and could cause a decline in the trading price of our common stock. Changes in tax laws or regulations could be enacted or existing tax laws or regulations could be applied to us or our guests in a manner that could increase the costs of our products and harm our business.

***We have identified material weaknesses in our internal control over financial reporting. If we are unable to remediate these weaknesses, identify additional material weaknesses in the future, or otherwise fail to maintain an effective system of internal control over financial reporting, this may result in misstatements in our financial statements, cause us to fail to meet periodic reporting obligations, or cause our access to capital markets to be impaired.***

Prior to the completion of this offering, we have been a private company with limited accounting personnel to adequately execute our accounting processes and limited supervisory resources with which to address our internal control over financial reporting. In connection with the preparation and audit of our financial statements as of and for the fiscal year ended December 31, 2025, material weaknesses have been identified in our internal control over financial reporting. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting such that there is a reasonable possibility that a material misstatement of annual or interim financial statements will not be prevented or detected on a timely basis.

The material weaknesses we identified include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•a lack of sufficient qualified resources to ensure adequate oversight and accountability over the performance of controls, including retention of control evidence, while maintaining segregation of duties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•inadequate design and implementation of controls in business process cycles such as payroll, treasury, procure to pay, and period end financial reporting and close, including controls over journal entries, reconciliations and account analyses; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•ineffective general controls over information technology systems that support the financial reporting process, specifically related to privileged access, user provisioning, and de-provisioning, periodic user access reviews, authentication settings, data processing and change management were not maintained.

These material weaknesses could result in a misstatement of account balances or disclosures that would result in a material misstatement of our consolidated annual or interim financial statements that would not be prevented or detected. In an effort to remediate the material weaknesses, we have hired additional personnel with accounting and financial reporting expertise and retained an accounting consulting firm to provide additional depth and breadth to our technical accounting and financial reporting capabilities. We have also begun formalizing and communicating our policies and procedures surrounding our financial close, financial reporting and other accounting processes, and will further develop and document necessary policies and procedures regarding our internal control over financial reporting, such that we are able to perform an analysis under Section 404 of the Sarbanes-Oxley Act of our internal control over financial reporting when and as required. We cannot assure that these measures will significantly improve or remediate the material weaknesses described above. We also cannot assure that we have identified all or that we will not have additional material weaknesses in the future. Further, while we remain an emerging growth company, we will not be required to include an attestation report on internal control over financial reporting issued by our independent registered public accounting firm.

If we are unable to successfully remediate our existing or any future material weaknesses in our internal control over financial reporting, or if we identify any additional material weaknesses, the accuracy and timing of our financial reporting may be adversely affected, we may be unable to maintain compliance with securities law requirements regarding timely filing of periodic reports in addition to applicable stock exchange listing requirements, investors may lose confidence in our financial reporting, and our stock price may decline as a result. We also could become subject

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to investigations by the NYSE American, the SEC or other regulatory authorities, which may impact our listing on the NYSE American and negatively impact our business and reputation in the marketplace.

***We may engage in merger and acquisition activities or strategic partnerships, which could require significant management attention, disrupt our business, dilute shareholder value, and adversely affect our business, results of operations, and financial condition.***

As part of our business strategy, we have in the past and may in the future make investments in or acquisitions of other companies, products, or technologies, or pursue strategic opportunities, including potential downstream integration or early-stage processing technology partnerships. The identification of suitable acquisition or partnership candidates can be difficult, time-consuming, and costly, and we may not be able to complete acquisitions or partnerships on favorable terms, if at all. These acquisitions or partnerships may not ultimately strengthen our competitive position or achieve the goals of such acquisition, and any acquisitions or partnerships we complete could be viewed negatively by guests or investors. We may encounter difficult or unforeseen expenditures in integrating an acquisition or partnership, particularly if we cannot retain the key personnel of the acquired company. In addition, if we fail to successfully integrate such acquisitions, or the assets, technologies or personnel associated with such acquisitions or partnerships, into our company, the business and results of operations of the combined company would be adversely affected.

These transactions may disrupt our ongoing operations, divert management from their primary responsibilities, subject us to additional liabilities, increase our expenses, subject us to increased regulatory requirements, cause adverse tax consequences or unfavorable accounting treatment, expose us to claims and disputes by shareholders and third parties, and adversely impact our business, financial condition, and results of operations. We may not successfully evaluate or utilize the acquired assets and accurately forecast the financial impact of an acquisition or partnership transaction, including accounting charges. We may have to pay cash for any such acquisition or partnership which would limit other potential uses for our cash. If we incur debt to fund any such acquisition or partnership, such debt may subject us to material restrictions in our ability to conduct our business, result in increased fixed obligations, and subject us to covenants or other restrictions that would decrease our operational flexibility and impede our ability to manage our operations. If we issue a significant amount of equity securities in connection with future acquisitions or partnerships, existing shareholders' ownership would be diluted.

***We may need additional capital, and we cannot be sure that additional financing will be available.***

Historically, we have financed our operations and capital expenditures through private raises. In the future, we may raise additional capital through additional equity or debt financings to support our business growth, to respond to business opportunities, challenges or unforeseen circumstances, or for other reasons. On an ongoing basis, we are evaluating sources of financing and may raise additional capital in the future. Our ability to obtain additional capital will depend on our business plans, the realization of rare earth elements in our mineral properties, investor demand, operating performance, the condition of the capital markets, and other factors. We cannot assure you that additional financing will be available to us on favorable terms when required, or at all. If we raise additional funds through the issuance of equity, equity-linked or debt securities, those securities may have rights, preferences or privileges senior to the rights of existing shareholders, and existing shareholders may experience dilution. Further, if we are unable to obtain additional capital when required, or are unable to obtain additional capital on satisfactory terms, our ability to continue to support our business growth or to respond to business opportunities, challenges, or unforeseen circumstances would be adversely affected.

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**SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS**

This prospectus contains forward-looking statements concerning our business, operations and financial performance, as well as our plans, objectives and expectations for our business operations and financial performance and condition. In some cases, you can identify forward-looking statements by terminology such as "aim," "anticipate," "assume," "believe," "contemplate," "continue," "could," "design," "due," "estimate," "expect," "goal," "intend," "may," "objective," "plan," "positioned," "potential," "predict," "seek," "should," "target," "will," "would," and other similar expressions that are predictions of or indicate future events and future trends, or the negative of these terms or other comparable terminology. In addition, statements that "we believe" or similar statements reflect our beliefs and opinions on the relevant subject. These forward-looking statements include, but are not limited to, statements about:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our goals and strategies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our planned exploration activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•expectations regarding revenue, expenses and operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•risks related to our operating strategy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•mineral exploration and exploration program cost estimates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•expectations regarding the potential mineralization, geological merit and economic feasibility of our projects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•competition for projects in our local markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•unfavorable economic conditions and restrictive financing markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•significant risk and hazards associated with mining operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our Brazilian operations are subject to additional political, economic and other uncertainties not generally associated with domestic operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•expectations regarding any environmental issues that may affect planned or future exploration programs and the potential impact of complying with existing and proposed environmental laws and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•receipt and timing of exploration permits and other third-party approvals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•government regulation of mineral exploration and development operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•developments relating to our competitors and our industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•expectations regarding any social or local community issues that may affected planned or future exploration and development programs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our ability to retain key personnel and maintain satisfactory labor relations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•other risks and uncertainties, including those described or incorporated by reference under the caption "Risk Factors" in this prospectus.

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We have based these forward-looking statements largely on our current expectations, estimates, forecasts, and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, and financial needs. In light of the significant uncertainties in these forward-looking statements, you should not rely upon forward-looking statements as predictions of future events. Although we believe that we have a reasonable basis for each forward-looking statement contained in this prospectus, we cannot guarantee that the future results, levels of activity, performance, or events and circumstances reflected in the forward-looking statements will be achieved or occur at all. You should refer to the section titled "Risk factors" and elsewhere in this prospectus for a discussion of important factors that may cause our actual results to differ materially from those expressed or implied by our forward-looking statements. Furthermore, if our forward-looking statements prove to be inaccurate, the inaccuracy may be material. Except as required by law, we undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.

You should read this prospectus and the documents that we reference in this prospectus and have filed as exhibits to the registration statement, of which this prospectus forms a part, completely and with the understanding that our actual future results may be materially different from what we expect. We qualify all of the forward-looking statements in this prospectus by these cautionary statements.

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**MARKET AND INDUSTRY DATA**

We use market and industry data, forecasts and projections throughout this prospectus. We have obtained certain market and industry data from publicly available industry publications and from certain sources that may not be publicly available without payment of subscription or similar fees. These sources generally state that the information they provide has been obtained from sources believed to be reliable, but that the accuracy and completeness of the information are not guaranteed. In some cases, the information contains forecasts and projections based on historical market data, and there is no assurance that any of the forecasts or projected amounts will be achieved. While we believe such information is reliable, we have not independently verified the accuracy or completeness of the data contained in these industry publications and other publicly available information. The market and industry data used in this prospectus involve risks and uncertainties that are subject to change based on various factors, including those discussed in the section titled "Risk Factors." These and other factors could cause results to differ materially from those expressed in, or implied by, the estimates made by independent parties and by us. Furthermore, we cannot assure you that a third party using different methods to assemble, analyze or compute industry and market data would obtain the same results.

The sources of certain statistical data, estimates and forecasts contained in this prospectus include the following independent industry publications or reports:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*Rare Earth Magnet Market Outlook to 2040*, Adamas Intelligence, Q3 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*Rare Earths Forecast Report*, Benchmark Mineral Intelligence, Q4 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*Rare Earth Pricing Quarterly Outlook*, Adamas Intelligence, Q1 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*Rare Earths Forecast Report*, Adamas Intelligence, Q1 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*Rare Earth Market Overview & Outlook: EVs, Robotics and AAM,* Adamas Intelligence, Q1 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*Humanoid robots and the future of motors and NdFeB markets,* Adamas Intelligence, February 14, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*COP28 Tripling Renewable Capacity Pledge,* International Energy Agency, June 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*Mineral Commodity Summaries and Minerals Yearbook,* U.S. Geological Survey, 2014-2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*How are rare earths used,* Lynas Rare Earths.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*Humanoids: 1bn Robots and $5tn Revenues by 2050, China is in Pole Position,* Morgan Stanley, April 28, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*The future of four wheels is all electric,* Goldman Sachs, February 16, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*Global Automation: Humanoid Robot –The AI accelerant,* Goldman Sachs, January 8, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*Transformation: Human robots 101*, Bank of America, April 29, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*Rare earth oxide price data.* Asian Metal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*Monazite Concentrate price data.* Shanghai Metals Market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*Mineral Commodity Summaries and Minerals Yearbook,* U.S. Geological Survey, 2014-2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*Brazil Rare Earths: What You Need to Know,* Morgan Stanley, January 15, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*Rare Earths: Mapping the Supply Chain,* Petra Capital, February 9, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*Carbonatites and Global Tectonics,* Emma R. Humphreys-Williams, Sabin Zahirovic, Elements 2021, 17(5).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*Niobium Market: Market Share by Occurrence*, Mordor Intelligence, 2024.

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• *New Rare Earth Processing Facility in Saskatchewan to Secure North American Supply Chain*, Saskatchewan Research Council, September 23, 2020.

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**USE OF PROCEEDS**

We estimate that the net proceeds to us from this offering will be approximately $ million (or approximately $ million if the underwriters exercise in full their option to purchase up to additional shares of common stock), based on an assumed initial public offering price of $ per share, the midpoint of the price range set forth on the cover page of this prospectus, after deducting the underwriting discounts and estimated offering expenses payable by us.

The principal purposes of this offering are to obtain additional capital to support our operations, to create a public market for our common stock and to facilitate our future access to the public equity markets.

We intend to use the net proceeds from this offering together with our existing cash and cash equivalents as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•approximately $ million to fund the land acquisition and option payments, drilling, metallurgical test work, permitting and S-K 1300 technical report summary preparation at our Shiloh Project. We plan to prioritize advancement of our Shiloh Project;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•approximately $ million to fund the exploration, evaluation, land consolidation, metallurgy, engineering and permitting studies at our Alpha Project;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•approximately $ million to fund exploration, evaluation, land option payments, metallurgy, engineering and permitting studies at our Constellation Project; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the remainder for evaluating our non-material exploration projects, including Homer and Liberty Peak, as well as for working capital and other general corporate purposes.

Each $1.00 increase or decrease in the assumed initial public offering price of $ per share, the midpoint of the price range set forth on the cover page of this prospectus, would increase or decrease, as applicable, our as-adjusted net tangible book value per share after this offering by $ per share and the dilution per share to new investors participating in this offering by $ per share, assuming that the number of shares of common stock offered by us, as set forth on the cover page of this prospectus, remains the same and after deducting the underwriting discounts and estimated offering expenses payable by us. Similarly, an increase of 1.0 million in of shares of common stock offered by us would increase the as adjusted net tangible book value after this offering by $ per share and decrease the dilution per share to new investors participating in this offering by $ per share, and a decrease of 1.0 million shares of common stock offered by us would decrease the as adjusted net tangible book value by $ per share, and increase the dilution per share to new investors in this offering by $ per share, assuming that the assumed initial public offering price of $ per share, the midpoint of the price range set forth on the cover page of this prospectus, remains the same and after deducting the underwriting discounts and estimated offering expenses payable by us.

Our expected use of net proceeds from this offering represents our current intentions based upon our present plans and business condition. As of the date of this prospectus, we cannot predict with certainty all of the particular uses for the net proceeds to be received upon the closing of this offering, or the amounts that we will actually spend on the uses set forth above. The amounts and timing of our actual use of the net proceeds will vary depending on numerous factors, including the progress of our exploration and development efforts, the status of our permit applications, and overall market conditions. We may find it necessary or advisable to use the net proceeds for other purposes, and our management will have broad discretion in the application of the net proceeds, and investors will be relying on our judgment regarding the application of the net proceeds from this offering.

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**DIVIDEND POLICY**

We have never paid or declared any cash dividends on our common stock, and we do not anticipate paying any cash dividends on our common stock in the foreseeable future. We intend to retain all available funds and any future earnings to fund the development and expansion of our business. Any future determination to pay dividends will be at the discretion of our board of directors and will depend upon a number of factors, including our results of operations, financial condition, future prospects, contractual restrictions, restrictions imposed by applicable law and other factors our board of directors deems relevant.

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**CAPITALIZATION**

The following table sets forth our cash, cash equivalents, and capitalization as of December 31, 2025:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•on an actual basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•on a pro forma basis, giving effect to (i) the automatic conversion of all of our outstanding SAFEs in the aggregate amount of $ million into shares of our common stock, in each case immediately prior to the closing of this offering, and (ii) the issuance of shares of our common stock issuable in connection with the exercise of certain options upon the closing of this offering pursuant to certain mineral rights purchase and/or lease option agreements described in the sections titled "Business – Mining Rights" and "Properties"; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•on an as adjusted pro forma basis, giving effect to the sale of shares of our common stock by us in this offering at an assumed initial public offering price of $ per share (the midpoint of the range set forth on the cover of this prospectus) and our receipt of an estimated $ million of net proceeds from this offering after deducting estimated underwriting discounts and commissions and offering expenses payable by us.

You should read the following table in conjunction with "Management's Discussion and Analysis of Financial Condition and Results of Operations" and our financial statements and the notes thereto included elsewhere in this prospectus.

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| | | | |
|:---|:---|:---|:---|
|  | **As of , 2025** | **As of , 2025** | **As of , 2025** |
| **(in thousands, except per share data)** | **Actual** | **Pro-Forma** | **Pro Forma As Adjusted**<sup>(1)</sup> |
| Cash and cash equivalents | $| $| $|
| Total debt |  |  |  |
| Stockholders' equity: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock, $0.0001 par value, 500,000,000 shares authorized, shares issued and outstanding, actual; shares authorized and shares issued and outstanding, as adjusted |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred stock, $0.0001 par value, 1,000,000 shares authorized, no shares issued and outstanding, actual; shares authorized and shares issued and outstanding, as adjusted |  |  |  |
| Total stockholders' equity |  |  |  |
| Total Capitalization | $| $| $|

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(1)Each $1.00 increase (decrease) in the assumed initial public offering price of $ per share, the midpoint of the price range set forth on the cover page of this prospectus, would increase (decrease) the as-adjusted amount of each of cash, total stockholders' equity, and total capitalization by $ million, assuming that the number of shares offered by us, as set forth on the cover page of this prospectus, remains the same and after deducting the underwriting discounts and estimated offering expenses payable by us. An increase (decrease) of 1.0 million shares of common stock offered by us, as set forth on the cover page of this prospectus, would increase (decrease) the as adjusted amount of each of cash, total stockholders' deficit, and total capitalization by $ million, assuming no change in the assumed initial public offering price per share and after deducting estimated underwriting discounts and estimated offering expenses payable by us.

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The above table gives effect to the transactions described above and excludes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•1,850,000 shares of our common stock reserved for future issuance under our 2026 Plan, as well as any future increases in the number of shares of our common stock reserved for future issuance pursuant to the 2026 Plan, which will become effective immediately prior to the closing of this offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shares of common stock issuable upon the exercise of warrants outstanding as of , 2026, with a weighted-average exercise price of $ per share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shares of common stock issuable upon the vesting and settlement of RSUs outstanding as of , 2026, issued pursuant to the 2025 Plan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shares issuable in connection with repayment of the Loan.

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**DILUTION**

Dilution is the amount by which the offering price paid by purchasers of our common stock sold in this offering will exceed the as-adjusted net tangible book value per share of our common stock after the completion of this offering. The net tangible book value (deficit) of our common stock at December 31, 2025 was $ million, or $ per share. Net tangible book value per share represents our total tangible assets less our total liabilities, divided by the number of outstanding shares of our common stock.

After giving effect to the sale of shares of our common stock by us in this offering at an assumed initial public offering price of $ per share (the midpoint of the range set forth on the cover of this prospectus) and our receipt of an estimated $ million of net proceeds from this offering after deducting the estimated underwriting discounts and offering expenses payable by us, our as adjusted net tangible book value at , 2025, would have been $ million, or $ per share. This represents an immediate increase in net tangible book value of $ per share of our common stock to our existing stockholders and immediate dilution of $ per share to purchasers of our common stock in this offering.

The following table illustrates the per share dilution (in thousands, except per share data):

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| | |
|:---|:---|
| Assumed initial public offering price per share of common stock | $|
| &nbsp;&nbsp;&nbsp;Net tangible book value per share at December 31, 2025 | $— |
| &nbsp;&nbsp;&nbsp;Increase in net tangible book value per share attributable to new investors in<br>&nbsp;&nbsp;&nbsp;&nbsp;this offering | $— |
| As adjusted net tangible book value per common share after this offering | $|
| Dilution in net tangible book value per common share to new investors in this <br> offering | $ |

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Each $1.00 increase or decrease in the assumed initial public offering price of $ per share, the midpoint of the price range set forth on the cover page of this prospectus, would increase or decrease, as applicable, our as-adjusted net tangible book value per share after this offering by $ per share and the dilution per share to new investors participating in this offering by $ per share, assuming that the number of shares of common stock offered by us, as set forth on the cover page of this prospectus, remains the same and after deducting the underwriting discounts and estimated offering expenses payable by us. Similarly, an increase of 1.0 million in of shares of common stock offered by us would increase the as adjusted net tangible book value after this offering by $ per share and decrease the dilution per share to new investors participating in this offering by $ per share, and a decrease of 1.0 million shares of common stock offered by us would decrease the as adjusted net tangible book value by $ per share, and increase the dilution per share to new investors in this offering by $ per share, assuming that the assumed initial public offering price of $ per share, the midpoint of the price range set forth on the cover page of this prospectus, remains the same and after deducting the underwriting discounts and estimated offering expenses payable by us.

If the underwriters exercise in full their option to purchase additional shares of common stock from us, the as-adjusted net tangible book value per share after giving effect to this offering at an assumed initial public offering price of $ per share, the midpoint of the price range set forth on the cover page of this prospectus, and after deducting the underwriting discounts and estimated offering expenses payable by us, would be $ per share, representing an immediate increase to existing stockholders of $ per share, and dilution to new investors participating in this offering of $ per share.

The following table summarizes the as adjusted basis described above, the differences between the number of shares purchased from us, the total consideration paid and the average price per share paid to us by existing stockholders and by investors purchasing shares in this offering at the assumed initial public offering price of $ per share, the

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midpoint of the price range set forth on the cover page of this prospectus, before deducting the underwriting discounts and estimated offering expenses payable by us:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares purchased** | **Shares purchased** | **Total consideration** | **Average price** |
|  | **Number** | **Percent** | **Percent** | **per share** |
| Existing stockholders |  |  | $— | $|
| &nbsp;&nbsp;&nbsp;New investors |  |  | $— | $|
| &nbsp;&nbsp;&nbsp;Total |  | 100% | $100% | $|

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If the underwriters exercise their option to purchase additional shares in full, our existing stockholders would own % and our new investors would own % of the total number of shares of our common stock outstanding upon the closing of this offering.

The total number of shares of our common stock reflected in the discussion and tables above is based on shares outstanding at , 2026, and excludes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•1,850,000 shares of our common stock reserved for future issuance under our 2026 Plan, as well as any future increases in the number of shares of our common stock reserved for future issuance pursuant to the 2026 Plan, which will become effective immediately prior to the closing of this offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shares of common stock issuable upon the exercise of warrants outstanding as of , 2026, with a weighted-average exercise price of $ per share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shares of common stock issuable upon the vesting and settlement of RSUs outstanding as of , 2026, issued pursuant to the 2025 Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shares issuable in connection with repayment of the Loan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shares issuable upon exercise of options in connection with our mineral rights purchase and/or lease option agreements described in the sections titled "Business – Mining Rights" and "Properties".

To the extent that new RSUs or other equity awards are issued under the 2026 Plan, or we issue additional shares in the future, there may be further dilution to new investors participating in this offering.

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**MANAGEMENT'S DISCUSSION AND ANALYSIS OF**

**FINANCIAL CONDITION AND RESULTS OF OPERATIONS**

*The following discussion and analysis of the financial condition and results of operations of REA includes information that REA's management believes is relevant to an assessment and understanding of the Company's historical operations. You should read the following discussion and analysis of our financial condition and results of operations together with our audited financial statements for the years ended December 31, 2025 and 2024 and the respective notes thereto, which have been included elsewhere in this registration statement.* 

*This discussion also contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 related to our current plans, estimates and assumptions, and events and financial trends that may affect our future operating results or financial position. We use terminology such as "aim," "anticipate," "assume," "believe," "contemplate," "continue," "could," "design," "due," "estimate," "expect," "goal," "intend," "may," "objective," "plan," "positioned," "potential," "predict," "seek," "should," "target," "will," "would," and other similar expressions to identify forward-looking statements. The forward-looking statements contained herein involve risks and uncertainties that could cause our actual results and the timing of events to differ materially from those expressed in these forward-looking statements due to a number of factors, including those discussed in the sections entitled "Risk Factors" and "Special Note Regarding Forward-Looking Statements" appearing elsewhere in this registration statement.*

*The information for the year ended December 31, 2024 and the period from January 1, 2025 through July 21, 2025 within the fiscal year ended December 31, 2025 is reflective of the operations of Alpha Minerals Brazil Participacoes Ltda's ("AMBPL" or "Predecessor"), our predecessor.*

*Any reference in this section to "we", "us", "our", "REA", or the "Company" refers to Rare Earths Americas, Inc. and our consolidated subsidiaries for the periods subsequent to the formation of Rare Earths Americas Ltd. on February 28, 2025 or, as the context requires, to the historical results of AMBPL. Any reference to "AMBPL" refers to AMBPL prior to the consummation of the Acquisitions (as defined below). Refer to the discussion of "Our Corporate and Operating History and the Related Financial Information Reflected in Our Reported Results" for additional details regarding the operations that comprise REA for the reporting periods discussed in this Management's Discussion and Analysis of Financial Condition and Results of Operations ("MD&A").*

**Overview**

*Our Corporate and Operating History and the Related Financial Information Reflected in Our Reported Results*

In February 2025, we were incorporated as Rare Earths Americas Ltd., under the laws of the Cayman Islands, for the purposes of acquiring AMBPL and Foothills Rare Earths Limited ("FRE Australia") in two transactions that were contingent upon the completion of each other (the "Acquisitions"), as well as to raise the initial capital necessary to support the continued operations of the acquired and combined entities in a private placement transaction ("Private Placement"). The acquisition of AMBPL, a company organized under the laws of Brazil and with a history of exploration activities primarily conducted at two sites in Brazil, and the acquisition of FRE Australia, an Australian incorporated public unlisted Corporation that had performed limited exploration activities in the United States, were both completed on July 22, 2025 (the "Merger Date"). Consideration for the Acquisitions consisted of REA common shares issued to the former shareholders of each entity and, in the case of FRE Australia, the issuance of warrants exercisable for shares of REA's common stock in exchange for FRE Australia's previously outstanding warrants. The Private Placement, which resulted in the raise of $15.9 million after transaction costs, was completed on July 31, 2025. We subsequently completed a re-domestication through the filing of a certificate of conversion, becoming a Texas corporation on October 15, 2025. Following the redomestication, our name changed to Rare Earths Americas, Inc. Refer to "Note 4—Asset Acquisition and Variable Interest Entity" in our financial statements for the years ended December 31, 2025 and 2024 for additional details regarding the Acquisitions.

We determined that our acquisition of AMBPL is a transaction between entities under common control because the former sole shareholder of AMBPL, Rare Earths Americas Limited ("REA Australia"), retained control of AMBPL through its majority ownership in REA. Furthermore, as (1) our activities through the Merger Date were limited to administrative tasks supporting the Acquisitions and Private Placement and (2) we succeeded to substantially all of the operations of AMBPL, we determined that AMBPL is the predecessor entity to REA for financial statements

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purposes. As REA and AMBPL were determined to be entities under common control, the acquisition of AMBPL's net assets were recorded at their historical carrying amounts and these financial statements reflect REA and AMBPL on a consolidated basis for periods following REA's incorporation in February 2025. Periods prior to February 2025 relate solely to the predecessor operations of AMBPL. FRE Australia was determined to be a variable interest entity and its acquisition was an asset acquisition (see "Note 4 – Asset Acquisition and Variable Interest Entity" in our financial statements for the years ended December 31, 2025 and 2024). The operating results and cash flows of FRE Australia are reflected in our consolidated results of operations and statement of financial condition for reporting periods subsequent to the Merger Date.

*Our Business and Our Strategy* 

We are an exploration-stage company focused on advancing a portfolio of critical mineral projects targeting high-grade heavy rare earth mineral assets. Our portfolio includes three material projects - Alpha, Constellation, and Shiloh, along with certain non-material early-stage exploration projects, most notably our Homer Project in Goiás, Brazil. All of our properties are currently in exploration stage, and we have not yet commenced mining operations or generated any revenue. Our current operations are focused on defining mineralization for our projects and increasing our understanding of the characteristics and economics of each project. We hold options to purchase or lease mining rights to all of the properties we are exploring. Those options are described in detail in "Note 6 – Mineral Interests" in our financial statements for the years ended December 31, 2025 and 2024. Advancing these projects to development will require significant capital.

We intend to grow the value of our assets by: (1) advancing our project portfolio through land acquisition, drilling, exploration, land consolidation, process flowsheet development, resource definition, metallurgical test work, permitting, and engineering studies in accordance with S-K 1300; (2) pursuing strategic partnerships and financing to accelerate project development; and (3) developing a U.S.-aligned platform to strengthen critical mineral supply chains.

We have assembled a team with extensive mining sector-related experience, including exploration, development, permitting, operations and capital markets, to execute our strategy and pursue the market opportunity available to us.

**Summary of Historical Operations and Expected Trends**

*General*

As an exploration-stage company, we have not begun to generate operating revenues, nor can we expect to generate operating revenues in the foreseeable future. Our exploration costs reported for the year ended December 31, 2024 relate solely to AMBPL's exploration activities conducted at our Alpha and Constellation properties and primarily reflect the use of contractors, as AMBPL did not hire full-time employees to perform this work. Furthermore, as AMBPL was a subsidiary of REA Australia prior to being acquired by REA, our reported results through the Merger Date include allocations of shared costs incurred and recorded by REA Australia, primarily consisting of executive remuneration and share based compensation, and to a lesser extent exploration costs. Our financial results reported for the fiscal years ended December 31, 2025 and 2024 are not reflective of our expectations for our ongoing operations, as further discussed in the subsequent sections titled "*Factors that Will Impact Our Exploration Costs*" and "*Factors that Will Impact Our General and Administrative and Other Operating Costs*".

*Factors that Will Impact Our Exploration Costs*

The timing of when costs attributable to exploration activities at each of our projects have been, and will be, included in our reported financial results, as well as the amounts of such costs recognized, are a reflection of our corporate history; the timing of our acquisitions of AMBPL and FRE Australia; the accounting and reporting conclusions applicable to our acquisitions of AMBPL and FRE Australia; the stage of our exploration activities at each project; and our plans for, level of exploration activity at, and commitments of resources to each project. For a discussion of our core projects and properties, please refer to the section titled "Properties" in this registration statement. The following is a description of how our corporate history and our acquisitions (1) have impacted the nature, amounts,

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and properties for which exploration costs are included in the historical financial statements and (2) are expected to impact our ongoing operations in subsequent periods:

• <u>Alpha Project and Constellation Project</u>: Our reported financial results for the years ended December 31, 2025 and 2024 include exploration activities related to the Alpha and Constellation projects, as each project was part of the historical operations of AMBPL. Given the stage of exploration activities at these projects, as well as the liquidity position of AMBPL immediately prior to being acquired by REA, exploration activities and spend related to these projects was reduced at the end of the year ended December 31, 2024 ("Fiscal Year 2024"), and has remained at lower levels throughout the fiscal year ended December 31, 2025 ("Fiscal Year 2025"). In the periods subsequent to Fiscal Year 2025, exploration activities and spend related to these projects are expected to exceed the Fiscal Year 2025 level and will focus on further drilling, surveying, and metallurgical testing to refine geological models and advance resource classifications.

• <u>Shiloh Project</u>: The Shiloh Project is located in the state of Georgia in the U.S. and was acquired in connection with the acquisition of FRE Australia. No related exploration activity or costs related to this project are reflected in our reported results prior to the Merger Date. Our exploration costs for Fiscal Year 2025, as compared to Fiscal Year 2024, have increased as a result of the inclusion of amounts related to this project subsequent to the Merger Date. Furthermore, for annual periods beyond Fiscal Year 2025, our financial results will reflect exploration activities conducted at the Shiloh Project over a full twelve-month period. The proceeds from the private offerings conducted to date and the net proceeds from this offering will support the exploration expenditures for the year ended December 31, 2026 which are expected to be in excess of five times the exploration costs incurred for the period from January 1, 2025 through the Merger Date.

We have not demonstrated the existence of mineral reserves at any of our current projects. We also hold rights to several additional early-stage exploration projects at which we could incur exploration costs in the future.

Furthermore, some of our mining concessions are subject to fixed expiration dates and might only be renewed a limited number of times for a limited period. Apart from mining concessions, we may need to obtain various authorizations, licenses and permits from governmental or other regulatory bodies in connection with the planning, maintenance, and operation of our mineral properties and related logistics infrastructure, and those authorizations, licenses and permits may be subject to fixed expiration dates or periodic review or renewal. There is no assurance that renewals will be granted as and when sought, and there is no assurance that new conditions will not be imposed in connection with such renewals. Accordingly, the timing and amount of exploration activities and associated costs at each or all of our projects could be impacted by our ability to obtain, maintain, and/or renew related mining concessions, authorizations, licenses, and permits. Further, fees for mining concessions might increase substantially due to the passage of time from the original issuance of each individual exploration license. Accordingly, we will need to continually assess the mineral potential of each mining concession, particularly at the time of renewal, to determine if the costs of maintaining the concession are justified by the results of our exploration activities performed to date. Decisions to renew or allow concessions to lapse could directly impact our exploration costs incurred or expected to be incurred for each project.

*Factors that Will Impact Our General and Administrative and Other Operating Costs*

We expect the following factors to contribute to an increase in our general, administration and other operating costs in future periods:

• incremental personnel costs, reflecting (a) the hiring of a full-time management team during Fiscal Year 2025 who are expected to be in place for future reporting periods and (b) our planned investment in incremental internal resources that will focus on compliance with laws and regulations that impact the industry in which we operate;

• the establishment of our 2026 Equity Incentive Plan, other new equity incentive plan(s), and the issuance of share-based compensation awards under those plans;

• incremental costs attributable to establishing a board of directors consistent with the requirements of a publicly-traded company;

• the renewal and/or the establishment of new leases to support our operations;

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• incremental costs to implement and integrate operational, financial, and management information systems that will support our larger portfolio of projects and our planned increase in exploration activities; and

• incremental costs attributable to establishing and enhancing internal functions, governance policies and activities, and internal control and compliance activities consistent with those of a publicly-traded company, inclusive of hiring personnel to execute our new governance and compliance activities.

Certain of the incremental costs that we expect to incur may be partially offset by a lower dependency on contracted labor and the elimination of shared costs incurred and recorded by REA Australia and included in our financial statements on an allocated basis. Our reported results for the fiscal years ended December 31, 2025 and 2024 include shared costs incurred by AMBPL's former parent and allocated to AMBPL totaling $0.1 million and $0.3 million, respectively.

*Acquisition of FRE Australia*

On the Merger Date, the Company acquired FRE Australia for its potential to generate rare earth elements, with initial exploration efforts at the Shiloh Project. For information on the Shiloh Project, refer to our disclosure "Our Mineral Projects — Shiloh" on page 69.

Prior to acquisition by REA, FRE Australia incurred exploration costs of $0.9 million for the period from January 1, 2025 through the Merger Date, and exploration costs of less than $0.1 million for the year ended December 31, 2024. The $0.9 million of costs incurred in 2025 prior to the Merger Date, which are not reflected in our consolidated results of operations, primarily related to pre-acquisition evaluation activities of the Shiloh Project, inclusive of (1) aerial studies to provide reconnaissance data used to identify land that may be leased or acquired in the future given the age of the existing geological maps in the State of Georgia and lack of their reliability, (2) limited geophysical surveys and (3) minimal exploration activities primarily for data collection, field verification and preliminary data analysis. These activities were completed prior to the acquisition of FRE Australia. Subsequent to the Company's acquisition of FRE Australia, the nature of the activities related to the mining interests held by FRE Australia has fundamentally changed and will continue to change, as current and future operating activities and related expenditures are focused on, and will focus on, radiometric surveys, drilling programs, and preliminary metallurgical test work. Given the geological setting, favorable land position spanning 1,927 acres, and the increasing market demand for domestic sources of rare earth elements, additional work is recommended to be conducted in the Shiloh Project area to execute the Company's plans for an expansive exploration program toward development of a new mineral resource. The commencement of this expansive exploration and drilling program has initially focused on land areas covered by existing mineral rights; however, it is also expected to include the acquisition of new mineral interests. The proceeds from the private offerings conducted to date and the net proceeds from this offering will support the exploration expenditures for the year ended December 31, 2026 which are expected to be in excess of five times the exploration costs incurred for the period from January 1, 2025 through the Merger Date. For additional information on the use of proceeds resulting from this offering, please refer to the section titled "Use of Proceeds" on page 44.

In addition, beginning in early 2025, and continuing through the Merger Date, the Company and FRE Australia, through its wholly owned subsidiary, FRE US, retained consultants and, over the period from January 1, 2025 through the date of acquisition, incurred $0.3 million of expenses under those consulting arrangements. Following the Acquisition, the Company retained a full-time management team and other personnel and entered into compensation arrangements commensurate with their full-time roles. Management compensation costs reflected in the Company's consolidated financial statements are expected to increase on a forward-looking basis.

Due to (1) the difference in the nature of the exploration activities and related costs that have been and will continue to be incurred with respect to the mineral interests held by FRE Australia subsequent to the acquisition and (2) the impact of retaining a full time management team post-acquisition, pre-acquisition activities and costs incurred by FRE Australia are not reflective of the operations and results reflected in the Company's consolidated financial statements for the remainder of fiscal year 2025 and expected to be reflected thereafter. Operating costs and cash outflows that have been incurred subsequent to the Merger Date through December 31, 2025, and will continue to be incurred are expected to be of a much greater magnitude under the Company's current exploration plans.

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**Results of Operations**

*Summary*

We have no operating revenues. We are dependent on equity or other external financings to fund the execution of our business plans and operations, including mineral exploration and evaluation for economic viability; general and administrative ("G&A") costs; interest expense and other costs. We expect to incur operating losses until such time that an economic mineral resource is identified, developed and put into profitable commercial production.

*Description of Expenses Reported in Our Consolidated Statements of Operations*

<u>Exploration and evaluation expenses</u>: Exploration and evaluation expenses consist of all personnel and contractor costs, warehouse and other lease costs, and other costs directly attributed to our exploration, sampling and testing activities necessary to define the resources located at the properties where our projects are being conducted. Examples of exploration, sampling, and testing activities and related expenses include costs related to mineral property lease payments, permitting, survey activities, drilling programs, process flowsheet development, metallurgical test work, engineering studies, and other activities related to validating the economic viability of our projects.

<u>General and administrative expenses</u>: General and administrative expenses primarily consist of (1) management salaries, share-based compensation, personnel and consulting costs, and indirect taxes and fees to support our corporate activities and functions – including, but not limited to legal, finance and accounting, human resources, and other administrative functions – and (2) lease costs related to facilities that support our corporate functions.

<u>Depreciation expense</u>: Depreciation expense relates to our limited amount of plant, property and equipment. No depreciation expense has been allocated to other expense categories reported on our consolidated statement of operations.

<u>Transaction costs</u>: Transaction costs represent legal, advisory, due-diligence, and other professional fees incurred in connection with the Company's acquisitions of AMBPL and FRE Australia during the year ended December 31, 2025. These costs were incurred to evaluate, negotiate, and execute the transactions and are expensed as incurred.

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*Comparison of years ended December 31, 2025 and 2024*

The following tables set forth our historical results for the periods indicated, and the variances in amounts reported for the comparable reporting periods (dollars in thousands):

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| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,**<br>**Change** | **Change** |
|  | **2025** | **2024** | **%** |
| **Statements of Operations Data:** |  |  |  |
| **Operating expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Exploration expenses | $3717 | $2890 | 29% |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative expenses | 5466 | 1094 | 400% |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation expense | 25 | 6 | 317% |
| &nbsp;&nbsp;&nbsp;&nbsp;Transaction costs | 247 |  | 0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 9455 | 3990 | 137% |
| **Operating loss** | (9455) | (3990) | 137% |
| **Other income (expense):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | 138 | 15 | 820% |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | (206) | —) | 0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange gain | 31 |  | 0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on extinguishment of debt | (577) | —) | 0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of warrants | 139 |  | 0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other (expenses) income | (475) | 15) | -3267% |
| Loss before income taxes | (9930) | (3975) | 150% |
| Provision for income taxes |  |  | 0% |
| **Net loss** | $(9930) | $(3975) | 150% |

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*Operating Costs and Expenses*

*Exploration and evaluation expenses.* Exploration and evaluation expenses increased by $0.8 million, or 29%, to $3.7 million in 2025, as compared to $2.9 million in 2024. The increase was primarily due to a $1.9 million increase in expenses resulting from the acquisition of FRE Australia, partially offset by a $1.1 million decrease in exploration activities and exploration spend in Brazil. Our exploration costs are expected to increase as compared to amounts reported in 2025 and 2024 due to anticipated increased activity and costs incurred related to our Shiloh Project, as discussed in "*Factors that Will Impact Our Exploration Costs"* and "*Acquisition of FRE Australia".*

*General and administrative expenses.* General and administrative expenses increased by $4.4 million, or 400%, to $5.5 million in 2025, as compared to $1.1 million in 2024. The increase was primarily due to an overall increase in operational costs and activities of the Company after the acquisition of FRE Australia and establishment of the full-time management team and hiring of other internal personnel, including increases of $2.7 million in compensation costs and $1.5 million in costs for professional services such as legal, accounting, and consulting services. General and administrative expenses are expected to increase as compared to amounts reported in 2025 for reasons cited in the discussion of "*Factors that Will Impact Our General and Administrative and Other Operating Costs."*

*Depreciation expense.* Depreciation expense increased by $19 thousand, or 317%, to $25 thousand in 2025 compared to $6 thousand in 2024. The increase was primarily due to the depreciation of property, plant and equipment acquired during the year.

*Transaction costs.* Transaction costs increased by $0.2 million to $0.2 million in 2025, as compared to $0 in 2024. The increase was due to the acquisitions of AMBPL and FRE Australia.

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*Other Income and Expense*

*Interest income.* Interest income increased by $0.1 million, or 820%, to $0.1 million in 2025, as compared to $15 thousand in 2024. The increase was primarily due to higher balances in held in money market funds during the year.

*Interest expense.* Interest expense was $0.2 million in 2025, as compared to $0 in 2024. The increase was due to the related party loan agreement with Brazil Royalty Corp Participacoes E Investments Ltda. ("BRC"), which was executed in 2025.

*Foreign exchange gain.* Gain on foreign exchange was $31 thousand in 2025, as compared to $0 in 2024, due to remeasurement of cash accounts held at FRE Australia.

*Loss on extinguishment of debt.* Loss on extinguishment of debt increased by $0.6 million to $0.6 million in 2025, as compared to $0 in 2024, due to the amendment of the loan agreement with BRC, as lender, accounted for as an extinguishment.

*Change in fair value of warrants*. Change in fair value of warrants was a $0.1 million gain in 2025, as compared to $0 in 2024, due to the decrease in the fair value of warrants issued to acquire FRE Australia primarily due to the passage of time to expiration of the warrants.

**Supplemental Discussion of Performance by Reportable Segment**

*United States Mining Operations Segment*

Segment Operating Loss for the Company's United States Mining Operations was as follows (dollars in thousands):

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| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,**<br>**Change** | **Change** |
|  | **2025** | **2024** | **%** |
| **Segment Operating loss** | $(2006) | $—) |  |

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Operating loss from our United States Mining Operations increased $2.0 million compared to the prior year, driven primarily by the acquisition of FRE Australia and the related exploration activities and costs incurred related to the Shiloh Project. Operating loss of our United States Mining Operations segment is expected to further increase in periods subsequent to Fiscal Year 2025. Refer to the discussions of "*Factors that Will Impact Our Exploration Costs*" and "*Acquisition of FRE Australia".*

*Brazil Mining Operations Segment*

Segment Operating Loss for the Company's Brazil Mining Operations was as follows (dollars in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Change** | **Change** |
|  | **2025** | **2024** | $**%** | **%** |
| **Segment Operating loss** | $(2423) | $(3728) |  | (35) |

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Operating loss from our Brazil Mining Operations decreased $1.3 million compared to the prior year, primarily due to decreases in general and administrative costs and exploration activities and exploration spend. The decrease in general and administrative costs is due to changes in the Company's operating structure after the acquisition of FRE Australia and establishment of the full-time management team. General and administrative costs are expected to remain consistent at the segment level in periods subsequent to Fiscal Year 2025. The decrease in exploration activities and exploration spend is related to the Alpha and Constellation projects in Brazil, as discussed in further detail in "*Factors that Will Impact Our Exploration Costs"*. Costs incurred related to exploration activities and exploration spend are expected to remain at similar levels in periods subsequent to Fiscal Year 2025.

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**Liquidity and Capital Resources**

*Sources and Uses of Liquidity*

We consider highly liquid investments purchased with original maturities of three months or less to be cash equivalents. As of December 31, 2025 and 2024, we had $22.8 million and $6 thousand, respectively, in cash and cash equivalents.

We are an exploration stage company and, since our inception, we have not generated revenues. We incurred net losses of $9.9 million and $4.0 million in 2025 and 2024, respectively, and have reported an accumulated deficit of $19.8 million and $9.9 million as of December 31, 2025 and 2024, respectively. We have primarily relied on equity financing to fund our operating and investing activities – including, development and pursuit of our business plan; our mineral exploration and evaluation activities; our general and administrative costs and our capital expenditures. In addition, in the future we will continue to rely on equity financing to meet obligations as they become due and for future purchases of exploration and evaluation assets.

Our predominant source of cash is from financing activities. In 2025 and 2024, we raised cash through issuances of our common stock for the primary purpose of funding working capital associated with exploration expenses and general and administrative expenses, capital expenditures, and investments supporting our strategy for advancing our portfolio of critical mineral projects targeting high-grade heavy rare earths mineral assets. In 2024, we also incurred payables to related parties that, in 2025, along with additional borrowings, were formalized under a certain loan agreement dated June 2, 2025 (the "Loan Agreement"), between BRC, as a lender, and AMBPL (as borrower), for a loan of up to R$6,105,000.00 to AMBPL (equivalent to US $1.1 million as of the Loan Agreement date). The Loan Agreement was subsequently novated to REA pursuant to a deed of novation (the "Deed of Novation") with AMBPL and BRC, pursuant to which we agreed to assume AMBPL's obligation to pay the loan amount under the Loan Agreement. Payment of the loan amount pursuant to the Deed of Novation may be satisfied, at BRC's election, either in cash in accordance with the terms of the Loan Agreement or by the issuance of our shares. On November 6, 2025, we entered into Amendment No. 1 to the Deed of Novation with BRC and AMBPL, which amended the Deed of Novation to provide that all or part of the loan amount is convertible at BRC's election and in its sole discretion into issued shares of our common stock at a fixed conversion price of $6.55 per share.

In July 2025, we completed the Private Placement, raising $15.9 million in proceeds after transaction costs. In December 2025, we raised $11.7 million in proceeds through the issuance of SAFEs in a private placement, and in January 2026 we raised an additional $3.4 million through the issuance of SAFEs.

Our current assets exceeded our current liabilities by $19.3 million as of December 31, 2025, compared to current liabilities exceeding current assets by $0.2 million as of December 31, 2024. The change of $19.5 million was attributable mostly to an increase in cash of $22.8 million, primarily reflecting funding received under long-term financing arrangements and net cash received upon acquisition of FRE Australia, partially offset by the usage of cash for our operating activities.

The following table is a condensed schedule of cash flows provided as part of the discussion of liquidity and capital resources:

*Cash flow Statement* 

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| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** |
| **Other Financial Data (in thousands):** |  |  |
| Net cash used in operating activities | $(4855) | $(3793) |
| Net cash provided by investing activities | 1063 | 65 |
| Net cash provided by financing activities | 26547 | 3311 |

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Currently, we do not maintain a credit facility or have debt from financial institutions. Since inception, we have predominately relied on equity financing to fund our operations, land acquisitions, and capital expenditures.

As of December 31, 2025, we expect material cash requirements over the next twelve months to include the following:

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• approximately $7.0 million related to the Shiloh Project, including capital expenditures for land acquisition, mineral licenses and lease payments, option payments, drilling, metallurgical test work, permitting and S-K 1300 technical report summary preparation. We plan to prioritize advancement of the Shiloh Project;

• approximately $4.0 million related to the Alpha, Constellation, and Homer Projects, including for exploration, evaluation, land option payments, land consolidation, metallurgy, engineering and permitting studies; and

• approximately $5.0 million for working capital and other general corporate purposes.

We believe that funds raised in our Private Placement, through issuance of SAFEs and the net proceeds from this offering will be sufficient to fund our cash needs for the 12 months after this offering. Historically, we have been successful in raising cash through equity financings; however, no assurances can be given that additional financing will be available in amounts sufficient to meet our needs or on terms that are acceptable to us.

*Operating Activities*

During the year ended December 31, 2025, our operating activities used $4.9 million of net cash, as compared to $3.8 million during 2024. The $1.1 million increase in net cash used in operating activities during 2025 compared to 2024 was primarily due to a $6.0 million increase in net loss due to the expanded operational activities of the Company, including as a result of the acquisition of FRE Australia. This increase in reported net loss is partially offset by a $1.8 million increase in non-cash share based compensation and a $2.0 million increase in accounts payables and accrued expenses, which were related to the Company's expanded operational activities. The Company also incurred a $1.2 million increase in accounts payable to related parties, due to exploration and general and administrative costs paid by related parties on the Company's behalf prior to the Acquisitions.

*Investing Activities*

Our investing activities provided $1.1 million of cash in the year ended December 31, 2025, as compared to $0.1 million during 2024. Cash was provided by investing activities primarily due to $1.5 million of FRE Australia acquired cash, partially offset by purchases of property and equipment of $0.4 million and investments in mineral interests of $0.1 million.

*Financing Activities*

During the years ended December 31, 2025, and 2024, our financing activities provided $26.5 million and $3.3 million of cash, respectively. Fiscal Year 2025 financing activities primarily reflected $15.9 million from the Private Placement and $11.7 million from the issuance of SAFEs. The Fiscal Year 2024 cash from financing activities was a result of the direct investment by REA Australia.

**Off-Balance Sheet Arrangements**

Other than as otherwise described in this registration statement, we do not have any off-balance sheet arrangements that have, or are reasonably likely to have, a material current or future effect on our financial condition, changes in financial condition, revenues, expenses, results of operations, liquidity, capital expenditures or capital resources.

**Risks and Uncertainties Associated with Future Results of Operations**

We operate in an industry that is subject to intense competition, development risk, and changes in U.S. governmental policies related to green energy, defense spending and dependence on foreign suppliers. Our operations are subject to significant risks and uncertainties including financial and operational risks, as well as the potential risk of business failure.

We have not yet established that our projects contain any commercially exploitable quantities of proven and probable mineral reserves, and we may not be able to do so. Even if we eventually establish commercially exploitable quantities of mineral reserves, we may not be able to extract those minerals economically. Both mineral exploration and development involve a high degree of risk, and few properties that are explored are ultimately developed into producing mines. The commercial viability of an established mineral deposit will depend on several factors including the size, grade, and other attributes of the mineral deposit, as well as proximity of the deposit to infrastructure,

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government regulation, and market prices, among other things. Most of these factors will be beyond our control, and any of them could increase costs and make extraction of any identified mineral deposit unprofitable.

Our ability to advance projects depends on successfully completing studies to verify resources, reserves, and commercial viability, securing sufficient financing for exploration, permitting, and infrastructure development, and managing potential cost increases in exploration, construction, and operations due to fluctuations in fuel, power, materials, and other supplies.

For additional information see the section entitled "*Risk Factors — Risks Related to Our Business*."

**Critical Accounting Estimates**

See *Note 2. Significant Accounting Policies* to our audited consolidated financial statements as of and for the years ended December 31, 2025 and 2024, included elsewhere in this prospectus for a description of our significant accounting policies. We consider the following accounting estimates critical to understanding and evaluating our consolidated financial condition and the results of our operations.

***Exploration Costs and Mineral Interests***

*General*

Mineral interests consist of options to acquire mineral properties with rights to explore during the option period. Capitalized costs of the options were either asset purchases or payments to option counterparties. Mineral interests will not be amortized until the underlying property is converted to the production stage. As of December 31, 2025, none of the Company's properties were in the production stage and, therefore, the carrying values of the associated mineral interests are not being amortized. Exploration costs are being expensed as incurred until it is determined that a mining deposit can be economically and legally extracted or produced based upon established proven or probable reserves.

*Assessments for Recoverability and Impairment*

We assess the carrying values of our mineral interests for recoverability as of the end of each quarterly reporting period and whenever information or circumstances indicate the potential for impairment. There were no circumstances indicating the potential for impairment as of December 31, 2025.

To assess recoverability, we would compare estimated undiscounted future net cash flows attributable to a mineral interest (when determinable) with our carrying costs and future obligations related to the mineral interest. If it is determined that the estimated future undiscounted cash flows related to a mineral interest are less than the carrying value of the mineral interest, an impairment loss is required to be measured and recorded.

Future net cash flow estimates are dependent upon economic reserves being discovered or developed on the related property; the costs of permitting, financing, start-up, and commercial production related to a mineral interest; and commodity prices. When estimates of future net cash flows are not determinable and other conditions indicate the potential for impairment, management uses available market information and/or third-party valuation experts to assess if the carrying value of a mineral interest can be recovered and to estimate fair value.

***Share Based Compensation***

Our share based compensation consists primarily of restricted stock units ("RSUs") and restricted stock awards ("RSAs") granted under the Rare Earth Americas Ltd. 2025 Equity Incentive Plan. We account for share based compensation awards based on the fair value of the award as of the grant date, which for RSUs and RSAs was based on the fair value of the underlying common stock at the time of the grant. As there is not an active public market for our equity, valuations of our common stock require the application of significant estimates, assumptions, and judgments. Those valuations rely on the pricing of transactions involving the sale or transfer of our common stock.

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The Company recognizes stock-based compensation expense on a straight-line basis over the awards' requisite service period, if any performance conditions in the award are considered probable. Some of our RSUs have a performance condition. The performance condition is the occurrence of a liquidity event via an underwritten public offering of our shares or a change of control. The performance condition is not considered probable until an event satisfying the condition occurs. If the condition had been considered probable as of December 31, 2025, the Company would have recognized $4,653 of stock-based compensation for all RSUs with a performance-based vesting condition and would have $1,283 of unrecognized compensation cost to be recognized over a weighted-average period of 0.6 years.

***Instruments with Characteristics of Liabilities and Equity***

As of December 31, 2025, the Company has outstanding warrants exercisable into shares of the Company's common stock and simple agreements for future equity ("SAFEs") that would convert into shares of the Company's common stock upon a qualifying equity financing. The Company accounts for these instruments as liability-classified based on an assessment of their specific terms and applicable authoritative guidance ASC Topic 480, "Distinguishing Liabilities from Equity" ("ASC 480") and ASC Topic 815, "Derivatives and Hedging" ("ASC 815"). The instruments are required to be recorded at their initial fair value on the date of issuance, and are remeasured to their fair value on each balance sheet date thereafter, with any change in fair value recognized in the Company's consolidated statements of operations.

*Warrants*

On July 22, 2025, the Company issued immediately exercisable and fully vested warrants to purchase 873,900 shares of the Company's common stock that were included in FRE Australia purchase consideration. Of those warrants, warrants to purchase 840,266 shares remain outstanding as of December 31, 2025. The Company estimates the fair value of the warrant liability using the Black-Scholes option-pricing model. The significant unobservable inputs used in the fair value measurement of the warrant liability are the fair value of the underlying stock at the valuation date and the estimated term of the warrant. As there is currently no active market for the Company's common stock, its fair value is estimated based on contemporaneous transactions with third parties.

Additionally, in conjunction with the acquisition of FRE Australia, the Company issued 130,125 warrants accounted for as share based compensation and presented within "Other non-current liabilities" on the Company's consolidated balance sheets. The Company recognizes changes in the fair value of these warrants as share-based compensation expense.

*SAFEs*

In December 2025, the Company entered into SAFE agreements to raise $15,080, of which $11,715 were funded as of December 31, 2025. The Company reviewed the terms of the agreements and the negotiation process to determine that cash proceeds received at issuance were equal to fair value, and there was no change in fair value between the issuance date and December 31, 2025. The SAFEs will automatically convert into the Company's common stock upon a qualifying equity offering, such as an IPO, at a 20% discount to the share issuance price in such offering.

**Recently Adopted Accounting Standards**

See *Note 2. Significant Accounting Policies* to our audited consolidated financial statements for the years ended December 31, 2025 and 2024.

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**Emerging Growth Company Status**

In April 2012, the JOBS Act was enacted. Section 107(b) of the JOBS Act provides that an emerging growth company can take advantage of an extended transition period for complying with new or revised accounting standards. Thus, an emerging growth company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We have elected to take advantage of the extended transition period to comply with new or revised accounting standards and to adopt certain of the reduced disclosure requirements available to emerging growth companies. As a result of the accounting standards election, we will not be subject to the same implementation timing for new or revised accounting standards as other public companies that are not emerging growth companies which may make comparison of our financials to those of other public companies more difficult.

We expect to retain our emerging growth company status until the earliest of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The end of the fiscal year in which our annual revenues exceed $1.235 billion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The end of the fiscal year in which the fifth anniversary of this offering has occurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The date on which we have issued more than $1.0 billion in non-convertible debt during the previous three-year period; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The date on which we qualify as a large accelerated filer.

**Changes in and Disagreements with Accountants on Accounting and Financial Disclosure**

On August 28, 2025, REA's board of directors approved the engagement of BDO USA, P.C. ("BDO") to serve as REA's independent registered public accounting firm for fiscal year 2025. On September 11, 2025, AMBPL, the Predecessor and our wholly owned subsidiary, engaged PGBR Auditores e Consultores ("PGBR"), to audit AMBPL's consolidated financial statements as of and for the year ended December 31, 2024, which are included in this registration statement as the Predecessor's financial statements. The retention of BDO as REA's independent auditor for fiscal year 2025, acted as the effective dismissal of PGBR as REA's independent registered public accounting firm for fiscal year 2025.

PGBR has not issued any reports on REA's financial statements for any periods subsequent to fiscal year ended December 31, 2024. The report issued by PGBR for the year ended December 31, 2024, did not contain any adverse opinion or disclaimer of opinion and it was not modified as to uncertainty, audit scope, or accounting principles. Furthermore, during its engagement to audit AMBPL's consolidated financial statements as of and for the year ended December 31, 2024, there were (a) no "disagreements" (as that term is defined in Item 304(a)(1)(iv) of Regulation S-K and related instructions) between AMBPL and PGBR on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of PGBR, would have caused PGBR to make reference to the subject matter thereof in connection with its report, and (b) no "reportable events" (as that term is defined in Item 304(a)(1)(v) of Regulation S-K).

Prior to the Company's engagement of BDO neither AMBPL or REA, nor anyone on their behalf, consulted BDO regarding (i) the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on AMBPL or REA's consolidated financial statements, and no written report or oral advice was provided to AMBPL or REA by BDO that BDO concluded was an important factor considered by AMBPL or REA in reaching a decision as to the accounting, auditing or financial reporting issue, or (ii) any matter that was either the subject of a "disagreement" (as defined in Item 304(a)(1)(iv) of Regulation S-K and related instructions) or a "reportable event" (as defined in Item 304(a)(1)(v) of Regulation S-K).

REA has provided PGBR with a copy of this prospectus and requested that PGBR furnish to REA a letter addressed to the Securities and Exchange Commission stating whether PGBR agrees with the above statements and, if not, stating the respects in which it does not agree. A copy of PGBR's letter is attached as Exhibit 16.1 to the registration statement of which this prospectus forms a part.

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**BUSINESS**

**Overview** 

We are an exploration stage company advancing a portfolio of critical minerals projects focused on high-grade heavy rare earth mineral assets. Our work is aimed toward defining mineralization for our projects and increasing our understanding of its characteristics and economics. Our portfolio includes three material projects, which we believe positions REA as a future potential cornerstone of non-Chinese rare earth supply, aligning with Western industrial and national security priorities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Shiloh Project (Georgia, United States)**: We believe that the Shiloh Project represents a significant exploration opportunity in the rare earth sector. The exploration activities completed to date, including radiometric surveys, drilling programs, and preliminary metallurgical test work, have indicated the presence of wide-spread and high-grade rare earth elements mineralization, primarily in the form of monazite. The geological setting, favorable land position spanning 1,927 acres, and the increasing market demand for domestic sources provide a foundation for additional work to be conducted in the Shiloh Project area. To that end, we continue systematic exploration at the Shiloh Project, which includes direct push and diamond drilling, infill drilling, trenching, sampling and metallurgical test work. The Shiloh Project presents a new rare earth district discovery in the U.S., of approximately 400 km² with high rare earth grades for boulder assays of up to 20.01% TREO and trenching intercepts of up to 30.98% TREO in early-stage exploration results, including high grades of heavy rare earth elements used in high performance magnets. Located on private land, this project benefits from well-established infrastructure, low-cost power and a streamlined pathway to obtaining necessary permits. Exploration activities are at an earlier stage than at our other material projects, and we have not established mineral resources or mineral reserves at the Shiloh Project.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Alpha Project (Bahia, Brazil)**: Due to its large land package, the Alpha Project has the potential to become one of the largest IAC resources globally, with district-scale of approximately 496 km of tenements ionic clay rare earth deposit. The resources disclosed are for a deposit area located on nine contiguous concessions (100 km²) with a defined 201.7 Mt inferred mineral resource at 1,520 ppm TREO above a cut-off of 1,000 ppm TREO and a potentially larger estimate at lower cutoff grades that will be further refined with additional study, underscoring its promising potential for scale and expansion. With high-value NdPr, Dy, and Tb comprising over 24% of contained oxides, this project is positioned to service the high-performance permanent magnet market. The deposit is characterized by shallow, laterally extensive IAC mineralization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Constellation Project (Minas Gerais, Brazil)**: Located in the prolific Poços de Caldas alkaline district, the Constellation Project spans approximately 59.5 km² of tenements with the resource limited to 16 km² at this time. The project has a defined 266.2 Mt inferred mineral resource at 2,637 ppm TREO above a cut-off of 1,000 ppm TREO and a potentially larger estimate at lower cutoff grades that will be further refined with additional study, underscoring the project's promising potential for scale and expansion. With high-value NdPr, Dy, and Tb comprising over 22% of contained oxides, this project is positioned to service the high-performance permanent magnet market. The deposit is characterized by shallow, laterally extensive IAC mineralization.

We also hold rights to several additional, currently not material, early-stage exploration projects, most notably our Homer Project located in Goiás, Brazil and Liberty Peak located in Georgia, United States. The Homer Project hosts multiple large carbonatite clusters with potential for rare earth minerals and niobium considering the region contains some of the world's preeminent niobium mines. During the first quarter of 2026, we started an active drilling campaign at Homer, based on field work, sampling and prospecting work performed in 2024 and 2025.

We control 1,233 km² of tenements at Homer, covering a large and highly prospective niobium district. Within this area, we have identified three large magnetic anomalies, each indicating potential for rare earth–niobium deposits, including:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Homer A**: ~749km² footprint with a ~17km-wide ring structure — among the largest carbonatite signatures globally, with Mt. Weld's entire magnetic footprint only ~4km in diameter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Homer B**: ~120km² (massive ~9 km diameter intrusion).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Homer C**: ~344km², showcasing complex magnetic zonation seen on mineralized systems along the golden pipeline.

Liberty Peak is a new discovery zone within the Shiloh Project area, with recent prospecting confirming monazite-sands at the surface. We recently completed an airborne geophysical and magnetic survey over approximately 500 km<sup>2</sup>of Liberty Peak and identified 13 new exploration zones in the area. We plan to accelerate exploration at Liberty Peak throughout 2026, including land acquisition, future drilling, and opening a satellite facility.

Our primary focus is on heavy rare earth elements, which are critical to high-performance permanent magnets used in robotics, defense applications, electric vehicles, and wind power systems. We are currently in the exploration stage, with no revenue generated to date. Our objective is to systematically advance our portfolio—comprising the Shiloh Project, Alpha Project, and Constellation Project—from early exploration toward resource definition and, eventually, development.

Our projects are strategically positioned, with dual-jurisdiction exposure in the United States and Brazil, which aligns with growing initiatives in the U.S. and its cooperating nations to ensure diversified, secure rare earth elements supply chains.

Our headquarters are located at 101 W. Main Street, Manchester, Georgia 31816 USA. We also maintain field offices in the state of Georgia and in Brazil. Our website address is *rareearthsamericas.com.* Information on or accessible through our website is not a part of this prospectus.

**Market Assessment**

We are an exploration stage company advancing a portfolio of projects with known occurrences of magnetic rare earth oxides ("MREO"), one of the most valuable rare earth minerals due to their relatively high price and increasing market size. MREO is comprised of light rare earth oxides – Nd and Pr – and heavy rare earth oxides – Dy and Tb. MREO % of TREO represents the proportion of total rare earth oxides comprised of magnet rare earth elements, which are typically the primary value drivers in permanent magnet applications. Rare earth minerals have emerged as a highly strategic commodity due to geopolitical concerns regarding the supply chain of these minerals and their applications in next-generation technologies with military, industrial and civilian applications which require high-performance permanent magnets. Light rare earth oxides are required in the manufacturing of basic permanent magnets, while heavy rare earth oxides are critical in the enhancement of basic permanent magnets into high-performance permanent magnets. The principal consumers of MREO are North American, European, Chinese, Japanese, and South Korean manufacturers of permanent magnets for the automotive and renewable energy sectors.

We have the potential to fill in the heavy rare earth oxides gap in the U.S. domestic supply chain. Exploration results from the Shiloh Project and mineral resources at the Constellation Project and Alpha Project indicate shallow, high-grade occurrences of heavy rare earth oxides.

Rare earth mineral production is geographically constrained, with about two-thirds of global production occurring in China and another 20% in the U.S. and Australia. Processing capacity is even more limited, as the majority of rare earth element processing takes place in China, with certain elements processed exclusively there. China and Myanmar account for a total of 91% of Dy and Tb production (*Rare Earth Magnet Market Outlook to 2040,* Adamas Intelligence, Q3 2024*)*, and given the U.S.-China ongoing geopolitical and trade tensions, reliance on such production poses significant supply chain risk.

Further, China lacks heavy rare earth rich resources and is highly reliant on Myanmar for heavy rare earth elements, with China's production quota for heavy rare earth elements flat since 2014 (*Mineral Commodity Summaries and Minerals Yearbook*, U.S. Geological Survey, 2014-2025). According to the U.S. Geological Survey, supply growth in heavy rare earth elements (0.7% CAGR since 2014) lags far behind light rare earth elements (11.2% CAGR since

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2014). The rising demand for high-performance magnets requires the development of new supply sources for heavy rare earth elements.

China has restricted the export of Dy and Tb since April 2025 in response to U.S. tariffs on Chinese products. Myanmar is not a reliable long-term supplier due to ongoing civil war, human right violations, inadequate environmental regulations, and fragile international trade relations. Brazil is projected to expand its role in the rare earth market with ionic clay deposits, including Serra Verde (operating) and emerging projects (such as Alpha and Constellation), expected to increase Brazil's share of Dy supply.

The risk of losing access to rare earth mineral supplies has prompted the U.S. government to secure its own rare earth supply chain through funding and trade agreements with Australia, Malaysia, Japan, and Thailand. In March 2025, the Trump administration issued an executive order to increase domestic minerals production for national security purposes by invoking the Defense Production Act. The executive order authorizes the U.S. Department of War and the International Development Finance Corporation to issue funding for domestic critical mineral producers. Since July 2025, the U.S. Department of War invested $400 million in the preferred stock of MP Materials Corp. – the only producer of rare earth minerals in the U.S. – and provided $150 million in loan financing to MP Materials Corp. in addition to committing to an offtake agreement with a price floor guarantee for the purchase of Nd and Pr.

In addition to the investment in MP Materials Corp., the U.S. government has taken stakes in Lithium Americas Corp. and Trilogy Metals Inc. On January 26, 2026, USA Rare Earth, Inc. announced its entry into a non-binding letter of intent with the U.S. Department of Commerce for $277 million in proposed federal funding and $1.3 billion in a proposed senior secured loan under the CHIPS Act.

In October 2025, the U.S. and Australia signed a critical minerals framework agreement, pursuant to which both countries will invest $1.0 billion in financing over the next six months for critical minerals and rare earth projects within each respective country to accelerate the pipeline of priority projects and deliver a secure supply chain required for defense and other advanced technologies.

According to Adamas Intelligence, Global MREO demand is forecasted to grow at an 8.2% compound annual growth rate (CAGR) and Dy and Tb demand is forecasted to grow at 7% annually through 2040. A high demand growth rate combined with geographically constrained production can lead to volatile prices for rare earth elements, including Dy and Tb. In addition, western heavy rare earth prices are starting to bifurcate from Chinese market prices, with spot prices for Dy and Tb in Europe trading at materially higher levels than in China.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•NdPr demand is expected to grow from an estimated 110 kt in 2024 to an estimated 350 kt in 2035

![img7449594_2.jpg](img7449594_2.jpg)

Note: Source Adamas Intelligence (2024)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Dy has a similar outlook, expected to grow from an estimated 3 kt to an estimated 7 kt over the same period

![img7449594_3.jpg](img7449594_3.jpg)

Note: Source Adamas Intelligence (2024)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Tb demand is expected to grow from an estimated 0.6 kt to 1 kt over the same period

![img7449594_4.jpg](img7449594_4.jpg)

Note: Source Adamas Intelligence (2024)

According to Adamas Intelligence, through 2040, MREO will experience a production shortfall. According to Rare Earths Forecast Report, Benchmark Mineral Intelligence, Q4 2024, the anticipated supply gap in 2040 for Dy and Tb will be equivalent to approximately 116 times the annual production of the Mt. Weld mine in Australia, assuming Dy and Tb production of approximately 50tpa and excluding any expansions. The Mt. Weld mine is one of few major producers of Dy and Tb outside of China. Further, according to Adamas Intelligence, prices for magnetic rare earths are expected to increase by over 100% over the next 15 years.

Additional monazite concentrate supply is needed to meet the required feedstock needs of western monazite-based rare earths refiners. We believe our Shiloh Project has the distinctive potential to supply western monazite-based rare earths refiners with concentrate.

Separated rare earth oxides are specialty chemicals, not exchange-traded commodities, and are typically priced in U.S. dollars per kilogram. Prices are negotiated through private contracts and reflects product purity, oxide composition, delivery terms, and prevailing demand. While the Shiloh Project is still under evaluation regarding its final products, the Alpha Project and Constellation Project are anticipated to produce a mixed rare earth carbonate—an intermediate material used in the production of refined, separated rare earth oxides.

Payability represents the proportion of contained rare earth elements value (based on spot oxide prices) that is realized upon sale of mixed rare earth carbonate. Payability depends on the concentration of high-value elements, total rare

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earth oxide grade, impurity levels, and offtake processing costs. We intend to produce a high-quality mixed rare earth carbonate with low impurities and elevated magnet rare earth elements. Our technical analyses assume a payability of 70%.

**Corporate History**

We were incorporated in February 2025 under the laws of the Cayman Islands as "Rare Earths Americas Ltd." Our Redomestication took effect on October 15, 2025. Following the Redomestication, our name changed to "Rare Earths Americas, Inc."

In July 2025, in two transactions, each contingent upon the completion of the other, we acquired our Predecessor, AMBPL, and FRE Australia (the "Acquisition"). Consideration paid to the shareholders of AMBPL and FRE Australia consisted of shares of our common stock and warrants exercisable for shares of our common stock. REA and AMBPL were entities under common control at the acquisition date.

In June 2025, we established T.E. Liberty, a wholly-owned subsidiary of REA organized under the laws of Texas, and REA Management Company, LLC ("REA Management"), a then-wholly-owned subsidiary of REA organized under the laws of Texas, to serve as our U.S. management and operating platforms. Initially incorporated as Piedmont Rare Earths, LLC in North Carolina, FRE US was organized to serve as the party to the option agreements entered into in Georgia. Effective December 31, 2025, we completed a merger of REA Management into REA, which resulted in all employees of REA Management becoming employees of REA as of January 1, 2026.

![img7449594_5.gif](img7449594_5.gif)

Since our formation, we have focused on assembling and advancing a portfolio of exploration-stage projects: the Shiloh Project in Georgia, USA; Alpha Project in Bahia, Brazil; and Constellation Project in Minas Gerais, Brazil. We have prepared technical report summaries for each of our material properties in accordance with S-K 1300, filed as Exhibits 96.1, 96.2 and 96.3 to the registration statement of which this prospectus forms a part.

We have not generated revenue to date. Our operations have consisted primarily of acquiring exploration rights, conducting geophysical surveys and drilling programs, preparing technical studies, and establishing the organizational and governance framework to support the advancement of our projects.

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**Our Business Strategy**

Our objective is to grow the value of our assets and position the Company as a leading U.S. supplier of critical minerals. To achieve this, we intend to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Advance and de-risk our project portfolio** by systematically acquiring and consolidating land, conducting drilling and exploration programs, and progressing resource definition. We will continue to undertake metallurgical test work and process flowsheet development to evaluate economic recoveries, while also advancing permitting, engineering studies, economic studies and other technical programs in accordance with S-K 1300.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Pursue strategic partnerships, joint ventures, and financing arrangements** with industry participants, government entities, and institutional investors to accelerate the development of our projects. We will evaluate opportunities to secure non-dilutive funding, long-term offtake agreements, and access to processing or separation capacity to shorten timelines to production.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Build a platform aligned with U.S. and cooperating nations' priorities for critical mineral supply chain security** by positioning our assets to contribute directly to domestic and cooperating nations' rare earth supply chains. This includes targeting projects and technologies that can support the diversification of supply away from China, ensuring our operations adhere to high environmental, sustainability and governance standards, and engaging with U.S. and cooperating nations' government programs that incentivize domestic sourcing, processing, and manufacturing of rare earth elements.

Through this integrated strategy, we aim to create a scalable platform capable of delivering secure, sustainable, and strategically important supplies of rare earth elements to the global market, while enhancing long-term value for our shareholders.

We believe the long-term prospects for rare earth elements, more specifically heavy rare earth elements, continue to be strong. In part, this reflects the acknowledgment of the U.S. Government that critical minerals, including rare earth elements, are essential for national security and economic resilience, followed by adoption of policies to facilitate domestic mineral production, including by offering expedited permitting, reconsidering regulatory bottlenecks, and providing capital and technical assistance. We have assembled a team with extensive mining sector-related experience, including exploration, development, permitting, operations and capital markets, to execute our strategy and pursue the market opportunity available to us. Further, our management team has extensive experience with permitting and development of large-scale mining projects.

**Market Opportunity and Growth**

Rare earth elements are fundamental across a number of sectors, such as robotics, defense applications, electric vehicles, wind power systems, renewable energy systems, and consumer electronics. Demand for such sectors is expected to grow. Adamas Intelligence projects demand for robotics to grow at a CAGR of 24% from 2024 to 2040. Robotics is projected to become the largest rare earths demand category by 2040 and is expected to account for over 16% of REO demand by 2040, requiring over 70,000 tonnes p.a. of REO for robots across manufacturing, transport, and logistics (Adamas Intelligence projections are for general robots, originally driven by low-tech consumer robots, and in later years driven more heavily by humanoid robots). The increased demand for humanoid robotics is projected to lead to an unprecedented increase in demand for rare earth elements, with various industry estimates for humanoid robot scale-up. For example, Goldman Sachs projects 1 million in annual production of humanoid robots by mid-2030s, BofA Securities projects 1 million in annual production by 2030 and 3 billion in operation by 2060, Morgan Stanley predicts 134 million in operation by 2040 and 1 billion in operation by 2050, the Tesla Earnings Call in July 2024 predicts long-term demand for over 20 billion units of general purpose humanoid robots, and the Tesla Earnings Call in April 2025 predicts 1 million units of Tesla's Optimus humanoid robot produced annually by 2030.

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According to Rare Earths Forecast Report, Benchmark Mineral Intelligence, Q4 2024, 280 of new Mt. Weld sized mines would be required to meet the anticipated demand for Dy and Tb for 100mm of humanoid robot annual production, assuming 4kg of permanent magnets per robot with 4% Dy and Tb content and assuming Dy and Tb production of approximately 50tpa, excluding any expansions.

Demand for electric vehicles is projected to grow at a CAGR of 10% from 2024 to 2040, driven by cheaper batteries, improved charging, and policy support. Electric vehicles today use up to approximately six times more metals than internal combustion engine vehicles, with each electronic vehicle today using approximately 2-3 kg of rare earth magnets (*The future of four wheels is all electric*, Goldman Sachs, February 16, 2024). Demand for advanced air mobility is projected to grow at a CAGR of 17% from 2024 to 2040, led by drones shifting to electric vertical take-off and landing ("eVTOL"), which requires higher power and torque density than electric vehicles. A passenger eVTOL is expected to use approximately 10-20 times more magnets than an electric vehicle (*Rare Earth Market Overview & Outlook: EVs, Robotics and AAM,* Adamas Intelligence, Q1 2025). Demand for clean energy is projected to grow at a CAGR of 8% from 2024 to 2040. A 3MW wind turbine requires approximately 2,000 kg of rare earth magnets (*How are rare earths used*, Lynas Rare Earths). Global renewable energy targets adopted at the UN's COP28 require renewable energy capacity to increase by three times by 2030 (*COP28 Tripling Renewable Capacity Pledge*, International Energy Agency, June 2024). Demand for consumer electronics is expected to grow at a CAGR of 2% from 2024 to 2040, driven by global tech and smart device adoption. Rare earth elements are used in phones, laptops, headphones, tablets and smart home devices, and elements such as Y, Eu, and Tb are critical for displays and LEDs.

According to Adamas Intelligence, MREO are projected to grow at a CAGR of 8.3% through 2035, driven by accelerating global clean energy and defense requirements.

China continues to account for around 70% of global rare earth elements mined supply, highlighting the strategic need for Western-aligned suppliers. The U.S. has designated REEs as "critical minerals," with various federal and state-level incentive programs in place to foster supply chain diversification.

Our dual-jurisdiction portfolio positions us to contribute to this emerging U.S.–Brazil corridor. Our growth plan includes: advancing exploration to define compliant resource estimates, expanding our technical and exploration teams, conducting scoping and feasibility studies, accelerating drilling programs and land acquisition, including in new districts and exploration zones, exploring offtake and partnership opportunities, and evaluating downstream processing potential in collaboration with governmental and industrial stakeholders.

**Government Regulations, Environmental, Health and Safety**

Our mineral interests are subject to an extensive array of laws, regulations, permits, and approvals at the federal, state and local levels in the U.S. and in Brazil, covering areas including mining activities, environmental protection, permitting, health and safety, land use, and reclamation.

*United States*

Our exploration efforts and proposed development in Georgia will be governed primarily by the Georgia Department of Natural Resources ("GDNR") and Environmental Protection Division ("GEPD"); the target areas of the Shiloh Project are on private lands. GDNR and GEPD regulate a broad spectrum of activities—ranging from exploration, mineral claims, land reclamation, water and air emissions to occupational health and safety. Permitting may include requirements such as industrial stormwater coverage, hazardous materials handling, industrial wastewater discharge, and air emission permits. We intend to leverage evolving U.S. policy to accelerate and prioritize permitting for critical minerals projects.

In addition to state oversight, certain aspects of our activities may also be subject to regulation by federal agencies, including the U.S. Environmental Protection Agency, the U.S. Army Corps of Engineers, the Mine Safety and Health Administration, and the Occupational Safety and Health Administration. These agencies may impose additional permitting, environmental, health, and safety requirements on our operations, and in particular as federal policy continues to evolve in response to the strategic importance of critical minerals.

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We aim to maintain compliance in all material respects with these regulations throughout our operations, though future legislative or regulatory changes may impose heightened requirements, delay permitting, or necessitate substantially increased capital outlays.

*Brazil*

Our projects in Brazil are subject to Decree-Law 227, 1967 (the "Mining Code") and environmental assessment and licensing procedures enforced by national and state environmental authorities. Key components of the regulatory landscape include obtaining exploration and mining authorizations, undertaking environmental baseline studies, community consultations, and developing environmental management and reclamation plans. Our U.S. relationships will seek to engage with special trade initiatives that support bilateral cooperation between Brazil and the U.S. on critical mineral supply chains.

The Alpha Project is located in the State of Bahia, Brazil, which we believe maintains a generally supportive regulatory environment for mining activities and may offer permitting advantages, including relatively clearer processes and potentially shorter timelines compared to certain other jurisdictions in Brazil. Notwithstanding these perceived advantages, permitting remains subject to the discretion of applicable authorities, project-specific factors, and compliance with federal and state requirements.

*Environmental, Health and Safety ("EHS")*

We subject our field operations to EHS policies and practices, including safety training, contractor oversight, emergency preparedness, and environmental stewardship. Consistent with industry best practices, we require that our contractors adhere to health and safety standards and hold relevant training and policies. Any incident of non-compliance—such as environmental releases, injury, or regulatory infraction—could result in fines, corrective or other regulatory enforcement actions, or other penalties.

*Naturally Occurring Radioactive Material ("NORM")*

Rare earth element mineralization, particularly monazite-bearing sands, may contain thorium and uranium, which in turn can generate heightened radioactivity in tailings and residues. Management of these materials must comply with applicable radiation safety standards and disposal requirements.

*Legal Risks and Permitting Challenges*

Future operations may be affected by amendments to, or stricter enforcement or interpretation of, existing rules and regulations laws as well as new regulatory initiatives, whether in environmental, health, safety, reclamation, or permitting domains. We may face delays or increases in cost, especially if new regulatory thresholds or licensing requirements are enacted.

*Government Support and Policy Context*

In the U.S., rare earth elements have been designated "critical minerals," leading to enhanced government focus on developing domestic supply chains. For example, incentive mechanisms, certain tax credits, and efforts from agencies such as the Department of Energy and Department of War, serve to advance domestic critical minerals development. Nonetheless, reliance on such incentives is uncertain, and continued shifts in government policy may influence strategic and financial planning.

**Our Mineral Projects**

The following is a summary of our mineral projects. See "Properties" for additional information.

*Shiloh*

The Shiloh Project is located in Harris and Talbot Counties, Georgia, approximately 110 km from Atlanta. The project comprises approximately 1,927 total acres. It is located approximately 110 km south southwest of Atlanta, Georgia, 40 km southeast of LaGrange, Georgia and 40km northeast of Columbus, Georgia. The properties host monazite enriched in Nd, Pr, Dy, and Tb. Initial exploration that occurred in early 2025 included high-resolution geophysical

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surveys, over 3,500 meters of grid drilling, and diamond drilling programs. Results confirm widespread structurally controlled intrusion-related vein/disseminated rare earth deposit, including structural emplacement of monazite within foliated gneiss and high-grade hard rock rare earth mineralization. The project benefits from robust nearby infrastructure, including rail and public highways access, low-cost electricity, and proximity to eastern U.S. ports. Continued exploration in 2026 includes additional geophysical surveys, drilling, and metallurgical testing, aimed at establishing an initial mineral resource estimate. Further, we plan to focus on the development of new discovery zones in Shiloh, including significant land acquisition, prospecting, staffing, survey(s) and drilling.

High-grade free-dig monazite sands such as those found in Shiloh can be mined using free digging methods, without drilling and blasting. Extracted monazite sands can be processed through relatively simple techniques to produce rare earths concentrate, which can be directly sold to Western rare earths producers to process. This provides us with the ability to pursue a multi-phased development approach for Shiloh, whereby initial concentrate sales generate cash flow to help fund downstream buildout, enabling vertical integration and margin expansion. Compared to projects that require full downstream processing, this approach offers the opportunity for streamlined permitting, as well as requires lower initial capital and operating expenses. A monazite concentrate operation could help fund subsequent downstream separation and magnet production.

The Shiloh Technical Report Summary is provided as Exhibit 96.1 to the registration statement of which this prospectus forms a part, and presents exploration results; a mineral resource estimate has not been prepared for the Shiloh Project at this time. Further information about our Shiloh Project is set forth in this prospectus under the section titled "Properties — Shiloh Project." Between 2021 and 2025, over 4,105 meters of saprolite core were recovered via direct-push technology ("DPT") and sonic drilling from 494 boreholes (which includes Lazer Creek). In 2025, a 908-meter diamond drill program was completed across 13 holes in January, and a 541.6-meter DPT program was completed in May. Sampling intervals ranged from 0.3 to 5 meters. Notable intercepts include 20.01% TREO over 15 cm and +1.0 m weighted composites intercepts exceeding 10% TREO in several holes at the Newbill target. We believe the current assay approach introduces a conservative estimate of TREO concentrations.

The following table shows higher grade samples from direct-push drilling in 2025:

![img7449594_6.gif](img7449594_6.gif)

\* Other parameters contributing to the total rare earth oxide (TREO) calculation are not shown.

> The reported result is at the upper detection or calibration limit of the method.

The above table presents a subset of higher grade range assay results from the 2025 DPT drilling at the Newbill property and is intended to provide a concise snapshot of elevated TREO values observed during that campaign.

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Results have been selected and applied consistently across the dataset. Specifically, the above table includes only samples with TREO% concentrations of at least 10%, showcasing elevated REEs and excludes other results that do not meet those thresholds or would distort a fair presentation if shown in isolation. Samples are organized from highest (green) to lowest TREO% values (blue). As documented in the Shiloh Technical Report Summary, 2021, 2022 and 2025 drilling returned a wide range of TREO values, with 2025 DPT programs yielding numerous short-interval assays at or above 2% TREO (Table 10 of the Shiloh Technical Report Summary).

TREO was calculated including the following oxides: La2O3, Ce2O3, Pr2O3, Nd2O3, Sm₂O₃, Eu₂O₃, Gd₂O₃, Tb₂O₃, Dy₂O₃, Ho₂O₃, Er₂O₃, Tm₂O₃, Yb₂O₃, Lu₂O₃, and Y₂O₃. Where analytical results exceeded the upper method detection limit, the method detection limit value was assigned for calculation purposes. This approach introduces a conservative estimate and may result in underreporting of actual TREO% concentrations. The true values may be higher but cannot be accurately quantified within the validated range of the method. Accordingly, caution is advised when interpreting TREO values derived under these conditions.

The selection of drill hole samples is limited to discrete sample intervals collected and logged by lithological and mineralization contacts, with standard DPT sample lengths generally between approximately 0.3 m and 1.5 m. Isolated "Spike" assays over very short downhole lengths are not presented without accompanying context unless they occur within a broader run of mineralization or are otherwise significant to demonstrate grade tenor at the scale at which DPT samples were collected.

Routine quality assurance and quality control (QA/QC) samples (certified reference material (CRM's), blanks and duplicates) along with low grade or barren intervals, are excluded from the above table because they are not "higher grade" samples and their inclusion would not assist investors in understanding the nature of elevated TREO occurrences. Reported lengths are downhole lengths; true width cannot be reliably estimated at this stage given the drilling methods, spacing and early stage geologic models.

Sampling, preparation and analytical procedures are described in the Shiloh Technical Report Summary. 2025 assays were prepared at ALS Mineral Analysis Laboratories (ALS) facility in Reno, Nevada and analyzed at ALS's Vancouver Canada facility for fusion/ inductively coupled plasma mass spectrometry (ICP-MS) method ME-MS81/ME-MS81h. Laboratories are ISO/ International Electrotechnical Commission (IEC) 17025-accredited for the specified methods. Drillhole location and total depth are presented in Table 9 and analytical results in Table 10 of the Shiloh Technical Report Summary, along with QA/QC results. Only parameters that are part of the TREO% calculation are shown in the TRS. These exploration results are not mineral resources or reserves and do not demonstrate economic viability.

The table below presents statistics for analyzed samples above low grade cutoff (TREO≥2%**)** for the 2021, 2022 and 2025 drilling programs.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Property** | &nbsp;&nbsp;**Dead Tree** | &nbsp;&nbsp;**Newbill** | &nbsp;&nbsp;**Pig Trail** | &nbsp;&nbsp;**Pig Trail** | &nbsp;&nbsp;**Pig Trail** |
| &nbsp;&nbsp;**Year** | &nbsp;&nbsp;2022 | &nbsp;&nbsp;2025 | &nbsp;&nbsp;2021 | &nbsp;&nbsp;2022 | &nbsp;&nbsp;2025 |
| &nbsp;&nbsp;**Sample Count** | &nbsp;&nbsp;1 | &nbsp;&nbsp;42 | &nbsp;&nbsp;4 | &nbsp;&nbsp;2 | &nbsp;&nbsp;16 |
| &nbsp;&nbsp;**TREO % (min)** | &nbsp;&nbsp;2.26 | &nbsp;&nbsp;2.18 | &nbsp;&nbsp;2.06 | &nbsp;&nbsp;2.46 | &nbsp;&nbsp;2.05 |
| &nbsp;&nbsp;**TREO % (max)** | &nbsp;&nbsp;2.26 | &nbsp;&nbsp;20.01 | &nbsp;&nbsp;3.41 | &nbsp;&nbsp;3.77 | &nbsp;&nbsp;12.78 |
| &nbsp;&nbsp;**TREO % (avg)** | &nbsp;&nbsp;2.26 | &nbsp;&nbsp;8.73 | &nbsp;&nbsp;2.58 | &nbsp;&nbsp;3.11 | &nbsp;&nbsp;4.84 |
| &nbsp;&nbsp;**Interval Avg (m)** | &nbsp;&nbsp;0.38 | &nbsp;&nbsp;0.54 | &nbsp;&nbsp;0.8 | &nbsp;&nbsp;0.76 | &nbsp;&nbsp;0.49 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Depth Min (m)** | &nbsp;&nbsp;6.02 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;0.91 |
| &nbsp;&nbsp;**Depth Max (m)** | &nbsp;&nbsp;6.40 | &nbsp;&nbsp;21.32 | &nbsp;&nbsp;7.62 | &nbsp;&nbsp;7.62 | &nbsp;&nbsp;15.5 |
| &nbsp;&nbsp;**Depth Avg (m)** | &nbsp;&nbsp;6.21 | &nbsp;&nbsp;5.51 | &nbsp;&nbsp;3.94 | &nbsp;&nbsp;6.86 | &nbsp;&nbsp;5.93 |

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Of the 3,056 drilling samples collected between 2021, 2022 and 2025 and reviewed for laboratory analysis, 65 samples exceeded the low-grade zone cutoff (TREO ≥ 2%). These higher-grade samples were distributed across three properties: Dead Tree, one sample at an average depth of 6.2 m bgs; Newbill, forty-two samples averaging 5.5 m bgs; and Pig Trail, twenty-two samples with an average depth of 5.7 m bgs. Among these, Newbill samples show the highest TREO average of approximately 9% and maximum value near 20%.

Preliminary metallurgical testing has been conducted on material from the Shiloh Project to evaluate the processing characteristics and recovery potential of rare earth mineralization. Metallurgical work completed to date includes mineralogical characterization, ammonium sulfate leach testing, monazite concentration testing, magnetic separation, gravity separation, flotation testing, heavy liquid separation, and sieve size–by–size assay analysis. These programs were designed to confirm monazite as the dominant rare earth–bearing mineral and to assess the amenability of both saprolitic and bedrock-hosted material to physical concentration methods. In addition, Quantitative Evaluation of Minerals by Scanning Electron Microscopy ("QEMSCAN") and other mineralogical analyses were performed to evaluate mineral associations, metallurgical variability, and the presence of deleterious elements. The metallurgical testing remains at an early stage and has been conducted at a laboratory scale to inform ongoing exploration, processing concept development, and future metallurgical test programs.

The table below presents an illustrative example of rare earth element distribution. The distribution percentages are based on Shiloh sample 25-DPNB-025 over a 0.15m interval from 5.82 to 5.97m, using ME-MS81h results. Percentages were calculated by dividing the grade (ppm) of each individual rare earth element by the total combined grade (ppm) of Ce, Dy, Er, Eu, Gd, Ho, La, Lu, Nd, Pr, Sm, Tb, Tm, Y and Yb.

![img7449594_7.gif](img7449594_7.gif)

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Future work programs and recommendations from the Shiloh Technical Report Summary include, among other things, to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Continue direct push and diamond drilling to delineate mineralization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Expand metallurgical testing to optimize recovery methods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Acquire additional land to support long-term development.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Refine exploration targets based on geophysical anomalies and structural trends.

We expect that development of the Shiloh Project will require a budget of US$13.5 million.

*Alpha*

The Alpha Project is located in Bahia State, Brazil, approximately 120 km from the Port of Ilhéus. The project resources are located within nine granted exploration permits covering approximately 100 km². Mineralization occurs as ionically adsorbed clays within the weathering profile of the Jequié Complex. As of October 31, 2025, the Alpha Project hosts an inferred mineral resource of 201.7 million tonnes grading 1,520 ppm TREO (using a 1,000 ppm cutoff), containing approximately 322 tonnes of NdPr and 38.5 tonnes of DyTb. The project is wholly owned by the Company. Nearby infrastructure includes federal highways, municipal roads, and proximity to petrochemical reagents and port facilities. Ongoing work includes further drilling, surveying, and metallurgical testing to refine geological models and advance resource classifications. The Alpha Technical Report Summary is provided as Exhibit 96.3 to the registration statement of which this prospectus forms a part. Further information about our Alpha Project is set forth in this prospectus under the section titled "Properties — Alpha Project."

Preliminary metallurgical test work at the Alpha Project evaluated the leaching behavior and recovery potential of ionic clay-hosted rare earth mineralization using bench-scale ammonium sulphate leachability testing on systematically collected drill samples at 1 m intervals across the regolith, ensuring representative vertical coverage. A total of 1,078 leach tests were completed by SGS Geosol between 2022 and 2024, and 1,154 by ALS Geochemistry between 2023 and 2024, for 2,232 tests overall. Results were comparable to those from adjacent ionic adsorption clay projects and infer amenability to ion-exchange leaching under atmospheric conditions. Optimization test work is planned to advance flowsheet development.

Although IAC deposits generally report lower TREO grades relative to hard-rock rare earth deposits, they offer simplified mining methods and may contain a higher percentage of Dy, Tb, and other heavy rare earth elements relative to TREO content. Unlike hard-rock deposits, IAC mineralization occurs as loosely bound rare earth ions adsorbed onto clay minerals. As a result, mining may be conducted without drilling and blasting, crushing and grinding circuits are generally not required and leaching is typically conducted at ambient temperatures using low-concentration reagents. These characteristics may result in lower operating costs and lower capital intensity compared to conventional hard-rock rare earth projects. The Alpha Project hosts rare earth element mineral resources that warrant further exploration and evaluation. A two-phase work program is recommended. Phase A will focus on generating additional exploration data and materials, while Phase B will address targeted test work and technical analysis.

Phase A aims to improve understanding of the controls on mineralisation and to delineate additional prospective zones. Infill drilling and technical studies will be undertaken to potentially upgrade mineral resources from the inferred to higher-confidence mineral resource classifications. Phase A is estimated to require a budget of US$2.58 million to complete.

Results from Phase A exploration will provide representative drill samples for metallurgical testing and will provide a basis for an updated appraisal of the deposits If results are positive, the Alpha Project will advance to Phase B, which will involve the analysis of key modifying factors, including mining and processing considerations, to update the Initial Assessment and mineral resource estimates. Phase B is estimated to require a budget of US$1.15 million.

We expect that Phase A and Phase B, collectively, will require a budget of US$3.73 million.

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Additional details on Phase A and Phase B activities and their respective estimated costs can be seen in the figures below:

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| | |
|:---|:---|
| &nbsp;&nbsp;**Budget for Phase A Work Program** | &nbsp;&nbsp;**Budget for Phase A Work Program** |
| &nbsp;&nbsp;**Item** | &nbsp;&nbsp;**Total Cost (US$)** |
| &nbsp;&nbsp;Surface exploration and ground geophysics<sup>1</sup> | &nbsp;&nbsp;$250000 |
| &nbsp;&nbsp;Auger drilling - 2,250 m<sup>1</sup> | &nbsp;&nbsp;$1000000  |
| &nbsp;&nbsp;Core drilling - 8,000 m<sup>1</sup> | &nbsp;&nbsp;$1250000 |
| &nbsp;&nbsp;High resolution satellite DEM  | &nbsp;&nbsp;$10000 |
| &nbsp;&nbsp;Minerology testwork | &nbsp;&nbsp;$70000 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**$2580000** |
| &nbsp;&nbsp;**Budget for Phase B Work Program** | &nbsp;&nbsp;**Budget for Phase B Work Program** |
| &nbsp;&nbsp;**Item** | &nbsp;&nbsp;**Total Cost (US$)** |
| &nbsp;&nbsp;Metallurgical testwork  | &nbsp;&nbsp;$250000 |
| &nbsp;&nbsp;Mineral Resource estimation  | &nbsp;&nbsp;$100000 |
| &nbsp;&nbsp;Mining studies | &nbsp;&nbsp;$300000  |
| &nbsp;&nbsp;Infrastructure assessment | &nbsp;&nbsp;$100000 |
| &nbsp;&nbsp;Environmental, social and permitting assessment  | &nbsp;&nbsp;$400000 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**$1150000** |

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1. Program budgets are inclusive of assay, personnel, equipment, consumables and transport costs.

*Constellation*

The Constellation Project is located near Poços de Caldas in Minas Gerais, Brazil, a district with a long mining history. The project consists of 37 granted permits covering approximately 59.5 km², including six mining concessions and 31 exploration permits. Mineralization occurs as high-grade ionic clays derived from the Poços de Caldas alkaline complex, hosting NdPr and DyTb. As of October 31, 2025, the project contains an inferred mineral resource of 266.2 million tonnes grading 2,637 ppm TREO, with contained NdPr of approximately 564 tonnes and DyTb of 26.9 tonnes. Infrastructure access is strong, with proximity to highways, power lines, gas pipelines, and the Port of Santos. Planned programs include additional drilling, infill surveys, and expanded metallurgical testing. The Constellation Technical Report Summary is provided as Exhibit 96.2 to the registration statement of which this prospectus forms a part. Further information about our Constellation Project is set forth in this prospectus under the section titled "Properties — Constellation Project."

Preliminary metallurgical test work at the Constellation Project evaluated the leaching behavior and recovery potential of ionic clay–hosted rare earth mineralization using bench-scale ammonium sulphate leachability testing on systematically collected drill samples. ALS Lima completed 3,374 ammonium sulphate leach tests in 2024 on drill

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samples representing. Cerium was excluded from the threshold because it does not readily leach under the mild acid conditions characteristic of ionic clay processing and therefore does not contribute to leach solution grades or influence cut-off determinations. The sample distribution adequately represented the saprolite domain used in the resource model, ensuring the metallurgical dataset was appropriate for supporting estimation work. An optimization test program is planned to advance process development.

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The Constellation Project hosts rare earth element mineral resources that warrant further exploration and evaluation. A two-phase work program is recommended. Phase A will focus on generating additional exploration data and materials, while Phase B will address targeted test work and technical analysis.

Phase A will aim to improve understanding of the controls on mineralization and to delineate additional prospective zones in regional exploration concessions. Infill drilling and technical studies will be undertaken to potentially upgrade mineral resources from the inferred to higher-confidence mineral resource classifications. Phase A is estimated to require a budget of US$3.34 million to complete.

Results from Phase A exploration will provide representative drill samples for metallurgical testing and will provide a basis for an updated appraisal of the deposits. If results are positive the project will advance to Phase B, which will involve the analysis of key modifying factors, including mining and processing considerations, to update the Initial Assessment and mineral resource estimates. Phase B is estimated to require a budget of US$1.15 million.

We expect that Phase A and Phase B, collectively, will require a budget of US$4.49 million.

Additional details on Phase A and Phase B activities and their respective estimated costs can be seen in the figures below:

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| | |
|:---|:---|
| &nbsp;&nbsp;**Budget for Phase A Work Program** | &nbsp;&nbsp;**Budget for Phase A Work Program** |
| &nbsp;&nbsp;**Item** | &nbsp;&nbsp;**Total Cost <br>(US$)** |
| &nbsp;&nbsp;Surface exploration and ground geophysics<sup>1</sup> | &nbsp;&nbsp;250000 |
| &nbsp;&nbsp;Core drilling – 5,000 m<sup>1</sup> | &nbsp;&nbsp;1500000 |
| &nbsp;&nbsp;Auger drilling - 9,000 m<sup>1</sup> | &nbsp;&nbsp;1500000 |
| &nbsp;&nbsp;High resolution satellite DEM  | &nbsp;&nbsp;20000 |
| &nbsp;&nbsp;Minerology testwork | &nbsp;&nbsp;70000 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**3340000** |
| &nbsp;&nbsp;**Budget for Phase B Work Program** | &nbsp;&nbsp;**Budget for Phase B Work Program** |
| &nbsp;&nbsp;**Item** | &nbsp;&nbsp;**Total Cost <br>(US$)** |
| &nbsp;&nbsp;Metallurgical testwork  | &nbsp;&nbsp;$250000 |
| &nbsp;&nbsp;Mineral resource estimation  | &nbsp;&nbsp;$100000 |
| &nbsp;&nbsp;Mining studies | &nbsp;&nbsp;$300000  |
| &nbsp;&nbsp;Infrastructure assessment | &nbsp;&nbsp;$100000 |
| &nbsp;&nbsp;Environmental, social and permitting assessment  | &nbsp;&nbsp;$400000 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**1150000** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Program budgets are inclusive of assay, personnel, equipment, consumables and transport costs.

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*Other Mining Properties*

Additionally, we hold rights to several additional, non-material, early-stage exploration projects, most notably our Homer Project (Goiás, Brazil) and Liberty Peak (Georgia, United States).

The Homer Project hosts multiple, large carbonatite clusters with potential for rare earth and niobium – located in a region containing the world's preeminent niobium mines. The State of Goiás has a wide range of significant mining projects. Niobium is a critical material, primarily used in small quantities to enhance the strength, durability, and corrosion resistance of steel without adding weight. There are 527 carbonatite intrusions known globally, yet only approximately 60 are known to host Nb and REEs, and fewer than 10 are in production; however, carbonatites account for approximately 95% of global niobium production (Emma R. Humphreys-Williams, Sabin Zahirovic; *Carbonatites and Global Tectonics*. Elements 2021; 17 (5): 339–344; *Niobium Market: Market Share by Occurrence*, Mordor Intelligence, 2024). Brazil is home to numerous high-grade carbonatite complexes and accounts for approximately 90% of global niobium mine production (*Mineral Commodity Summaries*, USGS Geological Survey, January 2024).

The Homer Project is at an early exploration stage, and is a non-material project with no mineral resources defined to date. We hold 64 exploration licenses in connection with the Homer Project, covering over 123,400 ha (1,233 km<sup>2)</sup>. The Homer Project is located 180km from Goiânia and 975km from Santos Port, close to a paved highway. During the first quarter of 2026, we started an active drilling campaign, based on field work, sampling and prospecting work performed in 2024 and 2025.

We control 1,233 km² of tenements at Homer, covering a large and highly prospective niobium district. Within this area, we have identified three large magnetic anomalies, each indicating potential for rare earth–niobium deposits, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Homer A**: ~749km² footprint with a ~17km-wide ring structure — among the largest carbonatite signatures globally, with Mt. Weld's entire magnetic footprint only ~4km in diameter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Homer B**: ~120km² (massive ~9 km diameter intrusion).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Homer C**: ~344km², showcasing complex magnetic zonation seen on mineralized systems along the golden pipeline.

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A location map for the Homer Project is shown below:

![img7449594_8.jpg](img7449594_8.jpg)

Liberty Peak is a regional exploration area that represents a potentially district-scale exploration target within the Shiloh Project in Western Georgia. The target area is located northeast of our initial Shiloh exploration area and encompasses a large, contiguous geophysical anomaly centered near Barnesville in Lamar County. Our interpretation of recently compiled regional geophysical datasets indicates that the Liberty Peak anomalies are significantly larger than our initial exploration footprint and may represent a broader mineralized system within the regional geologic framework. Liberty Peak was delineated through analysis of regional airborne magnetic and radiometric datasets, supplemented by newly acquired high-resolution airborne geophysical surveys. These surveys collectively cover approximately 500 km² of the broader project region and highlight strong, coherent radiometric and magnetic anomalies.

Preliminary reconnaissance and prospecting work conducted within the Liberty peak target zone have confirmed the presence of monazite-bearing sands with the potential for an underlying hard rock source. These early observations support our interpretation and suggest the potential for a large-scale mineralized system; however, the area remains at an early stage of exploration. To date, we have not completed systematic drilling within the Liberty Peak target zone, and the extent, continuity, and grade of any mineralization remain unknown. Accordingly, there can be no assurance that further exploration will result in the discovery of economically recoverable mineral resources.

We are actively advancing land acquisition and mineral rights consolidation across priority portions of the Liberty Peak area, while planning follow-up exploration programs. These programs are expected to include detailed surface sampling, geologic mapping, ground geophysical surveys, and exploratory drilling designed to evaluate the extent and economic potential of the anomaly. Exploration activities at Liberty Peak are expected to occur over the next 12 to 18 months as part of our broader exploration strategy for the Shiloh Project.

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*Exploration Stage Company*

None of our mineral projects have an operating mine or have ever produced any minerals in commercial quantities. We have not demonstrated the existence of mineral reserves at any of our projects, and therefore each of our projects is in the exploration stage and we are considered an exploration stage company. We are conducting on-site exploration activities at the Shiloh Project, Alpha Project and Constellation Project, and we plan to conduct additional exploration activities at each of these projects. See "Properties — Shiloh Project — Planned Exploration and Related Programs", "Properties — Alpha Project — Planned Exploration and Related Programs," and "Properties — Constellation Project — Planned Exploration and Related Programs." We expect to remain an exploration stage company for the foreseeable future. To exit the exploration stage and become a development stage company and, ultimately, commence mining at any of our projects, it will be necessary for us to demonstrate the existence of proven or probable mineral reserves at one or more of our projects, and complete one or more feasibility studies that would enable us to obtain financing on reasonable terms and in amounts sufficient to establish and operate the applicable mining operations.

The following chart shows the positions of the Shiloh Project, Alpha Project and Constellation Project on the Lassonde Curve:

![img7449594_9.jpg](img7449594_9.jpg)

*Summary of Mineral Resource Estimates*

The following table summarizes our mineral resource estimates as shown in the Alpha Technical Report Summary and Constellation Technical Report Summary.

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| | | | |
|:---|:---|:---|:---|
| **Measured mineral resources** | **Indicated mineral resources** | **Measured + indicated mineral** <br>**resources** | **Inferred mineral <br>resources** |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **ALPHA PROJECT (Poços de Caldas, Brazil)** <br>**Effective Date: October 31, 2025:** | **ALPHA PROJECT (Poços de Caldas, Brazil)** <br>**Effective Date: October 31, 2025:** | **ALPHA PROJECT (Poços de Caldas, Brazil)** <br>**Effective Date: October 31, 2025:** | **ALPHA PROJECT (Poços de Caldas, Brazil)** <br>**Effective Date: October 31, 2025:** | **ALPHA PROJECT (Poços de Caldas, Brazil)** <br>**Effective Date: October 31, 2025:** | **ALPHA PROJECT (Poços de Caldas, Brazil)** <br>**Effective Date: October 31, 2025:** |
|  | **Grades/<br>qualities** | **Grades/<br>qualities** | **Grades/<br>qualities** | **Amount** | **Grades/<br>qualities** |
| (amounts are in millions<br>&nbsp;&nbsp;&nbsp;&nbsp;of metric tons): | —% | —% | —% | 201.7 Mt | 1,520 ppm<br> TREO |

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Notes to the mineral resource table with respect to the Alpha Project:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Mineral resources are reported in situ, using the definitions in S-K 1300, and are current as at October 31, 2025. Mineral resources are not mineral reserves and do not have demonstrated economic viability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.The third-party firm responsible for the estimates is McGarry Geoconsulting Corp.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Tonnes are dry metric tonnes, and contained metal figures are derived arithmetically from in situ tonnage and grade (i.e., not adjusted for mining dilution or losses).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Mineral resources are constrained within an optimized Whittle pit shell generated using a mining cost of US$1.98/ t, a processing cost of US$7.65/ t, a general and administration cost of US$1.74/ t and mining and process recovery factors of 95% and 27%, respectively. A maximum pit slope of 35 degrees is used and the extent of the shell is limited to within the boundary of each tenement. Block values were calculated from Adamas Intelligence forecast rare earth oxide prices for 2030–2040 with an assumed 70% payability, corresponding to a basket value of US$57.2/kg of recovered rare earth oxide. Below is a table that includes the detailed breakdown on contribution of each oxide to the basket price:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;REE Oxide | &nbsp;&nbsp;Avg. Proportion of Recovered TREO (%) | &nbsp;&nbsp;Current Spot Price ($/kg) | &nbsp;&nbsp;Forecast Price<br>($/kg) | &nbsp;&nbsp;Value at 70% Payability ($/kg) | &nbsp;&nbsp;Contribution to Avg. Basket Value ($/kg) | &nbsp;&nbsp;Proportion of Avg. Basket Value(%) |
| &nbsp;&nbsp;La2O3 | &nbsp;&nbsp;24.3 |  | &nbsp;&nbsp;1.4 | &nbsp;&nbsp;1.0 | &nbsp;&nbsp;0.2 | &nbsp;&nbsp;0.4 |
| &nbsp;&nbsp;CeO2 | &nbsp;&nbsp;6.7 |  | &nbsp;&nbsp;1.5 | &nbsp;&nbsp;1.0 | &nbsp;&nbsp;0.1 | &nbsp;&nbsp;0.1 |
| &nbsp;&nbsp;Pr6O11 | &nbsp;&nbsp;6.3 |  | &nbsp;&nbsp;158.6 | &nbsp;&nbsp;111.0 | &nbsp;&nbsp;7.0 | &nbsp;&nbsp;12.2 |
| &nbsp;&nbsp;Nd2O3 | &nbsp;&nbsp;24.3 |  | &nbsp;&nbsp;154.8 | &nbsp;&nbsp;108.3 | &nbsp;&nbsp;26.3 | &nbsp;&nbsp;46.0 |
| &nbsp;&nbsp;Sm2O3 | &nbsp;&nbsp;4.3 |  | &nbsp;&nbsp;4.3 | &nbsp;&nbsp;3.0 | &nbsp;&nbsp;0.1 | &nbsp;&nbsp;0.2 |
| &nbsp;&nbsp;Eu2O3 | &nbsp;&nbsp;0.6 |  | &nbsp;&nbsp;34.7 | &nbsp;&nbsp;24.3 | &nbsp;&nbsp;0.1 | &nbsp;&nbsp;0.3 |
| &nbsp;&nbsp;Gd2O3 | &nbsp;&nbsp;3.7 |  | &nbsp;&nbsp;80.5 | &nbsp;&nbsp;56.3 | &nbsp;&nbsp;2.1 | &nbsp;&nbsp;3.6 |
| &nbsp;&nbsp;Tb4O7 | &nbsp;&nbsp;0.5 |  | &nbsp;&nbsp;1550.8 | &nbsp;&nbsp;1085.5 | &nbsp;&nbsp;5.8 | &nbsp;&nbsp;10.1 |
| &nbsp;&nbsp;Dy2O3 | &nbsp;&nbsp;3.2 |  | &nbsp;&nbsp;503.5 | &nbsp;&nbsp;352.5 | &nbsp;&nbsp;11.4 | &nbsp;&nbsp;19.8 |
| &nbsp;&nbsp;Ho2O3 | &nbsp;&nbsp;0.6 |  | &nbsp;&nbsp;171.2 | &nbsp;&nbsp;119.8 | &nbsp;&nbsp;0.7 | &nbsp;&nbsp;1.2 |
| &nbsp;&nbsp;Er2O3 | &nbsp;&nbsp;1.8 |  | &nbsp;&nbsp;58.0 | &nbsp;&nbsp;40.6 | &nbsp;&nbsp;0.7 | &nbsp;&nbsp;1.3 |
| &nbsp;&nbsp;Yb2O3 | &nbsp;&nbsp;1.3 |  | &nbsp;&nbsp;17.5 | &nbsp;&nbsp;12.3 | &nbsp;&nbsp;0.2 | &nbsp;&nbsp;0.3 |
| &nbsp;&nbsp;Lu2O3 | &nbsp;&nbsp;0.2 |  | &nbsp;&nbsp;910.8 | &nbsp;&nbsp;637.6 | &nbsp;&nbsp;1.3 | &nbsp;&nbsp;2.2 |
| &nbsp;&nbsp;Y2O3 | &nbsp;&nbsp;21.9 |  | &nbsp;&nbsp;8.0 | &nbsp;&nbsp;5.6 | &nbsp;&nbsp;1.2 | &nbsp;&nbsp;2.1 |
|  | &nbsp;&nbsp;***Average TREO Basket Value $/kg:*** | &nbsp;&nbsp;***Average TREO Basket Value $/kg:*** | &nbsp;&nbsp;***Average TREO Basket Value $/kg:*** | &nbsp;&nbsp;***Average TREO Basket Value $/kg:*** | &nbsp;&nbsp;***100.0*** | &nbsp;&nbsp;***100.0*** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.Mineral resources are reported above a marginal cut-off of 1,000 ppm TREO, which is based on the parameters used for pit optimization in note 3. Costs related to waste mining, transportation, and capital expenditures are excluded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.Average recovery represents the weighted mean of block model REE leach extraction estimates, excluding cerium, based on test results on representative exploration samples.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.Mineral Resources reported for the Alpha Project are subject to a private 2.5% gross revenue royalty payable to Brazil Royalty Corp Participações e Investimentos Ltda.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.Total rare earth oxides (TREO ppm) = La2O3 + CeO2 + Pr6O11 + Nd2O3 + Sm2O3 + Eu2O3 + Gd2O3 + Tb4O7 + Dy2O3 + Ho2O3 + Er2O3 + Tm2O3 + Yb2O3 + Y2O3 + Lu2O3; NdPr = Nd2O3 + Pr6O11; DyTb = Tb4O7 + Dy2O3

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.Total rare earth oxides (TREO ppm) are inclusive of, not separate to, NdPr ppm and DyTb ppm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.Numbers have been rounded. Totals may not sum due to rounding.

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**CONSTELLATION PROJECT (Poços de Caldas, Brazil) <br>Effective Date: October 31, 2025:**

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Amount** | **Grades/<br>qualities** | **Amount** | **Grades/<br>qualities** | **Amount** | **Grades/<br>qualities** | **Amount** | **Grades/<br>qualities** |
| (amounts are in millions<br>&nbsp;&nbsp;&nbsp;&nbsp;of metric tons): |  | —% |  | —% |  | —% | 266.2 Mt | 2,637 ppm <br>TREO |

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Notes to the mineral resource table with respect to the Constellation Project:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Mineral resources are reported in situ, using the definitions in S-K 1300, and are current as at October 31, 2025. Mineral resources are not mineral reserves and do not have demonstrated economic viability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.The third-party firm responsible for the estimates is McGarry Geoconsulting Corp.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Tonnes are dry metric tonnes, and contained metal figures are derived arithmetically from in situ tonnage and grade (i.e., not adjusted for mining dilution or losses).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Mineral resources are constrained within an optimized Whittle pit shell generated using a mining cost of US$1.98/t, a processing cost of US$7.65/ t, a general and administration cost of US$1.74/ t and mining and process recovery factors of 95% and 38%, respectively. A maximum pit slope of 35 degrees is used and the extent of the shell is limited to within the boundary of each tenement. Block values were calculated from Adamas Intelligence forecast rare earth oxide prices for 2030–2040 with an assumed 70% payability, corresponding to a basket value of US$44.4/kg of recovered rare earth oxide. Below is a table that includes the detailed breakdown on contribution of each oxide to the basket price:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**REE Oxide** | &nbsp;&nbsp;**Avg. Proportion of Recovered TREO (%)** | &nbsp;&nbsp;**Current Spot Price ($/kg)** | &nbsp;&nbsp;**Forecast Price<br>($/kg)** | &nbsp;&nbsp;**Value at 70% Payability ($/kg)** | &nbsp;&nbsp;**Contribution to Avg. Basket Value ($/kg)** | &nbsp;&nbsp;**Proportion of Avg. Basket Value (%)** |
| &nbsp;&nbsp;La2O3 | &nbsp;&nbsp;52.6 |  | &nbsp;&nbsp;1.4 | &nbsp;&nbsp;1.0 | &nbsp;&nbsp;0.5 | &nbsp;&nbsp;1.2 |
| &nbsp;&nbsp;CeO2 | &nbsp;&nbsp;6.3 |  | &nbsp;&nbsp;1.5 | &nbsp;&nbsp;1.0 | &nbsp;&nbsp;0.1 | &nbsp;&nbsp;0.1 |
| &nbsp;&nbsp;Pr6O11 | &nbsp;&nbsp;8.5 |  | &nbsp;&nbsp;158.6 | &nbsp;&nbsp;111.0 | &nbsp;&nbsp;9.4 | &nbsp;&nbsp;21.2 |
| &nbsp;&nbsp;Nd2O3 | &nbsp;&nbsp;23.9 |  | &nbsp;&nbsp;154.8 | &nbsp;&nbsp;108.3 | &nbsp;&nbsp;25.9 | &nbsp;&nbsp;58.4 |
| &nbsp;&nbsp;Sm2O3 | &nbsp;&nbsp;2.3 |  | &nbsp;&nbsp;4.3 | &nbsp;&nbsp;3.0 | &nbsp;&nbsp;0.1 | &nbsp;&nbsp;0.2 |
| &nbsp;&nbsp;Eu2O3 | &nbsp;&nbsp;0.4 |  | &nbsp;&nbsp;34.7 | &nbsp;&nbsp;24.3 | &nbsp;&nbsp;0.1 | &nbsp;&nbsp;0.2 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Gd2O3 | &nbsp;&nbsp;1.3 | &nbsp;&nbsp;80.5 | &nbsp;&nbsp;56.3 | &nbsp;&nbsp;0.7 | &nbsp;&nbsp;1.7 |
| &nbsp;&nbsp;Tb4O7 | &nbsp;&nbsp;0.1 | &nbsp;&nbsp;1550.8 | &nbsp;&nbsp;1085.5 | &nbsp;&nbsp;1.6 | &nbsp;&nbsp;3.6 |
| &nbsp;&nbsp;Dy2O3 | &nbsp;&nbsp;0.7 | &nbsp;&nbsp;503.5 | &nbsp;&nbsp;352.5 | &nbsp;&nbsp;2.5 | &nbsp;&nbsp;5.6 |
| &nbsp;&nbsp;Ho2O3 | &nbsp;&nbsp;0.1 | &nbsp;&nbsp;171.2 | &nbsp;&nbsp;119.8 | &nbsp;&nbsp;0.1 | &nbsp;&nbsp;0.2 |
| &nbsp;&nbsp;Er2O3 | &nbsp;&nbsp;0.3 | &nbsp;&nbsp;58.0 | &nbsp;&nbsp;40.6 | &nbsp;&nbsp;0.1 | &nbsp;&nbsp;0.3 |
| &nbsp;&nbsp;Yb2O3 | &nbsp;&nbsp;2.6 | &nbsp;&nbsp;17.5 | &nbsp;&nbsp;12.3 | &nbsp;&nbsp;0.3 | &nbsp;&nbsp;0.7 |
| &nbsp;&nbsp;Lu2O3 | &nbsp;&nbsp;0.5 | &nbsp;&nbsp;910.8 | &nbsp;&nbsp;637.6 | &nbsp;&nbsp;3.0 | &nbsp;&nbsp;6.7 |
| &nbsp;&nbsp;Y2O3 | &nbsp;&nbsp;0.0 | &nbsp;&nbsp;8.0 | &nbsp;&nbsp;5.6 | &nbsp;&nbsp;0.0 | &nbsp;&nbsp;0.0 |
|  | &nbsp;&nbsp;***Average TREO Basket Value $/kg*:** | &nbsp;&nbsp;***Average TREO Basket Value $/kg*:** | &nbsp;&nbsp;***Average TREO Basket Value $/kg*:** | &nbsp;&nbsp;**44.4** | &nbsp;&nbsp;**100.0** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.Mineral resources are reported above a marginal cut-off of 1,000 ppm TREO, which is based on the parameters used for pit optimization in note 3. Costs related to waste mining, transportation, and capital expenditures are excluded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.Average recovery represents the weighted mean of block model REE leach extraction estimates, excluding cerium, based on test results on representative exploration samples.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.The Roseira, Varginha and Clube da Uva deposits are subject to a private royalty equal to 5% of net revenue from concession production in favor of Mineração Andradense Ltda. The Andradas deposit is subject to a private royalty equal to 2.5% of gross revenue from concession production in favor of Brazil Royalty Corp Participações e Investimentos Ltda.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.Total rare earth oxides (TREO ppm) = La2O3 + CeO2 + Pr6O11 + Nd2O3 + Sm2O3 + Eu2O3 + Gd2O3 + Tb4O7 + Dy2O3 + Ho2O3 + Er2O3 + Tm2O3 + Yb2O3 + Y2O3 + Lu2O3; NdPr = Nd2O3 + Pr6O11; DyTb = Tb4O7 + Dy2O3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.Total rare earth oxides (TREO ppm) are inclusive of, not separate to, NdPr ppm and DyTb ppm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.Numbers have been rounded. Totals may not sum due to rounding.

**Mining Rights**

We, or our subsidiaries, are a party to various leases, options and other mining rights agreements with third parties, such as landowners, pursuant to which we hold mining rights in our material projects.

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*Shiloh Project*

The project area in Georgia is secured through a combination of option agreements that collectively define a significant land position in Harris and Talbot Counties. We have secured a strategically-located total project area of approximately 1,927 acres. A location map for the Shiloh Project is shown below:

![img7449594_10.jpg](img7449594_10.jpg)

On February 25, 2021, FRE US, formerly known as Piedmont Rare Earths, LLC prior to its name change in March 2021, entered into an option agreement with a local landowner in Georgia (the "Optionor") to purchase land parcels in Talbot County, Georgia (the "Newbill Option"). The Newbill Option covers a total of approximately 263.66 acres in Talbot County, Georgia, with a term ending on February 28, 2027, during which time commercial mining is not permitted. The Newbill Option does not provide for automatic extension, and any extension would require a mutually agreed written amendment between the parties. The Newbill Option grants FRE US the exclusive right to conduct exploration, drilling, surveys, technical studies and permitting at the property, and an option to purchase the property, with commercial mining of the property prohibited during the option period.

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The Newbill Option required an initial payment within 30 days of signing of the option agreement, followed by annual payments until February 28, 2026. Remaining option payments are due by February 28, 2026, at $125 per acre (totaling $32,958). Additionally, a drilling bonus of $1 per foot (core, reverse circulation, sonic, or similar exploration) is payable annually by February 28, 2026 for footage drilled by FRE US within the property in the previous calendar year. If, during the option period, FRE US deems that minerals occur on or within the property in sufficient qualities and/or quantities, and elects to exercise the purchase option, the parties will enter into a purchase agreement consistent with the terms in the option agreement, for a purchase price of 125% of the fair market value of the property, as determined either by mutual agreement of the parties or by an appraisal conducted by a Member of the Appraisal Institute. The value added to the property by the exploration for minerals or the discovery of minerals shall not be included in the fair market value determination. Pursuant to such purchase agreement, the Optionor will retain a production royalty and a 12-month right to remove timber after closing. The retained production royalty will be perpetual and three percent (3%) of net smelter returns on concentrates or products produced from any part of the property, payable annually on the same February 28 cadence and covering the prior calendar year's production. Additionally, under such purchase agreement, the Optionor will grant FRE US a right of first offer and refusal on the sale of royalty.

The following table provides a summary of royalties, encumbrances, payees, triggers, and related terms in the Newbill Option.

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| | |
|:---|:---|
| **Item** | **Description** |
| &nbsp;&nbsp;**Option Terms** | &nbsp;&nbsp;Exclusive Option: Piedmont RE receives exclusive and irrevocable right to purchase, explore, and evaluate the property in Talbot County, GA. |
| &nbsp;&nbsp;**Option Terms** | &nbsp;&nbsp;Option Period:From execution until February 28, 2027,unless extended or terminated earlier. |
| &nbsp;&nbsp;**Option Terms** | &nbsp;&nbsp;Option Payments: Annual escalating payments to maintain the option: |
| &nbsp;&nbsp;**Option Terms** | &nbsp;&nbsp;2021– $100/acre ($26,366 total) |
| &nbsp;&nbsp;**Option Terms** | &nbsp;&nbsp;2022– $105/acre ($27,684 total) |
| &nbsp;&nbsp;**Option Terms** | &nbsp;&nbsp;2023– $110/acre ($29,003 total) |
| &nbsp;&nbsp;**Option Terms** | &nbsp;&nbsp;2024– $115/acre ($30,321 total) |
| &nbsp;&nbsp;**Option Terms** | &nbsp;&nbsp;2025– $120/acre ($31,640 total) |
| &nbsp;&nbsp;**Option Terms** | &nbsp;&nbsp;2026 – $125/acre ($32,958 total) |

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Additionally, FRE US and FRE Australia, each an indirect and direct wholly owned subsidiary of us and FRE US a wholly owned subsidiary of FRE Australia, are parties to an option and project evaluation agreement with Southeast Metals, LLC ("SEM") and the four members of SEM (the "Members") ("the "SEM Option"). The SEM Option covers land and mineral interests in Harris and Talbot Counties, Georgia, spanning approximately 1662.828 acres, as well as certain rights of access to the lease area, as set forth in the Mining Lease Agreement between SEM and Weyerhaeuser Company (the "SEM Lease"). The SEM Option (i) grants FRE US the exclusive option to purchase 100% of the membership interest of SEM, (ii) authorizes FRE US to perform geological survey and exploration work on the covered property (as defined therein) during the option period to determine suitability for commercial mining and exploitation, (iii) provides FRE US with access to all historical data and due diligence material related to the exploration mining business previously developed by SEM or in SEM's possession or control, and (iv) grants FRE US certain rights with the respect to the covered property. The SEM Lease requires royalty payments on production of Rare Earth Element Products and Byproducts (each as defined therein) by SEM and its successor and assigns, including the grant of a non-participating overriding royalty interest to Weyerhaeuser Company on such production occurring from within a defined area of interest outside the lease area that will survive termination or expiration of the lease.

Annual rental payments due under the SEM lease are $0 for each of the first three years of the lease, and $75,000 beginning in year four of the lease, with the amount subject to annual adjustment based on the Consumer Price Index ("CPI"). The CPI was assigned to the starting month of October 2022 and is rounded up to the nearest $100 and shall be adjusted upwards only annually. These rental payments are creditable against royalties due in the same lease year. The SEM Lease provides for a 5% royalty on net smelter return–style value of products and byproducts produced and

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sold from the leased premises. Foothills/SEM must also make annual rental payments of $75,000 (CPI adjusted), which are creditable against royalties due in the same lease year. In addition, Weyerhaeuser retains a 1% overriding royalty on production from properties acquired within the defined Area of Interest (AOI) counties. Should Foothills exercise the SEM Option, Foothills will assume the obligations of SEM in regards to the Weyerhaeuser Lease discussed herein.

The following table provides a summary of royalties, encumbrances, payees, triggers, and related terms in the SEM Option:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Category** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Party Owed** | **Rate / Trigger** |
| &nbsp;&nbsp;**Production Royalty** | &nbsp;&nbsp;Weyerhaeuser Company | &nbsp;&nbsp;5% of the weighted average quarterly Fair Market Value *(*FMV)per short ton (2,000 Ibs) on Products (REE-bearing material) from Lease Area |
| &nbsp;&nbsp;**Byproduct Royalty** | &nbsp;&nbsp;Weyerhaeuser Company | &nbsp;&nbsp;5% of FMV per applicable weight or volume of Byproducts (non-REE minerals produced as secondary products).<br>Same valuation method as above,using London Metal Exchange pricing where applicable.<br>FMV Determination:<br>The higher of (a) the average quarterly published price (e.g., mineralprices.com) or (b) Gross Sales Price (actual sale price).<br>If not an arm's-length sale,FMV reverts to<br>comparable arm's-length pricing.<br>No deductions for transport, taxes, or selling costs. Hedging gains/losses are excluded. |
| &nbsp;&nbsp;**Area of Interest (AOI) Royalty** | &nbsp;&nbsp;Weyerhaeuser Company | &nbsp;&nbsp;Coverage: Applies to any Outside Lease Area Interest in 10 counties of GA (Harris, Talbot, Muscogee, Meriweather, Pike, Upson, Lamar, Monroe, Jones, and Jasper) + Lee County,AL (.<br>Royalty Rate: 1% of FMV of Products and Byproducts from any such AOI property. Duration: Survives lease termination; continues as long as SEM or successors hold interest.<br>Instrument: Granted by separate recorded Area of Interest Royalty Grant and Agreement. |
| &nbsp;&nbsp;**Put Option Royalty (Processing Facilities Area)** | &nbsp;&nbsp;Weyerhaeuser Company | &nbsp;&nbsp;If Weyerhaeuser requires SEM to purchase any portion of the Lease Area used for processing or tailings:<br>Purchase price = 125% of fair market value of unimproved land.<br>Weyerhaeuser may elect to retain a Put Option Royalty of 5% on production from that sold area (same terms as lease royalties).<br>Formalized by Royalty Grant Agreement and survives lease termination. |
| &nbsp;&nbsp;**REA Share Consideration** | &nbsp;&nbsp;Rare Earths Americas Ltd. equity component | &nbsp;&nbsp;Equity substitution for prior U.S. Elements shares |

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Pursuant to the SEM Option, FRE US agrees to provide SEM with a bi-monthly written report outlining all material activities conducted on the covered property in connection with mineral exploration. The option period for the SEM

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Option ends on the earliest of (i) August 1, 2026, (ii) the date five days after the satisfaction or waiver of conditions precedent set forth in the option agreement, but in no event more than 120 days following the exercise date of the option, or (iii) termination of the agreement. The SEM Option does not provide for automatic extension. However, the option period may be extended by mutual written agreement of the parties through an amendment to the option agreement. Pursuant to the SEM Option, each Member grants to FRE US the option to purchase 100% of the ownership interests in SEM. If FRE US exercises the purchase option, FRE US and FRE Australia, as applicable, are required to pay:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Each Member its pro rata share of $600,000 less the total amount of option payments actually paid by FRE US to SEM on or before the exercise date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•To each Member, its pro rata share of $2,000,000 in cash or, at the election of FRE US or FRE Australia, in their sole and absolute discretion, in REA Shares (as defined below) or shares of another entity ("Alternative Entity") that is listed on, or has been conditionally admitted to the official list of, an Exchange (as defined below).

If we are not listed on or have not been conditionally admitted to the official list of an Exchange within three months of the exercise date or FRE Australia does not own 100% of FRE US, FRE US and FRE Australia may pay in REA Shares in lieu of cash payment of $2,000,000. If FRE US or FRE Australia choose to pay in REA Shares, the number of REA Shares will be determined by the volume weighted average of shares for the 15 trading days immediately prior to the closing date, if listed and traded on an Exchange, by the proposed initial public offering price of us or an Alternate Entity, if conditionally admitted to an exchange, or upon agreement of the parties if not conditionally admitted or if we do not own 100% of FRE US.

For purposes of the SEM Option only, "REA Share" means an ordinary fully paid share in our capital, and "Exchange" means the ASX, a recognized US stock exchange (NYSE, Nasdaq or AMEX), the TSX or TSX Venture Exchange or the London Stock Exchange.

*Brazil*

Under Brazilian laws, the Brazilian Federal Government owns all mineral resources. Under Article 176 of the Brazilian Constitution, all mineral deposits (jazidas) belong to the Brazilian Federal Government, regardless of whether or not the deposits are in active production.

Mining is regulated by the Mining Code, which contains the mining regulations that came into force in December 2017, and other regulations issued by the National Mining Agency ("ANM"), formerly known as National Department of Mining Production.

Brazil also has legislation and legal guarantees related to the exploitation and use of water rights.

*Alpha Project*

The Alpha Project comprises nine granted exploration permits registered with Brazil's NMA that have a total area of approximately 99.76 km². These concessions are listed in Table 3-1 and shown on Figure 3-1 of the Alpha Technical Report Summary. Eight of the concessions host mineral resource estimates.

The Alpha Project includes four deposit areas within the following concessions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•872003/2021 and 872458/2016 host a portion of the Rio Preto deposit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•872073/2016 hosts the Sapacaia deposit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•870377/2012 hosts a portion of the Nova Canaã deposit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•874490/2011 and 870340/2013 host a portion of each of the Rio das Pombas and Nova Canaã deposits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•872585/2015 and 871.567/2015 hosts a portion of the Rio das Pombas deposit.

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The concessions listed in Table 3-1 of the Alpha Technical Report Summary are granted for a range of commodities as defined under the Mining Code. The ANM process permits the holder to adjust the commodity title prior to the granting of a mining concession, provided the holder demonstrates technical justification through exploration results.

In addition to the titles listed in Table 3-1, we hold title to 27 concessions in non-contiguous blocks distributed across the broader region. Collectively, these concessions cover 386 km² and to date have not been the subject of significant mineral exploration work. No formal assessment of their exploration potential has been made, and they are not included in the Alpha Project area that is the subject of the Alpha Technical Report Summary.

A location map for the Alpha Project is shown below:

![img7449594_11.jpg](img7449594_11.jpg)

*Constellation Project*

Our interests in the Constellation Project are held pursuant to mining rights lease agreements (the "Constellation Leases") and mining rights purchase option agreements (the "Constellation Options") between our subsidiary, AMBPL, and various lessors and grantors, as applicable. The Constellation Project is comprised of 21 concession areas totalling 5,948 hectares (see also Chapter 3.4 of the Constellation Technical Report Summary) of which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•8 concession areas totaling 1,423 hectares that are claims on mineral title through option with existing title holder,

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•13 concession areas containing 4,525 hectares that we own through our subsidiaries and affiliates.

Private option agreements between our wholly-owned subsidiary AMBPL and the respective landowners grant us the exclusive right to access, enter and occupy each property for the purpose of mineral exploration and, upon exercise of the option, to obtain mineral rights for each property. A summary of the option agreements is given in the following sub-sections. In addition to the titles listed in Table 3-1 of the Constellation Technical Report Summary, we hold title to 19 concessions in non-contiguous blocks distributed across the broader region. Collectively, these concessions cover 18.9 km² and to date have not been the subject of significant mineral exploration work. No formal assessment of their exploration potential has been made and they are not included in the Constellation Project area that is the subject of the Constellation Technical Report Summary.

The Constellation Leases comprise a series of agreements with Mineracao Andradense Ltda. and Mineracao Alto da Serra de Andradas Ltda., each dated August 17, 2023, in the form of 10-year leases on the underlying mining rights, including mining concessions for the exploration of minerals in 800.572/1969, 804.059/1971 and 808.966/1968. The agreements grant AMBPL the right to explore and evaluate the applicable properties. The agreements each require AMBPL to pay a non-refundable down payment of R$50,000.00. Further, effectiveness of the lease agreements is subject to certain conditions, including, among other things, AMBPL conducting research regarding the possibility of mining rare earth elements and associated minerals, to be reflected in a report in accordance with applicable Brazilian mining regulations; communication by the lessors with the ANM regarding the existence of mineral substances in the area covered by the mining rights not included in the original mining concession ordinance; preparation of an economic utilization plan by the parties indicating the changes to the initial mining plan that resulted in the mining concession ordinance and all other documents required to claim the amendment to the mining concession ordinance, including the possibility of exploring new mineral, through the ANM; and the signing and registration of a lease agreement that meets certain specified regulatory conditions. Once the required conditions have been met, or waived in writing by AMBPL, as applicable, such date referred to as the Closing Date, a fixed payment of US$1,000,000 in Brazilian reais is required. In consideration for each of the leases, AMBPL must also pay variable monthly installments of 5% of the monthly net revenue resulting from the exploration of the applicable mining right beginning after the start of mining operations in the applicable mining right area. Pursuant to the Constellation Leases, AMBPL may occupy the area covered by the mining right and carry out mining, processing, classification, storage and other operations inherent to exploitation of the minerals, as of the Closing Date.

The Constellation Options comprise two mining rights purchase option agreements, with JJBF Ltda. ("JJBF") as grantor of one of such options (as amended, the "JJBF Option"), and Green Mining Company Ltda. ("GMC," which assumed Terra Goyana Mineradora Ltda. and Bautek Minerais Industriais Ltda.'s rights and obligations under the option agreement), EDEM Empresa de Dezenvolvimento Em Mineracao e Participacoes and Sintertec Minerais Industriais Ltda. (collectively, the "GMC Grantors") as grantors of the other option (as amended, the "GMC Option"). The option to exercise each of the Constellation Options lies entirely with AMBPL.

The JJBF Option required payment of a non-refundable premium of R$200,000.00 for the right to exercise the option, and requires payment of an exercise price to acquire mining rights with respect to the mining concessions for 813.944/1971 held by JJBF. If AMBPL chooses to exercise the JJBF Option, it must pay the equivalent of an aggregate of US$15 million, in three installments, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•First Installment: Payment of US$1,000,000 in Brazilian reais within 15 days of the exercise notice. Additionally, issuance to JJBF or its designated beneficiary of the number of REA US Shares (as defined below) equal to US$4,000,000, valued at the closing price on the date of the Liquidity Event (as defined below) (collectively, the "First Installment").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Second Installment: Within 12 months after the due date of the First Installment, issuance to JJBF or its designated beneficiary of the number of REA US Shares equal to US$5,000,000, valued at the average closing prices traded on the Exchange (as defined below) measured over 10 consecutive trading days prior to the transfer date (the "Second Installment").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Third Installment: Within 12 months of the due date of the Second Installment, issuance to JJBF or its designated beneficiary of the number of REA US Shares equal to US$5,000,000, valued at the average closing prices traded on the Exchange measured over 10 consecutive trading days prior to the transfer date (the "Third Installment").

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The JJBF Option also requires a share of mining profits to be paid to JJBF.

For purposes of the Constellation Options and the Greenfield Agreement (as defined below) only, "REA US Shares" means shares of common stock of REA that are publicly traded on a recognized United States stock exchange (e.g., NYSE American, NYSE, or NASDAQ) (the "Exchange"), which may have resulted from any of the following types of liquidity events: (i) an initial public offering resulting in REA US Shares being publicly traded on an Exchange; (ii) the merger of REA into a company whose shares are publicly traded on an Exchange, or the merger of REA by a public company whose shares are publicly traded on an Exchange; or (iii) the sale or transfer of a controlling interest in REA to a public company whose shares are publicly traded on the Exchange (each referred to as a "Liquidity Event"). Pursuant to the JJBF Option, REA US Shares issued to JJBF, if any, will not be registered under the Securities Act and will be subject to standard restrictions applicable to shares not registered under the Securities Act.

The initial term of the JJBF Option terminated on December 31, 2025. As a Liquidity Event related to the REA US Shares had not occurred by the end of the initial term, AMBPL elected to extend the term until December 31, 2026 for an additional premium of US$100,000. Pursuant to the JJBF Option, if a Liquidity Event does not occur fifteen days prior to the additional term, AMBPL may, in its sole discretion, exercise the option by paying the exercise price installments in Brazilian reais; however, if a Liquidity Event occurs after the exercise and prior to the payment of all installments, then any remaining installments must be paid in REA US Shares, unless JJBF expressly agrees to payment in Brazilian reais.

Under the GMC Option, AMBPL is required to pay an exercise price to acquire certain mining rights held by the GMC Grantors, including mining concessions for 818.865/1971 and 830.914/2013, an exploration permit and mining application for 806.199/1973, and exploration permits for 832.149/2022 and 832.150/2022. The mining rights covered by the GMC Option also include assignment of an exploration application registered with the ANM for 832.221/2021 (the "Exploration Application") once exploration authorization is approved. If AMBPL chooses to exercise the GMC Option, it must pay the GMC Grantors the equivalent of an aggregate of US$5.16M through the issuance of REA Shares, valued at the closing price on the date of the Liquidity Event.

For purposes of the GMC Option only, "REA Shares" means shares issued by Rare Earths Americas Pty Ltd., or by a company that succeeds or is its parent company, that are publicly traded on the Australian Stock Exchange or another exchange that may replace it ("ASX"), which may have resulted from any of the following types of liquidity events: (i) an initial public offering for public trading on the ASX of the shares of REA, a company that succeeds it or is its parent company; (ii) a merger of REA by a company whose shares are admitted to trading on the ASX, or a merger, by REA of a public company whose shares are admitted to trading on the ASX; or (iii) a sale or transfer of control of REA to a public company whose shares are admitted to trading on the ASX (a "Liquidity Event").

The term of the GMC Option terminates on June 30, 2026. If a Liquidity Event has not materialized by June 30, 2026, AMBPL may extend the term for up to two additional periods of 135 days each, upon prior payment of an additional premium of US$300,000 in Brazilian reais per extension. If a Liquidity Event does not occur by the end of the term or the additional term, AMBPL may, in its sole discretion, exercise the option by paying the exercise price in Brazilian reais.

If the GMC Grantors have not yet received the notice of approval of exploration authorization for the Exploration Application on the exercise date, AMBPL may partially exercises the purchase option at a reduced exercise price of US$4,375,315.18, in which event AMBPL will retain the right for the option with respect to the Exploration Application for an additional 12 months after the exercise notice date for an exercise price of US$784,684.82. Further, if the area of the Exploration Application is reduced for any reason, the exercise price or partial exercise price will be reduced in proportion to the total number of hectares of the mining rights.

*Homer Project*

On December 26, 2025 (the "Greenfield Effective Date"), AMBPL entered into a Mineral Rights Assignment and Covenants Agreement (the "Greenfield Agreement") with Greenfield Exploration Ltda. ("Greenfield"), which

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provides for the full assignment by Greenfield to AMBPL of a mining right registered with the ANM, covering approximately 1,999.46 hectares in Paraúna, Goiás. The assignment is subject to approval by the ANM.

Pursuant to the Greenfield Agreement, AMBPL shall pay Greenfield as consideration: (a) the Brazilian reais equivalent of AUD 250,000 within three business days of the Greenfield Effective Date, subject to the filing of an assignment request with the ANM; (b) REA Restricted Shares (as defined below) valued to total AUD 500,000 within three business days after the financial settlement of a Liquidity Event (or, if no Liquidity Event occurs within six months of the Greenfield Effective Date, AMBPL may make such payment in local currency or terminate the Greenfield Agreement as provided therein); (c) AUD 750,000 within five days after filing the Final Exploration Report (as defined in the Greenfield Agreement) with ANM (which must be filed no later than April 22, 2027), payable, in AMBPL's sole discretion, in Brazilian reais or, if applicable following an initial public offering, in REA US Shares or REA Restricted Shares; and (d) AUD 500,000 within 24 months of the Greenfield Effective Date, subject to extension for certain specified delays, payable, in AMBPL's sole discretion, in Brazilian reais or, if applicable following a Liquidity Event, in REA US Shares or REA Restricted Shares. All amounts payable under the foregoing are to be allocated 80% to Greenfield and 20% to Focus Capital Partners Pty Ltd ("Focus").

For purposes of the Greenfield Agreement only, "REA Restricted Shares" means REA US Shares subject to a lockup for a period of six months from the Liquidity Event date.

If the ANM ultimately denies the assignment of the mining right, the Greenfield Mining Rights Agreement provides that parties will negotiate alternatives on the same commercial terms for 30 days, with the agreement terminating if the parties fail to reach agreement.

Pursuant to the Greenfield Agreement, REA US Shares or REA Restricted Shares issued to Greenfield and Focus, if any, will not be registered under the Securities Act and will be subject to standard restrictions applicable to shares not registered under the Securities Act.

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A location map for the Constellation Project is shown below:

![img7449594_12.jpg](img7449594_12.jpg)

**Competition**

The mining industry in general is extremely competitive in all of its phases, and we compete with many companies possessing greater financial and technical resources. Competition in the metals mining industry is primarily for: mineral rich properties that can be developed and produced economically; technical expertise to find, develop, and operate such properties; labor to operate the properties; and capital for the purpose of funding such properties. Many competitors not only explore for and mine rare earth metals but also conduct refining and marketing operations on a global basis. Such factors may result in us being unable to acquire desired properties, to recruit or retain qualified employees or to acquire the capital necessary to fund our operations and develop mining properties. Existing or future competition in the mining industry could materially adversely affect our prospects for mineral exploration and success in the future. See "Risk Factors — Risks Related to Our Business — *An increase in the global supply of magnet rare earth elements or, dumping, predatory pricing and other tactics by our competitors or state actors may adversely affect our profitability*.", "Risk Factors — Risks Related to Our Business — *We depend on key personnel for the success of our business. We may be unable to attract and retain qualified mining and technical personnel, which could materially and adversely affect our business and the execution of our strategic plans.*", "Risk Factors — Risks Related to the Rare Earth Elements Mining Industry — *The mining industry is highly competitive*.", and "Risk Factors — General Risks — *We operate in an intensely competitive business environment. We may not be as successful as our competitors incorporating AI into our business or adapting to a rapidly changing marketplace.*"

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**Facilities and Equipment**

We lease and maintain our executive office at 101 W. Main Street, Manchester, Georgia 31816. In support of our exploration activities, we also maintain field offices in the state of Georgia and in Brazil. We do not currently own any real property. We believe these facilities adequately support our current operations, and additional space can be secured if needed under commercially reasonable terms.

**Human Capital**

As of March 31, 2026, we have engaged twelve (12) full-time employees, one (1) part-time employee and eight (8) consultants. Three (3) consultants serve us full-time and five (5) consultants serve us part-time. These employees and consultants provide management, technical, and administrative services to us.

**Legal Proceedings**

From time to time, we may become involved in legal proceedings or be subject to claims arising in the ordinary course of our business. We are not currently a party to any material proceedings. Regardless of outcome, such proceedings or claims could have an adverse impact on us because of defense and settlement costs, diversion of resources and other factors, and the possibility of unfavorable outcomes.

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**PROPERTIES**

*The information regarding the Shiloh Project that is set forth in this prospectus, including in this "Properties" section: (i) is derived from the technical report summary titled "Technical Report Summary Shiloh Project, Georgia" dated November 7, 2025 (the "Shiloh Technical Report Summary"), a copy of which is filed as Exhibit 96.1 to the registration statement of which this prospectus forms a part; and (ii) does not purport to be a complete summary of, is subject to all the assumptions, qualifications and procedures set out in, and is qualified in its entirety with reference to the full text of, the Shiloh Technical Report Summary. The Shiloh Technical Report Summary was prepared in accordance with S-K 1300 and is dated and signed by Geosyntec Consultants, Inc. ("Geosyntec"). Geosyntec is a third-party firm that employs a professional geologist whose education and experience satisfy the requirements of a "qualified person" under S-K 1300 and who prepared the Shiloh Technical Report Summary. Neither Geosyntec nor such qualified person is affiliated with us or has any interest in us. Geosyntec has approved the summary of the Shiloh Technical Report Summary set forth in this "Properties" section.*

*The information regarding the Alpha Project that is set forth in this prospectus, including in this "Properties" section: (i) is derived from the technical report summary titled "Updated Alpha Project Bahia, Brazil Technical Report Summary" dated March 25, 2026 (the "Alpha Technical Report Summary"), a copy of which is filed as Exhibit 96.3 to the registration statement of which this prospectus forms a part; and (ii) does not purport to be a complete summary of, is subject to all the assumptions, qualifications and procedures set out in, and is qualified in its entirety with reference to the full text of, the Alpha Technical Report Summary. The Alpha Technical Report Summary was prepared in accordance with S-K 1300 and is dated and signed by McGarry Geoconsulting Corp. ("McGarry Geoconsulting"), and Karst Geo Solutions LLC ("Karst Geo Solutions"). McGarry Geoconsulting and Karst Geo Solutions are third-party firms that employ professional geologists whose education and experience satisfy the requirements of a "qualified person" under S-K 1300 and who prepared the Alpha Technical Report Summary. Neither McGarry Geoconsulting, Karst Geo Solutions, nor such qualified persons is affiliated with us or have any interest in us. McGarry Geoconsulting and Karst Geo Solutions have each approved the summary of the Alpha Technical Report Summary set forth in this "Properties" section.*

*The information regarding the Constellation Project that is set forth in this prospectus, including in this "Properties" section: (i) is derived from the technical report summary titled "Updated Constellation Project Minas Gerais, Brazil Technical Report Summary" dated March 25, 2026 (the "Constellation Technical Report Summary"), a copy of which is filed as Exhibit 96.2 to the registration statement of which this prospectus forms a part; and (ii) does not purport to be a complete summary of, is subject to all the assumptions, qualifications and procedures set out in, and is qualified in its entirety with reference to the full text of, the Constellation Technical Report Summary. The Constellation Technical Report Summary was prepared in accordance with S-K 1300 and is dated and signed by McGarry Geoconsulting, and Karst Geo Solutions. McGarry Geoconsulting and Karst Geo Solutions are third-party firms that employ professional geologists whose education and experience satisfy the requirements of a "qualified person" under S-K 1300 and who prepared the Constellation Technical Report Summary. Neither McGarry Geoconsulting, Karst Geo Solutions, nor such qualified persons is affiliated with us or have any interest in us. McGarry Geoconsulting and Karst Geo Solutions have each approved the summary of the Constellation Technical Report Summary set forth in this "Properties" section.*

*For a description of the key assumptions, parameters and methods used to estimate mineral resources disclosed in this prospectus, as well as data verification procedures and a general discussion of the extent to which the estimates may be affected by any known environmental, permitting, legal, title, taxation, sociopolitical, marketing or other relevant factors, please review the Shiloh Technical Report Summary, Alpha Technical Report Summary, and Constellation Technical Report Summary, as applicable, each of which is incorporated by reference in this prospectus.*

**Summary Disclosure of Mineral Properties**

The following table presents an overview of each of our mineral projects. There have been no previous resource estimates for each of our mineral projects. The estimates contained within the Alpha Technical Report Summary and the Constellation Technical Report Summary are the initial estimates for those properties. No mineral resources have been estimated for the Shiloh Project. For additional information about the projects, see "Business — Our Mineral Projects." Each of the Shiloh Project, Alpha Project, and Constellation Project are material to our business or financial condition. Technical report summaries pursuant to S-K 1300 with respect to each of the Shiloh Project, Alpha Project, and Constellation Project are filed as Exhibits 96.1, 96.3, and 96.2, respectively, to the registration statement, of which

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this prospectus forms a part. Summaries of each of those technical report summaries are set forth below under the captions "Properties — Shiloh Project," "Properties — Alpha Project," and "Properties — Constellation Project."

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| ***Project*** | ***Location*** | ***Ownership interests***  | ***Operator*** | ***Primary Commodities*** | ***Royalties and other encumbrances*** | ***Key permit conditions*** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Shiloh Project** | Shiloh, Georgia, USA, spanning Harris and Talbot counties. | REA owns mineral and surface rights through lease, option, and acquisition agreements. | FRE US<br> Two options, consisting of (i) an option and project evaluation agreement<sup>(1)</sup> that grants an option to purchase all membership interests in SEM, which holds rights to explore and develop certain land parcels covering approximately 1,662.8 acres in Harris and Talbot Counties, Georgia, under a mining lease, and (ii) an option agreement<sup>(2)</sup> that grants the exclusive right to access, enter, occupy, and use for exploration, surveys, technical studies, and the option to purchase certain land parcels covering approximately 263.7 acres in Talbot County, Georgia. | NdPr and DyTb. | Royalty payments on production of rare earth element products and byproducts required under the mining lease, including non-participating overriding royalty interest to the lessor on production occurring from within a defined area outside the lease area.  | Exploration activities on private lands are not subject to permit approval. |
| &nbsp;&nbsp;&nbsp;&nbsp;**Alpha Project** | Bahia State, Brazil. | Wholly owned by us pursuant to exploration permits. | REA<br> 9 granted exploration permits that cover a total area of approximately 99.76 km<sup>2</sup>, with 4 deposit areas containing mineral resources. We also hold title to 27 tenements covering 386 km².<sup>(3)</sup>  | High-grade ionic clay rich in DyTb and NdPr. | Production from any future mining operations will be subject to a federal royalty of 2% of gross revenue. A landowner royalty may also be payable, determined by agreement with the landowner or, if no agreement exists, an amount equal to half of the federal royalty. The Alpha Project is also subject to a private 2.5% gross revenue royalty applicable to 100% of the reported mineral resources.<br>| Final Exploration Reports ("RFPs") for six Alpha tenements were submitted in 2023 and are under ongoing ANM review. We do not anticipate impediments to approval, after which we will be eligible to apply for mining concessions. One tenement has an RFP due in January 2026, and RFPs for the remaining tenements are due in 2028. Permits are subject to ANM filing regulations and environmental compliance monitoring by INEMA. Land access by surface owner agreement or as provided under the Mining Code. |
| &nbsp;&nbsp;&nbsp;&nbsp;**Constellation Project** | Near Poços de Caldas, Brazil. | Wholly owned by us pursuant to exploration permits and concessions. | AMBPL<br> 21 granted permits covering approximately 59.5 km², with concessions located over a large area, 20 km in north–south extent, from Poços de Caldas to the north and Andradas to the south. There are six mining concessions and 15 exploration permits. 13 concessions are directly owned by us or our subsidiaries or affiliates, and 8 concessions are subject to option agreements<sup>(4)</sup> with Brazilian companies, granting us the exclusive right to access, enter and occupy each property for the purpose of mineral exploration and, upon exercise of the option, to obtain mineral rights for each property.<br>In the surrounding region, we also hold title to 19 tenements covering 183 km². There are 17 exploration permits. directly owned by us or our subsidiaries or affiliates, and one mining permit application and one exploration permit application that are subject to option agreements with Brazilian companies. | High-grade ionic clay rich in DyTb and NdPr. | The Roseria, Varginha and Clube da Uva deposits are subject to a private royalty equal to 5% of net revenue from concession production in favor of Mineração Andradense Ltda. Production from any future mining operations will be subject to a federal royalty of 2% of gross revenue. A landowner royalty may also be payable, determined by agreement with the landowner or, if no agreement exists, an amount equal to half of the federal royalty. The Andradas deposit is subject to a private royalty equal to 2.5% of gross revenue from concession production in favor of Brazil Royalty Corp Participações e Investimentos Ltda. No material encumbrances are known. A portion of regional tenement 833012/2022, which does not host mineral resources, is intersected by a Municipal Environmental Protection Area which does not constitute a title encumbrance and mining within such areas is not prohibited. However, activities in such areas are subject to additional environmental licensing and permitting  | Permits are subject to ANM filing regulations and environmental compliance monitoring by SEMAD. Land access by surface owner agreement or as provided under the Mining Code. |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  | requirements. The Pio Cipó deposit and two exploration tenements which do not host mineral resources are bisected by transmission lines that may impose localized constraints.  |  |
| **Homer Project**  | Goiás State, Brazil | Wholly owned by us pursuant to exploration permits. | REA<br> 58 granted exploration permits that cover a total area of 1,118km<sup>2</sup> and six exploration permit applications that cover a total area of 115km<sup>2(5)</sup> | Carbonatite prospective for P, V, Ti DyTb and NdPr.  | Production from any future mining operations will be subject to a federal royalty of 2% of gross revenue. A landowner royalty may also be payable, determined by agreement with the landowner or, if no agreement exists, an amount equal to half of the federal royalty. No private royalties or title encumbrances are known.<br>| Permits are subject to ANM filing regulations and environmental compliance monitoring by Secretaria de Estado de Meio Ambiente e Desenvolvimento Sustentável de Goiás. <br>RFPs for permits are due in 2026. Land access by surface owner agreement or as provided under the Mining Code. |
| **Pernambuco Project** | Near Recife, Brazil | Wholly owned by us pursuant to exploration permits. | REA<br> 33 granted exploration permits that cover a total area of 443km<sup>2</sup> and six exploration permit applications that cover a total area of 73km<sup>2(5)</sup> | Prospective for DyTb and NdPr.  | Production from any future mining operations will be subject to a federal royalty of 2% of gross revenue. A landowner royalty may also be payable, determined by agreement with the landowner or, if no agreement exists, an amount equal to half of the federal royalty. No private royalties or title encumbrances are known.<br>| Permits are subject to ANM filing regulations and environmental compliance monitoring by respective State Environmental Secretariats. RFPs for permits are due in 2027. Land access by surface owner agreement or as provided under the Mining Code. |
| **Espinosa Project**  | States of Minas Gerais and Bahia, <br>Brazil | Wholly owned by us exploration permits. | REA<br> 23 granted exploration permits that cover a total area of 297km<sup>2</sup> | Prospective for DyTb and NdPr.  | Production from any future mining operations will be subject to a federal royalty of 2% of gross revenue. A landowner royalty may also be payable, determined by agreement with the landowner or, if no agreement exists, an amount equal to half of the federal royalty. No private royalties or title encumbrances are known.<br>| Permits are subject to ANM filing regulations and environmental compliance monitoring by respective State Environmental Secretariats. RFPs for permits are due in 2027. Land access by surface owner agreement or as provided under the Mining Code. |
| **Tocantins Project** | State of Tocantins | Wholly owned by us pursuant to exploration permits. | REA<br> One granted exploration permit that covers a total area of 20km<sup>2</sup> | Prospective for DyTb and NdPr. | Production from any future mining operations will be subject to a federal royalty of 2% of gross revenue. A landowner royalty may also be payable, determined by agreement with the landowner or, if no agreement exists, an amount equal to half of the federal royalty. No private royalties or title encumbrances are known. | Permits are subject to ANM filing regulations and environmental compliance monitoring by respective State Environmental Secretariats. RFPs for permits are due in 2027. Land access by surface owner agreement or as provided under the Mining Code. |
| **Ceara Project** | State of Ceatra | Wholly owned by us pursuant to an exploration permit. | REA<br> One granted exploration permit that cover a total area of 0.3km<sup>2</sup> | Prospective for Lithium, DyTb and NdPr. | Production from any future mining operations will be subject to a federal royalty of 2% of gross revenue. A landowner royalty may also be payable, determined by agreement with the landowner or, if no agreement exists, an amount equal to half of the federal royalty. No private royalties or title encumbrances are known. | Permits are subject to ANM filing regulations and environmental compliance monitoring by respective State Environmental Secretariats. RFPs for permits are due in 2027. Land access by surface owner agreement or as provided under the Mining Code. |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The option period for the SEM Option ends on the earliest of (i) August 1, 2026, (ii) the date five days after the satisfaction or waiver of conditions precedent set forth in the option agreement, but in no event more than 120 days following the exercise date of the option, or (iii) termination of the agreement. We have not yet exercised this option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)The term of the Newbill Option ends on February 28, 2027. We have not yet exercised this option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)RFPs for six Alpha Project tenements (870340/2013, 874490/2011, 870377/2012, 872458/2016, 871567/2015, and 872585/2015) were due and submitted in 2023. ANM reviews are ongoing and typically extend beyond the statutory six-month period. We do not anticipate impediments to approval, after which we will be eligible to apply for mining concessions. One tenement (872073/2016) has a RFP due in January 2026, and RFPs are due for the remaining tenements in 2028.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)The term of the JJBF Option terminates on December 31, 2025; however, if a liquidity event as specified therein has not occurred by the end of the term, the term may be extended until December 31, 2026 for an additional premium of US$100,000. The term of the GMC Option terminates on June 30, 2026; however, if a liquidity event as specified therein has not occurred by June 30, 2026, the term may be extended for up to two additional periods of 135 days each for an additional premium of US$300,000 per extension.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)Exploration permit applications have been filed in compliance with ANM requirements and are currently under agency review. Given their conformity with applicable regulations, no impediments to the granting of the permits are anticipated. Upon the granting of an exploration permit, the holder must formally notify the ANM of the commencement of exploration activities within 60 days.

The following map shows the locations of our mineral projects.

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![img7449594_13.gif](img7449594_13.gif)

<u>Exploration Stage Company</u>. None of our mineral projects have an operating mine or have ever produced any minerals in commercial quantities. We have not demonstrated the existence of mineral reserves at any of our projects, and therefore each of our projects is in the exploration stage and we are considered an exploration stage company. We are conducting on-site exploration activities at the Shiloh Project, Alpha Project and Constellation Project, and have plans to conduct additional exploration activities, including drilling, at each of these projects, as well as at the Homer Project, which project is in early exploration stage and we do not consider to be a material project. See "Properties — Shiloh Project — Planned Exploration and Related Programs", "Properties — Alpha Project — Planned Exploration and Related Programs," and "Properties — Constellation Project — Planned Exploration and Related Programs." We expect to remain an exploration stage company for the foreseeable future. To exit the exploration stage, become a development stage issuer and, ultimately, commence mining at any of our projects, it will be necessary for us to demonstrate the existence of proven or probable mineral reserves at one or more of our projects, and complete one or more feasibility studies that would enable us to obtain financing on reasonable terms and in amounts sufficient to

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establish and operate the applicable mining operations. The Shiloh Project is an early-stage exploration project, and a mineral resource estimate has not been estimated.

<u>Summary of Mineral Resource Estimates.</u> There have been no previous resource estimates for each of our material mineral projects. The following table summarizes our initial mineral resource estimates as shown in the Alpha Technical Report Summary and Constellation Technical Report Summary. The Shiloh Technical Report Summary presents exploration results only and does not include mineral resource estimates.

Our internal controls include a comprehensive Quality Assurance/Quality Control program for all exploration and production drilling. This includes the insertion of certified reference materials (standards), blanks, and duplicate samples into the sample stream. All assaying is performed by independent, ISO-certified laboratories. We perform periodic 'blind' re-assays and inter-laboratory checks to ensure analytical consistency. The estimation of mineral resources is performed by, or under the supervision of, a 'Qualified Person' as defined by S-K 1300. Internal controls over the determination of 'reasonable prospects for economic extraction' include the use of commodity price assumptions provided by industry experts. Metallurgical recovery factors are based on representative lab testing and are verified.

Development of our mineral resources estimates conform to industry best practices and are regularly reviewed by internal and external parties to audit processes for resource estimation. Mineral resources are estimates that contain inherent risk and depend upon geologic interpretation and statistical inferences from drilling and sampling, which may prove to be unreliable. See "Risk Factors" for additional information.

For both the Alpha Project and Constellation Project, mineral resources reported are estimated, based on initial assessments, using a cut-off of 1,000 ppm total rare earth oxides ("TREO"), which was determined based on $57/kg TREO for the Alpha Project and $44/kg TREO for the Constellation Project; these values are an average recovered value using a ten-year forecast of rare earth oxide prices to 2040, as published by Adamas Intelligence in the Q1 2025 *Rare Earth Pricing Quarterly Outlook.* The cut-off includes mining, processing, and general and administrative costs. Costs related to waste mining, transportation, and capital expenditures are excluded.

**Summary of Mineral Resources**

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| | | | |
|:---|:---|:---|:---|
| **Measured mineral resources** | **Indicated mineral resources** | **Measured + indicated mineral** <br>**resources** | **Inferred mineral <br>resources** |
| **ALPHA PROJECT (Poços de Caldas, Brazil) <br>Effective Date: October 31, 2025:** | **ALPHA PROJECT (Poços de Caldas, Brazil) <br>Effective Date: October 31, 2025:** | **ALPHA PROJECT (Poços de Caldas, Brazil) <br>Effective Date: October 31, 2025:** | **ALPHA PROJECT (Poços de Caldas, Brazil) <br>Effective Date: October 31, 2025:** |

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Amount** | **Grades/<br>qualities** | **Amount** | **Grades/<br>qualities** | **Amount** | **Grades/<br>qualities** | **Amount** | **Grades/<br>qualities** |
| (amounts are in millions<br>&nbsp;&nbsp;&nbsp;&nbsp;of metric tons): | - | -% | - | -% | - | -% | 201.7 Mt | 1,520 ppm<br>TREO |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **CONSTELLATION PROJECT (Poços de Caldas, Brazil) <br>Effective Date: October 31, 2025:** | **CONSTELLATION PROJECT (Poços de Caldas, Brazil) <br>Effective Date: October 31, 2025:** | **CONSTELLATION PROJECT (Poços de Caldas, Brazil) <br>Effective Date: October 31, 2025:** | **CONSTELLATION PROJECT (Poços de Caldas, Brazil) <br>Effective Date: October 31, 2025:** | **CONSTELLATION PROJECT (Poços de Caldas, Brazil) <br>Effective Date: October 31, 2025:** | **CONSTELLATION PROJECT (Poços de Caldas, Brazil) <br>Effective Date: October 31, 2025:** |
|  | **Grades/<br>qualities** | **Grades/<br>qualities** | **Grades/<br>qualities** | **Amount** | **Grades/<br>qualities** |
| (amounts are in millions<br>&nbsp;&nbsp;&nbsp;&nbsp;of metric tons): | -% | -% | -% | 266.2 Mt | 2,637 ppm<br>TREO |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Project** | &nbsp;&nbsp;**Alpha** | &nbsp;&nbsp;**Constellation** |
| &nbsp;&nbsp;**MREO (% TREO)**<sup>1</sup> | &nbsp;&nbsp;24% | &nbsp;&nbsp;22% |
| &nbsp;&nbsp;**NdPr (% TREO)** | &nbsp;&nbsp;21% | &nbsp;&nbsp;21% |
| &nbsp;&nbsp;**DyTb (% TREO)** | &nbsp;&nbsp;3% | &nbsp;&nbsp;1% |

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&nbsp;&nbsp;&nbsp;&nbsp;1. MREO is comprised of light rare earth oxides – Nd and Pr – and heavy rare earth oxides – Dy and Tb. MREO % of TREO represents the proportion of total rare earth oxides comprised of magnet rare earth elements.

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<u>Internal Controls</u>. Our internal controls relating to QA/QC to date have consisted primarily of reviewing records maintained by prior owners of the Shiloh claims, Alpha claim and Constellation claims as to the chain of custody of samples, including samples used for laboratory analyses, and satisfying ourselves that the procedures followed with respect to such custody was consistent with industry standards. As noted below, we plan to conduct additional exploration activities that involve sampling, including drilling, at each of our projects. Before commencing those activities, and conducting assays of such sampling and the reporting of results from those assays, we intend to establish sampling and analytical QA/QC protocols that are consistent with industry standards including, without limitation, the following: (i) for each project's data, establishing an accurate, reliable and defensible database that can be used to produce updated estimates of mineralization and feasibility studies; (ii) sampling to verify known mineralization; (iii) confirming that samples (from both surface collection or drilling) are of the highest possible quality; (iv) establishing procedures to ensure the security and integrity of samples from point of origin to analytical laboratory; and (v) implementing industry-standard QA/QC procedures to confirm the accuracy and reliability of the laboratory analyses, including the use of duplicate samples (*i.e.,* two or more samples from the same sample submitted to the laboratory for analysis as if they were separate samples), blanks (*i.e.,* samples containing no detectable mineralization) and standards (*i.e.,* samples with known assay values), and confirming assay values from the original assay laboratory by submitting the same sample to a second laboratory.

**Shiloh Project**

<u>Description and Location</u>. The Shiloh Project is located in Shiloh, Georgia, USA spanning Harris and Talbot counties. The properties are approximately 110 km south-west from Atlanta, the state capital of Georgia. The project center is located at approximate geographic centered coordinates of latitude 32.8045°N and longitude -84.6792°W. The current book value of the Shiloh Project property and its associated plant and equipment is US$53,592.

The Shiloh Project is focused on monazite mineralization, rich in the rare earth elements NdPr and DyTb. The following maps show the location of the Shiloh Project.

![img7449594_14.gif](img7449594_14.gif)

The following map shows the layout of the Shiloh claims.

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Shiloh Project Mineral Claims

![img7449594_15.gif](img7449594_15.gif)

The Shiloh Project is an "exploration stage property." No mining operations have ever been conducted at the Shiloh Project by us or any previous owner. We anticipate completing further exploration activities at the Shiloh Project, as described below in this prospectus under the sub-caption "Properties — Shiloh Project — Planned Exploration and Related Programs." Through such further exploration activities, we expect to develop additional information to more precisely identify and delineate mineralization at the Shiloh Project and to determine the potential locations for extracting such deposits. The additional information may allow us, in conjunction with a qualified person, to estimate mineral resources.

<u>Physiography and Climate</u>. The topography of the Shiloh Project area is generally characterized by gently rolling hills, bounded to the north and south by two prominent east–west trending ridges. Southern Georgia has a humid subtropical climate with short, mild winters and hot summers. The area around the project area experiences summer temperatures ranging from approximately 29°C to 34°C. Winter temperatures are more variable with an average high of 13°C and average low of 2°C. Average annual precipitation ranges from 120 centimeters ("cm") to 140 cm. Snowfall or freezing precipitation in the area is rare. The region's relatively mild climate enables year-round exploration minimal disruption from weather-related conditions. Seasonal variations and weather events would be expected to have a small effect on the efficiency of exploration, any future surface mining, and concentrator plant operations. Negative impacts would be on a limited basis and last less than a few days. Any future mining activities could be conducted year-round.

<u>Geology and Mineralization</u>. The Shiloh Project is underlain by felsic gneisses and saprolitic material that host rare earth element mineralization, primarily in the form of monazite. Exploration from 2020 to 2025 included radiometric surveys, prospecting, and multiple drilling campaigns, culminating in a 908-meter diamond drill program across 13 holes.

Mineralization ranges from widespread low-grade zones (0.5-2% TREO) to localized higher-grade pockets exceeding 10% TREO. These high-grade zones are typically 1-2 meters thick and correlate with iron and manganese staining within or along contacts of the felsic gneiss. Recent drilling confirmed the down-plunge extension of high-grade-range material first identified in Trench 6, as described in the Shiloh Technical Report Summary, trending south-southeast, with notable intercepts from the Newbill direct-push drilling program, as described in the Shiloh Technical Report Summary.

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<u>Ownership</u>. FRE US holds rights to approximately 1,927 acres in Harris and Talbot Counties, Georgia, through a combination of option and acquisition agreements. These include the Newbill Option, which grants FRE US the exclusive right to access, enter, occupy, and use for exploration, surveys, technical studies, and the option to purchase approximately 263.7 acres in Talbot County, and the SEM Option, which grants FRE US an option to purchase all membership interests in SEM, which holds rights to explore and develop certain land parcels covering approximately 1,662.8 acres in Harris and Talbot Counties under a mining lease. These agreements allow FRE US access to both surface and mineral estates, enabling uninterrupted exploration, development, and mining activities. The ownership reflects a framework for long-term project advancement. See "Business—Mining Rights—Shiloh Project" for additional information.

<u>Surface Access</u>. FRE US holds mineral and surface rights through a combination of lease, option, and acquisition agreements, including the Newbill Option and the SEM Option.

<u>Infrastructure</u>. The Shiloh Project has access to robust rail and road infrastructure, as well as low-cost electricity sources. The location of the Shiloh Project also provides direct rail access to multiple major ports across the eastern U.S. We access the property via a well-developed network of primary and secondary paved roads. Larger, private properties include gravel access roads used for agricultural and logging operations within the project boundaries. Interstate Highway I-85, located approximately 10 km east of the Shiloh Project area, provides direct access to Atlanta and Hartsfield Jackson International Airport. Additionally, an active CSX rail line runs through Manchester, Georgia, roughly 8 km to the east northeast of the Shiloh Project area. The city of Shiloh operates its own municipal water system, which provides reliable access to water for the Shiloh Project. The primary source of water is the Crystalline-Rock Aquifer. A potential workforce for the Shiloh Project is available in the towns surrounding the project area, including the nearby Atlanta metropolitan region.

<u>Environmental Matters and Permitting</u>. The Shiloh Project is currently in the exploration phase and is not subject to environmental and permitting requirements applicable to surface mining operations in Georgia. The project is governed by environmental and permitting requirements applicable to exploration-level activities in Georgia. In accordance with Section 12-7 of the Official Code of Georgia Annotated and the Georgia Construction Stormwater General Permits (GAR100001, GAR100002, or GAR100003), land disturbance activities under one acre are exempt from general construction stormwater permitting. The current permitting framework outlines timelines and conditions for land disturbance, and no violations or fines have been reported to date. Social considerations remain focused on maintaining transparent communication with local stakeholders and minimizing environmental impact through best management practices, such as low-impact drilling, use of existing trails, and erosion control.

<u>Exploration History</u>. Prior to our operations in the Shiloh Project area, the Shiloh Project was operated by Southeast Metals, LLC (SEM) along with Dr. Robert Cook, Professor of Geology at Auburn University. Initial exploration of the Shiloh Project area was conducted through a magnetic survey and geophysics. Such exploration efforts identified strong anomalies (eTh) that correspond to monazite sources. Following such exploration, Geotech Ltd, a leading airborne geophysical survey mapping firm, conducted a high-resolution survey of the area and identified targets for prospecting and land acquisition. To date, more than 4,105 meters of grid drilling has been conducted in the initial project area of the Shiloh Project. Such drilling has led to the discovery of ultra-high-grade boulders and confirmation of widespread monazite sands from shallow depths, rich in NdPr and DyTb. Diamond drilling conducted in January and February 2025 confirmed high grade hard rock rare earth mineralization drill intercepts, with assays completed in April 2025. Exploration efforts have led to the discovery of rare earth elements with some of the highest TREO concentrations reported globally, observing boulder assays of up to 20.01% TREO and trenching intercepts up to 30.98% TREO and demonstrating potential for equally high-grade rare earth source rock at depth. Initial ground prospecting led to the discovery of monazite sands located to the north-east of the initial project area.

<u>Exploration and Related Programs</u>. Exploration activities at the Shiloh Project have included an airborne survey and analysis of U.S. Department of Energy flight lines, systematic program of surface sampling, helicopter-borne and ground-based geophysical surveys, geological mapping, and drilling campaigns conducted between 2020 and 2025. Initial prospecting identified areas of interest, prompting high-resolution geophysical surveys conducted in 2021, which acquired 1,984 line-km of magnetic and radiometric data using advanced instrumentation and standard industry practices. Subsequent ground surveys and detailed mapping refined target zones, while drilling in 2021, 2022, and 2025 provided subsurface data supporting mineralization interpretations. These integrated exploration efforts have delineated anomalous zones with elevated rare earth element concentrations and established a data set underpinning ongoing evaluation and exploration at the Shiloh Project.

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The following map shows drill hole locations at the Shiloh Project.

![img7449594_16.jpg](img7449594_16.jpg)

The following table shows higher grade samples from direct-push drilling in 2025:

![img7449594_6.gif](img7449594_6.gif)

\* Other parameters contributing to the total rare earth oxide (TREO) calculation are not shown.

> The reported result is at the upper detection or calibration limit of the method.

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The above table presents a subset of higher grade range assay results from the 2025 DPT drilling at the Newbill property and is intended to provide a concise snapshot of elevated TREO values observed during that campaign. Results have been selected and applied consistently across the dataset. Specifically, the above table includes only samples with TREO% concentrations of at least 10%, showcasing elevated REEs and excludes other results that do not meet those thresholds or would distort a fair presentation if shown in isolation. Samples are organized from highest (green) to lowest TREO% values (blue). As documented in the Shiloh Technical Report Summary, 2021, 2022 and 2025 drilling returned a wide range of TREO values, with 2025 DPT programs yielding numerous short-interval assays at or above 2% TREO (Table 10 of the Shiloh Technical Report Summary).

TREO was calculated including the following oxides: La2O3, Ce2O3, Pr2O3, Nd2O3, Sm₂O₃, Eu₂O₃, Gd₂O₃, Tb₂O₃, Dy₂O₃, Ho₂O₃, Er₂O₃, Tm₂O₃, Yb₂O₃, Lu₂O₃, and Y₂O₃. Where analytical results exceeded the upper method detection limit, the method detection limit value was assigned for calculation purposes. This approach introduces a conservative estimate and may result in underreporting of actual TREO% concentrations. The true values may be higher but cannot be accurately quantified within the validated range of the method. Accordingly, caution is advised when interpreting TREO values derived under these conditions.

The selection of drill hole samples is limited to discrete sample intervals collected and logged by lithological and mineralization contacts, with standard DPT sample lengths generally between approximately 0.3 m and 1.5 m. Isolated "Spike" assays over very short downhole lengths are not presented without accompanying context unless they occur within a broader run of mineralization or are otherwise significant to demonstrate grade tenor at the scale at which DPT samples were collected.

Routine QA/QC samples (CRM's, blanks and duplicates) along with low grade or barren intervals, are excluded from the above table because they are not "higher grade" samples and their inclusion would not assist investors in understanding the nature of elevated TREO occurrences. Reported lengths are downhole lengths; true width cannot be reliably estimated at this stage given the drilling methods, spacing and early stage geologic models.

Sampling, preparation and analytical procedures are described in the Shiloh Technical Report Summary. 2025 assays were prepared at ALS facility in Reno, Nevada and analyzed at ALS's Vancouver Canada facility for fusion/ inductively coupled plasma mass spectrometry (ICP-MS) method ME-MS81/ME-MS81h. Laboratories are ISO/ International Electrotechnical Commission (IEC) 17025-accredited for the specified methods. Drillhole location and total depth are presented in Table 9 and analytical results in Table 10 of the Shiloh Technical Report Summary, along with QA/QC results. Only parameters that are part of the TREO% calculation are shown in the TRS. These exploration results are not mineral resources or reserves and do not demonstrate economic viability.

The table below presents statistics for analyzed samples above low grade cutoff (TREO≥2%**)** for the 2021, 2022 and 2025 drilling programs.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Property** | &nbsp;&nbsp;**Dead Tree** | &nbsp;&nbsp;**Newbill** | &nbsp;&nbsp;**Pig Trail** | &nbsp;&nbsp;**Pig Trail** | &nbsp;&nbsp;**Pig Trail** |
| &nbsp;&nbsp;**Year** | &nbsp;&nbsp;2022 | &nbsp;&nbsp;2025 | &nbsp;&nbsp;2021 | &nbsp;&nbsp;2022 | &nbsp;&nbsp;2025 |
| &nbsp;&nbsp;**Sample Count** | &nbsp;&nbsp;1 | &nbsp;&nbsp;42 | &nbsp;&nbsp;4 | &nbsp;&nbsp;2 | &nbsp;&nbsp;16 |
| &nbsp;&nbsp;**TREO % (min)** | &nbsp;&nbsp;2.26 | &nbsp;&nbsp;2.18 | &nbsp;&nbsp;2.06 | &nbsp;&nbsp;2.46 | &nbsp;&nbsp;2.05 |
| &nbsp;&nbsp;**TREO % (max)** | &nbsp;&nbsp;2.26 | &nbsp;&nbsp;20.01 | &nbsp;&nbsp;3.41 | &nbsp;&nbsp;3.77 | &nbsp;&nbsp;12.78 |
| &nbsp;&nbsp;**TREO % (avg)** | &nbsp;&nbsp;2.26 | &nbsp;&nbsp;8.73 | &nbsp;&nbsp;2.58 | &nbsp;&nbsp;3.11 | &nbsp;&nbsp;4.84 |
| &nbsp;&nbsp;**Interval Avg (m)** | &nbsp;&nbsp;0.38 | &nbsp;&nbsp;0.54 | &nbsp;&nbsp;0.8 | &nbsp;&nbsp;0.76 | &nbsp;&nbsp;0.49 |
| &nbsp;&nbsp;**Depth Min (m)** | &nbsp;&nbsp;6.02 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;0.91 |
| &nbsp;&nbsp;**Depth Max (m)** | &nbsp;&nbsp;6.40 | &nbsp;&nbsp;21.32 | &nbsp;&nbsp;7.62 | &nbsp;&nbsp;7.62 | &nbsp;&nbsp;15.5 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Depth Avg (m)** | &nbsp;&nbsp;6.21 | &nbsp;&nbsp;5.51 | &nbsp;&nbsp;3.94 | &nbsp;&nbsp;6.86 | &nbsp;&nbsp;5.93 |

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<u>About Geosyntec</u>. Geosyntec performed a detailed review of the Shiloh drill and geological data to confirm the accuracy and reliability of the data used in the Shiloh Technical Report Summary. No limitations were placed on Geosyntec to conduct data verification. The sampling methods, security, and analytical procedures used by prior owners of the project in their drilling campaigns were deemed by Geosyntec as adequate for an exploration stage project.

No mineral resources have been estimated for the Shiloh Project.

<u>Assumptions</u>. Of the 3,056 drilling samples collected between 2021, 2022 and 2025 and reviewed for laboratory analysis, 65 samples exceeded the low-grade zone cutoff (TREO ≥ 2%). These higher-grade samples were distributed across three properties: Dead Tree, one sample at an average depth of 6.2 m bgs; Newbill, forty-two samples averaging 5.5 m bgs; and Pig Trail, twenty-two samples with an average depth of 5.7 m bgs. Among these, Newbill samples show the highest TREO average of approximately 9% and maximum value near 20%.

<u>Sample and sampling method disclosure</u>. Between 2021 and 2025, FRE Australia submitted approximately 3,056 samples collected from the Shiloh Project for analysis. To ensure data quality and reliability, we implemented a comprehensive QA/QC program that included CRMs, blanks, and field duplicates. The CRMs were sourced from OREAS using material from the Mount Weld Project in Australia, with three different standards representing low-grade (0.53% TREO), medium-grade (2.08% TREO), and high-grade (9.88% TREO) mineralization that aligned with expected grades at Shiloh.

The QA/QC program also incorporated blanks consisting of commercially available white marble chips to detect any contamination during sample processing, and field duplicates to assess sampling precision. Duplicate samples were collected differently based on the drilling method: half-core splits for direct push sampling, half to quarter splits for sonic core, and quarter-splits for diamond drilling. This systematic approach to quality control helps validate the accuracy and precision of the analytical results that form the basis for resource estimation.

<u>Exploration Results Summary</u>. Based on the exploration activities conducted between 2020 and 2025, the Shiloh Project demonstrates compelling geological, mineralogical, and structural characteristics consistent with a structurally controlled metamorphic-hydrothermal rare earth element vein/disseminated deposit. The mineralization is hosted within foliated felsic gneiss and saprolitic material derived from Grenville-age metamorphic rocks, both mineralized with rare earth elements predominantly occurring as monazite.

The mineralized zones exhibit strong structural control, with rare earth element enrichment localized along foliation planes, shear zones, and brecciated contacts. Iron and manganese staining, quartz veining, and breccia textures further support a hydrothermal origin for the mineralizing fluids. These features are consistent across multiple trenches and drillholes, particularly at the Newbill and Pig Trail targets, where high-grade range intercepts well exceeding 10% TREO have been confirmed through direct-push, sonic and diamond drilling.

Mineralization is interpreted to have formed through structurally focused hydrothermal processes, possibly during or following regional metamorphism, with rare earth element-bearing fluids precipitating monazite within zones of enhanced permeability and deformation.

Data verification protocols, including QA/QC checks, certified reference materials, and cross-validation of assay results, confirm the reliability of the 2021, 2022, and 2025 datasets. Core recovery metrics and mineralogical analyses further support the integrity of the geological model.

In conclusion, the Shiloh Project presents a viable exploration-stage rare earth element asset with demonstrated mineralization, favorable structural controls, and a path toward more detailed exploration. To that end, we continue systematic exploration at the Shiloh Project, which includes direct push and diamond drilling, infill drilling, trenching, sampling and metallurgical test work. Continued drilling, metallurgical testing, and geologic modeling are recommended to advance the project.

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**Alpha Project**

<u>Description and Location</u>. The Alpha Project is located at 40°9'40.51″W and 14°44'27.53″S, approximately 270 km southwest of Salvador, the capital of Bahia State in northeastern Brazil. The project tenements lie within the municipal boundaries of Iguaí and Nova Canaã, provincial towns situated immediately east of the Alpha Project area. The current book value of the Alpha Project property and its associated plant and equipment is US$ . The following map shows the location of the Alpha Project.

![img7449594_17.jpg](img7449594_17.jpg)

The following map shows the layout of the Alpha Project tenements.

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Alpha Project Tenements

![img7449594_18.gif](img7449594_18.gif)

The Alpha Project is an exploration stage project. No mining activities have ever been conducted at the Alpha Project by us or any previous owner.

<u>Physiography and Climate</u>. The Alpha Project is located in a topographic region that encompasses a wide strip of land characterized by crystalline bedrock, forming a north-south running plateau approximately 100 km inland from the coast.

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The climate in the Alpha Project area is tropical savanna, classified as 'Aw' under the Köppen climate classification system. The average annual temperature is about 22.3°C. The highest average temperatures are observed in March, reaching around 23.9°C. July is the coldest month, with temperatures averaging 20.2°C. The annual precipitation in the area averages 633 mm. Rainfall is irregularly distributed, with most of the rain occurring from October-April, enabling any future mining at the Alpha Project to occur year-round.

<u>Geology and Mineralization</u>. The Alpha Project is situated within the Jequié Complex, an Archean-age tectono-structural block comprising rare earth element enriched granulites, supracrustal sequences, and batholithic intrusions of the Volta do Rio and Poço Preto metaplutonic suites. At the Alpha Project, weathering of the crystalline basement has liberated rare earth elements, which occur in the form of ionically adsorbed mineralization within a well-developed weathering profile, consistent with the IAC deposit style.

The regolith profile, including mottled zones and mineralized saprolite, is laterally continuous across large parts of the deposit area. Drilling has confirmed sufficient geological continuity of mineralized horizons to support the estimation of inferred mineral resources.

Due to the presence of residual cover and the regolith-dominated profile, the underlying bedrock geology and its control on rare earth element distribution is not yet well understood. Additionally, the current drill spacing is too wide to resolve local variations in regolith thickness or the vertical position of mineralized zones with the confidence required for higher confidence resource classifications.

Further geological work and infill drilling, with appropriate studies, will be necessary to improve confidence in the geological model and to support the estimation of indicated or measured resources.

<u>Ownership</u>. The Alpha Project is wholly owned by REA.

<u>Surface Access</u>. To date REA has secured verbal agreements and signed consent declarations from landowners permitting exploration and drilling activities at the Alpha Project. However, REA does not currently hold formal surface access agreements for activities beyond exploration and drilling. Negotiations for such agreements have not yet commenced. REA intends to initiate formal discussions regarding broader surface rights as the project progresses.

All tenements have sufficient area to accommodate mining activities. In addition, there is sufficient space within the existing tenements, outside the defined mineral resource area, to host the infrastructure required for a potential processing operation at the Alpha Project.

At this stage, any additional land required outside the current tenement package is expected to be limited in extent and could be purchased or leased within the local district. The area surrounding the Alpha Project is largely rural, comprising privately held pastoral and agricultural land, and land availability is not currently considered a constraint.

<u>Infrastructure</u>. All Alpha Project tenements are within approximately 35 km of Brazil's major federal highway BR-116 to the west and 80 km of BR-101 to the east. These highways provide direct access to the country's key infrastructure and industrial centers. The tenements can be easily reached from either highway, first by paved highway BA-262 which passes through the Sapacaia, Nova Canaã and Rio das Pombas deposits; and then by a network of partially paved and unpaved roads. All deposit areas are within 1-2 km of municipal road networks. Exploration sites within the tenement areas can be accessed using off-road vehicles via existing agricultural tracks or tracks established by REA through open pasture, plantations, or forests.

The Alpha Project area is located approximately 270 km southwest of Salvador, the capital of Bahia State in Northeast Brazil. The approximate center of the property is 40°9'40.5"W and 14°44'27.5"S (375,000E, 8,370,000N SIRGAS 2000 UTM Zone 24S).

The Alpha Project is surrounded by small population centers that are classified as cities and towns. The closest municipality to the project center, Iguaí, has a population of approximately 27,000 people and offers various amenities to support mineral exploration, including: food, accommodation, fuel, automotive services, and medical facilities. Within the Alpha Project area, there are several small settlements. The region's land use comprises primarily cattle grazing, subsistence farming, plantations (coffee, cocoa, cereals, and cassava), and tourism.

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The Alpha Project concessions are crossed by three perennial rivers: Rio Preto, Rio do Vigário and the Rio das Pombas. The Project is situated on a hard-rock aquifer with low productivity that is not considered to be sensitive to mining extraction. Piped water supplied by the state utility company can be accessed in the municipalities of Iguaí and Nova Canaã along highway BA-262, which passes through the permit area.

The Alpha Project is less than 500 km by road from the Camaçari petrochemical complex that produces ammonium sulphate and sulfuric acid at a low cost, which are key reagents for the processing IAC mineralization.

The Port of Ilhéus, located within 120 km of the property, can be accessed via highway BR-415 and can facilitate the transportation of freight, heavy machinery, consumables, and mineral products associated with mining.

All of the current manual labor requirements for the Alpha Project, which consist of exploration activities, are met by personnel from nearby communities. Recruitment from outside the area may be required to secure experienced and competent senior personnel for mining operations.

<u>Environmental Matters and Permitting</u>. Current activities at the Alpha Project are limited to mineral exploration. In the state of Bahia, the Instituto do Meio Ambiente e Recursos Hídricos ("INEMA") is the designated authority responsible for monitoring environmental compliance, including the rehabilitation of drill pads and other surface disturbances resulting from exploration activities.

All exploration work undertaken to date, including auger drill pad construction and access road development, has been conducted in accordance with applicable state and local environmental regulations.

REA acknowledges that any future advancement beyond the exploration stage will be subject to additional environmental permitting at both the state and federal levels. This will include requirements for environmental impact assessments, stakeholder engagement, and site rehabilitation plans.

Project tenements 870701/2021, 872458/2016, and 872003/2021, which host the Rio Preto deposit, lie within the Serra do Ouro Environmental Protection Area ("APA"). Tenements 872073/2016 and 872585/2015, which include the Sapacaia and Rio das Pombas deposits, are partially covered by the same conservation unit.

According to Federal Law 9.985/2000, an APA is classified as a form of conservation unit for sustainable use (Article 14, Item I), with the objective of making nature conservation compatible with the sustainable use of part of its natural resources (Article 7, Paragraph 2). In general, the law does not impose prohibitions on the development of potentially or effectively polluting activities, such as mining. However, it is required that any rules imposed in the Management Plan of the conservation unit be observed and that, within the scope of environmental licensing, there is coordination with the management body of the conservation unit.

In the Brazilian legal framework, mining activities within sustainable use areas are not explicitly prohibited at the federal, state, or municipal levels. Activities in these areas must reconcile economic development with environmental preservation. Mining operations impacting these areas require licensing approval from the respective zone's management authority. This authorization is contingent upon conducting thorough environmental impact assessment studies.

To the extent known to the qualified persons, there are no significant environmental liabilities on the Alpha Project as of the date of the Alpha Technical Report Summary.

All exploration activities at the Alpha Project to date have been conducted in accordance with applicable federal and state regulations. The Alpha Project is located in the state of Bahia, Brazil, and is subject to oversight by both the ANM and INEMA, which are responsible for environmental permitting at the state level.

*Next permitting milestones:*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•For 3 tenements with granted exploration permits, REA must conduct exploration and submit a RFP to ANM.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•For 6 tenements (870340/2013, 874490/2011, 870377/2012, 872458/2016, 871567/2015, 872585/2015), REA already submitted RFPs to ANM in 2023. As of the date of the Alpha Technical Report Summary, the RFPs remain under review by ANM. ANM reviews typically extend beyond the statutory six-month period. REA does not anticipate impediments to approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Acceptance of the RFPs by ANM marks the formal conclusion of the exploration phase. Once accepted, ANM may authorize the initiation of the mining concession application process. Authorization remains pending for all tenements.

*Future permitting milestones:*

Following acceptance of the RFPs by ANM, REA will prepare and submit an Economic Development Plan ("EDP") to ANM. The EDP, which will be supported by a Scoping Study, must demonstrate the technical and economic viability of the proposed mining operation. Approval of the EDP by ANM is required prior to the issuance of the mining concession.

In parallel with the ANM process, REA will initiate the environmental licensing process with the Secretaria de Estado de Meio Ambiente e Desenvolvimento Sustentável (SEMAD). This process typically consists of three stages:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•A Preliminary License (*Licença Prévia*), which assesses the environmental feasibility of a project;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•An Installation License (*Licença de Instalação*), which authorizes the commencement of construction of a project; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•An Operation License (*Licença de Operação*), which allows for the commencement of mining operations of a project.

Each license is granted following the submission and review of the required environmental impact assessments and supporting documentation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•<u>Exploration History</u>. There is no known previous exploration for rare earth elements in the Alpha Project area prior to our interest in the project.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•A regional-scale airborne geophysical survey was commissioned in 2006 by the Companhia Baiana de Pesquisa Mineral ("CBPM"), a state mineral research agency. The 18,000 km<sup>2</sup> high-resolution airborne magnetic and radiometric survey was completed at 500 meter line spacings and covers the east and south of the Jequié Block. The survey identified a provincial-scale corridor of radiometric anomalies related to the Volta do Rio Plutonic Suite. This historical dataset has been acquired by REA.

The initial Alpha Project exploration licenses were staked for the purpose of iron ore exploration during the period 2015 to 2017, and for granite quarrying in 2015. REA is not aware of any historical exploration data collected by the previous exploration license holders.

In 2021, AMBPL conducted a review of the CBPM regional-scale airborne geophysical surveys. Based on the presence of prospective anomalies associated with the Volta do Rio Plutonic Suite, exploration licenses were acquired by AMBPL, between 2021 and 2023.

<u>Exploration and Related Programs</u>. Exploration and drilling completed to date are appropriate for the regolith-hosted ionic clay rare earth mineralization at the Alpha Project. Drill collars were surveyed using a handheld global positioning system ("GPS") instrument referenced to SIRGAS 2000 UTM 24S and projected to a 30 meter digital terrain model ("DTM"); future programs should use differential GPS and higher-resolution topography to improve accuracy for resource modelling and future engineering studies.

Sufficient drilling and sampling data have been collected to support the geological interpretation and mineral resource estimates. Hole spacing ranges from 320 meters (with infill drilling on a diamond pattern) to 225 meters and 160 meters in the most densely drilled places. The geology and mineralization controls are well understood, and the exploration techniques and QA/QC protocols employed are appropriate for this deposit style. The rare earth assay and leach recovery datasets are of adequate quality and quantity for mineral resource estimation.

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REA's drilling, sampling, assaying, and QA/QC have been completed in line with good industry practice.

In the opinion of the qualified persons, the current dataset is sufficient to support the mineral resource estimates disclosed. Additional drilling, improved surveying, and further metallurgical testing are recommended to refine the model and advance resources to higher confidence categories.

<u>Mineral Resource Estimates</u>. The depth, geometry, and grade of rare earth bearing saprolite on the properties make them amenable to exploitation by open cut mining methods. At the Alpha Project, reasonable prospects for economic extraction are specified for 33% of the resource model (201.7 Mt) that falls within a resource constraining conceptual pit shell. McGarry Geoconsulting and Karst Geo Solutions visited the project site, verified the historical drillhole database, and gained an understanding of historical QA/QC procedures implemented with respect to the drill samples. The historical exploration data used in the Alpha Project mineral resource estimates was obtained through documented procedures and involved verification and validation of exploration and production data, prior to consideration of geological modelling or mineral resource estimation. No limitations were placed on the qualified person to conduct data verification. In the opinion of McGarry Geoconsulting and Karst Geo Solutions, the data was suitable and adequate for the estimation of mineral resources at the Alpha Project.

The resource estimates are based on the Rio Preto, Sapacaia, Rio das Pombas, and Nova Canaã prospects, the locations of which are highlighted on the following map.

![img7449594_19.gif](img7449594_19.gif)

The Alpha Project mineral resource estimates presented in the table below are reported using the mineral resource definitions set out in S-K 1300.

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<u>Alpha Project Inferred Mineral Resource Estimates</u>

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Category** | **Deposit** | **Tonnes**  | **TREO**  | **Nd2O3 + Pr6O11**  | **Dy2O3 + Tb4O7**  | **Cut-Off Grade** | **Recovery** |
|  |  | **(Mt)**  | **(ppm)** | **(ppm)** | **(ppm)** | **(ppm TREO)** | **%** |
| Inferred | Rio Preto | 80.8 | 1478 | 327 | 41.1 | 1000 | 27 |
| Inferred | Sapacaia | 50.6 | 1846 | 356 | 33.9 | 1000 | 22 |
| Inferred | Rio das Pombas | 56.5 | 1370 | 298 | 40.0 | 1000 | 30 |
| Inferred | Nova Canaã | 13.8 | 1184 | 260 | 34.4 | 1000 | 35 |
| Inferred | **Total** | **201.7** | **1520** | **322** | **38.5** | 1000 | **27** |

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Notes to accompany mineral resource table:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Mineral resources are reported in situ, using the definitions in S-K 1300, and are current as at October 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.The third-party firm responsible for the estimates is McGarry Geoconsulting Corp.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Tonnes are dry metric tonnes, and contained metal figures are derived arithmetically from in situ tonnage and grade (i.e., not adjusted for mining dilution or losses).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Mineral resources are constrained within an optimized Whittle pit shell generated using a mining cost of US$1.98/ t, a processing cost of US$7.65/ t, a general and administration cost of US$1.74/ t and mining and process recovery factors of 95% and 27%, respectively. A maximum pit slope of 35° is used and the extent of the shell is limited to within the boundary of each tenement. Block values were calculated from Adamas Intelligence forecast rare earth oxide prices for 2030–2040 with an assumed 70% payability, corresponding to a basket value of US$57.2/kg of recovered rare earth oxide. The table below includes the detailed breakdown on contribution of each oxide to the basket price:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;REE Oxide | &nbsp;&nbsp;Avg. Proportion of Recovered TREO (%) | &nbsp;&nbsp;Current Spot Price ($/kg) | &nbsp;&nbsp;Forecast Price<br>($/kg) | &nbsp;&nbsp;Value at 70% Payability ($/kg) | &nbsp;&nbsp;Contribution to Avg. Basket Value ($/kg) | &nbsp;&nbsp;Proportion of Avg. Basket Value(%) |
| &nbsp;&nbsp;La2O3 | &nbsp;&nbsp;24.3 |  | &nbsp;&nbsp;1.4 | &nbsp;&nbsp;1.0 | &nbsp;&nbsp;0.2 | &nbsp;&nbsp;0.4 |
| &nbsp;&nbsp;CeO2 | &nbsp;&nbsp;6.7 |  | &nbsp;&nbsp;1.5 | &nbsp;&nbsp;1.0 | &nbsp;&nbsp;0.1 | &nbsp;&nbsp;0.1 |
| &nbsp;&nbsp;Pr6O11 | &nbsp;&nbsp;6.3 |  | &nbsp;&nbsp;158.6 | &nbsp;&nbsp;111.0 | &nbsp;&nbsp;7.0 | &nbsp;&nbsp;12.2 |
| &nbsp;&nbsp;Nd2O3 | &nbsp;&nbsp;24.3 |  | &nbsp;&nbsp;154.8 | &nbsp;&nbsp;108.3 | &nbsp;&nbsp;26.3 | &nbsp;&nbsp;46.0 |
| &nbsp;&nbsp;Sm2O3 | &nbsp;&nbsp;4.3 |  | &nbsp;&nbsp;4.3 | &nbsp;&nbsp;3.0 | &nbsp;&nbsp;0.1 | &nbsp;&nbsp;0.2 |
| &nbsp;&nbsp;Eu2O3 | &nbsp;&nbsp;0.6 |  | &nbsp;&nbsp;34.7 | &nbsp;&nbsp;24.3 | &nbsp;&nbsp;0.1 | &nbsp;&nbsp;0.3 |
| &nbsp;&nbsp;Gd2O3 | &nbsp;&nbsp;3.7 |  | &nbsp;&nbsp;80.5 | &nbsp;&nbsp;56.3 | &nbsp;&nbsp;2.1 | &nbsp;&nbsp;3.6 |
| &nbsp;&nbsp;Tb4O7 | &nbsp;&nbsp;0.5 |  | &nbsp;&nbsp;1550.8 | &nbsp;&nbsp;1085.5 | &nbsp;&nbsp;5.8 | &nbsp;&nbsp;10.1 |
| &nbsp;&nbsp;Dy2O3 | &nbsp;&nbsp;3.2 |  | &nbsp;&nbsp;503.5 | &nbsp;&nbsp;352.5 | &nbsp;&nbsp;11.4 | &nbsp;&nbsp;19.8 |
| &nbsp;&nbsp;Ho2O3 | &nbsp;&nbsp;0.6 |  | &nbsp;&nbsp;171.2 | &nbsp;&nbsp;119.8 | &nbsp;&nbsp;0.7 | &nbsp;&nbsp;1.2 |
| &nbsp;&nbsp;Er2O3 | &nbsp;&nbsp;1.8 |  | &nbsp;&nbsp;58.0 | &nbsp;&nbsp;40.6 | &nbsp;&nbsp;0.7 | &nbsp;&nbsp;1.3 |
| &nbsp;&nbsp;Yb2O3 | &nbsp;&nbsp;1.3 |  | &nbsp;&nbsp;17.5 | &nbsp;&nbsp;12.3 | &nbsp;&nbsp;0.2 | &nbsp;&nbsp;0.3 |
| &nbsp;&nbsp;Lu2O3 | &nbsp;&nbsp;0.2 |  | &nbsp;&nbsp;910.8 | &nbsp;&nbsp;637.6 | &nbsp;&nbsp;1.3 | &nbsp;&nbsp;2.2 |
| &nbsp;&nbsp;Y2O3 | &nbsp;&nbsp;21.9 |  | &nbsp;&nbsp;8.0 | &nbsp;&nbsp;5.6 | &nbsp;&nbsp;1.2 | &nbsp;&nbsp;2.1 |
|  | &nbsp;&nbsp;***Average TREO Basket Value $/kg:*** | &nbsp;&nbsp;***Average TREO Basket Value $/kg:*** | &nbsp;&nbsp;***Average TREO Basket Value $/kg:*** | &nbsp;&nbsp;***Average TREO Basket Value $/kg:*** | &nbsp;&nbsp;***100.0*** | &nbsp;&nbsp;***100.0*** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.Mineral resources are reported above a marginal cut-off of 1,000 ppm TREO, which is based on the parameters used for pit optimization in note 3. Costs related to waste mining, transportation, and capital expenditures are excluded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.Average recovery represents the weighted mean of block model REE leach extraction estimates, excluding cerium, based on test results on representative exploration samples.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.Mineral resources reported for the Alpha Project are subject to a private 2.5% gross revenue royalty payable to Brazil Royalty Corp<br>Participações e Investimentos Ltda.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.Total rare earth oxides (TREO ppm) = La2O3 + CeO2 + Pr6O11 + Nd2O3 + Sm2O3 + Eu2O3 + Gd2O3 + Tb4O7 + Dy2O3 + Ho2O3 + Er2O3 + Tm2O3 + Yb2O3 + Y2O3 + Lu2O3; NdPr = Nd2O3 + Pr6O11; DyTb = Tb4O7 + Dy2O3

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.Total rare earth oxides (TREO ppm) are inclusive of, not separate to, NdPr ppm and DyTb ppm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.Numbers have been rounded. Totals may not sum due to rounding.

The estimates contained within the Alpha Technical Report Summary are the initial estimates for those properties.

The following input assumptions, as discussed in Section 11.11 of the Alpha Technical Report Summary, were applied to determine reasonable prospects for economic extraction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Near-surface rare earth mineralization occurs within shallow, laterally extensive saprolite horizons amenable to conventional free-dig open-pit mining;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•A TREO cut-off grade was established using block value and leach recovery calculations, as well as mining recovery, and costs to identify material with reasonable prospects of eventual economic extraction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Revenue basis assumes production of a mixed rare earth carbonate with payability linked to forecast oxide prices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Price assumptions are derived from a long-term independent market forecast expressed in constant real terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•There is sufficient time in the 10-year timeframe considered for the commodity price forecast for us to address any issues that may arise, or perform appropriate additional drilling, testwork and engineering studies to mitigate identified issues with the estimates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•A conceptual open-pit shell was used to constrain the estimate. The shell was defined using calculated block value, assumed mining, processing and administrative costs, leching recoveries, and slope constraints.

As discussed in Sections 7 and 8 of the Alpha Technical Report Summary, drilling consists of 30 diamond core holes (1,013 m), 15 sonic drill holes (398 m) and 936 auger holes (15,422 m). The mineral resource estimate was based on all drilling data completed to July 16, 2024. The database close-out date reflects the date of the last assay information and is August 13, 2024.

Drill companies and methods included Alpha Minerals Brazil Participações Ltda., a wholly owned subsidiary of the Company, who used a hand-held petrol-powered auger, Brazil Royalty Corp. Participações e Investimentos Ltda, who used an Eijkelkamp Compact RotoSonic V rig for sonic and diamond core drilling. Holes were collared using HQ drill, producing 63.5 mm diameter core, and advanced with NQ rods, producing 47.6 mm diameter core, once fresh, and unoxidized bedrock was encountered.

Auger holes were geologically logged in the field, and a representative fraction was retained in a chip tray for reference. Auger samples were photographed. Sonic and diamond core holes were transported from the drill site to logging facilities in covered boxes. The sonic and diamond core drill core was measured to assess recovery, then geologically logged and photographed wet in core boxes immediately before sampling.

For both auger, sonic and diamond core drill holes, logging included qualitative determinations of primary and secondary lithology units, weathering profile units (mottled zone, lateritic zone, saprock, saprolite, etc.), as well as the color and textural characteristics of the rock.

Recovered auger sample material, and sonic and diamond drill core, was measured, and recovery expressed as a percentage recorded in the database. Recovery rates for auger drilling in regolith is 99%. The average recovery for sonic core drilling in regolith is 95%. The average recovery for diamond core drilling is 78% in regolith and 95% in rock. For core drilling methods, poor recoveries less than 85% typically occur 5–10 m below surface in areas of

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unconsolidated cover. There was no observed relationship between sample recovery and grade or sample bias due to preferential loss or gain of fine or coarse material.

Drill collars were located using a handheld GPS instrument. The accuracy of the locations is sufficient to support the inferred mineral resource confidence classification. No down hole surveys were completed on any of the drill holes due to their shallow depths.

The mineralization is interpreted to be flat in the weathered profile, so the drilling is vertically perpendicular to mineralization and drilled mineralization thickness is interpreted to correspond to true thickness. Any variations to rare earth element distribution within the horizontal layering were not defined.

Based on the available data, drilling and logging are adequate to support mineral resource estimation.

Auger, sonic and drill core sub-samples submitted for assaying had an average weight of 1 kg. Grab samples had an average weight of 1 kg. For all sample types, field duplicates were completed at a frequency of 1:20 samples. Collected auger sample interval lengths were 1 m, with some variation depending on sample recovery and geological unit boundaries. Core and sonic drill samples were split to obtain quarter core sub-samples for assaying. Core sample intervals were typically 1 m in length, with a minimum of 0.55 m and a maximum of 2.0 m, taking into account lithological boundaries.

Sample collection, preparation, and transportation was managed by Rare Earths Americas. Chain-of-custody procedures consist of sample submittal forms sent to the laboratory with sample shipments to make certain that all samples are received by the laboratory.

Density measurements were completed on 163 fragments of sonic drill core, typically about 10 cm in length and 300 cm3 in volume, collected from across deposit. The water displacement method was used for density measurement. Simple averages generated for each material type were assigned to mineral resource models for each deposit.

SGS Geosol in Vespasiano, Minas Gerais, Brazil (SGS Geosol) has been the primary assay laboratory for the Project since mineral exploration sampling commenced in March 2022. SGS Geosol is independent of the Company and holds ISO 9001 certification and 17025 accreditations. Approximately 74% of the assays (3,642 samples) in the database were generated by SGS Geosol. In early 2024, Rare Earths Americas began periodically sending drill samples for preparation to ALS Belo Horizonte, Brazil (ALS Belo Horizonte) and with assaying completed at the ALS Lima facility in Peru (ALS Lima). ALS Belo Horizonte and ALS Lima are independent of the Company, and both hold ISO 17025 accreditations and ISO 9001 certification. Approximately 26% of the assays (1,293 samples) in the database were generated by ALS Lima.

Sample preparation methods included drying, crushing to 75% passing 3 mm, and pulverizing to 95% passing 75 µm (SGS Geosol) or 85% passing 75 µm (ALS Belo Horizonte). SGS Geosol used a lithium borate fusion followed by inductively-coupled plasma mass spectrometry (ICP-MS) determination for a multi-element suite. ALS Lima used lithium borate fusion followed by an ICP-MS determination (ALS code ME-MS81), to generate a multi-element suite. Botn methods provide a total rare earth element analysis, and values for the potentially deleterious elements uranium and thorium. At both laboratories, the assay technique used for major oxides and components was lithium borate fusion followed by ICP optical emission spectroscopy (OES) analysis.

All exploration conducted was accompanied by a QA/QC program, which included the systematic insertion of CRMs, blank material, and the collection of field duplicate samples along with the exploration samples. QA/QC sample results were monitored by the exploration team independently from the analytical laboratories and were periodically reviewed by McGarry Geoconsulting. The results of the QA/QC samples summitted by Rare Earth Americas during exploration do not indicate significant issues with the analytical data. The performance of CRM, blanks and field duplicates indicate satisfactory performance of field sampling protocols and assay laboratories in providing acceptable levels of precision and accuracy.

**Constellation Project**

<u>Description and Location</u>. The Constellation Project is located in a renowned IAC rare earth province, approximately 190 km north of São Paulo and 450 km from Belo Horizonte, near the city of Poços de Caldas. The Poços de Caldas alkaline complex has a long history of mining, including uranium, bauxite and clay. The Constellation Project consists

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of non-contiguous tenement blocks situated in the southern part of Minas Gerais State and in neighboring São Paulo State. The mineral resource estimates are limited to the following seven nearby but non-contiguous tenements in Minas Gerais which have a combined area of approximately 14.4 km<sup>2</sup>: Pio Cipó, Pedra Preta, Varginha, Roseira, Mato Queimado, Clube da Uva and Andradas. These tenements are distributed across an area 20 km east-west by 20 km north-south. The centroid of this area is located at approximately 46°32'21.29 W and 21°55'46.41 S. The current book value of the Constellation Project property and its associated plant and equipment is US$ .

The Constellation Project is an IAC rare earth project. The following map shows the location of the Constellation Project.

![img7449594_20.jpg](img7449594_20.jpg)

The following map shows the layout of the properties within the Constellation Project.

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Constellation Project Mineral Properties

![img7449594_21.jpg](img7449594_21.jpg)

The Constellation Project is an exploration stage property. No mining activities have ever been conducted at the Constellation Project by us or any previous owner.

<u>Physiography and Climate</u>. The Poços de Caldas plateau lies in a transition zone between the seasonal semi-deciduous forests of the Atlantic Forest biome and the high-altitude grassland savanna formations of the Cerrado biome. Most of the tenement areas have been altered by agricultural activities. The Poços de Caldas Basin supports a diverse range of farming activities, including temporary crops such as beans, onions, potatoes, soybeans, corn, and various horticultural products, as well as permanent crops such as olive trees. The region also contains planted forest areas, primarily composed of eucalyptus plantations. Overall, the vegetation cover across the project areas has been extensively modified by agricultural and plantation use. Protected native forest biomes are limited in extent, and the current land use is compatible with the current stage of mineral project development.

The climate in the Constellation Project area is tropical savanna, classified as 'Aw' under the Köppen climate classification system. The average annual temperature is about 22.3°C. The highest average temperatures are observed in March, reaching around 23.9°C. July is the coldest month, with temperatures averaging 20.2°C. The annual precipitation in the area averages 633 mm. Rainfall is irregularly distributed, with most of the rain occurring from October-April. Any future mining operations would occur year-round.

<u>Geology and Mineralization</u>. The Constellation Project hosts rare earth element mineralization in the form of ionically adsorbed rare earth elements bound to clay minerals within the regolith developed over the regional Poços de Caldas alkaline complex. Although IAC deposits are not currently classified within the USGS Mineral Deposit Model series, the deposit type is well defined in the geological literature.

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The Poços de Caldas region is characterized by an elevated plateau with steep escarpments and a roughly circular morphology approximately 35 km in diameter. This elevated structure is the surface expression of the Poços de Caldas alkaline complex, one of the world's largest alkaline intrusions. The plateau reaches elevations of 1,300 meters above sea level ("masl") to 1,600 masl, contrasting sharply with the surrounding lower relief terrain (around 800-1,000 masl). The permits that host mineral resources range in elevation from 1,250 masl to 1,350 masl. The highest elevations occur on the Pedra Preta tenement at the center of the Poços de Caldas complex where they reach 1,450 masl. The lowest elevation of 950 masl occurs on the Andradas tenement where a valley intersects the southern rim of the Poços de Caldas complex.

On the Pio Cipó, Roseira, and Varginha tenements, topography is gently undulating with hills bisected by subdued radial and dendric drainage, with changes in elevation limited to 100 meters or less. The Pedra Preta tenement at the center of the Poços de Caldas complex occurs on a broad, elevated crest extending to a maximum elevation 1,450 masl, which is 100 meters higher than the surrounding north-northwest orientated drainage channels. The Andradas tenement on the southern rim of the Poços de Caldas alkaline complex is characterized by roughly east-west ridgeline intersected by radial drainage depression resulting in a steep elevation difference of approximately 400 meters across the tenement area.

<u>Ownership</u>. The Constellation Project is held through a combination of direct ownership and option agreements. REA holds 21 concessions, including 6 mining concessions and 15 exploration permits. Of these, 13 concessions are directly owned by us or our subsidiaries or affiliates, and 8 concessions are subject to option agreements with Brazilian companies including Mineração Andradense Ltda, JJBF and Green Mining Company Ltda. (which assumed Terra Goyana Mineração Ltda. and Bautek Minerais Industriais Ltda.'s rights and obligations under such option agreement). Private option agreements between AMBPL and the respective landowners grant us the exclusive right to access, enter and occupy each property for the purpose of mineral exploration and, upon exercise of the option, to obtain mineral rights for each property. The Constellation Project is wholly-owned by us. We hold 37 granted permits registered with ANM that cover a total area of approximately 59.5 km². The concessions are located over a large area, 20 km in north–south extent, from Poços de Caldas to the north and Andradas to the south. The mining concessions and exploration concessions are shown in the following map.

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![img7449594_22.jpg](img7449594_22.jpg)

The Constellation Project includes seven mineral resource deposit areas within the following concessions: 818865/1971 - Pio Cipó, 813944/1971 - Pedra Preta, 808966/1968 - Varginha, 800572/1969 – Roseria, 830914/2013 - Mato Queimado, 804059/1971 - Clube da Uva, and 833020/2022 - Andradas. See "Business—Mining Rights—Constellation Project" for additional information.

<u>Surface Access</u>. REA does not currently hold any formal agreements with landowners for surface access rights at the Constellation Project and has not yet started negotiating any such agreements. Exploration activities to date have been conducted under informal access arrangements with landowner consent. REA anticipates initiating formal surface rights discussions as the Constellation Project advances. All tenements have sufficient area to accommodate mining activities. In addition, there is sufficient space within the existing Pio Cipó concession, outside the defined mineral resource area, to host the infrastructure required for a potential processing operation at the Constellation Project. At this stage, any additional land required outside the current tenement package is expected to be limited in extent and could be purchased or leased within the local district. The area surrounding the Constellation Project is largely rural and industrial, comprising privately held pastoral and agricultural land, and land availability is not currently considered a constraint.

<u>Infrastructure</u>. The Constellation Project is surrounded by small cities and towns. Poços de Caldas, the nearest municipality, has a population of approximately 168,640 people as of the date of the Constellation Technical Report Summary, and offers amenities to support mineral exploration, including: food, accommodation, fuel, automotive services, and medical facilities. The Constellation Project is within general proximity of the Port of Santos, situated 365 km from the Constellation Project area, which could be used to support the transport of freight, heavy machinery, and mineral products to and from the Constellation Project area for any future mining operation. The Cubatão Petrochemical Complex is 338 km from the Constellation Project site, and is a source of ammonium sulphate and sulfuric acid supply.

Further, all of the mineral concessions of the Constellation Project are situated within 50 km of federal highway BR-381, which links the industrial hubs of São Paulo (270 km by road) and Belo Horizonte (460 km by road), providing

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access to regional infrastructure. The various concessions can be reached from BR-381 via federal highway BR-459, which is located 10-15 km to the east of the Constellation Project center, or from BR-146, situated 5 km to the west of the Constellation Project center. From these highways, access within the concessions is facilitated by local all-weather roads. The Constellation Project is in close proximity to transcontinental road and rail networks, as well as international maritime links. The closest major airport is the Guarulhos–Governador André Franco Montoro International Airport in São Paulo.

We have not obtained any permits or agreements to extract water for exploration at the Constellation Project. Exploration to date has not required water use. Water for future operations could be sourced from several nearby storage facilities. The tenements are generally located within 5 to 10 km of major reservoirs, including Represa do Cipó, with a storage capacity of approximately 32 million cubic meters, and Represa Bortolan, with approximately 7 million cubic meters, as well as numerous smaller reservoirs and waterways distributed across the district. Tenements such as Pio Cipó and Varginha, which provide suitable space for locating processing facilities, are adjacent to these reservoirs and can be supplied via short pipeline connections.

The Poços de Caldas district is well served by numerous high-capacity power lines and natural gas pipelines, providing potential energy sources for future mining operations. All tenements hosting mineral resources are either crossed by, or located within approximately 4 km of, a 138 kV electrical transmission line, enabling straightforward connection to regional power infrastructure. A major natural gas pipeline runs approximately 60 km east of the district, offering an additional energy source for potential processing facilities.

All of the current manual labor requirements for the Constellation Project, which consist of exploration activities, are met by personnel from nearby communities. Recruitment from outside the area may be required to secure experienced and competent senior personnel for mining operations.

<u>Environmental Matters and Permitting</u>. Current activities at the Constellation Project are limited to mineral exploration. In the state of Minas Gerais, Brazil, SEMAD is the designated authority responsible for monitoring environmental compliance, including the rehabilitation of drill pads and other surface disturbances resulting from exploration activities, and environmental permitting at the state level, while in the state of São Paulo, the corresponding authority is the Secretaria de Meio Ambiente, Infraestrutura e Logística.

All exploration work undertaken to date, including auger drill pad construction and access road development, has been conducted in accordance with applicable state and local environmental regulations. Any future advancement beyond the exploration stage will be subject to additional environmental permitting at both the state and federal levels. This will include requirements for environmental impact assessments, stakeholder engagement, and site rehabilitation plans.

No formal environmental baseline studies have been conducted on the Constellation Project as of the date of the Constellation Technical Report Summary. To the extent known to the qualified persons, there are no environmental liabilities on the Constellation Project as of the date of the Constellation Technical Report Summary.

The Constellation Project is also subject to oversight by the ANM.

*Next permitting milestones:*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•In Brazil, mineral rights are granted on a per-substance basis. For the 6 tenements with mining concessions originally issued for other minerals, Brazilian law requires that any newly identified substances be formally reported to the ANM.

oUnder Law No. 13,575/2017 and Decree No. 9,406/2018, concession holders may continue research within granted areas to expand mineral reserves or identify new economic substances without requesting a new exploration permit.

oTo develop rare earth deposits on existing mining concessions, REA must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪Communicate the discovery of the new substance as soon as technical work demonstrates its occurrence and indicates potential economic interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪For the 15 exploration reports, REA must submit a RFP;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪Present a specific Economic Utilization Plan for rare earth elements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪If approved, ANM will recognize the new reserves and extend the existing concessions to include the additional substances as economically exploitable within the same tenements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•For 15 tenements with granted exploration permits, REA must submit a RFP to ANM. Acceptance of the RFP would formally conclude the exploration phase and authorize the commencement of the process to obtain a mining concession.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•For 1 tenement with an exploration permit application submitted, REA must be granted Research Authorization by ANM. Approval of the Research Authorization formally initiates the exploration phase and establishes the timeframe for submission of a RFP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•For 1 tenement with a bauxite mining concession application submitted, REA must obtain the required environmental licenses and await ANM's technical review.

*Future permitting milestone:*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Following acceptance of the RFP, REA will prepare and submit an EDP. The EDP, which will be supported by a Scoping Study, must demonstrate the technical and economic viability of the proposed mining operation. Approval of the EDP by ANM is required prior to the issuance of the mining concession.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•In parallel with the ANM process, REA will initiate the environmental licensing process with SEMAD. This process typically consists of three stages:

oA Preliminary License (*Licença Prévia*), which assesses the environmental feasibility of the project;

oAn Installation License (*Licença de Instalação*), which authorizes the commencement of construction; and

oAn Operation License (*Licença de Operação*), which allows for the commencement of mining operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Each license is granted following the submission and review of the required environmental impact assessments and supporting documentation.

<u>Exploration History</u>. There is no known previous exploration for rare earth elements in the Constellation Project area prior to our interest in the project. In 2023, AMBPL undertook a countrywide mineral prospectivity review targeting rare earth elements. The review identified the Poços de Caldas alkaline intrusion as a highly prospective geological setting, with favorable bedrock mineralization and documented occurrences of ionic adsorption clay mineralization developed in the overlying regolith. Based on these results, AMBPL initiated a strategic program to secure mineral rights in the region.

Auger drilling has served as the primary form of exploration within the tenements comprising the Constellation Project. The initial exploration licenses were acquired by us in August 2023 and auger drilling commenced that month. In the first quarter of 2024, we dispatched a sonic drill rig to the Constellation Project site. By the second quarter of 2024, a total of 280 drill holes (3,817 meters) were completed, with each drill hole averaging a depth of about 14 meters. During the second half of 2024, we conducted a 133 hole auger exploration drilling campaign for 1,430 meters drilled, with an average depth of 10.7 meters per drill hole.

<u>Encumbrances</u>. There are no material encumbrances to the Constellation Project. A portion of regional tenement 833012/2022, which does not host mineral resources, is intersected by a Municipal Environmental Protection Area. While this intersection does not constitute a title encumbrance and mining within such areas is not prohibited, activities in such areas are subject to additional environmental licensing and permitting requirements. The Pio Cipó deposit, is bisected by transmission lines that pass across the central portion of the deposit and fall within a 250m wide corridor that covers approximately 4% of the reported mineral resource tonnes for the deposit. In addition, two regional exploration tenements 820612/2022 and 832.965/2022, which do not host mineral resources, are partially intersected by transmission lines.

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<u>Exploration and Related Programs</u>. Exploration and drilling completed to date are appropriate for the regolith-hosted ionic clay rare earth mineralization at the Constellation Project. Drill collars were surveyed using handheld GPS referenced to SIRGAS 2000 UTM 24S and projected to a 30 meter DTM; future programs should use differential GPS and higher-resolution topography to improve accuracy for resource modelling and engineering studies.

Sufficient drilling and sampling data have been collected to support the geological interpretation and mineral resource estimates. The geology and mineralization controls are well understood, and the exploration techniques and QA/QC protocols employed are appropriate for this deposit style. The rare earth assay and leach recovery datasets are of adequate quality and quantity for resource estimation.

Our drilling, sampling, assaying, and QA/QC have been completed in line with good industry practice. Remaining exploration potential exists in lateral saprolite extensions, transitional saprock zones, and peripheral tenements with anomalous rare earth element geochemistry.

In the opinion of the qualified persons, the current dataset is sufficient to support the mineral resource estimates disclosed. Additional drilling, improved surveying, and further metallurgical testing are recommended to refine the model and support higher confidence mineral resource categories.

<u>Mineral Resource Estimates</u>. The depth, geometry, and grade of rare earth bearing saprolite on the properties make them amenable to exploitation by open cut mining methods. At the Constellation Project, reasonable prospects for economic extraction are specified for 64% of the resource model (266 Mt) that falls within a resource constraining conceptual pit shell.

For the Constellation Project, the estimate resulted in (at a 1,000 ppm TREO reporting cut-off) a global inferred mineral resource of 266.2 Mt at an average grade of 2,637 ppm TREO, containing approximately 116,479 tonnes of Nd₂O₃+Pr₆O₁₁(NdPr) and 7,151 tonnes of Dy₂O₃+Tb₄O₇(DyTb). This effective date estimate is current as of October 31, 2025

Drilling, collar surveying and geological, logging at the Constellation Project were conducted in accordance with industry-standard practices for IAC projects.

No downhole surveys were conducted due to the shallow nature of the drilling, with most auger and sonic holes drilled to depths of less than 50 meters. The vertical orientation of holes and their short lengths are expected to result in minimal deviation, and thus positional uncertainty along the drill trace is considered low.

The drilling and logging data are adequate to support mineral resource estimation.

To provide a metallurgical basis for reporting rare earth elements in the mineral resource estimate, we conducted an extensive program of bench-scale leachability testing on exploration drill samples across all deposit areas. Samples were collected at one-meter intervals through the entire regolith profile in a subset of drillholes, providing high vertical resolution and systematic coverage across the mineralized zones. Testing was conducted using ammonium sulfate ion-exchange leaching under controlled conditions selected to closely replicate the anticipated processing route. Leach recoveries for each rare earth element were estimated into the block model from sample results allowing estimation of in-situ rare earth grades and recoveries which are used to calculate a recovered block value, which forms the basis for cut-off grade determinations. The aggregate average leach recoveries from the bench-scale program are considered representative of the deposit at a bulk scale due to the systematic sampling strategy and the close match between laboratory test conditions and the planned plant process.

McGarry Geoconsulting and Karst Geo Solutions reviewed current drilling and sampling procedures, verified the location of selected drill collars, inspected site geological data collection systems, reviewed site geology, reviewed sample storage facilities and discussed QA procedures with geological personnel. McGarry Geoconsulting and Karst Geo Solutions also visited the project area and determined the majority of data, drilling, and geological records were well maintained by site personnel. The historical exploration data used in the Constellation Project resource estimates was obtained through documented procedures and involved verification and validation of exploration and production data, prior to consideration of geological modelling or mineral resource estimation. No limitations were placed on the qualified person to conduct data verification. In the opinion of McGarry Geoconsulting and Karst Geo Solutions, the data was suitable and adequate for the estimation of mineral resources at the Constellation Project.

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The resource estimates presented in the table below are based on the estimation domain groups, within the individual concession, the locations of which are shown on the following map.

![img7449594_23.jpg](img7449594_23.jpg)

The total area of the seven deposit models is 16 km<sup>2</sup>. The total modelled volume is approximately 269 Mm<sup>3</sup>. The modelled north–south extent of individual deposits ranges up to about 3 km. The east–west extents range up to 3 km. The modelled thicknesses range up to 47 meters, and the median thicknesses range from 10-25 meters. Domain extents are provided in Table 11-1 of the Constellation Technical Report Summary.

The depth, geometry, and grade of rare earth bearing saprolite on the properties make them amenable to exploitation by open cut mining methods. At the Constellation Project, reasonable prospects for economic extraction are specified for 64% of the resource model (266 Mt) that falls within a resource constraining conceptual pit shell.

The Constellation Project mineral resource estimates presented in the table below are reported using the mineral resource definitions set out in S-K 1300.

<u>Constellation Project Inferred Mineral Resource Estimates</u> 

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Category** | **Deposit** | **Tonnes**  | **TREO**  | **Nd2O3 + Pr6O11**  | **Dy2O3 + Tb4O7**  | **Cut-Off Grade** | **Recovery** |
|  |  | **(Mt)**  | **(ppm)** | **(ppm)** | **(ppm)** | **(ppm TREO)** | **%** |
| Inferred | Pio Cipó | 70.2 | 2976 | 722 | 35.6 | 1000 | 37 |
| Inferred | Pedra Preta | 60.7 | 3101 | 664 | 32.8 | 1000 | 29 |
| Inferred | Varginha | 53.0 | 2157 | 350 | 16.9 | 1000 | 49 |
| Inferred | Roseira | 42.3 | 2508 | 518 | 18.6 | 1000 | 36 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Mato Queimado  | 17.7 | 2,027 | 483 | 26.0 | 47 |
| Clube da Uva | 9.6 | 2,508 | 375 | 17.0 | 35 |
| Andradas | 12.6 | 1,928 | 513 | 28.1 | 31 |
| **TOTAL** | **266.2** | **2,637** | **564** | **26.9** | **38** |

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Notes to accompany mineral resource table:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Mineral resources are reported in situ, using the definitions in S-K 1300, and are current as at October 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.The third-party firm responsible for the estimates is McGarry Geoconsulting Corp.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Tonnes are dry metric tonnes, and contained metal figures are derived arithmetically from in situ tonnage and grade (i.e., not adjusted for mining dilution or losses).

4. Mineral resources are constrained within an optimized Whittle pit shell generated using a mining cost of US$1.98/t, a processing cost of US$7.65/ t, a general and administration cost of US$1.74/ t and mining and process recovery factors of 95% and 38%, respectively. A maximum pit slope of 35° is used and the extent of the shell is limited to within the boundary of each tenement. Block values were calculated from Adamas Intelligence forecast rare earth oxide prices for 2030–2040 with an assumed 70% payability, corresponding to a basket value of US$44.4/kg of recovered rare earth oxide. The table below includes the detailed breakdown on contribution of each oxide to the basket price:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**REE Oxide**<sup>1</sup> | &nbsp;&nbsp;**Avg. Proportion of Recovered TREO (%)** | &nbsp;&nbsp;**Current Spot Price ($/kg)** | &nbsp;&nbsp;**Forecast Price<br>($/kg)** | &nbsp;&nbsp;**Value at 70% Payability ($/kg)** | &nbsp;&nbsp;**Contribution to Avg. Basket Value ($/kg)**<sup>3</sup> | &nbsp;&nbsp;**Proportion of Avg. Basket Value (%)** |
| &nbsp;&nbsp;La2O3 | &nbsp;&nbsp;52.6 |  | &nbsp;&nbsp;1.4 | &nbsp;&nbsp;1.0 | &nbsp;&nbsp;0.5 | &nbsp;&nbsp;1.2 |
| &nbsp;&nbsp;CeO2 | &nbsp;&nbsp;6.3 |  | &nbsp;&nbsp;1.5 | &nbsp;&nbsp;1.0 | &nbsp;&nbsp;0.1 | &nbsp;&nbsp;0.1 |
| &nbsp;&nbsp;Pr6O11 | &nbsp;&nbsp;8.5 |  | &nbsp;&nbsp;158.6 | &nbsp;&nbsp;111.0 | &nbsp;&nbsp;9.4 | &nbsp;&nbsp;21.2 |
| &nbsp;&nbsp;Nd2O3 | &nbsp;&nbsp;23.9 |  | &nbsp;&nbsp;154.8 | &nbsp;&nbsp;108.3 | &nbsp;&nbsp;25.9 | &nbsp;&nbsp;58.4 |
| &nbsp;&nbsp;Sm2O3 | &nbsp;&nbsp;2.3 |  | &nbsp;&nbsp;4.3 | &nbsp;&nbsp;3.0 | &nbsp;&nbsp;0.1 | &nbsp;&nbsp;0.2 |
| &nbsp;&nbsp;Eu2O3 | &nbsp;&nbsp;0.4 |  | &nbsp;&nbsp;34.7 | &nbsp;&nbsp;24.3 | &nbsp;&nbsp;0.1 | &nbsp;&nbsp;0.2 |
| &nbsp;&nbsp;Gd2O3 | &nbsp;&nbsp;1.3 |  | &nbsp;&nbsp;80.5 | &nbsp;&nbsp;56.3 | &nbsp;&nbsp;0.7 | &nbsp;&nbsp;1.7 |
| &nbsp;&nbsp;Tb4O7 | &nbsp;&nbsp;0.1 |  | &nbsp;&nbsp;1550.8 | &nbsp;&nbsp;1085.5 | &nbsp;&nbsp;1.6 | &nbsp;&nbsp;3.6 |
| &nbsp;&nbsp;Dy2O3 | &nbsp;&nbsp;0.7 |  | &nbsp;&nbsp;503.5 | &nbsp;&nbsp;352.5 | &nbsp;&nbsp;2.5 | &nbsp;&nbsp;5.6 |
| &nbsp;&nbsp;Ho2O3 | &nbsp;&nbsp;0.1 |  | &nbsp;&nbsp;171.2 | &nbsp;&nbsp;119.8 | &nbsp;&nbsp;0.1 | &nbsp;&nbsp;0.2 |
| &nbsp;&nbsp;Er2O3 | &nbsp;&nbsp;0.3 |  | &nbsp;&nbsp;58.0 | &nbsp;&nbsp;40.6 | &nbsp;&nbsp;0.1 | &nbsp;&nbsp;0.3 |
| &nbsp;&nbsp;Yb2O3 | &nbsp;&nbsp;2.6 |  | &nbsp;&nbsp;17.5 | &nbsp;&nbsp;12.3 | &nbsp;&nbsp;0.3 | &nbsp;&nbsp;0.7 |
| &nbsp;&nbsp;Lu2O3 | &nbsp;&nbsp;0.5 |  | &nbsp;&nbsp;910.8 | &nbsp;&nbsp;637.6 | &nbsp;&nbsp;3.0 | &nbsp;&nbsp;6.7 |
| &nbsp;&nbsp;Y2O3 | &nbsp;&nbsp;0.0 |  | &nbsp;&nbsp;8.0 | &nbsp;&nbsp;5.6 | &nbsp;&nbsp;0.0 | &nbsp;&nbsp;0.0 |
|  | &nbsp;&nbsp;***Average TREO Basket Value $/kg*:** | &nbsp;&nbsp;***Average TREO Basket Value $/kg*:** | &nbsp;&nbsp;***Average TREO Basket Value $/kg*:** | &nbsp;&nbsp;***Average TREO Basket Value $/kg*:** | &nbsp;&nbsp;**44.4** | &nbsp;&nbsp;**100.0** |

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5. Mineral resources are reported above a marginal cut-off of 1,000 ppm TREO, which is based on the parameters used for pit optimization in note 4. Costs related to waste mining, transportation, and capital expenditures are excluded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.Average recovery represents the weighted mean of block model REE leach extraction estimates, excluding cerium, based on test results on representative exploration samples.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.The Roseira, Varginha and Clube da Uva deposits are subject to a private royalty equal to 5% of net revenue from concession production in favor of Mineração Andradense Ltda. The Andradas deposit is subject to a private royalty equal to 2.5% of gross revenue from concession production in favor of Brazil Royalty Corp Participações e Investimentos Ltda.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.Total rare earth oxides (TREO ppm) = La2O3+ CeO2 + Pr6O11 + Nd2O3+ Sm2O3 + Eu2O3 + Gd2O3+ Tb4O7 + Dy2O3 + Ho2O3+ Er2O3 + Tm2O3 + Yb2O3+ Y2O3 + Lu2O3; NdPr = Nd2O3+ Pr6O11; DyTb = Tb4O7 + Dy2O3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.Total rare earth oxides (TREO ppm) are inclusive of, not separate to, NdPr ppm and DyTb ppm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.Numbers have been rounded. Totals may not sum due to rounding.

The estimates contained within the Constellation Technical Report Summary are the initial estimates for those properties.

The following input assumptions, as outlined in Section 11.14 of the Technical Report Summary, were applied to determine reasonable prospects for economic extraction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Near-surface rare earth mineralization occurs within shallow, laterally extensive saprolite horizons amenable to conventional free-dig open-pit mining;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•A TREO cut-off grade was established using block value and leach recovery calculations, as well as mining recovery, and costs to identify material with reasonable prospects of eventual economic extraction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Revenue basis assumes production of a mixed rare earth carbonate with payability linked to forecast oxide prices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Price assumptions are derived from a long-term independent market forecast expressed in constant real terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•There is sufficient time in the 10-year timeframe considered for the commodity price forecast for us to address any issues that may arise, or perform appropriate additional drilling, testwork and engineering studies to mitigate identified issues with the estimates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•A conceptual open-pit shell was used to constrain the mineral resource estimate. The shell was defined using calculated block value, assumed mining, processing and administrative costs, leching recoveries, and slope constraints.

As discussed in Sections 7 and 8 of the Constellation Project Technical Report Summary, drilling consists of 37 sonic drill holes (1,103 m) and 277 auger holes (3,225 m). The mineral resource estimate was based on all drilling data completed to July 26, 2024. The database close-out date reflects the date of the last assay information and is July 26, 2024.

Drill companies and methods included Alpha Minerals Brazil Participações Ltd., a wholly-owned subsidiary of Rare Earth Americas, who used a hand-held petrol-powered auger, and Brazil Royalty Corp. Participações e Investimentos Ltda (an affiliate company of Rare Earth Americas with overlapping ownership to Alpha Minerals), who used an Eijkelkamp Compact RotoSonic V rig for sonic drilling.

Auger holes were geologically logged in the field, and a representative fraction was retained in a chip tray for reference. Auger samples were photographed. Sonic core holes were transported from the drill site to logging facilities in covered boxes. The sonic drill core was measured to assess recovery, then geologically logged and photographed wet in core boxes immediately before sampling.

For both auger and sonic holes, logging included qualitative determinations of primary and secondary lithology units, weathering profile units (mottled zone, lateritic zone, saprock, saprolite, etc.), as well as the color and textural characteristics of the rock.

Recovered auger sample material and sonic drill core, was measured, and recovery expressed as a percentage recorded in the database. The average recovery for auger drilling and sonic core drilling in regolith is 95%. Areas of poor

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recovery (<85%) were limited to shallow unconsolidated cover. No systematic relationship between recovery and grade was observed, and no evidence of bias due to preferential loss of coarse or fine material was detected.

Drill collars were located using a handheld GPS instrument. The accuracy of the locations is sufficient to support the inferred mineral resource confidence classification. No down hole surveys were completed on any of the drill holes due to their shallow depths.

The mineralization is interpreted to be flat in the weathered profile, so the drilling is vertically perpendicular to mineralization and drilled mineralization thickness is interpreted to correspond to true thickness. Any variations to rare earth element distribution within the horizontal layering were not defined.

Drilling was conducted on a grid pattern at spacings of approximately 240 m. The distribution is sufficient to establish the degree of geological and grade continuity appropriate for an inferred mineral resource confidence classification.

Based on the available data, drilling and logging are adequate to support mineral resource estimation.

Auger, sonic and drill core sub-samples submitted for assaying had an average weight of 1 kg. Grab samples had an average weight of 1 kg. For all sample types, field duplicates were completed at a frequency of 1:20 samples. Collected auger sample interval lengths were 1 m, with some variation depending on sample recovery and geological unit boundaries. Sonic drill core samples were split to obtain quarter core sub-samples for assaying. Core sample intervals were typically 1 m in length, with a minimum of 0.55 m and a maximum of 2.0 m, taking into account lithological boundaries.

Sample collection, preparation, and transportation was managed by Rare Earths Americas. Chain-of-custody procedures consist of sample submittal forms sent to the laboratory with sample shipments to make certain that all samples are received by the laboratory.

Density measurements were completed on 225 fragments of sonic drill core, typically about 10 cm in length and 300 cm3 in volume, collected from across deposit. The water displacement method was used for density measurement. Simple averages generated for each material type were assigned to mineral resource models for each deposit.

SGS Geosol in Vespasiano, Minas Gerais, Brazil (SGS Geosol) has been the primary assay laboratory for the Project since mineral exploration sampling commenced in June 2023. SGS Geosol is independent of Rare Earths Americas and holds ISO 9001 certification and 17025 accreditations for selected analytical techniques. Approximately 74% of the exploration drilling assays (3,009 samples) in the database were generated by SGS Geosol. In early 2024, Rare Earths Americas began periodically sending drill samples for preparation to ALS Belo Horizonte, Brazil (ALS Belo Horizonte) and with assaying completed at the ALS Lima facility in Peru (ALS Lima). ALS Belo Horizonte and ALS Lima are independent of Rare Earths Americas, and both hold ISO 17025 accreditations for selected analytical techniques, and ISO 9001 certification. Approximately 26% of the assays (1,049 samples) in the database were generated by ALS Lima.

Sample preparation methods included drying, crushing to 75% passing 3 mm, and pulverizing to 95% passing 75 µm (SGS Geosol) or 85% passing 75 µm (ALS Belo Horizonte). SGS Geosol used a lithium borate fusion followed by ICP-MS determination for a multi-element suite. ALS Lima used lithium borate fusion followed by an ICP-MS determination (ALS code ME-MS81), to generate a multi-element suite. Both methods provide a total rare earth element analysis, and values for the potentially deleterious elements uranium and thorium. At both laboratories, the assay technique used for major oxides and components was lithium borate fusion followed by ICP OES analysis.

All exploration conducted was accompanied by a QA/QC program, which included the systematic insertion of CRMs, blank material, and the collection of field duplicate samples along with the exploration samples. QA/QC sample results were monitored by the exploration team independently from the analytical laboratories and were periodically reviewed by McGarry Geoconsulting. The results of the QA/QC samples summitted by Rare Earth Americas during exploration do not indicate significant issues with the analytical data. The performance of CRM, blanks and field duplicates indicate satisfactory performance of field sampling protocols and assay laboratories in providing acceptable levels of precision and accuracy.

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**MANAGEMENT**

The following table sets forth certain biographical and other information regarding our executive officers and directors:

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| | | |
|:---|:---|:---|
| **Name** | **Age** | **Position(s)** |
| ***Executive Officers*** |  |  |
| Donald Swartz | 46 | Chief Executive Officer, President and Director |
| Jennifer Grafton | 50 | Chief Operating Officer, General Counsel and Secretary |
| Cheryl Kerr  | 60 | Chief Accounting Officer and Treasurer |
| &nbsp;&nbsp;&nbsp;***Non-Employee Directors*** |  |  |
| Dan Shribman | 42 | Chairman |
| Ivy Estabrooke | 49 | Director |
| Reta Jo Lewis | 72 | Director |
| Keith Phillips | 66 | Director |
| Hugo Schumann | 43 | Director |

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The following are brief biographies describing the backgrounds of our executive officers and directors.

**Executive Officers**

***Donald Swartz*** *— Chief Executive Officer, President and Director*

Mr. Swartz has served as our Chief Executive Officer and President since August 1, 2025 and as a member of our board of directors since April 18, 2025. Prior to being appointed as our Chief Executive Officer and President, Mr. Swartz served as Interim Chief Executive Officer of FRE Australia, from January to August 2025, and as a consultant to FRE US from January 2025 to August 2025. Prior to this, Mr. Swartz served as Chief Executive Officer of American Rare Earths Limited, a company that explores and develops mineral resources in the U.S. (ASX: ARR; OTCQX: ARRNF), from July 2023 to August 2024. From August 2024 until February 2025, Mr. Swartz was self-employed as a consultant in the mining industry. From June 2019 to July 2022, Mr. Swartz served as Senior Vice President of Vista Energy Holdings, a private mining and energy development company. Prior to his tenure at Vista Energy Holdings, Mr. Swartz held several senior executive positions at Westmoreland Coal Company ("Westmoreland"), a former U.S.-based energy company, which was previously listed on Nasdaq. At Westmoreland, he served successively as Chief Commercial Officer, Senior Vice President of Commercial, Sales and Marketing, Vice President of Sales and Marketing, and Vice President of Business Development from December 2017 to June 2019. Mr. Swartz holds a Master of Business Administration from the University of Denver and a Bachelor of Science degree in Mining Engineering from West Virginia University. Mr. Swartz served as an executive officer of Westmoreland at the time that Westmoreland filed for Chapter 11 reorganization in 2018; Westmoreland emerged from Chapter 11 bankruptcy in 2019.

We believe that Mr. Swartz is qualified to serve on our board of directors due to his extensive experience in the mining industry.

***Jennifer Grafton*** *— Chief Operating Officer, General Counsel and Secretary*

Ms. Grafton has served as our Chief Operating Officer, General Counsel and Secretary since August 1, 2025. Prior to being appointed as our Chief Operating Officer, General Counsel and Secretary, Ms. Grafton served as a consultant to FRE US from February 2025 to August 2025. Prior to this, Ms. Grafton served as Executive Vice President and General Counsel of E2open Parent Holdings, Inc. (NYSE: ETWO), a cloud-based, end-to-end supply chain management software company from 2021 to 2024. Previous to E2open, Ms. Grafton worked at Westmoreland from December 2008 to July 2019, most recently serving as Chief Legal Officer, Chief Administrative Officer and Secretary. Prior to Westmoreland, Ms. Grafton worked in the corporate group of various Denver-based and national law firms focusing her practice on securities and corporate governance. She also serves as a director of Dakota Gold

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Corp. (NYSE American: DC), a publicly traded gold exploration and development company, and serves as Lead Independent Director of Farmland Partners Inc. (NYSE: FPI), a public internally managed real estate company focused on high-quality farmland. Ms. Grafton holds a Master of Business Administration from the University of Michigan, Juris Doctorate from the University of Denver and a Bachelor of Arts in politics and government from the University of Puget Sound. Ms. Grafton served as an executive officer of Westmoreland at the time that Westmoreland filed for Chapter 11 reorganization in 2018; Westmoreland emerged from Chapter 11 bankruptcy in 2019.

***Cheryl Kerr –*** *Chief Accounting Officer and Treasurer*

Ms. Kerr has served as our Chief Accounting Officer and Treasurer since February 1, 2026. Prior to being appointed our Chief Accounting Officer and Treasurer, Ms. Kerr served as a consultant to the Company from December 2025 to February 2026. Prior to this, Ms. Kerr served as Senior Director of Accounting at Lumen Technologies, Inc. (NYSE: LUMN), a global networking company from August 2021 to October 2025, where she held various roles including the Senior Director of SEC Reporting and Senior Director of Finance Separation Management and International Accounting. Before Lumen Technologies, between 2019 and 2021, Mr. Kerr worked as an accounting consultant for various companies, including Lumen Technologies. Ms. Kerr holds both a Bachelor and Master of Business Administration from the University of Oklahoma Price College of Business and is a Certified Public Accountant.

**Non-Employee Directors**

***Dan Shribman*** *— Chairman*

Mr. Shribman has served as a director of the Company since the Company's formation in February 2025. Mr. Shribman has served as Chief Executive Officer of Great American Holdings, a financial services company providing valuation, appraisal, asset disposition, and real estate solutions, since July 2025. In addition, he has served as the Chief Executive Officer of Clamantis Holdings, an investment and advisory firm he founded which focused on small public companies and pre-IPO private companies, since January 2025. From October 2018 to December 2024, Mr. Shribman was Chief Investment Officer of B. Riley Financial, Inc., a public holding company (Nasdaq: RILY). Prior to that, from July 2010 to July 2018, he was a Portfolio Manager at Anchorage Capital Group, a special situation asset manager. Mr. Shribman currently serves on the board of Alta Equipment Group (NYSE: ALTG), a public construction and material handling equipment dealer, and has been on the board of AltEnergy Acquisition Corp. (Nasdaq: AEAE), a public blank check company, since October 2021, where he serves as Audit Committee Chair. He previously served on the boards of The Arena Group Holdings, Inc. (NYSE: AREN) from June 2021 to November 2023, Faze Holdings (Nasdaq: FAZE) from July 2022 to August 2023, NextPoint Financial Inc. (OTCMKTS: NACQF) from August 2021 to April 2023, and Eos Energy (Nasdaq: EOSE) from November 2020 to September 2022. Mr. Shribman holds an A.B. in Economics and History from Dartmouth.

We believe that Mr. Shribman is qualified to serve on our board of directors due to his extensive experience as a director, his experience in portfolio and investment management, and his knowledge of corporate finance.

***Ivy Estabrooke***

Dr. Ivy Estabrooke has served as a director of the Company since October 2025. She currently serves as Strategic Account Executive for Defense at RTI International, an independent, nonprofit scientific research institute, where she has held senior roles in innovation strategy and policy since November 2022. From February 2020 to September 2022, Dr. Estabrooke was Vice President of Operations and Corporate Affairs at IDbyDNA, Inc., a commercial-stage biotechnology company acquired by Illumina, Inc. (Nasdaq: ILMN). She previously served as Vice President of Government Affairs at PolarityTE, Inc. (Nasdaq: PTE), a clinical-stage biotechnology company developing regenerative tissue products and biomaterials, from July 2018 to January 2020. Earlier in her career, Dr. Estabrooke was Executive Director of the Utah Science, Technology and Research (USTAR) Initiative, and was a Technical Program Manager with the U.S. Department of the Navy from 2008 to 2014. Dr. Estabrooke currently serves on the advisory board of URZ3 Energy Corp (TSXV: URZ.V), and served on the board of directors of Energy Fuels Inc. (NYSE: UUUU) from 2022 to 2025. Dr. Estabrooke holds a Ph.D. in Neuroscience from Georgetown University, an M.S. in National Resource Strategy from the Eisenhower School for National Security and Resource Management at the National Defense University, and a B.A. in Biological Sciences from Smith College.

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We believe Dr. Estabrooke is qualified to serve on our board of directors due to her expertise in advancing the development and commercialization of emerging technologies at the intersection of national and economic security, as well as her extensive government affairs experience.

***Reta Jo Lewis***

Ms. Lewis has served as a director of the Company since October 2025. She has served as Of Counsel at Husch Blackwell since April 2026. Ms. Lewis served as the 27th Chairman, President, and Chief Executive Officer of the Export-Import Bank of the United States (EXIM) from February 2022 to January 2025. Prior to EXIM, she served as Senior Fellow and the Director of Congressional Affairs for the German Marshall Fund of the United States from March 2016 to February 2022. Previously, Ms. Lewis served as the U.S. Department of State's first Special Representative for Global Intergovernmental Affairs from January 2010 to May 2013. Ms. Lewis practiced law as a Shareholder at Greenberg Traurig LLP from 1997 to 2000. Ms. Lewis holds a J.D. from Emory University School of Law, an M.S.A.J. from American University, and a B.A. from the University of Georgia.

We believe Ms. Lewis is qualified to serve on our board of directors due to her extensive leadership in international trade, export finance, and government affairs, as well as her deep expertise in critical-mineral supply-chain policy and global partnership development.

***Keith Phillips***

Mr. Keith Phillips has served on our board of directors since October 2025. Mr. Phillips served as Chief Executive of Piedmont Lithium (formerly listed on Nasdaq) from its inception in July 2017 to its merger with Sayona Mining in October 2025. Prior to joining Piedmont, Mr. Phillips had a 30-year career on Wall Street. Among other positions, Mr. Phillips led the mining investment banking teams for Merrill Lynch, J.P. Morgan, and Dahlman Rose, having previously served as head of Canadian Investment Banking Services for Goldman Sachs. Mr. Phillips serves as a executive chair of Q2 Metals (TSX.V: QTWO.V), a public company focused on mineral exploration in Canada. Mr. Phillips earned his Master of Business Administration in Finance from The University of Chicago and Bachelor of Commerce from Laurentian University in Canada.

We believe that Mr. Phillips is qualified to serve on our board of directors because of his extensive experience with mining companies, including many established global leaders, and his expertise in advising exploration and development-stage companies in achieving their strategic objectives, with a particular focus on obtaining relevance in the U.S. capital markets.

***Hugo Schumann***

Mr. Schumann has served as a director of the Company since October 2025. He has served as Chief Executive Officer of EverMetal Buyer Inc., a private equity–backed critical-metals recycling platform, since August 2025; as CEO-USA, for PGM of Texas, LLC since April 2025, a company dedicated to metals recycling and urban mining; and as Strategic Advisor at Colt Recycling LLC, a company dedicated to electronics recycling, since June 2025. He previously served as Chief Executive Officer–Silver at the Indian integrated mining and resources producer of zinc, lead, silver and cadmium Hindustan Zinc Limited (NSE: HINDZINC; BSE: 500188) from February 2024 to October 2024, and as Chief Financial Officer of Jetti Resources, a copper-processing technology company, from October 2019 to January 2024. Mr. Schumann holds an M.B.A. from INSEAD and a Bachelor of Business Science from the University of Cape Town. Mr. Schumann previously served as a non-executive director of Global Uranium & Enrichment Ltd (ASX: GUE), and currently serves as a non-executive director and member of the audit committee of IonDrive Ltd (ASX: ION).

We believe Mr. Schumann is qualified to serve on our board of directors due to his extensive experience in critical-minerals project finance, metals-recycling operations, and executive leadership across the global mining industry.

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**Family Relationships**

There are no family relationships among our directors and executive officers.

**Board Composition**

Our certificate of formation provides that our board of directors shall initially consist of three directors, and thereafter shall be fixed from time to time by resolution of our board of directors. Currently our board of directors consists of six members: Dan Shribman, Donald Swartz, Ivy Estabrooke, Reta Jo Lewis, Keith Phillips and Hugo Schumann.

Each director shall hold office until the next annual meeting and until the election and qualification of his or her successor, or his or her earlier death, resignation or removal. Our bylaws authorize our board of directors to fill vacancies on our board of directors.

**Director Independence**

Under the listing standards, requirements and rules of the NYSE American (the "NYSE American Listing Rules"), independent directors must comprise a majority of our board of directors as a listed company within one year of the listing date.

Pursuant to the corporate governance standards of the NYSE American, a director will qualify as "independent" only if our board of directors affirmatively determines that he or she has no material relationship with us, either directly or as a partner, stockholder or officer of an organization that has a relationship with us. The fact that a director may own our capital stock is not, by itself, considered a material relationship. Our board of directors has undertaken a review of the independence of each director. Based on information provided by each director concerning her or his background, employment, and affiliations, including family relationships, our board of directors has determined that Mr. Shribman, Ms. Estabrooke, Ms. Lewis, Mr. Phillips and Mr. Schumann are "independent" as that term is defined under the NYSE American Listing Rules. Our board of directors has determined that Mr. Swartz, by virtue of his employment relationships with us is not independent under applicable rules and regulations of the SEC and the NYSE American. In making these determinations, our board of directors considered the current and prior relationships that each non-employee director has with our company and all other facts and circumstances our board of directors deemed relevant in determining their independence, including the beneficial ownership of our shares by each non-employee director and the transactions described in the section titled "Certain Relationships and Related Person Transactions."

**Board Leadership Structures**

Our board of directors recognizes that one of its key responsibilities is to evaluate and determine its optimal leadership structure so as to provide effective oversight of management. Our bylaws and corporate governance guidelines will provide our board of directors with flexibility to combine or separate the positions of Chairman of our board of directors and Chief Executive Officer. Our board of directors currently believes that our existing leadership structure, under which Mr. Swartz serves as our Chief Executive Officer and President and Mr. Shribman serves as Chairman of our board of directors, is effective, provides the appropriate balance of authority between independent and non-independent directors, and achieves the optimal governance model for us and for our stockholders. Our board of directors will continue to periodically review our leadership structure and may make such changes in the future as it deems appropriate.

**Role of Board in Risk Oversight**

Although management is responsible for the day-to-day management of the risks our company faces, our board of directors and its committees take an active role in overseeing management of our risks and have ultimate responsibility for the oversight of risk management. Our board of directors regularly reviews information regarding our operational, financial, legal and strategic risks. Specifically, senior management attends quarterly meetings of the board of directors, provides presentations on operations including significant risks, and is available to address any questions or concerns raised by our board of directors.

In addition, we expect that the three committees of our board of directors which we plan to establish will assist the board of directors in fulfilling its oversight responsibilities regarding risk. The audit committee will coordinate the board of director's oversight of our internal control over financial reporting, disclosure controls and procedures, related party transactions and code of conduct and corporate governance guidelines, and management will regularly report to

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the audit committee on these areas. The compensation committee will assist the board of directors in fulfilling its oversight responsibilities with respect to the management of risks arising from our compensation policies and programs as well as succession planning as it relates to our Chief Executive Officer. The nominating and corporate governance committee will assist the board of directors in fulfilling its oversight responsibilities with respect to the management of risks associated with board organization, membership and structure, succession planning for our directors and corporate governance. When any of the committees receives a report related to material risk oversight, the chairman of the relevant committee will report on the discussion to the full board of directors.

**Board Committees**

Our board of directors has established an audit committee, a compensation committee, and a nominating and corporate governance committee. The composition and responsibilities of each of the committees of our board of directors are described below. Members serve on these committees until their resignation or until otherwise determined by our board of directors. Each committee has adopted a written charter that satisfies the applicable rules and regulations of the SEC and the NYSE American. Upon the completion of this offering, each committee's charter will be available on our website at *rareearthsamericas.com*. Our board of directors may establish other committees as it deems necessary or appropriate from time to time.

The NYSE American permits a phase-in period of up to one year for an issuer registering securities in an initial public offering to meet the audit committee, compensation committee and nominating and corporate governance committee independence requirements. Under the initial public offering phase-in period, only one member of each committee is required to satisfy the heightened independence requirements at the time our registration statement becomes effective, a majority of the members of each committee must satisfy the heightened independence requirements within 90 days following the effectiveness of our registration statement, and all members of each committee must satisfy the heightened independence requirements within one year from the effectiveness of our registration statement.

***Audit Committee***

Our audit committee consists of Ivy Estabrooke and Dan Shribman, with Hugo Schumann serving as chair. Our board of directors has determined that each member of the audit committee is independent under the NYSE American Listing Rules and Rule 10A-3(b)(1) of the Exchange Act , and can read and understand fundamental financial statements in accordance with applicable requirements. Our board of directors has also determined that Mr. Schumann is an "audit committee financial expert," as defined under the applicable rules of the SEC. In arriving at these determinations, our board of directors has examined each audit committee member's scope of experience and the nature of their employment in the corporate finance sector.

The audit committee's responsibilities include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•appointing, approving the compensation of and assessing the independence of our independent registered public accounting firm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•pre-approving auditing and permissible non-audit services, and the terms of such services, to be provided by our independent registered public accounting firm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•reviewing the overall audit plan with our independent registered public accounting firm and members of management responsible for preparing our financial statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•reviewing and discussing with management and our independent registered public accounting firm our annual and quarterly financial statements and related disclosures as well as critical accounting policies and practices used by us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•coordinating the oversight and reviewing the adequacy of our internal control over financial reporting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•establishing policies and procedures for the receipt and retention of accounting-related complaints and concerns;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•recommending based upon the audit committee's review and discussions with management and our independent registered public accounting firm whether our audited financial statements shall be included in our Annual Report on Form 10-K;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•monitoring the integrity of our financial statements and our compliance with legal and regulatory requirements as they relate to our financial statements and accounting matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•preparing the audit committee report required by SEC rules to be included in our annual proxy statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•reviewing all related person transactions for potential conflict of interest situations and approving all such transactions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•reviewing quarterly earnings releases.

Our audit committee will operate under a written charter, which will be effective upon the effectiveness of the registration statement of which this prospectus forms a part, that satisfies the applicable standards of the SEC and the NYSE American Listing Rules.

***Compensation Committee***

Our compensation committee consists of Reta Jo Lewis and Dan Shribman, with Keith Phillips serving as chair. Our board of directors has determined that each member of the compensation committee is independent under the NYSE American Listing Rules and is a "non-employee director" as defined in Rule 16b-3 under the Exchange Act.

The compensation committee's responsibilities include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•reviewing and approving our philosophy, policies and plans with respect to the compensation of our chief executive officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•making recommendations to our board of directors with respect to the compensation of our chief executive officer and our other executive officers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•reviewing and assessing the independence of compensation advisors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•overseeing and administering our equity incentive plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•reviewing and making recommendations to our board of directors with respect to director compensation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•preparing the compensation committee reports required by the SEC, including our "Compensation Discussion and Analysis" disclosure.

Our compensation committee will operate under a written charter, which will be effective upon the effectiveness of the registration statement of which this prospectus forms a part, that satisfies the applicable standards of the SEC and the NYSE American Listing Rules.

***Nominating and Corporate Governance Committee***

Our nominating and corporate governance committee consists of Ivy Estabrooke and Keith Phillips, with Reta Jo Lewis serving as chair. Our board of directors has determined that each member of the nominating and corporate governance committee is independent under the NYSE American Listing Rules, a non-employee director, and free from any relationship that would interfere with the exercise of his or her independent judgment.

The nominating and corporate governance committee's responsibilities include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•developing and recommending to the board of directors criteria for board and committee membership;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•establishing procedures for identifying and evaluating board of director candidates, including nominees recommended by stockholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•reviewing the composition of the board of directors to ensure that it is composed of members containing the appropriate skills and expertise to advise us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•identifying and screening individuals qualified to become members of the board of directors;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•recommending to the board of directors the persons to be nominated for election as directors and to each of the board's committees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•developing and recommending to the board of directors a code of business conduct and ethics and a set of corporate governance guidelines; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•overseeing the evaluation of our board of directors and management.

Our nominating and corporate governance committee will operate under a written charter, which will be effective upon the effectiveness of the registration statement of which this prospectus forms a part, that satisfies the applicable standards of the SEC and the NYSE American Listing Rules.

**Compensation Committee Interlocks and Insider Participation**

None of the members of our compensation committee has during the prior fiscal year been one of our officers or employees or had a relationship requiring disclosure under "Certain Relationships and Related Party Transactions." None of our executive officers currently serves, or in the past fiscal year has served, as a member of the board of directors or compensation committee of any entity that has one or more executive officers serving on our board of directors or compensation committee.

**Code of Business Conduct and Ethics**

We have adopted a written code of business conduct that applies to our directors, officers and employees, including our principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. Upon the closing of this offering, a current copy of the code will be posted on the Investor Relations section of our website at *rareearthsamericas.com*. The information contained on our website is not part of this prospectus. If we make any substantive amendments to, or grant any waivers from, the code of business conduct and ethics for any officer or director, we will disclose the nature of such amendment or waiver on our website or in a current report on Form 8-K within four business days of such amendment or waiver.

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**EXECUTIVE COMPENSATION**

*The following disclosure of compensation arrangements should be read together with the compensation tables and related disclosures that follow. This discussion contains forward-looking statements that are based on our current plans and expectations regarding future compensation programs. Actual compensation programs that we adopt may differ materially from the programs summarized in this discussion. The following discussion may also contain statements regarding corporate performance targets and goals. These targets and goals are disclosed in the limited context of our compensation programs and should not be understood to be statements of management's expectations or estimates of future results or other guidance. We specifically caution investors not to apply these statements to other contexts.*

As an "emerging growth company," within the meaning of the Securities Act, and as a "smaller reporting company" for purposes of the SEC's executive compensation disclosure rules, we have opted to comply with the executive compensation disclosure rules applicable to "smaller reporting companies." In accordance with such rules, we are required to provide a Summary Compensation Table and an Outstanding Equity Awards at Fiscal Year-End Table, as well as specified narrative disclosures regarding executive compensation for our last completed fiscal year. This section discusses the material components of the executive compensation program for our Chief Executive Officer and our two other most highly compensated officers for the fiscal year ending December 31, 2025, who we collectively refer to as our "named executive officers." For 2025, our named executive officers and their positions were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Donald S. Swartz, II, Chief Executive Officer and President;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Jennifer Grafton, Chief Operating Officer, General Counsel and Secretary; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Joseph Dwyer, Chief Financial Officer.

We were formed in February 2025; thus, all information disclosed in this Execution Compensation section relating to fiscal year 2024 relates to our Predecessor. Our Predecessor is a limited liability company (*sociedade limitada)* organized under the laws of Brazil. As a Brazilian limited liability company, our Predecessor is not required to have a board of directors or fiscal council, which is an independent committee within a company responsible for supervising management's actions and auditing the company's financial statements. Our Predecessor is otherwise required to have statutory designated managers to represent, as necessary, the Predecessor entity before local authorities, as well as to sign various operating agreements related to the exploration of our Predecessor's different mining projects. For fiscal year 2024, the two statutory managers designated by the Predecessor's parent company, Rare Earths Americas Limited ("REA Australia"), were Renato Aureo de Paula Gonzaga and João Paulo Agapito da Veiga. Messrs. Gonzaga and Veiga were Predecessor's named executive officers for fiscal year 2024.

**Summary Compensation Table**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Name and Principal Position** | **Year** | **Salary**<br>**($)**  | <br>**Bonus**<br>**($)(1)** | <br>**Stock Awards** <br>**($)(2)** | **All Other**<br>**Compensation**<br>**($)** | **Total**<br>**($)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Donald S Swartz, II | 2025 | 145833 | 525000 | 2942416(3) | 120000(4) | &nbsp;&nbsp;&nbsp;&nbsp;3733249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Chief Executive Officer*  | 2024 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Jennifer Grafton | 2025 | 125000 | 225000 | 925568(5) | 90000(6) | &nbsp;&nbsp;&nbsp;&nbsp;1365568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Chief Operating Officer* | 2024 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Joseph Dwyer(7) | 2025 | 97917 |  | 205088(8) | 18000(9) | &nbsp;&nbsp;&nbsp;&nbsp;321005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Chief Financial Officer* | 2024 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Renato Aureo de Paula Gonzaga  | 2025 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Statutory Manager* (10) | 2024 |  |  |  | 36109(11)  | &nbsp;&nbsp;&nbsp;&nbsp;36109 |
| &nbsp;&nbsp;&nbsp;&nbsp;João Paulo Agapito da Veiga  | 2025 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Statutory Manager* (10) | 2024 |  |  |  | 14563(12)  | &nbsp;&nbsp;&nbsp;&nbsp;14563 |

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(1)On January 23, 2026, the Board, at the recommendation of the Compensation Committee and in accordance with the terms of Mr. Swartz's and Ms. Grafton's respective employment agreements described under "Narrative to Summary Compensation Table," approved the payment of bonuses to Mr. Swartz and Ms. Grafton for services provided during the year ended December 31, 2025. Such bonuses were paid during fiscal year 2026.

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(2)Represents the aggregate grant date fair value of restricted stock units ("RSUs") and warrants issued to the recipient listed in the year indicated, measured in accordance with ASC Topic 718.

(3)Consists of 135,000 RSUs and 284,226 RSUs granted to Mr. Swartz on August 22, 2025, and August 25, 2025, respectively, and 46,610 warrants received as part of the Merger, as described below under "Narrative to Summary Compensation Table."

(4)Relates to compensation received from FRE US pursuant to the Swartz Consulting Agreement, as described below under "Narrative to Summary Compensation Table."

(5)Consists of 30,000 RSUs and 101,058 RSUs granted to Ms. Grafton on August 22, 2025, and August 25, 2025, respectively, and 15,537 warrants received as part of the Merger, as described below under "Narrative to Summary Compensation Table."

(6)Relates to compensation received from FRE US pursuant to the Grafton Consulting Agreement, as described below under "Narrative to Summary Compensation Table."

(7)Joseph Dwyer resigned as our Chief Financial Officer and Treasurer, effective as of February 1, 2026.

(8)Consists of 31,581 RSUs granted to Mr. Dwyer on August 25, 2025. In connection with Mr. Dwyer's resignation, 21,581 of such RSUs were forfeited.

(9)Relates to compensation received from FRE US pursuant to the Dwyer Consulting Agreement, as described below under "Narrative to Summary Compensation Table."

(10)The compensation reflected for Messrs. Gonzaga and Agapito Veiga in the Summary Compensation Table has been converted to U.S. dollars using a Brazilian Real to US dollar exchange rate as of December 31, 2024, of 6.18 to 1.00.

(11)Based on compensation received by Mr. Gonzaga of 223,150.90 Brazilian Reals for rendered services to the Predecessor.

(12)Based on compensation received by Mr. Agapito Veiga of 90,000.00 Brazilian Reals for rendered services to the Predecessor.

**Narrative to Summary Compensation Table** 

As described under the heading "Executive Officers," Mr. Swartz and Ms. Grafton provided consulting services to our affiliated entity, FRE US, beginning in January 2025 and February 2025, respectively. Following our formation in February 2025 and the completion of the Acquisition in July 2025, effective August 1, 2025, Mr. Swartz was appointed as the Company's Chief Executive Officer and President; Ms. Grafton as the Company's Chief Operating Officer, General Counsel and Corporate Secretary; and Mr. Dwyer as the Company's Chief Financial Officer. See "Management — Executive Officers." Mr. Dwyer resigned from his role as our Chief Financial Officer and Treasurer, effective as of February 1, 2026.

In 2025, each of the Messrs. Swartz and Dwyer and Ms. Grafton entered into an employment agreement with REA Management, our then-wholly-owned U.S.-based operating subsidiary. Effective December 31, 2025, we completed a merger of REA Management into REA, which resulted in all employees of REA Management becoming employees of REA as of January 1, 2026. The employment agreements generally provide for each executive's base salary, target bonus opportunity, reimbursement of reasonable business expenses and eligibility to participate in our equity and benefit plans. The material terms of the employment agreements are summarized below. These summaries are qualified by reference to the actual text of the agreements, which are filed as exhibits to the registration statement of which this prospectus forms a part. In addition to the key terms summarized below, each of our executives is a participant in the Rare Earths Americas, Inc. Executive Severance Plan (the "Severance Plan"), which provides for certain severance benefits upon a termination by us or our subsidiaries without "Cause." See *"*Executive Compensation*—*Potential Payments Upon Termination or Change in Control*"* below for more details regarding the severance benefits provided to our executive officers under the employment agreements, and Exhibit 10.14 for a copy of our Severance Plan described therein. See "Executive Compensation—Equity Incentive Plans" below for more details regarding the equity incentives provided to Executive Officers.

***Donald S Swartz, II***

*Consulting Agreement* 

On January 2, 2025, FRE US entered into a consulting agreement with Griffin and Fleming LLC, an entity affiliated with Mr. Swartz, to provide certain advisory services (the "Swartz Consulting Agreement") effective until December 31, 2025. The Swartz Consulting Agreement provided that Mr. Swartz would serve as a consultant to both FRE US and FRE Australia.

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Under the Swartz Consulting Agreement, Mr. Swartz received compensation of $24,000 per month, as well as a sign-on bonus in the form of 2,500,000 unquoted options to purchase shares of FRE Australia stock, which were exercisable at AUS$0.125 per share and had an expiration date of September 30, 2029. The options were to vest upon the earlier of: (a) the completion of a successful IPO by FRE Australia or any successor entity, including any corporation that acquires its shares or assets; or (b) Mr. Swartz's continuous service through December 31, 2025. Under the Swartz Consulting Agreement, if FRE US terminated the agreement without cause, all unvested options would immediately vest and become exercisable. At the time of the Merger, the options to purchase shares of FRE Australia stock were converted into warrants in the Company at a fair market value of A$7.55, or $4.94, as determined by our Board, and calculated using an AUS to US dollar exchange rate of 0.6546 to 1.00. The warrants (the "Replacement Warrants") have an exercise price of A$13.41 per share and are exercisable at any time until their expiration date of December 31, 2025. Mr. Swartz received 46,610 Replacement Warrants in exchange for his options.

On August 14, 2025, the Swartz Consulting Agreement was superseded by the Swartz Employment Agreement (as defined below) and terminated in connection with the completion of the Acquisition.

*Employment Agreement*

On August 14, 2025, REA Management, which was subsequently merged with and into REA, entered into an employment agreement with Mr. Swartz (the "Swartz Employment Agreement") to serve as our Chief Executive Officer and President, effective retroactively as of August 1, 2025. The Swartz Employment Agreement provides for an annual base salary of $350,000, eligibility for Mr. Swartz to earn an annual incentive cash bonus based on a target bonus opportunity equal to 75% of his base salary, a special, one-time bonus of 100% of his base salary following REA Management's completion of an initial public offering or the closing of the corporate transaction defined as any transaction pursuant to which any third party acquires an ownership interest of more than 50% in our outstanding common stock, eligibility to receive annual long-term incentive compensation, and participation in standard benefit plans. The Swartz Employment Agreement also provides for Mr. Swartz's eligibility to participate in any future severance plan, which Severance Plan was adopted by our Board of Directors (the "Board") on August 25, 2025. See *"*Executive Compensation*—*Potential Payments Upon Termination or Change in Control*"* below for more details regarding the severance benefits provided to Mr. Swartz.

On August 22, 2025, Mr. Swartz was granted 135,000 RSUs that vest following both (i) a liquidity event, defined as either the closing of a firm commitment underwritten public offering of our shares pursuant to an effective registration statement under the Securities Act, or the closing of a merger, consolidation, or sale of substantially all of our assets, as a result of which our shareholders immediately prior to such transaction hold less than 51% of the outstanding voting power of the surviving or acquiring entity immediately following the transaction (a "Liquidity Event"); and (ii) the one-year anniversary of the grant date. On August 25, 2025, Mr. Swartz was granted 284,226 RSUs that vest following a Liquidity Event.

***Jennifer Grafton***

*Consulting Agreement* 

On February 1, 2025, FRE US entered into a consulting agreement with Ms. Grafton to provide certain consulting services (the "Grafton Consulting Agreement"), which was effective until December 31, 2025. The Grafton Consulting Agreement provided that Ms. Grafton would serve as a consultant to both FRE US and FRE Australia.

Under the Grafton Consulting Agreement, Ms. Grafton received compensation of $18,000 per month, as well as a sign-on bonus in the form of 833,333 unquoted options to purchase shares of FRE Australia stock, which were exercisable at AUS$0.125 per share and had an expiration date of September 30, 2029. The options were to vest upon the earlier of: (a) the completion of a successful IPO by FRE Australia or any successor entity, including any corporation that acquires its shares or assets; or (b) Ms. Grafton's continuous service through December 31, 2025. Under the Grafton Consulting Agreement, if FRE US terminated the agreement without cause, all unvested options would immediately vest and become exercisable. At the time of the Merger, these options were converted into 15,537 Replacement Warrants.

On July 31, 2025, the Grafton Consulting Agreement was superseded by the Grafton Employment Agreement (as defined below) and terminated in connection with the completion of the Acquisition.

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*Employment Agreement*

On July 31, 2025, REA Management, which was subsequently merged with and into REA, entered into an employment agreement with Ms. Grafton (the "Grafton Employment Agreement") to serve as our Chief Operating Officer, General Counsel and Secretary, effective as of August 1, 2025. The Grafton Employment Agreement provides for an annual base salary of $300,000, eligibility for Ms. Grafton to earn an annual cash incentive bonus based on a target bonus opportunity equal to 50% of her base salary, eligibility to receive annual long-term incentive compensation, and participation in standard benefit plans. The Grafton Employment Agreement also provides for Ms. Grafton's eligibility to participate in the Severance Plan. See *"*Executive Compensation*—*Potential Payments Upon Termination or Change in Control*"* below for more details regarding the severance benefits provided to Ms. Grafton. On August 22, 2025, Ms. Grafton was granted 30,000 RSUs that vest following both (i) a Liquidity Event, and (ii) the one-year anniversary of the grant date. On August 25, 2025, Ms. Grafton received RSUs for 101,058 shares of the Company's common stock that vest following a Liquidity Event.

***Joseph Dwyer***

*Consulting Agreement* 

On July 1, 2025, FRE US entered into a consulting agreement with Mr. Dwyer to provide certain consulting services (the "Dwyer Consulting Agreement"), which was effective until December 31, 2025. The Dwyer Consulting Agreement provided that Mr. Dwyer would serve as a consultant to both FRE US and FRE Australia. Under the Dwyer Consulting Agreement, Mr. Dwyer received compensation of $18,000.00 per month.

On August 5, 2025, the Dwyer Consulting Agreement was superseded by the Dwyer Employment Agreement (as defined below) and terminated in connection with the completion of the Acquisition.

*Employment Agreement*

On August 5, 2025, REA Management, which was subsequently merged with and into REA, entered into an employment agreement with Mr. Dwyer (the "Dwyer Employment Agreement") to serve as our Chief Financial Officer and Treasurer, effective retroactively as of August 1, 2025. The Dwyer Employment Agreement provides for an annual base salary of $235,000, eligibility for Mr. Dwyer to earn an annual cash incentive bonus based on a target bonus opportunity equal to 40% of his base salary, eligibility to receive annual long-term incentive compensation, and participation in standard benefit plans. The Dwyer Employment Agreement also provides for Mr. Dwyer's eligibility to participate in the Severance Plan. See *"*Executive Compensation*—*Potential Payments Upon Termination or Change in Control*"* below for more details regarding the severance benefits provided to Mr. Dwyer. On August 25, 2025, Mr. Dwyer received RSUs for 31,581 shares of the Company's common stock that vest following a Liquidity Event, 21,581 of which were forfeited in connection with his resignation.

Mr. Dwyer resigned from his role as our Chief Financial Officer and Treasurer, effective as of February 1, 2026.

***2024 Named Executive Officers' Compensation***

The two individuals who served in the capacity of named executive officers of our Predecessor during fiscal year 2024, provided their services in a non-employee capacity pursuant to consultancy arrangements. During fiscal year 2024, Messrs. Gonzaga and Veiga received cash payments for services rendered at the Predecessor's request in connection with our Predecessor's projects, including administrative, finance, tax and accounting services. The named executive officers received no other compensation in 2024. From June 30, 2024, until the closing of the Acquisition, no consulting services were performed by either statutory manager.

On June 1, 2023, our Predecessor entered into a service agreement with RGX Partners, an entity affiliated with Mr. Gonzaga, pursuant to which Mr. Gonzaga provided financial and mining-related consulting services to our Predecessor (the "Gonzaga Consulting Agreement"). The Gonzaga Consulting Agreement had an initial term of twelve months ending on June 1, 2024, subject to extension by the parties. The Gonzaga Consulting Agreement provided that Mr. Gonzaga would serve as a consultant in connection with our Predecessor's different mining projects. Under the Gonzaga Consulting Agreement, Mr. Gonzaga received compensation of R$27,750.00 per month. On March 1, 2025, the Company entered into a consulting agreement with Mr. Gonzaga to provide certain advisory services in his capacity as a consultant to REA. Mr. Gonzaga separately provides services to AMBPL under a shared services agreement, entered into on August 1, 2025 (the "Shared Services Agreement"). The Shared Services Agreement does

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not have a term and it can be terminated (i) for convenience, by either party upon providing 60 days prior written notice, or (ii) for material breach, by providing 30 days prior written notice to the other party (with the breaching party having 30 days to cure any alleged breach after written notice).

On January 1, 2024, our Predecessor entered into a service agreement with Mr. Veiga, pursuant to which Mr. Veiga provided mining-related consulting services to our Predecessor (the "Veiga Consulting Agreement"). The Veiga Consulting Agreement had an initial term of twelve months ending on December 1, 2024, subject to extension by the parties. The Veiga Consulting Agreement was terminated in June 2024. Under the Veiga Consulting Agreement, Mr. Veiga received compensation of R$11,250.00 per month.

**Outstanding Equity Awards at 2025 Fiscal-Year End** 

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| | | |
|:---|:---|:---|
|  | **Stock Awards** | **Stock Awards** |
| **Name**  | **Number of shares or units of stock that have not vested<br>(#)** | **Market value of shares or units of stock that have not vested<br>($) (1)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Donald S Swartz, II | 465836(2) | 2925981 |
| &nbsp;&nbsp;&nbsp;&nbsp;Jennifer Grafton | 146595(3) | 919490 |
| &nbsp;&nbsp;&nbsp;&nbsp;Joseph Dwyer | 31581(4) | 203066 |

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(1)Market value based the fair market value of our common stock as of December 31, 2025, as determined by our of directors.

(2)Consists of 135,000 RSUs granted to Mr. Swartz on August 22, 2025, that vest upon the occurrence of (i) a Liquidity Event and (ii) the one-year anniversary of the grant date; 284,226 RSUs granted to Mr. Swartz on August 25, 2025, that vest upon the occurrence of a Liquidity Event; and 46,610 Replacement Warrants.

(3)Consists of 30,000 RSUs granted to Ms. Grafton on August 22, 2025, that vest upon the occurrence of (i) a Liquidity Event and (ii) the one-year anniversary of the grant date; 101,058 RSUs granted to Ms. Grafton on August 25, 2025, that vest upon the occurrence of a Liquidity Event; and 15,537 Replacement Warrants.

(4)Consists of 31,581 RSUs granted to Mr. Dwyer on August 25, 2025, that vest following a Liquidity Event. In connection with Mr. Dwyer's resignation, 21,581 of such RSUs were forfeited.

**Director Compensation** 

In December 2025, our Board of Directors adopted a director compensation program in which our non-employee directors participate. Employee directors do not receive additional compensation for their service on the Board. The director compensation program provides for an annual cash retainer and annual stock grant, as well as additional cash retainers for the chairs of our Audit Committee, Compensation Committee and Nominating and Corporate Governance Committee. The annual stock grant will be made following each year's annual meeting of shareholders and will vest on the earlier of the date that is one date from the date of grant or the business day immediately preceding the next annual meeting. The annual cash compensation, which is paid quarterly in arrears, is, as follows: all directors - $50,000; Chairman of the Board - $75,000; Chair of Audit Committee - $20,000; and Chairs of Compensation and Nominating and Corporate Governance Committees - $10,000.

In connection with the adoption of the director compensation program, the Board determined that the effective date for all directors serving on the Board as of the date of such adoption would be October 15, 2025.

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The following table provides summary information concerning compensation paid or accrued by us to or on behalf of our directors for services rendered to us during the last fiscal year, other than Mr. Swartz, our Chief Executive Officer and President, whose compensation is presented in the Summary Compensation Table above.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name and Principal Position** | **Fees earned or paid in cash ($)(1)** | **Stock awards<br>($)** | **All Other**<br>**Compensation**<br>**($)** | **Total**<br>**($)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Dan Shribman | 15693  | 1279281(2) |  | &nbsp;&nbsp;&nbsp;&nbsp;1294974 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hugo Schumann | 14647  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;14647  |
| &nbsp;&nbsp;&nbsp;&nbsp;Reta Jo Lewis | 12554  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;12554  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ivy Estabrooke | 10462  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;10462  |
| &nbsp;&nbsp;&nbsp;&nbsp;Keith Phillips | 12554 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;12554 |

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(1)Represents the annual retainers paid pursuant to the director compensation program, pro-rated for the actual period of service between October 15, 2025 and December 31, 2025.

(2)Consists of 60,000 shares of restricted stock granted to Mr. Shribman on August 22, 2025, which are fully vested, but subject to transfer restrictions and the Company's right to repurchase shares proposed to be transferred by Mr. Shribman. The transfer restrictions and Company's right of first refusal will terminate when there is a public market for our shares, and the right of first refusal will also terminate in the event of a change of control of the Company. Also consists of 138,955 RSUs granted on August 25, 2025, that vest following a Liquidity Event.

***Retirement Plans***

We currently provide broad-based health and welfare benefits that are available to our full-time employees, including our executive officers, including health, life, vision, and dental insurance. In addition, we currently make available a retirement plan intended to provide benefits under Section 401(k) of the Internal Revenue Code, pursuant to which employees (including our executive officers) may elect to defer a portion of their compensation on a pre-tax basis and have it contributed to the plan. Pre-tax contributions are allocated to each participant's individual account and are then invested in selected investment alternatives according to the participants' directions. We match retirement contributions dollar-for-dollar on the first 1% of pay. After that, we will match 50 cents on the dollar for the next 5% of pay. Matching contributions to our 401(k) plan are 100% vested. All contributions under our 401(k) plan are subject to certain annual dollar limitations in accordance with applicable laws, which are periodically adjusted for changes in the cost of living. Other than the 401(k) plan, we do not provide any qualified or non-qualified retirement or deferred compensation benefits to our employees, including our executive officers.

***Potential Payments Upon Termination or Change in Control***

Each of our Executive Officers is entitled to certain severance payments and benefits pursuant to their participation in the Severance Plan in the event we terminate the Executive Officer without Cause (as defined below), based upon whether the termination happened within the Change in Control Period or outside of a Change in Control Period (as defined below). Executives Officers are not entitled to severance benefits under the Severance Plan if the Executive Officer's active employment was terminated due to: resignation (even if the executive felt compelled to resign); retirement; death; discharge "For Cause;" or disability. In addition, should we terminate the Executive Officer's employment during a Change in Control Period, they are ineligible for payments under the Severance Plan should the executive be offered a comparable job with us or any successor employer, whether the executive accepts that job or not.

If the Executive Officer's termination of employment is within 12 months following a Change in Control (the "Change in Control Period"), each Executive Officer is entitled to receive a lump sum within 60 days of termination equal to one (1) times the sum of (x) the Executive Officer's annual base salary, plus (y) the executive's target annual bonus for the year in which the termination occurs should the Change in Control occur within the first twelve months of the Executive Officer's start date as an executive. Should the Change in Control occur after the first year of the Executive Officer's start date as an executive, the Executive Officer is entitled to receive a lump sum within 60 days of termination equal to one and a half (1.5) times the sum of (x) the Executive Officer's base salary, plus (y) the Executive Officer's target annual bonus for the year in which the termination occurs. In addition, the Executive Officer shall receive a prorated bonus for the year of termination, as long as the Executive Officer worked at least three months of that year plus full vesting of any unvested RSUs or performance shares, with performance share units that have not yet been settled in accordance with performance deemed to be earned at target performance.

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If a termination happens outside of a Change in Control Period, each Executive Officer is entitled to: eighteen (18) months of annual base salary paid out monthly through our regular payroll; a prorated bonus for the year of termination, as long as the Executive Officer worked at least three months of that year; and full vesting of any unvested RSUs or performance shares, with performance share units that have not yet been settled in accordance with performance deemed to be earned at target performance.

"Cause" means that we have determined in good faith that the executive was terminated for any of the following reasons: (i) indictment, conviction or admission of any crimes involving theft, fraud, or moral turpitude; (ii) the engaging by executive in conduct which is demonstrably and materially injurious to us, monetarily or otherwise (including the Board's determination of conduct that constitutes a violation of any securities laws in the United States or Canada, whether federal, state or provincial); (iii) engaging in gross neglect of duties including, but not limited to, willfully failing or refusing to implement or follow our direction; or (iv) breach of our policies and procedures, including, but not limited to, the Code of Ethics, Insider Trading Policy, or any other Company policy or agreement between us and the executive, provided that where applicable, we shall provide reasonable notice of any such breach and opportunity to remediate. If an executive is terminated for any reason other than Cause, but at a time when we had Cause to terminate the executive (or would have had Cause if it knew all relevant facts), the termination shall be treated as having been for Cause.

"Change in Control" means the occurrence of any one of the following events:

• <u>Merger or Consolidation</u>: The closing of a merger or consolidation of the Company with or into another entity, if persons who were not stockholders of the Company immediately prior to such transaction own more than 50% of the combined voting power of the resulting entity's voting securities immediately after the transaction.

• <u>Sale of Assets</u>: A sale, lease, exchange, or other disposition of all or substantially all of our assets.

• <u>Change in Board Composition</u>: During any 12-month period, individuals who, as of the beginning of such period, constitute our Board (the "Incumbent Board") cease for any reason to constitute at least a majority of the Board, provided that any person becoming a director subsequent to the start of such period whose election or nomination was approved by a vote of at least a majority of the Incumbent Board shall be considered a member of the Incumbent Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•<u>Acquisition of Voting Securities</u>: Any person or group (as defined under Section 13(d) or 14(d) of the Securities Exchange Act of 1934), other than us or any of our affiliates, becomes the beneficial owner, directly or indirectly, of more than 50% of the combined voting power of our then outstanding voting securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•<u>Liquidation or Dissolution</u>: Our complete liquidation or dissolution.

For more details regarding the severance benefits provided to our executives, please refer to the copy of the Severance Plan filed as Exhibit 10.14 to the registration statement of which this prospectus forms a part.

**Equity Incentive Plans** 

*2025 Equity Incentive Plan*

The Board adopted, and our shareholders approved, the 2025 Plan in August 2025 to attract, retain and reward employees and consultants performing services for us and our subsidiaries prior to our initial public offering. As of August 22, 2025, we have reserved 1,500,000 shares of our common stock for issuance under our 2025 Plan. Our 2025 Plan will be terminated in connection with the adoption of our 2026 Plan; however, awards outstanding under our 2025 Plan continue in full effect in accordance with their existing terms.

Our 2025 Plan provides for the award of incentive stock options and nonstatutory stock options to purchase shares of our common stock, restricted stock awards, restricted stock units and other stock-based awards to employees, members of the Board and consultants. Incentive stock options may be granted only to employees. Only restricted stock awards and restricted stock units have been granted under the 2025 Plan.

In the event of any change in the common stock effected without receipt of consideration by the Company, whether through merger, consolidation, reorganization, reincorporation, recapitalization, reclassification, stock dividend, stock

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split, reverse stock split, split-up, split-off, spin-off, combination of shares, exchange of shares or similar change in our capital structure, and certain other transactions, the Board will appropriately and proportionately adjust the number and class of shares of stock that may be delivered under the 2025 Plan, the number, class, and price of shares of stock covered by each outstanding award and/or other limits under the 2025 Plan.

In the event of a change in control as described in the 2025 Plan, outstanding awards will be subject to the definitive agreement entered into by the Company in connection with the change in control or as otherwise determined by the Board. The plan administrator may, except as provided in an award agreement, in its discretion take one or more of the following actions with respect to awards: provide for the acceleration of vesting, provide that the acquiring or successor entity may assume or continue all or any awards outstanding or substitute substantially equivalent awards, assign any reacquisition or repurchase rights, cancel or arrange for the cancellation of any awards to the extent not vested or exercised in exchange for no consideration or such consideration as determined by the plan administrator or cancel each or any outstanding award denominated in shares in exchange for a payment to the participant with respect to each share subject to the cancelled award of an amount equal to the excess of the consideration to be paid per share of common stock in the change in control transaction over the exercise price per share, if any, under the award. Any awards which are not assumed or continued in connection with a change in control or are not exercised or settled prior to the change in control will terminate effective as of the time of the change in control.

*2026 Equity Incentive Plan*

On March 23, 2026, the Board adopted, and, on April 10, 2026, our stockholders approved, the 2026 Plan, which will become effective upon the effectiveness of the registration statement of which this prospectus forms a part. We intend to use the 2026 Plan following the closing of this offering to provide incentives that will assist us in attracting, retaining, and motivating employees, including officers, consultants, and directors. We may provide these incentives through the grant of stock options, stock appreciation rights, restricted stock, RSUs, performance shares, and units and other cash-based or share-based awards.

Below is a summary of the principal provisions of the 2026 Plan, which summary is qualified in its entirety by reference to the full text of the 2026 Plan, a copy of which is filed as an exhibit to the registration statement of which this prospectus forms a part.

A total of 1,850,000 shares of our common stock will initially be authorized and reserved for future issuance under the 2026 Plan. This reserve will automatically increase on January 1, 2027 and each subsequent anniversary through 2036, by an amount equal to the smaller of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•4% of the number of shares of common stock issued and outstanding on the immediately preceding December 31; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•an amount determined by the Board or compensation committee.

Appropriate adjustments will be made in the number of authorized shares and other numerical limits in the 2026 Plan and in outstanding awards to prevent dilution or enlargement of participants' rights in the event of a stock split or other change in our capital structure. Shares subject to awards which expire, are cancelled, forfeited, terminated unearned, settled in cash, or withheld or surrendered in payment of an exercise price or taxes under the 2026 Plan or the 2025 Plan will again become available for issuance under the 2026 Plan.

Subject to adjustment as provided in the provision of the 2026 Plan pertaining to the occurrence of certain corporate transactions, the maximum number of shares of common stock that may be issued pursuant to stock options granted under the 2026 Plan that are intended to qualify as incentive stock options is 5,550,000.

The compensation committee may establish compensation for directors who are not our employees, provided that the sum of any cash compensation and the grant date fair value of awards granted under the 2026 Plan to a non-employee director as compensation for services as a non-employee director during any calendar year may not exceed $750,000 for an annual grant, or $1 million in the first year of service. The compensation committee, in its discretion, may make exceptions to this limit for individual non-employee directors in extraordinary circumstances.

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The 2026 Plan will be administered by the compensation committee. The compensation committee has the authority, in its sole and absolute discretion, to grant awards under the 2026 Plan to eligible individuals, and to take all other actions necessary or desirable to carry out the purpose and intent of the 2026 Plan. Further, the compensation committee has the authority, in its sole and absolute discretion, subject to the terms and conditions of the 2026 Plan, to, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•determine the eligible individuals to whom, and the time or times at which, awards shall be granted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•determine the type of awards to be granted to any eligible individual;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•determine the number of shares of common stock to be covered by or used for reference purposes for each award or the value to be transferred pursuant to any award; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•determine the terms, conditions and restrictions applicable to each award and any shares of common stock acquired pursuant thereto, including, without limitation, (i) the purchase price of any shares of common stock, (ii) the method of payment for shares of common stock purchased pursuant to any award, (iii) the method for satisfying any tax withholding obligation arising in connection with any award, including by the withholding or delivery of shares of common stock, (iv) the timing, terms and conditions of the exercisability, vesting or payout of any award or any shares of common stock acquired pursuant thereto, (v) the performance goals applicable to any award and the extent to which such performance goals have been attained, (vi) the time of the expiration of an award, (vii) the effect of a participant's termination of service on any of the foregoing and (viii) all other terms, conditions and restrictions applicable to any award or shares of common stock acquired pursuant thereto as the administrator considers to be appropriate and not inconsistent with the terms of the 2026 Plan.

The 2026 Plan authorizes the compensation committee, without further stockholder approval, to provide for the cancellation of stock options or stock appreciation rights with exercise prices in excess of the fair market value of the underlying shares of common stock on the date of grant in exchange for new options or other equity awards with exercise prices equal to the fair market value of the underlying common stock on the date of grant or a cash payment.

Awards may be granted under the 2026 Plan to our employees, including officers, directors, or consultants or those of any present or future parent or subsidiary corporation or other affiliated entity. All awards will be evidenced by a written agreement between us and the holder of the award and may include any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Stock options. We may grant non-statutory stock options or incentive stock options (as described in Section 422 of the Code), each of which gives its holder the right, during a specified term (not exceeding ten years) and subject to any specified vesting or other conditions, to purchase a number of shares of our common stock at an exercise price per share determined by the administrator, which may not be less than the fair market value of a share of our common stock on the date of grant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Stock appreciation rights. A stock appreciation right, or SAR, gives its holder the right, during a specified term (not exceeding ten years) and subject to any specified vesting or other conditions, to receive the appreciation in the fair market value of our common stock between the date of grant of the award and the date of its exercise. We may pay the appreciation in shares of our common stock or in cash.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Restricted stock. The administrator may grant restricted stock awards either as a bonus or as a purchase right at a price determined by the administrator. Shares of restricted stock remain subject to forfeiture until vested, based on such terms and conditions as the administrator specifies. Holders of restricted stock will have the right to vote the shares and to receive any dividends paid, except that the dividends may be subject to the same vesting conditions as the related shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Restricted stock units. Restricted stock units, or RSUs, represent rights to receive shares of our common stock (or their value in cash) at a future date without payment of a purchase price, subject to vesting or other conditions specified by the administrator. Holders of RSUs have no voting rights or rights to receive cash dividends unless and until shares of common stock are issued in settlement of such awards. However, the administrator may grant RSUs that entitle their holders to dividend equivalent rights.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Performance awards. Performance awards, consisting of either performance shares or performance units, are awards that will result in a payment to their holder only if specified performance goals are achieved during a specified performance period. The administrator establishes the applicable performance goals based on one or more measures of business performance, such as, for example, revenue, gross margin, net income or total stockholder return. To the extent earned, performance awards may be settled in cash, in shares of our common stock or a combination of both in the discretion of the administrator. Holders of performance shares or performance units have no voting rights or rights to receive cash dividends unless and until shares of common stock are issued in settlement of such awards. However, the administrator may grant performance shares that entitle their holders to dividend equivalent rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Cash-based awards and other share-based awards. The administrator may grant cash-based awards that specify a monetary payment or range of payments or other share-based awards that specify a number or range of shares or units that, in either case, are subject to vesting or other conditions specified by the administrator. Settlement of these awards may be in cash or shares of our common stock, as determined by the administrator. Their holders will have no voting rights or right to receive cash dividends unless and until shares of our common stock are issued pursuant to the awards. The administrator may grant dividend equivalent rights with respect to other share-based awards.

Awards are generally nontransferable except on death or in limited cases subject to approval by the administrator.

In the event of a change in control, as defined in the 2026 Plan, outstanding awards will terminate upon the effective time of the change in control unless provision is made for the continuation, assumption or substitution of awards by the surviving or successor entity or its parent. Unless an award agreement says otherwise, the following will occur with respect to awards that terminate in connection with a change in control:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•stock options and stock appreciation rights will become fully exercisable and holders of these awards will be permitted immediately before the change in control to exercise them;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•restricted stock and stock units with time-based vesting (i.e., not subject to achievement of performance goals) will become fully vested immediately before the change in control, and stock units will be settled as promptly as is practicable in accordance with applicable law; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•performance shares and units that vest based on the achievement of performance goals will vest as if the performance goal for the unexpired performance period had been achieved at the target level (unless the award agreement provides for vesting at a greater amount) and the performance units will be settled as promptly as is practicable in accordance with applicable law.

The 2026 Plan will remain in effect, subject to the right of our board of directors or compensation committee to amend or terminate the 2026 Plan at any time, until the earlier of (a) the earliest date as of which all awards granted under the 2026 Plan have been satisfied in full or terminated and no shares of common stock approved for issuance under the 2026 Plan remain available to be granted under new awards, or (b) , 2036. Subject to other applicable provisions of the 2026 Plan, all awards made under the 2026 Plan on or before , 2036, or such earlier termination of the 2026 Plan, will remain in effect until such awards have been satisfied or terminated in accordance with the 2026 Plan and the terms of such awards.

The compensation committee may amend, suspend or terminate the 2026 Plan at any time, provided that without stockholder approval, the plan cannot be amended to increase the number of shares authorized, change the class of persons eligible to receive incentive stock options, or effect any other change that would require stockholder approval under any applicable law or listing rule.

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**CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS**

The following includes a summary of transactions since January 1, 2022 and any currently proposed transactions to which we were or are expected to be a participant in which (1) the amount involved exceeded or will exceed the lesser of $120,000 or one percent of our average total assets at year end for the last two completed fiscal years, and (2) any of our directors, executive officers, or holders of more than 5% of our capital stock, or any affiliate or member of the immediate family of the foregoing persons, had or will have a direct or indirect material interest, other than compensation and other arrangements that are described under the section titled "Executive Compensation" in this prospectus.

*Consulting Agreements with Predecessor's NEOs*

Please refer to the section titled "Executive Compensation" for a description of the consulting arrangements and shared services agreement entered into between our Predecessor and Mr. Gonzaga, one of our Predecessor's NEOs.

*Loan and Deed of Novation*

On June 2, 2025, Brazil Royalty Corp Participacoes E Investimentos Ltda. ("BRC" or "Lender") and AMBPL, as the borrower, entered into a loan agreement (the "Loan Agreement"), which provides for a loan of R$6,105,000.00 from the Lender to AMBPL (the "Loan"). Pursuant to the Loan Agreement, AMBPL's obligation to pay the loan amount may be assumed by REA. On July 15, 2025, we entered into a deed of novation (the "Deed of Novation") with AMBPL and BRC, pursuant to which we agreed to assume AMBPL's obligation to pay the loan amount under the Loan Agreement. Under the Deed of Novation, we are only required to repay the loan amount and remuneration (as calculated in accordance with the Loan Agreement) if we (i) complete an initial public offering of our shares or (ii) enter into any other transaction involving our shares that results in the raising of funds exceeding AUD$20,000,000 (or the equivalent in other currencies) (the "Condition"). Payment of the loan amount pursuant to the Deed of Novation may be satisfied, at BRC's election, either in cash in accordance with the terms of the Loan Agreement or by the issuance of our shares. If the Condition is not satisfied or waived in writing by us by December 31, 2026, AMBPL must pay the loan amount directly to BRC, as set forth in the Loan Agreement. On November 6, 2025, we entered into Amendment No. 1 to Deed of Novation with BRC and AMBPL, which amended the Deed of Novation to provide that all or part of the loan amount is convertible at BRC's election and in its sole discretion into issued shares of our common stock at a fixed conversion price of $6.55 per share. Hugo Schumann, one of our directors, is a shareholder of the Lender's parent company.

*Equipment Lease*

We have leased equipment from BRC. During the year ended December 31, 2024, we paid BRC approximately $390,000 to lease equipment, and made no payments during the year ended December 31, 2025 for leased equipment.

**Indemnification Agreements**

We intend to enter into indemnification agreements with each of our directors and officers. These indemnification agreements may require us, among other things, to indemnify our directors and officers for some expenses, including attorneys' fees, judgments, fines, and settlement amounts incurred by a director or officer in any action or proceeding arising out of his or her service as one of our directors or officers, or any of our subsidiaries or any other company or enterprise to which the person provides services at our request.

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**Policies and Procedures for Related Party Transactions**

Our board of directors will adopt a written related party transaction policy, which will become effective upon the closing of this offering, setting forth the policies and procedures for the review and approval or ratification of related-party transactions. This policy will cover any transaction, arrangement or relationship or any series of similar transactions, arrangements or relationships, in which we were or are to be a participant and a related party had or will have a direct or indirect material interest, as determined by the audit committee of our board of directors, including, without limitation, purchases of goods or services by or from the related party or entities in which the related party has a material interest, and indebtedness, guarantees of indebtedness or employment by us of a related party.

All related party transactions described in this section occurred prior to adoption of this policy and as such, these transactions were not subject to the approval and review procedures set forth in the policy. However, these transactions were reviewed and approved by our board of directors.

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**PRINCIPAL STOCKHOLDERS**

The following table sets forth, as of March 31, 2026, information regarding beneficial ownership of our capital stock by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•each person, or group of affiliated persons, known by us to beneficially own more than 5% of our common stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•each of our NEOs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•each of our directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•all of our current directors and executive officers as a group.

The percentage ownership information under the column titled "Beneficial ownership prior to this offering" is based on 14,965,987 shares of common stock outstanding as of March 31, 2026. The percentage ownership information under the column titled "Beneficial ownership after this offering" is based on the sale of shares of common stock in this offering (assuming an initial public offering price of $ per share, the midpoint of the price range set forth on the cover page of this prospectus). The percentage ownership information assumes no exercise of the underwriters' option to purchase additional shares.

Beneficial ownership is determined according to the rules of the SEC and generally means that a person has beneficial ownership of a security if he, she or it possesses sole or shared voting or investment power over that security. In addition, shares of common stock issuable upon the exercise of stock options or warrants and the conversion of convertible securities that are exercisable or convertible within 60 days of March 31, 2026, are included in the following table. These shares are deemed to be outstanding and beneficially owned by the person holding those options or warrants for the purpose of computing the percentage ownership of that person, but they are not treated as outstanding for the purpose of computing the percentage ownership of any other person. The information contained in the following table does not necessarily indicate beneficial ownership for any other purpose. Unless otherwise indicated, the persons or entities identified in this table have sole voting and investment power with respect to all shares shown as beneficially owned by them, subject to applicable community property laws.

Unless otherwise noted below, the address for each beneficial owner listed in the table below is c/o Rare Earths Americas, Inc., 101 W. Main Street, Manchester, Georgia 31816.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beneficial ownership<br>prior to this offering** | **Beneficial ownership<br>prior to this offering** | **Beneficial ownership<br>after this offering** | **Beneficial ownership<br>after this offering** |
| **Name of Beneficial Owner** | **Number <br>of shares <br>beneficially <br>owned** | **Percentage <br>of beneficial <br>ownership** | **Number <br>of shares <br>beneficially <br>owned** | **Percentage <br>of beneficial <br>ownership** |
| **5% and Greater Stockholders:** |  |  |  |  |
| Todd Hannigan<sup>(1)</sup> | 2024311 | 13.37% |  |  |
| Dominic Paul Allen<sup>(2)</sup>  | 1296187 | 8.63% |  |  |
| Bernardo Da Veiga<sup>(3)</sup>  | 1260897 | 8.41% |  |  |
| Anastasios Arima<sup>(4)</sup> | 1217601 | 8.12% |  |  |
| Kitabella Pty Ltd<sup>(5)</sup>  | 1100393 | 7.33% |  |  |
| Hanrine Investments Pty Ltd<sup>(6)</sup>  | 988204 | 6.60% |  |  |
| ACN 664400382 PTY LTD<sup>(7)</sup>  | 747582 | 5.00% |  |  |
| **Named Executive Officers and Directors:** |  |  |  |  |
| Donald Swartz<sup>(8)</sup> | 46610 | \* |  |  |
| Jennifer Grafton<sup>(9)</sup> | 15537 | \* |  |  |
| Joe Dwyer<sup>(10)</sup> | - | - |  |  |
| Dan Shribman<sup>(11)</sup> | 231051 | 1.54% |  |  |
| Hugo Schumann | 37016 | \* |  |  |
| Ivy Estabrooke | - | - |  |  |
| Keith Phillips<sup>(12)</sup> | 16780 | - |  |  |
| Reta Jo Lewis | - | - |  |  |
| All current directors and executive officers as a group <br>&nbsp;&nbsp;&nbsp;&nbsp;(8 persons) | 346994 | 2.30% |  |  |

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\* Less than 1%

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Consists of 60,000 outstanding shares of common stock held directly by Todd Hannigan, and 1,784,723 outstanding shares of common stock and 179,588 shares underlying warrants to purchase common stock held directly by DITM Holdings Pty Ltd ("DITM"). DITM is an Australian corporation controlled by Mr. Hannigan who has sole voting and investment power over the shares held by DITM. As a result, Mr. Hannigan may be deemed to be the beneficial owner of such shares. The address for DITM is 15 Lennox Street, Mosman, NSW 2088, Australia.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Consists of 1,244,176 outstanding shares of common stock and 52,011 shares underlying warrants to purchase common stock. The shares are held directly by Dominic Paul Allen as trustee for The Westoz Services A/C ("Westoz"), an Australian trust controlled by Mr. Allen who has sole voting and investment power over the shares held by the trust. As a result, Mr. Allen may be deemed to be the beneficial owner of the shares. The address for Westoz is 7 Scott Street, Dulwich SA 5067, Australia.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)Consists of 1,232,931 outstanding shares of common stock and 27,966 shares underlying warrants to purchase common stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)Consists of 1,190,631 outstanding shares of common stock and 26,970 shares underlying warrants to purchase common stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)Consists of 1,063,105 outstanding shares of common stock and 37,288 shares underlying warrants to purchase common stock held directly by Kitabella Pty Ltd. ("Kitabella"), an Australian trust controlled by Mr. Kileff, who has sole voting and investment power over the shares. As a result, Mr. Kileff may be deemed to be the beneficial owner of the shares held by Kitabella. The address for Kitabella is 37 Kardinia Road, Mosman NSW 2088, Australia.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)The shares are held directly by Hanrine Investments Pty Ltd ("Hanrine"), which is a wholly owned subsidiary of Hancock Prospecting Pty Ltd. ("Hancock"). Hancock is controlled by Georgina Hope Rinehart, who is the principal shareholder and a director, with approximately 76.55% ownership. As a result, each of Hanrine, Hancock and Ms. Rinehart may be deemed to have or share beneficial ownership of securities held directly by Hanrine. The address for Hanrine is Suite 28 / 42 Vetnor Avenue, West Perth WA 6005, Australia.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)The shares are held directly by ACN 664400382 PTY LTD ("ACN"), which is a wholly owned subsidiary of Whitehaven Coal Limited ("WHC"). Voting and investment decisions over the shares held by ACN are directed by the board of directors of WHC, which acts by majority vote. Accordingly, no one person is deemed to have or share beneficial ownership of the shares held by ACN. The address for ACN is Level 28, 259 George Street, Sydney, NSW 2000, Australia.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8)Consists of 46,610 shares underlying warrants to purchase common stock issued as a result of the Acquisition and held by Griffin & Fleming LLC, a member-managed LLC controlled by Mr. Swartz. The address for Griffin & Fleming LLC is 13095 W. 81<sup>st</sup> Avenue, Arvada, CO 80005.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9)Consists of 15,537 shares underlying warrants to purchase common stock issued as a result of the Acquisition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10)Joseph Dwyer resigned as our Chief Financial Officer and Treasurer, effective as of February 1, 2026. Following his resignation, Mr. Dwyer holds 10,000 unvested RSUs that vest upon a liquidity event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11)Consists of 172,395 outstanding shares of common stock and 58,656 shares underlying warrants to purchase common stock issued as a result of the Acquisition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12)Consists of 13,051 outstanding shares of common stock and 3,729 shares underlying warrants to purchase common stock issued as a result of the Acquisition.

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**DESCRIPTION OF CAPITAL STOCK**

*The following descriptions are summaries of the material terms of our certificate of formation and bylaws, and of the Texas Business Organization Code (the "TBOC"). Because the following is only a summary, it does not contain all of the information that may be important to you. For a complete description, you should refer to our certificate of formation and bylaws, copies of which have been filed as exhibits to the registration statement, of which this prospectus forms a part.*

**General**

Our authorized capital stock consists of 501,000,000 shares, of which 500,000,000 shares are common stock, par value $0.0001 per share, and 1,000,000 shares are preferred stock, par value $0.0001 per share. All of our outstanding shares of common stock are, and the shares of common stock to be issued in this offering will be, fully paid and nonassessable.

The following summary describes the material provisions of our capital stock and certain provisions of our certificate of formation and our bylaws and of the TBOC, and is qualified by reference to the certificate of formation, the bylaws and the TBOC. We urge you to read our certificate of formation and our bylaws, which are included as exhibits to the registration statement, of which this prospectus forms a part.

**Common Stock**

*Outstanding Shares*

As of March 31, 2026, there were 14,965,987 shares of common stock outstanding, held by 256 stockholders of record.

As of March 31, 2026, there were 2,019,154 shares of our common stock subject to outstanding warrants and shares of our common stock underlying RSUs outstanding under the 2025 Plan.

*Voting Rights*

Each holder of our common stock is entitled to one vote for each share on all matters submitted to a vote of the stockholders, including the election of directors. Our stockholders do not have cumulative voting rights in the election of directors. Accordingly, holders of a majority of the voting shares are able to elect all of the directors.

*Dividends*

As a Texas corporation, we are subject to certain restrictions on dividends under the TBOC. Generally, a Texas corporation may pay dividends to its shareholders out of its surplus (the excess of its assets over its stated capital) unless the dividend would render the corporation insolvent.

Declaration and payment of any dividend will be subject to the discretion of our board of directors. The time and amount of dividends will be dependent upon our business prospects, results of operations, financial condition, cash requirements and availability, debt repayment obligations, capital expenditure needs, contractual restrictions, covenants in the agreements governing our future indebtedness, industry trends, the provisions of Texas law affecting the payment of dividends and distributions to shareholders and any other factors the board of directors may consider relevant. We currently intend to retain all available funds and any future earnings to fund the development and growth of our business, and therefore, do not anticipate declaring or paying any cash dividends on our Class A common stock in the foreseeable future. See "Dividend Policy".

*Liquidation*

In the event of our liquidation, dissolution or winding up, holders of our common stock will be entitled to share ratably in the net assets legally available for distribution to stockholders after the payment of all of our debts and other liabilities and the satisfaction of any liquidation preference granted to the holders of any then outstanding shares of preferred stock.

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*Rights and Preferences*

Holders of our common stock have no preemptive, conversion, subscription or other rights, and there are no redemption or sinking fund provisions applicable to our common stock. The rights, preferences and privileges of the holders of our common stock are subject to and may be adversely affected by the rights of the holders of shares of any series of our preferred stock that we may designate in the future.

**Preferred Stock**

Under the terms of our certificate of formation, our board of directors is authorized to direct us to issue up to 1,000,000 shares of preferred stock in one or more series without stockholder approval. Our board of directors has the discretion, subject to limitations prescribed by law, to determine the rights, preferences, privileges and restrictions, including voting rights, dividend rights, conversion rights, redemption privileges and liquidation preferences, of each series of preferred stock.

The purpose of authorizing our board of directors to issue preferred stock and determine its rights and preferences is to eliminate delays associated with a stockholder vote on specific issuances. The issuance of preferred stock, while providing flexibility in connection with possible acquisitions, future financings and other corporate purposes, could have the effect of making it more difficult for a third-party to acquire, or could discourage a third-party from seeking to acquire, a majority of our outstanding voting stock. Upon the closing of this offering, there will be no shares of preferred stock outstanding, and we have no present plans to issue any shares of preferred stock.

**Waiver of Jury Trial**

Our certificate of formation provides that any person or entity purchasing or otherwise acquiring or holding any interest in shares of stock of the Company shall be deemed to have irrevocably and unconditionally waived any right to a trial by jury in any legal action, proceeding, cause of action or counterclaim asserting an "internal entity claim" (as defined in Section 2.115 of the TBOC) and to the fullest extent permitted by applicable law, any other legal action, proceeding, cause of action or counterclaim within the scope of the exclusive forum provision.

**Anti-Takeover Provisions in our Governing Documents and Under Texas Law**

Our certificate of formation, bylaws, and the TBOC contain provisions which are summarized in the following paragraphs, that are intended to enhance the likelihood of continuity and stability in the composition of our board of directors. These provisions are intended to avoid costly takeover battles, reduce our vulnerability to a hostile change of control, and enhance the ability of our board of directors to maximize shareholder value in connection with any unsolicited offer to acquire us. However, these provisions may have an anti-takeover effect and may delay, deter, or prevent a merger or acquisition of us by means of a tender offer, a proxy contest, or other takeover attempt that a shareholder might consider in its best interest, including those attempts that might result in a premium over the prevailing market price for the shares of common stock held by shareholders.

*Authorized but Unissued Shares*

Texas law does not require shareholder approval for any issuance of authorized shares. Accordingly, the authorized but unissued shares of our common stock and our preferred stock are available for future issuance without shareholder approval, subject to any limitations imposed by NYSE American rules. The existence of authorized but unissued and unreserved common stock and preferred stock could make more difficult or discourage an attempt to obtain control of us by means of a proxy contest, tender offer, merger, or otherwise.

*Business Combinations* 

We are subject to the affiliated business combinations provisions of Title 2, Chapter 21, Subchapter M of the TBOC (Sections 21.601 through 21.610), which provides that a Texas "issuing public corporation", which applies to any Texas corporation that, among other things, has more than 100 shareholders, may not engage in specified types of business combinations, including mergers, consolidations, and asset sales, with a person, or an affiliate or associate of that person, who is an "affiliated shareholder." For purposes of this law, an "affiliated shareholder" is generally

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defined as the holder of 20% or more of the corporation's voting shares, for a period of three years from the date that person became an affiliated shareholder. The law's prohibitions do not apply if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the business combination or the acquisition of shares by the affiliated shareholder was approved by the board of directors of the corporation before the affiliated shareholder became an affiliated shareholder; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the business combination was approved by the affirmative vote of the holders of at least two-thirds of the outstanding voting shares of the corporation not beneficially owned by the affiliated shareholder, at a meeting of shareholders called for that purpose, and not by written consent, not less than six months after the affiliated shareholder became an affiliated shareholder.

Because we will have more than 100 shareholders, we will be considered to be an "issuing public corporation" for purposes of this law. The affiliated business combinations provisions of the TBOC do not apply to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the business combination of an issuing public corporation where: (a) the corporation's original certificate of formation or bylaws contain a provision expressly electing not to be governed by the affiliated business combinations provisions of the TBOC or (b) the corporation adopts an amendment to its certificate of formation or bylaws, by the affirmative vote of the holders, other than affiliated shareholders, of at least two-thirds of the outstanding voting shares of the corporation, expressly electing not to be governed by the affiliated business combinations provisions of the TBOC, so long as the amendment does not take effect for 18 months following the date of the vote and does not apply to a business combination with an affiliated shareholder who became affiliated on or before the effective date of the amendment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•a business combination of an issuing public corporation with an affiliated shareholder that became an affiliated shareholder inadvertently, if the affiliated shareholder: (a) divests itself, as soon as practicable, of enough shares to no longer be a beneficial owner of 20% or more of the outstanding voting shares of the issuing public corporation and (b) would not at any time within the three-year period preceding the announcement of the business combination have been an affiliated shareholder but for the inadvertent acquisition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•a business combination with an affiliated shareholder who became an affiliated shareholder through a transfer of shares by will or intestacy and continuously was an affiliated shareholder until the announcement date of the business combination; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•a business combination of a corporation with its wholly owned Texas subsidiary if the subsidiary is not an affiliate or associate of the affiliated shareholder other than by reason of the affiliated shareholder's beneficial ownership of voting shares of the corporation.

Neither our certificate of formation nor our bylaws contain any provision expressly providing that we will not be subject to the affiliated business combinations provisions of the TBOC. The affiliated business combinations provisions of the TBOC may have the effect of inhibiting a non-negotiated merger or other business combination involving us, even if that event would be beneficial to our shareholders.

*Vacancies*

*No Cumulative Voting*

Under Texas law, the right to vote cumulatively does not exist unless the certificate of formation specifically authorizes cumulative voting. Our certificate of formation does not authorize cumulative voting. Therefore,

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shareholders holding a majority in voting power of the shares of our capital stock entitled to vote generally in the election of directors will be able to elect all of our directors.

*Exclusive Forum*

Our certificate of formation provides that the Business Court in the First Business Court Division of the State of Texas shall, to the fullest extent permitted by the TBOC, be the sole and exclusive forum for certain shareholder litigation matters, unless we consent in writing to the selection of an alternative forum or if the Business Court in the First Business Court Division of the State of Texas determines that it lacks jurisdiction, the exclusive forum will be the federal district court for the Northern District of Texas, Dallas Division; provided, however, that the federal district courts of the United States shall be the exclusive forum for the resolution of any complaint asserting a cause of action arising under the Securities Act or the Exchange Act. Although we believe this provision benefits us by providing increased consistency in the application of Texas law in the types of lawsuits to which it applies and in limiting our litigation costs, the provision may have the effect of discouraging lawsuits against our directors and officers, may result in increased costs for our shareholders to bring claims, and may limit our shareholders' ability to obtain a favorable judicial forum for disputes with us. However, it is possible that a court could rule that this provision is unenforceable or inapplicable to a particular dispute.

*Limitations on Liability and Indemnification of Officers and Directors*

The TBOC authorizes corporations to limit or eliminate the personal liability of directors and officers to corporations and their shareholders for monetary damages for breaches of directors' and officers' fiduciary duties, except for liability for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•any breach of the director's duty of loyalty to us or our shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•any act or omission not in good faith that constitutes a breach of duty of the person to us or which involved intentional misconduct or a knowing violation of law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•any transaction from which the director derived an improper personal benefit; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•any act or omission for which the liability of a director is expressly provided by an applicable statute.

Our certificate of formation includes a provision that eliminates the personal liability of directors and officers for monetary damages for any act or omission as a director or officer, except to the extent such exemption from liability or limitation thereof is not permitted under the TBOC. The effect of these provisions will be to eliminate, other than limited exceptions, the rights of us and our shareholders, through shareholders' derivative suits on our behalf, to recover monetary damages from a director for any act or omission as a director or officer, including breaches resulting from grossly negligent behavior. However, exculpation will not apply to any director or officer if such person has acted in bad faith, engaged in intentional misconduct, knowingly violated the law, authorized illegal dividends or redemptions, derived an improper benefit from his or her actions as a director or officer, or engaged in an act or omission for which the liability of the director or officer is expressly provided by an applicable statute.

Our bylaws provide generally that we must indemnify and advance expenses to our directors and officers to the fullest extent authorized by the TBOC. We plan to enter into separate indemnification agreements with each of our directors and executive officers and are expressly authorized to maintain insurance to protect our directors, officers, employees or agents against any expense, liability or loss, whether or not we would have the power to indemnify such person against such expense, liability or loss under the TBOC. We believe that these indemnification and advancement provisions and insurance will be useful to attract and retain qualified directors and officers.

These limitations of liability, indemnification, and advancement provisions may discourage shareholders from bringing a lawsuit against directors for breach of their fiduciary duty. These provisions also may have the effect of reducing the likelihood of derivative litigation against directors and officers, even though such an action, if successful, might otherwise benefit us and our shareholders. In addition, your investment may be adversely affected to the extent we pay the costs of settlement and damage awards against directors and officers pursuant to these indemnification provisions.

There is currently no pending material litigation or proceeding involving any of our directors, officers, or employees for which indemnification is sought.

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*Dissenters' Rights of Appraisal and Payment* 

Under the TBOC, with certain exceptions, our shareholders will have appraisal rights in connection with a merger, a sale of all or substantially all of our assets, an interest exchange, or a conversion. Pursuant to the TBOC, shareholders who properly request and perfect appraisal rights in connection with such merger, sale of all or substantially all of our assets, interest exchange, or conversion will have the right to receive payment of the fair value of their shares as agreed to between the shareholder and us or, if unable to reach agreement, as determined by the State District Court in Dallas County, Texas.

*Shareholders' Derivative Actions* 

Under the TBOC, any of our shareholders may bring a civil action in our name to procure a judgment in our favor, also known as a derivative proceeding, provided that the shareholder bringing the action (i) is a holder of our shares at the time of the transaction to which the action relates or such shareholder became a shareholder by operation of law from a person that was a shareholder at the time of the transaction to which the action relates and (ii) fairly and adequately represents the interests of the Company in enforcing the right of the Company.

**Transfer Agent and Registrar**

The transfer agent and registrar for our common stock is Continental Stock Transfer & Trust Company.

**Listing**

We intend to apply to list our common stock on the NYSE American under the trading symbol "REA".

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**SHARES ELIGIBLE FOR FUTURE SALE**

Prior to this offering, there has been no public market for our common stock, and we cannot predict what effect, if any, market sales of shares of our common stock or the availability of shares of our common stock for sale will have on the market price of our common stock prevailing from time to time. Nevertheless, sales of substantial amounts of our common stock in the public market, or the perception that such sales could occur, could materially and adversely affect the market price of our common stock and could impair our future ability to raise capital through the sale of our equity or equity-related securities at a time and price that we deem appropriate. See "Risk Factors — Risks Related to this Offering and Ownership of Our Common Stock."

**Sale of Restricted Shares**

Based on the number of shares of common stock outstanding as of , 2025, upon the closing of this offering, and assuming no exercise of the underwriters' option to purchase additional shares of common stock, we will have outstanding an aggregate of approximately shares of our common stock.

All of the shares of common stock sold in this offering will be freely tradable unless purchased by our "affiliates" as such term is defined in Rule 144 under the Securities Act or purchased by existing stockholders and their affiliated entities that are subject to lock-up agreements.

All other shares of common stock, upon the completion of this offering, will be "restricted" securities under the meaning of Rule 144 and may not be sold in the absence of registration under the Securities Act, unless an exemption from registration is available, including the exemptions pursuant to Rule 144 and Rule 701 under the Securities Act, or Rule 701.

In addition, an aggregate of 1,850,000 shares of our common stock will be authorized and reserved for issuance in relation to potential future awards under the 2026 Plan to be adopted in connection with this offering.

The restricted shares of our common stock held by our affiliates will be available for sale in the public market as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•shares will be eligible for sale at various times after the date hereof pursuant to Rule 144; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•shares subject to the lock-up agreements described below will be eligible for sale at various times beginning 180 days after the date hereof pursuant to Rule 144.

**Rule 144**

In general, under Rule 144 as currently in effect, persons who became the beneficial owner of shares of our common stock prior to the completion of this offering may sell their shares upon the earlier of (i) the expiration of a six-month holding period, if we have been subject to the reporting requirements of the Exchange Act for at least 90 days prior to the date of the sale and have filed all reports required thereunder or (ii) the expiration of a one-year holding period.

At the expiration of the six-month holding period (assuming we have been subject to the reporting requirements of the Exchange Act for at least 90 days and have filed all reports required thereunder), a person who was not one of our affiliates at any time during the three months preceding a sale would be entitled to sell an unlimited number of shares of our common stock, and a person who was one of our affiliates at any time during the three months preceding a sale would be entitled to sell, within any three-month period, a number of shares of our common stock that does not exceed the greater of either of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•1% of the number of shares of our common stock then outstanding, which will equal approximately shares immediately after the completion of this offering; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the average weekly trading volume of our common stock on NYSE American during the four calendar weeks preceding the filing of a notice on Form 144 with respect to the sale.

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At the expiration of the one-year holding period, a person who was not one of our affiliates at any time during the three months preceding a sale would be entitled to sell an unlimited number of shares of our common stock without restriction. A person who was one of our affiliates at any time during the three months preceding a sale would remain subject to the volume restrictions described above.

Sales under Rule 144 by our affiliates are also subject to manner of sale provisions and notice requirements and to the availability of current public information about us.

**Rule 701**

In general, under Rule 701, any of our employees, directors, officers, consultants or advisors who purchased shares of our common stock from us in connection with a compensatory stock or option plan or other written agreement before the completion of this offering, or who purchased shares of our common stock from us after the completion of this offering upon the exercise of options granted before the completion of this offering, are eligible to resell such shares in reliance upon Rule 144 beginning 90 days after the date hereof. If such person is not an affiliate, the sale may be made subject only to the manner of sale restrictions of Rule 144. If such a person is one of our affiliates, the sale may be made under Rule 144 without compliance with its one-year minimum holding period, but subject to the other Rule 144 restrictions.

**Registration Statement on Form S-8**

We intend to file one or more registration statements on Form S-8 under the Securities Act to register shares of our common stock that are reserved for issuance under the 2026 Plan. The first such registration statement is expected to be filed soon after the consummation of this offering and will automatically become effective upon filing with the SEC. Accordingly, shares registered under such registration statement will be available for sale in the open market following the effective date, unless such shares are subject to vesting restrictions with us, Rule 144 restrictions applicable to our affiliates or the lock-up restrictions described below.

**Lock-Up Agreements**

We have agreed, subject to certain exceptions and without the approval of the representative of the underwriters, not to offer, issue, sell, contract to sell, encumber, grant any option for the sale of or otherwise dispose of any of our securities for a period of 180 days following the closing of this offering. Our directors, executive officers, and a significant portion of all other holders of our common stock have agreed with the underwriters not to offer for sale, issue, sell, contract to sell, pledge or otherwise dispose of any of our common stock or securities convertible into common stock for a period of 180 days after the closing of this offering. See "Underwriting" for additional information.

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**MATERIAL U.S. FEDERAL INCOME TAX CONSEQUENCES TO NON-U.S. HOLDERS**

The following discussion is a summary of the material U.S. federal income tax consequences to Non-U.S. Holders (as defined below) of the purchase, ownership, and disposition of our common stock issued pursuant to this offering, but does not purport to be a complete analysis of all potential tax effects. The effects of other U.S. federal tax laws, such as estate and gift tax laws, and any applicable state, local, or non-U.S. tax laws are not discussed. This discussion is based on the Code, Treasury Regulations promulgated thereunder, judicial decisions, and published rulings and administrative pronouncements of the U.S. Internal Revenue Service, or the IRS, in each case in effect as of the date hereof. These authorities may change or be subject to differing interpretations. Any such change or differing interpretation may be applied retroactively in a manner that could adversely affect a Non-U.S. Holder of our common stock. We have not sought and will not seek any rulings from the IRS regarding the matters discussed below. There can be no assurance the IRS or a court will not take a contrary position to that discussed below regarding the tax consequences of the purchase, ownership, and disposition of our common stock.

This discussion is limited to Non-U.S. Holders that hold our common stock as a "capital asset" within the meaning of Section 1221 of the Code (generally, property held for investment). This discussion does not address all U.S. federal income tax consequences relevant to a Non-U.S. Holder's particular circumstances, including the impact of the Medicare contribution tax on net investment income or the alternative minimum tax. In addition, it does not address consequences relevant to Non-U.S. Holders subject to special rules, including, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•U.S. expatriates and former citizens or long-term residents of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•persons holding our common stock as part of a hedge, straddle or other risk reduction strategy or as part of a conversion transaction, or other integrated investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•persons that own, have owned, or will own, actually or constructively, more than 5% (by vote or value) of our stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•banks, insurance companies, and other financial institutions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•brokers, dealers, or traders in securities or currencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•real estate investment trusts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•"controlled foreign corporations," "passive foreign investment companies," and corporations that accumulate earnings to avoid U.S. federal income tax;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•partnerships, other entities, or arrangements treated as partnerships for U.S. federal income tax purposes (and investors therein);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•tax-exempt organizations or governmental organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•persons deemed to sell our common stock under the constructive sale provisions of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•persons who hold or receive our common stock pursuant to the exercise of any employee stock option or otherwise as compensation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•tax-qualified retirement plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•qualified foreign pension funds" and entities, all of the interests of which are held by qualified foreign pension funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•persons subject to special tax accounting rules as a result of any item of gross income with respect to our common stock being taken into account in an applicable financial statement.

If an entity or arrangement treated as a partnership for U.S. federal income tax purposes holds our common stock, the tax treatment of a partner in the partnership will depend on the status of the partner, the activities of the partnership, and certain determinations made at the partner level. Accordingly, partnerships (and entities or arrangements treated as partnerships for U.S. federal income tax purposes) holding our common stock and the partners in such partnerships should consult their own tax advisors regarding the U.S. federal income tax consequences to them.

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**THIS DISCUSSION IS FOR INFORMATIONAL PURPOSES ONLY AND IS NOT TAX ADVICE. INVESTORS SHOULD CONSULT THEIR OWN TAX ADVISORS WITH RESPECT TO THE APPLICATION OF THE U.S. FEDERAL INCOME TAX LAWS TO THEIR PARTICULAR SITUATIONS AS WELL AS ANY TAX CONSEQUENCES OF THE PURCHASE, OWNERSHIP AND DISPOSITION OF OUR COMMON STOCK ARISING UNDER THE U.S. FEDERAL ESTATE OR GIFT TAX LAWS OR UNDER THE LAWS OF ANY STATE, LOCAL, OR NON-U.S. TAXING JURISDICTION OR UNDER ANY APPLICABLE INCOME TAX TREATY.**

**Definition of a Non-U.S. Holder**

For purposes of this discussion, a "Non-U.S. Holder" is any beneficial owner of our common stock that is neither a "U.S. person" nor an entity treated as a partnership for U.S. federal income tax purposes. A U.S. person is any person that, for U.S. federal income tax purposes, is or is treated as any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•an individual who is a citizen or resident of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•a corporation that is created or organized under the laws of the United States, any state thereof, or the District of Columbia;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•an estate, the income of which is subject to U.S. federal income tax regardless of its source; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•a trust that (i) is subject to the primary supervision of a U.S. court and the control of one or more "United States persons" (within the meaning of Section 7701(a)(30) of the Code), or (ii) has a valid election in effect to be treated as a United States person for U.S. federal income tax purposes.

**Distributions**

As described in the section titled "Dividend Policy," we do not currently intend to pay any cash dividends on our capital stock in the foreseeable future. However, if we make distributions of cash or property on our common stock, such distributions will constitute dividends for U.S. federal income tax purposes to the extent paid from our current or accumulated earnings and profits, as determined under U.S. federal income tax principles. Amounts not treated as dividends for U.S. federal income tax purposes will constitute a return of capital and first be applied against and reduce a Non-U.S. Holder's adjusted tax basis in its common stock, but not below zero. Any excess will be treated as capital gain and will be treated as described below under "— Sale or Other Taxable Disposition."

Subject to the discussions below on effectively connected income, backup withholding and the Foreign Account Tax Compliance Act, or FATCA, dividends paid to a Non-U.S. Holder of our common stock will be subject to U.S. federal withholding tax at a rate of 30% of the gross amount of the dividends (or such lower rate specified by an applicable income tax treaty, provided the Non-U.S. Holder furnishes a valid IRS Form W-8BEN or W-8BEN-E (or other applicable documentation) certifying qualification for the lower treaty rate). A Non-U.S. Holder that does not timely furnish the required documentation, but that qualifies for a reduced treaty rate, may obtain a refund or credit of any excess amounts withheld by timely filing an appropriate claim for refund with the IRS. Non-U.S. Holders should consult their tax advisors regarding their entitlement to benefits under any applicable income tax treaty. As discussed below under "— Sale or Other Taxable Disposition", to our knowledge we believe we currently are not a USRPHC (as defined below). However, it is uncertain whether we will become a USRPHC in the future. If we are or become a USRPHC and our common stock does not satisfy the requirements of the "regularly traded" exception described below, distributions which constitute a return of capital or gain will be subject to withholding tax at a rate of 15% unless an application for a withholding certificate is filed to reduce or eliminate such withholding.

If dividends paid to a Non-U.S. Holder are effectively connected with the Non-U.S. Holder's conduct of a trade or business within the United States (and, if required by an applicable income tax treaty, the Non-U.S. Holder maintains a permanent establishment or fixed base in the United States to which such dividends are attributable), the Non-U.S. Holder will be exempt from the U.S. federal withholding tax described above. To claim the exemption, the Non-U.S. Holder must furnish to the applicable withholding agent a valid IRS Form W-8ECI, certifying that the dividends are effectively connected with the Non-U.S. Holder's conduct of a trade or business within the United States.

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Any such effectively connected dividends generally will be subject to U.S. federal income tax on a net income basis at the regular rates. A Non-U.S. Holder that is a corporation also generally will be subject to a branch profits tax at a rate of 30% (or such lower rate specified by an applicable income tax treaty) on its effectively connected earnings and profits attributable to such dividends, as adjusted for certain items. Non-U.S. Holders should consult their own tax advisors regarding any applicable tax treaties that may provide for different rules.

**Sale or Other Taxable Disposition**

Subject to the discussions below regarding backup withholding and FATCA, a Non-U.S. Holder will not be subject to U.S. federal income tax on any gain realized upon the sale or other taxable disposition of our common stock unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the gain is effectively connected with the Non-U.S. Holder's conduct of a trade or business within the United States (and, if required by an applicable income tax treaty, the Non-U.S. Holder maintains a permanent establishment or fixed base in the United States to which such gain is attributable);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the Non-U.S. Holder is a nonresident alien individual present in the United States for 183 days or more during the taxable year of the disposition and certain other requirements are met; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our common stock constitutes a U.S. real property interest, or USRPI, by reason of our status as a U.S. real property holding corporation, or USRPHC, for U.S. federal income tax purposes.

Gain described in the first bullet point above generally will be subject to U.S. federal income tax on a net income basis at the regular U.S. federal income rates applicable to U.S. persons. A Non-U.S. Holder that is a corporation also generally will be subject to a branch profits tax at a rate of 30% (or such lower rate specified by an applicable income tax treaty) on its effectively connected earnings and profits attributable to such gain, as adjusted for certain items.

Gain described in the second bullet point above will be subject to U.S. federal income tax at a rate of 30% (or such lower rate specified by an applicable income tax treaty), which may be offset by U.S. source capital losses of the Non-U.S. Holder (even though the individual is not considered a resident of the United States), provided the Non-U.S. Holder has timely filed U.S. federal income tax returns with respect to such losses.

With respect to the third bullet point above, to our knowledge we believe we currently are not a USRPHC. However, since the determination of whether we are a USRPHC depends on the fair market value of our USRPIs relative to the fair market value of our non-U.S. real property interests and our other business assets, there can be no assurance we will not become a USRPHC in the future. Even if we are or were to become a USRPHC, gain arising from the sale or other taxable disposition by a Non-U.S. Holder of our common stock will not be subject to U.S. federal income tax if our common stock is "regularly traded," as defined by applicable Treasury Regulations, on an established securities market, and such Non-U.S. Holder owned, actually and constructively, 5% or less of our common stock throughout the shorter of the five-year period ending on the date of the sale or other taxable disposition or the Non-U.S. Holder's holding period. If we are a USRPHC and either our common stock is not regularly traded on an established securities market or a Non-U.S. Holder holds more than 5% of our common stock, actually or constructively, during the applicable testing period, such Non-U.S. Holder will generally be taxed on any gain in the same manner as gain that is effectively connected with the conduct of a U.S. trade or business, except that the branch profits tax generally will not apply. It is uncertain whether a trading market for our securities may develop and whether our common stock will be regularly traded for purposes of the Regularly Traded Exception (see also our "*There has been no public market for our common shares prior to this offering, and an active market in which investors can resell their shares may not develop*" risk factor on page 28 of this prospectus).

Non-U.S. Holders should consult their own tax advisors regarding any applicable income tax treaties that may provide for different rules.

**Information Reporting and Backup Withholding**

Payments of dividends on our common stock will not be subject to backup withholding, provided the holder either certifies its non-U.S. status by furnishing a valid IRS Form W-8BEN, W-8BEN-E or W-8ECI or otherwise establishes an exemption. However, information returns are required to be filed with the IRS in connection with any dividends on our common stock paid to the Non-U.S. Holder, regardless of whether any tax was actually withheld. In addition, proceeds of the sale or other taxable disposition of our common stock within the United States or conducted through

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certain U.S.-related brokers generally will not be subject to backup withholding or information reporting, if the applicable withholding agent receives the certification described above or the holder otherwise establishes an exemption. Proceeds of a disposition of our common stock conducted through a non-U.S. office of a non-U.S. broker that does not have certain enumerated relationships with the United States generally will not be subject to backup withholding or information reporting.

Copies of information returns that are filed with the IRS also may be made available under the provisions of an applicable treaty or agreement to the tax authorities of the country in which the Non-U.S. Holder resides or is established.

Backup withholding is not an additional tax. Any amounts withheld under the backup withholding rules may be allowed as a refund or a credit against a Non-U.S. Holder's U.S. federal income tax liability, provided the required information is timely furnished to the IRS.

**Additional Withholding Tax on Payments Made to Foreign Accounts**

Withholding taxes may be imposed under Sections 1471 to 1474 of the Code (commonly referred to as FATCA) on certain types of payments made to non-U.S. financial institutions and certain other non-U.S. entities. Specifically, a 30% withholding tax may be imposed on dividends on our common stock paid to a "foreign financial institution" or a "non-financial foreign entity" (each as defined in the Code), unless (i) the foreign financial institution undertakes certain diligence and reporting obligations, (ii) the non-financial foreign entity either certifies it does not have any "substantial United States owners" (as defined in the Code) or furnishes identifying information regarding each substantial United States owner, or (iii) the foreign financial institution or non-financial foreign entity otherwise qualifies for an exemption from these rules. If the payee is a foreign financial institution and is subject to the diligence and reporting requirements in clause (i) above, it must enter into an agreement with the United States Department of Treasury requiring, among other things, that it undertake to identify accounts held by certain "specified United States persons" or "United States owned foreign entities" (each as defined in the Code), annually report certain information about such accounts, and withhold 30% on certain payments to non-compliant foreign financial institutions and certain other account holders. Non-U.S. Holders typically will be required to furnish certifications (generally on the applicable IRS Form W-8) or other documentation to provide the information required by FATCA or to establish compliance with or an exemption from withholding under FATCA. FATCA withholding may apply where payments are made through a non-U.S. intermediary that is not FATCA compliant, even where the Non-U.S. Holder satisfies the holder's own FATCA obligations.

Under the applicable Treasury Regulations and administrative guidance, withholding under FATCA generally applies currently to payments of dividends on our common stock. While withholding under FATCA would have applied also to payments of gross proceeds from the sale or other disposition of our common stock, proposed Treasury Regulations would eliminate FATCA withholding on payments of gross proceeds entirely. Taxpayers generally may rely on these proposed Treasury Regulations until final Treasury Regulations are issued. There can be no assurance that the proposed Treasury Regulations will be finalized in their present form.

The United States and a number of other jurisdictions have entered into intergovernmental agreements to facilitate the implementation of FATCA. Any applicable intergovernmental agreement may alter one or more of the FATCA information reporting and withholding requirements. Prospective investors should consult their own tax advisors regarding the potential application of withholding under FATCA to an investment in our common stock, including the applicability of any intergovernmental agreements.

Prospective investors should consult their tax advisors regarding the potential application of withholding under FATCA to their investment in our common stock.

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**UNDERWRITING**

Subject to the terms and conditions set forth in the underwriting agreement, dated , 2026 between us and Cantor, as representative of the underwriters named below (the "Representative"), we have agreed to sell to the underwriters, and each of the underwriters has agreed, severally and not jointly, to purchase from us, the shares of our common stock shown opposite its name below:

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| | |
|:---|:---|
| **Underwriter** | **Number of Shares** |
| Cantor Fitzgerald & Co. |  |
| Stifel, Nicolaus & Company, Incorporated |  |
| B. Riley Securities, Inc. |  |
| Canaccord Genuity LLC |  |
| Total |  |

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The underwriting agreement provides that the obligations of the several underwriters are subject to certain conditions precedent such as the receipt by the underwriters of officers' certificates and legal opinions and approval of certain legal matters by their counsel. The underwriting agreement provides that the underwriters will purchase all of the shares of our common stock if any of them are purchased. We have agreed to indemnify the underwriters and certain of their controlling persons against certain liabilities, including liabilities under the Securities Act, and to contribute to payments that the underwriters may be required to make in respect of those liabilities.

The underwriters are offering the shares of our common stock subject to their acceptance of the shares of our common stock from us and subject to prior sale. The underwriters reserve the right to withdraw, cancel or modify offers to the public and to reject orders in whole or in part. In addition, the underwriters have advised us that they do not intend to confirm sales to any account over which they exercise discretionary authority.

**Option to Purchase Additional Shares**

We have granted to the underwriters an option, exercisable 30 days from the date of this prospectus, to purchase, from time to time, in whole or in part, up to an aggregate of shares from us at the public offering price set forth on the cover page of this prospectus, less underwriting discounts and commissions. If the underwriters exercise this option, each underwriter will be obligated, subject to certain conditions, to purchase a number of additional shares approximately proportionate to that underwriter's initial purchase commitment as indicated in the table above.

**Discounts, Commissions and Expenses**

The underwriters have advised us that they propose to offer the shares of our common stock to the public at the public offering price set forth on the cover page of this prospectus and to certain dealers, which may include the underwriters, at that price less a concession not in excess of $ per share of our common stock. The underwriters may allow, and certain dealers may reallow, a discount from the concession not in excess of $ per share of our common stock to certain brokers and dealers. After the initial offering, the Representative may change the offering price and other selling terms.

The following table shows the public offering price, the underwriting discounts and commissions that we are to pay the underwriters and the proceeds, before expenses, to us in connection with this offering. The underwriting discount is equal to the underwritten offering price per share less the amount per share the underwriters pay us for the common stock. We agreed to sell the shares offered hereby to the underwriters at a price of $ per share, which reflects a discount and commission of $ per share from the underwritten offering price. However, we and the underwriters have agreed that for shares allocated in this offering to existing shareholders of the Company and of certain affiliates of the Company, we will pay a reduced discount and commission of $ per share. The underwriters will receive a 7.0% underwriting discount on shares of our common stock sold to the public in this offering (except that the underwriting discount will be reduced to 3.5% on shares of our common stock sold in this offering to certain existing shareholders of the Company and of certain affiliates of the Company in accordance with the terms of the Underwriting Agreement). For purposes of the table below, we have assumed an average underwriting discount payable by us to the underwriters in an amount equal to $ per share based upon our estimate of

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the number of shares that will be allocated to existing shareholders of the Company and of certain affiliates of the Company. Such amounts are shown assuming both no exercise and full exercise of the underwriters' option to purchase additional shares.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Per Share** | **Per Share** | **Total** | **Total** |
|  | **Without<br>Option to**<br>**Purchase**<br>**Additional Shares** | **With<br>Option to**<br>**Purchase**<br>**Additional Shares** | **Without<br>Option to**<br>**Purchase**<br>**Additional Shares** | **With<br>Option to**<br>**Purchase**<br>**Additional Shares** |
| Public offering price | $| $| $| $|
| Underwriting discounts and<br>&nbsp;&nbsp;&nbsp;&nbsp;commissions<sup>(1)</sup> | $| $| $| $|
| Proceeds to us, before expenses | $| $| $| $|

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(1)Represents underwriting discounts and commissions equal to 7.0% per share (or $ per share), which is the underwriting discount and commission we have agreed to pay on shares of common stock sold to all investors in this offering. Notwithstanding the foregoing, we have agreed to pay underwriting discounts and commissions equal to 3.5% per share (or $ per share) on shares of common stock sold in this offering to certain existing shareholders of the Company and of certain affiliates of the Company in accordance with the terms of the Underwriting Agreement. The underwriting discounts and commissions reflected in this table do not include the reimbursement by us of certain expenses as described below.

We estimate expenses payable by us in connection with this offering, other than the underwriting discounts and commissions referred to above, will be approximately $. We have also agreed to reimburse the underwriters for certain of their expenses up to $.

**Determination of Offering Price**

Prior to this offering, there has not been a public market for our common stock. Consequently, the initial public offering price for our common stock will be determined by negotiations between us and the Representative. Among the factors to be considered in these negotiations will be prevailing market conditions, our financial information, market valuations of other companies that we and the underwriters believe to be comparable to us, estimates of our business potential, the present state of our development and other factors deemed relevant.

We offer no assurances that the initial public offering price will correspond to the price at which the common stock will trade in the public market subsequent to the offering or that an active trading market for the common stock will develop and continue after the offering.

**Underwriter's Right of First Refusal**

We have agreed to grant Cantor the exclusive right to act as our managing underwriter, initial purchaser or placement agent in connection with certain future public offerings, private placements or other financings, subject to certain conditions. Pursuant to FINRA Rule 5110(g)(6)(A), this right of first refusal shall not have a duration of more than twelve (12) months from the commencement of sales of this offering or the termination of the agreement between us and Cantor. Pursuant to FINRA Rule 5110, such right is deemed to be underwriting compensation for this offering, the value of which will be 1% of the proceeds from this offering.

**Listing**

We will apply to list our common stock on NYSE American under the trading symbol "REA." The approval of our common stock for listing on NYSE American is a condition to the closing of this offering.

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**No Sales of Similar Securities**

We, our officers, our directors and a significant portion of all other holders of our common stock have agreed, subject to certain specified exceptions, not to directly or indirectly, for a period of 180 days after the date of the underwriting agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•sell, offer, contract or grant any option to sell (including any short sale), pledge, transfer, establish an open "put equivalent position" within the meaning of Rule 16a-l(h) under the Securities Exchange Act of 1934, as amended, or otherwise dispose of, any shares of common stock, options or warrants to acquire shares of common stock, or securities exchangeable or exercisable for or convertible into shares of common stock currently or hereafter owned either of record or beneficially,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•enter into any swap, hedge or other agreement or transaction that transfers, in whole or in part, the economic consequence of ownership of common stock, or securities exchangeable or exercisable for or convertible into shares of common stock, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•publicly announce an intention to do any of the foregoing for a period of 180 days after the date of this prospectus without the prior written consent of the Representative.

In addition, we and each such person agrees that, without the prior written consent of the Representative, we or such other person will not, during the restricted period, make any demand for, or exercise any right with respect to, the registration of any shares of our common stock or any security convertible into or exercisable or exchangeable for common stock.

The restrictions in the immediately preceding paragraph do not apply to, among other things, and subject in certain cases to various conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)transfers in certain circumstances, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)as a bona fide gift or gifts, or charitable contribution, or for bona fide estate planning purposes,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)by will or intestacy or any other testamentary document,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)to any member of the immediate family or to any trust for the direct or indirect benefit of the holder or the immediate family of the holder, or if the holder is a trust, to a trustor, trustee or beneficiary of the trust or to the estate of a trustor, trustee, or beneficiary of such trust,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)to a corporation, partnership, limited liability company, investment fund or other entity (A) of which the holder and the immediate family of the holder are the legal and beneficial owner of all of the outstanding equity securities or similar interests or (B) controlled by, or under common control with, the holder or the immediate family of the holder,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)to a nominee or custodian of a person or entity to whom a disposition or transfer would be permissible under clauses (i) through (iv) above,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)if the holder is a corporation, partnership, limited liability company, trust or other business entity, (A) to another corporation, partnership, limited liability company, trust or other business entity that is an affiliate (as defined in Rule 405 promulgated under the U.S. Securities Act) of the holder, or to any investment fund or other entity controlling, controlled by, managing or managed by or under common control or common investment management with the holder or affiliates of the holder (including, for the avoidance of doubt, where the holder is a partnership, to its general partner or a successor partnership or fund, or any other funds managed by such partnership), or (B) as part of a distribution to current or former general or limited partners, managers or members, shareholders, equityholders or affiliates of the holder, or to the estates of any of the foregoing,

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)by operation of law, such as pursuant to a qualified domestic order, divorce settlement, divorce decree or separation agreement or any other order of a court or regulatory agency with jurisdiction over the holder,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)to us upon death, disability, or if the holder is our employee, termination of employment,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)as part of a sale of common stock acquired (A) from the underwriters in this offering or (B) in open market transactions after the closing date of this offering,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)to us in connection with the vesting, settlement, or exercise of restricted stock units, options, warrants or other rights to purchase shares of common stock (including, in each case, by way of "net" or "cashless" exercise), including for the payment of exercise price and tax and remittance payments due as a result of the vesting, settlement, or exercise of such restricted stock units, options, warrants or rights, held pursuant to an agreement or equity awards granted under a stock incentive plan or other equity award plan described in this prospectus, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi)pursuant to a bona fide third-party tender offer, merger, consolidation or other similar transaction, in one transaction or a series of related transactions, that is approved by our board of directors and made to all holders of our capital stock involving a Change of Control (as defined below) of us (for purposes hereof, "Change of Control" shall mean the transfer (whether by tender offer, merger, consolidation or other similar transaction), in one transaction or a series of related transactions, to a person or group of affiliated persons, of shares of capital stock if, after such transfer, such person or group of affiliated persons would hold at least a majority of the outstanding voting securities of us (or the surviving entity)),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)the exercise of outstanding options, settle restricted stock units or other equity awards or the exercise of warrants pursuant to plans described in this prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)the conversion of outstanding loan, preferred stock, warrants to acquire preferred stock or convertible securities into shares of common stock or warrants to acquire shares of common stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)the establishment or amendment of trading plans pursuant to Rule 10b5-1 under the Exchange Act; provided that (1) no transfers occur under such plan during such lock-up period and (2) no filing by any party under the Exchange Act or other public announcement shall be made voluntarily in connection with the establishment or amendment of such trading plans pursuant to Rule 10b5-1, provided that if a filing under the Exchange Act or other public announcement is required, such announcement or filing shall include a statement that a transfer, sale or other disposition is not permitted under such trading plan during the lock-up period; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)the transfer or disposition of shares of common stock pursuant to "sell-to-cover" transactions in connection with the issuance of shares pursuant to a benefit pool or as deferred compensation described in this prospectus, provided that, any filing under Section 16(a) of the Exchange Act, or other public filing, report or announcement reporting a reduction in beneficial ownership of shares of common stock in connection with such sell-to-cover transaction that is legally required during the lock-up period shall clearly indicate in the footnotes thereto the nature and conditions of such transaction.

The Representative may, in its sole discretion and at any time or from time to time before the termination of the 180-day period release all or any portion of the securities subject to lock-up agreements.

**Market Making, Stabilization and Other Transactions**

The underwriters may make a market in the common stock as permitted by applicable laws and regulations. However, the underwriters are not obligated to do so, and the underwriters may discontinue any market-making activities at any time without notice in their sole discretion. Accordingly, no assurance can be given as to the liquidity of the trading market for the common stock, that you will be able to sell any of the common stock held by you at a particular time or that the prices that you receive when you sell will be favorable.

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The underwriters have advised us that they, pursuant to Regulation M under the Securities Exchange Act of 1934, as amended, and certain persons participating in the offering, may engage in short sale transactions, stabilizing transactions, syndicate covering transactions or the imposition of penalty bids in connection with this offering. These activities may have the effect of stabilizing or maintaining the market price of the common stock at a level above that which might otherwise prevail in the open market. Establishing short sales positions may involve either "covered" short sales or "naked" short sales.

"Covered" short sales are sales made in an amount not greater than the underwriters' option to purchase additional shares of our common stock in this offering. The underwriters may close out any covered short position by either exercising their option to purchase additional shares of our common stock or purchasing shares of our common stock in the open market. In determining the source of shares to close out the covered short position, the underwriters will consider, among other things, the price of shares available for purchase in the open market as compared to the price at which they may purchase shares through the option to purchase additional shares.

"Naked" short sales are sales in excess of the option to purchase additional shares of our common stock. The underwriters must close out any naked short position by purchasing shares in the open market. A naked short position is more likely to be created if the underwriters are concerned that there may be downward pressure on the price of the shares of our common stock in the open market after pricing that could adversely affect investors who purchase in this offering.

A stabilizing bid is a bid for the purchase of shares of our common stock on behalf of the underwriters for the purpose of fixing or maintaining the price of the common stock. A syndicate covering transaction is the bid for or the purchase of shares of our common stock on behalf of the underwriters to reduce a short position incurred by the underwriters in connection with the offering. Similar to other purchase transactions, the underwriters' purchases to cover the syndicate short sales may have the effect of raising or maintaining the market price of our common stock or preventing or retarding a decline in the market price of our common stock. As a result, the price of our common stock may be higher than the price that might otherwise exist in the open market. A penalty bid is an arrangement permitting the underwriters to reclaim the selling concession otherwise accruing to a syndicate member in connection with the offering if the common stock originally sold by such syndicate member are purchased in a syndicate covering transaction and therefore have not been effectively placed by such syndicate member.

Neither we, nor any of the underwriters make any representation or prediction as to the direction or magnitude of any effect that the transactions described above may have on the price of our common stock. The underwriters are not obligated to engage in these activities and, if commenced, may end any of these activities at any time.

**Passive Market Making**

The underwriters may also engage in passive market making transactions in our common stock on NYSE American in accordance with Rule 103 of Regulation M during a period before the commencement of offers or sales of shares of our common stock in this offering and extending through the completion of distribution. A passive market maker must display its bid at a price not in excess of the highest independent bid of that security. However, if all independent bids are lowered below the passive market maker's bid, that bid must then be lowered when specified purchase limits are exceeded. Passive market making may cause the price of our common stock to be higher than the price that otherwise would exist in the open market in the absence of those transactions. The underwriters are not required to engage in passive market making and, if commenced, may end passive market making activities at any time.

**Electronic Distribution**

A prospectus in electronic format may be made available by e-mail or on the web sites or through online services maintained by one or more of the underwriters, selling group members (if any) or their affiliates. The underwriters may agree with us to allocate a specific number of shares of our common stock for sale to online brokerage account holders. Any such allocation for online distributions will be made by the underwriters on the same basis as other allocations. Other than the prospectus in electronic format, the information on the underwriters' websites and any information contained in any other web site maintained by any of the underwriters is not part of this prospectus, has not been approved and/or endorsed by us or the underwriters and should not be relied upon by investors.

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**Other Activities and Relationships**

The underwriters and certain of their respective affiliates are full service financial institutions engaged in a wide range of activities for their own accounts and the accounts of customers, which may include, among other things, corporate finance, mergers and acquisitions, merchant banking, equity and fixed income sales, trading and research, derivatives, foreign exchange, futures, asset management, custody, clearance and securities lending. The underwriters and certain of their affiliates have, from time to time, performed, and may in the future perform, various investment banking and financial advisory services for us and our affiliates, for which they received or will receive customary fees and expenses.

In addition, in the ordinary course of its business, the underwriters and their respective affiliates may, directly or indirectly, hold long or short positions, trade and otherwise conduct such activities in or with respect to debt or equity securities and/or bank debt of, and/or derivative products. Such investment and securities activities may involve our securities and instruments. The underwriters and their respective affiliates may also make investment recommendations or publish or express independent research views in respect of such securities or instruments and may at any time hold, or recommend to clients that they acquire, long or short positions in such securities and instruments.

**Stamp Taxes**

If you purchase shares of our common stock offered in this prospectus, you may be required to pay stamp taxes and other charges under the laws and practices of the country of purchase, in addition to the offering price listed on the cover page of this prospectus.

**Selling Restrictions**

No action has been taken in any jurisdiction (except in the United States) that would permit a public offering of the securities, or the possession, circulation or distribution of this prospectus or any other material relating to us or the securities in any jurisdiction where action for that purpose is required. Accordingly, the securities may not be offered or sold, directly or indirectly, and neither this prospectus nor any other material or advertisements in connection with the securities may be distributed or published, in or from any country or jurisdiction except in compliance with any applicable laws, rules and regulations of any such country or jurisdiction.

***Canada***

This prospectus constitutes an "exempt offering document" as defined in and for the purposes of applicable Canadian securities laws. No prospectus has been filed with any securities commission or similar regulatory authority in Canada in connection with the offer and sale of the securities. No securities commission or similar regulatory authority in Canada has reviewed or in any way passed upon this prospectus or on the merits of the securities and any representation to the contrary is an offence.

**Canadian investors are advised that this prospectus has been prepared in reliance on section 3A.3 of National Instrument 33-105 Underwriting Conflicts ("NI 33-105"). Pursuant to section 3A.3 of NI 33-105, this prospectus is exempt from the requirement that the issuer and the underwriters provide investors with certain conflicts of interest disclosure pertaining to "connected issuer" and/or "related issuer" relationships that may exist between the issuer and the underwriters as would otherwise be required pursuant to subsection 2.1(1) of NI 33-105.**

*Resale restrictions*

The offer and sale of the securities in Canada is being made on a private placement basis only and is exempt from the requirement that the issuer prepares and files a prospectus under applicable Canadian securities laws. Any resale of the securities acquired by a Canadian investor in this offering must be made in accordance with applicable Canadian securities laws, which may vary depending on the relevant jurisdiction, and which may require resales to be made in accordance with Canadian prospectus requirements, pursuant to a statutory exemption from the prospectus requirements, in a transaction exempt from the prospectus requirements or otherwise under a discretionary exemption from the prospectus requirements granted by the applicable local Canadian securities regulatory authority. These resale restrictions may under certain circumstances apply to resales of the securities outside of Canada.

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*Representations of purchasers*

Each Canadian investor who purchases the securities will be deemed to have represented to the issuer and the underwriters that the investor (i) is purchasing the securities as principal, or is deemed to be purchasing as principal in accordance with applicable Canadian securities laws, for investment only and not with a view to resale or redistribution; (ii) is an "accredited investor" as such term is defined in section 1.1 of National Instrument 45-106 *Prospectus Exemptions* ("NI 45-106") or, in Ontario, as such term is defined in section 73.3(1) of the *Securities Act* (Ontario); and (iii) is a "permitted client" as such term is defined in section 1.1 of National Instrument 31-103 *Registration Requirements, Exemptions and Ongoing Registrant Obligations*.

*Taxation and eligibility for investment*

Any discussion of taxation and related matters contained in this prospectus does not purport to be a comprehensive description of all of the tax considerations that may be relevant to a Canadian investor when deciding to purchase the securities and, in particular, does not address any Canadian tax considerations. No representation or warranty is hereby made as to the tax consequences to a resident, or deemed resident, of Canada of an investment in the securities or with respect to the eligibility of the securities for investment by such investor under relevant Canadian federal and provincial legislation and regulations.

*Rights of action for damages or rescission*

Securities legislation in certain of the Canadian jurisdictions provides certain purchasers of securities pursuant to an offering memorandum (such as this prospectus), including where the distribution involves an "eligible foreign security" as such term is defined in Ontario Securities Commission Rule 45-501 *Ontario Prospectus and Registration Exemptions* and in Multilateral Instrument 45-107 *Listing Representation and Statutory Rights of Action Disclosure Exemptions*, as applicable, with a remedy for damages or rescission, or both, in addition to any other rights they may have at law, where the offering memorandum, or other offering document that constitutes an offering memorandum, and any amendment thereto, contains a "misrepresentation" as defined under applicable Canadian securities laws. These remedies, or notice with respect to these remedies, must be exercised or delivered, as the case may be, by the purchaser within the time limits prescribed under, and are subject to limitations and defenses under, applicable Canadian securities legislation. In addition, these remedies are in addition to and without derogation from any other right or remedy available at law to the investor.

*Language of documents*

Upon receipt of this document, each Canadian investor hereby confirms that it has expressly requested that all documents evidencing or relating in any way to the sale of the securities described herein (including for greater certainty any purchase confirmation or any notice) be drawn up in the English language only. *Par la réception de ce document, chaque investisseur Canadien confirme par les présentes qu'il a expressément exigé que tous les documents faisant foi ou se rapportant de quelque manière que ce soit à la vente des valeurs mobilières décrites aux présentes (incluant, pour plus de certitude, toute confirmation d'achat ou tout avis) soient rédigés en anglais seulement.*

***Australia***

This document does not constitute a prospectus, product disclosure statement or other disclosure document under the Australia's Corporations Act 2001 (Cth) (the "Corporations Act") of Australia. This document has not been lodged with the Australian Securities & Investments Commission and is only directed to the categories of exempt persons set out below. Accordingly, if you receive this document in Australia:

You confirm and warrant that you are either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•a "sophisticated investor" under section 708(8)(a) or (b) of the Corporations Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•a "sophisticated investor" under section 708(8)(c) or (d) of the Corporations Act and that you have provided an accountant's certificate to the company which complies with the requirements of section 708(8)(c)(i) or (ii) of the Corporations Act and related regulations before the offer has been made; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•a "professional investor" within the meaning of section 708(11)(a) or (b) of the Corporations Act.

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To the extent that you are unable to confirm or warrant that you are an exempt sophisticated investor or professional investor under the Corporations Act any offer made to you under this document is void and incapable of acceptance.

You warrant and agree that you will not offer any of the securities issued to you pursuant to this document for resale in Australia within 12 months of those securities being issued unless any such resale offer is exempt from the requirement to issue a disclosure document under section 708 of the Corporations Act.

***European Economic Area***

In relation to each member state of the European Economic Area (each a "Member State"), no securities have been offered or will be offered pursuant to the offer described herein in that Member State prior to the publication of a prospectus in relation to the securities which has been approved by the competent authority in that Member State or, where appropriate, approved in another Member State and notified to the competent authority in that Member State, all in accordance with the Prospectus Regulation, except that the securities may be offered to the public in that Member State at any time:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)to any legal entity which is a qualified investor as defined under Article 2 of the Prospectus Regulation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)to fewer than 150 natural or legal persons (other than qualified investors as defined under Article 2 of the Prospectus Regulation), subject to obtaining the prior consent of the underwriters for any such offer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)in any other circumstances falling within Article 1(4) of the Prospectus Regulation,

*provided* that no such offer of securities shall require the issuer or any underwriter to publish a prospectus pursuant to Article 3 of the Prospectus Regulation or supplement a prospectus pursuant to Article 23 of the Prospectus Regulation.

Each person in a Member State who acquires any securities in the offer or to whom any offer is made will be deemed to have represented, acknowledged and agreed to and with the issuer and the underwriters that it is a qualified investor within the meaning of the Prospectus Regulation.

In the case of any securities being offered to a financial intermediary as that term is used in Article 5(1) of the Prospectus Regulation, each such financial intermediary will be deemed to have represented, acknowledged and agreed to and with the issuer and the underwriters that the securities acquired by it in the offer have not been acquired on a non-discretionary basis on behalf of, nor have they been acquired with a view to their offer or resale to, persons in circumstances which may give rise to an offer to the public other than their offer or resale in a Member State to qualified investors, in circumstances in which the prior consent of the underwriters has been obtained to each such proposed offer or resale. Neither the issuer nor the underwriters have authorised, nor do they authorise, the making of any offer of securities through any financial intermediary, other than offers made by the underwriters which constitute the final placement of securities contemplated in this document.

The issuer and the underwriters and their affiliates will rely upon the truth and accuracy of the foregoing representations, acknowledgements and agreements.

For the purposes of this provision, the expression an "offer to the public" in relation to any securities in any Member State means the communication in any form and by any means of sufficient information on the terms of the offer and any securities to be offered so as to enable an investor to decide to purchase, or subscribe for, any securities and the expression "Prospectus Regulation" means Regulation (EU) 2017/1129.

In Member States, this document is being distributed only to, and is directed only at, persons who are "qualified investors" within the meaning of Article 2(e) of the Prospectus Regulation ("Qualified Investors"). This document must not be acted on or relied on in any Member State by persons who are not Qualified Investors. Any investment or investment activity to which this document relates is available in any Member State only to Qualified Investors and will be engaged in only with such persons.

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***France***

The securities are being issued and sold outside the Republic of France and that, in connection with their initial distribution, the underwriters have not offered or sold and will not offer or sell, directly or indirectly, any securities to the public in the Republic of France, and that they has not distributed and will not distribute or cause to be distributed to the public in the Republic of France this prospectus or any other offering material relating to the securities, and that such offers, sales and distributions have been and will be made in the Republic of France only to qualified investors (investisseurs qualifiés) in accordance with Article L.411-2 of the Monetary and Financial Code and decrét no. 98-880 dated October 1, 1998.

***Germany***

Each person who is in possession of this prospectus is aware that no German sales prospectus (Verkaufsprospekt) within the meaning of the Securities Sales Prospectus Act (Wertpapier-Verkaufsprospektgesetz, the "Act") of the Federal Republic of Germany has been or will be published with respect to the securities. In particular, the underwriters have represented that they have not engaged and have agreed that they will not engage in a public offering (offentliches Angebot) within the meaning of the Act with respect to any of the securities otherwise then in accordance with the Act and all other applicable legal and regulatory requirements.

***Hong Kong***

WARNING - The contents of this document have not been reviewed by any regulatory authority in Hong Kong. You are advised to exercise caution in relation to the offer. If you are in any doubt about any of the contents of this document, you should obtain independent professional advice.

No securities have been, may be or will be offered or sold in Hong Kong, by means of any document, other than to "professional investors" as defined in the Securities and Futures Ordinance (Cap. 571) of Hong Kong (the "SFO") and any rules made thereunder; or in other circumstances which do not result in the document being a "prospectus" as defined in the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32) of Hong Kong (the "C(WUMP)O"), or which do not constitute an offer to the public within the meaning of the C(WUMP)O. No document, invitation or advertisement relating to the securities has been issued or may be issued or will be issued or may be in the possession of any person for the purpose of issue (in each case whether in Hong Kong or elsewhere), which is directed at, or the contents of which are likely to be accessed or read by, the public of Hong Kong (except if permitted under the securities laws of Hong Kong) other than with respect to securities which are or are intended to be disposed of only to persons outside Hong Kong or only to "professional investors" as defined in the SFO and any rules made thereunder.

This document has not been and will not be registered with the Registrar of Companies in Hong Kong. Accordingly, this document may not be issued, circulated or distributed in Hong Kong, and the securities may not be offered for subscription to members of the public in Hong Kong. Each person acquiring the securities will be required, and is deemed by the acquisition of the securities, to confirm that he is aware of the restriction on offers of the securities described in this document and the relevant offering documents and that he is not acquiring, and has not been offered any securities in circumstances that contravene any such restrictions.

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***United Kingdom***

In relation to the United Kingdom, no securities have been offered or will be offered pursuant to the offer described herein to the public in the United Kingdom prior to the publication of a prospectus in relation to the securities which has been approved by the UK Financial Conduct Authority, except that the securities may be offered to the public in the United Kingdom at any time:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)to any legal entity which is a qualified investor as defined under Article 2 of the UK Prospectus Regulation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)to fewer than 150 natural or legal persons (other than qualified investors as defined under Article 2 of the UK Prospectus Regulation), subject to obtaining the prior consent of the underwriters for any such offer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)in any other circumstances falling within Section 86 of the Financial Services and Markets Act 2000 (as amended) (the "FSMA"),

*provided* that no such offer of the securities shall require the issuer or any underwriter to publish a prospectus pursuant to Section 85 of the FSMA or supplement a prospectus pursuant to Article 23 of the UK Prospectus Regulation.

Each person in the United Kingdom who acquires any securities in the offer or to whom any offer is made will be deemed to have represented, acknowledged and agreed to and with the issuer and the underwriters that it is a qualified investor within the meaning of the UK Prospectus Regulation.

In the case of any securities being offered to a financial intermediary as that term is used in Article 5(1) of the UK Prospectus Regulation, each such financial intermediary will be deemed to have represented, acknowledged and agreed to and with the issuer and the underwriters that the securities acquired by it in the offer have not been acquired on a non-discretionary basis on behalf of, nor have they been acquired with a view to their offer or resale to, persons in circumstances which may give rise to an offer to the public other than their offer or resale in the United Kingdom to qualified investors, in circumstances in which the prior consent of the underwriters has been obtained to each such proposed offer or resale. Neither the issuer nor the underwriters have authorised, nor do they authorise, the making of any offer of securities through any financial intermediary, other than offers made by the underwriters which constitute the final placement of securities contemplated in this document.

The issuer and the underwriters and their respective affiliates will rely upon the truth and accuracy of the foregoing representations, acknowledgements and agreements.

For the purposes of this provision, the expression an "offer to the public" in relation to the securities in the United Kingdom means the communication in any form and by any means of sufficient information on the terms of the offer and any securities to be offered so as to enable an investor to decide to purchase or subscribe for any securities and the expression "UK Prospectus Regulation" means Regulation (EU) 2017/1129 as it forms part of United Kingdom law by virtue of the European Union (Withdrawal) Act 2018.

In the United Kingdom, this document is being distributed only to, and is directed only at, persons who are "qualified investors" within the meaning of Article 2(e) of the UK Prospectus Regulation who are also: (i) persons who fall within the definition of "investment professionals" in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "Order"); (ii) persons falling within Article 49(2) of the Order; or (iii) persons to whom it may otherwise lawfully be communicated (all such persons together being referred to as "relevant persons"). This document must not be acted on or relied on in the United Kingdom by persons who are not relevant persons. Any investment or investment activity to which this document relates is available in the United Kingdom only to relevant persons and will be engaged in only with such persons.

Any invitation or inducement to engage in investment activity (within the meaning of Section 21 of the FSMA) may only be communicated or caused to be communicated in connection with the issue or sale of the securities in circumstances in which Section 21(1) of the FSMA does not apply. All applicable provisions of the FSMA and the Order must be complied with in respect of anything done by any person in relation to the securities in, from or otherwise involving the United Kingdom.

------

***Cayman Islands***

No offer or invitation, whether directly or indirectly, to subscribe for securities may be made to the public in the Cayman Islands.

***British Virgin Islands***

The securities are not being, and may not be offered to the public or to any person in the British Virgin Islands for purchase or subscription by or on behalf of us. The securities may be offered to companies incorporated under the BVI Business Companies Act, 2004 (British Virgin Islands) (BVI Companies), but only where the offer will be made to, and received by, the relevant BVI Company entirely outside of the British Virgin Islands.

------

**LEGAL MATTERS**

The validity of the issuance of the common stock offered by this prospectus will be passed upon for us by DLA Piper LLP (US), Austin, Texas. Certain legal matters in connection with this offering will be passed upon for the underwriters by Dorsey & Whitney LLP, Toronto, Ontario.

**EXPERTS**

The consolidated financial statements of Rare Earths Americas, Inc. as of December 31, 2025 and for the year then ended included in this prospectus and in the registration statement have been so included in reliance on the report of BDO USA, P.C., an independent registered public accounting firm, given on the authority of said firm as experts in auditing and accounting.

The financial statements of Alpha Minerals Brazil Participações Ltd. (the predecessor of Rare Earths Americas, Inc.) as of and for the fiscal year ended December 31, 2024 have been included herein and in the registration statement in reliance upon the report of PGBR Auditores e Consultores, independent registered public accounting firm, appearing elsewhere herein, and upon the authority of such firm as experts in accounting and auditing.

The technical information appearing in this prospectus concerning the Shiloh Project was derived from the Technical Report Summary Shiloh Project, Georgia, dated November 7, 2025, prepared by Geosyntec Consultants, Inc., independent mining consultants.

The technical information appearing in this prospectus concerning the Alpha Project was derived from the Alpha Project Bahia, Brazil Technical Report Summary dated October 31, 2025, prepared by McGarry Geoconsulting Corp. and Karst Geo Solutions, independent mining consultants.

The technical information appearing in this prospectus concerning the Constellation Project was derived from the Constellation Project Minas Gerais, Brazil Technical Report Summary dated October 31, 2025, prepared by McGarry Geoconsulting Corp. and Karst Geo Solutions, independent mining consultants.

**WHERE YOU CAN FIND ADDITIONAL INFORMATION**

We have filed with the SEC a registration statement on Form S-1, including exhibits and schedules, under the Securities Act, with respect to the shares of common stock being offered by this prospectus. This prospectus, which constitutes part of the registration statement, does not contain all of the information in the registration statement and its exhibits. For further information with respect to us and the common stock offered by this prospectus, we refer you to the registration statement and its exhibits. Statements contained in this prospectus as to the contents of any contract or any other document referred to are not necessarily complete, and in each instance, we refer you to the copy of the contract or other document filed as an exhibit to the registration statement. Each of these statements is qualified in all respects by this reference.

You may read our SEC filings, including this registration statement, over the Internet at the SEC's website at *www.sec.gov*. Upon the closing of this offering, we will be subject to the information reporting requirements of the Exchange Act and we will file reports, proxy statements, and other information with the SEC. These reports, proxy statements and other information will be available for review at the SEC's website referred to above. We also maintain a website at *rareearthsamericas.com*, at which, following the closing of this offering, you may access these materials free of charge as soon as reasonably practicable after they are electronically filed with, or furnished to, the SEC. Information contained on or accessible through our website is not a part of this prospectus or the registration statement of which it forms a part, and the inclusion of our website address in this prospectus is an inactive textual reference only. You should not consider the contents of our website in making an investment decision with respect to our common stock.

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---

| | |
|:---|:---|
|  | **Page** |
| **RARE EARTHS AMERICAS, INC.** |  |
| [<u>Reports of Independent Registered Public Accounting Firms</u>](#report_of_independent) | F-2 |
| [<u>Consolidated Balance Sheets as of December 31, 2025 and 2024</u>](#consolidated_balance_sheets) | F-4 |
| [<u>Consolidated Statements of Operations for the years ended December 31, 2025 and 2024</u>](#consolidated_statements_of_operations) | F-5 |
| [<u>Consolidated Statements of Comprehensive Loss for the years ended December 31, 2025 and 2024</u>](#consolidated_statements_of_comp_loss) | F-6 |
| [<u>Consolidated Statements of Changes in Members' Deficit and Stockholders' Equity for the years ended December 31, 2025 and 2024</u>](#fs_equity) | F-7 |
| [<u>Consolidated Statements of Cash Flows for the years ended December 31, 2025 and 2024</u>](#consolidated_statements_of_cash_flows) | F-8 |
| [<u>Notes to Consolidated Financial Statements for the years ended December 31, 2025 and 2024</u>](#notes_to_the_consolidated_financial) | F-9 |

---

------

**Report of Independent Registered Public Accounting Firm**

Shareholders and Board of Directors

Rare Earths Americas, Inc.

Denver, Colorado

**Opinion on the Consolidated Financial Statements**

We have audited the accompanying consolidated balance sheet of Rare Earths Americas, Inc. (the "Company") as of December 31, 2025, the related consolidated statements of operations, comprehensive loss, changes in members' deficit and stockholders' equity, and cash flows for the year then ended, and the related notes (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2025, and the results of its operations and its cash flows for the year then ended**,** in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's consolidated financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audit included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audit provides a reasonable basis for our opinion.

/s/ BDO USA, P.C.

We have served as the Company's auditor since 2025.

Philadelphia, Pennsylvania

March 12, 2026

------

**Report of Independent Registered Public Accounting Firm**

To the Board of Directors and Shareholders of

Alpha Minerals Brazil Participações Ltda

**Opinion on the Financial Statements**

We have audited the accompanying balance sheets of Alpha Minerals Brazil Participações Ltda. (the Company) as of December 31, 2024, the related statements of operations and comprehensive income (loss), changes in stockholders' equity and cash flows for the year in the period ended December 31, 2024, and including the related notes and any schedules, identified and collectively referred to in the report as the financial statements.

In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2024 , and the results of its operations and its cash flows for the year in the period ended December 31, 2024, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

PGBR RODYOS AUDITORES INDEPENDENTES S.S

We have served as the Company's auditor since 2025.

/s/ PGBR RODYOS AUDITORES INDEPENDENTES S.S

São Paulo, São Paulo

March 12, 2026

PCAOB ID#6754

------

***RARE EARTHS AMERICAS, INC.***

**CONSOLIDATED BALANCE SHEETS**

**(in thousands of U.S. Dollars, except share data)**

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2025** | **2024** |
| **ASSETS** |  |  |
| **Current assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $22841 | $6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses | 216 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current assets | 53 | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 23110 | 67 |
| **Non-current assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Property and equipment, net | 390 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mineral interests (includes $2,275 and $0, respectively, related to consolidated VIEs) | 23327 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred offering costs | 1968 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other non-current assets | 42 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total non-current assets | 25727 | 34 |
| **Total assets** | $48837 | $101 |
| **LIABILITIES** |  |  |
| **Current liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable (includes $362 and $0, respectively, related to consolidated VIEs) | $1486 | $8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses (includes $22 and $0, respectively, related to consolidated VIEs) | 1211 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable to related party |  | 236 |
| &nbsp;&nbsp;&nbsp;&nbsp;Convertible related party loan | 1123 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current liabilities (includes $34 and $0, respectively, related to consolidated VIEs) | 36 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 3856 | 266 |
| **Non-current liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;SAFE liability | 11715 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Warrant liability | 4433 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other non-current liabilities (includes $20 and $0, respectively, related to consolidated VIEs) | 370 | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total non-current liabilities | 16518 | 95 |
| **Total liabilities** | 20374 | 361 |
| Commitments and contingencies (Note 13) |  |  |
| **MEMBERS' DEFICIT and STOCKHOLDERS' EQUITY** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred stock, $0.0001 par value, 1,000,000 shares authorized, zero shares issued and outstanding as of December 31, 2025 and 2024 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock, $0.0001 par value, 500,000,000 shares authorized, 14,965,987 and zero shares issued and outstanding as of December 31, 2025 and 2024, respectively | 1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Members' equity |  | 9982 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in-capital | 46292 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (267) | (334) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated deficit | (19838) | (9908) |
| **Members' deficit and Equity (deficit) attributable to stockholders of the Company** | 26188 | (260) |
| &nbsp;&nbsp;&nbsp;&nbsp;Noncontrolling interest | 2275 |  |
| **Total members' deficit and stockholders' equity (deficit)** | 28463 | (260) |
| **Total liabilities, members' deficit and stockholders' equity** | $48837 | $101 |

---

*See accompanying notes to the consolidated financial statements.*

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***RARE EARTHS AMERICAS, INC.***

**CONSOLIDATED STATEMENTS OF OPERATIONS**

**(in thousands of U.S. Dollars, except share and per share data)**

---

| | | |
|:---|:---|:---|
|  | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
|  | **2025** | **2024** |
| **Operating expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Exploration and evaluation expenses | $3717 | $2890 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative expenses | 5466 | 1094 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation expense | 25 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transaction costs | 247 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 9455 | 3990 |
| **Operating loss** | (9455) | (3990) |
| **Other income (expenses):** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | 138 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | (206) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange gain | 31 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on extinguishment of debt | (577) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of warrants | 139 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other (expenses) income | (475) | 15 |
| Loss before income taxes | (9930) | (3975) |
| Provision for income taxes |  |  |
| **Net loss** | (9930) | (3975) |
| Less: Net loss attributable to noncontrolling interest |  |  |
| **Net loss attributable to Rare Earths Americas, Inc.** | $(9930) | $(3975) |

---

---

| | | |
|:---|:---|:---|
| **Net loss per common share, basic and diluted** | $(0.85 | $(0.46 |
| **Weighted average common shares outstanding, basic and diluted** | 11744438 | 8674507 |

---

*See accompanying notes to the consolidated financial statements.*

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***RARE EARTHS AMERICAS, INC.***

**CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS**

**(in thousands of U.S. Dollars)**

---

| | | |
|:---|:---|:---|
|  | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
|  | **2025** | **2024** |
| **Net loss** | $(9930) | $(3975) |
| **Other comprehensive income (loss):** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation adjustments | 67 | (299) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other comprehensive income (loss) | 67 | (299) |
| **Comprehensive loss** | (9863) | (4274) |
| **Less: Comprehensive loss attributable to noncontrolling interest** | - | - |
| **Comprehensive loss attributable to Rare Earths Americas, Inc.** | $(9863) | $(4274) |

---

*See accompanying notes to the consolidated financial statements.*

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***RARE EARTHS AMERICAS, INC.***

**CONSOLIDATED STATEMENTS OF CHANGES IN MEMBERS' DEFICIT AND STOCKHOLDERS' EQUITY**

**(in thousands of U.S. Dollars, except share data)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  | **Members' Equity** | **Accumulated<br>Other<br>Comprehensive<br>Loss** | **Accumulated<br>Deficit** | **Total<br>Members'<br>Equity (Deficit)** |
| **Balance as of December 31, 2023** |  |  |  |  | $6387 | $(35) | $(5933) | $419 |
| Equity contribution from parent |  |  |  |  | 3595 |  |  | 3595 |
| Change in foreign currency translation |  |  |  |  |  | (299) |  | (299) |
| Net loss |  |  |  |  |  |  | (3975) | (3975) |
| **Balance as of December 31, 2024** |  |  |  |  | $9982 | $(334) | $(9908) | $(260) |
|  | **Common Stock** | **Common Stock** | **Members' Equity** | **Additional Paid in Capital** | **Accumulated<br>Other<br>Comprehensive<br>Loss** | **Accumulated<br>Deficit** | **Noncontrolling Interest** | **Total<br>Stockholders'<br>Equity (Deficit)** |
|  | **Shares** | **Amount** |  |  |  |  |  |  |
| **Balance as of December 31, 2024** |  | $— | $9982 | $— | $(334) | $(9908) | $— | $(260) |
| Distribution to parent |  |  | (524) |  |  |  |  | (524) |
| Equity contribution from parent |  |  | 74 |  |  |  |  | 74 |
| Issuance of common stock in exchange for member units | 9375000 | 1 | (9532) | 9531 |  |  |  |  |
| Issuance of common stock in connection with acquisition of Foothills Rare Earths Limited | 2805267 |  |  | 18362 |  |  | 2275 | 20637 |
| Issuance of common stock in connection with private placement, net of $216 issuance costs | 2500000 |  |  | 15877 |  |  |  | 15877 |
| Premium upon extinguishment of related party note |  |  |  | 577 |  |  |  | 577 |
| Grant of restricted stock awards | 255000 |  |  |  |  |  |  |  |
| Stock-based compensation expense |  |  |  | 1677 |  |  |  | 1677 |
| Warrant exercises | 30720 |  |  | 268 |  |  |  | 268 |
| Change in foreign currency translation |  |  |  |  | 67 |  |  | 67 |
| Net loss |  |  |  |  |  | (9930) |  | (9930) |
| **Balance as of December 31, 2025** | 14965987 | $1 | $— | $46292 | $(267) | $(19838) | $2275 | $28463 |

---

*See accompanying notes to the consolidated financial statements.*

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***RARE EARTHS AMERICAS, INC.***

**CONSOLIDATED STATEMENTS OF CASH FLOWS**

**(in thousands of U.S. Dollars)**

---

| | | |
|:---|:---|:---|
|  | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
|  | **2025** | **2024** |
| **Cash flows from operating activities:** |  |  |
| Net loss | $(9930) | $(3975) |
| Adjustments to reconcile net loss to net cash used in operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation expense | 25 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss (gain) on disposal of property and equipment | 5 | (68) |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on foreign currency conversion | 31 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation | 1813 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for labor claims | (59) | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;Allocated expenses from parent | 74 | 284 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of warrants | (139) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Noncash lease expense | 4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on extinguishment of related party debt | 577 |  |
| Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses | (205) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets | 14 | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | 951 | (388) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses | 580 | (46) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable to related parties | 1429 | 268 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | (25) | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in operating activities | (4855) | (3793) |
| **Cash flows from investing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash acquired in FRE Australia transaction | 1543 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of property and equipment | (376) | (10) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment in mineral interests | (104) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales of property and equipment to related parties |  | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by investing activities | 1063 | 65 |
| **Cash flows from financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity contributions from parent |  | 3311 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from issuance of common stock | 16093 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance costs | (216) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments of deferred offering costs | (1204) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Warrants exercises | 268 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;SAFE proceeds | 11715 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution to parent | (524) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from related party debt | 661 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayments on related party debt | (246) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by financing activities | 26547 | 3311 |
| Effect of exchange rates on cash and cash equivalents | 80 | (377) |
| Net increase (decrease) in cash and cash equivalents | 22835 | (794) |
| Cash and cash equivalents at beginning of period | 6 | 800 |
| Cash and cash equivalents at end of period | $22841 | $6 |
| **Supplemental non-cash information:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash contribution from REA Australia | $74 | $284 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unpaid deferred offering costs | $764 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Unpaid fixed asset additions | $6 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Total purchase consideration issued to acquire FRE Australia | $22105 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of common stock for member units | $9532 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Related party note premium treated as equity contribution | $577 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease liabilities arising from obtaining right-of-use assets | $47 | $— |

---

*See accompanying notes to the consolidated financial statements.*

------

***RARE EARTHS AMERICAS, INC.***

**Notes to the CONSOLIDATED financial statements**

**(in thousands of U.S. Dollars, except share and per share data)**

**1.** **Organization and Business Operations**

Rare Earths Americas, Inc. ("REA", the "Company", "we", or "our") was initially incorporated in February 2025 under the laws of the Cayman Islands as Rare Earths Americas Ltd ("REA Ltd."). On October 15, 2025, the Company completed a redomestication, through the filing of a certificate of conversion in the state of Texas, resulting in the Company becoming a Texas corporation (the "Redomestication"). Upon completion of the Redomestication, the Company's name changed to "Rare Earths Americas, Inc."

REA Ltd. was formed for the purpose of acquiring Alpha Minerals Brazil Participações Ltda. ("AMBPL") and Foothills Rare Earths Limited ("FRE Australia") in two transactions that were contingent upon the completion of each other (the "Acquisitions"), as well as to raise the initial capital necessary to support the continued operations of the acquired and combined entities in a private placement transaction (the "Private Placement"). The Acquisitions were completed on July 22, 2025 (the "Merger Date"). The Private Placement, which resulted in raising $15,877 after transaction costs, was completed on July 31, 2025.

We determined that our acquisition of AMBPL is a transaction between entities under common control because the former sole shareholder of AMBPL, Rare Earths Americas Limited ("REA Australia"), retained control of AMBPL through its majority ownership in REA. Furthermore, as (1) our activities through the Merger Date were limited to administrative tasks supporting the Acquisitions and Private Placement and (2) we succeeded to substantially all of the operations of AMBPL, we determined that AMBPL is the predecessor entity to REA for financial reporting purposes. AMBPL was a company organized under the laws of Brazil with a history of exploration activities primarily conducted at two sites in Brazil. The Company incurred $188 of transaction costs to acquire AMBPL, included in Transaction costs on the consolidated statements of operations.

FRE Australia, an Australian incorporated public unlisted corporation that previously had performed limited exploration activities in the United States, was determined to be a variable interest entity and its acquisition (together with its consolidated subsidiaries) was an asset acquisition of a variable interest entity (see Note 4 - Asset Acquisition and Variable Interest Entity). FRE Australia operates primarily through its wholly-owned U.S. subsidiary (hereafter collectively referred to as "FRE Australia").

The Company is currently advancing three projects: the Alpha Project in Bahia, Brazil, the Constellation IAC Project in Minas Gerais, Brazil and the Shiloh Project in the state of Georgia in the United States, which is conducted through FRE Australia. The Company's principal activity during the years ended December 31, 2025 and 2024 consisted of the exploration and development of its mineral resources. We operate in two reporting segments based on their respective geographical location: "United States Mining Operations" and "Brazil Mining Operations" (see Note 14 - Segment Reporting).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Significant Accounting Policies**

***Basis of Presentation and Principles of Consolidation***

The accompanying consolidated financial statements of Rare Earths Americas, Inc. its wholly-owned subsidiaries and consolidated variable interest entities, have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP") and pursuant to the rules and regulations of the United States Securities & Exchange Commission ("SEC"). All intercompany balances and transactions have been eliminated in consolidation.

All dollar amounts presented in the accompanying footnotes are presented in thousands, with the exception of share and per share information.

As REA and AMBPL were determined to be entities under common control, the acquisition of AMBPL's net assets were recorded at their historical carrying amounts, and these financial statements reflect REA and AMBPL

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on a consolidated basis for periods following REA's incorporation in February 2025. Periods prior to February 2025 relate solely to the predecessor operations of AMBPL.

As AMBPL was historically managed within REA Australia, the accompanying consolidated financial statements include the financial position, results of operations and cash flows of AMBPL on a carve-out basis through July 21, 2025 in conformity with U.S. GAAP. These consolidated financial statements are not necessarily indicative of the financial results that would have been achieved if AMBPL had operated as a separate, stand-alone entity during the periods presented. Accordingly, certain shared costs were allocated to the Company by REA Australia and reflected as expenses in the consolidated financial statements. These shared costs consisted primarily of executive remuneration and share based compensation, and to a lesser extent exploration costs. Executive remuneration and share based compensation costs were allocated to the Company based on estimates of the portion of employees' and consultants' time dedicated to AMBPL. Exploration costs were allocated to the Company on the basis of specific identification. We considered the allocation methodologies used to be a reasonable and appropriate reflection of REA Australia expenses attributable to the Company for purposes of the standalone financial statements. The expenses reflected in the financial statements may not be indicative of expenses that will be incurred by the Company in the future.

***Emerging Growth Company Status*** 

The Company is an "emerging growth company," as defined in the Jumpstart Our Business Startups Act (the "JOBS Act"). Accordingly, the Company is eligible to take advantage of certain exemptions from various reporting and financial disclosure requirements that are applicable to other public companies that are not emerging growth companies.

Under the JOBS Act, an emerging growth company can take advantage of the extended transition period for complying with new or revised accounting standards. As a result, an emerging growth company can delay the adoption of certain accounting standards until those standards would apply to private companies. The Company has elected to take advantage of the extended transition period to comply with new or revised accounting standards.

***Use of Estimates***

The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect (1) the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the balance sheet dates and (2) the reported amounts of expenses during the reporting periods.

Significant accounting estimates reflected in our consolidated financial statements include, but are not limited to, the useful lives of property and equipment, fair value of warrant liability, fair value of Simple Agreements for Future Equity ("SAFE") liability, and fair value of share-based compensation awards.

***Risks and Uncertainties***

The Company's operations consist of exploring for rare earth elements and other critical minerals, which is subject to intense competition, development risk, and changes in governmental policies related to green energy, defense spending, and dependence on foreign suppliers. The Company's operations are subject to significant risks and uncertainties, including financial and operational risks, as well as the potential risk of business failure.

The Company has not yet established that our projects contain any commercially exploitable quantities of proven or probable mineral reserves, nor can there be any assurance that the Company will be able to do so. Even if the Company does eventually establish commercially exploitable quantities of mineral reserves, there can be no assurance that any of our projects can be developed into a producing mine or that the Company can extract those minerals economically. Both mineral exploration and development involve a high degree of risk, and few properties which are explored are ultimately developed into producing mines. The commercial viability of an established mineral deposit will depend on several factors including the size, grade, and other attributes of the mineral deposit, as well as proximity of said deposits to infrastructure, government regulation, market prices, and so on. Most of these factors will be beyond the Company's control, and any of them could increase costs and make extraction of any identified mineral deposits unprofitable.

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Additionally, some of these exploration projects are subject to exercising options and conducted through variable interest entities. See Note 4 – Asset Acquisition and Variable Interest Entities and Note 6 – Mineral Interests for more information.

***Foreign Currency Translation and Transactions***

The Company's reporting currency is the U.S. dollar ("USD"). However, the functional currency of the Company's Brazil Mining Operations is the local currency, reflecting the currency of the primary economic environment in which the operations are conducted. The functional currency of the United States Mining Operations and all other subsidiaries of the Company is USD.

In connection with preparing the consolidated financial statements, the Company must translate the balance sheet amounts and financial results of its Brazil Mining Operations from the functional currency to the Company's reporting currency. Asset and liability balances are translated to USD using the exchange rate in effect as of the balance sheet date, and equity balances are translated to USD at historical exchange rates. Income and expense items are translated to USD using average exchange rates. The effects of translating financial statements denominated in a foreign currency are recorded as currency translation adjustments and reported as a component of accumulated other comprehensive loss in stockholders' equity (members' deficit).

Foreign currency transactions are transactions for which the terms are denominated in a currency other than an entity's functional currency. Upon initial recognition of a foreign currency transaction, any asset, liability, revenue, expense, gain or loss arising from the transaction is measured into the functional currency of the recording entity using the exchange rate in effect on the transaction date. Foreign currency transactions that remain unsettled as of the end of a reporting period must be remeasured. Foreign currency denominated monetary balance sheet items are remeasured into the functional currency at the prevailing exchange rates in effect at the end of the reporting period, resulting in the recognition of a foreign exchange gain or loss when a change in exchange rate has occurred subsequent to the date on which a transaction was originally recognized or was most recently remeasured. Foreign currency denominated non-monetary balance sheet items are remeasured using historical exchange rates and do not result in the recognition foreign exchange gains or losses. The Company recognizes foreign currency transaction gains and losses when they occur.

***Exploration Stage Issuer***

The Company is considered an exploration stage issuer, and it devotes substantially all of its efforts to acquiring and exploring mining interests. As an exploration stage issuer, the Company expects to continue to seek additional funding to support its exploration and subsequent future development activities. The Company's activities are subject to significant risks and uncertainties, including its ability to (1) secure sufficient funding to continue operations, (2) obtain proven and probable reserves, and (3) comply with industry regulations.

***Cash and Cash Equivalents***

The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. Cash and cash equivalents include funds held in U.S. banks, Brazilian banks, and Australian banks. Accounts at banks in the U.S. are insured by the Federal Deposit Insurance Corporation ("FDIC") up to $250, while accounts at banks in Brazil are insured up to 250 Brazilian Real, and accounts at banks in Australia are insured by the Financial Claims Scheme up to AUD 250. The Company did not have cash equivalents as of December 31, 2025 and 2024. Cash balances in excess of insured amounts were $22,035 and $0 as of December 31, 2025 and 2024, respectively.

***Concentration of Credit Risk***

The financial instrument which potentially subjects the Company to credit risk is cash and cash equivalents, which includes investments in money market accounts. The Company maintains available cash primarily with highly-rated financial institutions in Brazil, Australia and the United States, which limits credit exposure to any one entity; however, at times, amounts maintained at a financial institution may exceed insurance limits. As part of its cash management process, the Company regularly monitors the relative credit standing of these institutions. We do not believe we have significant credit risk related to our cash and cash equivalents.

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***Deferred Offering Costs***

Deferred offering costs consist of direct legal, advisory, and other fees and expenses related to the Company's planned initial public offering ("IPO"). These costs are capitalized as incurred, and they are presented as part of non-current assets in the Company's consolidated balance sheets. Upon the completion of the IPO, deferred offering costs directly related to the issuance of shares will be reclassified to stockholders' equity and recorded against the proceeds from the offering.

***Exploration Costs and Mineral Interests***

*General*

Mineral interests include acquired interests in exploration stage properties, including the costs of options to acquire such properties. Mineral interests are capitalized at the acquisition date, either as an individual asset purchase or as part of a business combination. Mineral interests in the development and exploration stage are not amortized until the underlying property is converted to the production stage, at which point, the mineral interests are amortized over the estimated recoverable proven and probable reserves. Exploration costs are expensed as incurred.

When it is determined that a mining deposit can be economically and legally extracted or produced based upon established proven or probable reserves, development costs related to such mining deposit will be considered for capitalization. The establishment of both proven and probable reserves is based on the results of feasibility studies, which indicate whether a property is economically feasible. Upon commencement of commercial production, capitalized costs will be amortized over their estimated useful lives or units of production, whichever is a more reliable measure.

*Assessments for Recoverability and Impairment*

We assess the carrying values of our mineral interests for recoverability whenever information or circumstances indicate the potential for impairment. The recoverability of a mineral interest's carrying value is dependent upon economic reserves being discovered or developed on the related property. The discovery and/or development of economic reserves depends upon, among other things, management's ability to raise sufficient capital for these purposes. Recoverability may be further impacted by permitting, financing, start-up, and commercial production from, or the sale/lease of, or other strategic transactions related to a mineral interest.

Events and circumstances that may indicate the need to assess a mineral interest for recoverability include an inability to obtain all the necessary permits related to a mineral interest, a change in the legal status of a mineral interest, the decision to not exercise an option, government actions, the results of exploration activities and technical evaluations, an inability to fund management's plans for a mineral interest, and changes in economic conditions, including the price of commodities or input prices. To assess recoverability, we compare estimated undiscounted future net cash flows attributable to a mineral interest (when determinable) with our carrying costs and future obligations related to the mineral interest. The estimated undiscounted cash flows attributable to a mineral interest that the Company intends to retain for purposes of commercialization of the reserves include the estimated cash outflows required to develop and extract the value beyond proven and probable reserves. If it is determined that the estimated future undiscounted cash flows related to a mineral interest are less than the carrying value of the mineral interest, an impairment loss is required to be measured and recorded.

When estimates of future net cash flows are not determinable and other conditions indicate the potential for impairment, management uses available market information and/or third-party valuation experts to assess if the carrying value of a mineral interest can be recovered and to estimate fair value. There was no impairment recorded related to the carrying value of our mineral interests as of December 31, 2025.

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***Property & Equipment***

Property and equipment are recorded at historical cost. Maintenance and repair expenditures are charged to expense as incurred. Depreciation expense is calculated by applying the straight-line method over our assets' estimated useful lives, as follows:

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| | |
|:---|:---|
| Computer and office equipment | 2 to 7 years |
| Machinery equipment | 3 to 10 years |
| Vehicles | 6 years |

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Property and equipment to be disposed of is reported at the lower of its carrying amount or its fair value less costs to sell. If the carrying value is reduced to fair value less cost to sell, the resulting charge is recognized within operating income or loss in the statements of operations. Upon disposal or retirement of property and equipment, both the asset's cost and its accumulated depreciation are removed, and any resulting gain or loss is also recognized within operating income or loss in the consolidated statements of operations.

***Impairment of Long-Lived Assets***

For long-lived assets, such as property and equipment, the Company continually monitors events and changes in circumstances that could indicate that the carrying amounts of long-lived assets (or an asset group) may not be recoverable. When such events or changes in circumstances are present, the Company assesses the recoverability of long-lived assets (or an asset group) by determining whether the carrying value of such assets will be recovered through undiscounted expected future cash flows. If the total of the future undiscounted cash flows attributable to the long-lived assets assessed for recoverability is less than the carrying amount of the assets, the Company recognizes an impairment loss measured based upon the amount by which the carrying amount of the long-lived assets exceeds their fair value.

***Leases***

The Company primarily enters into leases for real estate, equipment, and vehicles. We determine if a contractual arrangement is, or contains, a lease at the inception date. At the lease inception date, we also assess the term of a lease, which may be impacted by options to terminate the lease or extend the lease for one or more years. Lease options are factored into our determination of the term of a lease when it is reasonably certain that an option will be exercised. At the current stage of the Company's operations, the Company typically enters into short-term leases with a lease term of one year or less at their inception date. While certain of our leases include options to renew or extend, due to the current stage of the Company's operations and for other business reasons, these options typically are not considered reasonably certain to be exercised at lease inception.

*Short-Term Leases*

We have elected not to recognize right-of-use ("ROU") assets and lease liabilities on our consolidated balance sheets for short-term leases with a lease term of one year or less at their inception date. Lease payments attributable to short-term leases are recognized on a straight-line basis over the lease term.

*Long-Term Leases*

If, at inception, a lease is determined to have a lease term of greater than one year, the Company evaluates whether the lease shall be classified as an operating lease or financing lease. For both operating and finance leases, ROU assets and lease liabilities are recognized on the balance sheet at the lease commencement date based on the present value of future lease payments over the lease term. As the rate implicit in a lease generally cannot be readily determined, we utilize our incremental borrowing rate to determine the present value of future lease payments upon initial recognition or modification of a lease. The Company's incremental borrowing rate is estimated to approximate the market rate for high-yield loans and is derived from information available at the lease commencement date and represents our estimate of the rate of interest that we would have to pay to borrow an amount equal to the lease payments, on a collateralized basis, over a similar term and in a similar economic environment.

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For operating leases, we are required to recognize lease expense, which includes amounts attributable to amortization of the ROU asset balance and interest on the ROU liability, on a straight-line basis (see Note 13 - Commitments and Contingencies). For finance leases, ROU asset balances will be reported within fixed assets. The Company did not have any financing leases as of December 31, 2025 and 2024.

When applicable, changes in lease liability balances for both operating and finance leases reflect the net impact of the accretion of interest expense at interest rates determined at inception or modification of a lease and lease payments recorded during the period.

The Company elected to not separate the lease and non-lease components of its long-term office lease.

***VIEs***

We determine at the inception of each arrangement whether an entity in which we hold an investment or in which we have other variable interests in is considered a VIE. We consolidate VIEs when we are the primary beneficiary. The primary beneficiary of a VIE is the party that meets both of the following criteria: (1) has the power to make decisions that most significantly affect the economic performance of the VIE; and (2) has the obligation to absorb losses or the right to receive benefits that in either case could potentially be significant to the VIE. Periodically, we assess whether any changes in the interest or relationship with the entity affect the determination of whether the entity is still a VIE and, if so, whether we are the primary beneficiary. If we are not the primary beneficiary of a VIE, we account for the investment under the equity method or in accordance with other applicable GAAP.

The Company's VIEs are regularly monitored to determine if any reconsideration events have occurred that could cause the primary beneficiary status to change. A previously unconsolidated VIE is consolidated when the Company becomes the primary beneficiary. A previously consolidated VIE is deconsolidated when the Company ceases to be the primary beneficiary or the entity is no longer a VIE. We do not hold any interests in unconsolidated VIEs as of the balance sheet date.

Upon acquisition, we concluded that FRE Australia is a VIE in accordance with applicable accounting standards and guidance, because FRE Australia's equity investment at risk was not sufficient to finance its planned exploration activities. FRE Australia is wholly-owned by the Company, which gives the Company the power to direct all activities, the obligation to absorb losses, and the right to receive benefits of FRE Australia. Management therefore concluded that the Company is the primary beneficiary of FRE Australia. The creditors of FRE Australia do not have recourse to the general credit of the Company.

As discussed in more detail in Note 6 – Mineral Interests, FRE Australia has an option to acquire Southeast Metals LLC ("SEM"), an entity that holds mineral rights under a lease arrangement. Management's conclusions that SEM is a VIE, and that the Company (through consolidation of FRE Australia) is the primary beneficiary required significant judgments and assumptions, including evaluating the design and purpose of SEM, concluding that SEM's members lack the power to direct the activities that most significantly impact SEM's economic performance, and determining that the Company has such power. Pursuant to the option agreement (even prior to exercise), all decisions about exploration activities on the land held by SEM are made solely by the Company. Additionally, SEM is subject to other operational restrictions, including limitations on issuing membership interests, incurring material liabilities, disposing of assets, or modifying its lease without the Company's consent. SEM's assets, including the mineral rights under the lease, are restricted in use and cannot be sold, encumbered, or otherwise materially altered without the Company's approval. Additionally, the Company also has the right to receive benefits from SEM that could be significant because the option price is fixed. Therefore, the Company concluded that SEM is a VIE and that the Company is its primary beneficiary.

SEM's assets and liabilities cannot be used to settle the Company's assets and liabilities until the Company exercises the option to acquire SEM. SEM has no material assets or liabilities, beyond its mineral interests. As a result of consolidating SEM, both the mineral interests and noncontrolling interests of the Company include $2,275 pertaining to SEM, representing the option exercise price attributable to SEM's members. Pursuant to the option agreement, the Company is required to make annual payments to SEM. SEM's creditors do not have recourse to the general credit of the primary beneficiary.

Substantially all of the Company's United States Mining Operations are conducted through FRE Australia. See Note 4 – Asset Acquisition and Variable Interest Entity for more information about the assets and liabilities of

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FRE Australia (inclusive of its consolidation of its wholly-owned U.S. subsidiary and SEM) as of December 31, 2025. See Note 6 – Mineral Interests for more information about the option. See Note 14 – Segment Reporting for more information about the financial performance of the United States Mining Operations, substantially all of which relates to FRE Australia.

***Noncontrolling Interest***

For consolidated entities that are less than wholly owned, the third-party's holding of equity interest is presented as Noncontrolling interest in the Company's consolidated balance sheets and consolidated statements of members' deficit and stockholders' equity. The portion of net earnings attributable to the noncontrolling interests is presented as Net loss attributable to noncontrolling interest in the Company's consolidated statements of operations.

***Share Based Compensation***

For the periods presented prior to the acquisition of AMBPL in July 2025, REA Australia determined the cost of share-based compensation using the fair value at the date when the grant was made using the Black-Scholes model. The cost is recognized over the period in which the service and performance conditions are fulfilled (the vesting period), ratably for each tranche. REA Australia's share-based compensation expense is allocated to the Company based on estimates of the portion of the related employees' time dedicated to the Company.

The Company accounts for the share-based compensation awards that it has granted based on the fair values of the awards as of the grant date, which for restricted stock units ("RSUs") and restricted stock awards ("RSAs") was determined using a Black-Scholes option pricing model applied to the Company's equity value that was calculated using contemporaneous transactions with third parties in the Company's equity. The Company recognizes share-based compensation expense on a straight-line basis over the awards' requisite service period. If an award's vesting terms include one or more performance conditions, share-based compensation expense is recognized only if and when the performance conditions in the award are considered probable of being met or achieved. The Company accounts for forfeitures as they occur.

During 2025, the Company issued immediately exercisable and fully vested warrants to purchase shares of common stock. Certain warrants are accounted for as share-based payment liabilities under ASC Topic 718, "Compensation - Stock Compensation" ("ASC 718"), and classified within Other non-current liabilities on the Consolidated Balance Sheets. These warrants are measured at fair value on each balance sheet date, with changes in the fair value reported as share-based compensation expense, which is included in general and administrative expenses on the consolidated statements of operations. The change in fair value for the year ended December 31, 2025 related to stock compensation warrants was immaterial.

***Instruments with Characteristics of Liabilities and Equity***

The Company accounts for instruments with characteristics of liabilities and equity as either equity-classified or liability-classified instruments based on an assessment of their specific terms and applicable authoritative guidance under ASC Topic 480, "Distinguishing Liabilities from Equity" ("ASC 480") and ASC Subtopic 815-40, "Derivatives and Hedging - Contracts in Entity's Own Equity" ("ASC 815-40"). This assessment, which requires the use of professional judgment, is conducted at the time of issuance and as of each subsequent quarterly period end date while the instruments are outstanding.

For issued or modified instruments that meet all of the criteria for equity classification, the instruments are required to be recorded as a component of additional paid-in capital at the time of issuance or modification. For issued or modified instruments that do not meet all the criteria for equity classification, the instruments are required to be recorded at their initial fair value on the date of issuance, and at their current fair value as of each balance sheet date thereafter. This liability is subject to re-measurement at each balance sheet date until exercised or expired, and any change in fair value is recognized in the Company's consolidated statements of operations.

*Warrants*

During 2025, the Company issued immediately exercisable and fully vested warrants to purchase shares of common stock. The fair value of certain warrants were accounted for as consideration paid in the acquisition of FRE Australia (see Note 4 - Asset Acquisition and Variable Interest Entity), are accounted for under ASC 815,

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and are measured at fair value on each balance sheet date. Changes in the fair value of the warrants are reflected in change in fair value of warrants on the consolidated statements of operations.

*SAFEs*

The Company issued SAFE agreements in December 2025. The Company accounts for the SAFEs as a liability, with changes in fair value recognized in the consolidated statements of operations. There was no change in fair value of the SAFEs to recognize in the statement of operations between the issuance date and December 31, 2025.

***Convertible Related Party Loan***

The Company accounts for convertible debt instruments under ASC Topic 470, "Debt" ("ASC 470") and evaluates embedded features under ASC 815. We evaluate each instrument to determine whether embedded features, such as conversion options or redemption features, require bifurcation and separate accounting as derivatives under ASC 815-15. Amendments to the terms of debt instruments are also accounted for under ASC 470.

For conversion features that do not require bifurcation under ASC 815 but are issued with a substantial premium, the conversion feature is required to be recorded as a component of additional paid-in capital at the time of issuance or modification. The loan liability is recorded at the residual amount and amortized to face value using the effective interest method. Convertible notes are classified as current liabilities if settlement or conversion is expected within one year of the reporting date.

During 2025, the Company entered into a loan agreement with a related party. The agreement was modified during the year, including addition of a conversion feature at a substantial premium. The agreement included no embedded features that required bifurcation and were material to separately record. The amendment adding the conversion feature was accounted for as an extinguishment under ASC 470, which required recognition of a loss on extinguishment in the consolidated statement of operations. Due to the application of extinguishment accounting guidance, the debt was recorded at fair value with the conversion feature recorded in additional paid-in capital. The loan liability at December 31, 2025 includes no unamortized premiums or discounts.

***Income Taxes***

*Deferred Taxes*

The Company follows the asset and liability method of accounting for income taxes under ASC 740, "Income Taxes" ("ASC 740"). Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that included the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.

*Uncertain Tax Positions*

ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its positions. The Company's management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months.

***Defined Contribution Plan***

During 2025, the Company began sponsoring a 401(k) defined contribution savings plan for eligible employees. Participants are allowed to contribute a portion of their eligible compensation, subject to IRS limits. Under the plan's matching formula, the Company matches 100% of employee contributions on the first 1% of eligible compensation, plus 50% of employee contributions on the next 5% of eligible compensation, made each payroll

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period. All employer matching contributions are fully vested. The Company's matching contribution totaled $10 for the year ended December 31, 2025.

***Net Loss per Common Share***

Basic and diluted loss per share of common stock attributable to common stockholders have been retroactively adjusted to reflect the capital structure of REA for all periods presented and were calculated by dividing net loss attributable to common stockholders by the weighted-average shares of common stock outstanding for the period.

RSAs were included in common stock issued and outstanding and were considered contingently issuable in the calculation of weighted-average shares outstanding for purposes of calculating basic and diluted loss per share. The grantees receiving RSAs have all rights as a shareholder with respect to these shares, whether vested or unvested, including, without limitation, rights to vote the shares, receive dividends, etc.

When applicable, diluted earnings per share would be calculated based upon the inclusion of additional dilutive and potentially dilutive shares that are determined not to be anti-dilutive. The following securities have been excluded from the calculation of diluted loss per share because the effect is anti-dilutive:

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| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2024** |
| SAFEs | 2195500 |  |
| Warrants | 970391 |  |
| Restricted stock units | 917598 |  |
| Convertible related party loan | 171474 |  |
| &nbsp;&nbsp;**Total** | 4254963 |  |

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***Reclassifications***

Certain amounts in the prior year's consolidated financial statements have been reclassified to conform to the current year presentation.

***Recently Adopted Accounting Pronouncements*** 

In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2023-07, "Improvements to Reportable Segment Disclosures" ("ASU 2023-07"). ASU 2023-07 expanded public entities' segment disclosures by requiring the disclosure of (1) the title and position of the individual or the name of the group or committee identified as the chief operating decision maker, (2) significant segment expenses that are regularly provided to the CODM and included within each reported measure of segment profit or loss, and (3) an amount and description of the composition for other segment items. ASU 2023-07 also conformed interim period segment disclosure requirements with annual period segment disclosure requirements. The Company adopted ASU 2023-07 as of December 31, 2024 on a retrospective basis. All required segment disclosures have been included in Note 14 - Segment Reporting.

In December 2023, the FASB issued ASU No. 2023-09, "Improvements to Income Tax Disclosures" ("ASU 2023-09"), which expands public entities' existing income tax disclosures to provide information to better assess how an entity's operations, related tax risks, tax planning and operational opportunities affect its tax rate and prospects for future cash flows. ASU 2023-09 requires public entities to annually disclose specific categories in the rate reconciliation table of the income tax note, provide additional information for reconciling items that meet a quantitative threshold, and provide disaggregated information on income taxes paid by the Company. Early adoptions and retrospective application of the amendments are permitted. The Company adopted ASU 2023-09 for the year ended December 31, 2025 on a retrospective basis and has included all required expanded rate reconciliation disclosures in Note 12 - Income Taxes.

In May 2025, the FASB issued ASU No. 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity ("ASU 2025-03"). ASU 2025-03 changes how companies determine the accounting acquirer in certain business combinations involving variable interest entities. The new guidance requires consideration of the factors used for other acquisition transactions to assess which party is the accounting acquirer. ASU 2025-03 is effective for the

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Company's annual reporting periods beginning on January 1, 2027. Early adoption is permitted. The Company early adopted this standard. ASU 2025-03 did not have an impact on the Company's financial statements.

***Recently Issued Accounting Pronouncements Not Yet Adopted***

In November 2024, the FASB issued ASU No. 2024-03, "Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures" ("ASU 2024-03"). ASU 2024-03 amends ASC Topic 220, "Comprehensive Income," to expand the disclosure of expense information in the notes to the financial statements. ASU 2024-03 requires public business entities to disaggregate specified income statement expenses, such as purchases of inventory, employee compensation, depreciation, amortization, and depletion into detailed categories presented in a tabular format. Additionally, ASU 2024-03 mandates (1) qualitative descriptions for expenses not separately disaggregated and (2) disclosure of the total amount of selling expenses including, in annual periods, disclosure of an entity's definition of selling expenses. ASU 2024-03 is effective for the Company's fiscal years beginning after December 15, 2026, and interim periods beginning after December 15, 2027, and may be applied prospectively or retrospectively. Early adoption is also permitted. The Company is currently evaluating the effect of adopting ASU 2024-03 on its disclosures.

**3.** **Fair Value Measurements**

At times, the Company may hold (1) assets and liabilities that qualify as financial instruments under ASC 820, "Fair Value Measurement" ("ASC 820") that are re-measured and reported at fair value at each reporting period, and (2) non-financial assets and liabilities that are re-measured and reported at fair value on a non-recurring basis.

Fair value is defined as the exit price, or the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date. The guidance establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that observable inputs be used when available. Observable inputs are inputs market participants would use in valuing the asset or liability and are developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company's assumptions about the factors market participants would use in valuing the asset or liability.

The Company applies a three-level hierarchy to prioritize the inputs used in measuring fair value:

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| | |
|:---|:---|
| **• Level 1:**  | Quoted prices in active markets for identical assets or liabilities. |
| **• Level 2:**  | Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets in active markets or inputs that are observable for the asset or liability. |
| **• Level 3:** | Unobservable inputs that reflect the Company's own assumptions about the assumptions market participants would use. |

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As of December 31, 2025 and 2024, the Company's financial instruments consisted of cash and cash equivalents, accounts payable, warrants, the SAFE liability and related party debt. The carrying amount of cash and cash equivalents and accounts payable is stated at cost, which approximates fair value. The carrying amount of the warrants and SAFEs is fair value, as further described below. The Company did not have any Level 1 or Level 2 assets or liabilities as of either balance sheet date.

*Financial Instruments Carried at Fair Value*

The Company has no Level 3 financial assets measured on a recurring basis. The following table presents the Level 3 financial liabilities measured on a recurring basis:

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| | |
|:---|:---|
|  | **December 31, 2025** |
| Level 3 Financial liabilities: |  |
| &nbsp;&nbsp;Warrant liabilities | $4433 |
| &nbsp;&nbsp;SAFE liability | $11715 |
| &nbsp;&nbsp;Stock-based compensation warrant liability (included in Other non-current liabilities) | $303 |

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*Fair Value on a Nonrecurring Basis*

Fair Value on a Nonrecurring Basis for the Convertible related party loan was measured based on fair value utilizing a Black-Scholes option-pricing model for the conversion option held by the lender upon the extinguishment date of November 6, 2026. Refer to Note 10 for details.

The significant unobservable inputs used in the fair value measurement of the loan liability are the fair value and volatility of the underlying stock at the valuation date. The debt is categorized as Level 3 because it was valued using significant unobservable inputs and management's judgment due to the absence of quoted mark prices and inherent lack of liquidity.

For assets measured at fair value on a nonrecurring basis, the fair value measurements by level within the fair value hierarchy are presented in the following tables as of the dates indicated:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **At Extinguishment**<br>**November 6, 2025** | **At Extinguishment**<br>**November 6, 2025** | **At Extinguishment**<br>**November 6, 2025** | **At Extinguishment**<br>**November 6, 2025** |
|  |  | **Total** | **Quoted Prices in Active Markets for Identical Assets** <br>**(Level 1)** | **Significant Other Observable Inputs (Level 2)** | **Significant Unobservable Inputs** <br>**(Level 3)** |
| Level 3 Financial liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;Convertible related party loan | $ | $1966 | $— | $— | $1966 |

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There were no assets or liabilities measured at fair value on a nonrecurring basis during the year ended December 31, 2024.

The following table summarizes the assumptions used in the Black-Scholes option-pricing model to estimate the fair value of the convertible note as of the date indicated:

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| | |
|:---|:---|
|  | **At Extinguishment**<br>**November 6, 2025** |
|  | **At Extinguishment**<br>**November 6, 2025** |
| Expected term (in years) | 1.15 |
| Expected volatility | 130% |
| Risk-free interest rate | 3.60% |
| Expected dividend yield | 0% |
| Conversion Price | $6.55 |
| Credit Spread | 8.9% |
| Forward Conversion Rate (BRL to USD) | $0.1704 |

---

*Financial Instruments Not Carried at Fair Value*

The following table presents the carrying amounts and estimated fair values of financial instruments not carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** |
|  | **Carrying Amount** | **Estimated Fair Value** | **Carrying Amount** | **Estimated Fair Value** |
| Level 3 Financial liabilities: |  |  |  |  |
| &nbsp;&nbsp;Convertible related party loan | $1123 | $1576 | $— | $— |

---

*<u>Warrant Liability</u>*

In connection with the Company's acquisition of FRE Australia on July 22, 2025, the Company issued immediately exercisable and fully vested warrants to purchase 1,004,025 shares of common stock. The warrants

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were issued in two tranches with varying terms. The first tranche of warrants ("Tranche 1") represented 33,634 warrants which had an exercise price of AUD 13.41 and expired on December 31, 2025. The second tranche of warrants ("Tranche 2") represent 970,391 warrants which have an exercise price of AUD 6.70 and expire on September 30, 2029. Upon issuance, the fair value of certain warrants were accounted for as consideration paid in the acquisition of FRE Australia and other warrants were accounted for as share-based compensation expense.

The Company estimates the fair value of the warrant liability using the Black-Scholes option-pricing model. The significant unobservable inputs used in the fair value measurement of the warrant liability are the fair value of the underlying stock at the valuation date, estimated based on transactions with third parties in the Company's equity, and the estimated term of the warrant. Generally, increases (decreases) in the fair value of the underlying stock and estimated term would result in a directionally similar impact to the fair value measurement. The warrants are categorized as Level 3 because they were valued based on unobservable inputs and management's judgment due to the absence of quoted market prices, inherent lack of liquidity and the long-term nature of such financial instruments.

The following table summarizes the assumptions used in the Black-Scholes option-pricing model to estimate the fair value of the warrants:

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| | | |
|:---|:---|:---|
|  | **At Issuance** |  |
|  | **July 22, 2025** | **December 31, 2025** |
| Expected term (in years) | 0.44 - 4.19 | 3.75 |
| Expected volatility | 95% - 170% | 95% |
| Risk-free interest rate | 3.77% - 4.29% | 3.58% |
| Expected dividend yield | 0% | 0% |

---

At issuance, the weighted average term in years was 4.06, the weighted average volatility was 98% and the weighted average risk-free interest rate was 3.79%. As of December 31, 2025, the amounts shown in the table above are for all warrants remaining; therefore, the weighted average amounts are the same as those reported as of December 31, 2025. Changes to the expected term, expected volatility, or the price of the underlying stock could result in a change to the fair value measurement.

The following table presents the reconciliation of the warrant liability accounted for under ASC 815 measured at fair value on a recurring basis:

---

| | |
|:---|:---|
|  | **December 31, 2025** |
| Beginning balance | $— |
| &nbsp;&nbsp;Establishment of liability at July 22, 2025 | 4572 |
| &nbsp;&nbsp;Change in estimated fair value | (139) |
| Ending balance | $4433 |

---

The following table presents the reconciliation of the warrant liability accounted for under ASC 718 measured at fair value on a recurring basis:

---

| | |
|:---|:---|
|  | **December 31, 2025** |
| Beginning balance | $— |
| &nbsp;&nbsp;Established at FRE Australia acquisition | 167 |
| &nbsp;&nbsp;Share-based compensation expense | 140 |
| &nbsp;&nbsp;Change in estimated fair value | (4) |
| Ending balance | $303 |

---

During the year ended December 31, 2025, holders exercised 30,720 warrant shares, resulting in cash proceeds of $268.

------

*<u>SAFE Liability</u>*

In December 2025, the Company entered into SAFE agreements to raise $15,080, which are described in Note 10 - Debt. The SAFE agreements were issued to numerous investors, all of which had identical terms. $11,715 of the SAFEs were funded as of December 31, 2025.

The Company's SAFE agreements are recorded at fair value on our balance sheet. The Company's review of the terms of the agreements and the negotiation process corroborated that cash proceeds received at issuance approximated fair value, and there was no change in fair value between the issuance date and December 31, 2025. The fair value of the Company's SAFE agreements was based on significant inputs not observable in the market, which cause the instrument to be classified as a Level 3 measurement within the fair value hierarchy.

At issuance, the key assumption used in pricing the SAFE agreements was the expected timing of the Company's IPO. The Company expects the IPO will be completed in the second quarter of 2026. Future changes in the expected IPO date will not result in significantly higher or lower fair value measurements, as the settlement value of the SAFEs is based predominantly on the initial investment amount.

The following table presents the reconciliation of the SAFE liability measured at fair value on a recurring basis:

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| | |
|:---|:---|
|  | **December 31, 2025** |
| Beginning balance | $— |
| &nbsp;&nbsp;Establishment of liability at December 19, 2025 | 11715 |
| &nbsp;&nbsp;Change in estimated fair value |  |
| Ending balance | $11715 |

---

*<u>Convertible Related Party Loan</u>*

The Company estimates the fair value of the loan liability using the discounted cash flow method for the straight debt portion of the agreement and the Black-Scholes option-pricing model for the conversion option held by the lender. The significant unobservable inputs used in the fair value measurement of the loan liability are the fair value and volatility of the underlying stock at the valuation date. The debt is categorized as Level 3 because it was valued using significant unobservable inputs and management's judgment due to the absence of quoted mark prices and inherent lack of liquidity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Asset Acquisition and Variable Interest Entities**

*Acquisition of FRE Australia* 

On July 22, 2025, the Company purchased 100% of the ordinary shares of FRE Australia, a private exploration stage mining company within the Harris and Talbot Counties of Georgia, United States (the "Shiloh Project"). The project area is secured through a combination of option agreements (see Note 6 – Mineral Interests).

------

In accordance with ASC Topics 810, "Consolidation" ("ASC 810") and 805, "Business Combinations" ("ASC 805"), the Company has accounted for the acquisition of FRE Australia as an asset acquisition that is a VIE. Substantially all of the fair value of the assets acquired was concentrated in a group of similar identifiable assets.

The acquisition date fair value of the purchase consideration was $22,105, which was comprised of the following:

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| | |
|:---|:---|
|  | **Estimated Fair Value** |
| Common stock<sup>(1)</sup> | $18362 |
| Warrant liability<sup>(2)</sup> | 4572 |
| Stock-based compensation liability<sup>(2)</sup> | 167 |
| Less: settled payable | (996) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total purchase consideration** | $22105 |
| (1) 2,805,267 shares of the Company's common stock were included in the purchase consideration and the fair value of these shares were determined based on the contemporaneous transactions involving the sale of our common stock for $6.55 per share on the acquisition date. | (1) 2,805,267 shares of the Company's common stock were included in the purchase consideration and the fair value of these shares were determined based on the contemporaneous transactions involving the sale of our common stock for $6.55 per share on the acquisition date. |
| (2) 1,004,025 warrants exercisable for shares of the Company's common stock were issued in connection with the acquisition. The warrants were issued in exchange for FRE Australia's previously outstanding options and had estimated fair values of $2.29-$4.94 per share on the acquisition date. Certain warrants within the scope of ASC Topic No. 718, "Compensation - Stock Compensation" had a total fair value of $643, of which $503 attributable to pre-acquisition services was part of purchase consideration ($336 warrant liability and $167 stock-based compensation liability). The remaining $140 was recognized as stock-based compensation expense on the acquisition date, as they were immediately vested (See Note 8 - Stock-Based Compensation). | (2) 1,004,025 warrants exercisable for shares of the Company's common stock were issued in connection with the acquisition. The warrants were issued in exchange for FRE Australia's previously outstanding options and had estimated fair values of $2.29-$4.94 per share on the acquisition date. Certain warrants within the scope of ASC Topic No. 718, "Compensation - Stock Compensation" had a total fair value of $643, of which $503 attributable to pre-acquisition services was part of purchase consideration ($336 warrant liability and $167 stock-based compensation liability). The remaining $140 was recognized as stock-based compensation expense on the acquisition date, as they were immediately vested (See Note 8 - Stock-Based Compensation). |

---

The following table summarizes the fair value of assets acquired and liabilities assumed:

---

| | |
|:---|:---|
|  | **Estimated Fair Value** |
| Net assets acquired: |  |
| &nbsp;&nbsp;Cash and cash equivalents | 1543 |
| &nbsp;&nbsp;Other current assets | 18 |
| &nbsp;&nbsp;Acquired mineral interests,<sup>(1)</sup> which includes $2,275 related to SEM | 23223 |
| &nbsp;&nbsp;Fair value of noncontrolling interest for SEM<sup>(2)</sup> | (2275) |
| &nbsp;&nbsp;Accounts payable and accrued expenses | (404) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net assets acquired** | $22105 |
| (1) Fair value of the acquired mineral interests was determined using the market approach. | (1) Fair value of the acquired mineral interests was determined using the market approach. |
| (2) Fair value of noncontrolling interest was determined using the SEM purchase option exercise price. See Note 2 – Significant Accounting Policies – VIEs, for more information on SEM. | (2) Fair value of noncontrolling interest was determined using the SEM purchase option exercise price. See Note 2 – Significant Accounting Policies – VIEs, for more information on SEM. |

---

The Company did not recognize a gain or loss on the acquisition, as the fair value of consideration paid was equal to the fair value of the net assets acquired. Acquisition-related costs of $59 were expensed during the year ended December 31, 2025, included in Transaction costs on the consolidated statements of operations.

------

The Company has consolidated FRE Australia, including SEM, which are variable interest entities, subsequent to the acquisition on July 22, 2025. The carrying amounts of consolidated FRE Australia's (including SEM) assets and liabilities were as follows as of December 31, 2025:

---

| | |
|:---|:---|
|  | **December 31, 2025** |
| **ASSETS** |  |
| **Current assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $10922 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 11040 |
| **Non-current assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Property and equipment, net | 362 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mineral interests, which includes $2,275 related to SEM | 23327 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other non-current assets | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total non-current assets | 23731 |
| **Total assets** | $34771 |
| **LIABILITIES** |  |
| **Current liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | $362 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current liabilities | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 418 |
| **Non-current liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other non-current liabilities | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total non-current liabilities | 20 |
| **Total liabilities** | $438 |

---

Additionally, there was a noncontrolling interest of $2,275 related to SEM upon acquisition. SEM and FRE Australia's creditors do not have recourse to the general credit of the primary beneficiary.

**5.** **Property and Equipment, net**

Property and equipment, net consisted of the following:

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| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2024** |
| Computer and office equipment | $50 | $14 |
| Machinery equipment | 143 | 26 |
| Vehicles | 228 |  |
| Total property and equipment | 421 | 40 |
| Less: accumulated depreciation | (31) | (6) |
| &nbsp;&nbsp;**Property and equipment, net** | $390 | $34 |

---

Depreciation expense was $25 and $6 for the years ended December 31, 2025 and 2024, respectively.

------

**6.** **Mineral Interests**

Mineral interests consisted of the following:

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| | |
|:---|:---|
|  | **December 31, 2025** |
| Beginning balance | $— |
| &nbsp;&nbsp;Acquired mineral interests | 23223 |
| &nbsp;&nbsp;Capitalized land options payment | 104 |
| Ending balance | $23327 |

---

Mineral interests include acquired interests in exploration stage properties, including the costs of options to acquire such properties. Exploration costs are expensed as incurred. Costs of rights or options to explore and lease properties are considered exploration costs and expensed as incurred. As of December 31, 2025, the mineral interests capitalized are held by FRE Australia and SEM, whereas the costs of arrangements entered into by AMBPL have been expensed as incurred.

In the event that the Company exercises its options under one or more option agreements and begins commercial exploration, it will be required to make royalty payments based on a percentage of production revenue as defined in the agreements.

*Mining rights option agreements - FRE Australia*

In December 2020, FRE Australia entered into an option agreement to acquire Southeast Metals LLC ("SEM"), a U.S. company that holds a mining lease (valid until October 2045) over two adjacent properties in western Georgia with an unrelated third party. The option agreement provides FRE Australia with a right to explore the properties and an option to acquire 100% of the issued capital of SEM for $600 in cash (less the amount of option payments already paid to SEM) and $2,000 in cash or listed shares, as defined, at FRE Australia's election. On July 17, 2025, the option agreement was extended to expire on the earlier of: (a) August 1, 2026; or (b) the date that the option agreement is terminated by SEM due to a breach by FRE Australia. FRE Australia owes SEM annual option payments of $75 under this option agreement. The option does not provide for automatic extension. However, the option period may be extended by mutual written agreement of the parties through an amendment to the option agreement. As discussed in Note 2 – Significant Accounting Policies – VIEs, SEM is a variable interest entity, the option agreement is a variable interest in SEM, and the Company is the primary beneficiary that controls and consolidates SEM.

In February 2021, FRE Australia entered into an option agreement to acquire additional acres of land and mineral rights from a local landowner in western Georgia located in close proximity to SEM's properties. The option agreement provides FRE Australia with a right to explore and an option to acquire the surface property and the associated mineral rights from the landowner for cash consideration approximating the fair market value of the property, excluding the value of any minerals, plus a 25% premium, and a production royalty. FRE Australia owes annual option payments of $33 under this option agreement, which expires in February of 2027. Any extension of the option period would require mutually agreed written amendment between the parties. The remaining option payment is due February 28, 2026. Additionally, an exploration drilling bonus of $1 per foot is due by February 28, 2026 for footage drilled within the property the previous calendar year.

*Mining rights option agreements - AMBPL*

In April 2025, AMBPL and GMC amended an option agreement to acquire six mining concessions and exploration permits. The amendment extended the term of the option through June 2026 in exchange for a fee of $1,000 which was paid in 2025, with the possibility of two additional 135-day extensions in exchange for a fee of $300 for each extension. The exercise price of the option is $5,160, payable in cash or listed shares of the Company, as defined at the sole direction of the Company.

In November 2025, JJBF and AMBPL amended an option agreement to acquire mining concessions. The amendment extended the option term to December 31, 2026 for an additional premium of $100 which was paid in 2025. The JJBF option has an exercise price of $15,000, payable in cash of $1,000 and listed shares of the Company, as defined, of $14,000 due in three installments over 24 months with the first installment due within 15 days of exercise notice. The Company may, in its sole discretion, exercise the option by paying in cash, if a

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liquidity event does not occur fifteen days prior to the end of the term; however, if a liquidity event occurs after the exercise and prior to the payment of all installments, then any remaining installments must be paid in listed shares of the Company, unless JJBF expressly agrees to payment in cash.

The Constellation Project also includes a series of agreements with a third party in the form of 10-year leases on underlying mineral rights, including mining concessions for the exploration of minerals. The agreements grant AMBPL the right to explore and evaluate the applicable properties. The agreements require AMBPL to complete a commercial mining plan to be approved by the Brazilian government before the option can be exercised. The exercise price is $1,000 payable in cash.

In December 2025, AMBPL entered into a mining rights agreement with Greenfield Exploration Ltda. covering an area in Goias, Brazil. The agreement requires a payment of $168 upon execution of the agreement. AMBPL will be required to make additional payments of $336 upon a Company liquidity event, defined as an IPO or an acquisition by a publicly traded company, in shares of the Company; $503 upon a Final Exploration Report filing with the National Mining Agency of Brazil, payable in cash or shares at the Company's discretion, and another $336 within 24 months from the execution of the agreement but subject to delay for delivery of a mineral resource and reserve report, payable in cash or shares at the Company's discretion. The mining rights agreement is cancellable by AMBPL without penalty or refund.

The Company's mineral interests in Brazil require payments of annual fees charged by local mining authorities in order to maintain their tenements or concessions, and costs could increase if fee structures or regulatory requirements change.

**7.** **Common Stock**

*Member Units of AMBPL*

On July 22, 2025, the Company underwent a transaction under common control whereby REA Australia exchanged all of the 48,976,822 outstanding quotas (member units) of AMBPL for 9,375,000 common shares in REA Ltd. All disclosures of member units and per member unit data in these consolidated financial statements and related notes have been adjusted to reflect this transaction as a ratio of approximately 1-for-5.22 based on the exchange ratio of REA's shares for AMBPL's equity interests for all periods presented.

During the year ended December 31, 2024, AMBPL made distributions of mineral rights to REA Australia to redeem member units. Those mineral rights had been expensed as exploration costs at purchase and, therefore, had no value on the Company's balance sheets.

The following table shows AMBPL's member units activity:

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| | | |
|:---|:---|:---|
|  | **Year ended December 31,** | **Year ended December 31,** |
|  | **2025** | **2024** |
| Opening balance | 9375000 | 7574185 |
| &nbsp;&nbsp;Member units issued |  | 1914171 |
| &nbsp;&nbsp;Member units redeemed in exchange for mineral rights |  | (113356) |
| &nbsp;&nbsp;Member units exchanged for common shares | (9375000) |  |
| Closing balance |  | 9375000 |

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*Common Stock of REA Inc.*

Holders of common stock are entitled to one vote per share. Holders of common stock are entitled to receive any dividends as may be declared from time to time by the Board of Directors. The common stock is not redeemable at the option of the holder.

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As of December 31, 2025, the Company had reserved shares of common stock for future issuance as follows:

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| | |
|:---|:---|
|  | **December 31, 2025** |
| Common stock warrants | 970391 |
| 2025 Equity Incentive Plan: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unvested RSUs | 736610 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares available for future grants | 327402 |
|  | 2034403 |

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During the year ended December 31, 2025, the Company issued 2,500,000 shares of common stock for proceeds of $15,877 (net of offering cost of $216) in connection with a Private Placement.

**8.** **Stock-Based Compensation**

On August 12, 2025, the Company's Board of Directors adopted the Rare Earth Americas Ltd. 2025 Equity Incentive Plan (the "Plan"). The Plan provides for the grant of stock-based awards to employees, directors, and consultants. Under the Plan, 1,500,000 shares were reserved for share based compensation in the form of options, restricted stock purchase rights, restricted stock bonuses, restricted stock units, or other stock-based awards. Shares issued under the Plan shall be drawn from authorized and unissued shares or reacquired common stock.

Through July 21, 2025, some REA Australia employees that provided services to Alpha were eligible to participate in equity-settled share-based compensation plans that REA Australia operates for its employees and consultants. None of REA Australia's plans are cash-settled.

*Restricted Stock Awards*

During the year ended December 31, 2025, the Company granted service-based RSAs to its directors and consultants under the Plan. The RSAs vested upon issuance. For RSAs granted during the year ended December 31, 2025, the grant date fair value was determined using a Black-Scholes option pricing model applied to the Company's equity value that was calculated using contemporaneous transactions with third parties in the Company's equity.

Activity during the year ended December 31, 2025 in RSAs granted to employees and directors was as follows:

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| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Weighted-Average Grant Date Fair Value per Share** |
| Unvested Balance—December 31, 2024 |  | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Granted | 60000 | 6.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vested | (60000) | 6.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;Forfeited |  |  |
| Unvested Balance—December 31, 2025 |  | $— |

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The total fair value of shares issued to employees and directors that vested during the year ended December 31, 2025 was $385.

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Activity during the year ended December 31, 2025 in RSAs granted to nonemployees was as follows:

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| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Weighted-Average Grant Date Fair Value per Share** |
| Unvested Balance—December 31, 2024 |  | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Granted | 195000 | 6.63 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vested | (195000) | 6.63 |
| &nbsp;&nbsp;&nbsp;&nbsp;Forfeited |  |  |
| Unvested Balance—December 31, 2025 |  | $— |

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The total fair value of shares issued to non-employees that vested during the year ended December 31, 2025 was $1,293.

*Restricted Stock Units (*"*RSUs*"*)* 

During the year ended December 31, 2025, the Company granted RSUs to its employees, directors, and consultants under the Plan. Certain RSUs have both service-based and performance-based vesting conditions, and other awards have performance-based vesting conditions only. The service-based vesting condition for these awards is typically satisfied over one year, and the awards cliff vest on the one-year anniversary of the grant date. The performance-based vesting condition is satisfied on the earlier of (i) the effective date of a registration statement of the Company filed under the Securities Act for the sale of the Company's common stock or (ii) immediately prior to the closing of a change in control of the Company. The performance vesting condition is not deemed probable until one of the triggering transactions is consummated and, therefore, all stock-based compensation expense related to all RSUs remained unrecognized as of December 31, 2025. For RSUs granted during the year ended December 31, 2025, the grant date fair value was determined using a Black-Scholes option pricing model applied to the Company's equity value that was calculated using contemporaneous transactions with third parties in the Company's equity.

Activity during the year ended December 31, 2025 in RSUs granted to employees and directors was as follows:

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| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Weighted-Average Grant Date<br>Fair Value<br>per Share** |
| Unvested Balance—December 31, 2024 |  | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Granted | 736610 | 6.48 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vested |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Forfeited |  |  |
| Unvested Balance—December 31, 2025 | 736610 | $6.48 |
| Vesting solely upon a service condition |  |  |
| Vesting requires meeting a performance condition | 736610 |  |

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Activity during the year ended December 31, 2025 in RSUs granted to nonemployees was as follows:

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| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Weighted-Average Grant Date Fair Value per Share** |
| Unvested Balance—December 31, 2024 |  | $— |
| Granted | 210988 | 6.43 |
| Vested |  |  |
| Forfeited | (30000) | 6.42 |
| Unvested Balance—December 31, 2025, of which: | 180988 | $6.44 |
| Vesting solely upon a service condition |  |  |
| Vesting requires meeting a performance condition | 180988 |  |

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*Warrants*

In connection with the Company's acquisition of FRE Australia in July 2025, the Company granted 62,147 warrants which are considered share-based payments. The warrants were granted in exchange for the cancellation of awards held by option holders of FRE Australia and represent a modification of the cancelled awards. The warrants fully vested on the grant date, and the Company recognized stock-based compensation expense of $136 for the warrants during the year ended December 31, 2025. The exercise price of the warrants is AUD 6.70. As of December 31, 2025, the fair value of the warrants is $303, and all of the warrants granted remain outstanding. The warrants are reported within Other non-current liabilities in the Company's consolidated balance sheets.

*Stock-Based Compensation Expense*

Stock-based compensation expense included in the consolidated statements of operations was as follows:

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| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2025** | **2024** |
| General and administrative expenses | 1813 | 146 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total share-based compensation expense** | $1813 | $146 |

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As of December 31, 2025, total stock-based compensation expense related to unvested awards not yet recognized was $5,936, which is expected to be recognized upon and after consummation of the performance-based vesting condition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.** **Accrued Expenses and Other Non-Current Liabilities**

The Company's accrued expenses consist of the following as of December 31, 2025 and 2024:

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| | | |
|:---|:---|:---|
|  | **Year ended December 31,** | **Year ended December 31,** |
|  | **2025** | **2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred offering costs | $229 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued investor relations and listing fees | 85 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued professional fees | 44 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued employee incentives | 792 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued payroll taxes | 33 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued other | 28 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Accrued expenses** | $1211 | $— |

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The Company's other non-current liabilities consist of the following as of December 31, 2025 and 2024:

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| | | |
|:---|:---|:---|
|  | **Year ended December 31,** | **Year ended December 31,** |
|  | **2025** | **2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;Labor contingency | $47 | $95 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease liability - non-current | 20 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation liability | 303 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Other Non-Current Liabilities** | $370 | $95 |

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**10.** **Debt**

*SAFEs*

In late December 2025, the Company entered into SAFE agreements to raise $15,080. The SAFEs will convert into shares issued in the next equity financing with equity proceeds of $7,000 or more. Upon such conversion, the conversion price would be the lesser of (a) the price at which the shares were issued in the equity financing less 20% or (b) $250,000 divided by the fully diluted capitalization immediately prior to the equity financing. If a Corporate Transaction (as defined) takes place before the next qualified equity financing, SAFE holders will have the option to have their investment redeemed in cash or converted into common stock. The conversion price in such a conversion would be equal to $250,000 divided by the fully diluted capitalization immediately prior to the Corporate Transaction. The SAFE agreements define a Corporate Transaction as a change of control of the Company or the sale of substantially all of the Company's assets. SAFE holders are not entitled to vote or receive dividends prior to conversion.

As of December 31, 2025, proceeds of $11,715 have been received under the SAFEs. The Company accounts for the SAFE agreements as liabilities, with changes in fair value recognized in the consolidated statements of operations. There was no change in fair value of the SAFEs between the issuance date and December 31, 2025.

The SAFEs do not limit the number of shares that the Company could be required to issue upon conversion. If conversion were to occur on December 31, 2025, the Company would have issued approximately 2,195,000 shares of common stock upon SAFE conversion.

*Convertible related party loan - BRC Loan Agreement*

In June 2025 AMBPL entered into a loan agreement with Brazil Royalty Corp Participações e Investimentos Ltda. ("BRC"), a related party, whereby amounts previously paid by BRC on AMBPL's behalf were formalized into a note payable to BRC. At the inception of the loan agreement, the outstanding balance was $575. As of December 31, 2025, the loan had an outstanding principal and accrued interest balance of $1,123. There are no financial covenants related to this agreement. Under the agreement, AMBPL may borrow up to 6,105 thousand Brazilian Real ($1,070).

Interest under the loan is payable on amounts borrowed at the Brazil Interbank Deposit Certificate rate, which was 14.9% per year as of December 31, 2025. The loan amount plus any accrued interest shall be repaid in full on the earliest of the following dates to occur (the "BRC Loan Maturity Date"): (i) December 31, 2026 or (ii) 5 business days after the sale or transfer of a controlling interest in the Company or a controlling interest in the controlling company of AMBPL. AMBPL did not provide any guarantees or collateral.

Upon a delay in repayment of the loan, the amount in default will incur default interest of 1% per month, until the default is resolved. A late payment fee of 5% will also be incurred.

In July 2025, AMBPL entered into a Deed of Novation with BRC and the Company, whereby the repayment obligation under the Loan Agreement was transferred from AMBPL to the Company. The Deed of Novation also amended the repayment terms to allow for repayment in cash, or in shares of the Company. The amended repayment terms require BRC to give notice to the Company, specifying which repayment option it elects ("Notice of Election"). The amendment also gave the lender an option to redeem the loan prior to maturity upon an IPO or another qualifying equity transaction by the Company ("the redemption option"). The redemption option is exercisable with no premiums and could be settled in cash or shares.

------

In November 2025, an amendment was made to the Deed of Novation to specify a fixed conversion price of $6.55 per share for the share repayment option. The amendment added a substantive conversion feature, which resulted in the Company accounting for the amendment as an extinguishment of the existing loan and execution of a new loan. The Company recorded a loss on extinguishment of $577. Extinguishment accounting dictates that the Company record the debt at its fair value as of the date of extinguishment, which was $1,966. $577 of the extinguishment date fair value of the debt is recorded in additional paid-in capital, as a substantial premium related to the conversion option. The conversion option does not require bifurcation as an embedded derivative. After application of extinguishment accounting, the cash settled redemption option met the requirements for bifurcation under ASC 815, but the Company determined that the feature was immaterial to separately record.

During the years ended December 31, 2025 and 2024, we recorded interest expense of $152 and $0, respectively. As of December 31, 2025 and 2024, we had accrued interest payable of $152 and $0, respectively. As of December 31, 2025 and 2024 there were no unamortized premiums, discounts, or deferred costs on the loan.

**11. Related Party Transactions**

*Borborema Recursos Minerais Ltda. (*"*Borborema*"*)*

Various members of the Company's management team during the years ended December 31, 2025 and 2024 were also members of the management team of Brazilian Rare Earths Limited, the parent company of Borborema.

During the year ended December 31, 2024, the Company sold property and equipment, including various items of drilling consumables and office equipment, to Borborema in exchange for $75. The Company did not complete any property or equipment sales to Borborema during the year ended December 31, 2025.

Prior to July 21, 2025, Borborema paid certain expenses on behalf of the Company. In relation to such expenses, the Company had payables of $27 at December 31, 2024, included within accounts payable to related parties on the consolidated balance sheets.

*Brazil Royalty Corp Participações e Investimentos Ltda.*

During the years ended December 31, 2025 and 2024, the Company paid $0 and $390, respectively, to lease equipment from BRC.

During the year ended December 31, 2024, the Company received $211 from BRC which was not related to any services provided or other transactions. The cash received did not contain any repayment terms and did not bear any interest. As of December 31, 2024, $209 is included in accounts payable to related parties on the balance sheets. In June 2025, the Company entered into a Loan Agreement to formalize the repayment terms. Refer to Note 10 - Debt for further details regarding the terms of the Loan Agreement.

*REA Australia*

REA Australia was the sole shareholder of AMBPL until July 22, 2025. Certain shared costs were allocated to the Company by REA Australia and reflected as expenses in the consolidated financial statements. These allocated shared costs were $74 and $284 for the years ended December 31, 2025 and 2024 and consisted primarily of executive remuneration and share based compensation, and to a lesser extent exploration costs.

*Board of Directors*

During the year ended December 31, 2025, the Company paid Board compensation to entities controlled by certain members of the Board of Directors. Certain directors provide service through a limited liability company ("LLC"), which is wholly owned and controlled by the respective director. Total director fees paid to these LLCs were $38 for the year ended December 31, 2025. Amounts owed to these LLCs as of December 31, 2025 were $13, which are included in accrued liabilities.

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**12. Income Taxes**

Income (loss) before provision for income taxes, by tax jurisdiction, was as follows:

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| | | |
|:---|:---|:---|
|  | **Year ended December 31,** | **Year ended December 31,** |
|  | **2025** | **2024** |
| United States | $(7333) | $— |
| Foreign | (2597) | (3975) |
|  | $(9930) | $(3975) |

---

The components of the provision for income taxes are presented in the table below:

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| | | |
|:---|:---|:---|
|  | **Year ended December 31,** | **Year ended December 31,** |
|  | **2025** | **2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;State |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign |  |  |
| Current income tax provision (benefit): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;State |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign |  |  |
| Deferred income tax provision (benefit): |  |  |
| Total provision for income taxes | $— | $— |

---

No income taxes (federal, state or foreign) were paid during the years ended December 31, 2025 or 2024.

The following reconciles the differences between income taxes computed at the federal statutory rate and the provision for income taxes for the year ended December 31, 2025:

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| | | |
|:---|:---|:---|
|  | **Amount** | **Percent** |
| Computed income taxes at the statutory rate | $(2085) | 21.0% |
| Foreign tax affects: |  |  |
| &nbsp;&nbsp;*Australia* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | (5) | 0.1% |
| &nbsp;&nbsp;*Brazil* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Statutory tax rate differential | (341) | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in valuation allowance | 891 | (9.0%) |
| Changes in Valuation allowance | 1144 | (11.5%) |
| Nontaxable or nondeductible items: |  |  |
| &nbsp;&nbsp;Stock based compensation | 271 | (2.7%) |
| &nbsp;&nbsp;Debt extinguishment loss | 121 | -1.3% |
| &nbsp;&nbsp;Other | 4 | (0.0%) |
| Total Tax | $— | 0.0% |

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The following reconciles the differences between income taxes computed at the federal statutory rate and the provision for income taxes for the year ended December 31, 2024:

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| | | |
|:---|:---|:---|
|  | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
|  | **Amount** | **Percent** |
| Computed income taxes at the statutory rate | $(835) | 21.0% |
| &nbsp;&nbsp;*Brazil* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Statutory tax rate differential | (517) | 13.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in valuation allowance | 753 | (18.9%) |
| &nbsp;&nbsp;&nbsp;&nbsp;Impact of spin off transaction | 716 | (18.0%) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | (117) | 2.9% |
| Total Tax | $— | 0.0% |

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Deferred tax assets and liabilities reflect the net tax effects of net operating loss and tax credit carryforwards and temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes, as well as the impacts of net operating loss and tax credit carryforwards. The significant components of deferred tax assets and liabilities were as follows:

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| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2024** |
| Deferred tax assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net operating loss carryforwards | $3936 | $1600 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accruals and provisions | 162 | 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 30 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 9 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease liability | 10 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 30 |  |
| Total deferred tax assets | 4177 | 1691 |
| &nbsp;&nbsp;&nbsp;&nbsp;Valuation allowance | (4158) | (1691) |
| Net deferred tax assets | 19 |  |
| Deferred tax liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Right-of-use asset | (10) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | (9) |  |
| Total deferred tax liabilities | (19) |  |
| Net deferred tax assets | $— | $— |

---

As of December 31, 2025, the Company has federal, state, and foreign net operating loss ("NOL") carryforwards of approximately $4,515, $1,710, and $8,583, respectively. As of December 31, 2024, the Company had $4,704 of foreign NOLs. The federal, state, and foreign NOLs may be carried forward indefinitely subject to certain usage limitations. The state NOLs have a carryforward period of 20 years and will begin to expire in 2045, if unused.

Changes in the valuation allowance for deferred tax assets during the years ended December 31, 2025 and 2024 related primarily to the increase in net operating loss carryforwards, and were as follows:

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| | | |
|:---|:---|:---|
|  | **Year ended December 31,** | **Year ended December 31,** |
|  | **2025** | **2024** |
| Valuation allowance at the beginning of year | $1691 | $1199 |
| Increases recorded to income tax provision | 2103 | 753 |
| Other <sup>(1)</sup> | 364 | (261) |
| Valuation allowance at end of year | $4158 | $1691 |
| (1) Includes the impact of foreign currency changes and the asset acquisition. | (1) Includes the impact of foreign currency changes and the asset acquisition. | (1) Includes the impact of foreign currency changes and the asset acquisition. |

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We establish a valuation allowance for any portion of our deferred tax assets for which management believes it is more likely than not that we will be unable to utilize the assets to offset future taxes. Given the nature of our business, at this time we believe it is more likely than not that the majority of our federal, state, and foreign deferred tax assets will not be utilized; therefore, we have maintained a full valuation allowance against our net deferred tax assets as of December 31, 2025.

Our valuation allowances primarily relate to U.S., state, and foreign net operating losses carryforwards. Utilization of our net operating losses may be subject to annual limitation due to the ownership change limitations provided by the Internal Revenue Code and similar state provisions.

The Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction, and various states and foreign jurisdictions and is subject to income tax examinations. The Company is not currently under examination in any taxing jurisdiction. However, any tax authority could take a position on tax treatment that is contrary to the Company's expectations, which could result in tax liabilities in excess of reserves.

The Company evaluates uncertain tax positions taken in its tax filings and recognizes a liability for positions that are more likely than not to not be sustained upon examination. As of December 31, 2025, the Company has concluded that no liability for uncertain tax positions is required, and no income tax reserves or related interest or penalties have been recorded. The Company's policy is to recognize interest and penalties related to unrecognized tax benefits as a component of income tax expense in the consolidated statements of operations.

**13. Commitments and Contingencies**

*Leases*

Operating lease expense, excluding short-term leases, was $5 and $0 for the years ended December 31, 2025 and 2024. Supplemental consolidated balance sheet information related to operating leases as of December 31, 2025, was as follows:

---

| | |
|:---|:---|
| Weighted average lease term years | 1.83 |
| Weighted average discount rate | 7.20% |

---

Maturities of lease liabilities as of December 31, 2025 are as follows:

---

| | |
|:---|:---|
| **Year ended December 31,** | **Operating Leases** |
| 2026 | $25 |
| 2027 | 21 |
| 2028 |  |
| 2029 |  |
| 2030 |  |
| Thereafter |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total future minimum lease payments** | 46 |
| Less imputed interest | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | $43 |

---

For the years ended December 31, 2025 and 2024, lease expense recognized for short-term leases totaled $69 and $996, respectively, and was reported in our statements of operations as follows:

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| | | |
|:---|:---|:---|
|  | **Year ended December 31,** | **Year ended December 31,** |
|  | **2025** | **2024** |
| Exploration and evaluation expenses | $15 | $914 |
| General and administrative expenses | 54 | 82 |
|  | $69 | $996 |

---

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For the years ended December 31, 2025 and 2024, cash paid for amounts due under operating and short-term leases has been recorded in operating activities in the consolidated statements of cash flows for each period and approximated the lease expense recorded in those periods. As of December 31, 2025, the Company's remaining lease payment commitments for short-term leases totaled $6.

*Unasserted legal claim*

The Company uses third-party labor providers to support certain operations. In connection with this model, there is an unasserted, labor-related contingency that could, under certain circumstances, give rise to secondary exposure for the Company if the applicable contractor were unable to satisfy any settlement or judgment. As of the reporting date, no claims have been filed or asserted directly against the Company, and the contractor has not indicated any unwillingness or inability to meet its legal obligations. The contractor remains the primary obligor with respect to any such obligations, and any potential exposure to the Company, if ultimately incurred, would be secondary to the contractor's primary responsibility.

Based on management's assessment of the information currently available, the Company determined that a loss related to this matter is probable and reasonably estimable. The Company's balance sheets as of December 31, 2025, and 2024, include other non-current liabilities of $47 and $95, respectively, for this matter.

The Company will continue to monitor developments and update its estimates as additional information becomes available.

*Potential Future Environmental Contingency*

The Company's planned exploration and development activities are subject to various federal and state laws and regulations governing the protection of the environment. These laws and regulations are continually changing and generally have become more restrictive. The Company will conduct its operations to protect public health and the environment and believes that its current engineering operations are materially in compliance with all applicable laws and regulations. While the Company's mining activities are not yet operational, the Company has made, and expects to make in the future, expenditures to comply with all local and federal environmental laws and regulations. The ultimate amount of reclamation and other future site-restoration costs to be incurred for future mining interests is unknown and uncertain as of December 31, 2025.

**14. Segment Reporting**

ASC Topic 280, "Segment Reporting," establishes standards addressing information required to be disclosed about both (1) an entity's operating segments, which shall be determined on a basis consistent with an entity's internal organizational structure for purposes of making operating decisions and assessing performance, and (2) an entity's products and services, the geographical areas in which the entity operates and the entity's major customers. Operating segments are defined as components of an entity engaged in business activities from which they may recognize revenues and incur expenses, and about which discrete financial information is available and evaluated regularly by the entity's chief operating decision maker ("CODM") in deciding how to allocate resources and in assessing performance.

The Company has two reportable segments due to their geographical location: United States Mining Operations and Brazil Mining Operations. Our Brazil Mining Operation is comprised of Alpha Minerals Brazil Participações Ltda, which primarily operates two sites in Brazil. Our United States Mining Operation is comprised of FRE Australia, a consolidated variable interest entity, which operates a site (Project Shiloh) in the state of Georgia located in the United States pursuant to two option agreements. Prior to the acquisition of FRE Australia, the Company had one reportable segment. As a result of the asset acquisition of FRE Australia, we modified our segment structure. Beginning with the third quarter of 2025, our reportable segments are our two operating segments—United States Mining Operations and Brazil Mining Operations. In conjunction with this change, where applicable, prior period amounts have been recast to conform to this new segment reporting structure. See Note 2 – Significant Accounting Policies – VIEs, for additional information about FRE Australia and Note 6 – Mineral Interests, for more information about the option agreements.

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The accounting policies of the segment are the same as those described in the summary of significant accounting policies. Financial information is regularly prepared for each of the two segments, and the results of the Company's operations are regularly reported to the CODM on a segment basis. The Company's CODM has been identified as the Chief Executive Officer, who focuses on segment operating loss as the measure of performance to evaluate different segments and to make decisions to allocate resources and evaluate exploration progress. Exploration and evaluation and general and administrative expenses are the significant segment expenses included in the measure of segment operating loss and used to monitor budget version actual results.

The following table summarizes the Company's long-lived assets, which includes mineral interests by geographic region as of December 31, 2025 and 2024:

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| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;United States | $23688 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Brazil | 29 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Long-lived assets** | $23717 | $34 |

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Assets other than long-lived assets are not regularly reported to the CODM on the segment basis because they consist primarily of cash and assets not specific to a segment.

Significant segment expense included in the measure of segment profit or loss are shown below and reconciled to net loss before taxes for the years ended December 31, 2025 and 2024:

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| | | | |
|:---|:---|:---|:---|
| **For the year ended December 31, 2025** | **United States Mining Operations** | **Brazil Mining Operations** | **Total** |
| **Operating expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Exploration expenses | $1872 | $1845 | $3717 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative expenses | 114 | 573 | 687 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation expense | 20 | 5 | 25 |
| **Segment operating loss** | $(2006) | $(2423) | $(4429) |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate and other expenses |  |  | 4779 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transaction costs |  |  | 247 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income |  |  | 138 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense |  |  | (206) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange gain |  |  | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on extinguishment of debt |  |  | (577) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of warrants |  |  | 139 |
| Loss before income taxes |  |  | $(9930) |

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| | | | |
|:---|:---|:---|:---|
| **For the year ended December 31, 2024** | **United States Mining Operations** | **Brazil Mining Operations** | **Total** |
| **Operating expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Exploration expenses | $— | $2890 | $2890 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative expenses |  | 832 | 832 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation expense |  | 6 | 6 |
| **Segment operating loss** | $— | $(3728) | $(3728) |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate and other expenses |  |  | 262 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income |  |  | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange gain |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on extinguishment of debt |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of warrants |  |  |  |
| Loss before income taxes |  |  | $(3975) |

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**15. Subsequent Events**

The Company evaluated subsequent events and transactions that occurred after the balance sheet date through March 12, 2026, the date that the consolidated financial statements were available to be issued. Other than the matters noted below, there have been no subsequent events that required adjustment to or disclosure in the consolidated financial statements for the years ended December 31, 2025 and 2024:

Subsequent to December 31, 2025, the Company received the remaining SAFE proceeds totaling $3,365.

In January 2026, the Board approved grants of 82,532 RSUs to non-employee directors of the Company, pursuant to the 2025 Plan. The RSUs will vest on December 31, 2026, if the non-employee directors continue to provide services to the Company through that date.

In February 2026, the Board approved grants of 61,739 RSUs to employees of the Company pursuant to the 2025 Plan. These RSUs vest upon i) one year of service and ii) the occurrence of an initial public offering or a change in control. In February 2026, the Board also approved grants of 20,633 RSUs to a non-employee director of the Company. The RSUs will vest on December 31, 2026, if the non-employee director continues to provide services to the Company through that date.

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**Shares<br>Common Stock**

![img7449594_24.gif](img7449594_24.gif)

**__________________________________**

**PRELIMINARY PROSPECTUS**

**__________________________________**

**Cantor Stifel** 

**B. Riley Securities Canaccord Genuity**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2026

Through and including , 2026 (the 25<sup>th</sup> day after the commencement of this offering), all dealers that buy, sell or trade shares of our common stock, whether or not participating in this offering, may be required to deliver a prospectus. This delivery requirement is in addition to the dealers' obligation to deliver a prospectus when acting as underwriters and with respect to their unsold allotments or subscriptions.

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**Part II**

**INFORMATION NOT REQUIRED IN PROSPECTUS**

**Item 13. Other Expenses of Issuance and Distribution.**

The following table sets forth the costs and expenses, other than the underwriting discounts and commissions, payable by Rare Earths Americas, Inc. (the "Registrant") in connection with the sale of our common stock being registered. All amounts are estimates except for the SEC, registration fee, FINRA filing fee, and NYSE American initial listing fee.

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| | |
|:---|:---|
| **Item** | **Amount** |
| &nbsp;&nbsp;&nbsp;SEC registration fee | $\* |
| &nbsp;&nbsp;&nbsp;FINRA filing fee | $\* |
| &nbsp;&nbsp;&nbsp;NYSE American initial listing fee | $\* |
| &nbsp;&nbsp;&nbsp;Printing expenses | $\* |
| &nbsp;&nbsp;&nbsp;Legal fees and expenses | $\* |
| &nbsp;&nbsp;&nbsp;Accounting fees and expenses | $\* |
| &nbsp;&nbsp;&nbsp;Transfer agent fees and expenses | $\* |
| &nbsp;&nbsp;&nbsp;Miscellaneous expenses | $\* |
| &nbsp;&nbsp;&nbsp;**Total** | $**\*** |

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____________

\* To be provided by amendment.

**Item 14. Indemnification of Directors and Officers.**

The TBOC permits a corporation to indemnify a director who was, is or is threatened to be a named defendant or respondent in a proceeding as a result of the performance of his or her duties if such person acted in good faith and, in the case of conduct in the person's official capacity as a director, in a manner he or she reasonably believed to be in the best interests of the corporation and, in all other cases, that the person reasonably believed his or her conduct was not opposed to the best interests of the corporation and with respect to any criminal action or proceeding, that such person had no reasonable cause to believe his or her conduct was unlawful. Subject to certain exceptions, the TBOC further permits a corporation to eliminate in its charter all monetary liability of the corporation's directors to the corporation or its shareholders for conduct in performance of such director's duties, but not for a breach of the director's duty of loyalty or receipt of an improper benefit. Our certificate of formation provides that a director of the corporation will not be liable to the corporation or its shareholders for monetary damages for any act or omission by the director in the performance of his or her duties, except that there will be no limitation of liability to the extent the director has been found liable under applicable law for: (i) breach of the director's duty of loyalty owed to the corporation or its shareholders; (ii) an act or omission not in good faith that constitutes a breach of duty of the director to the corporation or that involves intentional misconduct or a knowing violation of the law; (iii) a transaction from which the director received an improper benefit, regardless of whether the benefit resulted from an action taken within the scope of the director's duties; or (iv) an act or omission for which the liability of the director is expressly provided for by an applicable statute.

Sections 8.101 and 8.103 of the TBOC provide that a corporation may indemnify a person who was, is or is threatened to be a named defendant or respondent in a proceeding because the person is or was a director only if a determination is made that such indemnification is permissible under the TBOC: (i) by a majority vote of the directors who at the time of the vote are disinterested and independent, regardless of whether such directors constitute a quorum; (ii) by a majority vote of a board committee designated by a majority of disinterested and independent directors and consisting solely of disinterested and independent directors; (iii) by special legal counsel selected by the board of directors or a committee of the board of directors as set forth in (i) or (ii); (iv) by the shareholders in a vote that excludes the shares held by directors who are not disinterested and independent; or (v) by a unanimous vote of the shareholders.

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Section 8.104 of the TBOC provides that the corporation may pay or reimburse, in advance of the final disposition of the proceeding, reasonable expenses incurred by a present director who was, is or is threatened to be made a named defendant or respondent in a proceeding after the corporation receives a written affirmation by the director of his or her good faith belief that he or she has met the standard of conduct necessary for indemnification under Section 8.101 and a written undertaking by or on behalf of the director to repay the amount paid or reimbursed if it is ultimately determined that he or she has not met that standard or if it is ultimately determined that indemnification of the director is not otherwise permitted under the TBOC. Section 8.105 also provides that reasonable expenses incurred by a former director, or a present or former employee, agent, or officer of the corporation, who was, is or is threatened to be made a named defendant or respondent in a proceeding may be paid or reimbursed by the corporation, in advance of the final disposition of the action, as the corporation considers appropriate.

Section 8.105 of the TBOC provides that, subject to restrictions in its certificate of formation and to the extent consistent with other law, a corporation may indemnify and advance expenses to a person who is not a director, including an officer, employee, or agent of the corporation as provided by: (i) the corporation's governing documents; (ii) an action by the corporation's governing authority; (iii) resolution by the shareholders; (iv) contract; or (v) common law. As consistent with Section 8.105, persons who are not directors may seek indemnification and advancement of expenses from a corporation to the same extent that directors may seek indemnification and advancement of expenses from a corporation.

Further, our certificate of formation and bylaws provide that we must indemnify our directors and officers to the fullest extent authorized by law. We are also expressly required to advance certain expenses to our directors and officers, except for claims brought by us, and carry directors' and officers' insurance providing indemnification for our directors and officers for some liabilities. We believe that these indemnification provisions and the directors' and officers' insurance are useful to attract and retain qualified directors and executive officers.

We have also entered into, or will enter into prior to the completion of this offering, indemnification agreements with each of our directors and executive officers. The indemnification agreements provide, or will provide, among other things, for indemnification to the fullest extent permitted by the TBOC and our certificate of formation and bylaws against (i) any and all direct and indirect liabilities and reasonable expenses, including judgments, fines, penalties, interest and amounts paid in settlement of any claim with our approval and reasonable counsel fees and disbursements and (ii) any liabilities incurred as a result of serving as a director, officer, employee, or agent (including as a trustee, fiduciary, partner, or manager or in a similar capacity) of another enterprise or an employee benefit plan at our request. The indemnification agreements also provide for, or will provide for, the advancement or payment of expenses to the indemnitee and for reimbursement to us if it is found that such indemnitee is not entitled to such indemnification under applicable law and our certificate of formation and bylaws or the terms of the indemnification agreements.

We expect to maintain standard policies of insurance that provide coverage (i) to our directors and officers against loss rising from claims made by reason of breach of duty or other wrongful act and (ii) to us with respect to indemnification payments that we may make to such directors and officers. The underwriting agreement provides for indemnification by the underwriters of us and our officers and directors, and by us of the underwriters, for certain liabilities arising under the Securities Act or otherwise in connection with this offering.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers, or persons controlling us under any of the foregoing provisions, in the opinion of the SEC, such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.

**Item 15. Recent Sales of Unregistered Securities.**

Set forth below is information regarding all unregistered securities sold by us since our inception on February 28, 2025. Also included is the consideration received by us for such securities and information relating to the section of the Securities Act, or rule of the SEC, under which exemption from registration was claimed.

***The Merger*** 

Prior to the Redomestication, we were formed as Rare Earths Americas Ltd., a Cayman Islands exempted company ("REA Cayman") to facilitate the merger of AMBPL and FRE Australia (the "Merger"), such that, following the Merger, we would be the sole shareholder of both AMBPL and FRE Australia. On July 22, 2025, we entered into a

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Quota Sale and Share Subscription Agreement (the "Subscription Agreement") with REA Australia. Pursuant to the Subscription Agreement, REA Australia transferred to us all issued and outstanding quotas of AMBPL. In exchange, we issued 9,375,000 ordinary shares, $0.0001 par value per share (the "Ordinary Shares"), to REA Australia. REA Australia distributed all of the Ordinary Shares to its equity holders on January 1, 2026.

Additionally, on July 22, 2025, we entered into a Share Sale Deed (the "Share Sale Deed") with the shareholders of FRE Australia (the "FRE Australia Shareholders"). Under the Share Sale Deed, the FRE Australia Shareholders transferred to us all issued and outstanding shares of FRE Australia. As consideration, we issued 2,805,267 Ordinary Shares to the FRE Australia Shareholders. Further, pursuant to the Share Sale Deed, certain warrants previously granted to specific FRE Australia Shareholders to subscribe for shares in FRE Australia were cancelled and replaced with new warrants entitling the holders to subscribe for up to 1,004,025 Ordinary Shares of the Company.

***The Private Placement***

From June 28, 2025 to July 30, 2025, we conducted an Offer to Subscribe for Shares in Rare Earths Americas Ltd. (the "Offer to Subscribe"). The Offer to Subscribe was made available to certain foreign and U.S. investors. Through the Offer to Subscribe, we offered 2,500,000 Ordinary Shares and raised an aggregate of AUD$25 million.

***The Redomestication***

On October 15, 2025, in connection with the Redomestication, each outstanding common share and other securities of REA Cayman was automatically converted into shares of our common stock or other securities, as applicable, on a one-to-one basis.

***SAFEs***

In December 2025, the Company entered into simple agreements for future equity ("SAFEs") for proceeds of $15,079,969 with various accredited investors. Upon the consummation of an equity financing of at least $7,000,000 in gross proceeds to the Company, the SAFEs will automatically convert into an amount of shares at a conversion price equal to the lesser of: (i) a discount of 20% on the price per share paid by the new investors in the equity financing; or (ii) the price per share determined by a valuation cap of $250,000,000.

The unregistered securities described above were issued in reliance on an exemption from registration under Section 4(a)(2) of the Securities Act and the rules and regulations promulgated thereunder, and Regulation S promulgated under the Securities Act.

None of the foregoing transactions involved any underwriters, underwriting discounts or commissions, or any public offering.

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**Item 16. Exhibits and Financial Statement Schedules.**

***(a)*** ***Exhibits.***

The exhibits listed below are filed as part of this registration statement.

---

| | |
|:---|:---|
| **Exhibit <br>Number** | **Exhibit description** |
| 1.1 | [<u>Form of Underwriting Agreement.</u>](rea-ex1_1.htm) |
| 2.1 | [<u>Share Sale Deed, dated July 22, 2025, by and among, Rare Earths Americas Ltd., Foothills Rare Earths Limited, the Sellers listed in Part A and Part B of Schedule 1 thereto, Perpetual Nominees Limited, and the Optionholders listed in Schedule 2 thereto.</u>](rea-ex2_1.htm) |
| 2.2 | [<u>Quota Sale and Share Subscription Agreement, dated July 22, 2025, by and between Rare Earths Americas Ltd. and Rare Earths Americas Limited.</u>](rea-ex2_2.htm) |
| 3.1 | [<u>Certificate of Formation of Rare Earths Americas, Inc.</u>](rea-ex3_1.htm) |
| 3.2 | [<u>Bylaws of Rare Earths Americas, Inc.</u>](rea-ex3_2.htm) |
| 3.3 | [<u>Certificate of Conversion of Rare Earths Americas Ltd. converting into Rare Earths Americas, Inc., effective October 15, 2025.</u>](rea-ex3_3.htm) |
| 4.1\* | Form of Underwriter's Warrant |
| 4.2 | [<u>Form of Simple Agreement for Future Equity (SAFE).</u>](rea-ex4_2.htm) |
| 5.1\* | Opinion of DLA Piper LLP (US). |
| 10.1† | [<u>Rare Earths Americas Ltd. 2025 Equity Incentive Plan.</u>](rea-ex10_1.htm) |
| 10.2† | [<u>Form of Rare Earths Americas Ltd. Restricted Stock Units Agreement (for international participants).</u>](rea-ex10_2.htm) |
| 10.3† | [<u>Form of Rare Earths Americas Ltd. Restricted Stock Units Agreement (for U.S. participants).</u>](rea-ex10_3.htm) |
| 10.4† | [<u>Form of Rare Earths Americas Ltd. Notice of Grant of Restricted Stock Units.</u>](rea-ex10_4.htm) |
| 10.5† | [<u>Form of Rare Earths Americas Ltd. Restricted Stock Agreement.</u>](rea-ex10_5.htm) |
| 10.6† | [<u>Form of Rare Earths Americas Ltd. Notice of Grant of Restricted Stock.</u>](rea-ex10_6.htm) |
| 10.7† | [<u>Rare Earths Americas, Inc. 2026 Equity Incentive Plan.</u>](rea-ex10_7.htm) |
| 10.8† | [<u>Form of Rare Earths Americas, Inc. Restricted Stock Units Notice</u>](rea-ex10_8.htm) |
| 10.9† | [<u>Form of Rare Earths Americas, Inc. Restricted Stock Units Agreement</u>](rea-ex10_9.htm) |
| 10.10† | [<u>Form of Rare Earths Americas, Inc. Incentive Stock Option Notice</u>](rea-ex10_10.htm) |
| 10.11† | [<u>Form of Rare Earths Americas, Inc. Incentive Stock Option Agreement</u>](rea-ex10_11.htm) |
| 10.12† | [<u>Form of Rare Earths Americas, Inc. Nonstatutory Stock Option Notice</u>](rea-ex10_12.htm) |
| 10.13† | [<u>Form of Rare Earths Americas, Inc. Global Nonstatutory Stock Option Agreement</u>](rea-ex10_13.htm) |
| 10.14† | [<u>Rare Earths Americas Ltd. Executive Severance Plan.</u>](rea-ex10_14.htm) |
| 10.15.1 | [<u>English Translation of Call Option Agreement for Mineral Rights and Other Covenants, dated September 22, 2023, by and between JJBF Ltda. and Alpha Minerals Brazil Participações Ltda.</u>](rea-ex10_151.htm) |
| 10.15.2 | [<u>English Translation of First Amendment, dated December 27, 2024, to the Call Option Agreement for Mineral Rights and Other Covenants by and between JJBF Ltda. and Alpha Minerals Brazil Participacoes Ltda.</u>](rea-ex10_152.htm) |

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10.15.3 [<u>Second Amendment to the Call Option Agreement for Mineral Rights and Other Covenants by and between JJBF Ltda. and Alpha Minerals Brazil Participacoes Ltda., dated November 20, 2025.</u>](rea-ex10_153.htm)

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| | |
|:---|:---|
| 10.16.1 | [<u>English Translation of Call Option Agreement for Mineral Rights and Other Covenants, dated February 20, 2024, by and among Terra Goyana Mineradora Ltda., Bautek Minerais Industriais Ltda., Edem Empresa de Desenvolvimento Em Mineracao E Participacoes Ltda., Sintertec Minerais Industriais Ltda. and Alpha Minerals Brazil Participações Ltda.</u>](rea-ex10_161.htm) |
| 10.16.2 | [<u>English Translation of First Amendment, dated April 1, 2025, to the Call Option Agreement for Mineral Rights and Other Covenants by and among Terra Goyana Mineradora Ltda., Bautek Minerais Industriais Ltda., Edem Empresa de Desenvolvimento Em Mineracao E Participacoes Ltda., Sintertec Minerais Industriais Ltda. and Alpha Minerals Brazil Participações Ltda.</u>](rea-ex10_162.htm) |
| 10.16.3 | [<u>English Translation of Second Amendment, dated July 24, 2025, to the Call Option Agreement for Mineral Rights and Other Covenants by and among Terra Goyana Mineradora Ltda., Bautek Minerais Industriais Ltda., Edem Empresa de Desenvolvimento Em Mineracao E Participacoes Ltda., Sintertec Minerais Industriais Ltda., Alpha Minerals Brazil Participações Ltda. and Green Mining Company Ltda.</u>](rea-ex10_163.htm) |
| 10.17 | [<u>English Translation of Full Mining Rights Lease Agreement Under Condition Precedent, dated August 17, 2023, by and between Mineracao Andradense Ltda. and Alpha Minerals Brazil Participações Ltda.</u>](rea-ex10_17.htm) |
| 10.18 | [<u>English Translation of Full Mining Rights Lease Agreement Under Condition Precedent, dated August 17, 2023, by and between Mineracao Alto Da Serra De Andradas Ltda. and Alpha Minerals Brazil Participações Ltda.</u>](rea-ex10_18.htm) |
| 10.19 | [<u>English Translation of Full Mining Rights Lease Agreement Under Condition Precedent, dated August 17, 2023, by and between Mineracao Andradense Ltda. and Alpha Minerals Brazil Participações Ltda.</u>](rea-ex10_19.htm) |
| 10.20 | [<u>Option Agreement, dated February 25, 2021, between Joseph W. Newbill, Trustee of the Newbill Family Trust dated September 16, 2018, and Piedmont Rare Earths, LLC.</u>](rea-ex10_20.htm) |
| 10.21.1 | [<u>Option and Project Evaluation Agreement, dated December 11, 2020, by and among Piedmont Rare Earths, LLC, U.S. Elements Pty Ltd., Southeast Metals LLC, Robert B. Cook, James E. Bond, Richard B. Gilliam and H. Ross Arnold.</u>](rea-ex10_211.htm) |
| 10.21.2 | [<u>First Amendment, dated December 11, 2023, to the Option and Project Evaluation Agreement by and among Foothills Rare Earths, LLC, f/k/a Piedmont Rare Earths, LLC, Foothills Rare Earths Limited, f/k/a U.S. Elements Pty Ltd., Southeast Metals LLC, Robert B. Cook, James E. Bond, Richard B. Gilliam and H. Ross Arnold.</u>](rea-ex10_212.htm) |
| 10.21.3 | [<u>Second Amendment, dated July 17, 2025, to the Option and Project Evaluation Agreement by and among Foothills Rare Earths, LLC, Foothills Rare Earths Limited, Southeast Metals LLC, Robert B. Cook, James E. Bond, Richard B. Gilliam and H. Ross Arnold.</u>](rea-ex10_213.htm) |
| 10.22 | [<u>Mining Lease Agreement, dated October 1, 2020, between Weyerhaeuser Company and Southeast Metals, LLC.</u>](rea-ex10_22.htm) |
| 10.23† | [<u>Employment Agreement, dated as of August 14, 2025, between REA Management Company, LLC and Donald Swartz.</u>](rea-ex10_23.htm) |
| 10.24† | [<u>Employment Agreement, dated as of August 5, 2025, between REA Management Company, LLC and Joseph Dwyer.</u>](rea-ex10_24.htm) |
| 10.25† | [<u>Employment Agreement, dated as of July 31, 2025, between REA Management Company, LLC and Jennifer Grafton.</u>](rea-ex10_25.htm) |
| 10.26† | [<u>English Translation of Contract for Services, dated as of June 1, 2023, between Alpha Minerals Brazil Participações Ltda and Renato Aureo de Paula Gonzaga.</u>](rea-ex10_26.htm) |
| 10.27† | [<u>English Translation of Contract for Services, dated as of January 1, 2024, between Alpha Minerals Brazil Participações Ltda and João Paulo Agapito da Veiga.</u>](rea-ex10_27.htm) |
| 10.28† | [<u>Form of Indemnification Agreement.</u>](rea-ex10_28.htm) |
| 10.29 | [<u>Loan Agreement between Brazil Royalty Corp Participações e Investimentos Ltda. and Alpha Minerals Brazil Participações Ltda., dated June 2, 2025.</u>](rea-ex10_29.htm) |
| 10.30.1 | [<u>Deed of Novation, dated July 15, 2025, among Brazil Royalty Corp Participacoes E Investimentos Ltda., Alpha Minerals Brazil Participações Ltda. and Rare Earths Americas Ltd.</u>](rea-ex10_301.htm) |

---

------

---

| | |
|:---|:---|
| 10.30.2<br>| [<u>Amendment No. 1 to Deed of Novation, dated November 6, 2025, among Brazil Royalty Corp Participacoes E Investimentos Ltda., Alpha Minerals Brazil Participações Ltda. and Rare Earths Americas, Inc.</u>](rea-ex10_302.htm) |
| 10.31† | [<u>Employment Agreement, dated as of January 26, 2026, between Rare Earths Americas, Inc. and Cheryl Kerr.</u>](rea-ex10_31.htm) |
| 10.32† | [<u>Assignment and Assumption Agreement, dated January 1, 2026, by and among Rare Earths Americas, Inc. and Donald Swartz.</u>](rea-ex10_32.htm) |
| 10.33† | [<u>Assignment and Assumption Agreement, dated January 1, 2026, by and among Rare Earths Americas, Inc. and Jennifer Grafton.</u>](rea-ex10_33.htm) |
| 16.1 | [<u>Letter from PGBR Auditores e Consultores, dated April \[13\], 2026.</u>](rea-ex16_1.htm) |
| 21.1 | [<u>List of Subsidiaries of the Registrant.</u>](rea-ex21_1.htm) |
| 23.1 | [<u>Consent of PGBR Auditores e Consultores, Independent Registered Public Accounting Firm.</u>](rea-ex23_1.htm) |
| 23.2 | [<u>Consent of BDO USA, P.C., Independent Registered Public Accounting Firm.</u>](rea-ex23_2.htm) |
| 23.3\* | Consent of DLA Piper LLP (US) (included in Exhibit 5.1). |
| 23.4 | [<u>Consent of Geosyntec Consultants, Inc. with respect to the Shiloh Project Technical Report Summary.</u>](rea-ex23_4.htm) |
| 23.5 | [<u>Consent of McGarry Geoconsulting Corp. with respect to the Constellation Project Technical Report Summary.</u>](rea-ex23_5.htm) |
| 23.6 | [<u>Consent of Karst Geo Solutions LLC with respect to the Constellation Project Technical Report Summary.</u>](rea-ex23_6.htm) |
| 23.7 | [<u>Consent of McGarry Geoconsulting Corp. with respect to the Alpha Project Technical Report Summary.</u>](rea-ex23_7.htm) |
| 23.8 | [<u>Consent of Karst Geo Solutions LLC with respect to the Alpha Project Technical Report Summary.</u>](rea-ex23_8.htm) |
| 24.1 | [<u>Power of Attorney (included on signature page of this registration statement).</u>](#poa) |
| 96.1 | [<u>Technical Report Summary Shiloh Project, Georgia, dated November 7, 2025.</u>](rea-ex96_1.htm) |
| 96.2 | [<u>Updated Constellation Project Minas Gerais, Brazil Technical Report Summary, dated March 25, 2026.</u>](rea-ex96_2.htm) |
| 96.3 | [<u>Updated Alpha Project Bahia, Brazil Technical Report Summary, dated March 25, 2026.</u>](rea-ex96_3.htm) |
| 107 | [<u>Filing Fee Table.</u>](rea-exfiling_fees.htm) |

---

\* To be filed by amendment.

† Indicates management contract or compensatory plan or arrangement.

***(b)*** ***Financial Statement Schedules.***

Schedules not listed above have been omitted because the information required to be set forth therein is not applicable or is shown in the financial statements or notes thereto.

**Item 17. Undertakings.**

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act, and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit, or proceeding) is asserted by such director, officer, or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question of whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

The undersigned Registrant hereby undertakes that:

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.For purposes of determining any liability under the Securities Act, the information omitted from the form of prospectus filed as part of this registration statement in reliance upon Rule 430A and contained in a form of prospectus filed by the Registrant pursuant to Rule 424(b)(1) or (4) or 497(h) under the Securities Act shall be deemed to be part of this registration statement as of the time it was declared effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.For the purpose of determining any liability under the Securities Act, each post-effective amendment that contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial *bona fide* offering thereof.

------

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, as amended, the registrant has duly caused this registration statement on Form S-1 to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Manchester, State of Georgia, on April 13, 2026.

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| | |
|:---|:---|
| **RARE EARTHS AMERICAS, INC.** | **RARE EARTHS AMERICAS, INC.** |
| By: | /s/ Donald Swartz |
| Name: | Donald Swartz |
| Title: | Chief Executive Officer and President |

---

**Power of Attorney**

KNOW ALL BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Donald Swartz as his or her true and lawful attorney-in-fact and agent, with the full power of substitution, for him or her and in his or her name, place or stead, in any and all capacities, to sign any and all amendments to this registration statement (including post-effective amendments), and to sign any registration statement for the same offering covered by this registration statement that is to be effective upon filing pursuant to Rule 462(b) promulgated under the Securities Act, and all post-effective amendments thereto, and to file the same, with exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorney-in-fact and agent full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorney-in-fact and agent, or his substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act of 1933, as amended, this registration statement on Form S-1 has been signed by the following persons in the capacities and on the dates indicated below.

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| /s/ Donald Swartz | Chief Executive Officer, President and Director | April 13, 2026 |
| Donald Swartz | (*Principal Executive Officer)* |  |
| /s/ Cheryl Kerr  | Chief Accounting Officer | April 13, 2026 |
| Cheryl Kerr | (*Principal Financial Officer and Principal Accounting Officer)* |  |
| /s/ Dan Shribman  | Chairman | April 13, 2026 |
| Dan Shribman |  |  |
| /s/ Ivy Estabrooke  | Director | April 13, 2026 |
| Ivy Estabrooke<br>|  |  |
| /s/ Reta Jo Lewis  | Director | April 13, 2026 |
| Reta Jo Lewis<br>|  |  |
| /s/ Keith Phillips | Director | April 13, 2026 |
| Keith Phillips |  |  |
| /s/ Hugo Schumann | Director | April 13, 2026 |
| Hugo Schumann  |  |  |

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## Exhibit 1.1

**Exhibit 1.1**

**Rare Earths Americas, INC.**

[●] Shares of Common Stock

(par value $0.0001 per share)

**<u>Underwriting Agreement</u>**

[●], 2026

Cantor Fitzgerald & Co.

As Representative of the several Underwriters listed in <u>Schedule A</u> hereto

c/o Cantor Fitzgerald & Co.

110 East 59th Street

New York, NY 10022

Ladies and Gentlemen:

# Rare Earths Americas, Inc., a Texas corporation (the " Company "), proposes to issue and sell to the several underwriters named in <u>Schedule A</u> (the " Underwriters ") an aggregate of [●] shares of its common stock, par value $0.0001 per share (the " Common Stock "). The [●] shares of Common Stock to be sold by the Company are called the " Firm Shares ." In addition, the Company has granted to the Underwriters an option to purchase up to an additional [●] shares of Common Stock, which additional shares to be sold by the Company pursuant to such option are collectively called the " Option Shares ." The Firm Shares and, if and to the extent such option is exercised, the Option Shares, are collectively called the " Offered Shares ." Cantor Fitzgerald & Co. (" Cantor ") has agreed to act as representative of the several Underwriters (in such capacity, the " Representative ") in connection with the offering and sale of the Offered Shares (the " Offering ").
The Company has prepared and filed with the Securities and Exchange Commission (the "**Commission**") a registration statement on Form S-1 (File No. 333-[●]). Such registration statement, as amended, including the financial statements, exhibits and schedules thereto, in the form in which it became effective under the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder (collectively, the "**Securities Act**"), including any information deemed to be a part thereof at the time of effectiveness pursuant to Rule 430A under the Securities Act, is called the "**Registration Statement**." Any registration statement filed by the Company pursuant to Rule 462(b) under the Securities Act in connection with the offer and sale of the Offered Shares is called the "**Rule 462(b) Registration Statement**," and from and after the date and time of filing of any such Rule 462(b) Registration Statement the term "Registration Statement" shall include the Rule 462(b) Registration Statement. The preliminary prospectus dated [●], 2026 (and any amendments thereto before effectiveness) describing the Offered Shares and the offering thereof is called the "**Preliminary Prospectus**," and the Preliminary Prospectus and any other prospectus in preliminary form that describes the Offered Shares and the offering thereof and is used prior to the filing of the Prospectus (as defined below) is called a "**preliminary** 

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**prospectus**." As used herein, the term "**Prospectus**" shall mean the prospectus in the form first used by the Underwriters to confirm sales of the Offered Shares or in the form first made available to the Underwriters by the Company to meet requests of purchasers pursuant to Rule 173 under the Securities Act. The Company has prepared and filed, in accordance with Section 12 of the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder (collectively, the "**Exchange Act**"), a registration statement (as amended, the "**Exchange Act Registration Statement**") on Form 8-A (File No. [●]) under the Exchange Act to register, under Section 12(b) of the Exchange Act, the Offered Shares.

As used herein, the "**Applicable Time**" is [●] p.m. (New York time) on [●], 2026. As used herein, "**free writing prospectus**" has the meaning set forth in Rule 405 under the Securities Act, and "**Time of Sale Prospectus**" means the Preliminary Prospectus, as amended or supplemented immediately prior to the Applicable Time, together with the free writing prospectuses, if any, identified on <u>Schedule B</u> hereto and the pricing information set forth on <u>Schedule C</u> hereto. As used herein, **"Road Show"** means a "road show" (as defined in Rule 433 under the Securities Act) relating to the offering of the Offered Shares contemplated hereby that is a "written communication" (as defined in Rule 405 under the Securities Act). As used herein, "**Section 5(d) Written Communication**" means each written communication (within the meaning of Rule 405 under the Securities Act) that is made in reliance on Section 5(d) of the Securities Act by the Company or any person authorized to act on behalf of the Company to one or more potential investors that are qualified institutional buyers ("**QIBs**") and/or institutions that are accredited investors ("**IAIs**"), as such terms are respectively defined in Rule 144A and Rule 501(a) under the Securities Act, to determine whether such investors might have an interest in the offering of the Offered Shares; "**Section 5(d) Oral Communication**" means each oral communication, if any, made in reliance on Section 5(d) of the Securities Act by the Company or any person authorized to act on behalf of the Company made to one or more QIBs and/or one or more IAIs to determine whether such investors might have an interest in the offering of the Offered Shares; "**Marketing Materials**" means any materials or information provided to investors by, or with the approval of, the Company in connection with the marketing of the offering of the Offered Shares, including any Road Show or investor presentations made to investors by the Company (whether in person or electronically); and "**Permitted Section 5(d) Communication**" means the Section 5(d) Written Communication(s) and Marketing Materials listed on <u>Schedule D</u> attached hereto.

All references in this agreement (the "**Agreement**") to the Registration Statement, the Preliminary Prospectus, any preliminary prospectus or the Prospectus, any amendments or supplements to any of the foregoing, or any free writing prospectus, shall include any copy thereof filed with the Commission pursuant to its Electronic Data Gathering, Analysis and Retrieval System ("**EDGAR**").

# In the event that the Company has only one subsidiary, then all references herein to "subsidiaries" of the Company shall be deemed to refer to such single subsidiary, <u>mutatis</u> <u>mutandis</u>.

------

# The Company hereby confirms its agreements with the Underwriters as follows:
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Representations and Warranties of the Company</u>. The Company represents and warrants to each Underwriter as of the date of this Agreement, the Applicable Time, the First Closing Date (as hereinafter defined) and each Option Closing Date (as hereinafter defined), if any, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** <u>Compliance with Registration Requirements</u>. The Registration Statement has become effective under the Securities Act. The Company has complied, to the Commission's satisfaction, with all requests of the Commission for additional or supplemental information, if any. No stop order suspending the effectiveness of the Registration Statement is in effect and no proceedings for such purpose have been instituted or are pending or, to the knowledge of the Company, are contemplated or threatened by the Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Disclosure</u>. Each preliminary prospectus and the Prospectus when filed complied in all material respects with the Securities Act and, if filed by electronic transmission pursuant to EDGAR, was identical (except as may be permitted by Regulation S-T under the Securities Act) to the copy thereof delivered to the Underwriters for use in connection with the offer and sale of the Offered Shares. Each of the Registration Statement and any post-effective amendment thereto, at the time it became or becomes effective and at all subsequent times, complied and will comply in all material respects with the Securities Act and did not and will not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading. As of the Applicable Time, the Time of Sale Prospectus did not, and at the time of each sale of the Offered Shares and at the First Closing Date (as defined in Section 2), the Time of Sale Prospectus, as then amended or supplemented by the Company, if applicable, will not, contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading. The Prospectus, as of its date and the Applicable Time, did not and, if applicable, as of the date of such amendment or supplement, at the First Closing Date and at each applicable Option Closing Date, will not, contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. The representations and warranties set forth in the three immediately preceding sentences do not apply to statements in or omissions from the Registration Statement or any post-effective amendment thereto, or the Prospectus or the Time of Sale Prospectus, or any amendments or supplements thereto, made in reliance upon and in conformity with written information relating to any Underwriter furnished to the Company in writing by the Representative expressly for use therein, it being understood and agreed that the only such information consists of the information described in Section 9(b). There are no contracts or other documents required to be described in the Time of Sale Prospectus or the Prospectus or to be filed as an exhibit to the Registration Statement which have not been described or filed as required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Free Writing Prospectuses; Road Show</u>. As of the determination date referenced in Rule 164(h) under the Securities Act, the Company was not, is not or will not be (as applicable) an "ineligible issuer" in connection with the offering of the Offered Shares pursuant to Rules 164, 405 and 433 under the Securities Act. Each free writing prospectus that the Company is required to file pursuant to Rule 433(d) under the Securities Act has been, or will be, filed with the Commission in accordance with the applicable requirements of the Securities Act. Each free

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writing prospectus that the Company has filed, or is required to file, pursuant to Rule 433(d) under the Securities Act or that was prepared by or on behalf of or used or referred to by the Company complies or will comply in all material respects with the requirements of Rule 433 under the Securities Act, including timely filing with the Commission or retention where required and legending, as applicable, and each such free writing prospectus, as of its issue date and at all subsequent times through the completion of the public offer and sale of the Offered Shares did not, does not and will not include any information that conflicted, conflicts or will conflict with the information contained in the Registration Statement, the Prospectus or any preliminary prospectus unless such information has been superseded or modified as of such time. The representations and warranties set forth in the immediately preceding sentence do not apply to statements made in reliance upon and in conformity with written information relating to any Underwriter furnished to the Company in writing by the Representative expressly for use therein, it being understood and agreed that the only such information consists of the information described in Section 9(b). Except for the free writing prospectuses, if any, identified in <u>Schedule B</u>, and electronic Road Shows, if any, furnished to the Representative before first use, the Company has not prepared, used or referred to, and will not, without the Representative's prior written consent (which consent shall not be unreasonably withheld, conditioned or delayed), prepare, use or refer to, any free writing prospectus. Each Road Show, when considered together with the Time of Sale Prospectus, did not, as of the Applicable Time, contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Emerging Growth Company</u>. From the time of initial confidential submission of the Registration Statement to the Commission (or, if earlier, the first date on which the Company engaged directly or through any person authorized to act on its behalf in any Section 5(d) Written Communication or Section 5(d) Oral Communication) through the date hereof, the Company has been and is an "emerging growth company," as defined in Section 2(a) of the Securities Act (an "**Emerging Growth Company**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Testing-the-Waters Materials</u>. The Company (i) has not alone engaged in any Section 5(d) Written Communication or Section 5(d) Oral Communication and (ii) has not authorized anyone other than the Representative to engage in such Permitted Section 5(d) Communications. The Company reconfirms that the Representative has been authorized to act on its behalf in conveying Marketing Materials, Section 5(d) Oral Communications and Section 5(d) Written Communications. The Company has not distributed or approved for distribution any Section 5(d) Written Communications. Any individual Permitted Section 5(d) Communication does not conflict with the information contained in the Registration Statement or the Time of Sale Prospectus, and when taken together with the Time of Sale Prospectus as of the Applicable Time, did not, and as of the First Closing Date and as of each Option Closing Date, as the case may be, will not, contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. The Company has filed publicly on EDGAR at least 15 calendar days prior to any "road show" (as defined in Rule 433 under the Act), any confidentially submitted registration statement and registration statement amendments relating to the offer and sale of the Offered Shares.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Distribution of Offering Material By the Company</u>. Prior to the later of (i) the expiration or termination of the option granted to the several Underwriters in ‎Section 2, (ii) the completion of the Underwriters' distribution of the Offered Shares and (iii) the expiration of 25 days after the date of the Prospectus, the Company has not distributed and will not distribute any offering material in connection with the offering and sale of the Offered Shares other than the Registration Statement, the Time of Sale Prospectus, the Prospectus or any free writing prospectus reviewed and consented to by the Representative, and the free writing prospectuses, if any, identified on <u>Schedule B</u> hereto and any Permitted Section 5(d) Communications.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Financial Information</u>. The financial statements of the Company included in the Registration Statement, the Time of Sale Prospectus and the Prospectus, together with the related notes and schedules, present fairly, in all material respects, the financial position of the Company as of the dates indicated and the results of operations, cash flows and changes in stockholders' equity of the Company for the periods specified and have been prepared in compliance with the requirements of the Securities Act and in conformity with United States generally accepted accounting principles ("GAAP") applied on a consistent basis during the periods involved; there are no financial statements (historical or pro forma) that are required to be included in the Registration Statement, the Time of Sale Prospectus or the Prospectus that are not included as required; the Company and the Subsidiaries do not have any material liabilities or obligations, direct or contingent (including any off-balance sheet obligations), not described in the Registration Statement (excluding the exhibits thereto), the Time of Sale Prospectus and the Prospectus; and all disclosures contained in the Registration Statement, the Time of Sale Prospectus or the Prospectus and the free writing prospectuses, if any, regarding "non-GAAP financial measures" (as such term is defined by the rules and regulations of the Commission) comply with Regulation G of the Exchange Act and Item 10 of Regulation S-K under the Securities Act, to the extent applicable. The financial data set forth in each of the Registration Statement, the Time of Sale Prospectus and the Prospectus under the captions "Prospectus Summary—Summary Financial Data" and "Capitalization" fairly present, in all material respects, the information set forth therein on a basis consistent with that of the audited financial statements contained in the Registration Statement, the Time of Sale Prospectus and the Prospectus The interactive data in eXtensible Business Reporting Language included or incorporated by reference in the Registration Statement and the Prospectus fairly presents the information called for in all material respects and has been prepared in accordance with the Commission's rules and guidelines applicable thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Conformity with EDGAR Filing</u>. The Preliminary Prospectus and Final Prospectus delivered to the Underwriters for use in connection with the offer and sale of the Offered Shares pursuant to this Agreement will be identical to the versions of the Preliminary Prospectus and Final Prospectus created to be transmitted to the Commission for filing via EDGAR, except to the extent permitted by Regulation S-T.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Organization</u>. The Company and each of its subsidiaries (as defined in Rule 405 under the Securities Act) (the "**Subsidiaries**") are duly organized, validly existing as a corporation, partnership or limited liability company, as applicable, and in good standing under the Laws (as defined below) of their respective jurisdictions of organization. The Company and each of the Subsidiaries are duly licensed or qualified as a foreign corporation for transaction of business and in good standing under the Laws of each other jurisdiction in which their respective ownership or lease of property or the conduct of their respective businesses requires such license

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or qualification, and have all corporate power and authority necessary to own or hold their respective properties and to conduct their respective businesses as described in the Registration Statement, the Time of Sale Prospectus or the Prospectus, except where the failure to be so qualified or in good standing or have such power or authority could not, individually or in the aggregate, reasonably be expected to have a material adverse effect on or affect the assets, business, operations, earnings, properties, condition (financial or otherwise), prospects, stockholders' equity or results of operations of the Company and the Subsidiaries taken as a whole, or prevent or materially interfere with the consummation of the transactions contemplated hereby (a "**Material Adverse Effect**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Subsidiaries</u>. The Company owns, directly or indirectly, all of the equity interests of the Subsidiaries free and clear of any lien, charge, security interest, encumbrance, right of first refusal or other restriction, and all the equity interests of the Subsidiaries are validly issued and are fully paid, nonassessable and free of preemptive and similar rights. No Subsidiary is currently prohibited, directly or indirectly, from paying any dividends to the Company, from making any other distribution on such Subsidiary's capital stock, from repaying to the Company any loans or advances to such Subsidiary from the Company or from transferring any of such Subsidiary's property or assets to the Company or any other Subsidiary of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>No Violation or Default</u>. Neither the Company nor any of the Subsidiaries is (i) in violation of its charter or by-laws or similar organizational documents; (ii) in default, and no event has occurred that, with notice or lapse of time or both, would constitute such a default, in the due performance or observance of any term, covenant or condition contained in any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which the Company or any of the Subsidiaries is a party or by which the Company or any of the Subsidiaries is bound or to which any of the property or assets of the Company or any of the Subsidiaries is subject; or (iii) in violation of any Law of any Governmental Authority (as defined below), except, in the case of each of clauses (ii) and (iii) above, for any such violation or default that could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. To the Company's knowledge, no other party under any material contract or other agreement to which it or any of the Subsidiaries is a party is in default in any respect thereunder where such default would reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>No Material Adverse Effect</u>. Subsequent to the respective dates as of which information is given in the Registration Statement, the Time of Sale Prospectus, the Prospectus and the free writing prospectuses, if any, there has not been (i) any Material Adverse Effect or the occurrence of any development that would, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, (ii) any transaction which is material to the Company and the Subsidiaries taken as a whole, (iii) any obligation or liability, direct or contingent (including any off-balance sheet obligations), incurred by the Company or any Subsidiary, which is material to the Company and the Subsidiaries taken as a whole, (iv) any material change in the capital stock or outstanding long-term indebtedness of the Company or any of the Subsidiaries (other than as a result of (A) the sale of Offered Shares, (B) the issuance or vesting of equity awards under the Company's existing equity incentive plan, (C) the issuance of shares upon the exercise of options with respect to mining-related rights, or (D) the issuance of shares upon the exercise or conversion of loans or securities exercisable for, or convertible into, shares outstanding on the date hereof, each of (A), (B), (C) and (D) as described in the Registration Statement, Time of Sale

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Prospectus and Prospectus) or (v) any dividend or distribution of any kind declared, paid or made on the capital stock of the Company or any Subsidiary, other than, in each case above, in the ordinary course of business or as otherwise disclosed in the Registration Statement, the Time of Sale Prospectus or the Prospectus (including any document filed therewith).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>Capitalization</u>. The issued and outstanding shares of capital stock of the Company have been validly issued, are fully paid and nonassessable, have been issued in compliance with all applicable Laws, and are not subject to preemptive rights, rights of first refusal or similar rights. All prior offers and sales of the outstanding Shares, options, warrants and other outstanding securities convertible into or exercisable for Shares, were made in compliance with the Securities Act and all other applicable laws and regulations. The Company has an authorized, issued and outstanding capitalization as set forth in the Registration Statement, the Time of Sale Prospectus and the Prospectus as of the dates referred to therein (other than the grant of additional options under the Company's existing equity incentive plan, or changes in the number of outstanding shares of Common Stock due to the issuance of shares upon the exercise or conversion of securities exercisable for, or convertible into, shares of Common Stock outstanding on the date hereof) and such authorized capital stock conforms in all material respects to the description thereof set forth in the Registration Statement, the Time of Sale Prospectus and the Prospectus. The description of the Offered Shares in the Registration Statement, the Time of Sale Prospectus and the Prospectus is complete and accurate in all material respects. The description of the Company's stock option, stock bonus and other related plans or arrangements, and options and/or other rights granted thereunder, as described in the Registration Statement, the Time of Sale Prospectus and the Prospectus, accurately and fairly present, in all material respects, the information required to be shown with respect to such plans, arrangements, options and rights. Except as disclosed in the Registration Statement, the Time of Sale Prospectus and the Prospectus, as of the date referred to therein, the Company does not have outstanding any options to purchase, or any rights or warrants to subscribe for, or any securities or obligations convertible into, or exchangeable for, or any contracts or commitments to issue or sell, any shares of capital stock or other securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>Authorization; Enforceability</u>. The Company has full legal right, power and authority to enter into this Agreement and perform the transactions contemplated thereby. This Agreement has been duly authorized, executed and delivered by the Company and is a legal, valid and binding agreement of the Company enforceable in accordance with its terms, except to the extent that enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar Laws affecting creditors' rights generally and by general equitable principles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) <u>Authorization of the Offered Shares</u>. The Offered Shares have been duly authorized for issuance and sale pursuant to this Agreement and, when issued and delivered by the Company against payment therefor pursuant to this Agreement, will be duly and validly issued, fully paid and nonassessable, free and clear of any pledge, lien, encumbrance, security interest or other claim, including any statutory or contractual preemptive rights, resale rights, rights of first refusal or other similar rights, and will be registered pursuant to Section 12 of the Exchange Act. The Offered Shares, when issued, will conform in all material respects to the description thereof set forth in the Registration Statement, the Time of Sale Prospectus and the Prospectus.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) <u>No Consents Required</u>. No consent, approval, authorization, order, registration or qualification of or with any Governmental Authority is required for the execution, delivery and performance by the Company of this Agreement, the issuance and sale by the Company of the Offered Shares, except for such consents, approvals, authorizations, orders and registrations or qualifications as may be required under applicable state securities Laws or Laws of the Financial Industry Regulatory Authority Inc. ("**FINRA**") or the NYSE American ("**NYSE American**") in connection with the sale of the Offered Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) <u>No Preferential Rights</u>. (i) Except as disclosed in the Registration Statement, the Time of Sale Prospectus and the Prospectus, no person, as such term is defined in Rule 1-02 of Regulation S-X promulgated under the Securities Act (each, a "**Person**"), has the right, contractual or otherwise, to cause the Company to issue or sell to such Person any shares of Common Stock or shares of any other capital stock or other securities of the Company, other than the shares of Common Stock issuable in connection with repayment of the Loan (as defined in the Registration Statement), shares of Common Stock issuable upon exercise of options in connection with the Company's mineral rights purchase and/or lease options agreements as described in the Registration Statement, and shares of Common Stock issuable in connection with the conversion of SAFEs upon the consummation of an equity financing of at least $7,000,000 in gross proceeds to the Company, (ii) no Person has any preemptive rights, resale rights, rights of first refusal, rights of co-sale, or any other rights (whether pursuant to a "poison pill" provision or otherwise) to purchase any shares of Common Stock or shares of any other capital stock or other securities of the Company, (iii) no Person has the right to act as an underwriter or financial advisor to the Company in connection with the offer and sale of the Company's shares of Common Stock, and (iv) no Person has the right, contractual or otherwise, to require the Company to register under the Securities Act the offer and sale of any shares of Common Stock or shares of any other capital stock or other securities of the Company, or to include any such shares or other securities in the Registration Statement or the offering contemplated thereby, whether as a result of the filing or effectiveness of the Registration Statement or the sale of the Offered Shares as contemplated thereby or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) <u>Independent Public Accounting Firm</u>. BDO USA LLP ("**BDO**") and PGBR Auditores e Consultores ("**PGBR**", each an "**Accountant**" and together, the "**Accountants**"), whose reports on the consolidated financial statements of the Company are filed with the Commission as part of the Registration Statement, the Time of Sale Prospectus and the Prospectus, are and, during the periods covered by their report, were independent registered public accounting firms within the meaning of the Securities Act and the Public Company Accounting Oversight Board (United States). To the Company's knowledge, the Accountants are not in violation of the auditor independence requirements of the Sarbanes-Oxley Act of 2002 (the "**Sarbanes-Oxley Act**") with respect to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) <u>Enforceability of Agreements</u>. All agreements between the Company and third parties referenced in the Prospectus are legal, valid and binding obligations of the Company enforceable in accordance with their respective terms, except to the extent that (i) enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar Laws affecting creditors' rights generally and by general equitable principles and (ii) the indemnification provisions of certain agreements may be limited by federal or state securities Laws or public policy considerations in respect thereof, and (iii) any unenforceability that would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) <u>No Litigation</u>. There are no actions, suits or proceedings by or before any Governmental Authority pending, nor any audits or, to the Company's knowledge, investigations by or before any Governmental Authority, to which the Company or a Subsidiary is a party or to which any property of the Company or any of the Subsidiaries is the subject that would, individually or in the aggregate, if determined adversely to the Company or any of the Subsidiaries, reasonably be expected to have a Material Adverse Effect and, to the Company's knowledge, no such actions, suits, proceedings, audits or investigations are threatened or contemplated by any Governmental Authority or threatened by others; and there are no current or pending audits, investigations, actions, suits or proceedings by or before any Governmental Authority that are required under the Securities Act to be described in the Registration Statement, the Time of Sale Prospectus or the Prospectus that are not so described.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) <u>Consents and Permits</u>. Except as disclosed in the Registration Statement, the Time of Sale Prospectus and the Prospectus, the Company and each Subsidiary possess such valid and current certificates, authorizations or permits issued by the appropriate state, federal or foreign regulatory agencies or bodies necessary to conduct their respective businesses, and neither the Company nor any Subsidiary has received, or has any reason to believe that it will receive, any written notice of proceedings relating to the revocation or modification of, or non-compliance with, any such certificate, authorization or permit which, if the subject of an unfavorable decision, ruling or finding, would, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>Intellectual Property</u>. To the Company's knowledge, the Company and the Subsidiaries own, possess, license or have other rights to use all foreign and domestic patents, patent applications, trade and service marks, trade and service mark registrations, trade names, copyrights, licenses, inventions, trade secrets, technology, Internet domain names, know-how and other intellectual property (collectively, the "**Intellectual Property**") necessary for the conduct of their respective businesses as now conducted except to the extent that the failure to own, possess, license or otherwise hold adequate rights to use such Intellectual Property could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. (i) Except as disclosed in the Registration Statement, the Time of Sale Prospectus and the Prospectus, there are no rights of third parties to any such Intellectual Property owned by the Company and the Subsidiaries; (ii) to the Company's knowledge, there is no infringement by third parties of any such Intellectual Property; (iii) there is no pending or, to the Company's knowledge, threatened action, suit, proceeding or claim by others challenging the Company's and the Subsidiaries' rights in or to any such Intellectual Property, and the Company is unaware of any facts which could form a reasonable basis for any such action, suit, proceeding or claim; (iv) there is no pending or, to the Company's knowledge, threatened action, suit, proceeding or claim by others challenging the validity or scope of any such Intellectual Property; (v) there is no pending or, to the Company's knowledge, threatened action, suit, proceeding or claim by others that the Company or the Subsidiaries infringe or otherwise violate any patent, trademark, copyright, trade secret or other proprietary rights of others; (vi) to the Company's knowledge, there is no third-party U.S. patent or published U.S. patent application which contains claims for which an Interference Proceeding (as defined in 35 U.S.C. § 135) which has been commenced against any patent or patent application described in the Registration Statement, the Time of Sale Prospectus or the Prospectus as being owned by or licensed to the Company; and (vii) the Company and the Subsidiaries have complied with the terms of each agreement pursuant to which Intellectual Property has been licensed to the

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Company or such Subsidiary, and all such agreements are in full force and effect, except, in the case of any of clauses (i)-(vii) above, for any such infringement by third parties or any such pending or threatened suit, action, proceeding or claim as could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) <u>No Material Defaults</u>. Neither the Company nor any of the Subsidiaries has defaulted on any installment on indebtedness for borrowed money or on any rental on one or more long-term leases, and, to the Company's knowledge, no event has occurred that, with notice or lapse of time or both, would constitute such a default, and neither the Company nor any of the Subsidiaries has failed to pay any dividend or sinking fund installment on preferred stock, which defaults or failures would, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) <u>Certain Market Activities</u>. Neither the Company nor any of the Subsidiaries has taken, directly or indirectly, any action designed to or that would reasonably be expected to cause or result in stabilization or manipulation of the price of the shares of Common Stock or of any "reference security" (as defined in Rule 100 of Regulation M under the Exchange Act ("**Regulation M**")) with respect to the shares of Common Stock, whether to facilitate the sale or resale of the Offered Shares or otherwise, and has taken no action which would directly or indirectly violate Regulation M.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) <u>Broker/Dealer Relationships</u>. Neither the Company nor any of the Subsidiaries (i) is required to register as a "broker" or "dealer" in accordance with the provisions of the Exchange Act or (ii) directly or indirectly through one or more intermediaries, controls or is a "person associated with a member" or "associated person of a member" (within the meaning set forth in the FINRA Manual).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) <u>No Reliance</u>. The Company has not relied upon the Underwriters or legal counsel for the Underwriters for any legal, tax or accounting advice in connection with the offering and sale of the Offered Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) <u>Taxes</u>. The Company and each of the Subsidiaries have filed all U.S. federal, state, local and foreign tax returns which have been required to be filed and paid all taxes shown thereon through the date hereof, to the extent that such taxes have become due and are not being contested in good faith, except where the failure to so file or pay could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. Except as otherwise disclosed in or contemplated by the Registration Statement, the Time of Sale Prospectus and the Prospectus, no tax deficiency has been determined adversely to the Company or any of the Subsidiaries which has had, or would reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. The Company has no knowledge of any federal, state or other governmental tax deficiency, penalty or assessment which has been or might be asserted or threatened against it which would, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) <u>Title to Real and Personal Property</u>. Except as described in the Registration Statement, the Time of Sale Prospectus and the Prospectus, the Company and the Subsidiaries have good and marketable title in fee simple to all items of real property owned by them, and good and valid title to all personal property described in the Registration Statement, the Time of Sale

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Prospectus or the Prospectus as being owned by them that are material to the businesses of the Company or such Subsidiary, in each case free and clear of all liens, encumbrances and claims, except those matters that (i) do not materially interfere with the use made and proposed to be made of such property by the Company and any of the Subsidiaries or (ii) could not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect. Any real or personal property described in the Registration Statement, the Time of Sale Prospectus or the Prospectus as being leased by the Company or any of the Subsidiaries is held by them under valid, existing and enforceable leases, except those that (A) do not materially interfere with the use made or proposed to be made of such property by the Company or any of the Subsidiaries or (B) could not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect. Each of the properties of the Company and the Subsidiaries complies with all applicable Laws (including building and zoning Laws and Laws relating to access to such properties) except if and to the extent disclosed in the Registration Statement, the Time of Sale Prospectus or the Prospectus or for such failures to comply that could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. None of the Company or the Subsidiaries has received from any Governmental Authorities any notice of any condemnation of, or zoning change affecting, the properties of the Company and the Subsidiaries, and the Company knows of no such condemnation or zoning change which is threatened, except for such that could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) <u>Environmental Laws</u>. The Company and the Subsidiaries (i) are in compliance with any and all applicable federal, state, local and foreign Laws relating to the protection of human health and safety, the environment or hazardous or toxic substances or wastes, pollutants or contaminants (collectively, "**Environmental Laws**"); (ii) have received and are in compliance with all permits, licenses or other approvals required of them under applicable Environmental Laws to conduct their respective businesses as described in the Registration Statement, the Time of Sale Prospectus or the Prospectus; and (iii) have not received notice of any actual or potential liability for the investigation or remediation of any disposal or release of hazardous or toxic substances or wastes, pollutants or contaminants, except, in the case of any of clauses (i), (ii) or (iii) above, for any such failure to comply or failure to receive required permits, licenses, other approvals or liability as could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) <u>Periodic Review of Costs of Environmental Compliance</u>. In the ordinary course of its business, the Company conducts a periodic review of the effect of Environmental Laws on the business, operations and properties of the Company and the Subsidiaries, in the course of which it identifies and evaluates associated costs and liabilities (including any capital or operating expenditures required for clean-up, closure of properties or compliance with Environmental Laws or any permit, license or approval, any related constraints on operating activities and any potential liabilities to third parties). No facts or circumstances have come to the Company's attention that could result in costs or liabilities that could, individually or in the aggregate, have a Material Adverse Effect.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) <u>Disclosure Controls</u>. The Company and the Subsidiaries maintain a system of "disclosure controls and procedures" (as defined in Rule 13a-15(e) of the Exchange Act) that complies in all material respects with the requirements of the Exchange Act and that has been designed to ensure that information required to be disclosed by the Company in reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Commission's rules and forms, including controls and procedures designed to ensure that such information is accumulated and communicated to the Company's management as appropriate to allow timely decisions regarding required disclosure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) <u>Accounting Controls</u>. Except as described in the Registration Statement, the Time of Sale Prospectus and the Prospectus, the Company and the Subsidiaries maintain systems of "internal control over financial reporting" (as defined in Rule 13a-15(f) of the Exchange Act) that comply in all material respects with the requirements of the Exchange Act and have been designed by, or under the supervision of, their respective principal executive and principal financial officers, or persons performing similar functions, and designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with GAAP. The Company and the Subsidiaries maintain internal accounting controls designed, and which the Company believes sufficient, to provide reasonable assurance that (i) transactions are executed in accordance with management's general or specific authorizations; (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with GAAP and to maintain asset accountability; (iii) access to assets is permitted only in accordance with management's general or specific authorization; and (iv) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences. Except as disclosed in the Registration Statement, the Time of Sale Prospectus and the Prospectus, there are no material weaknesses in the Company's internal controls. The Company's auditors and the Audit Committee of the Board of Directors of the Company have been advised of: (i) all significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which have adversely affected or are reasonably likely to adversely affect the Company's ability to record, process, summarize and report financial information; and (ii) any fraud, whether or not material, that involves management or other employees who have a significant role in the Company's internal controls over financial reporting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) <u>Sarbanes-Oxley</u>. There is and has been no failure on the part of the Company or, to the knowledge of the Company, any of the Company's directors or officers, in their capacities as such, to comply in all material respects with any applicable provisions of the Sarbanes-Oxley Act and the rules and regulations promulgated thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) <u>Brokers</u>. Neither the Company nor any of the Subsidiaries has incurred any liability for any finder's fees, brokerage commissions or similar payments in connection with the transactions herein contemplated, except as may otherwise exist with respect to the Underwriters or pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Labor Disputes</u>. No labor disturbance by or dispute with employees of the Company or any of the Subsidiaries exists or, to the knowledge of the Company, is threatened which would, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj) <u>Investment Company Act</u>. Neither the Company nor any of the Subsidiaries is, or will be, either after receipt of payment for the Offered Shares or after the application of the proceeds therefrom as described under "Use of Proceeds" in the Registration Statement, the Time of Sale Prospectus or the Prospectus, required to register as an "investment company" or an entity "controlled" by an "investment company," as such terms are defined in the Investment Company Act of 1940, as amended (the **"Investment Company Act**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk) <u>Operations</u>. The operations of the Company and the Subsidiaries are and have been conducted at all times in compliance with applicable money laundering, financial record keeping and reporting requirements, and counter-terrorism financing laws, rules, and regulations, including, but not limited to, the Currency and Foreign Transactions Reporting Act of 1970, as amended by the USA PATRIOT Act of 2001, and the rules and regulations promulgated thereunder, and the anti-money laundering Laws and counter-terrorism financing laws, rules and regulations of all jurisdictions to which the Company or the Subsidiaries are subject, the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any Governmental Authority (collectively, the "**Money Laundering Laws**"); and no investigation, action, suit or proceeding by or before any Governmental Authority involving the Company or any of the Subsidiaries with respect to the Money Laundering Laws is pending or, to the knowledge of the Company, threatened.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll) <u>Off-Balance Sheet Arrangements</u>. There are no transactions, arrangements or other relationships between and/or among the Company, on the one hand, and/or any of its affiliates and any unconsolidated entity, on the other hand, including any structured finance, special purpose or limited purpose entity (each, an "**Off-Balance Sheet Transaction**") that would reasonably be expected to affect materially the Company's liquidity or the availability of or requirements for its capital resources, including those Off-Balance Sheet Transactions described in the Commission's Statement about Management's Discussion and Analysis of Financial Condition and Results of Operations (Release Nos. 33-8056; 34-45321; FR-61), required to be described in the Prospectus which have not been described as required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mm) <u>ERISA</u>. Except as would not reasonably be expected to have a Material Adverse Effect: each material employee benefit plan, within the meaning of Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended ("**ERISA**"), that is maintained, administered or contributed to by the Company or any of its affiliates for employees or former employees of the Company and any of the Subsidiaries has been maintained in material compliance with its terms and the requirements of any applicable statutes, orders, rules and regulations, including ERISA and the Internal Revenue Code of 1986, as amended (the "**Code**"); no prohibited transaction, within the meaning of Section 406 of ERISA or Section 4975 of the Code, has occurred which would result in a material liability to the Company with respect to any such plan, excluding transactions effected pursuant to a statutory or administrative exemption; and for each such plan that is subject to the funding rules of Section 412 of the Code or Section 302 of ERISA, no "accumulated funding deficiency" as defined in Section 412 of the Code has been incurred, whether or not waived, and the fair market value of the assets of each such plan (excluding for these purposes accrued but unpaid contributions) exceeds the present value of all benefits accrued under such plan determined using reasonable actuarial assumptions.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nn) <u>Forward-Looking Statements</u>. Each financial or operational projection or other "forward-looking statement" (as defined by Section 27A of the Securities Act or Section 21E of the Exchange Act) contained in the Registration Statement, the Time of Sale Prospectus or the Prospectus (i) was so included by the Company in good faith and with reasonable basis after due consideration by the Company of the underlying assumptions, estimates and other applicable facts and circumstances and (ii) is accompanied by meaningful cautionary statements identifying those factors that could cause actual results to differ materially from those in such forward-looking statement. No such statement was made with the knowledge of an executive officer or director of the Company that such statement was false or misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(oo) <u>Margin Rules</u>. Neither the issuance, sale and delivery of the Offered Shares nor the application of the proceeds thereof by the Company as described in the Registration Statement and the Prospectus will violate Regulation T, U or X of the Board of Governors of the Federal Reserve System or any other regulation of such Board of Governors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(pp) <u>Insurance</u>. The Company and each of the Subsidiaries carry, or are covered by, insurance covering their respective properties, operations, personnel and businesses, including business interruption insurance, in such amounts and covering such risks as the Company and each of the Subsidiaries reasonably believe are adequate for the conduct of their business and the maintenance of their properties and as is customary for companies engaged in similar businesses in similar industries; and neither the Company nor any of the Subsidiaries has (i) received notice from any insurer or agent of such insurer that any material capital improvements or other expenditures are required or necessary to be made in order to continue such insurance or (ii) any reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage at reasonable cost from similar insurers as may be necessary to continue its business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qq) <u>Export Control and Import Compliance</u>. The Company, the Subsidiaries, its or their directors, officers, and, to the Company's knowledge, employees, are and have been in compliance, in all material respects, with (i) all applicable trade, export control, import and antiboycott laws and regulations imposed, administered or enforced by the U.S. government, including: (a) laws, regulations and policies enforced by U.S. Customs and Border Protection; (b) the Arms Export Control Act (22 U.S.C. § 1778) and the International Traffic in Arms Regulations (22 C.F.R. Part 120 et seq.) administered by the U.S. Department of State's Directorate of Defense Trade Controls; (c) the Export Administration Regulations (15 C.F.R. Part 730 et seq.) administered by the U.S. Department of Commerce's Bureau of Industry and Security; (d) the U.S. anti-boycott regulations administered by the U.S. Department of Commerce's Bureau of Industry and Security and the IRS; (e) all laws concerning export and import reporting administered by the U.S. Census Bureau; (f) the International Emergency Economic Powers Act (50 U.S.C. §§ 1701–1706); the Foreign Trade Regulations (15 C.F.R. Part 30); and the Export Control Reform Act of 2018 (50 U.S.C. §§ 4801-4861), and (ii) the antiboycott laws and regulations imposed, administered or enforced by any other country, except to the extent inconsistent with U.S. law (collectively, the "**Export Control and Import Laws**"). The Company and the Subsidiaries have obtained all registrations, approvals, license exceptions, and licenses necessary for exporting, importing, conducting their operations, and providing their products and services in accordance with all Export Control and Import Laws (collectively, the "**Export Approvals**"), and have complied with the terms of all Export Approvals in all material respects.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rr) <u>No Improper Practices</u>. (i) Neither the Company nor any of the Subsidiaries, nor any director, officer, or employee of the Company or any Subsidiary nor, to the Company's knowledge, any agent, affiliate or other person acting on behalf of the Company or any Subsidiary has, in the past five years, made any unlawful contributions to any candidate for any political office (or failed fully to disclose any contribution in violation of applicable Law) or made any contribution or other payment to any official of, or candidate for, any federal, state, municipal, or foreign office or other person charged with similar public or quasi-public duty in violation of any applicable Law or of the character required to be disclosed in the Prospectus; (ii) no relationship, direct or indirect, exists between or among the Company or any Subsidiary or any affiliate of any of them, on the one hand, and the directors, officers and stockholders of the Company or any Subsidiary, on the other hand, that is required by the Securities Act to be described in the Registration Statement, the Time of Sale Prospectus or the Prospectus that is not so described; (iii) no relationship, direct or indirect, exists between or among the Company or any Subsidiary or any affiliate of them, on the one hand, and the directors, officers, or stockholders of the Company or any Subsidiary, on the other hand, that is required by the rules of FINRA to be described in the Registration Statement, the Time of Sale Prospectus or the Prospectus that is not so described; (iv) there are no outstanding loans or advances or guarantees of indebtedness by the Company or any Subsidiary to or for the benefit of any of their respective officers or directors or any of the members of the families of any of them; (v) the Company has not offered, or caused any placement agent to offer, shares of Common Stock to any person with the intent to influence unlawfully (A) a customer or supplier of the Company or any Subsidiary to alter the customer's or supplier's level or type of business with the Company or any Subsidiary or (B) a trade journalist or publication to write or publish favorable information about the Company or any Subsidiary or any of their respective products or services; and (vi) neither the Company nor any Subsidiary nor any director, officer or employee of the Company or any Subsidiary nor, to the Company's knowledge, any agent, affiliate or other person acting on behalf of the Company or any Subsidiary has (A) violated or is in violation of any applicable provision of the U.S. Foreign Corrupt Practices Act of 1977, as amended, or any applicable law or regulation implementing the OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions, or committed an offence under the Bribery Act 2010 of the United Kingdom, or any other applicable anti-bribery or anti-corruption Law (collectively, "**Anti-Corruption Laws**"), (B) promised, offered, provided, attempted to provide or authorized the provision of anything of value, directly or indirectly, to any person for the purpose of obtaining or retaining business, influencing any act or decision of the recipient or securing any improper advantage, or (C) made any payment of funds of the Company or any Subsidiary or received or retained any funds in violation of any Anti-Corruption Laws. The Company and the Subsidiaries have instituted, maintain and enforce, and will continue to maintain and enforce policies and procedures designed to promote and ensure compliance with all applicable anti-bribery and anti-corruption laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ss) <u>No Conflicts</u>. Neither the execution of this Agreement, nor the issuance, offering or sale of the Offered Shares as contemplated by the Registration Statement, the Time of Sale Prospectus or the Prospectus, nor the consummation of any of the transactions contemplated herein and therein, nor the compliance by the Company with the terms and provisions hereof and thereof will conflict with, or will result in a breach of, any of the terms and provisions of, or has constituted or will constitute a default under, or has resulted in or will result in the creation or imposition of any lien, charge or encumbrance upon any property or assets of the Company pursuant to the terms of any contract or other agreement to which the Company may be bound or

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to which any of the property or assets of the Company is subject, except (i) such conflicts, breaches or defaults as may have been waived and (ii) such conflicts, breaches and defaults that could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect; nor will such action result in (x) any violation of the provisions of the organizational or governing documents of the Company, or (y) any violation of the provisions of any statute or any order, rule or regulation applicable to the Company or of any Governmental Authority having jurisdiction over the Company that would reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(tt) <u>Sanctions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Neither the Company nor any of the Subsidiaries, nor any director, officer, employee, or to the Company's knowledge, agent, affiliate or representative of the Company or any of the Subsidiaries, is a government, individual, or entity (in this paragraph (tt), "**Person**") that is, or is 50% or more owned or controlled by one or more Persons that is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the target of comprehensive economic or financial sanctions or trade embargoes administered or enforced by the U.S. government (including, without limitation, the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of State and including, without limitation, the designation as a "specially designated national" or "blocked person"), the United Nations Security Council, the European Union or any European Union member state, or the United Kingdom (collectively, "**Sanctions**"), nor

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) operating from, located, organized or resident in a country or territory that is the target of comprehensive Sanctions that broadly prohibit dealings with that country or territory (as of the date of this Agreement, Cuba, Iran, North Korea, Syria, the Crimea Region of the Ukraine, the so-called Donetsk People's Republic and the so-called Luhansk People's Republic) (each, a "**Sanctioned Country**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Company will not directly or indirectly use the proceeds of the offering of the Offered Shares hereunder, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other Person (i) to fund or facilitate any activities of or business with or involving any person that, at the time of such funding or facilitation, is the subject or target of Sanctions, (ii) to fund or facilitate any activities of or business in any Sanctioned Country or (iii) in any other manner that will result in a violation by any Person (including any Person participating in the transaction, whether as underwriter, advisor, investor or otherwise) of Sanctions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(uu) <u>Compliance with Laws</u>. The Company and each of the Subsidiaries are in compliance with all applicable Laws (including all environmental Laws) in the jurisdictions in which they carry on business, except where failures to so comply could not reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect; the Company has not received a notice of material non-compliance, nor knows of, nor has reasonable grounds to know of, any facts that could give rise to a notice of material non-compliance with any such Laws, and is not aware of any material pending change or contemplated change to any applicable Law or governmental positions.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vv) <u>Statistical and Market-Related Data</u>. All statistical, demographic and market-related data included in the Registration Statement, the Time of Sale Prospectus or the Prospectus are based on or derived from sources that the Company believes to be reliable and accurate or represent the Company's good faith estimates that are made on the basis of data derived from such sources.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ww) <u>Stock Exchange Listing</u>. The Offered Shares have been approved for listing on the NYSE American, subject to notice of issuance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) <u>Related-Party Transactions</u>. There are no business relationships or related-party transactions involving the Company or any of the Subsidiaries or any other person required to be described in the Registration Statement, the Time of Sale Prospectus or the Prospectus that have not been described as required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(yy) <u>FINRA Matters</u>. All of the information provided to the Underwriters or to counsel for the Underwriters by the Company, its counsel, its officers and directors and the holders of any securities (debt or equity) or options to acquire any securities of the Company in connection with the offering of the Offered Shares is true, complete, correct and compliant in all material respects with FINRA's rules and any letters, filings or other supplemental information provided to FINRA pursuant to FINRA Rules is true, complete and correct in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(zz) <u>Parties to Lock-Up Agreements</u>. The Company has furnished to the Underwriters a letter agreement in the form attached hereto as <u>Exhibit A</u> (the "**Lock-up Agreement**") from each holder of 0.1% or more of the Company's outstanding shares of capital stock (or securities convertible or exercisable into shares of capital stock) and each of the persons listed on <u>Exhibit B</u>. Such <u>Exhibit B</u> lists under an appropriate caption the directors and executive officers of the Company. If any additional persons shall become directors or executive officers of the Company prior to the end of the Lock-up Period (as defined below), the Company shall cause each such person, prior to or contemporaneously with their appointment or election as a director or executive officer of the Company, to execute and deliver to the Underwriters a Lock-up Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aaa) <u>No Rights to Purchase Preferred Stock</u>. The issuance and sale of the Offered Shares as contemplated hereby will not cause any holder of any shares of capital stock, securities convertible into or exchangeable or exercisable for capital stock or options, warrants or other rights to purchase capital stock or any other securities of the Company to have any right to acquire any shares of preferred stock of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bbb) <u>No Contract Terminations</u>. Neither the Company nor any of the Subsidiaries has sent or received any communication regarding termination or, or intent not to renew, any of the contracts or agreements referred to or described in the Registration Statement, the Time of Sale Prospectus or the Prospectus, and no such termination or non-renewal has been threatened by the Company or any of its subsidiaries or, to the Company's knowledge, any other party to any such contract or agreement, which threat of termination or non-renewal has not been rescinded as of the date hereof.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ccc) <u>Cybersecurity; Data Protection</u>. (i) The Company and the Subsidiaries' information technology assets and equipment, computers, systems, networks, hardware, software, websites, applications, and databases (collectively, "**IT Systems**") are adequate for, and operate and perform in all material respects as required in connection with the operation of the business of the Company and the Subsidiaries as currently conducted, (ii) the Company and the Subsidiaries have implemented and maintained commercially reasonable controls, policies, procedures, and safeguards necessary to maintain and protect (a) their material confidential information (including "**Personal Data**," as such term is defined under applicable Laws) in their possession or control and (b) the integrity, operation, redundancy and security of all IT Systems used in connection with their businesses, (iii) to the Company's knowledge, there have been no material breaches, violations, outages or unauthorized uses of or accesses to IT Systems or Personal Data in the Company's and the Subsidiaries' possession or control, except for those that have been remedied without material cost or liability or the duty to notify any other person, nor any incidents under internal review or investigations relating to the same, and (iv) the Company and the Subsidiaries are presently in material compliance with all applicable Laws, internal policies and contractual obligations governing the privacy and security of IT Systems and Personal Data and to the protection of such IT Systems and Personal Data from unauthorized use, access, misappropriation or modification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ddd) <u>Material Interests and Third Party Properties</u>. Except as disclosed in the Registration Statement, the Time of Sale Prospectus and the Prospectus, the Company does not have any information or knowledge of any fact relating to its interests in any mining or development projects or properties (the "**Mineral Interests**"), which would, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect. Except as disclosed in the Registration Statement, the Time of Sale Prospectus and the Prospectus, the Company does not have any knowledge that (A) any owner or operator (an "**Operator**") of a property which is subject to a Mineral Interest (a "**Material Third Party Property**") does not hold all requisite licenses, registrations, qualifications, permits and consents necessary or appropriate for carrying on its respective business as currently carried on with respect to the Material Third Party Property and that such licenses, registrations, qualifications, permits and consents are invalid and are not subsisting and in good standing in accordance with applicable laws; and (B) any Operator has received any notice of proceedings relating to the revocation or adverse modification of any material mining license, registration, qualification or permit, or that any Operator has received notice of the revocation or cancellation of, or any intention to revoke or cancel, any mining rights, exploration or prospecting rights, concessions or licenses with respect to any Material Third Party Property, which matters under (A) and (B), individually or in the aggregate, would reasonably be expected to result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(eee) <u>Technical Reports.</u> The Company's material projects consist of (i) the Shiloh Project in the State of Georgia, United States, (ii) the Alpha Project in Bahia, Brazil, and (iii) the Constellation Project in Minas Gerais, Brazil (the "**Material Projects**"). The technical report summaries for each of the Material Projects (the "**Technical Reports**") were prepared by "qualified persons" within the meaning of Items 1300 — 1305 of Regulation S-K under the Securities Act ("**Subpart 1300**") in accordance with Subpart 1300 and Item 601(b)(96) of Regulation S-K.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(fff) <u>Technical Information</u>. All technical information, including the qualitative and quantitative data regarding mineral resources with respect to the Material Projects extracted from the Technical Reports, set forth in the Registration Statement, the Time of Sale Prospectus, the Prospectus and the free writing prospectuses, if any, has been reviewed by the Company and all such information has been prepared in accordance with Subpart 1300 by or under the supervision of a "qualified person"; the methods used in estimating the Company's mineral resources are in accordance with accepted mineral resource estimation practices and the assumptions underlying such resource estimates are reasonable and appropriate; the Company has duly filed with the Commission the summary of the applicable technical reports required by Subpart 1300, as applicable, which consists of the Technical Reports, and all such reports complied at the time thereof in all material respects with Subpart 1300 and Item 601(b)(96) of Regulation S-K and the requirements thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ggg) <u>Interests in Mineral Properties</u>. (i) With respect to any interests in patented mining claims or private lands, in each case in the United States, owned by the Company or the Subsidiaries or in which they hold a contractual interest (including through any option agreement or earn-in agreement) ("**Patented Claims**"), except as set forth in the Registration Statement, the Time of Sale Prospectus and the Prospectus, the Company or the Subsidiaries owns or controls the minerals within or extralateral rights derived from, and owns or controls or has other enforceable legal rights to use the surface of, those Patented Claims as is reasonably sufficient to allow the Company to conduct its business as presently conducted or the exploration activities proposed to be conducted by the Company as described in the Registration Statement, the Time of Sale Prospectus and the Prospectus, except as would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect, and (ii) all interests in unpatented mining claims, concessions, mining leases, leases of occupation, exploitation or extraction rights, participating interests or other property interests or rights or similar rights in the United States (together with the Patented Claims, "**U.S. Mining Claims**") that are held by the Company or the Subsidiaries are in good standing, are valid and enforceable (provided, however, that with respect to each of the unpatented mining claims owned or leased by the Company or the Subsidiaries (the "**Claims**"), the Company represents and warrants only that (A) subject to the paramount title of the United States and the rights of third parties to use of the surface, the Company or its subsidiaries hold the possessory interest therein; (B) to the Company's knowledge, the Claims were properly laid out and monumented on available public domain land open to location by mineral location; (C) to the Company's knowledge, location notices or certificates were timely and properly recorded and filed with the appropriate governmental agencies, and all payments required in connection therewith were timely and properly made; (D) to the Company's knowledge, all claim maintenance and related fees have been timely paid as required by law in order to hold the Claims; and (E) to the Company's knowledge, all affidavits of assessment of work (from and after October 21, 1979), notices of intent to hold, evidence of payment of claim maintenance fees, and other filings required to maintain the Claims in good standing have been timely and properly recorded or filed with the appropriate governmental agencies, and such U.S. Mining Claims are free and clear of any material liens or charges, and no material royalty is payable in respect of any of them, except, in each instance, as disclosed in the Registration Statement, the Time of Sale Prospectus and the Prospectus), or as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect; to the Company's knowledge, there are no expropriations or similar proceedings or any material challenges to title or ownership, actual or threatened, of which the Company or the Subsidiaries has received notice against the U.S. Mining Claims or any part

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thereof; except as disclosed in the Registration Statement, the Time of Sale Prospectus and the Prospectus, no other mineral title, surface or other rights are necessary for the conduct of the Company's business as presently conducted or the exploration activities proposed to be conducted by the Company as described in the Registration Statement, the Time of Sale Prospectus and the Prospectus (and subject to the limitations described therein) or the lack of which rights would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, and there are no material restrictions on the ability of the Company and the Subsidiaries to use or otherwise exploit any such property rights; except as disclosed in the Registration Statement, the Time of Sale Prospectus and the Prospectus, or as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, the Company or the Subsidiaries hold or have a contractual right to acquire all U.S. Mining Claims required by the Company and the Subsidiaries to exploit the development potential of the properties of the Company and the Subsidiaries for the purposes described in the Registration Statement, the Time of Sale Prospectus and the Prospectus. The Company or the Subsidiaries are the holders of all of their respective mineral interests (including mining, exploration or prospecting rights, concessions or licenses, fee interests, or similar interests as applicable in the applicable jurisdiction) located outside of the United States (the "**International Mining Claims**"), under valid and subsisting title documents, or other recognized and enforceable agreements or instruments, each as described in the Registration Statement, the Time of Sale Prospectus and the Prospectus as being held respectively by them, free and clear of any encumbrances, liens, charges or restrictions, and no material royalty is payable in respect of any such claims, in each case except as set forth in the Registration Statement, the Time of Sale Prospectus and those that would not reasonably be expected to interfere with the exploration of the property or mineral project that is the subject of the International Mining Claims. The Company or the Subsidiaries have complied in all material respects with the applicable requirements of the jurisdictions in which the International Mining Claims are located in respect of such claims, including obtaining such licenses and permits, paying such fees and taking such steps as are required to establish and maintain its interest in such claims under applicable rules and regulations, in each case except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

Any certificate signed by any officer of the Company or any of the Subsidiaries and delivered to any Underwriter or to counsel for the Underwriters in connection with the offering, or the purchase and sale, of the Offered Shares shall be deemed a representation and warranty by the Company to each Underwriter as to the matters covered thereby.

The Company has a reasonable basis for making each of the representations set forth in this Section 1. The Company acknowledges that the Underwriters and, for purposes of the opinions to be delivered pursuant to Section 6, counsel to the Company and counsel to the Underwriters, will rely upon the accuracy and truthfulness of the foregoing representations and hereby consents to such reliance.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Purchase, Sale and Delivery of the Offered Shares</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>The Firm Shares</u>. Upon the terms herein set forth, the Company agrees to issue and sell to the several Underwriters an aggregate of [●] Firm Shares. On the basis of the representations, warranties and agreements herein contained, and upon the terms but subject to the conditions herein set forth, the Underwriters agree, severally and not jointly, to purchase from the Company the respective number of Firm Shares set forth opposite their names on <u>Schedule A</u>. The purchase price per Firm Share to be paid by the several Underwriters to the Company shall be $[●] per share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>The First Closing Date</u>. Settlement of the Firm Shares to be purchased by the Underwriters and payment therefor shall be made by electronic means at [●] a.m. Eastern time, on [●], 2026, or such other time and date not later than [●] p.m. Eastern time, on [●], 2026 as the Representative shall designate by notice to the Company (the time and date of such closing are called the "First Closing Date"). The Company hereby acknowledges that circumstances under which the Representative may provide notice to postpone the First Closing Date as originally scheduled include, but are not limited to, any determination by the Company or the Representative to recirculate to the public copies of an amended or supplemented Prospectus or a delay as contemplated by the provisions of Section 11.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>The Option Shares; Option Closing Date</u>. In addition, on the basis of the representations, warranties and agreements herein contained, and upon the terms but subject to the conditions herein set forth, the Company hereby grants an option to the several Underwriters to purchase, severally and not jointly, up to an aggregate of [●] Option Shares from the Company at the purchase price per share to be paid by the Underwriters for the Firm Shares. The option granted hereunder may be exercised at any time and from time to time in whole or in part upon notice by the Representative to the Company, which notice may be given at any time within 30 days from the date of this Agreement. Such notice shall set forth (i) the aggregate number of Option Shares as to which the Underwriters are exercising the option and (ii) the time, date and place at which the Option Shares will be delivered (which time and date may be simultaneous with, but not earlier than, the First Closing Date; and in the event that such time and date are simultaneous with the First Closing Date, the term "First Closing Date" shall refer to the time and date of delivery of the Firm Shares and such Option Shares). Any such time and date of delivery, if subsequent to the First Closing Date, is called an "Option Closing Date," shall be determined by the Representative, and shall not be earlier than one or later than five full Business Days (as defined below) after delivery of such notice of exercise. If any Option Shares are to be purchased, (A) each Underwriter agrees, severally and not jointly, to purchase the number of Option Shares (subject to such adjustments to eliminate fractional shares as the Representative may determine) that bears the same proportion to the total number of Option Shares to be purchased as the number of Firm Shares set forth on <u>Schedule A</u> opposite the name of such Underwriter bears to the total number of Firm Shares and (B) the Company agrees to sell the number of Option Shares set forth in the paragraph "Introductory" of this Agreement (subject to such adjustments to eliminate fractional shares as the Representative may determine). The Representative may cancel the option at any time prior to its expiration by giving written notice of such cancellation to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>[</u>*<u>Reserved</u>*<u>]</u>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Public Offering of the Offered Shares</u>. The Representative hereby advises the Company that the Underwriters intend to offer for sale to the public, initially on the terms set forth in the Registration Statement, the Time of Sale Prospectus and the Prospectus, their respective portions of the Offered Shares as soon after this Agreement has been executed as the Representative, in its sole judgment, has determined is advisable and practicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Payment for the Offered Shares</u>. (i) Payment for the Offered Shares shall be made at the First Closing Date (and, if applicable, payment for the Optional Shares shall be made at the First Closing Date or the applicable Option Closing Date, as the case may be) by wire transfer of immediately available funds to the order of the Company. (ii) It is understood that the Representative has been authorized, for its own account and the accounts of the several Underwriters, to accept delivery of and receipt for, and make payment of the purchase price for, the Firm Shares and any Option Shares the Underwriters have agreed to purchase. Cantor, individually and not as the Representative of the Underwriters, may (but shall not be obligated to) make payment for any Offered Shares to be purchased by any Underwriter whose funds shall not have been received by the Representative by the First Closing Date or the applicable Option Closing Date, as the case may be, for the account of such Underwriter, but any such payment shall not relieve such Underwriter from any of its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Delivery of the Offered Shares</u>. The Company shall deliver, or cause to be delivered to the Representative for the accounts of the several Underwriters, the Firm Shares at the First Closing Date, against the irrevocable release of a wire transfer of immediately available funds for the amount of the purchase price therefor. The Company shall also deliver, or cause to be delivered through the facilities of DTC unless the Representative shall otherwise instruct, to the Representative for the accounts of the several Underwriters, the Option Shares the Underwriters have agreed to purchase at the First Closing Date or the applicable Option Closing Date, as the case may be, against the release of a wire transfer of immediately available funds for the amount of the purchase price therefor. If the Representative so elects, delivery of the Offered Shares may be made by credit to the accounts designated by the Representative through The Depository Trust Company's full fast transfer or DWAC programs. The certificates, if any, for the Offered Shares shall be registered in such names and denominations as the Representative shall have requested at least two full Business Days prior to the First Closing Date (or the applicable Option Closing Date, as the case may be) and shall be made available for inspection on the Business Day preceding the First Closing Date (or the applicable Option Closing Date, as the case may be) at a location in New York City as the Representative may designate. Time shall be of the essence, and delivery at the time and place specified in this Agreement is a further condition to the obligations of the Underwriters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Underwriting Discount</u>. In consideration of the services to be provided hereunder, the Company shall pay to the Underwriters: (i) with respect to any Offered Shares sold to existing shareholders of the Company and certain affiliates of the Company, each as listed in <u>Schedule E</u> hereto, a discount equal to three and one-half percent (3.5%) of the gross proceeds of the Offering; and (ii) with respect to any Offered Shares sold to investors introduced by the Underwriters, a discount equal to seven percent (7.0%) of the gross proceeds of the Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Additional Covenants of the Company</u>.

## The Company further covenants and agrees with each Underwriter as follows:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Delivery of Registration Statement, Time of Sale Prospectus and Prospectus</u>. The Company shall furnish, upon request, to the Representative, without charge, one (1) signed copy of the Registration Statement (including exhibits thereto) and for delivery to each other Underwriter a conformed copy of the Registration Statement (without exhibits thereto) and shall furnish to the Representative in New York City, without charge, prior to 10:00 a.m. New York City time on the Business Day next succeeding the date of this Agreement and during the period when a prospectus relating to the Offered Shares is required by the Securities Act to be delivered (whether physically or through compliance with Rule 172 under the Securities Act or any similar rule) in connection with the sale of the Offered Shares, as many copies of the Time of Sale Prospectus, the Prospectus and any supplements and amendments thereto or to the Registration Statement as the Representative may reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Representative's Review of Proposed Amendments and Supplements</u>. During the period when a prospectus relating to the Offered Shares is required by the Securities Act to be delivered (whether physically or through compliance with Rule 172 under the Securities Act or any similar rule), the Company (i) will furnish to the Representative for review, a reasonable period of time prior to the proposed time of filing of any proposed amendment or supplement to the Registration Statement, a copy of each such amendment or supplement and (ii) will not amend or supplement the Registration Statement without the Representative's prior written consent (which consent shall not be unreasonably withheld, conditioned or delayed). Prior to amending or supplementing any preliminary prospectus, the Time of Sale Prospectus or the Prospectus, the Company shall furnish to the Representative for review, a reasonable amount of time prior to the time of filing or use of the proposed amendment or supplement, a copy of each such proposed amendment or supplement. The Company shall not file or use any such proposed amendment or supplement without the Representative's prior written consent (which consent shall not be unreasonably withheld, conditioned or delayed). The Company shall file with the Commission within the applicable period specified in Rule 424(b) under the Securities Act any prospectus required to be filed pursuant to such Rule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Free Writing Prospectuses</u>. The Company shall furnish to the Representative for review, a reasonable amount of time prior to the proposed time of filing or use thereof, a copy of each proposed free writing prospectus or any amendment or supplement thereto prepared by or on behalf of, used by or referred to by the Company, and the Company shall not file, use or refer to any proposed free writing prospectus or any amendment or supplement thereto without the Representative's prior written consent (which consent shall not be unreasonably withheld, conditioned or delayed). The Company shall furnish to each Underwriter, without charge, as many copies of any free writing prospectus prepared by or on behalf of, used by or referred to by the Company as such Underwriter may reasonably request. If at any time when a prospectus is required by the Securities Act to be delivered (whether physically or through compliance with Rule 172 under the Securities Act or any similar rule) in connection with the sale of the Offered Shares (but in any event if at any time through and including the First Closing Date) there occurred or occurs an event or development as a result of which any free writing prospectus prepared by or on behalf of, used by or referred to by the Company conflicted or would conflict with the information contained in the Registration Statement or included or would include an untrue statement of a material fact or omitted or would omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances prevailing at such time, not misleading, the Company shall promptly amend or supplement such free writing prospectus so that

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## the statements in such free writing prospectus as so amended or supplemented will not conflict with information contained in the Registration Statement and will not include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances prevailing at such time, not misleading, as the case may be; <u>provided</u>, <u>however</u>, that prior to amending or supplementing any such free writing prospectus, the Company shall furnish to the Representative for review, a reasonable amount of time prior to the proposed time of filing or use thereof, a copy of such proposed amended or supplemented free writing prospectus, and the Company shall not file, use or refer to any such amended or supplemented free writing prospectus without the Representative's prior written consent (which consent shall not be unreasonably withheld, conditioned or delayed).
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Filing of Underwriter Free Writing Prospectuses</u>. The Company shall not take any action that would result in an Underwriter or the Company being required to file with the Commission pursuant to Rule 433(d) under the Securities Act a free writing prospectus prepared by or on behalf of such Underwriter that such Underwriter otherwise would not have been required to file thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Amendments and Supplements to Time of Sale Prospectus</u>. If the Time of Sale Prospectus is being used to solicit offers to buy the Offered Shares at a time when the Prospectus is not yet available to prospective purchasers, and any event shall occur or condition exist as a result of which it is necessary to amend or supplement the Time of Sale Prospectus so that the Time of Sale Prospectus does not include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances when delivered to a prospective purchaser, not misleading, or if any event shall occur or condition exist as a result of which the Time of Sale Prospectus conflicts with the information contained in the Registration Statement, or if, in the opinion of counsel for the Underwriters, it is necessary to amend or supplement the Time of Sale Prospectus to comply with applicable Law, the Company shall (subject to Section 3(b) and Section 3(c)) promptly prepare, file with the Commission and furnish, at its own expense, to the Underwriters and to any dealer upon request, either amendments or supplements to the Time of Sale Prospectus so that the statements in the Time of Sale Prospectus as so amended or supplemented will not include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances when delivered to a prospective purchaser, not misleading or so that the Time of Sale Prospectus, as amended or supplemented, will no longer conflict with the information contained in the Registration Statement, or so that the Time of Sale Prospectus, as amended or supplemented, will comply with applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Certain Notifications and Required Actions</u>. After the date of this Agreement, and until such time as the Underwriters are no longer required to deliver a Prospectus in order to confirm sales of the Offered Shares, the Company shall promptly advise the Representative in writing (which may be by electronic mail) of: (i) the receipt of any comments of, or requests for additional or supplemental information from, the Commission relating to the Registration Statement received by the Company; (ii) the time and date of any filing of any post-effective amendment to the Registration Statement or any amendment or supplement to any preliminary prospectus, the Time of Sale Prospectus, any free writing prospectus or the Prospectus; (iii) the time and date that any post-effective amendment to the Registration Statement becomes effective; and (iv) the issuance by the Commission of any stop order suspending the effectiveness

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## of the Registration Statement or any post-effective amendment thereto or any amendment or supplement to any preliminary prospectus, the Time of Sale Prospectus or the Prospectus or of any order preventing or suspending the use of any preliminary prospectus, the Time of Sale Prospectus, any free writing prospectus or the Prospectus, or, if the Company gains knowledge of such proceeding, of any proceedings to remove, suspend or terminate from listing or quotation the Offered Shares from any securities exchange upon which they are listed for trading or included or designated for quotation, or of the threatening or initiation of any proceedings for any of such purposes. If the Commission shall enter any such stop order at any time, the Company will use its reasonable best efforts to obtain the lifting of such order as soon as practicable. Additionally, the Company agrees that it shall comply with all applicable provisions of Rule 424(b), Rule 433 and Rule 430A under the Securities Act and will use its reasonable efforts to confirm that any filings made by the Company under Rule 424(b) or Rule 433 were received in a timely manner by the Commission.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Amendments and Supplements to the Prospectus and Other Securities Act Matters</u>. If any event shall occur or condition exist as a result of which it is necessary to amend or supplement the Prospectus so that the Prospectus does not include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances when the Prospectus is delivered (whether physically or through compliance with Rule 172 under the Securities Act or any similar rule) to a purchaser, not misleading, or if in the opinion of the Representative or counsel for the Underwriters it is otherwise necessary to amend or supplement the Prospectus to comply with applicable Law, the Company agrees (subject to Section 3(b) and Section 3(c)) to promptly prepare, file with the Commission and furnish, at its own expense, to the Underwriters and to any dealer upon request, amendments or supplements to the Prospectus so that the statements in the Prospectus as so amended or supplemented will not include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances when the Prospectus is delivered (whether physically or through compliance with Rule 172 under the Securities Act or any similar rule) to a purchaser, not misleading or so that the Prospectus, as amended or supplemented, will comply with applicable Law. Neither the Representative's consent to, nor delivery of, any such amendment or supplement shall constitute a waiver of any of the Company's obligations under Section 3(b) or Section 3(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Blue Sky Compliance</u>. The Company shall cooperate with the Representative and counsel for the Underwriters to qualify or register the Offered Shares for sale under (or obtain exemptions from the application of) the state securities or blue sky Laws or Brazilian securities Laws) of those jurisdictions as may be reasonably designated by the Representative, shall comply with such Laws and shall continue such qualifications, registrations and exemptions in effect so long as required for the distribution of the Offered Shares. The Company shall not be required to qualify as a foreign corporation or to take any action that would subject it to general service of process in any such jurisdiction where it is not presently qualified or where it would be subject to taxation as a foreign corporation. The Company will advise the Representative promptly of the suspension of the qualification or registration of (or any such exemption relating to) the Offered Shares for offering, sale or trading in any jurisdiction or, if the Company gains knowledge of such proceeding, any initiation or threat of any proceeding for any such purpose, and in the event of the issuance of any order suspending such qualification,

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## registration or exemption, the Company shall use its reasonable best efforts to promptly obtain the withdrawal thereof.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Use of Proceeds</u>. The Company shall apply the net proceeds from the sale of the Offered Shares sold by it in all material respects in the manner described under the caption "Use of Proceeds" in the Registration Statement, the Time of Sale Prospectus and the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Transfer Agent</u>. The Company shall engage and maintain, at its expense, a registrar and transfer agent for the Offered Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Earnings Statement</u>. The Company will make generally available to its security holders and to the Representative as soon as practicable an earnings statement (which need not be audited) covering a period of at least twelve months beginning with the first fiscal quarter of the Company commencing after the date of this Agreement that will satisfy the provisions of Section 11(a) of the Securities Act and the rules and regulations of the Commission thereunder <u>provided</u>, <u>however</u>, that the requirements of this Section 3(k) shall be deemed satisfied to the extent such statement is available on EDGAR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Continued Compliance with Securities Laws</u>. The Company will comply with the Securities Act and the Exchange Act so as to permit the completion of the distribution of the Offered Shares as contemplated by this Agreement, the Registration Statement, the Time of Sale Prospectus and the Prospectus. Without limiting the generality of the foregoing, the Company will, during the period when a prospectus relating to the Offered Shares is required by the Securities Act to be delivered (whether physically or through compliance with Rule 172 under the Securities Act or any similar rule), file on a timely basis with the Commission and the NYSE American all reports and documents required to be filed under the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>Listing</u>. The Company will use its reasonable best efforts to list, subject to notice of issuance, the Offered Shares on the NYSE American.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>Agreement Not to Offer or Sell Additional Shares of Common Stock</u>. During the period commencing on and including the date hereof and continuing through and including the 180th day following the date of the Prospectus (such period, as extended as described below, being referred to herein as the "Lock-up Period"), the Company will not, without the prior written consent of Cantor (which consent may be withheld in its sole discretion), directly or indirectly: (i) sell, offer to sell, contract to sell or lend any shares of Common Stock or Related Securities (as defined below); (ii) effect any short sale, or establish or increase any "put equivalent position" (as defined in Rule 16a-1(h) under the Exchange Act) or liquidate or decrease any "call equivalent position" (as defined in Rule 16a-1(b) under the Exchange Act) of any shares of Common Stock or Related Securities; (iii) pledge, hypothecate or grant any security interest in; (iv) in any other way transfer or dispose of any shares of Common Stock or Related Securities; (v) enter into any swap, hedge or similar arrangement or agreement that transfers, in whole or in part, the economic risk of ownership of any shares of Common Stock or Related Securities, regardless of whether any such transaction is to be settled in securities, in cash or otherwise; (vi) announce the offering of any shares of Common Stock or Related Securities; (vii) file any registration statement under the Securities Act in respect of any shares of Common Stock or Related Securities (other than as contemplated by this Agreement with respect to the Offered Shares); or (viii) publicly announce the intention to do any of the foregoing; <u>provided</u>, <u>however</u>, that the Company

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## may (A) effect the transactions contemplated hereby or described in the Registration Statement in connection with the offering of the Offered Shares, (B) issue shares of Common Stock, restricted stock units ("RSUs") or options to purchase shares of Common Stock, or issue shares of Common Stock upon exercise of options or settlement of RSUs, pursuant to any stock option, stock bonus or other stock plan or arrangement described in the Registration Statement, the Time of Sale Prospectus and the Prospectus, but only if the holders of such shares of Common Stock, RSUs or options agree in writing with the Underwriters not to sell, offer, dispose of or otherwise transfer any such shares of Common Stock, RSUs or options during the Lock-up Period without the prior written consent of Cantor (which consent may be withheld in its sole discretion), (C) issue shares of Common Stock pursuant to the conversion of an outstanding loan, (D) issue shares of Common Stock pursuant to the conversion or exchange of Related Securities, provided, in each case, (i) such Related Securities are outstanding on the date hereof and described in the Registration Statement and (ii) the recipient to any shares of Common Stock issued pursuant to this subsection (C) executes a Lock-up Agreement in substantially the form attached as <u>Exhibit A</u>, (E) file one or more registration statements on Form S-8 or a successor form thereto to register shares of Common Stock issuable pursuant to the terms of a stock option, stock bonus or other stock plan or arrangement described in the Registration Statement, (F) issue shares of Common Stock or any Related Securities in connection with any merger, joint venture, strategic alliance, commercial or other strategic or collaborative relationship or the acquisition or license by the Company of the securities, businesses, property or other assets of another person or entity or pursuant to any employment benefit plan assumed by the Company in connection with any such merger or acquisition, provided that in the case of clause (F), (i) the aggregate number of shares that the Company may sell or issue or agree to sell or issue shall not exceed 5.0% of the total number of shares of Common Stock issued and outstanding immediately following the completion of the transactions contemplated by this Agreement and (ii) the recipients thereof provide to the Representative a signed Lock-up Agreement in substantially the form attached as <u>Exhibit A</u>, (G) issue shares of Common Stock pursuant to any property or mineral rights related option or lease agreement described in the Registration Statement, the Time of Sale Prospectus and the Prospectus, but only if the holders of such shares of Common Stock agree in writing with the Underwriters not to sell, offer, dispose of or otherwise transfer any such shares of Common Stock during the Lock-up Period without the prior written consent of Cantor (which consent may be withheld in its sole discretion), and (H) issue shares of Common Stock pursuant to the conversion of SAFEs upon the consummation of an equity financing of at least $7,000,000 in gross proceeds to the Company. For purposes of the foregoing, " Related Securities " shall mean any options or warrants or other rights to acquire shares of Common Stock or any securities exchangeable or exercisable for or convertible into shares of Common Stock, or to acquire other securities or rights ultimately exchangeable or exercisable for, or convertible into, shares of Common Stock.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) <u>Future Reports to the Representative</u>. During the period of five (5) years hereafter, the Company will furnish to the Representative, c/o Cantor Fitzgerald & Co., at 110 East 59<sup>th</sup> Street, New York, NY 10022, Attention: Equity Capital Markets, Email: notices-IBD@cantor.com, with copies to Cantor Fitzgerald & Co., 110 East 59<sup>th</sup> Street, New York, NY 10022, Attention: General Counsel, Email legal-IBD@cantor.com: (i) as soon as practicable after the end of each fiscal year, copies of the Annual Report of the Company containing the balance sheet of the Company as of the close of such fiscal year and statements of income, stockholders' equity and cash flows for the year then ended and the opinion thereon of the Company's independent public or certified public accountants; (ii) as soon as practicable after the filing

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## thereof, copies of each proxy statement, Annual Report on Form 10-K, Quarterly Report on Form 10-Q, Current Report on Form 8-K or other report filed by the Company with the Commission, FINRA or any securities exchange; and (iii) as soon as available, copies of any report or communication of the Company furnished or made available generally to holders of its capital stock; <u>provided</u>, <u>however</u>, that the requirements of this Section 3(o) shall be satisfied to the extent that such reports, statement, communications, financial statements or other documents are available on EDGAR.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) <u>Emerging Growth Company</u>. The Company will promptly notify the Representative if the Company ceases to be an Emerging Growth Company at any time prior to the later of (i) completion of the distribution of the Offered Shares within the meaning of the Securities Act and (ii) completion of the Lock-Up Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) <u>Investment Limitation</u>. The Company shall not invest or otherwise use the proceeds received by the Company from its sale of the Offered Shares in such a manner as would require the Company or any of the Subsidiaries to register as an investment company under the Investment Company Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) <u>No Stabilization or Manipulation; Compliance with Regulation M</u>. The Company will not take, and will ensure that no affiliate of the Company will take, directly or indirectly, without giving effect to activities by the Underwriters, any action designed to or that would reasonably be expected to cause or result in stabilization or manipulation of the price of the shares of Common Stock or any reference security with respect to the shares of Common Stock, whether to facilitate the sale or resale of the Offered Shares or otherwise, and the Company will, and shall cause each of its affiliates to, comply with all applicable provisions of Regulation M.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) <u>Enforce Lock-up Agreements</u>. During the Lock-up Period, the Company will enforce all agreements between the Company and any of its security holders that restrict or prohibit, expressly or in operation, the offer, sale or transfer of shares of Common Stock or Related Securities or any of the other actions restricted or prohibited under the terms of the form of Lock-up Agreement. In addition, the Company will direct the transfer agent to place stop transfer restrictions upon any such securities of the Company that are bound by such "lock-up" agreements for the duration of the periods contemplated in such agreements, including "lock-up" agreements entered into by the Company's officers, directors and stockholders pursuant to Section 6(d) hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) <u>Company to Provide Interim Financial Statements</u>. Prior to the First Closing Date and each applicable Option Closing Date, the Company will furnish the Underwriters, as soon as reasonably practicable after they have been prepared by or are available to the Company, a copy of any unaudited interim financial statements of the Company for any period subsequent to the period covered by the most recent financial statements appearing in the Registration Statement and the Prospectus; provided that the requirements of this Section 3(t) shall be deemed satisfied to the extent such financial statements are available on EDGAR.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) <u>Amendments and Supplements to Permitted Section 5(d)Communications</u>. If at any time following the distribution of any Permitted Section 5(d) Communication, there occurred or occurs an event or development as a result of which such Permitted Section 5(d) Communication included or would include an untrue statement of a material fact or omitted or would omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances existing at that subsequent time, not misleading, the Company will promptly notify the Representative and upon the reasonable requests of the Representative, will promptly amend or supplement, at its own expense, such Permitted Section 5(d) Communication to eliminate or correct such untrue statement or omission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>Announcement Regarding Lock-ups</u>. The Company agrees to announce Cantor's intention to release any director or "officer" (within the meaning of Rule 16a-1(f) under the Exchange Act) of the Company from any of the restrictions imposed by any Lock-up Agreement, by issuing, through a major news service, a press release, in the form set forth in <u>Exhibit C</u> hereto, promptly following the Company's receipt of any notification from Cantor in which such intention is indicated, but in any case not later than the close of the third business day prior to the date on which such release or waiver is to become effective; *provided*, *however*, that nothing shall prevent the Representative, on behalf of the Underwriters, from announcing the same through a major news service, irrespective of whether the Company has made the required announcement; and *provided, further,* that no such announcement shall be made of any release or waiver granted solely to permit a transfer of securities that is not for consideration and where the transferee has agreed in writing to be bound by the terms of a Lock-up Agreement in the form set forth as Exhibit A hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) <u>Sanctions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Company and each of the Subsidiaries covenants that it will not, directly or indirectly, use the proceeds of the offering and sale of the Offered Shares, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other Person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) to fund or facilitate any activities or business of or with any Person or in any country or territory that, at the time of such funding or facilitation, is the subject of Sanctions or is a Sanctioned Country; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) in any other manner that will result in a violation of Sanctions by any Person (including any Person participating in the offering, whether as underwriter, advisor, investor or otherwise).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Company will not engage in any dealings or transactions with any Person, or in any country or territory, that at the time of the dealing or transaction is the subject of Sanctions or is a Sanctioned Country.

The Representative, on behalf of the several Underwriters, may, in its sole discretion, waive in writing the performance by the Company of any one or more of the foregoing covenants or extend the time for their performance.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Payment of Expenses</u>. The Company agrees to pay all costs, fees and expenses incurred in connection with the performance of its obligations hereunder and in connection with the transactions contemplated hereby, including without limitation (i) all expenses incident to the issuance and delivery of the Offered Shares (including all printing and engraving costs); (ii) all fees and expenses of the registrar and transfer agent of the shares of Common Stock; (iii) all necessary issue, transfer and other stamp taxes in connection with the issuance and sale of the Offered Shares to the Underwriters; (iv) all fees and expenses of the Company's counsel, independent public or certified public accountants and other advisors; (v) all costs and expenses incurred in connection with the preparation, printing, filing, shipping and distribution of the Registration Statement (including financial statements, exhibits, schedules, consents and certificates of experts), the Time of Sale Prospectus, the Prospectus, each free writing prospectus, if any, prepared by or on behalf of, used by, or referred to by the Company, and each preliminary prospectus, each Permitted Section 5(d) Communication, and all amendments and supplements thereto, and this Agreement; (vi) all filing fees, reasonable and documented attorneys' fees and expenses incurred by the Company or the Underwriters in connection with qualifying or registering (or obtaining exemptions from the qualification or registration of) all or any part of the Offered Shares for offer and sale under the state securities or blue sky Laws, and, if requested by the Representative, preparing and printing a "Blue Sky Survey" and any supplements thereto, advising the Underwriters of such qualifications, registrations and exemptions; (vii) the reasonable and documented costs, fees and expenses incurred by the Underwriters in connection with determining their compliance with the rules and regulations of FINRA related to the Underwriters' participation in the offering and distribution of the Offered Shares, including any related filing fees and the legal fees of, and disbursements by, counsel to the Underwriters; (viii) the costs and expenses of the Company relating to investor presentations on any "road show," any Permitted Section 5(d) Communication or any Section 5(d) Oral Communication undertaken in connection with the offering of the Offered Shares, including expenses associated with the preparation or dissemination of any electronic road show, expenses associated with the production of road show slides and graphics, fees and expenses of any consultants engaged in connection with the road show presentations with the prior approval of the Company, travel and lodging expenses, employees and officers of the Company and any such consultants; *provided, however*, that the Underwriters and the Company agree that the cost of any chartered aircraft shall be borne 50% by the Company and 50% by the Underwriters; (ix) all fees and expenses in connection with the preparation and filing of the registration statement on Form 8-A relating to the Offered Shares and all fees and expenses associated with listing the Offered Shares on the NYSE American; (x) the reasonable and documented fees and disbursements of counsel for the Underwriters in connection with the offering of the Offered Shares and (xi) all other fees, costs and expenses of the nature referred to in Item 13 of Part II of the Registration Statement. Any such amount payable to the Underwriters may be deducted from the purchase price for the Offered Shares. The aggregate amount of expenses reimbursable by the Company to the Underwriters under this section shall not exceed $500,000 without the consent of the Company, which such consent shall not be unreasonably withheld.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Covenant of the Underwriters</u>. Each Underwriter severally and not jointly covenants with the Company not to take any action that would result in the Company being required to file with the Commission pursuant to Rule 433(d) under the Securities Act a free writing prospectus prepared by or on behalf of such Underwriter that otherwise would not, but for such actions, be required to be filed by the Company under Rule 433(d).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Conditions of the Obligations of the Underwriters</u>. The respective obligations of the several Underwriters hereunder to purchase and pay for the Offered Shares as provided herein on the First Closing Date and, with respect to the Option Shares, each Option Closing Date, shall be subject to the accuracy of the representations and warranties on the part of the Company set forth in Section 1 as of the date hereof and as of the First Closing Date as though then made and, with respect to the Option Shares, as of each Option Closing Date as though then made, to the timely performance by the Company of its covenants and other obligations hereunder, and to each of the following additional conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Comfort Letter</u>. On the date hereof, the Representative shall receive from the Accountants, letters dated the date hereof addressed to the Underwriters, in form and substance reasonably satisfactory to the Representative, containing statements and information of the type ordinarily included in accountant's "comfort letters" to underwriters, delivered according to Statement of Auditing Standards No. 72 (or any successor bulletin), with respect to the audited and unaudited financial statements and certain financial information contained in the Registration Statement, the Time of Sale Prospectus, and each free writing prospectus, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Compliance with Registration Requirements; No Stop Order; No Objection from FINRA</u>. For a period from and after the date of this Agreement and through and including the First Closing Date and, with respect to any Option Shares purchased after the First Closing Date, each Option Closing Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Company shall have filed the Prospectus with the Commission (including the information required by Rule 430A under the Securities Act) in the manner and within the time period required by Rule 424(b) under the Securities Act; or the Company shall have filed a post-effective amendment to the Registration Statement containing the information required by such Rule 430A, and such post-effective amendment shall have become effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) No stop order suspending the effectiveness of the Registration Statement or any post-effective amendment to the Registration Statement shall be in effect, and no proceedings for such purpose shall have been instituted or threatened by the Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) FINRA shall have raised no objection to the fairness and reasonableness of the underwriting terms and arrangements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>No Material Adverse Effect</u>. For the period from and after the date of this Agreement and through and including the First Closing Date and, with respect to any Option Shares purchased after the First Closing Date, each Option Closing Date, in the judgment of the Representative there shall not have occurred any Material Adverse Effect or any development that could, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Lock-up Agreements</u>. On or prior to the date hereof, the Company shall have furnished to the Representative an agreement in the form of <u>Exhibit A</u> hereto from each director and officer (as defined in Rule 16a-1(f) under the Exchange Act), and each holder of 0.1% or more of the Company's outstanding shares of capital stock (or securities convertible or exercisable into shares of capital stock) and each of the persons listed on <u>Exhibit B</u> and each such agreement shall be in full force and effect on each of the First Closing Date and each Option Closing Date.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Opinion of Counsel for the Company</u>. On each of the First Closing Date and each Option Closing Date the Representative shall have received the opinion and negative assurance letter of DLA Piper LLP (US), counsel for the Company, dated as of such date, in form and substance reasonably satisfactory to the Representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Title Opinions</u>. On the First Closing Date, the Representative shall have received a favorable title opinion of WILLIAM FREIRE Advogados Associados, with respect to the Company's title to and ownership of certain of the Mining Claims in Brazil and of Warner, Hooper & Ramsey, a Professional Corporation, with respect to the Company's title to and ownership of certain of the Mining Claims in the United States, each dated as of such date, in form and substance reasonably satisfactory to the Representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Opinion of Counsel for the Underwriters</u>. On each of the First Closing Date and each Option Closing Date the Representative shall have received the opinion of Dorsey & Whitney LLP, counsel for the Underwriters in connection with the offer and sale of the Offered Shares, in form and substance satisfactory to the Representative, dated as of such date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Officers' Certificate</u>. On each of the First Closing Date and each Option Closing Date, the Representative shall have received a certificate executed by the Chief Executive Officer or President of the Company and the Chief Accounting Officer of the Company, dated as of such date, to the effect set forth in Section 6(b)(ii) and further to the effect that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) for the period from and including the date of this Agreement through and including such date, there has not occurred any Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the representations, warranties and covenants of the Company set forth in Section 1 are true and correct with the same force and effect as though expressly made on and as of such date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Company has complied with all the agreements hereunder and satisfied all the conditions on its part to be performed or satisfied hereunder at or prior to such date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Chief Accounting Officer's Certificate</u>. On each of the First Closing Date and each Option Closing Date, the Representative shall have received a certificate executed by the Chief Accounting Officer of the Company, dated as of such date, in form and substance reasonably satisfactory to the Representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Bring-down Comfort Letter</u>. On each of the First Closing Date and each Option Closing Date the Representative shall have received from the Accountants, letters dated such date, in form and substance reasonably satisfactory to the Representative, which letters shall: (i) reaffirm the statements made in the letters furnished by them pursuant to Section 6(a), except that the specified date referred to therein for the carrying out of procedures shall be no more than three Business Days prior to the First Closing Date or the applicable Option Closing Date, as the case may be; and (ii) cover certain financial information contained in the Registration Statement, the Time of Sale Prospectus, Prospectus, and each free writing prospectus, if any.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Rule 462(b) Registration Statement</u>. In the event that a Rule 462(b) Registration Statement is filed in connection with the offering contemplated by this Agreement, such Rule 462(b) Registration Statement shall have been filed with the Commission on the date of this Agreement and shall have become effective automatically upon such filing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>NYSE American</u>. The Offered Shares shall have been approved for listing on the NYSE American, subject only to receipt of official notice of issuance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>Additional Documents</u>. On or before each of the First Closing Date and each Option Closing Date, the Representative and counsel for the Underwriters shall have received such information, documents and opinions as they may reasonably request for the purposes of enabling them to pass upon the issuance and sale of the Offered Shares as contemplated herein, or in order to evidence the accuracy of any of the representations and warranties, or the satisfaction of any of the conditions or agreements, herein contained; and all proceedings taken by the Company in connection with the issuance and sale of the Offered Shares as contemplated herein and in connection with the other transactions contemplated by this Agreement shall be reasonably satisfactory in form and substance to the Representative and counsel for the Underwriters.

If any condition specified in this Section 6 is not satisfied when and as required to be satisfied (unless waived in writing by the Representative), this Agreement may be terminated by the Representative by notice from the Representative to the Company at any time on or prior to the First Closing Date and, with respect to the Option Shares, at any time on or prior to the applicable Option Closing Date, which termination shall be without liability on the part of any party to any other party, except that Section 4, Section 7, Section 9 and Section 10 shall at all times be effective and shall survive such termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Reimbursement of Underwriters' Expenses</u>. If this Agreement is terminated or if the sale to the Underwriters of the Offered Shares on the First Closing Date is not consummated because of any refusal, inability or failure on the part of the Company to perform any agreement herein or to comply with any provision hereof, the Company agrees to reimburse the Representative and the other Underwriters (or such Underwriters as have terminated this Agreement with respect to themselves), severally, upon demand for all reasonable and documented out-of-pocket expenses that shall have been reasonably incurred by the Representative and the Underwriters in connection with the proposed purchase and the offering and sale of the Offered Shares, including fees and disbursements of counsel, printing expenses, travel expenses, postage, facsimile and telephone charges up to an aggregate amount equal to $500,000. For the avoidance of doubt, it is understood that the Company will not pay or reimburse any costs, fees or expenses incurred by the Representative or any Underwriter that defaults on its obligations to purchase the Offered Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Effectiveness of this Agreement</u>. This Agreement shall become effective upon the execution and delivery hereof by the parties hereto.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Indemnification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Indemnification of the Underwriters</u>. The Company agrees to indemnify and hold harmless each Underwriter, its affiliates and their respective partners, members, directors, officers, employees and agents, and each person, if any, who controls each Underwriter or any affiliate within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) against any and all loss, liability, claim, damage and expense whatsoever, as incurred, joint or several, arising out of or based upon any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement (or any amendment thereto), or the omission or alleged omission therefrom of a material fact required to be stated therein or necessary to make the statements therein not misleading, or arising out of any untrue statement or alleged untrue statement of a material fact included in any preliminary prospectus, Time of Sale Prospectus, any free writing prospectus, any Marketing Material, any Section 5(d) Written Communication or the Prospectus (or any amendment or supplement to the foregoing), or the omission or alleged omission therefrom of a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) against any and all loss, liability, claim, damage and expense whatsoever, as incurred, joint or several, to the extent of the aggregate amount paid in settlement of any litigation, or any investigation or proceeding by any Governmental Authority, commenced or threatened, or of any claim whatsoever based upon any such untrue statement or omission, or any such alleged untrue statement or omission; <u>provided</u> that (subject to Section 9(d)) any such settlement is effected with the written consent of the Company, which consent shall not unreasonably be delayed, conditioned or withheld; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) against any and all documented expense whatsoever, as reasonably incurred (including the fees and disbursements of counsel), reasonably incurred in investigating, preparing or defending against any litigation, or any investigation or proceeding by any Governmental Authority, commenced or threatened, or any claim whatsoever based upon any such untrue statement or omission, or any such alleged untrue statement or omission (whether or not a party), to the extent that any such expense is not paid under (i) or (ii) above;

## <u>provided</u>, <u>however</u>, that this indemnity agreement shall not apply to any loss, liability, claim, damage or expense to the extent arising out of any untrue statement or omission or alleged untrue statement or omission made solely in reliance upon and in conformity with the Underwriter Information (as defined below).
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Indemnification of the Company, its Directors and Officers</u>. Each Underwriter agrees, severally and not jointly, to indemnify and hold harmless the Company, and its directors, each officer of the Company who signed the Registration Statement and each person, if any, who controls the Company within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, against any and all loss, liability, claim, damage and expense described in the indemnity contained in Section 9(a), as incurred, but only with respect to untrue statements or omissions, or alleged untrue statements or omissions, made in the Registration Statement, any preliminary prospectus, the Time of Sale Prospectus, any free writing prospectus, any Section 5(d)

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## Written Communication or the Prospectus (or any amendment or supplement to the foregoing), in reliance upon and in conformity with information relating to such Underwriter and furnished to the Company in writing by such Underwriter or Underwriters expressly for use therein. The Company hereby acknowledges that the only information that the Underwriter or Underwriters has furnished to the Company expressly for use in the Registration Statement, any preliminary prospectus, the Time of Sale Prospectus, any free writing prospectus, any Section 5(d) Written Communication or the Prospectus (or any amendment or supplement to the foregoing) are the statements set forth in the [second paragraph plus table and footnote] under the caption "Underwriting—Commission and Expenses," the [third sentence] of the third paragraph under the caption "Underwriting," the [first and second sentences of the first paragraph, the first sentence of the second paragraph, the second and third sentences of the third paragraph and the second sentence of the fourth paragraph] under the caption "Underwriting—Market Making, Stabilization and Other Transactions," the [first, second, third and fifth] sentences under the heading "Underwriting—Passive Market Making" and the [first, second and third sentences] under the heading "Underwriting—Electronic Distribution" in the Preliminary Prospectus and Prospectus (the " Underwriter Information ").
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Notifications and Other Indemnification Procedures</u>. Any party that proposes to assert the right to be indemnified under this Section 9 will, promptly after receipt of notice of commencement of any action against such party in respect of which a claim is to be made against an indemnifying party or parties under this Section 9, notify each such indemnifying party of the commencement of such action, enclosing a copy of all papers served, but the omission so to notify such indemnifying party will not relieve the indemnifying party from (i) any liability that it might have to any indemnified party otherwise than under this Section 9 and (ii) any liability that it may have to any indemnified party under the foregoing provision of this Section 9 unless, and only to the extent that, such omission results in the forfeiture of substantive rights or defenses by the indemnifying party. If any such action is brought against any indemnified party and it notifies the indemnifying party of its commencement, the indemnifying party will be entitled to participate in and, to the extent that it elects by delivering written notice to the indemnified party promptly after receiving notice of the commencement of the action from the indemnified party, jointly with any other indemnifying party similarly notified, to assume the defense of, the action, with counsel reasonably satisfactory to the indemnified party, and after notice from the indemnifying party to the indemnified party of its election to assume the defense, the indemnifying party will not be liable to the indemnified party for any other legal expenses except as provided below and except for the reasonable costs of investigation subsequently incurred by the indemnified party in connection with the defense. The indemnified party will have the right to employ its own counsel in any such action, but the fees, expenses and other charges of such counsel will be at the expense of such indemnified party unless (A) the employment of counsel by the indemnified party has been authorized in writing by the indemnifying party, (B) the indemnified party has reasonably concluded (based on advice of counsel) that there may be legal defenses available to it or other indemnified parties that are different from or in addition to those available to the indemnifying party, (C) a conflict or potential conflict exists (based on advice of counsel to the indemnified party) between the indemnified party and the indemnifying party (in which case the indemnifying party will not have the right to direct the defense of such action on behalf of the indemnified party) or (D) the indemnifying party has not in fact employed counsel to assume the defense of such action or counsel reasonably satisfactory to the indemnified party, in each case, within a reasonable time after receiving notice of the commencement of the action; in each of which cases the

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## reasonable and documented fees, disbursements and other charges of counsel will be at the expense of the indemnifying party or parties. It is understood that the indemnifying party or parties shall not, in connection with any proceeding or related proceedings in the same jurisdiction, be liable for the reasonable and documented fees, disbursements and other charges of more than one separate firm admitted to practice in such jurisdiction (plus local counsel) at any one time for all such indemnified party or parties. All such fees, disbursements and other charges will be reimbursed by the indemnifying party promptly as they are incurred. An indemnifying party will not, in any event, be liable for any settlement of any action or claim effected without its written consent. No indemnifying party shall, without the prior written consent of each indemnified party, settle or compromise or consent to the entry of any judgment in any pending or threatened claim, action or proceeding relating to the matters contemplated by this Section 9 (whether or not any indemnified party is a party thereto), unless such settlement, compromise or consent (x) includes an express and unconditional release of each indemnified party, in form and substance reasonably satisfactory to such indemnified party, from all liability arising out of such litigation, investigation, proceeding or claim and (y) does not include a statement as to or an admission of fault, culpability or a failure to act by or on behalf of any indemnified party.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Settlement Without Consent if Failure to Reimburse</u>. If an indemnified party shall have requested an indemnifying party to reimburse the indemnified party for reasonable and documented fees and expenses of counsel, such indemnifying party agrees that it shall be liable for any settlement of the nature contemplated by Section 9(a)(ii) effected without its written consent if (i) such settlement is entered into more than 45 days after receipt by such indemnifying party of the aforesaid request, (ii) such indemnifying party shall have received notice of the terms of such settlement at least 30 days prior to such settlement being entered into and (iii) such indemnifying party shall not have reimbursed such indemnified party in accordance with such request prior to the date of such settlement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Contribution</u>. In order to provide for just and equitable contribution in circumstances in which the indemnification provided for in the foregoing paragraphs of Section 9 is applicable in accordance with its terms but for any reason is held to be unavailable or insufficient from the Company or the Underwriters, the Company and the Underwriters will contribute to the total losses, claims, liabilities, expenses and damages (including any investigative, legal and other expenses reasonably incurred in connection with, and any amount paid in settlement of, any action, suit or proceeding or any claim asserted) to which any indemnified party may be subject in such proportion as shall be appropriate to reflect the relative benefits received by the Company on the one hand and the Underwriters on the other hand. The relative benefits received by the Company on the one hand and the Underwriters on the other hand shall be deemed to be in the same proportion as the total net proceeds from the sale of the Offered Shares (before deducting expenses) received by the Company bear to the total compensation received by the Underwriters (before deducting expenses) from the sale of Offered Shares on behalf of the Company. If, but only if, the allocation provided by the foregoing sentence is not permitted by applicable Law, the allocation of contribution shall be made in such proportion as is appropriate to reflect not only the relative benefits referred to in the foregoing sentence but also the relative fault of the Company, on the one hand, and the Underwriters, on the other hand, with respect to the statements or omission that resulted in such loss, claim, liability, expense or damage, or action in respect thereof, as well as any other relevant equitable considerations with respect to such offering. Such relative fault shall be determined by reference to, among other things, whether the untrue or alleged untrue statement

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# of a material fact or omission or alleged omission to state a material fact relates to information supplied by the Company or the Underwriters, the intent of the parties and their relative knowledge, access to information and opportunity to correct or prevent such statement or omission. The Company and the Underwriters agree that it would not be just and equitable if contributions pursuant to this Section 10 were to be determined by pro rata allocation or by any other method of allocation that does not take into account the equitable considerations referred to herein. The amount paid or payable by an indemnified party as a result of the loss, claim, liability, expense or damage, or action in respect thereof, referred to above in this Section 10 shall be deemed to include, for the purpose of this Section 10, any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any such action or claim to the extent consistent with Section 9(c). Notwithstanding the foregoing provisions of Section 9 and this Section 10, the Underwriters shall not be required to contribute any amount in excess of the commissions actually received by it under this Agreement and no person found guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) will be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. For purposes of this Section 10, any person who controls a party to this Agreement within the meaning of the Securities Act, any affiliates of the respective Underwriters and any officers, directors, partners, employees or agents of the Underwriters or their respective affiliates, will have the same rights to contribution as that party, and each director of the Company and each officer of the Company who signed the Registration Statement will have the same rights to contribution as the Company, subject in each case to the provisions hereof. Any party entitled to contribution, promptly after receipt of notice of commencement of any action against such party in respect of which a claim for contribution may be made under this Section 10, will notify any such party or parties from whom contribution may be sought, but the omission to so notify will not relieve that party or parties from whom contribution may be sought from any other obligation it or they may have under this Section 10 except to the extent that the failure to so notify such other party materially prejudiced the substantive rights or defenses of the party from whom contribution is sought. Except for a settlement entered into pursuant to the last sentence of Section 9(c), no party will be liable for contribution with respect to any action or claim settled without its written consent if such consent is required pursuant to Section 9(c).
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Default of One or More of the Several Underwriters</u>. If, on the First Closing Date or any Option Closing Date, any one or more of the several Underwriters shall fail or refuse to purchase Offered Shares that it or they have agreed to purchase hereunder on such date, and the aggregate number of Offered Shares which such defaulting Underwriter or Underwriters agreed but failed or refused to purchase does not exceed 10% of the aggregate number of the Offered Shares to be purchased on such date, the Representative may make arrangements satisfactory to the Company for the purchase of such Offered Shares by other persons, including any of the Underwriters, but if no such arrangements are made by such date, the other Underwriters shall be obligated, severally and not jointly, in the proportions that the number of Firm Shares set forth opposite their respective names on <u>Schedule A</u> bears to the aggregate number of Firm Shares set forth opposite the names of all such non-defaulting Underwriters, or in such other proportions as may be specified by the Representative with the consent of the non-defaulting Underwriters, to purchase the Offered Shares which such defaulting Underwriter or Underwriters agreed but failed or refused to purchase on such date. If, on the First Closing Date or any Option Closing Date, any one or more of the several Underwriters shall fail or refuse to purchase Offered Shares that it or they have agreed to purchase hereunder on such date, and the aggregate number of Offered Shares

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# which such defaulting Underwriter or Underwriters agreed but failed or refused to purchase exceeds 10% of the aggregate number of Offered Shares to be purchased on such date, and arrangements satisfactory to the Representative and the Company for the purchase of such Offered Shares are not made within 48 hours after such default, this Agreement shall terminate without liability of any party to any other party except that the provisions of Section 4, Section 7, Section 9 and Section 10 shall at all times be effective and shall survive such termination. In any such case either the Representative or the Company shall have the right to postpone the First Closing Date or the applicable Option Closing Date, as the case may be, but in no event for longer than seven days in order that the required changes, if any, to the Registration Statement and the Prospectus or any other documents or arrangements may be effected.
As used in this Agreement, the term "**Underwriter**" shall be deemed to include any person substituted for a defaulting Underwriter under this Section 11. Any action taken under this Section 11 shall not relieve any defaulting Underwriter from liability in respect of any default of such Underwriter under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Termination of this Agreement</u>. Prior to the purchase of the Firm Shares by the Underwriters on the First Closing Date, this Agreement may be terminated by the Representative by notice given to the Company if at any time: (i) trading or quotation in any of the Company's securities shall have been suspended or limited by the Commission or by the NYSE American, or trading in securities generally on either the Nasdaq Stock Market LLC or the New York Stock Exchange or the NYSE American shall have been suspended or limited, or minimum or maximum prices shall have been generally established on any of such stock exchanges; (ii) a general banking moratorium shall have been declared by any of federal or New York authorities; (iii) there shall have occurred any outbreak or escalation of national or international hostilities or any crisis or calamity, or any substantial change in the United States or international financial markets, or any substantial change or development involving a prospective substantial change in United States' or international political, financial or economic conditions, as in the sole judgment of the Representative is material and adverse and makes it impracticable to market the Offered Shares in the manner and on the terms described in the Time of Sale Prospectus or the Prospectus or to enforce contracts for the sale of securities; (iv) in the sole judgment of the Representative there shall have occurred any Material Adverse Effect; or (v) the Company shall have sustained a loss by strike, fire, flood, earthquake, accident or other calamity of such character as in the sole judgment of the Representative may interfere materially with the conduct of the business and operations of the Company regardless of whether or not such loss shall have been insured. Any termination pursuant to this Section 12 shall be without liability on the part of (A) the Company to any Underwriter, except that the Company shall be obligated to reimburse the expenses of the Representative and the Underwriters pursuant to Section 4 or Section 7 hereof or (B) any Underwriter to the Company; <u>provided</u>, <u>however</u>, that the provisions of Section 9 and Section 10 shall at all times be effective and shall survive such termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>No Advisory or Fiduciary Relationship</u>. The Company acknowledges and agrees that (a) the purchase and sale of the Offered Shares pursuant to this Agreement, including the determination of the public offering price of the Offered Shares and any related discounts and commissions, is an arm's-length commercial transaction between the Company, on the one hand, and the several Underwriters, on the other hand; (b) in connection with the offering contemplated hereby and the process leading to such transaction, each Underwriter is and has been acting solely

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# as a principal and is not the agent or fiduciary of the Company, or its stockholders, or its creditors, employees or any other party; (c) no Underwriter has assumed or will assume an advisory or fiduciary responsibility in favor of the Company with respect to the offering contemplated hereby or the process leading thereto (irrespective of whether such Underwriter has advised or is currently advising the Company on other matters) and no Underwriter has any obligation to the Company with respect to the offering contemplated hereby except the obligations expressly set forth in this Agreement; (d) the Underwriters and their respective affiliates may be engaged in a broad range of transactions that involve interests that differ from those of the Company; and (e) the Underwriters have not provided any legal, accounting, regulatory or tax advice with respect to the offering contemplated hereby and the Company has consulted its own legal, accounting, regulatory and tax advisors to the extent it deemed appropriate.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Representations and Agreements to Survive Delivery</u>. The respective indemnities, agreements, representations, warranties and other statements of the Company, its officers and the several Underwriters set forth in or made pursuant to this Agreement will remain in full force and effect, regardless of any investigation made by or on behalf of any Underwriter or the Company or any of its or their partners, affiliates, officers, directors or employees or any controlling person, as the case may be, and, anything herein to the contrary notwithstanding, will survive delivery of and payment for the Offered Shares sold hereunder and any termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Right of First Refusal</u>. The Company agrees that following the First Closing Date, and provided that the Firm Shares and any Option Shares are sold in accordance with this Agreement, it shall provide the Representative with the right of first refusal ("Right of First Refusal") for a period of twelve (12) months after the date of the First Closing Date to act as the Company's (i) managing underwriter, initial purchaser, placement agent and/or arranger (as applicable) for any financing (or refinancing) involving the equity or equity-linked securities of the Company (including any secondary offering) (any of the foregoing, a "Subsequent Financing"), in each case, acting as lead book runner with "lead left" placement, and (ii) sole sales agent for any "at-the-market" offering of the Company's common equity securities, which, for purposes of this Agreement, shall also be deemed a Subsequent Financing.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Notices</u>. All communications hereunder shall be in writing and shall be mailed, hand delivered or telecopied and confirmed to the parties hereto as follows:

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| | |
|:---|:---|
| If to the Representative: | Cantor Fitzgerald & Co.<br>110 East 59<sup>th</sup> Street<br>New York, NY 10022<br>Email:notices-IBD@cantor.com;legal-IBD@cantor.com <br>Facsimile: (212) 829-4708<br>Attention: General Counsel |
| with a copy to: | Dorsey & Whitney LLP<br>TD Bank Tower<br>66 Wellington Street, Suite 3400<br>Toronto, Ontario M5K 1E6<br>Facsimile: (416) 367-7370<br>Email: guttman.james@dorsey.com<br>Attention: James Guttman |
| If to the Company: | Rare Earths Americas, Inc.<br>101 W. Main Street<br>Manchester, GA 31816<br>Facsimile: (706) 846-5063<br>Emails: dswartz@foothillsrareearths.com; legal@rareearthsamericas.com<br>Attention: Donald Swartz |
| with a copy to: | DLA Piper LLP (US) <br>500 Eighth Street, NW<br>Washington, DC 20004<br>Facsimile: (202) 799-4000<br>Email: Era.Anagnosti@us.dlapiper.com<br>Attention: Era Anagnosti |

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Each party to this Agreement may change such address for notices by sending to the parties to this Agreement written notice of a new address for such purpose. Each such notice or other communication shall be deemed given (i) when delivered personally or by verifiable facsimile transmission (with an original to follow) on or before 4:30 p.m., New York City time, on a Business Day or, if such day is not a Business Day, on the next succeeding Business Day, (ii) on the next Business Day after timely delivery to a nationally-recognized overnight courier and (iii) on the Business Day actually received if deposited in the U.S. mail (certified or registered mail, return receipt requested, postage prepaid).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. <u>Electronic Notice</u>. An electronic communication ("Electronic Notice") shall be deemed written notice for purposes of this Section 17 if sent to the electronic mail address specified by the receiving party under separate cover. Electronic Notice shall be deemed received at the time the party sending Electronic Notice receives verification of receipt by the receiving party.

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# Any party receiving Electronic Notice may request and shall be entitled to receive the notice on paper, in a nonelectronic form (" Nonelectronic Notice ") which shall be sent to the requesting party within ten (10) days of receipt of the written request for Nonelectronic Notice.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. <u>Successors and Assigns</u>. This Agreement shall inure to the benefit of and be binding upon the Company and the Underwriters and their respective successors and the parties referred to in Section 11. References to any of the parties contained in this Agreement shall be deemed to include the successors and permitted assigns of such party. Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their respective successors and permitted assigns any rights, remedies, obligations or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement. Neither party may assign its rights or obligations under this Agreement without the prior written consent of the other party; <u>provided</u>, <u>however</u>, that the Representative may assign its rights and obligations hereunder to an affiliate thereof without obtaining the Company's consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. <u>Partial Unenforceability</u>. The invalidity or unenforceability of any section, paragraph or provision of this Agreement shall not affect the validity or enforceability of any other section, paragraph or provision hereof. If any section, paragraph or provision of this Agreement is for any reason determined to be invalid or unenforceable, there shall be deemed to be made such minor changes (and only such minor changes) as are necessary to make it valid and enforceable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. <u>Entire Agreement; Amendment; Severability; Waiver</u>. This Agreement (including all schedules and exhibits attached hereto issued pursuant hereto) constitutes the entire agreement and supersedes all other prior and contemporaneous agreements and undertakings, both written and oral, among the parties hereto with regard to the subject matter hereof. Notwithstanding the foregoing or anything else to the contrary herein, the letter agreement, dated as of August 5, 2025, by and between Cantor and the Company, as amended on [•], 2026 (the "Engagement Letter"), shall survive and be enforceable by the Underwriters in accordance with its terms, provided that, (i) in the event of a conflict between the terms of the Engagement Letter and this Agreement, the terms of this Agreement shall prevail and (ii) no Person shall be entitled to recover more than once for the same loss, liability, claim, damage or expense whatsoever under this Agreement and the Engagement Letter. Neither this Agreement nor any term hereof may be amended except pursuant to a written instrument executed by the Company and the Representative. In the event that any one or more of the provisions contained herein, or the application thereof in any circumstance, is held invalid, illegal or unenforceable as written by a court of competent jurisdiction, then such provision shall be given full force and effect to the fullest possible extent that it is valid, legal and enforceable, and the remainder of the terms and provisions herein shall be construed as if such invalid, illegal or unenforceable term or provision was not contained herein, but only to the extent that giving effect to such provision and the remainder of the terms and provisions hereof shall be in accordance with the intent of the parties as reflected in this Agreement. No implied waiver by a party shall arise in the absence of a waiver in writing signed by such party. No failure or delay in exercising any right, power or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any right, power, or privilege hereunder.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. <u>GOVERNING LAW AND TIME; WAIVER OF JURY TRIAL</u>. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO THE PRINCIPLES OF CONFLICTS OF LAWS. SPECIFIED TIMES OF DAY REFER TO NEW YORK CITY TIME. EACH PARTY HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. <u>CONSENT TO JURISDICTION</u>. EACH PARTY HEREBY IRREVOCABLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF THE STATE AND FEDERAL COURTS SITTING IN THE CITY OF NEW YORK, BOROUGH OF MANHATTAN, FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION WITH ANY TRANSACTION CONTEMPLATED HEREBY, AND HEREBY IRREVOCABLY WAIVES, AND AGREES NOT TO ASSERT IN ANY SUIT, ACTION OR PROCEEDING, ANY CLAIM THAT IT IS NOT PERSONALLY SUBJECT TO THE JURISDICTION OF ANY SUCH COURT, THAT SUCH SUIT, ACTION OR PROCEEDING IS BROUGHT IN AN INCONVENIENT FORUM OR THAT THE VENUE OF SUCH SUIT, ACTION OR PROCEEDING IS IMPROPER. EACH PARTY HEREBY IRREVOCABLY WAIVES PERSONAL SERVICE OF PROCESS AND CONSENTS TO PROCESS BEING SERVED IN ANY SUCH SUIT, ACTION OR PROCEEDING BY MAILING A COPY THEREOF (CERTIFIED OR REGISTERED MAIL, RETURN RECEIPT REQUESTED) TO SUCH PARTY AT THE ADDRESS IN EFFECT FOR NOTICES TO IT UNDER THIS AGREEMENT AND AGREES THAT SUCH SERVICE SHALL CONSTITUTE GOOD AND SUFFICIENT SERVICE OF PROCESS AND NOTICE THEREOF. NOTHING CONTAINED HEREIN SHALL BE DEEMED TO LIMIT IN ANY WAY ANY RIGHT TO SERVE PROCESS IN ANY MANNER PERMITTED BY LAW.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23. <u>Counterparts</u>. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Delivery of an executed Agreement by one party to the other may be made by facsimile or electronic transmission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24. <u>Recognition of the U.S. Special Resolution Regimes</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In the event that any Underwriter that is a Covered Entity becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer from such Underwriter of this Agreement, and any interest and obligation in or under this Agreement, will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if this Agreement, and any such interest and obligation, were governed by the laws of the United States or a state of the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event that any Underwriter that is a Covered Entity or a BHC Act Affiliate of such Underwriter becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under this Agreement that may be exercised against such Underwriter are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if this Agreement were governed by the laws of the United States or a state of the United States.

------

As used in this Section 24:

"BHC Act Affiliate" has the meaning assigned to the term "affiliate" in, and shall be interpreted in accordance with, 12 U.S.C. § 1841(k).

"Covered Entity" means any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a "covered entity" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a "covered bank" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a "covered FSI" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b).

"Default Right" has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable.

"U.S. Special Resolution Regime" means each of (i) the Federal Deposit Insurance Act and the regulations promulgated thereunder and (ii) Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations promulgated thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25. <u>Construction</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The section and exhibit headings herein are for convenience only and shall not affect the construction hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) words defined in the singular shall have a comparable meaning when used in the plural, and vice versa;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the words "hereof," "hereto," "herein" and "hereunder" and words of similar import, when used in this Agreement, shall refer to this Agreement as a whole and not to any particular provision of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) wherever the word "include," "includes" or "including" is used in this Agreement, it shall be deemed to be followed by the words "without limitation";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) references herein to any gender shall include each other gender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) references herein to any law, statute, ordinance, code, regulation, rule or other requirement of any Governmental Authority shall be deemed to refer to such law, statute, ordinance, code, regulation, rule or other requirement of any Governmental Authority as amended, reenacted, supplemented or superseded in whole or in part and in effect from time to time and also to all rules and regulations promulgated thereunder;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) if the last day for the giving of any notice or the performance of any act required or permitted under this Agreement is a day that is not a Business Day, then the time for the giving of such notice or the performance of such action shall be extended to the next succeeding Business Day;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "knowledge" means, as it pertains to the Company, the actual knowledge of the officers and directors of the Company, together with the knowledge which such officers and directors would have had if they had conducted a reasonable inquiry of the relevant persons into the relevant subject matter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "Governmental Authority" means (i) any federal, provincial, state, local, municipal, national or international government or governmental authority, regulatory or administrative agency, governmental commission, department, board, bureau, agency or instrumentality, court, tribunal, arbitrator or arbitral body (public or private); (ii) any self-regulatory organization; or (iii) any political subdivision of any of the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "Law" means any and all laws, including all federal, state, local, municipal, national or foreign statutes, codes, ordinances, guidelines, decrees, rules, regulations and by-laws and all judicial, arbitral, administrative, ministerial, departmental or regulatory judgments, orders, directives, decisions, rulings or awards or other requirements of any Governmental Authority, binding on or affecting the person referred to in the context in which the term is used and rules, regulations and policies of any stock exchange on which securities of the Company are listed for trading; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "Business Day" means any day on which the NYSE American and commercial banks in the City of New York are open for business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26. <u>General Provisions</u>.

Each of the parties hereto acknowledges that it is a sophisticated business person who was adequately represented by counsel during negotiations regarding the provisions hereof, including the indemnification provisions of Section 9 and the contribution provisions of Section 10, and is fully informed regarding said provisions. Each of the parties hereto further acknowledges that the provisions of Section 9 and Section 10 hereof fairly allocate the risks in light of the ability of the parties to investigate the Company, its affairs and its business in order to assure that adequate disclosure has been made in the Registration Statement, any preliminary prospectus, the Time of Sale Prospectus, each free writing prospectus, if any, and the Prospectus (and any amendments and supplements to the foregoing), as contemplated by the Securities Act and the Exchange Act.

[***Signature Page Follows***]

------

If the foregoing correctly sets forth the understanding between the Company and the Underwriters, please so indicate in the space provided below for that purpose, whereupon this letter shall constitute a binding agreement between the Company and the Underwriters.

Very truly yours,

---

| | |
|:---|:---|
| RARE EARTHS AMERICAS, INC. | RARE EARTHS AMERICAS, INC. |
| By: |  |
|  | Name: Donald Swartz |
|  | Title: Chief Executive Officer |

---

ACCEPTED as of the date first-above written:

---

| | |
|:---|:---|
| CANTOR FITZGERALD & CO. | CANTOR FITZGERALD & CO. |
| By: |  |
|  | Name: |
|  | Title: |

---

For itself and the other several Underwriters named in <u>Schedule A</u> to this Agreement.

Signature Page

RARE EARTHS AMERICAS, INC. – Underwriting Agreement

------

**SCHEDULE A**

---

| | |
|:---|:---|
| <br>**Underwriters** | **Number of**<br>**Firm Shares**<br>**to be Purchased** |
| Cantor Fitzgerald & Co.  | [●] |
| Stifel Nicolaus & Company, Incorporated  | [●] |
| B. Riley Securities, Inc.  | [●] |
| Canaccord Genuity LLC  | [●] |
| <br> Total | <br>[●] |

---

------

**SCHEDULE B**

**<u>Free Writing Prospectuses Included in the Time of Sale Prospectus</u>**

**[None]**

------

**Schedule C**

**<u>Pricing Information</u>**

Firm Shares: [●]

Option Shares: [●]

Price to Public: $[●]

Underwriters' Discount: $[●]

------

**Schedule D**

**<u>Permitted Section 5(d) Communications</u>**

[None.]

------

**Schedule E**

**<u>Existing shareholders of the Company and of certain affiliates of the Company</u>**

[To be provided]

1628065229.10 125475 v3

------

**Exhibit A**

**Form of Lock-up Agreement**

------

**Exhibit B**

**Parties to Lock-up Agreement**

**Directors and Director Nominees:**

 Dan Shribman

 Reta Jo Lewis

 Ivy Estabrooke

 Keith D. Phillips

 Hugo Schumann

**Directors and Executive Officers:**

 Donald Swartz

**Executive Officers:**

 Jennifer Grafton

 Cheryl Kerr

**Shareholders**

1. Griffin & Fleming LLC (Don Swartz)

2. DITM HOLDINGS PTY LTD

3. DOMINIC PAUL ALLEN ATF THE WESTOZ SERVICES A/C

4. DTQ (BVI) LIMITED

5. Anastasios Arima

6. KITABELLA PTY LTD ATF KITABELLA TRUST

7. HANRINE INVESTMENTS PTY LTD

8. ACN 664400382 PTY LTD

9. DOUGLAS DE FREITAS RAMALHO

10. TERRA CAPITAL HOLDINGS PTY LTD

11. THOMAS RICHARD TODD

12. MDH PTY LTD

13. HALIBERY HOTELS PTY LIMITED

14. GOUSSE HOLDINGS PTY LTD

15. JAMES FISHER MCDONALD

16. DANIEL SHRIBMAN

17. ANNA MARIKA LINDHOLM ATF ELDGARN FAMILY TRUST

18. ARREDO PTY LTD

19. BENJAMIN MAURICE O'DONNELL

20. PATRICK H BRINDLE

21. RAMNARAIN JAIGOBIND

22. ILWELLA PTY LTD

23. LAMONT LEATHERMAN

24. CAMERON DOWLE

25. RIGI INVESTMENTS PTY LIMITED ATF THE CAPE A/C

26. Velrosso Pty Ltd As Trustee For Harvey 1995 Discretionary Trust

125475 v3

------

27. RAYMOND N NIMROD ATF HUDSON KOI A/C

28. Palm Ave Pty Ltd atf Palm Avenue Trust

29. MARK MCGREGOR & FAYE MCGREGOR

30. TIERRA INVESTMENTS PTY LTD

31. WARD CAPITAL NOMS PTY LTD ATF WARD INVESTMENT A/C

32. NALAROO HOLDINGS PTY LTD

33. POUNAMU CAPITAL PTY LIMITED

34. TODD HANNIGAN

35. HUGO TIMOTHY HAMILTON SCHUMANN

36. VERVE INVESTMENTS PTY LTD

37. FERNLAND HOLDINGS PTY LTD

38. S&P DEVELOPMENT COMPANY LLC

39. CHUCK ROBERTS

40. DIANA CHAMPION

41. ALASTAIR WARREN SMITH

42. MARCOST BC PTY LTD

43. CAROLYN T BLODGETT

44. JAMES GARRET OVERLOCK

45. LEE MICHAEL FELDMAN

46. JESSE HIBBARD

47. NICOLAS RYAN MONTGOMERY

48. NON CORRELATED CAPITAL PTY LTD ATF LUCERNE SELECT ALPHA FUND

49. CHAPMAN HILL INVESTMENTS PTY LTD

50. FASCW PTY LTD

51. SCOTT SPARKS

52. BRIAN PAES-BRAGA

53. ANTONY STEVEN MOSER

54. OFFELBAR PTY LTD

55. KEITH D PHILLIPS

56. KATIE ADAMO & DANIEL ADAMO

57. ARCHER Q PTY LTD ATF VILLAGE TRUST

58. ONE MANAGED INVESTMENT FUNDS LIMITED ATF FIFTH ESTATE EMERG CO II

59. BSLH PTY LTD

60. THE AHIMSA PROJECT PTY LTD ATF PERHAM FAMILY A/C

61. COOL ENTERPRISES PTY LTD

62. DEREK MICHAEL HANNIGAN & SILVIA HANNIGAN ATF SILVIA HANNIGAN FAMILY A/C

63. DUNNING KRUGER INV PTY LTD

64. MORISH EQUITIES PTY LTD

65. HEIDI MCWILLIAM

66. NEIL FRANCIS MICHAEL DAY

67. OMIFL ACF FIFTH ESTATE ASSET MANAGEMENT PTY LTD ATF FIFTH ESTATE EMERG CO II

68. RONALD GEORGE STRASSER & ELSA ALENE STRASSER

69. THE MAESON GROUP LLC

70. SENTOR INVESTMENTS PTY LTD

125475 v3

------

71. GABRIEL SILVA ZORZI

72. LEANDRO CORACINI OLLITA

73. ELSA MICHELINA COOL

74. GEORGE HENRY ROSE

75. MEM CAPITAL PARTNERS LLC

76. ADESTE PTY LTD ATF THE KELLY FAMILY A/C

77. COURTMAC PTY LTD

78. GRIFF LEARNING GROUP PTY LTD ATF GRIFF LEARNING INVESTMENTS TRUST

79. IAN EDWARD TREGONING

80. JOHN C. BRODERICK & SARA E. BRODERICK JT TEN

81. MARK ALLEN MCGREGOR

82. SILVANA MARSHALL

83. LEEANNE KELLY

84. VERVE CAPITAL PTY LTD

85. HARBOUR VIEW CAPITAL PTY LTD

86. KARA LEE HARRISS

87. BJS ROBB PTY LTD

88. CHRISTIAN WIRTH

89. LAURA ARMSTRONG

90. SHADOW MOUNTAIN INVESTMENTS PTY LTD

91. AM ROSATO PTY LTD

92. DAVID MCWILLIAM

93. GREGORY SWAN

94. JAFFAS SUPERANNUATION PTY LTD

95. JON DARRYL PARDI

96. MARTIN ROSSER

97. BECOLIN PTY LTD ATF THE DAY FAMILY A/C

98. PAPPAS INVESTMENTS PTY LTD ATF NICHOLAS PAPPAS FAMILY A/C

99. LUCERNE SAF PTY LTD

100. PETER CROKE HOLDINGS PTY LTD.

125475 v3

------

**Exhibit C**

**Form of Lock-up Release Announcement**

Rare Earths Americas, Inc.

[Date]<br>

Rare Earths Americas, Inc. (the "**Company**") announced today that Cantor Fitzgerald & Co., the lead book-running manager in the Company's recent public sale of [ ] shares of common stock, is [waiving][releasing] a lock-up restriction with respect to [ ] shares of the Company's common stock held by [certain officers or directors] [an officer or director] of the Company. The [waiver][release] will take effect on [ ], 20[ ], and the shares may be sold on or after such date.

**This press release is not an offer for sale of the securities in the United States or in any other jurisdiction where such offer is prohibited, and such securities may not be offered or sold in the United States absent registration or an exemption from registration under the United States Securities Act of 1933, as amended.**

125475 v3

------

## Exhibit 2.1

**Exhibit 2.1**

**Share Sale Deed**

**Foothills Rare Earths Limited**

between

**The parties listed in Part A and Part B of Schedule 1**

(each a **Seller** and collectively **Sellers**)

**and**

**Perpetual Nominees Limited**

(ACN 000 733 700)

(**Trustee**)

**and**

**The parties listed in Schedule 2** 

(each an **Optionholder** and collectively **Optionholders**)

and

**Rare Earths Americas Ltd.**

(Registration number 419111)

(**Buyer**)

**and**

**Foothills Rare Earths Limited** 

(ACN 645 424 979)

(**Company**)

------

**Table of contents**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1** | **Definitions and interpretation** | **Definitions and interpretation** | **1** |
|  | 1.1 | Definitions | 1 |
|  | 1.2 | Interpretation | 6 |
|  | 1.3 | Trustee | 7 |
|  | 1.4 | Liability of the Participating Sellers | 7 |
|  | 1.5 | Liability of the Participating Optionholders | 8 |
|  | 1.6 | Participating Sellers' knowledge and awareness | 8 |
|  | 1.7 | Sellers' Representative | 8 |
|  | 1.8 | Binding agreement | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2** | **Sale and purchase of Completion Sale Shares** | **Sale and purchase of Completion Sale Shares** | **9** |
|  | 2.1 | Sale and purchase | 9 |
|  | 2.2 | Waiver of pre-emptive rights | 9 |
|  | 2.3 | Buyer obligations interdependent | 10 |
|  | 2.4 | Title, property and risk | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3** | **Consideration** | **Consideration** | **10** |
|  | 3.1 | Consideration | 10 |
|  | 3.2 | Application for Consideration Shares | 10 |
|  | 3.3 | Rights attaching to Consideration Shares | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4** | **Condition Precedent** | **Condition Precedent** | **10** |
|  | 4.1 | Condition Precedent to Completion | 10 |
|  | 4.2 | Waiver | 10 |
|  | 4.3 | Failure to satisfy Condition Precedent | 10 |
|  | 4.4 | Effect of termination | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5** | **Completion** | **Completion** | **11** |
|  | 5.1 | Time and place for Completion | 11 |
|  | 5.2 | Completion | 11 |
|  | 5.3 | Notice to complete | 11 |
|  | 5.4 | Simultaneous actions on Completion | 11 |
|  | 5.5 | Conditions of Completion | 11 |
|  | 5.6 | Interdependency with Interdependent Transaction | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6** | **Post Completion** | **Post Completion** | **12** |
|  | 6.1 | Title, property and risk | 12 |
|  | 6.2 | Exercise of rights of registered shareholder | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7** | **Options** | **Options** | **12** |
|  | 7.1 | Restrictions on Dealing | 12 |
|  | 7.2 | Cancellation of Options | 12 |
|  | 7.3 | Consideration | 13 |
|  | 7.4 | Release | 13 |
|  | 7.5 | Representations and Warranties | 13 |
|  | 7.6 | Option Exercise Adjustment | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8** | **Warranties** | **Warranties** | **15** |
|  | 8.1 | Warranties | 15 |
|  | 8.2 | Qualifications | 15 |
|  | 8.3 | Reliance and survival | 15 |
|  | 8.4 | Buyer's acknowledgment | 15 |
|  | 8.5 | Indemnities | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9** | **Limitation on Claims** | **Limitation on Claims** | **16** |
|  | 9.1 | Time limit on Claims | 16 |
|  | 9.2 | General limitations | 16 |
|  | 9.3 | Threshold for Relevant Claims | 16 |
|  | 9.4 | Maximum aggregate liability for Relevant Claims | 16 |

---

106925934v8

------

Page ii

---

| | | | |
|:---|:---|:---|:---|
|  | 9.5 | Exclusions | 17 |
|  | 9.6 | No liability where breach | 17 |
|  | 9.7 | No limitations | 17 |
|  | 9.8 | No double recovery | 17 |
|  | 9.9 | Independence | 17 |
|  | 9.10 | Survival | 17 |
|  | 9.11 | Mitigation | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10** | **Confidentiality and announcements** | **Confidentiality and announcements** | **17** |
|  | 10.1 | Confidentiality obligation | 17 |
|  | 10.2 | Disclosure of confidential information | 18 |
|  | 10.3 | Excluded Information | 18 |
|  | 10.4 | Business Confidential Information | 18 |
|  | 10.5 | No disclosure of Business Confidential Information | 18 |
|  | 10.6 | Business Confidential Information is not Excluded Information | 18 |
|  | 10.7 | Announcements | 18 |
|  | 10.8 | Survival | 19 |
| **11** | **GST** | **GST** | **19** |
|  | 11.1 | Definitions | 19 |
|  | 11.2 | GST | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12** | **Notices** | **Notices** | **19** |
|  | 12.1 | Form of Notice | 19 |
|  | 12.2 | Address for service | 20 |
| **13** | **General** | **General** | **20** |
|  | 13.1 | Further assurances | 20 |
|  | 13.2 | Severability | 20 |
|  | 13.3 | Non-merger of provisions | 21 |
|  | 13.4 | Waiver | 21 |
|  | 13.5 | Prohibition or enforceability | 21 |
|  | 13.6 | Entire Agreement | 21 |
|  | 13.7 | No amendments without agreement | 21 |
|  | 13.8 | Assignment | 21 |
|  | 13.9 | Costs, expenses and stamp duty | 21 |
|  | 13.10 | Counterparts | 21 |
|  | 13.11 | Electronic execution | 22 |
|  | 13.12 | Language | 22 |
|  | 13.13 | Governing law and jurisdiction | 22 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Schedule 1** | **23** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sellers | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Schedule 2** | **36** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Schedule 3** | **41** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Completion obligations | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Schedule 4** | **42** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sellers Warranties | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Schedule 5** | **45** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Buyer Warranties | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Schedule 6** | **47** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Terms and Conditions of Replacement Warrants | 47 |

---

106925934v8

------

**This deed** is made on [insert date] 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp;between | &nbsp;&nbsp;The parties listed in Part A and Part B of Schedule 1 (each a **Seller** and collectively **Sellers**)<br>|
| &nbsp;&nbsp;and | &nbsp;&nbsp;**Perpetual Nominees Limited** ACN 000 733 700 of Level 18, 123 Pitt Street, Sydney New South Wales, Australia 2000 (**Trustee**)<br>|
| &nbsp;&nbsp;and | &nbsp;&nbsp;The parties listed in Schedule 2 (each an **Optionholder** and collectively **Optionholders**) |
| &nbsp;&nbsp;and | &nbsp;&nbsp;**Rare Earths Americas Ltd** c/o Appleby Global Services (Cayman) Limited, 71 Fort Street, PO Box 500, George Town, Grand Cayman, Cayman Islands, KY1-1106 (**Buyer**) |
| &nbsp;&nbsp;and | &nbsp;&nbsp;**Foothills Rare Earths Limited** ACN 645 424 979 of Level 9, 28 The Esplanade, Perth Western Australia, Australia 6000 (**Company**) |

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**Recitals**

A.The Sellers (other than the Beneficial Holders) and the Trustee are the registered holders of the Sale Shares.

B.Legal title to the Trustee Sale Shares is held by the Trustee as bare trustee in accordance with the terms of the Nominee Services Agreements and Bare Trust Deed Polls.

C.The Optionholders are the registered holders of the Options.

D.The Participating Sellers have each agreed to sell, and the Buyer has agreed to buy, the Completion Sale Shares on the terms and conditions of this deed.

E.The Trustee has been directed by each Beneficial Holder (that is also a Participating Seller) to transfer their respective Trustee Sale Shares to the Buyer on the terms and conditions of this deed.

F.Each Participating Optionholder irrevocably agrees to the cancellation of their Options on and subject to the terms and conditions of this deed.

G.The Company is a party to this deed for the purposes of clauses 1.7 and 7 only.

**It is agreed** as follows:

**1.** **Definitions and interpretation**

1.1.**Definitions**

In this deed:

**2025 Option** means an option granted to an Optionholder (as applicable) to acquire Shares, having an exercise price of A$0.25 per Share and an expiry date of 31 December 2025.

**2029 Option** means an option granted to an Optionholder (as applicable) to acquire Shares, having an exercise price of A$0.125 per Share and an expiry date of 30 September 2029.

**AMBPL** means Alpha Minerals Brazil Paricipacoes Ltda.

**ASX** means ASX Limited or the Australian Securities Exchange, as the context requires.

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**Bare Trust Deed Polls** means the deed polls executed by each Beneficial Holder in favour of the Trustee, pursuant to which the relevant Beneficial Holder appoints the Trustee to hold its Shares on bare trust.

**Beneficial Holders** means the beneficial holders of the Trustee Sale Shares (as listed in Part B of Schedule 1).

**Business** means the business carried out by the Company as at the date of this deed, being rare earths mineral exploration in Georgia, United States.

**Business Confidential Information** has the meaning given in clause 10.4.

**Business Day** means a day on which banks are open for general banking business in Western Australia and Cayman Islands, excluding Saturdays, Sundays or public holidays.

**Buyer Warranties** means the warranties given by the Buyer in favour of the Participating Sellers as set out in Schedule 5.

**Claim** means any allegation, cause of action, claim or demand of any nature however arising and whether present or future, fixed or unascertained, actual or contingent whether at law, in equity, under statute or otherwise.

**Company Secretary** means the person appointed as the company secretary of the Company at the relevant time.

**Completion** means the completion of the sale and purchase of the Completion Sale Shares in accordance with clause 5.

**Completion Date** means the date on which the Condition Precedent is satisfied or waived (in accordance with clause 4.4), or such other date as may be agreed in writing by the Buyer and the Sellers.

**Completion Sale Shares** means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)the Sale Shares held by the Participating Sellers, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)the Trustee Sale Shares (to the extent that the relevant Beneficial Holders are Participating Sellers).

**Condition Precedent** means the execution of this deed by or on behalf of such number of Participating Sellers who hold, in aggregate, at least 90% of the Sale Shares.

**Condition Precedent End Date** means 31 August 2026 or any later date agreed in writing by the Buyer and the Sellers.

**Consequential Loss** means any:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)special, indirect, incidental or punitive loss or damage (including loss of profits or savings, loss of opportunity, loss or damage to or corruption of data, loss of goodwill, loss of reputation), whether arising in equity, for breach of contract, tort (including negligence), breach of statutory duty, indemnity or otherwise; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)loss not in the ordinary contemplation of the parties upon entering into this deed.

**Consideration** means the total amount to be paid by the Buyer to the Sellers, which corresponds to the number of Consideration Shares having an aggregate value of equivalent to A$28,052,670, as may be further adjusted in accordance with the Option Exercise Adjustment.

**Consideration Shares** means up to 2,805,267 ordinary shares of US$0.0001 par value each, for a total subscription amount attributable to the Consideration Shares equivalent to the Consideration, credited as fully paid, in the capital of the Buyer, as may be further adjusted in accordance with the Option Exercise Adjustment.

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**Corporations Act** means the *Corporations Act 2001* (Cth).

**Controller** is a receiver, or receiver and manager, or any other person in possession or control of a corporation's property for the purpose of enforcing a charge.

**Deal** in relation to an Option, means to sell, assign, transfer, grant an Encumbrance over or a right in, or otherwise dispose of, or agree or offer to do the same, in relation to that Option or any legal, beneficial or economic interest in that Option and **Dealt** and **Dealing** have a corresponding meaning.

**Disclosing Party** means the party disclosing information that is the subject of clause 10.

**Duty** means any stamp, transaction or registration duty or similar charge imposed by any Government Agency and includes any interest, fine, penalty, charge or other amount imposed in respect of the above but excludes any Tax.

**Effective Date** means the date on which the Condition Precedent is satisfied or waived (in accordance with clause 4.2).

**Encumbrance** means any mortgage, charge, lien, restriction against transfer, pledge, trust, power, profit a prendre, easement, deposit, hypothecation, arrangement for retention of title, encumbrance and any other security interest, whether or not registered, including a right, interest, power or arrangement in relation to an asset which in substance provides security for the payment or satisfaction of a debt, obligation or Liability.

**Excluded Information** means information which is in or becomes part of the public domain other than through breach of this document or an obligation of confidence owed to the Disclosing Party or any Related Body Corporate of the Disclosing Party.

**Fairly Disclosed** means, in relation to a fact, matter, circumstance or information, a disclosure sufficient in detail and content and made in a manner and context to enable a reasonable purchaser, experienced in transactions of the nature of the sale the subject of this deed, to reasonably be aware of and understand the substance and significance of the fact, matter, circumstance or information.

**Government Agency** means any government or governmental, semi-governmental, administrative, fiscal or judicial body, department, commission, authority, tribunal, agency or entity whether foreign, Federal, State, Territorial or local.

**GST** means goods and services tax under the GST Law.

**GST Act** means *A New Tax System (Goods and Services Tax) Act 1999* (Cth).

**GST Law** has the same meaning in the GST Act.

**Interdependent Transaction** means the REA Sale.

**Liability** includes all liabilities, claims, debts, obligations, losses, damages, costs, interest, fees, penalties, fines, assessments, forfeiture and expenses of whatever description (whether actual, contingent or prospective).

**Loss** means any loss, Liability, damage, charges, payments, cost or expense (whether direct, indirect or consequential and whether accrued or paid) including legal fees and disbursements and costs of investigation, litigation, settlement, judgment, interest and penalties, but not Consequential Loss.

**M&As** means the Buyer's memorandum and articles of association.

**Nominee Services Agreements** means the agreement between the Company and the Trustee dated 23 May 2025, pursuant to which the Company established a nominee facility under which Shares are to held on separate bare trusts for the Beneficial Holders.

**Non-Participating Optionholders** means the Optionholders that do not execute this deed.

**Non-Participating Sellers** means the Sellers that do not execute this deed.

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**Option** means a 2025 Option and / or a 2029 Option.

**Option Exercise Adjustment** has the meaning given in clause 7.6.

**Option Cancellation Date** means the date on which all Options held by the Participating Optionholders are cancelled and all Replacement Warrants are issued to the Participating Optionholders (as applicable).

**Optionholders** means the parties listed in Schedule 2, being the holders of the Options.

**Optionholders Warranties** means the warranties given by the Participating Optionholders in favour of the Buyer as detailed in clause 7.5.

**Option Terms** means the terms on which the Options are issued.

**Participating Optionholders** means the Optionholders that execute this deed.

**Participating Parties** means the Participating Sellers, Participating Optionholders, Trustee and Buyer.

**Participating Sellers** means the Sellers that execute this deed.

**Private Offer** means the Buyer's offer of the Private Offer Shares to certain sophisticated and professional investors to raise up to AUD20,000,000 (or such higher amount that the Buyer may in its sole discretion agree to accept on account of oversubscriptions) to fund, among other things, the Buyer's initial public offering (**IPO**), mining project option payments, and general working capital.

**Private Offer Completion** means completion of the Private Offer in accordance with its terms.

**Private Offer Shares** means up to 2,000,000 ordinary shares of US$0.0001 par value each, credited as fully paid, in the capital of the Buyer.

**REA** means Rare Earths Americas Limited (ACN 664 370 254).

**REA Sale** means the sale by REA, and the purchase by the Buyer, of all of the shares in AMBPL, with consideration for the sale being the issue of the REA Sale Consideration Shares by the Buyer to REA, in accordance with the REA Sale Agreement.

**REA Sale Agreement** means the share sale agreement to be entered into between REA (as seller) and the Buyer (as buyer) on or about the date of this deed in respect of the purchase by the Buyer of all of the shares in AMBPL.

**REA Sale Completion** means completion of the REA Sale in accordance with the REA Sale Agreement.

**REA Sale Consideration** means the total amount to be paid by the Buyer to REA, which corresponds to the number of REA Sale Consideration Shares equivalent to A$93,750,000.

**REA Sale Consideration Shares** means 9,375,000 ordinary shares of US$0.0001 par value each, in the amount in US$ for a total subscription amount attributable to the REA Sale Consideration Shares equivalent to the REA Sale Consideration, credited as fully paid, in the capital of the Buyer.

**Receiving Party** means the party receiving information that is the subject of clause 10.

**Records** means all original and certified copies of the books, records, documents, information, accounts and data (whether machine readable or in printed form) owned by or relating exclusively to the Company (including the property of the Company) and any source material used to prepare them.

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**Related Body Corporate** where a body corporate is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)a holding company of another body corporate; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)a subsidiary of another body corporate; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)a subsidiary of a holding company of another body corporate,

the first-mentioned body and the other body are related to each other.

**Replacement Warrants** means Replacement 2025 Warrant and Replacement 2029 Warrant.

**Replacement 2025 Warrant** means a right to acquire ordinary shares of US$0.0001 par value each in the Buyer for A$13.41 per share with an expiry date of 31 December 2025 on the terms and conditions detailed in schedule 6 part 1.

**Replacement 2029 Warrant** means a right to acquire ordinary shares of US$0.0001 par value each in the Buyer for A$6.70 per share with an expiry date of 30 September 2029 on the terms and conditions detailed in schedule 6 part 2.

**Representative** of a person or entity means its officers, employees, agents, advisers, partners, consultants, members and financiers.

**Respective Proportion** means for each Seller:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)if all Sellers are Participating Sellers and no Options are exercised, the percentage set out alongside its name in column six of Schedule 1, being its proportionate beneficial shareholding in the Company as at the Effective Date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)if not all Sellers are Participating Sellers and / or if some Options are exercised, its proportionate beneficial shareholding in the Company as at the Effective Date relative to all Completion Sale Shares.

**Restraint Period** means the period commencing on the date of this deed and ending on the earlier of the termination of this deed and the Option Cancellation Date.

**Sale Shares** means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)the Shares beneficially held by the Sellers as detailed in column three of Schedule 1, being, in aggregate, 100% of the issued capital of the Company as at 15 June 2025; plus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)any Shares that are issued prior to Completion on account of the exercise of an Option.

**Securities Act** means the U.S. Securities Act of 1933, as amended.

**Sellers' Representative** means the Company.

**Sellers Warranties** means the warranties given by the Sellers and the Trustee (as applicable) in favour of the Buyer as set out in Schedule 4.

**Share** means a fully paid ordinary share in the capital of the Company.

**Shareholder** means a holder of a Share.

**Tax** means any tax, levy, charge, impost, fee, deduction or withholding, which is assessed, levied, imposed or collected by any Government Agency and includes any tax payable under the GST Act or any interest, fine, penalty, charge, fee or any other amount imposed in addition to, or in respect of any of the above but excludes Duty.

**Title and Capacity Warranties** means the Sellers Warranties set out in item 1 of Schedule 4.

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**Transaction Documents** means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)this deed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)any document which the Buyer and the Sellers agree in writing is a Transaction Document for the purposes of this definition; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)any document entered into for the purposes of varying, replacing or novating any of the above.

**Trustee Sale Shares** means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)the Sale Shares that are beneficially held by the Beneficial Holders as detailed in Part B of Schedule 1; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)any Shares that are issued prior to Completion on account of the exercise of an Option by a Beneficial Holder.

**Warranty** means, where given by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)the Sellers, each of the Seller Warranties, or any two or more of them as the context requires or permits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)the Trustee, each Title and Capacity Warranty, or any two or more of them as the context requires or permits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)the Optionholders, each of the Optionholder Warranties, or any two or more of them as the context requires or permits; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)the Buyer, each of the Buyer Warranties, or any two or more of them as the context requires or permits.

1.2.**Interpretation**

In this deed, unless the context otherwise requires:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)headings and bold type are for convenience only and do not affect the interpretation of this deed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)the Background, the Schedules, the Execution Page and the Annexures (if any) are each incorporated in and form part of this deed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)a reference to the singular includes the plural and vice versa;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)a reference to a given gender includes all other genders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)other parts of speech and grammatical forms of a word or phrase defined in this deed have a corresponding meaning;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)use of the word including and similar expressions are not, nor are they to be interpreted as, words of limitation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)a reference to a person includes a natural person, a company or other entities recognised by law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)a reference to any legislation or legislative provision includes any statutory modification or re-enactment of, or legislation or legislative provision substituted for, that legislation or legislative provision;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)a reference to any governmental or statutory body includes any body which replaces, succeeds to the relevant powers and functions of, or which serves substantially the same purposes or objects as such body;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)a reference to any agreement or document is to that agreement or document (and, where applicable, any of its provisions) as amended, novated, supplemented or replaced from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)a reference to any thing is a reference to the whole or any part of it and a reference to a group of things or persons is a reference to any one or more of them;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)a reference to writing includes any mode of reproducing words, figures or symbols in tangible and permanently visible form and includes email;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)a reference to Australian dollars, dollars, $, A$, $A or AUD is a reference to the lawful currency of the Commonwealth of Australia;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)a reference to United States dollars, US$ or USD is a reference to the lawful currency of the United States of America;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)all references to parties are to the parties to this deed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)a reference to a party includes the party's executors, administrators, successors and permitted assigns;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)a reference to time is a reference to Perth, Australia time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)if a period of time dates from a given day or the day of an act or event, it is to be calculated exclusive of that day;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s)if the time for performing an obligation under this deed expires on a day which is not a Business Day, then time is extended until the next Business Day;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t)if an act prescribed under this deed to be done by a party on or by a given day is done after 5.00pm on that day, it is taken to be done on the next Business Day; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u)no provision of this deed will be construed adversely to the other party because that party was responsible for the preparation of this deed or that provision.

1.3.**Trustee**

The parties acknowledge and agree that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)the Trustee is a party to this deed only in its capacity as the legal holder of the Trustee Sale Shares (as bare trustee on behalf of each Beneficial Holder pursuant to a bare trust deed entered into by the relevant Beneficial Holder); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)notwithstanding any other provisions of this deed, the Trustee has no obligations or liability under or in connection with this deed other than to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)give the Title and Capacity Warranties to the extent expressly stated to be given by the Trustee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)transfer the Trustee Sale Shares that are Completion Sale Shares to the Buyer in accordance with the terms of this deed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The Trustee is not bound by the terms of this deed in respect of any Trustee Sale Shares held by Beneficial Holders that are Non-Participating Sellers.

1.4.**Liability of the Participating Sellers**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Notwithstanding any other provisions of this deed (other than clause 1.3(b)):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)subject to clauses 1.4(a)(ii) and 1.4(b), the liability of the Participating Sellers and the Trustee under or in connection with this deed is several (and not joint and several);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)each Participating Seller will be solely liable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)for any breach by it of a Title and Capacity Warranty; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)any other breach of this deed solely attributable to that Participating Seller,

and no Participating Seller will have any liability in respect of a breach of any other Participating Party's Title and Capacity Warranties; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)the Trustee will be solely liable for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)for any breach by it of a Title and Capacity Warranty; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)any other breach of this deed solely attributable to the Trustee,

and the Trustee will have any liability in respect of a breach of any other Participating Party's Title and Capacity Warranties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)In circumstances where all Participating Sellers share liability, the maximum amount recoverable by the Buyer from any individual Participating Seller in connection with any Claim is the Respective Proportion of that Participating Seller of the aggregate amount recoverable by the Buyer from all Participating Sellers in connection with that Claim, and in no event will the liability of a Participating Seller for any Claim under or in connection with this deed exceed its Respective Proportion of the Claim.

1.5.**Liability of the Participating Optionholders**

Notwithstanding any other provisions of this deed, each Participating Optionholder will be solely liable for any breach by that Participating Seller of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)an Optionholder Warranty; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)any other breach of this deed solely attributable to that Participating Optionholder.

1.6.**Participating Sellers' knowledge and awareness**

Where a Sellers Warranty is given "so far as the Sellers are aware" or with a similar qualification as to the Sellers' awareness or knowledge, the Participating Sellers will be deemed to know or be aware of a particular fact, matter or circumstance only if the Company's Company Secretary, as at the date of this deed, was actually aware of that fact, matter or circumstance or ought reasonably to have been aware of it (having made reasonable enquiries and having access to the Records and the Company's employees and advisors in the ordinary course).

1.7.**Sellers' Representative** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Participating Sellers and Participating Optionholders irrevocably and unconditionally jointly appoint and authorise the Sellers' Representative to be their attorney, agent and representative and to act on their behalf and do any or all acts, matters or things which the Sellers' Representative in its sole discretion considers necessary, convenient or appropriate to give effect to this deed or any act or document contemplated by this deed, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)to give or receive any notice, including direction or waiver required to be given in writing, under this deed on behalf of the Participating Sellers and Participating Optionholders or any one of them (including any waiver pursuant to clause 4.2);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)to receive on behalf of the Participating Sellers and Participating Optionholders or any of them any document which the Buyer gives or delivers in respect of the transactions contemplated by this deed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)to agree any amendment or variation to this deed or any document contemplated by this deed;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)to agree or negotiate any Claim in respect of this deed or any document contemplated by this deed, including any claim in respect of the Sellers Warranties and / or Optionholders Warranties (as applicable) or in respect of any indemnity set out in this deed or any document contemplated by this deed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)to receive any payments due to the Participating Sellers and / or Participating Optionholders or any of them made by the Buyer or any other person under this deed or any document contemplated by this deed (other than the issue of the Consideration Shares and Replacement Warrants),

and each Participating Seller and each Participating Optionholder agrees to be bound by the actions of the Sellers' Representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Sellers' Representative has such powers and authority as are necessary to exercise the rights of, or give or receive any notices on behalf of any Participating Seller or Participating Optionholder under this deed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Any notice or document that is required to be served on the Sellers' Representative is taken to be properly served on the Sellers' Representative if the notice or document is served on the Sellers' Representative in accordance with clause 12.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Service on the Sellers' Representative in accordance with clause 1.7(c) constitutes proper service of process on any or all of the Participating Sellers and Participating Optionholders for the purposes of this deed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)The Buyer is entitled to deal solely with, and rely on any decision, action, consent or instruction of the Sellers' Representative acting in such capacity and done in accordance with the provisions of this clause 1.7 as being a decision, action, consent or instruction of each and every Participating Seller and Participating Optionholder.

1.8.**Binding agreement** 

With effect on and from the Effective Date, and subject to the Buyer and Trustee entering into this deed, each Participating Seller, each Participating Optionholder, the Buyer and the Trustee is bound to this deed notwithstanding any Non-Participating Sellers or Non-Participating Optionholders.

**2.** **Sale and purchase of Completion Sale Shares**

2.1.**Sale and purchase**

Subject to clause 4, on the Completion Date, the Participating Sellers and the Trustee agree to sell the Completion Sale Shares to the Buyer and the Buyer agrees to buy the full legal and beneficial interest in and to the Completion Sale Shares from the Participating Sellers and Trustee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)for the consideration set out in clause 3.1;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)free from any Encumbrance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)with all rights, including dividend rights, attaching to or accruing to them on and from the Completion Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)on the terms and conditions of this deed.

2.2.**Waiver of pre-emptive rights**

Each Participating Seller and the Trustee consent to the sale and purchase contemplated in clause 2.1 and irrevocably waive in favour of the Buyer any rights of pre-emption that it has, or may have, in respect of the Completion Sale Shares, whether conferred by the constituent documents of the Company or otherwise.

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2.3.**Buyer obligations interdependent**

The obligation of the Buyer to buy any Completion Sale Shares under this deed is conditional and interdependent on the completion by the Buyer of the purchase of all Completion Sale Shares and the Buyer is not obliged to complete the purchase of any Completion Sale Shares unless it completes the purchase of all of the Completion Sale Shares simultaneously.

2.4.**Title, property and risk** 

The title to, property in and risk of the Completion Sale Shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)until Completion, remains solely with the Participating Sellers or the Trustee (as the case may be); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)passes to the Buyer on and from Completion.

**3.** **Consideration**

3.1.**Consideration**

The consideration for the sale by the Participating Sellers and the Trustee of the Completion Sale Shares to the Buyer is the Consideration, which will be satisfied by the allotment and issue of the Consideration Shares by the Buyer to the Participating Sellers in accordance with this deed.

3.2.**Application for Consideration Shares**

Execution of this deed by a Participating Seller constitutes that Seller's irrevocable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)application for the Consideration Shares to be issued to the Participating Seller in accordance with this deed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)consent to being named in the register of members of the Buyer in respect of the Consideration Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)consent to being bound by the M&As.

3.3.**Rights attaching to Consideration Shares**

The Consideration Shares are subject to the M&As and will rank equally in all respects with the existing ordinary shares of US$0.0001 par value each in the issued and outstanding share capital of the Buyer when the Consideration Shares are issued.

**4.** **Condition Precedent**

4.1.**Condition Precedent to Completion**

The parties' obligations to complete the sale and purchase of the Completion Sale Shares is subject to and conditional upon the satisfaction or waiver (in accordance with clause 4.2) of the Condition Precedent.

4.2.**Waiver**

The Condition Precedent may only be waived in writing by the Buyer and will be effective only to the extent specifically set out in that waiver.

4.3.**Failure to satisfy Condition Precedent**

A Participating Party may terminate this deed by giving notice in writing to the other parties if the Condition Precedent is not satisfied, or waived in accordance with clause 4.2, before 5.00pm on the Condition Precedent End Date.

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4.4.**Effect of termination** 

On termination of this deed under clause 4.3:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)this clause 4.4 and clauses 1 (Definitions and Interpretation), 10 (Confidentiality and announcements), 12 (Notices) and 13 (General) continue to apply;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)accrued rights and remedies of a party are not affected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)subject to clauses 4.4(a) and 4.4(b), the parties are released from further performing their obligations under this deed.

**5.** **Completion**

5.1.**Time and place for Completion**

Subject to the satisfaction or waiver of the Condition Precedent, Completion must take place by electronic means at 11:00am (AEST) on the Completion Date or such other place, date or time agreed in writing between the parties.

5.2.**Completion** 

The Participating Parties must each fulfil their obligations at Completion as detailed in Schedule 3.

5.3.**Notice to complete** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)If a Participating Party (**Defaulting Party**) fails to satisfy its obligations under clause 5.2 on the day and at the time and place for Completion in accordance with clause 5.1, then any other Participating Party (other than the Trustee) (**Non-defaulting Party**) may give the Defaulting Party a notice requiring the Defaulting Party to satisfy those obligations within a period of three Business Days from the date of the notice and declaring time to be of the essence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)If the Defaulting Party fails to satisfy those obligations within those three Business Days, the Non-defaulting Party may (subject to clause 5.3(c)), without limiting any other rights it may have, terminate this deed by written notice to the Defaulting Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The Participating Sellers and Participating Optionholders may only terminate this deed in accordance with clause 5.3(b) if Participating Sellers holding more than 50% of the Completion Sale Shares agree in writing to terminate this deed.

5.4.**Simultaneous actions on Completion** 

In respect of Completion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)the obligations of the Participating Parties under this deed are interdependent; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)all actions required to be performed are taken to have occurred simultaneously on the Completion Date.

5.5.**Conditions of Completion** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Completion is conditional on the Participating Parties complying with all of their obligations under this clause 5 and Schedule 3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)If one action does not take place, without prejudice to any rights available to any party as a consequence:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)there is no obligation on any Participating Party to undertake or perform any of the other actions; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)the other Participating Parties must do everything reasonably required to reverse those actions (including returning documents and repaying amounts received).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The Buyer may, in its sole discretion, waive any or all of the actions (where permitted by law) that the other Participating Parties are required to perform under clause this 5 and Schedule 3 and the Sellers' Representative, may in its sole discretion, waive any or all of the actions (where permitted by law) that the Buyer is required to perform under this clause 5 and Schedule 3.

5.6.**Interdependency with Interdependent Transaction**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The parties acknowledge and agree that the obligation to complete the sale and purchase of the Completion Sale Shares under this deed is interdependent on the Interdependent Transaction. Despite any other term of this deed, Completion must not occur unless completion also occurs in respect of the Interdependent Transaction.

**6.** **Post Completion** 

6.1.**Title, property and risk** 

Until Completion, the title to, property in and risk of the Completion Sale Shares remain solely with the Participating Sellers and the Trustee (as applicable), but they pass to the Buyer on and from Completion.

6.2.Exercise of rights of registered shareholder

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)From Completion until the Completion Sale Shares are registered in the name of the Buyer, the Participating Sellers and the Trustee (on behalf of the Beneficial Holders that are Participating Sellers) (as applicable) must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)appoint the nominees of the Buyer as sole proxy and corporate representative of the Sellers to attend members' meetings, exercise the votes attached to the Completion Sale Shares and sign any members' resolution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)not itself attend or vote at those meetings or sign any resolutions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)take all other actions in the capacity of a registered holder of the Completion Sale Shares as the Buyer directs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Buyer must indemnify the Participating Sellers and the Trustee (as applicable) from all liability arising out of the implementation of any action taken by the Buyer pursuant to the proxy referred to in clause 6.2(a).

**7.** **Options**

7.1.**Restrictions on Dealing** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Each Participating Optionholder must not Deal with an Option during the Restraint Period without the prior written consent of the Buyer and the Company, unless permitted to do so under this deed. Any purported Dealing with an Option during the Restraint Period that is not expressly permitted under this deed will be invalid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)By signing this deed, each Participating Optionholder agrees not to exercise an Option during the Restraint Period, notwithstanding that such exercise is permitted under the Option Terms, and any such purported exercise will be invalid.

7.2.**Cancellation of Options** 

With effect from Completion, each Participating Optionholder irrevocably agrees to the cancellation of its Options on and subject to the terms and conditions of this clause 7.

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7.3.**Consideration** 

As consideration for the cancellation of the Options, subject to clause 7.6:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)each Participating Optionholder holding 2025 Options as at the date of this deed will be issued 0.01864 Replacement 2025 Warrants for each 2025 Option cancelled (irrespective of whether Completion occurs before or after 31 December 2025); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)each Participating Optionholder holding 2029 Options as at the date of this deed will be issued 0.01864 Replacement 2029 Warrants for each 2029 Option cancelled.

7.4.**Release** 

With effect on and from the Option Cancellation Date, all rights and obligations pertaining to or under the Options are irrevocably cancelled and extinguished without the need for any further act by the Participating Optionholder or the Company, and the Participating Optionholder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)irrevocably releases the Company from all its obligations in relation to the Options;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)irrevocably releases and waives all rights, including in relation to any Claims, the Participating Optionholder now has, may have had, or can, shall or hereafter have by reason of any cause, matter or thing whatsoever arising out of, from or in connection with the termination and cancellation of the Options;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)must, as soon as possible and without delay, deliver to the Company, or as the Company may direct, all Option certificates or other indicia of ownership relating to the Options (if any), so that such option certificates and other indicia of ownership can be cancelled;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)agrees that all Option certificates relating to the Options (if any) which the Participating Optionholder has not forwarded to, or as directed by, the Company for cancellation by the Company cease to have any value or be of any effect whatsoever;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)authorises the Company to update the register of optionholders in the Company by recording the cancellation and extinguishment of the Options; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)agrees that this deed may be pleaded as a bar to any Claim against the Company in connection with the Options.

7.5.**Representations and Warranties** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Each Participating Optionholder represents and warrants to the Company, as at the date of this deed and immediately prior to the cancellation of the Options in accordance with this clause 7, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)the Participating Optionholder has the power and lawful authority to enter into and perform its obligations under this deed and that this deed constitutes a legal, valid and binding obligation on the Participating Optionholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)at the date of this deed, the Participating Optionholder is the legal and beneficial owner of the Options detailed in Schedule 2;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)if the Participating Optionholder is a United States person (as defined under Regulation S of the Securities Act), the Participating Optionholder is an accredited investor as defined in Rule 501(a) of Regulation D of the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)the Options are not subject to any Encumbrances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)the Participating Optionholder is not in breach of any Option Terms; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)at the date of this deed, other than the Options, the Participating Optionholder does not hold or have an interest in any option, Options or other rights to subscribe for or to be issued Shares.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Participating Optionholder understands that no public market now exists for the Replacement Warrants, and that the Buyer has made no representations that a public market will ever exist for the Replacement Warrants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The Participating Optionholder understands that the Replacement Warrants have not been, and will not be, registered under the Securities Act, by reason of a specific exemption therefrom, which exemption depends upon, among other things, the bona fide nature of Participating Optionholder's investment intent and the accuracy of Participating Optionholder's representations as expressed herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)The Participating Optionholder understands that the Replacement Warrants are "restricted securities" under applicable U.S. federal and state laws and that, pursuant to these laws, the Participating Optionholder must hold the Replacement Warrants indefinitely unless they are registered with the Securities and Exchange Commission and qualified by state authorities, or an exemption from such registration and qualification requirements is available. The Participating Optionholder acknowledges that the Buyer has no obligation to register or qualify the Replacement Warrants for resale. The Participating Optionholder further acknowledges that if an exemption from registration or qualification is available, it may be conditioned on various requirements including, but not limited to, the time and manner of sale, the holding period for the Replacement Warrants, and requirements relating to the Buyer which are outside of the Participating Optionholder's control, and which the Buyer is under no obligation, and may not be able, to satisfy. If the Participating Optionholder is not a United States person (as defined under Regulation S of the Securities Act), the Participating Optionholder hereby represents that it has satisfied itself as to the full observance of the laws of the Participating Optionholder's jurisdiction in connection with any invitation to subscribe for the Replacement Warrants or any use of this Share Sale Deed, including (a) the legal requirements within the Participating Optionholder's jurisdiction for the receipt of the Replacement Warrants; (b) any foreign exchange restrictions applicable to such receipt; (c) any governmental or other consents that may need to be obtained; and (d) the income tax and other tax consequences, if any, that may be relevant to the receipt, holding, redemption, sale or transfer of the Replacement Warrants. The Participating Optionholder's receipt of and continued beneficial ownership of the Replacement Warrants will not violate any applicable securities or other laws of the Participating Optionholder's jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)The certificates representing the Replacement Warrants issued pursuant to this Share Sale Deed will be imprinted with a legend substantially in the following form:

"THE WARRANTS EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION AND ARE "RESTRICTED SECURITIES" AS DEFINED IN RULE 144 PROMULGATED UNDER THE SECURITIES ACT. THE SECURITIES MAY NOT BE OFFERED, SOLD, PLEDGED, OR OTHERWISE TRANSFERRED EXCEPT (1) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OR (2) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, IN EACH CASE IN ACCORDANCE WITH ALL APPLICABLE STATE SECURITIES LAWS AND THE SECURITIES LAWS OF OTHER JURISDICTIONS, AND IN THE CASE OF A TRANSACTION EXEMPT FROM REGISTRATION, UNLESS THE COMPANY HAS RECEIVED AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO IT THAT SUCH TRANSACTION DOES NOT REQUIRE REGISTRATION UNDER THE SECURITIES ACT OR SUCH OTHER APPLICABLE LAWS."

7.6.**Option Exercise Adjustment** 

If an Optionholder exercises an Option prior to the date of this deed, then:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)the number of Options is reduced by the number of Options duly exercised;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)the number of Sale Shares is increased by the number of Options duly exercised;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)the number of Replacement Options to be issued to the Participating Optionholder who exercised part or all of their Options is reduced by the number of Options duly exercised multiplied by 0.01864; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)the number of Consideration Shares to be issued to the Participating Optionholder who exercised Options is increased by the number of Options duly exercised multiplied by 0.01864.

**8.** **Warranties**

8.1.**Warranties**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Subject to clause 1.3, each of the Participating Sellers and the Trustee (in respect of the Title and Capacity Warranties only) represents and warrants to the Buyer that each of the Sellers Warranties is true, complete, correct and not misleading as at the date of this deed and will be true, accurate, complete and not misleading as at the Completion Date (except that a Sellers Warranty which states it is made as at or on only one of those date, or as at some other time, is made only as at that date).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Each of the Participating Optionholders represents and warrants to the Buyer that each of the Optionholders Warranties is true, complete, correct and not misleading as at the date of this deed and will be true, accurate, complete and not misleading immediately prior to the cancellation of the Options (except that an Optionholders Warranty which states that it is made as at or on only one of those date, or as at some other time, is made only as at that date).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The Buyer represents and warrants to each Seller that each of the Buyer Warranties is true, complete, correct and not misleading as at the date of this deed and will be true, accurate, complete and not misleading as at the Completion Date (except that a Buyer Warranty which states it is made as at or on only one of those date, or as at some other time, is made only as at that date).

8.2.**Qualifications**

Each Warranty given by a party is given subject to and is qualified, and that party will not be liable for a breach of that Warranty, to the extent of, any fact, matter or circumstance that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)is Fairly Disclosed; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)is otherwise known by the Buyer (if a Sellers Warranty or Optionholders Warranty) or the Participating Sellers (if a Buyer Warranty) at the date of this deed.

8.3.**Reliance and survival**

Each party acknowledges that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)the Buyer has entered into this deed in reliance on the Sellers Warranties and Optionholders Warranties ;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)the Participating Sellers have entered into this deed in reliance on the Buyer Warranties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)the Warranties given are the only warranties on which the Participating Parties (as applicable) have relied in entering into this deed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)the Warranties survive Completion.

8.4.**Buyer's acknowledgment**

The Buyer acknowledges that it enters into this deed as a result of its own due diligence, investigations, inquiries, advice, and knowledge concerning the Participating Sellers and Participating Optionholders, the Company and the Sale Shares and in reliance of the Sellers Warranties and Optionholders Warranties.

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8.5.**Indemnities**

Subject to clause 9, each Participating Party (**Indemnifying Party**) must indemnify the other Participating Parties (each an **Indemnified Party**) from and against all Claims or Losses which the Indemnified Party may incur in connection with any of the Indemnifying Party's Warranties being untrue, incomplete, incorrect or misleading.

**9.** **Limitation on Claims** 

9.1.**Time limit on Claims** 

No Participating Party (**Respondent Party**) will have any liability for any Loss or Claim against it by another Participating Party (**Claimant Party**) under this deed (including any Claim that any Warranties given by the Respondent Party were untrue, incomplete, incorrect or misleading (**Relevant Claim**), unless the Claimant Party has given written notice, summarising the nature of the Relevant Claim, to the Respondent Party within 12 months of the Completion Date.

9.2.**General limitations** 

A Respondent Party is not liable under a Relevant Claim for any Loss to the extent that the Loss:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)arise from an act or omission by or on behalf of the Claimant Party before Completion that was done or made:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)with the written consent of the Claimant Party; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)at the written direction or instruction of the Claimant Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)are increased as a result of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)any action taken or not taken (as the case may be) by the Respondent Party with the express prior written approval or direction of the Claimant Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)the Claimant Party not complying with any provision of this deed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)arise from the enactment or amendment of any legislation or regulations after Completion, including any legislation, regulations, amendments, interpretation, practice or policy that has a retrospective effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)result from, or the amount of the Loss is increased due to, an increase in a rate of Tax on or after Completion; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)are remediable, provided they are remedied to the satisfaction of the Claimant Party within 30 days of written notice to the Respondent Party (or such longer period as agreed by the Claimant Party in writing).

9.3.**Threshold for Relevant Claims** 

No Respondent Party will be liable to any Claimant Party for any Relevant Claim unless the amount of the Relevant Claim is more than $100,000 in which case, subject to clauses 1.3, 7 and this clause 9, the full amount of the Relevant Claim is recoverable.

9.4.**Maximum aggregate liability for Relevant Claims** 

Subject to clause 1.3, the maximum aggregate liability of a Respondent Party for all Relevant Claims will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)in the case of a Participating Seller, not exceed an amount equal to the value of the Consideration Shares received by the Respondent Party; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)in the case of the Trustee, not exceed an amount equal to the value of the Consideration Shares received by the Beneficial Holders whose Trustee Sale Shares are the subject of the Relevant Claims.

9.5.**Exclusions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Except as expressly set out in this deed, all terms and conditions, warranties and statements (whether express, implied, written, oral, collateral, statutory or otherwise) are excluded to the maximum extent permitted by law and, to the extent they cannot be excluded, each party disclaims all liability in relation to them, to the maximum extent permitted by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Notwithstanding any other provision of this deed, to the maximum extent permitted by law, no Respondent Party is liable to any Claimant Party for any Consequential Loss.

9.6.**No liability where breach** 

The liability of a Respondent Party in respect of a Relevant Claim will be reduced or extinguished to the extent that the relevant Loss arising in connection with the Relevant Claim is caused or contributed by any act or omission of the Claimant Party.

9.7.**No limitations** 

None of the limitations contained in this clause 9 will apply to any Relevant Claim to the extent that any Loss in respect of that Relevant Claim arises from, or to the extent that such Loss is increased as a result of, any fraud, wilful misconduct, wilful default or wilful concealment by or on behalf of the Respondent Party or any of its officers.

9.8.**No double recovery** 

A Claimant Party will not be entitled to recover damages or obtain payment, reimbursement, restitution or indemnity more than once where the same facts or circumstances give rise to a Loss or Relevant Claim.

9.9.**Independence** 

Each qualification and limitation in this clause 9 is to be construed independently of the others and is not limited by any other qualification or limitation.

9.10.**Survival** 

The provisions of this clause 9 remain in force and effect after Completion according to their terms.

9.11.**Mitigation** 

Each Participating Party (other than the Trustee) acknowledges and agrees that it must take reasonable steps to mitigate any Loss (or potential Loss) arising in relation to this deed.

**10.** **Confidentiality and announcements** 

10.1.**Confidentiality obligation** 

Subject to clause 10.2, no party may disclose:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)the existence of or the terms of this deed and each document entered into under this deed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)any discussions or correspondence between the parties and any of their Representatives in relation to the transactions contemplated by this deed; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)any information which, either orally or in writing, is agreed, designated or indicated as being confidential information of the Disclosing Party or any of its Representatives,

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except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)to Representatives of the Receiving Party or of its Related Bodies Corporate requiring the information for the purposes of a Transaction Document or for genuine purposes associated with the Business or the Company, provided the disclosure is on a confidential basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)with the prior written consent of the Disclosing Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)if the Receiving Party is a trust, to the named beneficiaries of that trust, on a confidential basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)if the Receiving Party is required to do so by any law, securities exchange or rating agency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)if the Receiving Party is required to do so by a Transaction Document, but only to the extent reasonably required to comply with the relevant requirement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)if necessary to do so in connection with legal proceedings relating to this deed.

10.2.**Disclosure of confidential information** 

If a Receiving Party discloses Confidential Information under clause 10.1, that Receiving Party must use its reasonable endeavours to ensure that recipients of the information do not disclose the information except in the circumstances permitted in clause 10.1.

10.3.**Excluded Information** 

Clauses 10.1 and 10.2 do not apply to Excluded Information.

10.4.**Business Confidential Information**

From the Completion Date, all non-public information relating to the Business (**Business Confidential Information**) is confidential information of the Buyer for the purposes of this deed.

10.5.**No disclosure of Business Confidential Information** 

The Participating Sellers and Participating Optionholders must not, and must procure that each of its Related Bodies Corporate and Representatives must not, use or disclose any Business Confidential Information except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)with the prior written consent of the Buyer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)if required to do so by any law, securities exchange or rating agency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)if the Sellers are required to do so by a Transaction Document but only to the extent reasonably required to comply with the relevant requirement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)if necessary to do so in connection with legal proceedings relating to a Transaction Document.

10.6.**Business Confidential Information is not Excluded Information** 

The Business Confidential Information is not taken to be Excluded Information only because it was known to any of the Company, Sellers, Optionholders or any Representatives of the Sellers or Optionholders at any time prior to Completion.

10.7.**Announcements** 

Unless required by law, a securities exchange or Government Agency no party may, before or after Completion, make or send a public announcement concerning the transactions contemplated by this deed unless it has first obtained the written consent of the Participating Parties.

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10.8.**Survival** 

This clause 10 continues despite the termination of this deed.

**11.** **GST**

11.1.**Definitions**

Words used in this clause 11 that have a defined meaning in the GST Law have the same meaning as in the GST Law unless the context indicates otherwise.

11.2.**GST**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Unless expressly included, consideration for any supply under or in connection with this deed does not include GST.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)To the extent that any supply made under or in connection with this deed is a taxable supply, the recipient must pay, in addition to consideration provided under this deed for that supply (unless it expressly includes GST) an amount (additional amount) equal to the amount of that consideration (or its GST exclusive market value) multiplied by the rate at which GST is imposed in respect of the supply. The recipient must pay the additional amount at the same time as the consideration to which it is referrable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)A payment under clause 11.2(b) only becomes payable by a party on receipt of a tax invoice for the supply to which the payment relates.

**12.** **Notices**

12.1.**Form of Notice** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Any demand, notice, consent, approval or other communication under this deed may be made or given by a party or the solicitor or attorney for that party provided that it:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)is in legible writing, in English and addressed to the intended recipient; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)is signed by the sender (if an individual) or by an authorised representative of the sender; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)is given to the addressee by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) delivery in person; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)post to, or leaving at, that party's address for service; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)sending by email to the party's email address; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)is regarded as being given by the sender and received by the addressee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)if by delivery in person or by being left at the party's address for service, upon delivery;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)if by post, two Business Days from and including the date of posting by ordinary prepaid post in respect of an address for service within Australia and 21 Business Days in respect of any other address; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)if by email, when legibly received by the addressee, with receipt being evidenced by a report generated by the sender's machine confirming uninterrupted sending,

but if the delivery or receipt occurs on a day which is not a Business Day or at a time after 5.00pm (both the day and time being in the place of receipt) it is regarded as having been received at 9.00am on the next Business Day.

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12.2.**Address for service**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)For the purposes of this clause 12, a party's address for service shall be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)if subclause (b) does not apply, the party's postal address or email address (if any) set out:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)below for the Buyer and Trustee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)in column two of Schedule 1 for each Participating Seller; and;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)in column two of Schedule 2 for each Participating Optionholder; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)if that party has notified the sender of a change of postal address or changed email address, the address or email address last so notified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)If the party is a company, that party's address shall also include its registered office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The Buyer's address for service and electronic mail address is:

---

| | |
|:---|:---|
| &nbsp;&nbsp;Address: | &nbsp;&nbsp;c/o Appleby Global Services (Cayman) Limited, 71 Fort Street, PO Box 500, George Town, Grand Cayman Islands, KY1-1106 |
| &nbsp;&nbsp;Email: | &nbsp;&nbsp;jgrafton@foothillsrareearths.com |
| &nbsp;&nbsp;Attention | &nbsp;&nbsp;Jennifer Grafton |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)The Trustee's address for service and electronic mail address is:

---

| | |
|:---|:---|
| &nbsp;&nbsp;Address: | &nbsp;&nbsp;Level 18, 123 Pitt Street, Sydney NSW 2000 |
| &nbsp;&nbsp;Email: | &nbsp;&nbsp;John.NEWBY@perpetual.com.au |
| &nbsp;&nbsp;Attention | &nbsp;&nbsp;John Newby |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)The Sellers' Representative's address for service and electronic mail address is:

---

| | |
|:---|:---|
| &nbsp;&nbsp;Address: | &nbsp;&nbsp;Level 9, 28 The Esplanade, Perth Western Australia, Australia 6000 |
| &nbsp;&nbsp;Email: | &nbsp;&nbsp;gswan@apollogroup.com.au |
| &nbsp;&nbsp;Attention | &nbsp;&nbsp;The Company Secretary |

---

**13.** **General** 

13.1.**Further assurances**

Each party will promptly execute all documents and do all things that another party from time to time reasonably requires of it to effect, perfect or complete the terms and conditions of this deed and any transaction contemplated by it.

13.2.**Severability**

If anything in this deed is unenforceable, illegal or void then it is severed and the rest of this deed remains in force.

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13.3.**Non-merger of provisions**

A provision of this deed which can and is intended to operate after its conclusion will remain in full force and effect.

13.4.**Waiver**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)A single or partial exercise or waiver of a right relating to this deed will not prevent any other exercise of that right or the exercise of any other right.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)A party will not be liable for any loss, cost or expense of any other party caused or contributed to by any waiver, exercise, attempted exercise or failure to exercise, or any delay in the exercise of, a right.

13.5.**Prohibition or enforceability**

Any provision of, or the application of any provision of, this deed, which is prohibited, void, illegal or unenforceable in any jurisdiction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)is, in that jurisdiction, ineffective only to the extent to which it is void, illegal, unenforceable or prohibited;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)does not affect the validity, legality or enforceability of that provision in any other jurisdiction or of the remaining provisions of this deed in that or any other jurisdiction; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)is severable from this deed and will not affect the remaining provisions of this deed.

13.6.**Entire Agreement**

This deed embodies the entire agreement and understanding between the Participating Parties concerning its subject matter and succeeds and cancels all other agreements and understandings concerning the subject matter of this deed and any warranty, representation, guarantee or other term and condition of any nature not contained in this deed is of no force or effect.

13.7.**No amendments without agreement**

This deed may not be modified, discharged or abandoned unless by a document signed by the Participating Parties.

13.8.**Assignment**

The rights and obligations of each Participating Party under this deed are personal. No Participating Party may assign, encumber or otherwise deal with such rights and obligations without the prior written consent of all other Participating Parties .

13.9.**Costs, expenses and stamp duty**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Each Participating Party must bear its own costs and expenses arising out of and in connection with the negotiation, preparation and execution of this deed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)All Duty (including fines, penalties and interest or any other Duty) which may be payable on or in connection with this deed and any instrument executed under this deed must be borne by the Buyer.

13.10.**Counterparts**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)This deed may consist of a number of counterparts and, if so, the counterparts taken together constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)A copy of a counterpart emailed as a PDF:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)must be treated as an original counterpart;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)is sufficient evidence of the execution of the original; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)may be produced in evidence for all purposes in place of the original.

13.11.**Electronic execution**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)To the extent permitted by law, a party may sign this deed electronically, including by using software or a platform for the electronic execution of documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)A print-out of this deed electronically signed by the Participating Parties, will be an executed original counterpart of this deed signed by all such parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Each party that signs this deed electronically represents and warrants that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)it or anyone signing on its behalf has been duly authorised to execute this deed and has affixed their own electronic signature; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)it intends to be bound by this deed.

13.12.**Language** 

This deed is written in English.

13.13.**Governing law and jurisdiction**

This deed is to be governed by and construed in accordance with all applicable laws in force in New South Wales from time to time and the Participating Parties submit to the non-exclusive jurisdiction of the courts of New South Wales.

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**Schedule 1**

**Sellers** 

------

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**3 Part B – Beneficial Holders**

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**Schedule 2**

**Options** 

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**Schedule 3**

**Completion obligations**

**1.** **Participating Sellers' Completion obligations** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)At or prior to Completion, each Participating Seller and the Trustee (as applicable) must deliver to the Buyer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)duly executed transfer form (in registrable form) in favour of the Buyer in respect of the Completion Sale Shares held by it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)the certificates for the Completion Sale Shares held by it (or a statutory declaration that the certificates have been lost or destroyed);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)the Records (to the extent in the possession or control of it), which may be left at the Company's premises; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)(if applicable) duly completed authorities for the alteration of the signatories of each bank account of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)At or prior to Completion, the Participating Sellers must procure that a duly convened meeting of the board of directors of the Company is held or a circular written resolution of the board of directors of the Company is passed resolving to, subject to Completion occurring:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)approve the:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)transfer of the Completion Sale Shares to the Buyer with effect on and from Completion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)registration of the Buyer as the holder of the Completion Sale Shares in its register of members at Completion; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)cancellation of the existing share certificates for the Completion Sale Shares and delivery by the Company to the Buyer of a new share certificate for the Completion Sale Shares in the name of the Buyer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)approve the lodgement of an ASIC Form 484 "Change to Company Details" with ASIC to record the transfer of the Completion Sale Shares from the Participating Sellers and the Trustee (as applicable) to the Buyer, and any other changes to the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)revoke each existing authority to operate any bank account of the Company and approve such new authority as may be requested by the Company in writing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)revoke any existing powers of attorney granted by the Company.

**2.** **Buyer's Completion obligations** 

At Completion, the Buyer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)deliver to the Sellers' Representative a copy of the resolutions of the Buyer's directors authorising the entering into, and implementation of the transactions contemplated by, this deed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)issue and allot Consideration Shares to the Participating Sellers in accordance with the details in column four of Parts A and B of Schedule 1; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)deliver to the Sellers' Representative a copy of the Buyer's register of members updated to reflect each Participating Seller as the registered owner of its respective Consideration Shares.

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**Schedule 4**

**Sellers Warranties**

**1.** **The Sellers**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Each Participating Seller and the Trustee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)(to the extent applicable) validly exists under the laws of its place of incorporation or registration;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)has full power and authority to enter into and perform its obligations under this deed and to carry out the transactions contemplated by this deed including, without limitation, the transfer of the Completion Sale Shares to the Buyer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)if the Participating Seller is a United States person (as defined under Regulation S of the Securities Act), the Participating Seller is an accredited investor as defined in Rule 501(a) of Regulation D of the Securities Act;and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)has full authority, has taken all necessary action and has all necessary consents to enter into and perform, this deed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Participating Seller understands that no public market now exists for the Consideration Shares, and that the Buyer has made no assurances that a public market will ever exist for the Consideration Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The Participating Seller understands that the Consideration Shares have not been, and will not be, registered under the Securities Act, by reason of a specific exemption therefrom, which exemption depends upon, among other things, the bona fide nature of Participating Seller's investment intent and the accuracy of Participating Seller's representations as expressed herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)The Participating Seller understands that the Consideration Shares are "restricted securities" under applicable U.S. federal and state laws and that, pursuant to these laws, the Participating Seller must hold the Consideration Shares indefinitely unless they are registered with the Securities and Exchange Commission and qualified by state authorities, or an exemption from such registration and qualification requirements is available. The Participating Seller acknowledges that the Buyer has no obligation to register or qualify the Consideration Shares for resale. The Participating Seller further acknowledges that if an exemption from registration or qualification is available, it may be conditioned on various requirements including, but not limited to, the time and manner of sale, the holding period for the Consideration Shares, and requirements relating to the Buyer which are outside of the Participating Seller's control, and which the Buyer is under no obligation, and may not be able, to satisfy. If the Participating Seller is not a United States person (as defined under Regulation S of the Securities Act), the Participating Seller hereby represents that it has satisfied itself as to the full observance of the laws of the Participating Seller's jurisdiction in connection with any invitation to subscribe for the Consideration Shares or any use of this Share Sale Deed, including (a) the legal requirements within the Participating Seller's jurisdiction for the receipt of the Consideration Shares; (b) any foreign exchange restrictions applicable to such receipt; (c) any governmental or other consents that may need to be obtained; and (d) the income tax and other tax consequences, if any, that may be relevant to the receipt, holding, redemption, sale or transfer of the Consideration Shares. The Participating Seller's receipt of and continued beneficial ownership of the Consideration Shares will not violate any applicable securities or other laws of the Participating Seller's jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)The certificates representing the Warrants sold pursuant to this Agreement will be imprinted with a legend substantially in the following form:

"THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION AND ARE "RESTRICTED SECURITIES" AS DEFINED IN RULE 144 PROMULGATED UNDER THE SECURITIES ACT. THE SECURITIES MAY NOT BE

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OFFERED, SOLD, PLEDGED, OR OTHERWISE TRANSFERRED EXCEPT (1) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OR (2) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, IN EACH CASE IN ACCORDANCE WITH ALL APPLICABLE STATE SECURITIES LAWS AND THE SECURITIES LAWS OF OTHER JURISDICTIONS, AND IN THE CASE OF A TRANSACTION EXEMPT FROM REGISTRATION, UNLESS THE COMPANY HAS RECEIVED AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO IT THAT SUCH TRANSACTION DOES NOT REQUIRE REGISTRATION UNDER THE SECURITIES ACT OR SUCH OTHER APPLICABLE LAWS."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)This deed constitutes the valid and binding obligation of each Participating Seller and the Trustee, and is enforceable in accordance with its terms and by appropriate legal remedy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)The entry into and performance by each Participating Seller and the Trustee of its obligations under this deed (including the transfer of its Completion Sale Shares) will not cause it to breach, and will not otherwise constitute a breach of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)any obligation or deed to which it is bound;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)any writ, order or injunction, judgement or law to which it is a party or is subject or by which it is bound; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)any applicable laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)In respect of each Participating Seller and the Trustee, no:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)meeting has been convened, resolution proposed, petition presented, or order made for its winding up;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)receiver, receiver and manager, provisional liquidator, liquidator, administrator or other officer of the court has been appointed in relation to all or any of its assets; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)mortgagee has taken, attempted to take or indicated an intention to exercise its rights under any security of which it is the mortgagor or chargor.

**2.** **The Company** 

To the best of the Participating Sellers' knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)validly exists under the laws of its place of incorporation or registration;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)has the power to own its assets and carry on its business; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)has less than 50 registered holders of Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)in respect of the Company, no:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)meeting has been convened, resolution proposed, petition presented, or order made for its winding up;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)receiver, receiver and manager, provisional liquidator, liquidator, administrator or other officer of the court has been appointed in relation to all or any of its assets; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)mortgagee has taken, attempted to take or indicated an intention to exercise its rights under any security of which it is the mortgagor or charger; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)as at the date of this deed, the Company has no securities of any nature on issue other than the Sale Shares and the Options.

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**3.** **Completion Sale Shares** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Completion Sale Shares are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)fully paid;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)validly allotted and issued;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)free from Encumbrances; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)capable of being sold and transferred free of any competing rights, including pre-emptive.

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**Schedule 5**

**Buyer Warranties**

**1.** **Buyer Warranties**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Buyer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)validly exists under the laws of its place of incorporation or registration;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)has full power and authority to enter into and perform its obligations under this deed and to carry out the transactions contemplated by this deed including, without limitation, the issue and allotment of the Consideration Shares to the Participating Sellers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)has full authority, has taken all necessary action and has all necessary consents to enter into and perform, this deed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)This deed constitutes the valid and binding obligation of the Buyer, and is enforceable in accordance with its terms and appropriate legal remedy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The entry into and performance by the Buyer of its obligations under this deed (including the issue and allotment of the Consideration Shares to the Participating Sellers) and the purchase of the Completion Sale Shares will not cause the Buyer to breach, and will not otherwise constitute a breach of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)any obligation or deed to which the Buyer is bound;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)any writ, order or injunction, judgement or law to which the Buyer is a party or is subject or by which it is bound; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)any applicable laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)In respect of the Buyer, no:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)meeting has been convened, resolution proposed, petition presented, or order made for its winding up;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)receiver, receiver and manager, provisional liquidator, liquidator, administrator or other officer of the court has been appointed in relation to all or any of its assets; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)mortgagee has taken, attempted to take or indicated an intention to exercise its rights under any security of which it is the mortgagor or chargor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)Immediately prior to Completion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)the Buyer has no securities of any nature in issue other than one ordinary share of USD0.0001 par value; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)no person (other than the Participating Sellers and the Participating Optionholders) has any rights (including any pre-emptive rights) to be issued with any shares or securities in the Buyer other than:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)the REA Sale Consideration Shares to be issued to REA upon REA Sale Completion; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)the Private Offer Shares to be issued to certain investors upon Private Offer Completion.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)Immediately upon Completion, REA Sale Completion and Private Offer Completion, the Consideration Shares will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)represent not less than 19.8% of the total issued capital of the Buyer assuming all Sellers are Participating Sellers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)be credited as fully paid up and will have been validly issued and properly allotted to the Participating Sellers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)rank equally in all respects with the existing issued shares of the same class in the capital of the Buyer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)be free from any Encumbrances and from any person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)subject to the M&As, not be subject to any escrow or other provisions restricting the on-sale of all or any of the Consideration Shares by the Participating Sellers.

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**Schedule 6**

**Terms and Conditions of Replacement Warrants**

**Part 1 - Terms and Conditions of Replacement 2025 Warrants**

**Entitlement**

1.1.Each Replacement 2025 Warrant entitles the holder of the Replacement 2025 Warrant to subscribe for, or to be transferred, one fully paid ordinary share of US$0.0001 par value each (**Share**) on payment of the Exercise Price.

**Exercise Price, Expiry Date and Exercise Period**

1.2.The Exercise Price of each Replacement 2025 Warrant is A$13.41 per Share.

1.3.The Expiry Date of each Replacement 2025 Warrant is December 31, 2025.

1.4.The Replacement 2025 Warrants are exercisable at any time on or prior to the Expiry Date. Any Replacement 2025 Warrants not exercised by the Expiry Date automatically lapse.

**Method of Exercise**

1.5.The Replacement 2025 Warrants are exercisable by the holder at any time prior to the Expiry Date subject to the holder delivering to the registered office of the Company or such other address as determined by the board of directors (**Board**) of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5.1.a signed notice of exercise specifying the number of Replacement 2025 Warrants exercised (**Notice of Exercise**); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5.2.subject to the cashless exercise option, payment by a cheque or cash or such other form of payment determined by the Board in its sole and absolute discretion as satisfactory for the amount of the Exercise Price for each Replacement 2025 Warrant being exercised.

1.6.Cheques shall be in Australian currency or US currency made payable to the Company and crossed 'Not Negotiable' for the application for Shares on the exercise of the Replacement 2025 Warrant.

**No Issue Unless Cleared Funds**

1.7.Where a cheque is presented as payment for the Exercise Price of exercised Replacement 2025 Warrants, the Company will not, unless otherwise determined by the Board, allot and issue or transfer Shares until after any cheque delivered in payment of the Exercise Price has been cleared by the banking system into the Company's account.

**Minimum Exercise**

1.8.Replacement 2025 Warrants must be exercised in multiples of one hundred (100) unless fewer than one hundred (100) Replacement 2025 Warrants are held by a holder unless the Board otherwise agrees.

**Actions on Exercise**

1.9.Following the exercise of Replacement 2025 Warrants:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.9.1.the Replacement 2025 Warrants will automatically lapse; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.9.2.the Company will allot and issue, or transfer, the number of Shares for which the holder is entitled to subscribe for or acquire through the exercise of the Replacement 2025 Warrants.

**Shares Issued on Exercise**

1.10.Shares issued on the exercise of the Replacement 2025 Warrants rank equally with all existing Shares.

**Adjustment for Reorganization**

1.11.Subject to any applicable laws and rules of any public securities exchange on which the Company is admitted (**Listing Rules**), the number of Replacement 2025 Warrants held by a holder may, in the sole and absolute discretion of the Board, be determined to be such number as is appropriate and so that the

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holder does not suffer any material detriment following any variation in the share capital of the Company arising from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11.1.a reduction, subdivision or consolidation of share capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11.2.a reorganization of share capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11.3.a distribution of assets in specie;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11.4.the payment of a dividend, otherwise than in the ordinary course, of an amount substantially in excess of the Company's normal distribution policy; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11.5.any issue of ordinary shares or other equity securities or instruments which convert into ordinary shares by way of capitalisation of profits or reserves.

1.12.Upon any adjustment being made, the Board will notify each holder (or his or her legal personal representative where applicable) in writing, informing them of the number of Replacement 2025 Warrants held by the relevant holder.

1.13.If there is any reorganization of the issued share capital of the Company, the terms of Replacement 2025 Warrants and the rights of the holder who holds such Replacement 2025 Warrants will be varied, including an adjustment to the number of Replacement 2025 Warrants and/or the Exercise Price (if any) applicable to Replacement 2025 Warrants, in accordance with the Listing Rules that apply to the reorganization at the time of the reorganization.

**Participation in New Issues and Other Rights**

1.14.A holder who holds Replacement 2025 Warrants is not entitled to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14.1.notice of, or to vote or attend at, a meeting of the Shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14.2.receive any dividends declared by the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14.3.participate in any new issues of securities offered to Shareholders during the term of the Replacement 2025 Warrants,

unless and until the Replacement 2025 Warrants are exercised and the holder holds Shares.

**Quotation**

1.15.The Company will not seek official quotation of any Replacement 2025 Warrants.

**Transfer of Replacement 2025 Warrants**

1.16.The Replacement 2025 Warrants are non-transferable.

**Replacement 2025 Warrants to be Recorded**

1.17.Replacement 2025 Warrants will be recorded in the appropriate register of the Company.

**Part 2 - Terms and Conditions of Replacement 2029 Warrants**

**Entitlement**

1.1.Each Replacement 2029 Warrant entitles the holder of the Replacement 2029 Warrant to subscribe for, or to be transferred, one fully paid ordinary share of US$0.0001 par value each (**Share**) on payment of the Exercise Price.

**Exercise Price, Expiry Date and Exercise Period**

1.2.The Exercise Price of each Replacement 2029 Warrant is A$6.70 per Share.

1.3.The Expiry Date of each Replacement 2029 Warrant is September 30 2029.

1.4.The Replacement 2029 Warrants are exercisable at any time on or prior to the Expiry Date. Any Replacement 2029 Warrants not exercised by the Expiry Date automatically lapse.

**Method of Exercise**

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1.5.The Replacement 2029 Warrants are exercisable by the holder at any time prior to the Expiry Date subject to the holder delivering to the registered office of the Company or such other address as determined by the board of directors (**Board**) of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5.1.a signed notice of exercise specifying the number of Replacement 2029 Warrants exercised (**Notice of Exercise**); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5.2.subject to the cashless exercise option, payment by a cheque or cash or such other form of payment determined by the Board in its sole and absolute discretion as satisfactory for the amount of the Exercise Price for each Replacement 2029 Warrant being exercised.

1.6.Cheques shall be in Australian currency or US currency made payable to the Company and crossed 'Not Negotiable' for the application for Shares on the exercise of the Replacement 2029 Warrant.

**No Issue Unless Cleared Funds**

1.7.Where a cheque is presented as payment for the Exercise Price of exercised Replacement 2029 Warrants, the Company will not, unless otherwise determined by the Board, allot and issue or transfer Shares until after any cheque delivered in payment of the Exercise Price has been cleared by the banking system into the Company's account.

**Minimum Exercise**

1.8.Replacement 2029 Warrants must be exercised in multiples of one hundred (100) unless fewer than one hundred (100) Replacement 2029 Warrants are held by a holder unless the Board otherwise agrees.

**Actions on Exercise**

1.9.Following the exercise of Replacement 2029 Warrants:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.9.1.the Replacement 2029 Warrants will automatically lapse; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.9.2.the Company will allot and issue, or transfer, the number of Shares for which the holder is entitled to subscribe for or acquire through the exercise of the Replacement 2029 Warrants.

**Shares Issued on Exercise**

1.10.Shares issued on the exercise of the Replacement 2029 Warrants rank equally with all existing Shares.

**Adjustment for Reorganization**

1.11.Subject to any applicable laws and rules of any public securities exchange on which the Company is admitted (**Listing Rules**), the number of Replacement 2029 Warrants held by a holder may, in the sole and absolute discretion of the Board, be determined to be such number as is appropriate and so that the holder does not suffer any material detriment following any variation in the share capital of the Company arising from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11.1.a reduction, subdivision or consolidation of share capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11.2.a reorganization of share capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11.3.a distribution of assets in specie;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11.4.the payment of a dividend, otherwise than in the ordinary course, of an amount substantially in excess of the Company's normal distribution policy; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11.5.any issue of ordinary shares or other equity securities or instruments which convert into ordinary shares by way of capitalisation of profits or reserves.

1.12.Upon any adjustment being made, the Board will notify each holder (or his or her legal personal representative where applicable) in writing, informing them of the number of Replacement 2029 Warrants held by the relevant holder.

1.13.If there is any reorganization of the issued share capital of the Company, the terms of Replacement 2029 Warrants and the rights of the holder who holds such Replacement 2029 Warrants will be varied, including an adjustment to the number of Replacement 2029 Warrants and/or the Exercise Price (if any) applicable to Replacement 2029 Warrants, in accordance with the Listing Rules that apply to the reorganization at the time of the reorganization.

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**Participation in New Issues and Other Rights**

1.14.A holder who holds Replacement 2029 Warrants is not entitled to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14.1.notice of, or to vote or attend at, a meeting of the Shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14.2.receive any dividends declared by the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14.3.participate in any new issues of securities offered to Shareholders during the term of the Replacement 2029 Warrants,

unless and until the Replacement 2029 Warrants are exercised and the holder holds Shares.

**Quotation**

1.15.The Company will not seek official quotation of any Replacement 2029 Warrants.

**Transfer of Replacement 2029 Warrants**

1.16.The Replacement 2029 Warrants are non-transferable.

**Replacement 2029 Warrants to be Recorded**

1.17.Replacement 2029 Warrants will be recorded in the appropriate register of the Company.

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**Executed** as a deed

---

| | |
|:---|:---|
| **Executed** as a deed by **Arredo Pty Ltd (ACN 009 256 606)** in accordance with section 127 of the *Corporations Act 2001* (Cth): <br>|  |
| Director | \*Director/\*Company Secretary |
| Name of Director<br>BLOCK LETTERS | Name of \*Director/\*Company Secretary<br>BLOCK LETTERS<br>\*please strike out as appropriate |

---

---

| | |
|:---|:---|
| **Executed** as a deed by **BFB Holdings Pty Limited (ACN 111 854 034)** in accordance with section 127 of the *Corporations Act 2001* (Cth):<br>/s/Bradley Beer |  |
| Director | \*Director/\*Company Secretary |
| Bradley Beer |  |
| Name of Director<br>BLOCK LETTERS | Name of \*Director/\*Company Secretary<br>BLOCK LETTERS<br>\*please strike out as appropriate |

---

---

| | |
|:---|:---|
| **Signed and sealed** by<br>**Kristian Blaszczynski** in the presence of:<br>/s/ Stefan Michael Blaszcynski  | <br>/s/ **Kristian Blaszczynski** |
| **Signed and sealed** by<br>**Kristian Blaszczynski** in the presence of:<br>/s/ Stefan Michael Blaszcynski  | **Kristian Blaszczynski**<br>|
| Witness signature |  |
| Stefan Michael Blaszcynski  |  |

---

Name of witness

BLOCK LETTERS

---

| | |
|:---|:---|
| **Signed and sealed** by <br>**Rohani Foulks** in the presence of:<br>/s/ Stefan Michael Blaszcynski  | <br>/s/ **Rohani Foulks** |
| **Signed and sealed** by <br>**Rohani Foulks** in the presence of:<br>/s/ Stefan Michael Blaszcynski  | **Rohani Foulks** |
| Witness signature |  |
| Stefan Michael Blaszcynski  |  |

---

Name of witness

BLOCK LETTERS

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---

| | |
|:---|:---|
| **Signed and sealed** by <br>**Carolyn Blodgett** <br>in the presence of:<br>William Blodgett | <br>/s/ **Carolyn Blodgett** |
| **Signed and sealed** by <br>**Carolyn Blodgett** <br>in the presence of:<br>William Blodgett | **Carolyn Blodgett** |
| Witness signature |  |
| <br>/s/ William Blodgett |  |

---

Name of witness

BLOCK LETTERS

---

| | |
|:---|:---|
| **Signed and sealed** by <br>**Patrick H Brindle**<br>in the presence of:<br>/s Sabrina Brindle | <br>/s/ **Patrick H Brindle**  |
| **Signed and sealed** by <br>**Patrick H Brindle**<br>in the presence of:<br>/s Sabrina Brindle | **Patrick H Brindle**  |
| Witness signature |  |
| <br>Sabrina Brindle |  |

---

Name of witness

BLOCK LETTERS

---

| | |
|:---|:---|
| **Signed and sealed** by <br>**Carl Philip Magnus Coward** <br>in the presence of:<br>/s/ Laura Armstrong | <br>/s/ **Carl Philip Magnus Coward** |
| **Signed and sealed** by <br>**Carl Philip Magnus Coward** <br>in the presence of:<br>/s/ Laura Armstrong | **Carl Philip Magnus Coward** |
| Witness signature |  |
| Laura Armstrong |  |

---

Name of witness

BLOCK LETTERS

---

| | |
|:---|:---|
| **Executed** as a deed by **DITM Holdings Pty Ltd (ACN 141 849 443)** in accordance with section 127 of the *Corporations Act 2001* (Cth): <br>/s Todd Hannigan | <br>/s Vivienne Hannigan |
| Director | \*Director/\*Company Secretary |
| Todd Hannigan | Vivienne Hannigan |
| Name of Director<br>BLOCK LETTERS | Name of \*Director/\*Company Secretary<br>BLOCK LETTERS<br>\*please strike out as appropriate |

---

106925934v8

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| | |
|:---|:---|
| **Signed and sealed** by <br>**Cameron Dowle**<br>in the presence of:<br>/s/ Alex Kempa | <br>/s/ **Cameron Dowle** |
| **Signed and sealed** by <br>**Cameron Dowle**<br>in the presence of:<br>/s/ Alex Kempa | **Cameron Dowle** |
| Witness signature |  |
| Alex Kempa |  |

---

Name of witness

BLOCK LETTERS

---

| | |
|:---|:---|
| **Signed and sealed** by <br>**Justin Wexler Feil** <br>in the presence of:<br>/s/ Christina Themas | <br>/s/ **Justin Wexler Feil** |
| **Signed and sealed** by <br>**Justin Wexler Feil** <br>in the presence of:<br>/s/ Christina Themas | **Justin Wexler Feil** |
| Witness signature |  |
| Christina Themas |  |

---

Name of witness

BLOCK LETTERS

---

| | |
|:---|:---|
| **Signed and sealed** by <br>**Lee Michael Feldman** in the presence of:<br>/s/ Lauren Feldman | <br>/s/ **Lee Michael Feldman**  |
| **Signed and sealed** by <br>**Lee Michael Feldman** in the presence of:<br>/s/ Lauren Feldman | **Lee Michael Feldman**  |
| Witness signature |  |
| Lauren Feldman |  |

---

Name of witness

BLOCK LETTERS

---

| | |
|:---|:---|
| **Signed and sealed** by <br>**Thomas Glen Feldmann** in the presence of:<br>/s/ Amber Shipman | <br>/s **Thomas Glen Feldmann**  |
| **Signed and sealed** by <br>**Thomas Glen Feldmann** in the presence of:<br>/s/ Amber Shipman | **Thomas Glen Feldmann**  |
| Witness signature |  |
| Amber Shipman |  |

---

Name of witness

BLOCK LETTERS

106925934v8

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| | |
|:---|:---|
| **Signed and sealed** by <br>**James William Hermiston** in the presence of:<br>/s/ Melanie Edwards | <br>/s/ **James William Hermiston**  |
| **Signed and sealed** by <br>**James William Hermiston** in the presence of:<br>/s/ Melanie Edwards | **James William Hermiston**  |
| Witness signature |  |
| Melanie Edwards |  |

---

Name of witness

BLOCK LETTERS

---

| | |
|:---|:---|
| **Signed and sealed** by <br>**Jesse Hibbard** <br>in the presence of:<br>/s/ Kevin Bradley | <br>/s/ **Jesse Hibbard** |
| **Signed and sealed** by <br>**Jesse Hibbard** <br>in the presence of:<br>/s/ Kevin Bradley | **Jesse Hibbard** |
| Witness signature |  |
| Kevin Bradley |  |

---

Name of witness

BLOCK LETTERS

---

| | |
|:---|:---|
| **Signed and sealed** by **Rodney Alexander Hooper** <br>in the presence of:<br>/s/ Alexander Schmidt  | <br>/s/ **Rodney Alexander Hooper** |
| **Signed and sealed** by **Rodney Alexander Hooper** <br>in the presence of:<br>/s/ Alexander Schmidt  | **Rodney Alexander Hooper** |
| Witness signature |  |
| Alexander Schmidt  |  |

---

Name of witness

BLOCK LETTERS

---

| | |
|:---|:---|
| **Signed and sealed** by<br>**Ramnarain Jaigobind** <br>in the presence of:<br>/s/ Maria Robles | <br>/s/ **Ramnarain Jaigobind** |
| **Signed and sealed** by<br>**Ramnarain Jaigobind** <br>in the presence of:<br>/s/ Maria Robles | **Ramnarain Jaigobind** |
| Witness signature |  |
| Maria Robles |  |

---

Name of witness

BLOCK LETTERS

106925934v8

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| | |
|:---|:---|
| **Executed** as a deed by **J P Morgan Nominees Australia Pty Limited (ACN 002 899 961)** in accordance with section 127 of the *Corporations Act 2001* (Cth):<br>|  |
| Director | \*Director/\*Company Secretary |
| Name of Director<br>BLOCK LETTERS | Name of \*Director/\*Company Secretary<br>BLOCK LETTERS<br>\*please strike out as appropriate |

---

---

| | |
|:---|:---|
| **Signed and sealed** by <br>**Howard Gary Klein** <br>in the presence of:<br>/s/ Pamela M. Rief | <br>/s/ **Howard Gary Klein**  |
| **Signed and sealed** by <br>**Howard Gary Klein** <br>in the presence of:<br>/s/ Pamela M. Rief | **Howard Gary Klein**  |
| Witness signature |  |
| Pamela M. Rief |  |

---

Name of witness

BLOCK LETTERS

---

| | |
|:---|:---|
| **Signed and sealed** by <br>**Brian Laks** <br>in the presence of:<br>/s/ Andrea Swain | <br>/s/ **Brian Laks**  |
| **Signed and sealed** by <br>**Brian Laks** <br>in the presence of:<br>/s/ Andrea Swain | **Brian Laks**  |
| Witness signature |  |
| Andrea Swain |  |

---

Name of witness

BLOCK LETTERS

---

| | |
|:---|:---|
| **Signed and sealed** by<br>**Jeffrey David Lang** <br>in the presence of:<br>/s/ Barbara Rees | <br>/s/ **Jeffrey David Lang** |
| **Signed and sealed** by<br>**Jeffrey David Lang** <br>in the presence of:<br>/s/ Barbara Rees | **Jeffrey David Lang** |
| Witness signature |  |
| Barbara Rees |  |

---

Name of witness

BLOCK LETTERS

106925934v8

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| | |
|:---|:---|
| **Signed and sealed** by <br>**Lamont Leatherman** in the presence of:<br>/s/ Heather Stretch | <br>/s/ **Lamont Leatherman**  |
| **Signed and sealed** by <br>**Lamont Leatherman** in the presence of:<br>/s/ Heather Stretch | **Lamont Leatherman**  |
| Witness signature |  |
| Heather Stretch |  |

---

Name of witness

BLOCK LETTERS

---

| | |
|:---|:---|
| **Signed and sealed** by <br>**Anna Marika Lindholm** <br>in the presence of:<br>/s/ Raymond Nimrod | <br>/s/ **Anna Marika Lindholm** |
| **Signed and sealed** by <br>**Anna Marika Lindholm** <br>in the presence of:<br>/s/ Raymond Nimrod | **Anna Marika Lindholm** |
| Witness signature |  |
| Raymond Nimrod |  |

---

Name of witness

BLOCK LETTERS

---

| | |
|:---|:---|
| **Executed** as a deed by **Amvest Capital Principal Strategic LLC** in accordance with the laws of its incorporation: <br>/s/ Stuart Macliver | <br>/s/ Gabriel Alonso-Mendoza |
| Director | \*Director/\*Company Secretary |
| Stuart Macliver | <br>Gabriel Alonso-Mendoza |
| Name of Director<br>BLOCK LETTERS | Name of \*Director/\*Company Secretary<br>BLOCK LETTERS<br>\*please strike out as appropriate |

---

---

| | |
|:---|:---|
| **Executed** as a deed by **Gala Investments LLC** in accordance with the laws of its incorporation: <br>Andrew Stewart<br>|  |
| Director | \*Director/\*Company Secretary |
| Andrew Stewart |  |
| Name of Director<br>BLOCK LETTERS | Name of \*Director/\*Company Secretary<br>BLOCK LETTERS<br>\*please strike out as appropriate |

---

106925934v8

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---

| | |
|:---|:---|
| **Executed** as a deed by **MEM Capital Partners LLC** in accordance with the laws of its incorporation: <br>/s/ Mendel Mockin |  |
| Director | \*Director/\*Company Secretary |
| Mendel Mockin |  |
| Name of Director<br>BLOCK LETTERS | Name of \*Director/\*Company Secretary<br>BLOCK LETTERS<br>\*please strike out as appropriate |

---

---

| | |
|:---|:---|
| **Signed and sealed** by <br>**Jonathon Lord**<br>in the presence of:<br>/s/ A. Brooke Lord | <br>/s/ **Jonathon Lord** |
| **Signed and sealed** by <br>**Jonathon Lord**<br>in the presence of:<br>/s/ A. Brooke Lord | **Jonathon Lord**<br>|
| Witness signature |  |
| A. Brooke Lord |  |

---

Name of witness

BLOCK LETTERS

---

| | |
|:---|:---|
| **Signed and sealed** by <br>**Mark McGregor** <br>in the presence of:<br>/s/Brent Russel Tarr | <br>/s/ **Mark McGregor** |
| **Signed and sealed** by <br>**Mark McGregor** <br>in the presence of:<br>/s/Brent Russel Tarr | **Mark McGregor**<br>|
| Witness signature |  |
| Brent Russel Tarr |  |

---

Name of witness

BLOCK LETTERS

---

| | |
|:---|:---|
| **Signed and sealed** by <br>**Faye McGregor**<br>in the presence of:<br>/s/ Brent Russel Tarr | <br>/s/ **Faye McGregor** |
| **Signed and sealed** by <br>**Faye McGregor**<br>in the presence of:<br>/s/ Brent Russel Tarr | **Faye McGregor**<br>|
| Witness signature |  |
| Brent Russel Tarr |  |

---

Name of witness

BLOCK LETTERS

106925934v8

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| | |
|:---|:---|
| **Executed** as a deed by **Meesha Investments Pty Ltd (ACN 149 732 954)** in accordance with section 127 of the *Corporations Act 2001* (Cth):<br>/s/ Cameron Henry |  |
| Director | \*Director/\*Company Secretary |
| Cameron Henry |  |
| Name of Director<br>BLOCK LETTERS | Name of \*Director/\*Company Secretary<br>BLOCK LETTERS<br>\*please strike out as appropriate |

---

---

| | |
|:---|:---|
| **Signed and sealed** by <br>**Nicolas Ryan Montgomery** in the presence of:<br>/s/ Robyn Montgomery | <br>/s/ **Nicolas Ryan Montgomery** |
| **Signed and sealed** by <br>**Nicolas Ryan Montgomery** in the presence of:<br>/s/ Robyn Montgomery | **Nicolas Ryan Montgomery**<br>|
| Witness signature |  |
| Robyn Montgomery |  |

---

Name of witness

BLOCK LETTERS

---

| | |
|:---|:---|
| **Signed and sealed** by <br>**Randall Scott Fenlon** <br>in the presence of:<br>/s/ Amanda S. Fenlon | <br>/s/ **Randall Scott Fenlon** |
| **Signed and sealed** by <br>**Randall Scott Fenlon** <br>in the presence of:<br>/s/ Amanda S. Fenlon | **Randall Scott Fenlon**<br>|
| Witness signature |  |
| Amanda S. Fenlon |  |

---

Name of witness

BLOCK LETTERS

---

| | |
|:---|:---|
| **Executed** as a deed by **MX Nominees Pty Ltd (ACN 606 850 079)** in accordance with section 127 of the *Corporations Act 2001* (Cth):<br>/s/ Thomas Bleauley |  |
| Director | \*Director/\*Company Secretary |
| Thomas Bleauley |  |
| Name of Director<br>BLOCK LETTERS | Name of \*Director/\*Company Secretary<br>BLOCK LETTERS<br>\*please strike out as appropriate |

---

106925934v8

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| | |
|:---|:---|
| **Executed** as a deed by **Offelbar Pty Ltd (ACN 616 028 918)** in accordance with section 127 of the *Corporations Act 2001* (Cth):<br>/s/ Quentin Flannery | <br>/s/ Kim Flannery |
| Director | \*Director/\*Company Secretary |
| Quentin Flannery | <br>Kim Flannery |
| Name of Director<br>BLOCK LETTERS | Name of \*Director/\*Company Secretary<br>BLOCK LETTERS<br>\*please strike out as appropriate |

---

---

| | |
|:---|:---|
| **Signed and sealed** by <br>**James Garret Overlock** <br>in the presence of:<br>/s/ Aimee Work | <br>/s/ **James Garret Overlock** |
| **Signed and sealed** by <br>**James Garret Overlock** <br>in the presence of:<br>/s/ Aimee Work | **James Garret Overlock**<br>|
| Witness signature |  |
| Aimee Work |  |

---

Name of witness

BLOCK LETTERS

---

| | |
|:---|:---|
| **Executed** as a deed by **Pamplona Capital Pty Ltd (ACN 150 332 700)** in accordance with section 127 of the *Corporations Act 2001* (Cth):<br>/s/ Brent David Coton | <br>/s/ Stephen James Gladwin Grove |
| Director | \*Director/\*Company Secretary |
| Brent David Coton | <br>Stephen James Gladwin Grove |
| Name of Director<br>BLOCK LETTERS | Name of \*Director/\*Company Secretary<br>BLOCK LETTERS<br>\*please strike out as appropriate |

---

---

| | |
|:---|:---|
| **Signed and sealed** by<br>**Keith D Phillips** <br>in the presence of:<br>/s/ Shelley Phillips | <br>/s/ **Keith D Phillips** |
| **Signed and sealed** by<br>**Keith D Phillips** <br>in the presence of:<br>/s/ Shelley Phillips | **Keith D Phillips**<br>|
| Witness signature |  |
| Shelley Phillips |  |

---

Name of witness

BLOCK LETTERS

106925934v8

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| | |
|:---|:---|
| **Executed** as a deed by **Pounamu Capital Pty Limited (ACN 159 901 836)** in accordance with section 127 of the *Corporations Act 2001* (Cth):<br>/s/ Alan Young |  |
| Director | \*Director/\*Company Secretary |
| Alan Young |  |
| Name of Director<br>BLOCK LETTERS | Name of \*Director/\*Company Secretary<br>BLOCK LETTERS<br>\*please strike out as appropriate |

---

---

| | |
|:---|:---|
| **Signed and sealed** by <br>**R Todd Ruppert** <br>in the presence of:<br>/s/ Nicole Muneses | <br>/s/ **R Todd Ruppert** |
| **Signed and sealed** by <br>**R Todd Ruppert** <br>in the presence of:<br>/s/ Nicole Muneses | **R Todd Ruppert**<br>|
| Witness signature |  |
| Nicole Muneses |  |

---

Name of witness

BLOCK LETTERS

---

| | |
|:---|:---|
| **Signed and sealed** by <br>**Hugo Timothy Hamilton Schumann** <br>in the presence of:<br>/s/ Paul Gurien | <br>/s/ **Hugo Timothy Hamilton Schumann** |
| **Signed and sealed** by <br>**Hugo Timothy Hamilton Schumann** <br>in the presence of:<br>/s/ Paul Gurien | **Hugo Timothy Hamilton Schumann**  |
| Witness signature |  |
| Paul Gurien |  |

---

Name of witness

BLOCK LETTERS

---

| | |
|:---|:---|
| **Executed** as a deed by **Sentor Investments Pty Ltd (ACN 623 107 031)** in accordance with section 127 of the *Corporations Act 2001* (Cth):<br>/s/ Keith O'Hara |  |
| Director | \*Director/\*Company Secretary |
| Keith O'Hara |  |
| Name of Director<br>BLOCK LETTERS | Name of \*Director/\*Company Secretary<br>BLOCK LETTERS<br>\*please strike out as appropriate |

---

106925934v8

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---

| | |
|:---|:---|
| **Signed and sealed** by <br>**Daniel Shribman** <br>in the presence of:<br>/s/ Jennifer S. Grafton | <br>/s/ **Daniel Shribman** |
| **Signed and sealed** by <br>**Daniel Shribman** <br>in the presence of:<br>/s/ Jennifer S. Grafton | **Daniel Shribman** |
| Witness signature |  |
| Jennifer S. Grafton |  |

---

Name of witness

BLOCK LETTERS

---

| | |
|:---|:---|
| **Signed and sealed** by <br>**Alastair Warren Smith** in the presence of:<br>/s/ Alyssa Schramm | <br>/s/ **Alastair Warren Smith** |
| **Signed and sealed** by <br>**Alastair Warren Smith** in the presence of:<br>/s/ Alyssa Schramm | **Alastair Warren Smith** |
| Witness signature |  |
| Alyssa Schramm |  |

---

Name of witness

BLOCK LETTERS

---

| | |
|:---|:---|
| **Signed and sealed** by <br>**Scott Sparks** <br>in the presence of:<br>/s/ David Landrith | /s/ **Scott Sparks**<br>|
| **Signed and sealed** by <br>**Scott Sparks** <br>in the presence of:<br>/s/ David Landrith | **Scott Sparks** |
| Witness signature |  |
| David Landrith |  |

---

Name of witness

BLOCK LETTERS

---

| | |
|:---|:---|
| **Signed and sealed** by <br>**Benjamin Rade Stoikovich** <br>in the presence of:<br>/s/ Magdalena Mystkowska | <br>/s/ **Benjamin Rade Stoikovich** |
| **Signed and sealed** by <br>**Benjamin Rade Stoikovich** <br>in the presence of:<br>/s/ Magdalena Mystkowska | **Benjamin Rade Stoikovich**<br>|
| Witness signature |  |
| Magdalena Mystkowska |  |

---

Name of witness

BLOCK LETTERS

106925934v8

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---

| | |
|:---|:---|
| **Signed and sealed** by <br>**Patrick Rade Stubbs** <br>in the presence of:<br>/s/ James Cox | <br>/s/ **Patrick Rade Stubbs**  |
| **Signed and sealed** by <br>**Patrick Rade Stubbs** <br>in the presence of:<br>/s/ James Cox | **Patrick Rade Stubbs**  |
| Witness signature |  |
| James Cox |  |

---

Name of witness

BLOCK LETTERS

---

| | |
|:---|:---|
| **Signed and sealed** by **Toby Edgecumbe Symonds** <br>in the presence of:<br>/s/ Katherine Stearns Symonds | <br>/s/ **Toby Edgecumbe Symonds** |
| **Signed and sealed** by **Toby Edgecumbe Symonds** <br>in the presence of:<br>/s/ Katherine Stearns Symonds | **Toby Edgecumbe Symonds**  |
| Witness signature |  |
| Katherine Stearns Symonds |  |

---

Name of witness

BLOCK LETTERS

---

| | |
|:---|:---|
| **Signed and sealed** by <br>**Thomas Richard Todd** <br>in the presence of:<br>/s/ Harrison Taylor | /s/ **Thomas Richard Todd** |
| **Signed and sealed** by <br>**Thomas Richard Todd** <br>in the presence of:<br>/s/ Harrison Taylor | **Thomas Richard Todd** |
| Witness signature |  |
| Harrison Taylor |  |

---

Name of witness

BLOCK LETTERS

---

| | |
|:---|:---|
| **Signed and sealed** by **Bernardo Da Veiga** <br>in the presence of:<br>/s/ Stephen Kelly | <br>/s/ **Bernardo Da Veiga** |
| **Signed and sealed** by **Bernardo Da Veiga** <br>in the presence of:<br>/s/ Stephen Kelly | **Bernardo Da Veiga** |
| Witness signature |  |
| Stephen Kelly |  |

---

Name of witness

BLOCK LETTERS

106925934v8

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| | |
|:---|:---|
| **Executed** as a deed by **Ward Capital Nominees Pty Ltd (ACN 614 929 690)** in accordance with section 127 of the *Corporations Act 2001* (Cth):<br>/s/ Gregory Colin Ward |  |
| Director | \*Director/\*Company Secretary |
| Gregory Colin Ward |  |
| Name of Director<br>BLOCK LETTERS | Name of \*Director/\*Company Secretary<br>BLOCK LETTERS<br>\*please strike out as appropriate |

---

---

| | |
|:---|:---|
| **Executed** as a deed on behalf of **Perpetual Nominees Limited** (ACN 000 733 700) by its duly appointed attorney under power of attorney number NSW Book 4676 No 134 dated 18 September 2014 who states that they have no notice of revocation of such appointment, in the presence of:<br>/s/ Stavrula Frost | <br>/s/ John Newby |
| Signature of Witness | Signature of Attorney |
| Stavrula Frost | John Newby |
| Name of Witness | Name of Attorney |

---

---

| | |
|:---|:---|
| **Signed and sealed** by **Katie Adamo** <br>in the presence of:<br>/s/ Melissa Shaw | <br>/s/ **Katie Adamo**  |
| **Signed and sealed** by **Katie Adamo** <br>in the presence of:<br>/s/ Melissa Shaw | **Katie Adamo**  |
| Witness signature |  |
| Melissa Shaw |  |

---

Name of witness

BLOCK LETTERS

---

| | |
|:---|:---|
| **Signed and sealed** by **Daniel Adamo** <br>in the presence of:<br>/s/ Melissa Shaw | <br>/s/ **Daniel Adamo**  |
| **Signed and sealed** by **Daniel Adamo** <br>in the presence of:<br>/s/ Melissa Shaw | **Daniel Adamo**  |
| Witness signature |  |
| Melissa Shaw |  |

---

Name of witness

BLOCK LETTERS

106925934v8

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---

| | |
|:---|:---|
| **Signed and sealed** by **Dominic Paul Allen** <br>in the presence of:<br>/s/ Elizabeth Whiting | <br>/s/ **Dominic Paul Allen**  |
| **Signed and sealed** by **Dominic Paul Allen** <br>in the presence of:<br>/s/ Elizabeth Whiting | **Dominic Paul Allen**  |
| Witness signature |  |
| Elizabeth Whiting |  |

---

Name of witness

BLOCK LETTERS

---

| | |
|:---|:---|
| **Executed** as a deed by **Archer Q Pty Ltd (ACN 661 083 718)** in accordance with section 127 of the *Corporations Act 2001* (Cth):<br>/s/ Patrick Murphy |  |
| Director | \*Director/\*Company Secretary |
| Patrick Murphy |  |
| Name of Director<br>BLOCK LETTERS | Name of \*Director/\*Company Secretary<br>BLOCK LETTERS<br>\*please strike out as appropriate |

---

---

| | |
|:---|:---|
| **Executed** as a deed by **BJS Robb Pty Ltd (ACN 126 153 811)** in accordance with section 127 of the *Corporations Act 2001* (Cth):<br>/s/ Shannon Burman |  |
| Director | \*Director/\*Company Secretary |
| Shannon Burman |  |
| Name of Director<br>BLOCK LETTERS | Name of \*Director/\*Company Secretary<br>BLOCK LETTERS<br>\*please strike out as appropriate |

---

---

| | |
|:---|:---|
| **Signed and sealed** by **Dylan Paul Browne** <br>in the presence of:<br>/s/ Phoebe Robson | <br>/s/ **Dylan Paul Browne** |
| **Signed and sealed** by **Dylan Paul Browne** <br>in the presence of:<br>/s/ Phoebe Robson | **Dylan Paul Browne**  |
| Witness signature |  |
| Phoebe Robson |  |

---

Name of witness

BLOCK LETTERS

106925934v8

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| | |
|:---|:---|
| **Signed and sealed** by **Christopher David Champion** in the presence of:<br>/s/ Maria Diva Mia Llanes Magtibay | <br>/s/ **Christopher David Champion** |
| **Signed and sealed** by **Christopher David Champion** in the presence of:<br>/s/ Maria Diva Mia Llanes Magtibay | **Christopher David Champion**  |
| Witness signature |  |
| Maria Diva Mia Llanes Magtibay |  |

---

Name of witness

BLOCK LETTERS

---

| | |
|:---|:---|
| **Signed and sealed** by **Diana Champion** <br>in the presence of:<br>/s/ Maria Diva Mia Llanes Magtibay | <br>/s/ **Diana Champion**  |
| **Signed and sealed** by **Diana Champion** <br>in the presence of:<br>/s/ Maria Diva Mia Llanes Magtibay | **Diana Champion**  |
| Witness signature |  |
| Maria Diva Mia Llanes Magtibay |  |

---

Name of witness

BLOCK LETTERS

---

| | |
|:---|:---|
| **Executed** as a deed by **Cool Enterprises Pty Ltd (ACN 626 031 258)** in accordance with section 127 of the *Corporations Act 2001* (Cth):<br>/s/ Elsa Cool |  |
| Director | \*Director/\*Company Secretary |
| Elsa Cool |  |
| Name of Director<br>BLOCK LETTERS | Name of \*Director/\*Company Secretary<br>BLOCK LETTERS<br>\*please strike out as appropriate |

---

---

| | |
|:---|:---|
| **Signed and sealed** by **Samuel Cordin** <br>in the presence of:<br>/s/ Dylan Browne | <br>/s/ Samuel Cordin |
| **Signed and sealed** by **Samuel Cordin** <br>in the presence of:<br>/s/ Dylan Browne | **Samuel Cordin**  |
| Witness signature |  |
| <br>Dylan Browne |  |

---

Name of witness

BLOCK LETTERS

106925934v8

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| | |
|:---|:---|
| **Executed** as a deed by **Fernland Holdings Pty Ltd (ACN 112 884 143)** in accordance with section 127 of the *Corporations Act 2001* (Cth):<br>/s/ Jeremy Bond |  |
| Director | \*Director/\*Company Secretary |
| Jeremy Bond |  |
| Name of Director<br>BLOCK LETTERS | Name of \*Director/\*Company Secretary<br>BLOCK LETTERS<br>\*please strike out as appropriate |

---

---

| | |
|:---|:---|
| **Signed and sealed** by <br>**Jennifer Grafton** <br>in the presence of:<br>/s/ E. Martin Enriquez | <br>/s/ **Jennifer Grafton**  |
| **Signed and sealed** by <br>**Jennifer Grafton** <br>in the presence of:<br>/s/ E. Martin Enriquez | **Jennifer Grafton**  |
| Witness signature |  |
| E. Martin Enriquez |  |

---

Name of witness

BLOCK LETTERS

---

| | |
|:---|:---|
| **Signed and sealed** by <br>**Norman John Graham** <br>in the presence of:<br>/s/ Jennifer Lynn Graham | <br>/s/ **Norman John Graham**  |
| **Signed and sealed** by <br>**Norman John Graham** <br>in the presence of:<br>/s/ Jennifer Lynn Graham | **Norman John Graham**  |
| Witness signature |  |
| Jennifer Lynn Graham |  |

---

Name of witness

BLOCK LETTERS

---

| | |
|:---|:---|
| **Signed and sealed** by <br>**Derek Hannigan** <br>in the presence of:<br>/s/ Silvia Hannigan | <br>/s/ **Derek Hannigan** |
| **Signed and sealed** by <br>**Derek Hannigan** <br>in the presence of:<br>/s/ Silvia Hannigan | **Derek Hannigan**  |
| Witness signature |  |
| Silvia Hannigan |  |

---

Name of witness

BLOCK LETTERS

106925934v8

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| | |
|:---|:---|
| **Executed** as a deed by **Harbour View Capital Pty Ltd (ACN 640 335 557)** in accordance with section 127 of the *Corporations Act 2001* (Cth):<br>/s/ Dominic Allen |  |
| Director | \*Director/\*Company Secretary |
| Dominic Allen |  |
| Name of Director<br>BLOCK LETTERS | Name of \*Director/\*Company Secretary<br>BLOCK LETTERS<br>\*please strike out as appropriate |

---

---

| | |
|:---|:---|
| **Executed** as a deed by **Kitabella Pty Ltd (ACN 163 035 783)** in accordance with section 127 of the *Corporations Act 2001* (Cth):<br>/s/ Kirk Kileff | <br>/s/ Sarah-Anne Kileff |
| Director | \*Director/\*Company Secretary |
| Kirk Kileff | <br>Sarah-Anne Kileff |
| Name of Director<br>BLOCK LETTERS | Name of \*Director/\*Company Secretary<br>BLOCK LETTERS<br>\*please strike out as appropriate |

---

---

| | |
|:---|:---|
| **Executed** as a deed by **Ledger Holdings Pty Ltd (ACN 007 253 723)** in accordance with section 127 of the *Corporations Act 2001* (Cth):<br>/s/ Lisa D. Mochkin |  |
| Director | \*Director/\*Company Secretary |
| Lisa D. Mochkin |  |
| Name of Director<br>BLOCK LETTERS | Name of \*Director/\*Company Secretary<br>BLOCK LETTERS<br>\*please strike out as appropriate |

---

---

| | |
|:---|:---|
| **Executed** as a deed by **Griffin & Fleming LLC** in accordance with the laws of its incorporation: <br>/s/ Donald S. Swartz II |  |
| Director | \*Director/\*Company Secretary |
| Donald S. Swartz II |  |
| Name of Director<br>BLOCK LETTERS | Name of \*Director/\*Company Secretary<br>BLOCK LETTERS<br>\*please strike out as appropriate |

---

106925934v8

------

---

| | |
|:---|:---|
| **Executed** as a deed by **Lucerne SAF Pty Ltd (ACN 653 783 307)** in accordance with section 127 of the *Corporations Act 2001* (Cth):<br>/s/ Anthony Murphy | <br>/s/ Michael Houghton |
| Director | \*Director/\*Company Secretary |
| Anthony Murphy | <br>Michael Houghton |
| Name of Director<br>BLOCK LETTERS | Name of \*Director/\*Company Secretary<br>BLOCK LETTERS<br>\*please strike out as appropriate |

---

---

| | |
|:---|:---|
| **Signed and sealed** by <br>**Gail Mitchelmore** <br>in the presence of:<br>/s/ Dylan Browne | <br>/s/ **Gail Mitchelmore**  |
| **Signed and sealed** by <br>**Gail Mitchelmore** <br>in the presence of:<br>/s/ Dylan Browne | **Gail Mitchelmore**  |
| Witness signature |  |
| Dylan Browne |  |

---

Name of witness

BLOCK LETTERS

---

| | |
|:---|:---|
| **Executed** as a deed by **Morish Equities Pty Ltd (ACN 634 120 880)** in accordance with section 127 of the *Corporations Act 2001* (Cth):<br>/s/ Trevor Hannigan | <br>/s/ Margaret Hannigan |
| Director | \*Director/\*Company Secretary |
| Trevor Hannigan | Margaret Hannigan |
| Name of Director<br>BLOCK LETTERS | Name of \*Director/\*Company Secretary<br>BLOCK LETTERS<br>\*please strike out as appropriate |

---

---

| | |
|:---|:---|
| **Signed and sealed** by <br>**Antony Steven Moser** <br>in the presence of:<br>/s/ Bradley Adamnson | <br>/s/ **Antony Steven Moser**  |
| **Signed and sealed** by <br>**Antony Steven Moser** <br>in the presence of:<br>/s/ Bradley Adamnson | **Antony Steven Moser**  |
| Witness signature |  |
| Bradley Adamnson |  |

---

Name of witness

BLOCK LETTERS

106925934v8

------

---

| | |
|:---|:---|
| **Executed** as a deed by **Moshos Family Investments Pty Ltd (ACN 154 056 194)** in accordance with section 127 of the *Corporations Act 2001* (Cth):<br>/s/ Anastasios Arima |  |
| Director | \*Director/\*Company Secretary |
| Anastasios Arima |  |
| Name of Director<br>BLOCK LETTERS | Name of \*Director/\*Company Secretary<br>BLOCK LETTERS<br>\*please strike out as appropriate |

---

---

| | |
|:---|:---|
| **Executed** as a deed by **Nalaroo Holdings Pty Ltd (ACN 621 648 717)** in accordance with section 127 of the *Corporations Act 2001* (Cth):<br>/s/ Vaughn William Taylor |  |
| Director | \*Director/\*Company Secretary |
| Vaughn William Taylor |  |
| Name of Director<br>BLOCK LETTERS | Name of \*Director/\*Company Secretary<br>BLOCK LETTERS<br>\*please strike out as appropriate |

---

---

| | |
|:---|:---|
| **Executed** as a deed by **Non Correlated Capital Pty Ltd (ACN 143 882 562)** in accordance with section 127 of the *Corporations Act 2001* (Cth):<br>/s/ Troy Burns | <br>/s/ Robert Garton Smith |
| Director | \*Director/\*Company Secretary |
| Troy Burns | <br>Robert Garton Smith |
| Name of Director<br>BLOCK LETTERS | Name of \*Director/\*Company Secretary<br>BLOCK LETTERS<br>\*please strike out as appropriate |

---

---

| | |
|:---|:---|
| **Executed** as a deed by **Palm Ave Pty Ltd (ACN 636 163 874)** in accordance with section 127 of the *Corporations Act 2001* (Cth):<br>/s/ Craig Marsh |  |
| Director | \*Director/\*Company Secretary |
| Craig Marsh |  |
| Name of Director<br>BLOCK LETTERS | Name of \*Director/\*Company Secretary<br>BLOCK LETTERS<br>\*please strike out as appropriate |

---

106925934v8

------

---

| | |
|:---|:---|
| **Executed** as a deed by **PS Capital Pty Ltd (ACN 166 253 167)** in accordance with section 127 of the *Corporations Act 2001* (Cth):<br>/s/ Trishul Seth | <br>/s/ Prakash Seth |
| Director | \*Director |
| Trishul Seth | <br>Prakash Seth |
| Name of Director<br>BLOCK LETTERS | Name of \*Director/<br>BLOCK LETTERS<br>\*please strike out as appropriate |

---

---

| | |
|:---|:---|
| **Executed** as a deed by **Verve Capital Pty Ltd (ACN 124 197 306)** in accordance with section 127 of the *Corporations Act 2001* (Cth):<br>/s/ Gregory Swan | <br>/s/ Rebecca Swan |
| Director | \*Director/\*Company Secretary |
| Gregory Swan | Rebecca Swan |
| Name of Director<br>BLOCK LETTERS | Name of \*Director/\*Company Secretary<br>BLOCK LETTERS<br>\*please strike out as appropriate |

---

---

| | |
|:---|:---|
| **Executed** as a deed by **Verve Investments Pty Ltd (ACN 124 204 093)** <br>in accordance with section 127 of the *Corporations Act 2001* (Cth):<br>/s/ Gregory Swan |  |
| Sole Director | \*Director/\*Company Secretary |
| Gregory Swan |  |
| Name of Director<br>BLOCK LETTERS | Name of \*Director/\*Company Secretary<br>BLOCK LETTERS<br>\*please strike out as appropriate |

---

---

| |
|:---|
| **Executed** as a deed for and on behalf of **Rare Earths Americas Ltd. (Registration number 419111)**: <br>/s/ Don Swartz |
| Director |
| Don Swartz |
| Name of Director<br>BLOCK LETTERS |

---

106925934v8

------

---

| | |
|:---|:---|
| **Executed** as a deed by **Foothills Rare Earths Limited (ACN 645 424 979)** in accordance with section 127 of the *Corporations Act 2001* (Cth):<br>/s/ Gregory Swan | <br>/s/ Dominic Allen |
| Director | \*Director/\*Company Secretary |
| Gregory Swan | <br>Dominic Allen |
| Name of Director<br>BLOCK LETTERS | Name of \*Director/\*Company Secretary<br>BLOCK LETTERS<br>\*please strike out as appropriate |

---

---

| | |
|:---|:---|
| **Signed and sealed** by <br>**Andrew Whitson** <br>in the presence of:<br>/s/ Claire Kotevski | <br>/s/ **Andrew Whitson**  |
| **Signed and sealed** by <br>**Andrew Whitson** <br>in the presence of:<br>/s/ Claire Kotevski | **Andrew Whitson** |
| Witness signature |  |
| Claire Kotevski |  |

---

Name of witness

BLOCK LETTERS

---

| | |
|:---|:---|
| **Signed and sealed** by <br>**Patrick Joseph Murphy** <br>in the presence of:<br>/s/ Yvette Murphy | <br>/s/ **Patrick Joseph Murphy** |
| **Signed and sealed** by <br>**Patrick Joseph Murphy** <br>in the presence of:<br>/s/ Yvette Murphy | **Patrick Joseph Murphy** |
| Witness signature |  |
| Yvette Murphy |  |

---

Name of witness

BLOCK LETTERS

---

| | |
|:---|:---|
| **Signed and sealed** by <br>**James Fisher McDonald** <br>in the presence of:<br>/s/ Stewart Woodhill | <br>/s/ **James Fisher McDonald**  |
| **Signed and sealed** by <br>**James Fisher McDonald** <br>in the presence of:<br>/s/ Stewart Woodhill | **James Fisher McDonald** <br>|
| Witness signature |  |
| Stewart Woodhill |  |

---

Name of witness

BLOCK LETTERS

106925934v8

------

---

| | |
|:---|:---|
| **Executed** as a deed by **Raven Nominees Pty Ltd (ACN 147 959 751)** in accordance with section 127 of the *Corporations Act 2001* (Cth):<br>/s/ Kristian James Blaszczynski | <br>/s/ Phillip Sheridan |
| Director | \*Director/\*Company Secretary |
| Kristian James Blaszczynski | <br>Phillip Sheridan |
| Name of Director<br>BLOCK LETTERS | Name of \*Director/\*Company Secretary<br>BLOCK LETTERS<br>\*please strike out as appropriate |

---

---

| | |
|:---|:---|
| **Signed and sealed** by <br>**Phillip Sheridan** <br>in the presence of:<br>/s/ Kristian James Blaszczynski | <br>/s/ Phillip Sheridan |
| **Signed and sealed** by <br>**Phillip Sheridan** <br>in the presence of:<br>/s/ Kristian James Blaszczynski | Phillip Sheridan |
| Witness signature |  |
| Kristian James Blaszczynski |  |

---

Name of witness

BLOCK LETTERS

---

| | |
|:---|:---|
| **Signed and sealed** by <br>**Etsuko Hisatomi** <br>in the presence of:<br>/s/ Kristian James Blaszczynski | <br>/s/ **Etsuko Hisatomi** |
| **Signed and sealed** by <br>**Etsuko Hisatomi** <br>in the presence of:<br>/s/ Kristian James Blaszczynski | **Etsuko Hisatomi** |
| Witness signature |  |
| Kristian James Blaszczynski |  |

---

Name of witness

BLOCK LETTERS

---

| | |
|:---|:---|
| **Signed and sealed** by <br>**Samuel James Allert** <br>in the presence of:<br>/s/ Charles Paltridge | <br>/s/ **Samuel James Allert** |
| **Signed and sealed** by <br>**Samuel James Allert** <br>in the presence of:<br>/s/ Charles Paltridge | **Samuel James Allert** |
| Witness signature |  |
| Charles Paltridge |  |

---

Name of witness

BLOCK LETTERS

106925934v8

------

---

| | |
|:---|:---|
| **Signed and sealed** by <br>**Stacey Allert** <br>in the presence of:<br>/s/ Charles Paltridge | <br>/s/ **Stacey Allert** |
| **Signed and sealed** by <br>**Stacey Allert** <br>in the presence of:<br>/s/ Charles Paltridge | **Stacey Allert** |
| Witness signature |  |
| Charles Paltridge |  |

---

Name of witness

BLOCK LETTERS

---

| | |
|:---|:---|
| **Executed** as a deed by **Monicmar Pty Ltd (ACN 628 418 708)** in accordance with section 127 of the *Corporations Act 2001* (Cth):<br>/s/ Martin Rosser | <br>/s/ Monica Rosser |
| Director | \*Director/\*Company Secretary |
| Martin Rosser | Monica Rosser |
| Name of Director<br>BLOCK LETTERS | Name of \*Director/\*Company Secretary<br>BLOCK LETTERS<br>\*please strike out as appropriate |

---

---

| | |
|:---|:---|
| **Signed and sealed** by <br>**Hugh Jack Stackpool** <br>in the presence of:<br>/s/ Belinda Teichmann | <br>/s/ **Hugh Jack Stackpool** |
| **Signed and sealed** by <br>**Hugh Jack Stackpool** <br>in the presence of:<br>/s/ Belinda Teichmann | **Hugh Jack Stackpool** |
| Witness signature |  |
| Belinda Teichmann |  |

---

Name of witness

BLOCK LETTERS

---

| | |
|:---|:---|
| **Signed and sealed** by <br>**Lara Kate Stackpool** <br>in the presence of:<br>/s/ Belinda Teichmann | <br>/s/ **Lara Kate Stackpool** |
| **Signed and sealed** by <br>**Lara Kate Stackpool** <br>in the presence of:<br>/s/ Belinda Teichmann | **Lara Kate Stackpool** |
| Witness signature |  |
| Belinda Teichmann |  |

---

Name of witness

BLOCK LETTERS

106925934v8

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---

| | |
|:---|:---|
| **Executed** as a deed by **Mulberry Street Pty Ltd (ACN 625 887 596)** in accordance with section 127 of the *Corporations Act 2001* (Cth):<br>/s/ Geraldine Joy Gates | <br>/s/ Jeffrey Edward Gates |
| Director | \*Director/\*Company Secretary |
| Geraldine Joy Gates | <br>Jeffrey Edward Gates |
| Name of Director<br>BLOCK LETTERS | Name of \*Director/\*Company Secretary<br>BLOCK LETTERS<br>\*please strike out as appropriate |

---

---

| | |
|:---|:---|
| **Signed and sealed** by <br>**Angus Buchanan Bligh** <br>in the presence of:<br>/s/ Belinda Teichmann | <br>/s/ **Angus Buchanan Bligh** |
| **Signed and sealed** by <br>**Angus Buchanan Bligh** <br>in the presence of:<br>/s/ Belinda Teichmann | **Angus Buchanan Bligh** |
| Witness signature |  |
| Belinda Teichmann |  |

---

Name of witness

BLOCK LETTERS

---

| | |
|:---|:---|
| **Signed and sealed** by <br>**Rebecca Jean Bligh** <br>in the presence of:<br>/s/ Witness | <br>/s/ **Rebecca Jean Bligh** |
| **Signed and sealed** by <br>**Rebecca Jean Bligh** <br>in the presence of:<br>/s/ Witness | **Rebecca Jean Bligh** |
| Witness signature |  |
| (None provided) |  |

---

Name of witness

BLOCK LETTERS

---

| | |
|:---|:---|
| **Executed** as a deed by **Shadow Mountain Investments Pty Ltd (ACN 612 550 446)** in accordance with section 127 of the *Corporations Act 2001* (Cth):<br>/s/ Dominic Allen |  |
| Director | \*Director/\*Company Secretary |
| Dominic Allen |  |
| Name of Director<br>BLOCK LETTERS | Name of \*Director/\*Company Secretary<br>BLOCK LETTERS<br>\*please strike out as appropriate |

---

106925934v8

------

---

| | |
|:---|:---|
| **Executed** as a deed by **Correze Pty Ltd (ACN 167 851 274)** in accordance with section 127 of the *Corporations Act 2001* (Cth):<br>/s/ Caroline Goossens<br>|  |
| Director | \*Director/\*Company Secretary |
| Caroline Goossens |  |
| Name of Director<br>BLOCK LETTERS | Name of \*Director/\*Company Secretary<br>BLOCK LETTERS<br>\*please strike out as appropriate |

---

---

| | |
|:---|:---|
| **Signed and sealed** by <br>**Elizabeth Matthews** <br>in the presence of:<br>/s/ Gregory Swan | <br>/s/ **Elizabeth Matthews** |
| **Signed and sealed** by <br>**Elizabeth Matthews** <br>in the presence of:<br>/s/ Gregory Swan | **Elizabeth Matthews** |
| Witness signature |  |
| Gregory Swan |  |

---

Name of witness

BLOCK LETTERS

---

| | |
|:---|:---|
| **Executed** as a deed by **Equa Holdings Pty Ltd (ACN 124 931 719)** in accordance with section 127 of the *Corporations Act 2001* (Cth):<br>/s/ Clinton McGhie<br>|  |
| Director | \*Director/\*Company Secretary |
| Clinton McGhie |  |
| Name of Director<br>BLOCK LETTERS | Name of \*Director/\*Company Secretary<br>BLOCK LETTERS<br>\*please strike out as appropriate |

---

---

| | |
|:---|:---|
| **Signed and sealed** by <br>**Christopher Donald Sutherland** <br>in the presence of:<br>/s/ Jhonny Lutula | <br>/s/ **Christopher Donald Sutherland** |
| **Signed and sealed** by <br>**Christopher Donald Sutherland** <br>in the presence of:<br>/s/ Jhonny Lutula | **Christopher Donald Sutherland** |
| Witness signature |  |
| Jhonny Lutula |  |

---

Name of witness

BLOCK LETTERS

106925934v8

------

---

| | |
|:---|:---|
| **Executed** as a deed by **Sternship Advisers Pty Ltd (ACN 619 280 910)** in accordance with section 127 of the *Corporations Act 2001* (Cth):<br>/s/ Tim Day<br>| <br>/s/ Yvonne Hoy |
| Director | \*Company Secretary |
| Tim Day | <br>Yvonne Hoy |
| Name of Director<br>BLOCK LETTERS | Name of \*Director/\*Company Secretary<br>BLOCK LETTERS<br>\*please strike out as appropriate |

---

---

| | |
|:---|:---|
| **Executed** as a deed by **Abbotshall Avenue Pty Ltd (ACN 658 348 764)** in accordance with section 127 of the *Corporations Act 2001* (Cth):<br>/s/ Lachlan Lynch<br>|  |
| Director | \*Director/\*Company Secretary |
| Lachlan Lynch |  |
| Name of Director<br>BLOCK LETTERS | Name of \*Director/\*Company Secretary<br>BLOCK LETTERS<br>\*please strike out as appropriate |

---

---

| | |
|:---|:---|
| **Signed and sealed** by <br>**Lachlan Ethan Lynch** <br>in the presence of:<br>/s/ Gregory Swan | <br>/s/ **Lachlan Ethan Lynch** |
| **Signed and sealed** by <br>**Lachlan Ethan Lynch** <br>in the presence of:<br>/s/ Gregory Swan | **Lachlan Ethan Lynch** |
| Witness signature |  |
| Gregory Swan |  |

---

Name of witness

BLOCK LETTERS

---

| | |
|:---|:---|
| **Signed and sealed** by <br>**Denise Elizabeth Pringle** <br>in the presence of:<br>/s/ Peter Woodman | <br>/s/ **Denise Elizabeth Pringle**  |
| **Signed and sealed** by <br>**Denise Elizabeth Pringle** <br>in the presence of:<br>/s/ Peter Woodman | **Denise Elizabeth Pringle**  |

---

106925934v8

------

Witness signature <br> <u>Peter Woodman</u>  

Name of witness

BLOCK LETTERS

---

| | |
|:---|:---|
| **Signed and sealed** by <br>**Peter Woodman** <br>in the presence of:<br>/s/ Gregory Swan | <br>/s/ **Peter Woodman**  |
| **Signed and sealed** by <br>**Peter Woodman** <br>in the presence of:<br>/s/ Gregory Swan | **Peter Woodman** <br>|
| Witness signature |  |
| Gregory Swan |  |

---

Name of witness

BLOCK LETTERS

---

| | |
|:---|:---|
| **Executed** as a deed by **Lioness Capital Pty Ltd (ACN 648 450 515)** in accordance with section 127 of the *Corporations Act 2001* (Cth):<br>/s/ Elizabeth Matthews<br>| <br>/s/ Elizabeth Matthews |
| Director | \*Company Secretary |
| Elizabeth Matthews | Elizabeth Matthews |
| Name of Director<br>BLOCK LETTERS | Name of \*Director/\*Company Secretary<br>BLOCK LETTERS<br>\*please strike out as appropriate |

---

---

| | |
|:---|:---|
| **Executed** as a deed by **Bouchi Pty Ltd (ACN 051 698 401)** in accordance with section 127 of the *Corporations Act 2001* (Cth):<br>/s/ Michael Bowen<br>| <br>/s/ Beverly Bowen<br>|
| Director | \*Director/\*Company Secretary |
| Michael Bowen | <br>Beverly Bowen |
| Name of Director<br>BLOCK LETTERS | Name of \*Director/\*Company Secretary<br>BLOCK LETTERS<br>\*please strike out as appropriate |

---

106925934v8

------

---

| | |
|:---|:---|
| **Signed and sealed** by <br>**Kristian James Blaszczynski** <br>in the presence of:<br>/s/ Stefan Michael Blaszczynski  | <br>/s/ **Kristian James Blaszczynski**  |
| **Signed and sealed** by <br>**Kristian James Blaszczynski** <br>in the presence of:<br>/s/ Stefan Michael Blaszczynski  | **Kristian James Blaszczynski**  |
| Witness signature |  |
| Stefan Michael Blaszczynski  |  |

---

Name of witness

BLOCK LETTERS

---

| | |
|:---|:---|
| **Signed and sealed** by <br>**Jacklyn Beryl Blaszczynski** <br>in the presence of:<br>/s/ Stefan Michael Blaszczynski  | <br>/s/ **Jacklyn Beryl Blaszczynski**  |
| **Signed and sealed** by <br>**Jacklyn Beryl Blaszczynski** <br>in the presence of:<br>/s/ Stefan Michael Blaszczynski  | **Jacklyn Beryl Blaszczynski**<br>|
| Witness signature |  |
| Stefan Michael Blaszczynski  |  |

---

Name of witness

BLOCK LETTERS

---

| | |
|:---|:---|
| **Signed and sealed** by <br>**Stefan Michael Blaszczynski** <br>in the presence of:<br>/s/ Kristian James Blaszczynski  | <br>/s/ **Stefan Michae**l **Blaszczynski**  |
| **Signed and sealed** by <br>**Stefan Michael Blaszczynski** <br>in the presence of:<br>/s/ Kristian James Blaszczynski  | **Stefan Michae**l **Blaszczynski**<br>|
| Witness signature |  |
| Kristian James Blaszczynski |  |

---

Name of witness

BLOCK LETTERS

---

| | |
|:---|:---|
| **Signed and sealed** by <br>**Georgina Elizabeth Gamble** <br>in the presence of:<br>/s/ Kristian James Blaszczynski  | <br>/s/ **Georgina Elizabeth Gamble**  |
| **Signed and sealed** by <br>**Georgina Elizabeth Gamble** <br>in the presence of:<br>/s/ Kristian James Blaszczynski  | **Georgina Elizabeth Gamble**<br>|
| Witness signature |  |
| Kristian James Blaszczynski |  |

---

Name of witness

BLOCK LETTERS

106925934v8

------

---

| | |
|:---|:---|
| **Signed and sealed** by <br>**Robert Arthur Behets** <br>in the presence of:<br>/s/ Natalie Taylor  | <br>/s/ **Robert Arthur Behets** |
| **Signed and sealed** by <br>**Robert Arthur Behets** <br>in the presence of:<br>/s/ Natalie Taylor  | **Robert Arthur Behets**<br>|
| Witness signature |  |
| Natalie Taylor |  |

---

Name of witness

BLOCK LETTERS

---

| | |
|:---|:---|
| **Signed and sealed** by <br>**Kristina Jane Behets** <br>in the presence of:<br>/s/ Natalie Taylor  | <br>/s/ **Kristina Jane Behets** |
| **Signed and sealed** by <br>**Kristina Jane Behets** <br>in the presence of:<br>/s/ Natalie Taylor  | **Kristina Jane Behets**<br>|
| Witness signature |  |
| Natalie Taylor |  |

---

Name of witness

BLOCK LETTERS

---

| | |
|:---|:---|
| **Executed** as a deed by **Chapman Hill Investments Pty Ltd (ACN 159 938 548)** in accordance with section 127 of the *Corporations Act 2001* (Cth):<br>/s/ Natasha Pearce<br>|  |
| Sole Director | \*Director/\*Company Secretary |
| Natasha Pearce |  |
| Name of Director<br>BLOCK LETTERS | Name of \*Director/\*Company Secretary<br>BLOCK LETTERS<br>\*please strike out as appropriate |

---

106925934v8

------

## Exhibit 2.2

**Exhibit 2.2**

**Quota Sale and**

**Share Subscription**

**Agreement**

**BETWEEN**

Rare Earths Americas Limited <br>ACN 664 370 254

**AND**

Rare Earths Americas Ltd.

a Cayman Islands exempted company

Registration number 419111

------

**Quota Sale and Share Subscription Agreement**

**Table of Contents**

---

| | | | |
|:---|:---|:---|:---|
| **1** | **Definitions and Interpretation** | **Definitions and Interpretation** | 1 |
|  | 1.1 | Definitions | 1 |
|  | 1.2 | Interpretation | 4 |
| **2** | **Sale and purchase of the Sale Quotas** | **Sale and purchase of the Sale Quotas** | 5 |
|  | 2.1 | Sale and purchase of the Sale Quotas | 5 |
|  | 2.2 | Title, property and risk | 5 |
| **3** | **Subscription for the Consideration Shares** | **Subscription for the Consideration Shares** | 5 |
|  | 3.1 | Consideration | 5 |
|  | 3.2 | Agreement to subscribe | 5 |
|  | 3.3 | Application for Consideration Shares | 5 |
|  | 3.4 | Rights attaching to Consideration Shares | 6 |
| **4** | **Completion** | **Completion** | 6 |
|  | 4.1 | Time and place for Completion | 6 |
|  | 4.2 | Seller's obligations | 6 |
|  | 4.3 | Buyer's obligations | 6 |
|  | 4.4 | Notice to complete  | 6 |
|  | 4.5 | Simultaneous actions on Completion | 6 |
|  | 4.6 | Conditions of Completion | 7 |
|  | 4.7 | Interdependency with FRE Sale Completion | 7 |
| **5** | **Post Completion** | **Post Completion** | 7 |
|  | 5.1 | Title, property and risk | 7 |
|  | 5.2 | Exercise of rights of registered shareholder | 7 |
| **6** | **Warranties** | **Warranties** | 7 |
|  | 6.1 | Warranties | 7 |
|  | 6.2 | Qualifications | 8 |
|  | 6.3 | Reliance and survival | 8 |
|  | 6.4 | Buyer's acknowledgment | 8 |
|  | 6.5 | Indemnities | 8 |
| **7** | **Limitations** | **Limitations** | 8 |
|  | 7.1 | Time limit on Claims | 8 |
|  | 7.2 | General Limitations | 8 |
|  | 7.3 | Threshold for Relevant Claims | 9 |
|  | 7.4 | Maximum aggregate liability for Relevant Claims | 9 |
|  | 7.5 | Exclusions | 9 |
|  | 7.6 | No liability where breach | 9 |
|  | 7.7 | No limitations | 9 |
|  | 7.8 | No double recovery | 9 |
|  | 7.9 | Independence | 9 |
|  | 7.10 | Survival | 9 |
|  | 7.11 | Mitigation | 9 |
| **8** | **Tax matters** | **Tax matters** | 10 |
| **9** | **Confidentiality and announcements** | **Confidentiality and announcements** | **10** |
|  | 9.1 | Confidentiality obligation | 10 |
|  | 9.2 | Disclosure of confidential information  | 10 |
|  | 9.3 | Excluded Information | 10 |
|  | 9.4 | Business Confidential Information | 11 |
|  | 9.5 | No disclosure of Business Confidential Information | 11 |

---

Page i

------

**Quota Sale and Share Subscription Agreement**

---

| | | | |
|:---|:---|:---|:---|
|  | 9.6 | Business Confidential Information is not Excluded Information | 11 |
|  | 9.7 | Announcements | 11 |
|  | 9.8 | Survival  | 11 |
| **10** | **GST** | **GST** | 11 |
|  | 10.1 | Definitions  | 11 |
|  | 10.2 | GST | 11 |
| **11** | **Notices** |  | 12 |
|  | 11.1 | Form of Notice | 12 |
|  | 11.2 | Address for service | 12 |
| **12** | **General** |  | 12 |
|  | 12.1 | Further assurances | 12 |
|  | 12.2 | Severability | 12 |
|  | 12.3 | Non-merger of provisions | 12 |
|  | 12.4 | Waiver | 13 |
|  | 12.5 | Prohibition or enforceability | 13 |
|  | 12.6 | Entire agreement | 13 |
|  | 12.7 | No amendments without agreement | 13 |
|  | 12.8 | Assignment | 13 |
|  | 12.9 | Costs, expenses and stamp duty | 13 |
|  | 12.10 | Counterparts | 13 |
|  | 12.11 | Electronic execution | 14 |
|  | 12.12 | Governing law and jurisdiction | 14 |

---

---

| | | |
|:---|:---|:---|
| **Schedule 1** | **Seller Warranties** | **15** |
| **Schedule 2** | **Buyer Warranties** | **17** |
| **Execution Page** | **Execution Page** | 18 |

---

Page ii

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**Quota Sale and Share Subscription Agreement**

**Parties**

**RARE EARTHS AMERICAS LIMITED ACN 664 370 254**

<u>Address</u>: Acute Business Services, Suite 53 Level 2, 11-15 Labouchere Road, SOUTH

PERTH WA 6151 Australia

<u>Email</u>:

<u>Attention</u>: Stephen Kelly, Company Secretary

(**Seller**)

**RARE EARTHS AMERICAS LTD.**

<u>Address</u>: c/o Appleby Global Services (Cayman) Limited, 71 Fort Street, PO Box 500, George

Town, Grand Cayman, Cayman Islands, KY1-1106

<u>Email</u>:

<u>Attention</u>: Jen Grafton, COO, General Counsel and Secretary

(**Buyer**)

**Background**

A.The Seller is the registered holder of the Sale Quotas.

B.The Seller has agreed to sell, and the Buyer has agreed to buy, the Sale Quotas on the terms and conditions of this agreement, as a part of the Buyer taking reasonable steps to undertake an initial public offering of securities.

C.The Seller has agreed to subscribe for, and the Buyer has agreed to issue, the Consideration Shares to the Seller on the terms and conditions of this agreement.

**Terms and Conditions**

**1.** **<u>Definitions and Interpretation</u>**

**1.1.** **Definitions**

In this agreement unless the context otherwise requires:

**AMBPL** means Alpha Minerals Brazil Participações Ltda., a Brazilian company existing and operating under the Laws of Brazil, enrolled with the CNPJ under No. 43.093.229/0001-20 and with its principal offices at Rua Turim, No. 59, 3rd floor, São Paulo, State of Minas Gerais, CEP 30360-552, Brazil.

**Business Confidential Information** has the meaning given in clause 9.4.

**Business Day** means a day on which banks are open for general banking business in Cayman Islands, excluding Saturdays, Sundays or public holidays.

**Business Records** means original and copies of all books, files, reports, financial and other records, documents, correspondence, information, accounts and data (whether machine readable or in printed form) exclusively relating to the business conducted by AMBPL as at the date of this agreement and held by AMBPL.

**Buyer Warranties** means the warranties given by the Seller in favour of the Buyer as set out in Schedule 2.

**Claim** means any allegation, cause of action, claim or demand of any nature however arising and whether present or future, fixed or unascertained, actual or contingent whether at law, in equity, under statute or otherwise.

**Completion** means completion of the sale and purchase of the Sale Quotas under clause 4.

**Completion Date** means the date of this agreement.

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**Quota Sale and Share Subscription Agreement**

**Consequential Loss** means any:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)special, indirect, incidental or punitive loss or damage (including loss of profits or savings, loss of opportunity, loss or damage to or corruption of data, loss of goodwill, loss of reputation), whether arising in equity, for breach of contract, tort (including negligence), breach of statutory duty, indemnity or otherwise; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)loss not in the ordinary contemplation of the parties upon entering into this agreement.

**Consideration** means the total amount to be paid by the Buyer to the Seller, which corresponds to the amount in AUD$(Australian dollars) equivalent to BRL40,910,116.35 (forty million, nine hundred and ten thousand, one hundred and sixty-six reais and thirty-five cents).

**Consideration Shares** means 9,375,000 ordinary shares of US$0.0001 par value each, in the amount in US$ for a total subscription amount attributable to the Consideration Shares equivalent to the Consideration, credited as fully paid, in the capital of the Buyer.

**Controller** is a receiver, or receiver and manager, or any other person in possession or control of a corporation's property for the purpose of enforcing a charge.

**Disclosing Party** means the party disclosing information that is the subject of clause 9.

**Duty** means any stamp, transaction or registration duty or similar charge imposed by any Government Agency and includes any interest, fine, penalty, charge or other amount imposed in respect of the above but excludes any Tax.

**Encumbrance** means any mortgage, charge, lien, restriction against transfer, pledge, trust, power, profit a prendre, easement, deposit, hypothecation, arrangement for retention of title, encumbrance and any other security interest, whether or not registered, including a right, interest, power or arrangement in relation to an asset which in substance provides security for the payment or satisfaction of a debt, obligation or Liability.

**Excluded Information** means information which is in or becomes part of the public domain other than through breach of this document or an obligation of confidence owed to the Disclosing Party or any Related Body Corporate of the Disclosing Party

**Fairly Disclosed** means, in relation to a fact, matter, circumstance or information, a disclosure sufficient in detail and content and made in a manner and context to enable a reasonable purchaser, experienced in transactions of the nature of the sale the subject of this agreement, to reasonably be aware of and understand the substance and significance of the fact, matter, circumstance or information.

**FRE** means Foothills Rare Earths Limited ACN 645 424 979.

**FRE Sale** means the sale by certain FRE shareholders, and purchase by the Buyer, of at least 90% of the total issued shares in FRE with consideration for the sale being the issue of the FRE Sale Consideration Shares by the Buyer to the FRE shareholders, in accordance with the FRE Sale Agreement.

**FRE Sale Agreement** means the share sale deed to be entered into between certain FRE shareholders (as sellers), Perpetual Nominees Limited, the Participating Optionholders, the Buyer (as buyer) and FRE on or about the date of this agreement in relation to the FRE Sale.

**FRE Sale Completion** means completion of the FRE Sale in accordance with the FRE Sale Agreement.

**FRE Sale Consideration Shares** means up to 2,805,267 ordinary shares of US$0.0001 par value each, credited as fully paid, in the capital of the Buyer.

**Government Agency** means any government or governmental, semi-governmental, administrative, fiscal or judicial body, department, commission, authority, tribunal, agency or entity whether foreign, Federal, State, Territorial or local.

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**Quota Sale and Share Subscription Agreement**

**GST** means goods and services tax under the GST Law.

**GST Act** means *A New Tax System (Goods and Services Tax) Act 1999* (Cth).

**GST Law** has the same meaning as in the GST Act.

**ITAA 1997** means the *Income Tax Assessment Act 1997* (Cth).

**Liability** includes all liabilities, claims, debts, obligations, losses, damages, costs, interest, fees, penalties, fines, assessments, forfeiture and expenses of whatever description (whether actual, contingent or prospective).

**Loss** means any loss, Liability, damage, charges, payments, cost or expense (whether

accrued or paid) including legal fees and disbursements and costs of investigation, litigation, settlement, judgment, interest and penalties, but not Consequential Loss.

**M&As** means the Buyer's memorandum and articles of association.

**Participating Optionholders** has the meaning given to the term in the FRE Sale Agreement.

**Private Offer**

and professional investors to raise up to A$20,000,000 (or such higher amount that the Buyer may in its sole discretion agree to accept on account of oversubscriptions) to fund,

among other things, the Buyer's initial public offering, mining project option payments and general working capital.

**Private Offer Completion** means completion of the Private Offer in accordance with its terms.

**Private Offer Shares** means up to 2,000,000 ordinary shares of US$0.0001 par value each, credited as fully paid, in the capital of the Buyer.

**Receiving Party** means the party receiving information that is the subject of clause 9. **Related Body Corporate** where a body corporate is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)a holding company of another body corporate; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)a subsidiary of another body corporate; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)a subsidiary of a holding company of another body corporate, the first-mentioned body and the other body are related to each other.

**Representative** of a person or entity means its officers, employees, agents, advisers, partners, consultants, members and financiers.

**Sale Quotas** means 48,976,822 (forty-eight million, nine hundred and seventy-six thousand, eight hundred and twenty-two) quotas, representing the entire capital issued by AMBPL, at the par value of R$1,00 (one real) each, having paid-up the balance of BRL40,910,116.35 (forty million, nine hundred and ten thousand, one hundred and sixty-six reais and thirty-five cents).

**Seller Warranties** means the warranties given by the Seller in favour of the Buyer as set out in Schedule 1.

**Tax** means any tax, levy, charge, impost, fee, deduction or withholding, which is assessed, levied, imposed or collected by any Government Agency and includes any tax payable under the GST Act or any interest, fine, penalty, charge, fee or any other amount imposed in addition to, or in respect of any of the above but excludes Duty.

**Transaction Documents** means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)this agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)any document which the Buyer and the Seller agree in writing is a Transaction Document for the purposes of this definition; and

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**Quota Sale and Share Subscription Agreement**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)any document entered into for the purposes of varying, replacing or novating any of the above.

**Treasurer** means the Treasurer of the Commonwealth of Australia. **Warranty** means, where given by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)the Seller, each of the Seller Warranties, or any two or more of them as the context requires or permits; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)the Buyer, each of the Buyer Warranties, or any two or more of them as the context requires or permits.

**1.2.** **Interpretation**

In this agreement unless the context otherwise requires:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)headings and bold type are for convenience only and do not affect the interpretation of this agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)the Background, the Schedules, the Execution Page and the Annexures (if any) are each incorporated in and form part of this agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)a reference to the singular includes the plural and vice versa;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)a reference to a given gender includes all other genders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)other parts of speech and grammatical forms of a word or phrase defined in this agreement have a corresponding meaning;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)use of the word including and similar expressions are not, nor are they to be interpreted as, words of limitation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)a reference to a person includes a natural person, a company or other entities recognised by law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)a reference to any legislation or legislative provision includes any statutory modification or re-enactment of, or legislation or legislative provision substituted for, that legislation or legislative provision;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)a reference to any governmental or statutory body includes any body which replaces, succeeds to the relevant powers and functions of, or which serves substantially the same purposes or objects as such body;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)a reference to any agreement or document is to that agreement or document (and, where applicable, any of its provisions) as amended, novated, supplemented or replaced from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)a reference to any thing is a reference to the whole or any part of it and a reference to a group of things or persons is a reference to any one or more of them;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)a reference to writing includes any mode of reproducing words, figures or symbols in tangible and permanently visible form and includes email;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)a reference to Australian dollars, A$ or AUD is a reference to the lawful currency of the Commonwealth of Australia;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)a reference to United States dollars, US$ or USD is a reference to the lawful currency of the United States of America;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)a reference to Brazilian real, R$ or BRL is a reference to the lawful currency of Brazil;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)all references to parties are to the parties to this agreement;

a reference to a party includes the party's executors, administrators, successors and permitted assigns;

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**Quota Sale and Share Subscription Agreement**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)unless otherwise stated in this agreement, an obligation or liability assumed by, or a right conferred on, two or more parties binds or benefits them jointly and each severally;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)a reference to time is a reference to Sydney, Australia time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s)if a period of time dates from a given day or the day of an act or event, it is to be calculated exclusive of that day;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t)if the time for performing an obligation under this agreement expires on a day which is not a Business Day, then time is extended until the next Business Day;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u)if an act prescribed under this agreement to be done by a party on or by a given day is done after 5.00pm on that day, it is taken to be done on the next Business Day; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)no provision of this agreement will be construed adversely to the other party because that party was responsible for the preparation of this agreement or that provision.

**2.** **<u>Sale and purchase of the Sale Quotas</u>**

**2.1.** **Sale and purchase of the Sale Quotas**

On the Completion Date, the Seller agrees to sell the Sale Quotas to the Buyer and the Buyer agrees to buy the full legal and beneficial interest in and to the Sale Quotas from the Seller:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)for the consideration set out in clause 3.1;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)free from any Encumbrance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)with all rights, including dividend rights, attaching to or accruing to them on and from the Completion Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)on the terms and conditions of this agreement.

**2.2.** **Title, property and risk**

The title to, property in and risk of the Sale Quotas:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)until Completion, remains solely with the Seller; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)passes to the Buyer on and from Completion.

**3.** **<u>Subscription for the Consideration Shares</u>**

**3.1.** **Consideration**

The consideration for the sale by the Seller of the Sale Quotas to the Buyer is the Consideration, which will be satisfied by the allotment and issue of Consideration Shares by the Buyer to the Seller in accordance with this agreement.

**3.2.** **Agreement to subscribe**

The Seller agrees to subscribe for, and the Buyer agrees to allot and issue to the Seller, the Consideration Shares in accordance with this agreement.

**3.3.** **Application for Consideration Shares**

Execution of this agreement by the Seller constitutes the Seller's irrevocable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)application for the Consideration Shares to be issued to the Seller in accordance with this agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)consent to being named in the register of members of the Buyer in respect of the Consideration Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)consent to being bound by the M&As.

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**Quota Sale and Share Subscription Agreement**

**3.4.** **Rights attaching to Consideration Shares**

The Consideration Shares are subject to the M&As and will rank equally in all respects with the existing ordinary shares of US$0.0001 par value each in the issued and outstanding share capital of the Buyer when the Consideration Shares are issued.

**4.** **<u>Completion</u>**

**4.1.** **Time and place for Completion**

Subject to clause 4.7, Completion must take place by electronic means at 11:00am on the Completion Date, or at such other place, date or time agreed in writing between the parties.

**4.2.** **Seller's obligations**

At Completion, the Seller must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)execute, together with the Buyer, the 13th Amendment to the Articles of Association of AMBPL, upon which, among other dispositions, the Seller assigns and transfers to the Buyer the totality of the Sale Quotas;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)deliver to the Buyer a copy of the resolutions of the Seller's directors authorising the entering into, and implementation of the transactions contemplated by, this agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)deliver to the Buyer all Business Records by leaving them at the place at which they are usually located or making them available for collection by the Buyer.

**4.3.** **Buyer's obligations**

**Subject to the Seller's performance of the obligations under clause 4.2:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)at Completion the Buyer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)execute the 13th Amendment to the Articles of Association of AMBPL, as mentioned in 4.2(a), above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)deliver to the Seller a copy of the resolutions of the authorising the entering into, and implementation of the transactions contemplated by, this agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)issue and allot the Consideration Shares to the Seller; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)as soon as practicable following Completion, the Buyer must deliver to the Seller a copy of the Buyer's register of members updated to reflect the Seller as the sole registered owner of the Consideration Shares.

**4.4.** **Notice to complete**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)If a party (**Defaulting Party**) fails to satisfy its obligations under clause 4.2 or 4.3 (as applicable) on the day and at the place and time for Completion, then the other party (**Non-defaulting Party**) may give the Defaulting Party a notice requiring the Defaulting Party to satisfy those obligations within a period of three Business Days from the date of the notice and declaring time to be of the essence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)If the Defaulting Party fails to satisfy those obligations within those three Business Days the Non-defaulting Party may, without limiting any other rights it may have, terminate this agreement by written notice to the Defaulting Party.

**4.5.** **Simultaneous actions on Completion** 

In respect of Completion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)the obligations of the parties under this agreement are interdependent; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)all actions required to be performed are taken to have occurred simultaneously on the Completion Date.

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**Quota Sale and Share Subscription Agreement**

**4.6.** **Conditions of Completion**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Completion is conditional on the Buyer and the Seller complying with all of their obligations under this clause 4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)If one action does not take place, without prejudice to any rights available to any party as a consequence:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)there is no obligation on any party to undertake or perform any of the other actions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)the parties must do everything reasonably required to reverse those actions (including returning documents and repaying amounts received).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The Buyer may, in its sole discretion, waive any or all of the actions (where permitted by law) that the Seller is required to perform under clause 4.2 and the Seller may, in its sole discretion, waive any or all of the actions (where permitted by law) that the Buyer is required to perform under clause 4.3.

**4.7.** **Interdependency with FRE Sale Completion**

The parties acknowledge and agree that the obligation to complete the sale and purchase of the Sale Quotas under this agreement is interdependent on FRE Sale Completion.

Despite any other term of this agreement, Completion must not occur unless FRE Sale Completion also occurs.

**5.** **<u>Post Completion</u>**

**5.1.** **Title, property and risk**

Until Completion, the title to, property in and risk of the Sale Quotas remain solely with the Seller, but they pass to the Buyer on and from Completion.

**5.2.** **Exercise of rights of registered shareholder**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)From Completion until the Sale Quotas are registered in the name of the Buyer, the Seller:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)appoints the nominees of the Buyer as sole proxy and corporate representative of the Seller to attend members' meetings, exercise the votes attached to the Sale Quotas and sign any members' resolution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)must not itself attend or vote at those meetings or sign any resolutions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)must take all other actions in the capacity of a registered holder of the Sale Quotas as the Buyer directs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Buyer must indemnify the Seller from all liability arising out of the implementation of any action taken by the Buyer pursuant to the proxy referred to in clause 5.2(a).

**6.** **<u>Warranties</u>**

**6.1.** **Warranties**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Seller represents and warrants to the Buyer that each of the Seller Warranties is true, complete, correct and not misleading as at the date of this agreement and will be true, accurate, complete and not misleading as at the Completion Date (except that a Seller Warranty which states it is made as at or on only one of those date, or as at some other time, is made only as at that date).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Buyer represents and warrants to the Seller that each of the Buyer Warranties is true, complete, correct and not misleading as at the date of this agreement and will be true, accurate, complete and not misleading as at the Completion Date (except that a Buyer Warranty which states it is made as at or on only one of those date, or as at some other time, is made only as at that date).

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**Quota Sale and Share Subscription Agreement**

**6.2.** **Qualifications**

Each Warranty given by a party is given subject to and is qualified, and that party will not be liable for a breach of that Warranty, to the extent of, any fact, matter or circumstance that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)is Fairly Disclosed; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)is otherwise known by the other party at the date of this agreement.

**6.3.** **Reliance and survival**

Each party acknowledges that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)the other party has entered into this agreement in reliance on the Warranties given by that party in this clause 6;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)the Warranties given by the other party are the only warranties on which the party has relied in entering into this agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)those representations and warranties survive Completion.

**6.4.** **Buyer's acknowledgment**

The Buyer acknowledges that it enters into this agreement as a result of its own due diligence, investigations, inquiries, advice, and knowledge concerning the Seller, AMBPL and the Sale Quotas and in reliance of the Seller Warranties.

**6.5.** **Indemnities**

Subject to clause 7, each party (**Indemnifying Party**) must indemnify the other party (**Indemnified Party**) from and against all Claims or Losses which the Indemnified Party may incur in connection with any of the Indemnifying Party's Warranties being untrue, incomplete, incorrect or misleading.

**7.** **<u>Limitations</u>**

**7.1.** **Time limit on Claims**

No party (**Respondent Party**) will have any liability for any Loss or Claim against it by the other party (**Claimant Party**) under this agreement (including any Claim that any Warranties given by the Respondent Party were untrue, incomplete, incorrect or misleading) (**Relevant Claim**), unless the Claimant Party has given written notice, summarising the nature of the Relevant Claim, to the Respondent Party within 12 months of the Completion Date.

**7.2.** **General Limitations**

A Respondent Party is not liable under a Relevant Claim for any Loss to the extent that the Loss:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)arise from an act or omission by or on behalf of the Claimant Party before Completion that was done or made:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)with the written consent of the Claimant Party; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)at the written direction or instruction of the Claimant Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)are increased as a result of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)any action taken or not taken (as the case may be) by the Respondent Party with the express prior written approval or direction of the Claimant Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)the Claimant Party not complying with any provision of this agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)arise from the enactment or amendment of any legislation or regulations after Completion, including any legislation, regulations, amendments, interpretation, practice or policy that has a retrospective effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)result from, or the amount of the Loss is increased due to, an increase in a rate of Tax on or after Completion; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)are remediable, provided they are remedied to the satisfaction of the Claimant Party within 30 days of written notice to the Respondent Party (or such longer period as agreed by the Claimant Party in writing).

**7.3.** **Threshold for Relevant Claims**

No Respondent Party will be liable to any Claimant Party for any Relevant Claim unless the amount of the Relevant Claim is more than A$100,000 in which case, subject to clause 6 and this clause 7, the full amount of the Relevant Claim is recoverable.

**7.4.** **Maximum aggregate liability for Relevant Claims**

The maximum aggregate liability of a Respondent Party for all Relevant Claims will not exceed an amount equal to the amount in A$(Australian dollars) equivalent to BRL40,910,116.35 (forty million, nine hundred and ten thousand, one hundred and sixty-six reais and thirty-five cents).

**7.5.** **Exclusions**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Except as expressly set out in this agreement, all terms and conditions, warranties and statements (whether express, implied, written, oral, collateral, statutory or otherwise) are excluded to the maximum extent permitted by law and, to the extent they cannot be excluded, each party disclaims all liability in relation to them, to the maximum extent permitted by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Notwithstanding any other provision of this agreement, to the maximum extent permitted by law, no Respondent Party is liable to any Claimant Party for any Consequential Loss.

**7.6.** **No liability where breach**

The liability of a Respondent Party in respect of a Relevant Claim will be reduced or extinguished to the extent that the relevant Loss arising in connection with the Relevant Claim is caused or contributed to by any act or omission of the Claimant Party.

**7.7.** **No limitations**

None of the limitations contained in this clause 7 will apply to any Relevant Claim to the extent that any Loss in respect of that Relevant Claim arises from, or to the extent that such Loss is increased as a result of, any fraud, wilful misconduct, wilful default or wilful concealment by or on behalf of the Respondent Party or any of its officers.

**7.8.** **No double recovery**

A Claimant Party will not be entitled to recover damages or obtain payment, reimbursement, restitution or indemnity more than once where the same facts or circumstances give rise to a Loss or Relevant Claim.

**7.9.** **Independence**

Each qualification and limitation in this clause 7 is to be construed independently of the others and is not limited by any other qualification or limitation.

**7.10.** **Survival**

The provisions of this clause 7 remain in force and effect after Completion according to their terms.

**7.11.** **Mitigation**

Each party acknowledges and agrees that it must takes reasonable steps to mitigate any Loss (or potential Loss) arising in relation to this agreement.

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**8.** **<u>Tax matters</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The parties acknowledge and agree that the Buyer has made the offer to issue the Consideration Shares as consideration for the Sale Quotas.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The parties agree that the sale by the Seller, and purchase by the Buyer, of the Sale Quotas and the issuance of the Consideration Shares to the Seller under this agreement, is in consequence of a single contractual arrangement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The Seller intends to obtain rollover relief under subdivision 124-M of the ITAA 1997 in respect of the issuance of the Consideration Shares by the Buyer. As such, the Buyer warrants to the Seller that the Buyer has not made, and will not make at any time, a choice under subsection 124-795(4) of the ITAA 1997.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)If section 124-782 of the ITAA 1997 applies, The Seller and the Buyer jointly choose to obtain the rollover relief pursuant to paragraph 124-780(3)(d) of the ITAA 1997 and the Seller must inform the Buyer in writing of the cost base of its original interest in the Sale Quotas worked out just before the capital gains tax event arising on the transfer of the Sale Quotas.

**9.** **<u>Confidentiality and announcements</u>**

**9.1.** **Confidentiality obligation**

Subject to clause 9.2, no party may disclose:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)the existence of or the terms of this agreement and each document entered into under this agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)any discussions or correspondence between the parties and any of their Representatives in relation to the transactions contemplated by this agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)any information which, either orally or in writing, is agreed, designated or indicated as being confidential information of the Disclosing Party or any of its Representatives, except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)to Representatives of the Receiving Party or of its Related Bodies Corporate requiring the information for the purposes of a Transaction Document or for genuine purposes associated with AMBPL, provided the disclosure is on a confidential basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)with the prior written consent of the Disclosing Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)if the Receiving Party is a trust, to the named beneficiaries of that trust, on a confidential basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)if the Receiving Party is required to do so by any law, securities exchange or rating agency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)if the Receiving Party is required to do so by a Transaction Document, but only to the extent reasonably required to comply with the relevant requirement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)if necessary to do so in connection with legal proceedings relating to this agreement.

**9.2.** **Disclosure of confidential information**

If a Receiving Party discloses information under clause 9.1, that Receiving Party must use its reasonable endeavours to ensure that recipients of the information do not disclose the information except in the circumstances permitted in clause 9.1.

**9.3.** **Excluded Information**

Clauses 9.1 and 9.2 do not apply to Excluded Information.

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**9.4.** **Business Confidential Information**

From the Completion Date, all non-public information relating to AMBPL (**Business Confidential Information**) is confidential information of the Buyer for the purposes of this agreement.

**9.5.** **No disclosure of Business Confidential Information**

The Seller must not, and must procure that each of its Related Bodies Corporate and Representatives must not, use or disclose any Business Confidential Information except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)with the prior written consent of the Buyer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)if required to do so by any law, securities exchange or rating agency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)if the Seller is required to do so by a Transaction Document but only to the extent reasonably required to comply with the relevant requirement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)if necessary to do so in connection with legal proceedings relating to a Transaction Document.

**9.6.** **Business Confidential Information is not Excluded Information**

The Business Confidential Information is not taken to be Excluded Information only because it was known to any of AMBPL, Seller, or any Representatives of a Seller at any time prior to Completion.

**9.7.** **Announcements**

Unless required by law, a securities exchange or Government Agency no party may, before or after Completion, make or send a public announcement concerning the transactions contemplated by this agreement unless it has first obtained the written consent of the Buyer and the Seller.

**9.8.** **Survival**

This clause 9 continues despite the termination of this agreement.

**10.** **<u>GST</u>**

**10.1.** **Definitions**

Words used in this clause 10 that have a defined meaning in the GST Law have the same meaning as in the GST Law unless the context indicates otherwise.

**10.2.** **GST**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Unless expressly included, consideration for any supply under or in connection with this agreement does not include GST.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)To the extent that any supply made under or in connection with this agreement is a taxable supply, the recipient must pay, in addition to consideration provided under this agreement for that supply (unless it expressly includes GST) an amount (**additional amount**) equal to the amount of that consideration (or its

GST exclusive market value) multiplied by the rate at which GST is imposed in respect of the supply. The recipient must pay the additional amount at the same time as the consideration to which it is referrable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)A payment under clause 10.2(b) only becomes payable by a party on receipt of a tax invoice for the supply to which the payment relates.

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**11.** **<u>Notices</u>**

**11.1.** **Form of Notice**

Any demand, notice, consent, approval or other communication under this agreement may be made or given by a party or the solicitor or attorney for that party provided that it:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)is in legible writing, in English and addressed to the intended recipient; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)is signed by the sender (if an individual) or by an authorised representative of the sender; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)is given to the addressee by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)delivery in person; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)post to, or leaving at, that party's address for service; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)sending by email to the party's email address; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)is regarded as being given by the sender and received by the addressee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)if by delivery in person or by being left at the party's address for service, upon delivery;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)if by post, two Business Days from and including the date of posting by ordinary prepaid post in respect of an address for service within Australia and 21 Business Days in respect of any other address; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)if by email, when legibly received by the addressee, with receipt being evidenced by a report generated by the sender's machine confirming uninterrupted sending,

but if the delivery or receipt occurs on a day which is not a Business Day or at a time after 5.00pm (both the day and time being in the place of receipt) it is regarded as having been received at 9.00am on the next Business Day.

**11.2.** **Address for service**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)For the purposes of this clause 11 a party's address for service shall be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)if subclause (b) does not apply, the party's postal address or email address (if any) set out in the parties' details of this agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)if that party has notified the sender of a change of postal address or changed email address, the address or email address last so notified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)If the party is a company, shall also include its registered office.

**12.** **<u>General</u>**

**12.1.** **Further assurances**

Each party will promptly execute all documents and do all things that another party from time to time reasonably requires of it to effect, perfect or complete the terms and conditions of this agreement and any transaction contemplated by it.

**12.2.** **Severability**

If anything in this agreement is unenforceable, illegal or void then it is severed and the rest of this agreement remains in force.

**12.3.** **Non-merger of provisions**

A provision of this agreement which can and is intended to operate after its conclusion will remain in full force and effect.

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**12.4.** **Waiver**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)A single or partial exercise or waiver of a right relating to this agreement will not prevent any other exercise of that right or the exercise of any other right.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)A party will not be liable for any loss, cost or expense of any other party caused or contributed to by any waiver, exercise, attempted exercise or failure to exercise, or any delay in the exercise of, a right.

**12.5.** **Prohibition or enforceability**

Any provision of, or the application of any provision of, this agreement, which is prohibited, void, illegal or unenforceable in any jurisdiction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)is, in that jurisdiction, ineffective only to the extent to which it is void, illegal, unenforceable or prohibited;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)does not affect the validity, legality or enforceability of that provision in any other jurisdiction or of the remaining provisions of this agreement in that or any other jurisdiction; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)is severable from this agreement and will not affect the remaining provisions of this agreement.

**12.6.** **Entire agreement**

This agreement embodies the entire agreement and understanding between the parties concerning its subject matter and succeeds and cancels all other agreements and understandings concerning the subject matter of this agreement and any warranty, representation, guarantee or other term and condition of any nature not contained in this agreement is of no force or effect.

**12.7.** **No amendments without agreement**

This agreement may not be modified, discharged or abandoned unless by a document signed by the parties.

**12.8.** **Assignment**

The rights and obligations of each party under this agreement are personal. No party may assign, encumber or otherwise deal with such rights and obligations without the prior written consent of all other parties.

**12.9.** **Costs, expenses and stamp duty**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Each party must bear its own costs and expenses arising out of and in connection with the negotiation, preparation and execution of this agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)All stamp duty (including fines, penalties and interest or any other Duty) which may be payable on or in connection with this agreement and any instrument executed under this agreement must be borne by the Buyer.

**12.10.** **Counterparts**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)This agreement may consist of a number of counterparts and, if so, the counterparts taken together constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)This agreement is not binding on any party unless one or more counterparts have been duly executed by, or on behalf of, each person named as a party to this agreement and those counterparts have been exchanged.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)A copy of a counterpart emailed as a PDF:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)must be treated as an original counterpart;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)is sufficient evidence of the execution of the original; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)may be produced in evidence for all purposes in place of the original.

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**12.11.** **Electronic execution**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)To the extent permitted by law, a party may sign this agreement electronically, including by using software or a platform for the electronic execution of documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)A print-out of this agreement electronically signed by a party or parties, will be an executed original counterpart of this agreement signed by all such parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Each party that signs this agreement electronically represents and warrants that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)it or anyone signing on its behalf has been duly authorised to execute this agreement and has affixed their own electronic signature; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)it intends to be bound by this agreement.

**12.12.** **Governing law and jurisdiction**

This agreement is to be governed by and construed in accordance with all applicable laws in force in New South Wales from time to time and the parties submit to the non-exclusive jurisdiction of the courts of New South Wales.

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**Schedule 1 Seller Warranties**

**The Seller**

1. The Seller:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)validly exists under the laws of its place of incorporation or registration;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)has full power and authority to enter into and perform its obligations under this agreement and to carry out the transactions contemplated by this agreement including, without limitation, the transfer of the Sale Quotas to the Buyer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)has full authority, has taken all necessary action and has all necessary consents to enter into and perform, this agreement.

2. This agreement constitutes the valid and binding obligation of the Seller, and is enforceable in accordance with its terms and by appropriate legal remedy.

3. The entry into and performance by the Seller of its obligations under this agreement (including the transfer of the Sale Quotas) will not cause the Seller to breach, and will not otherwise constitute a breach of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)any obligation or agreement to which the Seller is bound;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)any writ, order or injunction, judgement or law to which the Seller is a party or is subject or by which it is bound; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)any applicable laws.

4. In respect of the Seller, no:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)meeting has been convened, resolution proposed, petition presented, or order made for its winding up;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)receiver, receiver and manager, provisional liquidator, liquidator, administrator or other officer of the court has been appointed in relation to all or any of its assets; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)mortgagee has taken, attempted to take or indicated an intention to exercise its rights under any security of which it is the mortgagor or chargor.

**AMBPL**

5. AMBPL:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)validly exists under the laws of its place of incorporation or registration; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)has the power to own its assets and carry on its business.

6. In respect of AMBPL, no:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)meeting has been convened, resolution proposed, petition presented, or order made for its winding up;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)receiver, receiver and manager, provisional liquidator, liquidator, administrator or other officer of the court has been appointed in relation to all or any of its assets; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)mortgagee has taken, attempted to take or indicated an intention to exercise its rights under any security of which it is the mortgagor or chargor.

7. Immediately prior to Completion, AMBPL has no securities of any nature on issue other than the Sale Quotas.

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8. The Sale Quotas are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)partially paid, being that, of the total capital of BRL48,976,822 (forty-eight million, nine hundred and seventy-six thousand, eight hundred and twenty-two), BRL40,910,116.35 (forty million, nine hundred and ten thousand, one hundred and sixty-six reais and thirty-five cents) are paid-in, leaving BRL8,066,075.65 (eight million, sixty-six thousand, seven hundred and five reais and sixty-five centavos) to be paid in full;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)validly allotted and issued;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)free from Encumbrances; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)capable of being sold and transferred free of any competing rights, including pre-emptive.

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**Schedule 2 Buyer Warranties**

1. The Buyer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)validly exists under the laws of its place of incorporation or registration;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)has full power and authority to enter into and perform its obligations under this agreement and to carry out the transactions contemplated by this agreement including, without limitation, the issue and allotment of the Consideration Shares to the Seller; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)has full authority, has taken all necessary action and has all necessary consents to enter into and perform, this agreement.

2. This agreement constitutes the valid and binding obligation of the Buyer, and is enforceable in accordance with its terms and by appropriate legal remedy.

3. The entry into and performance by the Buyer of its obligations under this agreement (including the issue and allotment of the Consideration Shares to the Seller) and the purchase of the Sale Quotas will not cause the Buyer to breach, and will not otherwise constitute a breach of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)any obligation or agreement to which the Buyer is bound;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)any writ, order or injunction, judgement or law to which the Buyer is a party or is subject or by which it is bound; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)any applicable laws.

4. In respect of the Buyer, no:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)meeting has been convened, resolution proposed, petition presented, or order made for its winding up;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)receiver, receiver and manager, provisional liquidator, liquidator, administrator or other officer of the court has been appointed in relation to all or any of its assets; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)mortgagee has taken, attempted to take or indicated an intention to exercise its rights under any security of which it is the mortgagor or chargor.

5. Immediately prior to Completion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)the Buyer has no securities of any nature in issue other than one ordinary share of USD0.0001 par value; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)no person (other than the Seller) has any rights (including any pre-emptive rights) to be issued with any shares or securities in the Buyer other than:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)the FRE Sale Consideration Shares to be issued to FRE shareholders upon FRE Sale Completion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)the Private Offer Shares to be issued to certain investors upon Private Offer Completion; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)the warrants to be issued to the Participating Optionholders in accordance with the FRE Sale Agreement.

6. Immediately upon Completion, FRE Sale Completion and Private Offer Completion, the Consideration Shares will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)represent not less than 66.3% of the total issued capital of the Buyer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)be credited as fully paid up and will have been issued and properly allotted to the Seller;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)rank equally in all respects with the existing issued shares of the same class in the capital of the Buyer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)be free from any Encumbrance or Claim of any person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)subject to the M&As, not be subject to any escrow or other provisions restricting the on-sale of all or any of the Consideration Shares by the Seller.

------

**Quota Sale and Share Subscription Agreement**

**Execution Page**

**EXECUTED** as an agreement on 22 July 2025

**EXECUTED by RARE EARTHS AMERICAS**) <br>**LIMITED ACN 664 370 254** in accordance with) <br>section 127 of the *Corporations Act 2001* (Cth):)

---

| | |
|:---|:---|
| /s/ Dominic Allen | /s/ Bernardo da Viega |
| Signature of Director | Signature of Director |
| Dominic Allen | Bernardo da Viega |
| Name | Name |
| **EXECUTED for and on behalf of RARE**<br>**EARTHS AMERICAS LTD. by:** |  |
| /s/ Daniel Shribman | /s/ Donald Swartz |
| Signature | Signature |
| Daniel Shribman | Donald Swartz |
| Name | Name |
| COB | CEO |
| Position | Position |

---

------

## Exhibit 3.1

**Exhibit 3.1**

**CERTIFICATE OF FORMATION<br>OF<br>RARE EARTHS AMERICAS, INC.**

Rare Earths Americas, Inc., a corporation existing under the laws of the State of Texas (hereinafter called the **"*Corporation"),*** hereby certifies as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Rare Earths Americas Ltd., a Cayman Islands exempted company (the **"*Prior Entity"),*** with its registered office at c/o Appleby Global Services (Cayman) Limited, 71 Fort Street, PO Box 500, Grand Cayman, KY1-1106, Cayman Islands, was originally formed on February 28, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Prior Entity was converted into a corporation formed under the laws of the State of Texas under the name "Rare Earths Americas, Inc." on October 15, 2025, pursuant to a plan of conversion under which the Prior Entity converted to the Corporation.

**ARTICLE 1<br>ENTITY NAME AND TYPE**

The name of the Corporation is Rare Earths Americas, Inc. The Corporation is a for-profit corporation.

**ARTICLE 2<br>REGISTERED OFFICE AND AGENT**

The address of the initial registered office of the Corporation in the State of Texas is 4245 N. Central Expy, #492, Dallas, TX 75205. The name of the Corporation's initial registered agent at such address is TRUE Space, Inc. The initial mailing address of the Corporation is 250 Fillmore St Suite 150, Denver CO 80206.

**ARTICLE 3<br>PURPOSE**

The nature of the business or purposes to be conducted or promoted by the Corporation is to engage in any lawful act or activity for which corporations may be organized under the Texas Business Organizations Code, as amended (the **"*TBOC").*** The duration of the Corporation is perpetual.

**ARTICLE 4<br>CAPITALIZATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1. <u>Authorized Capital Stock.</u> The total number of shares of capital stock that the Corporation is authorized to issue is 501,000,000 shares, of which 500,000,000 shares will be common stock, par value $0.0001 per share ***("Common Stock"),*** and of which 1,000,000 shares will be preferred stock, par value $0.0001 per share ***("Preferred Stock").***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2. <u>Common Stock.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The holders of shares of Common Stock are entitled to one vote for each such share on each matter properly submitted to the shareholders on which the holders of shares of Common Stock are entitled to vote. Except as otherwise required by law or this certificate of formation (this **"*Certificate of Formation,"*** which term, as used herein, means the certificate of formation of the Corporation, as amended from time to time, including the terms of any certificate of designation of any series of Preferred Stock), at any annual or special meeting of the shareholders the holders of shares of Common Stock shall have the right to vote for the election of directors and on all other matters properly submitted to a vote of the shareholders; *provided,* that, except as otherwise required by law, holders of Common Stock shall not be entitled to vote on any amendment to this Certificate of Formation that relates solely to the terms, number of shares, powers, designations, preferences, or relative participating, optional or other special rights (including, without limitation, voting rights), or to qualifications, limitations or restrictions thereon, of one or more outstanding series of Preferred Stock if the holders of such affected series are entitled, either separately or

4928-7065-7891 v.8

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together with the holders of one more other such series, to vote thereon pursuant to this Certificate of Formation or pursuant to the TBOC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to the rights of the holders of Preferred Stock, the holders of shares of Common Stock are entitled to receive such dividends and other distributions (payable in cash, property or capital stock of the Corporation) when, as and if declared thereon by the board of directors of the Corporation (the **"*Board of Directors")*** from time to time out of any assets or funds of the Corporation legally available therefor and shall share equally on a per share basis in such dividends and distributions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the event of any voluntary or involuntary liquidation, dissolution or winding-up of the Corporation, after payment or provision for payment of the debts and other liabilities of the Corporation, and subject to the rights of the holders of Preferred Stock in respect thereof, the holders of shares of Common Stock are entitled to receive all the remaining assets of the Corporation available for distribution to its shareholders, ratably in proportion to the number of shares of Common Stock held by them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3. <u>Preferred Stock.</u> The Preferred Stock may be issued from time to time in one or more series pursuant to a resolution or resolutions providing for such issue duly adopted by the Board of Directors (authority to do so being hereby expressly vested in the Board of Directors). The Board of Directors is further authorized, subject to limitations prescribed by law, to fix by resolution or resolutions and to set forth in a certificate of designation filed pursuant to the TBOC, the powers, designations, preferences, limitations and relative rights, including voting rights, of any wholly unissued series of Preferred Stock, including without limitation dividend rights, dividend rate, conversion rights, rights and terms of redemption (including sinking fund provisions), redemption price or prices, and liquidation preferences of any such series, and the number of shares constituting any such series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4. <u>Vote Required for Certain Matters.</u> Except as otherwise required by this Certificate of Formation, and notwithstanding any provision of the TBOC to the contrary, (a) all classes or series of stock shall only be entitled to vote as a single class or series, and separate voting by class or series is not required, for the purpose of approving any matter, including in connection with any "fundamental action" or "fundamental business transaction" as defined in the TBOC, and (b) the approval of a "fundamental action" or "fundamental business transaction" as defined in the TBOC shall require the affirmative vote of the holders of at least a majority of the voting power of all of the outstanding shares of stock entitled to vote thereon, voting together as a single class.

**ARTICLE 5<br>DIRECTORS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1. <u>General Powers.</u> The business and affairs of the Corporation are managed by, or under the direction of, the Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2. <u>Number of Directors; Initial Directors; Election.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The number of directors constituting the initial Board of Directors is four (4). Thereafter, the number of directors constituting the Board of Directors shall be fixed by or in the manner provided in the bylaws of the Corporation (the **"*Bylaws").*** The name and address of each director who will serve until the Corporation's first annual meeting of shareholders or until his or her successor is elected and qualified, or until such director's earlier death, resignation or removal, is as follows:

---

| | |
|:---|:---|
| **Name** | **Address** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Daniel Shribman | 250 Fillmore St Suite 150, Denver CO 80206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Donald Swartz | 250 Fillmore St Suite 150, Denver CO 80206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Jennifer Grafton | 250 Fillmore St Suite 150, Denver CO 80206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Joseph Dwyer | 250 Fillmore St Suite 150, Denver CO 80206 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Elections of directors need not be by written ballot unless the Bylaws of the Corporation so provide.

4928-7065-7891 v.8

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3. <u>Removal.</u> Subject to the rights of holders of any series of Preferred Stock with respect to the election of directors, a director may be removed from office by the shareholders of the Corporation only for cause.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4. <u>No Cumulative Voting.</u> The right to cumulate votes in the election of directors shall not exist with respect to shares of stock of the Corporation.

**ARTICLE 6<br>ACTION BY WRITTEN CONSENT; SPECIAL MEETINGS; ADVANCE NOTICE**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1. <u>Action by Written Consent of Shareholders.</u> Subject to the rights of the holders of the shares of any series of Preferred Stock or any other class of stock or series thereof that have been expressly granted the right to take action by less than unanimous written consent, any action required or permitted by the TBOC to be taken at any annual or special meeting of shareholders, may be taken without a meeting, without prior notice and without a vote, if a consent or consents in writing, setting forth the action so taken, is signed by the holder or holders of shares having not less than a majority of the shares entitled to vote on the matter, or, if greater, not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which the holders of all shares entitled to vote on the matter were present and voted; *provided,* that from and after the closing date of the initial sale of shares of Common Stock in the Corporation's initial public offering pursuant to an effective registration statement filed under the Securities Act of 1933, as amended, any action required or permitted by the TBOC to be taken at any annual or special meeting of shareholders, may be taken without a meeting, without prior notice and without a vote, if a consent or consents in writing, setting forth the action so taken, is signed by the holder or holders of shares having not less than two-thirds of the shares entitled to vote on the matter, or, if greater, not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which the holders of all shares entitled to vote on the matter were present and voted. Any such action taken by written consent must be delivered to the Corporation at its principal office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2. <u>Special Meetings.</u> Except as otherwise expressly provided by the terms of any series of Preferred Stock permitting the holders of such series of Preferred Stock to call a special meeting of the holders of such series, special meetings of shareholders of the Corporation may be called only by the Board of Directors, the Chairperson of the Board of Directors, the Chief Executive Officer, the President, or by the holders of not less than 25% of the Corporation's then outstanding shares of capital stock entitled to vote at such special meeting, in accordance with the provisions and requirements of the Bylaws of the Corporation. The Board of Directors may postpone or reschedule any previously scheduled special meeting at any time, before or after the notice for such meeting has been sent to the shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3. <u>Advance Notice.</u> Advance notice of shareholder nominations for the election of directors and of business to be brought by shareholders before any meeting of the shareholders of the Corporation shall be given in the manner provided in the Bylaws of the Corporation.

**ARTICLE 7<br>ALTERATION OF BYLAWS**

The Board of Directors is expressly authorized and empowered to alter, amend and repeal the Bylaws or adopt new Bylaws of the Corporation.

**ARTICLE 8<br>ELECTION TO BE GOVERNED BY SECTION 21.419 OF THE TBOC**

The Corporation affirmatively elects to be governed by Section 21.419 of the TBOC and any successor provision thereto.

**ARTICLE 9<br>LIMITATION OF DIRECTOR AND OFFICER LIABILITY; INDEMNIFICATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1. <u>Limitation of Personal Liability.</u> To the fullest extent permitted by the TBOC, as it presently exists or may hereafter be amended from time to time, a director or officer of the Corporation shall not be personally liable

4928-7065-7891 v.8

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to the Corporation or its shareholders for monetary damages for any act or omission in the director's capacity as a director or the officer's capacity as an officer, as applicable. If the TBOC is amended to authorize corporate action further eliminating or limiting the personal liability of directors or officers, then the liability of a director or officer of the Corporation shall be eliminated or limited to the fullest extent permitted by the TBOC, as so amended. Any repeal or amendment of this Section 9.1 of this Article 9 by the shareholders of the Corporation or by changes in law, or the adoption of any other provision of this Certificate of Formation inconsistent with this Section 9.1 of this Article 9 will, unless otherwise required by the TBOC, be prospective only (except to the extent such amendment or change in law permits the Corporation to further limit or eliminate the liability of directors or officers) and shall not adversely affect any right or protection of a director of officer of the Corporation existing at the time of such repeal or amendment or adoption of such inconsistent provision with respect to acts or omissions occurring prior to such repeal or amendment or adoption of such inconsistent provision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2. <u>Indemnification.</u> The Corporation shall have the power to indemnify to the fullest extent permitted by the TBOC any person made or threatened to be made a party to an action or proceeding, whether criminal, civil, administrative or investigative, by reason of the fact that he or she is or was a director, officer, employee, agent or other representative of the Corporation, any predecessor of the Corporation or any subsidiary or affiliate of the Corporation, or serves or served at any other enterprise as a director, officer, employee or agent at the request of the Corporation or any predecessor to the Corporation.

**ARTICLE 10<br>EXCLUSIVE FORUM**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1. <u>Exclusive Forum.</u> Unless the Corporation consents in writing to the selection of an alternative forum, the Business Court in the First Business Court Division of the State of Texas (the **"*Business Court")*** (or, if the Business Court determines that it lacks jurisdiction, the federal district court for the Northern District of Texas, Dallas Division) shall, to the fullest extent permitted by the TBOC, be the sole and exclusive forum for (a) any derivative action or proceeding brought on behalf of the Corporation, (b) any action asserting a claim for or based on a breach of a fiduciary duty owed by any current or former director, officer, other employee, agent or shareholder of the Corporation to the Corporation or the Corporation's shareholders, including a claim alleging the aiding and abetting of such a breach of fiduciary duty, (c) any action arising pursuant to any provision of the TBOC or this Certificate of Formation or the Bylaws or as to which the TBOC confers jurisdiction on the Business Court, (d) any action to interpret, apply, enforce or determine the validity of this Certificate of Formation or the Bylaws, (e) any action asserting a claim related to or involving the Corporation that is governed by the internal affairs doctrine, (f) any action asserting an "internal entity claim" as that term is defined in Section 2.115 of the TBOC, or (g) any other action within the jurisdiction of the Business Court, including any claims within the supplemental jurisdiction of the Business Court. Any person or entity purchasing or otherwise acquiring or holding any interest in shares of stock of the Corporation shall be deemed to have notice of, and have consented to, the provisions of this Section 10.1 of this Article 10, and shall be deemed to have irrevocably and unconditionally agreed that the Business Court shall be the sole and exclusive forum for the resolution of the foregoing disputes to the fullest extent permitted by the TBOC. If any action the subject matter of which is within the scope of this Section 10.1 of this Article 10 is filed in a court other than the Business Court (or, if the Business Court determines that it lacks jurisdiction, the federal district court for the Northern District of Texas, Dallas Division) (a **"*Foreign Action")*** by or in the name of any shareholder, such shareholder shall be deemed to have notice of, and have consented to, (i) the exclusive personal jurisdiction of the Business Court (or, if the Business Court determines that it lacks jurisdiction, the federal district court for the Northern District of Texas, Dallas Division) in connection with any action brought in any such court to enforce this Section 10.1 of this Article 10 and (ii) having service of process made upon such shareholder in any such action by service upon such shareholder's counsel in the Foreign Action as agent for such shareholder. The existence of any prior consent to, or selection of, an alternative forum by the Corporation shall not act as a waiver of the Corporation's ongoing consent right as set forth in this Section 10.1 of this Article 10 with respect to any current or future actions or claims. Failure to enforce the foregoing provisions would cause the Corporation irreparable harm and the Corporation shall be entitled to equitable relief, including injunctive relief and specific performance, to enforce the foregoing provisions. Unless the Corporation consents in writing to the selection of an alternative forum, the federal district courts of the United States of America shall be the exclusive forum for the resolution of any complaint asserting a cause of action arising under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended.

4928-7065-7891 v.8

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2. <u>Waiver of Jury Trial.</u> ANY PERSON OR ENTITY PURCHASING OR OTHERWISE ACQUIRING OR HOLDING ANY INTEREST IN SHARES OF STOCK OF THE CORPORATION SHALL BE DEEMED TO HAVE IRREVOCABLY AND UNCONDITIONALLY WAIVED ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL ACTION, PROCEEDING, CAUSE OF ACTION OR COUNTERCLAIM ASSERTING AN "INTERNAL ENTITY CLAIM" AS THAT TERM IS DEFINED IN SECTION 2.115 OF THE TBOC, AND TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OTHER LEGAL ACTION, PROCEEDING, CAUSE OF ACTION OR COUNTERCLAIM WITHIN THE SCOPE OF SECTION 10.1 OF THIS ARTICLE 10.

**ARTICLE 11 <br>AMENDMENTS**

The Corporation reserves the right to amend, alter, change or repeal any provision contained in this Certificate of Formation (including any rights, preferences or other designations of Preferred Stock), in the manner now or hereafter prescribed by this Certificate of Formation and the TBOC; and all rights, preferences and privileges herein conferred upon shareholders by and pursuant to this Certificate of Formation in its present form or as hereafter amended are granted subject to the right reserved in this Article 11.

4928-7065-7891 v.8

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**IN WITNESS WHEREOF,** the Corporation has caused this certificate to be signed by its duly authorized representative as of this 8<sup>th</sup> day of October, 2025.

---

| | |
|:---|:---|
| By: | /s/ Donald Swartz |
| Name: | Donald Swartz |
| Title: | Chief Executive Officer |

---

4928-7065-7891 v.8

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## Exhibit 3.2

**Exhibit 3.2**

**BYLAWS**

**OF**

**RARE EARTHS AMERICAS, INC.**

------

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
|  |  | &nbsp;&nbsp;**Page** |
| &nbsp;&nbsp;**ARTICLE I — OFFICES** | &nbsp;&nbsp;**ARTICLE I — OFFICES** | &nbsp;&nbsp;**1** |
| &nbsp;&nbsp;1.1 | &nbsp;&nbsp;Registered Office | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;1.2 | &nbsp;&nbsp;Other Offices | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;**ARTICLE II — MEETINGS OF SHAREHOLDERS** | &nbsp;&nbsp;**ARTICLE II — MEETINGS OF SHAREHOLDERS** | &nbsp;&nbsp;**1** |
| &nbsp;&nbsp;2.1 | &nbsp;&nbsp;Place of Meetings | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;2.2 | &nbsp;&nbsp;Annual Meetings | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;2.3 | &nbsp;&nbsp;Special Meetings | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;2.4 | &nbsp;&nbsp;Notice of Shareholder Meetings | &nbsp;&nbsp;3 |
| &nbsp;&nbsp;2.5 | &nbsp;&nbsp;Quorum | &nbsp;&nbsp;3 |
| &nbsp;&nbsp;2.6 | &nbsp;&nbsp;Adjourned Meetings; Notice | &nbsp;&nbsp;4 |
| &nbsp;&nbsp;2.7 | &nbsp;&nbsp;Chairperson of Meetings; Conduct of Business | &nbsp;&nbsp;4 |
| &nbsp;&nbsp;2.8 | &nbsp;&nbsp;Voting | &nbsp;&nbsp;4 |
| &nbsp;&nbsp;2.9 | &nbsp;&nbsp;Shareholder Action by Written Consent Without a Meeting | &nbsp;&nbsp;5 |
| &nbsp;&nbsp;2.10 | &nbsp;&nbsp;Closing of Transfer Records and Fixing Record Date | &nbsp;&nbsp;5 |
| &nbsp;&nbsp;2.11 | &nbsp;&nbsp;Voting List | &nbsp;&nbsp;6 |
| &nbsp;&nbsp;2.12 | &nbsp;&nbsp;Proxies | &nbsp;&nbsp;6 |
| &nbsp;&nbsp;2.13 | &nbsp;&nbsp;Inspector of Election | &nbsp;&nbsp;6 |
| &nbsp;&nbsp;2.14 | &nbsp;&nbsp;Advance Notice of Proposals  | &nbsp;&nbsp;6 |
| &nbsp;&nbsp;2.15 | &nbsp;&nbsp;Advance Notice for Nomination of Directors | &nbsp;&nbsp;8 |
| &nbsp;&nbsp;**ARTICLE III — DIRECTORS** | &nbsp;&nbsp;**ARTICLE III — DIRECTORS** | &nbsp;&nbsp;**11** |
| &nbsp;&nbsp;3.1 | &nbsp;&nbsp;General Powers | &nbsp;&nbsp;11 |
| &nbsp;&nbsp;3.2 | &nbsp;&nbsp;Number and Tenure | &nbsp;&nbsp;11 |
| &nbsp;&nbsp;3.3 | &nbsp;&nbsp;Resignation and Vacancies | &nbsp;&nbsp;11 |
| &nbsp;&nbsp;3.4 | &nbsp;&nbsp;Removal | &nbsp;&nbsp;11 |
| &nbsp;&nbsp;3.5 | &nbsp;&nbsp;Location of Meetings; Meetings by Telephone | &nbsp;&nbsp;12 |
| &nbsp;&nbsp;3.6 | &nbsp;&nbsp;Regular Meetings | &nbsp;&nbsp;12 |
| &nbsp;&nbsp;3.7 | &nbsp;&nbsp;Special Meetings; Notice | &nbsp;&nbsp;12 |
| &nbsp;&nbsp;3.8 | &nbsp;&nbsp;Quorum; Voting | &nbsp;&nbsp;12 |
| &nbsp;&nbsp;3.9 | &nbsp;&nbsp;Action by Board or Committees Without a Meeting | &nbsp;&nbsp;12 |
| &nbsp;&nbsp;3.10 | &nbsp;&nbsp;Committees | &nbsp;&nbsp;13 |
| &nbsp;&nbsp;3.11 | &nbsp;&nbsp;Compensation of Directors | &nbsp;&nbsp;13 |
| &nbsp;&nbsp;**ARTICLE IV — OFFICERS** | &nbsp;&nbsp;**ARTICLE IV — OFFICERS** | &nbsp;&nbsp;**13** |
| &nbsp;&nbsp;4.1 | &nbsp;&nbsp;Positions and Appointment | &nbsp;&nbsp;13 |
| &nbsp;&nbsp;4.2 | &nbsp;&nbsp;Term; Vacancies | &nbsp;&nbsp;14 |
| &nbsp;&nbsp;4.3 | &nbsp;&nbsp;Removal | &nbsp;&nbsp;14 |
| &nbsp;&nbsp;4.4 | &nbsp;&nbsp;Resignations | &nbsp;&nbsp;14 |
| &nbsp;&nbsp;4.5 | &nbsp;&nbsp;Compensation | &nbsp;&nbsp;15 |
| &nbsp;&nbsp;**ARTICLE V — CERTIFICATES OF SHARES AND THEIR TRANSFER** | &nbsp;&nbsp;**ARTICLE V — CERTIFICATES OF SHARES AND THEIR TRANSFER** | &nbsp;&nbsp;**15** |
| &nbsp;&nbsp;5.1 | &nbsp;&nbsp;Certificates for Shares | &nbsp;&nbsp;15 |
| &nbsp;&nbsp;5.2 | &nbsp;&nbsp;Transfer Agent | &nbsp;&nbsp;15 |
| &nbsp;&nbsp;5.3 | &nbsp;&nbsp;Lost, Stolen or Destroyed Certificates | &nbsp;&nbsp;15 |
| &nbsp;&nbsp;5.4 | &nbsp;&nbsp;Transfers of Shares | &nbsp;&nbsp;15 |
| &nbsp;&nbsp;5.5 | &nbsp;&nbsp;Registered Shareholders | &nbsp;&nbsp;15 |
| &nbsp;&nbsp;**ARTICLE VI — GENERAL PROVISIONS** | &nbsp;&nbsp;**ARTICLE VI — GENERAL PROVISIONS** | &nbsp;&nbsp;**16** |
| &nbsp;&nbsp;6.1 | &nbsp;&nbsp;Execution of Corporate Contracts and Instruments | &nbsp;&nbsp;16 |
| &nbsp;&nbsp;6.2 | &nbsp;&nbsp;Dividends | &nbsp;&nbsp;16 |
| &nbsp;&nbsp;6.3 | &nbsp;&nbsp;Fiscal Year | &nbsp;&nbsp;16 |
| &nbsp;&nbsp;6.4 | &nbsp;&nbsp;Corporate Seal | &nbsp;&nbsp;16 |
| &nbsp;&nbsp;6.5 | &nbsp;&nbsp;Derivative Proceedings | &nbsp;&nbsp;16 |

---

ii

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**ARTICLE VII — INDEMNIFICATION** | &nbsp;&nbsp;**ARTICLE VII — INDEMNIFICATION** | &nbsp;&nbsp;**17** |
| &nbsp;&nbsp;7.1 | &nbsp;&nbsp;Indemnification of Directors and Officers | &nbsp;&nbsp;17 |
| &nbsp;&nbsp;7.2 | &nbsp;&nbsp;Advance Payment of Expenses  | &nbsp;&nbsp;17 |
| &nbsp;&nbsp;7.3 | &nbsp;&nbsp;Determination of Right to Indemnification  | &nbsp;&nbsp;17 |
| &nbsp;&nbsp;7.4 | &nbsp;&nbsp;Non-Exclusivity of Rights | &nbsp;&nbsp;18 |
| &nbsp;&nbsp;7.5 | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;18 |
| &nbsp;&nbsp;7.6 | &nbsp;&nbsp;Indemnification of Others | &nbsp;&nbsp;18 |
| &nbsp;&nbsp;7.7 | &nbsp;&nbsp;Survival | &nbsp;&nbsp;18 |
| &nbsp;&nbsp;7.8 | &nbsp;&nbsp;Amendments | &nbsp;&nbsp;18 |
| &nbsp;&nbsp;7.9 | &nbsp;&nbsp;Severability | &nbsp;&nbsp;18 |
| &nbsp;&nbsp;**ARTICLE VIII — AMENDMENTS** | &nbsp;&nbsp;**ARTICLE VIII — AMENDMENTS** | &nbsp;&nbsp;18 |

---

iii

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**BYLAWS**

**OF**

**RARE EARTHS AMERICAS, INC.**

**ARTICLE I — OFFICES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.1 Registered Office**

The principal office of Rare Earths Americas, Inc. (the "***Corporation***") shall be located at such place within or without the State of Texas as the board of directors of the Corporation (the "***Board of Directors***") may designate. The initial registered office and registered agent of the Corporation is set forth in the certification of formation of the Corporation (as the same may be amended from time to time, the "***Certificate of Formation***") and may be altered by resolution of the Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.2 Other Offices**

The Corporation may have such other offices, both within and without the State of Texas, as the Board of Directors may from time to time determine or as the business of the Corporation may require.

**ARTICLE II — MEETINGS OF SHAREHOLDERS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1 Place of Meetings**

All meetings of the shareholders shall be held in the City of Dallas, State of Texas, at such place as may be fixed from time to time by the Board of Directors, or at such other place either within or without the State of Texas as shall be designated from time to time by the Board of Directors and stated in the notice of the meeting. The Board of Directors may, in its discretion, determine that the meeting may be held solely by means of remote communication as authorized by Section 6.002(a) of the Texas Business Organizations Code (the "***TBOC***"). If authorized by the Board of Directors, and subject to any guidelines and procedures adopted by the Board of Directors, shareholders not physically present at a shareholders' meeting may participate in the meeting by means of remote communication and may be considered present in person and may vote at the meeting, whether held at a designated place or solely by means of remote communication, subject to the conditions imposed by applicable law. In the absence of any such designation or determination, shareholders' meetings shall be held at the Corporation's principal executive office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2 Annual Meetings**

Annual meetings of shareholders shall be held on such date and time as shall be designated from time to time by the Board of Directors and stated in the notice of the meeting, at which meeting the shareholders shall elect a Board of Directors and transact such other business as may properly be brought before the meeting. The Board of Directors may postpone, adjourn, reschedule or cancel (to the extent permitted under the TBOC) any previously scheduled annual meeting of shareholders (for any reason or no reason).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3 Special Meetings**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Special meetings of the shareholders, for any purpose or purposes, unless otherwise prescribed by statute or by the Certificate of Formation, may be called by (i) the Board of Directors, the Chairperson of the Board of Directors, the Chief Executive Officer, or the President of the Corporation or (ii) the Secretary of the Corporation as set forth in this Section 2.3. Other than procedural matters, no business may be transacted at any special meeting of shareholders other than the business specified in the notice of such meeting. The Board of Directors may postpone, adjourn, reschedule or cancel (to the extent permitted under the TBOC) any previously scheduled special meeting of shareholders (for any reason or no reason).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)A special meeting requested by one or more shareholders (a "***Shareholder Requested Meeting***") holding the requisite percentage specified in the Certificate of Formation (the "***Requisite Percentage***") shall be called by the Secretary only if the shareholders requesting such meeting provide the information set forth in Section 2.3(c) of these Bylaws below and otherwise comply with this Section 2.3, as determined by the Board of Directors. For purposes of these Bylaws, any determination to be made by the Board of Directors may be made by the Board of Directors, a committee of the Board of Directors or any officer of the Corporation designated by the Board of Directors or a

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committee of the Board of Directors, and any such determination shall be final and binding on the Corporation, its shareholders and any other person so long as made in good faith (without any further requirements).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)In order for a Shareholder Requested Meeting to be called by the Secretary pursuant to Section 2.3(b) of these Bylaws, one or more written requests for a special meeting (individually or collectively, a "***Special Meeting Request***") signed and dated by the shareholder(s) that Own(s) (as defined below) the Requisite Percentage (or its or their respective duly authorized agent) must be delivered to the Secretary at the principal executive office of the Corporation and must be accompanied by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)in the case of any Shareholder Requested Meeting at which director nominations are proposed to be presented, the information and documentation required by Section 2.15 of these Bylaws, including any updates or supplements thereto required pursuant to Section 2.15 of these Bylaws, if applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)in the case of any Shareholder Requested Meeting at which any business other than director nominations is proposed to be presented, the information and documentation required by Section 2.14(a)(ii) of these Bylaws (as though such provision were applicable to special meetings), as well as any updates or supplements thereto required pursuant to Section 2.14(a)(ii) of these Bylaws, if applicable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)as to each shareholder of the Corporation signing such request, or if such shareholder is a nominee or custodian, the beneficial owner(s) on whose behalf such request is signed, an affidavit by each such person (A) stating the class or series and number of shares of capital stock of the Corporation that he, she, or it Owns as of the date such request was signed; and (B) agreeing to (1) update and supplement such affidavit as of the record date for the Shareholder Requested Meeting (and such update and supplement shall be delivered to the Secretary at the principal executive office of the Corporation not later than five (5) Business Days (as defined below) after the record date for such Shareholder Requested Meeting) and as of the date that is ten (10) Business Days prior to the date of the Shareholder Requested Meeting (and such update and supplement shall be delivered to the Secretary at the principal executive office of the Corporation not later than seven (7) Business Days prior to the date of such Shareholder Requested Meeting) and (2) notify the Corporation promptly (and in any event within forty-eight (48) hours) in writing to the Secretary at the principal executive office of the Corporation of any disposition after the record date for such Shareholder Requested Meeting, but prior to the date of the Shareholder Requested Meeting. For purposes of these Bylaws, "***Business Day***" shall mean any day other than a Saturday, a Sunday or a day on which banking institutions in the State of Texas are authorized or obligated by law or executive order to close.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)One or more written requests for a special meeting delivered to the Secretary shall constitute a valid Special Meeting Request only if each such written request satisfies the requirements of this Section 2.3 and has been dated and delivered to the Secretary within thirty (30) days of the earliest dated of such requests. Any requesting shareholder may revoke his, her, or its Special Meeting Request at any time by written revocation delivered to the Secretary at the principal executive office of the Corporation; *provided, however*, that if following such revocation, the unrevoked valid Special Meeting Requests represent in the aggregate less than the Requisite Percentage, there shall be no requirement to hold a Shareholder Requested Meeting. Except as otherwise provided by applicable law or except to the extent previously determined by the Board of Directors in connection with a Special Meeting Request, the chairperson of the Shareholder Requested Meeting shall have the power and duty (i) to determine whether any business proposed to be brought before the meeting was made in accordance with the procedures set forth in this Section 2.3 and applicable law and (ii) if any proposed business was not made or proposed in compliance with this Section 2.3 and applicable law, to declare that such proposed business shall not be transacted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)If none of the shareholders who submitted the Special Meeting Request, or their qualified representatives, appears in person (including virtually) at the Shareholder Requested Meeting and presents the matters to be presented for consideration that were specified in the Special Meeting Request, the Corporation need not present such matters for a vote at such meeting (notwithstanding that ballots or proxies in respect of such matter may have been received by the Corporation). For purposes of these Bylaws, to be considered a qualified representative of a shareholder, (i) a person must be a duly authorized officer, manager, or partner of such shareholder or must be authorized by a writing executed by such shareholder stating that such person is authorized to act for such shareholder as proxy at the meeting of shareholders; and (ii) prior to the presentation of such matters at the meeting of shareholders, such person must produce a valid government-issued photo identification, as well as either (A) proof that he, she, or it is a duly authorized officer, manager, or partner of such shareholder or (B) such writing (or a reliable reproduction or electronic transmission of the writing).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)For purposes of these Bylaws, a shareholder or beneficial owner shall be deemed to "***Own***" only those outstanding shares of the Corporation's capital stock as to which such person possesses both: (i) the full voting and investment rights pertaining to such shares and (ii) the full economic interest in (including the opportunity for profit from and the risk of loss on) such shares; *provided* that the number of shares calculated in accordance with clauses (i) and (ii) shall not include any shares (A) purchased by such person or any of its Affiliates (as defined below) in any transaction that has not been settled or closed; (B) sold short by such person or any of its Affiliates; (C) borrowed by such person or any of its Affiliates for any purpose or purchased by such person or any of its Affiliates pursuant to an agreement to resell or subject to any other obligation to resell to another person; or (D) subject to any option, warrant, forward contract, swap, contract of sale, or other derivative or similar agreement entered into by such person or any of its Affiliates, whether any such instrument or agreement is to be settled with shares or with cash based on the notional amount or value of shares of outstanding capital stock of the Corporation, in any such case which instrument or agreement has, or is intended to have, or if exercised would have the purpose or effect of (1) reducing in any manner, to any extent, or at any time in the future, such person's or any of its Affiliates' full right to vote or direct the voting of any such shares, or (2) hedging, offsetting or altering to any degree any gain or loss arising from the full economic ownership of such shares by such person or any of its Affiliates. For purposes of these Bylaws, a shareholder or beneficial owner shall Own shares held in the name of a nominee or other intermediary so long as the person retains the right to instruct how the shares are voted with respect to the election of directors and possesses the full economic interest in the shares. For purposes of these Bylaws, a person shall be deemed to continue to Own shares during any period in which the person has delegated any voting power by means of a proxy, power of attorney, or other instrument or arrangement that is revocable at any time by the person. For purposes of these Bylaws, a person shall also be deemed to continue to Own shares during any period in which the person has loaned such shares, *provided* that the person has the power to recall such loaned shares on no more than five (5) Business Days' notice, the person recalls the loaned shares no later than five (5) Business Days after being notified that the Shareholder Requested Meeting will be held, and the person holds the recalled shares through the date of the Shareholder Requested Meeting. The determination of the extent to which a shareholder or beneficial owner "Owns" any shares of capital stock of the Corporation for these purposes shall be made by the Board of Directors. The terms "Owned," "Owning" and "Ownership" and other variations of the word "Own" shall have correlative meanings in these Bylaws. For purposes of these Bylaws, the term "***Affiliates***" shall have the meaning given in Rule 12b-2 under the Securities Exchange Act of 1934, as amended (the "***Exchange Act***").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.4 Notice of Shareholder Meetings**

Whenever shareholders are required or permitted to take any action at a meeting, a written notice of the meeting shall be given which shall state the place, if any, date and hour of the meeting, the means of remote communications, if any, by which shareholders and proxy holders may be deemed to be present in person and vote at such meeting. Except as otherwise provided in the TBOC, the Certificate of Formation or these Bylaws, the written notice of any meeting of shareholders shall be given not less than 10 nor more than 60 days before the date of the meeting to each shareholder entitled to vote at such meeting as of the record date. If said notice is for a special meeting of shareholders, it shall in addition state the purpose or purposes for which the meeting is called, and the business transacted at such meeting shall be limited to the matters so stated in the Corporation's notice of meeting (or any supplement thereto). Any meeting of shareholders as to which notice has been given may be postponed, and any meeting of shareholders as to which notice has been given may be cancelled (to the extent permitted by the TBOC), by the Board upon public announcement (as defined in <u>Section 2.14(c)</u> of these Bylaws) given before the date previously scheduled for such meeting. Notwithstanding the foregoing, notice of a shareholder meeting regarding a "fundamental business transaction" (as defined in the TBOC) must (i) be given to each shareholder of the Corporation not later than 21 days prior to the meeting, regardless of whether the shareholder is entitled to vote on the matter, and (ii) state that the purpose, or one of the purposes, of the meeting is to consider a fundamental business transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.5 Quorum**

The holders of one-third (1/3) of the stock issued and outstanding and entitled to vote thereat, present in person or represented by proxy, shall constitute a quorum at all meetings of the shareholders for the transaction of business, except as otherwise provided by statute or by the Certificate of Formation.

If, however, such quorum shall not be present or represented by proxy at any meeting of the shareholders, then either (i) the chairperson of the meeting, or (ii) a majority of the shares present or represented by proxy and entitled to vote thereat, shall have power to adjourn the meeting from time to time, without notice other than announcement at the meeting as further described in Section 2.6, until a quorum shall be present or represented.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.6 Adjourned Meetings; Notice**

When a meeting is adjourned to another time or place, unless these Bylaws otherwise require, notice need not be given of the adjourned meeting if the time, place, if any, thereof, and the means of remote communications, if any, by which shareholders and proxy holders may be deemed to be present in person and vote at such adjourned meeting are announced at the meeting at which the adjournment is taken. At the adjourned meeting, the Corporation may transact any business which might have been transacted at the original meeting. If the adjournment is for more than 30 days, or if a new record date is fixed for the adjourned meeting, a notice of the adjourned meeting shall be given to each shareholder of record entitled to vote at the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.7 Chairperson of Meetings; Conduct of Business**

Unless otherwise determined by the Board of Directors, the Chairperson of the Board of Directors shall act as chairperson of any meetings of shareholders. Only the Board of Directors may determine who shall act as chairperson of any meeting of shareholders. In the absence of such designation, the Chairperson of the Board of Directors, if any, the Chief Executive Officer (in the absence of the Chairperson of the Board of Directors) or the President (in the absence of the Chairperson of the Board of Directors and the Chief Executive Officer), or in their absence any other executive officer of the Corporation, shall serve as chairperson of the shareholder meeting. The Secretary of the Corporation shall act as secretary of the meeting. If the Secretary of the Corporation is not present, the chairperson of the meeting shall appoint a secretary of the meeting.

The Board of Directors may adopt such rules and regulations for the conduct of the meeting of shareholders as it shall deem appropriate. Unless otherwise determined by the Board of Directors prior to the meeting, the chairperson of the meeting shall determine the order of business and shall have the authority in his or her discretion to regulate the conduct of any such meeting, including, without limitation, (i) convening the meeting, concluding the meeting and rescheduling, recessing or adjourning the meeting, regardless of whether a quorum is present, to a later date and time and at a place, if any, announced at the meeting, (ii) announcing the date and time of the opening and the closing of the polls for each matter upon which the shareholders will vote, (iii) imposing restrictions on the persons (other than shareholders of record of the Corporation or their duly appointed proxies) who may attend any such meeting, (iv) establishing procedures for the dismissal of business not properly presented, (v) maintaining order at the meeting and safety of those present, (vi) restricting entry to the meeting after the time fixed for commencement, (vii) limiting the circumstances in which any person may make a statement or ask questions, and the time allotted thereto, at any meeting of shareholders, (viii) removing any shareholder or any other individual who refuses to comply with meeting rules, regulations or procedures, (ix) restricting the use of audio and video recording devices, cell phones and other electronic devices, (x) establishing rules, regulations or procedures for compliance with any state or local laws or regulations, including those concerning safety, health and security, and (xi) implementing procedures (if any) requiring attendees to provide the Corporation advance notice of their intent to attend the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.8 Voting**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Except as otherwise provided by the TBOC or the Certificate of Formation, each shareholder shall be entitled to one vote for each outstanding share of capital stock of the Corporation held by such shareholder. Any share of capital stock of the Corporation held by the Corporation shall have no voting rights. Except as otherwise provided by the TBOC, the Certificate of Incorporation or these Bylaws, in all matters other than the election of directors, the affirmative vote of the majority of the shares of capital stock of the Corporation present in person or by means of remote communication (if applicable) or represented by proxy at the meeting and entitled to vote on the subject matter, voting as a single class, shall be the act of the shareholders. Subject to the rights of the holders of any series of preferred stock to elect additional directors under specific circumstances, nominees for director shall be elected by a majority of votes cast at any meeting for the election of directors at which a quorum is present. For purposes of these Bylaws, a "majority of votes cast" shall mean that the number of shares of capital stock of the Corporation voted "for" a nominee's election exceeds the number of shares of capital stock of the Corporation voted "against" such nominee's election, with abstentions and broker non-votes not counted as votes cast either "for" or "against" such nominee's election. Shares abstaining from voting on a matter and broker non-votes will be counted for purposes of determining a quorum but will not count as votes cast. Notwithstanding the foregoing, in the event of a "contested election" of directors, nominees for director shall be elected by a plurality of votes cast by holders of shares of capital stock of the Corporation entitled to vote in the election of directors at a meeting at which a quorum is present. For purposes of these Bylaws, a "contested election" shall mean an annual or special meeting of the Corporation with respect to which (i) the Secretary of the Corporation receives a notice that a shareholder has nominated or intends to nominate a person for election to the Board of Directors in compliance with the requirements for shareholder nominees for director set forth in Section 2.14 of these

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Bylaws or under applicable law and (ii) such nomination has not been withdrawn by such shareholder on or prior to the 10th day before the Corporation first mails its notice of meeting for such meeting to the shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)If a nominee for director who is an incumbent director fails to receive a majority of votes cast and no successor has been elected at such meeting, the director shall promptly tender his or her resignation to the Board of Directors. The Nominating and Corporate Governance Committee of the Board of Directors (the "***Nominating and Corporate Governance Committee***") shall consider the tendered resignation and recommend to the Board of Directors whether to accept it. The Board of Directors shall consider and act on the tendered resignation, taking into account the Nominating and Corporate Governance Committee's recommendation, within 90 days following certification of the shareholder vote, and thereafter shall promptly disclose its decision whether to accept the director's tendered resignation (and, if applicable, the reasons for rejecting the resignation) in a public announcement (as defined in Section 2.14(c) of these Bylaws). Any director who tenders his or her resignation pursuant to this provision shall not participate in the Nominating and Corporate Governance Committee's recommendation or the decision of the Board of Directors with respect to his or her resignation. If such incumbent director's resignation is not accepted by the Board of Directors, such director shall continue to serve until the next annual meeting of shareholders, or his or her earlier death, resignation or removal. If a director's resignation is accepted by the Board of Directors pursuant to these Bylaws, or if a nominee for director fails to receive a majority of votes cast and the nominee is not an incumbent director, then the Board of Directors, in its sole discretion, may fill any resulting vacancy pursuant to the provisions of these Bylaws or may decrease the size of the Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.9 Shareholder Action by Written Consent Without a Meeting**

Subject to the rights of the holders of the shares of any series of preferred stock or any other class of stock or series thereof that have been expressly granted the right to take action by less than unanimous written consent, unless otherwise provided in the Certificate of Formation, any action required or permitted by the TBOC to be taken at any annual or special meeting of shareholders may be taken without a meeting, without prior notice and without a vote, if a consent or consents in writing, setting forth the action so taken, is signed by the holder or holders of shares having not less than a majority of the shares entitled to vote on the matter, or, if greater, not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which the holders of all shares entitled to vote on the matter were present and voted; *provided*, that from and after the closing date of the initial sale of shares of the Corporation's common stock, par value $0.0001 per share (the "***Common Stock***"), in the Corporation's initial public offering pursuant to an effective registration statement filed under the Securities Act of 1933, as amended (the "***Securities Act***"), any action required or permitted by the TBOC to be taken at any annual or special meeting of shareholders, may be taken without a meeting, without prior notice and without a vote, if a consent or consents in writing, setting forth the action so taken, is signed by the holder or holders of shares having not less than two-thirds of the shares entitled to vote on the matter, or, if greater, not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which the holders of all shares entitled to vote on the matter were present and voted. Any such action taken by written consent must be delivered to the Corporation at its principal office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.10 Closing of Transfer Records and Fixing Record Date**

For the purpose of determining shareholders entitled to notice of or to vote at any meeting of shareholders or any adjournment thereof, or entitled to receive payment of any distribution, or in order to make a determination of shareholders for any other proper purpose, the Board of Directors may provide that the transfer records shall be closed for a stated period but not to exceed, in any case, 60 days. If the transfer records shall be closed for the purpose of determining shareholders entitled to notice of or to vote at a meeting of shareholders, such ledger shall be closed for at least 10 days immediately preceding such meeting. In lieu of closing the transfer records, the Board of Directors may fix in advance a date as the record date for any such determination of shareholders, such date in any case to be not more than 60 days, and, in case of a meeting of shareholders, not less than 10 days (or such longer period or may be required by the TBOC), prior to the date on which the particular action requiring such determination of shareholders is to be taken. If the transfer records are not closed and no record date is fixed for the determination of shareholders entitled to notice of or to vote at a meeting of shareholders, or shareholders entitled to receive payment of a distribution, the date on which notice of the meeting is given to shareholders or the date on which the resolution of the Board of Directors declaring such distribution is adopted, as the case may be, shall be the record date for such determination of shareholders. When a determination of shareholders entitled to vote at any meeting of shareholders has been made as provided in this Section 2.10, such determination shall apply to any adjournment thereof, except where the determination has been made through the closing of the transfer records and the stated period of closing has expired.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.11 Voting List**

The officer who has charge of the stock ledger of the Corporation shall prepare, no later than the 11th day before every meeting of shareholders, a complete list of the shareholders entitled to vote at the meeting or any adjournment thereof, arranged in alphabetical order, and showing the address of each shareholder, the type of shares held by each shareholder, the number of shares held by each shareholder, and the number of votes that each shareholder is entitled to if the number of votes is different from the number of shares held.

The Corporation shall not be required to include electronic mail addresses or other electronic contact information on such list. Such list shall be kept on file at the registered office or principal executive office of the Corporation for a period of at least 10 days prior to the date of the applicable meeting, and shall be open to the examination of any shareholder for any purpose germane to the meeting for a period of at least 10 days prior to the meeting (i) on a reasonably accessible electronic network, *provided* that the information required to gain access to such list is provided with the notice of the meeting, or (ii) during ordinary business hours, at the Corporation's principal place of business. In the event that the Corporation determines to make the list available on an electronic network, the Corporation must take reasonable steps to ensure that such information is available only to shareholders of the Corporation. Such list shall be prima facie evidence of which shareholders are entitled to vote at the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.12 Proxies**

Each shareholder entitled to vote at a meeting of shareholders may authorize another person or persons to act for such shareholder by proxy authorized by an instrument in writing or by a transmission permitted by law filed in accordance with the procedure established for the meeting, but no such proxy shall be voted or acted upon after 11 months from its date, unless the proxy provides for a longer period. A proxy shall be revocable unless the proxy form conspicuously states on its face that it is irrevocable and the proxy is coupled with an interest. A written proxy may be in any form of electronic transmission permitted under the TBOC which sets forth or is submitted with information from which it can be determined that the electronic transmission was authorized by the person as provided in Section 21.367 of the TBOC. Any shareholder directly or indirectly soliciting proxies from other shareholders may use any proxy card color other than white, which shall be reserved for the exclusive use by the Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.13 Inspector of Election**

The Corporation may, and to the extent required by the TBOC, shall, in advance of any meeting of shareholders, appoint one or more inspectors to act at the meeting and make a written report thereof. The Corporation may designate one or more persons as alternate inspectors to replace any inspector who fails to act. If no inspector or alternate is able to act at a meeting of shareholders, the person presiding at the meeting may, and to the extent required by the TBOC, shall, appoint one or more inspectors to act at the meeting. Each inspector, before entering upon the discharge of his or her duties, shall take and sign an oath faithfully to execute the duties of inspector with strict impartiality and according to the best of his or her ability. Every vote taken by ballots shall be counted by an inspector or inspectors appointed by the chairperson of the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.14 Advance Notice of Proposals**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)*<u>Annual Meetings of Shareholders</u>*. No business may be transacted at an annual meeting of shareholders, other than business that is either (i) specified in the Corporation's notice of meeting (or any supplement thereto) given by or at the direction of the Board of Directors, (ii) otherwise properly brought before the annual meeting by or at the direction of the Board of Directors or (iii) otherwise properly brought before the annual meeting by any shareholder of the Corporation (x) who is a shareholder of record entitled to vote at such annual meeting on the date of the giving of the notice provided for in this Section 2.14(a), on the record date for the determination of shareholders entitled to vote at such annual meeting and on the date of the annual meeting and (y) who complies with the notice procedures set forth in this Section 2.14(a). Notwithstanding anything in this Section 2.14(a) to the contrary, only persons nominated for election as a director to fill any term of a directorship that expires on the date of the annual meeting pursuant to Section 2.15 of these Bylaws will be considered for election at such meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)In addition to any other applicable requirements, for business (other than director nominations) to be properly brought before an annual meeting by a shareholder, such shareholder must have given timely notice thereof in proper written form to the Secretary and such business must otherwise be a proper matter for shareholder action. Subject to Section 2.14(a)(iii) of these Bylaws, a shareholder's notice to the Secretary with respect to such business, to be timely, must be received by the Secretary at the principal executive office of the Corporation

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not earlier than the close of business on the one hundred twentieth (120th) day nor later than the close of business on the ninetieth (90th) day before the anniversary date of the immediately preceding annual meeting of shareholders, which, in the case of the first annual meeting of shareholders following the closing of the Corporation's initial public offering, the date of the preceding year's annual meeting shall be deemed to be May 30; *provided, however*, that in the event that the annual meeting is more than thirty (30) days before or more than sixty (60) days after such anniversary date (or if there has been no prior annual meeting), notice by the shareholder to be timely must be so delivered not earlier than the close of business on the one hundred twentieth (120th) day before the meeting and not later than the later of (x) the close of business on the ninetieth (90th) day before the meeting and (y) the close of business on the tenth (10th) day following the day on which public announcement of the date of the annual meeting is first made by the Corporation. The public announcement of an adjournment, recess, rescheduling or postponement of an annual meeting shall not commence a new time period (or extend any time period) for the giving of a shareholder's notice as described in this Section 2.14(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)To be in proper written form, a shareholder's notice to the Secretary with respect to any business (other than director nominations) to bring before any annual meeting of shareholders must set forth as to each such matter such shareholder proposes to bring before the annual meeting (A) a brief description of the business desired to be brought before the annual meeting, the text of the proposal or business (including the text of any resolutions proposed for consideration and in the event such business includes a proposal to amend these Bylaws, the language of the proposed amendment) and the reasons for conducting such business at the annual meeting, (B) the name and record address of such shareholder and the name and address of the beneficial owner, if any, on whose behalf the proposal is made, (C) the class or series and number of shares of capital stock of the Corporation that are owned beneficially and of record by such shareholder and by the beneficial owner, if any, on whose behalf the proposal is made, (D) a description of all agreements, arrangements or understandings (whether written or oral) between or among such shareholder and the beneficial owner, if any, on whose behalf the proposal is made and any other person or persons (including their names and addresses) in connection with the proposal of such business by such shareholder, (E) any material interest, direct or indirect, of such shareholder and the beneficial owner, if any, on whose behalf the proposal is made in such business, other than an interest arising from the ownership of Corporation securities where such shareholder or such beneficial owner receives no extra or special benefit not shared on a *pro rata* basis by all other holders of the same class or series, and (F) a representation that such shareholder (or a qualified representative of such shareholder) intends to appear in person or by proxy at the annual meeting to bring such business before the meeting. As to the shareholder giving the notice and each beneficial owner, if any, on whose behalf the proposal is made (including any Affiliate or Associate (as defined below)), such shareholder's notice must set forth: (I) the name and address of the shareholder proposing such business as they appear on the Corporation's books as of the date of the notice and the name and address of such beneficial owner, if any; (II) the class or series and number of shares of the Corporation that are, directly or indirectly, owned beneficially or of record (within the meaning of Rule 13d-3 under the Exchange Act) by such shareholder and such beneficial owner, if any (except that any such person shall in all events be deemed to beneficially own any shares of any class or series of the Corporation as to which such person has a right to acquire beneficial ownership at any time in the future); (III) a description of any agreement, arrangement, understanding, or relationship with respect to the proposal between or among such shareholder or such beneficial owner and any of their respective Affiliates or Associates; (IV) a description of any proxy, contract, agreement, arrangement, understanding, or relationship pursuant to which such shareholder and such beneficial owner, if any, has a right to vote any shares of any security of the Corporation; (V) a description of any agreement, arrangement, understanding, or relationship (including any hedging transactions and any derivative or short positions, profit interests, options, warrants, convertible securities, stock appreciation or similar rights, and borrowed or loaned shares (a "***Derivative Instrument***")) directly or indirectly owned beneficially by such shareholder and such beneficial owner, if any, whether or not such instrument or right shall be subject to settlement in underlying shares of capital stock of the Corporation, the effect or intent of which is to mitigate loss to, manage risk, or benefit from share price changes for, or increase or decrease the voting power of, such shareholder or such beneficial owner, with respect to securities of the Corporation; (VI) any proportionate interest in shares of the Corporation or Derivative Instruments held, directly or indirectly, by a general or limited partnership in which such shareholder or beneficial owner, if any, is a general partner or, directly or indirectly, beneficially owns an interest in a general partner; (VII) any performance-related fees (other than an asset-based fee) that such shareholder or beneficial owner, if any, is entitled to based on any increase or decrease in the value of shares of the Corporation or Derivative Instruments, if any, as of the date of such notice, including, without limitation, any such interests held by members of such shareholder's or beneficial owner's immediate family sharing the same household; (VIII) any rights to distributions or dividends on the shares of the Corporation owned beneficially by such shareholder or beneficial owner, if any, that are separated or separable from the underlying shares of the Corporation; (IX) a representation as to whether such shareholder or such beneficial owner, if any, intends or is part of a group that intends to (1) deliver a proxy statement and form of proxy to the Corporation's shareholders or (2) otherwise solicit proxies or votes from shareholders in support of such proposal; and (X) any other information relating

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to such shareholder and such beneficial owner, if any, required to be disclosed in a proxy statement required to be made in connection with a contested solicitation of proxies for the proposal pursuant to and in accordance with Section 14 of the Exchange Act and the rules and regulations promulgated thereunder. For purposes of these Bylaws, the term "***Associates***" shall have the meaning given in Rule 12b-2 under the Exchange Act. A shareholder providing notice of any business proposed to be brought before a meeting shall further update and supplement such notice, if necessary, so that the information provided or required to be provided in such notice pursuant to this Section 2.14 shall be true and correct in all material respects as of the record date for the meeting and as of the date that is ten (10) Business Days prior to the meeting or any adjournment, recess, rescheduling, or postponement thereof. Such update and supplement shall be delivered to, or mailed and received by, the Secretary at the principal executive office of the Corporation (i) not later than five (5) Business Days after the record date for the meeting (in the case of the update and supplement required to be made as of the record date), and (ii) not later than seven (7) Business Days prior to the date for the meeting or any adjournment, recess, rescheduling, or postponement thereof (in the case of the update and supplement required to be made as of ten (10) Business Days prior to the meeting or any adjournment, recess, rescheduling, or postponement thereof).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)The foregoing notice requirements of this Section 2.14(a) shall be deemed satisfied by a shareholder as to any proposal (other than director nominations) if the shareholder has notified the Corporation of such shareholder's intention to present such proposal at an annual meeting in compliance with Rule 14a-8 (or any successor thereof) of the Exchange Act, and such shareholder has complied with the requirements of such rule for inclusion of such proposal in a proxy statement prepared by the Corporation to solicit proxies for such annual meeting. If the Board of Directors or the chairperson of the annual meeting determines that any shareholder proposal was not made in accordance with the provisions of this Section 2.14(a) or that the information provided in a shareholder's notice does not satisfy the information requirements of this Section 2.14(a), such proposal shall not be presented for action at the annual meeting. Further, the Board of Directors may, in its discretion, exclude from any proxy materials sent to shareholders any matters that may properly be excluded under the Exchange Act, Securities and Exchange Commission rules, or other applicable laws. Notwithstanding the foregoing provisions of this Section 2.14(a), if the shareholder (or a qualified representative of the shareholder) does not appear at the annual meeting of shareholders of the Corporation to present the proposed business, such proposed business shall not be transacted, notwithstanding that proxies in respect of such matter may have been received by the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)In addition to the provisions of this Section 2.14(a), a shareholder shall also comply with all applicable requirements of the Exchange Act and the rules and regulations thereunder with respect to the matters set forth herein. Nothing in this Section 2.14(a) shall be deemed to affect any rights of shareholders to request inclusion of proposals in the Corporation's proxy statement pursuant to Rule 14a-8 under the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)*<u>Special Meetings of Shareholders</u>*. Other than procedural matters, only such business shall be conducted at a special meeting of shareholders as shall have been brought before the meeting pursuant to the Corporation's notice of meeting. Nominations of persons for election to the Board of Directors may be made at a special meeting of shareholders at which directors are to be elected pursuant to the Corporation's notice of meeting only pursuant to Section 2.15 of these Bylaws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)*<u>Public Announcement</u>*. For purposes of these Bylaws, "***public announcement***" shall mean disclosure in a press release reported by the Dow Jones News Service, Associated Press or other national news service or in a document publicly filed or furnished by the Corporation with the Securities and Exchange Commission pursuant to Sections 13, 14 or 15(d) of the Exchange Act (or any successor thereto) or by such other means as is reasonably designed to inform the public or shareholders of the Corporation in general of such information, including, without limitation, posting on the Company's investor relations website.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.15 Advance Notice for Nomination of Directors**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Subject in all respects to the provisions of the Certificate of Formation, only persons who are nominated in accordance with the following procedures shall be eligible for election as directors of the Corporation, except as may be otherwise provided by the terms of one or more series of preferred stock with respect to the rights of holders of one or more series of preferred stock to elect directors. Nominations of persons for election to the Board of Directors at any annual meeting of shareholders, or at any special meeting of shareholders called for the purpose of electing directors as set forth in the Corporation's notice of such special meeting, may be made (i) by or at the direction of the Board of Directors or (ii) by any shareholder of the Corporation (x) who is a shareholder of record entitled to vote in the election of directors on the date of the giving of the notice provided for in this Section 2.15, on the record date

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for the determination of shareholders entitled to vote at such meeting and at the time of such meeting and (y) who complies with the notice procedures and other requirements set forth in this Section 2.15 and with applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)In addition to any other applicable requirements, for a nomination to be made by a shareholder, such shareholder must have given timely notice thereof in proper written form to the Secretary. To be timely, a shareholder's notice to the Secretary must be received by the Secretary at the principal executive office of the Corporation (i) in the case of an annual meeting, not earlier than the close of business on the one hundred twentieth (120th) day nor later than the close of business on the ninetieth (90th) day before the anniversary date of the immediately preceding annual meeting of shareholders; *provided, however*, that in the event that the annual meeting is more than thirty (30) days before or more than sixty (60) days after such anniversary date (or if there has been no prior annual meeting), notice by the shareholder to be timely must be so received no earlier than the close of business on the one hundred twentieth (120th) day before the meeting and no later than the later of (x) the close of business on the ninetieth (90th) day before the meeting and (y) the close of business on the tenth (10th) day following the day on which public announcement of the date of the annual meeting was first made by the Corporation; and (ii) in the case of a special meeting of shareholders called for the purpose of electing directors, not later than the close of business on the tenth (10th) day following the day on which public announcement of the date of the special meeting is first made by the Corporation. In no event shall the public announcement of an adjournment, recess, rescheduling or postponement of an annual meeting or special meeting commence a new time period (or extend any time period) for the giving of a shareholder's notice as described in this Section 2.15.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)To be in proper written form, a shareholder's notice to the Secretary must (i) set forth as to each person whom the shareholder proposes to nominate for election as a director (A) the name, age, business address and residence address of the person, (B) the principal occupation or employment of the person, (C) the class or series and number of shares of capital stock of the Corporation that are owned beneficially or of record by the person, (D) any other information relating to the person that would be required to be disclosed in a proxy statement required to be made in connection with solicitations of proxies in an election contest pursuant to Section 14 of the Exchange Act and the rules and regulations promulgated thereunder and (E) a complete and accurate description of all direct and indirect compensation and other material monetary agreements, arrangements, and understandings (whether written or oral) during the past three (3) years, and any other material relationships between or among such shareholder and beneficial owner, if any, and their respective Affiliates and Associates, on the one hand, and each proposed nominee, and his or her respective Affiliates and Associates, on the other hand, including, without limitation, all information that would be required to be disclosed pursuant to Rule 404 promulgated under Regulation S-K of the Securities Act if the shareholder making the nomination and any beneficial owner on whose behalf the nomination is made, if any, or any Affiliate or Associate thereof, were the "registrant" for purposes of such rule and the nominee were a director or executive officer of such registrant; and (ii) be accompanied by (A) a written consent of each proposed nominee to being named as a nominee and to serve as a director if elected and (B) a completed signed questionnaire and written representation and agreement, as required by Section 2.15(g) of these Bylaws. The Corporation may require any proposed nominee to furnish such other information as the Corporation may reasonably require to determine the eligibility of such proposed nominee to serve as a director of the Corporation and that the Corporation believes could be material to a reasonable shareholder's understanding of the independence (both from management and from the shareholder and beneficial owner, if any) and qualifications of such proposed nominee. As to the shareholder giving the notice and each beneficial owner, if any, on whose behalf the nomination is made (including any Affiliate or Associate), such shareholder's notice must set forth: (I) the information required by Section 2.14(a)(ii)(I) through (II) and (IV) through (VIII) of these Bylaws, (II) a description of all arrangements or understandings relating to the nomination to be made by such shareholder among such shareholder, the beneficial owner, if any, on whose behalf the nomination is made, and any of their respective Affiliates or Associates, each proposed nominee and any other person or persons (including their names), (III) a representation that such shareholder (or a qualified representative of such shareholder) intends to appear in person or by proxy at the meeting to nominate the persons named in its notice and a representation that such beneficial owner, if

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any, is the beneficial owner of stock of the Corporation and (IV) any other information relating to such shareholder and the beneficial owner, if any, on whose behalf the nomination is made that would be required to be disclosed in a proxy statement required to be made in connection with solicitations of proxies in an election contest pursuant to Section 14 of the Exchange Act and the rules and regulations promulgated thereunder. A shareholder providing notice of any nomination proposed to be brought before a meeting shall further update and supplement such notice, if necessary, so that the information provided or required to be provided in such notice pursuant to this Section 2.15(d) shall be true and correct in all material respects as of the record date for the meeting and as of the date that is ten (10) Business Days prior to the meeting or any adjournment, recess, rescheduling, or postponement thereof. Such update and supplement shall be delivered to, or mailed and received by, the Secretary at the principal executive office of the Corporation (i) not later than five (5) Business Days after the record date for the meeting (in the case of the update and supplement required to be made as of the record date) and (ii) not later than seven (7) Business Days prior to the date for the meeting or any adjournment, recess, rescheduling, or postponement thereof (in the case of the update and supplement required to be made as of ten (10) Business Days prior to the meeting or any adjournment, recess, rescheduling, or postponement thereof).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)If the Board of Directors or the chairperson of the meeting of shareholders determines that any nomination was not made in accordance with the provisions of this Section 2.15, or that the information provided in a shareholder's notice does not satisfy the information requirements of this Section 2.15, then such nomination shall not be considered at the meeting in question. Notwithstanding the foregoing provisions of this Section 2.15, if the shareholder (or a qualified representative of the shareholder) does not appear at the meeting of shareholders of the Corporation to present the nomination, such nomination shall be disregarded, notwithstanding that proxies in respect of such nomination may have been received by the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)In addition to the provisions of this Section 2.15, a shareholder shall also comply with all of the applicable requirements of state law and of the Exchange Act and the rules and regulations thereunder related to the submission of director nominations and related solicitation of proxies. Nothing in this Section 2.15 shall be deemed to affect any rights of the holders of preferred stock to elect directors pursuant to the Certificate of Formation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)To be eligible to be a nominee for election or reelection as a director of the Corporation pursuant to this Section 2.15, a proposed nominee must deliver (in accordance with the time periods prescribed for delivery of notice under these Bylaws and applicable law) to the Secretary at the principal executive office of the Corporation (i) a written questionnaire (in the form provided by the Secretary upon written request by a shareholder of record) with respect to the background and qualification of such person and the background of any other person or entity on whose behalf the nomination is being made and (ii) a written representation and agreement (in the form provided by the Secretary upon written request by a shareholder of record) that such person (A) is not and will not become a party to (I) any agreement, arrangement, or understanding (whether written or oral) with, and has not given any commitment or assurance to, any person or entity as to how such person, if elected as a director of the Corporation, will act or vote in such capacity on any issue or question (a "***Voting Commitment***") that has not been disclosed to the Corporation or (II) any Voting Commitment that could limit or interfere with such person's ability to comply, if elected as a director of the Corporation, with such person's fiduciary duties under applicable law; (B) is not and will not become a party to any agreement, arrangement, or understanding (whether written or oral) with any person or entity other than the Corporation with respect to any direct or indirect compensation, reimbursement, or indemnification in connection with such person's nomination, candidacy, service, or action as a director of the Corporation that has not been disclosed to the Corporation; and (C) would be in compliance, if elected as a director of the Corporation, and will comply with all applicable law, applicable stock exchange rules, the Corporation's Code of Business Conduct and Ethics, and any other policies and guidelines of the Corporation applicable to members of the Board of Directors and any applicable Board of Directors committee(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)Notwithstanding anything herein to the contrary, if (A) any shareholder providing notice pursuant to this Section 2.15 or each beneficial owner, if any, on whose behalf the nomination is made (including any Affiliate or Associate) provides notice pursuant to Rule 14a-19(b) under the Exchange Act with respect to any proposed nominee and (B) (I) such person subsequently either (1) notifies the Corporation that such person no longer intends to solicit proxies in support of the election or reelection of such proposed nominee in accordance with Rule 14a-19(b) under the Exchange Act or (2) fails to comply with the requirements of Rule 14a-19(a)(2) or Rule 14a-19(a)(3) under the Exchange Act (or fails to timely provide reasonable evidence sufficient to satisfy the Corporation that such person has met the requirements of Rule 14a-19(a)(3) under the Exchange Act in accordance with the following sentence) and (II) no other shareholder that has provided notice pursuant to this Section 2.15 or any beneficial owner, if any, on whose behalf the nomination was made (including any Affiliate or Associate) has provided notice pursuant to Rule 14a-19(b) under the Exchange Act with respect to such proposed nominee (x) to the Corporation's knowledge based on information provided pursuant to Rule 14a-19 under the Exchange Act or these Bylaws, still intends to solicit proxies in support of the election

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or reelection of such proposed nominee in accordance with Rule 14a-19(b) under the Exchange Act and (y) has complied with the requirements of Rule 14a-19(a)(2) and Rule 14a-19(a)(3) under the Exchange Act and the requirements set forth in the following sentence, then the nomination of such proposed nominee shall be disregarded and no vote on the election of such proposed nominee shall occur (notwithstanding that proxies in respect of such vote may have been received by the Corporation). Upon request by the Corporation, if any shareholder providing notice pursuant to this Section 2.15 or each beneficial owner, if any, on whose behalf the nomination is made (including any Affiliate or Associate) provides notice pursuant to Rule 14a-19(b) under the Exchange Act, such person shall deliver to the Secretary, no later than five (5) Business Days prior to the applicable meeting date, reasonable evidence that the requirements of Rule 14a-19(a)(3) under the Exchange Act have been satisfied.

**ARTICLE III — DIRECTORS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1 General Powers**

The business and affairs of the Corporation shall be managed by or under the direction of the Board of Directors, except as may be otherwise provided in the TBOC or the Certificate of Formation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2 Number and Tenure**

The Board of Directors shall consist of one or more members, each of whom shall be a natural person. Unless the Certificate of Formation fixes the number of directors, the number of directors shall be determined from time to time solely by resolution of the Board of Directors. No reduction of the authorized number of directors shall have the effect of removing any director before that director's term of office expires.

For purposes of these Bylaws, the term "***Whole Board***" shall mean the total number of authorized directors whether or not there exist any vacancies in previously authorized directorships. The directors shall be elected at each annual meeting of the shareholders, except as provided in Section 3.3 of this Article III, and each director elected shall hold office until the next succeeding annual meeting and until such director's successor is duly elected and qualified, or until such director's earlier death, resignation or removal. Directors need not be shareholders of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3 Resignation and Vacancies**

Any director may resign at any time upon notice given in writing or by electronic transmission to the Corporation; *provided*, *however*, that if such notice is given by electronic transmission, such electronic transmission must either set forth or be submitted with information from which it can be determined that the electronic transmission was authorized by the director. A resignation is effective when the resignation is received by the Corporation unless the resignation specifies a later effective date or an effective date determined upon the occurrence of a future event. Acceptance of such resignation shall not be necessary to make it effective. A resignation which is conditioned upon the director failing to receive a specified vote for reelection as a director may provide that it is irrevocable. Unless otherwise provided in the Certificate of Formation or these Bylaws, when one or more directors resign from the Board of Directors, effective at a future date, a majority of the directors then in office, including those who have so resigned, shall have the power to fill such vacancy or vacancies, with such appointments to take effect when such resignation or resignations shall become effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.4 Removal**

At any meeting of shareholders called expressly for the purpose of removing a director or directors, any director or the Whole Board may be removed, but for cause only (removal of directors without cause being expressly prohibited), by a vote of the holders of a majority of the voting power of all of the shares then entitled to vote in the election of directors, voting together as a single class.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.5 Location of Meetings; Meetings by Telephone**

The Board of Directors of the Corporation may hold meetings, both regular and special, either within or without the State of Texas.

Unless otherwise restricted by the Certificate of Formation or these Bylaws, members of the Board of Directors, or any committee designated by the Board of Directors, may participate in a meeting of the Board of Directors, or any committee, by means of conference telephone or other communications equipment by means of which all persons participating in the meeting can hear each other, and such participation in a meeting shall constitute presence in person at the meeting, except where a person participates in the meeting for the express purpose of objecting, at the beginning of the meeting, to the transaction of any business on the ground that the meeting had not been lawfully called or convened.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.6 Regular Meetings**

Regular meetings of the Board of Directors may be held without notice at such time and at such place as shall from time to time be determined by resolution of the Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.7 Special Meetings; Notice**

Special meetings of the Board of Directors for any purpose or purposes may be called at any time by the Chairperson of the Board of Directors, the Chief Executive Officer, the President, the Secretary or upon written request of two or more directors, at such times and places as he or she or they shall designate.

Notice of the time and place of special meetings shall be (i) delivered personally by hand, by courier or by telephone; (ii) sent by United States first-class mail, postage prepaid; or (iii) if the director has consented, sent by electronic mail, directed to each director at that director's address, telephone number or electronic mail address, as the case may be, as shown on the Corporation's records.

If the notice is (i) delivered personally by hand, by courier or by telephone, or (ii) sent by electronic mail, it shall be delivered or sent at least 24 hours before the time of the holding of the meeting. If the notice is sent by United States mail, it shall be deposited in the United States mail at least four days before the time of the holding of the meeting. Any oral notice may be communicated to the director. The notice need not specify the place of the meeting (if the meeting is to be held at the Corporation's principal executive office) nor the purpose of the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.8 Quorum; Voting**

At all meetings of the Board of Directors, a majority of the Whole Board shall constitute a quorum for the transaction of business. If a quorum is not present at any meeting of the Board of Directors, then the directors present thereat may adjourn the meeting from time to time, without notice other than announcement at the meeting, until a quorum is present. A meeting at which a quorum is initially present may continue to transact business notwithstanding the withdrawal of directors, if any action taken is approved by at least a majority of the required quorum for that meeting.

The vote of a majority of the directors present at any meeting at which a quorum is present shall be the act of the Board of Directors, except as may be otherwise specifically provided by statute, the Certificate of Formation or these Bylaws. To the maximum extent permitted by the TBOC, in the event a director or directors abstain or are disqualified from a vote, the majority vote of the director or the directors not abstaining or disqualified from voting, whether or not such director or directors constitute a quorum, shall be the act of the Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.9 Action by Board or Committees Without a Meeting**

Unless otherwise restricted by the Certificate of Formation or these Bylaws, any action required or permitted to be taken at any meeting of the Board of Directors, or of any committee thereof, may be taken without a meeting if all members of the Board of Directors or committee, as the case may be, consent thereto in writing or by electronic transmission and the writing or writings or electronic transmission or transmissions are filed with the minutes of proceedings of the Board of Directors or committee. Such filing shall be in paper form if the minutes are maintained in paper form and shall be in electronic form if the minutes are maintained in electronic form.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.10 Committees**

The Board of Directors may, by resolution passed by a majority of the Whole Board, designate committees, each committee to consist of one or more directors of the Corporation, which committees will have such power and authority and will perform such functions as may be provided in such resolution. The Board of Directors may designate one or more directors as alternate members of any committee, who may replace any absent or disqualified member at any meeting of the committee. In the absence or disqualification of a member of a committee, the member or members thereof present at any meeting and not disqualified from voting, whether or not such member or members constitute a quorum, may unanimously appoint another member of the Board of Directors to act at the meeting. Any such committee, to the extent provided in the resolution of the Board of Directors establishing such committee or as otherwise provided in these Bylaws, shall have and may exercise all the powers and authority of the Board of Directors in the management of the business and affairs of the Corporation, subject to the limitations set forth in the TBOC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.11 Compensation of Directors**

The Board of Directors shall have authority to fix the compensation of directors, including fees and reimbursement of expenses.

**ARTICLE IV — OFFICERS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1 Positions and Appointment**

The officers of the Corporation shall be a Chief Executive Officer, a President, a Chief Financial Officer, a Treasurer and a Secretary. The Board of Directors may, by resolution, designate the Chairperson of the Board of Directors of the Corporation as an officer. In accordance with Section 4.1(f) of these Bylaws, the Board of Directors may, by resolution, appoint other officers and delegate to any officer of the Corporation the power to appoint and remove the other officers referenced in Section 4.1(f) of these Bylaws. Any two (2) or more offices may be held by the same person but no officer may act in more than one capacity when action of two or more officers is required. The Board of Directors may, by resolution, appoint two (2) persons to the same office, such that an officer position may be filled by two (2) individuals serving simultaneously, with the titles of such persons to be as designated by the Board of Directors. In case any officer is absent, or for any other reason that the Board of Directors may deem sufficient, the Chief Executive Officer or the President or the Board of Directors may delegate for the time being the powers or duties of such officer to any other officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)*<u>Chief Executive Officer</u>*. The Chief Executive Officer of the Corporation (the "***Chief Executive Officer***") shall perform such duties as may be assigned to him or her from time to time by the Board of Directors. Subject to the direction of the Board of Directors, he or she shall have, and exercise, direct charge of, and general supervision over, the business and affairs of the Corporation and shall be its chief policy making officer. He or she shall from time to time report to the Board of Directors all matters within his or her knowledge that the interests of the Corporation may require to be brought to its notice, and shall also have such other powers and perform such other duties as may be specifically assigned to him or her from time to time by the Board of Directors. The Chief Executive Officer shall see that all resolutions and orders of the Board of Directors are carried into effect, and in connection with the foregoing, shall be authorized to delegate to the other officers such of his or her powers and such of his or her duties as he or she may deem to be advisable. The Chief Executive Officer shall possess the power to sign all contracts, certificates and other instruments of the Corporation as the Board of Directors from time to time may prescribe.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)*<u>President</u>*. The President of the Corporation (the "***President***") shall perform such duties as may be assigned to him or her from time to time by the Board of Directors. Subject to the direction of the Board of Directors, he or she shall perform all duties incident to the office of a president in a corporation organized under the TBOC. The President shall see that all resolutions and orders of the Board of Directors are carried into effect, and in connection with the foregoing, shall be authorized to delegate to the other officers such of his or her powers and such of his or her duties as he or she may deem to be advisable. The President may execute and deliver certificates for shares of the Corporation, any deeds, mortgages, bonds, contracts or other instruments that the Board of Directors has authorized to be executed and delivered, except in cases where the execution and delivery thereof shall be expressly delegated solely to another officer or delivery thereof shall be otherwise required by law to be executed and delivered by another person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)*<u>Chief Financial Officer</u>*. The Chief Financial Officer of the Corporation (the "***Chief Financial Officer***") shall be the principal financial officer of the Corporation. The Chief Financial Officer shall exercise such powers and perform such duties as generally pertain or are necessarily incident to his or her office and shall perform

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such other duties as may be assigned to him or her from time to time by the Board of Directors, the Chief Executive Officer or the President.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)*<u>Treasurer</u>*. The Treasurer of the Corporation (the "***Treasurer***") shall have the custody of the Corporation's funds and securities and shall keep full and accurate accounts of receipts and disbursements in books belonging to the Corporation and shall deposit all monies and other valuable effects in the name and to the credit of the Corporation, in such depositories as may be designated by the Board of Directors or by any officer authorized by the Board of Directors to make such designation. The Treasurer shall exercise such powers and perform such duties as generally pertain or are necessarily incident to his or her office and shall perform such other duties as may be specifically assigned to him or her from time to time by the Board of Directors, the Chief Executive Officer or the President. The Treasurer may sign and execute in the name of the Corporation deeds, mortgages, bonds, contracts or other instruments authorized by the Board of Directors and may execute and deliver such documents, certificates and such other instruments that the Board of Directors has authorized to be executed and delivered, except in cases where the execution and delivery thereof shall be expressly delegated to another officer or as otherwise required by law to be executed and delivered by another person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)*<u>Secretary</u>*. The Secretary of the Corporation (the "***Secretary***") shall attend all meetings of the Board of Directors and all meetings of shareholders and record all votes and the minutes of all proceedings in a book to be kept for that purpose and shall perform like duties for any committee when required. He or she shall give, or cause to be given, notice of all meetings of shareholders and, when necessary, special meetings of the Board of Directors. The Secretary shall exercise such powers and perform such duties as generally pertain or are necessarily incident to his or her office, and he or she shall perform such other duties as may be assigned to him or her from time to time by the Board of Directors, the Chief Executive Officer or the President. If the Secretary shall be unable or shall refuse to cause to be given notice of all meetings of the shareholders and special meetings of the Board of Directors, then either the Board of Directors or the Chairperson of the Board of Directors may choose another officer to cause such notice to be given. The Secretary shall have custody of the seal of the Corporation and the Secretary shall have authority to affix the same to any instrument requiring it and when so affixed, it may be attested by the signature of the Secretary. The Board of Directors may give general authority to any other officer to affix the seal of the Corporation and to attest the affixing by his or her signature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)*<u>Other Officers; Delegation of Power</u>*. In addition to the officers enumerated in this Section 4.1, the Board of Directors may, by resolution, appoint such other officers as the Board of Directors may deem necessary, each of whom shall have the powers and duties assigned to him or her from time to time by the Board of Directors, the Chief Executive Officer or the President. The Board of Directors may delegate to any officer of the Corporation the power to appoint and to remove any such other officers and to prescribe their respective powers and duties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2 Term; Vacancies**

Each officer of the Corporation shall hold office until his or her successor is appointed, or until his or her earlier death, resignation or removal. Any vacancy in any office shall be filled in such manner as the Board of Directors shall determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.3 Removal**

Any officer may be removed, with or without cause, at any time, by resolution adopted by the Board of Directors or by other officers upon whom such power of removal may have been conferred by the Board of Directors. The removal of an officer shall be without prejudice to such officer's contract rights, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.4 Resignations**

Any officer may resign at any time by giving notice in writing or by electronic transmission to the Board of Directors (or to an officer if the Board of Directors has delegated to such officer the power to appoint and to remove such officer). The resignation of any officer shall take effect upon receipt of notice thereof or at such later time as shall be specified in such notice, and unless otherwise specified therein, the acceptance of such resignation shall not be necessary to make it effective.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.5 Compensation**

Compensation of all executive officers shall be approved by the Board of Directors, and no officer shall be prevented from receiving such compensation by virtue of his or her also being a director of the Corporation; *provided*, that compensation of some or all executive officers may be determined by a committee established for that purpose if so authorized by the Board of Directors or as required by applicable law or any applicable rule or regulation, including any rule or regulation of any stock exchange upon which the Corporation's securities are then listed for trading.

**ARTICLE V — CERTIFICATES OF SHARES AND THEIR TRANSFER**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1 Certificates for Shares**

Shares of capital stock of the Corporation may, but shall not be required to, be issued in certificated form. If such stock is certificated, such certificates shall be numbered and shall be entered in the books of the Corporation as they are issued, and shall be signed by the President and the Secretary of the Corporation or other such officers as determined by the Board of Directors, and may be sealed with the seal of the Corporation or a facsimile thereof.

If the Corporation is authorized to issue shares of more than one class of stock or more than one series of any class, there shall be set forth upon the face or back of the certificate, or the certificate shall have a statement that the Corporation will furnish to any shareholder upon request and without charge, a full statement of all of the powers, designations, preferences, and rights of the shares of each class authorized to be issued and the qualifications, limitations or restrictions thereof, and, if the Corporation is authorized to issue any preferred or special class in series, the variations in the relative rights and preferences between the shares of each such series so far as the same have been fixed and determined, and the authority of the Board of Directors to fix and determine the relative rights and preferences of subsequent series. Each certificate representing shares shall state upon the face thereof that the Corporation is organized under the laws of the State of Texas, the name of the person to whom issued, the number and the class and the designation of the series, if any, which such certificate represents and the par value or a statement that the shares are without par value. No shares of capital stock shall be issued until the consideration therefor has been fully paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2 Transfer Agent**

If a certificate is countersigned (i) by a transfer agent other than the Corporation or its employee, or, (ii) by a registrar other than the Corporation or its employee, any other signature on the certificate may be facsimile. In case any officer, transfer agent or registrar who has signed or whose facsimile signature has been placed upon a certificate shall have ceased to be such officer, transfer agent or registrar before such certificate is issued, it may be issued by the Corporation with the same effect as if he or she were such officer, transfer agent or registrar at the date of issue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.3 Lost, Stolen or Destroyed Certificates**

The Board of Directors may direct a new certificate or certificates to be issued in place of any certificate or certificates theretofore issued by the Corporation alleged to have been lost, stolen or destroyed, upon the making of an affidavit of that fact by the person claiming the certificate of stock to be lost, stolen or destroyed. When authorizing such issue of a new certificate or certificates, the Board of Directors may, in its discretion and as a condition precedent to the issuance thereof, require the owner of such lost, stolen or destroyed certificate or certificates, or his or her legal representative, to advertise the same in such manner as it shall require and/or to give the Corporation a bond in such sum as it may direct as indemnity against any claim that may be made against the Corporation with respect to the certificate alleged to have been lost, stolen or destroyed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.4 Transfers of Shares**

Transfers of shares of capital stock of the Corporation shall be made only on the books of the Corporation by the holder thereof, or by his or her attorney thereunto authorized by a power of attorney duly executed and filed with the Secretary of the Corporation or a transfer agent of the Corporation, if any, and on surrender of the certificate or certificates for such shares properly endorsed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.5 Registered Shareholders**

The Corporation shall be entitled to recognize the exclusive right of a person registered on its books as the owner of shares to receive dividends, and to vote as such owner, and to hold liable for calls and assessments a person

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registered on its books as the owner of shares, and shall not be bound to recognize any equitable or other claim to or interest in such share or shares on the part of any other person, whether or not it shall have express or other notice thereof, except as otherwise provided by the TBOC.

**ARTICLE VI — GENERAL PROVISIONS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1 Execution of Corporate Contracts and Instruments**

Except as otherwise provided by law, the Certificate of Formation or these Bylaws, the Board of Directors may authorize any officer or officers, or agent or agents, to enter into any contract or execute any document or instrument in the name of and on behalf of the Corporation; such authority may be general or confined to specific instances. Unless so authorized or ratified by the Board of Directors or within the agency power of an officer, no officer, agent or employee shall have any power or authority to bind the Corporation by any contract or engagement or to pledge its credit or to render it liable for any purpose or for any amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2 Dividends**

Dividends upon capital stock of the Corporation, subject to the provisions of the TBOC and of the Certificate of Formation, if any, may be declared by the Board of Directors at any regular or special meeting, pursuant to the TBOC. Dividends may be paid in cash, in property, or in shares of capital stock, subject to the provisions of the Certificate of Formation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.3 Fiscal Year**

The fiscal year of the Corporation shall be fixed by resolution of the Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.4 Corporate Seal**

The corporate seal shall have inscribed thereon the name of the Corporation, the year of its organization and the words "Corporate Seal, Texas." The seal may be used by causing it or a facsimile thereof to be impressed or affixed or reproduced or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.5 Derivative Proceedings**

During any time that the Common Stock of the Corporation is listed on a national securities exchange (as defined in Section 1.002(55-a) of the TBOC) or has 500 or more shareholders, no shareholder (as defined in Section 21.551(2) of the TBOC) of the Corporation may institute or maintain a derivative proceeding in the right of the Corporation unless such shareholder, at the time the derivative proceeding is instituted, holds at least 3% of the outstanding shares of the Corporation.

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**ARTICLE VII — INDEMNIFICATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1 Indemnification of Directors and Officers**

Each person who was or is made a party or is threatened to be made a party to or is otherwise involved in any action, suit or proceeding, whether civil, criminal, administrative or investigative (hereinafter, a "***proceeding***"), by reason of the fact that such person is or was a director or officer of the Corporation or, while serving as a director or officer of the Corporation, is or was serving at the request of the Corporation as a director, officer, employee, agent or other representative (as defined in the TBOC) of another corporation or of a partnership, joint venture, trust or other enterprise or organization, including service with respect to an employee benefit plan (hereinafter, an "***indemnitee***"), whether the basis of such proceeding is alleged action in an official capacity as a director or officer of the Corporation or in any other capacity while serving as a director or officer of the Corporation, shall be indemnified and held harmless by the Corporation to the fullest extent permitted by the TBOC, as the same exists or may hereafter be amended (but, in the case of any such amendment, only to the extent that such amendment permits the Corporation to provide broader indemnification rights than permitted prior thereto), against all expenses, liability and loss (including attorneys' fees, judgments, fines, ERISA excise taxes or penalties and amounts paid in settlement) reasonably incurred by such indemnitee in connection therewith and such indemnification shall continue as to an indemnitee who has ceased to be a director or officer of the Corporation and shall inure to the benefit of the indemnitee's heirs, executors and administrators; *provided*, *however*, that, except as provided in Section 7.3 of this Article VII with respect to proceedings to enforce rights to indemnification, the Corporation shall indemnify any such indemnitee in connection with a proceeding (or part thereof) initiated by such indemnitee only if such proceeding (or part thereof) was authorized by the Board of Directors of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.2 Advance Payment of Expenses**

The rights to indemnification conferred in Section 7.1 of this Article VII shall be a contract right and shall include the right to be paid by the Corporation the expenses incurred in defending any such proceeding in advance of its final disposition (hereinafter, an "***advancement of expenses***"); *provided*, *however*, that, if the TBOC requires, an advancement of expenses incurred by an indemnitee shall be made only after delivery to the Corporation of (a) a written affirmation by the indemnitee of the indemnitee's good faith belief that the indemnitee has met the standard of conduct necessary for indemnification under the TBOC and (b) a written undertaking (hereinafter, an "***undertaking***"), by or on behalf of such indemnitee, to repay all amounts so advanced if it shall ultimately be determined by final judicial determination from which there is no further right to appeal (hereinafter, a "***final adjudication***") or otherwise in accordance with the TBOC that such indemnitee has not met that standard necessary for indemnification under the TBOC or that indemnification is prohibited by the TBOC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.3 Determination of Right to Indemnification**

If a claim under Section 7.1 or Section 7.2 of this Article VII is not paid in full by the Corporation within 60 days after a written claim has been received by the Corporation, except in the case of a claim for an advancement of expenses, in which case the applicable period shall be 20 days, the indemnitee may at any time thereafter bring suit against the Corporation to recover the unpaid amount of the claim. If successful in whole or in part in any such suit, or in a suit brought by the Corporation to recover an advancement of expenses pursuant to the terms of an undertaking, the indemnitee shall be entitled to be paid also the expense of prosecuting or defending such suit. In any suit brought by the indemnitee to enforce a right to indemnification hereunder (but not in a suit brought by an indemnitee to enforce a right to an advancement of expenses), it shall be a defense that the indemnitee has not met any applicable standard for indemnification set forth in the TBOC. In any suit by the Corporation to recover an advancement of expenses pursuant to the terms of an undertaking, the Corporation shall be entitled to recover such expenses upon a final adjudication that the indemnitee has not met any applicable standard for indemnification set forth in the TBOC. Neither the failure of the Corporation (including its Board of Directors, independent legal counsel, or its shareholders) to have made a determination prior to the commencement of such suit that indemnification of the indemnitee is proper in the circumstances because the indemnitee has met the applicable standard of conduct set forth in the TBOC, nor an actual determination by the Corporation (including its Board of Directors, independent legal counsel or its shareholders) that the indemnitee has not met such applicable standard of conduct, shall create a presumption that the indemnitee has not met the applicable standard of conduct or, in the case of such a suit brought by the indemnitee, shall be a defense to such suit. In any suit brought by the indemnitee to enforce a right of indemnification or to an advancement of expenses hereunder, or by the Corporation to recover an advancement of expenses pursuant to the terms of an undertaking, the burden of proving that the indemnitee is not to be indemnified, or to such advancement of expenses, under this Article VII or otherwise shall be on the Corporation.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.4 Non-Exclusivity of Rights**

The rights to indemnification and to the advancement of expenses conferred in this Article VII shall not be exclusive of any other right which any person may have or hereafter acquire under the Corporation's Certificate of Formation or any statute, agreement, vote of shareholders or disinterested directors or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.5 Insurance**

The Corporation may maintain insurance, at its expense, to protect itself and any director, officer, employee or agent of the Corporation or any Corporation, partnership, joint venture, trust or other enterprise against any expense, liability or loss, whether or not the Corporation would have the power to indemnify such person against such expense, liability or loss under the TBOC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.6 Indemnification of Others**

The Corporation may, to the extent authorized from time to time by the Board of Directors, grant rights to indemnification and rights to advancement of expenses to any current or former employee or agent of the Corporation with the same or lesser scope and effect as the foregoing indemnification of, and advancement of expenses to, current and former directors and officers of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.7 Survival**

The rights to indemnification and advancement of expenses conferred by this Article VII shall continue as to a person who has ceased to be a director, officer, employee or agent and shall inure to the benefit of the heirs, executors and administrators of such a person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.8 Amendments**

Any repeal or amendment of this Article VII by the Board of Directors or the shareholders of the Corporation or by changes in applicable law, or the adoption of any other provision of these Bylaws inconsistent with this Article VII, will, to the extent permitted by applicable law, be prospective only (except to the extent such amendment or change in applicable law permits the Corporation to provide broader indemnification rights to indemnitees on a retroactive basis than permitted prior thereto), and will not in any way diminish or adversely affect any right or protection existing hereunder in respect of any act or omission occurring prior to such repeal or amendment or adoption of such inconsistent provision; *provided, however*, that amendments or repeals of this Article VII shall require the affirmative vote of the shareholders holding at least two-thirds of the voting power of all outstanding shares of capital stock of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.9 Severability**

If any provision or provisions of this Article VII shall be held to be invalid, illegal or unenforceable for any reason whatsoever: (a) the validity, legality and enforceability of the remaining provisions of this Article VII shall not in any way be affected or impaired thereby; and (b) to the fullest extent possible, the provisions of this Article VII (including, without limitation, each such portion of this Article VII containing any such provision held to be invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifested by the provision held invalid, illegal or unenforceable.

**ARTICLE VIII — AMENDMENTS**

The Board of Directors is expressly authorized and empowered to alter, amend and repeal these Bylaws or adopt new Bylaws. Except as otherwise provided in these Bylaws, the shareholders may, by the vote of the holders of not less than a majority of all shares of capital stock of the Corporation entitled to vote in the election of directors, as one class, make additional bylaws and alter, amend and repeal any bylaws, whether such bylaws were originally adopted by the shareholders or otherwise.

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## Exhibit 3.3

**Exhibit 3.3**

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| | | |
|:---|:---|:---|
| Corporations Section<br>P.O.Box 13697<br>Austin, Texas 78711-3697 | ![img174846728_0.jpg](img174846728_0.jpg) | Jane Nelson<br>Secretary of State |
|  | **Office of the Secretary of State** |  |

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October 08, 2025

Capitol Services Inc

P O Box 1831

Austin, TX 78767 USA

RE: Rare Earths Americas, Inc. <br>File Number: 806250942

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It has been our pleasure to approve and place on record the filing instrument effecting a conversion. The appropriate evidence is attached for your files. Payment of the filing fee is acknowledged by this letter.

If we can be of further service at any time, please let us know.

Sincerely,

Corporations Section

Business & Public Filings Division

(512) 463-5555

Enclosure

Phone: (512) 463-5555<br>Prepared by: Erin Rose *Come visit us on the Internet at https://www.sos.texas.gov*Fax: (512) 463-5709TID: 10337 Dial: 7-1-1 for Relay ServicesDocument: 1524924180002

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| | | |
|:---|:---|:---|
| Corporations Section<br>P.O.Box 13697<br>Austin, Texas 78711-3697 | ![img174846728_1.jpg](img174846728_1.jpg) | Jane Nelson<br>Secretary of State |
|  | **Office of the Secretary of State** |  |

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**CERTIFICATE OF CONVERSION**

The undersigned, as Secretary of State of Texas, hereby certifies that a filing instrument for

Rare Earths Americas Ltd.

File Number: [Entity not of Record, Filing Number Not Available]

Converting it to

Rare Earths Americas, Inc.<br>File Number: 806250942

has been received in this office and has been found to conform to law. ACCORDINGLY, the undersigned, as Secretary of State, and by virtue of the authority vested in the secretary by law, hereby issues this certificate evidencing the acceptance and filing of the conversion on the date shown below.

Dated: 10/08/2025

Effective: 10/15/2025 10:59 pm

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| | |
|:---|:---|
| ![img174846728_2.jpg](img174846728_2.jpg) | ![img174846728_3.jpg](img174846728_3.jpg)<br>Jane Nelson <br>Secretary of State |

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Phone: (512) 463-5555<br>Prepared by: Erin Rose *Come visit us on the Internet at https://www.sos.texas.gov*Fax: (512) 463-5709TID: 10340 Dial: 7-1-1 for Relay ServicesDocument: 1524924180002

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CER

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| | | |
|:---|:---|:---|
| Corporations Section<br>P.O.Box 13697<br>Austin, Texas 78711-3697 | ![img174846728_4.jpg](img174846728_4.jpg) | Jane Nelson<br>Secretary of State |
|  | **Office of the Secretary of State** |  |

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**CERTIFICATE OF FILING**

**OF**

Rare Earths Americas, Inc.

File Number: 806250942

The undersigned, as Secretary of State of Texas, hereby certifies that a Certificate of Formation for the above named Domestic For-Profit Corporation has been received in this office and has been found to conform to the applicable provisions of law.

ACCORDINGLY, the undersigned, as Secretary of State, and by virtue of the authority vested in the secretary by law, hereby issues this certificate evidencing filing effective on the date shown below.

The issuance of this certificate does not authorize the use of a name in this state in violation of the rights of another under the federal Trademark Act of 1946, the Texas trademark law, the Assumed Business or Professional Name Act, or the common law.

Dated: 10/08/2025

Effective: 10/15/2025 10:59 pm

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| | |
|:---|:---|
| ![img174846728_5.jpg](img174846728_5.jpg) | ![img174846728_6.jpg](img174846728_6.jpg)<br>Jane Nelson <br>Secretary of State |

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Phone: (512) 463-5555<br>Prepared by: Erin Rose *Come visit us on the Internet at https://www.sos.texas.gov*Fax: (512) 463-5709TID: 10306 Dial: 7-1-1 for Relay ServicesDocument: 1524946790001

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| | | |
|:---|:---|:---|
| **Form 647**<br>**(Revised 12/23)**<br>Return in duplicate to:<br>Secretary of State<br>P.O. Box 13697<br>Austin, TX 78711-3697<br>512-463-5555<br>FAX: 512-463-5709<br>**Filing Fee: See instructions** | <br>![img174846728_7.jpg](img174846728_7.jpg)<br>**Certificate of Conversion <br>of a <br>Foreign Entity <br>Converting to a <br>Texas Filing Entity** | This space reserved for office use.<br>**FILED**<br>**In the Office of the**<br>**Secretary of State of Texas**<br>OCT 0 8 2025<br>**Corporations Section** |

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**Converting Entity Information**<br>

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| | |
|:---|:---|
| The name of the converting entity is: | **Rare Earths Americas Ltd.** |

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| | |
|:---|:---|
| The jurisdiction of formation of the converting entity is: | **Cayman Islands** |

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The converting entity is a: (Select the appropriate entity type from the list shown below.)

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| | | | | |
|:---|:---|:---|:---|:---|
| ![img174846728_8.jpg](img174846728_8.jpg) | For-Profit Corporation | For-Profit Corporation | ![img174846728_9.jpg](img174846728_9.jpg) | Limited Liability Company |
| ![img174846728_10.jpg](img174846728_10.jpg) | Nonprofit Corporation | Nonprofit Corporation | ![img174846728_11.jpg](img174846728_11.jpg) | Professional Limited Liability Company |
| ![img174846728_12.jpg](img174846728_12.jpg) | Professional Corporation | Professional Corporation | ![img174846728_13.jpg](img174846728_13.jpg) | Limited Partnership |
| ![img174846728_14.jpg](img174846728_14.jpg) | Professional Association | Professional Association | ![img174846728_15.jpg](img174846728_15.jpg) | Cooperative Association |
| ![img174846728_16.jpg](img174846728_16.jpg) | Other: |  | ![img174846728_17.jpg](img174846728_17.jpg) | General Partnership |
|  |  | *Specify type of entity.* |  |  |

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| | |
|:---|:---|
| The date of formation of the converting entity is: | **February 28, 2025** |

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The file number, if any, issued to the converting entity is:  

**Converted Entity Information**<br>

The foreign entity named above is converting to a filing entity formed under the Texas Business Organizations Code. The name of the converted entity is:

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| |
|:---|
| **Rare Earths Americas, Inc.** |
| *(Name of entity after the conversion must include an organizational identifier for the entity type selected below.)* |

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The converted entity will be formed under the laws of Texas.

The converted entity is a: (Select the appropriate entity type from the list shown below.)

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| | | | |
|:---|:---|:---|:---|
| ![img174846728_18.jpg](img174846728_18.jpg) | For-Profit Corporation | ![img174846728_19.jpg](img174846728_19.jpg) | Limited Liability Company |
| ![img174846728_20.jpg](img174846728_20.jpg) | Nonprofit Corporation | ![img174846728_21.jpg](img174846728_21.jpg) | Professional Limited Liability Company |
| ![img174846728_22.jpg](img174846728_22.jpg) | Professional Corporation | ![img174846728_23.jpg](img174846728_23.jpg) | Limited Partnership |
| ![img174846728_24.jpg](img174846728_24.jpg) | Professional Association | ![img174846728_25.jpg](img174846728_25.jpg) | Cooperative Association |

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Form 647 Page 4 of 3

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**Plan of Conversion *or* Alternative Statements**<br>

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| ![img174846728_26.jpg](img174846728_26.jpg) | The plan of conversion is attached. |

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*If the plan of conversion is not attached, the following statements must be completed.*

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|:---|:---|
| ![img174846728_27.jpg](img174846728_27.jpg) | In lieu of attaching the plan of conversion, the converting entity certifies to the following statements by providing an address in Items 1 and 2. |

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|:---|:---|:---|:---|:---|:---|
| 1.<br>| A signed plan of conversion is on file at the principal place of business of the converting entity. The address of the principal place of business of the converting entity is: | A signed plan of conversion is on file at the principal place of business of the converting entity. The address of the principal place of business of the converting entity is: | A signed plan of conversion is on file at the principal place of business of the converting entity. The address of the principal place of business of the converting entity is: | A signed plan of conversion is on file at the principal place of business of the converting entity. The address of the principal place of business of the converting entity is: | A signed plan of conversion is on file at the principal place of business of the converting entity. The address of the principal place of business of the converting entity is: |
| **250 Fillmore St Suite 150** | **250 Fillmore St Suite 150** | **Denver** | **CO** | **USA** | **80206** |
| *Street or Mailing Address* | *Street or Mailing Address* | *City* | *State* | *Country* | *Zip Code* |

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|:---|:---|:---|:---|:---|:---|
| 2. | A signed plan of conversion will be on file after the conversion at the principal place of business of the converted entity. The address of the principal place of business of the converted entity is: | A signed plan of conversion will be on file after the conversion at the principal place of business of the converted entity. The address of the principal place of business of the converted entity is: | A signed plan of conversion will be on file after the conversion at the principal place of business of the converted entity. The address of the principal place of business of the converted entity is: | A signed plan of conversion will be on file after the conversion at the principal place of business of the converted entity. The address of the principal place of business of the converted entity is: | A signed plan of conversion will be on file after the conversion at the principal place of business of the converted entity. The address of the principal place of business of the converted entity is: |
| **250 Fillmore St Suite 150** | **250 Fillmore St Suite 150** | **Denver** | **CO** | **USA** | **80206** |
| *Street or Mailing Address* | *Street or Mailing Address* | *City* | *State* | *Country* | *Zip Code* |

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A copy of the plan of conversion will be furnished on written request without cost by the converting entity before the conversion or by the converted entity after the conversion to any owner or member of the converting entity or converted entity.

**Supplemental Provisions/Information**<br>

Text Area: [The attached addendum, if any, is incorporated herein by reference.]

**Certificate of Formation for the Converted Entity**<br>

![img174846728_28.jpg](img174846728_28.jpg)The certificate of formation for the converted Texas filing entity is attached to this certificate of conversion as an attachment or exhibit to either (i) the plan of conversion or (ii) this certificate if the plan has not been attached to the certificate of conversion. The certificate of formation includes a statement that the converted entity is formed under a plan of conversion and the name, address, date of formation, prior form of organization, and jurisdiction of formation of the converting entity.

**Approval of the Plan of Conversion**<br>

The plan of conversion has been approved as required by the laws of the jurisdiction of formation and the governing documents of the converting entity.

Form 647 Page 1 of 3

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**Effectiveness of Filing** (Select either A, B, or C.)<br>

A. ![img174846728_29.jpg](img174846728_29.jpg)This document becomes effective when the document is accepted and filed by the secretary of state.

B. ![img174846728_30.jpg](img174846728_30.jpg)This document becomes effective at a later date, which is not more than ninety (90) days from the date of signing. The delayed effective date is: **<u>10:59 p.m. Central Time on October 15, 2025.</u>** 

C. ![img174846728_31.jpg](img174846728_31.jpg)This document takes effect upon the occurrence of the future event or fact, other than the passage of time.

The 90<sup>th</sup> day after the date of signing is:  

The following event or fact will cause the document to take effect in the manner described below:

**Tax Certification**<br>

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|:---|:---|
| ![img174846728_32.jpg](img174846728_32.jpg) | Attached hereto is a certificate from the Texas Comptroller of Public Accounts that certifies the converting entity is in good standing for purposes of conversion. |
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| ![img174846728_33.jpg](img174846728_33.jpg) | In lieu of providing the tax certificate, the converted entity is liable for the payment of any required franchise taxes. |

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**Executive**<br>

The undersigned signs the document subject to the penalties imposed by law for submission of a materially false or fraudulent instrument. The undersigned certifies that the statements contained herein are true and correct, and that the person signing is authorized under the provisions of the Texas Business Organizations Code, or other law applicable to and governing the converting entity, to execute the filing instrument.

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|:---|:---|:---|:---|
| Date: | **October 8, 2025** |  |  |
|  |  | By: | **Rare Earths Americas Ltd.** |
|  |  |  | Name of converting entity (see instructions) |
|  |  |  | ***/s/ Donald Swartz*** |
|  |  |  | Signature of authorized person (see instructions) |
|  |  |  | **Donald Swartz, Chief Executive Officer** |
|  |  |  | Name and title of authorized person (see instructions) |

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Form 647 Page 2 of 3

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## Exhibit 4.2

**Exhibit 4.2**

THIS INSTRUMENT AND THE SECURITIES ISSUABLE UPON THE CONVERSION HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"). THEY MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT OR UPON RECEIPT BY THE COMPANY OF AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT REGISTRATION IS NOT REQUIRED UNDER THE ACT.

**SIMPLE AGREEMENT FOR FUTURE EQUITY (SAFE)**

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|:---|:---|
| &nbsp;&nbsp;**Investment Amount** | &nbsp;&nbsp;**Date of Issuance** |
| &nbsp;&nbsp;**US$[PURCHASE PRICE]** | &nbsp;&nbsp;**December 22, 2025** |

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**THIS SIMPLE AGREEMENT FOR FUTURE EQUITY** (this "**SAFE**") is issued by Rare Earths Americas, Inc., a Texas corporation (the "**Company**"), to [HOLDER NAME] (the "**Holder**") in exchange for the Holder's payment of the investment amount set forth above (the "**Investment Amount**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Definitions</u>. Capitalized terms not otherwise defined in this SAFE will have the meanings set forth in this Section 1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 "**Common Stock**" means the Company's common stock, par value US$0.0001.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 "**Conversion Shares**" (for purposes of determining the type of Equity Securities issuable upon conversion of this SAFE) means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) with respect to a conversion pursuant to Section 2.1, shares of the Equity Securities issued in the Next Equity Financing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with respect to a conversion pursuant to Section 2.2, shares of Common Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 "**Conversion Price**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) with respect to a conversion pursuant to Section 2.1, the lesser of: (i) the product of (x) 100% <u>less</u> the Discount, multiplied by (y) the lowest per share purchase price of the Equity Securities issued in the Next Equity Financing; and (ii) the quotient resulting from dividing (x) the Valuation Cap by (y) the Fully Diluted Capitalization immediately prior to the closing of the Next Equity Financing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with respect to a conversion pursuant to Section 2.2, the quotient resulting from dividing (x) the Valuation Cap by (y) the Fully Diluted Capitalization immediately prior to the closing of the Corporate Transaction.

Simple Agreement for Future EquityRare Earths Americas, Inc., December 2025

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 "**Corporate Transaction**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the closing of the sale, transfer or other disposition, in a single transaction or series of related transactions, of all or substantially all of the Company's assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the consummation of a merger or consolidation of the Company with or into another entity (except a merger or consolidation in which the holders of capital stock of the Company immediately prior to such merger or consolidation continue to hold a majority of the outstanding voting securities of the capital stock of the Company or the surviving or acquiring entity immediately following the consummation of such transaction); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the closing of the transfer (whether by merger, consolidation or otherwise), in a single transaction or series of related transactions, to a "person" or "group" (within the meaning of Section 13(d) and Section 14(d) of the Exchange Act), of the Company's capital stock if, after such closing, such person or group would become the "beneficial owner" (as defined in Rule 13d-3 under the Exchange Act) of more than 50% of the outstanding voting securities of the Company (or the surviving or acquiring entity).

For the avoidance of doubt, a transaction will not constitute a "Corporate Transaction" if its sole purpose is to change the state of the Company's incorporation or to create a holding company that will be owned in substantially the same proportions by the persons who held the Company's securities immediately prior to such transaction. Notwithstanding the foregoing, the sale of Equity Securities in a bona fide financing transaction will not be deemed a "Corporate Transaction."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5 "**Discount**" means 20%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6 "**Dissolution**" means (a) a voluntary termination of the Company's operations; (b) a general assignment for the benefit of the Company's creditors; or (c) a liquidation, dissolution or winding up of the Company (other than a Corporate Transaction), whether voluntary or involuntary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7 "**Equity Securities**" means (a) Common Stock; (b) any securities conferring the right to purchase Common Stock; or (c) any securities directly or indirectly convertible into, or exchangeable for (with or without additional consideration) Common Stock. Notwithstanding the foregoing, the following will not be considered "Equity Securities": (i) any security granted, issued or sold by the Company to any director, officer, employee, consultant or adviser of the Company for the primary purpose of soliciting or retaining their services; (ii) any convertible promissory notes issued by the Company; and (iii) any SAFEs (including this SAFE) issued by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.8 "**Exchange Act**" means the Securities Exchange Act of 1934, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.9 "**Fully Diluted Capitalization**" means all of (a) the number of issued and outstanding shares of the Company's capital stock, assuming the conversion or exercise of all of the Company's outstanding convertible or exercisable securities, including all outstanding vested or unvested restricted stock units or warrants to purchase the Company's capital stock (excluding, for purposes of this definition, the number of shares issuable upon conversion of all outstanding SAFEs that will convert into capital stock in the Next Equity Financing), plus, solely for purposes of conversion pursuant to Section 2.1, but not Section 2.2 (b) the unissued portion(s) of any of the Company's equity

Simple Agreement for Future EquityRare Earths Americas, Inc., December 2025 2

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incentive or similar Company plans (the "**Unissued Pool**"). Notwithstanding the foregoing, "Fully Diluted Capitalization" excludes: any increase to the number of shares of capital stock in the Unissued Pool made in connection with a Next Equity Financing, except to the extent that the number of Promised Options exceeds the number of shares in the Unissued Pool prior to such increase.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 "**Next Equity Financing**" means the next sale (or series of related sales) by the Company of its Equity Securities following the date of issuance of this SAFE from which the Company receives gross proceeds of not less than US$7,000,000, whether in the form of private equity or an initial public offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11 "**Preferred Stock**" means all series of the Company's preferred stock, whether now existing or hereafter created.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12 "**Promised Options**" means promised but ungranted options, restricted stock awards, restricted stock units, warrants or similar securities (collectively, "**Options**") that are the greater of those (i) promised pursuant to agreements or understandings made prior to the execution of, or in connection with, the term sheet or letter of intent for the Next Equity Financing or Corporate Transaction, as applicable (or the initial closing of the Next Equity Financing or consummation of the Corporate Transaction, if there is no term sheet or letter of intent), (ii) in the case of a Next Equity Financing, treated as outstanding Options in the calculation of the price per share for the Equity Securities issued in the Next Equity Financing, or (iii) in the case of a Corporate Transaction, treated as outstanding Options in the calculation of the distribution of the proceeds of such Corporate Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 "**SAFEs**" mean any simple agreements for future equity (or other similar agreements) which are issued by the Company for bona fide financing purposes and which may convert into the Company's capital stock in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 "**Securities Act**" means the Securities Act of 1933, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15 "**Valuation Cap**" means US$250,000,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Conversion</u>. This SAFE will be convertible into Equity Securities pursuant to the following terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 <u>Next Equity Financing Conversion</u>. This SAFE will automatically convert into Conversion Shares upon the closing of the Next Equity Financing. The number of Conversion Shares the Company issues upon such conversion will equal the quotient (rounded down to the nearest whole share) obtained by dividing (x) the Investment Amount by (y) the applicable Conversion Price. At least five (5) days prior to the closing of the Next Equity Financing, the Company will notify the Holder in writing of the terms of the Equity Securities that are expected to be issued in such financing. The issuance of Conversion Shares pursuant to the conversion of this SAFE will be on, and subject to, the same terms and conditions applicable to the Equity Securities issued in the Next Equity Financing.

Simple Agreement for Future EquityRare Earths Americas, Inc., December 2025 3

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 <u>Corporate Transaction Conversion</u>. In the event of a Corporate Transaction prior to the conversion of this SAFE pursuant to Section 2.1, at the closing of such Corporate Transaction, the Holder may elect that either: (a) the Company will pay the Holder an amount equal to 100% of the Investment Amount; or (b) this SAFE will convert into that number of Conversion Shares equal to the quotient (rounded down to the nearest whole share) obtained by dividing (x) the Investment Amount by (y) the applicable Conversion Price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 <u>Financing Agreements</u>. The Holder acknowledges that the conversion of this SAFE into Conversion Shares pursuant to Section 2.1 may require the Holder's execution of certain agreements relating to the purchase and sale of the Conversion Shares, as well as lock-ups, rights of first refusal and co-sale, rights of first offer and voting rights, if any, relating to such securities (collectively, the "**Financing Agreements**"). The Holder agrees to execute all of the Financing Agreements in connection with a Next Equity Financing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Priority</u>. In the event of a Dissolution while this SAFE is outstanding, the Company will pay the Holder an amount equal to the Investment Amount (the "**Repayment**") immediately prior to, or concurrently with, the consummation of the Dissolution. In the event of a Corporate Transaction or Dissolution, this SAFE, if not converted to Common Stock in accordance with its terms, is intended to operate like standard non-participating Preferred Stock. The Holder's right to receive Repayment is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 Junior to payment of outstanding indebtedness and creditor claims, including convertible promissory notes (to the extent such convertible promissory notes are not converted into shares of the Company's capital stock);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 Pari passu with payments to the holders of the Company's Preferred Stock in respect of their ownership thereof and payments in respect of any other SAFEs; and if the applicable proceeds are insufficient to permit full payments to the Holder and the holders of such other Safes and/or shares of the Company's Preferred Stock, the applicable proceeds will be distributed pro rata to the Holder and such other securityholders in proportion to the full payments that would otherwise be due; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 Senior to payments to the holders of Common Stock in respect of their ownership thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>No Rights as a Stockholder</u>. The Holder is not entitled by virtue of holding this SAFE to be deemed a holder of the Company's capital stock for any purpose, nor will anything contained in this SAFE be construed to confer on the Holder, as such, any of the rights of a stockholder of the Company or any right to vote for the election of directors or upon any matter submitted to stockholders at any meeting thereof, or to give or withhold consent to any corporate action or to receive notice of meetings, or to receive subscription rights or otherwise until Conversion Shares have been issued upon the terms described in this SAFE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Representations and Warranties of the Company</u>. In connection with the transactions contemplated by this SAFE, the Company hereby represents and warrants to the Holder as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 <u>Due Organization; Qualification and Good Standing</u>. The Company is a corporation duly organized, validly existing and in good standing under the laws of the State of Texas and has all requisite corporate power and authority to carry on its business as now conducted. The Company is

Simple Agreement for Future EquityRare Earths Americas, Inc., December 2025 4

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duly qualified to transact business and is in good standing in each jurisdiction in which the failure to so qualify or to be in good standing would have a material adverse effect on the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 <u>Authorization and Enforceability</u>. Except for the authorization and issuance of the Conversion Shares, all corporate action has been taken on the part of the Company and its officers, directors and stockholders necessary for the authorization, execution and delivery of this SAFE. Except as may be limited by applicable bankruptcy, insolvency, reorganization or similar laws relating to or affecting the enforcement of creditors' rights, the Company has taken all corporate action required to make all of the obligations of the Company reflected in the provisions of this SAFE valid and enforceable in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 <u>Compliance with Other Instruments</u>. The authorization, execution, issuance and delivery of this SAFE will not constitute or result in a material default or violation of any law or regulation applicable to the Company or any material term or provision of the Company's current certificate of incorporation or bylaws or any material agreement or instrument by which it is bound or to which its properties or assets are subject.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 <u>Valid Issuance of Stock</u>. The Conversion Shares to be issued, sold and delivered upon conversion of this SAFE will be duly authorized and validly issued, fully paid and nonassessable and, based in part upon the representations and warranties of the Holder in this SAFE, will be issued in compliance with all applicable U.S. federal and state securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Representations and Warranties of the Holder</u>. In connection with the transactions contemplated by this SAFE, the Holder hereby represents and warrants to the Company as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 <u>Authorization</u>. The Holder has full power and authority (and, if an individual, the capacity) to enter into this SAFE and to perform all obligations required to be performed by it hereunder. This SAFE, when executed and delivered by the Holder, will constitute the Holder's valid and legally binding obligation, enforceable in accordance with its terms, except (a) as limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance and any other laws of general application affecting enforcement of creditors' rights generally, and (b) as limited by laws relating to the availability of specific performance, injunctive relief or other equitable remedies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 <u>Purchase Entirely for Own Account</u>. The Holder acknowledges that this SAFE is made with the Holder in reliance upon the Holder's representation to the Company, which the Holder hereby confirms by executing this SAFE, that this SAFE, the Conversion Shares, and any Common Stock issuable upon conversion of the Conversion Shares (collectively, the "**Securities**") will be acquired for investment for the Holder's own account, not as a nominee or agent (unless otherwise specified on the Holder's signature page hereto), and not with a view to the resale or distribution of any part thereof, and that the Holder has no present intention of selling, granting any participation in, or otherwise distributing the same. By executing this SAFE, the Holder further represents that the Holder does not have any contract, undertaking, agreement or arrangement with any person to sell, transfer or grant participations to such person or to any third person, with respect to the Securities. If other than an individual, the Holder also represents it has not been organized solely for the purpose of acquiring the Securities.

Simple Agreement for Future EquityRare Earths Americas, Inc., December 2025 5

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 <u>Disclosure of Information; Non-Reliance</u>. The Holder acknowledges that it has received all the information it considers necessary or appropriate to enable it to make an informed decision concerning an investment in the Securities. The Holder further represents that it has had an opportunity to ask questions and receive answers from the Company regarding the terms and conditions of the offering of the Securities. The Holder confirms that the Company has not given any guarantee or representation as to the potential success, return, effect or benefit (either legal, regulatory, tax, financial, accounting or otherwise) of an investment in the Securities. In deciding to purchase the Securities, the Holder is not relying on the advice or recommendations of the Company and has made its own independent decision that the investment in the Securities is suitable and appropriate for the Holder. The Holder understands that no federal or state agency has passed upon the merits or risks of an investment in the Securities or made any finding or determination concerning the fairness or advisability of this investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 <u>Investment Experience</u>. The Holder is an investor in securities of companies in the development stage and acknowledges that it is able to fend for itself, can bear the economic risk of its investment and has such knowledge and experience in financial or business matters that it is capable of evaluating the merits and risks of the investment in the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5 <u>Accredited Investor</u>. The Holder is an "accredited investor" within the meaning of Rule 501 of Regulation D promulgated under the Securities Act. The Holder agrees to furnish any additional information requested by the Company or any of its affiliates to assure compliance with applicable U.S. federal and state securities laws in connection with the purchase and sale of the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6 <u>Restricted Securities</u>. The Holder understands that the Securities have not been, and will not be, registered under the Securities Act or state securities laws, by reason of specific exemptions from the registration provisions thereof which depend upon, among other things, the bona fide nature of the investment intent and the accuracy of the Holder's representations as expressed herein. The Holder understands that the Securities are "restricted securities" under U.S. federal and applicable state securities laws and that, pursuant to these laws, the Holder must hold the Securities indefinitely unless they are registered with the Securities and Exchange Commission ("**SEC**") and registered or qualified by state authorities, or an exemption from such registration and qualification requirements is available. The Holder acknowledges that the Company has no obligation to register or qualify the Securities for resale and further acknowledges that, if an exemption from registration or qualification is available, it may be conditioned on various requirements including, but not limited to, the time and manner of sale, the holding period for the Securities, and on requirements relating to the Company which are outside of the Holder's control, and which the Company is under no obligation, and may not be able, to satisfy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7 <u>Residence</u>. If the Holder is an individual, then the Holder resides in the state, province or country identified in the address shown on the Holder's signature page hereto. If the Holder is a partnership, corporation, limited liability company or other entity, then the Holder's principal place of business is located in the state, province or country identified in the address shown on the Holder's signature page hereto.

Simple Agreement for Future EquityRare Earths Americas, Inc., December 2025 6

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.8 <u>Foreign Investors</u>. If the Holder is not a United States person (as defined by Section 7701(a)(30) of the Internal Revenue Code of 1986, as amended), the Holder hereby represents that it has satisfied itself as to the full observance of the laws of its jurisdiction in connection with any invitation to subscribe for the Securities, including (a) the legal requirements within its jurisdiction for the purchase of the Securities; (b) any foreign exchange restrictions applicable to such purchase; (c) any governmental or other consents that may need to be obtained; and (d) the income tax and other tax consequences, if any, that may be relevant to the purchase, holding, conversion, redemption, sale, or transfer of the Securities. The Holder's subscription and payment for and continued beneficial ownership of the Securities will not violate any applicable securities or other laws of the Holder's jurisdiction. The Holder acknowledges that the Company has taken no action in foreign jurisdictions with respect to the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 <u>Successors and Assigns</u>. Except as otherwise provided herein, the terms and conditions of this SAFE will inure to the benefit of, and be binding upon, the respective successors and assigns of the parties; provided, however, that the Company may not assign its obligations under this SAFE without the written consent of the Holder. This SAFE is for the sole benefit of the parties hereto and their respective successors and permitted assigns, and nothing herein, express or implied, is intended to or will confer upon any other person or entity any legal or equitable right, benefit or remedy of any nature whatsoever under or by reason of this SAFE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 <u>Choice of Law</u>. This SAFE, and all matters arising out of or relating to this SAFE, whether sounding in contract, tort, or statute will be governed by and construed in accordance with the internal laws of the State of Texas, without giving effect to the conflict of laws provisions thereof to the extent such principles or rules would require or permit the application of the laws of any jurisdiction other than those of the State of Texas.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 <u>Counterparts</u>. This SAFE may be executed in counterparts, each of which will be deemed an original, but all of which together will be deemed to be one and the same agreement. Counterparts may be delivered via electronic mail (including PDF or any electronic signature complying with the U.S. federal ESIGN Act of 2000, *e.g.*, www.docusign.com) or other transmission method, and any counterpart so delivered will be deemed to have been duly and validly delivered and be valid and effective for all purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 <u>Titles and Subtitles</u>. The titles and subtitles used in this SAFE are included for convenience only and are not to be considered in construing or interpreting this SAFE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5 <u>Notices</u>. All notices and other communications given or made pursuant hereto will be in writing and will be deemed effectively given: (a) upon personal delivery to the party to be notified; (b) when sent by email; (c) five (5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid; or (d) one (1) day after deposit with a nationally recognized overnight courier, specifying next day delivery, with written verification of receipt. All communications will be sent to the respective parties at the addresses shown on the signature pages hereto (or to such email address or other address as subsequently modified by written notice given in accordance with this Section 7.5).

Simple Agreement for Future EquityRare Earths Americas, Inc., December 2025 7

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6 <u>No Finder's Fee</u>. The Holder represents that it neither is nor will be obligated to pay any finder's fee, broker's fee or commission in connection with the transactions contemplated by this SAFE. The Holder agrees to indemnify and to hold the Company harmless from any liability for any commission or compensation in the nature of a finder's or broker's fee arising out of the transactions contemplated by this SAFE (and the costs and expenses of defending against such liability or asserted liability) for which the Holder or any of its officers, employees or representatives is responsible. The Company agrees to indemnify and hold the Holder harmless from any liability for any commission or compensation in the nature of a finder's or broker's fee arising out of the transactions contemplated by this SAFE (and the costs and expenses of defending against such liability or asserted liability) for which the Company or any of its officers, employees or representatives is responsible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.7 <u>Expenses</u>. Each party will pay all costs and expenses that it incurs with respect to the negotiation, execution, delivery and performance of this SAFE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.8 <u>Attorneys' Fees</u>. If any action at law or in equity is necessary to enforce or interpret the terms of this SAFE, the prevailing party will be entitled to reasonable attorneys' fees, costs and necessary disbursements in addition to any other relief to which such party may be entitled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.9 <u>Entire Agreement; Amendments and Waivers</u>. This SAFE constitutes the full and entire understanding and agreement between the parties with regard to the subject hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.10 <u>Severability</u>. If one or more provisions of this SAFE are held to be unenforceable under applicable law, such provisions will be excluded from this SAFE and the balance of the SAFE will be interpreted as if such provisions were so excluded and this SAFE will be enforceable in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.11 <u>Waiver of Jury Trial</u>. EACH PARTY HEREBY WAIVES ITS RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS SAFE, THE SECURITIES OR THE SUBJECT MATTER HEREOF OR THEREOF. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL-ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF THIS TRANSACTION, INCLUDING, WITHOUT LIMITATION, CONTRACT CLAIMS, TORT CLAIMS (INCLUDING NEGLIGENCE), BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. THIS SECTION HAS BEEN FULLY DISCUSSED BY EACH OF THE PARTIES HERETO AND THESE PROVISIONS WILL NOT BE SUBJECT TO ANY EXCEPTIONS. EACH PARTY HERETO HEREBY FURTHER REPRESENTS AND WARRANTS THAT SUCH PARTY HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL, AND THAT SUCH PARTY KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL.

[signature pageS follow]

Simple Agreement for Future EquityRare Earths Americas, Inc., December 2025 8

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| |
|:---|
| RARE EARTHS AMERICAS, INC. |
| By |
| Name: Donald Swartz |
| Title: Chief Executive Officer and President |
| Address: 250 Fillmore St Suite 150, Denver, CO 80206 |
| Email Address:  |

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**Agreed to and accepted:**

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| |
|:---|
| If an *individual*: |
| Name: |
| Address: |
| Email Address: |
| If an *entity*: |
| [HOLDER NAME] |
| By |
| Name: |
| Title: |
| Address: |
| Email Address: |

---

Simple Agreement for Future EquityRare Earths Americas, Inc., December 2025 9

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## Exhibit 10.1

**Exhibit 10.1**

**RARE EARTH AMERICAS LTD.<br>2025 EQUITY INCENTIVE PLAN**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **<u>Establishment, Purpose and Term of Plan</u>**<u>.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 **Establishment.** The Rare Earth Americas Ltd. 2025 Equity Incentive Plan (the *"****Plan****"*) is established effective as of August 12, 2025 (the *"****Effective Date****"*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 **Purpose*.*** The purpose of the Plan is to advance the interests of the Participating Company Group and its shareholders by providing an incentive to attract, retain and reward persons performing Services for the Participating Company Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 **Term of Plan.** Unless earlier terminated by the Board in accordance with Section 14 below, the Plan will continue in effect for ten (10) years from the later of (a) the Effective Date or (b) the earlier of the most recent Board or shareholder approval of an increase in the maximum aggregate number of shares of Stock issuable under the Plan in accordance with Section 15.14 below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **<u>Definitions and Construction.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 **Definitions.** Certain capitalized terms used in this Plan have the following meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "***Affiliate***" means (i) a parent entity, other than a Parent Corporation, that directly, or indirectly through one or more intermediary entities, controls the Company or (ii) a subsidiary entity, other than a Subsidiary Corporation, that is controlled by the Company directly or indirectly through one or more intermediary entities. For this purpose, the terms "parent," "subsidiary," "control" and "controlled by" shall have the meanings assigned to such terms for the purposes of registration of securities on Form S-8 under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *"****Award****"* means an Option, Restricted Stock Purchase Right, Restricted Stock Bonus, Restricted Stock Unit Award or Other Stock-Based Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *"****Award Agreement****"* means a written or electronic agreement between the Company and a Participant containing the terms, conditions and restrictions applicable to an Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *"****Board****"* means the Board of Directors of the Company or any Committee appointed to administer the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *"****Cause****"* means, unless such term or an equivalent term is otherwise defined by the applicable Award Agreement or other written agreement between a Participant and a Participating Company applicable to an Award, any of the following: (i) the Participant's theft, dishonesty, willful misconduct, breach of fiduciary duty for personal profit or falsification of any Participating Company documents or records; (ii) the Participant's material failure to abide by a Participating Company's code of conduct or other policies (including policies relating to confidentiality and reasonable workplace conduct); (iii) the Participant's unauthorized use, misappropriation, destruction or diversion of any tangible or intangible asset or corporate opportunity of a Participating Company (including the Participant's improper use or disclosure of a Participating Company's confidential or proprietary information); (iv) any intentional act by the Participant which has a material detrimental effect on a

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Participating Company's reputation or business; (v) the Participant's repeated failure or inability to perform any reasonable assigned duties after written notice from a Participating Company of, and a reasonable opportunity to cure, such failure or inability; (vi) any material breach by the Participant of any employment or service agreement between the Participant and a Participating Company that is not cured pursuant to the terms of such agreement; or (vii) the Participant's conviction (including any plea of guilty or *nolo contendere*) of any criminal act involving fraud, dishonesty, misappropriation or moral turpitude, or that impairs the Participant's ability to perform his or her duties with a Participating Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *"****Change in Control****"* means, unless such term or an equivalent term is otherwise defined by the applicable Award Agreement or other written agreement between the Participant and a Participating Company applicable to an Award, the occurrence of an Ownership Change Event or a series of related Ownership Change Events (collectively, a *"****Transaction****"*) in which the shareholders of the Company immediately before the Transaction do not retain immediately after the Transaction direct or indirect beneficial ownership of more than fifty percent (50%) of the total combined voting power of the outstanding securities entitled to vote generally in the election of Directors or, in the case of an Ownership Change Event described in Section 2.1(z)(iii), the entity to which the assets of the Company were transferred (the *"****Transferee****"*), as the case may be; <u>provided</u>, <u>however</u>, that a Change in Control does not include (i) a transaction described in this Section 2.1(f) in which a majority of the members of the board of directors of the continuing, surviving or successor entity, or parent thereof, immediately after such transaction consists of Incumbent Directors, or (ii) a transaction with the principal purpose of (1) changing the jurisdiction of the Company's incorporation, (2) creating a holding company that will be owned in substantially the same proportions by the persons who hold the Company's securities immediately before such transaction, or (3) obtaining funding for the Company in a financing transaction that is approved by the Board. For purposes of the preceding sentence, indirect beneficial ownership includes an interest resulting from ownership of the voting securities of one or more corporations, limited liability companies or other entities that own the Company or the Transferee, as the case may be, either directly or through one or more subsidiary corporations or other business entities. The Board will determine whether multiple events described in this Section 2.1(f) are related and to be treated in the aggregate as a single Change in Control, and its determination will be final, binding and conclusive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) *"****Code****"* means the United States Internal Revenue Code of 1986, as amended, and any applicable regulations and administrative guidelines.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) *"****Committee****"* means the compensation committee or other committee or subcommittee of the Board appointed to administer the Plan and having the powers specified by the Board. Unless the powers of the Committee have been specifically limited, the Committee has all of the powers of the Board granted by the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *"****Company****"* means Rare Earths Americas Ltd., an exempted company incorporated in the Cayman Islands, and any successor thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) *"****Consultant****"* means a person engaged to provide consulting or advisory services (other than as an Employee or a Director) to a Participating Company, provided that (i) the identity of such person, the nature of such services or the entity to which such services are provided would not preclude the Company from offering or selling securities to such person pursuant to the Plan in reliance on either the exemption from registration provided by Rule 701 under the Securities Act or, if the

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Company is required to file reports pursuant to Section 13 or 15(d) of the Exchange Act, registration on a Form S-8 Registration Statement under the Securities Act, or (ii) the Company would be eligible to offer or sell securities to such person pursuant to the Plan without registration under the Securities Act in reliance on Section 4(a)(2) of the Securities Act or another applicable exemption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) *"****Director****"* means a member of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) *"****Disability****"* means the inability of the Participant, in the opinion of a qualified physician acceptable to the Company, to perform the major duties of the Participant's position with the Participating Company Group because of the sickness or injury of the Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) *"****Dividend Equivalent Right****"* means the right of a Participant, granted at the discretion of the Board or as otherwise provided by the Plan, to receive a credit for the account of such Participant in an amount equal to the cash dividends paid on one share of Stock for each share of Stock represented by an Award held by such Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) *"****Employee****"* means any person treated as an employee (including an Officer or a Director who is also treated as an employee) in the records of a Participating Company and, with respect to any Incentive Stock Option granted to such person, who is an employee for purposes of Section 422 of the Code; provided, however, that neither Service as a Director nor payment of a director's fee is sufficient to constitute employment for purposes of the Plan. The Company will determine in good faith and in the exercise of its discretion whether an individual has become or has ceased to be an Employee and the effective date of the individual's commencement of employment and/or termination of employment, as the case may be. For purposes of an individual's rights, if any, under the terms of the Plan as of the time of the Company's determination of whether or not the individual is an Employee, the Company's determination will be final, binding and conclusive as to such rights, if any, notwithstanding that the Company or any court of law or governmental agency subsequently makes a contrary determination as to such individual's status as an Employee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) *"****Exchange Act****"* means the Securities Exchange Act of 1934, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) *"****Exchange Program****"* means a program under which (i) outstanding Awards are surrendered or cancelled in exchange for Awards of the same type (which may have higher or lower exercise prices and different terms), Awards of a different type or cash, (ii) Participants have the opportunity to transfer any outstanding Awards to a financial institution or other person or entity selected by the Board, or (iii) the exercise price of an outstanding Award is increased or reduced. The Board will determine the terms and conditions of any Exchange Program in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) *"****Fair Market Value****"* means, as of any date, the value of a share of Stock or other property as determined by the Board, in its discretion, or by the Company, in its discretion, if such determination is expressly allocated to the Company, subject to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) If, on such date, the Stock is listed or quoted on a securities exchange or quotation system, the Fair Market Value of a share of Stock will be the closing price of a share of Stock as quoted on the securities exchange or quotation system constituting the primary market for the Stock, as reported by a source the Company deems reliable. If the relevant date does not fall on a day on which the Stock has traded on such securities exchange or quotation system, the date on which the Fair Market Value

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is established will be the last day on which the Stock was traded or quoted prior to the relevant date, or another appropriate day as determined by the Board, in its discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If, on such date, the Stock is not listed or quoted on a securities exchange or quotation system, the Fair Market Value of a share of Stock must be determined by the Board in good faith without regard to any restriction other than a restriction which, by its terms, will never lapse.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) *"****Incentive Stock Option****"* means an Option intended to be (as set forth in the Award Agreement) and that qualifies as an incentive stock option within the meaning of Section 422(b) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) *"****Incumbent Director****"* means a Director who either (i) is a member of the Board as of the Effective Date or (ii) is elected, or nominated for election, to the Board with the affirmative votes of at least a majority of the Incumbent Directors at the time of such election or nomination (but excluding a Director who was elected or nominated in connection with an actual or threatened proxy contest relating to the election of Directors of the Company).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) *"****Insider****"* means an Officer, a Director or other person whose transactions in Stock are subject to Section 16 of the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) "***Materially Impair***" means any amendment to the terms of the Award that materially adversely affects the Participant's rights under the Award. A Participant's rights under an Award will not be deemed to have been Materially Impaired by any such amendment if the Committee, in its sole discretion, determines that the amendment, taken as a whole, does not materially impair the Participant's rights. For example, the following types of amendments to the terms of an Award do not Materially Impair the Participant's rights under the Award: (i) imposition of reasonable restrictions on the minimum number of shares subject to an Option that may be exercised, (ii) to maintain the qualified status of the Award as an Incentive Stock Option under Section 422 of the Code; (iii) to change the terms of an Incentive Stock Option in a manner that disqualifies, impairs or otherwise affects the qualified status of the Award as an Incentive Stock Option under Section 422 of the Code; (iv) to clarify the manner of exemption from, or to bring the Award into compliance with or qualify it for an exemption from, Section 409A; or (v) to comply with other applicable laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) *"****Nonstatutory Stock Option****"* means an Option not intended to be (as set forth in the Award Agreement) or that does not qualify as an incentive stock option within the meaning of Section 422(b) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) *"****Officer****"* means any person designated by the Board as an officer of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) *"****Option****"* means an Incentive Stock Option or a Nonstatutory Stock Option granted pursuant to the Plan.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) *"****Other Stock-Based Award****"* means an Award based in whole or in part by reference to Stock granted pursuant to Section 9.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) *"****Ownership Change Event****"* means the occurrence of any of the following: (i) the direct or indirect sale or exchange in a single or series of related transactions by the shareholders of the Company of securities of the Company representing more than fifty percent (50%) of the total combined voting power of the Company's then outstanding securities entitled to vote generally in the election of Directors; (ii) a merger or consolidation in which the Company is a party; or (iii) the sale, exchange, or transfer of all or substantially all of the assets of the Company (other than a sale, exchange or transfer to one or more subsidiaries of the Company).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) *"****Parent Corporation****"* means any present or future "parent corporation" of the Company, as defined in Section 424(e) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) *"****Participant****"* means any eligible person who has been granted one or more Awards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) *"****Participating Company****"* means the Company or any Parent Corporation or Subsidiary Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) *"****Participating Company Group****"* means, at any point in time, all entities collectively that are then Participating Companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) "***Post-Termination Exercise Period***" means the period following termination of a Participant's Continuous Service within which an Option or SAR is exercisable, as specified in Section 6.4(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) *"****Restricted Stock Award****"* means an Award in the form of a Restricted Stock Bonus or a Restricted Stock Purchase Right.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) *"****Restricted Stock Bonus****"* means Stock granted to a Participant pursuant to Section 7.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) *"****Restricted Stock Purchase Right****"* means a right to purchase Stock granted to a Participant pursuant to Section 7.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) *"****Restricted Stock Unit****"* means a right granted to a Participant pursuant to Section 8 to receive on a future date or event a share of Stock or cash in lieu thereof, as determined by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj) *"****Rule 16b-3****"* means Rule 16b-3 under the Exchange Act, as amended from time to time, or any successor rule or regulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk) *"****Section 409A****"* means Section 409A of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll) "***Section 457A***" means Section 457A of the Code.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mm) *"****Securities Act****"* means the Securities Act of 1933, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nn) *"****Service****"* means a Participant's employment or service-based engagement with the Participating Company Group, whether as an Employee, a Director or a Consultant. Unless otherwise set forth in a Participant's Award Agreement, a Participant's Service will not be deemed to have terminated merely because of a change in the capacity in which the Participant renders Service or a change in the Participating Company for which the Participant renders Service, provided that there is no interruption or termination of the Participant's Service. Furthermore, a Participant's Service will not be deemed to have been interrupted or terminated if the Participant takes any vacation, military leave, sick leave or other bona fide leave of absence approved by the Company. A Participant's Service will be deemed to have terminated either upon an actual termination of Service or upon the business entity for which the Participant performs Service ceasing to be a Participating Company. Subject to the foregoing, the Company, in its discretion, will determine whether the Participant's Service has terminated and the effective date of and reason for such termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(oo) *"****Stock****"* means the ordinary shares of the Company, as adjusted from time to time in accordance with Section 4.3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(pp) *"****Shareholders Agreement****"* means any share restriction agreement, shareholders agreement, voting agreement, right of first refusal and co-sale agreement, or other agreement between the Company and its shareholders as may be in effect from time to time, in each case, as may be amended, restated or replaced from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qq) *"****Subsidiary Corporation****"* means any present or future "subsidiary corporation" of the Company, as defined in Section 424(f) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rr) *"****Ten Percent Shareholder****"* means a person who, at the time an Award is granted to such person, owns stock possessing more than 10% of the total combined voting power of all classes of stock of a Participating Company within the meaning of Section 422(b)(6) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ss) *"****Trading Compliance Policy****"* means the written policy of the Company pertaining to the purchase, sale, transfer or other disposition of the Company's equity securities by Directors, Officers, Employees or other service providers who may possess material, nonpublic information regarding the Company or its securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(tt) *"****Vesting Conditions****"* mean those conditions established in accordance with the Plan prior to the satisfaction of which an Award or shares subject to an Award remain subject to forfeiture or a repurchase option in favor of the Company exercisable for the lower of the then current fair market value or the Participant's monetary purchase price, if any, for such shares upon the Participant's termination of Service or failure of a performance condition to be satisfied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 **Construction.** Captions and titles in this Plan are for convenience only and do not affect the meaning or interpretation of any of its provisions. Except when otherwise indicated by the context, the singular will include the plural and the plural will include the singular. Use of the term "or" is not intended to be exclusive, unless the context clearly requires otherwise.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **<u>Administration.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 **Administration by the Board.** The Plan is administered by the Board. All questions of interpretation of the Plan, any Award Agreement or any other form of agreement or other document employed by the Company in administering the Plan or any Award will be determined by the Board, and such determinations will be final, binding and conclusive upon all persons having an interest in the Plan or such Award and must be afforded the maximum deference permitted by law. Any and all actions, decisions and determinations taken or made by the Board in the exercise of its discretion pursuant to the Plan or Award Agreement or other agreement thereunder (other than determining questions of interpretation pursuant to the preceding sentence) will be final, binding and conclusive upon all persons having an interest therein. All expenses incurred in connection with the administration of the Plan will be paid by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 **Authority to Delegate.** The Board may delegate some or all of its authority and responsibility under the Plan to a Committee. To the extent permitted by applicable law, the Board may, in its discretion, delegate to a committee consisting of one or more Officers the authority to grant one or more Awards, without further approval of the Board, to any Employee, other than a person who, at the time of such grant, is an Insider, and to exercise such other powers under the Plan as the Board may determine; provided, however, that (a) the Board will fix the maximum number of shares subject to Awards that may be granted by such Officers, (b) each such Award will be subject to the terms and conditions of the appropriate standard form of Award Agreement approved by the Board and will conform to the provisions of the Plan, and (c) each such Award will conform to such other limits and guidelines as may be established from time to time by the Board. Any Officer will have the authority to act on behalf of the Company with respect to any matter, right, obligation, determination or election that is the responsibility of the Company under the Plan, provided that the Officer has apparent authority with respect to such matter, right, obligation, determination or election.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 **Powers of the Board*.*** In addition to any other powers set forth in the Plan and subject to the provisions of the Plan, the Board will have the full and final power and authority, in its discretion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to determine the persons to whom, and the times at which, Awards are granted and the number of shares of Stock or units to subject to each Award;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to determine the type of Award granted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to determine the Fair Market Value of shares of Stock or other property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to determine the terms, conditions and restrictions applicable to each Award (which need not be identical) and any shares of Stock acquired pursuant thereto, including, without limitation, (i) the exercise or purchase price of shares pursuant to any Award, (ii) the method of payment for shares of Stock purchased pursuant to any Award, (iii) the method for satisfaction of any tax withholding obligation arising in connection with any Award, including by the withholding or delivery of shares of Stock, (iv) the timing, terms and conditions of the exercisability or vesting of any Award or any shares acquired pursuant thereto, (v) the time of expiration of any Award, (vi) the effect of any Participant's termination of Service on any of the foregoing, (vii) to include a provision whereby the shares of Stock resulting from an Award are subject to a requirement that they be voted in favor of and, if

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applicable, transferred in connection with a Change in Control provided certain conditions are met, as set forth in the applicable Award Agreement, and (viii) all other terms, conditions and restrictions applicable to any Award or shares acquired pursuant thereto not inconsistent with the terms of the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) to determine whether an Award will be settled in shares of Stock, cash, other property or in any combination thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) to approve one or more forms of Award Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) to amend, modify, extend, cancel or renew any Award or to waive any restrictions or conditions applicable to any Award or any shares of Stock acquired pursuant thereto, *provided however*, that, a Participant's rights under any Award will not be Materially Impaired by any such amendment unless (1) the Company requests the consent of the affected Participant, and (2) such Participant consents in writing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) to institute and determine the terms and conditions of an Exchange Program;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to accelerate, continue, extend or defer the exercisability or vesting of any Award or any shares of Stock acquired pursuant thereto, including with respect to the period following a Participant's termination of Service, *provided however*, that, a Participant's rights under any Award will not be Materially Impaired by any such amendment unless (1) the Company requests the consent of the affected Participant, and (2) such Participant consents in writing, *provided further*, that, except in connection with death, disability or a Change in Control, no such change, waiver or acceleration to any Award that is considered "deferred compensation" within the meaning of Section 409A or Section 457A (to the extent applicable) if the effect of such action is inconsistent with Section 409A or Section 457A;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) to prescribe, amend or rescind rules, guidelines and policies relating to the Plan, and to adopt sub-plans or supplements to, or alternative versions of, the Plan, including, without limitation, as the Board deems necessary or desirable to comply with the laws of, or to accommodate the tax policy, accounting principles or custom of, foreign jurisdictions whose residents may be granted Awards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) To prohibit the exercise of any Option or other exercisable Award during a period of up to 30 days prior to the consummation of any pending stock dividend, stock split, combination or exchange of shares, merger, consolidation or other distribution (other than normal cash dividends) of Company assets to shareholders, or any other change affecting the shares of Stock or the share price of the Stock including any Change in Control, for reasons of administrative convenience;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) To effect, at any time and from time to time, subject to the consent of any Participant whose Award is Materially Impaired by such action, (1) the reduction of the exercise price (or strike price) of any outstanding Option or other exercisable Award; (2) the cancellation of any outstanding Option or other exercisable Award and the grant in substitution therefor of (A) a new Option, Restricted Stock Award, Restricted Stock Unit Award or Other Award, under the Plan or another equity plan of the Company, covering the same or a different number of shares of Stock, (B) cash and/or (C) other valuable consideration (as determined by the Board); or (3) any other action that is treated as a repricing under generally accepted accounting principles;; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) to correct any defect, supply any omission or reconcile any inconsistency in the Plan or any Award Agreement and to make all other determinations and take all other actions with respect to the Plan or any Award that the Board deems advisable to the extent not inconsistent with the provisions of the Plan or applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 **Administration with Respect to Insiders.** With respect to participation by Insiders in the Plan, at any time that any class of equity security of the Company is registered pursuant to Section 12 of the Exchange Act, the Plan must be administered in compliance with the requirements, if any, of Rule 16b-3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 **Indemnification.** To the maximum extent permitted by applicable law and by the Company's charter and by-laws, the Board, Officers and employees of the Participating Company Group to whom authority to act for the Board or the Committee with respect to the Plan, will be indemnified by the Company in respect of all their activities taken in good faith under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **<u>Shares Subject to Plan.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 **Maximum Number of Shares Issuable.** Subject to adjustment as provided in Sections 4.2 and 4.3, the maximum aggregate number of shares of Stock that may be issued under the Plan will be 1,500,000 shares. Such shares may consist of authorized but unissued or reacquired shares of Stock or any combination thereof. For clarity, the limit in this Section 4.1 is a limitation on the number of shares of Stock that may be issued pursuant to the Plan. Accordingly, this Section 4.1 does not limit the granting of Awards except as otherwise provided in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 **Share Counting.** If an outstanding Award for any reason expires or is terminated or canceled without having been exercised or settled in full, or if shares of Stock acquired pursuant to an Award subject to forfeiture or repurchase are forfeited or repurchased by the Company for an amount not greater than the Participant's exercise or purchase price or is surrendered pursuant to an Exchange Program, the shares of Stock allocable to the terminated portion of such Award or such forfeited or repurchased shares of Stock will again be available for issuance under the Plan. Shares of Stock will not be treated as issued pursuant to the Plan (a) with respect to any portion of an Award that is settled in cash or (b) to the extent such shares are withheld or reacquired by the Company in satisfaction of tax withholding obligations pursuant to Section 11.2. If the exercise price of an Option is paid by tender to the Company, or attestation to the ownership, of shares of Stock owned by the Participant, or by means of a Net Exercise, the number of shares available for issuance under the Plan will be reduced by the net number of shares issued upon the exercise of the Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 **Adjustments for Changes in Capital Structure*.*** Subject to any required action by the shareholders of the Company and the requirements of Sections 409A, 424 and 457A of the Code to the extent applicable, in the event of any change in the Stock effected without receipt of consideration by the Company, whether through merger, consolidation, reorganization, reincorporation, recapitalization, reclassification, stock dividend, stock split, reverse stock split, split-up, split-off, spin-off, combination of shares, exchange of shares, or similar change in the capital structure of the Company, or in the event of payment of a dividend or distribution to the shareholders of the Company in a form other than Stock (excepting regular, periodic cash dividends) that has a material effect on the Fair Market Value of shares of Stock, appropriate and proportionate adjustments must be made in the number and kind of shares

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subject to the Plan and to any outstanding Awards, in the ISO Share Limit set forth in Section 5.3(a), and in the exercise or purchase price per share under any outstanding Awards in order to prevent dilution or enlargement of Participants' rights under the Plan. For purposes of the foregoing, conversion of any convertible securities of the Company will not be treated as "effected without receipt of consideration by the Company." If a majority of the shares that are of the same class as the shares that are subject to outstanding Awards are exchanged for, converted into, or otherwise become (whether or not pursuant to an Ownership Change Event) shares of another corporation (the *"****New Shares****"*), the Board may unilaterally amend the outstanding Awards to provide that such Awards are for New Shares. In the event of any such amendment, the number of shares subject to, and the exercise or purchase price per share of, the outstanding Awards will be adjusted in a fair and equitable manner as determined by the Board, in its discretion. Any fractional share resulting from an adjustment pursuant to this Section will be rounded down to the nearest whole number, and the exercise or purchase price per share will be rounded up to the nearest whole cent. In no event may the exercise or purchase price, if any, under any Award be decreased to an amount less than the par value, if any, of the stock subject to the Award. Such adjustments will be determined by the Board, and its determination will be final, binding and conclusive upon all persons having an interest therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 **Assumption or Substitution of Awards.** The Board may, without affecting the number of shares of Stock available pursuant to Section 4.1, authorize the issuance or assumption of benefits under this Plan in connection with any merger, consolidation, acquisition of property or stock, or reorganization upon such terms and conditions as it may deem appropriate, subject to compliance with Section 409A, Section 457A and any other applicable provisions of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **<u>Eligibility, Participation and Option Limitations.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 **Persons Eligible for Awards*.*** Awards may be granted only to Employees, Consultants and Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 **Participation in the Plan.** Awards are granted solely at the discretion of the Board. Eligible persons may be granted more than one Award. However, eligibility in accordance with this Section will not entitle any person to be granted an Award, or, having been granted an Award, to be granted an additional Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 **Incentive Stock Option Limitations.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) ***Persons Eligible*.** An Incentive Stock Option may be granted only to a person who, on the effective date of grant, is an Employee. Any person who is not an Employee on the effective date of the grant of the Option may be granted only a Nonstatutory Stock Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) ***Fair Market Value Limitation.*** To the extent that Options designated as Incentive Stock Options (granted under all equity plans of the Participating Company Group, including the Plan) become exercisable by a Participant for the first time during any calendar year for Stock having a Fair Market Value greater than $100,000, the portion of such Options that exceeds such amount will be treated as Nonstatutory Stock Options. For purposes of this Section, Options designated as Incentive Stock Options will be taken into account in the order in which they were granted, and the Fair Market Value of Stock will be determined as of the time the Option with respect to such Stock is granted. If an Option is treated as an Incentive Stock Option in part and as a Nonstatutory Stock Option in part by reason

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of the limitation set forth in this Section, the Participant may designate the portion of such Option the Participant is exercising. In the absence of such designation, the Participant will be deemed to have exercised the Incentive Stock Option portion of the Option first. Upon exercise of the Option, shares of Stock issued pursuant to each such portion will be separately identified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **<u>Stock Options.</u>**

Each Option must be evidenced by an Award Agreement specifying the number of shares of Stock covered thereby, in such form as the Board establishes. The Award Agreement may incorporate all or any of the terms of the Plan by reference and must comply with and will be subject to the following terms and conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 **Exercise Price*.*** The Board will establish, in its discretion, the exercise price for each Option; provided, however, that (a) the exercise price per share for an Option may not be less than 100% of the Fair Market Value of a share of Stock on the effective date of grant of the Option and (b) no Incentive Stock Option granted to a Ten Percent Shareholder may have an exercise price per share less than 110% of the Fair Market Value of a share of Stock on the effective date of grant of the Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 **Exercisability and Term of Options*.*** Options will be exercisable at such time or times, or upon such event or events, and subject to such terms, conditions, performance criteria and restrictions as determined by the Board and set forth in the Award Agreement evidencing such Option; provided, however, that (a) no Option will be exercisable after the expiration of 10 years after the effective date of grant of such Option, (b) no Incentive Stock Option granted to a Ten Percent Shareholder will be exercisable after the expiration of five (5) years after the effective date of grant of such Option, and (c) no Option granted to an Employee who is a non-exempt employee for purposes of the Fair Labor Standards Act of 1938, as amended, will be first exercisable until at least six (6) months following the date of grant of such Option (except in the event of such Employee's death, Disability or retirement, upon a Change in Control, or as otherwise permitted by the Worker Economic Opportunity Act). Subject to the foregoing, unless otherwise specified by the Board in the grant of an Option, each Option will terminate 10 years after the effective date of grant of the Option, unless earlier terminated in accordance with its provisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 **Payment of Exercise Price**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) ***Forms of Consideration Authorized.*** Except as otherwise provided below, payment of the exercise price for the number of shares of Stock being purchased pursuant to any Option must be made (i) in cash, by check or in cash equivalent, (ii) if permitted by the Board and subject to the limitations contained in Section 6.3(b) as applicable, by means of (1) a Stock Tender Exercise, (2) a Cashless Exercise, (3) a Net Exercise; (iii) by such other consideration as may be approved by the Board from time to time to the extent permitted by applicable law, or (iv) by any combination thereof. The Board may grant Options which do not permit all of the foregoing forms of consideration to be used in payment of the exercise price or which otherwise restrict one or more forms of consideration.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) ***Limitations on Forms of Consideration.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **Stock Tender Exercise.** A *"****Stock Tender Exercise****"* means the delivery of a properly executed exercise notice accompanied by a Participant's tender to the Company, or attestation to the ownership, in a form acceptable to the Company of whole shares of Stock owned by the Participant having a Fair Market Value that does not exceed the aggregate exercise price for the shares of Stock with respect to which the Option is exercised. A Stock Tender Exercise will not be permitted if it would constitute a violation of any law, regulation or agreement restricting the Company's redemption of Stock. If required by the Company, an Option may not be exercised by tender to the Company, or attestation to the ownership, of shares of Stock unless such shares either have been owned by the Participant for a period of time required by the Company (and not used for another option exercise by attestation during such period) or were not acquired, directly or indirectly, from the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) **Cashless Exercise.** A Cashless Exercise will be permitted only upon the class of shares subject to the Option becoming publicly traded in an established securities market. A *"****Cashless Exercise****"* means the delivery of a properly executed exercise notice together with irrevocable instructions to a broker providing for the assignment to the Company of the proceeds of a sale or loan with respect to some or all of the shares of Stock being acquired upon the exercise of the Option (including, without limitation, through an exercise complying with the provisions of Regulation T as promulgated from time to time by the Board of Governors of the Federal Reserve System). The Company reserves, at any and all times, the right, in the Company's sole and absolute discretion, to establish, decline to approve or terminate any program or procedures for the exercise of Options by means of a Cashless Exercise, including with respect to one or more Participants specified by the Company notwithstanding that such program or procedures may be available to other Participants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) **Net Exercise.** A *"****Net Exercise****"* means the delivery of a properly executed exercise notice followed by a procedure pursuant to which (1) the Company will reduce the number of shares of Stock otherwise issuable to a Participant upon the exercise of an Option by the largest whole number of shares having a Fair Market Value that does not exceed the aggregate exercise price for the shares with respect to which the Option is exercised, and (2) the Participant will pay to the Company in cash the remaining balance of such aggregate exercise price not satisfied by such reduction in the number of whole shares to be issued.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 **Effect of Termination of Service**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) ***Option Exercisability.*** Subject to earlier termination of the Option as otherwise provided by this Plan and unless otherwise provided by the Committee or in an Award Agreement, an Option shall be exercisable after the Participant's termination of Service to the extent it is then vested only during the applicable time period specified below, or if applicable, such other period provided in the applicable Award Agreement or other written agreement between the Participant and the Company; provided however, in no event may such Option be exercised after expiration of its maximum permitted term as set forth in the Award Agreement evidencing such Option or any earlier date the Option is terminated in connection with a Change in Control (the "***Option Expiration Date***"), and thereafter shall terminate if not exercised during such period.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **Disability.** If the Participant's Service terminates because of the Disability of the Participant, the Option, to the extent unexercised and exercisable for vested shares on the date on which the Participant's Service terminated, may be exercised by the Participant (or the Participant's guardian or legal representative) at any time prior to the expiration of twelve (12) months after the date on which the Participant's Service terminated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) **Death.** If the Participant's Service terminates because of the death of the Participant, the Option, to the extent unexercised and exercisable for vested shares on the date on which the Participant's Service terminated, may be exercised by the Participant's legal representative or other person who acquired the right to exercise the Option by reason of the Participant's death at any time prior to the expiration of twelve (12) months after the date on which the Participant's Service terminated. The Participant's Service shall be deemed to have terminated on account of death if the Participant dies within three (3) months after the Participant's termination of Service for any reason other than Cause.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) **Termination for Cause.** Notwithstanding any other provision of the Plan to the contrary, if the Participant's Service is terminated for Cause or if, following the Participant's termination of Service and during any period in which the Option otherwise would remain exercisable, the Participant engages in any act that would constitute Cause, the Option shall terminate in its entirety and cease to be exercisable immediately upon such termination of Service or act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) **Other Termination of Service.** If the Participant's Service terminates for any reason, except Disability, death or Cause, the Option, to the extent unexercised and exercisable for vested shares on the date on which the Participant's Service terminated, may be exercised by the Participant at any time prior to the expiration of three (3) months after the date on which the Participant's Service terminated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) ***Extension if Exercise Prevented by Law.*** Notwithstanding the foregoing, other than termination of Service for Cause, if the exercise of an Option within the Post-Termination Exercise Period is prevented by the provisions of Section 14 below or other applicable law, the Option shall remain exercisable until the later of (i) thirty (30) days after the date such exercise first would no longer be prevented by such provisions or (ii) the end of the applicable Post-Termination Exercise Period, but in any event no later than the Option Expiration Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5 **Transferability of Options.** During the lifetime of the Participant, an Option is exercisable only by the Participant or the Participant's guardian or legal representative. An Option is not subject in any manner to anticipation, alienation, sale, exchange, transfer, assignment, pledge, encumbrance, or garnishment by creditors of the Participant or the Participant's beneficiary, except (a) transfer by will or by the laws of descent and distribution or (b) to the extent permitted by the Board, in its discretion, subject to the applicable limitations, if any, described in Rule 701 under the Securities Act and the General Instructions to Form S-8 Registration Statement under the Securities Act or, in the case of an Incentive Stock Option, only as permitted by applicable regulations under Section 421 of the Code in a manner that does not disqualify such Option as an Incentive Stock Option.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **<u>Restricted Stock Awards.</u>**

Each Restricted Stock Award must be evidenced by an Award Agreement specifying whether the Award is a Restricted Stock Bonus or a Restricted Stock Purchase Right and the number of shares of Stock subject to the Award, in such form as the Board establishes. The Award Agreements may incorporate all or any of the terms of the Plan by reference and must comply with and will be subject to the following terms and conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 **Types of Restricted Stock Awards Authorized.** Restricted Stock Awards may be granted in the form of either a Restricted Stock Bonus or a Restricted Stock Purchase Right. Restricted Stock Awards may be granted upon such conditions as the Board determines, including the attainment of one or more performance goals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 **Purchase Price.** The purchase price for shares of Stock issuable under each Restricted Stock Purchase Right will be established by the Board in its discretion. No monetary payment (other than applicable tax withholding) is required as a condition of receiving shares of Stock pursuant to a Restricted Stock Bonus, the consideration for which is services actually rendered to a Participating Company or for its benefit. However, if required by applicable state corporate law, the Participant must furnish consideration in the form of cash or past services rendered to a Participating Company or for its benefit having a value not less than the par value of the shares of Stock subject to a Restricted Stock Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 **Purchase Period.** A Restricted Stock Purchase Right is exercisable within a period established by the Board not exceeding 30 days from the effective date of the grant of the Restricted Stock Purchase Right.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 **Payment of Purchase Price.** Payment of the purchase price for the number of shares of Stock being purchased pursuant to any Restricted Stock Purchase Right must be made (a) in cash, by check or in cash equivalent, (b) by such other consideration as may be approved by the Board from time to time to the extent permitted by applicable law, or (c) by any combination thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5 **Vesting and Restrictions on Transfer.** Shares issued pursuant to any Restricted Stock Award may (but need not) be made subject to Vesting Conditions based upon the satisfaction of such Service requirements, conditions, restrictions or performance criteria established by the Board and set forth in the Award Agreement. During any period in which shares acquired pursuant to a Restricted Stock Award remain subject to Vesting Conditions, such shares may not be sold, exchanged, transferred, pledged, assigned or otherwise disposed of other than pursuant to an Ownership Change Event or as provided in Section 7.8. Upon request by the Company, each Participant must execute any agreement evidencing such transfer restrictions prior to the receipt of shares of Stock and must promptly present to the Company any and all certificates representing shares of Stock for the placement on such certificates of appropriate legends evidencing such transfer restrictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6 **Voting Rights; Dividends and Distributions.** Except as provided in this Section, Section 7.5, and any Award Agreement, during any period in which shares acquired pursuant to a Restricted Stock Award remain subject to Vesting Conditions, the Participant will have all of the rights of a shareholder of the Company holding shares of Stock, including the right to vote such shares and to receive all dividends and other distributions paid with respect to such shares; provided, however, that if

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so determined by the Board and provided by the Award Agreement, such dividends and distributions will be subject to the same Vesting Conditions as the shares subject to the Restricted Stock Award with respect to which such dividends or distributions were paid, and otherwise will be paid no later than the end of the calendar year in which such dividends or distributions are paid to shareholders (or, if later, the 15th day of the third month following the date such dividends or distributions are paid to shareholders). In the event of a dividend or distribution paid in shares of Stock or other property or any other adjustment made upon a change in the capital structure of the Company as described in Section 4.3, any and all new, substituted or additional securities or other property (other than regular, periodic cash dividends) to which the Participant is entitled by reason of the Participant's Restricted Stock Award will be immediately subject to the same Vesting Conditions as the shares subject to the Restricted Stock Award with respect to which such dividends or distributions were paid or adjustments were made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.7 **Effect of Termination of Service**. Unless otherwise provided by the Board in the Award Agreement evidencing a Restricted Stock Award, if a Participant's Service terminates for any reason, whether voluntary or involuntary (including the Participant's death or Disability), then (a) the Company will have the option to repurchase for the lower of the then current Fair Market Value or the purchase price paid by the Participant any shares acquired by the Participant pursuant to a Restricted Stock Purchase Right that remain subject to Vesting Conditions as of the date of the Participant's termination of Service and (b) the Participant will forfeit to the Company for no consideration any shares acquired by the Participant pursuant to a Restricted Stock Bonus which remain subject to Vesting Conditions as of the date of the Participant's termination of Service. The Company will have the right to assign at any time any repurchase right it may have, whether or not such right is then exercisable, to one or more persons as may be selected by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.8 **Nontransferability of Restricted Stock Award Rights**. Rights to acquire shares of Stock pursuant to a Restricted Stock Award will not be subject in any manner to anticipation, alienation, sale, exchange, transfer, assignment, pledge, encumbrance or garnishment by creditors of the Participant or the Participant's beneficiary, except transfer by will or the laws of descent and distribution. All rights with respect to a Restricted Stock Award granted to a Participant hereunder will be exercisable during his or her lifetime only by such Participant or the Participant's guardian or legal representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **<u>Restricted Stock Units.</u>**

Each Restricted Stock Unit Award must be evidenced by an Award Agreement specifying the number of Restricted Stock Units subject to the Award, in such form as the Board establishes. The Award Agreements may incorporate all or any of the terms of the Plan by reference and must comply with and will be subject to the following terms and conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 **Grant of Restricted Stock Unit Awards**. Restricted Stock Unit Awards may be granted upon such conditions as the Board determines, including the attainment of one or more performance goals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 **Purchase Price**. No monetary payment (other than applicable tax withholding, if any) is required as a condition of receiving a Restricted Stock Unit Award, the consideration for which is services actually rendered to a Participating Company or for its benefit. However, if required by applicable state corporate law, the Participant must furnish consideration in the form of cash or past

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services rendered to a Participating Company or for its benefit having a value not less than the par value of the shares of Stock issued upon settlement of the Restricted Stock Unit Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 **Vesting**. Restricted Stock Unit Awards may (but need not) be made subject to Vesting Conditions based upon the satisfaction of such Service requirements, conditions, restrictions or performance criteria established by the Board and set forth in the Award Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4 **Voting Rights, Dividend Equivalent Rights, and Distributions**. Participants will have no voting rights with respect to shares of Stock represented by Restricted Stock Units until the date of the issuance of such shares (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company). However, the Board, in its discretion, may provide in the Award Agreement evidencing any Restricted Stock Unit Award that the Participant will be entitled to Dividend Equivalent Rights with respect to the payment of cash dividends on Stock during the period beginning on the date such Award is granted and ending, with respect to each share subject to the Award, on the earlier of the date the Award is settled or the date on which it is terminated. Dividend Equivalent Rights, if any, will be paid by crediting the Participant with a cash amount or with additional whole Restricted Stock Units as of the date of payment of such cash dividends on Stock, as determined by the Board. The number of additional Restricted Stock Units (rounded to the nearest whole number), if any, to be credited will be determined by dividing (a) the amount of cash dividends paid on the dividend payment date with respect to the number of shares of Stock represented by the Restricted Stock Units previously credited to the Participant by (b) the Fair Market Value per share of Stock on such date. Such cash amount or additional Restricted Stock Units will be subject to the same terms and conditions and will be settled in the same manner and at the same time as the Restricted Stock Units originally subject to the Restricted Stock Unit Award. In the event of a dividend or distribution paid in shares of Stock or other property or any other adjustment made upon a change in the capital structure of the Company as described in Section 4.3, appropriate adjustments will be made in the Participant's Restricted Stock Unit Award so that it represents the right to receive upon settlement any and all new, substituted or additional securities or other property (other than regular, periodic cash dividends) to which the Participant would be entitled by reason of the shares of Stock issuable upon settlement of the Award, and all such new, substituted or additional securities or other property will be immediately subject to the same Vesting Conditions as are applicable to the Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5 **Effect of Termination of Service**. Unless otherwise provided by the Board and set forth in the Award Agreement evidencing a Restricted Stock Unit Award, if a Participant's Service terminates for any reason, whether voluntary or involuntary (including the Participant's death or disability), then the Participant will forfeit to the Company any Restricted Stock Units pursuant to the Award which remain subject to Vesting Conditions as of the date of the Participant's termination of Service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6 **Settlement of Restricted Stock Unit Awards**. The Company will issue to a Participant on the date on which Restricted Stock Units subject to the Participant's Restricted Stock Unit Award vest or on such other date determined by the Board in compliance with Section 409A and Section 457A, if applicable, and set forth in the Award Agreement one (1) share of Stock (and/or any other new, substituted or additional securities or other property pursuant to an adjustment described in Section 8.4) for each Restricted Stock Unit then becoming vested or otherwise to be settled on such date, subject to the withholding of applicable taxes, if any. The Board, in its discretion, may provide in any Award Agreement

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evidencing a Restricted Stock Unit Award that if the settlement date with respect to any shares issuable upon vesting of Restricted Stock Units would otherwise occur on a day on which the sale of such shares would violate the provisions of the Trading Compliance Policy, then the settlement date will be deferred until the next trading day on which the sale of such shares would not violate the Trading Compliance Policy but in any event no later than the 15<sup>th</sup> day of the third calendar month following the year in which such Restricted Stock Units vest. If permitted by the Board, the Participant may elect, consistent with the requirements of Section 409A and Section 457A, as applicable, to defer receipt of all or any portion of the shares of Stock or other property otherwise issuable to the Participant pursuant to this Section, and such deferred issuance date(s) and amount(s) elected by the Participant must be set forth in the Award Agreement. Notwithstanding the foregoing, the Board, in its discretion, may provide for settlement of any Restricted Stock Unit Award by payment to the Participant in cash of an amount equal to the Fair Market Value on the payment date of the shares of Stock or other property otherwise issuable to the Participant pursuant to this Section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.7 **Nontransferability of Restricted Stock Unit Awards**. The right to receive shares pursuant to a Restricted Stock Unit Award will not be subject in any manner to anticipation, alienation, sale, exchange, transfer, assignment, pledge, encumbrance, or garnishment by creditors of the Participant or the Participant's beneficiary, except transfer by will or by the laws of descent and distribution. All rights with respect to a Restricted Stock Unit Award granted to a Participant hereunder will be exercisable during his or her lifetime only by such Participant or the Participant's guardian or legal representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Other Stock-Based Awards</u>**<u>.</u>**

Other forms of Awards valued in whole or in part by reference to, or otherwise based on, Stock, including the appreciation in value thereof, may be granted either alone or in addition to other Awards. Subject to the provisions of the Plan, the Board will have sole and complete authority to determine the persons to whom and the time or times at which such Other Stock-Based Awards will be granted, the number of shares of Stock (or the cash equivalent thereof) to be granted pursuant to such Other Stock-Based Awards and all other terms and conditions of such Other Stock-Based Awards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. **<u>Change in Control; Dissolution or Liquidation.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 **Effect of Change in Control on Awards*.*** In the event of a Change in Control, outstanding Awards will be subject to the definitive agreement entered into by the Company in connection with the Change in Control or as otherwise determined by the Board, including any requirement thereunder that the Participant sign a letter of transmittal, cancellation agreement, release of claims or other similar acknowledgement or agreement. Subject to the requirements and limitations of Section 409A and Section 457A, if applicable, the following provisions will apply to Awards in the event of a Change in Control unless otherwise provided in the Award Agreement or any other written agreement between the Company or any Affiliate and the Participant or unless otherwise expressly provided by the Board at the time of grant of an Award. In the event of a Change in Control, then, notwithstanding any other provision of the Plan, the Board may take one or more of the following actions with respect to Awards, contingent upon the closing or completion of the Change in Control. The Board need not take the same action or actions with respect to all Awards or portions thereof or with respect to all Participants and in each case may make such determination in its discretion and without the consent of any Participant (unless otherwise provided

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in the Award Agreement or any other written agreement between the Company or any Affiliate and the Participant or unless otherwise expressly provided by the Board at the time of grant of an Award).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) ***Accelerated Vesting***. The Board may take any action it deems appropriate to provide for acceleration of the exercisability and/or vesting in connection with a Change in Control of each or any outstanding Award (or portion thereof) and shares acquired pursuant any Award upon such conditions, including termination of the Participant's Service prior to, upon, or following the Change in Control, and to such extent as the Board determines.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) ***Assumption, Continuation or Substitution of Awards***. The Board may arrange for the surviving, continuing, successor, or purchasing corporation or other business entity or parent thereof, as the case may be (the *"****Acquiror****"*), to assume or continue the Company's rights and obligations under each or any Award (or portion thereof) outstanding immediately prior to the Change in Control or substitute for each or any such outstanding Award or portion thereof a substantially equivalent award with respect to the Acquiror's stock. The holder of any Award (or portion thereof) that is neither assumed, continued by, or substituted for by the Acquiror in connection with the Change in Control will be given reasonable advance notice by the Company (in writing or electronically) regarding the treatment of such Award in the Change in Control and, to the extent any such Award is not exercised as of the time of consummation of the Change in Control, such Award will terminate and cease to be outstanding effective as of the time of consummation of the Change in Control. For the purposes of this subsection (b), an Award will be considered assumed, continued, or substituted for if, following the Change in Control, the Award confers the right to purchase or receive, for each share of Stock subject to the Award immediately prior to the Change in Control, the consideration (whether stock, cash, or other securities or property) received in the Change in Control by holders of Stock for each share held on the effective date of the transaction (and if holders were offered a choice of consideration, the type of consideration chosen by the holders of a majority of the outstanding shares of Stock); provided, however, that if such consideration received in the Change in Control is not solely common stock of the Acquiror or its Parent, the Board may provide for the consideration to be received upon the exercise or settlement of the Award, for each share of Stock subject to such Award, to be solely common stock of the Acquiror or its Parent equal in Fair Market Value to the per share consideration received by holders of Stock in the Change in Control. Notwithstanding anything in this subsection (b) to the contrary, and unless otherwise provided in an Award Agreement, an Award that vests, is earned or paid-out upon the satisfaction of one or more performance goals will not be considered assumed if the Company or its successor modifies any of such performance goals without the Participant's consent; provided, however, that a modification to such performance goals only to reflect the successor corporation's post-Change in Control corporate structure will not be deemed to invalidate an otherwise valid Award assumption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) ***Assignment or Lapse of Reacquisition or Repurchase Rights.*** The Board may arrange for the assignment of any reacquisition or repurchase rights held by the Company in respect of Stock issued pursuant to the Award to the Acquiror or arrange for the lapse, in whole or in part, of any reacquisition or repurchase rights held by the Company with respect to the Award.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) ***Cancellation.*** In its discretion, the Board may cancel or arrange for the cancellation of any Awards, to the extent not vested or not exercised prior to the effective time of the Change in Control, in exchange for no consideration ($0) or such consideration, if any, as determined by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) ***Cash-Out of Outstanding Awards.*** The Board may determine that, upon the occurrence of a Change in Control, each or any Award or portion thereof outstanding immediately prior to the Change in Control and not previously exercised or settled will be canceled in exchange for a payment with respect to each vested share (and each unvested share, if so determined by the Board) of Stock subject to such canceled Award in (i) cash, (ii) stock of the Company or of a corporation or other business entity a party to the Change in Control, or (iii) other property which, in any such case, must be in an amount having a Fair Market Value equal to the Fair Market Value of the consideration to be paid per share of Stock in the Change in Control, reduced (but not below zero) by the exercise or purchase price per share, if any, under such Award. If any portion of such consideration may be received by holders of Stock pursuant to the Change in Control on a contingent or delayed basis including pursuant to an escrow, earn-out, holdback or similar arrangement applicable to Company shareholders generally, the Board may, in its sole discretion, (i) determine such Fair Market Value per share as of the time of the Change in Control on the basis of the Board's good faith estimate of the present value of the probable amount of future payment of such consideration, or (ii) subject such consideration to the contingencies or delayed payments terms, including pursuant to an escrow, earn-out, holdback or similar arrangement, applicable to Company shareholders generally in the Change in Control. In the event a determination under this subsection (c) is made by the Board, an Award having an exercise or purchase price per share equal to or greater than the Fair Market Value of the consideration to be paid per share of Stock in the Change in Control may be canceled without payment of consideration to the holder thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) ***Award Subject to Section 409A or Section 457A****.* Notwithstanding any provision of the Plan or an Award Agreement to the contrary, if any Award is considered to be a "nonqualified deferred compensation plan" within the meaning of Section 409A or Section 457A of the Code, this Section 10 shall apply to such Award only to the extent that its application would not result in the imposition of any tax or interest or the inclusion of any amount in income under Section 409A or Section 457A of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) ***Treatment of Awards****.* In taking any of the actions permitted under this Section 10.1, the Board will not be required to treat all Awards, all Awards held by a Participant, or all Awards of the same type, similarly in the Change in Control transaction**.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 **Dissolution or Liquidation.** In the event of the proposed dissolution or liquidation of the Company, the Board will notify each Participant as soon as practicable prior to the effective date of such proposed transaction. To the extent it previously has not been exercised, an Award will terminate immediately prior to the consummation of such proposed action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. **<u>Tax Withholding.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1 **Tax Withholding in General**. The Company has the right to deduct from any and all payments made under the Plan, or to require the Participant, through payroll withholding, cash payment or otherwise, to make adequate provision for, the federal, state, local and foreign taxes (including social

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insurance), if any, required by law to be withheld by any Participating Company with respect to an Award or the shares acquired pursuant thereto. The Company has no obligation to deliver shares of Stock, to release shares of Stock from an escrow established pursuant to an Award Agreement, or to make any payment in cash under the Plan until the Participating Company Group's tax withholding obligations have been satisfied by the Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2 **Withholding in or Directed Sale of Shares**. The Company has the right, but not the obligation, to deduct from the shares of Stock issuable to a Participant upon the exercise, vesting or settlement of an Award, or to accept from the Participant the tender of, a number of whole shares of Stock having a Fair Market Value, as determined by the Company, equal to all or any part of the tax withholding obligations of any Participating Company. The Fair Market Value of any shares of Stock withheld or tendered to satisfy any such tax withholding obligations shall be determined by the Company in accordance with the Company's withholding procedures after taking into consideration any applicable accounting consequences or cost. The Company may require a Participant to direct a broker, upon the vesting, exercise or settlement of an Award, to sell a portion of the shares subject to the Award determined by the Company in its discretion to be sufficient to cover the tax withholding obligations of any Participating Company and to remit an amount equal to such tax withholding obligations to the Participating Company in cash.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3 **Section 83(i) Election Not Permitted**. The Company will not establish an escrow arrangement in accordance with Section 83(i)(3)(A)(ii) of the Code intended to satisfy the income tax withholding requirements with respect to qualified stock. Accordingly, no Participant will be permitted to make an election under Section 83(i) of the Code with respect to any shares of Stock acquired upon the exercise of an Option or upon the settlement of Restricted Stock Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. **<u>Compliance with Section 409A.</u>**

It is the intention of the Company that any Award that constitutes a "nonqualified deferred compensation plan" within the meaning of Section 409A or Section 457A (to the extent applicable) shall comply in all respects with the requirements of Section 409A or Section 457A to avoid the imposition of any tax or interest or the inclusion of any amount in income pursuant to Section 409A, and the terms of each such Award shall be construed, administered and deemed amended, if applicable, in a manner consistent with this intention. Notwithstanding the foregoing, neither the Company nor any of its Affiliates nor any of its or their directors, officers, employees, agents or other service providers will be liable for any taxes, penalties or interest imposed on any Participant or other person with respect to any amounts paid or payable (whether in cash, Stock or other property) under any Award, including any applicable taxes, penalties or interest imposed under or as a result of Section 409A or Section 457A. Any payments described in an Award that are due within the "short term deferral period" as defined in Section 409A or Section 457A shall not be treated as deferred compensation unless applicable law requires otherwise. For purposes of any Award, each amount to be paid or benefit to be provided to a Participant shall be construed as a separate identified payment for purposes of Section 409A and Section 457A. For purposes of Section 409A, the payment of Dividend Equivalent Rights under any Award shall be construed as earnings and the time and form of payment of such Dividend Equivalent Rights shall be treated separately from the time and form of payment of the underlying Award. Notwithstanding any other provision of the Plan to the contrary, with respect to any Award that constitutes a "nonqualified deferred compensation plan" within the meaning of Section 409A, any payments (whether in cash, Stock or other property) to be made

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with respect to the Award that become payable on account of the Participant's separation from service, within the meaning of Section 409A, while the Participant is a "specified employee" (as determined in accordance with the uniform policy adopted by the Administrator with respect to all of the arrangements subject to Section 409A maintained by the Company and its Affiliates) and which would otherwise be paid within six months after the Participant's separation from service shall be accumulated (without interest) and paid on the first day of the seventh month following the Participant's separation from service or, if earlier, within 15 days after the appointment of the personal representative or executor of the Participant's estate following the Participant's death. Notwithstanding anything in the Plan or an Award Agreement to the contrary, in no event shall the Administrator exercise its discretion to accelerate the payment or settlement of an Award where such payment or settlement constitutes deferred compensation within the meaning of Code section 409A unless, and solely to the extent that, such accelerated payment or settlement is permissible under Treasury Regulation section 1.409A-3(j)(4).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. **<u>Compliance with Securities Law.</u>**

The grant of Awards and the issuance of shares of Stock pursuant to any Award will be subject to compliance with all applicable requirements of federal, state and foreign law with respect to such securities and the requirements of any stock exchange or market system upon which the Stock may then be listed. In addition, no Award may be exercised or shares issued pursuant to an Award unless (a) a registration statement under the Securities Act will at the time of such exercise or issuance be in effect with respect to the shares issuable pursuant to the Award or (b) the shares issuable pursuant to the Award may be issued in accordance with the terms of an applicable exemption from the registration requirements of the Securities Act. The inability of the Company to obtain from any regulatory body having jurisdiction the authority, if any, deemed by the Company's legal counsel to be necessary to the lawful issuance and sale of any shares under the Plan will relieve the Company of any liability in respect of the failure to issue or sell such shares as to which such requisite authority has not been obtained. As a condition to issuance of any Stock, the Company may require the Participant to satisfy any qualifications that may be necessary or appropriate, to evidence compliance with any applicable law or regulation and to make any representation or warranty with respect thereto as may be requested by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. **<u>Amendment or Termination of Plan or an Award.</u>**

The Board may amend, suspend or terminate the Plan at any time. However, without the approval of the Company's shareholders, there must be (a) no increase in the maximum aggregate number of shares of Stock that may be issued under the Plan (except by operation of the provisions of Sections 4.2 and 4.3), (b) no change in the class of persons eligible to receive Incentive Stock Options, and (c) no other amendment of the Plan that would require approval of the Company's shareholders under any applicable law, regulation or rule, including the rules of any stock exchange or quotation system upon which the Stock may then be listed or quoted. No amendment, suspension or termination of the Plan may affect any then outstanding Award unless expressly provided by the Board. Except as provided by the next sentence, no amendment, suspension or termination of the Plan or any Award may have a materially adverse effect on any then outstanding Award without the consent of the Participant. Notwithstanding any other provision of the Plan or any Award Agreement to the contrary, (a) an amendment to the Plan or any Award that may cause an Incentive Stock Option to be treated as a Nonstatutory Stock Option or require the commencement of a new holding period necessary for treatment as an Incentive Stock Option will not be treated as having a materially adverse effect on the Award and (b) the Board may, in its sole

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and absolute discretion and without the consent of any Participant, amend the Plan or any Award Agreement, to take effect retroactively or otherwise, as it deems necessary or advisable for the purpose of conforming the Plan or such Award Agreement to any present or future law, regulation or rule applicable to the Plan, including, but not limited to, Section 409A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. **<u>Miscellaneous Provisions.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1 **Restrictions on Transfer of Shares***.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Shares issued under the Plan may be subject to a right of first refusal, one or more repurchase options, or other conditions and restrictions as determined by the Board in its discretion at the time the Award is granted. The Company will have the right to assign at any time any repurchase right it may have, whether or not such right is then exercisable, to one or more persons as may be selected by the Company. Upon request by the Company, each Participant will execute any agreement evidencing such transfer restrictions prior to the receipt of shares of Stock hereunder and will promptly present to the Company any and all certificates representing shares of Stock for the placement on such certificates of appropriate legends evidencing any such transfer restrictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding the provisions of any Award Agreement to the contrary, at any time prior to the date on which the Stock is listed on a national securities exchange (as such term is used in the Exchange Act) or is traded on the over-the-counter market and prices therefore are published daily on business days in a recognized financial journal, the Board may prohibit any Participant who acquires shares of Stock pursuant to the Plan or any transferee of such Participant from selling, transferring, assigning, pledging, or otherwise disposing of or encumbering any such shares (each, a *"****Transfer****"*) without the prior written consent of the Board. The Board may withhold consent to any Transfer for any reason, including without limitation any Transfer (i) to any individual or entity identified by the Company as a potential competitor or considered by the Company to be unfriendly, or (ii) if such Transfer increases the risk of the Company having a class of security held of record by such number of persons as would require the Company to register any class of securities under the Exchange Act; or (iii) if such Transfer would result in the loss of any federal or state securities law exemption relied upon by the Company in connection with the initial issuance of such shares or the issuance of any other securities; or (iv) if such Transfer is facilitated in any manner by any public posting, message board, trading portal, Internet site, or similar method of communication, including without limitation any trading portal or Internet site intended to facilitate secondary transfers of securities; or (v) if such Transfer is to be effected in a brokered transaction; or (vi) if such Transfer would be of less than all of the shares of Stock then held by the shareholder and its affiliates or is to be made to more than a single transferee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.2 **Forfeiture Events.** The Board may determine that the Participant's rights, payments, and benefits with respect to an Award will be subject to reduction, cancellation, forfeiture, or recoupment upon the occurrence of specified events, in addition to any otherwise applicable vesting or performance conditions of an Award. Such events may include, but will not be limited to, termination of Service for Cause, any act by a Participant, whether before or after termination of Service, that would constitute Cause for termination of Service, or any accounting restatement due to material noncompliance of the Company with any financial reporting requirements of securities laws as a result of which, and to the extent that, such reduction, cancellation, forfeiture, or recoupment is required by applicable securities laws. Notwithstanding any provisions to the contrary under this Plan, an Award will be subject to the

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Company's clawback policy as may be established and/or amended from time to time (the *"****Clawback Policy****"*). The Board may require a Participant to forfeit, return or reimburse the Company all or a portion of the Award and any amounts paid thereunder pursuant to the terms of the Clawback Policy or as necessary or appropriate to comply with applicable law. No recovery of compensation pursuant to the foregoing provisions will be an event giving rise to a Participant's right to voluntary terminate employment upon a "resignation for good reason," or for a "constructive termination" or any similar term under any plan of or agreement with the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.3 **Change in Time Commitment**. In the event that a Participant's regular level of time commitment in the performance of his or her services for the Company and any Affiliates is reduced (for example, and without limitation, if the Participant is an Employee of the Company and experiences a change in status from a full-time Employee to a part-time Employee or takes an extended leave of absence) after the date of grant of any Award to the Participant, the Board may determine, to the extent permitted by applicable law, to (i) make a corresponding reduction in the number of shares or cash amount subject to any portion of such Award that is scheduled to vest or become payable after the date of such change in time commitment, and (ii) in lieu of or in combination with such a reduction, extend the vesting or payment schedule applicable to such Award. In the event of any such reduction, the Participant will have no right with respect to any portion of the Award that is so reduced.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.4 **Rights as Employee, Consultant or Director.** No person, even though eligible pursuant to Section 5, will have a right to be selected as a Participant, or, having been so selected, to be selected again as a Participant. Nothing in the Plan or any Award granted under the Plan will confer on any Participant a right to remain an Employee, Consultant or Director or interfere with or limit in any way any right of a Participating Company to terminate the Participant's Service at any time. To the extent that an Employee of a Participating Company other than the Company receives an Award under the Plan, that Award will in no event be understood or interpreted to mean that the Company is the Employee's employer or that the Employee has an employment relationship with the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.5 **Rights as a Shareholder.** A Participant will have no rights as a shareholder with respect to any shares of Stock covered by an Award until the date of the issuance of such shares (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company). No adjustment will be made for dividends, distributions or other rights for which the record date is prior to the date such shares are issued, except as provided in Section 4.3 or another provision of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.6 **Delivery of Title to Shares.** Subject to any governing rules or regulations, the Company will issue or cause to be issued the shares of Stock acquired pursuant to an Award and will deliver such shares to or for the benefit of the Participant by means of one or more of the following: (a) by delivering to the Participant evidence of book entry shares of Stock credited to the account of the Participant, (b) by depositing such shares of Stock for the benefit of the Participant with any broker with which the Participant has an account relationship, or (c) by delivering such shares of Stock to the Participant in certificate form.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.7 **Fractional Shares.** The Company will not be required to issue fractional shares upon the exercise or settlement of any Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.8 **Retirement and Welfare Plans.** Neither Awards made under this Plan nor shares of Stock or cash paid pursuant to such Awards may be included as "compensation" for purposes of computing the benefits payable to any Participant under any Participating Company's retirement plans (both qualified and non-qualified) or welfare benefit plans unless such other plan expressly provides that such compensation will be taken into account in computing a Participant's benefits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.9 **Severability.** If any one or more of the provisions (or any part thereof) of this Plan is held invalid, illegal or unenforceable in any respect, such provision will be modified so as to make it valid, legal and enforceable, and the validity, legality and enforceability of the remaining provisions (or any part thereof) of the Plan will not in any way be affected or impaired thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.10 **No Constraint on Corporate Action.** Nothing in this Plan will be construed to: (a) limit, impair, or otherwise affect the Company's or another Participating Company's right or power to make adjustments, reclassifications, reorganizations, or changes of its capital or business structure, or to merge or consolidate, or dissolve, liquidate, sell, or transfer all or any part of its business or assets; or (b) limit the right or power of the Company or another Participating Company to take any action which such entity deems to be necessary or appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.11 **Unfunded Obligation**. Participants will have the status of general unsecured creditors of the Company. Any amounts payable to Participants pursuant to the Plan are considered unfunded and unsecured obligations for all purposes, including, without limitation, Title I of the Employee Retirement Income Security Act of 1974. No Participating Company will be required to segregate any monies from its general funds, or to create any trusts, or establish any special accounts with respect to such obligations. The Company will retain at all times beneficial ownership of any investments, including trust investments, which the Company may make to fulfill its payment obligations hereunder. Any investments or the creation or maintenance of any trust or any Participant account will not create or constitute a trust or fiduciary relationship between the Board or any Participating Company and a Participant, or otherwise create any vested or beneficial interest in any Participant or the Participant's creditors in any assets of any Participating Company. The Participants will have no claim against any Participating Company for any changes in the value of any assets which may be invested or reinvested by the Company with respect to the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.12 **Choice of Law.** Except to the extent governed by applicable federal law, the validity, interpretation, construction and performance of the Plan and each Award Agreement will be governed by the laws of the Cayman Islands, without regard to its conflict of law rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.13 **Corporate Records.** Corporate action constituting the grant of an Award to any Participant will be deemed completed as of the date of such corporate action, unless a later effective date is expressly provided by the Board in granting the Award, regardless of when the instrument, certificate, or letter evidencing the Award is communicated to, or actually received or accepted by, the Participant. In the event that the corporate records (including, without limitation, Board written consents in lieu of a meeting, resolutions, or minutes) documenting the corporate action constituting the grant of the Award contain terms (including, without limitation, the exercise price, vesting schedule or number of shares) that

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are inconsistent with those contained in the Award Agreement or related grant documents as a result of a clerical error in the preparation of the Award Agreement or related grant documents, the corporate records will control, and the Participant will have no legally binding right to the incorrect term contained in the Award Agreement or related grant documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.14 **Shareholder Approval.** The Plan or any increase in the maximum aggregate number of shares of Stock issuable under the Plan as provided in Section 4.1 (the *"****Authorized Shares****"*) must be approved by a majority of the outstanding securities of the Company entitled to vote within a period beginning twelve (12) months before and ending twelve (12) months after the date of adoption thereof by the Board. Awards granted prior to security holder approval of the Plan or in excess of the Authorized Shares previously approved by the security holders will become exercisable no earlier than the date of security holder approval of the Plan or such increase in the Authorized Shares, as the case may be, and such Awards will be rescinded if such security holder approval is not received in the manner described in the preceding sentence.

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<u>PLAN HISTORY AND NOTES TO COMPANY</u>

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| | |
|:---|:---|
| &nbsp;&nbsp;August 12, 2025 | &nbsp;&nbsp;Board adopts Plan, with an initial reserve of 1,500,000 shares. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , 2025 | &nbsp;&nbsp;Shareholders of the Company approve Plan. |

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## Exhibit 10.2

**Exhibit 10.2**

THE SECURITIES WHICH ARE THE SUBJECT OF THIS AGREEMENT HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF. NO SUCH SALE OR DISPOSITION MAY BE EFFECTED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE SECURITIES ACT OF 1933.

**RARE EARTHS AMERICAS LTD.**

**RESTRICTED STOCK UNITS AGREEMENT**

Rare Earths Americas Ltd. has granted to the Participant named in the *Notice of Grant of Restricted Stock Units* (the *"****Grant Notice****"*) to which this Restricted Stock Units Agreement (the *"****Agreement****"*) is attached an Award consisting of Restricted Stock Units subject to the terms and conditions set forth in the Grant Notice and this Agreement. The Award has been granted pursuant to and is in all respects subject to the terms and conditions of the Rare Earths Americas Ltd. 2025 Equity Incentive Plan (the *"****Plan****"*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Definitions</u>.

Capitalized terms have the meanings assigned by the Grant Notice or the Plan, unless otherwise defined herein or as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 *"Change in Control"* means a "Change in Control as defined by the Plan, provided that such Change in Control (a) is also a "change in control event" as described in Treasury Regulation Section 1.409A-3(i)(5)(i) and (b) is not an Initial Public Offering described in Section 1.2(b) below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 "*Initial Public Offering*" means either (a) the closing of the initial underwritten public offering of securities of the class of equity securities then subject to the Award pursuant to an effective registration statement filed under the Securities Act or (b) the closing of an acquisition of the Company by a special purpose acquisition company whose shares are publicly traded on a national stock exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 "*Liquidity Event Date*" means the date of satisfaction of the Liquidity Event Condition (as defined in the Grant Notice).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Administration</u>.

All questions of interpretation concerning the Grant Notice, this Agreement, the Plan or any other form of agreement or other document employed by the Company in the administration of the Plan or the Award are determined by the Board or its authorized designee as set forth in Section 3 of the Plan.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>The Award</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 Grant of Units. On the Date of Grant, the Participant will acquire, subject to the provisions of this Agreement, a number of Units equal to the Total Number of Units. Each Unit represents a right to receive one (1) Share on a date determined in accordance with the Grant Notice and this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 No Monetary Payment Required. The Participant is not required to make any monetary payment (other than to satisfy applicable tax withholding, if any, with respect to the issuance of Shares) as a condition to receiving the Units or Shares issued upon settlement of the Units, the consideration for which will be past services actually rendered or future services to be rendered to a Participating Company or for its benefit. Notwithstanding the foregoing, if required by applicable law, the Participant will furnish consideration in the form of cash or past services rendered to a Participating Company or for its benefit having a value not less than the par value of the Shares issued upon settlement of the Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 Termination of the Award. The Award will terminate upon the first to occur of (a) the date of termination of the Participant's Service for Cause prior to the Vesting Date (as set forth in the Grant Notice), (b) the Expiration Date if the Liquidity Event Date has not yet occurred on or before the Expiration Date, (c) a Change in Control to the extent provided in Section 7, or (d) the final settlement of all Vested Units in accordance with Section 5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Vesting of Units; Termination of Service</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 Normal Vesting. Units acquired pursuant to this Agreement will become Vested Units as provided in the Grant Notice. For purposes of determining the number of Vested Units following an Ownership Change Event, credited Service will include all service with any entity which is a member of the Participating Company Group at the time service is rendered, whether or not such entity is a member of the Participating Company Group both before and after such Ownership Change Event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 Effect of Termination of Service. The effect of the Participant's termination of Service prior to the Vesting Date will be as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Termination of Service for Cause.** If the Participant's Service is terminated for Cause at any time prior to a Vesting Date, then all Units subject to the Award will be forfeited and automatically canceled immediately upon the Participant's termination of Service, notwithstanding that the Participant may have satisfied the Service Condition with respect to all or a portion of the Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Termination of Service for any Reason other than Cause before Liquidity Event Date.** If the Participant's Service terminates for any reason other than Cause prior to the Liquidity Event Date, then:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all Units for which the Service Condition as set forth in the Grant Notice *<u>has not</u>* been satisfied as of the date of such termination of Service will be forfeited and automatically canceled immediately upon the Participant's termination of Service; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all Units for which the Service Condition as set forth in the Grant Notice has been satisfied as of the date of such termination of Service will not then be forfeited and automatically canceled, but instead will become Vested Units, if at all, upon the subsequent occurrence of the Liquidity Event Date prior to the Expiration Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Effect of Termination of Service on or after Liquidity Event Date.** If the Participant's Service terminates for any reason on or after the Liquidity Event Date, then all Units that are not then Vested Units will be forfeited and automatically canceled immediately upon the Participant's termination of Service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Settlement of the Award</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 Issuance of Shares*.* Subject to the provisions of Section 5.3, the Company will issue one (1) Share to the Participant on the Settlement Date for each Vested Unit to be settled on such date. Shares issued in settlement of Units will not be subject to any restriction on transfer other than any restriction required pursuant to Section 5.3, Section 6 or the Company's Trading Compliance Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 Beneficial Ownership of Shares; Certificate Registration*.* The Participant authorizes the Company, in its sole discretion, to deposit Shares acquired by the Participant pursuant to the settlement of the Award with the Company's transfer agent, including any successor transfer agent, to be held in book entry form. Furthermore, the Participant authorizes the Company, in its sole discretion, to deposit Shares for the benefit of the Participant with any broker with which the Participant has an account relationship of which the Company has notice. Except as provided by the foregoing, a certificate for the Shares will be registered in the name of the Participant, or, if applicable, in the names of the heirs of the Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 Restrictions on Grant of the Award and Issuance of Shares*.* The grant of the Award and issuance of Shares upon settlement of the Award will be subject to compliance with all applicable requirements of federal, state or foreign law with respect to such securities. No Shares will be issued if their issuance would constitute a violation of any applicable federal, state or foreign securities laws or other law or regulations or the requirements of any stock exchange or market system upon which the Shares may then be listed. The inability of the Company to obtain from any regulatory body having jurisdiction the authority, if any, deemed by the Company's legal counsel to be necessary to the lawful issuance of any Shares will relieve the Company of any liability in respect of the failure to issue such Shares as to which such requisite authority has not been obtained. As a condition to the settlement of the Award, the Company may require the Participant to satisfy any qualifications that may be necessary or appropriate, to evidence compliance with any applicable law or regulation and to make any representation or warranty as may be requested by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 Fractional Shares*.* The Company will not be required to issue fractional shares upon the settlement of the Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5 [Shareholders Agreement. The Participant (and, if applicable, his or her heirs) will be required, at the time of acceptance of this Award and as a condition to the Award, to sign and deliver an adoption agreement or counterpart signature page to, and be bound by,

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## each Shareholders Agreement then in effect and any other agreement that the Company requires a holder of Shares to sign (to the extent such agreements exist and such Participant is not already a party to such agreements), in form and substance satisfactory to the Company. The Participant (and, if applicable, his or her heirs) acknowledges that a Shareholders Agreement or any such other agreement may restrict transfers of Shares. The obligation set forth in this Section will remain in effect with respect to any Shareholders Agreement until such Shareholders Agreement is terminated. In addition, to the extent any such Shareholders Agreement is amended, modified or otherwise replaced by a similar agreement, the obligation set forth herein will also apply to the modified, amended and/or replacement agreement.] <sup>1</sup>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Tax Withholding</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 In General*.* The Participant acknowledges that, regardless of any action the Company or, if different, the employer or the Participating Company to which the Participant provides Service (together, the "*Service Recipient*") takes with respect to any or all income tax, social insurance contributions, payroll tax, payment on account or other tax-related items arising in connection with the Participant's participation in the Plan and legally applicable to the Participant (the "*Tax-Related Items*"), the ultimate liability for all Tax-Related Items is and remains the Participant's responsibility and may exceed the amount actually withheld by the Company or the Service Recipient, if any. The Participant further acknowledges that the Company and the Service Recipient (i) make no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the Units, including, but not limited to, the grant of the Units, the vesting of the Units, the delivery or sale of any Shares and the issuance of any dividends, and (ii) do not commit to and are under no obligation to structure the terms of the grant or any aspect of the Units to reduce or eliminate the Participant's liability for Tax-Related Items or achieve any particular tax result. The Participant acknowledges and agrees that the Participant will not make any claim against the Company, or any of its officers, directors, employees or any Participating Company for Tax-Related Items arising from the Units. Further, if the Participant is subject to Tax-Related Items in more than one jurisdiction, the Participant acknowledges that the Company and/or the Service Recipient (or former service recipient, as applicable) may be required to withhold or account for Tax-Related Items in more than one jurisdiction. The Company may refuse to issue or deliver Shares or the proceeds of the sale of Shares if the Participant fails to comply with their obligations in connection with the Tax-Related Items.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 Withholding in or Directed Sale of Shares. Prior to any relevant taxable or tax withholding event, as applicable, the Participant agrees to make adequate arrangements satisfactory to the Board, the Company and/or the Service Recipient to satisfy all Tax-Related Items in respect of the Units, their settlement, or any payment or transfer of the Units or under the Plan. In this regard, the Participant authorizes the Company and/or the Service Recipient, or their respective agents, at their discretion, to satisfy any applicable withholding obligations with regard to all Tax-Related Items by one or a combination of the following: (i) requiring the Participant to make a payment in a form acceptable to the Board or the Company; (ii) withholding from the Participant's wages or other cash compensation paid to Shares acquired upon settlement of the Units either through a voluntary sale or through a mandatory sale

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<sup>1</sup> Note to Draft: Include only if there will be a shareholders agreement in place.

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For Non-U.S. Participants

## arranged by the Company (on the Participant's behalf pursuant to this authorization without further consent); (iv) withholding in Shares to be issued upon settlement of the Units; or (v) any other method of withholding determined by the Company and, to the extent required by applicable law or the Plan, approved by the Board.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 Withholding Methods*.* The Company or the Service Recipient may withhold or account for Tax-Related Items by considering applicable statutory withholding amounts or other applicable withholding rates, including maximum rates, applicable in the Participant's jurisdiction(s). In the event of over-withholding, the Participant may receive a refund from the Company or the Service Recipient of any over-withheld amount in cash and will have no entitlement to the equivalent in Shares. If not refunded, the Participant may need to seek a refund from the responsible tax authority to the extent the Participant wishes to obtain a refund. In the event of under-withholding, the Participant may be required to pay any additional Tax-Related Items directly to the applicable tax authority or to the Company and/or the Service Recipient. If the obligation for Tax-Related Items is satisfied by withholding in a number of Shares, for tax purposes, the Participant will be deemed to have been issued the full number of Shares subject to the exercised portion of the Units, notwithstanding that a number of the Shares is held back solely for the purpose of paying the Tax-Related Items.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Effect of Change in Control</u>*.*

In the event of a Change in Control, the treatment of the Award will be governed by Section 10 of the Plan and any applicable provisions of the Grant Notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Right of First Refusal</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 Grant of Right of First Refusal*.* Except as provided in Section 8.7 and Section 15, in the event the Participant, the Participant's legal representative, or other holder of Shares acquired upon settlement of the Award proposes to sell, exchange, transfer, pledge, or otherwise dispose of any such Shares (the *"Transfer Shares"*) to any person or entity, including, without limitation, any shareholder of a Participating Company, the Company will have the right to repurchase the Transfer Shares under the terms and subject to the conditions set forth in this Section (the *"Right of First Refusal"*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 Notice of Proposed Transfer*.* Prior to any proposed transfer of the Transfer Shares, the Participant must deliver written notice (the *"Transfer Notice"*) to the Company describing fully the proposed transfer, including the number of Transfer Shares, the name and address of the proposed transferee (the *"Proposed Transferee"*) and, if the transfer is voluntary, the proposed transfer price, and containing such information necessary to show the bona fide nature of the proposed transfer. In the event of a bona fide gift or involuntary transfer, the proposed transfer price will be deemed to be the Fair Market Value of the Transfer Shares, as determined by the Board in good faith. If the Participant proposes to transfer any Transfer Shares to more than one Proposed Transferee, the Participant must provide a separate Transfer Notice for the proposed transfer to each Proposed Transferee. The Transfer Notice must be signed by both the Participant and the Proposed Transferee and must constitute a binding commitment of the Participant and the Proposed Transferee for the transfer of the Transfer Shares to the Proposed Transferee subject only to the Right of First Refusal.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 Bona Fide Transfer*.* If the Company determines that the information provided by the Participant in the Transfer Notice is insufficient to establish the bona fide nature of a proposed voluntary transfer, the Company will give the Participant written notice of the Participant's failure to comply with the procedure described in this Section 8, and the Participant will have no right to transfer the Transfer Shares without first complying with the procedure described in this Section 8. The Participant will not be permitted to transfer the Transfer Shares if the proposed transfer is not bona fide.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4 Exercise of Right of First Refusal*.* If the Company determines the proposed transfer to be bona fide, the Company will have the right to purchase all, but not less than all, of the Transfer Shares (except as the Company and the Participant otherwise agree) at the purchase price and on the terms set forth in the Transfer Notice by delivery to the Participant of a notice of exercise of the Right of First Refusal within thirty (30) days after the date the Transfer Notice is delivered to the Company. The Company's exercise or failure to exercise the Right of First Refusal with respect to any proposed transfer described in a Transfer Notice will not affect the Company's right to exercise the Right of First Refusal with respect to any proposed transfer described in any other Transfer Notice, whether or not such other Transfer Notice is issued by the Participant or issued by a person other than the Participant with respect to a proposed transfer to the same Proposed Transferee. If the Company exercises the Right of First Refusal, the Company and the Participant will consummate the sale of the Transfer Shares to the Company on the terms set forth in the Transfer Notice within sixty (60) days after the date the Transfer Notice is delivered to the Company (unless a longer period is offered by the Proposed Transferee); provided, however, that in the event the Transfer Notice provides for the payment for the Transfer Shares other than in cash, the Company will have the option of paying for the Transfer Shares by the present value cash equivalent of the consideration described in the Transfer Notice as reasonably determined by the Company. For purposes of the foregoing, cancellation of any indebtedness of the Participant to any Participating Company will be treated as payment to the Participant in cash to the extent of the unpaid principal and any accrued interest canceled. Notwithstanding anything contained in this Section to the contrary, the period during which the Company may exercise the Right of First Refusal and consummate the purchase of the Transfer Shares from the Participant will terminate no sooner than the completion of a period of eight (8) months following the date on which the Participant acquired the Transfer Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5 Failure to Exercise Right of First Refusal*.* If the Company fails to exercise the Right of First Refusal in full (or to such lesser extent as the Company and the Participant otherwise agree) within the period specified in Section 8.4, the Participant may conclude a transfer to the Proposed Transferee of the Transfer Shares on the terms and conditions described in the Transfer Notice, provided such transfer occurs not later than ninety (90) days following delivery to the Company of the Transfer Notice or, if applicable, following the end of the period described in the last sentence of Section 8.4. The Company will have the right to demand further assurances from the Participant and the Proposed Transferee (in a form satisfactory to the Company) that the transfer of the Transfer Shares was actually carried out on the terms and conditions described in the Transfer Notice. No Transfer Shares will be transferred on the books of the Company until the Company has received such assurances, if so demanded, and has approved the proposed transfer as bona fide. Any proposed transfer on terms and conditions different from those described in the Transfer Notice, as well as any subsequent

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## proposed transfer by the Participant, will again be subject to the Right of First Refusal and will require compliance by the Participant with the procedure described in this Section.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6 Transferees of Transfer Shares*.* All transferees of the Transfer Shares or any interest therein, other than the Company, will be required as a condition of such transfer to agree in writing (in a form satisfactory to the Company) that such transferee will receive and hold such Transfer Shares or interest therein subject to all of the terms and conditions of this Agreement, including this Section 8 providing for the Right of First Refusal with respect to any subsequent transfer. Any sale or transfer of any Shares will be void unless the provisions of this Section are met.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.7 Transfers Not Subject to Right of First Refusal*.* The Right of First Refusal will not apply to any transfer or exchange of the Shares if (a) such Shares are transferred during the Participant's lifetime or on the Participant's death by will or intestacy to the Participant's immediate family or a trust for the benefit of the Participant's immediate family in a manner permitted under Rule 701 under the Securities Act or (b) such Shares are transferred or exchanged in connection with an Ownership Change Event. Shares held by a transferee pursuant to clause (a) of this Section and any consideration received pursuant to a transfer or exchange pursuant to clause (b) of this Section that consists of stock of a Participating Company will in each such case remain subject to the Right of First Refusal unless the provisions of Section 8.9 result in a termination of the Right of First Refusal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.8 Assignment of Right of First Refusal*.* The Company will have the right to assign the Right of First Refusal at any time, whether or not there has been an attempted transfer, to one or more persons as may be selected by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.9 Early Termination of Right of First Refusal*.* The other provisions of this Agreement notwithstanding, the Right of First Refusal will terminate and be of no further force and effect upon (a) the occurrence of a Change in Control, unless the Acquiror assumes the Company's rights and obligations under this Agreement, or (b) the existence of a public market for the class of shares subject to the Right of First Refusal. A *"public market"* will exist if (i) such stock is listed on a national securities exchange (as that term is used in the Exchange Act) or (ii) such stock is traded on the over-the-counter market and prices therefor are published daily on business days in a recognized financial journal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Adjustments for Changes in Capital Structure</u>.

The Award is subject to the adjustment as provided by Section 4.3 of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Rights as a Shareholder</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 In General. The Participant will have no rights as a shareholder with respect to any shares which may be issued in settlement of this Award until the date of the issuance of such shares (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company). No adjustment will be made for dividends, distributions or other rights for which the record date is prior to the date the shares are issued, except as provided in Section 9.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 Waiver of Inspection Rights. The Participant acknowledges and understands that, but for the waiver made herein, the Participant would be entitled, upon written demand under oath stating the purpose thereof, to inspect for any proper purposes, and to make copies and extracts from, the Company's stock ledger, a list of its shareholders, and its other books and records, and the books and records of subsidiaries of the Company, if any, under the circumstances and in the manner provided in Section 220 of the Delaware General Corporation Law and similar rights under other applicable law (any and all such rights, and any and all such other rights of the Participant as may be provided for in Section 220 of the Delaware General Corporation Law and similar rights under other applicable law, the "*Inspection Rights*"). In light of the foregoing, until the first sale of Shares to the general public pursuant to a registration statement filed with and declared effective by the Securities and Exchange Commission under the Securities Act, the Participant hereby unconditionally and irrevocably waives the Inspection Rights, whether such Inspection Rights would be exercisable or pursued directly or indirectly pursuant to Section 220 of the Delaware General Corporation Law or otherwise, and covenants and agrees never to directly or indirectly commence, voluntarily aid in any way, prosecute, assign, transfer or cause to be commenced any claim, action, cause of action, or other proceeding to pursue or exercise the Inspection Rights. The foregoing waiver applies to the Inspection Rights of the Participant in the Participant's capacity as a shareholder and will not affect any rights of a director, in his or her capacity as such, under Section 220 of the Delaware General Corporation Law. The foregoing waiver will not apply to any contractual inspection rights of the Participant under any written agreement with the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Legends</u>.

The Company may at any time place legends referencing the Right of First Refusal and any applicable federal, state or foreign securities law restrictions on all certificates representing Shares issued pursuant to this Agreement. The Participant must, at the request of the Company, promptly present to the Company any and all certificates representing Shares acquired pursuant to this Award in the possession of the Participant in order to carry out the provisions of this Section. Unless otherwise specified by the Company, legends placed on such certificates may include, but are not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1 "THE SECURITIES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE SOLD, TRANSFERRED, ASSIGNED OR HYPOTHECATED UNLESS THERE IS AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT COVERING SUCH SECURITIES, THE SALE IS MADE IN ACCORDANCE WITH RULE 144 OR RULE 701 UNDER THE ACT, OR THE COMPANY RECEIVES AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY, STATING THAT SUCH SALE, TRANSFER, ASSIGNMENT OR HYPOTHECATION IS EXEMPT FROM THE REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS OF SUCH ACT."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2 "THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER AND REPURCHASE OPTIONS IN FAVOR OF THE CORPORATION OR ITS ASSIGNEE SET FORTH IN AN AGREEMENT BETWEEN THE CORPORATION AND THE REGISTERED HOLDER, OR

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## SUCH HOLDER'S PREDECESSOR IN INTEREST, A COPY OF WHICH IS ON FILE AT THE PRINCIPAL OFFICE OF THIS CORPORATION."
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Compliance with Section 409A</u>.

It is intended that any election, payment or benefit which is made or provided pursuant to or in connection with this Award that may result in nonqualified deferred compensation within the meaning of Section 409A will comply in all respects with the applicable requirements of Section 409A (including applicable regulations or other administrative guidance thereunder, as determined by the Board in good faith) to avoid the unfavorable tax consequences therein for non-compliance and the Award will be so construed. In connection with effecting such compliance with Section 409A, the following will apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1 Separation from Service; Required Delay in Payment to Specified Employee. Notwithstanding anything set forth herein to the contrary, no amount payable pursuant to this Agreement on account of the Participant's termination of Service which constitutes a "deferral of compensation" within the meaning of the Treasury Regulations issued pursuant to Section 409A of the Code (the *"Section 409A Regulations"*) may be paid unless and until the Participant has incurred a "separation from service" within the meaning of the Section 409A Regulations. Furthermore, to the extent that the Participant is a "specified employee" within the meaning of the Section 409A Regulations as of the date of the Participant's separation from service, no amount that constitutes a deferral of compensation that is payable on account of the Participant's separation from service may be paid to the Participant before the date (the *"Delayed Payment Date"*) that is the first day of the seventh month after the date of the Participant's separation from service or, if earlier, the date of the Participant's death following such separation from service. All such amounts that would, but for this Section, become payable prior to the Delayed Payment Date will be accumulated and paid on the Delayed Payment Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2 Other Changes in Time of Payment. Neither the Participant nor the Company may take any action to accelerate or delay the payment of any benefits under this Agreement in any manner that would not be in compliance with the Section 409A Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3 Amendments to Comply with Section 409A; Indemnification. Notwithstanding any other provision of this Agreement to the contrary, the Company is authorized to amend this Agreement, to void or amend any election made by the Participant under this Agreement and/or to delay the payment of any monies and/or provision of any benefits in such manner as may be determined by the Company, in its discretion, to be necessary or appropriate to comply with the Section 409A Regulations without prior notice to or consent of the Participant. The Participant hereby releases and holds harmless the Company, its directors, officers and shareholders from any and all claims that may arise from or relate to any tax liability, penalties, interest, costs, fees or other liability incurred by the Participant in connection with the Award, including as a result of the application of Section 409A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.4 Advice of Independent Tax Advisor. The Company has not obtained a tax ruling or other confirmation from the Internal Revenue Service with regard to the application of Section 409A to the Award, and the Company does not represent or warrant that this Agreement will avoid adverse tax consequences to the Participant, including as a result of the

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## application of Section 409A to the Award. The Participant hereby acknowledges that he or she has been advised to seek the advice of his or her own independent tax advisor prior to entering into this Agreement and is not relying upon any representations of the Company or any of its agents as to the effect of or the advisability of entering into this Agreement.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Lock-Up Agreement</u>.

The Participant hereby agrees that in the event of any underwritten public offering of stock, including an initial public offering of stock, made by the Company pursuant to an effective registration statement filed under the Securities Act, the Participant may not offer, sell, contract to sell, pledge, hypothecate, grant any option to purchase or make any short sale of, or otherwise dispose of any shares of stock of the Company or any rights to acquire stock of the Company for such period of time from and after the effective date of such registration statement as may be established by the underwriter for such public offering; provided, however, that such period of time may not exceed one hundred eighty (180) days from the effective date of the registration statement to be filed in connection with such public offering**;** or, upon the request of the Company or the underwriter, such longer period as necessary to permit compliance with FINRA Rule 2241 or any successor provisions or amendments thereto. The foregoing limitation will not apply to shares registered in the public offering under the Securities Act. The Participant hereby agrees to enter into any agreement reasonably required by the underwriters to implement the foregoing within a reasonable timeframe if so requested by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Restrictions on Transfer of Shares</u>.

At any time prior to the existence of a public market for the Shares, the Board may prohibit the Participant and any transferee of such Participant from selling, transferring, assigning, pledging, or otherwise disposing of or encumbering any Shares acquired pursuant to the Award (each, a *"****Transfer****"*) without the prior written consent of the Board. The Board may withhold consent for any reason, including, without limitation, (i) if such Transfer increases the risk of the Company having a class of security held of record by such number of persons as would require the Company to register any class of securities under the Exchange Act; (ii) if such Transfer would result in the loss of any federal or state securities law exemption relied upon by the Company in connection with the initial issuance of such shares or the issuance of any other securities; (iii) if such Transfer is facilitated in any manner by any public posting, message board, trading portal, Internet site, or similar method of communication, including without limitation any trading portal or Internet site intended to facilitate secondary transfers of securities; (iv) if such Transfer is to be effected in a brokered transaction; (v) if such Transfer would be of less than all of the Shares then held by the shareholder and its affiliates or is to be made to more than a single transferee; or (vi) any Transfer to any individual or entity identified by the Company as a potential competitor or considered by the Company to be unfriendly. No Shares may be sold, exchanged, transferred, assigned, pledged, hypothecated or otherwise disposed of, including by operation of law, in any manner which violates any of the provisions of this Agreement, and any such attempted disposition will be void. The Company will not be required (a) to transfer on its books any Shares which will have been transferred in violation of any of the provisions set forth in this Agreement or (b) to treat as owner of such Shares or to accord the right to vote as such owner or to pay dividends to any transferee to whom such Shares will have been so transferred. In order to enforce its rights under this Section, the Company will be authorized to give a stop transfer instruction with respect to the Shares to the Company's transfer agent.

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For Non-U.S. Participants

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Nature of the Award.</u>

In accepting the Units, the Participant acknowledges and agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1 Any notice period mandated under applicable law shall not be treated as Service for the purpose of determining the vesting of the Units; and the Participant's right to vesting of Shares in settlement of the Units after termination of Service, if any, will be measured by the date of termination of the Participant's active Service and will not be extended by any notice period mandated under local law. Subject to the foregoing and the provisions of the Plan, the Company, in its sole discretion, shall determine whether the Participant's Service has terminated and the effective date of such termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.2 The Plan is established voluntarily by the Company. It is discretionary in nature and it may be modified, amended, suspended or terminated by the Company at any time, unless otherwise provided in the Plan and this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.3 The grant of the Units is voluntary and occasional and does not create any contractual or other right to receive future grants of Units, or benefits in lieu of Units, even if Units have been granted repeatedly in the past.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.4 All decisions with respect to future Units grants, if any, will be at the sole discretion of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.5 The Participant's participation in the Plan shall not create a right to further Service with the Company or another Participating Company and shall not interfere with the ability of the Company or another Participating Company to terminate the Participant's Service at any time, with or without cause, subject to applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.6 The Participant is voluntarily participating in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.7 The Units are an extraordinary item that does not constitute compensation of any kind for Service of any kind rendered to the Company or any Participating Company, and which is outside the scope of the Participant's employment contract, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.8 The Units is not part of normal or expected compensation or salary for any purpose, including, but not limited to, calculating any severance, resignation, termination, redundancy, end-of-service payments, bonuses, long-service awards, pension or retirement benefits or similar payments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.9 In the event that the Participant is not an Employee of a Participating Company, the grant of Units will not be interpreted to form an employment contract or relationship with a Participating Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.10 The future value of the underlying Shares is unknown and cannot be predicted with certainty. The value of the Shares may increase or decrease.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.11 No claim or entitlement to compensation or damages arises from termination of the Units or diminution in value of the Units or Shares and the Participant irrevocably releases the Company and all Participating Companies from any such claim that may arise. If, notwithstanding the foregoing, any such claim is found by a court of competent jurisdiction to have arisen then, by signing this Agreement, the Participant shall be deemed irrevocably to have waived the Participant's entitlement to pursue such a claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Data Privacy.</u>

*The following data privacy terms govern the grant of the Units under the Plan if the Participant resides outside the European Economic Area, the European Union, Switzerland, the United Kingdom, and Brazil:* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.1 Consent. The Participant voluntarily consents to the collection, processing, maintenance, use, disclosure, and transfer to the United States and other jurisdictions, in electronic or another form, of certain information about the Participant, including name, home address and telephone number, information necessary to process the Units (e.g., mailing address for a check payment or bank account wire transfer information), date of birth, social insurance number or other identification number, salary, nationality, job title, employment location, details of all equity awards granted, canceled, vested, unvested or outstanding in the Participant's favor, and where applicable Service termination date and reason for termination, any capital shares or directorships held in the Company (where needed for legal or tax compliance), and any other information necessary to process mandatory tax withholding and reporting (all such personal information is referred to as "*Data*") by and among the Company and any Participating Company for the exclusive purpose of implementing, administering, and managing the Participant's participation in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.2 International Transfer of Data. The Participant understands that Data will be transferred to one or more service provider(s) selected by the Company, which may assist the Company with the implementation, administration, and management of the Plan. The Participant understands that the recipients of the Data may be located in the United States or elsewhere, and that the recipient's country (e.g., the United States) may have different, including less stringent, data privacy laws and protections than the Participant's country. The Participant understands that if the Participant resides outside the United States, the Participant may request a list with the names and addresses of any potential recipients of the Data by contacting their local human resources representative in writing. The Participant authorizes the Company and any other possible recipients that may assist the Company (presently or in the future) to transfer the Participant's Data for purposes of implementing, administering, and managing the Plan. The Company's legal basis, where required, for the transfer of Data is the Participant's consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.3 Retention of Data. The Participant understands that Data will be held only as long as is necessary to implement, administer and manage the Participant's participation in the Plan, including to maintain records regarding participation. The Participant understands that if the Participant resides in certain jurisdictions, to the extent required by applicable law, the Participant may, at any time, request access to Data, request additional information about the storage and processing of Data, require any necessary amendments to Data or refuse or withdraw the consents given by accepting the Units, in any case without cost, by contacting their local human resources representative in writing.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.4 Consent Voluntary. The Participant understands that the Participant is providing these consents on a purely voluntary basis. If the Participant does not consent or later seeks to revoke their consent, the Participant's engagement as a service provider with the Company or the Service Recipient will not be adversely affected; the only consequence of refusing or withdrawing consent is that the Company will not be able to grant the Units or other equity awards to the Participant under the Plan or administer or maintain such awards. Therefore, the Participant understands that refusing or withdrawing consent may affect the Participant's ability to participate in the Plan (including the right to retain the Units). The Participant understands that they may contact their local human resources representative for more information on the consequences of refusing to consent or withdrawing consent.

*The following data privacy terms govern the grant of the Units under the Plan if the Participant resides in the European Economic Area, the European Union, Switzerland, the United Kingdom, or Brazil:* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.5 Data Collected and Purposes of Collection. The Participant understands that the Company, acting as the controller, as well as any other Participating Company, will process, to the extent permissible under applicable laws, certain personal information about him or her, including name, home address and telephone number, information necessary to process the Units (*e.g.*, mailing address for a check payment or bank account wire transfer information), date of birth, social insurance number or other identification number, salary, nationality, job title, engagement location, details of all Units granted, canceled, vested, unvested or outstanding in his or her favor, and where applicable service termination date and reason for termination, any capital shares or directorships held in the Company (where needed for legal or tax compliance), and any other information necessary to process mandatory tax withholding and reporting (all such personal information is referred to as "*Data*"). The Data is collected from the Participant, and from the Company and any Participating Company, for the purpose of implementing, administering, and managing the Plan pursuant to its terms. The legal basis (that is, the legal justification) for processing the Data is that it is necessary to perform, administer and manage the Plan pursuant to this Agreement between the Participant and the Company, and in the Company's legitimate interests to comply with applicable non-EU laws when performing, administering and managing the Plan, subject to his or her interest and fundamental rights. The Data must be provided in order for the Participant to participate in the Plan and for the parties to this Agreement to perform their respective obligations hereunder. If the Participant does not provide Data, he or she will not be able to participate in the Plan and become a party to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.6 Transfers and Retention of Data. The Participant understands that the Data will be transferred to and among the Company and any Participating Company, as well as service providers (such as stock administration providers, brokers, transfer agents, accounting firms, payroll processing firms or tax firms), for the purposes explained above, which are necessary to allow the Company to perform this Agreement. The Participant understands that the recipients of the Data may be located in the United States and in other jurisdictions outside of the European Economic Area where the Company and any Participating Company or its service providers have operations. The United States and some of these other jurisdictions have not been found by the European Commission to have adequate data protection safeguards. If the Company or any Participating Company makes transfers of Data outside of the European Economic Area,

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## those transfers will be made solely to the extent necessary to perform this Agreement and take necessary actions in connection with such performance. In addition, service providers may commit to provide adequate safeguards for the transferred Data, such as standard contractual clauses approved by the European Commission. In that case, the Participant may obtain details of the transfers by contacting their local human resources representative.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.7 Participant's Rights in Respect of Data. The Participant has the right to access his or her Data being processed by the Company or any Participating Company as well as understand why the Company or any Participating Company is processing such Data. Additionally, subject to applicable laws, the Participant is entitled to have any inadequate, incomplete, or incorrect Data corrected (that is, rectified). Further, subject to applicable laws, and under certain circumstances, the Participant may be entitled to the following rights in regard to his or her Data: (i) to object to the processing of Data; (ii) to have his or her Data erased, such as where it is no longer necessary in relation to the purposes for which it was processed; (iii) to restrict the processing of his or her Data so that it is stored but not actively processed (*e.g.*, while the Company assesses whether the Participant is entitled to have Data erased); and (iv) to port a copy of the Data provided pursuant to this Agreement or generated by him or her, in a common machine-readable format. To exercise his or her rights, the Participant may contact the applicable human resources representative. The Participant may also contact the relevant data protection supervisory authority, as he or she has the right to lodge a complaint.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. <u>Miscellaneous Provisions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1 Nontransferability of the Award. Prior to the issuance of Shares on the applicable Settlement Date, neither this Award nor any Units subject to this Award will be subject in any manner to anticipation, alienation, sale, exchange, transfer, assignment, pledge, encumbrance, or garnishment by creditors of the Participant or the Participant's beneficiary, except transfer by will or by the laws of descent and distribution. All rights with respect to the Award will be exercisable during the Participant's lifetime only by the Participant or the Participant's guardian or legal representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.2 Captions. Captions and titles contained herein are for convenience only and do not affect the meaning or interpretation of any provision of this Agreement. Except when otherwise indicated by the context, the singular includes the plural and the plural includes the singular. Use of the term "or" is not intended to be exclusive, unless the context clearly requires otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.3 Further Instruments. The parties hereto agree to execute such further instruments and to take such further action as may reasonably be necessary to carry out the intent of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.4 Binding Effect. This Agreement will inure to the benefit of the successors and assigns of the Company and, subject to the restrictions on transfer set forth herein, be binding upon the Participant and the Participant's heirs, executors, administrators, successors and assigns.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.5 Delivery of Documents and Notices. Any document relating to participation in the Plan, or any notice required or permitted hereunder must be given in writing and will be deemed effectively given (except to the extent that this Agreement provides for effectiveness only upon actual receipt of such notice) upon personal delivery, electronic delivery at the e-mail address, if any, provided for the Participant by a Participating Company, or upon deposit in the U.S. Post Office or foreign postal service, by registered or certified mail, or with a nationally recognized overnight courier service, with postage and fees prepaid, addressed to the other party at the address of such party set forth in the Grant Notice or at such other address as such party may designate in writing from time to time to the other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) ***Description of Electronic Delivery and Signature.*** The Plan documents, which may include but do not necessarily include: the Plan, the Grant Notice, this Agreement, and any reports of the Company provided generally to the Company's shareholders, may be delivered to the Participant electronically. In addition, if permitted by the Company, the Participant may deliver electronically the Grant Notice to the Company or to such third party involved in administering the Plan as the Company may designate from time to time. Such means of electronic delivery may include but do not necessarily include the delivery of a link to a Company intranet or the Internet site of a third party involved in administering the Plan, the delivery of the document via e-mail or such other means of electronic delivery specified by the Company. Any and all such documents and notices may be electronically signed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) ***Consent to Electronic Delivery and Signature.*** The Participant acknowledges that the Participant has read Section 17.5(a) of this Agreement and consents to the electronic delivery of the Plan documents and, if permitted by the Company, the delivery of the Grant Notice, as described in Section 17.5(a). The Participant agrees that any and all such documents requiring a signature may be electronically signed and that such electronic signature will have the same effect as handwritten signature for the purposes of validity, enforceability and admissibility. The Participant acknowledges that he or she may receive from the Company a paper copy of any documents delivered electronically at no cost to the Participant by contacting the Company by telephone or in writing. The Participant further acknowledges that the Participant will be provided with a paper copy of any documents if the attempted electronic delivery of such documents fails. Similarly, the Participant understands that the Participant must provide the Company or any designated third party administrator with a paper copy of any documents if the attempted electronic delivery of such documents fails. The Participant may revoke his or her consent to the electronic delivery of documents described in Section 17.5(a) or may change the electronic mail address to which such documents are to be delivered (if Participant has provided an electronic mail address) at any time by notifying the Company of such revoked consent or revised e-mail address by telephone, postal service or electronic mail. The Participant acknowledges that the foregoing online or electronic participation in the Plan shall have the same force and effect as documentation executed in hardcopy written form. Finally, the Participant understands that he or she is not required to consent to electronic delivery of documents described in Section 17.5(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.6 Entire Agreement. The Grant Notice, this Agreement and the Plan constitute the entire understanding and agreement of the Participant and the Participating Company Group with respect to the subject matter contained herein or therein and supersede any prior or contemporaneous agreements, understandings, restrictions, representations, or warranties

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## among the Participant and the Participating Company Group with respect to the subject matter hereof, and may not be modified adversely to the Participant's interest (other than as permitted by the Plan) except by means of a writing signed by the Company and Participant. To the extent contemplated herein or therein, the provisions of the Grant Notice, this Agreement and the Plan will survive any settlement of the Award and will remain in full force and effect.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.7 Applicable Law. This Agreement will be governed by the laws of [the Cayman Islands] as such laws are applied to agreements between [Cayman Islands] residents entered into and to be performed entirely within [the Cayman Islands].<sup>2</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.8 Counterparts. The Grant Notice may be executed in counterparts, each of which will be deemed an original, but all of which together will constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.9 No Advice Regarding Grant. The Company is not providing any tax, legal or financial advice, nor is the Company making any recommendations or assessments regarding the Participant's participation in the Plan, or the Participant's acquisition or sale of the underlying Shares. The Participant is hereby advised to consult with the Participant's own personal tax, legal and financial advisors regarding the Participant's participation in the Plan before taking any action related to the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.10 Imposition of Other Requirements. The Company reserves the right to impose other requirements on the Participant's participation in the Plan, on the Units and on any Shares acquired under the Plan, to the extent the Company determines it is necessary or advisable in order to comply with applicable laws or facilitate the administration of the Plan. The Participant agrees to sign any additional agreements or undertakings that may be necessary to accomplish the foregoing. Furthermore, the Participant acknowledges that the laws of the country in which the Participant is working at the time of grant, vesting of the Units or the sale of Shares received pursuant to this Agreement (including any rules or regulations governing securities, foreign exchange, tax, labor, or other matters) may subject the Participant to additional procedural or regulatory requirements that the Participant is and will be solely responsible for and must fulfill.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.11 Insider Trading/Market Abuse Laws. The Participant may be subject to insider trading restrictions and/or market abuse laws in applicable jurisdictions, including, but not limited to, the Participant's country, which may affect the Participant's ability to accept, acquire, sell, or otherwise dispose of Shares, rights to Shares (*e.g.*, the Units) or rights linked to the value of Shares under the Plan during such times as the Participant is considered to have "inside information" regarding the Company (as defined by the laws in the applicable jurisdictions). Insider trading laws and regulations may prohibit the cancellation or amendment of orders the Participant placed before the Participant possessed inside information. Furthermore, the Participant could be prohibited from (i) disclosing the inside information to any third party, and (ii) "tipping" third parties or causing them otherwise to buy or sell securities. Any restrictions under these laws or regulations are separate from and in addition to any restrictions that may be imposed under any applicable Company insider trading policy. Neither

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<sup>2</sup> Note to Draft: Cayman Islands counsel to confirm applicable law.

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## the Company nor any Participating Company will be responsible for such restrictions or liable for the failure on the Participant's part to know and abide by such restrictions. The Participant should consult with his or her own personal legal advisers to ensure compliance with local laws.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.12 Foreign Asset/Account and Tax Reporting. There may be certain foreign tax, asset and/or account reporting requirements which may affect the Participant's ability to acquire or hold Shares or cash received from participating in the Plan in a brokerage or bank account outside the Participant's country. The Participant may be required to report such accounts, assets or related transactions to the tax or other authorities in the Participant's country. The Participant also may be required to repatriate sale proceeds or other funds received as a result of participating in the Plan to the Participant's country within a certain time after receipt. The Participant acknowledges that it is the Participant's responsibility to comply with such regulations, and is advised to speak to a personal advisor on this matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.13 Language. The Participant acknowledges that the Participant is proficient in the English language, or has consulted with an advisor who is proficient in the English language, so as to enable the Participant to understand the provisions of this Agreement and the Plan. If the Participant has received this Agreement or any other document related to the Plan translated into a language other than English and if the meaning of the translated version is different than the English version, the English version will control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.14 Country Specific Appendix. Notwithstanding any provisions in this Agreement, the Units grant shall be subject to any special terms and conditions set forth below which are applicable to the Participant's country of residence, the provisions of which are incorporated in and constitute part of this Agreement. Moreover, if the Participant relocates to one of the listed below, the specific terms and conditions applicable to such country will apply to the Participant to the extent the Company determines that the application of such terms and conditions is necessary or advisable in order to comply with applicable law or facilitate the administration of the Plan.

**COUNTRY-SPECIFIC APPENDIX TO**

**RARE EARTHS AMERICAS LTD.**

**RESTRICTED STOCK UNITS AGREEMENT**

This Appendix includes additional notifications, terms, and conditions that govern the Units granted to the Participant under the Plan if the Participant resides in one of the countries listed below. Capitalized terms used but not defined in this Appendix have the meanings set forth in the Plan and/or this Agreement.

The Participant understands and agrees that the Company strongly recommends that the Participant not rely on the information herein as the only source of information relating to the consequences of participation in the Plan because applicable rules and regulations regularly change, sometimes on a retroactive basis, and the information may be out of date at the time the Units vest under the Plan.

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For Non-U.S. Participants

The Participant further understands and agrees that if the Participant is a citizen or resident of a country other than the one in which the Participant is currently working, transfers employment or engagement after the grant of the Units, or is considered a resident of another country for applicable laws purposes, the information contained herein may not apply to the Participant, and the Company shall, in its discretion, determine to what extent the terms and conditions contained herein shall apply.

**AUSTRALIA**

***Notifications***

**<u>Securities Law Information</u>.** The offering and resale of the Shares acquired under the Plan to a person or entity resident in Australia may be subject to disclosure requirements under Australian law. The Participant should obtain legal advice regarding any applicable disclosure requirements prior to making any such offer. Neither this document nor any other materials relating to the Units constitute a prospectus, product disclosure statement, offer information statement or other disclosure documents under Australian law, including the Corporations Act 2001 (Cth).

**<u>No Advice or Recommendation</u>.** This Agreement is not intended to provide the sole or principal basis of any investment or credit decision or any other risk evaluation. The information contained in this Agreement is not a recommendation by the Company or any other person that subscribes for Shares in the Company. Each Participant must conduct his or her own investigations and analysis of the operations and prospects of the Company that it considers necessary or desirable and should determine for itself its interest in acquiring Shares in the Company on the basis of such independent assessment and investigation.

***Terms and Conditions***

**<u>Settlement of RSUs</u>.** Notwithstanding any discretion contained in the Plan, the grant of Units does not provide any right for the Participant to receive a cash payment. Units are payable only in Shares.

**<u>Foreign Asset Reporting</u>.** The Participant is required to report any cash or share accounts held in a foreign institution where the value of the asset is more than AUD 50,000. The information must be submitted to the Australian Taxation Office (on Form Annual Income Tax Return) by October 31. The threshold applies at any time during the tax year. The deadline may be extended if filing through a registered tax agent.

**<u>Offer of Units</u>.** The Board, in its absolute discretion, may make a written offer to an eligible person who is an Australian resident (each such offeree being referred to in this Appendix as a "Participant") it chooses to accept an award of Units.

The offer shall specify the maximum number of Shares subject to an award of Units which the Participant may accept, the Date of Grant, the Expiration Date, the vesting conditions (if any), any applicable holding period and any disposal restrictions attaching to the Award or the resultant Shares (all of which may be set by the Board in its absolute discretion).

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For Non-U.S. Participants

The offer is intended to receive tax-deferred treatment under Subdivision 83A-C of the Income Tax Assessment Act 1997(Cth). The conditions to receive such treatment are contained in this Appendix.

The offer shall be accompanied by an acceptance form and a copy of the Plan and this Appendix or, alternatively, details on how the Participant may obtain a copy of the Plan and this Appendix.

**<u>Grant of Units.</u>** If Participant validly accepts the Board's offer of an award of Units, the Board must grant the Participant an award for the number of Shares for which the award was accepted. However, the Board must *not* do so if the Participant has ceased to be an eligible person at the date when the award is to be granted or the Company is otherwise prohibited from doing so under the *Corporations Act 2001*(Cth) (the "***Corporations Act***") without a disclosure document, product disclosure statement or similar document.

The Company must provide an Agreement in respect of the award granted to the Participant to be executed by the Participant as soon as practicable after the Date of Grant.

Awards granted to the Participants under this Appendix that are Units must not have an Expiration Date exceeding fifteen (15) years from the Date of Grant.

**<u>Tax-Deferred Treatment</u>**<u>.</u>

*Ordinary shares*. Awards issued to a Participant under this Appendix must relate to ordinary shares. For the purpose of this Appendix, ordinary shares shall be defined in accordance with its ordinary meaning under Australian law.

*Predominant business of the Company*. Awards must not be issued to the Participants where those awards relate to Units or Shares in a company that has a predominant business of the acquisition, sale or holding of shares, securities or other investments.

*Real risk of forfeiture*. Awards that are Units issued to a Participant under this Appendix must have a real risk of forfeiture, the vesting conditions by which this risk is achieved are to be determined by the Board in its absolute discretion.

*10% limit on shareholding and voting power*. Immediately after the Participant acquires the awards, the Participant must not: (i) hold a beneficial interest in more than 10% of the shares in the Company; or (ii) be in a position to cast, or control the casting of, more than 10% of the maximum number of votes that might be cast at a general meeting of the Company. For the purposes of these thresholds, awards that are Units are treated as if they have vested and have been converted into Shares.

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**BRAZIL**

***Terms and Conditions***

**<u>Acknowledgements.</u>** The following provisions supplement Section 15 of the Agreement.

By accepting these Units, the Participant acknowledges, understands and agrees that (i) the Participant is making an investment decision and (ii) the value of the underlying Shares is not fixed and may increase or decrease without compensation to the Participant.

**<u>Compliance with Law.</u>** By accepting these Units, the Participant acknowledges, understands and agrees to comply with applicable Brazilian laws and to pay any and all applicable Tax-Related Items associated with the acquisition of the Shares, the receipt of any dividends, and the sale of Shares acquired under the Plan.

***Notifications***

**<u>Exchange Control Notification.</u>** If the Participant is a resident or is domiciled in Brazil, the Participant will be required to submit an annual declaration of assets and rights held outside Brazil, including any Shares acquired under the Plan, to the Central Bank of Brazil if the aggregate value of such assets and rights equals or exceeds a certain legally designated amount. The assets and rights that must be reported include Shares and may include the Units.

**<u>Tax on Financial Transaction</u>**. If the Participant repatriates the proceeds from the sale of Shares or receipt of any cash dividends and converts the funds into local currency, the Participant may be subject to the Tax on Financial Transactions. It is the Participant's responsibility to pay any applicable Tax on Financial Transactions arising from participation in the Plan. The Participant should consult with a personal tax advisor for additional details.

**CANADA**

***Terms and Conditions***

**<u>Termination of Service</u>.** Notwithstanding any provision of the Plan or this Agreement, the following provision shall apply to Participants employed in Canada on the date on which notification of termination (for any reason, with or without cause) or resignation from Service is delivered:

For purposes of this Agreement, the Participant's termination date shall mean the later of (i) the date upon which the Participant ceases to perform Services for the Company or Participating Company following the provision of such notification of termination or resignation from Service and (ii) the end of any minimum period of notice of termination (if any) required by applicable employment or labor standards legislation. For clarity, unless otherwise expressly provided in this Agreement or determined by the Comapany, no Units will vest under the Plan following the Participant's termination date, and the termination date will not be extended by any period of deemed notice of termination under contract or at common or civil law in respect of which the Participant may receive pay in lieu of notice of termination or damages in lieu of such notice. The Participant will

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not be entitled to any further payments in respect of the value of any Units that have not yet vested as of the Participant's termination date and no Units nor any pro-rated portion thereof shall be included in any entitlement to any pay in lieu of notice of termination or damages in lieu of such notice. Subject to any applicable statutory notice period, the Board shall have the exclusive discretion to determine when the Participant is no longer actively providing Services for purposes of the grant of Units.

**<u>Share Settlement of Units.</u>** Notwithstanding any discretion contained in the Plan, the grant of Units does not provide any right for the Participant to receive a cash payment. Units are payable only in Shares.

**<u>Nature of Grant</u>.** The following provision replaces Section 15.1 of the Agreement:

In the event of the Participant's termination (whether or not in breach of local labor laws), the Participant's right to vest in the Units under the Plan, if any, will be considered terminated as of the earliest of: (a) the date that the Participant's employment or service relationship with the Company and Participating Companies is terminated; (b) the date that the Participant receives notice of termination of the Participant's employment or service relationship with the Company or any Participating Company, regardless of any notice period or period of pay in lieu of such notice required under applicable employment law in the jurisdiction where Participant is employed or providing Services or the terms of the Participant's employment agreement, if any; and (c) the date that the Participant is no longer actively providing Services to the Company or any Participating Company; the Board shall have the exclusive discretion to determine when the Participant is no longer actively in Service for purposes of the Units (including whether the Participant may still be considered to be providing Services while on a leave of absence).

**<u>Language Consent</u>.** The parties acknowledge that it is their express wish that this Agreement, as well as all documents, notices and legal proceedings entered into, given or instituted pursuant hereto or relating directly or indirectly hereto, be drawn up in English.

***<u>Consentement Relatif à la Langue</u>.*** *Les parties reconnaissent avoir expressement souhaité que la convention «Agreement » ainsi que tous les documents, avis et procédures judiciaries, éxecutés, donnés ou intentés en vertu de, ou lié, directement ou indirectement à la présente convention, soient rédigés en langue anglaise.*

**<u>Data Privacy</u>.** The following provision supplements Section 16 of the Agreement:

The Participant hereby authorizes the Company and the Company's representatives to discuss with and obtain all relevant information from all personnel, professional or non-professional, involved in the administration and operation of the Plan. The Participant further authorizes the Company, any Participating Company, the Board, as well as a third party stock plan service provider, to disclose and discuss the Plan with their advisors and to record all relevant information and keep such information in the Participant's employee file.

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For Non-U.S. Participants

***Notifications***

**<u>Securities Law Notification</u>.** The sale or other disposal of the Shares acquired at settlement of the Units may not take place within Canada. *The Participant should consult his or her personal legal advisor prior to selling Shares.*

**<u>Foreign Asset / Account Reporting Notification</u>.** Foreign property, including Shares and rights to receive Shares (*e.g.*, Units), must be reported annually on a Form T1135 (Foreign Income Verification Statement) if the total cost of the foreign property exceeds C$100,000 at any time during the year. Thus, Units must be reported - generally at a nil cost - if the C$100,000 cost threshold is exceeded because of other foreign property. When Shares are acquired, their cost generally is the adjusted cost base ("***ACB***") of the Shares. The ACB would ordinarily equal the fair market value of the Shares at the time of acquisition, but if other Shares are also owned, this ACB may have to be averaged with the ACB of the other Shares. *The Participant should consult his or her personal tax advisor to ensure compliance with applicable reporting obligations.*

**SWEDEN**

***Notifications***

**<u>Securities Disclosure</u>**. The grant of the Units is exempt or excluded from the requirement to publish a prospectus under current securities rules as implemented in Sweden.

***Terms and Conditions***

**<u>Exchange Control</u>**. The Participant understands and agrees that foreign and local banks or financial institutions (including brokers) engaged in cross-border transactions generally may be required to report any payments to or from a foreign country exceeding a certain amount to The National Tax Board, which receives the information on behalf of the Swedish Central Bank (Sw.Riksbanken). This requirement may apply even if the Participant has a brokerage account with a foreign broker.

**<u>Taxes</u>**. The following provision supplements Section 6 of this Agreement:

Without limiting the Company's authority to satisfy its withholding obligations for Tax-Related Items as set forth in Section 6 of the Agreement, in accepting the grant of Units, Participant authorizes the Company to withhold Shares or to sell Shares otherwise deliverable to the Participant upon vesting/settlement to satisfy Tax-Related Items, regardless of whether the Company has an obligation to withhold such Tax-Related Items.

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For Non-U.S. Participants

**UNITED ARAB EMIRATES**

***Terms and Conditions***

**<u>Nature of Grant</u>**. The following provision supplements Section 15 of the Agreement:

The Participant acknowledges that the Units and related benefits do not constitute a component of the Participant's "wages" for any legal purpose. Therefore, the Units and related benefits will not be included and/or considered for purposes of calculating any and all labor benefits, such as social insurance contributions and/or any other labor-related amounts which may be payable.

***Notifications***

**<u>Securities Law Information</u>**. This statement, the Agreement, the Plan and any other documents the Participant may receive in connection with the Units are intended for distribution to select service providers of the Company or Participating Company only, and must not be delivered to, or relied on, by any other person.

The Units to which the Agreement relates are granted under the Plan to select service providers of the Company or Participating Company only and are intended to provide them with an incentive to contribute to the success of the Company.

The Ministry of Economy, Dubai Department of Economic Development, Emirates Securities and Commodities Authority and Central Bank do not have any responsibility for reviewing or verifying any documents in connection with this statement, the Plan or the Agreement, nor have they reviewed, verified or approved this statement, the Plan, the Agreement or any of the information set forth therein.

Any securities (*i.e.*, Shares) acquired under the Plan may be subject to restrictions on their resale. Prospective acquirors of the securities offered should conduct their own due diligence with respect to the securities. If the Participant does not understand the contents of this statement, the Plan or the Agreement, he or she should consult an authorized financial advisor.

**UNITED KINGDOM ("UK")**

***Terms and Conditions***

**<u>Settlement of Units.</u>** Notwithstanding any discretion contained in the Plan, the grant of Units does not provide any right for the Participant to receive a cash payment. Units are payable only in Shares.

**<u>Responsibility for Taxes</u>.** The following provision supplements Section 6 of the Agreement:

Without limitation to Section 6 of the Agreement, the Participant agrees that the Participant is liable for all Tax-Related Items and hereby covenants to pay all such Tax-Related Items, as and when requested by the Company or any Participating Company or by Her Majesty's Revenue and Customs ("***HMRC***") (or any other tax authority or any other relevant authority). The Participant also agrees to indemnify and keep indemnified the Company and the Participating

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For Non-U.S. Participants

Company against any Tax-Related Items that they are required to pay or withhold or have paid or will pay to HMRC on the Participant's behalf (or any other tax authority or any other relevant authority).

Notwithstanding the foregoing, if the Participant is a director or executive officer of the Company (within the meaning of Section 13(k) of the Exchange Act), the Participant understands that he or she may not be able to indemnify the Company for the amount of Tax-Related Items not collected from or paid by the Participant, in case the indemnification could be considered to be a loan. In this case, the Tax-Related Items not collected or paid may constitute a benefit to the Participant on which additional income tax and National Insurance Contributions ("***NICs***") may be payable. The Participant understands that he or she is responsible for reporting and paying any income tax due on this additional benefit directly to HMRC under the self-assessment regime and for paying the Company or the Participating Company (as applicable) the amount of any NICS due on this additional benefit, which may also be recovered from the Participant by any of the means referred to in Section 6 of the Agreement.

**<u>Tax Consultation</u>.** The Participant understands that he or she may suffer adverse tax consequences as a result of his or her acquisition, holding, or disposition of the Shares. The Participant represents that he or she will consult with any tax advisors that the Participant deems appropriate in connection with the acquisition, holding, or disposition of the Shares and that the Participant is not relying on the Company or any Participating Company for any tax advice.

[**<u>Section 431 Election</u>**. As a condition of participation in the Plan and the vesting of the Units, the Participant agrees to enter into, jointly with the Company or Participating Company, the joint election within Section 431 of the U.K. Income Tax (Earnings and Pensions) Act 2003 ("*ITEPA 2003*") in respect of computing any tax charge on the acquisition of "restricted securities" (as defined in Sections 423 and 424 of ITEPA 2003), and that the Participant will not revoke such election at any time. This election will be to treat the Shares as if they were not restricted securities (for U.K. tax purposes only). The Participant must enter into the form of election concurrent with accepting the Agreement, or at such subsequent time as may be designated by the Company.]

[**<u>Joint Election</u>.** As a condition of participation in the Plan, the Participant agrees to accept any liability for secondary Class 1 NICs that may be payable by the Company or the Participating Company (or any successor to the Company or the Participating Company) in connection with the Units and any event giving rise to Tax-Related Items (the "***Employer NICs***"). The Employer NICs may be collected by the Company or the Participating Company using any of the methods described in the Plan or in Section 6 of the Agreement.

Without prejudice to the foregoing, the Participant agrees to execute the form of joint election with the Company and/or the Participating Company (a "***Joint Election***"), which has been approved by HMRC and is attached to this Appendix, concurrent with accepting the Agreement or at such subsequent time as may be designated by the Company, and any other consent or elections required by the Company or the Participating Company in respect of the Employer NICs liability. The Participant further agrees to execute such other elections as may be required by any successor to the Company and/or the Participating Company for the purpose of continuing the effectiveness of the Participant's Joint Election.]

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For Non-U.S. Participants

***Notifications***

**<u>Units Not UK Tax-Qualified</u>.** The Units granted under the Agreement are not intended to qualify for tax beneficial or preferred treatment under UK rules and regulations.

**<u>Securities Disclaimer</u>.** The grant of the Award is exempt from the requirement to publish a prospectus under current securities rules as implemented in the UK. Neither the Agreement, nor this Appendix, is an approved prospectus for the purposes of section 85(1) of the Financial Services and Markets Act 2000 ("***FSMA***") and no offer of transferable securities to the public (for the purposes of section 102B of FSMA) is being made in connection with the Plan. The Plan and the Units are exclusively available in the UK to bona fide Employees and former Employees and any other UK Participating Company.

**<u>Prohibition Against Insider Dealing</u>.** The Participant should be aware of the UK's insider dealing rules under the Criminal Justice Act 1993, which may affect transactions under the Plan such as the acquisition or sale of Shares acquired under the Plan, if the Participant has inside information regarding the Company. If the Participant is uncertain whether the insider dealing rules apply, the Company recommends that the Participant consults with a legal advisor. The Company cannot be held liable if the Participant violates the UK's insider dealing rules. Participant is responsible for ensuring his or her compliance with these ru.les.

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## Exhibit 10.3

**Exhibit 10.3**

THE SECURITIES WHICH ARE THE SUBJECT OF THIS AGREEMENT HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF. NO SUCH SALE OR DISPOSITION MAY BE EFFECTED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE SECURITIES ACT OF 1933.

**RARE EARTHS AMERICAS LTD.**

**RESTRICTED STOCK UNITS AGREEMENT**

Rare Earths Americas Ltd. has granted to the Participant named in the *Notice of Grant of Restricted Stock Units* (the *"****Grant Notice****"*) to which this Restricted Stock Units Agreement (the *"****Agreement****"*) is attached an Award consisting of Restricted Stock Units subject to the terms and conditions set forth in the Grant Notice and this Agreement. The Award has been granted pursuant to and is in all respects subject to the terms and conditions of the Rare Earths Americas Ltd. 2025 Equity Incentive Plan (the *"****Plan****"*).

**1 <u>Definitions</u>**.

Capitalized terms have the meanings assigned by the Grant Notice or the Plan, unless otherwise defined herein or as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 *"Change in Control"* means a "Change in Control as defined by the Plan, provided that such Change in Control (a) is also a "change in control event" as described in Treasury Regulation Section 1.409A-3(i)(5)(i) and (b) is not an Initial Public Offering described in Section 1.2(b) below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 "*Initial Public Offering*" means either (a) the closing of the initial underwritten public offering of securities of the class of equity securities then subject to the Award pursuant to an effective registration statement filed under the Securities Act or (b) the closing of an acquisition of the Company by a special purpose acquisition company whose shares are publicly traded on a national stock exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 "*Liquidity Event Date*" means the date of satisfaction of the Liquidity Event Condition (as defined in the Grant Notice).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. <u>Administration.</u>**

All questions of interpretation concerning the Grant Notice, this Agreement, the Plan or any other form of agreement or other document employed by the Company in the administration of the Plan or the Award are determined by the Board or its authorized designee as set forth in Section 3 of the Plan.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. <u>The Award.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 Grant of Units. On the Date of Grant, the Participant will acquire, subject to the provisions of this Agreement, a number of Units equal to the Total Number of Units. Each Unit represents a right to receive one (1) Share on a date determined in accordance with the Grant Notice and this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 No Monetary Payment Required. The Participant is not required to make any monetary payment (other than to satisfy applicable tax withholding, if any, with respect to the issuance of Shares) as a condition to receiving the Units or Shares issued upon settlement of the Units, the consideration for which will be past services actually rendered or future services to be rendered to a Participating Company or for its benefit. Notwithstanding the foregoing, if required by applicable law, the Participant will furnish consideration in the form of cash or past services rendered to a Participating Company or for its benefit having a value not less than the par value of the Shares issued upon settlement of the Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 Termination of the Award. The Award will terminate upon the first to occur of (a) the date of termination of the Participant's Service for Cause prior to the Vesting Date (as set forth in the Grant Notice), (b) the Expiration Date if the Liquidity Event Date has not yet occurred on or before the Expiration Date, (c) a Change in Control to the extent provided in Section 7, or (d) the final settlement of all Vested Units in accordance with Section 5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. Vesting of Units; Termination of Service.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 Normal Vesting. Units acquired pursuant to this Agreement will become Vested Units as provided in the Grant Notice. For purposes of determining the number of Vested Units following an Ownership Change Event, credited Service will include all service with any entity which is a member of the Participating Company Group at the time service is rendered, whether or not such entity is a member of the Participating Company Group both before and after such Ownership Change Event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 Effect of Termination of Service. The effect of the Participant's termination of Service prior to the Vesting Date will be as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Termination of Service for Cause.** If the Participant's Service is terminated for Cause at any time prior to a Vesting Date, then all Units subject to the Award will be forfeited and automatically canceled immediately upon the Participant's termination of Service, notwithstanding that the Participant may have satisfied the Service Condition with respect to all or a portion of the Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Termination of Service for any Reason other than Cause before Liquidity Event Date.** If the Participant's Service terminates for any reason other than Cause prior to the Liquidity Event Date, then:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all Units for which the Service Condition as set forth in the Grant Notice *<u>has not</u>* been satisfied as of the date of such termination of Service will be forfeited and automatically canceled immediately upon the Participant's termination of Service; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all Units for which the Service Condition as set forth in the Grant Notice has been satisfied as of the date of such termination of Service will not then be forfeited and automatically canceled, but instead will become Vested Units, if at all, upon the subsequent occurrence of the Liquidity Event Date prior to the Expiration Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Effect of Termination of Service on or after Liquidity Event Date.** If the Participant's Service terminates for any reason on or after the Liquidity Event Date, then all Units that are not then Vested Units will be forfeited and automatically canceled immediately upon the Participant's termination of Service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. <u>Settlement of the Award.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 Issuance of Shares*.* Subject to the provisions of Section 5.3, the Company will issue one (1) Share to the Participant on the Settlement Date for each Vested Unit to be settled on such date. Shares issued in settlement of Units will not be subject to any restriction on transfer other than any restriction required pursuant to Section 5.3, Section 6 or the Company's Trading Compliance Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 Beneficial Ownership of Shares; Certificate Registration*.* The Participant authorizes the Company, in its sole discretion, to deposit Shares acquired by the Participant pursuant to the settlement of the Award with the Company's transfer agent, including any successor transfer agent, to be held in book entry form. Furthermore, the Participant authorizes the Company, in its sole discretion, to deposit Shares for the benefit of the Participant with any broker with which the Participant has an account relationship of which the Company has notice. Except as provided by the foregoing, a certificate for the Shares will be registered in the name of the Participant, or, if applicable, in the names of the heirs of the Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 Restrictions on Grant of the Award and Issuance of Shares*.* The grant of the Award and issuance of Shares upon settlement of the Award will be subject to compliance with all applicable requirements of federal, state or foreign law with respect to such securities. No Shares will be issued if their issuance would constitute a violation of any applicable federal, state or foreign securities laws or other law or regulations or the requirements of any stock exchange or market system upon which the Shares may then be listed. The inability of the Company to obtain from any regulatory body having jurisdiction the authority, if any, deemed by the Company's legal counsel to be necessary to the lawful issuance of any Shares will relieve the Company of any liability in respect of the failure to issue such Shares as to which such requisite authority has not been obtained. As a condition to the settlement of the Award, the Company may require the Participant to satisfy any qualifications that may be necessary or appropriate, to evidence compliance with any applicable law or regulation and to make any representation or warranty as may be requested by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 Fractional Shares*.* The Company will not be required to issue fractional shares upon the settlement of the Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5 [Shareholders Agreement. The Participant (and, if applicable, his or her heirs) will be required, at the time of acceptance of this Award and as a condition to the Award, to sign and deliver an adoption agreement or counterpart signature page to, and be bound by,

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## each Shareholders Agreement then in effect and any other agreement that the Company requires a holder of Shares to sign (to the extent such agreements exist and such Participant is not already a party to such agreements), in form and substance satisfactory to the Company. The Participant (and, if applicable, his or her heirs) acknowledges that a Shareholders Agreement or any such other agreement may restrict transfers of Shares. The obligation set forth in this Section will remain in effect with respect to any Shareholders Agreement until such Shareholders Agreement is terminated. In addition, to the extent any such Shareholders Agreement is amended, modified or otherwise replaced by a similar agreement, the obligation set forth herein will also apply to the modified, amended and/or replacement agreement.]
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. <u>Tax Withholding.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 In General. At the time the Grant Notice is executed, or at any time thereafter as requested by a Participating Company, the Participant authorizes withholding from payroll and any other amounts payable to the Participant, and otherwise agrees to make adequate provision for, any sums required to satisfy the federal, state, local and foreign tax (including social insurance) withholding obligations of the Participating Company, if any, which arise in connection with the Award, the vesting of Units or the issuance of Shares in settlement thereof. The Company has no obligation to deliver Shares until the tax withholding obligations of the Participating Company have been satisfied by the Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 Assignment of Sale Proceeds. Subject to compliance with applicable law and the Company's Trading Compliance Policy, if permitted by the Company, the Participant may satisfy the Participating Company's tax withholding obligations in accordance with procedures established by the Company providing for delivery by the Participant to the Company or a broker approved by the Company of properly executed instructions, in a form approved by the Company, providing for the assignment to the Company of the proceeds of a sale with respect to some or all of the Shares being acquired upon settlement of Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 Withholding in Shares. The Company has the right, but not the obligation, to require the Participant to satisfy all or any portion of a Participating Company's tax withholding obligations by deducting from the Shares otherwise deliverable to the Participant in settlement of the Award a number of whole Shares having a fair market value, as determined by the Company as of the date on which the tax withholding obligations arise, not in excess of the amount of such tax withholding obligations determined by the applicable minimum statutory withholding rates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7. <u>Effect of Change in Control</u>*<u>.</u>***

In the event of a Change in Control, the treatment of the Award will be governed by Section 10 of the Plan and any applicable provisions of the Grant Notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8. <u>Right of First Refusal.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 Grant of Right of First Refusal*.* Except as provided in Section 8.7 and Section 15, in the event the Participant, the Participant's legal representative, or other holder of Shares acquired upon settlement of the Award proposes to sell, exchange, transfer, pledge, or otherwise dispose of any such Shares (the *"Transfer Shares"*) to any person or entity, including,

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## without limitation, any shareholder of a Participating Company, the Company will have the right to repurchase the Transfer Shares under the terms and subject to the conditions set forth in this Section (the *" Right of First Refusal "*).
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 Notice of Proposed Transfer*.* Prior to any proposed transfer of the Transfer Shares, the Participant must deliver written notice (the *"Transfer Notice"*) to the Company describing fully the proposed transfer, including the number of Transfer Shares, the name and address of the proposed transferee (the *"Proposed Transferee"*) and, if the transfer is voluntary, the proposed transfer price, and containing such information necessary to show the bona fide nature of the proposed transfer. In the event of a bona fide gift or involuntary transfer, the proposed transfer price will be deemed to be the Fair Market Value of the Transfer Shares, as determined by the Board in good faith. If the Participant proposes to transfer any Transfer Shares to more than one Proposed Transferee, the Participant must provide a separate Transfer Notice for the proposed transfer to each Proposed Transferee. The Transfer Notice must be signed by both the Participant and the Proposed Transferee and must constitute a binding commitment of the Participant and the Proposed Transferee for the transfer of the Transfer Shares to the Proposed Transferee subject only to the Right of First Refusal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 Bona Fide Transfer*.* If the Company determines that the information provided by the Participant in the Transfer Notice is insufficient to establish the bona fide nature of a proposed voluntary transfer, the Company will give the Participant written notice of the Participant's failure to comply with the procedure described in this Section 8, and the Participant will have no right to transfer the Transfer Shares without first complying with the procedure described in this Section 8. The Participant will not be permitted to transfer the Transfer Shares if the proposed transfer is not bona fide.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4 Exercise of Right of First Refusal*.* If the Company determines the proposed transfer to be bona fide, the Company will have the right to purchase all, but not less than all, of the Transfer Shares (except as the Company and the Participant otherwise agree) at the purchase price and on the terms set forth in the Transfer Notice by delivery to the Participant of a notice of exercise of the Right of First Refusal within thirty (30) days after the date the Transfer Notice is delivered to the Company. The Company's exercise or failure to exercise the Right of First Refusal with respect to any proposed transfer described in a Transfer Notice will not affect the Company's right to exercise the Right of First Refusal with respect to any proposed transfer described in any other Transfer Notice, whether or not such other Transfer Notice is issued by the Participant or issued by a person other than the Participant with respect to a proposed transfer to the same Proposed Transferee. If the Company exercises the Right of First Refusal, the Company and the Participant will consummate the sale of the Transfer Shares to the Company on the terms set forth in the Transfer Notice within sixty (60) days after the date the Transfer Notice is delivered to the Company (unless a longer period is offered by the Proposed Transferee); provided, however, that in the event the Transfer Notice provides for the payment for the Transfer Shares other than in cash, the Company will have the option of paying for the Transfer Shares by the present value cash equivalent of the consideration described in the Transfer Notice as reasonably determined by the Company. For purposes of the foregoing, cancellation of any indebtedness of the Participant to any Participating Company will be treated as payment to the Participant in cash to the extent of the unpaid principal and any accrued interest canceled. Notwithstanding anything contained in this Section to the contrary, the period

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## during which the Company may exercise the Right of First Refusal and consummate the purchase of the Transfer Shares from the Participant will terminate no sooner than the completion of a period of eight (8) months following the date on which the Participant acquired the Transfer Shares.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5 Failure to Exercise Right of First Refusal*.* If the Company fails to exercise the Right of First Refusal in full (or to such lesser extent as the Company and the Participant otherwise agree) within the period specified in Section 8.4, the Participant may conclude a transfer to the Proposed Transferee of the Transfer Shares on the terms and conditions described in the Transfer Notice, provided such transfer occurs not later than ninety (90) days following delivery to the Company of the Transfer Notice or, if applicable, following the end of the period described in the last sentence of Section 8.4. The Company will have the right to demand further assurances from the Participant and the Proposed Transferee (in a form satisfactory to the Company) that the transfer of the Transfer Shares was actually carried out on the terms and conditions described in the Transfer Notice. No Transfer Shares will be transferred on the books of the Company until the Company has received such assurances, if so demanded, and has approved the proposed transfer as bona fide. Any proposed transfer on terms and conditions different from those described in the Transfer Notice, as well as any subsequent proposed transfer by the Participant, will again be subject to the Right of First Refusal and will require compliance by the Participant with the procedure described in this Section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6 Transferees of Transfer Shares*.* All transferees of the Transfer Shares or any interest therein, other than the Company, will be required as a condition of such transfer to agree in writing (in a form satisfactory to the Company) that such transferee will receive and hold such Transfer Shares or interest therein subject to all of the terms and conditions of this Agreement, including this Section 8 providing for the Right of First Refusal with respect to any subsequent transfer. Any sale or transfer of any Shares will be void unless the provisions of this Section are met.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.7 Transfers Not Subject to Right of First Refusal*.* The Right of First Refusal will not apply to any transfer or exchange of the Shares if (a) such Shares are transferred during the Participant's lifetime or on the Participant's death by will or intestacy to the Participant's immediate family or a trust for the benefit of the Participant's immediate family in a manner permitted under Rule 701 under the Securities Act or (b) such Shares are transferred or exchanged in connection with an Ownership Change Event. Shares held by a transferee pursuant to clause (a) of this Section and any consideration received pursuant to a transfer or exchange pursuant to clause (b) of this Section that consists of stock of a Participating Company will in each such case remain subject to the Right of First Refusal unless the provisions of Section 8.9 result in a termination of the Right of First Refusal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.8 Assignment of Right of First Refusal*.* The Company will have the right to assign the Right of First Refusal at any time, whether or not there has been an attempted transfer, to one or more persons as may be selected by the Company.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.9 Early Termination of Right of First Refusal*.* The other provisions of this Agreement notwithstanding, the Right of First Refusal will terminate and be of no further force and effect upon (a) the occurrence of a Change in Control, unless the Acquiror assumes the Company's rights and obligations under this Agreement, or (b) the existence of a public market for the class of shares subject to the Right of First Refusal. A *"public market"* will exist if (i) such stock is listed on a national securities exchange (as that term is used in the Exchange Act) or (ii) such stock is traded on the over-the-counter market and prices therefor are published daily on business days in a recognized financial journal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9. <u>Adjustments for Changes in Capital Structure.</u>**

The Award is subject to the adjustment as provided by Section 4.3 of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10. <u>Rights as a Shareholder.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 In General. The Participant will have no rights as a shareholder with respect to any shares which may be issued in settlement of this Award until the date of the issuance of such shares (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company). No adjustment will be made for dividends, distributions or other rights for which the record date is prior to the date the shares are issued, except as provided in Section 9.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 Waiver of Inspection Rights. The Participant acknowledges and understands that, but for the waiver made herein, the Participant would be entitled, upon written demand under oath stating the purpose thereof, to inspect for any proper purposes, and to make copies and extracts from, the Company's stock ledger, a list of its shareholders, and its other books and records, and the books and records of subsidiaries of the Company, if any, under the circumstances and in the manner provided in Section 220 of the Delaware General Corporation Law and similar rights under other applicable law (any and all such rights, and any and all such other rights of the Participant as may be provided for in Section 220 of the Delaware General Corporation Law and similar rights under other applicable law, the "*Inspection Rights*"). In light of the foregoing, until the first sale of Shares to the general public pursuant to a registration statement filed with and declared effective by the Securities and Exchange Commission under the Securities Act, the Participant hereby unconditionally and irrevocably waives the Inspection Rights, whether such Inspection Rights would be exercisable or pursued directly or indirectly pursuant to Section 220 of the Delaware General Corporation Law or otherwise, and covenants and agrees never to directly or indirectly commence, voluntarily aid in any way, prosecute, assign, transfer or cause to be commenced any claim, action, cause of action, or other proceeding to pursue or exercise the Inspection Rights. The foregoing waiver applies to the Inspection Rights of the Participant in the Participant's capacity as a shareholder and will not affect any rights of a director, in his or her capacity as such, under Section 220 of the Delaware General Corporation Law. The foregoing waiver will not apply to any contractual inspection rights of the Participant under any written agreement with the Company.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11. <u>Rights as a Director, Employee or Consultant.</u>**

If the Participant is an Employee, the Participant understands and acknowledges that, except as otherwise provided in a separate, written employment agreement between a Participating Company and the Participant, the Participant's employment is "at will" and is for no specified term. Nothing in this Agreement confers upon the Participant any right to continue in the Service of a Participating Company or interferes in any way with any right of the Participating Company Group to terminate the Participant's Service as a Director, an Employee or Consultant, as the case may be, at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12. <u>Legends.</u>**

The Company may at any time place legends referencing the Right of First Refusal and any applicable federal, state or foreign securities law restrictions on all certificates representing Shares issued pursuant to this Agreement. The Participant must, at the request of the Company, promptly present to the Company any and all certificates representing Shares acquired pursuant to this Award in the possession of the Participant in order to carry out the provisions of this Section. Unless otherwise specified by the Company, legends placed on such certificates may include, but are not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1 "THE SECURITIES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE SOLD, TRANSFERRED, ASSIGNED OR HYPOTHECATED UNLESS THERE IS AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT COVERING SUCH SECURITIES, THE SALE IS MADE IN ACCORDANCE WITH RULE 144 OR RULE 701 UNDER THE ACT, OR THE COMPANY RECEIVES AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY, STATING THAT SUCH SALE, TRANSFER, ASSIGNMENT OR HYPOTHECATION IS EXEMPT FROM THE REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS OF SUCH ACT."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2 "THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER AND REPURCHASE OPTIONS IN FAVOR OF THE CORPORATION OR ITS ASSIGNEE SET FORTH IN AN AGREEMENT BETWEEN THE CORPORATION AND THE REGISTERED HOLDER, OR SUCH HOLDER'S PREDECESSOR IN INTEREST, A COPY OF WHICH IS ON FILE AT THE PRINCIPAL OFFICE OF THIS CORPORATION."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13. <u>Compliance with Section 409A.</u>**

It is intended that any election, payment or benefit which is made or provided pursuant to or in connection with this Award that may result in nonqualified deferred compensation within the meaning of Section 409A will comply in all respects with the applicable requirements of Section 409A (including applicable regulations or other administrative guidance thereunder, as determined by the Board in good faith) to avoid the unfavorable tax consequences therein for non-compliance and the Award will be so construed. In connection with effecting such compliance with Section 409A, the following will apply:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1 Separation from Service; Required Delay in Payment to Specified Employee. Notwithstanding anything set forth herein to the contrary, no amount payable pursuant to this Agreement on account of the Participant's termination of Service which constitutes a "deferral of compensation" within the meaning of the Treasury Regulations issued pursuant to Section 409A of the Code (the *"Section 409A Regulations"*) may be paid unless and until the Participant has incurred a "separation from service" within the meaning of the Section 409A Regulations. Furthermore, to the extent that the Participant is a "specified employee" within the meaning of the Section 409A Regulations as of the date of the Participant's separation from service, no amount that constitutes a deferral of compensation that is payable on account of the Participant's separation from service may be paid to the Participant before the date (the *"Delayed Payment Date"*) that is the first day of the seventh month after the date of the Participant's separation from service or, if earlier, the date of the Participant's death following such separation from service. All such amounts that would, but for this Section, become payable prior to the Delayed Payment Date will be accumulated and paid on the Delayed Payment Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2 Other Changes in Time of Payment. Neither the Participant nor the Company may take any action to accelerate or delay the payment of any benefits under this Agreement in any manner that would not be in compliance with the Section 409A Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.3 Amendments to Comply with Section 409A; Indemnification. Notwithstanding any other provision of this Agreement to the contrary, the Company is authorized to amend this Agreement, to void or amend any election made by the Participant under this Agreement and/or to delay the payment of any monies and/or provision of any benefits in such manner as may be determined by the Company, in its discretion, to be necessary or appropriate to comply with the Section 409A Regulations without prior notice to or consent of the Participant. The Participant hereby releases and holds harmless the Company, its directors, officers and shareholders from any and all claims that may arise from or relate to any tax liability, penalties, interest, costs, fees or other liability incurred by the Participant in connection with the Award, including as a result of the application of Section 409A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.4 Advice of Independent Tax Advisor. The Company has not obtained a tax ruling or other confirmation from the Internal Revenue Service with regard to the application of Section 409A to the Award, and the Company does not represent or warrant that this Agreement will avoid adverse tax consequences to the Participant, including as a result of the application of Section 409A to the Award. The Participant hereby acknowledges that he or she has been advised to seek the advice of his or her own independent tax advisor prior to entering into this Agreement and is not relying upon any representations of the Company or any of its agents as to the effect of or the advisability of entering into this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14. <u>Lock-Up Agreement.</u>**

The Participant hereby agrees that in the event of any underwritten public offering of stock, including an initial public offering of stock, made by the Company pursuant to an effective registration statement filed under the Securities Act, the Participant may not offer, sell, contract to sell, pledge, hypothecate, grant any option to purchase or make any short sale of, or otherwise dispose of any shares of stock of the Company or any rights to acquire stock of the Company for such period of time from and after the effective date of such registration statement

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as may be established by the underwriter for such public offering; provided, however, that such period of time may not exceed one hundred eighty (180) days from the effective date of the registration statement to be filed in connection with such public offering**;** or, upon the request of the Company or the underwriter, such longer period as necessary to permit compliance with FINRA Rule 2241 or any successor provisions or amendments thereto. The foregoing limitation will not apply to shares registered in the public offering under the Securities Act. The Participant hereby agrees to enter into any agreement reasonably required by the underwriters to implement the foregoing within a reasonable timeframe if so requested by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15. <u>Restrictions on Transfer of Shares.</u>**

At any time prior to the existence of a public market for the Shares, the Board may prohibit the Participant and any transferee of such Participant from selling, transferring, assigning, pledging, or otherwise disposing of or encumbering any Shares acquired pursuant to the Award (each, a *"****Transfer****"*) without the prior written consent of the Board. The Board may withhold consent for any reason, including, without limitation, (i) if such Transfer increases the risk of the Company having a class of security held of record by such number of persons as would require the Company to register any class of securities under the Exchange Act; (ii) if such Transfer would result in the loss of any federal or state securities law exemption relied upon by the Company in connection with the initial issuance of such shares or the issuance of any other securities; (iii) if such Transfer is facilitated in any manner by any public posting, message board, trading portal, Internet site, or similar method of communication, including without limitation any trading portal or Internet site intended to facilitate secondary transfers of securities; (iv) if such Transfer is to be effected in a brokered transaction; (v) if such Transfer would be of less than all of the Shares then held by the shareholder and its affiliates or is to be made to more than a single transferee; or (vi) any Transfer to any individual or entity identified by the Company as a potential competitor or considered by the Company to be unfriendly. No Shares may be sold, exchanged, transferred, assigned, pledged, hypothecated or otherwise disposed of, including by operation of law, in any manner which violates any of the provisions of this Agreement, and any such attempted disposition will be void. The Company will not be required (a) to transfer on its books any Shares which will have been transferred in violation of any of the provisions set forth in this Agreement or (b) to treat as owner of such Shares or to accord the right to vote as such owner or to pay dividends to any transferee to whom such Shares will have been so transferred. In order to enforce its rights under this Section, the Company will be authorized to give a stop transfer instruction with respect to the Shares to the Company's transfer agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16. <u>Miscellaneous Provisions.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.1 Nontransferability of the Award. Prior to the issuance of Shares on the applicable Settlement Date, neither this Award nor any Units subject to this Award will be subject in any manner to anticipation, alienation, sale, exchange, transfer, assignment, pledge, encumbrance, or garnishment by creditors of the Participant or the Participant's beneficiary, except transfer by will or by the laws of descent and distribution. All rights with respect to the Award will be exercisable during the Participant's lifetime only by the Participant or the Participant's guardian or legal representative.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.2 Captions. Captions and titles contained herein are for convenience only and do not affect the meaning or interpretation of any provision of this Agreement. Except when otherwise indicated by the context, the singular includes the plural and the plural includes the singular. Use of the term "or" is not intended to be exclusive, unless the context clearly requires otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.3 Further Instruments. The parties hereto agree to execute such further instruments and to take such further action as may reasonably be necessary to carry out the intent of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.4 Binding Effect. This Agreement will inure to the benefit of the successors and assigns of the Company and, subject to the restrictions on transfer set forth herein, be binding upon the Participant and the Participant's heirs, executors, administrators, successors and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.5 Delivery of Documents and Notices. Any document relating to participation in the Plan, or any notice required or permitted hereunder must be given in writing and will be deemed effectively given (except to the extent that this Agreement provides for effectiveness only upon actual receipt of such notice) upon personal delivery, electronic delivery at the e-mail address, if any, provided for the Participant by a Participating Company, or upon deposit in the U.S. Post Office or foreign postal service, by registered or certified mail, or with a nationally recognized overnight courier service, with postage and fees prepaid, addressed to the other party at the address of such party set forth in the Grant Notice or at such other address as such party may designate in writing from time to time to the other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) ***Description of Electronic Delivery and Signature.*** The Plan documents, which may include but do not necessarily include: the Plan, the Grant Notice, this Agreement, and any reports of the Company provided generally to the Company's shareholders, may be delivered to the Participant electronically. In addition, if permitted by the Company, the Participant may deliver electronically the Grant Notice to the Company or to such third party involved in administering the Plan as the Company may designate from time to time. Such means of electronic delivery may include but do not necessarily include the delivery of a link to a Company intranet or the Internet site of a third party involved in administering the Plan, the delivery of the document via e-mail or such other means of electronic delivery specified by the Company. Any and all such documents and notices may be electronically signed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) ***Consent to Electronic Delivery and Signature.*** The Participant acknowledges that the Participant has read Section 16.5(a) of this Agreement and consents to the electronic delivery of the Plan documents and, if permitted by the Company, the delivery of the Grant Notice, as described in Section 16.5(a). The Participant agrees that any and all such documents requiring a signature may be electronically signed and that such electronic signature will have the same effect as handwritten signature for the purposes of validity, enforceability and admissibility. The Participant acknowledges that he or she may receive from the Company a paper copy of any documents delivered electronically at no cost to the Participant by contacting the Company by telephone or in writing. The Participant further acknowledges that the Participant will be provided with a paper copy of any documents if the attempted electronic delivery of such documents fails. Similarly, the Participant understands that the Participant must

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provide the Company or any designated third party administrator with a paper copy of any documents if the attempted electronic delivery of such documents fails. The Participant may revoke his or her consent to the electronic delivery of documents described in Section 16.5(a) or may change the electronic mail address to which such documents are to be delivered (if Participant has provided an electronic mail address) at any time by notifying the Company of such revoked consent or revised e-mail address by telephone, postal service or electronic mail. Finally, the Participant understands that he or she is not required to consent to electronic delivery of documents described in Section 16.5(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.6 Entire Agreement. The Grant Notice, this Agreement and the Plan constitute the entire understanding and agreement of the Participant and the Participating Company Group with respect to the subject matter contained herein or therein and supersede any prior or contemporaneous agreements, understandings, restrictions, representations, or warranties among the Participant and the Participating Company Group with respect to the subject matter hereof, and may not be modified adversely to the Participant's interest (other than as permitted by the Plan) except by means of a writing signed by the Company and Participant. To the extent contemplated herein or therein, the provisions of the Grant Notice, this Agreement and the Plan will survive any settlement of the Award and will remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.7 Applicable Law. This Agreement will be governed by the laws of [the Cayman Islands] as such laws are applied to agreements between [Cayman Islands]residents entered into and to be performed entirely within [the Cayman Islands].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.8 Counterparts. The Grant Notice may be executed in counterparts, each of which will be deemed an original, but all of which together will constitute one and the same instrument.

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## Exhibit 10.4

**Exhibit 10.4**

**RARE EARTH AMERICAS LTD.**

**NOTICE OF GRANT OF RESTRICTED STOCK UNITS**

You have been granted an award (the *"****Award****"*) of certain units pursuant to the Rare Earth Americas Ltd. 2025 Equity Incentive Plan (the *"****Plan****"*) and your Restricted Stock Units Agreement (the "***Agreement***"), each of which represents the right to receive on the applicable Settlement Date one (1) share of Stock (each a "***Share***"), as follows:

---

| | |
|:---|:---|
| **Participant:** |  |
| **Date of Grant:** |  |
| **Total Number of Units:** | (each a "***Unit***"), subject to adjustment as provided by the Agreement. |
| **Expiration Date:** | The [5<sup>th</sup>][7<sup>th</sup>] anniversary of the Date of Grant. |
| **Vesting Commencement Date:** | [Insert Date] |
| **Vested Units:** | The vesting of each Unit requires the satisfaction of both the Service Condition and Liquidity Event Condition on or before the Expiration Date. Each Unit will become a Vested Unit on the first date (the "***Vesting Date***") on which ***both*** of the following conditions have been satisfied with respect to such Unit on or before the Expiration Date, as determined by the Board [provided that, except as otherwise provided by the Agreement, the Participant's Service has not terminated before the Vesting Date]: |
| **Service Condition** | The Service Condition will be satisfied for 100% of the Total Number of Units as of the Date of Grant.  |
| **Liquidity Event Condition** | The Liquidity Event Condition will be satisfied prior to the Expiration Date upon the first to occur of: (i) the closing of an Initial Public Offering (as defined in the Agreement) [, provided that the Participant's Service has not terminated before such date], and (ii) the time immediately prior to the consummation of a Change in Control (as defined in the Agreement). |
| **Settlement Date:** | Except as provided by the Agreement, the Settlement Date with respect to each Unit will be the Vesting Date applicable to such Unit; provided, however, that if the Liquidity Event Condition is satisfied by an effective Initial Public Offering, then the Settlement Date for any Unit that becomes a Vested Unit prior to the lapsing of any lock-up period described in Section 14 of the Agreement will be the first to occur of (i) the date on which such lock-up period lapses and (ii) a date determined by the Board, which will be no later than the 15th day of the third month following the end of the Applicable Year in which the Unit becomes a Vested Unit. For this purpose, "***Applicable Year***" means the calendar year or the Company's fiscal year, whichever year ends later. |

---

------

You and the Company agree that the Award is governed by this Notice of Grant and by the provisions of [the Shareholders Agreement,] the Plan and the Agreement, all of which are attached to and made a part of this document. You acknowledge receipt of copies of [the Shareholders Agreement,] the Plan and the Agreement, represent that you have read and are familiar with their provisions and accept the Award subject to all of their terms and conditions.

---

| | |
|:---|:---|
| **RARE EARTH AMERICAS LTD.** | **PARTICIPANT** |
| By:  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[officer name] | Signature |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[officer title] |  |
|  | Date |
| Address: |  |
|  | Address |

---

ATTACHMENTS: [Shareholders Agreement,] 2025 Equity Incentive Plan, as amended to the Date of Grant; and Restricted Stock Units Agreement

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## Exhibit 10.5

**Exhibit 10.5**

THE SECURITIES WHICH ARE THE SUBJECT OF THIS AGREEMENT HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF. NO SUCH SALE OR DISPOSITION MAY BE EFFECTED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE SECURITIES ACT OF 1933.

**RARE EARTH AMERICAS LTD.**

**RESTRICTED STOCK AGREEMENT**

Rare Earth Americas Ltd. has granted to the Participant named in the *Notice of Grant of Restricted Stock* (the *"****Grant Notice****"*) to which this Restricted Stock Agreement (the *"****Agreement****"*) is attached an Award consisting of Shares subject to the terms and conditions set forth in the Grant Notice and this Agreement. The Award has been granted pursuant to, and is in all respects subject to, the terms and conditions of, the Rare Earth Americas Ltd. 2025 Equity Incentive Plan (the *"****Plan****"*).

Unless otherwise defined by this Agreement, capitalized terms have the meanings assigned by the Grant Notice or the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Tax Matters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 Election under Section 83(b) of the Code. The Participant understands that Section 83 of the Code taxes as ordinary income the difference between the amount paid for the Shares, if anything, and the fair market value of the Shares as of the date on which the Shares are "substantially vested," within the meaning of Section 83. In this context, "substantially vested" means that the right of the Company to reacquire the Shares pursuant to the Company Reacquisition Right has lapsed. To the extent any Shares are not Vested Shares as of the Date of Grant, the Participant understands that he or she may elect to have his or her taxable income determined at the time he or she acquires the Shares rather than when the Company Reacquisition Right lapses by filing an election under Section 83(b) of the Code with the Internal Revenue Service no later than thirty (30) days after the date of acquisition of the Shares. The Participant understands that failure to make a timely filing under Section 83(b) with respect to any such shares that are not Vested Shares as of the Date of Grant will result in his or her recognition of ordinary income, as the Company Reacquisition Right lapses, on the difference between the purchase price, if anything, and the fair market value of the Shares at the time such restrictions lapse. The Participant further understands, however, that if Shares with respect to which an election under Section 83(b) has been made are forfeited to the Company pursuant to its Company Reacquisition Right, such forfeiture will be treated as a sale on which there is realized a loss equal to the excess (if any) of the amount paid (if any) by the Participant for the forfeited Shares over the amount realized (if any) upon their forfeiture. If the Participant has paid nothing for the forfeited Shares and has received no payment upon their forfeiture, the Participant understands that he or she will be unable to recognize any loss on the forfeiture of the Shares even though the Participant incurred a tax liability by making an election under Section 83(b).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 Notice to Company. The Participant will notify the Company in writing if the Participant files an election pursuant to Section 83(b) of the Code. The Company intends, in the event it does not receive from the Participant evidence of such filing, to claim a tax deduction for any amount which would otherwise be taxable to the Participant in the absence of such an election.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 Valuation of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Shares have been valued by the Company, and the Company believes this valuation represents a fair attempt at reaching an accurate appraisal of their worth. The Participant understands, however, that the Company can give no assurances that such valuation is in fact the fair market value of the Shares and that it is possible that with the benefit of hindsight, the Internal Revenue Service would successfully assert that the value of the Shares on any relevant date is greater than so determined.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the Internal Revenue Service were to succeed in a tax determination under the Code that the Shares received have a value greater than that determined by the Company, the additional value would constitute ordinary income as of the date of the Participant's realization of income. The additional taxes (and interest) due would be payable by the Participant, and there is no provision for the Company to reimburse him or her for that tax liability, and the Participant assumes all responsibility for such potential tax liability. The Company undertakes no obligation to inform the Participant of any change in the tax laws which may effect this Agreement or its consequences.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 Consultation with Tax Advisors. The Participant understands that he or she should consult with his or her tax advisor regarding the advisability of filing with the IRS an election under Section 83(b) of the Code with respect to any Shares that are not Vested Shares as of the Date of Grant, which must be filed no later than thirty (30) days after the date of the acquisition of the Shares pursuant to this Agreement. Failure to file an election under Section 83(b), if appropriate, may result in adverse tax consequences to the Participant. The Participant acknowledges that he or she has been advised to consult with a tax advisor regarding the tax consequences to the Participant of the purchase of Shares hereunder. ANY ELECTION UNDER SECTION 83(b) THE PARTICIPANT WISHES TO MAKE MUST BE FILED NO LATER THAN 30 DAYS AFTER THE DATE ON WHICH THE PARTICIPANT ACQUIRES THE SHARES. THIS TIME PERIOD CANNOT BE EXTENDED. THE PARTICIPANT ACKNOWLEDGES THAT TIMELY FILING OF A SECTION 83(b) ELECTION IS THE PARTICIPANT'S SOLE RESPONSIBILITY, EVEN IF THE PARTICIPANT REQUESTS THE COMPANY OR ITS REPRESENTATIVE TO FILE SUCH ELECTION ON HIS OR HER BEHALF.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5 Tax Withholding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) ***In General*.** At the time the Grant Notice is executed, or at any time thereafter as requested by a Participating Company, the Participant authorizes withholding from payroll and any other amounts payable to the Participant, and otherwise agrees to make adequate provision for, any sums required to satisfy the federal, state, local and foreign tax (including any social insurance) withholding obligations of the Participating Company Group, if

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any, which arise in connection with the Award, including, without limitation, obligations arising upon (i) the transfer of Shares to the Participant, (ii) the lapsing of any restriction with respect to any Shares, (iii) the filing of an election to recognize tax liability, or (iv) the transfer by the Participant of any Shares. The Company has no obligation to deliver the Shares or to release any Shares from the Escrow established pursuant to Section 8 until the tax withholding obligations of the Participating Company have been satisfied by the Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) ***Withholding in Shares*.** The Company has the right, but not the obligation, to require the Participant to satisfy all or any portion of a Participating Company's tax withholding obligations by withholding a number of whole Vested Shares otherwise deliverable to the Participant or by the Participant's tender to the Company of a number of whole Vested Shares or vested shares acquired otherwise than pursuant to the Award having, in any such case, a fair market value, as determined by the Company as of the date on which the tax withholding obligations arise, not in excess of the amount of such tax withholding obligations determined by the applicable minimum statutory withholding rates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Administration</u>.

All questions of interpretation concerning the Grant Notice, this Agreement, the Plan or any other form of agreement or other document employed by the Company in the administration of the Plan or the Award are determined by the Board or its authorized designee as set forth in Section 3 of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>The Award</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 Grant and Issuance of Shares. On the Date of Grant, the Participant will acquire and the Company will issue, subject to the provisions of this Agreement, a number of Shares equal to the Total Number of Shares. As a condition to the issuance of the Shares, to the extent any of the Shares are not Vested Shares as of the Date of Grant, the Participant will execute and deliver the Grant Notice to the Company, accompanied by an Assignment Separate from Certificate duly endorsed (with date and number of shares blank) in the form provided by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 No Monetary Payment Required. The Participant is not required to make any monetary payment (other than to satisfy applicable tax withholding, if any, with respect to the issuance or vesting of the Shares) as a condition to receiving the Shares, the consideration will be past services actually rendered or future services to be rendered to a Participating Company or for its benefit. Notwithstanding the foregoing, if required by applicable law, the Participant will furnish consideration in the form of cash or past services rendered to a Participating Company or for its benefit having a value not less than the par value of the Shares issued pursuant to the Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 Beneficial Ownership of Shares; Certificate Registration*.* The Participant authorizes the Company, in its sole discretion, to deposit the Shares with the Company's transfer agent, including any successor transfer agent, to be held in book entry form. Furthermore, the Participant authorizes the Company, in its sole discretion, to deposit, following the term of the Escrow pursuant to Section 8, for the benefit of the Participant with any broker

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## with which the Participant has an account relationship of which the Company has notice any or all Shares which are no longer subject to such Escrow. Except as provided by the foregoing, a certificate for the Shares will be registered in the name of the Participant, or, if applicable, in the names of the heirs of the Participant.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 Issuance of Shares in Compliance with Law*.* The issuance of Shares will be subject to compliance with all applicable requirements of federal, state or foreign law with respect to such securities. No Shares will be issued if their issuance would constitute a violation of any applicable federal, state or foreign securities laws or other law or regulations or the requirements of any stock exchange or market system upon which the Stock may then be listed. The inability of the Company to obtain from any regulatory body having jurisdiction the authority, if any, deemed by the Company's legal counsel to be necessary to the lawful issuance of any Shares will relieve the Company of any liability in respect of the failure to issue such Shares as to which such requisite authority will not have been obtained. As a condition to the issuance of the Shares, the Company may require the Participant to satisfy any qualifications that may be necessary or appropriate, to evidence compliance with any applicable law or regulation and to make any representation or warranty as may be requested by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 Stockholders Agreement. To the extent applicable, the Participant (and, if applicable, his or her heirs) will be required, at the time of acceptance of this Award and as a condition to the Award, to sign and deliver an adoption agreement or counterpart signature page to, and be bound by, each Stockholders Agreement then in effect and any other agreement that the Company requires a holder of common stock of the Company to sign (to the extent such agreements exist and such Participant is not already a party to such agreements), in form and substance satisfactory to the Company. The Participant (and, if applicable, his or her heirs) acknowledges that a Stockholders Agreement or any such other agreement may restrict transfers of common stock of the Company. The obligation set forth in this Section will remain in effect with respect to any Stockholders Agreement until such Stockholders Agreement is terminated. In addition, to the extent any such Stockholders Agreement is amended, modified or otherwise replaced by a similar agreement, the obligation set forth herein will also apply to the modified, amended and/or replacement agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Vesting of Shares</u>.

Shares acquired pursuant to this Agreement will become Vested Shares as provided in the Grant Notice. For purposes of determining the number of Vested Shares following an Ownership Change Event, credited Service will include all Service with any corporation which is a Participating Company at the time the Service is rendered, whether or not such corporation is a Participating Company both before and after the Ownership Change Event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Company Reacquisition Right</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 Grant of Company Reacquisition Right*.* In the event that (a) the Participant's Service terminates for any reason or no reason, with or without cause, or, (b) the Participant, the Participant's legal representative, or other holder of the Shares, attempts to sell, exchange, transfer, pledge, or otherwise dispose of (other than pursuant to an Ownership Change Event), including, without limitation, any transfer to a nominee or agent of the Participant, any

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## Shares which are not Vested Shares (*" Unvested Shares "*), the Participant will forfeit and the Company will automatically reacquire the Unvested Shares, and the Participant will not be entitled to any payment therefor (the "*Company Reacquisition Right* ").
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 Ownership Change Event, Dividends, Distributions and Adjustments*.* Upon the occurrence of an Ownership Change Event, a dividend or distribution to the stockholders of the Company paid in shares of Stock or other property, or any other adjustment upon a change in the capital structure of the Company as described in Section 10, any and all new, substituted or additional securities or other property (other than regular, periodic dividends paid on Stock pursuant to the Company's dividend policy) to which the Participant is entitled by reason of the Participant's ownership of Unvested Shares will be immediately subject to the Company Reacquisition Right and included in the terms "Shares," "Stock" and "Unvested Shares" for all purposes of the Company Reacquisition Right with the same force and effect as the Unvested Shares immediately prior to the Ownership Change Event, dividend, distribution or adjustment, as the case may be. For purposes of determining the number of Vested Shares following an Ownership Change Event, dividend, distribution or adjustment, credited Service includes all Service with any corporation which is a Participating Company at the time the Service is rendered, whether or not such corporation is a Participating Company both before and after any such event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Right of First Refusal</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 Grant of Right of First Refusal*.* Except as provided in Section 6.7 and Section 15, in the event the Participant, the Participant's legal representative, or other holder of shares subject to the Award proposes to sell, exchange, transfer, pledge, or otherwise dispose of any Vested Shares (the *"Transfer Shares"*) to any person or entity, including, without limitation, any stockholder of a Participating Company, the Company will have the right to repurchase the Transfer Shares under the terms and subject to the conditions set forth in this Section (the *"Right of First Refusal"*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 Notice of Proposed Transfer*.* Prior to any proposed transfer of the Transfer Shares, the Participant must deliver written notice (the *"Transfer Notice"*) to the Company describing fully the proposed transfer, including the number of Transfer Shares, the name and address of the proposed transferee (the *"Proposed Transferee"*) and, if the transfer is voluntary, the proposed transfer price, and containing information necessary to show the bona fide nature of the proposed transfer. In the event of a bona fide gift or involuntary transfer, the proposed transfer price will be deemed to be the Fair Market Value of the Transfer Shares, as determined by the Board in good faith. If the Participant proposes to transfer any Transfer Shares to more than one Proposed Transferee, the Participant must provide a separate Transfer Notice for the proposed transfer to each Proposed Transferee. The Transfer Notice must be signed by both the Participant and the Proposed Transferee and must constitute a binding commitment of the Participant and the Proposed Transferee for the transfer of the Transfer Shares to the Proposed Transferee subject only to the Right of First Refusal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 Bona Fide Transfer*.* If the Company determines that the information provided by the Participant in the Transfer Notice is insufficient to establish the bona fide nature of a proposed voluntary transfer, the Company will give the Participant written notice of the

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## Participant's failure to comply with the procedure described in this Section 6, and the Participant will have no right to transfer the Transfer Shares without first complying with the procedure described in this Section 6. The Participant will not be permitted to transfer the Transfer Shares if the proposed transfer is not bona fide.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 Exercise of Right of First Refusal*.* If the Company determines the proposed transfer to be bona fide, the Company will have the right to purchase all, but not less than all, of the Transfer Shares (except as the Company and the Participant otherwise agree) at the purchase price and on the terms set forth in the Transfer Notice by delivery to the Participant of a notice of exercise of the Right of First Refusal within thirty (30) days after the date the Transfer Notice is delivered to the Company. The Company's exercise or failure to exercise the Right of First Refusal with respect to any proposed transfer described in a Transfer Notice will not affect the Company's right to exercise the Right of First Refusal with respect to any proposed transfer described in any other Transfer Notice, whether or not such other Transfer Notice is issued by the Participant or issued by a person other than the Participant with respect to a proposed transfer to the same Proposed Transferee. If the Company exercises the Right of First Refusal, the Company and the Participant will consummate the sale of the Transfer Shares to the Company on the terms set forth in the Transfer Notice within sixty (60) days after the date the Transfer Notice is delivered to the Company (unless a longer period is offered by the Proposed Transferee); provided, however, that in the event the Transfer Notice provides for the payment for the Transfer Shares other than in cash, the Company will have the option of paying for the Transfer Shares by the present value cash equivalent of the consideration described in the Transfer Notice as reasonably determined by the Company. For purposes of the foregoing, cancellation of any indebtedness of the Participant to any Participating Company will be treated as payment to the Participant in cash to the extent of the unpaid principal and any accrued interest canceled. Notwithstanding anything contained in this Section to the contrary, the period during which the Company may exercise the Right of First Refusal and consummate the purchase of the Transfer Shares from the Participant will terminate no sooner than the completion of a period of eight (8) months following the date on which the Participant acquired the Transfer Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5 Failure to Exercise Right of First Refusal*.* If the Company fails to exercise the Right of First Refusal in full (or to such lesser extent as the Company and the Participant agree) within the period specified in Section 6.4, the Participant may conclude a transfer to the Proposed Transferee of the Transfer Shares on the terms and conditions described in the Transfer Notice, provided such transfer occurs not later than ninety (90) days following delivery to the Company of the Transfer Notice or, if applicable, following the end of the period described in the last sentence of Section 6.4. The Company will have the right to demand further assurances from the Participant and the Proposed Transferee (in a form satisfactory to the Company) that the transfer of the Transfer Shares was actually carried out on the terms and conditions described in the Transfer Notice. No Transfer Shares will be transferred on the books of the Company until the Company has received such assurances, if so demanded, and has approved the proposed transfer as bona fide. Any proposed transfer on terms and conditions different from those described in the Transfer Notice, as well as any subsequent proposed transfer by the Participant, will again be subject to the Right of First Refusal and will require compliance by the Participant with the procedure described in this Section.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6 Transferees of Transfer Shares*.* All transferees of the Transfer Shares or any interest therein, other than the Company, will be required as a condition of such transfer to agree in writing (in a form satisfactory to the Company) that such transferee will receive and hold the Transfer Shares or interest therein subject to all of the terms and conditions of this Agreement, including this Section 6 providing for the Right of First Refusal with respect to any subsequent transfer and executing the documents specified in Section 3.5. Any sale or transfer of any Shares will be void unless the provisions of this Section are met.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7 Transfers Not Subject to Right of First Refusal*.* The Right of First Refusal will not apply to any transfer or exchange of the Shares if (a) such Shares are transferred during the Participant's lifetime or on the Participant's death by will or intestacy to the Participant's immediate family or a trust for the benefit of the Participant's immediate family in a manner permitted under Rule 701 under the Securities Act or (b) such Shares are transferred or exchanged in connection with an Ownership Change Event. Shares held by a transferee pursuant to clause (a) of this Section and any consideration received pursuant to a transfer or exchange pursuant to clause (b) of this Section that consists of stock of a Participating Company will in each such case remain subject to the Right of First Refusal unless the provisions of Section 6.9 below result in a termination of the Right of First Refusal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.8 Assignment of Right of First Refusal*.* The Company will have the right to assign the Right of First Refusal at any time, whether or not there has been an attempted transfer, to one or more persons as may be selected by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.9 Early Termination of Right of First Refusal*.* The other provisions of this Agreement notwithstanding, the Right of First Refusal will terminate and be of no further force and effect upon (a) the occurrence of a Change in Control, unless the Acquiror assumes the Company's rights and obligations under this Agreement, or (b) the existence of a public market for the class of shares subject to the Right of First Refusal. A *"public market"* will exist if (i) such stock is listed on a national securities exchange (as that term is used in the Exchange Act) or (ii) such stock is traded on the over-the-counter market and prices therefor are published daily on business days in a recognized financial journal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Stock Distributions Subject to Agreement</u>.

If, from time to time, there is any stock dividend, stock split or other change, as described in Section 10, in the character or amount of any of the outstanding stock of the corporation the stock of which is subject to the provisions of this Agreement, then in such event any and all new, substituted or additional securities to which the Participant is entitled by reason of the Participant's ownership of the Shares acquired pursuant to this Agreement will be immediately subject to the Company Reacquisition Right and the Right of First Refusal with the same force and effect as the shares subject to the Company Reacquisition Right and the Right of First Refusal immediately before such event.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Escrow</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 Appointment of Agent. To ensure that Shares subject to the Company Reacquisition Right will be available for reacquisition, the Participant and the Company hereby appoint the Secretary of the Company, or any other person designated by the Company, as their agent and as attorney-in-fact for the Participant (the *"Agent"*) to hold any and all Unvested Shares and to sell, assign and transfer to the Company any Unvested Shares reacquired by the Company pursuant to the Company Reacquisition Right. The Participant understands that appointment of the Agent is a material inducement to make this Agreement and that such appointment is coupled with an interest and is irrevocable. The Agent will not be personally liable for any act the Agent may do or omit to do hereunder as escrow agent, agent for the Company, or attorney in fact for the Participant while acting in good faith and in the exercise of the Agent's own good judgment, and any act done or omitted by the Agent pursuant to the advice of the Agent's own attorneys will be conclusive evidence of good faith. The Agent may rely upon any letter, notice or other document executed by any signature purporting to be genuine and may resign at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 Establishment of Escrow*.* The Participant authorizes the Company to deposit any Unvested Shares with the Company's transfer agent to be held in book entry form, as provided by Section 3.3, and the Participant agrees to deliver to and deposit with the Agent each certificate, if any, evidencing the Shares and an Assignment Separate from Certificate with respect to such book entry shares and each such certificate duly endorsed (with date and number of Shares blank) in the form attached to this Agreement, to be held by the Agent under the terms and conditions of this Section (the *"Escrow"*). Upon the occurrence of an Ownership Change Event, a dividend or distribution to the stockholders of the Company paid in shares of Stock or other property (other than regular, periodic dividends paid on Stock pursuant to the Company's dividend policy), or any other adjustment upon a change in the capital structure of the Company, as described in Section 10, any and all new, substituted or additional securities or other property to which the Participant is entitled by reason of his or her ownership of the Shares that remain, following such Ownership Change Event, dividend, distribution or change described in Section 10, subject to the Company Reacquisition Right will be immediately subject to the Escrow to the same extent as the Shares immediately before such event. The Company will bear the expenses of the Escrow.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 Delivery of Shares to Participant*.* The Escrow will continue with respect to any Shares for so long as the Shares remain subject to the Company Reacquisition Right. Upon termination of the Company Reacquisition Right with respect to Shares, the Company will notify the Agent and direct the Agent to deliver such number of Shares to the Participant. As soon as practicable after receipt of such notice, the Agent will cause the Shares specified by such notice to be delivered to the Participant, and the Escrow will terminate with respect to such Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4 Notices and Payments*.* In the event the Shares and any other property held in escrow are subject to the Company's exercise of the Company Reacquisition Right or the Right of First Refusal, the notices required to be given to the Participant will be given to the Agent, and any payment required to be given to the Participant will be given to the Agent. Within thirty (30) days after payment by the Company, the Agent will deliver the Shares and any other property which the Company has purchased to the Company and will deliver the payment received from the Company to the Participant.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Effect of Change in Control</u>.

In the event of a Change in Control, the treatment of the Award and the Shares will be governed by Section 10 of the Plan and any applicable provisions of the Grant Notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Adjustments for Changes in Capital Structure</u>.

The Shares are subject to the adjustment as provided by Section 4.3 of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Rights as a Stockholder</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1 In General. The Participant will have no rights as a stockholder with respect to any Shares subject to the Award until the date of the issuance of the Shares (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company). No adjustment will be made for dividends, distributions or other rights for which the record date is prior to the date the Shares are issued, except as provided in Section 10. Subject to the provisions of this Agreement, the Participant will exercise all rights and privileges of a stockholder of the Company with respect to Shares deposited in the Escrow pursuant to Section 8 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2 Waiver of Inspection Rights. The Participant acknowledges and understands that, but for the waiver made herein, the Participant may be entitled, upon written demand under oath stating the purpose thereof, to inspect for any proper purposes, and to make copies and extracts from, the Company's stock ledger, a list of its stockholders, and its other books and records, and the books and records of subsidiaries of the Company, if any, under the circumstances and in the manner provided in applicable law (any and all such rights, the "*Inspection Rights*"). In light of the foregoing, until the first sale of Stock to the general public pursuant to a registration statement filed with and declared effective by the Securities and Exchange Commission under the Securities Act, the Participant hereby unconditionally and irrevocably waives the Inspection Rights, whether such Inspection Rights would be exercisable or pursued directly or indirectly pursuant to applicable law, and covenants and agrees never to directly or indirectly commence, voluntarily aid in any way, prosecute, assign, transfer or cause to be commenced any claim, action, cause of action, or other proceeding to pursue or exercise the Inspection Rights. The foregoing waiver applies to the Inspection Rights of the Participant in the Participant's capacity as a stockholder and will not affect any rights of a director, in his or her capacity as such, under applicable law. The foregoing waiver will not apply to any contractual inspection rights of the Participant under any written agreement with the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Rights as a Director, Employee or Consultant</u>.

If the Participant is an Employee, the Participant understands and acknowledges that, except as otherwise provided in a separate, written employment agreement between a Participating Company and the Participant, the Participant's employment is "at will" and is for no specified term. Nothing in this Agreement confers upon the Participant any right to continue in the Service of a Participating Company or interferes in any way with any right of the Participating Company Group to terminate the Participant's Service, as the case may be, at any time.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Legends</u>.

The Company may at any time place legends referencing the Company Reacquisition Right, the Right of First Refusal, and any applicable federal, state or foreign securities law restrictions on all certificates representing Shares. The Participant must, at the request of the Company, promptly present to the Company any and all certificates representing Shares in the possession of the Participant in order to carry out the provisions of this Section. Unless otherwise specified by the Company, legends placed on such certificates may include, but are not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1 "THE SECURITIES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE SOLD, TRANSFERRED, ASSIGNED OR HYPOTHECATED UNLESS THERE IS AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT COVERING SUCH SECURITIES, THE SALE IS MADE IN ACCORDANCE WITH RULE 144 OR RULE 701 UNDER THE ACT, OR THE COMPANY RECEIVES AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY, STATING THAT SUCH SALE, TRANSFER, ASSIGNMENT OR HYPOTHECATION IS EXEMPT FROM THE REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS OF SUCH ACT."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2 "THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER AND REPURCHASE OPTIONS IN FAVOR OF THE CORPORATION OR ITS ASSIGNEE SET FORTH IN AN AGREEMENT BETWEEN THE CORPORATION AND THE REGISTERED HOLDER, OR SUCH HOLDER'S PREDECESSOR IN INTEREST, A COPY OF WHICH IS ON FILE AT THE PRINCIPAL OFFICE OF THIS CORPORATION."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Lock-Up Agreement</u>.

The Participant hereby agrees that in the event of any underwritten public offering of stock, including an initial public offering of stock, made by the Company pursuant to an effective registration statement filed under the Securities Act, the Participant may not offer, sell, contract to sell, pledge, hypothecate, grant any option to purchase or make any short sale of, or otherwise dispose of any shares of stock of the Company or any rights to acquire stock of the Company for such period of time from and after the effective date of such registration statement as may be established by the underwriter for such public offering; provided, however, that such period of time may not exceed one hundred eighty (180) days from the effective date of the registration statement to be filed in connection with such public offering; or, upon the request of the Company or the underwriter, such longer period as necessary to permit compliance with FINRA Rule 2241 or any successor provisions or amendments thereto. The foregoing limitation will not apply to shares registered in the public offering under the Securities Act. The Participant hereby agrees to enter into any agreement reasonably required by the underwriters to implement the foregoing within a reasonable timeframe if so requested by the Company.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Restrictions on Transfer of Shares</u>.

At any time prior to the existence of a public market for the Stock, the Board may prohibit the Participant and any transferee of such Participant from selling, transferring, assigning, pledging, or otherwise disposing of or encumbering any Shares acquired pursuant to the Award (each, a *"****Transfer****"*) without the prior written consent of the Board. The Board may withhold consent for any reason, including, without limitation, (i) if such Transfer increases the risk of the Company having a class of security held of record by such number of persons as would require the Company to register any class of securities under the Exchange Act; (ii) if such Transfer would result in the loss of any federal or state securities law exemption relied upon by the Company in connection with the initial issuance of such shares or the issuance of any other securities; (iii) if such Transfer is facilitated in any manner by any public posting, message board, trading portal, Internet site, or similar method of communication, including without limitation any trading portal or Internet site intended to facilitate secondary transfers of securities; (iv) if such Transfer is to be effected in a brokered transaction; (v) if such Transfer would be of less than all of the shares of Stock then held by the stockholder and its affiliates or is to be made to more than a single transferee; or (vi) any Transfer to any individual or entity identified by the Company as a potential competitor or considered by the Company to be unfriendly. No Shares may be sold, exchanged, transferred, assigned, pledged, hypothecated or otherwise disposed of, including by operation of law, in any manner which violates any of the provisions of this Agreement and, except pursuant to an Ownership Change Event, until the date on which such shares become Vested Shares, and any such attempted disposition will be void. The Company will not be required (a) to transfer on its books any Shares which will have been transferred in violation of any of the provisions set forth in this Agreement or (b) to treat as owner of such Shares or to accord the right to vote as such owner or to pay dividends to any transferee to whom such Shares will have been so transferred. In order to enforce its rights under this Section, the Company will be authorized to give a stop transfer instruction with respect to the Shares to the Company's transfer agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Miscellaneous Provisions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.1 Captions. Captions and titles contained herein are for convenience only and do not affect the meaning or interpretation of any provision of this Agreement. Except when otherwise indicated by the context, the singular includes the plural and the plural includes the singular. Use of the term "or" is not intended to be exclusive, unless the context clearly requires otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.2 Further Instruments. The parties hereto agree to execute such further instruments and to take such further action as may reasonably be necessary to carry out the intent of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.3 Binding Effect. This Agreement will inure to the benefit of the successors and assigns of the Company and, subject to the restrictions on transfer set forth herein, be binding upon the Participant and the Participant's heirs, executors, administrators, successors and assigns.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.4 Delivery of Documents and Notices. Any document relating to participation in the Plan, or any notice required or permitted hereunder must be given in writing and will be deemed effectively given (except to the extent that this Agreement provides for effectiveness only upon actual receipt of such notice) upon personal delivery, electronic delivery at the e-mail address, if any, provided for the Participant by a Participating Company, or upon deposit in the U.S. Post Office or foreign postal service, by registered or certified mail, or with a nationally recognized overnight courier service, with postage and fees prepaid, addressed to the other party at the address of such party set forth in the Grant Notice or at such other address as such party may designate in writing from time to time to the other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) ***Description of Electronic Delivery.*** The Plan documents, which may include but do not necessarily include: the Plan, the Grant Notice, this Agreement, and any reports of the Company provided generally to the Company's stockholders, may be delivered to the Participant electronically. In addition, if permitted by the Company, the Participant may deliver electronically the Grant Notice to the Company or to such third party involved in administering the Plan as the Company may designate from time to time. Such means of electronic delivery may include but do not necessarily include the delivery of a link to a Company intranet or the Internet site of a third party involved in administering the Plan, the delivery of the document via e-mail or such other means of electronic delivery specified by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) ***Consent to Electronic Delivery*.** The Participant acknowledges that the Participant has read Section 16.4(a) of this Agreement and consents to the electronic delivery of the Plan documents and, if permitted by the Company, the delivery of the Grant Notice and notices in connection with the Escrow, as described in Section 16.4(a). The Participant acknowledges that he or she may receive from the Company a paper copy of any documents delivered electronically at no cost to the Participant by contacting the Company by telephone or in writing. The Participant further acknowledges that the Participant will be provided with a paper copy of any documents if the attempted electronic delivery of such documents fails. Similarly, the Participant understands that the Participant must provide the Company or any designated third party administrator with a paper copy of any documents if the attempted electronic delivery of such documents fails. The Participant may revoke his or her consent to the electronic delivery of documents described in Section 16.4(a) or may change the electronic mail address to which such documents are to be delivered (if Participant has provided an electronic mail address) at any time by notifying the Company of such revoked consent or revised e-mail address by telephone, postal service or electronic mail. Finally, the Participant understands that he or she is not required to consent to electronic delivery of documents described in Section 16.4(a).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.5 Entire Agreement. The Grant Notice, this Agreement and the Plan constitute the entire understanding and agreement of the Participant and the Participating Company Group with respect to the subject matter contained herein or therein and supersede any prior or contemporaneous agreements, understandings, restrictions, representations, or warranties among the Participant and the Participating Company Group with respect to the subject matter hereof, and may not be modified adversely to the Participant's interest (other than as permitted by the Plan) except by means of a writing signed by the Company and Participant. To the extent contemplated herein or therein, the provisions of the Grant Notice, this Agreement and the Plan will survive any settlement of the Award and will remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.6 Applicable Law. The Agreement will be governed by the laws of the Cayman Islands as such laws are applied to agreements between Cayman Island residents entered into and to be performed entirely within the Cayman Islands.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.7 Counterparts. The Grant Notice may be executed in counterparts, each of which will be deemed an original, but all of which together will constitute one and the same instrument.

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ASSIGNMENT SEPARATE FROM CERTIFICATE

FOR VALUE RECEIVED the undersigned does hereby sell, assign and transfer unto _____________________________________________________________________________________________________________________________ (_________________) shares of the Capital Stock of [Company Name] standing in the undersigned's name on the books of said corporation represented by Certificate No. __________________ herewith and does hereby irrevocably constitute and appoint ________________________________ Attorney to transfer the said stock on the books of said corporation with full power of substitution in the premises.

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| | |
|:---|:---|
| Dated: |  |
|  | Signature |
|  | Print Name |

---

<u>Instructions</u>: Please do not fill in any blanks other than the signature line. The purpose of this assignment is to enable the Company to exercise its Company Reacquisition Right set forth in the Restricted Stock Agreement without requiring additional signatures on the part of the Participant.

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**SAMPLE**

---

| | |
|:---|:---|
| Internal Revenue Service | Internal Revenue Service |
| [IRS Service Center | [IRS Service Center |
| where Form 1040 is Filed] | where Form 1040 is Filed] |
| **Re:** | **Section 83(b) Election** |
| Dear Sir or Madam: | Dear Sir or Madam: |

---

The following information is submitted pursuant to section 1.83-2 of the Treasury Regulations in connection with this election by the undersigned under section 83(b) of the Internal Revenue Code of 1986, as amended (the "Code").

---

| | | |
|:---|:---|:---|
| 1. | The name, address and taxpayer identification number of the taxpayer are: | The name, address and taxpayer identification number of the taxpayer are: |
|  |  | Name: |
|  |  | Address: |
|  |  | Social Security Number: |

---

2. The following is a description of each item of property with respect to which the election is made:

________________ shares of common stock of [Company Name] (the "Shares"), acquired from [Company Name] (the "Company") pursuant to a restricted stock grant.

3. The property was transferred to the undersigned on:

Restricted stock grant date: ________________________

The taxable year for which the election is made is:

Calendar Year ___________

4. The nature of the restriction to which the property is subject:

The Shares are subject to automatic forfeiture to the Company upon the occurrence of certain events. This forfeiture provision lapses with regard to a portion of the Shares based upon the continued performance of services by the taxpayer over time.

------

5. The following is the fair market value at the time of transfer (determined without regard to any restriction other than a restriction which by its terms will never lapse) of the property with respect to which the election is made:

$__________________ (_____________ Shares at $__________ per share).

The property was transferred to the taxpayer pursuant to the grant of an award of restricted stock.

6. The following is the amount paid for the property:

No monetary consideration was provided in exchange for the Shares.

7. A copy of this election has been furnished to the Company, the corporation for which the services were performed by the undersigned.

Please acknowledge receipt of this election by date or received-stamping the enclosed copy of this letter and returning it to the undersigned. A self-addressed stamped envelope is provided for your convenience.

Very truly yours,

Date:<br>

Enclosures

cc: Rare Earth Americas Ltd.

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## Exhibit 10.6

**Exhibit 10.6**

**RARE EARTH AMERICAS LTD.**

**NOTICE OF GRANT OF RESTRICTED STOCK**

You have been granted an award (the *"****Award****"*) of certain shares of Stock (the *"****Shares****"*) of Rare Earth Americas Ltd. pursuant to the Rare Earth Americas Ltd. 2025 Equity Incentive Plan (the *"****Plan****"*) and your Restricted Stock Agreement (the "***Agreement***"), as follows:

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| | | |
|:---|:---|:---|
| **Participant:** |  |  |
| **Date of Grant:** |  |  |
| **Total Number of Shares:** |  | , subject to adjustment as provided by the Agreement. |
| **Fair Market Per Share on Date of Grant:** | <br>$ |  |
| **Vesting Commencement Date:** | N/A |  |
| **Vested Shares:** | 100% of the Shares shall be vested as of the Date of Grant ("***Vested Shares***")  | 100% of the Shares shall be vested as of the Date of Grant ("***Vested Shares***")  |

---

You and the Company agree that the Award is governed by this Notice of Grant and by the provisions of the Plan and the Agreement, all of which are attached to and made a part of this document. You acknowledge receipt of copies of the Plan and the Agreement, represent that you have read and are familiar with their provisions and accept the Award subject to all of their terms and conditions.

---

| | |
|:---|:---|
| **RARE EARTH AMERICAS LTD.** | **PARTICIPANT** |
| By:  |  |
|  | Signature |
| Its:  |  |
|  | Date |
| Address: |  |
|  | Address |

---

ATTACHMENTS: 2025 Equity Incentive Plan, Restricted Stock Agreement, Assignment Separate from Certificate and form of Section 83(b) Election

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## Exhibit 10.7

**Exhibit 10.7**

**RARE EARTHS AMERICAS, INC.**

**2026 EQUITY INCENTIVE PLAN**

Effective Date: [__________], 2026

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**TABLE OF CONTENTS**

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| | | |
|:---|:---|:---|
| **Page** | **Page** | **Page** |
| 1. | History; Existence of the Plan. | 1 |
| 2. | Purposes of the Plan. | 1 |
| 3. | Terminology. | 1 |
| 4. | Administration. | 1 |
| (a) | Administration of the Plan | 1 |
| (b) | Powers of the Administrator | 1 |
| (c) | Delegation of Administrative Authority | 3 |
| (d) | Non-Uniform Determinations | 3 |
| (e) | Limited Liability; Advisors | 3 |
| (f) | Indemnification | 3 |
| (g) | Effect of Administrator's Decision | 3 |
| 5. | Shares Issuable Pursuant to Awards. | 3 |
| (a) | Initial Share Pool | 3 |
| (b) | Adjustments to Share Pool | 3 |
| (c) | ISO Limit | 4 |
| (d) | Source of Shares | 4 |
| (e) | Non-Employee Director Award Limit | 4 |
| 6. | Participation. | 4 |
| 7. | Awards. | 4 |
| (a) | Awards, In General | 4 |
| (b) | Stock Options | 5 |
| (c) | Limitation on Reload Options | 5 |
| (d) | Stock Appreciation Rights | 5 |
| (e) | Repricing | 6 |
| (f) | Stock Awards | 6 |
| (g) | Stock Units | 7 |
| (h) | Performance Shares and Performance Units | 8 |
| (i) | Other Stock-Based Awards | 8 |
| (j) | Awards to Participants Outside the United States | 9 |
| (k) | Limitation on Dividend Reinvestment and Dividend Equivalents | 9 |
| 8. | Withholding of Taxes. | 9 |
| 9. | Transferability of Awards. | 9 |

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(a) General Nontransferability Absent Administrator Permission 9

(b) Administrator Discretion to Permit Transfers Other Than For Value 10

10. Adjustments for Corporate Transactions and Other Events. 10

(a) Mandatory Adjustments 10

(b) Discretionary Adjustments 10

(c) Adjustments to Performance Goals 10

(d) Statutory Requirements Affecting Adjustments 11

(e) Dissolution or Liquidation 11

11. Change in Control Provisions. 11

(a) Termination of Awards 11

(b) Continuation, Assumption or Substitution of Awards 12

(c) Other Permitted Actions 12

(d) Section 409A Savings Clause 12

12. Substitution of Awards in Mergers and Acquisitions. 12

13. Compliance with Securities Laws; Listing and Registration. 12

14. Section 409A Compliance. 13

15. Plan Duration; Amendment and Discontinuance. 14

(a) Plan Duration 14

(b) Amendment and Discontinuance of the Plan 14

(c) Amendment of Awards 14

16. General Provisions. 14

(a) Non-Guarantee of Employment or Service 14

(b) No Trust or Fund Created 14

(c) Status of Awards 14

(d) Governing Law and Interpretation 14

(e) Use of English Language 14

(f) Recovery of Amounts Paid 14

17. Glossary. 15

ii

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**1.** **History; Existence of the Plan**.

RARE EARTHS AMERICAS, INC., a Texas corporation ("*REA*"), has established the RARE EARTHS AMERICAS, INC. 2026 EQUITY INCENTIVE PLAN, as set forth herein, and as the same may be amended from time to time (the "*Plan*"). The Plan will come into existence on the Adoption Date; *provided, however*, that no Award will be granted under the Plan before the Effective Date. In addition, no Award will be exercised (or, in the case of Restricted Stock, Restricted Stock Units, Performance Shares, or Other Stock-Based Awards, no Award will be granted) and no Performance Units will be settled unless and until the Plan has been approved by the shareholders of REA, which approval will be within 12 months after the Adoption Date.

On the Effective Date, the outstanding awards under the Rare Earths Americas, Inc. 2025 Equity Incentive Plan (the "*Prior Plan*") will remain subject to the same terms and conditions set forth in the Prior Plan and related agreements.

No awards will be made under the Prior Plan on or after the Effective Date.

**2.** **Purposes of the Plan**.

The Plan is designed to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)promote the long-term financial interests and growth of REA and its Subsidiaries (together, the "*Company*") by attracting and retaining management and other personnel of REA and other Eligible Individuals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)motivate management personnel by means of growth-related incentives to achieve long-range goals; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)further the alignment of interests of Participants with those of the stockholders of REA through opportunities for increased stock or stock-based ownership in REA.

Toward these objectives, the Administrator may grant stock options, stock appreciation rights, stock awards, stock units, performance shares, performance units, and other stock-based awards to eligible individuals on the terms and subject to the conditions set forth in the Plan.

**3.** **Terminology**.

Except as otherwise specifically provided in an Award Agreement, capitalized words and phrases used in the Plan or an Award Agreement shall have the meaning set forth in the glossary at Section 17 of the Plan or as defined the first place such word or phrase appears in the Plan.

**4.** **Administration**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)*Administration of the Plan*. The Plan shall be administered by the Administrator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)*Powers of the Administrator*. The Administrator shall, except as otherwise provided under the Plan, have plenary authority, in its sole and absolute discretion, to grant Awards pursuant to the terms of the Plan to Eligible Individuals and to take all other actions necessary or desirable to carry out the purpose and intent of the Plan. Among other things, the Administrator shall have the authority, in its sole and absolute discretion, subject to the terms and conditions of the Plan to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)determine the Eligible Individuals to whom, and the time or times at which, Awards shall be granted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)determine the types of Awards to be granted any Eligible Individual;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)determine the number of shares of Common Stock to be covered by or used for reference purposes for each Award or the value to be transferred pursuant to any Award;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)determine the terms, conditions and restrictions applicable to each Award (which need not be identical) and any shares acquired pursuant thereto, including, without limitation, (A) the purchase price of any shares of Common Stock, (B) the method of payment for shares purchased pursuant to any Award, (C) the method for satisfying any tax withholding obligation arising in connection with any Award, including by the withholding or delivery of shares of Common Stock, (D) the timing, terms and conditions of the exercisability, vesting or payout of any Award or any shares acquired pursuant thereto, (E) the Performance Goals applicable to any Award and the extent to which such Performance Goals have been attained, (F) the time of the expiration of any Award, (G) the effect of the Participant's Termination of Service on any of the foregoing, and (H) all other terms, conditions and restrictions applicable to any Award or shares acquired pursuant thereto as the Administrator shall consider to be appropriate and not inconsistent with the terms of the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)subject to Sections 7(e), 10(c) and 15, modify, amend or adjust the terms and conditions of any Award;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)accelerate or otherwise change the time at or during which an Award may be exercised or becomes payable and waive or accelerate the lapse, in whole or in part, of any restriction, condition or risk of forfeiture with respect to such Award; *provided*, *however*, that, except in connection with death, disability or a Change in Control, no such change, waiver or acceleration to any Award that is considered "deferred compensation" within the meaning of Section 409A of the Code if the effect of such action is inconsistent with Section 409A of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)determine whether an Award will be paid or settled in cash, shares of Common Stock, or in any combination thereof and whether, to what extent and under what circumstances cash or shares of Common Stock payable with respect to an Award shall be deferred either automatically or at the election of the Participant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)for any purpose, including but not limited to, qualifying for preferred or beneficial tax treatment, accommodating the customs or administrative challenges or otherwise complying with the tax, accounting or regulatory requirements of one or more jurisdictions, adopt, amend, modify, administer or terminate sub-plans, appendices, special provisions or supplements applicable to Awards regulated by the laws of a particular jurisdiction, which sub-plans, appendices, supplements and special provisions may take precedence over other provisions of the Plan, and prescribe, amend and rescind rules and regulations relating to such sub-plans, supplements and special provisions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)establish any "blackout" period, during which transactions affecting Awards may not be effectuated, that the Administrator in its sole discretion deems necessary or advisable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)determine the Fair Market Value of shares of Common Stock or other property for any purpose under the Plan or any Award;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi)administer, construe and interpret the Plan, Award Agreements and all other documents relevant to the Plan and Awards issued thereunder, and decide all other matters to be determined in connection with an Award;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii)establish, amend, rescind and interpret such administrative rules, regulations, agreements, guidelines, instruments and practices for the administration of the Plan and for the conduct of its business as the Administrator deems necessary or advisable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii)correct any defect, supply any omission or reconcile any inconsistency in the Plan or in any Award or Award Agreement in the manner and to the extent the Administrator shall consider it desirable to carry it into effect; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv)otherwise administer the Plan and all Awards granted under the Plan.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)*Delegation of Administrative Authority.* The Administrator may designate officers or employees of the Company to assist the Administrator in the administration of the Plan and, to the extent permitted by applicable law and stock exchange rules, the Administrator may delegate to officers or other employees of the Company the Administrator's duties and powers under the Plan, subject to such conditions and limitations as the Administrator shall prescribe, including without limitation the authority to execute agreements or other documents on behalf of the Administrator; provided, however, that such delegation of authority shall not extend to the granting of, or exercise of discretion with respect to, Awards to Eligible Individuals who are officers under Section 16 of the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)*Non-Uniform Determinations*. The Administrator's determinations under the Plan (including without limitation, determinations of the persons to receive Awards, the form, amount and timing of such Awards, the terms and provisions of such Awards and the Award Agreements evidencing such Awards, and the ramifications of a Change in Control upon outstanding Awards) need not be uniform and may be made by the Administrator selectively among Awards or persons who receive, or are eligible to receive, Awards under the Plan, whether or not such persons are similarly situated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)*Limited Liability; Advisors.* To the maximum extent permitted by law, no member of the Administrator, nor any director, officer, employee or representative of REA shall be liable for any action taken or decision made in good faith relating to the Plan or any Award thereunder. The Administrator may employ counsel, consultants, accountants, appraisers, brokers or other persons. The Administrator, REA and the officers and directors of REA shall be entitled to rely upon the advice, opinions or valuations of any such persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)*Indemnification*. To the maximum extent permitted by law, by REA's charter and by-laws, and by any directors' and officers' liability insurance coverage which may be in effect from time to time, the members of the Administrator and any agent or delegate of the Administrator who is a director, officer or employee of REA or an Affiliate shall be indemnified by REA against any and all liabilities and expenses to which they may be subjected by reason of any act or failure to act with respect to their duties on behalf of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)*Effect of Administrator's Decision*. All actions taken and determinations made by the Administrator on all matters relating to the Plan or any Award pursuant to the powers vested in it hereunder shall be in the Administrator's sole and absolute discretion, unless in contravention of any express term of the Plan, including, without limitation, any determination involving the appropriateness or equitableness of any action. All determinations made by the Administrator shall be conclusive, final and binding on all parties concerned, including REA, any Participants and any other employee, or director of REA and its Affiliates, and their respective successors in interest. No member of the Administrator, nor any director, officer, employee or representative of REA shall be personally liable for any action, determination or interpretation made in good faith with respect to the Plan or Awards.

**5.** **Shares Issuable Pursuant to Awards.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)*Initial Share Pool.* Subject to adjustments as provided in Section 10 of the Plan, the number of shares of Common Stock issuable pursuant to Awards that may be granted under the Plan shall equal 1,850,000 shares (the "*Share Pool*")*.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)*Adjustments to Share Pool*. On and after the Effective Date, the Share Pool shall be adjusted, in addition to any adjustments to be made pursuant to Section 10 of the Plan, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)The Share Pool shall be increased automatically, without further action of the Board, on January 1st of each calendar year commencing after the Effective Date and ending on (and including) January 1, 2036, by a number of shares of Common Stock equal to the lesser of (A) four percent (4%) of the aggregate number of shares of Common Stock outstanding on December 31st of the immediately preceding calendar year, or (B) a lesser number of shares of Common Stock determined by the Board or Compensation Committee prior to the relevant January 1<sup>st</sup> (which may be no shares).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)The Share Pool shall be reduced, on the date of grant, by one share for each share of Common Stock made subject to an Award granted under the Plan;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)The Share Pool shall be increased, on the relevant date, by the number of unissued shares of Common Stock underlying or used as a reference measure for any Award or portion of an Award under this Plan or the Prior Plan that is, on or after the Effective Date, cancelled, forfeited, expired, terminated unearned or settled in cash, in any such case without the issuance of shares and by the number of shares of Common Stock used as a reference measure for any Award under this Plan or the Prior Plan that are, on or after the Effective Date, not issued upon settlement of such Award either due to a net settlement or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)The Share Pool shall be increased, on the forfeiture date, by the number of shares of Common Stock that, on or after the Effective Date, are forfeited back to REA under this Plan or the Prior Plan after issuance due to a failure to meet an Award contingency or condition with respect to any Award or portion of an Award granted under this Plan or the Prior Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)The Share Pool shall be increased, on the exercise date, by the number of shares of Common Stock withheld by or surrendered (either actually or through attestation) to REA in payment of the exercise price of any Award under this Plan or the Prior Plan on or after the Effective Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)The Share Pool shall be increased, on the relevant date, by the number of shares of Common Stock withheld by or surrendered (either actually or through attestation) to the Company, on or after the Effective Date, in payment of the Tax Withholding Obligation that arises in connection with any Award under this Plan or the Prior Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)*ISO Limit*. Subject to adjustment pursuant to Section 10 of the Plan, the maximum number of shares of Common Stock that may be issued pursuant to stock options granted under the Plan that are intended to qualify as Incentive Stock Options within the meaning of Section 422 of the Code shall be equal to 5,550,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)*Source of Shares*. The shares of Common Stock with respect to which Awards may be made under the Plan shall be shares authorized for issuance under REA's charter but unissued, or issued and reacquired, including without limitation shares purchased in the open market or in private transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)*Non-Employee Director Award Limit*. In addition, the Administrator may establish compensation for Non-Employee Directors from time to time, subject to the limitations in the Plan. The Administrator will from time to time determine the terms, conditions and amounts of all such Non-Employee Director compensation in its discretion and pursuant to the exercise of its business judgment, taking into account such factors, circumstances and considerations as it shall deem relevant from time to time, provided that the sum of any cash compensation and the grant date fair value of Awards (as determined in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 718, or any successor thereto) granted under the Plan to a Non-Employee Director as compensation for services as a Non-Employee Director during any calendar year of the Company may not exceed $750,000 annually, *provided however*, in a Non-Employee Director's first year of service compensation for services may not exceed $1,000,000 (such limits, the "*Director Limits*"). The Administrator may make exceptions to this limit for individual Non-Employee directors in extraordinary circumstances, as the Administrator may determine in its discretion, provided that the Non-Employee Director receiving such additional compensation may not participate in the decision to award such compensation or in other compensation decisions involving Non-Employee Director.

**6.** **Participation**.

Participation in the Plan shall be open to all Eligible Individuals, as may be selected by the Administrator from time to time. The Administrator may also grant Awards to Eligible Individuals in connection with hiring, recruiting or otherwise, prior to the date the individual first performs services for REA or an Affiliate; *provided, however*, that such Awards shall not become vested or exercisable and no shares shall be issued to such individual, prior to the date the individual first commences performance of such services.

**7.** **Awards**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)*Awards, In General.* The Administrator, in its sole discretion, shall establish the terms of all Awards granted under the Plan consistent with the terms of the Plan. Awards may be granted individually or in tandem with other types of Awards, concurrently with or with respect to outstanding Awards. All Awards are subject to the terms and conditions provided in the Award Agreement, which shall be delivered to the Participant receiving such Award

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upon, or as promptly as is reasonably practicable following, the grant of such Award. Unless otherwise specified by the Administrator, in its sole discretion, or otherwise provided in the Award Agreement, an Award shall not be effective unless the Award Agreement is signed or otherwise accepted by REA and the Participant receiving the Award (including by electronic delivery and/or electronic signature).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)*Stock Options*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)*Grants*. A stock option means a right to purchase a specified number of shares of Common Stock from REA at a specified price during a specified period of time. The Administrator may from time to time grant to Eligible Individuals Awards of Incentive Stock Options or Nonqualified Options; *provided*, *however*, that Awards of Incentive Stock Options shall be limited to employees of REA or of any current or hereafter existing "parent corporation" or "subsidiary corporation," as defined in Sections 424(e) and 424(f) of the Code, respectively, of REA, and any other Eligible Individuals who are eligible to receive Incentive Stock Options under the provisions of Section 422 of the Code. No stock option shall be an Incentive Stock Option unless so designated by the Administrator at the time of grant or in the applicable Award Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)*Exercise*. Stock options shall be exercisable at such time or times and subject to such terms and conditions as shall be determined by the Administrator; *provided, however,* that Awards of stock options may not have a term in excess of ten years' duration unless required otherwise by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)*Termination of Service*. Except as provided in the applicable Award Agreement or otherwise determined by the Administrator, to the extent stock options are not vested and exercisable, a Participant's stock options shall be forfeited upon his or her Termination of Service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)*Additional Terms and Conditions*. The Administrator may, by way of the Award Agreement or otherwise, determine such other terms, conditions, restrictions, and/or limitations, if any, of any Award of stock options, *provided* they are not inconsistent with the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)*Limitation on Reload Options*. The Administrator shall not grant stock options under this Plan that contain a reload or replenishment feature pursuant to which a new stock option would be granted automatically upon receipt of delivery of Common Stock to REA in payment of the exercise price or any tax withholding obligation under any other stock option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)*Stock Appreciation Rights*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)*Grants.* The Administrator may from time-to-time grant to Eligible Individuals Awards of stock appreciation rights. A stock appreciation right entitles the Participant to receive, subject to the provisions of the Plan and the Award Agreement, a payment having an aggregate value equal to the product of (i) the excess of (A) the Fair Market Value on the exercise date of one share of Common Stock over (B) the base price per share specified in the Award Agreement, times (ii) the number of shares specified by the stock appreciation right, or portion thereof, which is exercised. The base price per share specified in the Award Agreement shall not be less than the lower of the Fair Market Value on the date of grant or the exercise price of any tandem stock option to which the stock appreciation right is related, or with respect to stock appreciation rights that are granted in substitution of similar types of awards of a company acquired by REA or a Subsidiary or with which REA or a Subsidiary combines (whether in connection with a corporate transaction, such as a merger, combination, consolidation or acquisition of property or stock, or otherwise) such base price as is necessary to preserve the intrinsic value of such awards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)*Exercise*. Stock appreciation rights shall be exercisable at such time or times and subject to such terms and conditions as shall be determined by the Administrator; *provided, however,* that stock appreciation rights granted under the Plan may not have a term in excess of ten years' duration unless required otherwise by applicable law. The applicable Award Agreement shall specify whether payment by REA of the amount receivable upon any exercise of a stock appreciation right is to be made in cash or shares of Common Stock or a combination of both, or shall reserve to the Administrator or the Participant the right to make that determination prior to or upon the exercise of the stock appreciation right. If upon the exercise of a stock appreciation right a Participant is to receive a portion of such payment in shares of Common Stock, the number of shares shall be determined by dividing such portion by the Fair Market Value of a share of Common Stock on the exercise date. No fractional shares shall be used

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for such payment and the Administrator shall determine whether cash shall be given in lieu of such fractional shares or whether such fractional shares shall be eliminated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)*Termination of Service*. Except as provided in the applicable Award Agreement or otherwise determined by the Administrator, to the extent stock appreciation rights are not vested and exercisable, a Participant's stock appreciation rights shall be forfeited upon his or her Termination of Service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)*Additional Terms and Conditions*. The Administrator may, by way of the Award Agreement or otherwise, determine such other terms, conditions, restrictions, and/or limitations, if any, of any Award of stock appreciation rights, *provided* they are not inconsistent with the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)*Repricing.* The Administrator shall have the authority, without additional approval by the REA stockholders, to approve a program providing for either (a) the cancellation of outstanding stock options or stock appreciation rights having exercise prices per share greater than the then Fair Market Value of a share of Common Stock ("*Underwater Awards*") and the grant in substitution therefor of new options or stock appreciation rights covering the same or a different number of shares but with an exercise price per share equal to the Fair Market Value per share on the new grant date, Full Value Awards, or payments in cash, or (b) the amendment of outstanding Underwater Awards to reduce the exercise price thereof to the Fair Market Value per share on the date of amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)*Stock Awards*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)*Grants*. The Administrator may from time-to-time grant to Eligible Individuals Awards of unrestricted Common Stock or Restricted Stock (collectively, "*Stock Awards*") on such terms and conditions, and for such consideration, including no consideration or such minimum consideration as the Administrator shall determine. Stock Awards shall be evidenced in such manner as the Administrator may deem appropriate, including via book-entry registration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)*Vesting*. Restricted Stock shall be subject to such vesting, restrictions on transferability and other restrictions, if any, and/or risk of forfeiture as the Administrator may impose at the date of grant or thereafter. The Restriction Period to which such vesting, restrictions and/or risk of forfeiture apply may lapse under such circumstances, including without limitation upon the attainment of Performance Goals, in such installments, or otherwise, as the Administrator may determine. Subject to the provisions of the Plan and the applicable Award Agreement, during the Restriction Period, the Participant shall not be permitted to sell, assign, transfer, pledge or otherwise encumber shares of Restricted Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)*Rights of a Stockholder; Dividends*. Except to the extent restricted under the Award Agreement relating to the Restricted Stock, a Participant granted Restricted Stock shall have all of the rights of a stockholder of Common Stock including, without limitation, the right to vote Restricted Stock. Cash dividends declared payable on Common Stock shall be paid, with respect to outstanding Restricted Stock, either as soon as practicable following the dividend payment date or deferred for payment to such later date as determined by the Administrator, and shall be paid in cash or as unrestricted shares of Common Stock having a Fair Market Value equal to the amount of such dividends or may be reinvested in additional shares of Restricted Stock as determined by the Administrator; *provided*, *however*, that dividends declared payable on Restricted Stock that is granted as a Performance Award shall be held by REA and made subject to forfeiture at least until achievement of the applicable Performance Goal related to such shares of Restricted Stock. Stock distributed in connection with a stock split or stock dividend, and other property distributed as a dividend, shall be subject to restrictions and a risk of forfeiture to the same extent as the Restricted Stock with respect to which such Common Stock or other property has been distributed. As soon as is practicable following the date on which restrictions on any shares of Restricted Stock lapse, REA shall deliver to the Participant the certificates for such shares or shall cause the shares to be registered in the Participant's name in book-entry form, in either case with the restrictions removed, provided that the Participant shall have complied with all conditions for delivery of such shares contained in the Award Agreement or otherwise reasonably required by REA.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)*Termination of Service*. Except as provided in the applicable Award Agreement, upon Termination of Service during the applicable Restriction Period, Restricted Stock and any accrued but unpaid dividends that are at that time subject to restrictions shall be forfeited; *provided* that the Administrator may provide, by rule or regulation or in any Award Agreement, or may determine in any individual case, that restrictions or forfeiture conditions relating to Restricted Stock will be waived in whole or in part in the event of terminations resulting from specified causes, and the Administrator may in other cases waive in whole or in part the forfeiture of Restricted Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)*Additional Terms and Conditions*. The Administrator may, by way of the Award Agreement or otherwise, determine such other terms, conditions, restrictions, and/or limitations, if any, of any Award of Restricted Stock, *provided* they are not inconsistent with the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)*Stock Units*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)*Grants*. The Administrator may from time-to-time grant to Eligible Individuals Awards of unrestricted stock Units or Restricted Stock Units on such terms and conditions, and for such consideration, including no consideration or such minimum consideration as may be required by law, as the Administrator shall determine. Restricted Stock Units represent a contractual obligation by REA to deliver a number of shares of Common Stock, an amount in cash equal to the Fair Market Value of the specified number of shares subject to the Award, or a combination of shares of Common Stock and cash, in accordance with the terms and conditions set forth in the Plan and any applicable Award Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)*Vesting and Payment*. Restricted Stock Units shall be subject to such vesting, risk of forfeiture and/or payment provisions as the Administrator may impose at the date of grant. The Restriction Period to which such vesting and/or risk of forfeiture apply may lapse under such circumstances, including without limitation upon the attainment of Performance Goals, in such installments, or otherwise, as the Administrator may determine. Shares of Common Stock, cash or a combination of shares of Common Stock and cash, as applicable, payable in settlement of Restricted Stock Units shall be delivered to the Participant as soon as administratively practicable after the date on which payment is due under the terms of the Award Agreement, subject to the requirements of Section 409A of the Code, as applicable, and compliance with applicable law *provided* that the Participant shall have complied with all conditions for delivery of such shares or payment contained in the Award Agreement or otherwise reasonably required by REA, or in accordance with an election of the Participant, if the Administrator so permits, that meets the requirements of Section 409A of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)*No Rights of a Stockholder; Dividend Equivalents*. Until shares of Common Stock are issued to the Participant in settlement of stock Units, the Participant shall not have any rights of a stockholder of REA with respect to the stock Units or the shares issuable thereunder. The Administrator may grant to the Participant the right to receive Dividend Equivalents on stock Units, on a current, reinvested and/or restricted basis, subject to such terms as the Administrator may determine *provided*, *however*, that Dividend Equivalents payable on stock Units that are granted as a Performance Award shall, rather than be paid on a current basis, be accrued and made subject to forfeiture at least until achievement of the applicable Performance Goal related to such stock Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)*Termination of Service*. Upon Termination of Service during the applicable deferral period or portion thereof to which forfeiture conditions apply, or upon failure to satisfy any other conditions precedent to the delivery of shares of Common Stock or cash to which such Restricted Stock Units relate, all Restricted Stock Units and any accrued but unpaid Dividend Equivalents with respect to such Restricted Stock Units that are then subject to deferral or restriction shall be forfeited; *provided* that the Administrator may provide, by rule or regulation or in any Award Agreement, or may determine in any individual case, that restrictions or forfeiture conditions relating to Restricted Stock Units will be waived in whole or in part in the event of termination resulting from specified causes, and the Administrator may in other cases waive in whole or in part the forfeiture of Restricted Stock Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)*Additional Terms and Conditions*. The Administrator may, by way of the Award Agreement or otherwise, determine such other terms, conditions, restrictions, and/or limitations, if any, of any Award of stock Units, *provided* they are not inconsistent with the Plan.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)*Performance Shares and Performance Units*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)*Grants*. The Administrator may from time-to-time grant to Eligible Individuals Awards in the form of Performance Shares and Performance Units. Performance Shares, as that term is used in this Plan, shall refer to shares of Common Stock or Units that are expressed in terms of Common Stock, the issuance, vesting, lapse of restrictions on or payment of which is contingent on performance as measured against predetermined objectives over a specified Performance Period. Performance Units, as that term is used in this Plan, shall refer to dollar-denominated Units valued by reference to designated criteria established by the Administrator, other than Common Stock, the issuance, vesting, lapse of restrictions on or payment of which is contingent on performance as measured against predetermined objectives over a specified Performance Period. The applicable Award Agreement shall specify whether Performance Shares and Performance Units will be settled or paid in cash or shares of Common Stock or a combination of both, or shall reserve to the Administrator or the Participant the right to make that determination prior to or at the payment or settlement date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)*Performance Criteria*. The Administrator shall, prior to or at the time of grant, condition the grant, vesting or payment of, or lapse of restrictions on, an Award of Performance Shares or Performance Units upon (A) the attainment of Performance Goals during a Performance Period or (B) the attainment of Performance Goals and the continued service of the Participant. The length of the Performance Period, the Performance Goals to be achieved during the Performance Period, and the measure of whether and to what degree such Performance Goals have been attained shall be conclusively determined by the Administrator in the exercise of its absolute discretion. Performance Goals may include minimum, maximum and target levels of performance, with the size of the Award or payout of Performance Shares or Performance Units or the vesting or lapse of restrictions with respect thereto based on the level attained. Performance Goals may be applied on a per share or absolute basis and relative to one or more Performance Metrics, or any combination thereof, and may be measured pursuant to U.S. generally accepted accounting principles ("GAAP"), non-GAAP or other objective standards in a manner consistent with REA's or its Subsidiary's established accounting policies, all as the Administrator shall determine at the time the Performance Goals for a Performance Period are established. The Administrator may, in its sole discretion, provide that one or more objectively determinable adjustments shall be made to the manner in which one or more of the Performance Goals is to be calculated or measured to take into account, or ignore, one or more of the following: (1) items related to a change in accounting principle; (2) items relating to financing activities; (3) expenses for restructuring or productivity initiatives; (4) other non-operating items; (5) items related to acquisitions; (6) items attributable to the business operations of any entity acquired by the Company during the Performance Period; (7) items related to the sale or disposition of a business or segment of a business; (8) items related to discontinued operations that do not qualify as a segment of a business under U.S. generally accepted accounting principles; (9) items attributable to any stock dividend, stock split, combination or exchange of stock occurring during the Performance Period; (10) any other items of significant income or expense which are determined to be appropriate adjustments; (11) items relating to unusual or extraordinary corporate transactions, events or developments, (12) items related to amortization of acquired intangible assets; (13) items that are outside the scope of the Company's core, on-going business activities; (14) changes in foreign currency exchange rates; (15) items relating to changes in tax laws; (16) certain identified expenses (including, but not limited to, cash bonus expenses, incentive expenses and acquisition-related transaction and integration expenses); (17) items relating to asset impairment charges; (18) items relating to gains or unusual or nonrecurring events or changes in applicable law, accounting principles or business conditions, or (19) or any other items selected by the Administrator. Shares or Performance Units shall be settled as and when the Award vests or at a later time specified in the Award Agreement or in accordance with an election of the Participant, if the Administrator so permits, that meets the requirements of Section 409A of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)*Additional Terms and Conditions*. The Administrator may, by way of the Award Agreement or otherwise, determine such other terms, conditions, restrictions, and/or limitations, if any, of any Award of Performance Shares or Performance Units, *provided* they are not inconsistent with the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)*Other Stock-Based Awards.* The Administrator may from time-to-time grant to Eligible Individuals Awards in the form of Other Stock-Based Awards. Other Stock-Based Awards in the form of Dividend Equivalents may be (A) awarded on a free-standing basis or in connection with another Award other than a stock option or stock appreciation right, (B) paid currently or credited to an account for the Participant, including the reinvestment of such credited amounts in Common Stock equivalents, to be paid on a deferred basis, and (C) settled in cash or Common Stock as determined by the Administrator; *provided*, *however*, that Dividend Equivalents payable on Other

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Stock-Based Awards that are granted as a Performance Award shall, rather than be paid on a current basis, be accrued and made subject to forfeiture at least until achievement of the applicable Performance Goal related to such Other Stock- Based Awards. Any such settlements, and any such crediting of Dividend Equivalents, may be subject to such conditions, restrictions and contingencies as the Administrator shall establish.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)*Awards to Participants Outside the United States.* The Administrator may grant Awards to Eligible Individuals who are foreign nationals, who are located outside the United States or who are not compensated from a payroll maintained in the United States, or who are otherwise subject to (or could cause REA or a Subsidiary to be subject to) tax, legal or regulatory provisions of countries or jurisdictions outside the United States, on such terms and conditions different from those specified in the Plan as may, in the judgment of the Administrator, be necessary or desirable in order that any such Award shall conform to laws, regulations, and customs of the country or jurisdiction in which the Participant is then resident, or considered to be resident, or primarily providing services or to foster and promote achievement of the purposes of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)*Limitation on Dividend Reinvestment and Dividend Equivalents*. Reinvestment of dividends in additional Restricted Stock at the time of any dividend payment, and the payment of shares of Common Stock with respect to dividends to Participants holding Awards of stock Units, shall only be permissible if sufficient shares are available under the Share Pool for such reinvestment or payment (taking into account then outstanding Awards). In the event that sufficient shares are not available under the Share Pool for such reinvestment or payment, such reinvestment or payment shall be made in the form of a grant of stock Units equal in number to the shares of Common Stock that would have been obtained by such payment or reinvestment, the terms of which stock Units shall provide for settlement in cash and for Dividend Equivalent reinvestment in further stock Units on the terms contemplated by this Section 7(k).

**8.** **Withholding of Taxes**.

Participants and holders of Awards shall make arrangements satisfactory to the Administrator to satisfy any applicable withholding obligation in respect of all Tax-Related Items related to Awards granted under the Plan. The obligations of REA under the Plan shall be conditional on such arrangements. The Administrator, in its sole discretion and pursuant to such procedures as it may specify from time to time, may satisfy any applicable withholding obligation with respect to all Tax-Related Items, in whole or in part by (without limitation) (a) paying cash, check or other cash equivalents, (b) withholding cash or shares of Common Stock, including unrestricted outstanding shares surrendered to REA and unrestricted shares that are part of the Award that gives rise to the Tax-Related Items, having a fair market value equal to the minimum statutory amount required to be withheld or such greater amount (including up to a maximum statutory amount) as the Administrator may determine if such amount would not have adverse accounting consequences, as the Administrator determines in its sole discretion, (c) selling a sufficient number of shares of Common Stock otherwise deliverable to the Participant through such means as the Administrator may determine in its sole discretion (whether through a broker or otherwise) to satisfy any applicable withholding obligations, (d) any combination of the foregoing methods of payment, or (e) any other method of withholding determined by the Administrator and, to the extent required by applicable law or the Plan, approved by the Board or the Compensation Committee.

**9.** **Transferability of Awards**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)*General Nontransferability Absent Administrator Permission.* Except as otherwise determined by the Administrator, and in any event in the case of an Incentive Stock Option or a tandem stock appreciation right granted with respect to an Incentive Stock Option, no Award granted under the Plan shall be transferable by a Participant otherwise than by will or the laws of descent and distribution. The Administrator shall not permit any transfer of an Award for value. An Award may be exercised during the lifetime of the Participant, only by the Participant or, during the period the Participant is under a legal disability, by the Participant's guardian or legal representative, unless otherwise determined by the Administrator. Awards granted under the Plan shall not be subject in any manner to alienation, anticipation, sale, transfer, assignment, pledge, or encumbrance, except as otherwise determined by the Administrator; *provided, however,* that the restrictions in this sentence shall not apply to the shares of Common Stock received in connection with an Award after the date that the restrictions on transferability of such shares set forth in the applicable Award Agreement have lapsed. Nothing in this paragraph shall be interpreted or construed as overriding the terms of any REA stock ownership or retention policy, now or hereafter existing, that may apply to the Participant or shares of Common Stock received under an Award.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)*Administrator Discretion to Permit Transfers Other Than For Value.* Except as otherwise restricted by applicable law, the Administrator may, but need not, permit an Award, other than an Incentive Stock Option or a tandem stock appreciation right granted with respect to an Incentive Stock Option, to be transferred to a Participant's Family Member (as defined below) as a gift or pursuant to a domestic relations order in settlement of marital property rights. The Administrator shall not permit any transfer of an Award for value. For purposes of this Section 9, "Family Member" means any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, former spouse, sibling, niece, nephew, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, including adoptive relationships, any person sharing the Participant's household (other than a tenant or employee), a trust in which these persons have more than fifty percent of the beneficial interest, a foundation in which these persons (or the Participant) control the management of assets, and any other entity in which these persons (or the Participant) own more than fifty percent (50%) of the voting interests. The following transactions are not prohibited transfers for value: (i) a transfer under a domestic relations order in settlement of marital property rights; and (ii) a transfer to an entity in which more than fifty percent of the voting interests are owned by Family Members (or the Participant) in exchange for an interest in that entity.

**10.** **Adjustments for Corporate Transactions and Other Events**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)*Mandatory Adjustments*. In the event of a merger, consolidation, stock rights offering, statutory share exchange or similar event affecting REA (each, a "*Corporate Event*") or a stock dividend, stock split, reverse stock split, separation, spinoff, reorganization, extraordinary dividend of cash or other property, share combination or subdivision, recapitalization, capital reduction distribution, or similar event affecting the capital structure of REA (each, a "*Share Change*") that occurs at any time after the Effective Date (including any such Corporate Event or Share Change that occurs after such adoption and coincident with or prior to the Effective Date), the Administrator shall make equitable and appropriate substitutions or proportionate adjustments to (i) the aggregate number and kind of shares of Common Stock or other securities on which Awards under the Plan may be granted to Eligible Individuals, (ii) the maximum number of shares of Common Stock or other securities that may be issued with respect to Incentive Stock Options granted under the Plan, (iii) the number of shares of Common Stock or other securities covered by each outstanding Award and the exercise price, base price or other price per share, if any, and other relevant terms of each outstanding Award, and (iv) all other numerical limitations relating to Awards, whether contained in this Plan or in Award Agreements; *provided*, *however*, that any fractional shares resulting from any such adjustment shall be eliminated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)*Discretionary Adjustments*. In the case of Corporate Events, the Administrator may make such other adjustments to outstanding Awards as it determines to be appropriate and desirable, which adjustments may include, without limitation, (i) the cancellation of outstanding Awards in exchange for payments of cash, securities or other property or a combination thereof having an aggregate value equal to the value of such Awards, as determined by the Administrator in its sole discretion (it being understood that in the case of a Corporate Event with respect to which stockholders of REA receive consideration other than publicly traded equity securities of the ultimate surviving entity, any such determination by the Administrator that the value of a stock option or stock appreciation right shall for this purpose be deemed to equal the excess, if any, of the value of the consideration being paid for each share of Common Stock pursuant to such Corporate Event over the exercise price or base price of such stock option or stock appreciation right shall conclusively be deemed valid and that any stock option or stock appreciation right may be cancelled for no consideration upon a Corporate Event if its exercise price or base price equals or exceeds the value of the consideration being paid for each share of Common Stock pursuant to such Corporate Event), (ii) the substitution of securities or other property (including, without limitation, cash or other securities of REA and securities of entities other than REA) for the shares of Common Stock subject to outstanding Awards, and (iii) the substitution of equivalent awards, as determined in the sole discretion of the Administrator, of the surviving or successor entity or a parent thereof ("*Substitute Awards*").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)*Adjustments to Performance Goals*. The Administrator may, in its discretion, adjust the Performance Goals applicable to any Awards to reflect any unusual or non-recurring events and other extraordinary items, impact of charges for restructurings, discontinued operations and the cumulative effects of accounting or tax changes, each as defined by generally accepted accounting principles or as identified in REA's consolidated financial statements, notes to the consolidated financial statements, management's discussion and analysis or other REA filings with the Securities and Exchange Commission. If the Administrator determines that a change in the business, operations, corporate structure or capital structure of REA or the applicable subsidiary, business segment or other operational unit

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of REA or any such entity or segment, or the manner in which any of the foregoing conducts its business, or other events or circumstances, render the Performance Goals to be unsuitable, the Administrator may modify such Performance Goals or the related minimum acceptable level of achievement, in whole or in part, as the Administrator deems appropriate and equitable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)*Statutory Requirements Affecting Adjustments*. Notwithstanding the foregoing: (i) any adjustments made pursuant to Section 10 to Awards that are considered "deferred compensation" within the meaning of Section 409A of the Code shall be made in compliance with the requirements of Section 409A of the Code; (ii) any adjustments made pursuant to Section 10 to Awards that are not considered "deferred compensation" subject to Section 409A of the Code shall be made in such a manner as to ensure that after such adjustment, the Awards either (A) continue not to be subject to Section 409A of the Code or (B) comply with the requirements of Section 409A of the Code; (iii) in any event, the Administrator shall not have the authority to make any adjustments pursuant to Section 10 to the extent the existence of such authority would cause an Award that is not intended to be subject to Section 409A of the Code at the date of grant to be subject thereto; and (iv) any adjustments made pursuant to Section 10 to Awards that are Incentive Stock Options shall be made in compliance with the requirements of Section 424(a) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)*Dissolution or Liquidation.* Unless the Administrator determines otherwise, all Awards outstanding under the Plan shall terminate upon the dissolution or liquidation of REA.

**11.** **Change in Control Provisions**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)*Termination of Awards*. Notwithstanding the provisions of Section 11(b), in the event that any transaction resulting in a Change in Control occurs, outstanding Awards will terminate upon the effective time of such Change in Control unless provision is made in connection with the transaction for the continuation or assumption of such Awards by, or for the issuance therefor of Substitute Awards of, the surviving or successor entity or a parent thereof. Solely with respect to Awards that will terminate as a result of the immediately preceding sentence and except as otherwise provided in the applicable Award Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)the outstanding Awards of stock options and stock appreciation rights that will terminate upon the effective time of the Change in Control shall, immediately before the effective time of the Change in Control, become fully exercisable and the holders of such Awards will be permitted, immediately before the Change in Control, to exercise the Awards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)the outstanding shares of Restricted Stock the vesting or restrictions on which are then solely time-based and not subject to achievement of Performance Goals shall, immediately before the effective time of the Change in Control, become fully vested, free of all transfer and lapse restrictions and free of all risks of forfeiture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)the outstanding shares of Restricted Stock the vesting or restrictions on which are then subject to and pending achievement of Performance Goals shall, immediately before the effective time of the Change in Control and unless the Award Agreement provides for vesting or lapsing of restrictions in a greater amount upon the occurrence of a Change in Control, become vested, free of transfer and lapse restrictions and risks of forfeiture in such amounts as if the applicable Performance Goals for the unexpired Performance Period had been achieved at the target level set forth in the applicable Award Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)the outstanding Restricted Stock Units, Performance Shares and Performance Units the vesting, earning or settlement of which is then solely time-based and not subject to or pending achievement of Performance Goals shall, immediately before the effective time of the Change in Control, become fully earned and vested and shall be settled in cash or shares of Common Stock (consistent with the terms of the Award Agreement after taking into account the effect of the Change in Control transaction on the shares) as promptly as is practicable, subject to any applicable limitations imposed by Section 409A of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)the outstanding Restricted Stock Units, Performance Shares and Performance Units the vesting, earning or settlement of which is then subject to and pending achievement of Performance Goals shall, immediately before the effective time of the Change in Control and unless the Award Agreement provides for vesting, earning or settlement in a greater amount upon the occurrence of a Change in Control, become vested and earned in such amounts as if the applicable Performance Goals for the unexpired Performance Period had been achieved at the

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target level set forth in the applicable Award Agreement and shall be settled in cash or shares of Common Stock (consistent with the terms of the Award Agreement after taking into account the effect of the Change in Control transaction on the shares) as promptly as is practicable, subject to any applicable limitations imposed thereon by Section 409A of the Code.

Implementation of the provisions of this Section 11(a) shall be conditioned upon consummation of the Change in Control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)*Continuation, Assumption or Substitution of Awards*. The Administrator may specify, on or after the date of grant, in an award agreement or amendment thereto, the consequences of a Participant's Termination of Service that occurs coincident with or following the occurrence of a Change in Control, if a Change in Control occurs under which provision is made in connection with the transaction for the continuation or assumption of outstanding Awards by, or for the issuance therefor of Substitute Awards of, the surviving or successor entity or a parent thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)*Other Permitted Actions*. In the event that any transaction resulting in a Change in Control occurs, the Administrator may take any of the actions set forth in Section 10 with respect to any or all Awards granted under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)*Section 409A Savings Clause*. Notwithstanding the foregoing, if any Award is considered to be a "nonqualified deferred compensation plan" within the meaning of Section 409A of the Code, this Section 11 shall apply to such Award only to the extent that its application would not result in the imposition of any tax or interest or the inclusion of any amount in income under Section 409A of the Code.

**12.** **Substitution of Awards in Mergers and Acquisitions**.

Awards may be granted under the Plan from time to time in substitution for assumed awards held by employees, officers, or directors of entities who become employees, officers, or directors of REA or a Subsidiary as the result of a merger or consolidation of the entity for which they perform services with REA or a Subsidiary, or the acquisition by REA of the assets or stock of the such entity. The terms and conditions of any Awards so granted may vary from the terms and conditions set forth herein to the extent that the Administrator deems appropriate at the time of grant to conform the Awards to the provisions of the assumed awards for which they are substituted and to preserve their intrinsic value as of the date of the merger, consolidation or acquisition transaction. To the extent permitted by applicable law and marketplace or listing rules of the primary securities market or exchange on which the Common Stock is listed or admitted for trading, any available shares under a stockholder-approved plan of an acquired company (as appropriately adjusted to reflect the transaction) may be used for Awards granted pursuant to this Section 12 and, upon such grant, shall not reduce the Share Pool.

**13.** **Compliance with Securities Laws; Listing and Registration**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The obligation of REA to sell or deliver Common Stock with respect to any Award granted under the Plan shall be subject to all applicable laws, rules and regulations, including all applicable federal, state and foreign (non-United States) securities laws, and the obtaining of all such approvals by governmental agencies as may be deemed necessary or appropriate by the Administrator, in its discretion. If at any time the Administrator determines, in its discretion, that the delivery of Common Stock under the Plan is or may be unlawful under the laws of any applicable jurisdiction, or Federal, state or foreign securities laws, the right to exercise an Award or receive shares of Common Stock pursuant to an Award shall be suspended until the Administrator determines that such delivery is lawful. If at any time the Administrator determines that the delivery of Common Stock under the Plan would or may violate the rules of any exchange on which REA's securities are then listed for trade, the right to exercise an Award or receive shares of Common Stock pursuant to an Award shall be suspended until the Administrator determines that such delivery would not violate such rules. If the Administrator determines that the exercise or nonforfeitability of, or delivery of benefits pursuant to, any Award would violate any applicable provision of securities laws or the listing requirements of any stock exchange upon which any of REA's equity securities are listed, then the Administrator may postpone any such exercise, nonforfeitability or delivery, as applicable.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Each Award is subject to the requirement that, if at any time the Administrator determines, in its absolute discretion, that the listing, registration or qualification of Common Stock issuable pursuant to the Plan is required by any securities exchange or under any state, federal or foreign (non-United States) law, or the consent or approval of any governmental regulatory body is necessary or desirable as a condition of, or in connection with, the grant of an Award or the issuance of Common Stock, no such Award shall be granted or payment made or Common Stock issued, in whole or in part, unless (i) there is an exemption from any such listing, registration, qualification, consent or approval applicable to the shares of Common Stock or (ii) any such listing, registration, qualification, consent or approval has been effected or obtained free of any conditions not acceptable to the Administrator. REA is under no obligation to register or qualify its shares of Common Stock with the U.S. Securities and Exchange Commission ("*SEC*") or any state or foreign securities commission or to seek approval or clearance from any governmental authority for the issuance or sale of the shares of Common Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)In the event that the disposition of Common Stock acquired pursuant to the Plan is not covered by a then current registration statement under the U.S. Securities Act of 1933, as amended (the "*Securities Act*"), and is not otherwise exempt from such registration, such Common Stock shall be restricted against transfer to the extent required by the Securities Act or regulations thereunder, and the Administrator may require a person receiving Common Stock pursuant to the Plan, as a condition precedent to receipt of such Common Stock, to represent to REA in writing that the Common Stock acquired by such person is acquired for investment only and not with a view to distribution and that such person will not dispose of the Common Stock so acquired in violation of Federal, state or foreign securities laws and furnish such information as may, in the opinion of counsel for the Company, be appropriate to permit the Company to issue the Common Stock in compliance with applicable Federal, state or foreign securities laws.

**14.** **Section 409A Compliance**.

It is the intention of REA that any Award that constitutes a "nonqualified deferred compensation plan" within the meaning of Section 409A of the Code shall comply in all respects with the requirements of Section 409A of the Code to avoid the imposition of any tax or interest or the inclusion of any amount in income pursuant to Section 409A of the Code, and the terms of each such Award shall be construed, administered and deemed amended, if applicable, in a manner consistent with this intention. Notwithstanding the foregoing, neither REA nor any of its Affiliates nor any of its or their directors, officers, employees, agents or other service providers will be liable for any taxes, penalties or interest imposed on any Participant or other person with respect to any amounts paid or payable (whether in cash, shares of Common Stock or other property) under any Award, including any taxes, penalties or interest imposed under or as a result of Section 409A of the Code. Any payments described in an Award that are due within the "short term deferral period" as defined in Section 409A of the Code shall not be treated as deferred compensation unless applicable law requires otherwise. For purposes of any Award, each amount to be paid or benefit to be provided to a Participant that constitutes deferred compensation subject to Section 409A of the Code shall be construed as a separate identified payment for purposes of Section 409A of the Code. For purposes of Section 409A of the Code, the payment of Dividend Equivalents under any Award shall be construed as earnings and the time and form of payment of such Dividend Equivalents shall be treated separately from the time and form of payment of the underlying Award. Notwithstanding any other provision of the Plan to the contrary, with respect to any Award that constitutes a "nonqualified deferred compensation plan" within the meaning of Section 409A of the Code, any payments (whether in cash, shares of Common Stock or other property) to be made with respect to the Award that become payable on account of the Participant's separation from service, within the meaning of Section 409A of the Code, while the Participant is a "specified employee" (as determined in accordance with the uniform policy adopted by the Administrator with respect to all of the arrangements subject to Section 409A of the Code maintained by REA and its Affiliates) and which would otherwise be paid within six months after the Participant's separation from service shall be accumulated (without interest) and paid on the first day of the seventh month following the Participant's separation from service or, if earlier, within 15 days after the appointment of the personal representative or executor of the Participant's estate following the Participant's death. Notwithstanding anything in the Plan or an Award Agreement to the contrary, in no event shall the Administrator exercise its discretion to accelerate the payment or settlement of an Award where such payment or settlement constitutes deferred compensation within the meaning of Code section 409A unless, and solely to the extent that, such accelerated payment or settlement is permissible under U.S. Treasury Regulation section 1.409A-3(j)(4).

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**15.** **Plan Duration; Amendment and Discontinuance**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)*Plan Duration*. The Plan shall remain in effect, subject to the right of the Board or the Compensation Committee to amend or terminate the Plan at any time, until the earlier of (a) the earliest date as of which all Awards granted under the Plan have been satisfied in full or terminated and no shares of Common Stock approved for issuance under the Plan remain available to be granted under new Awards or (b) ________, 20__. No Awards shall be granted under the Plan after such termination date. Subject to other applicable provisions of the Plan, all Awards made under the Plan on or before ________, 20__ or such earlier termination of the Plan, shall remain in effect until such Awards have been satisfied or terminated in accordance with the Plan and the terms of such Awards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)*Amendment and Discontinuance of the Plan*. The Board or the Compensation Committee may amend, alter or discontinue the Plan, but no amendment, alteration or discontinuation shall be made which would materially impair the rights of a Participant with respect to a previously granted Award without such Participant's consent, except such an amendment made to comply with applicable law or rule of any securities exchange or market on which the Common Stock is listed or admitted for trading or to prevent adverse tax or accounting consequences to REA or the Participant. Notwithstanding the foregoing, no such amendment shall be made without the approval of REA's stockholders to the extent such amendment would (A) materially increase the benefits accruing to Participants under the Plan, (B) materially increase the number of shares of Common Stock which may be issued under the Plan, (C) materially expand the eligibility for participation in the Plan, (D) lengthen the maximum term of stock options and stock appreciation rights, or (E) modify the prohibition on the issuance of reload or replenishment options. Except as otherwise determined by the Board or Compensation Committee, termination of the Plan shall not affect the Administrator's ability to exercise the powers granted to it hereunder with respect to Awards granted under the Plan prior to the date of such termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)*Amendment of Awards*. Subject to Section 7(e), the Administrator may unilaterally amend the terms of any Award theretofore granted, but no such amendment shall materially impair the rights of any Participant with respect to an Award without the Participant's consent, except such an amendment made to cause the Plan or Award to comply with applicable law, applicable rule of any securities exchange on which the Common Stock is listed or admitted for trading, or to prevent adverse tax or accounting consequences for the Participant or the Company or any of its Affiliates. For purposes of the foregoing sentence, an amendment to an Award that results in a change in the tax consequences of the Award to the Participant shall not be considered to be a material impairment of the rights of the Participant and shall not require the Participant's consent.

**16.** **General Provisions**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)*Non-Guarantee of Employment or Service*. Nothing in the Plan or in any Award Agreement thereunder shall confer any right on an individual to continue in the service of REA or any Affiliate or shall interfere in any way with the right of REA or any Affiliate to terminate such service at any time with or without cause or notice and whether or not such termination results in (i) the failure of any Award to vest or become payable; (ii) the forfeiture of any unvested or vested portion of any Award; and/or (iii) any other adverse effect on the individual's interests under any Award or the Plan. No person, even though deemed an Eligible Individual, shall have a right to be selected as a Participant, or, having been so selected, to be selected again as a Participant, even if an Eligible Individual has been selected as a Participant in the past. To the extent that an Eligible Individual who is an employee of a Subsidiary receives an Award under the Plan, that Award shall in no event be understood or interpreted to form or amend an employment or service contract or mean that REA is the Participant's employer or that the Participant has an employment relationship with REA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)*No Trust or Fund Created*. Neither the Plan nor any Award shall create or be construed to create a trust or separate fund of any kind or a fiduciary relationship between REA and a Participant or any other person. To the extent that any Participant or other person acquires a right to receive payments from REA pursuant to an Award, such right shall be no greater than the right of any unsecured general creditor of REA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)*Status of Awards.* Awards shall be exceptional, voluntary and occasional and do not create any contractual or other right to receive future grants of Awards, even if Awards have been granted in the past. Awards and the shares of Common Stock subject to Awards, and the income from and value of same, shall not be part of normal or expected compensation and shall not be taken into account for purposes of, including but not limited to, determining any pension, retirement, death, severance, resignation, termination, redundancy, dismissal, end-of-service

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payments, bonuses, holiday pay, long-service awards, welfare benefits or other similar payments under (i) any pension, retirement, profit-sharing, bonus, insurance, severance or other employee benefit plan of REA or any Affiliate now or hereafter in effect under which the availability or amount of benefits is related to the level of compensation or (ii) any agreement between (A) REA or any Affiliate and (B) the Participant, except as such plan or agreement shall otherwise expressly provide.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)*Governing Law and Interpretation.* The validity, construction and effect of the Plan, of Award Agreements entered into pursuant to the Plan, and of any rules, regulations, determinations or decisions made by the Administrator relating to the Plan or such Award Agreements, and the rights of any and all persons having or claiming to have any interest therein or thereunder, shall be determined exclusively in accordance with applicable United States federal laws and the laws of the State of Texas, without regard to its conflict of laws principles. The captions of the Plan are not part of the provisions hereof and shall have no force or effect. Except where the context otherwise requires: (i) the singular includes the plural and vice versa; (ii) a reference to one gender includes other genders; (iii) a reference to a person includes a natural person, partnership, corporation, association, governmental or local authority or agency or other entity; and (iv) a reference to a statute, ordinance, code or other law includes regulations and other instruments under it and consolidations, amendments, re-enactments or replacements of any of them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)*Use of English Language.* The Plan, each Award Agreement, and all other documents, notices and legal proceedings entered into, given or instituted pursuant to an Award shall be written in English, unless otherwise determined by the Administrator. If a Participant receives an Award Agreement, a copy of the Plan or any other documents related to an Award translated into a language other than English, and if the meaning of the translated version is different from the English version, the English version shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)*Recovery of Amounts Paid.* Except as otherwise provided by the Administrator, Awards granted under the Plan shall be subject to any and all policies, guidelines, codes of conduct, or other agreement or arrangement adopted by the Board or Compensation Committee with respect to the recoupment, recovery or clawback of compensation (collectively, the "*Recoupment Policy*") and/or to any provisions set forth in the applicable Award Agreement under which REA may recover from current and former Participants any amounts paid or shares of Common Stock issued under an Award and any proceeds therefrom under such circumstances as the Administrator determines appropriate. The Administrator may apply the Recoupment Policy to Awards granted before the policy is adopted to the extent required by applicable law or rule of any securities exchange or market on which shares of Common Stock are listed or admitted for trading, as determined by the Administrator in its sole discretion.

**17.** **Glossary**.

Under this Plan, except where the context otherwise indicates, the following definitions apply:

*"Administrator*" means the Compensation Committee, or such other committee(s) of director(s) duly appointed by the Board or the Compensation Committee to administer the Plan or delegated limited authority to perform administrative actions under the Plan, and having such powers as shall be specified by the Board or the Compensation Committee; provided, however, that at any time the Board may serve as the Administrator in lieu of or in addition to the Compensation Committee or such other committee(s) of director(s) to whom administrative authority has been delegated. With respect to any Award to which Section 16 of the Exchange Act applies, the Administrator shall consist of either the Board or a committee of the Board, which committee shall consist of three or more directors, each of whom is intended to be, to the extent required by Rule 16b-3 of the Exchange Act, a "non-employee director" as defined in Rule 16b-3 of the Exchange Act and an "independent director" to the extent required by the rules of the national securities exchange that is the principal trading market for the Common Stock, provided that, with respect to Awards made to a member of the Board who is not an employee of the Company, Administrator means the Board. Any member of the Administrator who does not meet the foregoing requirements shall abstain from any decision regarding an Award and shall not be considered a member of the Administrator to the extent required to comply with Rule 16b-3 of the Exchange Act.

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"*Adoption Date*" means the date the Plan is adopted by the Board.

"*Affiliate"* means any entity, whether now or hereafter existing, which controls, is controlled by, or is under common control with, REA or any successor to REA. For this purpose, "control" (including the correlative meanings of the terms "controlled by" and "under common control with") shall mean ownership, directly or indirectly, of 50% or more of the total combined voting power of all classes of voting securities issued by such entity, or the possession, directly or indirectly, of the power to direct the management and policies of such entity, by contract or otherwise.

"*Award*" means any stock option, stock appreciation right, stock award, stock unit, Performance Share, Performance Unit, and/or Other Stock-Based Award, whether granted under this Plan or for purposes of Section 5(a) and (b) the Prior Plan.

*"Award Agreement"* means the written document(s), including an electronic writing acceptable to the Administrator, and any notice, addendum or supplement thereto, memorializing the terms and conditions of an Award granted pursuant to the Plan and which shall incorporate the terms of the Plan.

"*Board*" means the Board of Directors of REA.

"*Cause*" means, with respect to a Participant, except as otherwise provided in the relevant Award Agreement or other written agreement between a Participant and the Company or any of its Subsidiaries applicable to the Award, any of the following: (i) the Participant's plea of guilty or *nolo contendere* to, or conviction of, (A) a felony (or its equivalent in a non-United States jurisdiction) or (B) other conduct of a criminal nature that has or is likely to have a material adverse effect on the reputation or standing in the community of REA, any of its Affiliates or a successor to REA or an Affiliate, as determined by the Administrator in its sole discretion, or that legally prohibits the Participant from working for REA, any of its Subsidiaries or a successor to REA or a Subsidiary; (ii) a breach by the Participant of a regulatory rule that adversely affects the Participant's ability to perform the Participant's employment duties to REA, any of its Subsidiaries or a successor to REA or a Subsidiary, in any material respect; or (iii) the Participant's failure, in any material respect, to (A) perform the Participant's employment duties, (B) comply with the applicable policies of REA, or of its Subsidiaries, or a successor to REA or a Subsidiary, or (C) comply with covenants contained in any contract or Award Agreement to which the Participant is a party; *provided, however*, that the Participant shall be provided a written notice describing in reasonable detail the facts which are considered to give rise to a breach described in this clause and the Participant shall have 30 days following receipt of such written notice (the "*Cure Period*") during which the Participant may remedy the condition and, if so remedied, no Cause for Termination of Service shall exist.

"*Change in Control*" means the first of the following to occur: (i) a Change in Ownership of REA, (ii) a Change in Effective Control of REA, or (iii) a Change in the Ownership of Assets of REA, as described herein and construed in accordance with Code section 409A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)A "Change in Ownership of REA" shall occur on the date that any one Person acquires, or Persons Acting as a Group acquire, ownership of the capital stock of REA that, together with the stock held by such Person or Group, constitutes more than 50% of the total fair market value or total voting power of the capital stock of REA. However, if any one Person is, or Persons Acting as a Group are, considered to own more than 50%, on a fully diluted basis, of the total fair market value or total voting power of the capital stock of REA, the acquisition of additional stock by the same Person or Persons Acting as a Group is not considered to cause a Change in Ownership of REA or to cause a Change in Effective Control of REA (as described below). An increase in the percentage of capital stock owned by any one Person, or Persons Acting as a Group, as a result of a transaction in which REA acquires its stock in exchange for property will be treated as an acquisition of stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)A "Change in Effective Control of REA" shall occur on the date either (A) a majority of members of REA's Board is replaced during any 12-month period by directors whose appointment or election is not endorsed by a majority of the members of REA's Board before the date of the appointment or election, or (B) any one Person, or Persons Acting as a Group, acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such Person or Persons) ownership of stock of REA possessing 50% or more of the total voting power of the stock of REA.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)A "Change in the Ownership of Assets of REA" shall occur on the date that any one Person acquires, or Persons Acting as a Group acquire (or has or have acquired during the 12-month period ending on the date of the most recent acquisition by such Person or Persons), assets from REA that have a total gross fair market value equal to or more than 50% of the total gross fair market value of all of the assets of REA immediately before such acquisition or acquisitions. For this purpose, gross fair market value means the value of the assets of REA, or the value of the assets being disposed of, determined without regard to any liabilities associated with such assets.

The following rules of construction apply in interpreting the definition of Change in Control:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)A "*Person*" means any individual, entity or group within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended, other than employee benefit plans sponsored or maintained by REA and by entities controlled by REA or an underwriter, initial purchaser or placement agent temporarily holding the capital stock of REA pursuant to a registered public offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)Persons will be considered to be Persons Acting as a Group (or Group) if they are owners of a corporation that enters into a merger, consolidation, purchase or acquisition of stock, or similar business transaction with the corporation. If a Person owns stock in both corporations that enter into a merger, consolidation, purchase or acquisition of stock, or similar transaction, such shareholder is considered to be acting as a Group with other shareholders only with respect to the ownership in that corporation before the transaction giving rise to the change and not with respect to the ownership interest in the other corporation. Persons will not be considered to be acting as a Group solely because they purchase assets of the same corporation at the same time or purchase or own stock of the same corporation at the same time, or as a result of the same public offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)A Change in Control shall not include a transfer to a related person as described in Code section 409A or a public offering of capital stock of REA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D)For purposes of the definition of Change in Control, Section 318(a) of the Code applies to determine stock ownership. Stock underlying a vested option is considered owned by the individual who holds the vested option (and the stock underlying an unvested option is not considered owned by the individual who holds the unvested option). For purposes of the preceding sentence, however, if a vested option is exercisable for stock that is not substantially vested (as defined by U.S. Treasury Regulation §1.83-3(b) and (j)), the stock underlying the option is not treated as owned by the individual who holds the option.

*"Code"* means the U.S. Internal Revenue Code of 1986, as amended from time to time, and any successor thereto, the Treasury Regulations thereunder and other relevant interpretive guidance issued by the Internal Revenue Service or the Treasury Department. Reference to any specific section of the Code shall be deemed to include such regulations and guidance, as well as any successor section, regulations and guidance.

*"Common Stock"* means shares of common stock of RARE EARTHS AMERICAS, INC., par value $0.0001 per share, and any capital securities into which they are converted.

"*Company*" means RARE EARTHS AMERICAS, INC. and its Subsidiaries, except where the context otherwise requires. For purposes of determining whether a Change in Control has occurred, Company shall mean only RARE EARTHS AMERICAS, INC.

*"Compensation Committee"* means the Compensation Committee of the Board.

"*Director Limits*" shall have the meaning ascribed to it in Section 5(e) of the Plan.

"*Dividend Equivalent*" means a right, granted to a Participant, to receive cash, Common Stock, stock Units or other property equal in value to dividends paid with respect to a specified number of shares of Common Stock.

"*Effective Date*" means the IPO Date.

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"*Eligible Individuals*" means (i) officers and employees of, and other individuals, including non-employee directors, consultants and independent contractors, who are natural persons providing bona fide services to or for, REA or any of its Subsidiaries, *provided* that such services are not in connection with the offer or sale of securities in a capital-raising transaction and do not directly or indirectly promote or maintain a market for REA's securities, and (ii) prospective officers, employees and service providers who have accepted offers of employment or other service relationship from REA or a Subsidiary.

"*Exchange Act*" means the U.S. Securities Exchange Act of 1934, as amended from time to time, and any successor thereto. Reference to any specific section of the Exchange Act shall be deemed to include such regulations and guidance issued thereunder, as well as any successor section, regulations and guidance.

*"Fair Market Value*" means, on a per share basis as of any date, unless otherwise determined by the Administrator:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)if the principal market for the Common Stock (as determined by the Administrator if the Common Stock is listed or admitted to trading on more than one exchange or market) is a national securities exchange or an established securities market, unless otherwise determined by the Administrator, the official closing price per share of Common Stock for the regular market session on that date on the principal exchange or market on which the Common Stock is then listed or admitted to trading or, if no sale is reported for that date, on the last preceding day on which a sale was reported, all as reported by such source as the Administrator may select;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)if the principal market for the Common Stock is not a national securities exchange or an established securities market, but the Common Stock is quoted by a national quotation system, the average of the highest bid and lowest asked prices for the Common Stock on that date as reported on a national quotation system or, if no prices are reported for that date, on the last preceding day on which prices were reported, all as reported by such source as the Administrator may select; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)if the Common Stock is neither listed or admitted to trading on a national securities exchange or an established securities market, nor quoted by a national quotation system, the value determined by the Administrator in good faith by the reasonable application of a reasonable valuation method, which method may, but need not, include taking into account an appraisal of the fair market value of the Common Stock conducted by a nationally recognized appraisal firm selected by the Administrator.

Notwithstanding the preceding, for foreign, federal, state and local income tax reporting purposes and for such other purposes as the Administrator deems appropriate, the Fair Market Value shall be determined by the Administrator in accordance with uniform and nondiscriminatory standards adopted by it from time to time.

"*Full Value Award*" means an Award that results in REA transferring the full value of a share of Common Stock under the Award, whether or not an actual share of stock is issued. Full Value Awards shall include, but are not limited to, stock awards, stock units, Performance Shares, Performance Units that are payable in Common Stock, and Other Stock-Based Awards for which REA transfers the full value of a share of Common Stock under the Award, but shall not include Dividend Equivalents.

"*Incentive Stock Option*" means any stock option that is designated, in the applicable Award Agreement or the resolutions of the Administrator under which the stock option is granted, as an "incentive stock option" within the meaning of Section 422 of the Code and otherwise meets the requirements to be an "incentive stock option" set forth in Section 422 of the Code.

"*IPO Date*" means the date of the underwriting agreement between REA and the underwriter(s) managing the initial public offering of the Common Stock, pursuant to which the Common Stock is priced for the initial public offering.

"*Non-Employee Director*" means a member of the Board who is not an employee of REA or any of its Affiliates.

"*Nonqualified Option*" means any stock option that is not an Incentive Stock Option.

"*Other Stock-Based Award*" means an Award of Common Stock or any other Award that is valued in whole or in part by reference to, or is otherwise based upon, shares of Common Stock, including without limitation Dividend Equivalents and convertible debentures.

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"*Participant*" means an Eligible Individual to whom one or more Awards are or have been granted pursuant to the Plan and have not been fully settled or cancelled and, following the death of any such person, his successors, heirs, executors and administrators, as the case may be.

"*Performance Award*" means a Full Value Award, the grant, vesting, lapse of restrictions or settlement of which is conditioned upon the achievement of performance objectives over a specified Performance Period and includes, without limitation, Performance Shares and Performance Units.

"*Performance Goals*" means the performance goals established by the Administrator in connection with the grant of Awards based on Performance Metrics or other performance criteria selected by the Administrator.

"*Performance Period*" means that period established by the Administrator during which any Performance Goals specified by the Administrator with respect to such Award are to be measured.

"*Performance Metrics*" means criteria established by the Administrator relating to any of the following or any other performance-based criteria, as it may apply to an individual, one or more business units, divisions, or Affiliates, or on a company-wide basis, and in absolute terms, relative to a base period, or relative to the performance of one or more comparable companies, peer groups, or an index covering multiple companies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(i) Earnings or Profitability Metrics*: any derivative of revenue; earnings/loss (gross, operating, net, or adjusted); earnings/loss before interest and taxes ("EBIT"); earnings/loss before interest, taxes, depreciation and amortization ("EBITDA"); profit margins; operating margins; expense levels or ratios; *provided* that any of the foregoing metrics may be adjusted to eliminate the effect of any one or more of the following: interest expense, asset impairments or investment losses, early extinguishment of debt or stock-based compensation expense;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(ii) Return Metrics*: any derivative of return on investment, assets, equity or capital (total or invested);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(iii) Investment Metrics:* relative risk-adjusted investment performance; investment performance of assets under management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(iv) Cash Flow Metrics*: any derivative of operating cash flow; cash flow sufficient to achieve financial ratios or a specified cash balance; free cash flow; cash flow return on capital; net cash provided by operating activities; cash flow per share; working capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(v) Liquidity Metrics*: any derivative of debt leverage (including debt to capital, net debt-to-capital, debt-to-EBITDA or other liquidity ratios); and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(vi) Stock Price and Equity Metrics*: any derivative of return on stockholders' equity; total stockholder return; stock price; stock price appreciation; market capitalization; earnings/loss per share (basic or diluted) (before or after taxes).

"*Performance Shares*" means a grant of stock or stock Units the issuance, vesting or payment of which is contingent on performance as measured against predetermined objectives over a specified Performance Period.

"*Performance Units*" means a grant of dollar-denominated Units the value, vesting or payment of which is contingent on performance against predetermined objectives over a specified Performance Period.

"*Plan*" means this RARE EARTHS AMERICAS, INC. 2026 Equity Incentive Plan, as set forth herein and as it may be amended from time to time.

"*Restricted Stock*" means an Award of shares of Common Stock to a Participant that may be subject to certain transferability and other restrictions and to a risk of forfeiture (including by reason of not satisfying certain Performance Goals).

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"*Restricted Stock Unit*" means a right granted to a Participant to receive shares of Common Stock or cash at the end of a specified deferral period, which right may be conditioned on the satisfaction of certain requirements (including the satisfaction of certain Performance Goals).

"*Restriction Period*" means, with respect to Full Value Awards, the period commencing on the date of grant of such Award to which vesting or transferability and other restrictions and a risk of forfeiture apply and ending upon the expiration of the applicable vesting conditions, transferability and other restrictions and lapse of risk of forfeiture and/or the achievement of the applicable Performance Goals (it being understood that the Administrator may provide that vesting shall occur and/or restrictions shall lapse with respect to portions of the applicable Award during the Restriction Period.

"*Subsidiary*" means any corporation or other entity in an unbroken chain of corporations or other entities beginning with REA if each of the corporations or other entities, or group of commonly controlled corporations or other entities, other than the last corporation or other entity in the unbroken chain then owns stock or other equity interests possessing 50% or more of the total combined voting power of all classes of stock or other equity interests in one of the other corporations or other entities in such chain or otherwise has the power to direct the management and policies of the entity by contract or by means of appointing a majority of the members of the board or other body that controls the affairs of the entity; *provided, however,* that solely for purposes of determining whether a Participant has a Termination of Service that is a "separation from service" within the meaning of Section 409A of the Code or whether an Eligible Individual is eligible to be granted an Award that in the hands of such Eligible Individual would constitute a "nonqualified deferred compensation plan" within the meaning of Section 409A of the Code , a "Subsidiary" of a corporation or other entity means all other entities with which such corporation or other entity would be considered a single employer under Sections 414(b) or 414(c) of the Code.

"*Tax-Related Items*" means any all income tax, social insurance, payroll tax, fringe benefits tax, payment on account or other tax-related items related to a Participant's participation in the Plan and legally applicable or deemed applicable to the Participant.

"*Termination of Service*" means the termination of the Participant's employment, or performance of services for, REA and its Subsidiaries. Temporary absences from employment because of illness, vacation or leave of absence and transfers among REA and its Subsidiaries shall not be considered Terminations of Service. With respect to any Award that constitutes a "nonqualified deferred compensation plan" within the meaning of Section 409A of the Code, "Termination of Service" shall mean a "separation from service" as defined under Section 409A of the Code to the extent required by Section 409A of the Code to avoid the imposition of any tax or interest or the inclusion of any amount in income pursuant to Section 409A of the Code. A Participant has a separation from service within the meaning of Section 409A of the Code if the Participant terminates employment with REA and all Subsidiaries for any reason. A Participant will generally be treated as having terminated service with REA and all Subsidiaries for purposes of Section 409A of the Code as of a certain date if the Participant and the entity that employs the Participant reasonably anticipate that the Participant will perform no further services for REA or any Subsidiary after such date or that the level of bona fide services that the Participant will perform after such date (whether as an employee or an independent contractor) will permanently decrease to no more than 20 percent (20%) of the average level of bona fide services performed (whether as an employee or an independent contractor) over the immediately preceding 36-month period (or the full period of services if the Participant has been providing services for fewer than 36 months); *provided, however,* that the service relationship is treated as continuing while the Participant is on military leave, sick leave or other bona fide leave of absence if the period of leave does not exceed six months or, if longer, so long as the Participant retains the right to reemployment with REA or any Subsidiary. The Administrator shall have the exclusive discretion to determine when a Participant is no longer actively providing services for purposes of any Award (including whether a Participant may still be considered to be providing services while on a leave of absence).

"*Total and Permanent Disability*" means, with respect to a Participant, except as otherwise provided in the relevant Award Agreement, that a Participant is (i) unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to last until the Participant's death or result in death, or (ii) determined to be totally disabled by the Social Security Administration or other governmental or quasi-governmental body that administers a comparable social insurance program outside of the United States in which the Participant participates and which conditions the right to receive benefits under such program on the Participant being unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to last until the Participant's death or result in death. The Administrator

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shall have sole authority to determine whether a Participant has suffered a Total and Permanent Disability and may require such medical or other evidence as it deems necessary to judge the nature and permanency of the Participant's condition.

"*Unit*" means a bookkeeping entry used by REA to record and account for the grant of the following types of Awards until such time as the Award is paid, cancelled, forfeited or terminated, as the case may be: stock units, Restricted Stock Units, Performance Units, and Performance Shares that are expressed in terms of units of Common Stock.

{*end of document*}

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## Exhibit 10.8

**Exhibit 10.8**

**RESTRICTED STOCK UNITS NOTICE UNDER THE<br>RARE EARTHS AMERICAS, INC.<br>2026 EQUITY INCENTIVE PLAN**

**Name of Grantee**:

This Notice evidences the award of restricted stock units (each, an "***RSU***," and collectively, the "***RSUs***") of RARE EARTHS AMERICAS, INC., a Texas corporation (the "***Company***"), that have been granted to you pursuant to the RARE EARTHS AMERICAS, INC. 2026 Equity Incentive Plan (the "***Plan***") and conditioned upon your agreement to the terms of the attached Global Restricted Stock Units Agreement, including any special terms or conditions for your country set forth in any appendix attached thereto (the "***Appendix***," and together with the Global Restricted Stock Units Agreement, the "***Agreement***"). This Notice constitutes part of and is subject to the terms and provisions of the Agreement and the Plan, which are incorporated by reference herein. Each RSU is equivalent in value to one share of the Company's Common Stock and represents the Company's commitment to issue one share of the Company's Common Stock at a future date, subject to the terms of the Agreement and the Plan. The RSUs are credited to a separate account maintained for you on the books and records of the Company (the "***Account***"). All amounts credited to the Account will continue for all purposes to be part of the general assets of the Company.

<u>Grant Date</u>:

<u>Number of RSUs</u>:

<u>Vesting Schedule</u>: All of the RSUs are nonvested and forfeitable as of the Grant Date. So long as your Service (as defined in the Agreement) is continuous from the Grant Date through the applicable date upon which vesting is scheduled to occur:

RARE EARTH AMERICAS, INC. Date

By my signature below or by accepting the RSU award via the Company's electronic acceptance procedure, I acknowledge that I have carefully read the Agreement and the prospectus for the Plan. I agree to be bound by all of the provisions set forth in those documents. I also consent to electronic delivery of all notices or other information with respect to the RSUs or the Company.

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| | |
|:---|:---|
| &nbsp;&nbsp; <br>Signature of Grantee | &nbsp;&nbsp; <br>Date |

---

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## Exhibit 10.9

**Exhibit 10.9**

**RESTRICTED STOCK UNITS AGREEMENT UNDER THE<br>RARE EARTHS AMERICAS, INC.<br>2026 EQUITY INCENTIVE PLAN**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.<u>Terminology</u>. Unless otherwise provided in this Agreement, capitalized terms used herein are defined in the Glossary at the end of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.<u>Vesting</u>. All of the RSUs are nonvested and forfeitable as of the Grant Date. So long as your Service is continuous from the Grant Date through the applicable date upon which vesting is scheduled to occur, the RSUs will become vested and nonforfeitable in accordance with the vesting schedule set forth in the Notice. Except for the circumstances, if any, described in the Notice, none of the RSUs will become vested and nonforfeitable after your Service ceases.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.<u>Termination of Service</u>. Unless otherwise provided in the Notice, all RSUs that are not then vested and nonforfeitable upon a Termination of Service for any reason will be forfeited to the Company immediately and automatically upon such Termination of Service without payment of any consideration therefor, your right to vest in the RSUs under the Plan (if any) shall terminate as of such date of Termination of Service and will not be extended by any notice period (e.g., your period of Service will not include any contractual notice period or any period of "garden leave" or similar period mandated under employment laws in the jurisdiction where you are providing Service or the terms of your employment or service agreement, if any) and you will have no further right, title or interest in or to such RSUs or the underlying shares of Common Stock. The Administrator shall have the exclusive discretion to determine whether you have experienced a Termination of Service (including whether you may still be considered to be providing Service while on a leave of absence).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.<u>Restrictions on Transfer</u>. Neither this Agreement nor any of the RSUs may be assigned, transferred, pledged, hypothecated or disposed of in any way, whether by operation of law or otherwise, and the RSUs shall not be subject to execution, attachment or similar process. All rights with respect to this Agreement and the RSUs shall be exercisable during your lifetime only by you or your guardian or legal representative. Notwithstanding the foregoing, the RSUs may be transferred upon your death by last will and testament or under the laws of descent and distribution, subject to compliance with applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.<u>Settlement of RSUs</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Manner of Settlement</u>. You are not required to make any monetary payment (other than to satisfy any applicable withholding obligations with respect to Tax-Related Items related to the RSUs, if required) as a condition to settlement of the RSUs. The Company will issue to you, in settlement of your RSUs and subject to the provisions of Section 6 below, the number of whole shares of Common Stock that equals the number of whole RSUs that become vested, and such vested RSUs will terminate and cease to be outstanding upon such issuance of the shares. Upon issuance of such shares, the Company will determine the form of delivery (e.g., a stock certificate or electronic entry evidencing such shares) and may deliver such shares on your behalf electronically to the Company's designated stock plan administrator or such other broker-dealer as the Company may choose at its sole discretion, within reason.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Timing of Settlement</u>. Your RSUs will be settled by the Company, via the issuance of Common Stock as described herein, on the date that the RSUs become vested and nonforfeitable. However, if a scheduled issuance date falls on a Saturday, Sunday or federal holiday, such issuance date shall instead fall on the next following day that the principal executive offices of the Company are open for business. Notwithstanding the foregoing, in the event that (i) you are subject to the Company's policy permitting officers and directors to sell shares only during certain "window" periods, in effect from time to time, or you are otherwise prohibited from selling shares of the Company's Common Stock in the public market and any shares covered by your RSUs are scheduled to be issued on a day (the "***Original Distribution Date***") that does not occur during an open "window period" applicable to you, as determined by the Company in accordance with such policy, or does not occur on a date when you are otherwise permitted to sell shares of the Company's Common Stock in the open market, and (ii) the Company elects not to satisfy any applicable withholding obligations with respect to Tax-Related Items related to the RSUs by withholding shares from your distribution, then such shares shall not be issued and delivered on such Original Distribution Date and shall instead be issued and delivered on the first business day of the next occurring open

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"window period" applicable to you pursuant to such policy (regardless of whether you are still providing continuous Service at such time) or the next business day when you are not prohibited from selling shares of the Company's Common Stock in the open market, but in no event later than the fifteenth day of the third calendar month of the calendar year following the calendar year in which the Original Distribution Date occurs. In all cases, the issuance and delivery of shares under this Agreement is intended to comply with Treasury Regulation 1.409A-1(b)(4) and shall be construed and administered in such a manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.<u>Tax Withholding</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Responsibility for</u> Taxes. You acknowledge that, regardless of any action taken by the Company or, if different, your employer or any Affiliate of the Company to which you provide Service (the "***Service Recipient***"), the ultimate liability for all Tax-Related Items related your participation in the Plan and legally applicable to you are and remains your responsibility and may exceed the amount actually withheld (if any) by the Company or the Service Recipient. You acknowledge that the Company is not making representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the RSUs, including, but not limited to, the grant, vesting or settlement of the RSUs, the subsequent sale of shares of Common Stock acquired pursuant to such settlement and the receipt of any dividends. Further, you acknowledge that the Company does not have any duty or obligation to minimize your liability for Tax-Related Items arising from the RSUs or to achieve any particular tax result and will not be liable to you for any Tax-Related Items arising in connection with the RSUs. If you become subject to taxation in more than one jurisdiction, the Company and/or the Service Recipient (or former service recipient, as applicable) may be required to withhold or account for Tax-Related Items in more than one jurisdiction. The Company may refuse to issue or deliver the shares or the proceeds of the sale of shares of Common Stock if you fail to comply with your obligations in connection with the Tax-Related Items.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Withholding Methods</u>. Prior to any relevant taxable or tax withholding event, or at any time thereafter as requested by the Company, you hereby authorize any required withholding from the Common Stock issuable to you and/or otherwise agree to make adequate provision in cash for any sums required to satisfy any applicable tax withholding obligations of the Company or the Service Recipient related to your RSUs. Additionally, the Company may, in its sole discretion, satisfy all or any applicable tax withholding obligations with respect to all Tax-Related Items relating to your RSUs by any of the following means or by a combination of such means: (i) withholding from any compensation otherwise payable to you by the Company or the Service Recipient; (ii) causing you to tender a cash payment; (iii) withholding from proceeds of the sale of shares of Common Stock acquired upon settlement of the RSUs either through a voluntary sale or through a mandatory sale arranged by the Company (on your behalf pursuant to this authorization without further consent); (iv) withholding shares of Common Stock from the shares of Common Stock issued or otherwise issuable to you in connection with the RSUs; or (v) any other method of withholding determined by the Company and, to the extent required by applicable law or the Plan, approved the Compensation Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Withholding Rates</u>. The Company may withhold or account for Tax-Related Items by considering statutory or other withholding rates, including minimum or maximum rates applicable in your jurisdiction(s). In the event of over-withholding, you may receive a refund of any over-withheld amount in cash (with no entitlement to the equivalent in shares of Common Stock), or if not refunded, you may seek a refund from the local tax authorities to the extent you wish to recover any over-withheld amounts in the form of a refund. In the event of under-withholding, you may be required to pay any additional Tax-Related Items directly to the applicable tax authority or to the Company and/or the Service Recipient, and you agree to indemnify and hold the Company and the Service Recipient, as applicable, harmless from any failure to withhold the proper amount. If the obligation for Tax-Related Items is satisfied by withholding a number of shares of Common Stock, for tax purposes, you will be deemed to have been issued the full number of shares of Common Stock subject to the settled RSUs, notwithstanding that a number of the shares of Common Stock is held back solely for the purpose of paying the Tax-Related Items.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.<u>Adjustments for Corporate Transactions and Other Events</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Stock Dividend, Stock Split and Reverse Stock Split</u>. Upon a stock dividend of, or stock split or reverse stock split affecting, the Common Stock, the number of outstanding RSUs shall, without further action of the Administrator, be adjusted to reflect such event; provided, however, that any fractional RSUs resulting from any such adjustment shall be eliminated. Adjustments under this paragraph will be made by the Administrator, whose determination as to what adjustments, if any, will be made and the extent thereof will be final, binding and conclusive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Merger, Consolidation and Other Events</u>. If the Company shall be the surviving or resulting corporation in any merger or consolidation and the Common Stock shall be converted into other securities, the RSUs shall pertain to and apply to the securities to which a holder of the number of shares of Common Stock subject to the RSUs would have been entitled. If the stockholders of the Company receive by reason of any distribution in total or partial liquidation or pursuant to any merger of the Company or acquisition of its assets, securities of another entity or other property (including cash), then the rights of the Company under this Agreement shall inure to the benefit of the Company's successor, and this Agreement shall apply to the securities or other property (including cash) to which a holder of the number of shares of Common Stock subject to the RSUs would have been entitled, in the same manner and to the same extent as the RSUs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.<u>Non-Guarantee of Employment or Service Relationship</u>. Nothing in the Plan or this Agreement shall alter your employment status or other service relationship with the Company or the Service Recipient, nor be construed as forming or amending a contract of employment or service relationship between the Company or the Service Recipient and you, or as a contractual right of you to continue in the employ of, or in a service relationship with, the Company or the Service Recipient for any period of time, or as a limitation of the right of the Company or the Service Recipient to discharge you at any time with or without cause or notice and whether or not such discharge results in the forfeiture of any nonvested and forfeitable RSUs or any other adverse effect on your interests under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.<u>Rights as Stockholder</u>. You shall not have any of the rights of a stockholder with respect to any shares of Common Stock that may be issued in settlement of the RSUs until such shares of Common Stock have been issued to you.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.<u>The Company's Rights</u>. The existence of the RSUs shall not affect in any way the right or power of the Company or its stockholders to make or authorize any or all adjustments, recapitalizations, reorganizations, or other changes in the Company's capital structure or its business, or any merger or consolidation of the Company, or any issue of bonds, debentures, preferred or other stocks with preference ahead of or convertible into, or otherwise affecting the Common Stock or the rights thereof, or the dissolution or liquidation of the Company, or any sale or transfer of all or any part of the Company's assets or business, or any other corporate act or proceeding, whether of a similar character or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.<u>Restrictions on Issuance of Shares</u>. The issuance of shares of Common Stock upon settlement of the RSUs shall be subject to and in compliance with all applicable requirements of federal, state, or foreign law with respect to such securities. No shares of Common Stock may be issued hereunder if the issuance of such shares would constitute a violation of any applicable federal, state, or foreign securities laws or other law or regulations or the requirements of any stock exchange or market system upon which the Common Stock may then be listed. The inability of the Company to obtain from any regulatory body having jurisdiction the authority, if any, deemed by the Company's legal counsel to be necessary to the lawful issuance of any shares subject to the RSUs shall relieve the Company of any liability in respect of the failure to issue such shares as to which such requisite authority shall not have been obtained. As a condition to the settlement of the RSUs, the Company may require you to satisfy any qualifications that may be necessary or appropriate, to evidence compliance with any applicable law or regulation, and to make any representation or warranty with respect thereto as may be requested by the Company. Notwithstanding the foregoing, the Company is under no obligation to register or qualify the shares of Common stock with the U.S. Securities and Exchange Commission or any state or foreign securities commission or to seek approval or clearance from any governmental authority for the issuance or sale of the shares of Common Stock.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.<u>Notices</u>. All notices and other communications made or given pursuant to this Agreement shall be given in writing and shall be deemed effectively given upon receipt or, in the case of notices delivered by the Company to you, five (5) days after deposit in the United States mail, postage prepaid, addressed to you at the last address you provided to the Company, or in the case of notices delivered to the Company by you, addressed to the Administrator, care of the Company for the attention of its Secretary at its principal executive office or, in either case, if the receiving party consents in advance, transmitted and received via telecopy or via such other electronic transmission mechanism as may be available to the parties. Notwithstanding the foregoing, the Company may, in its sole discretion, decide to deliver any documents related to participation in the Plan and this award of RSUs by electronic means or to request your consent to participate in the Plan or accept this award of RSUs by electronic means. You hereby consent to receive such documents by electronic delivery and agree to participate in the Plan through an on-line or electronic system established and maintained by the Company or another third party designated by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.<u>Entire Agreement</u>. This Agreement, together with the relevant Notice and the Plan, contain the entire agreement between the parties with respect to the RSUs granted hereunder. Any oral or written agreements, representations, warranties, written inducements, or other communications made prior to the execution of this Agreement with respect to the RSUs granted hereunder shall be void and ineffective for all purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.<u>Amendment</u>. This Agreement may be amended from time to time by the Administrator in its discretion; <u>provided</u>, <u>however</u>, that this Agreement may not be modified in a manner that would have a materially adverse effect on the RSUs as determined in the discretion of the Administrator, except as provided in the Plan or in a written document signed by each of the parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.<u>409A Savings Clause</u>. This Agreement and the RSUs granted hereunder are intended to fit within the "short-term deferral" exemption from Section 409A of the Code as set forth in Treasury Regulation Section 1.409A-1(b) (4). In administering this Agreement, the Company shall interpret this Agreement in a manner consistent with such exemption. Notwithstanding the foregoing, if it is determined that the RSUs fail to satisfy the requirements of the short-term deferral rule and are otherwise deferred compensation subject to Section 409A, and if you are a "Specified Employee" (within the meaning set forth Section 409A(a)(2)(B)(i) of the Code) as of the date of your separation from service (within the meaning of Treasury Regulation Section 1.409A-1(h)), then the issuance of any shares that would otherwise be made upon the date of the separation from service or within the first six (6) months thereafter will not be made on the originally scheduled date(s) and will instead be issued in a lump sum on the date that is six (6) months and one day after the date of the separation from service, but if and only if such delay in the issuance of the shares is necessary to avoid the imposition of additional taxation on you in respect of the shares under Section 409A of the Code. Each installment of shares that vests is intended to constitute a "separate payment" for purposes of Section 409A of the Code and Treasury Regulation Section 1.409A-2(b)(2).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.<u>No Advice Regarding Grant</u>. The Company is not providing any tax, legal or financial advice, nor is the Company making any recommendations regarding your participation in the Plan, or your acquisition or sale of the shares of Common Stock underlying the RSUs. You are hereby advised to consult with your own personal tax, financial and/or legal advisors regarding your participation in the Plan and by signing the Notice, you have agreed that you have done so or knowingly and voluntarily declined to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.<u>Conformity with Plan</u>. This Agreement is intended to conform in all respects with, and is subject to all applicable provisions of, the Plan. Inconsistencies between this Agreement and the Plan shall be resolved in accordance with the terms of the Plan. In the event of any ambiguity in this Agreement or any matters as to which this Agreement is silent, the Plan shall govern. A copy of the Plan is available upon request to the Administrator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.<u>No Funding</u>. This Agreement constitutes an unfunded and unsecured promise by the Company to issue shares of Common Stock in the future in accordance with its terms. You have the status of a general unsecured creditor of the Company as a result of receiving the grant of RSUs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.<u>Effect on Other Employee Benefit Plans</u>. The value of the RSUs subject to this Agreement shall not be included as compensation, earnings, salaries, or other similar terms used when calculating your benefits under any employee benefit plan sponsored by the Company or any Affiliate, except as such plan otherwise expressly provides. The Company expressly reserves its rights to amend, modify, or terminate any of the Company's or any Affiliate's employee benefit plans.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.<u>Governing Law</u>. The validity, construction and effect of this Agreement, and of any determinations or decisions made by the Administrator relating to this Agreement, and the rights of any and all persons having or claiming to have any interest under this Agreement, shall be determined exclusively in accordance with the laws of the State of Texas, without regard to its provisions concerning the applicability of laws of other jurisdictions. As a condition of this Agreement, you agree that you will not bring any action arising under, as a result of, pursuant to or relating to, this Agreement in any court other than a federal or state court in the districts which include Texas, and you hereby agree and submit to the personal jurisdiction of any federal court located in the district which includes Texas or any state court in the district which includes Texas. You further agree that you will not deny or attempt to defeat such personal jurisdiction or object to venue by motion or other request for leave from any such court.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.<u>Resolution of Disputes</u>. Any dispute or disagreement which shall arise under, or as a result of, or pursuant to or relating to, this Agreement shall be determined by the Administrator in good faith in its absolute and uncontrolled discretion, and any such determination or any other determination by the Administrator under or pursuant to this Agreement and any interpretation by the Administrator of the terms of this Agreement, will be final, binding and conclusive on all persons affected thereby. You agree that before you may bring any legal action arising under, as a result of, pursuant to or relating to, this Agreement you will first exhaust your administrative remedies before the Administrator. You further agree that in the event that the Administrator does not resolve any dispute or disagreement arising under, as a result of, pursuant to or relating to, this Agreement to your satisfaction, no legal action may be commenced or maintained relating to this Agreement more than twenty-four (24) months after the Administrator's decision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.<u>Headings</u>. The headings in this Agreement are for reference purposes only and shall not affect the meaning or interpretation of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.<u>Electronic Delivery of Documents</u>. By your signing the Notice, you (a) consent to the electronic delivery of this Agreement, all information with respect to the Plan and the RSUs, and any reports of the Company provided generally to the Company's stockholders; (b) acknowledge that you may receive from the Company a paper copy of any documents delivered electronically at no cost to you by contacting the Company by telephone or in writing; (c) acknowledge that you may revoke your consent to the electronic delivery of documents at any time by notifying the Company of such revoked consent by telephone, postal service or electronic mail; and (d) further acknowledge that you understand that you are not required to further consent to electronic delivery of documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.<u>Nature of Award</u>. By your signing the Notice, you acknowledge and agree that: (a) the grant of the RSUs is exceptional and occasional and does not create any contractual or other right to receive future grants of restricted stock units, or compensation in lieu of restricted stock units, even if restricted stock units have been granted in the past; (b) all determinations with respect to any future grants of restricted stock units and the terms thereof will be at the sole discretion of the Compensation Committee; (c) the RSUs and the shares of Common Stock subject to the RSUs, and the income from and value of same, are extraordinary items which are outside the scope of your employment or service contract, if any; (d) the RSUs and the shares of Common Stock subject to the RSUs, and the income from and value of same, are not part of normal or expected compensation or salary for any purpose, including, but not limited to, calculating any termination, severance, resignation, termination, redundancy, dismissal, end of service payments or similar payments, or bonuses, long-service awards, holiday pay, pension or retirement or welfare benefits; (e) the future value of the shares of Common Stock subject to the RSUs is unknown, indeterminable, and cannot be predicted with certainty; (f) no claim or entitlement to compensation or damages shall arise from forfeiture of the RSUs resulting from a Termination of Service (for any reason whatsoever, whether or not later found to be invalid or in breach of employment laws in the jurisdiction where you are providing Service or the terms of your employment or service contract, if any) or if the RSUs decrease or do not increase in value, and you irrevocably release the Company and the Service Recipient from any such claim that does arise; (g) unless otherwise agreed with the Company, the RSUs and the shares of Common Stock underlying the RSUs, and the income from and value of same, are not granted as consideration for, or in connection with, any service you may provide as a director of a Subsidiary of the Company; (h) the RSUs and the shares of Common Stock subject to the RSUs, and the income from and value of same, are not intended to replace any pension rights or compensation and (i) neither the Company, the Service Recipient nor any Affiliate of the Company shall be liable for any foreign exchange rate fluctuation between your local currency and the United States Dollar that may affect the value of the RSUs or the subsequent sale of any shares of Common Stock acquired upon settlement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.<u>Appendix</u>. Notwithstanding any provisions in this Agreement, the RSUs shall be subject to any special terms and conditions for your country set forth in the Appendix. Moreover, if you relocate to one of the countries included in the Appendix, the special terms and conditions for such country will apply to you, to the extent the Company determines that the application of such terms and conditions is necessary or advisable for legal or administrative reasons. The Appendix constitutes part of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.<u>Foreign Asset/Account, Exchange Control and Tax Reporting</u>. There may be certain exchange control, tax, and/or foreign asset/account reporting requirements that may affect your ability to acquire or hold shares of Common Stock or cash received from participating in the Plan (including the proceeds from the sale of shares of Common Stock and the receipt of any dividends paid on the shares) in a brokerage or bank account outside your country. You may be required to report such accounts, assets or related transactions to the tax or other authorities in your country. You also may be required to repatriate sale proceeds or other funds received as a result of participating in the Plan to your country within a certain time after receipt. You acknowledge that it is your responsibility to comply with such regulations, and you should speak to a personal advisor on this matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.<u>Insider Trading/Market Abuse</u>. You acknowledge that, depending on your or your broker's country or where the Company shares are listed, you may be subject to insider trading restrictions and/or market abuse laws that may affect your ability to accept, acquire, sell or otherwise dispose of Company shares, rights to shares (e.g., the RSUs) or rights linked to the value of shares during such times you are considered to have "inside information" regarding the Company as defined in the laws or regulations in the applicable jurisdictions). Local insider trading laws and regulations may prohibit the cancellation or amendment of orders you placed before you possessed inside information. Furthermore, you could be prohibited from (a) disclosing the inside information to any third party and (b) "tipping" third parties or causing them otherwise to buy or sell securities. Any restrictions under these laws or regulations are separate from and in addition to any restrictions that may be imposed under any Company insider trading policy. You are responsible for complying with any restrictions and should speak to your personal advisor on this matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.<u>Language</u>. You acknowledge that you are proficient in the English language, or have consulted with an advisor who is proficient in the English language, so as to enable you to understand the provisions of this Agreement and the Plan. If you have received this Agreement or any other document related to the Plan translated into a language other than English and if the meaning of the translated version is different than the English version, the English version will control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.<u>Imposition of Other Requirements</u>. The Company reserves the right to impose other requirements on your participation in the Plan, on the RSUs and on any shares of Common Stock acquired under the Plan, to the extent the Company determines it is necessary or advisable for legal or administrative reasons, and to require you to sign any additional agreements or undertakings that may be necessary to accomplish the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.<u>Waiver</u>. You acknowledge that a waiver by the Company of breach of any provision of this Agreement shall not operate or be construed as a waiver of any other provision of this Agreement or of any subsequent breach by you or any other Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.<u>Severability</u>. If any part of this Agreement or the Plan is declared by any court or governmental authority to be unlawful or invalid, such unlawfulness or invalidity will not invalidate any portion of this Agreement or the Plan not declared to be unlawful or invalid. Any Section of this Agreement (or part of such a Section) so declared to be unlawful or invalid will, if possible, be construed in a manner that will give effect to the terms of such Section or part of such a Section to the fullest extent possible while remaining lawful and valid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.<u>Personal Data</u>. For purposes of the implementation, administration and management of the restricted stock units or the effectuation of any acquisition, equity or debt financing, joint venture, merger, reorganization, consolidation, recapitalization, business combination, liquidation, dissolution, share exchange, sale of stock, sale of material assets or other similar corporate transaction involving the Company (a "***Corporate Transaction***"), you consent, by execution of the Notice, to the collection, receipt, use, retention and transfer, in electronic or other form, of your personal data by and among the Company and its third party vendors or any potential party to a potential Corporate Transaction. You understand that personal data (including but not limited to, name, home address, telephone number, employee number, employment status, passport number, social security number, tax identification number, date of birth, nationality, job and payroll location, data for tax withholding purposes and shares awarded, cancelled,

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vested and unvested) may be transferred to third parties assisting in the implementation, administration and management of the restricted stock units or the effectuation of a Corporate Transaction and you expressly authorize such transfers (presently and in the future) as well as the retention, use, and the subsequent transfer of the data by the recipient(s). You understand that these recipients may be located in your country or elsewhere, and that the recipient's country may have different data privacy laws and protections than your country. You understand that data will be held only as long as is necessary to implement, administer and manage the restricted stock units or effect a Corporate Transaction. You understand that you may, at any time, request a list with the names and addresses of any potential recipients of the personal data, view data, request additional information about the storage and processing of data, require any necessary amendments to data or refuse or withdraw the consents herein, in any case without cost, by contacting in writing the Company's Secretary. If you do not consent or if you later seek to revoke your consent, your engagement as a service provider with the Company or the Service Recipient will not be adversely affected; the only consequence of refusing or withdrawing consent is that the Company will not be able to grant the RSUs or other equity awards to you under the Plan or administer or maintain such awards. You understand, however, that refusing or withdrawing your consent may affect your ability to participate in the Plan, including the right (if any) to retain the RSUs.

{*Glossary begins on next page*}

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GLOSSARY

"***Administrator***" means the Board of Directors of RARE EARTHS AMERICAS, INC. or such committee or committees appointed by the Board to administer the Plan.

"***Affiliate***" shall have the meaning set forth in the Plan.

"***Agreement***" means this document, as amended from time to time, together with the Plan which is incorporated herein by reference.

*"****Change in Control****"* shall have the meaning set forth in the Plan.

"***Code***" means the Internal Revenue Code of 1986, as amended, and the Treasury regulations and other guidance promulgated thereunder.

"***Common Stock***" means the common stock, US$0.0001 par value per share, of REA.

"***Company***" means REA and its Affiliates, except where the context otherwise requires. For purposes of determining whether a Change in Control has occurred, Company shall mean only RARE EARTHS AMERICAS, INC.

"***Fair Market Value***" has the meaning set forth in the Plan.

"***Grant Date***" means the effective date of a grant of RSUs made to you as set forth in the relevant Notice.

"***Notice***" means the statement, letter or other written notification provided to you by the Company setting forth the terms of a grant of RSUs made to you.

"***Plan***" means the RARE EARTHS AMERICAS, INC. 2026 Equity Incentive Plan, as amended from time to time.

"***RSU***" means the Company's commitment to issue one share of Common Stock at a future date, subject to the terms of the Agreement and the Plan.

"***Service***" means your employment, service as a non-executive director, or other service relationship with the Company and its Affiliates. Your Service will be considered to have ceased with the Company and its Affiliates upon a Termination of Service (as defined in the Plan) or if, immediately after a sale, merger, or other corporate transaction, the trade, business, or entity with which you are employed or otherwise have a service relationship is not RARE EARTHS AMERICAS, INC. or its successor or an Affiliate of RARE EARTHS AMERICAS, INC. or its successor.

"***You***" or "***Your***" means the recipient of the RSUs as reflected on the applicable Notice. Whenever the word "you" or "your" is used in any provision of this Agreement under circumstances where the provision should logically be construed, as determined by the Administrator, to apply to the estate, personal representative, or beneficiary to whom the RSUs may be transferred by will or by the laws of descent and distribution, the words "you" and "your" shall be deemed to include such person.

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**APPENDIX**

Capitalized terms used but not defined herein shall have the meanings ascribed to them in the Plan, the Notice or the Global Restricted Stock Units Agreement to which this Appendix is attached.

***Terms and Conditions*** 

This Appendix includes additional terms and conditions that govern the RSUs granted to you under the Plan if you reside and/or work in one of the countries listed below. If you are a citizen or resident of a country other than the one in which you are currently working and/or residing, transfer to another country after the Grant Date, or are considered a resident of another country for local law purposes, the Company shall, in its discretion, determine the extent to which the special terms and conditions contained herein shall be applicable to you.

***Notifications*** 

This Appendix also includes information regarding securities laws, exchange controls, and certain other issues of which you should be aware with respect to your participation in the Plan. Such laws are often complex and change frequently. As a result, you should not rely on the information contained herein as the only source of information relating to the consequences of your participation in the Plan because the information may be out of date by the time you vest in the RSUs or sell any shares of Common Stock.

In addition, the information contained in this Appendix is general in nature and may not apply to your particular situation, and the Company is not in a position to assure you of any particular result. Accordingly, you should seek appropriate professional advice as to how the applicable laws in your country may apply to your situation.

Finally, you understand that if you are a citizen or resident of a country other than the one in which you are currently residing and/or working, transfer to another country after the Grant Date, or are considered a resident of another country for local law purposes, the notifications contained herein may not be applicable to you in the same manner.

**BRAZIL**

***Terms and Conditions***

<u>Nature of Award</u>. The following provision supplements Section 24 of this Agreement:

By accepting the RSUs granted under this Agreement, you acknowledge and agree that (a) you are making an investment decision and (b) the value of any shares of Common Stock acquired under the Plan is not fixed and may increase or decrease without compensation to you.

<u>Compliance with Law</u>. By accepting the RSUs granted under the Plan, you acknowledge and agree to comply with applicable Brazilian laws and to pay any and all applicable taxes associated with the acquisition of shares of Common Stock, the receipt of any dividends, and the sale of shares of Common Stock acquired under the Plan. You agree that, for all legal purposes: (a) the benefits provided under the Plan are the result of commercial transactions unrelated to your employment; (b) the Plan is not a part of the terms and conditions of your Service; and (c) the income realized from participating in the Plan, if any, is not part of your remuneration from employment.

***Notifications***

<u>Exchange Control Notification</u>. A declaration of assets and rights held outside Brazil may need to be filed once a year with the Central Bank of Brazil if assets or rights with an aggregate value exceeding a certain threshold are held on December 31 of each year. Shares acquired under the Plan that are held outside Brazil (e.g., in a non-Brazilian brokerage account) are among the assets and rights that must be reported. If the aggregate value exceeds a certain threshold at the end of each quarter, the declaration has to be filed on the month following the end of each quarter.

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<u>Tax on Financial Transaction</u>. If you repatriate the proceeds from the sale of shares of Common Stock or receipt of any cash dividends and convert the funds into local currency, you may be subject to the Tax on Financial Transactions. It is your responsibility to pay any applicable Tax on Financial Transactions arising from participation in the Plan. *You should consult with your personal tax advisor for additional details*.

{*End of Agreement*}

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## Exhibit 10.10

**Exhibit 10.10**

Grant No.:

**RARE EARTHS AMERICAS, INC.**

**INCENTIVE STOCK OPTION NOTICE**

This Notice evidences the award of stock options (each, an "***Option***" or collectively, the "***Options***") that have been granted to you, [NAME], subject to and conditioned upon your agreement to the terms of the attached Incentive Stock Option Agreement (the "***Agreement***"). The Options entitle you to purchase shares of common stock, par value $0.0001 per share ("***Common Stock***"), of RARE EARTHS AMERICAS, INC., a Texas corporation (the "***Company***"), under the RARE EARTHS AMERICAS, INC. 2026 Equity Incentive Plan (the "***Plan***"). The number of shares you may purchase and the exercise price at which you may purchase them are specified below. This Notice constitutes part of and is subject to the terms and provisions of the Agreement and the Plan, which are incorporated by reference herein.

***You must return an executed copy of this Notice to the Company within 30 days of the date hereof****.* ***If you fail to do so, the Options may be rendered null and void in the Company's discretion.***

<u>Grant Date</u>: [GRANT DATE]

<u>Number of Options</u>: [NUMBER] Options, each permitting the purchase of one Share

<u>Exercise Price</u>: [PRICE] per share

<u>Expiration Date</u>: The Options expire at 5:00 P.M. Eastern Time on the last business day coincident with or prior to the 10th anniversary of the Grant Date (the "***Expiration Date***"), unless fully exercised or terminated earlier.

<u>Exercisability Schedule</u>: Subject to the terms and conditions described in the Agreement, the Options become exercisable in accordance with the schedule below:

---

| |
|:---|
| RARE EARTHS AMERICAS, INC. |
| By:  |
| Date: |

---

I acknowledge that I have carefully read the attached Agreement and the prospectus for the Plan and agree to be bound by all of the provisions set forth in these documents.

---

| | | |
|:---|:---|:---|
| Enclosures: | Incentive Stock Option Agreement<br>Prospectus for the 2026 Equity Incentive  | OPTIONEE |
|  | Plan |  |
|  | Exercise Form |  |
|  |  | Date: |

---

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## Exhibit 10.11

**Exhibit 10.11**

Grant No.:

**INCENTIVE STOCK OPTION AGREEMENT UNDER THE<br>RARE EARTHS AMERICAS, INC. 2026 EQUITY INCENTIVE PLAN**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Terminology</u>. Capitalized terms used in this Agreement are defined in the correlating Stock Option Notice and/or the Glossary at the end of the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Exercise of Options</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Exercisability</u>. The Options will become exercisable in accordance with the Exercisability Schedule set forth in the Stock Option Notice, so long as you are in the Service of the Company from the Grant Date through the applicable exercisability dates. None of the Options will become exercisable after your Service with the Company ceases, unless the Stock Option Notice provides otherwise with respect to exercisability that arises as a result of your cessation of Service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Right to Exercise</u>. You may exercise the Options, to the extent exercisable, at any time on or before 5:00 P.M. Eastern Time on the Expiration Date or the earlier termination of the Options, unless otherwise provided under applicable law. Notwithstanding the foregoing, if at any time the Administrator determines that the delivery of Shares under the Plan or this Agreement is or may be unlawful under the laws of any applicable jurisdiction, or Federal, state or foreign securities laws, the right to exercise the Options or receive Shares pursuant to the Options shall be suspended until the Administrator determines that such delivery is lawful. If at any time the Administrator determines that the delivery of Shares under the Plan or this Agreement is or may violate the rules of the national securities exchange on which the shares are then listed for trade, the right to exercise the Options or receive Shares pursuant to the Options shall be suspended until the Administrator determines that such exercise or delivery would not violate such rules. Section 3 below describes certain limitations on exercise of the Options that apply in the event of your death, Total and Permanent Disability, or termination of Service. The Options may be exercised only in multiples of whole Shares and may not be exercised at any one time as to fewer than one hundred Shares (or such lesser number of Shares as to which the Options are then exercisable). No fractional Shares will be issued under the Options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Exercise Procedure</u>. In order to exercise the Options, you must provide the following items to the Secretary of the Company or his or her delegate before the expiration or termination of the Options:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) notice, in such manner and form as the Administrator may require from time to time, specifying the number of Shares to be purchased under the Options; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) full payment of the Exercise Price for the Shares or properly executed, irrevocable instructions, in such manner and form as the Administrator may require from time to time, to effectuate a broker-assisted cashless exercise, each in accordance with Section 2(d) of this Agreement.

An exercise will not be effective until the Secretary of the Company or his or her delegate receives all of the foregoing items, and such exercise otherwise is permitted under and complies with all applicable federal, state and foreign securities laws. Notwithstanding the foregoing, if the Administrator permits payment by means of delivering properly executed, irrevocable instructions, in such manner and form as the Administrator may require from time to time, to effectuate a broker-assisted cashless exercise and such instructions provide for sale of Shares under a limit order rather than at the market, the exercise will not be effective until the earlier of the date the Company receives delivery of cash or cash equivalents in full payment of the Exercise Price or the date the Company receives confirmation from the broker that the sale instruction has been fulfilled, and the exercise will not be effective unless the earlier of such dates occurs on or before termination of the Options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Method of Payment</u>. You may pay the Exercise Price by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) delivery of cash, certified or cashier's check, money order or other cash equivalent acceptable to the Administrator in its discretion;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a broker-assisted cashless exercise in accordance with Regulation T of the Board of Governors of the Federal Reserve System through a brokerage firm designated or approved by the Administrator;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) subject to approval of the Administrator and such limits as the Administrator may impose from time to time, tender (via actual delivery or attestation) to the Company of other shares of Common Stock of the Company which have a Fair Market Value on the date of tender equal to the Exercise Price;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) subject to approval of the Administrator and such limits as the Administrator may impose from time to time, net share settlement with respect to any portions of the Options that do not qualify as incentive stock options within the meaning of Code section 422;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any other method approved by the Administrator; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) any combination of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Issuance of Shares upon Exercise</u>. The Company shall issue to you the Shares underlying the Options you exercise as soon as practicable after the exercise date, subject to the Company's receipt of the aggregate exercise price and the requisite withholding taxes, if any. Upon issuance of such Shares, the Company may deliver, subject to the provisions of Section 7 below, such Shares on your behalf electronically to the Company's designated stock plan administrator or such other broker-dealer as the Company may choose at its sole discretion, within reason, or may retain such Shares in uncertificated book-entry form. Any share certificates delivered will, unless the Shares are registered or an exemption from registration is available under applicable federal and state law, bear a legend restricting transferability of such Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Termination of Service</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Termination of Unexercisable Options</u>. If your Service with the Company ceases for any reason, the Options that are then unexercisable will terminate immediately upon such cessation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Exercise Period Following Termination of Service</u>. If your Service with the Company ceases for any reason other than discharge for Cause, the Options that are then exercisable will terminate upon the earliest of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the expiration of 90 days following such cessation, if your Service ceases on account of (1) your termination by the Company other than a discharge for Cause, or (2) your voluntary termination other than for Total and Permanent Disability or death;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the expiration of 12 months following such cessation, if your Service ceases on account of your Total and Permanent Disability or death;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the expiration of 12 months following your death, if your death occurs during the periods described in clauses (i) or (ii) of this Section 3(b), as applicable; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Expiration Date.

In the event of your death, the exercisable Options may be exercised by your executor, personal representative, or the person(s) to whom the Options are transferred by will or the laws of descent and distribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Misconduct</u>. The Options will terminate in their entirety, regardless of whether the Options are then exercisable, immediately upon your discharge from Service for Cause, or upon your commission of any of the following acts during the exercise period following your termination of Service: (i) fraud on or misappropriation of any funds or property of the Company, or (ii) your breach of any provision of any employment, restrictive covenant, assignment of inventions, or other similar agreement executed by you for the benefit of the Company, as determined by the Administrator, which determination will be conclusive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Changes in Status</u>. If you cease to be a "common law employee" of the Company but you continue to provide bona fide services to the Company following such cessation in a different capacity, including without limitation as a director, consultant or independent contractor, then a termination of Service shall not be deemed

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to have occurred for purposes of this Section 3 upon such change in capacity. Notwithstanding the foregoing, the Options shall not be treated as incentive stock options within the meaning of Code section 422 with respect to any exercise that occurs more than three months after such cessation of the common law employee relationship (except as otherwise permitted under Code section 421 or 422). In the event that your Service is with a business, trade or entity that, after the Grant Date, ceases for any reason to be part or an Affiliate of the Company, your Service will be deemed to have terminated for purposes of this Section 3 upon such cessation if your Service does not continue uninterrupted immediately thereafter with the Company or an Affiliate of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Nontransferability of Options</u>. These Options are nontransferable otherwise than by will or the laws of descent and distribution and during your lifetime, the Options may be exercised only by you or, during the period you are under a legal disability, by your guardian or legal representative. Except as provided above, the Options may not be assigned, transferred, pledged, hypothecated or disposed of in any way (whether by operation of law or otherwise) and shall not be subject to execution, attachment or similar process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Qualified Nature of the Options</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>General Status</u>. The Options are intended to qualify as incentive stock options within the meaning of Code section 422 ("***Incentive Stock Options***"), to the fullest extent permitted by Code section 422, and this Agreement shall be so construed. The Company, however, does not warrant any particular tax consequences of the Options. Code section 422 provides limitations, not set forth in this Agreement, respecting the treatment of the Options as Incentive Stock Options. You should consult with your personal tax advisors in this regard.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Code Section 422(d) Limitation</u>. Pursuant to Code section 422(d), the aggregate fair market value (determined as of the Grant Date) of shares of Common Stock with respect to which all Incentive Stock Options first become exercisable by you in any calendar year under the Plan or any other plan of the Company (and its parent and subsidiary corporations, within the meaning of Code section 424(e) and (f), as may exist from time to time) may not exceed $100,000 or such other amount as may be permitted from time to time under Code section 422. To the extent that such aggregate fair market value exceeds $100,000 or other applicable amount in any calendar year, such stock options will be treated as nonstatutory stock options with respect to the amount of aggregate fair market value thereof that exceeds the Code section 422(d) limit. For this purpose, the Incentive Stock Options will be taken into account in the order in which they were granted. In such case, the Company may designate the shares of Common Stock that are to be treated as stock acquired pursuant to the exercise of Incentive Stock Options and the shares of Common Stock that are to be treated as stock acquired pursuant to nonstatutory stock options by issuing separate certificates for such shares and identifying the certificates as such in the stock transfer records of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Significant Stockholders</u>. Notwithstanding anything in this Agreement or the Stock Option Notice to the contrary, if you own, directly or indirectly through attribution, stock possessing more than 10% of the total combined voting power of all classes of stock of the Company or of any of its subsidiaries (within the meaning of Code section 424(f)) on the Grant Date, then the Exercise Price is the greater of (a) the Exercise Price stated on the Stock Option Notice or (b) 110% of the Fair Market Value of the Common Stock on the Grant Date, and the Expiration Date is the last business day prior to the fifth anniversary of the Grant Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Disqualifying Dispositions</u>. If you make a disposition (as that term is defined in Code section 424(c)) of any Shares acquired pursuant to the Options within two years of the Grant Date or within one year after the Shares are transferred to you, you must notify the Company of such disposition in writing within 30 days of the disposition. The Administrator may, in its discretion, take reasonable steps to ensure notification of such dispositions, including but not limited to requiring that Shares acquired under the Options be held in an account with a Company-designated broker-dealer until they are sold.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Withholding of Taxes</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) At the time the Options are exercised, in whole or in part, or at any time thereafter as requested by the Company, you hereby authorize withholding from payroll or any other payment of any kind due to you and otherwise agree to make adequate provision for foreign, federal, state and local taxes required by law to be withheld, if any, which arise in connection with the Options (including upon a disqualifying disposition within the meaning of Code section 421(b)). The Company may require you to make a cash payment to cover any withholding tax obligation as a condition of exercise of the Options or issuance of share certificates representing Shares.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Administrator may, in its sole discretion, permit you to satisfy, in whole or in part, any withholding tax obligation which may arise in connection with the Options either by electing to have the Company withhold from the Shares to be issued upon exercise that number of Shares, or by electing to deliver to the Company already-owned shares, in either case having a Fair Market Value not in excess of the amount necessary to satisfy the statutory minimum withholding amount due.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Adjustments</u>. The Administrator may make various adjustments to your Options, including adjustments to the number and type of securities subject to the Options and the Exercise Price, in accordance with the terms of the Plan. In the event of any transaction resulting in a Change in Control (as defined in the Plan) of the Company, the outstanding Options will terminate upon the effective time of such Change in Control unless provision is made in connection with the transaction for the continuation or assumption of such Options by, or for the substitution of the equivalent awards of, the surviving or successor entity or a parent thereof. In the event of such termination, you will be permitted, immediately before the Change in Control, to exercise or convert all portions of such Options that are then exercisable or which become exercisable upon or prior to the effective time of the Change in Control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Non-Guarantee of Employment or Service Relationship</u>. Nothing in the Plan or this Agreement will alter your at-will or other employment status or other service relationship with the Company, nor be construed as a contract of employment or service relationship between you and the Company, or as a contractual right for you to continue in the employ of, or in a service relationship with, the Company for any period of time, or as a limitation of the right of the Company to discharge you at any time with or without Cause or notice and whether or not such discharge results in the failure of any of the Options to become exercisable or any other adverse effect on your interests under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>No Rights as a Stockholder</u>. You shall not have any of the rights of a stockholder with respect to the Shares until such Shares have been issued to you upon the due exercise of the Options. No adjustment will be made for dividends or distributions or other rights for which the record date is prior to the date such Shares are issued.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>The Company's Rights</u>. The existence of the Options shall not affect in any way the right or power of the Company or its stockholders to make or authorize any or all adjustments, recapitalizations, reorganizations or other changes in the Company's capital structure or its business, or any merger or consolidation of the Company, or any issue of bonds, debentures, preferred or other stocks with preference ahead of or convertible into, or otherwise affecting the Common Stock or the rights thereof, or the dissolution or liquidation of the Company, or any sale or transfer of all or any part of the Company's assets or business, or any other corporate act or proceeding, whether of a similar character or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Entire Agreement</u>. This Agreement, together with the correlating Stock Option Notice and the Plan, contain the entire agreement between you and the Company with respect to the Options. Any oral or written agreements, representations, warranties, written inducements, or other communications made prior to the execution of this Agreement with respect to the Options shall be void and ineffective for all purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Amendment</u>. This Agreement may be amended from time to time by the Administrator in its discretion; <u>provided</u>, <u>however</u>, that this Agreement may not be modified in a manner that would have a materially adverse effect on the Options or Shares as determined in the discretion of the Administrator, except as provided in the Plan or in a written document signed by you and the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Conformity with Plan</u>. This Agreement is intended to conform in all respects with, and is subject to all applicable provisions of, the Plan. Any conflict between the terms of this Agreement and the Plan shall be resolved in accordance with the terms of the Plan. In the event of any ambiguity in this Agreement or any matters as to which this Agreement is silent, the Plan shall govern. A copy of the Plan is available upon request to the Administrator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Section 409A</u>. This Agreement and the Options granted hereunder are intended to comply with, or otherwise be exempt from, Section 409A of the Code. This Agreement and the Options shall be administered, interpreted and construed in a manner consistent with this intent. Nothing in the Plan or this Agreement shall be construed as including any feature for the deferral of compensation other than the deferral of recognition of income until the exercise of the Options. Should any provision of the Plan or this Agreement be found not to comply with, or otherwise be exempt from, the provisions of Section 409A of the Code, it may be modified and given effect, in the sole discretion of the Administrator and without requiring your consent, in such manner as the Administrator

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determines to be necessary or appropriate to comply with, or to effectuate an exemption from, Section 409A of the Code. The foregoing, however, shall not be construed as a guarantee or warranty by the Company of any particular tax effect to you.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Electronic Delivery of Documents</u>. By your signing the Notice, you (i) consent to the electronic delivery of this Agreement, all information with respect to the Plan and the Options, and any reports of the Company provided generally to the Company's stockholders; (ii) acknowledge that you may receive from the Company a paper copy of any documents delivered electronically at no cost to you by contacting the Company by telephone or in writing; (iii) further acknowledge that you may revoke your consent to the electronic delivery of documents at any time by notifying the Company of such revoked consent by telephone, postal service or electronic mail; and (iv) further acknowledge that you understand that you are not required to consent to electronic delivery of documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>No Future Entitlement</u>. By execution of the Notice, you acknowledge and agree that: (i) the grant of these Options is a one-time benefit which does not create any contractual or other right to receive future grants of stock options, or compensation in lieu of stock options, even if stock options have been granted repeatedly in the past; (ii) all determinations with respect to any such future grants, including, but not limited to, the times when stock options shall be granted or shall become exercisable, the maximum number of shares subject to each stock option, and the purchase price, will be at the sole discretion of the Administrator; (iii) the value of these Options is an extraordinary item of compensation which is outside the scope of your employment contract, if any; (iv) the value of these Options is not part of normal or expected compensation or salary for any purpose, including, but not limited to, calculating any termination, severance, resignation, redundancy, end of service payments or similar payments, or bonuses, long-service awards, pension or retirement benefits; (v) the vesting of these Options ceases upon termination of employment with the Company or transfer of employment from the Company, or other cessation of eligibility for any reason, except as may otherwise be explicitly provided in this Agreement; (vi) if the underlying Common Stock does not increase in value, these Options will have no value, nor does the Company guarantee any future value; and (vii) no claim or entitlement to compensation or damages arises if these Options do not increase in value and you irrevocably release the Company from any such claim that does arise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. <u>Personal Data</u>. For the purpose of implementing, administering and managing these Options, you, by execution of the Notice, consent to the collection, receipt, use, retention and transfer, in electronic or other form, of your personal data by and among the Company and its third-party vendors or any potential party to any Change in Control transaction or capital raising transaction involving the Company. You understand that personal data (including but not limited to, name, home address, telephone number, employee number, employment status, social security number, tax identification number, date of birth, nationality, job and payroll location, data for tax withholding purposes and shares awarded, cancelled, exercised, vested and unvested) may be transferred to third parties assisting in the implementation, administration and management of these Options and the Plan and you expressly authorize such transfer as well as the retention, use, and the subsequent transfer of the data by the recipient(s). You understand that these recipients may be located in your country or elsewhere, and that the recipient's country may have different data privacy laws and protections than your country. You understand that data will be held only as long as is necessary to implement, administer and manage these Options. You understand that you may, at any time, request a list with the names and addresses of any potential recipients of the personal data, view data, request additional information about the storage and processing of data, require any necessary amendments to data or refuse or withdraw the consents herein, in any case without cost, by contacting in writing the Company's Secretary. You understand, however, that refusing or withdrawing your consent may affect your ability to accept a stock option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. <u>Governing Law</u>. The validity, construction and effect of this Agreement, and of any determinations or decisions made by the Administrator relating to this Agreement, and the rights of any and all persons having or claiming to have any interest under this Agreement, shall be determined exclusively in accordance with the laws of the State of Texas, without regard to its provisions concerning the applicability of laws of other jurisdictions. As a condition of this Agreement, you agree that you will not bring any action arising under, as a result of, pursuant to or relating to, this Agreement in any court other than a federal or state court in the districts which include Texas, and you hereby agree and submit to the personal jurisdiction of any federal court located in the district which includes Texas or any state court in the district which includes Texas. You further agree that you will not deny or attempt to defeat such personal jurisdiction or object to venue by motion or other request for leave from any such court.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. <u>Resolution of Disputes</u>. Any dispute or disagreement which shall arise under, or as a result of, or pursuant to or relating to, this Agreement shall be determined by the Administrator in good faith in its absolute and

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uncontrolled discretion, and any such determination or any other determination by the Administrator under or pursuant to this Agreement and any interpretation by the Administrator of the terms of this Agreement, will be final, binding and conclusive on all persons affected thereby. You agree that before you may bring any legal action arising under, as a result of, pursuant to or relating to, this Agreement you will first exhaust your administrative remedies before the Administrator. You further agree that in the event that the Administrator does not resolve any dispute or disagreement arising under, as a result of, pursuant to or relating to, this Agreement to your satisfaction, no legal action may be commenced or maintained relating to this Agreement more than twenty-four (24) months after the Administrator's decision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. <u>Headings</u>. The headings in this Agreement are for reference purposes only and shall not affect the meaning or interpretation of this Agreement.

{*Glossary begins on next page*}

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**GLOSSARY**

"***Administrator***" means the Board or the committee(s) or officer(s) appointed by the Board that have authority to administer the Plan.

"***Affiliate***" shall have the meaning set forth in the Plan.

"***Cause***" shall have the meaning set forth in the Plan.

"***Change in Control***" shall have the meaning set forth in the Plan.

"***Code***" means the Internal Revenue Code of 1986, as amended.

"***Company***" includes RARE EARTHS AMERICAS, INC. and its Affiliates, except where the context otherwise requires. For purposes of determining whether a Change in Control has occurred, Company shall mean only RARE EARTHS AMERICAS, INC.

"***Fair Market Value***" shall have the meaning set forth in the Plan.

"***Service***" means your employment or other service relationship with the Company and its Affiliates. Your Service will be considered to have ceased with the Company and its Affiliates if, immediately after a sale, merger or other corporate transaction, the trade, business or entity with which you are employed or otherwise have a service relationship is not the Company or its successor or an Affiliate of the Company or its successor.

"***Shares***" mean the shares of Common Stock underlying the Options.

"***Stock Option Notice***" means the written notice evidencing the award of the Options that correlates with and makes up a part of this Agreement.

"***Total and Permanent Disability***" shall have the meaning set forth in the Plan.

"***You***" or "***your***" means the recipient of the award of Options as reflected on the Stock Option Notice. Whenever the Agreement refers to "you" under circumstances where the provision should logically be construed, as determined by the Administrator, to apply to your estate, personal representative, or beneficiary to whom the Options may be transferred by will or by the laws of descent and distribution, the word "you" shall be deemed to include such person.

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**EXERCISE FORM**

Administrator of 2026 Equity Incentive Plan

c/o Office of the Corporate Secretary

RARE EARTHS AMERICAS, INC.

101 W. Main Street

Manchester, GA 31816

Gentlemen:

I hereby exercise the Options granted to me on <u>,</u> , by Rare Earths Americas, Inc. (the "Company"), subject to all the terms and provisions of the applicable grant agreement and of the Rare Earths Americas, Inc. 2026 Equity Incentive Plan (the "Plan"), and notify you of my desire to purchase shares of Common Stock of the Company at a price of $ per share pursuant to the exercise of said Options.

Total Amount Enclosed: $

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| | |
|:---|:---|
| &nbsp;&nbsp;Date:  |  |
|  | &nbsp;&nbsp;(Optionee)<br>Received by RARE EARTHS AMERICAS, INC. on, |
|  | &nbsp;&nbsp;By:  |

---

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## Exhibit 10.12

**Exhibit 10.12**

Grant No.:

**RARE EARTHS AMERICAS, INC.**

**NONSTATUTORY STOCK OPTION NOTICE**

This Notice evidences the award of nonstatutory stock options (each, an "***Option***" or collectively, the "***Options***") that have been granted to you, [NAME], subject to and conditioned upon your agreement to the terms of the attached Global Nonstatutory Stock Option Agreement, including any special terms or conditions for your country in any appendix attached thereto (the "***Appendix***," and together with the Global Stock Option Agreement, the "***Agreement***"). The Options entitle you to purchase shares of common stock, par value $0.0001 per share ("***Common Stock***"), of RARE EARTHS AMERICAS, INC., a Texas corporation (the "***Company***"), under the Rare Earths Americas, Inc. 2026 Equity Incentive Plan (the "***Plan***"). The number of shares you may purchase and the exercise price at which you may purchase them are specified below. This Notice constitutes part of and is subject to the terms and provisions of the Agreement and the Plan, which are incorporated by reference herein. ***You must return an executed copy of this Notice to the Company within 30 days of the date hereof****.* ***If you fail to do so, the Options may be rendered null and void in the Company's discretion.***

<u>Grant Date</u>: [GRANT DATE]

<u>Number of Options</u>: [NUMBER] Options, each permitting the purchase of one Share

<u>Exercise Price</u>: [PRICE] per share

<u>Expiration Date</u>: The Options expire at 5:00 P.M. Eastern Time on the last business day coincident with or prior to the 10th anniversary of the Grant Date (the "***Expiration Date***"), unless fully exercised or terminated earlier.

<u>Exercisability Schedule</u>: Subject to the terms and conditions described in the Agreement, the Options become exercisable in accordance with the schedule below:

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| |
|:---|
| RARE EARTHS AMERICAS, INC. |
| By:  |
| Date: |

---

By my signature below or by accepting the Options via the Company's electronic acceptance procedure, I acknowledge that I have carefully read the attached Agreement and the prospectus for the Plan and agree to be bound by all of the provisions set forth in these documents.

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| | | |
|:---|:---|:---|
| Enclosures:<br>Agreement | Global Nonstatutory Stock Option  | OPTIONEE |
|  | Prospectus for the 2026 Equity  |  |
|  | Incentive Plan |  |
|  | Exercise Form |  |
|  |  | Date: |

---

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## Exhibit 10.13

**Exhibit 10.13**

Grant No.:

**NONSTATUTORY STOCK OPTION AGREEMENT UNDER THE<br>RARE EARTHS AMERICAS, INC. 2026 EQUITY INCENTIVE PLAN**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Terminology</u>. Capitalized terms used in this Agreement are defined in the correlating Stock Option Notice and/or the Glossary at the end of the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Exercise of Options</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Exercisability</u>. The Options will become exercisable in accordance with the Exercisability Schedule set forth in the Stock Option Notice, so long as you are in the Service of the Company from the Grant Date through the applicable exercisability dates. Unless otherwise expressly provided in this Agreement or determined by the Administrator, (i) none of the Options will become exercisable after your Termination of Service with the Company or, if different, your employer or the Affiliate to which you otherwise provide Service (the "***Service Recipient***") and the Exercisability Schedule will not be extended by any notice period following your Termination of Service (e.g., your period of Service will not include any contractual notice period or any period of "garden leave" or similar period mandated under employment laws in the jurisdiction where you are providing Service or the terms of your employment or service contract, if any), and (ii) the period (if any) during which you may exercise the Options after a Termination of Service will commence on the date you cease to actively provide Service and will not be extended by any notice period or the terms of your employment or service contract, if any. The Administrator shall have the exclusive discretion to determine when you are no longer actively providing Service for purposes of the Options (including whether you may still be considered to be providing Service while on a leave of absence).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Right to Exercise</u>. You may exercise the Options, to the extent exercisable, at any time on or before 5:00 P.M. Eastern Time on the Expiration Date or the earlier termination of the Options, unless otherwise provided under applicable law. Notwithstanding the foregoing, if at any time the Administrator determines that the delivery of Shares under the Plan or this Agreement is or may be unlawful under the laws of any applicable jurisdiction, or federal, state or foreign securities laws, the right to exercise the Options or receive Shares pursuant to the Options shall be suspended until the Administrator determines that such delivery is lawful. If at any time the Administrator determines that the delivery of Shares under the Plan or this Agreement is or may violate the rules of the national securities exchange on which the shares are then listed for trade, the right to exercise the Options or receive Shares pursuant to the Options shall be suspended until the Administrator determines that such exercise or delivery would not violate such rules. Further, the inability of the Company to obtain from any regulatory body having jurisdiction the authority, if any, deemed by the Company's legal counsel to be necessary to the lawful issuance of any Shares subject to the Options shall relieve the Company of any liability in respect of the failure to issue such Options as to which such requisite authority shall not have been obtained. Notwithstanding the foregoing, the Company is under no obligation to register or qualify the Shares with the U.S. Securities and Exchange Commission or any state or foreign securities commission or to seek approval or clearance from any governmental authority for the issuance or sale of the Shares. Section 3 below describes certain limitations on exercise of the Options that apply in the event of your death, Total and Permanent Disability, or termination of Service. The Options may be exercised only in multiples of whole Shares and may not be exercised at any one time as to fewer than one hundred Shares (or such lesser number of Shares as to which the Options are then exercisable). No fractional Shares will be issued under the Options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Exercise Procedure</u>. In order to exercise the Options, you must provide the following items to the Secretary of the Company or his or her delegate before the expiration or termination of the Options notice, in such manner and form as the Administrator may require from time to time, specifying the number of Shares to be purchased under the Options;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) full payment of the Exercise Price for the Shares or properly executed, irrevocable instructions, in such manner and form as the Administrator may require from time to time, to effectuate a broker-assisted cashless exercise, each in accordance with Section 2(d) of this Agreement; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) full payment of applicable Tax-Related Items pursuant to Section 5 of this Agreement.

An exercise will not be effective until the Secretary of the Company or his or her delegate receives all of the foregoing items, and such exercise otherwise is permitted under and complies with all applicable federal, state and foreign securities laws. Notwithstanding the foregoing, if the Administrator permits payment by means of delivering properly executed, irrevocable instructions, in such manner and form as the Administrator may require from time to time, to effectuate a broker-assisted cashless exercise and such instructions provide for sale of Shares under a limit order rather than at the market, the exercise will not be effective until the earlier of the date the Company receives delivery of cash or cash equivalents in full payment of the Exercise Price or the date the Company receives confirmation from the broker that the sale instruction has been fulfilled, and the exercise will not be effective unless the earlier of such dates occurs on or before termination of the Options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Method of Payment</u>. You may pay the Exercise Price by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) delivery of cash, certified or cashier's check, money order or other cash equivalent acceptable to the Administrator in its discretion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a broker-assisted cashless exercise in accordance with Regulation T of the U.S. Board of Governors of the Federal Reserve System through a brokerage firm designated or approved by the Administrator;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) subject to approval of the Administrator and such limits as the Administrator may impose from time to time, tender (via actual delivery or attestation) to the Company of other shares of Common Stock of the Company which have a Fair Market Value on the date of tender equal to the Exercise Price;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) subject to approval of the Administrator and such limits as the Administrator may impose from time to time, net share settlement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any other method approved by the Administrator; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) any combination of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Issuance of Shares upon Exercise</u>. The Company shall issue to you the Shares underlying the Options you exercise as soon as practicable after the exercise date, subject to the Company's receipt of the aggregate exercise price and applicable Tax-Related Items, if any. Upon issuance of such Shares, the Company may deliver, subject to the provisions of Section 6 below, such Shares on your behalf electronically to the Company's designated stock plan administrator or such other broker-dealer as the Company may choose at its sole discretion, within reason, or may retain such Shares in uncertificated book-entry form. Any share certificates delivered will, unless the Shares are registered or an exemption from registration is available under applicable federal and state law, bear a legend restricting transferability of such Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Termination of Service</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Termination of Unexercisable Options</u>. Upon a Termination of Service for any reason, the Options that are then unexercisable will terminate immediately upon such cessation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Exercise Period Following Termination of Service</u>. Upon a Termination of Service for any reason other than discharge for Cause, the Options that are then exercisable will terminate upon the earliest of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the expiration of 90 days following such Termination of Service on account of (1) your termination by the Company or the Service Recipient other than a discharge for Cause, or (2) your voluntary termination other than for Total and Permanent Disability or death;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the expiration of 12 months following such Termination of Service, if your Termination of Service is due to your Total and Permanent Disability or death;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the expiration of 12 months following your death, if your death occurs during the periods described in clauses (i) or (ii) of this Section 3(b), as applicable; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Expiration Date.

In the event of your death, the exercisable Options may be exercised by your executor, personal representative, or the person(s) to whom the Options are transferred by will or the laws of descent and distribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Misconduct</u>. The Options will terminate in their entirety, regardless of whether the Options are then exercisable, immediately upon your Termination of Service for Cause, or upon your commission of any of the following acts during the exercise period following your Termination of Service: (i) fraud on or misappropriation of any funds or property of the Company, or (ii) your breach of any provision of any employment, restrictive covenant, assignment of inventions, or other similar agreement executed by you for the benefit of the Company, as determined by the Administrator, which determination will be conclusive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Change in Status</u>. In the event that your Service is with a business, trade or entity that, after the Grant Date, ceases for any reason to be part or an Affiliate of the Company, your Service will be deemed to have terminated for purposes of this Section 3 upon such cessation if your Service does not continue uninterrupted immediately thereafter with the Company or an Affiliate of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Nontransferability of Options</u>. These Options and, before exercise, the underlying Shares are nontransferable otherwise than by will or the laws of descent and distribution and, during your lifetime, the Options may be exercised only by you or, during the period you are under a legal disability, by your guardian or legal representative. Except as provided above, the Options and, before exercise, the underlying Shares may not be assigned, transferred, pledged, hypothecated, subjected to any "put equivalent position," "call equivalent position" (as each preceding term is defined by Rule 16(a)-1 under the U.S. Securities Exchange Act of 1934), or short position, or disposed of in any way (whether by operation of law or otherwise) and shall not be subject to execution, attachment or similar process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Responsibility for Taxes</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) You acknowledge that, regardless of any action taken by the Company or the Service Recipient, the ultimate liability for all Tax-Related Items related your participation in the Plan and legally applicable to you are and remains your responsibility and may exceed the amount actually withheld (if any) by the Company or the Service Recipient. You acknowledge that the Company is not making representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the Options, including, but not limited to, the grant, exercisability or exercise of the Options, the subsequent sale of Shares acquired pursuant to the Options and the receipt of any dividends. Further, you acknowledge that the Company does not have any duty or obligation to minimize your liability for Tax-Related Items arising from the Options or to achieve any particular tax result and will not be liable to you for any Tax-Related Items arising in connection with the Options. If you become subject to taxation in more than one jurisdiction, the Company and/or the Service Recipient (or former service recipient, as applicable) may be required to withhold or account for Tax-Related Items in more than one jurisdiction. The Company may refuse to issue or deliver the Shares or the proceeds of the sale of Shares if you fail to comply with your obligations in connection with the Tax-Related Items.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Prior to any relevant taxable or tax withholding event, or at any time thereafter as requested by the Company, you hereby authorize withholding from payroll or any other cash compensation or payment of any kind due to you and otherwise agree to make adequate provision for all applicable Tax-Related Items in connection with the Options. The Company may require you to make a cash payment to cover any withholding tax obligation with regards to all Tax-Related Items as a condition of exercise of the Options or issuance of share certificates representing Shares.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Further, the Administrator may, in its sole discretion, satisfy all or any applicable tax withholding obligations with respect to all Tax-Related Items relating to the Options by any of the following means or by a combination of such means: (i) withholding from proceeds of the sale of Shares to be delivered upon exercise of the Options either through a voluntary sale or through a mandatory sale arranged by the Company (on your behalf pursuant to this authorization without further consent), (ii) withholding Shares issued or otherwise issuable to you in connection with the Options, (iii) permitting you to deliver to the Company already-owned shares, or (iv) any other method of withholding determined by the Company and, to the extent required by applicable law or the Plan, approved the Compensation Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Company may withhold or account for Tax-Related Items by considering statutory or other withholding rates, including minimum or maximum rates applicable in your jurisdiction(s). In the event of over-withholding, you may receive a refund of any over-withheld amount in cash (with no entitlement to the equivalent in Shares), or if not refunded, you may seek a refund from the local tax authorities to the extent you wish to recover any over-withheld amounts in the form of a refund. In the event of under-withholding, you may be required to pay any additional Tax-Related Items directly to the applicable tax authority or to the Company and/or the Service Recipient, and you agree to indemnify and hold the Company and the Service Recipient, as applicable, harmless from any failure to withhold the proper amount. If the obligation for Tax-Related Items is satisfied by withholding a number of Shares, for tax purposes, you will be deemed to have been issued the full number of Shares subject to the exercised Options, notwithstanding that a number of the Shares is held back solely for the purpose of paying the Tax-Related Items.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Adjustments</u>. The Administrator may make various adjustments to your Options, including adjustments to the number and type of securities subject to the Options and the Exercise Price, in accordance with the terms of the Plan. In the event of any transaction resulting in a Change in Control of the Company, the outstanding Options will terminate upon the effective time of such Change in Control unless provision is made in connection with the transaction for the continuation or assumption of such Options by, or for the substitution of the equivalent awards of, the surviving or successor entity or a parent thereof. In the event of such termination, you will be permitted, immediately before the Change in Control, to exercise or convert all portions of such Options that are then exercisable or which become exercisable upon or prior to the effective time of the Change in Control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Non-Guarantee of Employment or Service Relationship</u>. Nothing in the Plan or this Agreement will alter your employment status or other service relationship with the Company or the Service Recipient, nor be construed as forming or amending a contract of employment or service relationship between you and the Company or the Service Recipient, or as a contractual right for you to continue in the employ of, or in a service relationship with, the Company or the Service Recipient for any period of time, or as a limitation of the right of the Company or the Service Recipient to discharge you at any time with or without Cause or notice and whether or not such discharge results in the failure of any of the Options to become exercisable or any other adverse effect on your interests under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>No Rights as a Stockholder</u>. You shall not have any of the rights of a stockholder with respect to the Shares until such Shares have been issued to you upon the due exercise of the Options. No adjustment will be made for dividends or distributions or other rights for which the record date is prior to the date such Shares are issued.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>The Company's Rights</u>. The existence of the Options shall not affect in any way the right or power of the Company or its stockholders to make or authorize any or all adjustments, recapitalizations, reorganizations or other changes in the Company's capital structure or its business, or any merger or consolidation of the Company, or any issue of bonds, debentures, preferred or other stocks with preference ahead of or convertible into, or otherwise affecting the Common Stock or the rights thereof, or the dissolution or liquidation of the Company, or any sale or transfer of all or any part of the Company's assets or business, or any other corporate act or proceeding, whether of a similar character or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Entire Agreement</u>. This Agreement, together with the correlating Stock Option Notice and the Plan, contain the entire agreement between you and the Company with respect to the Options. Any oral or written agreements, representations, warranties, written inducements, or other communications made prior to the execution of this Agreement with respect to the Options shall be void and ineffective for all purposes.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Amendment</u>. This Agreement may be amended from time to time by the Administrator in its discretion; <u>provided</u>, <u>however</u>, that this Agreement may not be modified in a manner that would have a materially adverse effect on the Options or Shares as determined in the discretion of the Administrator, except as provided in the Plan or in a written document signed by you and the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Conformity with Plan</u>. This Agreement is intended to conform in all respects with, and is subject to all applicable provisions of, the Plan. Any conflict between the terms of this Agreement and the Plan shall be resolved in accordance with the terms of the Plan. In the event of any ambiguity in this Agreement or any matters as to which this Agreement is silent, the Plan shall govern. A copy of the Plan is available upon request to the Administrator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Section 409A</u>. This Agreement and the Options granted hereunder are intended to comply with, or otherwise be exempt from, Section 409A of the Code. This Agreement and the Options shall be administered, interpreted and construed in a manner consistent with this intent. Nothing in the Plan or this Agreement shall be construed as including any feature for the deferral of compensation other than the deferral of recognition of income until the exercise of the Options. Should any provision of the Plan or this Agreement be found not to comply with, or otherwise be exempt from, the provisions of Section 409A of the Code, it may be modified and given effect, in the sole discretion of the Administrator and without requiring your consent, in such manner as the Administrator determines to be necessary or appropriate to comply with, or to effectuate an exemption from, Section 409A of the Code. The foregoing, however, shall not be construed as a guarantee or warranty by the Company of any particular tax effect to you.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Electronic Delivery of Documents</u>. By your signing the Notice, you (i) consent to the electronic delivery of this Agreement, all information with respect to the Plan and the Options, and any reports of the Company provided generally to the Company's stockholders; (ii) acknowledge that you may receive from the Company a paper copy of any documents delivered electronically at no cost to you by contacting the Company by telephone or in writing; (iii) acknowledge that you may revoke your consent to the electronic delivery of documents at any time by notifying the Company of such revoked consent by telephone, postal service or electronic mail; (iv) further acknowledge that you understand that you are not required to consent to electronic delivery of documents; and (v) agree to participate in the Plan through an on-line or electronic system established and maintained by the Company or another third party designated by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Nature of Award</u>. By execution of the Notice, you acknowledge and agree that: (a) the Plan is established voluntarily by the Company, it is discretionary in nature and it may be modified, amended, suspended or terminated by the Company at any time, to the extent permitted by the Plan; (b) you are voluntarily participating in the Plan; (c) the grant of these Options is exceptional and occasional and does not create any contractual or other right to receive future grants of stock options, or compensation in lieu of stock options, even if stock options have been granted repeatedly in the past; (d) all determinations with respect to any such future grants, including, but not limited to, the times when stock options shall be granted or shall become exercisable, the maximum number of shares subject to each stock option, and the purchase price, will be at the sole discretion of the Administrator; (e) the Options and the Shares subject to the Options, and the income from and value of same, are an extraordinary items which are outside the scope of your employment contract, if any; (f) the Options and the Shares subject to the Options, and the income from and value of same, are not part of normal or expected compensation or salary for any purpose, including, but not limited to, calculating any termination, severance, resignation, termination, redundancy, dismissal, end of service payments or similar payments, or bonuses, long-service awards, holiday pay, pension or retirement or welfare benefits; (g) the future value of the Shares subject to the Options is unknown, indeterminable and cannot be predicted with certainty; (h) if the Shares underlying the Options do not increase in value, these Options will have no value; (i) if you exercise the Options and acquire Shares, the value of the Shares may increase or decrease, even below the Exercise Price; (j) no claim or entitlement to compensation or damages arises from forfeiture of the Options upon a Termination of Service (for any reason whatsoever, whether or not later found to be invalid or in breach of employment laws in the jurisdiction where you are providing Service or the terms of your employment or service contract, if any) or if the Options do not increase in value, and you irrevocably release the Company and the Service Recipient from any such claim that does arise; (k) unless otherwise agreed with the Company, the Options and the Shares underlying the Options, and the income from and value of same, are not granted as consideration for, or in connection with, any service you may provide as a director of a Subsidiary of the Company; (l) the Options and the Shares subject to the Options, and the income from and value of same, are not intended to replace any pension rights or compensation; and (m) neither the Company, the Service Recipient nor any Affiliate of the Company shall be liable for any foreign

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exchange rate fluctuation between your local currency and the United States Dollar that may affect the value of the Options or the subsequent sale of any Shares acquired upon exercise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Appendix</u>. Notwithstanding any provisions in this Agreement, the Options shall be subject to any special terms and conditions for your country set forth in the Appendix. Moreover, if you relocate to one of the countries included in the Appendix, the special terms and conditions for such country will apply to you, to the extent the Company determines that the application of such terms and conditions is necessary or advisable for legal or administrative reasons. The Appendix constitutes part of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. <u>Foreign Asset/Account, Exchange Control and Tax Reporting</u>. There may be certain exchange control, tax, and/or foreign asset/account reporting requirements that may affect your ability to acquire or hold Shares or cash received from participating in the Plan (including the proceeds from the sale of Shares and the receipt of any dividends paid on the Shares) in a brokerage or bank account outside your country. You may be required to report such accounts, assets or related transactions to the tax or other authorities in your country. You also may be required to repatriate sale proceeds or other funds received as a result of participating in the Plan to your country within a certain time after receipt. You acknowledge that it is your responsibility to comply with such regulations, and you should speak to a personal advisor on this matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. <u>Insider Trading/Market Abuse</u>. You acknowledge that, depending on your or your broker's country or where the Company shares are listed, you may be subject to insider trading restrictions and/or market abuse laws that may affect your ability to accept, acquire, sell or otherwise dispose of Shares, rights to Shares (e.g., the Options) or rights linked to the value of Shares during such times you are considered to have "inside information" regarding the Company as defined in the laws or regulations in the applicable jurisdictions). Local insider trading laws and regulations may prohibit the cancellation or amendment of orders you placed before you possessed inside information. Furthermore, you could be prohibited from (a) disclosing the inside information to any third party and (b) "tipping" third parties or causing them otherwise to buy or sell securities. Any restrictions under these laws or regulations are separate from and in addition to any restrictions that may be imposed under any Company insider trading policy. You are responsible for complying with any restrictions and should speak to your personal advisor on this matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. <u>Language</u>. You acknowledge that you are proficient in the English language, or have consulted with an advisor who is proficient in the English language, so as to enable you to understand the provisions of this Agreement and the Plan. If you have received this Agreement or any other document related to the Plan translated into a language other than English and if the meaning of the translated version is different than the English version, the English version will control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. <u>Imposition of Other Requirements</u>. The Company reserves the right to impose other requirements on your participation in the Plan, on the Options and on any Shares acquired under the Plan, to the extent the Company determines it is necessary or advisable for legal or administrative reasons, and to require you to sign any additional agreements or undertakings that may be necessary to accomplish the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. <u>No Advice Regarding Grant</u>**.** The Company is not providing any tax, legal or financial advice, nor is the Company making any recommendations regarding your participation in the Plan, or your acquisition or sale of the Shares underlying Options. You understand and agree that you should consult with your own personal tax, legal and financial advisors regarding your participation in the Plan before taking any action related to the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. <u>Waiver</u>. You acknowledge that a waiver by the Company of breach of any provision of this Agreement shall not operate or be construed as a waiver of any other provision of this Agreement or of any subsequent breach by you or any other Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23. <u>Severability</u>. If any part of this Agreement or the Plan is declared by any court or governmental authority to be unlawful or invalid, such unlawfulness or invalidity will not invalidate any portion of this Agreement or the Plan not declared to be unlawful or invalid. Any Section of this Agreement (or part of such a Section) so declared to be unlawful or invalid will, if possible, be construed in a manner that will give effect to the terms of such Section or part of such a Section to the fullest extent possible while remaining lawful and valid.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24. <u>Personal Data</u>. For the purpose of implementing, administering and managing these Options, you, by execution of the Notice, consent to the collection, receipt, use, retention and transfer, in electronic or other form, of your personal data by and among the Company and its third-party vendors or any potential party to any Change in Control transaction or capital raising transaction involving the Company. You understand that personal data (including but not limited to, name, home address, telephone number, employee number, employment status, passport number, social security number, tax identification number, date of birth, nationality, job and payroll location, data for tax withholding purposes and shares awarded, cancelled, exercised, vested and unvested) may be transferred to third parties assisting in the implementation, administration and management of these Options and the Plan and you expressly authorize such transfers (presently or in the future) as well as the retention, use, and the subsequent transfer of the data by the recipient(s). You understand that these recipients may be located in your country or elsewhere, and that the recipient's country may have different data privacy laws and protections than your country. You understand that data will be held only as long as is necessary to implement, administer and manage these Options. You understand that you may, at any time, request a list with the names and addresses of any potential recipients of the personal data, view data, request additional information about the storage and processing of data, require any necessary amendments to data or refuse or withdraw the consents herein, in any case without cost, by contacting in writing the Company's Secretary. If you do not consent or if you later seek to revoke your consent, your engagement as a service provider with the Company or the Service Recipient will not be adversely affected; the only consequence of refusing or withdrawing consent is that the Company will not be able to grant the Options or other equity awards to you under the Plan or administer or maintain such awards. You understand, however, that refusing or withdrawing your consent may affect your ability to participate in the Plan, including the right (if any) to retain the Options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25. <u>Governing Law</u>. The validity, construction and effect of this Agreement, and of any determinations or decisions made by the Administrator relating to this Agreement, and the rights of any and all persons having or claiming to have any interest under this Agreement, shall be determined exclusively in accordance with the laws of the State of Texas, without regard to its provisions concerning the applicability of laws of other jurisdictions. As a condition of this Agreement, you agree that you will not bring any action arising under, as a result of, pursuant to or relating to, this Agreement in any court other than a federal or state court in the districts which include Texas, and you hereby agree and submit to the personal jurisdiction of any federal court located in the district which includes Texas or any state court in the district which includes Texas. You further agree that you will not deny or attempt to defeat such personal jurisdiction or object to venue by motion or other request for leave from any such court.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26. <u>Resolution of Disputes</u>. Any dispute or disagreement which shall arise under, or as a result of, or pursuant to or relating to, this Agreement shall be determined by the Administrator in good faith in its absolute and uncontrolled discretion, and any such determination or any other determination by the Administrator under or pursuant to this Agreement and any interpretation by the Administrator of the terms of this Agreement, will be final, binding and conclusive on all persons affected thereby. You agree that before you may bring any legal action arising under, as a result of, pursuant to or relating to, this Agreement you will first exhaust your administrative remedies before the Administrator. You further agree that in the event that the Administrator does not resolve any dispute or disagreement arising under, as a result of, pursuant to or relating to, this Agreement to your satisfaction, no legal action may be commenced or maintained relating to this Agreement more than twenty-four (24) months after the Administrator's decision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27. <u>Headings</u>. The headings in this Agreement are for reference purposes only and shall not affect the meaning or interpretation of this Agreement.

{*Glossary begins on next page*}

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GLOSSARY

"***Administrator***" means the Board or the committee(s) or officer(s) appointed by the Board that have authority to administer the Plan.

"***Affiliate***" shall have the meaning set forth in the Plan.

"***Cause***" shall have the meaning set forth in the Plan.

"***Change in Control***" shall have the meaning set forth in the Plan.

"***Code***" means the Internal Revenue Code of 1986, as amended.

"***Company***" includes RARE EARTHS AMERICAS, INC. and its Affiliates, except where the context otherwise requires. For purposes of determining whether a Change in Control has occurred, Company shall mean only RARE EARTHS AMERICAS, INC.

"***Fair Market Value***" shall have the meaning set forth in the Plan.

"***Service***" means your employment or other service relationship with the Company and its Affiliates. Your Service will be considered to have ceased with the Company and its Affiliates if, immediately after a sale, merger or other corporate transaction, the trade, business or entity with which you are employed or otherwise have a service relationship is not the Company or its successor or an Affiliate of the Company or its successor.

"***Shares***" mean the shares of Common Stock underlying the Options.

"***Stock Option Notice***" means the written notice evidencing the award of the Options that correlates with and makes up a part of this Agreement.

***Total and Permanent Disability***" shall have the meaning set forth in the Plan.

"***You***" or "***your***" means the recipient of the award of Options as reflected on the Stock Option Notice. Whenever the Agreement refers to "you" under circumstances where the provision should logically be construed, as determined by the Administrator, to apply to your estate, personal representative, or beneficiary to whom the Options may be transferred by will or by the laws of descent and distribution, the word "you" shall be deemed to include such person.

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**APPENDIX**

Capitalized terms used but not defined herein shall have the meanings ascribed to them in the Plan, the Notice or the Global Stock Option Agreement to which this Appendix is attached.

***Terms and Conditions*** 

This Appendix includes additional terms and conditions that govern the Options granted to you under the Plan if you reside and/or work in one of the countries listed below. If you are a citizen or resident of a country other than the one in which you are currently working and/or residing, transfer to another country after the Grant Date, or are considered a resident of another country for local law purposes, the Company shall, in its discretion, determine the extent to which the special terms and conditions contained herein shall be applicable to you.

***Notifications*** 

This Appendix also includes information regarding securities laws, exchange controls, and certain other issues of which you should be aware with respect to your participation in the Plan. Such laws are often complex and change frequently. As a result, you should not rely on the information contained herein as the only source of information relating to the consequences of your participation in the Plan because the information may be out of date by the time you exercise the Options or sell any Shares.

In addition, the information contained in this Appendix is general in nature and may not apply to your particular situation, and the Company is not in a position to assure you of any particular result. Accordingly, you should seek appropriate professional advice as to how the applicable laws in your country may apply to your situation.

Finally, you understand that if you are a citizen or resident of a country other than the one in which you are currently residing and/or working, transfer to another country after the Grant Date, or are considered a resident of another country for local law purposes, the notifications contained herein may not be applicable to you in the same manner.

**BRAZIL**

***Terms and Conditions***

<u>Nature of Award</u>. The following provision supplements Section 15 of this Agreement:

By accepting the Options granted under this Agreement, you acknowledge and agree that (a) you are making an investment decision and (b) the value of any Shares acquired under the Plan is not fixed and may increase or decrease without compensation to you.

<u>Compliance with Law</u>. By accepting the Options granted under the Plan, you acknowledge and agree to comply with applicable Brazilian laws and to pay any and all applicable taxes associated with the acquisition of Shares, the receipt of any dividends, and the sale of Shares acquired under the Plan. You agree that, for all legal purposes: (a) the benefits provided under the Plan are the result of commercial transactions unrelated to your employment; (b) the Plan is not a part of the terms and conditions of your Service; and (c) the income realized from participating in the Plan, if any, is not part of your remuneration from employment.

***Notifications***

<u>Exchange Control Notification</u>. A declaration of assets and rights held outside Brazil may need to be filed once a year with the Central Bank of Brazil if assets or rights with an aggregate value exceeding a certain threshold are held on December 31 of each year. Shares of Common Stock acquired under the Plan that are held outside Brazil (e.g., in a non-Brazilian brokerage account) are among the assets and rights that must be reported. If the aggregate value exceeds a certain threshold at the end of each quarter, the declaration has to be filed on the month following the end of each quarter.

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<u>Tax on Financial Transaction</u>. If you repatriate the proceeds from the sale of shares of Common Stock or receipt of any cash dividends and convert the funds into local currency, you may be subject to the Tax on Financial Transactions. It is your responsibility to pay any applicable Tax on Financial Transactions arising from participation in the Plan. *You should consult with your personal tax advisor for additional details*.

{*End of Agreement*}

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**EXERCISE FORM**

Administrator of 2026 Equity Incentive Plan

c/o Office of the Corporate Secretary

RARE EARTHS AMERICAS, INC.

101 W. Main Street

Manchester, GA 31816

Gentlemen:

I hereby exercise the Options granted to me on <u>,</u> , by RARE EARTHS AMERICAS, INC. (the "Company"), subject to all the terms and provisions of the applicable grant agreement and of the RARE EARTHS AMERICAS, INC. 2026 Equity Incentive Plan (the "Plan"), and notify you of my desire to purchase shares of Common Stock of the Company at a price of $ per share pursuant to the exercise of said Options.

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|:---|:---|
| Total Amount Enclosed: $ | Total Amount Enclosed: $ |
| Date: |  |
|  | (Optionee) |
|  | Received by RARE EARTHS AMERICAS, INC. on |
|  | By:  |

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## Exhibit 10.14

**Exhibit 10.14**

**RARE EARTHS AMERICAS LTD. EXECUTIVE SEVERANCE PLAN <br>(Effective August 25, 2025)**

Rare Earths Americas Ltd. established the Rare Earths Americas Ltd. Executive Severance Plan (the "**Plan**"), effective August 25, 2025, to provide severance benefits for certain eligible executives whose employment is terminated by Rare Earths Americas Ltd. and its subsidiaries (collectively, the "**Company**"). The Plan provides for cash payments and certain other benefits. The Plan will remain in effect, unless the Company adopts a written amendment extending the term of the Plan or providing notice of cancellation.

This document constitutes both the Plan's formal plan document and summary plan description. The Plan is intended to be a "top hat" welfare benefit plan within the meaning of section 3(1) of the Employee Retirement Income Security Act of 1974, as amended ("**ERISA**"), 29 U.S.C. §1002(1), and 29 C.F.R. § 2520.104-24. Your ERISA rights are described at the end of the document. This document is provided in accordance with ERISA. It should be kept for future reference.

**1.** **Events That Trigger Benefits.** This Plan provides severance benefits for certain executives whose employment with the Company is terminated by the Company for reasons other than "For Cause." An executive will only be entitled to receive Plan benefits if the Plan Administrator determines, in its sole discretion, that the executive is an Eligible Executive, is not ineligible under Section 3, and has otherwise satisfied all Plan requirements.

**2.** **Plan Eligibility.** Only Eligible Executives are participants in the Plan and eligible for Plan benefits. An "**Eligible Executive**" is an executive who is provided and executes a participation agreement in the form attached hereto as <u>Exhibit A</u> and the Plan Administrator determines in its sole discretion (i) that the executive's employment was terminated by the Company other than "For Cause"; (ii) is regularly employed by the Company in the United States, on the Company's United States' payroll; (iii) was classified by the Company as being a full-time executive at the time of termination; and (iv) is not excluded from participation under Section 3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.**"**For Cause**" means that the Company has determined in good faith that the executive was terminated for any of the following reasons: (i) indictment, conviction or admission of any crimes involving theft, fraud, or moral turpitude; (ii) the engaging by executive in conduct which is demonstrably and materially injurious to the Company, monetarily or otherwise (including the Board's determination of conduct that constitutes a violation of any securities laws in the United States or Canada, whether federal, state or provincial); (iii) engaging in gross neglect of duties including, but not limited to, willfully failing or refusing to implement or follow direction of the Company; or (iv) breach of the Company's policies and procedures, including, but not limited to, the Code of Ethics, Insider Trading Policy, or any other Company policy or agreement between the Company and the executive, provided that where applicable, the Company shall provide reasonable notice of any such breach and opportunity to remediate. If an executive is terminated for any reason other than Cause, but at a time when the Company had Cause to terminate the executive (or would have had Cause if it knew all relevant facts), the termination shall be treated as having been for Cause.

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**3.** **Benefits Ineligibility or Reduction**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.*Other Ineligible Terminations.* Even if an otherwise Eligible Executive is on notice of an impending termination other than For Cause, the executive will not be eligible for benefits under this Plan if the Plan Administrator determines, in its sole discretion, that the executive's active employment was terminated by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.resignation (even if the executive felt compelled to resign);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.retirement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii.death;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv.discharge "For Cause;" or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v.disability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.*Failure to Perform Satisfactorily.* An otherwise Eligible Executive will not be eligible for benefits under this Plan if the Company determines, in its sole discretion, that the executive did not perform the executive's job satisfactorily until the date the executive actually was terminated by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.*Successor Employment.* An Eligible Executive shall be ineligible for Plan participation if the Plan Administrator determines that the Eligible Executive falls into any of the ineligibility categories in subsections (i) and (ii) below at any point between the time the Eligible Executive is notified of the individual's termination of employment and the commencement of the Severance Benefits Period (as defined in Section 4). Likewise, an Eligible Executive shall become ineligible for, and shall permanently cease receiving, Plan benefits if the Plan Administrator determines that, at any point during the Severance Benefits Period, the Eligible Executive falls into one of the ineligibility categories in subsections (i) and (ii) below. If an Eligible Executive becomes ineligible under subsection (ii) below, in addition to other repayment obligations under the Plan, the Eligible Executive will be required to repay the monetary Plan benefits that the Eligible Executive already has received, as set forth under such section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**i.** ***Individuals Who Have Received A Comparable Job Offer With the Company or a Successor Employer***, i.e., individuals whom have been offered a "Comparable Job" with the Company or any "Successor Employer", whether the executive accepts that job or not, unless the Plan Administrator determines, in its sole discretion, that the individual should nonetheless receive Plan benefits. A "**Comparable Job**" for an Eligible Executive is a job that (i) has an Annual Base Salary rate (as defined in Section 4(c)) that is at least equal to the executive's Annual Base Salary rate on the date the executive was notified of the executive's termination; (ii) is either (x) in a reasonably related functional area to the position the executive held when notified of the executive's termination, or (y) has responsibilities reasonably related to those of the position the executive held when notified of the executive's termination; and (iii) is based at a location that is within a reasonable commuting distance of the location at which the executive was based on the date the executive originally was notified of the executive's termination. A "**Successor Employer**" is (i) any affiliate of the Company; (ii) any entity that assumes operations or functions formerly carried out by the Company, including an entity to whom the Company's operations or any portion of its operations is outsourced or sold; (iii) any entity making the job offer at the request of the Company; or (iv) any acquiring or resulting company in connection with a sale, spin-off, merger or other corporate reorganization.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ii.** ***Individuals Who Fail To Provide Requested Information***. Executives who fail to provide all documentation and other information requested by the Plan Administrator (for example, notification upon acceptance of new employment, or proof as to whether and where they are working, how much they have earned from working, etc.) within the time and in the form requested by the Plan Administrator shall thereafter be ineligible for any further Plan benefits and, where the obligation was to inform the Company upon acceptance of new work or where false or misleading information was provided, must repay all Plan benefits in excess of $1,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.*Changed Decisions*. The Company has the right to cancel or reschedule an executive's termination before it actually terminates the executive's employment. An executive will not be eligible for any benefits under this Plan if the executive's termination is canceled or if the executive resigns before the executive's scheduled (or rescheduled) employment termination date. The date the Company actually terminates an executive is referred to as the "**Termination Date**."

**4.** **Severance Benefits**. An Eligible Executive who satisfies the conditions of this Plan (each a "**Participant**") shall be eligible to receive the severance benefits as set forth below in either subsection (a) or (b) as applicable (but not both), and shall be eligible to receive any other payments and benefits extended to the Participant under this Plan by the Plan Administrator in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.*Termination not within the Change in Control Period.* If the Participant's termination of employment is not within the Change in Control Period (as defined below), the Participant shall be eligible to receive the severance benefits as set forth below in Section 4(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*i. Severance Pay.* The Participant will be eligible to receive a severance pay benefit equal to 18 months of the Participant's Annual Base Salary (as defined herein) in income continuation as described below. All severance pay benefits under this Section 4(a)(i) will be paid in the form of income continuation in accordance with the Company's normal payroll practices, beginning within sixty (60) days following the executive's Termination Date and continuing until such severance pay benefits are exhausted or the executive otherwise ceases to remain eligible to receive Plan benefits (the "**Severance Benefits Period**"). In no event will any such severance pay benefits under this Section 4(a)(i) be paid later than December 31 of the second calendar year following the calendar year of the Eligible Executive's "separation from service," within the meaning of Section 409A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*ii. Annual Bonus.* The Company shall pay the Participant a prorated annual bonus for the year in which the Participant's Termination Date occurs, provided that the Participant has at least three months of employment with the Company in the fiscal year in which the Termination Date occurs. The prorated Annual Bonus shall be determined by multiplying the full year annual bonus that would otherwise have been payable to the Participant, based upon the achievement of the applicable performance goals and 100% standard for any individual performance component, as determined by the Company, by a fraction, the numerator of which is the number of days during which the Participant was employed by the Company in the fiscal year in which the

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Termination Date occurs and the denominator of which is the number of days in that fiscal year. The prorated annual bonus, if any, shall be paid at the same time as bonuses are paid to other employees of the Company, but not later than the fifteenth (15th) day of the third month after the end of the fiscal year in which the Termination Date occurs. In the event the Termination Date occurs after the end of the fiscal year but before the date of annual bonus payments, such annual bonus for the preceding fiscal year will be paid without proration pursuant to the terms of this subsection and the terms of the bonus plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*iii. Equity Acceleration.* Any outstanding restricted stock units ("**RSUs**") or performance share units or options ("**Outstanding Equity**") that the Participant holds at the Termination Date shall become fully vested as of the Termination Date (at the level that the applicable performance conditions have been achieved, or at target if such performance period in not yet determinable and certified in the case of performance share units). Shares of the Company stock in settlement of any vested RSUs and/or performance share units under this section will be delivered as soon as practicable following Participant's "separation from service" within the meaning of Section 409A, but in no event later than sixty (60) calendar days in the case of RSUs (and ninety (90) calendar days in the case of performance share units) following such separation, subject to the terms and conditions of the applicable award agreement. Performance share units that have not yet been settled in accordance with performance shall deemed to be earned at target performance and settled in accordance of the terms of this Section 4(a)(iii). Stock options shall remain exercisable for their original terms granted and shall not terminate due to executive's termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.*Termination within the Change in Control Period.* If the Participant's termination of employment is within 12 months following a Change in Control (the "**Change in Control Period**"), the Participant shall be eligible to receive the severance benefits as set forth below in this Section 4(b). For the avoidance of doubt, a Participant shall be eligible for the severance benefits under subsection (a) or (b) but not both.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*i. Severance Pay.* The Participant will be eligible to receive a severance pay benefit equal to one (1) times the sum of (x) the Participant's Annual Base Salary, plus (y) the Participant's target annual bonus for the year in which the Termination Date occurs should the Change in Control occur within 12 months of such Participant's start date as an executive with the Company. Should the Change in Control occur after the first year of your employment as an executive of the Company, the Participant will be eligible to receive a severance pay benefit equal to one and a half (1.5) times the sum of (x) the Participant's Annual Base Salary, plus (y) the Participant's target annual bonus for the year in which the Termination Date occurs. The severance pay benefit under this Section 4(b)(i) will be paid in the form of a lump sum within sixty (60) days following the executive's Termination Date.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*ii. Annual Bonus.* The Company shall pay the Participant a prorated annual bonus for the year in which the Participant's Termination Date occurs, provided that the Participant has at least three months of employment with the Company in the fiscal year in which the Termination Date Occurs. The prorated Annual Bonus shall be determined by multiplying the full year annual bonus that would otherwise have been payable to the Participant, based upon the achievement of the applicable performance goals and 100% standard for any individual performance component, as determined by the Company, by a fraction, the numerator of which is the number of days during which the Participant was employed by the Company in the fiscal year in which the Termination Date occurs and the denominator of which is the number of days in that fiscal year. The prorated annual bonus, if any, shall be paid at the same time as bonuses are paid to other employees of the Company, but not later than the fifteenth (15th) day of the third month after the end of the fiscal year in which the Termination Date occurs. In the event the Termination Date occurs after the end of the fiscal year but before the date of annual bonus payments, such annual bonus for the preceding fiscal year will be paid without proration pursuant to the terms of this subsection and the terms of the bonus plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*iii. Equity Acceleration.* Any outstanding restricted stock units ("**RSUs**") or performance share units or options ("**Outstanding Equity**") that the Participant holds at the Termination Date shall become fully vested as of the Termination Date (at the level that the applicable performance conditions have been achieved and certified in the case of performance share units). Shares of the Company stock in settlement of any vested RSUs and/or performance share units under this section will be delivered as soon as practicable following Participant's "separation from service" within the meaning of Section 409A, but in no event later than sixty (60) calendar days in the case of RSUs (and ninety (90) calendar days in the case of performance share units) following such separation, subject to the terms and conditions of the applicable award agreement. Performance share units that have not yet been settled in accordance with performance shall deemed to be earned at target performance and settled in accordance of the terms of this Section 4(a)(iii). Stock options shall remain exercisable for their original terms granted and shall not terminate due to executive's termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*c. Definitions*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i."**Annual Base Salary**" means a Participant's straight time rate of pay, in effect on the Termination Date, calculated on an annual basis based on the Participant's regular work schedule. Annual Base Salary does not include pay for commissions, bonuses, or incentive compensation or expense reimbursements, and similar payments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii."**Change in Control**" "Change in Control" means the occurrence of any one of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Merger or Consolidation: The consummation of a merger or consolidation of the Company with or into another entity, or any other corporate

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reorganization, if persons who were not stockholders of the Company immediately prior to such transaction own more than 50% of the combined voting power of the resulting entity's voting securities immediately after the transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Sale of Assets: A sale, lease, exchange, or other disposition of all or substantially all of the Company's assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Change in Board Composition: During any 12-month period, individuals who, as of the beginning of such period, constitute the Board of Directors of the Company (the "**Incumbent Board**") cease for any reason to constitute at least a majority of the Board, provided that any person becoming a director subsequent to the start of such period whose election or nomination was approved by a vote of at least a majority of the Incumbent Board shall be considered a member of the Incumbent Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Acquisition of Voting Securities: Any person or group (as defined under Section 13(d) or 14(d) of the Securities Exchange Act of 1934), other than the Company or any of its affiliates, becomes the beneficial owner, directly or indirectly, of more than 50% of the combined voting power of the Company's then outstanding voting securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.Liquidation or Dissolution: The Company's complete liquidation or dissolution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.Notwithstanding the foregoing, if severance constitutes deferred compensation subject to Section 409A and the severance provides for payment in connection with a Change in Control, then, for purposes of such payment provisions, no Change in Control shall be deemed to have occurred upon an event described in the definition of Change in Control unless the event would also constitute a change in ownership or effective control of, or a change in the ownership of a substantial portion of the assets of, the Company under Section 409A.

**5.** **Agreement And Release.** To receive the severance benefits described in Section 4 of the Plan, an Eligible Executive must sign and return an Agreement and Release ("**Agreement**"), which releases all claims against the Company and other parties, within fifteen (15) days (or twenty-one (21) or forty-five (45) days if such longer period is required under applicable law) after the Eligible Executive's Termination Date in the form provided by the Company without modification, and such Agreement must become effective and enforceable in accordance with its terms following the expiration of any applicable revocation period under federal, state or local law. No severance benefits are payable under Section 4 of the Plan unless the Eligible Executive complies with the terms of the Agreement both before and after the date the Eligible Executive is irrevocably bound by the Agreement. The Agreement is deemed part of the Plan.

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**6.** **Clawback.** Notwithstanding anything in this Plan to the contrary, all amounts payable under the Plan are subject to the terms of any applicable clawback policies approved by the Company, as in effect from time to time (including, without limitation, a clawback policy required to be implemented by an applicable stock exchange), whether approved before or after the Termination Date (as applicable, a "**Clawback Policy**"). Further, to the extent permitted by applicable law, including without limitation Section 409A, all amounts payable under the Plan are subject to offset in the event that a Participant has an outstanding clawback, recoupment or forfeiture obligation to the Company under the terms of any applicable Clawback Policy. In the event of a clawback, recoupment or forfeiture event under an applicable Clawback Policy, the amount required to be clawed back, recouped or forfeited pursuant to such policy shall be deemed not to have been earned under the terms of the applicable plan pursuant to which it was awarded, and the Company shall be entitled to recover from the Participant the amount specified under the Clawback Policy to be clawed back, recouped or forfeited (which amount, as applicable, shall be deemed an advance that remained subject to the Participant satisfying all eligibility conditions for earning the amounts deferred, accrued, or credited under the plan pursuant to which it was awarded).

**7.** **Other Plan Provisions**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*a. Death.* Any benefits that would be paid under the Plan but for an Eligible Executive's death, shall be paid to the Eligible Executive's surviving spouse, or, if there is no surviving spouse, to the Eligible Executive's estate, but only if the Plan Administrator determines that the Eligible Executive or the estate of the Eligible Executive or has complied with the release requirements of Section 5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*b. Withholding for Taxes and Debt.* Notwithstanding any other provision of the Plan, all severance benefits will be reduced by any applicable federal, state, or local tax withholding, and any amount that the Eligible Executive owes to the Company, to the maximum extent permissible by law, and to the extent permitted under Section 409A and the applicable Treasury Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*c. Internal Revenue Code Section 409A*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.The severance and other benefits under this Plan are intended, where possible, to comply with the "short term deferral exception" and the "involuntary separation pay exception" under Section 409A. Notwithstanding anything to the contrary set forth in the Plan, to the extent any payment under Section 4 does not otherwise comply with either the short term deferral exception or the involuntary separation pay exception, such payment shall be made in a lump sum cash payment within sixty (60) days following the date of the Eligible Executive's separation from service. To the extent applicable, the Plan shall be interpreted and applied consistent and in accordance with Section 409A and Department of Treasury regulations and other interpretive guidance issued thereunder.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.Any payment from the Plan that is subject to the requirements of Section 409A may only be made in a manner and upon an event permitted by Section 409A. Payments upon termination of employment may only be made upon a "separation from service" under Section 409A. Each payment under the Plan shall be treated as a separate payment for purposes of Section 409A. In no event may an executive, directly or indirectly, designate the calendar year of any payment to be made under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii.No payment or benefit which constitutes an item of deferred compensation under Section 409A and becomes payable by reason of the executive's separation from service will be made to the executive prior to the earlier of (i) the first day of the seven (7)-month period measured from the date of such separation from service or (ii) the date of the executive's death, if the executive is deemed at the time of such separation from service to be a specified employee (as determined pursuant to Section 409A and the Treasury Regulations thereunder) and such delayed commencement is otherwise required in order to avoid a prohibited distribution under Section 409A(a)(2). Upon the expiration of the applicable deferral period, all payments and benefits deferred pursuant to this Section 7(d)(3) (whether they would have otherwise been payable in a single sum or in installments in the absence of such deferral) shall be paid or provided to the executive in a lump sum on the first day of the seventh (7th) month after the date of the executive's separation from service or, if earlier, the first day of the month immediately following the date the Company receives proof of the executive's death. Any remaining payments or benefits due under this Agreement will be paid in accordance with the normal payment dates specified herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv.Notwithstanding anything to the contrary set forth in the Plan, if any payment under this Plan subject to execution of an Agreement is subject to the requirements of Section 409A, in no event will the timing of the execution of the Agreement, directly or indirectly, result in the executive's designating the calendar year of payment, and if a payment that is subject to execution of the release could be made in more than one taxable year, payment will be made in the later taxable year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v.With respect to any benefits that are provided under Section 4 in the form of an expense reimbursement, such reimbursement (a) shall be made no later than the earlier of (x) the last day of the calendar year following the calendar year in which the expense was incurred and (y) December 31 of the second calendar year following the calendar year of the Eligible Executive's separation from service and (b) the benefits provided during any calendar year shall not affect such benefits to be provided in any other calendar year and shall not subject to liquidation or exchange for another benefit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi.Notwithstanding anything to the contrary set forth in the Plan, if a Participant receives payments or benefits under the Plan in lieu of the rights under any other arrangement (whether contractual, provided or required by applicable law or otherwise), to the extent the rights under such other arrangement are subject to (and not exempt from) Section 409A, then the payments and benefits paid under the Plan shall be paid at the same time and in the same form as under such other arrangement to the extent required to avoid a violation of Section 409A (and shall otherwise comply with Section 409A).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*d. Compliance with Code Section 280G.* Unless a more favorable treatment is otherwise provided in an individual agreement with a Participant, if any of the payments or benefits provided or to be provided by the Company or its affiliates to a Participant or for the benefit of the Participant pursuant to this Plan or otherwise ("**Covered Payments**") constitute parachute payments within the meaning of Section 280G of the Code and would, but for this section, be subject to the excise tax imposed under Section 4999 of the Code (or any successor provision thereto) or any similar tax imposed by state or local law or any interest or penalties with respect to such taxes (collectively, the "**Excise Tax**"), then the Covered Payments shall be payable either (a) in full or (b) reduced to the minimum extent necessary to ensure that no portion of the Covered Payments is subject to the Excise Tax, whichever of the foregoing (a) or (b) results in the Participant's receipt on an after-tax basis of the greatest amount of benefits after taking into account the applicable federal, state, local and foreign income, employment and excise taxes (including the Excise Tax). If a reduction in payments or benefits (or a cancellation of the acceleration of vesting of equity awards) constituting "parachute payments" is necessary hereunder so that no portion of the Covered Payments is subject to the Excise Tax, such reduction and/or cancellation of acceleration shall occur in the order that provides the maximum economic benefit to the Participant. In the event that acceleration of vesting of an equity award is to be reduced, such acceleration of vesting also shall be canceled in the order that provides the maximum economic benefit to the Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*e. Sole Source of Benefits.* The Plan is the sole source of severance benefits and supersedes any and all other separation or severance pay or benefits policies or practices of the Company with respect to full time employees to the extent they are eligible to participate under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*f. Failure to Adhere to Commitments.* If an executive fails to comply with any agreement with or policy of the Company, the executive shall permanently cease to be eligible for Plan benefits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*g. Reemployment by the Company.* If an executive is re-employed by the Company after the executive's Termination Date and within the number of weeks on which the executive's severance benefits were based, all Plan benefits shall permanently cease. In any event, if an executive is reemployed by the Company after receiving Plan benefits or other severance benefits, any future Plan benefits shall be reduced as determined by the Plan Administrator in its sole discretion to ensure that the executive does not receive duplicative benefits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*h. Employment At-Will.* Employment with the Company is "at-will," meaning that an executive or the Company may terminate an executive's employment at any time and for any or no reason. The only way an executive's at-will status can be changed is by a written agreement between the Company and the executive (signed by the Company's Chief Executive Officer and the executive) that expressly states that it is modifying such "at-will" status.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*i. Right of Setoff.* Other than pursuant to the terms of the Plan (or a valid employment agreement or local statutory requirements), the Company has no prior or other obligation, whether by express or implied contract or otherwise, to provide any severance or other transition benefits. Any payment made under the Plan is a voluntary payment made by the Company, which payment executives are not entitled to receive except according to the terms

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of the Plan. No Plan benefits are vested until actually paid. Benefits under this Plan are not meant to duplicate benefits provided by the Company or any subsequent employer in connection with any executive's termination of employment with the Company, including benefits paid due to the WARN Act or local statutory requirements. If the Plan Administrator determines in good faith that a Participant is entitled to payment under any other plan or by reason of any applicable law, settlement or decision including, but not limited to, the WARN Act, the Plan Administrator shall reduce the Participant's benefit entitlement under this Plan by such amount, but not below $1,000 and pay the reduced amount to the Participant in satisfaction of the Participant's entitlement to such amounts. In all other cases, benefits paid under this Plan in excess of $1,000 will be treated as having been paid to satisfy any such other obligations including, but not limited to, those under the WARN Act. In either case, subject to the requirements of Section 409A, the Plan Administrator will determine how to apply this provision, and may override other provisions in this Plan in doing so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*j. Source of Payments.* The severance benefits provided under the Plan shall be unfunded and shall be provided solely from the general assets of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*k. Expenses.* The expenses of operating and administering the Plan shall be borne entirely by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*l. Plan Overpayments.* If an executive receives Plan benefits at a time when the executive is not eligible, the executive must repay all such benefits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;m. *Plan Sponsor and Administrator*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***i.*** ***Plan Administrator.*** The Plan shall be administered by the Plan Administrator, which shall be the Compensation Committee (the "**Committee**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***ii.*** ***Discretion.*** The Plan Administrator is responsible for the general administration and management of the Plan and shall have all powers and duties necessary to fulfill its responsibilities, including, but not limited to, the discretion to interpret and apply the Plan and to determine all questions relating to eligibility for benefits, including which Company executives are eligible to receive Plan benefits. The Plan Administrator may adopt such rules and regulations as it deems appropriate. The Plan Administrator and all Plan fiduciaries shall have the discretion to interpret or construe ambiguous, unclear, or implied (but omitted) terms in any fashion they deem appropriate in their sole and absolute discretion, and to make any findings of fact needed in the administration of the Plan. The validity of any such interpretation, construction, decision, or finding of fact shall not be given *de novo* review if challenged in court, by arbitration, or in any other forum, and shall be upheld unless clearly arbitrary or capricious.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***iii.*** ***Finality of Determinations.*** All actions taken and all determinations made in good faith by the Plan Administrator or by Plan fiduciaries will be final and binding on all persons claiming any interest in or under the Plan. To the extent the Plan Administrator or any Plan fiduciary has been granted discretionary authority under the Plan, the Plan Administrator's or Plan fiduciary's prior exercise of such authority shall not thereafter obligate it to exercise its authority in a like fashion.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***iv.*** ***Drafting Errors.*** If, due to errors in drafting, any Plan provision does not accurately reflect its intended meaning, as demonstrated by consistent interpretations or other evidence of intent, or as determined by the Plan Administrator in its sole and absolute discretion, the provision shall be considered ambiguous and shall be interpreted by the Plan Administrator and all Plan fiduciaries in a fashion consistent with its intent, as determined in their sole and absolute discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***v.*** ***Scope.*** This section may not be invoked by any person to require the Plan to be interpreted in a manner inconsistent with its interpretation by the Plan Administrator or other Plan fiduciaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*n. Named Fiduciary.* The Plan Administrator is the named fiduciary of the Plan within the meaning of ERISA, with the power to act with respect to the review of claims for benefits under the Plan that are denied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*o. Allocation and Delegation of Responsibilities.* The Plan Administrator may allocate any of its responsibilities for the operation and administration of the Plan to any Company officer or employee. It may also delegate any of its responsibilities under the Plan by designating another person to carry out such responsibilities. Any such designated person shall then be responsible for carrying out the delegated responsibilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*p. No Individual Liability.* It is the express purpose and intention of the Company that no individual liability whatsoever shall attach to, or be incurred by, any member of the Committee, the board of directors of the Company, or any officer, employee, representative or agent thereof, under, or by reason of the operation of, the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*q. Amendment of Plan.* The Company retains the right to amend or terminate the Plan at any time and for any reason; provided, however, that no amendment shall be effective during the period commencing on or after the signing date of the merger or other applicable transaction document pursuant to which a Change in Control occurs and the earlier of the date of the Change in Control or the date such merger or transaction agreement terminates; and provided further that no amendment on or after the closing of a Change in Control shall be effective with respect to an affected executive without the executive's written consent.

**8.** **Your Rights Under ERISA.** As a participant in the Plan, you are entitled to certain rights and protections under the Employee Retirement Income Security Act of 1974 (ERISA). ERISA provides that all plan participants shall be entitled to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*a. Receive Information About Your Plan and Benefits.* Examine, without charge, at the Plan Administrator's office and at other specified locations, such as worksites, all documents governing the plan, including insurance contracts, and a copy of the latest annual report (Form 5500 Series) filed by the plan with the U.S. Department of Labor and available at the Public Disclosure Room of the Pension and Welfare Benefit Administration. Obtain, upon written request to the Plan Administrator, copies of documents governing the operation of the plan, including insurance contracts, and copies of the latest annual report (Form 5500 Series) and updated summary plan description. The administrator may make a reasonable

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charge for the copies. Receive a summary of the plan's annual financial report. The plan administrator is required by law to furnish each participant with a copy of this summary annual report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*b. Enforce Your Rights.* If your claim for a welfare benefit is denied or ignored, in whole or in part, you have a right to know why this was done, to obtain copies of documents relating to the decision without charge, and to appeal any denial, all within certain time schedules. Under ERISA, there are steps you can take to enforce the above rights. For instance, if you request a copy of plan documents or the latest annual report from the plan and do not receive them within 30 days, you may file suit in a Federal court. In such a case, the court may require the plan administrator to provide the materials and pay you up to $110 a day until you receive the materials, unless the materials were not sent because of reasons beyond the control of the administrator. If you have a claim for benefits which is denied or ignored, in whole or in part, you may file suit in a state or Federal court. If it should happen that plan fiduciaries misuse the plan's money, or if you are discriminated against for asserting your rights, you may seek assistance from the U.S. Department of Labor, or you may file suit in a Federal court. The court will decide who should pay court costs and legal fees. If you are successful, the court may order the person you have sued to pay these costs and fees. If you lose, the court may order you to pay these costs and fees, for example, if it finds your claim is frivolous.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*c. Assistance with Your Questions.* If you have any questions about this Plan, you should contact the Plan Administrator. If you have any questions about this statement or about your rights under ERISA, or if you need assistance in obtaining documents from the Plan Administrator, you should contact the nearest office of the Pension and Welfare Benefits Administration, U.S. Department of Labor, listed in your telephone directory or the Division of Technical Assistance and Inquiries, Pension and Welfare Benefits Administration, U.S. Department of Labor, 200 Constitution Avenue N.W., Washington, D.C. 20210. You may also obtain certain publications about your rights and responsibilities under ERISA by calling the publications hotline of the Pension and Welfare Benefits Administration.

TO EVIDENCE THE ADOPTION OF THE PLAN effective as of August 25, 2025 this document has been executed by an authorized representative of Rare Earths Americas Ltd.

RARE EARTHS AMERICAS LTD <br>Dated: August 25, 2025

By: <u>/s/ Daniel Shribman</u> 

Daniel Shribman, Director

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**<u>Exhibit A</u>**

Participation Agreement

**RARE EARTHS AMERICAS LTD <br>EXECUTIVE SEVERANCE PLAN**

**Participation Agreement**

THIS PARTICIPATION AGREEMENT (this "<u>Agreement</u>") is made and entered into as of , 2025 by and

between (the "<u>Executive</u>") and Rare Earths Americas Ltd (the "<u>Company</u>"). The Executive is eligible to participate in the Rare Earths Americas Ltd Executive Severance Plan (the "<u>Plan</u>"). The Executive accepts participation in the Plan and, intending to be legally bound, agrees as follows:

<u>1.</u><u>Participation in the Plan; Termination of any other Rights to Severance Benefits</u>. Subject to the terms of the Plan, the Executive agrees that the Plan is the Executive's sole source of severance benefits and supersedes any and all other separation or severance pay or benefits policies or practices of the Company or its subsidiaries or affiliates. The Executive further agrees to forego severance benefits or payments to which the Executive may otherwise be entitled, if any, under the terms of any agreement, plan, or other arrangement with the Company or its subsidiaries or affiliates that are payable in the event of the Executive's termination of employment.

<u>2.</u><u>Executive's Undertakings</u>. The Executive agrees to be bound by, and accept, all of the terms of the Plan.

This Agreement has been duly executed as of the day and year first written above.

**RARE EARTHS AMERICAS LTD**

By: <br>Title:

I hereby acknowledge that I have had the opportunity to review and consider the Plan. I hereby accept my eligibility for severance benefits described in the Plan and agree to be bound by the terms of the Plan and this Agreement. I hereby further agree that all the decisions and determinations of the Compensation Committee of the Board of Directors of the Company shall be final and binding.

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Executive

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## Exhibit 10.15

**Exhibit 10.15.1**

**CALL OPTION AGREEMENT FOR MINERAL RIGHT AND OTHER COVENANTS**

By this private instrument, and in accordance with the Law, the Parties identified and described below, namely,

On the one hand, as Grantor,

**JJBF LTDA.**, limited liability company with head office in the City of Poços de Caldas, State of Minas Gerais, at Estrada José Kentenich, s/n/, Zona Rural, ZIP Code 37719-000, enrolled with CNPJ under No. 20.684.296/0001-14, e-mail: , herein represented in compliance with its Articles of Association by its Director, <u>Bruno Fagundes Flora</u>, Brazilian citizen, single, control and automation engineer, Holder of Identity Card (RG) No. , enrolled with CPF under No. , resident and domiciled at , e-mail: , hereinafter referred to as "<u>Grantor</u>";

and, on the other hand, as Grantee,

**ALPHA MINERALS BRAZIL PARTICIPAÇÕES LTDA.**, limited liability company with head office in the Capital of the State of São Paulo, at Rua Professor José Leite e Oiticica, No. 530, Sala 03, Vila Gertrudes, ZIP Code 04705-080, enrolled with CNPJ under No. 43.093.229/0001-20, e-mail: , herein represented in compliance with its Articles of Association by its Director, Mr. <u>João Paulo Agapito da Veiga</u>, Brazilian citizen, single, businessman, holder of Identity Card (RG) No. 12.762.584-6, issued by DETRAN-RJ, enrolled with CPF under No. 096.759.207-00, resident and domiciled at , with business address in the Capital of the State of São Paulo, at Rua Professor José Leite e Oiticica, No. 530, Vila Gertrudes, ZIP Code 04705-080, e-mail: , hereinafter referred to as "<u>Grantee</u>";

also appearing as Consenting Intervening Parties,

**BRUNO FAGUNDES FLORA**, described above; and

**GUSTAVO FAGUNDES FLORA**, Brazilian citizen, married under full separation of property regime, doctor, holder of Identity Card (RG) No. , enrolled with CPF under No. , resident and domiciled at , e-mail: ;

whereas the Grantor is the sole and legitimate holder of the Mineral Right currently represented by the development concessions subject to the administrative proceeding registered with the National Mining Agency (the "<u>ANM</u>") under No. 813.944/1971, with Development Concession Ordinance No. 8,053, dated as of 01.16.1979, and 313, dated as of 10.23.1997, for bauxite and clay ores, in an area of 298.89ha, located in the City of Poços de Caldas, MG (the "<u>Mineral Right</u>"), State of Minas Gerais, whose authorizations and main characteristics are included herein as <u>Annex I</u>;

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whereas, in compliance with Article 22, I, of Decree-Law No. 227, dated as of 02.28.1967 (the "<u>Mining Code</u>"), combined with article 42 of Decree No. 9,406, dated as of 06.12.2018 (the "<u>Regulation</u>") and other applicable laws and regulations, the exploration authorization permit, the development concession and the licensing may be subject to assignment or transfer, until the granting of the development concession, provided that the respective assignee meets the applicable constitutional, legal and regulatory requirements;

whereas the Grantee is evaluating the convenience and possibility of acquiring the Mineral Right and, in this context, is interested in becoming the holder of a call option for said Mineral Right;

whereas the Grantor, in turn, agrees to grant said call option to the Grantee, subject to the terms and conditions set forth below;

the Parties resolve to enter into this "Call Option Agreement for Mineral Right and Other Covenants" (the "<u>Agreement</u>"), which shall be governed by the clauses and conditions set forth below.

**1.** **CALL OPTION**.

1.1.<u>Call Option</u>. By this Agreement, the Grantor hereby irrevocably and irreversibly grants the Grantee a call option to all of the Mineral Rights, as described and characterized in <u>Annex I</u>. hereto (the "<u>Call Option</u>").

1.1.1.<u>Scope</u>. The Call Option covers, at any time, during its term, the Mineral Right, as well as all rights, whether patrimonial or otherwise, inherent to or arising from them, directly or indirectly, including any and all rights, guarantees, privileges, preferences, prerogatives, and actions guaranteed by law, in addition to all projects and studies carried out by the Grantee up to the Call Option Exercise Date, as defined in 3.1 below.

1.2.<u>Award</u>. The Parties agree that this Call Option will be for a fee, establishing as a premium the amount of **two hundred thousand reais (BRL 200,000.00)** to be paid to the Grantor, on this date by wire transfer to the current account in its name indicated in <u>Annex 1.2</u>. (the "<u>Award</u>"), which amount **will not be returned to the Grantee under any circumstances**.

1.2.1.<u>Release</u>. For all legal purposes and effects, the presentation of bank receipts proving the transfer of the Award to the bank account held by the Grantor, as specified in Annex 1.2. will imply that the Grantor grant the Grantee the fullest, general, irrevocable, and irreversible release regarding the receipt of the Award to which they are entitled under this Agreement, and that no further demands or disputes may be made on this matter at any time, in or out of court.

1.3.<u>Exclusivity</u>. The Call Option is granted by the Grantor to the Grantee on an exclusive basis, provided that the Grantor may not, during the term of this Agreement, (i.) grant any other option involving all or part of the Mineral Right to third parties, or (ii.) in any other way dispose of or encumber, or promise to dispose of or encumber the Mineral Right, in any capacity, to third parties, in whole or in part; or (iii.) directly or indirectly enter into any other commitment or agreement involving the Mineral Right, or

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in any way related to it (the "<u>Exclusivity</u>"), under penalty of incurring a fine immediately set between the Parties at five million US dollars (US$5,000,000.00), as losses and damages.

1.3.1.<u>Exploration of the Mineral Right until the Exercise Date</u>. Exclusivity does not apply to agreements entered into by the Grantor with third parties involving the exploration of clay or bauxite in the area where the Mineral Right is located. The Grantor hereby undertakes to notify said third parties regarding (a.) the existence of this Agreement; and (b.) the need to terminate said agreements immediately upon receipt of the Exercise Notice, as set forth in 3.1 below, unless otherwise mutually agreed upon among said third parties, the Grantor, and the Grantee. The Grantee declares that it has received copies of the agreements referred to in this item and undertakes to respect them during the Due Diligence process and not to hinder their compliance.

1.3.2.<u>Timber Exploration</u>. The Grantee is aware of the existence of timber extraction agreements in the same area as the Mining Law and undertakes not to interfere in said activity, which will continue to be carried out even after the Grantee or the Authorized Assignees exercise the Call Option. Likewise, the Grantor hereby guarantees to the Grantee that the timber extraction activity may not interfere with the Grantee's exploitation of the Mining Law. It is understood that, if one of the Parties demonstrably causes difficulties or harm to the other, it shall bear any losses, damages, and lost profits, as provided for in applicable law.

1.4.<u>Authorized Assignees</u>. This Call Option may be assigned by the Grantee to any company directly or indirectly controlled by the Grantee, or any company subject to common control, directly or indirectly, with the Grantee, as well as to the partners of any of these or to companies of which the companies or individuals indicated in this item are partners (generically, the "<u>Authorized Assignees</u>"), provided that each and every provision of this Agreement shall apply in full to the Authorized Assignees. References in this Agreement to the Grantee shall be construed as extensive references to any of the Authorized Assignees. The assignment provided for in this item 1.4. will be submitted by the Grantee to the Grantor for approval at least ten (10) days in advance, and the Grantor may only oppose it if there is just cause and if there is no proof that the assignee has the capacity to comply with the terms of the Option.

**2.** **EXERCISE PRICE AND PAYMENT METHOD**.

2.1.<u>Exercise Price</u>. The total, clear and legal price to be paid by the Grantee to the Grantor, in consideration for the acquisition of the Mineral Right, in the event of exercise of the Call Option provided in this Agreement, will be the amount in BRL (Reais) equivalent to fifteen million US dollars (US$15,000,000.00), calculated based on the US$(US dollar) purchase rate, as announced by the Central Bank of Brazil on the business day immediately prior to the respective payment date (the "<u>Exercise Price</u>"), to be disbursed as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.the amount in R$(Reais) equivalent to five million US dollars (US$5,000,000.00), calculated based on the US$(US dollar) exchange rate for purchase, published by the Central Bank of Brazil on the business day immediately prior to the date of the respective payment, will be paid within a maximum period of fifteen (15) days from the date of sending the Exercise Notice,

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in accordance with the procedure set forth in 3.1 below (the "<u>First Installment of the Exercise Price</u>");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.the amount in R$(Reais) equivalent to five million US dollars (US$5,000,000.00), calculated based on the US$(US dollar) exchange rate for purchase, published by the Central Bank of Brazil on the business day immediately prior to the date of the respective payment, will be paid within a maximum period of twelve (12) months after the maturity of the First Installment of the Exercise Price (the "<u>Second Installment of the Exercise Price</u>"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.the amount in R$(Reais) equivalent to five million US dollars (US$5,000,000.00), calculated based on the US$(US dollar) exchange rate for purchase, published by the Central Bank of Brazil on the business day immediately prior to the date of the respective payment, will be paid within a maximum period of twelve (12) months from the maturity of the Second Installment of the Exercise Price (the "<u>Third Installment of the Exercise Price</u>").

2.1.1.<u>Adjustment and interest</u>. No monetary adjustment or interest shall be applied to the Exercise Price timely paid during the term of this Agreement.

2.1.2.<u>Payment method</u>. Payment of the Exercise Price must be made by the Grantee to the Grantor, in Brazilian currency, by means of TED or PIX to be made to the bank account held by the Grantor indicated in <u>Annex 1.2</u>., which is an integral part hereof, which may be changed, provided that the Grantor communicates the new payment data within five (5) days before the date of the respective payment, in the manner provided for in item 7.9., below.

2.1.3.<u>Release and Default.</u> For all legal purposes and effects, the presentation of bank receipts proving the wire transfers of the Exercise Price to the bank account held by the Grantor, as indicated in <u>Annex 1.2</u>. will imply that the Grantor grant the Grantee the fullest, general, irrevocable, and irreversible release regarding the receipt of the Exercise Price, and that no further demands or disputes may be made on this matter at any time, in or out of court. In the event of late payment of any of the installments of the Purchase Price, (i.) the balance in BRL (Reais) due will be determined on the respective maturity date and, from said date onward, this balance (in BRL) will be monetarily corrected by IPCA "pro rata dies", being subject to (i) a late payment penalty of ten percent (10%) of the outstanding debit; and (ii.) interest of one percent (1%) per month from the due date set forth in 2.1. above, without prejudice to the possibility of adopting applicable legal measures.

2.2.<u>Royalties</u>. The Parties agree that, in addition to the payment of the Exercise Price provided for in 2.1. above, the Grantee, in the event of exercising the Call Option, undertakes to pay the landowners the share of the development results provided for in article 11, 'b', paragraphs 1 to 3, of Decree-Law No. 227, dated as of 02.28.1967, in compliance with other relevant rules.

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2.3.<u>No change to the Exercise Price</u>. The Parties declare that the Exercise Price was set by full and mutual agreement and hereby irrevocably and irreversibly express their full and unrestricted agreement regarding their value and payment method. Therefore, the Exercise Price is definitive, unchangeable and binding, and is thus not subject to any other changes and/or adjustments of any nature, for any reason and at any time.

**3.** **EXERCISE OF THE CALL OPTION**.

3.1.<u>Exercise of the Call Option</u>. The Call Option may be exercised at any time during the term of this Agreement, as set forth in 5.1. below. The Grantee must express its intention to exercise the Call Option by (i.) sending written notice to the Grantor, as set out in item 7.9 below, communicating such intention (the "<u>Exercise Notice</u>"); and (ii.) paying the First Installment of the Exercise Price, as set out in item 2.1 above, within a maximum period of fifteen (15) days after sending the Exercise Notice. The date of payment of the First Installment of the Exercise Price by the Grantee, under the strict terms provided in this item, provided it is preceded by the Exercise Notice, will be considered the Call Option exercise date (the "<u>Exercise Date</u>") for all purposes of this Agreement and any legal transactions resulting from the exercise of the Call Option.

3.1.1.<u>Proof of receipt</u>. Proof of receipt of the Call Option Exercise Notice by the Grantor is not a necessary condition for formalizing its exercise. Grantee may formalize the legal transactions resulting from such Call Option at any time after fulfilling the conditions set forth in 3.1., sub-item (i.) and (ii.) above, subject to the requirements and conditions established in this Agreement.

3.2.<u>Obligation to assign Mineral Right</u>. Once the Call Option of the Mineral Right has been exercised and provided that the conditions set forth in 3.1. above are met, the Grantor will be irrevocably obligated to carry out the sale and consequent transfer of ownership of the Mineral Right to the Grantee, in accordance with the draft Mineral Right Assignment Agreement and Other Covenants that is included herein as <u>Annex 3.2.</u> and, likewise, the Grantee will be irrevocably obligated to acquire the Mineral Right, specifically indicated in its Exercise Notice. Whereas (i.) the Exercise Price will be divided into three (3) distinct installments and (ii.) only the First Installment of the Exercise Price will have been paid on the Exercise Date, (a.) the Mineral Right Assignment Agreement and Other Covenants must be signed together with the "Private Instrument of Fiduciary Sale of Mineral Right and Other Covenants", the draft of which is included in <u>Annex 3.1.</u> of said document; and (b.) the Grantee will be prohibited from mining any minerals in the area of the Mineral Right, as well as voluntarily encumbering, disposing of, selling or in any way transferring such Mineral Right, in compliance with the terms set forth in items 3.2. and 3.3 of the Mineral Rights Assignment Agreement and Other Covenants, the draft of which is included herein as <u>Annex 3.2.</u>, under penalty of incurring a fine immediately set between the Parties at two million and five hundred thousand US dollars (US$2,500,000.00), as a pre-fixed amount for losses and damages.

3.2.1.<u>Formalization of transfer of Mineral Right</u>. Within a maximum period of five (5) business days from the Exercise Date, the Grantor and the Grantee shall promote the signature of the private instrument of the Mineral Right Assignment Agreement and Other Covenants, which is included herein as <u>Annex 3.2.</u>, as well as the Instrument of Assignment of Mineral Right that is included herein as <u>Annexes 3.2.1.</u>, and, within a maximum period of fifteen (15) days from such signature, shall promote its endorsement and registration of one of them with the

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ANM, notary offices or any other applicable body, at the expense of the Grantee, and the Grantor undertake to present, within a maximum period of five (5) business days, any and all required documents and signatures.

3.2.2.<u>Power of Attorney</u>. In the event that it is not possible for the Grantor to execute the Mineral Right Assignment Instrument in the term provided for in 3.2.1. above, and in order to enable the implementation of the Call Option and the formalization of the transfer of the Mineral Right to the Grantee, the Grantor hereby grants to the Grantee an irrevocable power of attorney in its own name, the draft of which form part of this document as its <u>Annex 3.2.2.</u>, so that the latter may adopt, on behalf of the Grantor, any and all actions necessary to formalize the transfer of the Mineral Right to its ownership, including the execution of the Mineral Right Assignment Instrument, which forms part of this document as its <u>Annex 3.2.1</u> and of public or private instruments, if applicable, including the transfer forms before the ANM.

3.3.<u>Additional Documents</u>. The Parties undertake, in good faith and in the interest of ensuring compliance with the Call Option governed by this Agreement, to execute any and all documents and perform any and all acts necessary for the definitive transfer of the Mineral Right to the Grantee, as applicable.

3.4.<u>Changes to Mineral Right</u>. Without prejudice to the obligations to provide information and documents provided for in Chapter 4 below, the Grantor hereby undertakes, in the event of any changes to the intrinsic characteristics of the Mineral Right, at any time and for any reason, to immediately notify the Grantee, as set forth in item 7.9 below, ensuring that the latter has, regardless of any request to that effect, all the information necessary to assess, at any time during the term of this Agreement, the advisability of exercising the Call Option.

**4.** **DUE DILIGENCE AND RESEARCH RIGHT**.

4.1.<u>Feasibility Study</u>. The Grantor hereby declares that it is aware that (i.) conducting a legal, technical, mineralogical, and environmental audit, including regulatory and operational analyses (the "<u>Due Diligence</u>"), is essential for the Grantee to have all the information necessary to assess, at any time during the term of this Agreement, the advisability of exercising the Call Option; and (ii.) the payment of the Award provided for in 1.2 above was stipulated based on the criterion and condition of the effective (and future) provision, by the Grantor to the Grantee, of the information provided for in this Chapter 4 of the Agreement.

4.2.<u>"Due Diligence"</u>. To justify the payment of the Award and to assess the appropriateness of exercising the Call Option, the Grantee will conduct, at its discretion and subject to the confidentiality set forth in 7.11. below, a "Due Diligence" on the Mineral Right, intending to ensure the obtaining of all information it deems pertinent regarding legal, technical, mineral, environmental, or any other issues that may interfere with its conclusion regarding the full or partial exercise of the Call Option.

4.2.1.<u>Preliminary documents</u>. The commencement of the Grantee's "Due Diligence" period is subject to the Grantor providing all documents and information indicated in the preliminary list presented in <u>Annex 4.2.1.</u> hereto. If an item is not applicable, the Grantor must indicate this circumstance in writing, which must be delivered

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by the Grantor to the Grantee within fifteen (15) days from the execution of this Agreement. The Parties may agree that part of the obligation set forth in this item will be fulfilled by the Grantor by granting authorization or power of attorney specifically for the Grantee to directly obtain the documents and information indicated in <u>Annex 4.2.1.</u> hereto from the appropriate agencies.

4.2.2.<u>Additional Applications</u>. After submitting all of the documents listed in <u>Annex 4.2.1.</u>, the Grantee may make a new applications related to information present in the preliminary documents, within a period of up to thirty (30) calendar days, counting from the receipt of the last document submitted, which corresponds to all the documents requested in <u>Annex 4.2.1</u>. (the "<u>Additional Application</u>"). After this first Additional Application, which may be made, for example, by requesting documents, information, and/or clarifications, the Grantor will have five (5) calendar days to submit the new documents, information, and/or clarifications requested, unless a longer period is requested by the government agencies issuing the documents. With each submission of documents, information, and/or clarifications, a new Additional Request may be made, always respecting the 5 (five) calendar-day deadlines stipulated in this item, for both the Grantor and the Grantee. If five (5) days have passed since the Grantor submitted the documents and/or information without any response from the Grantee, the Grantor may tacitly consider that it has complied with the obligations set forth in this item, unless there is still an outstanding issue from a previous request made by the Grantee. The Parties acknowledge that proper compliance with the Additional Applications by the Grantor is essential to enable the Grantee to conduct its Due Diligence and to form its judgment regarding the exercise of the Call Option.

4.2.3.<u>Diligences</u>. Without prejudice to the request for documents regulated in 4.2.1. and 4.2.2., above, the Parties additionally agree that the advisors hired by the Grantee to carry out the Due Diligence may, provided they are followed by a technician of the Grantor appointed for this purpose within a maximum period of five (5) days after the request to this effect, have access to the areas of the Mineral Right for their "in loco" evaluation, and may also take samples within the limit strictly necessary for technical analysis purposes, carry out research in the area, among others, as long as they do not cause any damage to the areas or activities developed there.

4.3.<u>Failure to comply with deadlines</u>. In the event of failure to comply with any of the deadlines established in 4.2.1., 4.2.2. and 4.2.3., unless the delay is demonstrably justified by the delay of the public bodies involved in issuing any requested document, the total number of days of delay will be added to the term of this Agreement, as set forth in 5.1. below, thus postponing the term of the Call Option granted in this Agreement.

4.4.<u>Completion of Due Diligence</u>. If the Grantee does not exercise the Call Option by the deadline referred to in 5.1 below, it shall, within the same deadline, (i.) remove all its equipment and employees from the research area, and its representatives are expressly prohibited from accessing the site after the end of this Agreement; (ii.) restore and/or recover the Mineral Rights area, pursuant to the current environmental law, ensuring that the area is returned to the Grantor in the same conditions in which it was previously received, under penalty of being liable for losses and damages, in addition to any lost profits; (iii.) be liable for fines or penalties imposed on the Grantor, as well as for any damages generated in the Mineral Rights area, provided that they are directly and

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demonstrably a result of the research activities carried out by the Grantee; and (iv.) present to the Grantor a copy of its technical conclusions in the area.

**5.** **VALIDITY**.

5.1.<u>Term</u>. The provisions of this Agreement shall be valid and effective from the date of its execution until December 31, 2024, extendable as set forth in 4.3. above. Before the end of the term provided for in this item, neither Party is permitted to terminate or unilaterally terminate the provisions of this Agreement, except in the cases expressly provided for herein.

**6.** **REPRESENTATIONS AND WARRANTIES**.

6.1.<u>Representations and warranties of the Grantor</u>. The Grantor represents and warrants that:

i.<u>Other impeding agreements</u>. There is currently no exclusivity, confidentiality, or preference agreement, or any other contract or agreement entered into with third parties that may, in any way, impair or prevent the granting of the Call Option provided for in this Agreement or the regular exercise by the Grantee of the Call Option and any rights arising from this Agreement or any rights, actions, privileges, and warranties related to the Mineral Right;

ii.<u>Ownership</u>. The Mineral Right described and characterized in <u>Annex I</u>. hereto is legitimately and exclusively held by the Grantor;

iii.<u>Registrations</u>. The Mineral Right is duly registered with the National Mining Agency, strictly adhering to all rules and regulations set forth in the applicable law;

iv.<u>Licenses and authorizations</u>. The Grantor has always acted in compliance with the law applicable to Mineral Right and hold all authorizations, permits, registrations, registrations, accreditations, permissions, and protocols of any nature, as provided for in federal, state, and municipal law or required by public authorities and government agencies in their respective jurisdictions, for conducting research, and maintaining the regularity of the Mineral Right. There are no legal, administrative, contractual, or judicial restrictions on the ownership of the Mineral Right or related to the research authorizations subject to the administrative proceedings indicated in <u>Annex I</u>. hereto, there is also no judicial or administrative procedure in which the Grantor as defendant, as plaintiff or act as assistant, whose merit is related to the ownership of the Mineral Right or to the conduction and maintenance of the exploration related thereto;

v.<u>Disputes</u>. (v.1.) There are no claims or demands of any nature whatsoever before any public authority or involving any third party, nor are there any arbitration proceedings or other alternative dispute resolution methods related to any of the Mineral Right; (v.2.) there are no claims, arbitration proceedings, or other alternative dispute resolution methods of any nature whatsoever that, although not involving the Mineral Right, may in any way affect them and/or impede and/or harm the implementation of this Agreement; (v.3.) the Grantor is not aware of or has not performed any acts whose practice or omission may impede or harm the

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implementation of this Agreement; (v.4.) no Mineral Right is involved in any pending claims of any nature, nor in arbitration proceedings or other alternative dispute resolution methods; and (v.5.) the Grantor has not failed to comply with any judgment, order, writ, injunction, or ruling from any public authority related to any Mineral Right;

vi.<u>Environmental</u>. The Grantor complies with all environmental laws and regulations, further declaring that no activity has been conducted in the area of the Mineral Right that has resulted in, or would reasonably be likely to result in, a violation of applicable environmental laws. Therefore, there are no pending complaints before any authority, at any level, nor are there any services, summonses, directives, orders, and/or notices of violation of any legal requirement related to any of the Mineral Right or against the Grantor in connection with environmental matters or licenses. The Grantor further declare that it has not entered into or assumed any agreement, nor has it been imposed any obligation to make any type of payment, compensation, or indemnity for, or as a result of, obtaining any license required for the development of the Mineral Right. In this regard, the Grantor declares that it has not signed or negotiated any Conduct Adjustment Agreement with the Public Prosecutor's Office, even if fully complied with, declaring that there are no facts or circumstances that would result in a violation of such nature to the applicable environmental legal requirements or claims or demands in this regard;

vii.<u>Status of Mineral Right</u>. The Grantor declares that there are no liens on the Mineral Right, which are entirely free and clear of any and all real or personal, judicial or extrajudicial liens, legal or conventional mortgages, easements, forum or pension, seizure, sequestration, lis pendens, real or personal repossession actions, environmental contingencies, debts and/or liabilities of any nature, as well as fully paid for taxes, charges, expenses, and debts of any nature. The Grantor further declares that there are no fines and/or demands from the competent authorities pending payment or satisfaction, and that all applicable federal, state, and municipal regulations and standards have been complied with to date;

viii.<u>Full Disclosure</u>. The information, representations, and/or warranties provided by the Grantor regarding the Mineral Right, herein and/or within the scope of the Due Diligence, do not contain any untruth or inaccuracy regarding any material act or fact, nor do they omit the existence of any material act or fact whose knowledge is necessary to ensure that the representations and obligations assumed in this Agreement are not misleading or subject to misinterpretation. There is no act, fact, or situation that affects the transaction that is the subject of this Agreement and that has not been expressly disclosed by the Grantor;

ix.<u>Other negotiations involving the Mineral Right</u>. There is currently no agreement or contract of any nature entered into with third parties that has as its purpose the assignment, promise of assignment, granting as collateral or any other form of commitment of the Mineral Right, or any agreement or contract that may, in any way, harm or prevent the exercise of the Call Option or the exercise by the Grantor of any rights arising from this Agreement, or of any rights, actions, privileges and guarantees related to the Mineral Right or, even, in the future, to the acquisition of the Mineral Right by the Grantee; and

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x.they are not aware of any protested titles in their name.

6.2.<u>Additional declaration of the Grantor</u>. The Grantor declares that the execution of this Agreement does not create fraud against creditors, fraud of execution, or presumption of fraud against tax authorities, at the Federal, State, or Municipal levels, as provided for in article 158 of the Civil Code, article 792 of the Civil Procedure Code, and article 185 of the National Tax Code, respectively, and other applicable regulations.

6.3.<u>Prohibited Acts</u>. Except in the event of prior and express approval by the Grantee, the Grantor undertakes, directly or indirectly, free of charge or for a fee, partially or fully, during the term of this Agreement as set forth in 5.1. above:

a.not to sell, assign, or transfer the Mineral Right to any third parties, even if considered related parties under applicable law, nor to confer them on the capital of a company or other investment fund, grant them in usufruct or trust, or in any other manner assign or promise to assign them; and

b.not create or permit any liens or encumbrances over the Mineral Right, such as pledge, sequestration, attachment, constriction, small-estate probate, attachment, mortgage, fiduciary transfer, usufruct, bond, charges, call option, put option, right of first refusal, restriction on disposal, or any other encumbrance of any nature, created or imposed by contractual provision, law, court decision, even if not final, arbitration award, or any other decision to which the Grantor is subject.

6.3.1.Likewise, the Grantee, on its own behalf, its partners, affiliates, controlled companies, consortium members, assignees, or other individuals and legal entities with which it is linked, undertakes not to perform any act that results or may result in the loss, by the Grantor, of the Mineral Right, under penalty of being liable for losses and damages. In the event of the actual loss of the Mineral Right by the Grantor, the Grantee hereby agrees that it will be subject to a fine equivalent to the Exercise Price established in item 2.1. above, as a pre-determined loss and damage.

6.3.2.In the specific case of the Grantor (i.) failing to comply with the Exclusivity obligation set forth in 1.2., above, (ii.) committing one of the prohibited acts indicated in 6.3., (a.) and (b.) above, or (iii.) refusing to transfer the Mineral Right to the Grantee, in the latter case provided that the First Installment of the Exercise Price has been regularly and timely paid, it shall be subject to a fine in the amount of five million US dollars (US$5,000,000.00), as a pre-determined amount of losses and damages, without prejudice to the determination of the Grantee's lost profits, calculated over the stipulated period of ten (10) years of exploration of the acquired Mineral Right. If the Grantee has exercised or will exercise the Call Option despite the breaches provided for in this item, the penalty provided for herein may be deducted from the Second or the Third Installments of the Exercise Price.

6.3.3.The Parties hereby agree that it will not be considered a violation of Exclusivity, nor an act prohibited as per item 6.3.(b.) above, (i.) the enactment of new law or regulations that prevent the exercise of the Call Option or the transfer of the Mineral Right to the Grantee, unless it is possible for the Grantor to perform acts that eliminate or lessen the legal effects of the new law or regulations; and (ii.) the

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performance of acts by any governmental authority that prevent the exercise of the Call Option or the transfer of the Mineral Right to the Grantee, unless the act of the governmental authority is due to non-compliance with law, regulations or requests formally submitted and not complied with by the Grantor. In the cases provided for in this item, the penalty mentioned in 6.3.2. above will not be applicable.

6.4.<u>Non-pecuniary obligations</u>. Failure by either Party to fulfill any of the obligations to give, perform, or refrain from performing under this Agreement and not subject to a specific penalty will subject the breaching Party to specific performance, as well as the obligation to indemnify the non-performing Party for losses and damages, including lost profits, demonstrably incurred and directly related to the breach in question.

6.4.1.<u>Indemnification obligations</u>. The Parties mutually undertake to irrevocably and irreversibly indemnify and hold harmless the other Party for direct damages suffered due to the breach of any obligation provided for in this Agreement by the other Party, including attorney's fees, legal costs, and costs demonstrably incurred in defending its rights, due to an act or fact attributable to the other Party.

6.5.<u>Annual Fee per Hectare</u>. The Parties hereby agree that the Annual Fee per Hectare (the "<u>TAH</u>") relating to the Mineral Right and other taxes and fees linked thereto shall be due by the Grantor until the Call Option Exercise Date when, if applicable and within the limits of the Exercise Notice, the taxes, fees and TAH relating to the Mineral Right acquired by the Grantee shall be borne by the latter.

6.6.<u>General representations of the Parties</u>. The Parties hereby represent to each other that:

a.they are, as applicable, duly organized, incorporated, and existing as limited liability companies, in accordance with applicable law;

b.they are duly represented in this Agreement, pursuant to their organizational documents, and their legal representatives who sign this Agreement are duly authorized to assume and fulfill all obligations hereunder;

c.they are duly authorized and have obtained all licenses, precedent measures, and/or corporate, legal, or regulatory authorizations necessary to enter into this Agreement and assume the obligations set forth herein, including any appropriate authorizations provided for in their organizational documents, if applicable. No third-party authorization is required to enter into this Agreement;

d.this Agreement creates a valid, effective, and enforceable obligation of each of the Parties, in accordance with its terms;

e.The execution of this Agreement by the Parties, as well as the assumption and fulfillment of the obligations set forth herein, especially those arising from the exercise of the Call Option of Mineral Right by the Grantee, will not imply (e.1.) any conflict or violation of any provision of the articles of association and/or bylaws of the Parties; (e.2.) any conflict, violation, default, early maturity, or termination of any contract or agreement to which the Parties, as the case may be, are a party; (e.3.) any violation of any applicable law or regulation, or of any

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decisions or resolutions issued by their decision-making or administrative bodies, which may prevent, delay, or impair the performance of the obligations assumed in this Agreement; or (e.4.) any determinations, decisions, or orders of any governmental authority, including judicial authorities, to whose observance the Parties, as the case may be, are subject; and

f.have analyzed this Agreement in all its clauses and conditions, assisted by their legal counsel.

**7.** **FINAL PROVISIONS**.

7.1.<u>Consent</u>. The Consenting Intervening Parties sign this Agreement, as partners of the Grantor, expressly authorizing the performance of the legal transaction embodied herein, in accordance with articles 107, 219, and 220, all of the current Civil Code.

7.2.<u>Entire agreement</u>. This Agreement creates the entire agreement among the Parties regarding the matters creating its subject matter, superseding any previously executed documents and understandings previously reached among the Parties.

7.3.<u>Amendments</u>. Amendments to this Agreement will only be valid when executed in writing and signed by the legal representatives of all Parties.

7.4.<u>Irrevocability</u>. This Agreement is irrevocable and irreversible, binding on the Parties and their heirs and successors in any capacity.

7.5.<u>Assignment.</u> The rights and obligations arising from this Agreement may not be assigned or transferred, in whole or in part, by either Party to third parties other than Authorized Assignees, as defined in item 1.4 above, except with the prior or express consent of the other Party.

7.6.<u>Waiver, Novation and Others</u>. The Parties represent and acknowledge that, except as expressly provided otherwise in this Agreement, (i.) the failure to exercise, the granting of a time limit, the forbearance, or the delay in exercising any right granted to them by this Agreement or by law will not create a waiver or novation of such rights, nor will it prejudice their eventual exercise; (ii.) the individual or partial exercise of these rights will not prevent the subsequent exercise of the remaining rights or the exercise of any other right; (iii.) the waiver of any of these rights will only be valid if formalized in writing; (iv.) the waiver of a right shall be interpreted restrictively and will not be considered a waiver of any other right granted by this Agreement; (v.) the nullity or invalidity of any of the clauses of this instrument will not prejudice the validity and effectiveness of its other clauses or of the Agreement itself; and (vi.) the rights of each Party provided for in this Agreement are cumulative with other rights provided for by law, unless this Agreement expressly excludes them.

7.7.<u>Costs</u>. The Parties agree that all costs and expenses incurred in hiring agents, attorneys, auditors, advisors, intermediaries, or consultants to carry out the transactions covered by this Agreement will be borne exclusively by the respective contracting party.

7.8.<u>Assistance</u>. The Parties represent that they were duly assisted by their respective attorneys in executing this Agreement, who warned them of the risks involved in the transaction covered by this Agreement, and that they are signing this Agreement independently, of their own free will, aware of the risks and obligations to which they are

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subject, and of the rights granted under this Agreement. Neither Party may, at any time after signing this Agreement, claim ignorance, error, injury, lack of knowledge, or any other defect regarding the risks, obligations, and rights provided for in this Agreement.

7.9.<u>Notices</u>. All notifications, notices or communications relating to this Agreement will be in writing and will be deemed received on the delivery date, if delivered in person, or on the date of actual receipt, if sent by post, or on the date of dispatch, if sent by email. Such notifications, notices and communications will be sent to the addresses indicated below or to any other address that may be communicated by one Party to the other, via written communication:

if for the <u>Grantor</u>:

&nbsp;&nbsp;&nbsp;&nbsp;.

At.: Bruno Fagundes Flora and Gustavo Fagundes Flora.

if for the <u>Grantee</u>:

Rua Professor José Leite e Oiticica, No. 530, Sala 03, Vila Gertrudes, São Paulo, SP, ZIP Code 04705-080.

At.: Bernardo Sanchez Agapito da Veiga.

7.9.1.<u>Amendments</u>. Should any changes occur to the addresses and other contact information listed above, the Parties undertake to promptly notify the other Party. Any change in contact information will take effect, for the purposes of this Agreement, on the business day following the date on which the recipient parties receive notification to that effect.

7.10.<u>Taxes</u>. Unless otherwise provided for in this Agreement, all taxes arising from the transactions covered by this Agreement will be borne exclusively by the respective taxpayer.

7.11.<u>Confidentiality</u>. The Parties undertake to maintain absolute secrecy and confidentiality regarding the content of this Agreement, expressly undertaking not to disclose or transmit it to third parties without the prior and express written consent of the other Party, except if such disclosure or disclosure is required by law or by court order, in which case it must be strictly limited to the content and form established by applicable law or court order and will be made exclusively to the persons or entities to whom it is directed. However, the Parties are entitled, regardless of the consent referred to in this item, to disclose the contents of this Agreement to their directors, employees, agents, advisors, auditors, creditors, and service providers who need to know it for the purpose of assisting the Party in question. Any Party that fails to comply with the obligation set forth herein will be subject to payment of compensation for any losses and damages caused, as set forth in item 6.4 above.

7.12.<u>Cooperation</u>. The Parties undertake to mutually cooperate and provide any assistance that may be reasonably required for the proper development and fulfillment of the obligations set forth in this Agreement, it being established that it was entered into in the best interests of the Parties, in compliance with the bases and parameters currently practiced in the market, considering the risks inherent therein. The Parties consent and agree that this Agreement, notwithstanding this, does not create or establish any form of

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associative link, consortium, "joint venture", partnership, company or association of any type or nature among them, with the Parties remaining completely independent of each other.

7.13.<u>Personal Data Protection</u>. The Parties, by mutual agreement, comply with the duties and obligations regarding the personal data protection and undertake to process the Personal Data collected under this Agreement, if any, according to the applicable law, including, but not limited to, Law No. 12,965 dated as of 04.23.2014, Decree No. 8,771 dated as of 05.11.2016 (Internet Civil Rights Framework), Law No. 13,709 dated as of 08.14.2018 ("<u>LGPD</u>"), where and as applicable. The Parties must also ensure that their representatives, partners, directors, and employees comply with the provisions of the relevant legal instruments related to data protection, as provided for in the LGPD.

7.13.1.Each Party shall be individually responsible for complying with its obligations under the LGPD and any regulations subsequently issued by the competent regulatory authority. The Parties are liable to the competent authorities for their own acts and omissions that caused non-compliance with applicable laws and regulations.

7.14.<u>Anti-corruption clause. Compliance</u>. For the performance of this Agreement, neither party may offer, give, or commit to give, to anyone, or accept or commit to accept, from anyone, either on its own behalf or through another party, any payment, donation, compensation, financial or non-financial advantages, or benefits of any kind that create an illegal or corrupt practice under the laws of any country, directly or indirectly related to the purpose of this Agreement, or even in any way unrelated to this Agreement. They must also ensure that their agents and employees act in the same manner.

7.15.<u>Specific Performance</u>. All commitments and obligations assumed in this Agreement by the Parties are subject to specific performance, according to the articles 497, 501 and 815 *et seq.* of the Civil Procedure Code, with this instrument serving as an instrument enforceable out of court, according to the article 784, III, of the Civil Procedure Code.

7.16.<u>Jurisdiction.</u> The Parties hereby elect the Judicial district of Poços de Caldas, State of Minas Gerais to resolve any doubts, disputes, or controversies arising from this Agreement, to the exclusion of any other, however privileged it may be or may become.

7.17.<u>Signatures</u>. The Parties agree that this Agreement will be executed electronically by the Parties, but not through electronic certificates issued by the Brazilian Public Key Infrastructure, as permitted in article 10, §2 of Provisional Measure No. 2,220-2, and article 784, §4, of the Civil Procedure Code, stating that any form of electronic record will be sufficient for its truthfulness, authenticity, integrity, validity, and effectiveness, as well as for the respective binding of the Parties to its terms. The Parties also agree that the electronic signature of this Agreement does not prevent or impair its enforceability, and shall be considered, for all legal purposes, an instrument enforceable out of court, as provided in 7.15. above. The Parties further acknowledge that (i) even if either Party electronically signs this Agreement in a different location, the place of execution of this Agreement is, for all purposes, the City of Poços de Caldas, as indicated below; and (ii) the execution date of this Agreement will be considered, for all intents and purposes, the date indicated below, notwithstanding the date on which the last electronic signature is executed.

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In witness whereof, the Parties sign this instrument electronically in the presence of the witnesses identified below.

Poços de Caldas, September 22, 2023.

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| |
|:---|
| <u>Grantor</u>: |
| /s/ Bruno Fagundes Flora |
| **JJBF LTDA.** |
| p. Bruno Fagundes Flora |
| <u>Grantee</u>: |
| /s/ João Paulo Agapito da Veiga |
| **ALPHA MINERALS BRAZIL PARTICIPAÇÕES LTDA.** |
| p. João Paulo Agapito da Veiga |
| <u>Consenting Intervening Parties</u>: |
| /s/ Bruno Fagundes Flora |
| **BRUNO FAGUNDES FLORA** |
| /s/ Gustavo Fagundes Flora |
| **GUSTAVO FAGUNDES FLORA** |
| <u>Witnesses</u>: |

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| | |
|:---|:---|
| <u>/s/ Karina de Oliveira Lima]</u> | <u>/s/ Letícia Ferreira Maurino</u> |
| Name: Karina de Oliveira Lima<br>CPF:  | Name: Letícia Ferreira Maurino<br>CPF:  |

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<u>List of Annexes</u>:

Annex I.: Identification, Authorizations and Main Characteristics of the Mineral Right.

Annex 1.2.: Bank account details held by the Grantor.

Annex 3.2.: Private Instrument of Mineral Right Assignment Agreement and Other Covenants.

Annex 3.2.1.: Instrument of Assignment of Mineral Right.

Annex 3.2.2.: Draft Public Power of Attorney to be formalized.

Annex 4.2.1.: Initial Due Diligence checklist.

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<u>Annex I.</u>

to the Call Option Agreement for Mineral Right and Other Covenants, dated as of September 22, 2023.

Identification, Authorizations and Main Characteristics of the Mineral Right.

Basic proceeding data

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| | |
|:---|:---|
| &nbsp;&nbsp;Proceeding number: | &nbsp;&nbsp;813.944/1971 |
| &nbsp;&nbsp;NUP: | &nbsp;&nbsp;27203.813944/1971-32 |
| &nbsp;&nbsp;SEI Access: | &nbsp;&nbsp;Click here to access SEI. |
| &nbsp;&nbsp;Area (ha): | &nbsp;&nbsp;298.89 |
| &nbsp;&nbsp;Application type: | &nbsp;&nbsp;Exploration Authorization Application |
| &nbsp;&nbsp;Current stage: | &nbsp;&nbsp;Development Concession |
| &nbsp;&nbsp;Active: | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Superintendence: | &nbsp;&nbsp;Regional Management / MG |
| &nbsp;&nbsp;State: | &nbsp;&nbsp;MG |
| &nbsp;&nbsp;Filing unit: | &nbsp;&nbsp;Filing Unit 3 |
| &nbsp;&nbsp;Filing Date: | &nbsp;&nbsp;08/04/1971 00:00:00 |
| &nbsp;&nbsp;Priority Date: | &nbsp;&nbsp;08/04/1971 00:00:00 |

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<u>Relation Type</u> <u>CPF/CNPJ</u> <u>Name</u> <u>Responsibility/Representation</u> <u>Lease Term</u> <u>Start Date</u> <u>End Date</u> <br> Related persons: <u>Owner/Applicant</u> <u>20.684.296/0001-14</u> <u>Jjbf Ltda</u>     <u>08/04/1971</u>  

Company Registration proceeding number: 809.604/1973

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Number | &nbsp;&nbsp;Description | &nbsp;&nbsp;Title Type | &nbsp;&nbsp;Title Status | &nbsp;&nbsp;Publication date | &nbsp;&nbsp;Expiration date |
| &nbsp;&nbsp;Titles | &nbsp;&nbsp;313 | &nbsp;&nbsp;CLAV - DEVELOPMENT CONCESSION | &nbsp;&nbsp;Development Lease | &nbsp;&nbsp;Granted (prior to charge) | &nbsp;&nbsp;10/23/1997 |  |
|  | &nbsp;&nbsp;8053 | &nbsp;&nbsp;ALVR - EXPLORATION PERMIT | &nbsp;&nbsp;Exploration Permit | &nbsp;&nbsp;Granted (prior to charge) | &nbsp;&nbsp;01/16/1979 |  |

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Substances:

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Name | &nbsp;&nbsp;Type of use | &nbsp;&nbsp;Start date | &nbsp;&nbsp;End date | &nbsp;&nbsp;Reason for termination |
| &nbsp;&nbsp;BAUXITE | &nbsp;&nbsp;Not informed | &nbsp;&nbsp;08/04/1971 |  |  |
| &nbsp;&nbsp;CLAY | &nbsp;&nbsp;Not informed | &nbsp;&nbsp;08/04/1971 |  |  |

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Cities:

<u>Name</u> <br> <u>POÇOS DE CALDAS/MG</u>

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Land ownership condition: <u>No information on land ownership.</u>

Associated processes:

<u>No associated processes.</u>

Documents that make up the process:

<u>No information about documents submitted for this process.</u>

Events:

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Description | &nbsp;&nbsp;Date | &nbsp;&nbsp;Note | &nbsp;&nbsp;Publication in the Federal Official Gazette |
| &nbsp;&nbsp;1338 - DEV. CONC/MINE CLOSURE PLAN FILED | &nbsp;&nbsp;11/30/2022 | &nbsp;&nbsp;Event entered via Digital Protocol; check the corresponding SEI process. |  |
| &nbsp;&nbsp;1076 - DEV. CONC/RAL PRESENTS ART | &nbsp;&nbsp;03/15/2021 | &nbsp;&nbsp;Event entered via Digital Protocol; check the corresponding SEI process. |  |
| &nbsp;&nbsp;1733 - DEV. CONC/RAL OF COMPLIANCE WITH REQUIREMENT | &nbsp;&nbsp;07/21/2020 | &nbsp;&nbsp;Event entered via Digital Protocol; check the corresponding SEI process. |  |
| &nbsp;&nbsp;1738 - DEV. CONC/RAL RECTIFIER OF PRESENTATION REQUIREMENT | &nbsp;&nbsp;04/28/2020 | &nbsp;&nbsp;Relation SECTION 1 - ORDERS - 155/2020 - Regional Management / MG - Order - Regional Manager - Orders | &nbsp;&nbsp;Determines compliance with requirement - RAL RECTIFIER / Deadline: 30 days - 813.944/1971 - JJBF LTDA - Official Letter No. 121/2020/UAPC - MG/GER - MG |
| &nbsp;&nbsp;470 - DEV. CONC/REQUIREMENT PUBLISHED | &nbsp;&nbsp;04/28/2020 | &nbsp;&nbsp;Relation SECTION 1 - ORDERS - 155/2020 - Regional Management / MG - Order - Regional Manager - Orders | &nbsp;&nbsp;Determines compliance with requirement - Deadline: 60 days - 813.944/1971 - JJBF LTDA - Official Letter No. 122/2020/UAPC - MG/GER - MG |
| &nbsp;&nbsp;1076 - DEV. CONC/RAL PRESENTS ART | &nbsp;&nbsp;03/27/2020 | &nbsp;&nbsp;Event entered via Digital Protocol; check the corresponding SEI process. |  |
| &nbsp;&nbsp;418 - DEV. CONC/RAL BASE YEAR PRESENTED | &nbsp;&nbsp;03/28/2019 | &nbsp;&nbsp;Attachment 48403-003927/2019-11 of the process 813.944/1971 - PRESENTS RAL |  |
| &nbsp;&nbsp;418 - DEV. CONC/RAL BASE YEAR PRESENTED | &nbsp;&nbsp;03/12/2018 | &nbsp;&nbsp;Attachment 48403-003140/2018-61 of the process 813.944/1971 - PRESENTS RAL |  |
| &nbsp;&nbsp;436 - DEV. CONC/MISCELLANEOUS DOCUMENT FILED | &nbsp;&nbsp;03/13/2017 | &nbsp;&nbsp;Attachment 48403-003090/2017-31 of the process 813.944/1971 - PRESENTS SUPPLEMENTARY DOCUMENTS |  |
| &nbsp;&nbsp;418 - DEV. CONC/RAL BASE YEAR PRESENTED | &nbsp;&nbsp;04/11/2016 | &nbsp;&nbsp;Attachment 48403-005361/2016-10 of the process 813.944/1971 - PRESENTS RECEIPT OF RAL AND ART |  |
| &nbsp;&nbsp;418 - DEV. CONC/RAL BASE YEAR PRESENTED | &nbsp;&nbsp;03/30/2015 | &nbsp;&nbsp;Attachment 48403-004741/2015-48 of the process 813.944/1971 - PRESENTS PROTOCOL OF RAL |  |
| &nbsp;&nbsp;418 - DEV. CONC/RAL BASE YEAR PRESENTED | &nbsp;&nbsp;04/07/2014 | &nbsp;&nbsp;Attachment 48403-006562/2014-64 of the process 813.944/1971 - PRESENTS RAL |  |
| &nbsp;&nbsp;436 - DEV. CONC/MISCELLANEOUS DOCUMENT FILED | &nbsp;&nbsp;04/22/2013 | &nbsp;&nbsp;Attachment 48403-007251/2013-31 of the process 813.944/1971 - PRESENTS DOCUMENTS TO THE PROCESS |  |

---

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;436 - DEV. CONC/MISCELLANEOUS DOCUMENT FILED | &nbsp;&nbsp;03/05/2013 | &nbsp;&nbsp;Attachment 48403-003871/2013-00 of the process 813.944/1971 - PRESENTS DOCUMENTS TO THE PROCESS |  |
| &nbsp;&nbsp;436 - DEV. CONC/MISCELLANEOUS DOCUMENT FILED | &nbsp;&nbsp;05/09/2011 | &nbsp;&nbsp;Attachment 48403-007769/2011-10 of the process 813.944/1971 - PRESENTS DOCUMENTS |  |
| &nbsp;&nbsp;1399 - DEV. CONC/ENVIRONMENTAL LICENSE FILED | &nbsp;&nbsp;05/09/2011 | &nbsp;&nbsp;Attachment 48403-007767/2011-21 of the process 813.944/1971 - PRESENTS TRUE COPY OF AAF |  |
| &nbsp;&nbsp;408 - DEV. CONC/VESTING OF POSSESSION NOT PERFORMED | &nbsp;&nbsp;04/14/2011 | &nbsp;&nbsp;Relation SECTION 1 - ORDERS - 228/2011 - Superintendence / MG - Superintendent's Order | &nbsp;&nbsp;Vesting of possession not performed 813.944/1971 - JOAQUIM JOSÉ BERNARDO FLORA FI - NOTICE No. 07/11 - Published in the Federal Official Gazette dated as of 01/13/2011 |
| &nbsp;&nbsp;406 - DEV. CONC/NOTICE OF VESTING OF POSSESSION PUBLISHED | &nbsp;&nbsp;01/13/2011 | &nbsp;&nbsp;Relation SECTION 3 - NOTICE OF VESTING OF POSSESSION - 7/2011 - Superintendence / MG - Superintendent's Order | &nbsp;&nbsp;Hereby announces, for the information of all interested parties, the Vesting of Possession of the deposit: DNPM No. 813.944/1971 - JOAQUIM JOSÉ BERNARDO FLORA - Possession of the Bauxite and Refractory Clay deposit in the city of POÇOS DE CALDAS/MG, granted by Ordinance No. 313, published in the Official Federal Gazette dated as of 10/23/1997. The ceremony will be held at 10:00 a.m. on 02/23/2011; |
| &nbsp;&nbsp;436 - DEV. CONC/MISCELLANEOUS DOCUMENT FILED | &nbsp;&nbsp;03/26/2010 | &nbsp;&nbsp;Attachment 48403-004160/2010-16 of the process 813.944/1971 - SENT VIA ECT ON 03-26/10 ENVELOPE ATTACHED TO PROCESS 832.435/83 |  |
| &nbsp;&nbsp;436 - DEV. CONC/MISCELLANEOUS DOCUMENT FILED | &nbsp;&nbsp;03/17/2009 | &nbsp;&nbsp;Attachment 48403-004410/2009-76 of the process 813.944/1971 - SENT BY ECT ON 03-17/2009 ENVELOPE ATTACHED TO PROCESS 832.079/2001 |  |
| &nbsp;&nbsp;418 - DEV. CONC/RAL BASE YEAR PRESENTED | &nbsp;&nbsp;04/16/2008 | &nbsp;&nbsp;Annex 006488/2008. RAL receipt for the 2007 base year. Sent by mail on this date. |  |
| &nbsp;&nbsp;676 - ENVIRONMENTAL LICENSE FILED | &nbsp;&nbsp;06/02/2007 | &nbsp;&nbsp;attachment No. 010109 / sent by mail / authenticated environmental operating permit |  |
| &nbsp;&nbsp;418 - DEV. CONC/RAL BASE YEAR PRESENTED | &nbsp;&nbsp;03/21/2007 | &nbsp;&nbsp;ATTACHMENT No. 005374/2007 - RAL - sent by mail |  |
| &nbsp;&nbsp;418 - DEV. CONC/RAL BASE YEAR PRESENTED | &nbsp;&nbsp;03/14/2006 | &nbsp;&nbsp;Attachment 003844 - Presentation of proof of delivery of RAL 2005 - ART - Sent by Mail |  |
| &nbsp;&nbsp;418 - DEV. CONC/RAL BASE YEAR PRESENTED | &nbsp;&nbsp;03/16/2005 | &nbsp;&nbsp;Attachment No. 003059. Presents receipt of delivery of RAL/ART. |  |
| &nbsp;&nbsp;418 - DEV. CONC/RAL BASE YEAR PRESENTED | &nbsp;&nbsp;03/15/2001 |  |  |

---

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;418 - DEV. CONC/RAL BASE YEAR PRESENTED | &nbsp;&nbsp;03/15/2000 |  |
| &nbsp;&nbsp;403 - DEV. CONC/REQUESTED VESTING OF POSSESSION | &nbsp;&nbsp;10/13/1999 | &nbsp;&nbsp;SICOM LOAD |
| &nbsp;&nbsp;418 - DEV. CONC/RAL BASE YEAR PRESENTED | &nbsp;&nbsp;03/11/1999 | &nbsp;&nbsp;SICOM LOAD |
| &nbsp;&nbsp;403 - DEV. CONC/REQUESTED VESTING OF POSSESSION | &nbsp;&nbsp;06/22/1998 | &nbsp;&nbsp;SICOM LOAD |
| &nbsp;&nbsp;418 - DEV. CONC/RAL BASE YEAR PRESENTED | &nbsp;&nbsp;03/13/1998 | &nbsp;&nbsp;SICOM LOAD |
| &nbsp;&nbsp;400 - DEV. CONC/DEVELOPMENT CONCESSION ORDINANCE PUBLISHED - MME | &nbsp;&nbsp;10/23/1997 | &nbsp;&nbsp;SICOM LOAD |
| &nbsp;&nbsp;332 - DEV. APP/TRANSF. OF RIGHTS - TOTAL ASSIGNMENT OF APP RIGHT OF DEV. MADE | &nbsp;&nbsp;08/15/1997 | &nbsp;&nbsp;SICOM LOAD |
| &nbsp;&nbsp;331 - DEV. APP/TRANSF. OF RIGHTS - TOTAL ASSIGNMENT OF APP RIGHT OF DEV. APPROVED | &nbsp;&nbsp;07/24/1997 | &nbsp;&nbsp;SICOM LOAD |
| &nbsp;&nbsp;331 - DEV. APP/TRANSF. OF RIGHTS - TOTAL ASSIGNMENT OF APP RIGHT OF DEV. APPROVED | &nbsp;&nbsp;07/16/1997 | &nbsp;&nbsp;SICOM LOAD |
| &nbsp;&nbsp;398 - DEV. APP/PROOF OF DEVELOPMENT PORT FEE PAYMENT FILED | &nbsp;&nbsp;10/29/1996 | &nbsp;&nbsp;SICOM LOAD |
| &nbsp;&nbsp;365 - DEV. APP/COMPLIANCE WITH PROTOCOL REQUIREMENT | &nbsp;&nbsp;07/23/1996 | &nbsp;&nbsp;SICOM LOAD |
| &nbsp;&nbsp;362 - DEV. APP/EXTENSION OF TERM REQUIREMENT REQUESTED | &nbsp;&nbsp;04/18/1996 | &nbsp;&nbsp;SICOM LOAD |
| &nbsp;&nbsp;364 - DEV. APP/EXTENSION OF TERM REQUIREMENT GRANTED | &nbsp;&nbsp;10/18/1995 | &nbsp;&nbsp;SICOM LOAD |
| &nbsp;&nbsp;362 - DEV. APP/EXTENSION OF TERM REQUIREMENT REQUESTED | &nbsp;&nbsp;11/22/1994 | &nbsp;&nbsp;SICOM LOAD |
| &nbsp;&nbsp;336 - DEV. APP/MISCELLANEOUS DOCUMENT FILED | &nbsp;&nbsp;08/26/1994 | &nbsp;&nbsp;SICOM LOAD |
| &nbsp;&nbsp;364 - DEV. APP/EXTENSION OF TERM REQUIREMENT GRANTED | &nbsp;&nbsp;05/31/1994 | &nbsp;&nbsp;SICOM LOAD |
| &nbsp;&nbsp;365 - DEV. APP/COMPLIANCE WITH PROTOCOL REQUIREMENT | &nbsp;&nbsp;04/14/1994 | &nbsp;&nbsp;SICOM LOAD |

---

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;364 - DEV. APP/EXTENSION OF TERM REQUIREMENT GRANTED | &nbsp;&nbsp;10/21/1993 | &nbsp;&nbsp;SICOM LOAD |
| &nbsp;&nbsp;361 - DEV. APP/PUBLISHED REQUIREMENT | &nbsp;&nbsp;11/18/1992 | &nbsp;&nbsp;SICOM LOAD |
| &nbsp;&nbsp;902 - ORDER 9.01 PUBLISHED RETIFICATION ON: | &nbsp;&nbsp;03/20/1991 | &nbsp;&nbsp;SICOM LOAD |
| &nbsp;&nbsp;391 - DEV. APP/RECONSIDERATION REQUEST WITH PROTOCOL | &nbsp;&nbsp;02/05/1991 | &nbsp;&nbsp;SICOM LOAD |
| &nbsp;&nbsp;260 - EXP. AUTH/MAKES THE EXPLORATION PERMIT NULL AND EFFECT, ART. 43 OF THE CONST. | &nbsp;&nbsp;12/21/1990 | &nbsp;&nbsp;SICOM LOAD |
| &nbsp;&nbsp;901 - RECTIFIES THE ORDER PUBLISHED ON: | &nbsp;&nbsp;12/21/1990 | &nbsp;&nbsp;SICOM LOAD |
| &nbsp;&nbsp;800 - ART 43 CONSTIT RELATED TO DISTRICTS | &nbsp;&nbsp;03/21/1990 | &nbsp;&nbsp;SICOM LOAD |
| &nbsp;&nbsp;365 - DEV. APP/COMPLIANCE WITH PROTOCOL REQUIREMENT | &nbsp;&nbsp;03/08/1989 | &nbsp;&nbsp;SICOM LOAD |
| &nbsp;&nbsp;361 - DEV. APP/PUBLISHED REQUIREMENT | &nbsp;&nbsp;01/09/1989 | &nbsp;&nbsp;SICOM LOAD |
| &nbsp;&nbsp;350 - DEV. APP/DEVELOPMENT APPLICATION FILED | &nbsp;&nbsp;05/12/1983 | &nbsp;&nbsp;SICOM LOAD |
| &nbsp;&nbsp;299 - EXPLORATION AUTH/APPROVED RESEARCH REPORT ART 30A WITH PUBL | &nbsp;&nbsp;12/14/1982 | &nbsp;&nbsp;SICOM LOAD |
| &nbsp;&nbsp;290 - EXPLORATION AUTH/FINAL RESEARCH REPORT PRESENTED | &nbsp;&nbsp;11/16/1981 | &nbsp;&nbsp;SICOM LOAD |
| &nbsp;&nbsp;209 - EXPLORATION AUTH/EXPLORATION START NOTICE | &nbsp;&nbsp;03/20/1980 | &nbsp;&nbsp;SICOM LOAD |
| &nbsp;&nbsp;201 - EXPLORATION AUTH/EXPLORATION PERMIT PUBLISHED | &nbsp;&nbsp;01/16/1979 | &nbsp;&nbsp;SICOM LOAD |
| &nbsp;&nbsp;140 - EXPLORATION APP/PROOF OF PERMIT FEE PAYMENT FILED | &nbsp;&nbsp;11/13/1978 | &nbsp;&nbsp;SICOM LOAD |
| &nbsp;&nbsp;100 - EXPLORATION APP/EXPLORATION APPLICATION FILED | &nbsp;&nbsp;08/04/1971 | &nbsp;&nbsp;SICOM LOAD |

---

------

Polygonal

Process: **813.944/1971**

Graphical representation:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Layers** | &nbsp;&nbsp;![img94345138_0.jpg](img94345138_0.jpg) |
| &nbsp;&nbsp;Active Processes | &nbsp;&nbsp;![img94345138_0.jpg](img94345138_0.jpg) |
| &nbsp;&nbsp;Availability Areas | &nbsp;&nbsp;![img94345138_0.jpg](img94345138_0.jpg) |
| &nbsp;&nbsp;Full UC | &nbsp;&nbsp;![img94345138_0.jpg](img94345138_0.jpg) |
| &nbsp;&nbsp;Municipal Division | &nbsp;&nbsp;![img94345138_0.jpg](img94345138_0.jpg) |
| &nbsp;&nbsp;State Division | &nbsp;&nbsp;![img94345138_0.jpg](img94345138_0.jpg) |

---

Polygonals:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Area (ha): | &nbsp;&nbsp;298.89 | &nbsp;&nbsp;DATUM: | &nbsp;&nbsp;SIRGAS2000 |
| &nbsp;&nbsp;Minimum elevation (m): | &nbsp;&nbsp;0 | &nbsp;&nbsp;Maximum elevation (m): | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;Mooring point latitude: | &nbsp;&nbsp;-21º53'23"935 | &nbsp;&nbsp;Mooring point longitude: | &nbsp;&nbsp;-46º32'48"110 |
| &nbsp;&nbsp;Mooring point description: | &nbsp;&nbsp;PA-091-PPC-CONFL CORR JARACUSSU C/ CORR PORTEIRINHO | &nbsp;&nbsp;Mooring vector length (m): | &nbsp;&nbsp;140.00 |
| &nbsp;&nbsp;Mooring vector angle: | &nbsp;&nbsp;23º52'00"645 | &nbsp;&nbsp;Mooring vector bearing: | &nbsp;&nbsp;NE |

---

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Vertices: | &nbsp;&nbsp;Latitude | &nbsp;&nbsp;Longitude |
|  | &nbsp;&nbsp;-21º53'19"773 | &nbsp;&nbsp;-46º32'46"137 |
|  | &nbsp;&nbsp;-21º53'24"650 | &nbsp;&nbsp;-46º32'46"137 |
|  | &nbsp;&nbsp;-21º53'24"650 | &nbsp;&nbsp;-46º32'44"047 |
|  | &nbsp;&nbsp;-21º53'26"665 | &nbsp;&nbsp;-46º32'44"047 |
|  | &nbsp;&nbsp;-21º53'26"665 | &nbsp;&nbsp;-46º32'41"957 |
|  | &nbsp;&nbsp;-21º53'28"844 | &nbsp;&nbsp;-46º32'41"957 |
|  | &nbsp;&nbsp;-21º53'28"844 | &nbsp;&nbsp;-46º32'38"891 |
|  | &nbsp;&nbsp;-21º53'30"924 | &nbsp;&nbsp;-46º32'38"891 |
|  | &nbsp;&nbsp;-21º53'30"924 | &nbsp;&nbsp;-46º32'37"672 |
|  | &nbsp;&nbsp;-21º53'34"566 | &nbsp;&nbsp;-46º32'37"672 |
|  | &nbsp;&nbsp;-21º53'34"566 | &nbsp;&nbsp;-46º32'35"512 |
|  | &nbsp;&nbsp;-21º53'36"646 | &nbsp;&nbsp;-46º32'35"512 |
|  | &nbsp;&nbsp;-21º53'36"646 | &nbsp;&nbsp;-46º32'34"536 |
|  | &nbsp;&nbsp;-21º53'44"872 | &nbsp;&nbsp;-46º32'34"536 |
|  | &nbsp;&nbsp;-21º53'44"872 | &nbsp;&nbsp;-46º32'32"829 |
|  | &nbsp;&nbsp;-21º53'48"058 | &nbsp;&nbsp;-46º32'32"829 |
|  | &nbsp;&nbsp;-21º53'48"058 | &nbsp;&nbsp;-46º32'31"679 |
|  | &nbsp;&nbsp;-21º53'57"389 | &nbsp;&nbsp;-46º32'31"679 |
|  | &nbsp;&nbsp;-21º53'57"389 | &nbsp;&nbsp;-46º32'33"003 |
|  | &nbsp;&nbsp;-21º54'01"843 | &nbsp;&nbsp;-46º32'33"003 |
|  | &nbsp;&nbsp;-21º54'01"843 | &nbsp;&nbsp;-46º32'30"738 |
|  | &nbsp;&nbsp;-21º54'04"607 | &nbsp;&nbsp;-46º32'30"738 |
|  | &nbsp;&nbsp;-21º54'04"606 | &nbsp;&nbsp;-46º32'28"369 |
|  | &nbsp;&nbsp;-21º54'07"468 | &nbsp;&nbsp;-46º32'28"369 |
|  | &nbsp;&nbsp;-21º54'07"467 | &nbsp;&nbsp;-46º32'25"721 |
|  | &nbsp;&nbsp;-21º54'11"596 | &nbsp;&nbsp;-46º32'25"721 |
|  | &nbsp;&nbsp;-21º54'11"596 | &nbsp;&nbsp;-46º32'23"457 |
|  | &nbsp;&nbsp;-21º54'16"051 | &nbsp;&nbsp;-46º32'23"457 |
|  | &nbsp;&nbsp;-21º54'16"050 | &nbsp;&nbsp;-46º32'20"844 |
|  | &nbsp;&nbsp;-21º54'18"229 | &nbsp;&nbsp;-46º32'20"844 |
|  | &nbsp;&nbsp;-21º54'18"229 | &nbsp;&nbsp;-46º32'17"917 |
|  | &nbsp;&nbsp;-21º54'20"244 | &nbsp;&nbsp;-46º32'17"917 |
|  | &nbsp;&nbsp;-21º54'20"244 | &nbsp;&nbsp;-46º32'14"363 |
|  | &nbsp;&nbsp;-21º54'24"081 | &nbsp;&nbsp;-46º32'14"363 |
|  | &nbsp;&nbsp;-21º54'24"078 | &nbsp;&nbsp;-46º31'39"976 |
|  | &nbsp;&nbsp;-21º54'19"559 | &nbsp;&nbsp;-46º31'39"976 |
|  | &nbsp;&nbsp;-21º54'19"558 | &nbsp;&nbsp;-46º31'33"427 |
|  | &nbsp;&nbsp;-21º54'05"675 | &nbsp;&nbsp;-46º31'33"429 |
|  | &nbsp;&nbsp;-21º54'05"675 | &nbsp;&nbsp;-46º31'34"369 |
|  | &nbsp;&nbsp;-21º54'00"961 | &nbsp;&nbsp;-46º31'34"370 |
|  | &nbsp;&nbsp;-21º54'00"961 | &nbsp;&nbsp;-46º31'35"938 |
|  | &nbsp;&nbsp;-21º53'57"548 | &nbsp;&nbsp;-46º31'35"938 |
|  | &nbsp;&nbsp;-21º53'57"548 | &nbsp;&nbsp;-46º31'38"028 |
|  | &nbsp;&nbsp;-21º53'55"760 | &nbsp;&nbsp;-46º31'38"029 |
|  | &nbsp;&nbsp;-21º53'55"760 | &nbsp;&nbsp;-46º31'40"293 |
|  | &nbsp;&nbsp;-21º53'53"972 | &nbsp;&nbsp;-46º31'40"293 |

---

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;-21º53'53"972 | &nbsp;&nbsp;-46º31'42"593 |
| &nbsp;&nbsp;-21º53'52"119 | &nbsp;&nbsp;-46º31'42"593 |
| &nbsp;&nbsp;-21º53'24"128 | &nbsp;&nbsp;-46º31'58"621 |
| &nbsp;&nbsp;-21º53'22"502 | &nbsp;&nbsp;-46º31'58"621 |
| &nbsp;&nbsp;-21º53'22"502 | &nbsp;&nbsp;-46º32'00"537 |
| &nbsp;&nbsp;-21º53'20"486 | &nbsp;&nbsp;-46º32'00"537 |
| &nbsp;&nbsp;-21º53'20"487 | &nbsp;&nbsp;-46º32'02"105 |
| &nbsp;&nbsp;-21º53'17"886 | &nbsp;&nbsp;-46º32'02"105 |
| &nbsp;&nbsp;-21º53'17"886 | &nbsp;&nbsp;-46º32'03"672 |
| &nbsp;&nbsp;-21º53'15"870 | &nbsp;&nbsp;-46º32'03"673 |
| &nbsp;&nbsp;-21º53'15"870 | &nbsp;&nbsp;-46º32'05"763 |
| &nbsp;&nbsp;-21º53'13"529 | &nbsp;&nbsp;-46º32'05"763 |
| &nbsp;&nbsp;-21º53'13"529 | &nbsp;&nbsp;-46º32'07"853 |
| &nbsp;&nbsp;-21º53'11"481 | &nbsp;&nbsp;-46º32'07"853 |
| &nbsp;&nbsp;-21º53'11"481 | &nbsp;&nbsp;-46º32'09"978 |
| &nbsp;&nbsp;-21º53'09"401 | &nbsp;&nbsp;-46º32'09"978 |
| &nbsp;&nbsp;-21º53'09"401 | &nbsp;&nbsp;-46º32'12"591 |
| &nbsp;&nbsp;-21º53'07"678 | &nbsp;&nbsp;-46º32'12"591 |
| &nbsp;&nbsp;-21º53'07"678 | &nbsp;&nbsp;-46º32'29"207 |
| &nbsp;&nbsp;-21º53'08"458 | &nbsp;&nbsp;-46º32'29"207 |
| &nbsp;&nbsp;-21º53'08"459 | &nbsp;&nbsp;-46º32'33"631 |
| &nbsp;&nbsp;-21º53'11"515 | &nbsp;&nbsp;-46º32'33"631 |
| &nbsp;&nbsp;-21º53'11"515 | &nbsp;&nbsp;-46º32'36"139 |
| &nbsp;&nbsp;-21º53'13"303 | &nbsp;&nbsp;-46º32'36"139 |
| &nbsp;&nbsp;-21º53'13"303 | &nbsp;&nbsp;-46º32'38"612 |
| &nbsp;&nbsp;-21º53'14"896 | &nbsp;&nbsp;-46º32'38"612 |
| &nbsp;&nbsp;-21º53'14"896 | &nbsp;&nbsp;-46º32'44"116 |
| &nbsp;&nbsp;-21º53'19"773 | &nbsp;&nbsp;-46º32'44"116 |
| &nbsp;&nbsp;-21º53'19"773 | &nbsp;&nbsp;-46º32'46"137 |

---

ID: 7278B349-3DFD-4BAE-A4D7-510B593EE829

------

<u>Annex 1.2.</u>

to the Call Option Agreement for Mineral Right and Other Covenants, dated as of September 22, 2023.

Bank account details held by the Grantor.

Owner: JJBF LTDA.

CNPJ:

Bank:

Branch:

Current account:

------

<u>Annex 3.2.</u>

to the Call Option Agreement for Mineral Right and Other Covenants, dated as of September 22, 2023.

Draft Private Instrument of Assignment Agreement for Mineral Right and Other Covenants.

------

**ASSIGNMENT AGREEMENT FOR MINERAL RIGHT AND OTHER COVENANTS**

By this private instrument, and in accordance with the law, the Parties designed and described below, namely,

on the one hand, as Assignor,

**JJBF LTDA.**, limited liability company with head office in the City of Poços de Caldas, State of Minas Gerais, at Estrada José Kentenich, s/n/, Zona Rural, ZIP Code 37719-000, enrolled with CNPJ under No. 20.684.296/0001-14, e-mail: , herein represented in compliance with its Articles of Association by its Director, <u>Bruno Fagundes Flora</u>, Brazilian citizen, single, control and automation engineer, Holder of Identity Card (RG) No. , enrolled with CPF under No. , resident and domiciled at , e-mail: , hereinafter referred to as "<u>Assignor</u>" or "<u>JJBF</u>", indistinctly;

and, on the other hand, as Assignee,

**ALPHA MINERALS BRAZIL PARTICIPAÇÕES LTDA.**, limited liability company with head office in the Capital of the State of São Paulo, at Rua Professor José Leite e Oiticica, No. 530, Sala 03, Vila Gertrudes, ZIP Code 04705-080, enrolled with CNPJ under No. 43.093.229/0001-20, e-mail: , herein represented in compliance with its Articles of Association by its Director, Mr. <u>João Paulo Agapito da Veiga</u>, Brazilian citizen, single, businessman, holder of Identity Card (RG) No. , issued by DETRAN-RJ, enrolled with CPF under No. , resident and domiciled at , with business address in the Capital of the State of São Paulo, at Rua Professor José Leite e Oiticica, No. 530, Vila Gertrudes, ZIP Code 04705-080, e-mail: , hereinafter referred to as "<u>Grantee</u>";

also appearing as Consenting Intervening Parties,

**BRUNO FAGUNDES FLORA**, described above; and

**GUSTAVO FAGUNDES FLORA**, Brazilian citizen, married under full separation of property regime, doctor, holder of Identity Card (RG) No. , enrolled with CPF under No. , resident and domiciled in the , e-mail: ;

whereas the Assignor is the sole and legitimate holder of the mineral right currently represented by the development concessions subject to the administrative proceeding registered with the National Mining Agency (the "<u>ANM</u>") under No. 813.944/1971, located in the City of Poços de Caldas, MG, and detailed and characterized in <u>Annex I</u>., which is an integral and inseparable part of this document (the "<u>Mineral Right</u>");

whereas the Assignor granted the Assignee a call option for the Mineral Right, as provided for in the Call Option Agreement for Mineral Right and Other Covenants entered into on September 19, 2023 (the "<u>Option Agreement</u>"), and the Assignee validly exercised the option on [...], as per item 3.1 of the Option Agreement;

------

whereas, in order to comply with the Option Agreement, the Assignor intends to assign the Mineral Right to the Assignee, while the Assignee intends to acquire the Mineral Right, subject to the terms and conditions set forth in this specific instrument;

The Parties RESOLVE to enter into this "Assignment Agreement for Mineral Right and Other Covenants" (the "<u>Agreement</u>"), which shall be governed by the following clauses and conditions.

**1.** **PURPOSE**.

1.1.<u>Purchase and sale of Mineral Right</u>. The Assignor hereby irrevocably and irreversibly assigns and transfers to the Assignee, which also irrevocably and irreversibly acquires the Mineral Right, as described in <u>Annex I.</u> hereto.

1.1.1.<u>Scope</u>. The purpose of the purchase and sale transaction described in item 1.1. above is the Mineral Right, as well as all rights and obligations, whether patrimonial or otherwise, inherent thereto. Therefore, from this date forward, the Mineral Right will belong exclusively to the Assignee, together with any and all rights, obligations, guarantees, privileges, preferences, prerogatives, and actions guaranteed by law.

1.1.2.<u>Lack of liens</u>. The Mineral Right is free and clear of any liens, encumbrances, attachments, seizures, pledges, attachments, or restrictions that may, now or in the future, affect their free availability, transfer, economic exploration or the exercise of any rights inherent thereto.

1.1.3.<u>Assignment Instrument</u>. The Assignor and the Assignee hereby enter into the Assignment Instrument of Mineral Rights (the "<u>Instrument</u>"), copy of which is included herein in Annex 1.1.4., to enable, at the Assignee's sole discretion, the transfer and registration of the Mineral Right to the Assignee's ownership before the ANM without the need for registration of this Agreement.

1.2.<u>Transfer and Registration with the ANM</u>. The Assignor and the Assignee hereby agree that, immediately after payment of the First Installment of the Purchase Price, as defined in 2.1 below, they will take any and all necessary steps to register and/or endorse the Instrument or this Agreement, at the Assignee's sole discretion, with the ANM, notary offices, or any other applicable agency, at the Assignee's expense. The Assignor are obliged to submit, within a maximum period of five (5) business days, any and all documents reasonably requested by the Assignee and the person responsible for the registration and/or endorsement, as applicable, in order to make available the definitive transfer of the ownership of the Mineral Right.

**2.** **PRICE AND PAYMENT METHOD**.

2.1.<u>Purchase Price</u>. In consideration for the acquisition of the Mineral Right subject of this Agreement, the Assignee undertakes to pay the Assignors the total, legal and agreed price, in BRL (Reais) equivalent to fifteen million US dollars (US$15,000,000.00), calculated based on the US$(US dollar) purchase rate, as announced by the Central Bank

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of Brazil on the business day immediately prior to the respective payment date (the "<u>Purchase Price</u>"), to be disbursed as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.the amount of BRL [...], equivalent to five million US dollars (US$5,000,000.00), calculated based on the US$(US dollar) exchange rate for purchase rate, published by the Central Bank of Brazil on [...], was paid by the Assignee to the Assignor on [...], in compliance with the procedure set forth in 3.1. of the Option Agreement (the "<u>First Installment of the Purchase Price</u>");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.the amount in BRL (Reais) equivalent to five million US dollars (US$5,000,000.00), calculated based on the US$(US dollar) exchange rate for purchase, published by the Central Bank of Brazil on the business day immediately prior to the date of the respective payment, will be paid by the Assignee to the Assignor without any further delay up to twelve (12) months after the maturity of the First Installment of the Purchase Price (the "<u>Second Installment of the Purchase Price</u>"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.the amount in BRL (Reais) equivalent to five million US dollars (US$5,000,000.00), calculated based on the US$(US dollar) exchange rate for purchase, published by the Central Bank of Brazil on the business day immediately prior to the date of the respective payment, will be paid by the Assignee to the Assignor without any further delay up to twelve (12) months from the maturity of the Second Installment of the Purchase Price (the "<u>Third Installment of the Purchase Price</u>").

2.1.1.<u>Adjustment and interest</u>. No monetary adjustment or interest will be applied to the Purchase Price during the entire term of this Agreement, except for the late payment charges set forth in 2.1.2. below.

2.1.2.<u>Late Payment Charges</u>. In the event of late payment of any of the installments of the Purchase Price, (i.) the balance in BRL (Reais) due will be determined on the respective maturity date and, from said date onward, this balance (in BRL) will be monetarily corrected by IPCA "pro rata dies"; (ii.) this overdue balance in BRL will also be subject to a fine of ten percent (10%), in addition to interest of one percent (1%) per month, "pro rata dies".

2.1.3.<u>Default</u>. If there is a delay of more than sixty (60) days in the payment of any installment, this agreement will be considered terminated, with the parties returning to the previous status, in which case the amounts paid to date will be refunded to the Assignee within ten days, after deducting the fine in the amount of two million and five hundred thousand US dollars (US$2,500,000.00) in favor of the Assignor.

2.1.4.<u>Payment method</u>. The installments of the Acquisition Price must be paid by the Assignee to the Assignor in Brazilian currency, via TED or PIX to the bank account held by the Assignor indicated in Annex 1.2 to the Option Agreement.

2.1.5.<u>Release.</u> For all legal purposes and effects, the presentation of bank receipt proving the wire transfers of the Purchase Price to the bank account held by the Assignor referred to in item 2.1 above will imply that the Assignor grant the Assignee the fullest, general, irrevocable, and irreversible release regarding the

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receipt of the Installment of the Acquisition Price to which it is entitled, and that no further demands or disputes may be made on this matter at any time, in or out of court.

2.2.<u>Immutability of the Purchase Price</u>. The Purchase Price was set by full and mutual agreement between the Parties, who irrevocably and irreversibly declare their full and unrestricted agreement in this regard, being final, unchangeable, and binding.

**3.** **REPRESENTATIONS, WARRANTIES AND OTHER OBLIGATIONS OF THE PARTIES.**

3.1.<u>Fiduciary Sale</u>. Pursuant to articles 42 and 43 of Decree No. 9,406 dated as of June 12, 2018, in order to guarantee payment of the Second Installment of the Purchase Price and the Third Installment of the Purchase Price, as provided in 2.1.(b.) and 2.1.(c.) above, the Assignee grants the Assignor, on this date, the fiduciary sale of the Mineral Right, pursuant to the "Private Instrument of Fiduciary Sale of Mineral Right and Other Covenants", a copy of which is included herein in <u>Annex 3.1</u> and in compliance with ANM Resolution No. 90 dated as of 12.22.2022.

3.2.<u>Development prohibition</u>. The Assignee, under penalty of being liable for a fine immediately set at two million five hundred thousand US dollars (US$2,500,000.00) in favor of the Assignor, will be prohibited from developing minerals in the area covered by the Mineral Rights until full payment of the Second and Third Installments of the Purchase Price provided for in 2.1.(b.) and 2.1.(c.) above, unless otherwise agreed in writing between the Parties.

3.3.<u>Prohibition of encumbrance and sale of development.</u> The Assignee, also under penalty of being liable for a fine in the amount of two million and five hundred thousand US dollars (US$2,500,000.00) in favor of the Assignor, will be prohibited from voluntarily establishing liens, encumbrances, as well as from negotiating or in any way selling, transferring, assigning or disposing of the Mineral Right until full payment of the Second and Third Installments of the Acquisition Price provided for in 2.1.(b.) and 2.1.(c.), under penalty of its complete ineffectiveness.

3.4.<u>Assignor's Representation regarding the Mineral Right</u>. For all intents and purposes of this Agreement, the Assignor provides the Assignee with the following representations and warranties related to the Mineral Right, which are valid, true, and accurate on this date and will remain valid, true, and accurate until the transfer of ownership of the Mineral Right to the Assignee is registered with the ANM and other applicable agencies:

i.<u>Ownership</u>. The Assignor is the legitimate holder of the Mineral Right, the details and individual descriptions of which are included in this Agreement as <u>Annex I</u>.;

ii.<u>Registrations</u>. The Mineral Right is duly registered with the ANM, strictly adhering to all rules and regulations set forth in the applicable law;

iii.<u>Licenses and authorizations</u>. The Assignor has always acted in compliance with the law applicable to Mineral Rights and holds all authorizations, permits, registrations, registrations, accreditations, permissions, and protocols of any nature, as provided for in federal, state, and municipal law or required by public

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authorities and government agencies in their respective jurisdictions, for conducting research, mining, and maintaining the regularity of the Mineral Rights. There are no legal, administrative, contractual, or judicial restrictions on the ownership of the Mineral Rights or related to the development concessions subject to the administrative proceeding indicated in <u>Annex I</u>. hereto, there is also no judicial or administrative procedure in which the Assignor is as defendant, as plaintiff or acts as assistant, whose merit is related to the ownership of the Mineral Right or to the conduction and maintenance of the exploration or development related thereto

iv.<u>Disputes</u>. (i.) There are no claims or demands of any nature whatsoever before any public authority or involving any third party, nor are there any arbitration proceedings or other alternative dispute resolution methods related to the Mineral Right; (ii.) there are no claims, arbitration proceedings, or other alternative dispute resolution methods of any nature whatsoever that, although not involving the Mineral Right, may in any way affect it and/or impede and/or harm the implementation of this Agreement; (iii.) the Assignor are not aware of or have not performed any acts whose practice or omission may impede or harm the implementation of this Agreement; (iv.) the Mineral Right is not involved in any pending claims of any nature, nor in arbitration proceedings or other alternative dispute resolution methods; and (v.) the Assignor has not failed to comply with any judgment, order, writ, injunction, or ruling from any public authority related to the Mineral Right;

v.<u>Environmental</u>. The Assignor complies with all environmental laws and regulations, further declaring that the activities have been conducted in the area of the Mineral Rights have not resulted in a violation of applicable environmental laws. Therefore, there are no pending complaints before any authority, at any level, nor are there any services, summonses, directives, orders, and/or notices of violation of any legal requirement related to the Mineral Right or against the Assignor in connection with environmental matters or licenses. The Assignor further declares that it has not entered into or assumed any agreement, nor has it been imposed any obligation to make any type of payment, compensation, or indemnity for, or as a result of, obtaining any license required for the development of the Mineral Right. In this regard, the Assignor declares that it has not signed or negotiated any Conduct Adjustment Agreement with the Public Prosecutor's Office, even if fully complied with, declaring that there are no facts or circumstances that would result in a violation of such nature to the applicable environmental legal requirements or claims or demands in this regard;

vi.<u>Status of Mineral Right</u>. There are no liens on the Mineral Right, which is entirely free and clear of any and all real or personal, judicial or extrajudicial liens, legal or conventional mortgages, easements, forum or pension, seizure, sequestration, lis pendens, real or personal repossession actions, environmental contingencies, debts and/or liabilities of any nature, as well as of taxes, charges, expenses, and debts of any nature, in addition to not being object of leases, loans for use or any agreements, facts, debts or contingencies that may affect its free full availability and economic exploration by the Assignee. And the Assignor further declares that there are no fines and/or demands from the competent authorities pending payment or satisfaction, and that all applicable federal, state, and municipal regulations and standards have been complied with to date; and

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vii.<u>Full Disclosure</u>. The information, representations, and/or warranties provided by the Assignor regarding the Mineral Right, made available by any means, do not contain any untruth or inaccuracy regarding any material act or fact, nor do they omit the existence of any material act or fact whose knowledge is necessary to ensure that the representations and obligations assumed in this Agreement are not misleading or subject to misinterpretation. There is no act, fact, or situation that affects the transaction that is the subject of this Agreement and that has not been expressly disclosed by the Assignor.

3.5. <u>Obligations of the Assignor</u>. Without prejudice to the other obligations specifically set forth in other items of this Agreement and with the purpose of preserving the Mineral Right until the date on which they can be registered on behalf of the Assignee with the ANM, the Assignor undertakes to:

i.<u>Registrations and licenses</u>: obtain and maintain valid all and any licenses, authorizations, registrations, and permits necessary or required for the preservation, conducting authorized research, maintenance, or expansion of the Mineral Right;

ii.<u>Laws and regulations</u>: regarding environmental and safety issues related to the Mineral Right, (ii.1.) comply with all applicable laws and regulations issued by federal, state, and local authorities; (ii.2.) inform the Assignee of any material adverse event, such as fires, explosions, accidental discharges, etc., affecting the Mineral Right; and (ii.3.) inform the Assignee of any non-compliance with laws or regulations applicable to the Mineral Right;

iii.<u>Fees, fines and contingencies</u>: any and all fines, fees, liabilities or contingencies of any nature directly or indirectly related to the Mineral Right and pending payment on this date will be the exclusive responsibility of the Assignor, who undertakes to hold the Assignee harmless from any fees, fines, expenses, liabilities or contingencies related to the Mineral Right acquired herein, including those of a labor nature or environmental compensation of any kind, provided they are linked to events that occurred prior to this date, except those arising from acts carried out by the Assignee to carry out mineral research authorized in the Option Agreement; and

iv.<u>Fraud</u>: the Assignor declares that the execution of this Agreement does not create fraud against creditors, fraud of execution, or presumption of fraud against tax authorities, at the Federal, State, or Municipal levels, as provided for in article 158 of the Civil Code, article 792 of the Civil Procedure Code, and article 185 of the National Tax Code, respectively, and other applicable regulations.

3.6. <u>Agreements with third parties</u>. In compliance with the terms set forth in item 1.3.1 of the Option Agreement, the Assignor was authorized to enter into agreements with third parties involving the exploration of clay or bauxite in the area where the Mineral Right is located. These agreements could be in effect until the date the Assignee sent the Call Option Exercise Notice to the Assignor, unless otherwise agreed between the Assignee and said third parties. Whereas (i.) the Exercise Notice was sent on [...]; and (ii.) the payment of the First Installment of the Purchase Price occurred on [...], the Assignor declares that, on [...], it sent a notice to said third parties informing them of the assignment of the Mineral Right to the Assignee, and that, as of [...], said agreements will be

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definitively terminated, obligating the Assignor, jointly and severally with said third parties, to (a.) remove all of its equipment and employees from the area of the Mining Law; and (b.) restore and/or recover the area of Mining Law, in accordance with current environmental law, being liable for losses and damages, in addition to any lost profits or penalties imposed by the authorities on the Assignee that are directly or indirectly resulting from the development of clay, bauxite or other minerals in the area of Mining Law.

3.7. <u>Timber Exploration</u>. The Assignee is aware of the existence of timber extraction agreements in the same area as the Mining Law and undertakes not to interfere in said activity, which will continue to be carried out by the Assignor or third parties even after the execution of this Agreement. Likewise, the Assignor hereby guarantees to the Assignee that the timber extraction activity may not interfere with the latter's exploitation of the Mining Law. It is understood that, if one of the Parties demonstrably causes difficulties or harm to the other, it shall bear any losses, damages, and lost profits, as provided for in applicable law.

3.8. <u>Cooperation</u>. The Parties undertake to mutually cooperate and provide any assistance that may be reasonably required for the proper development and fulfillment of the obligations set forth in this Agreement, in particular with regard to the assignment of Mineral Right contemplated therein, it being established that this Agreement was entered into in the best interests of both Parties, in compliance with the bases and parameters practiced in the market on the date of its execution, considering the risks inherent therein. The Parties consent and agree, however, that they are independent contracting parties and, under no circumstances or situations, shall the existence of a corporation, consortium, joint venture, partnership, or association of any kind or nature be presumed between the Assignor and the Assignee.

3.9. No provision in this Agreement assigns or will assign to the Assignor the status of partner, distributor, and/or commercial representative of the Assignee, including for purposes of environmental, civil, tax, or labor law.

3.10. The Parties further acknowledge that each of them and their partners, employees, or contracted parties are not agents or attorneys-in-fact of the other Party and, consequently, will not assume obligations on its behalf, except as provided for in this Agreement, especially in item 1.2.1. above.

3.11. <u>No relationship</u>. Under no circumstances will any employment relationship or labor or social security obligations be presumed or established under this Agreement between the Assignor and the Assignee's employees and service providers, or between the Assignee and the Assignor's employees and service providers. Neither Party will be a guarantor of the other's labor and social security obligations and charges. Each Party hereby assumes full responsibility for such obligations, including those of a civil, criminal, tax, and social security nature.

3.12. <u>Assignor's Obligation to indemnify</u>. The Assignor hereby undertakes to indemnify, protect, safeguard, and hold the Assignee harmless, and shall also pay on the Assignee's behalf or reimburse it, as the case may be, for any and all losses incurred by the Assignee as a result of or in connection with the following circumstances: (a.) any default or failure of the Assignor to fulfill or perform any obligation under this Agreement; and/or (b.) any breach, falsehood, or inaccuracy with respect to the

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representations and warranties provided by the Assignor in this Agreement; and/or (c.) any loss or contingency of any nature related to the Mineral Right, including, but not limited to, environmental, labor, tax, regulatory, or punitive contingencies, among others, incurred to date, even if created subsequently; and/or (d.) any loss or contingency, of any nature, related to the development of clay, bauxite or any other mineral in the area of Mining Law, including but not limited to environmental, labor, tax, regulatory or punitive contingencies arising from such extraction; and/or (e.) any loss or contingency, of any nature, related to the exploitation of timber, by the Assignor or third parties, in the area of Mining Law, including but not limited to environmental, labor, tax, regulatory or punitive contingencies, among others, except for acts and facts performed by the Assignee prior to the exercise of the Call Option, due to the mineral exploration carried out by it on the property.

3.12.1. <u>Reimbursement</u>. In the event that the Assignee disburses any funds to pay liabilities or contingencies that, as provided for in this Agreement, are the responsibility of the Assignor, it must send to the Assignor copies of the respective payment receipts, followed by a brief description of their nature and the bank account details for reimbursement, following the procedures set forth in 5.8. The Assignor must arrange for the respective reimbursement within a maximum period of five (5) business days, under penalty of a two percent (2%) fine and 1% monthly interest on the overdue amount, calculated "pro rata dies", from the maturity date of the reimbursement obligation until the date of actual payment. Without prejudice to the provisions of this item, the Assignee is entitled to deduct the amounts due and not paid by the Assignor in compliance with the provisions of this item 3.12.1., including fines and interest, provided that they are demonstrably disbursed by the Assignee, from the amount of the Second and Third Installments of the Purchase Price provided for in 2.1. above.

3.13. <u>Assignee's Obligations</u>: The Assignee undertakes to settle and fulfill promptly all obligations arising, from that date, on the Mineral Right now purchased, even if launched in the name of the Assignor.

3.14. <u>General representations of the Parties</u>. The Parties hereby represent to each other that:

a.they are duly organized, incorporated, and existing as limited liability companies, in accordance with applicable law;

b.they are duly authorized and have obtained all licenses, precedent measures, and/or corporate, legal, or regulatory authorizations necessary to enter into this Agreement and assume the obligations set forth herein, including any appropriate authorizations provided for in their organizational documents, if applicable. No third-party authorization is required to enter into this Agreement;

c.the execution of this Agreement by the Parties, as well as the assumption and fulfillment of the obligations set forth herein, as the case may be, will not imply (c.1.) any conflict or violation of any provision of the articles of association and/or bylaws of the Parties; (c.2.) any conflict, violation, default, early maturity, or termination of any contract or agreement to which the Parties, as the case may be, are a party; (c.3.) any violation of any applicable law or regulation, or of any decisions or resolutions issued by their decision-making or administrative bodies,

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which may prevent, delay, or impair the performance of the obligations assumed in this Agreement; or (c.4.) any determinations, decisions, or orders of any governmental authority, including judicial authorities, to whose observance the Parties, as the case may be, are subject; and

d.have analyzed this Agreement in all its clauses and conditions, assisted by their legal counsel.

**4. CONFIDENTIALITY AND SECRECY**.

4.1. <u>Confidentiality</u>. The terms and conditions of this Agreement are strictly confidential and may not be revealed or disclosed in whole or in part by the Parties to any other person or company without the prior written consent of the other Party, except (i.) when the information is publicly known; (ii.) for the purpose of disclosing such information to directors, employees, consultants, lawyers or auditors who are directly involved in the performance of the Agreement, who shall assume the obligation of confidentiality set forth herein; each Party shall be responsible for complying with such obligation with respect to the persons indicated herein; and (iii.) when its disclosure is determined by order of any judicial or administrative authority or any other determinations provided for by law, in which case the party disclosing the information shall notify the other party of such determination.

4.1.1. <u>Validity</u>. The confidentiality obligations set forth in this clause will remain in force for a period of one (1) year, counting from the end of the term of the Agreement.

**5. FINAL PROVISIONS**.

5.1. <u>Consent</u>. The Consenting Intervening Parties sign this Agreement, as partners of the Assignor, expressly authorizing the performance of the legal transaction embodied herein, in accordance with articles 107, 219, and 220, all of the current Civil Code.

5.2. <u>Entire agreement</u>. This Agreement creates the entire agreement among the Parties regarding the matters creating its subject matter, superseding any previously executed documents and understandings previously reached among the Parties.

5.3. <u>Irrevocability</u>. This Agreement is irrevocable and irreversible, binding on the Parties and their heirs and successors in any capacity.

5.4. <u>Amendments</u>. Amendments to this Agreement will only be valid when executed in writing and signed by the legal representatives of all Parties.

5.5. <u>Assignment</u>. The rights and obligations arising from this Agreement may not be assigned or transferred, in whole or in part, by either Party to any third parties.

5.6. <u>Waiver, Novation and Others</u>. The Parties acknowledge that (i.) the failure to exercise, the granting of a time limit, the forbearance, or the delay in exercising any right granted to them by this Agreement or by law will not create a waiver or novation of such rights, nor will it prejudice their eventual exercise at any time; (ii.) the individual or partial exercise of these rights will not prevent the subsequent exercise of the remaining rights or the exercise of any other right; (iii.) the waiver, by either Party, of any of these rights will only be valid if formalized in writing; (iv.) the waiver of a right shall be interpreted restrictively and will not be considered a waiver of any other right granted by this

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Agreement; (v.) the nullity or invalidity of any of the clauses of this Agreement will not prejudice the validity and effectiveness of the other clauses and the instrument itself, in the latter case, the Parties and/or the Judge must promote, within the limits permitted by law, the replacement of the corrupted clause with another that allows the Parties to achieve the practical result initially intended.

5.7. <u>Assistance and Costs</u>. The Parties represent that they were duly assisted by their respective attorneys in executing this Agreement, who warned them of the risks involved in the transaction covered by this Agreement, and that they are signing this Agreement independently, of their own free will, aware of the risks and obligations to which they are subject, and of the rights granted under this Agreement. Neither Party may, at any time after signing this Agreement, claim ignorance, error, injury, lack of knowledge, or any other defect regarding the risks, obligations, and rights provided for in this Agreement. The Parties agree that all costs and expenses incurred in hiring agents, attorneys, auditors, advisors, intermediaries, or consultants to carry out the transactions covered by this Agreement will be borne exclusively by the respective contracting party.

5.8. <u>Notices</u>. All notices related to this Agreement must be made in writing, preferably by e-mail, or by registered mail with proof of receipt, or by notary public's office or court, to the address indicated in the preamble or any other address that may be duly indicated in writing. In the case of the Assignor, any notices must be sent to: Rua Francisco Faria Lobato, nº 190, apt. 122, Centro, ZIP Code 37701-045, e-mail: .

5.9. <u>Taxes</u>. All taxes and contributions levied on any acts, facts and/or situations provided for in this Agreement, including those that must be subject to withholding by the paying source, must be borne by the respective taxpayer and/or tax responsible party, as the case may be, in compliance with the law in force in Brazilian territory.

5.10. <u>Personal Data Protection</u>. The Parties, by mutual agreement, comply with the duties and obligations regarding the personal data protection and undertake to process the Personal Data collected under this Agreement, if any, according to the applicable law, including, but not limited to, Law No. 12,965 dated as of 04.23.2014, Decree No. 8,771 dated as of 05.11.2016 (Internet Civil Rights Framework), Law No. 13,709 dated as of 08.14.2018 ("<u>LGPD</u>"), where and as applicable. The Parties must also ensure that their representatives, partners, directors, and employees comply with the provisions of the relevant legal instruments related to data protection, as provided for in the LGPD.

5.10.1. Each Party shall be individually responsible for complying with its obligations under the LGPD and any regulations subsequently issued by the competent regulatory authority. The Parties are liable to the competent authorities for their own acts and omissions that caused non-compliance with applicable laws and regulations.

5.11. <u>Anti-corruption clause. Compliance</u>. For the performance of this Agreement, neither party may offer, give, or commit to give, to anyone, or accept or commit to accept, from anyone, either on its own behalf or through another party, any payment, donation, compensation, financial or non-financial advantages, or benefits of any kind that create an illegal or corrupt practice under the laws of any country, directly or indirectly related to the purpose of this Agreement, or even in any way unrelated to this Agreement. They must also ensure that their agents and employees act in the same manner.

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5.12. <u>Specific Performance</u>. All commitments and obligations assumed by the parties herein are subject to specific performance, pursuant to articles 497 and 815 *et seq.* of the Civil Procedure Code, with this Agreement serving as an instrument enforceable out of court, according to the article 784, III, also of the Civil Procedure Code.

5.13. <u>Jurisdiction</u>. The Parties hereby elect the Judicial district of Poços de Caldas, State of Minas Gerais to resolve any doubts, disputes, or controversies arising from this Agreement, to the exclusion of any other, however privileged it may be or may become.

In witness whereof, the parties execute this Agreement in two (2) copies, before the witnesses identified below.

Poços de Caldas, [...]

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| |
|:---|
| &nbsp;&nbsp;<u>Assignor</u>:<br>|
| &nbsp;&nbsp;**JJBF LTDA.**<br>&nbsp;&nbsp;&nbsp;&nbsp;p. Bruno Fagundes Flora<br><u>Assignee</u>:<br>|
| &nbsp;&nbsp;**ALPHA MINERALS BRAZIL PARTICIPAÇÕES LTDA.**<br>&nbsp;&nbsp;&nbsp;&nbsp;p. João Paulo Agapito da Veiga<br><u>Consenting Intervening Parties</u>:<br>|
| &nbsp;&nbsp; <br>**BRUNO FAGUNDES FLORA**<br>|
| &nbsp;&nbsp; <br>**GUSTAVO FAGUNDES FLORA**<br><u>Witnesses</u>:<br>|

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| | |
|:---|:---|
| 1. | 2. |
| Name: | Name: |
| CPF: | CPF: |

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<u>List of Annexes</u>:

Annex I.: Authorizations and Main Characteristics of the Mineral Right.

Annex 1.1.4.: Instrument of Assignment of Mineral Right.

Annex 3.1.: Private Instrument of Fiduciary Sale of Mineral Right and Other Covenants.

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<u>Annex I</u>.

to the Assignment Agreement for Mineral Right and Other Covenants, dated as of [...].

<u>Authorizations and Main Characteristics of the Mineral Right</u>.

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<u>Annex 1.1.4</u>.

to the Assignment Agreement for Mineral Right and Other Covenants, dated as of [...].

<u>Instrument of Assignment of Mineral Right.</u>

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<u>Annex 3.1</u>.

to the Assignment Agreement for Mineral Right and Other Covenants, dated as of [...].

<u>Private Instrument of Fiduciary Sale of Mineral Right and Other Covenants</u>.

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**PRIVATE INSTRUMENT OF FIDUCIARY SALE OF MINERAL RIGHT AND OTHER COVENANTS**

By this private instrument, the parties identified below (each a "<u>Party</u>", and collectively referred to as the "<u>Parties</u>"),

on the one hand, as Creditor,

**JJBF LTDA.**, limited liability company with head office in the City of Poços de Caldas, State of Minas Gerais, at Estrada José Kentenich, s/n/, Zona Rural, ZIP Code 37719-000, enrolled with CNPJ under No. 20.684.296/0001-14, e-mail: , herein represented in compliance with its Articles of Association by its Director, <u>Bruno Fagundes Flora</u>, Brazilian citizen, single, control and automation engineer, Holder of Identity Card (RG) No. , enrolled with CPF under No. , resident and domiciled at , e-mail: , hereinafter referred to as "<u>Creditor</u>" or "<u>JJBF</u>", indistinctly;

on the other hand, as Debtor,

**ALPHA MINERALS BRAZIL PARTICIPAÇÕES LTDA.**, limited liability company with head office in the Capital of the State of São Paulo, at Rua Professor José Leite e Oiticica, No. 530, Sala 03, Vila Gertrudes, ZIP Code 04705-080, enrolled with CNPJ under No. 43.093.229/0001-20, e-mail: , herein represented in compliance with its Articles of Association by its Director, Mr. <u>João Paulo Agapito da Veiga</u>, Brazilian citizen, single, businessman, holder of Identity Card (RG) No. , issued by DETRAN-RJ, enrolled with CPF under No. , resident and domiciled at , with business address in the Capital of the State of São Paulo, at Rua Professor José Leite e Oiticica, No. 530, Vila Gertrudes, ZIP Code 04705-080, e-mail: , hereinafter referred to as "<u>Alpha</u>", "<u>Debtor</u>" or "<u>Guarantor</u>", indistinctly;

whereas the Debtor is, as of this date, the sole and legitimate holder of the Mineral Right currently represented by the development concessions subject to the administrative proceeding registered with the National Mining Agency (the "<u>ANM</u>") under No. 813.944/1971, with Development Concession Ordinance No. 8,053, dated as of 01.16.1979, and 313, dated as of 10.23.1997, in an area of 298.89ha, located in the City of Poços de Caldas, MG (the "<u>Mineral Right</u>");

whereas, on this date, the Alpha and JJBF entered into the so-called "Assignment Agreement for Mineral Right and Other Covenants" (the "<u>Agreement</u>"), through which JJBF definitively and for consideration assigned and transferred the Mineral Right to Alpha, upon payment of the Purchase Price defined in item 2.1. of the Agreement (the "<u>Purchase Price</u>");

whereas, pursuant to item 3.1. of the Agreement, the Debtor has undertaken, as collateral for the timely and complete payment of the Second Installment of the Purchase Price and the Third Installment of the Purchase Price, as provided for in 2.1.(b.) and 2.1.(c.) of the Agreement, to fiduciarily sell the Mineral Right in favor of the Creditor (the "<u>Fiduciary Sale</u>"), which must remain registered with the ANM until full payment of the Purchase Price;

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the Parties resolve to enter into, for the purpose of implementing the aforementioned guarantee, this "Private Instrument of Fiduciary Sale of Mineral Right and Other Covenants" (the "<u>Instrument</u>"), which will be governed by the following clauses and conditions.

**1. DEFINITIONS**.

1.1 <u>Defined terms</u>. All terms and expressions used in this Instrument and in its Annex with their initials written in capital letters will have the same meanings assigned to them in the Agreement, unless otherwise defined in this Instrument.

**2. FIDUCIARY SALE**.

2.1 <u>Secured obligation</u>. As a guarantee of faithful, full, and timely fulfillment of the obligations assumed under the Agreement, the Debtor, irrevocably and irreversibly, pursuant to article 1,361 and related provisions of the Civil Code and article 66-B of Law No. 4,728 dated as of July 14, 1965, as amended from time to time, and ANM Resolution No. 90 dated as of 12.22.2022, fiduciarily assigns, in favor of the Creditor, the fiduciary ownership and indirect possession of all Mineral Right, in order to guarantee fulfillment of all obligations assumed under the Agreement, in particular, but not limited to, the obligation to pay the Second Installment of the Purchase Price and the Third Installment of the Purchase Price provided for in items 2.1.(b.) and 2.1.(c.) of the Agreement.

2.1.1 <u>Scope</u>. At any time and regardless of any formality, this Fiduciary Sale and the definition of Mineral Right shall cover all other rights registered with the ANM that result directly or indirectly from Mineral Right or are linked to the exploration of Ore and/or other minerals or resources, of any nature, within the area of the Mineral Right.

2.2 <u>Commitment</u>. Until the Secured Obligations, as defined below, are fully paid off, the Debtor hereby undertakes to: (i.) at all times maintain in fiduciary sale, hereunder, all (and no less than all) of the Mineral Right.

2.3 <u>Validity</u>. The fiduciary guarantee hereby established shall remain in full force and effect until (i) the Secured Obligations are fully complied with; or (ii) it is fully executed and the Creditor has received the proceeds from the foreclosure of the Mineral Right and, if applicable, the other Mineral Rights, definitively and indisputably.

2.4 <u>Communication</u>. The Creditor must, within ten (10) business days from the date any of the events set forth in 2.3. above occurs, send the Debtor a written notice (i.) attesting to the termination of this Instrument; and (ii.) authorizing the Debtor to release the Fiduciary Sale on the Mineral Right by registering its cancellation with the ANM.

2.5 <u>Main characteristics</u>. The main features of the obligations secured hereunder are described in <u>Annex 2.5</u> to this Instrument (the "<u>Secured Obligations</u>").

**3. FORMALIZATION AND PERFECTION OF THE FIDUCIARY SALE**.

3.1 <u>Registration</u>. The Debtor undertakes to file the application of fiduciary sale provided for herein with the ANM, in the Mineral Right transfer application, in

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compliance with articles 42 and 43 of Decree No. 9,406, dated as of 06.12.2018, expressly stating the restrictions and prohibitions provided for herein.

3.2 <u>Preservation</u>. The Debtor will comply with any other requirement of any applicable law, now in force or in the future, necessary for the establishment, improvement, preservation, and absolute priority of the Fiduciary Sale herein, providing the respective proof to the Creditor.

**4. RIGHTS ASSOCIATED WITH THE SOLD MINERAL RIGHT**.

4.1 <u>Mineral Right</u>. Until an Event of Default occurs, as defined below, the Debtor may freely exercise the economic rights linked to the Mineral Right or to Other Rights, provided that the provisions of this Instrument, the Agreement or set forth in any document related to the Secured Obligations are observed, in such a way as not to jeopardize the payment and full compliance with the Secured Obligations and the guarantee created herein.

**5. ADDITIONAL OBLIGATIONS**.

5.1 <u>Obligations</u>. Without prejudice to any other commitments and obligations set forth in this Instrument or in the Agreement, the Debtor hereby undertakes and agrees that:

5.1.1 without the prior written consent of the Creditor, it shall not (i.) sell, assign, transfer, confer, exchange, pledge, or, in any way, encumber or dispose of, or grant any option, guarantee, right, enter into an agreement or commitment relating to the Mineral Right; or (ii.) create or permit the creation of any lien, security interest, pledge, mandate, purchase agreement, restrictions, agreements, or any encumbrance or burden on the Mineral Right fiduciarily sold, or related thereto, except only for the encumbrance resulting from this Fiduciary Sale;

5.1.2 shall, at its own expense, defend the ownership, possession, and all rights associated with the Mineral Right fiduciarily sold against any claims and demands from third parties, and shall inform the Creditor within one (1) business day of any litigation or proceeding related to the Mineral Right fiduciarily sold;

5.1.3 when requested by the Creditor, it shall, at its own expense, perform all acts and sign any additional documents that may be reasonably required from time to time to enable the Creditor (i.) to protect the rights created hereunder; and (ii) to exercise any rights that may be granted to it hereunder;

5.1.4 it shall comply with the laws, rules, and regulations applicable to Mineral Right and adopt all necessary measures to ensure that the Creditor maintains its fiduciary ownership and absolute preference with respect to the Mineral Right;

5.1.5 it shall, immediately upon request by the Creditor in this regard, provide all information and evidence that the Creditor may request, at any time, regarding the Mineral Right fiduciarily sold;

5.1.6 may not, except with the prior and express authorization of the Creditor, enter into any agreement that could restrict the rights granted to the Creditor in this Instrument, or affect the Creditor's ability to sell or otherwise dispose of the Mineral Right transferred after the occurrence of an Event of Default; and

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5.1.7 must, after the occurrence of an Event of Default, comply with all instructions received in writing from the Creditor regarding the Mineral Right fiduciarily sold.

**6. EVENT OF DEFAULT.**

6.1 <u>Event of Default</u>. The Creditor may automatically and early consider the Secured Obligations payable in the event of any of the events regulated by law, or in the event of non-compliance by the Debtor with any obligations set forth in the Agreement or this Instrument (in either case, an "<u>Event of Default</u>").

6.2 <u>Consolidation of ownership</u>. Subject to the provisions of this Agreement, in the event of an Event of Default, the Creditor, regardless of any formality, shall retain direct possession and full ownership of the Mineral Right fiduciarily sold and may, without prejudice to their other rights provided for herein, avail itself of applicable legal and contractual measures to satisfy their credit, as set forth in item 7 below.

**7. FORECLOSURE OF WARRANTY.**

7.1 <u>Foreclosure</u>. Subject to the provisions of article 1,365 of the Civil Code, in the event of an Event of Default, full ownership of the Mineral Right fiduciarily sold shall be consolidated in favor of the Creditor, and the Creditor may, regardless of any judicial or extrajudicial notice or notification, at its sole discretion, without prejudice to the other rights provided for herein, in the Agreement and in law, especially those provided for in article 66-B, paragraphs 3 and 4, of Law No. 4,728, dated as of July 14, 1965, dispose of, sell or cause to be sold or otherwise foreclose or dispose of the Mineral Right, publicly or privately, in whole or in part, regardless of auction, public auction or any other judicial or extrajudicial measure, and the Creditor shall also have the right to collect, demand and receive the proceeds of such sale, disposal or execution, using it to amortize or, if possible, settle any due and unpaid Secured Obligations and any and all expenses, costs, or taxes levied on the sale, disposal, foreclosure, or transfer of the Mineral Right or on the payment to the Creditor of the Secured Obligations, ultimately delivering any remaining balance to the Debtor.

7.2 <u>Use of funds</u>. The funds collected in accordance with the foreclosure procedures set forth in this item 7., including those owed for economic rights due from the exploitation of the Mineral Right between the date of the Event of Default and the date of receipt of the funds related to the foreclosure of the sold Mineral Right, as they are received, shall be immediately allocated to the Creditor. If the funds collected pursuant to the enforcement procedures provided herein are not sufficient to fully discharge the Secured Obligations, the Debtor will remain liable for the unpaid amount of the Secured Obligations.

7.4 <u>Independence</u>. The enforcement of the Mineral Right as provided herein shall be carried out independently and in addition to any other enforcement of real or personal security granted to the Creditor with respect to the Secured Obligations.

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**8. REPRESENTATIONS AND WARRANTIES.**

8.1 <u>Representations of the Debtor</u>. The Debtor represents and warrants to the Creditor, as of this date:

8.1.1 it is a duly incorporated and validly existing company under Brazilian law, with full power, capacity, and authorization to enter into this Instrument and assume and fulfill the obligations set forth herein. The legal representative of the Debtor who signs this Instrument is fully capable of and possesses all the necessary corporate powers and authorizations to enter into and fulfill its provisions;

8.1.2 this Instrument is valid and enforceable in accordance with its terms and, upon (i.) fulfillment of the obligations set forth in Clause 2., and (ii.) the registrations and endorsements set forth in Clause 3., it will become fully effective;

8.1.3 the execution of this Instrument and the fulfillment of the obligations set forth herein do not (a.) violate (a.1.) its articles of association; or (a.2.) any law, regulation, or court, administrative, or arbitration decision that binds or is applicable to it and its assets; nor (b.) create or will create a default, nor imply or will imply an early maturity of any contract, instrument, agreement, loan, or relevant document to which it is a party;

8.1.4 all approvals, consents, authorizations, and measures of any nature necessary or mandatory for the due execution, validity, and fulfillment of this Instrument and for the creation and maintenance of the Fiduciary Sale on the Mineral Right have been obtained and are in full force and effect;

8.1.5 the Debtor is the legitimate and sole holder and owner of the Mineral Right fiduciarily sold, which is free and clear of any liens, guarantees, pledges, attachments, other fiduciary sales, options, preemptive rights, purchase commitments, restrictions, charges, debts, or any other conventional or legal encumbrances;

8.1.6 the Fiduciary Sale will create in favor of the Creditor a duly created, legal, valid, effective, and enforceable lien on the Mineral Right fiduciarily sold and on any funds or rights related thereto; and

8.1.7 there is no claim, demand, lawsuit, inquiry, administrative proceeding, or proceeding pending before any arbitrator, court, or any other authority regarding the Mineral Right or the Debtor that could affect the Fiduciary Sale herein or any of the provisions of this Instrument.

8.2 <u>Validity</u>. The representations and warranties provided above by the Debtor shall remain valid and shall subsist until the Secured Obligations are paid in full, and the Debtor shall be obligated to indemnify the Creditor and hold it harmless from any liability for any loss, direct damages, costs, and expenses of any kind, including attorney's fees, provided they are duly proven and documented in writing, that may be incurred by the Creditor in connection with any falsehood, inaccuracy, incompleteness, or incorrectness regarding any representation or warranty provided by the Debtor in this Instrument.

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**9. VALIDITY.**

9.1 <u>Validity</u>. This Agreement shall come into effect on the date of its execution and shall remain in effect until the Secured Obligations are fully fulfilled, as duly certified by the Creditor.

9.2 <u>Release</u>. Upon fulfillment, payment, and full discharge of the Secured Obligations, the Creditor will release the Fiduciary Sale established by this Instrument on the Mineral Right, by means of a written release instrument. The Debtor will be solely responsible for all costs and arrangements that may be necessary to cancel the Fiduciary Sale on the Mineral Right, including, without limitation, any registrations or endorsements required by applicable law.

**10. MISCELLANEOUS.**

10.1 <u>Notices</u>. All notices related to this Instrument must be made in writing, preferably by e-mail, or by registered mail with proof of receipt, or by notary public's office or court, to the address indicated in the preamble or any other address that may be duly indicated in writing. In the case of the Assignor, any notices must be sent to: Rua Francisco Faria Lobato, nº 190, apt. 122, Centro, ZIP Code 37701-045, e-mail: .

10.2 <u>Interpretation</u>. The chapter and clause titles inserted herein are for convenience only and shall not affect the interpretation of the chapters and clauses to which they refer to. In this Instrument: (i.) any reference to a document, including the Instrument itself, shall be deemed a reference to all documents that subsequently amend or replace it; (ii.) the terms "include", "includes", and "including" are not restrictive; (iii.) references to any natural person or legal entity shall include their successors and heirs; (iv.) references to "days" shall be construed as references to calendar days.

10.3 <u>Amendments</u>. Amendments to this Instrument will only be valid when executed in writing and signed by the legal representatives of all Parties.

10.4 <u>Waiver, Novation and others</u>. The Parties and Consenting Intervening Parties represent and acknowledge that, except as expressly provided otherwise in this Instrument: (i.) the failure to exercise, the granting of a time limit, the forbearance, or the delay in exercising any right granted to them by this Instrument or by law will not create a waiver or novation of such rights, nor will it prejudice their eventual exercise; (ii.) the individual or partial exercise of these rights will not prevent the subsequent exercise of the remaining rights or the exercise of any other right; (iii.) the waiver of any of these rights will only be valid if formalized in writing; (iv.) the waiver of a right shall be interpreted restrictively and will not be considered a waiver of any other right granted by this Instrument or by law.

10.5 <u>Invalidity and others</u>. If any provision of this Instrument is deemed illegal, invalid, or ineffective, all remaining provisions not affected by such ruling shall prevail, and the Debtor shall be obliged to comply with all unaffected provisions and, pursuant to this instrument, to make payments for amounts not subject to dispute, depositing the disputed amounts in court. The Debtor further undertakes to negotiate in good faith and replace the affected provisions with others that, to the extent possible, (i.) reflect its original intent, the logic, and the economic content envisaged for each part of the transaction, and (ii.) are valid and binding. The content of the provision of this clause shall not affect or prevent

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the foreclosure and/or enforcement, at any time, of the Fiduciary Sale or other Guarantees granted under the Agreement.

10.6 <u>Instrument enforceable</u>. All commitments and obligations assumed in this Instrument by the Parties are subject to specific performance, according to the articles 497 and 815 *et seq.* of the Civil Procedure Code, with this Agreement serving as an instrument enforceable out of court, according to the article 784, III, of the Civil Procedure Code.

10.7 <u>Costs</u>. Any and all costs incurred due to the registration of this Instrument, as well as any amendments, in the competent registries, will be the sole responsibility of the Debtor.

10.8 <u>Independence</u>. By virtue of article 23 of Law No. 9,514 dated as of 11.20.1997, and article 1,361, §1, of the Civil Code, this Instrument creates an autonomous instrument, which may be registered separately, regardless of any other instruments related to the Assigned Economic Rights.

10.9 <u>Governing Law</u>. This Instrument shall be governed by and construed in accordance with the laws of the Federative Republic of Brazil.

10.10 <u>Jurisdiction</u>. The Parties hereby elect the Judicial district of Poços de Caldas, State of Minas Gerais to resolve any doubts, disputes, or controversies arising from this Agreement, to the exclusion of any other, however privileged it may be or may become.

In witness whereof, the Parties execute this instrument in three (3) copies of equal content, before two (2) undersigned witnesses.

Poços de Caldas, [...]

<u>Creditor</u>:

**JJBF LTDA**.

p. Bruno Fagundes Flora

<u>Debtor</u>:

**ALPHA MINERALS BRAZIL PARTICIPAÇÕES LTDA**.

p. João Paulo Agapito da Veiga

<u>Witnesses</u>:

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| | |
|:---|:---|
| 1. | 2. |
| Name: | Name: |
| CPF: | CPF: |

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<u>Annex 2.5.</u>

to the Private Instrument of Fiduciary Sale of Mineral Right and Other Covenants, dated as of [...]

<u>Characteristics of the Secured Obligations</u>

1.<u>Value of Secured Obligations</u>: the full Second Installment of the Purchase Price and the Third Installment of the Purchase Price, as set forth in 2.1.(b.) and 2.1.(c.) of the Agreement, each in the amount of five million US dollars (US$5,000,000.000), calculated based on the US$(United States dollar) purchase price, as published by the Central Bank of Brazil on the business day immediately prior to the date of the respective payment.

2.<u>Payment</u>: the Second Installment of the Purchase Price and the Third Installment of the Purchase Price must be paid by the Debtor to the Creditor in the manner provided for in the Agreement, i.e., within the maximum periods of twelve (12) and twenty-four (24) months after the maturity of the First Installment of the Purchase Price.

3.<u>Delay</u>: payment of the Second Installment of the Purchase Price and the Third Installment of the Purchase Price after their maturity date will put the Assignor in default, regardless of any notice, summons or extrajudicial notice or notification, and (i.) the balance in BRL (Reais) due will be determined on the respective maturity date and, from said date onwards, this balance (in BRL) will be monetarily updated by the IPCA, "pro rata dies", subject, further, to (ii.) a late payment fine of ten percent (10%) on the outstanding debt; and (iii) interest of one percent (1%) per month from the maturity date.

4.<u>Obligations of the Debtor</u>: the obligations of the Debtor, in addition to the other obligations assumed under the Agreement, are: (i.) to adequately and regularly comply with all requirements set forth in current law and regulations arising from the exploration authorization, development concession, licensing, and permit for prospecting, especially those set forth in article 34 of the Regulation; (ii.) to faithfully comply with all requirements and/or notices issued by authorities regarding the Mineral Right, undertaking to collect costs and pay expenses of any kind necessary for the preservation, maintenance, or exploitation of the Mineral Right; (iii.) to refrain from conducting exploration or mineral extraction work in violation of the title obtained under the Mineral Right, as well as from committing any administrative infractions, including, but not limited to, those set forth in articles 55 to 69 of the Regulation; and (iv) not take any action, in court or out of court, that could result in the loss, extinction, or exhaustion, in whole or in part, of the Mineral Right.

5.<u>Guarantees</u>: to ensure payment of any and all monetary obligations under the Agreement, a Fiduciary Sale has been established.

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*The other characteristics of the Mineral Right and the Purchase Price are described in the Agreement, the clauses, terms, and conditions of which the Fiduciary Sale expressly acknowledges and agrees with. All terms and expressions used in this Annex and in its* 

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*Annex with their initials written in capital letters will have the same meanings assigned to them in the Agreement, unless otherwise defined herein.*

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<u>Annex 3.2.1.</u>

to the Call Option Agreement for Mineral Right and Other Covenants, dated as of September 22, 2023.

Draft Instrument of Assignment of Mineral Right.

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**INSTRUMENT OF ASSIGNMENT OF MINERAL RIGHTS**

<u>Assignor</u>: **JJBF LTDA.**, limited liability company with head office in the City of Poços de Caldas, State of Minas Gerais, at Estrada José Kentenich, s/n/, Zona Rural, ZIP Code 37719-000, enrolled with CNPJ under No. 20.684.296/0001-14, e-mail: , herein represented in compliance with its Articles of Association by its Director, <u>Bruno Fagundes Flora</u>, Brazilian citizen, single, control and automation engineer, Holder of Identity Card (RG) No. , enrolled with CPF under No. , resident and domiciled at , e-mail: , hereinafter referred to as "<u>Assignor</u>" or "<u>JJBF</u>", indistinctly;

<u>Assignee</u>: **ALPHA MINERALS BRAZIL PARTICIPAÇÕES LTDA.**, limited liability company with head office in the Capital of the State of São Paulo, at Rua Professor José Leite e Oiticica, No. 530, Sala 03, Vila Gertrudes, ZIP Code 04705-080, enrolled with CNPJ under No. 43.093.229/0001-20, e-mail: , herein represented in compliance with its Articles of Association by its Director, Mr. <u>João Paulo Agapito da Veiga</u>, Brazilian citizen, single, businessman, holder of Identity Card (RG) No. , issued by DETRAN-RJ, enrolled with CPF under No. , resident and domiciled at , with business address in the Capital of the State of São Paulo, at Rua Professor José Leite e Oiticica, No. 530, Vila Gertrudes, ZIP Code 04705-080, e-mail: , hereinafter referred to as "<u>Alpha</u>" or "<u>Assignee</u>", indistinctly;

<u>Consenting Intervening Parties</u>: **GUSTAVO FAGUNDES FLORA**, described above; and **GUSTAVO FAGUNDES FLORA**, Brazilian citizen, married under full separation of property regime, doctor, holder of Identity Card (RG) No. , enrolled with CPF under No. , resident and domiciled at , e-mail: ;

whereas, the Assignor and the Assignee<sup>1</sup> entered into the Assignment Agreement for Mineral Rights and Other Covenants (the "<u>Agreement</u>"), whose draft is an integral part of the Call Option Agreement for Mineral Right and Other Covenants (the "<u>Call Option</u>"), dated as of [...], through which the Assignor assigned and transferred<sup>2</sup> to the Assignee the mineral right currently represented by the development concessions subject to the administrative proceeding registered with the National Mining Agency (the "<u>ANM</u>") under No. 813.944/1971 (the "<u>Mineral Right</u>");

By this private instrument and in accordance with the law, the Assignor and the Assignee, as identified above, resolve to enter into this Instrument of Assignment of Mineral Rights ("<u>Assignment Instrument</u>"), which will be governed by the clauses and conditions specified below:

<u>Purpose</u>. The assignment of the Mineral Right, free and clear of any liens, encumbrances, or restrictions, shall belong exclusively to the Assignee, including all rights and obligations, whether patrimonial or otherwise, inherent thereto, together with any and all rights, guarantees, privileges, preferences, prerogatives, and actions guaranteed by law.

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<sup>1</sup> Or "will enter into in the following days", if the Agreement has not been executed.

<sup>2</sup> Or "will assign and transfer", if the Agreement has not been executed.

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1. As previously and duly agreed upon by the Parties within the scope of the Call Option Agreement for Mineral Right and Other Covenants (the "<u>Call Option</u>") and reflected in the text of the Agreement agreed between the Parties, in consideration for the payment of the Purchase Price defined and agreed upon therein, the Assignor irrevocably assigned the Mineral Rights to the Assignee.

2. The Assignee undertakes, effective this date, to pay any fees or expenses related to the Mineral Rights.

3. The Assignee, at its sole discretion and expense, will register this Assignment Instrument with the ANM, notary offices, or any other applicable agency. The Assignor undertakes to collaborate in any and all acts that may be necessary for the implementation of the registration referred to in this item, at the Assignee's discretion, in order to enable the improvement of the assignment of Mineral Right, such as signing documents and/or petitions, making statements, appearing before the court, tribunal or any judicial authority, through its legal representatives, always aiming at the effective registration of this Assignment Instrument with the National Mining Agency and the transfer of the Mineral Right to the Assignee.

4. The Assignor reiterates, by signing this Assignment Instrument, the truthfulness, validity and effectiveness of all statements and documents made available to the Assignee and, with regard to its economic, financial and equity situation, declares that the assignment of the Mineral Right to the Assignee does not create a case of fraud against creditors, fraud of execution or presumption of fraud against tax authorities, at the Federal, State or Municipal levels, as provided for in article 158 of the Civil Code, in article 792 of the Civil Procedure Code and in article 185 of the National Tax Code, respectively, and other applicable rules.

5. The Consenting Intervening Parties sign this Assignment Instrument, as partners of the Assignor, expressly authorizing the performance of the legal transaction embodied herein, in accordance with articles 107, 219, and 220, all of the current Civil Code.

6. This Assignment Instrument does not change, replace, or cancel any other understandings or provisions of the Agreement. Capitalized terms and expressions that do not have a definition in this Assignment Instrument will have the definition established in the Agreement.

7. This Assignment Instrument will be construed and governed by the laws of the Federative Republic of Brazil in force. All disputes, controversies, and/or issues arising from or related to this Assignment Instrument shall be finally resolved in the District court of Poços de Caldas, State of Minas Gerais, chosen by mutual agreement of the Parties.

The Parties and the Consenting Intervening Parties enter into this Assignment Instrument in two (2) copies, before two witnesses below.

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Poços de Caldas, [...]

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| |
|:---|
| **JJBF LTDA.** |
| p. Bruno Fagundes Flora |
| **ALPHA MINERALS BRAZIL PARTICIPAÇÕES LTDA.** |
| p. João Paulo Agapito da Veiga |
| **BRUNO FAGUNDES FLORA** |
| **GUSTAVO FAGUNDES FLORA** |
| <u>Witnesses:</u> |

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| | |
|:---|:---|
| 1. | 2. |
| Name: | Name: |
| CPF: | CPF: |

---

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<u>Annex 3.2.2.</u>

to the Call Option Agreement for Mineral Right and Other Covenants, dated as of September 22, 2023.

Draft Public Power of Attorney.

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DRAFT

POWER OF ATTORNEY APPOINTING: JJBF LTDA, AS STATED BELOW:

KNOW all men by these presents, on September 18, 2023, in this City of Poços de Caldas, in the State of Minas Gerais, in the Second Notary Public's Office, located at Rua Paraíba, 245 - Sala 02, e-mail: , the following appeared as grantor(s): **JJBF LTDA**, *with head office at Estrada José Kentenich, s/n, Zona Rural district, Poços de Caldas, Minas Gerais, enrolled with CNPJ No. 20.684.296/0001-14*; herein represented in compliance with its articles of association by its director, **BRUNO FAGUNDES FLORA**, *Brazilian citizen, engineer, Identity Card No. , issued by MG, enrolled with CPF No. , single, of age, resident and domiciled at*; and **GUSTAVO FAGUNDES FLORA**, *Brazilian citizen, businessman, Identity Card No. , issued by MG, enrolled with CPF No. , single, of age, resident and domiciled at*; party(ies) recognized as the one(s) I am dealing with, identified in light of the aforementioned identity document(s), presented in their original(s), and qualified herein in accordance with their own declaration(s). Next, by the grantor(s), free from error, fraud, coercion or any other type of defect in the existing legal transaction, I was told that, by this public instrument, they appoint their attorney(s): **ALPHA MINERALS BRAZIL PARTICIPAÇÕES LTDA**, *with head office at Rua Professor José Leite e Oiticica, No. 530, Vila Gertrudes district, São Paulo, São Paulo, enrolled with CNPJ No. 43.093.229/0001-20, herein represented in compliance with its articles of association by its director, João Paulo Agapito da Veiga, Brazilian citizen, single, businessman, Identity Card No. , issued by DETRAN-RJ, enrolled with CPF under No. , resident and domiciled at , with business address in the Capital of the State of São Paulo, at Rua Professor José Leite e Oiticica, No. 530, Vila Gertrudes, ZIP Code 04705-080*; by this instrument, the Grantors appoint the Grantee as their attorney-in-fact, on an "in their own behalf" basis, on an irrevocable and irreversible basis, in compliance with the terms set forth in the Call Option Agreement for Mineral Rights and Other Covenants entered into on this date between the Grantors and the Grantee (the "Option"), in accordance with the rules of articles 683, 684, 685 and 686 of the Civil Code, with powers to, once the obligations set forth in item 3.1 of the Mineral Rights Call Option entered into between the Grantor and the Grantee have been regularly and timely fulfilled, in particular the regular exercise of the option and the payment of the First Installment of the Exercise Price, as defined in item 2.1.(a.) of the Option, perform any and all acts necessary to formalize the Mineral Rights call option, as described and characterized in Annex I to the Option, and may also **(I.)** sign individually, in the name and on behalf of the Grantors, the Mineral Right Assignment Instrument that is an integral part of the Option as its Annex 3.2.1., in addition to other documents necessary for the formalization of the assignment of the entire Mineral Right currently represented by the development concessions that are the subject of the administrative proceeding registered with the National Mining Agency ("ANM") under No. 813.944/1971, with Development Concession Ordinance No. 8,053, dated as of 01.16.1979, and 313, dated as of 10.23.1997, for bauxite and clay ores, in an area of 298.89ha, located in the City of Poços de Caldas, MG, to the Grantee, and **(II.)** perform any and all acts necessary for the endorsement and/or registration of the Mineral Right Assignment Instrument that is an integral part of the Option as its Annex 3.2.1. before the ANM, notary offices or any other public or private body, being able to proceed in the name and instead of the Grantors to the adoption of any and all necessary measures for the registration of the assignment of the Mineral Right described and characterized in Annex I. to the Option. **(III.)** The

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Grantee also has, under this Power of Attorney, the power to perform any acts necessary for the faithful and regular performance of this instrument. This power of attorney is irrevocable and irreversible, remaining in effect throughout the term of the Option, in accordance with articles 683, 684, 685, and 686, head provision and Sole paragraph. This Power of Attorney was granted "in its own name" to the Grantee as a condition for the execution of the Call Option. This mandate may only be used and will be effective for its intended purpose if the Grantee regularly exercises the call option provided for in the Option, including the necessary payment of the First Installment of the Exercise Price, as defined in item 2.1.(a.) of the Option, and the signing of the Instrument of Assignment of Mineral Right that is an integral part of the Option as its Annex 3.2.1. or the performance of any acts mentioned above before making said payment is prohibited. Capitalized terms used in this instrument that have not been defined herein shall have the same meaning as such terms in the Option. The powers granted herein are in addition to the powers granted by the Grantors to the Grantee under the Option or any other documents and do not nullify or revoke such powers. The Grantors hereby agree to ratify any act that the Grantee has performed within the scope of the powers granted by this Power of Attorney, when and if requested by the Grantee. The Grantee is authorized to delegate to a lawyer of his/her trust the powers granted through this power of attorney. This power of attorney shall be governed by and construed in accordance with the laws of the Federative Republic of Brazil. The documents required by Joint Provision 93/2020 of the CGJ/MG have been submitted and filed. **OTHER DECLARATIONS:** the grantor(s) declare(s) that the grantee's complete qualification was provided by their own voice and that they verified it and found it to be completely accurate, thus irrevocably and irrevocably releasing this Office from such data; that the description of the powers/object(s) hereof are their sole responsibility, and they are civilly and criminally liable for its truthfulness and accuracy. Proof of these declarations must be demanded directly by the agencies and individuals concerned. **FINAL CLARIFICATION:** In compliance with the General Personal Data Protection Law, the parties: <u>a)</u> submit their personal data voluntarily; <u>b)</u> are aware that the data will be provided to mandatory feeding systems, such as CENSEC and similar, due to regulatory requirements; <u>c)</u> are aware that, given the public nature of notarial acts, a certificate of this instrument may be provided to third parties. - Amount: 1 - (Code: 1458-9 -) - Fees: BRL 136.39; Recompe: BRL 8.18; Judicial Inspection Fee: BRL 45.44; ISS: BRL 6.82 - Total amount: BRL 196.83. Amount: 9 - (Code: 8101-8 - Filing) - Fees: BRL 75.51; Recompe: BRL 4.50; Judicial Inspection Fee: BRL 25.11; ISS: BRL 3.78 - Total amount: BRL 108.90. This is what they said, to which I attest, and they requested this instrument from me, which I drew up in my notes, in accordance with Article 215, paragraph 1, sub-item IV of the Civil Code, and, having found it to be in accordance, they granted, accepted, and signed it, waiving the presence of witnesses, in accordance with Article 215, paragraph 5 of the Civil Code, to which I attest. I, , Clerk, had it typed. I, , Notary Public, subscribe and sign it. (sgd)

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| BRUNO FAGUNDES FLORA |
| GUSTAVO FAGUNDES FLORA |

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<u>Annex 4.2.1.</u>

to the Call Option Agreement for Mineral Right and Other Covenants, dated as of

September 22, 2023.

Initial Due Diligence checklist

a.Full copy of the ANM Administrative Proceeding under No. 813.944/1971;

b.Mining Title;

c.Proof of Payment of Financial Compensation for Mineral Exploration ("<u>CFEM</u>") to date;

d.Proof of Payment of Annual Fee per Hectare ("<u>TAH</u>") through 2022;

e.Debt Clearance Certificates before the ANM (listing any outstanding debts and those disputed in administrative proceedings that have not yet been registered);

f.Environmental Licenses and Authorizations related to mining and processing, such as, but not limited to: environmental applications, licenses, and authorizations for vegetation removal and/or use of Permanent Preservation Areas (APP); proof of Legal Reserve and/or commitment to the state environmental system; environmental studies, including: EIA/RIMA, PCA/RCA, Environmental Impact Report, Environmental Performance Report and Monitoring List, Project Characterization Form, indication of areas to be used as environmental compensation, proof of payment or environmental compensation agreement, and commitment terms signed for licenses or permits granted;

g.Copy of Agreements and Authorizations signed with Landowners;

h.Certificate of all surface properties located within the polygon area of the ANM Administrative Proceeding under No. 813.944/1971, as well as neighboring properties used for disposal areas or other purposes; INCRA registration of surface properties;

i.A Full copy of administrative proceedings before the ANM discussing any CFEM or TAH debts or a Clearance Certificate;

j.A Full copy of Administrative proceedings before the Environmental and Water Resources Institute (INEMA) discussing any outstanding fees and/or fines resulting from notices for violations of environmental law or a clearance certificate;

k.Documentation related to exploration in Mineral Right to date; and

l.A copy of any Conduct Adjustment Instruments (TAC) entered into by the Grantor.

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## Exhibit 10.15

**Exhibit 10.15.2**

**FIRST AMENDMENT TO THE CALL OPTION AGREEMENT FOR MINERAL RIGHT AND OTHER COVENANTS**

By this private instrument, and in accordance with the Law, the Parties designated and described below, namely,

on one hand,

**JJBF LTDA**., limited liability company with head office in the City of Poços de Caldas, State of Minas Gerais, at Estrada José Kentenich, s/n/, Zona Rural, ZIP Code 37719-000, enrolled with CNPJ under No. , e-mail: , herein represented in compliance with its Articles of Association by its Director, <u>Bruno Fagundes Flora</u>, Brazilian citizen, single, control and automation engineer, Holder of Identity Card (RG) No. , enrolled with CPF under No. , resident and domiciled at , e-mail: , hereinafter referred to as "<u>Grantor</u>";

and, on the other hand,

**ALPHA MINERALS BRAZIL PARTICIPAÇÕES LTDA.**, limited liability company with head office in the Capital of the State of Minas Gerais, at Rua Turim, No. 59, 3<sup>rd</sup> floor, Santa Lúcia, ZIP Code 30360-552, enrolled with CNPJ under No. , e-mail: , herein represented in compliance with its Articles of Association by its Directors, Messrs. <u>João Paulo Agapito da Veiga</u>, Brazilian citizen, single, businessman, holder of Identity Card (RG) No. , issued by DETRAN-RJ, enrolled with CPF under No. , resident and domiciled in , e-mail: , and <u>Renato Aureo de Paula Gonzaga</u>, Brazilian citizen, married, economist, holder of Identity Card (RG) No. , resident and domiciled in the Capital of the State of Minas Gerais, e-mail: , both of them with business address in the Capital of the State of Minas Gerais, at Rua Turim, No. 59, 3<sup>rd</sup> floor, Santa Lúcia, ZIP Code 30360-552, hereinafter referred to as "<u>Grantee</u>", and together with the Grantor, the "<u>Parties</u>", indistinctly;

and as Consenting Intervening Parties,

**BRUNO FAGUNDES FLORA**, described above, hereinafter referred to as "<u>Bruno</u>";

**GUSTAVO FAGUNDES FLORA**, Brazilian citizen, married under full separation of property regime, doctor, holder of Identity Card (RG) No. , enrolled with CPF under No. , resident and domiciled at , e-mail: , hereinafter referred to as "<u>Gustavo</u>"; and

**RARE EARTHS AMERICAS PTY LTD**., a company duly organized and existing under the laws of Australia, registered under ACN number 664.370.254 and under ABN number 84.664.370.254, with head office at suite 53, level 2, 1515, Labouchere Road, South Perth, WA, 6151, Australia, enrolled with CNPJ under No. , e-mail: , herein represented in compliance with its Bylaws, hereinafter referred to as "<u>REA</u>" and, together with Bruno and Gustavo, the "<u>Consenting Intervening Parties</u>";

whereas, on 09.22.2023, the Parties entered into the Call Option Agreement for Mineral Rights and Other Covenants (hereinafter, the "<u>Agreement</u>"), the purpose of which is for the Grantor to exclusively grant to the Grantee a call option for the entire mineral right represented by the development concessions subject to the Administrative Proceeding registered with the ANM under No. , for bauxite and clay minerals, in the city of Poços

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de Caldas, State of Minas Gerais, in an area of 298.89ha, owned by the Grantor (the "<u>Mineral Right</u>" and the "<u>Call Option</u>", respectively);

whereas, the Parties intend to renegotiate the payment method for the Exercise Price, as well as to extend the term of the Agreement, adopting the new parameters established below in this private instrument;

they resolve, by mutual agreement, to enter into this First Amendment to the Call Option Agreement for Mineral Right and Other Provisions (hereinafter, the "<u>First Amendment</u>"), amending certain conditions and provisions of the Agreement, as set forth below.

**CLAUSE I**.

**PAYMENT METHOD OF THE EXERCISE PRICE.**

1.1. <u>Change in the Payment Method of the Exercise Price</u>. The Parties irrevocably and irreversibly resolve to change the payment method of the Exercise Price previously established in the item 2.1. of the Agreement, which will be carried out predominantly through the delivery to the Grantor of shares issued by the Consenting Intervening Party REA, an Australian company that holds all of the Grantee's capital stock, to be issued within the scope of a liquidity event that makes their public trading possible, on the Australian Securities Exchange or another that may replace it, in compliance with the regulations provided for in the applicable law and in the manner defined below in the new wording of item 2.1.1. of the Agreement, and, subsequently, transferred to the Grantor, by replacing the payment in current currency previously provided for in items 2.1.(a.) to 2.1.(c.) of the Agreement, through the adoption of a legal form that will be timely defined between the Parties.

1.2. Due to the new rules and conditions referred to in 1.1. regarding the payment method of the Exercise Price, which were established by mutual agreement between the Parties, item 2.1. of the Agreement shall, effective today, be in effect with the following new wording:

*"2.1. <u>Exercise Price</u>. The total, clear and legal price to be paid by the Grantee to the Grantor, in consideration for the acquisition of the Mineral Right, in the event of exercise of the Call Option governed by this Agreement, shall be equivalent to fifteen million US dollars (US$15,000,000.00) (the "<u>Exercise Price</u>"), to be paid as follows:*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*a. (a.1.) the amount in BRL (Reais) equivalent to one million US dollars (US$1,000,000.00), calculated based on the US$(US dollar) exchange rate for purchase, published by the Central Bank of Brazil on the business day immediately prior to the date of the respective payment, will be paid in Brazilian currency, by TED or PIX to the bank account held by the Grantor indicated in <u>Annex 1.2</u>. to the Agreement, within a maximum period of fifteen (15) days after sending the Exercise Notice, in accordance with the procedure set forth in 3.1. below; and (a.2.) the amount equivalent to four million US dollars (US$4,000,000.00) shall be paid upon the transfer to the Grantor's ownership of as many REA Shares, as defined in 2.1.1. below, as are necessary to obtain such amount, always rounded up to a whole number higher, if applicable,* 

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*valued at the closing price of the REA Shares on the date of the Liquidity Event, as defined in 2.1.1. below, and such transfer shall occur within a maximum period of fifteen (15) days after the sending of the Exercise Notice, in compliance with the procedure set forth in 3.1. below [the payments referred to in (a.1.) and (a.2.) shall be referred to collectively as the "<u>First Installment of the Exercise Price</u>"];*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*b. the amount equivalent to five million US dollars (US$5,000,000.00) will be paid upon transfer to the Grantor's ownership of as many REA Shares as necessary to obtain this amount, always rounded up to a higher whole number, if applicable, assessed by the average of the closing prices traded on the ASX, as defined below, measured in the ten (10) days prior to the transfer date, and this payment must occur within a maximum period of twelve (12) months after the expiration of the First Installment of the Exercise Price (the "<u>Second Installment of the Exercise Price</u>"); and*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*c. the amount equivalent to five million US dollars (US$5,000,000.00) will be paid upon transfer to the Grantor's ownership of as many REA Shares as necessary to obtain this amount, always rounded up to a higher whole number, if applicable, assessed by the average of the closing prices traded on the ASX, as defined below, measured in the ten (10) days prior to the transfer date, and this payment must occur within a maximum period of twelve (12) months after the expiration of the Second Installment of the Exercise Price (the "<u>Third Installment of the Exercise Price</u>").*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2.1.1. <u>REA Shares</u>. For the purposes of payment of the Exercise Price provided for in 2.1.(a.2.), 2.1.(b.) and 2.1.(c.) above and other rules of the Agreement, "<u>REA Shares</u>" shall be considered to be shares issued by REA or its successor or controlling company that are subject to public trading on the Australian Securities Exchange or any other exchange that may replace it (the "<u>ASX</u>"), such trading being the result of any of the following types of liquidity events: (i.) an initial public offering for public trading on the ASX of REA shares, its successor or controlling company (an IPO); (ii.) the merger of the REA into a company whose shares are admitted to trading on the ASX, or the merger by the REA of a public company whose shares are admitted to trading on the ASX; or (iii.) the sale or transfer of controlling interest in the REA to a public company whose shares are admitted to trading on the ASX (hereinafter, a "<u>Liquidity Event</u>").*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2.1.2. <u>Other provisions applicable to the payment of the Exercise Price upon the transfer of REA Shares</u>. Without prejudice to the provisions of items 2.1 and 2.1.1. Above, the Parties hereby agree that:*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2.1.2.1. <u>Advancement:</u> the Grantee may, at its sole discretion, advance, in whole or in part, the payment of the Second Installment of the Exercise Price and the Third Installment of the Exercise Price, by advancing the transfer of REA Shares to the Grantor, provided that the evaluation* 

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*criteria for REA Shares set out in items 2.1.(b.) and 2.1.(c.) are strictly observed;*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2.1.2.2. <u>Cooperation</u>: the Grantee will use its best efforts to assist the Grantor, to the extent possible, including by recommending service providers, in adopting the procedures required by the ASX, brokerages, or other intermediaries to facilitate the effective receipt of the REA Shares, as set forth in 2.1.(a.2.), 2.1.(b.) and 2.1.(c.) above;*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2.1.2.3. <u>Lock-Up</u>: Grantor is aware that Australian law and ASX regulations have specific rules regarding time restrictions on the sale of shares subject to public trading in that country. Therefore, the REA Shares transferred to Grantee may be subject to "lock-up" periods defined by Australian regulatory authorities.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2.1.2.4. <u>Structure</u>: the Parties shall, by mutual agreement, define the legal-contractual structure to be adopted for the transfer of the REA Shares to the Grantor, taking into account, among others, the tax costs involved, the risks eventually borne, Brazilian law regarding investments abroad and any applicable Australian regulations.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2.1.2.5. <u>Alternative payment</u>: if, by the end of the Term or the Additional Term, as defined in 5.1. and 5.1.1. below, a Liquidity Event related to the REA Shares does not materialize, as defined in 2.1.1. above, the Grantee may still, at its sole discretion, exercise the Call Option, as provided for in 3.1., upon payment of the installments of the Exercise Price in the amounts and within the periods provided for in 2.1.(a.2.), 2.1.(b.) e 2.1.(c.) above, in BRL (Reais), calculated based on the US$(United States dollar) exchange rate for purchase, published by the Central Bank of Brazil on the business day immediately prior to the date of the respective payment, via TED or PIX to the bank account held by the Grantor indicated in <u>Annex 1.2</u>. to the Agreement. For clarification purposes, if the Grantee exercises the Call Option before a Liquidity Event and adopts the alternative payment method provided for in this item 2.1.2.5., but, before the payment of the last Installment of the Exercise Price, a Liquidity Event occurs, the installments of the Exercise Price due after said Liquidity Event must be paid under the strict terms provided for in 2.1.(b.) and/or 2.1.(c.), above, and payment in BRL (Reais) exceptionally provided for in this item is prohibited, unless the Grantor expressly agrees to this alternative payment method.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2.1.3. <u>Adjustment and interest</u>. No monetary adjustment or interest shall be applied to the Exercise Price timely paid during the term of this Agreement.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2.1.4. <u>Release and Default</u>. For all legal purposes and effects, the presentation of bank receipt confirming the said wire transfer in item 21(a.1) to the bank account held by the Grantor, as detailed in <u>Annex 1.2</u>., or, as applicable, the effective transfer, as provided for in Australian law, of the REA Shares to the Grantor will imply the granting by the Grantor to the Grantee, of the broadest, general, irrevocable, and irreversible release* 

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*regarding the receipt of the Exercise Price, to no further demand or dispute on this basis, at any time, in or out of court. In the event of late payment of any of the installments of the Purchase Price, the balance due will be determined on the respective maturity date and, from said date onward, this balance will be subject to (i) a late payment penalty of two percent (2%) of the outstanding balance; and (ii.) interest of half a percent (0.5%) per month from the due date set forth in 2.1. above, without prejudice to the possibility of adopting applicable legal measures by the Grantor.*

2.1. <u>Assignment Agreement; Adaptations</u>. In the event that the Grantee exercises the Call Option, as provided for in item 3.1. of the Agreement, the draft of the private instrument of the Assignment Agreement for Mineral Right and Other Covenants, which is included in the Agreement as <u>Annex 3.2.</u> and is intended to formalize the transfer of the Mineral Right to the Grantee, under the strict terms set forth in item 3.2 of the Agreement, must be adapted to reflect, "*mutatis mutandis*", the terms and conditions established in the new wording of item 2.1 and its respective subitems of the Agreement, as amended by this First Amendment.

2.2. <u>Term</u>. The Parties further resolve to extend the term of the Agreement, extending it for an initial period of twelve (12) months and, in the event of a Liquidity Event not materializing within this period, as defined in the new wording of item 2.1.1 of the Agreement, for an additional period of twelve (12) months, upon payment of a supplementary premium in the amount in BRL (Reais) equivalent to one hundred thousand US dollars (US$100,000.00). As a consequence of the new rules established in this item, the Parties, by mutual agreement, resolve to amend item 5.1. of the Agreement, which shall come into force with the following new wording:

*"5.1. <u>Term</u>. The provisions of this Agreement shall be valid and effective from the date of its execution until December 31, 2025, extendable as set forth in 4.3. above. Before the end of the term provided for in this item, neither Party is permitted to terminate or unilaterally terminate the provisions of this Agreement, except in the cases expressly provided for herein (the "<u>Term</u>").*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*5.1.1. <u>Additional Term</u>. If, by the end of the Term, a Liquidity Event related to the REA Shares has not yet materialized, as defined in item 2.1.1. above, the Grantee will have the irrevocable and irreversible right, upon prior payment of an additional premium in current currency in the amount of BRL (Reais) equivalent to one hundred thousand US dollars (US$100,000.00), calculated based on the US$(US dollar) exchange rate for purchase, published by the Central Bank of Brazil on the business day immediately prior to the date of the respective payment (the "<u>Additional Premium</u>"), to automatically extend the Term Price provided for in 5.1. above to December 31, 2026 (the "<u>Additional Term</u>"), without the need for prior notice to the Grantee or a new amendment to the Agreement. The Additional Premium must be paid by the Grantee by the business day immediately preceding the end of the Term, by means of a TED or PIX transfer to the bank account held by the Grantor indicated in <u>Annex 1.2</u>. to the Agreement."*

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2.3. <u>Technical conclusions and data</u>. In the event of failure to exercise the Call Option of the Mineral Right by the end of the Additional Term established in the new wording of item 5.1.1. of the Agreement, the Grantee immediately assumes the obligation to transfer to the Grantor a copy of all raw data related to research conducted in the area of Mining Law, amending the provisions of item 4.4.(iv.) of the Agreement. As a consequence of the new obligations assumed in this item, item 4.4. of the Agreement shall, effective today, be in force with the following new wording:

*"4.4. <u>Completion of Due Diligence</u>. If the Grantee does not exercise the Call Option by the deadline referred to in 5.1 below, or in item 5.1.1, if applicable, it shall, within the same deadline, (i.) remove all its equipment and employees from the research area, and its representatives are expressly prohibited from accessing the site after the end of this Agreement; (ii.) restore and/or recover the Mineral Rights area, pursuant to the current environmental law, ensuring that the area is returned to the Grantor in the same conditions in which it was previously received, under penalty of being liable for losses and damages, in addition to any lost profits; (iii.) be liable for fines or penalties imposed on the Grantor, as well as for any damages generated in the Mineral Rights area, provided that they are directly and demonstrably a result of the research activities carried out by the Grantee; and (iv.) present to the Grantor a copy of all raw data relating to research carried out in the area of Mining Law and its technical conclusions, if any."*

**CLAUSE II.**

**RATIFICATION AND MISCELLANEOUS**.

2.1. <u>Definitions</u>. All defined terms used in this First Amendment shall have the meaning assigned to them in the Agreement, unless otherwise specifically established in this First Amendment.

2.2. <u>Binding, Ratification and Entire Agreement</u>. This First Amendment shall become an integral part of the Agreement for all legal purposes and effects. All clauses, terms, and conditions set forth in the Agreement that have not been expressly amended by this First Amendment remain in force and are hereby ratified by the Parties. This First Amendment, together with the Agreement, creates the entire agreement among the Parties regarding the matters creating the Call Option, superseding all previously executed documents and understandings previously reached among the Parties.

2.3. <u>Irrevocability</u>. This First Amendment is signed on an irrevocable and irreversible basis, not allowing for withdrawal under any circumstances, and is binding on the Parties and their heirs and successors in any capacity.

2.4. <u>Amendments</u>. Amendments to this First Amendment will only be valid when executed in writing and signed by the legal representatives of all Parties.

2.5. <u>Assignment</u>. The rights and obligations arising from this First Amendment may not be assigned or transferred, in whole or in part, by either Party to third parties other than Authorized Assignees, as defined in item 1.4 of the Agreement, except with the prior or express consent of the other Party.

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2.6. <u>Honesty and good faith</u>. The Parties mutually and expressly declare that this First Amendment was entered into in compliance with the principles of honesty and good faith, through a free, conscious, and firm expression of the will of the Parties, and in a perfectly equitable relationship.

2.7. <u>Notices</u>. All notifications, notices related to this first Amendment or the Proposal must be in writing and will be deemed received on the delivery date, if delivered in person, on the date of actual receipt, if sent by post, or on the date of dispatch, if sent by email. These notices, notifications, and communications will be sent to the addresses indicated in the preamble, or to any other address that may be communicated in writing by a Grantor or the Company to the others, by written communication.

2.8. <u>Specific Performance</u>. All commitments and obligations assumed in this Memorandum by the Parties and the Consenting Intervening Parties are subject to specific performance, according to the articles 497, 501 and 815 *et seq.* of the Civil Procedure Code, with this Memorandum serving as an instrument enforceable out of court, according to the article 784, III, of the Civil Procedure Code.

2.9. <u>Jurisdiction</u>. The Parties hereby elect the Judicial district of Poços de Caldas, State of Minas Gerais to resolve any doubts, disputes, or controversies arising from this First Amendment, to the exclusion of any other, however privileged it may be or may become.

2.10. <u>Signatures</u>. The Parties agree that this First Amendment will be executed electronically by the Parties, but not through electronic certificates issued by the Brazilian Public Key Infrastructure - ICP-Brasil, as provided in article 10, §2 of Provisional Measure No. 2, 2202, and article 784, §4, of the Civil Procedure Code, stating that any form of electronic record will be sufficient for its truthfulness, authenticity, integrity, validity, and effectiveness, as well as for the respective binding of the Parties to its terms. The Parties also agree that the electronic signature of this First Amendment does not prevent or impair its enforceability, and shall be considered, for all legal purposes, an instrument enforceable out of court, as provided in 3.10. above. The Parties further acknowledge that (i.) even if either Party electronically signs this First Amendment in a different location, the place of execution of this First Amendment is, for all purposes, the City of São Paulo, State of São Paulo, as indicated below; and (ii.) the execution date of this First Amendment will be considered, for all intents and purposes, the date indicated below, notwithstanding the date on which the last electronic signature is executed.

In witness whereof, the Parties electronically execute this First Amendment to the Call Option Agreement for Mineral Right and Other Covenants, through the platform D4Sign, www.d4sign.com.br.

Poços de Caldas, December 27, 2024.

<u>Parties</u>:

&nbsp;&nbsp;*/s/ Bruno Fagundes Flora*<br>

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**JJBF LTDA.**

p. Bruno Fagundes Flora

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| &nbsp;&nbsp;*/s/ João Paulo Agapito da Veiga* | &nbsp;&nbsp;*/s/ Renato Gonzaga* |

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**ALPHA MINERALS BRAZIL PARTICIPAÇÕES LTDA.**

p. João Paulo Agapito da Veiga and Renato Aureo de Paula Gonzaga

<u>Consenting Intervening Parties</u>:

&nbsp;&nbsp;*/s/ Bruno Fagundes Flora*<br>

**BRUNO FAGUNDES FLORA**

&nbsp;&nbsp;*/s/ Gustavo Fagundes Flora*<br>

**GUSTAVO FAGUNDES FLORA**

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| &nbsp;&nbsp;*/s/ Bernardo Sanchez Agapito da Veiga* | &nbsp;&nbsp;*/s/ Dominic Paul Allen* |

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**RARE EARTHS AMERICAS PTY LTD.**

p. Bernardo Sanchez Agapito da Veiga and Dominic Paul Allen

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## Exhibit 10.15

**Exhibit 10.15.3**

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| &nbsp;&nbsp;**SECOND AMENDMENT TO THE CALL OPTION AGREEMENT FOR MINERAL RIGHT AND OTHER COVENANTS** | &nbsp;&nbsp;**SEGUNDA ADITIVO AO CONTRATO DE OPÇÃO DE COMPRA DE DIREITO MINERAL E DEMAIS CLAUSULAS** |
| &nbsp;&nbsp;By this private instrument, and in accordance with the Law, the Parties designated and described below, namely, <br>on one hand, | &nbsp;&nbsp;Por meio deste instrumento particular, e em conformidade com a Lei, as Partes designadas e descritas abaixo, a saber,<br>de um lado, |
| &nbsp;&nbsp;**JJBF LTDA.**, limited liability company with head office in the City of Pogos de Caldas, State of Minas Gerais, at Estrada Jose Kentenich, s/n/, Zona Rural, ZIP Code 37719-000, enrolled with CNPJ under No. 20.684.296/0001-14, e-mail: , herein represented in compliance with its Articles of Association by its Director, **Bruno Fagundes Flora**, Brazilian citizen, single, control and automation engineer, holder of identity card (RG) no. , enrolled with CPF under no. , resident and domiciled at , e-mail: , hereinafter referred to as "Grantor"; <br>and, on the other hand,<br>**ALPHA MINERALS BRAZIL PARTICIPAÇÕES LTDA.**, limited liability company with head office in the Capital of the State of Minas Gerais, at Rua Turim, No. 59, 3rd floor, Santa Lucia, ZIP Code 30360-552, enrolled with CNPJ under no. 43.093.229/0001-20, e-mail: , herein represented in compliance with its Articles of Association by its managing directors, Mrs. **Carla Cristina de Carvalho**, Brazilian citizen, accountant, CPF number , e-mail: , and **Svetlana Igorevna Nefedova**, Italian_citizen, CPF number , e-mail: , both of them with business address in the Capital of the State of Minas Gerais, at Rua Turim, no. 59, 3rd floor, Santa Lucia, ZIP Code 30360-552, hereinafter referred to as "Grantee", and together with the Grantor, the "Parties", indistinctly;<br>and as Consenting Intervening Parties, | &nbsp;&nbsp;**JJBF LTDA.**, sociedade limitada com sede na cidade de Pogos de Caldas, Minas Gerais, na Estrada Jose Kentenich, s/n/, Zona Rural, CEP 37719-000, inscrita no CNPJ sob o n° 20.684.296/0001-14, e-mail: , aqui representada em conformidade com seu Estatuto Social por seu Diretor, **Bruno Fagundes Flora**, cidadão brasileiro, solteiro, engenheiro de controle e automação, portador da Carteira de Identidade (RG) n° , inscrito no CPF sob o n° , residente e domiciliado na , e-mail: , doravante denominado "Outorgante" ou "Cedente";<br>e, por outro lado,<br>**ALPHA MINERALS BRAZIL PARTICIPAÇÕES LTDA.**, sociedade limitada com sede na Capital do Estado de Minas Gerais, na Rua Turim, n° 59, 3° andar, Santa Lucia, CEP 30360-552, inscrita no CNPJ sob o n° 43.093.229/0001-20, e-mail: , aqui representada em conformidade com seu Estatuto Social por suss administradoras, Sra. **Carla Cristina de Carvalho**, brasileira, contadora, inscrita no CPF sob o n° , e-mail: ,e-mail: e **Svetlana Igorevna Nefedova**, italiana, inscrita no CPF sob o n° , e-mail: , ambas com endereço comercial na Capital do Estado de Minas Gerais, na Rua Turim, n° 59, 3° andar, Santa Lucia, CEP 30360-552, doravante denominada "Outorgados", "Cessionaria", e juntamente com o Outorgante, as "Partes", indistintamente;<br>e como Partes Intervenientes Anuentes, |

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| &nbsp;&nbsp;**BRUNO FAGUNDES FLORA**, described above, hereinafter referred to as "<u>Bruno</u>"; <br>**GUSTAVO FAGUNDES FLORA**, Brazilian citizen, married under full separation of property regime, doctor, holder of Identity Card (RG) no. , enrolled with CPF under no. , resident and domiciled at , e-mail: , hereinafter referred to as "<u>Gustavo</u>"; and<br>**RARE EARTHS AMERICAS, INC.**, a company duly organized under the laws of Texas, with principal executive offices at 250 Fillmore Street, Suite 150, Denver, CO 80206, e-mail: , herein represented in compliance with its Bylaws, hereinafter referred to as "REA US" and, together with Bruno and Gustavo, the "<u>Consenting Intervening Parties</u>";<br>Whereas, on 09.22.2023, the Parties entered into the Call Option Agreement for Mineral Rights and Other Covenants (the "<u>Original Agreement</u>"), the purpose of which is for the Grantor to exclusively grant to the Grantee a call option for the entire mineral right represented by the development concessions subject to the Administrative Proceeding registered with the ANM under no. 813.944/1971, for bauxite and clay minerals, in the city of Pogos de Caldas, State of Minas Gerais, in an area of 298.89ha, owned by the Grantor (the "<u>Mineral Right</u>" and the "Call Option", respectively);<br>Whereas, on 12.27.2024, the Parties entered into the First Amendment to the Original Agreement, through which they renegotiated the payment method of the Exercise Price originally provided for in the Original Agreement, in addition to extending its term, with the establishment of the concepts of Additional Premium, among other Modifications (hereinafter, the "First Amendment" and the Original Agreement, as amended, the "<u>Amended Agreement</u>"); | &nbsp;&nbsp;**BRUNO FAGUNDES FLORA**, descrito acima, doravante denominado "<u>Bruno</u>"; <br>**GUSTAVO FAGUNDES FLORA**, cidadão brasileiro, casado sob regime de separação total de bens, medico, portador da Carteira de Identidade (RG) n° , inscrito no CPF sob n° , residente e domiciliado na , e-mail: , doravante denominado "<u>Gustavo</u>"; e<br>**RARE EARTHS AMERICAS, INC.**, uma empresas devidamente constituída sob as leis do Texas, com sede principal em 250 Fillmore Street, Suite 150, Denver, CO 80206, e-mail: , aqui representada em conformidade com seus Estatutos, doravante denominada "REA US" e, juntamente com Bruno e Gustavo, as "<u>Partes Intervenientes Anuentes</u>";<br>Considerando que, em 22/09/2023, as Partes celebraram o Contrato de Opção de Compra de Direitos Minerários e Outras Obrigações (o "<u>Contrato Original</u>"), cujo objetivo é que o Outorgante outorgue ao Outorgado, com exclusividade, uma opção de compra para a totalidade dos direitos minerários representados pelas concessões de desenvolvimento sujeitas ao Processo Administrativo instaurado na ANM sob o n° 813.944/1971, para bauxita e argila, na cidade de Poços de Caldas, Estado de Minas Gerais, em área de 298,89 ha, de propriedade do Outorgante (os "<u>Direitos Minerários</u>" e a "Opção de Compra", respectivamente);<br>Considerando que, em 27/12/2024, as Partes celebraram o Primeira Aditivo ao Contrato Original, por meio da qual renegociaram a forma de pagamento do Prego de Exercício originalmente previsto no Contrato Original, além de prorrogar seu prazo, com o estabelecimento dos conceitos de Prêmio Adicional, entre outras modificações (doravante, "Primeira Aditivo" e o Contrato Original, conforme alterado, o "<u>Contrato Alterado</u>");<br>Considerando que a REA US foi constituída em fevereiro de 2025 sob as leis das Ilhas Cayman  |

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| &nbsp;&nbsp;Whereas REA US was incorporated in February 2025 under the laws of the Cayman Islands as "Rare Earths Americas Ltd" and effective on October 15, 2025, it completed a redomestication through the filing of a certificate of conversion, becoming a Texas corporation, changing its name to "Rare Earths Americas, Inc.";<br>Whereas, in July 2025, in two transactions, each contingent upon the completion of the other, REA US acquired Alpha Minerals Brazil Participagaes Ltda., the Grantee, and Foothills Rare Earths Limited, an Australian incorporated public unlisted corporation (both transactions referred to herein as the "<u>Acquisition</u>"); <br>Whereas, following the Acquisition, the Parties intend to amend the Amended Agreement, and specifically item 2.1, to specify that the Liquidity Event (as defined therein) and issuance of shares as part of the installment payments in connection with the Liquidity Event will relate to the initial public offering of REA US, as well as to make other clarifying modifications, adopting the new parameters established below in this private instrument;<br>They resolve, by mutual agreement, to enter into this Second Amendment to the Amended Agreement (hereinafter, the "<u>Second Amendment</u>"), amending certain conditions and provisions of the Amended Agreement, as set forth below;<br>Further resolve, that in connection with the Second Amendment, in the event that the Grantee exercises the Call Option, as provided for in item 3.1. of the Amended Agreement, the draft of the private instrument of the Assignment Agreement for Mineral Right and Other Covenants, which is included in the Amended Agreement as <u>Annex 3.2</u>. and is intended to formalize the transfer of the  | &nbsp;&nbsp;como "Rare Earths Americas Ltd" e, com efeito a partir de 15 de outubro de 2025, concluiu uma redomiciliação mediante o arquivamento de um certificado de conversão, tornando-se uma corporação do Texas, alterando sua denominação social para "Rare Earths Americas, Inc.";<br>Considerando que, em julho de 2025, em duas transações, cada uma condicionada a conclusão da outra, a REA US adquiriu a Alpha Minerals Brazil Participações Ltda., a Outorgada, e a Foothills Rare Earths Limited, uma sociedade anônima australiana de capital aberto não listada em bolsa (ambas as transações referidas neste documento como a "<u>Aquisição</u>");<br>Considerando que, após a Aquisição, as Partes pretendem alterar o Contrato Alterado, especificamente o item 2.1, para especificar que o Evento de Liquidez (conforme definido no referido Contrato) e a emissão de ações como parte dos pagamentos parcelados relacionados ao Evento de Liquidez estarão vinculados a oferta pública inicial da REA US, bem como para realizar outras modificações esclarecedoras, adotando os novos parâmetros estabelecidos abaixo neste instrumento privado;<br>Elas resolvem, por mutuo acordo, celebrar este Segundo Aditivo ao Contrato Alterado (doravante, a "Segundo Aditivo"), alterando certas condições e disposições do Contrato Alterado, conforme estabelecido abaixo;<br>Resolvem ainda que, em relação ao Segundo Aditivo, caso a Cessionária exerça a Opção de Compra, conforme previsto no item 3.1 do Contrato Alterado, a minuta do instrumento privado do Contrato de Cessão de Direitos Minerários e Outras Obrigações, que esta incluída no Contrato Alterado como Anexo 3.2, será utilizada e tem como objetivo formalizar a transferência do Direito Mineral ao Cessionário, nos termos estritos estabelecidos no item 3.2 do Contrato Alterado, devendo ser adaptado para refletir, "mutatis mutandis", os  |

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| &nbsp;&nbsp;&nbsp;&nbsp;Mineral Right to the Grantee, under the strict terms set forth in item 3.2 of the Amended Agreement, shall be adapted to reflect, "*mutatis mutandis*", the terms and conditions established in the new wording of item 2.1 and its respective subitems of the Amended Agreement, as amended by this Second Amendment; and further resolve, that pursuant to the Second Amendment, item 2.1 of the Amended Agreement shall, effective as of the date hereof, be in effect with the following new wording:<br>*"2.1. <u>Exercise Price</u>. The total, clear and legal price to be paid by the Grantee to the Grantor, in consideration for the acquisition of the Mineral Right, in the event of exercise of the Call Option governed by this Agreement, as amended, shall be equivalent to an aggregate of fifteen million US dollars (US$15,000,000.00) (the "<u>Exercise Price</u>"), to be paid as follows:*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***a.*** *(a.1.) the amount in BRL (Reais) equivalent to one million US dollars (US$1,000,000.00), calculated based on the US$(US dollar) currency conversion rate for purchase, published by the Central Bank of Brazil on the business day immediately prior to the date of the respective payment, will be paid in Brazilian currency, by TED or PIX to the bank account held by the Grantor indicated in <u>Annex 1.2</u>. to the Agreement, as amended, within a maximum period of fifteen (15) days after sending the Exercise Notice, in accordance with the procedure set forth in 3.1. below and (a.2.) the amount equivalent to four million US dollars (US$4,000,000.00) shall be paid upon the issuance to the Grantor or its designated beneficiary of as many REA US Shares, as defined in 2.1.1. below, as are necessary to obtain such amount, always rounded up to a whole number higher, if applicable, valued at the closing price of the REA US Shares on the*  | &nbsp;&nbsp;&nbsp;&nbsp;termos e condições estabelecidos na nova redação do item 2.1 e seus respectivos subitens do Contrato Alterado, conforme alterados por este Segundo Aditivo; e resolve-se ainda que, nos termos do Segundo Aditivo, o item 2.1 do Contrato Alterado entrara em vigor, a partir desta data, com a seguinte nova redação:<br>*"2.1. <u>Preto de Exercício</u>. O preço total, claro e legal a ser pago pelo Outorgado ao Outorgante, em contrapartida pela aquisição do Direito Mineral, em caso de exercício da Opção de Compra regida por este Contrato, conforme alterado, será equivalente a um total de quinze milhões de dólares americanos (US$15.000.000,00) (o "<u>Preto de Exercício</u>"), a ser pago da seguinte forma:*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***a.*** *(a.1.) o valor em BRL (Reais) equivalente a um milhão de dólares americanos (US$1.000.000,00), calculado com base na taxa de cambio do dólar americano para compra, publicada pelo Banco Central do Brasil no dia útil imediatamente anterior a data do respectivo pagamento, será pago em moeda brasileira, por TED ou PIX, na conta bancaria do Outorgante indicada no Anexo 1.2 do Contrato, conforme alterado, em um prazo máximo de 15 dias após envio da notificação de exercício, de acordo com os procedimentos estabelecidos em 3.1 abaixo e (a.2.) o valor equivalente a quatro milhões de dólares americanos (US$4.000.000,00) será pago mediante a emissão ao Outorgante ou ao seu beneficiário designado de tantas Ações da REA US, conforme definido em 2.1.1. abaixo, quantas forem necessárias para obter tal valor, sempre arredondado para o número inteiro superior, se aplicável, avaliado pelo preço de fechamento das Ações da REA US na data do Evento de Liquidez, conforme definido em 2.1.1.*  |

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| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*date of the Liquidity Event, as defined in 2.1.1. below, and such issuance shall occur within a maximum period of fifteen (15) business days after the sending of the Exercise Notice, in compliance with the procedure set forth in 3.1. below (the payments referred to in (a.1.) and (a.2.) shall be referred to collectively as the "<u>First Installment of the Exercise Price</u>");*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***b.*** *the amount equivalent to five million US dollars (US$5,000,000.00) will be paid upon the issuance to the Grantor or its designated beneficiaries of as many REA US Shares as necessary to obtain this amount, always rounded up to a higher whole number, if applicable, assessed by the average of the closing prices traded on the Exchange, as defined below, measured in the ten (10) consecutive trading days prior to the issuance date, and this payment must occur within a maximum period of twelve (12) months after the expiration of the First Installment of the Exercise Price (the "<u>Second Installment of the Exercise Price</u>"); and* <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***c.*** *the amount equivalent to five million US dollars (US$5,000,000.00) will be paid upon issuance to the Grantor or its designated beneficiaries of as many REA US Shares as necessary to obtain this amount, always rounded up to a higher whole number, if applicable, assessed by the average of the closing prices traded on the Exchange, as defined below, measured in the ten (10) consecutive trading days prior to the transfer date, and this payment must occur within a maximum period of twelve (12) months after the expiration of the Second Installment of the Exercise Price (the "<u>Third Installment of the Exercise Price</u>").* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*abaixo, e tal emissão deverá ocorrer dentro de um período máximo de quinze (15) dias Liteis após o envio da Notificação de Exercício, em conformidade com o procedimento estabelecido em 3.1. abaixo (os pagamentos referidos em (a.1.) e (a.2.) serão denominados coletivamente como a "<u>Primeira Parcela do Preço de Exercício</u>");*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***b.*** *o valor equivalente a cinco milhões de dólares americanos (US$5.000.000,00) serão pagos mediante a emissão ao Outorgante ou aos seus beneficiários designados de tantas Ações da REA US quantas forem necessárias para obter esse valor, sempre arredondado para o número inteiro superior, se aplicável, avaliado pela média dos preços de fechamento negociados na Bolsa, conforme definido abaixo, medidos nos dez (10) dias Liteis consecutivos anteriores a data de emissão, e esse pagamento devera ocorrer dentro de um período máximo° de doze (12) meses após o vencimento da Primeira Parcela do Preço de Exercício (a "<u>Segunda Parcela do Preço de Exercício</u>"); e* <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***c.*** *o valor equivalente a cinco milhões de dólares americanos (US$5.000.000,00) será pago mediante a emissão ao Outorgante ou aos seus beneficiários designados de tantas Ações da REA US quantas forem necessárias para obter esse valor, sempre arredondado para o numero inteiro superior, se aplicável, avaliado pela média dos preços de fechamento negociados na Bolsa, conforme definido abaixo, medidos nos dez (10) dias Citeis consecutivos anteriores ate a data de transferência, e este pagamento deve ocorrer dentro de um período máximo° de doze (12) meses após o vencimento da Segunda Parcela do Preço de Exercício (a "<u>Terceira Parcela do Preço de Exercício</u>").* |

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| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>&nbsp;&nbsp;&nbsp;&nbsp;*2.1.1. <u>REA US Shares</u>. For the purposes of payment of the Exercise Price provided for in 2.1 .(a.2.), 2.1 .(b.) and 2.1 .(c.) above and other provisions of the Agreement, as amended, "<u>REA US Shares</u>" means shares of common stock of Rare Earths Americas, Inc., a Texas corporation and the parent entity of Grantee ("REA US"), that are publicly traded on a recognized United States stock exchange (e.g., New York Stock Exchange (NYSE) American, NYSE, or NASDAQ) (the "<u>Exchange</u>"), such trading being the result of any of the following types of liquidity events: (i.) an initial public offering resulting in the REA US Shares being publicly traded on the Exchange (an IPO); (ii.) the merger of REA US into a company whose shares are admitted to trading on the Exchange, or the merger of REA US by a public company whose shares are publicly traded on the Exchange; or (iii.) the sale or transfer of a controlling interest in REA US to a public company whose shares are publicly traded on the Exchange (each referred to herein as a "<u>Liquidity Event</u>").*<br>&nbsp;&nbsp;&nbsp;&nbsp;*2.1.2. <u>Other provisions applicable to the payment of the Exercise Price upon the issuance of REA US Shares</u>. Without prejudice to the provisions of items 2.1 and 2.1.1. above, the Parties hereby agree that:*<br>&nbsp;&nbsp;&nbsp;&nbsp;*2.1.2.1 <u>Advancement</u>: the Grantee may, at its sole discretion, advance, in whole or in part, the payment of the Second Installment of the Exercise Price and the Third Installment of the Exercise Price, by advancing the transfer of REA US Shares to the Grantor, provided that the evaluation criteria for REA US Shares set*  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2.1.1. Ações da REA US. Para fins de pagamento do Preço de Exercício previsto em 2.1.(a.2.), 2.1.(b.) e 2.1.(c.) acima e outras disposições do Contrato, conforme alterado, "<u>Ações da REA US</u>" significa ações ordinárias da Rare Earths Americas, Inc., uma corporação do Texas e a entidade controladora da Outorgada ("REA US"), que são negociadas publicamente em uma bolsa de valores reconhecida dos Estados Unidos (por exemplo, New York Stock Exchange (NYSE) American, NYSE ou NASDAQ) (a "Bolsa"), sendo tal negociação o resultado de qualquer um dos seguintes tipos de eventos de liquidez: (i) uma oferta pública inicial resultando na negociação publica das Ações da REA US na Bolsa (um IPO); (ii) a fusao da REA US com uma empresa cujas ações são admitidas a negociação na Bolsa, ou a fuseo da REA US com uma empresa pública cujas ações são negociadas publicamente na Bolsa; ou (iii) a venda ou transferência de uma participação majoritária na REA US para uma empresa pública cujas ações sejam negociadas publicamente na Bolsa (cada uma referida neste documento como um "<u>Evento de Liquidez</u>").*<br>&nbsp;&nbsp;&nbsp;&nbsp;*2.1.2. <u>Outras disposições aplicáveis ao pagamento do Preço de Exercício na emissão de Ações da REA US</u>. Sem prejuízo das disposições dos itens 2.1 e 2.1.1 acima, as Partes concordam que:* <br>&nbsp;&nbsp;&nbsp;&nbsp;*2.1.2.1 <u>Adiantamento</u>: o Outorgado podera, a seu exclusivo critério, adiantar, total ou parcialmente, o pagamento da Segunda Parcela do Preço de Exercício e da Terceira Parcela do Preço de Exercício, mediante o adiantamento da transferência de Ações da REA US para o Outorgante, desde que os critérios de avaliação para as Ações da REA US estabelecidos nos itens 2.1.(b) e 2.1.(c) sejam rigorosamente observados.*<br>&nbsp;&nbsp;&nbsp;&nbsp;*2.1.2.2. Cooperação: na medida do possível, a pedido do Outorgante, o*  |

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| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*out in items 2.1.(b.) and 2.1.(c.) are strictly observed.*<br>&nbsp;&nbsp;&nbsp;&nbsp;*2.1.2.2. <u>Cooperation</u>: to the extent possible, at the request of the Grantor, the Grantee will recommend to Grantor service providers, or other intermediaries to facilitate the effective receipt of the REA US Shares, as set forth in 2.1.(a.2.), 2.1.(b.) and 2.1.(c.) above.*<br>&nbsp;&nbsp;&nbsp;&nbsp;*2.1.2.3. <u>Restricted Securities</u>: Grantor acknowledges and agrees that the REA US Shares will not be registered under the Securities Act of 1933, as amended (the "<u>Securities Act</u>"), or any state securities laws, and will be offered and sold in reliance upon one or more exemptions from registration thereunder. Grantor further acknowledges that the REA US Shares will constitute "restricted securities" within the meaning of Rule 144 under the Securities Act and, as such, may not be offered, sold, pledged, assigned, or otherwise transferred except pursuant to an effective registration statement under the Securities Act or an available exemption from the registration requirements of the Securities Act and applicable state securities laws.*<br>&nbsp;&nbsp;&nbsp;&nbsp;*2.1.2.4. <u>Structure</u>: in connection with the issuance of the REA US Shares, the Parties shall enter into a securities purchase agreement in a form mutually acceptable by both parties and in compliance with the Securities Act and any state securities laws, which agreement shall take into account, among other things, any tax costs related to the purchase of the REA US Shares, and Brazilian law considerations regarding investments abroad.* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Outorgado recomendará ao Outorgante prestadores de serviços ou outros intermediários para facilitar o recebimento efetivo das Ações da REA US, conforme estabelecido em 2.1.(a.2.), 2.1.(b.) e 2.1.(c.) acima.*<br>&nbsp;&nbsp;&nbsp;&nbsp;*2.1.2.3. <u>Valores Mobiliários</u> Restritos: 0 Outorgante reconhece e concorda que as Ações da REA US não serão registradas sob a Lei de Valores Mobiliários de 1933, conforme alterada (a "<u>Lei de Valores Mobiliários</u>"), ou quaisquer leis de valores mobiliários estaduais, e serão oferecidas e vendidas com base em uma ou mais isenções de registro sob a mesma. 0 outorgante reconhece ainda que as Ações da REA US constituirão "valores mobiliários restritos" nos termos da Regra 144 da Lei de Valores Mobiliários e, como tal, não poderão ser oferecidas, vendidas, dadas em garantia, cedidas ou de outra forma transferidas, exceto mediante uma declaração de registro valida nos termos da Lei de Valores Mobiliários ou uma isenção disponível dos requisitos de registro da Lei de Valores Mobiliários e das leis de valores mobiliários estaduais aplicáveis.*<br>&nbsp;&nbsp;&nbsp;&nbsp;*2.1.2.4. <u>Estrutura</u>: em relação a emissão das Ações da REA US, as Partes celebrarão um contrato de compra e venda de valores mobiliários em um formato mutuamente aceitável por ambas as partes e em conformidade com a Lei de Valores Mobiliários e quaisquer leis de valores mobiliários estaduais, o qual devera levar em consideração, entre outras coisas, quaisquer custos tributários relacionados a compra das Ações da REA US e considerações da legislação brasileira relativas a investimentos no exterior.*<br>&nbsp;&nbsp;&nbsp;&nbsp;*2.1.2.5. <u>Restrições</u>. 0 Outorgante compreende que os certificados ou registros escriturais que representam as Ações da REA US conterão, ou refletirão, Uma anotação restritiva substancialmente na seguinte forma (e quaisquer restrições*  |

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| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>&nbsp;&nbsp;&nbsp;&nbsp;*2.1.2.5. <u>Legends</u>. The Grantor understands that certificates or book-entry notations representing the REA US Shares will bear, or reflect, a restrictive legend or notation substantially in the following form (and any additional legends required by applicable state securities laws or provided for in this Agreement, as amended):*<br>*"THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE `SECURITIES ACT'), OR ANY STATE SECURITIES LAWS AND MAY NOT BE OFFERED, SOLD, TRANSFERRED, PLEDGED, OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO (A) AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS OR (B) AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT AND SUCH LAWS, IN EACH CASE AS EVIDENCED BY A LEGAL OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY"*<br>&nbsp;&nbsp;&nbsp;&nbsp;*2.1.2.6. <u>Stop-Transfer Instructions</u>. The Grantor acknowledges and agrees that REA US will issue stop-transfer instructions to its transfer agent and registrar with respect to the REA US Shares consistent with the foregoing legend and the transfer restrictions set forth herein. REA US shall remove or cause the removal of such legend(s) and any related stop-transfer instructions in connection with any sale or transfer of REA US Shares pursuant to an effective registration statement or Rule 144 or another available exemption, in each case, upon receipt of customary*  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*adicionais exigidas pelas leis de valores mobiliários estaduais aplicáveis ou previstas neste Contrato, conforme alterado):*<br>*"OS TÍTULOS AQUI REPRESENTADOS NÃO FORAM REGISTRADOS DE ACORDO COM A LEI DE VALORES MOBILIÁRIOS DE 1933, CONFORME ALTERADA (A `LEI DE VALORES MOBILIÁRIOS'), OU QUAISQUER LEIS DE VALORES MOBILIÁRIOS ESTADUAIS E NÃO PODEM SER OFERECIDOS, VENDIDOS, TRANSFERIDOS, DADOS EM GARANTIA OU DE OUTRA FORMA ALTERADOS, EXCETO DE ACORDO COM (A) UMA DECLARAÇÃO DE REGISTRO VALIDA DE ACORDO COM A LEI DE VALORES MOBILIÁRIOS E AS LEIS DE VALORES MOBILIÁRIOS ESTADUAIS APLICÁVEIS OU (B) UMA ISENÇÃO DE REGISTRO DE ACORDO COM A LEI DE VALORES MOBILIÁRIOS E TAIS LEIS, EM CADA CASO, CONFORME COMPROVADO POR UM PARECER JURÍDICO RAZOAVELMENTE SATISFATÓRIO PARA A EMPRESA."*<br>&nbsp;&nbsp;&nbsp;&nbsp;*2.1.2.6. <u>Instruções de Suspensão de Transferência</u>. 0 Outorgante reconhece e concorda que a REA US emitirá instruções de suspensão de transferência ao seu agente de transferência e registro com relação as Ações da REA US, em conformidade com a anotação anterior e as restrições de transferência aqui estabelecidas. A REA US removerás ou fará com que seja removida tal restrição e quaisquer instruções de suspensão de transferência relacionadas a qualquer venda ou transferência de Ações da REA US de acordo com uma declaração de registro válida ou a Regra 144 ou outra isenção disponível, em cada caso, mediante o recebimento de documentação usual razoavelmente satisfatória para a REA US e seu agente de transferência, incluindo, se*  |

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|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*documentation reasonably satisfactory o REA US and its transfer agent, including, if applicable, customary representations and, where required, an opinion of counsel.*<br>&nbsp;&nbsp;&nbsp;&nbsp;*2.1.2.7. <u>No Registration Rights</u>. The Grantor acknowledges and agrees that, except as expressly set forth in this Agreement, as amended, it has no registration rights, demand rights, piggyback rights, shelf takedown rights, underwritten offering rights, or other rights to cause or require the Grantee to register the offer or sale of the REA US Shares under the Securities Act or to include the REA US Shares in any registration statement filed by REA US.*<br>&nbsp;&nbsp;&nbsp;&nbsp;*2.1.2.8. <u>Investment Intent</u>. The Grantor represents that it will acquire the REA US Shares for its own account for investment purposes only and not with a view to, or for offer or sale in connection with, any distribution thereof in violation of the Securities Act or applicable state securities laws.*<br>&nbsp;&nbsp;&nbsp;&nbsp;*2.1.2.9. <u>Alternative payment</u>: if fifteen (15) days prior to the end of the Term or the Additional Term, as defined in 5.1. of the Agreement, as amended, a Liquidity Event has not occurred, the Grantee may still, at its sole discretion, exercise the Call Option, as provided for in 3.1., upon payment in cash of the First Installment of the Exercise Price in the amount and within the time period provided for in 2.1.(a.2.). Payment for the Second and Third Installments of the Exercise Price shall be made in cash in the amounts and within the time periods provided for in 2.1.(b.) and 2.1.(c.) above (collectively and together with the First Installment, the "Alternative Payments"). The Alternative Payments shall be made in BRL (Reais), calculated based on the US$(United States dollar) exchange rate for purchase, published by the Central*  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*aplicável, declarações usuais e, quando necessário, um parecer jurídico.*<br>&nbsp;&nbsp;&nbsp;&nbsp;*2.1.2.7. <u>Sem Direitos de Registro</u>. O Outorgante reconhece e concorda que, exceto conforme expressamente estabelecido neste Contrato, conforme alterado, não possui direitos de registro, direitos de demanda, direitos de piggyback, direitos de retirada de oferta pública, direitos de oferta subscrita ou outros direitos para fazer com que o Outorgado registre a oferta ou venda das Ações da REA US sob a Lei de Valores Mobiliários ou para incluir as Ações da REA US em qualquer declaração de registro arquivada pela REA US.*<br>&nbsp;&nbsp;&nbsp;&nbsp;*2.1.2.8. <u>Intenção de Investimento</u>. O Outorgante declara que adquirirá as Ações da REA US para sua própria conta apenas para fins de investimento e não com o objetivo de, ou para oferta ou venda em conexão com, qualquer distribuição das mesmas em violação da Lei de Valores Mobiliários ou das leis de valores mobiliários estaduais aplicáveis.*<br>&nbsp;&nbsp;&nbsp;&nbsp;*2.1.2.9. <u>Pagamento alternativo</u>: se quinze (15) dias antes do final do Prazo ou do Prazo Adicional, conforme definido em 5.1. caso nab tenha ocorrido um Evento de Liquidez, nos termos do Contrato, conforme alterado, Outorgado poderá, a seu exclusivo critério, exercer a Opção de Compra, conforme previsto em 3.1, mediante o pagamento em dinheiro da Primeira Parcela do Preço de Exercício, no valor e dentro do prazo previstos em 2.1(a.2). O pagamento da Segunda e da Terceira Parcelas do Preço de Exercício será efetuado em dinheiro, nos valores e dentro dos prazos previstos em 2.1(b) e 2.1(c) acima (coletivamente e em conjunto com a Primeira Parcela, os "Pagamentos Alternativos"). Os Pagamentos Alternativos serão efetuados em BRL (Reais), calculados com base na taxa de cambio do US$(dólar americano) para compra, publicada pelo*  |

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| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Bank of Brazil on the business day immediately prior to the date of the respective payment, via TED or PIX to the bank account held by the Grantor indicated in Annex 1.2. to the Agreement, as amended. If a Liquidity Event occurs after the Grantee has exercised the Call Option pursuant to this 2.1.2.9. and made the first or the second Alternative Payment, the payment of any remaining Installments of the Exercise Price, must be paid in REA US Shares in accordance with the terms provided for in 2.1.(b.) and/or 2.1.(c.), above, and payment in BRL (Reais) cash is prohibited, unless the Grantor expressly agrees to this alternative payment method.*<br>&nbsp;&nbsp;&nbsp;&nbsp;*2.1.3. <u>Adjustment and interest</u>. No monetary adjustment or interest shall be applied to the Exercise Price timely paid during the term of this Agreement, as amended.*<br>&nbsp;&nbsp;&nbsp;&nbsp;*2.1.4. <u>Release and Default</u>. For all legal purposes and effects, the presentation of bank receipt confirming the said wire transfer in item 21(a.1) to the bank account held by the Grantor, as detailed in Annex 1.2., or, as applicable, the effective issuance of REA US Shares to the Grantor in compliance with the U.S. securities laws, will imply the granting by the Grantor to the Grantee, of the broadest, general, irrevocable, and irreversible release regarding the receipt of the Exercise Price, to no further demand or dispute on this basis, at anytime, in or out of court. In the event of late payment of any of the installments of the Purchase Price, the balance due will be determined on the respective maturity date and, from said date onward, this balance will be subject to (i) a late payment penalty of two*  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Banco Central do Brasil no dia útil imediatamente anterior a data do respectivo pagamento, via TED ou PIX para a conta bancaria do Outorgante indicada no Anexo 1.2 do Contrato, conforme alterado. Se ocorrer um Evento de Liquidez após o Outorgado ter exercido a Opção de Compra de acordo com este 2.1.2.9 e ter feito o primeiro ou segundo Pagamento Alternativo, o pagamento de quaisquer Parcelas restantes do Preço de Exercício devera ser pago em Ações REA US de acordo com os termos previstos em 2.1.(b.) e/ou 2.1.(c.), acima, e o pagamento em dinheiro BRL (Reais) é proibido, a menos que o Outorgante concorde expressamente com este método de pagamento alternativo.*<br>&nbsp;&nbsp;&nbsp;&nbsp;*2.1.3. <u>Ajuste e juros</u>. Nenhum ajuste monetário ou juros serão aplicados ao Preço de Exercício pago pontualmente durante a vigência deste Contrato, conforme alterado.*<br>&nbsp;&nbsp;&nbsp;&nbsp;*2.1.4. <u>Liberação e inadimplência</u>. Para todos os fins e efeitos legais, a apresentação do comprovante bancário confirmando a referida transferência eletrônica mencionada no item 21(a.1) para a conta bancaria mantida pelo Outorgante, conforme detalhado no Anexo 1.2, ou, conforme aplicável, a emissão efetiva de Ações da REA US ao Outorgante em conformidade com as leis de valores mobiliários dos EUA, implicará a concessão, pelo Outorgante ao Outorgado, da mais ampla, geral, irrevogável e irreversível liberação em relação ao recebimento do Preço de Exercício, sem direito a qualquer outra demanda ou contestação com base nesse fundamento, em qualquer momento, judicial ou extrajudicialmente. Em caso de atraso no pagamento de qualquer parcela do Preço de Compra, o saldo devedor será determinado na respectiva data de vencimento e, a partir dessa data, estará sujeito a (i) multa por atraso de dois por*  |

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| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*percent (2%) of the outstanding balance; and (ii.) interest of half a percent (0.5%) per month from the due date set forth in 2.1. above, without prejudice to the possibility of adopting applicable legal measures by the Grantor.*<br>**CLAUSE II.<br>RATIFICATION AND MISCELLANEOUS.**<br>2.1. <u>Definitions</u>. All defined terms used in this Second Amendment shall have the meaning assigned to them in the Amended Agreement, unless otherwise specifically established in this Second Amendment.<br>2.2. <u>Binding</u>, Ratification and Entire Agreement. This Second Amendment shall become an integral part of the Amended Agreement for all legal purposes and effects. All clauses, terms, and conditions set forth in the Amended Agreement that have not been expressly amended by this Second Amendment remain in force and are hereby ratified by the Parties. This Second Amendment, together with the Amended Agreement, creates the entire agreement among the Parties regarding the matters creating the Call Option, superseding all previously executed documents and understandings previously reached among the Parties.<br>2.3. <u>Irrevocability</u>. This Second Amendment is signed on an irrevocable and irreversible basis, not allowing for withdrawal under any circumstances, and is binding on the Parties and their heirs and successors in any capacity.<br>2.4. <u>Amendments</u>. Amendments to this Second Amendment will only be valid when executed in writing and signed by the legal representatives of all Parties. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*cento (2%) do saldo devedor; e (ii) juros de meio por cento (0,5%) ao mês a partir da data de vencimento estipulada no item 2.1 acima, sem prejuízo da possibilidade de adoção de medidas legais cabíveis pelo Outorgante.*<br>**CLAUSULA II.<br>RATIFICAÇÃO E DISPOSIÇÕES GERAIS**.<br>2.1. <u>Definições</u>. Todos os termos definidos utilizados neste Segundo Aditivo terão o significado que lhes é atribuído no Contrato Alterado, salvo disposição expressa em contrario neste Segundo Aditivo.<br>2.2. <u>Vinculação</u>, Ratificarão e Integralidade do Contrato. Este Segundo Aditivo passa a fazer parte integrante do Contrato Alterado para todos os fins e efeitos legais. Todas as clausulas, termos e condições estabelecidos no Contrato Alterado que não tenham sido expressamente alterados por este Segundo Aditivo permanecem em vigor e são ratificados pelas Partes. Este Segundo Aditivo, juntamente com o Contrato Alterado, constitui o acordo integral entre as Partes com relação as questões que regem a Opção de Compra, substituindo todos os documentos e entendimentos previamente celebrados entre as Partes.<br>2.3. <u>Irrevogabilidade</u>. Este Segundo Aditivo é assinado de forma irrevogável e irreversível, e vincula as Partes e seus herdeiros e sucessores em qualquer capacidade.<br>2.4. <u>Alterações</u>. As alterações a este Segundo Aditivo serão validas somente quando executadas por escrito e assinadas pelos representantes legais de todas as Partes.<br>2.5. <u>Cessão</u>. Os direitos e obrigações decorrentes deste Segundo Aditivo não podem ser cedidos ou transferidos, no todo ou em parte, por qualquer das Partes a terceiros, exceto aos Cessionários Autorizados, conforme definido no item 1.4. do Contrato  |

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| &nbsp;&nbsp;2.5. <u>Assignment</u>. The rights and obligations arising from this Second Amendment may not be assigned or transferred, in whole or in part, by either Party to third parties other than Authorized Assignees, as defined in item 1.4. of the Amended Agreement, except with the prior or express consent of the other Party.<br>2.6. <u>Honesty and good faith</u>. The Parties mutually and expressly declare that this Second Amendment was entered into in compliance with the principles of honesty and good faith, through a free, conscious, and firm expression of the will of the Parties, and in a perfectly equitable relationship.<br>2.7. <u>Notices</u>. All notifications, notices related to this Second Amendment must be in writing and will be deemed received on the delivery date, if delivered in person, on the date of actual receipt, if sent by post, or on the date of dispatch, if sent by email. These notices, notifications, and communications will be sent to the addresses indicated in the preamble, or to any other address that may be communicated in writing by a Grantor or the Company to the others, by written communication.<br>2.8. <u>Specific Performance</u>. All commitments and obligations assumed in this Memorandum by the Parties and the Consenting Intervening Parties are subject to specific performance, according to the articles 497, 501 and 815 et seq. of the Civil Procedure Code, with this Memorandum serving as an instrument enforceable out of court, according to the article 784, III, of the Civil Procedure Code.<br>2.9. <u>Jurisdiction</u>. The Parties hereby elect the Judicial district of Pogos de Caldas, State of Minas Gerais to resolve any doubts, disputes, or controversies arising from this Second  | &nbsp;&nbsp;Alterado, exceto com o consentimento prévio ou expresso da outra Parte.<br>2.6. <u>Honestidade e boa-fé</u>. As Partes declaram, mutua e expressamente, que este Segundo Aditivo foi celebrado em conformidade com os princípios da honestidade e da boa-fé, mediante uma expressão livre, consciente e firme da vontade das Partes, e em uma relação perfeitamente equitativa.<br>2.7. <u>Notificações</u>. Todas as notificações relacionadas a este Segundo Aditivo devem ser feitas por escrito e serão consideradas recebidas na data de entrega, se entregues pessoalmente, na data do efetivo recebimento, se enviadas por correio, ou na data de envio, se enviadas por e-mail. Essas notificações e comunicações serão enviadas para os endereços indicados no preambulo, ou para qualquer outro endereço que possa ser comunicado por escrito por um Outorgante ou pela Empresa as outras partes, por meio de comunicação escrita.<br>2.8. <u>Execução Especifica</u>. Todos os compromissos e obrigações assumidos neste Memorando pelas Partes e pelas Partes Intervenientes Anuentes estão sujeitos a execução especifica, de acordo com os artigos 497, 501 e 815 e seguintes do Código de Processo Civil, servindo este Memorando como instrumento executável extrajudicialmente, de acordo com o artigo 784, III, do Código de Processo Civil.<br>2.9. <u>Jurisdição</u>. As Partes elegem, por meio deste instrumento, o Foro da Comarca de Poços de Caldas, Minas Gerais, para dirimir quaisquer duvidas, controvérsias ou impugnações decorrentes deste Segundo Aditivo, com exclusão de qualquer outro, por mais privilegiado que seja ou venha a ser.<br>2.10. <u>Assinaturas</u>. As Partes concordam que este Segundo Aditivo será assinado  |

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| &nbsp;&nbsp;Amendment, to the exclusion of any other, however privileged it may be or may become.<br>2.10. <u>Signatures</u>. The Parties agree that this Second Amendment will be executed electronically by the Parties, but not through electronic certificates issued by the Brazilian Public Key Infrastructure - ICP-Brasil, as provided in article 10, §2 of Provisional Measure No. 2, 2202, and article 784, §4, of the Civil Procedure Code, stating that any form of electronic record will be sufficient for its truthfulness, authenticity, integrity, validity, and effectiveness, as well as for the respective binding of the Parties to its terms. The Parties also agree that the electronic signature of this Second Amendment does not prevent or impair its enforceability, and shall be considered, for all legal purposes, an instrument enforceable out of court. The Parties further acknowledge that (i.) even if either Party electronically signs this Second Amendment in a different location, the place of execution of this Second Amendment is, for all purposes, the City of Pogos de Caldas, State of Minas Gerais as indicated below; and (ii.) the execution date of this Second Amendment will be considered, for all intents and purposes, the date indicated below, notwithstanding the date on which the last electronic signature is executed.<br>In witness whereof, the Parties electronically execute this Second Amendment to the Call Option Agreement for Mineral Right and Other Covenants, through the DocuSign platform DocuSign.com  | &nbsp;&nbsp;eletronicamente pelas Partes, mas não por meio de certificados eletrônicos emitidos pela Infraestrutura de Chaves Públicas Brasileira - ICP-Brasil, conforme previsto no artigo 10, §2 da Medida Provisória n° 2.2202 e no artigo 784, §4, do Código de Processo Civil, que estabelece que qualquer forma de registro eletrônico será suficiente para sua veracidade, autenticidade, integridade, validade e eficácia, bem como para a respectiva vinculação das Partes aos seus termos. As Partes concordam ainda que a assinatura eletrônica deste Segundo Aditivo não impede nem prejudica sua exequibilidade e será considerada, para todos os efeitos legais, um instrumento executável extrajudicialmente. As Partes reconhecem ainda que (i) mesmo que qualquer uma das Partes assine eletronicamente este Segundo Aditivo em local diferente, o local de assinatura deste Segundo Aditivo será, para todos os efeitos, a Cidade de Poços de Caldas, Estado de Minas Gerais, conforme indicado abaixo; e (ii) a data de assinatura deste Segundo Aditivo será considerada, para todos os efeitos, a data indicada abaixo, independentemente da data em que a última assinatura eletrônica for realizada.<br>Em testemunho do que, as Partes assinam eletronicamente este Segundo Aditivo ao Contrato de Opção de Compra de Direitos Minerários e Outras Clausulas Obrigatórias, por meio da plataforma DocuSing, www.docusign.com Poços de Caldas, 20 de novembro de 2025. |
| &nbsp;&nbsp;Pogos de Caldas, 20 de novembro de 2025.<br><u>Parties</u>: <br>/s/ Bruno Fagundes Flora | &nbsp;&nbsp;Poços de Caldas, 20 de novembro de 2025.<br><u>Partes</u>: <br>/s/ Bruno Fagundes Flora |

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| &nbsp;&nbsp;JJBF LTDA.<br>/s/ Carla Cristina de Carvalho<br>/s/ Svetlana Igorevna Nefedova<br>ALPHA MINERALS BRAZIL PARTICIPAÇÕES LTDA.<br><u>Consenting Intervening Parties</u>:<br>/s/ Bruno Fagundes Flora<br>BRUNO FAGUNDES FLORA<br>/s/ Gustavo Fagundes Flora<br>GUSTAVO FAGUNDES FLORA<br>/s/ Donald Swartz<br>RARE EARTHS AMERICAS INC. | &nbsp;&nbsp;JJBF LTDA.<br>/s/ Carla Cristina de Carvalho<br>/s/ Svetlana Igorevna Nefedova<br>ALPHA MINERALS BRAZIL PARTICIPAÇÕES LTDA.<br><u>Intervenientes Anuentes</u>:<br>/s/ Bruno Fagundes Flora<br>BRUNO FAGUNDES FLORA<br>/s/ Gustavo Fagundes Flora<br>GUSTAVO FAGUNDES FLORA<br>/s/ Donald Swartz<br>RARE EARTHS AMERICAS INC. |

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## Exhibit 10.16

**Exhibit 10.16.1**

**CALL OPTION AGREEMENT FOR MINERAL RIGHTS AND OTHER COVENANTS**

By this private instrument, and in accordance with the Law, the Parties identified and described below, namely,

On the one hand, as Grantors,

**TERRA GOYANA MINERADORA LTDA.**, limited liability company with head office in the City of Goiânia, State of Goiás, at Rua João de Abreu, No. 192, 14<sup>th</sup> Floor, Sala 144-A e 145-A, Setor Oeste, ZIP Code 74120-110, enrolled with CNPJ under No. 01.445.576/0001-25, e-mail: , herein represented in compliance with its Articles of Association by its Directors, Messrs. <u>Luiz Antônio Vessani</u>, Brazilian citizen, divorced, geologist, holder of the Identity Card (RG) No. , enrolled with CPF under No. , resident and domiciled at , e-mail: , and <u>Marcos de Alencastro Curado</u>, Brazilian citizen, married, businessman, holder of Identity Card (RG) No. , enrolled with CPF under No. , resident and domiciled at , e-mail: , hereinafter referred to simply as "<u>Terra Goyana</u>";

**BAUTEK MINERAIS INDUSTRIAIS LTDA.**, limited liability company with head office in the City of Caldas, State of Minas Gerais, at Rodovia BR-459, Km 8, Laranjeiras de Caldas, ZIP Code 37780-000, enrolled with CNPJ under No. 21.229.511/0001-50, e-mail: , herein represented in compliance with its Articles of Association by its Directors, Mr. <u>Reinaldo Tito Teixeira Noronha</u>, Brazilian citizen, married, businessman, holder of Identity Card (RG) No. , enrolled with CPF under No. , resident and domiciled at , e-mail: , and <u>Luiz Antônio Vessani</u>, described above, hereinafter referred to simply as "<u>Bautek</u>";

**EDEM EMPRESA DE DESENVOLVIMENTO EM MINERAÇÃO E PARTICIPAÇÕES LTDA.**, limited liability company with head office in the City of Goiânia, State of Goiás, at Rua Serra Dourada, No. 1213, Quadra 95, Lotes 121 e 123, Santa Genoveva District, ZIP Code 74672-680, enrolled with CNPJ under No. 00.508.829/0001-08, e-mail: , herein represented in compliance with its Articles of Association by its Director, Mr. <u>Luiz Antonio Vessani</u>, described above, hereinafter referred to simply as "<u>Edem</u>"; and

**SINTERTEC MINERAIS INDUSTRIAIS LTDA.**, limited liability company with head office in the City of Poços de Caldas, State of Minas Gerais, at Avenida Santo Antônio, No. 200, sala 806, Jardim Cascatinha, ZIP Code 37701-036, enrolled with CNPJ under No. 08.227.476/0001-71, e-mail: , herein represented in compliance with its Articles of Association by its Director, Mr. <u>Reinaldo Tito Teixeira Noronha</u>, described above, hereinafter referred to simply as "<u>Sintertec</u>" and, together with Terra Goyana, Bautek and Edem, referred to as "<u>Grantors</u>";

and, on the other hand, as Grantee,

**ALPHA MINERALS BRAZIL PARTICIPAÇÕES LTDA.**, limited liability company with head office in the City of Nova Lima, State of Minas Gerais, at Alameda Oscar Niemeyer, No. 891, sala 913-B, Vila da Serra, ZIP Code 34006-065, enrolled with CNPJ under No. 43.093.229/0001-20, e-mail: , herein represented in compliance with its Articles of Association by its Directors, Mr. <u>João Paulo Agapito da Veiga</u>, Brazilian citizen, single, businessman, holder of Identity Card (RG) No. , issued by

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DETRAN-RJ, enrolled with CPF under No. , resident and domiciled in , e-mail: , and <u>Renato Aureo de Paula Gonzaga</u>, Brazilian citizen, married, economist, holder of Identity Card (RG) No. , enrolled with CPF under No. , resident and domiciled in the Capital of the State of Minas Gerais, both of them with business address in the City of Nova Lima, State of Minas Gerais, at Alameda Oscar Niemeyer, No. 891, sala 913-B, Vila da Serra, ZIP Code 34006-065, e-mail: , hereinafter referred to as "<u>Alpha</u>" or "<u>Grantee</u>", indistinctly;

also appearing as Consenting Intervening Parties,

**RARE EARTHS AMERICAS PTY LTD.**, a "proprietary" company regularly organized and existing under the Laws of Australia, registered under Company Registration Number ACN 664 370 254, with head office at Suite 53 Level 2, 11-15, Labouchere Road, South Perth, WA, 6151, e-mail: , herein represented in compliance with its Articles of Association by its Directors, Messrs. <u>Dominic Paul Allen</u>, British citizen, businessman, holder of Passport No. , resident and domiciled at , e-mail: , and <u>Bernardo Sanchez Agapito da Veiga</u>, Brazilian citizen, single, businessman, holder of Identity Card (RG) No. , enrolled with CPF under No. , resident and domiciled at , e-mail: , hereinafter referred to as "<u>REA</u>";

**SANTÍSSIMA TRINDADE PARTICIPAÇÕES LTDA.**, limited liability company with head office in the City of Goiânia, State of Goiás, at Rua João de Abreu, No. 192, 14<sup>th</sup> Floor, sala 146-A, Setor Oeste, ZIP Code 74120-110, enrolled with CNPJ under No. 07.576.372/0001-00, e-mail: , herein represented in compliance with its Articles of Association by its Director, Mr. <u>Marcos de Alencastro Curado</u>, described above, hereinafter referred to simply as "<u>Santíssima Trindade</u>";

**SUPERGRAN MINERAÇÃO LTDA.**, limited liability company with head office in the City of Barro Alto, State of Goiás, at Estrada Pedra de Fogo, km 15, Pátio 5, Zona Rural, ZIP Code 76390-000, enrolled with CNPJ under No. 09.355.939/0001-43, e-mail: , herein represented in compliance with its Articles of Association by its Directors, Mr. <u>Marcos de Alencastro Curado Filho</u>, Brazilian citizen, married under full separation of property regime, businessman, holder of Identity Card (RG) No. , enrolled with CPF under No. , resident and domiciled at ; and <u>Luiz Antônio Vessani</u>, described above, hereinafter referred to simply as "<u>Supergran</u>";

**NORTEK PARTICIPAÇÕES LTDA.**, limited liability company with head office in the City of Belo Horizonte, State of Minas Gerais, at Rua Genoveva de Souza, No. 871, sala E, Sagrada Família District, ZIP Code 31030-220, enrolled with CNPJ under No. 11.249.439/0001-79, e-mail: , herein represented in compliance with its Articles of Association by its Director, Mr. <u>Reinaldo Tito Teixeira Noronha</u>, described above, hereinafter referred to simply as "<u>Nortek</u>";

**SINTERTEC HOLDING, LTD.**, a company regularly organized and existing under the Laws of the British Virgin Islands, with head office in the City of Road Town, Craigmuir Chambers, Tortola, British Virgin Islands, P.O. Box 71, enrolled with CNPJ under No. 13.872.642/0001-22, e-mail: , herein represented by its legal representative, Mr. <u>Reinaldo Tito Teixeira Noronha</u>, described above, hereinafter referred to simply as "<u>Sinertec Holding</u>";

**LEANDRO ROCHA SCISLEWSKI**, Brazilian citizen, married under partial community of property regime, geologist, holder of Identity Card No. , enrolled with

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CPF under No. , resident and domiciled at , e-mail: , hereinafter referred to simply as "<u>Leandro</u>";

**JOSÉ LINCOLN GAMBIER COSTA**, Brazilian citizen, married under community property regime, geologist, holder of Identity Card (RG) No. , enrolled with CPF under No. , resident and domiciled at , e-mail: , hereinafter referred to simply as "<u>José Lincoln</u>";

**GUSTAVO ALVES GUERRA**, Brazilian citizen, single, geologist, holder of Identity Card No. , enrolled with CPF under No. , resident and domiciled at , e-mail: , hereinafter referred to simply as "<u>Gustavo</u>";

**LUIZ ANTONIO VESSANI**, described above, hereinafter referred to simply as "<u>Luiz Antonio</u>" (and, together with Edem, Santíssima Trindade, Nortek, Sintertec Holding, Leandro, José Lincoln and Gustavo, the "<u>Partners of the Grantors</u>");

whereas (i.) Terra Goyana is the sole and legitimate holder of the rights represented by the research authorizations that are the subject of the administrative proceedings registered with the National Mining Agency (the "<u>ANM</u>") under Nos. 832,149/2022 and 832,150/2022, with areas of 12.10ha and 61.12ha, respectively, for ilmenite ore, located in the Cities of Poços de Caldas (MG) and Águas da Prata (SP); (ii.) Bautek is the sole and legitimate holder of the mining rights represented by the mining concession that is the subject of the administrative proceeding registered by the ANM under No. 818,865/1971, with an area of 411.10, for bauxite, aluminum and refractory clay ores, located in the City of Poços de Caldas (MG); (iii.) Edem is the sole and legitimate holder of the mining rights represented by the mining concession that is the subject of the administrative proceeding registered by the ANM under No. 830,914/2013, with an area of 120ha, for bauxite, aluminum and refractory clay ores, located in the City of Caldas (MG); and (iv.) Sintertec is the sole and legitimate holder of the mining rights represented by the research authorization and mining application that are the subject of the administrative proceeding registered by the ANM under No. 806,199/1973, with an area of 40.42ha, for bauxite ore, located in the City of Poços de Caldas (MG), all described and characterized in <u>Annex I</u>., which is part of this document as an integral and inseparable part thereof (hereinafter, the "<u>Rights</u>");

whereas Bautek is the sole and legitimate holder of the rights represented by the research request subject to the proceeding registered by the ANM under No. 832,221/2021, with an area of 115.63ha, for the refractory clay ore, located in the Cities of Andradas (MG) and Caldas (MG), duly described and characterized in <u>Annex II</u>., which is part of this document as an integral and inseparable part thereof (hereinafter, the "<u>Research Request</u>" and, together with the Rights, the "<u>Mineral Rights</u>");

whereas, pursuant to article 22, I, of Decree-Law No. 227 dated as of February 28, 1967 (the "<u>Mining Code</u>"), combined with article 42 of Decree No. 9,406 dated as of June 12, 2018 (the "<u>Regulation</u>") and other applicable laws and regulations, exploration authorizations and mining concessions related to the Rights may be subject to assignment or transfer, provided that the respective assignee meets the applicable constitutional, legal, and regulatory requirements. However, the assignment or transfer of the Exploration Application is prohibited until the date of publication of the exploration authorization;

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whereas the Grantee is evaluating the convenience and possibility of acquiring the Mineral Rights and, in this context, is interested in becoming the holder of a call option for said Mineral Rights;

whereas the Grantors, in turn, agree to grant said call option to the Grantee, subject to the terms and conditions set forth below;

the Parties resolve to enter into this "Call Option Option Agreement for Mineral Rights and Other Covenants" (the "<u>Agreement</u>"), which shall be governed by the clauses and conditions set forth below.

**1. CALL OPTION**

1.1 <u>Call Option</u>. By this Agreement, the Grantors hereby irrevocably and irreversibly grant the Grantee a call option to all of the Rights, as described and characterized in <u>Annex I</u>. hereto, as well as the Exploration Application described in detail in <u>Annex II</u>. hereto (the "<u>Call Option</u>").

1.1.1.<u>Scope</u>. The Call Option covers, at any time, the Mineral Rights, as well as all rights, whether patrimonial or otherwise, inherent to or arising from them, directly or indirectly, including any and all rights, guarantees, privileges, preferences, prerogatives, and actions guaranteed by law, in addition to all projects and studies carried out by the Grantee up to the Call Option Exercise Date, as defined in 3.1 below.

1.2 <u>Premium</u>. The Parties agree that this Call Option will be for a fee, establishing as a premium the amount of five hundred and thirty thousand reais (BRL 530,000.00) (the "<u>Premium</u>"), to be paid to the Grantors, on this date, in proportion to the total number of hectares of Mineral Rights owned by each, by wire transfer to the current accounts of the Grantors indicated in <u>Annex 1.2</u>.. For clarification purposes, the Premium will be divided as follows: (i.) fifty-one thousand, thirty-six reais, and forty-seven cents (BRL 51,036.47) will be paid to Terra Goyana; (ii.) three hundred thousand, one hundred and forty-six reais and thirteen cents (BRL 367,146.13) will be paid to Bautek; (iii.) eighty-three thousand, six hundred and forty-three reais and forty-nine cents (BRL 83,643.49) will be paid to Edem; and (iv.) twenty-eight thousand, one hundred and seventy-three reais and ninety-two cents (BRL 28,173.92) will be paid to Sintertec.

1.2.1.<u>Release</u>. For all legal purposes and effects, the presentation of bank receipts proving the transfer of the Premium to the bank accounts held by the Grantors, as specified in Annex 1.2, and in the proportions indicated in the preceding item, will imply that the Grantors grant the Grantee the fullest, general, irrevocable, and irreversible release regarding the receipt of the Premium to which they are entitled under this Agreement, and that no further demands or disputes may be made on this matter at any time, in or out of court.

1.3 <u>Exclusivity</u>. The Call Option is granted by the Grantors to the Grantee on an exclusive basis, provided that the Grantors may not, during the term of this Agreement, (i.) grant any other option involving all or part of the Mineral Rights to third parties, or (ii.) in any other way dispose of or encumber, or promise to dispose of or encumber the Mineral Rights, in any capacity, to third parties, in whole or in part; or (iii.) directly or indirectly enter into any other commitment or agreement involving the Mineral Rights,

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or in any way related to them (the "<u>Exclusivity</u>"), under penalty of incurring a fine immediately set between the Parties at five million US dollars (US$5,000,000.00), equivalent to one hundred percent (100%) of the Exercise Price defined in 2.1. below, without prejudice to the obligation to indemnify the Grantee for losses and damages and lost profits.

1.4 <u>Authorized Assignees</u>. This Call Option may be assigned by the Grantee, regardless of the consent of the Grantors and upon mere notice to that effect, provided that the full amount of the Premium, defined above, is paid, and in the manner provided for in item 7.9 below, to any company directly or indirectly controlled by the Grantee, or any company subject to common control, directly or indirectly, with the Grantee, as well as to the partners of any of these or to companies of which the companies or individuals indicated in this item are partners (generically, the "<u>Authorized Assignees</u>"), provided that each and every provision of this Agreement shall apply in full to the Authorized Assignees. References in this Agreement to the Grantee shall be construed as references to Alpha and any of the Authorized Assignees.

1.5 <u>Exploration Application</u>. The Grantors undertake, jointly and severally, to take any and all possible actions to ensure that the aforementioned Exploration Application is converted into a research authorization on behalf of Bautek, in accordance with current law, submitting all documents and information required by the ANM as quickly as possible, in order to ensure the exercise of the Call Option by the Grantee. The Grantors also undertake, jointly and severally, to, within a maximum period of five (5) business days after the publication of the research authorization linked to the Exploration Application, send a notice to the Grantee, as set forth in item 7.9 below, informing of this circumstance (the "<u>Research Authorization Grant Notice</u>"). During the entire term of this Agreement, any relevant information related to the progress of the proceeding registered with the ANM under No. 832,221/2021 must be immediately communicated to the Grantee.

**2. EXERCISE PRICE AND PAYMENT METHOD.**

2.1 <u>Exercise Price</u>. The total, clear and legal price to be paid by the Grantee to the Grantors, in consideration for the acquisition of all Mineral Rights, in the event of exercise of the Call Option, will be the amount in BRL (Reais) equivalent to five million and three hundred thousand US dollars (US$5,300,000.00), calculated based on the US$(US dollar) purchase rate, as announced by the Central Bank of Brazil on the business day immediately prior to the respective payment date (the "<u>Exercise Price</u>"), to be disbursed as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.the amount in R$(Reais) equivalent to three million, one hundred and eighty thousand US dollars (US$3,180,000.00), calculated based on the US$(US dollar) exchange rate for purchase, published by the Central Bank of Brazil on the business day immediately prior to the date of the respective payment, must be paid by the Grantee to the Grantors, in proportion to the total number of hectares of Mineral Rights owned by each, determined based on the data indicated in <u>Annexes I. and II.</u>, within a maximum period of thirty (30) days from the date of sending the Exercise Notice, in accordance with the procedure set forth in 3.1 below (the "<u>First Installment of the Exercise Price</u>");

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.the amount in R$(Reais) equivalent to two million, one hundred and twenty thousand US dollars (US$2,120,000.00), calculated based on the US$(US dollar) exchange rate for purchase, published by the Central Bank of Brazil on the business day immediately prior to the date of the respective payment, must be paid by the Grantee to the Grantors, in proportion to the total number of hectares of Mineral Rights owned by each, determined based on the data indicated in <u>Annexes I. and II.</u>, within a maximum period of thirty (12) months from the date of payment of the First Installment of the Exercise Notice (the "<u>Second Installment of the Exercise Price</u>").

2.1.1.<u>Adjustment and interest</u>. No monetary adjustment or interest shall be applied to the Exercise Price throughout the term of this Agreement.

2.1.2.<u>Payment method</u>. Payment of the Exercise Price must be made by the Grantee to the Grantors, in Brazilian currency, by means of TED or PIX to be made to the bank account held by the Grantors indicated in <u>Annex 1.2</u>., which may be changed, provided that the Grantor whose data is changed communicates the new payment data within five (5) days before the date of the respective payment, in the manner provided for in item 7.9., below.

2.1.3.<u>Partial Exercise</u>. Exploration Application. In the event that, on the Exercise Date, as defined in 3.1. below, the Grantee has not yet received the Research Authorization Grant Notice, (i.) the Call Option may be partially exercised, with the exclusion of the Exploration Application (the "<u>Partial Exercise</u>") and acquisition of only the Rights, with the subsequent (ii.) reduction of the Exercise Price to four million, four hundred and ninety-four thousand, twenty-five US dollars and twenty-eight cents (US$4,494,025.28), to be paid in the same proportions established in 2.1.(a.) and 2.1.(b.) above, being the reduction of eight hundred and five thousand, nine hundred and seventy-four US dollars and eighty-seventy-two cents (US$805,974.72), equivalent to fifteen point twenty-one percent (15.21%) of the Exercise Price and of the total hectares of the Mineral Rights (the "<u>Partial Exercise Price</u>"); in the event of Partial Exercise of the Call Option, (iii) the Grantee will retain the right to Purchase the Exploration Application for an additional twelve (12) months, counted from the date of the Exercise Notice defined in 3.1. below (the "<u>Residual Option</u>"), for the exercise price of eight hundred and five thousand, nine hundred and seventy-four US dollars and eighty-seventy-two cents (US$805,974.72) (the "<u>Residual Exercise Price</u>"), with the rules set forth in 2.1., 2.1.1. to 2.1.3., 2.1.4. *et seq.*, 3.1. *et seq.*, and 5.1.1. of this Agreement applying to this residual Call Option, with the necessary adaptations.

2.1.4.<u>Payment in Shares</u>. The Grantors may, at their sole discretion, determine that the payment of the Exercise Price, the Partial Exercise Price, and the Residual Exercise Price, as applicable, be made in whole or in part through the delivery of shares issued by REA to the Grantors, issued in accordance with Australian law, as set forth in this item 2.1.4. (the "<u>REA Shares</u>"), which will be transferred to the Grantors in full or partial replacement for the payment in BRL (Reais) set forth above, adopting the legal form that will be defined in due course between the Parties, by mutual agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.4.1. <u>Valuation of REA Shares</u>. The appraisal value of the REA Shares that may be delivered to the Grantors as payment of the Exercise Price, Partial Exercise Price, or Residual Exercise Price, as applicable (the "<u>REA Share Valuation Value</u>"), will be calculated based on the criteria set forth in this item 2.1.4.1. If, on the date of the Exercise Notice, the shares issued by REA are publicly traded on the Australian Securities Exchange or any other exchange that may replace it (the "<u>ASX</u>"), (i) the REA Share Valuation Value will be equivalent to the average closing price traded on the ASX in the thirty (30) days prior to the Exercise Notice. The valuation method set forth in 2.1.4.1.(i) will also apply in cases where REA merges with an Australian public company with shares traded on the ASX, or is merged with an Australian public company with shares traded on the ASX; In these cases, the average price of the shares of the REA or the company that succeeds the REA must be considered, as described in 2.1.4.1.(i.). If the criterion set forth in 2.1.4.1.(i.) is inapplicable, (ii.) the REA Share Appraisal Value will be equivalent to the market value determined in the last corporate capital raising transaction carried out by the REA or in the last merger, consolidation, or spin-off of the REA, provided that the latter were carried out at market value, prior to the date of sending the Exercise Notice. The REA and the Grantee are obliged to share with the Grantors any information regarding said transaction that is necessary to ensure that the latter have all the relevant data and elements to evaluate their option, in whole or in part, to receive the Exercise Price, the Partial Exercise Price, and the Residual Exercise Price, as applicable, as provided for in 2.1.4. above. If, on the date of sending the Exercise Notice, the criterion set forth in 2.1.4.1.(ii.) is also inapplicable, the Grantees will not be able to choose the payment method indicated in 2.1.4., above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.4.2. <u>Payment Notice</u>. Within a maximum period of five (5) business days after the Grantee sends the Exercise Notice, as defined in 3.1. below, the Grantors may, upon mutual agreement and by sending a notice to the Grantee, as set forth in item 7.9. below (the "<u>Payment Notice</u>"), request that the payment of the Exercise Price or the Partial Exercise Price, as applicable, be made in whole or in part in REA Shares, provided that the criterion set forth in 2.1.4.1.(i.) or the criterion set forth in 2.1.4.1.(ii.) applies. The Payment Notice must contain, at a minimum, the following information: (i.) the amount of the Exercise Price to be paid in BRL (Reais) to each of the Grantors, provided that this amount will be divided into two installments, in the same proportions adopted in items 2.1.(a.) and 2.1.(b.) above; (ii.) the amount of the Exercise Price to be paid in REA Shares to each of the Grantors. In the event that the Payment Notice is not sent within the period provided for in this item, the Parties immediately agree that the payment method of the Exercise Price shall be that originally provided for in 2.1.3. above, i.e., in Brazilian currency.

2.1.5.<u>Reduction of the Exercise Price</u>. In the event that the area of the Exploration Application is reduced due to overlap with third-party ownership rights or for any other reason, the Exercise Price or Partial Exercise Price, as applicable, shall also be reduced in proportion to the total number of hectares of the Mineral Rights. Such reduction shall be calculated using the following formula: [Hectares excluded from the area of the Exploration Application (/) Total hectares of Mineral Rights, as indicated in Annexes I and II.] (x) Exercise Price. The reduction of the Exercise Price applies without distinction to the cases of payment in currency or in REA Shares, as provided for in 2.1.2. and 2.1.4., respectively.

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2.1.6.<u>Default</u>. Payment of any installments of the Exercise Price after the maturity date will put the Grantee in default, regardless of any notice, summons, or extrajudicial notice, subjecting it to (i.) a late payment penalty of two percent (2%) on the outstanding debt; and (ii.) interest of one percent (1%) per month or fraction thereof, calculated on the overdue amounts, regardless of the possibility of the Grantors adopting applicable legal measures.

2.1.7.<u>Release</u>. For all legal purposes and effects, the presentation of bank receipts confirming the wire transfers related to the Exercise Price to the bank accounts held by the Grantors, as detailed in Annex 1.2., and/or, as applicable, the effective transfer, as provided for in Australian law, of the REA Shares to the Grantors, always in proportion to the total number of hectares of Mineral Rights held by each of them, will imply the granting, by the Grantors to the Grantee, of the broadest, general, irrevocable, and irreversible release regarding the receipt of the Exercise Price, to no further demand or dispute on this basis, at any time, in or out of court.

2.2 <u>No change to the Exercise Price</u>. The Parties declare that the Exercise Price and the Partial Exercise Price were set by full and mutual agreement and hereby irrevocably and irreversibly express their full and unrestricted agreement regarding their value and payment methods. Therefore, the Exercise Price is definitive, unchangeable and binding, and is thus not subject to any other changes and/or adjustments of any nature, for any reason and at any time.

**3. EXERCISE OF THE CALL OPTION.**

3.1 <u>Exercise of the Call Option</u>. The Call Option may be exercised at any time during the term of this Agreement, as set forth in 5.1. below. The Grantee must express its intention to exercise the Call Option by sending written notice to the Grantors, as set forth in item 7.9. below (the "<u>Exercise Notice</u>"); the Exercise Notice must contain, at a minimum, the following information: (i.) intention to acquire all of the Mineral Rights or to exercise them partially, provided that authorized as set forth in item 2.1.3. above; (ii.) Appraisal Value of the REA Shares, represented by the closing price of REA-issued shares traded on the ASX or the shares of a publicly-held company that mergers REA, for the thirty (30) days prior to the Exercise Notice and the average price traded during the period, if applicable, or by the last net asset value of REA, considering the consolidation of all its subsidiaries, indicating the net asset value per share issued. The Exercise Price must be paid under the strict terms and deadlines set forth in items 2.1 *et seq.* above, and in the form requested in the Payment Notice, within a maximum period of thirty (30) days after the Exercise Notice is sent. The date of payment of the First Installment of the Exercise Price and/or delivery of the REA Shares to the Grantors, as applicable, provided it is preceded by the Exercise Notice, will be considered the Call Option exercise date (the "<u>Exercise Date</u>") for all purposes of this Agreement and any legal transactions resulting from the exercise of the Call Option. If the Grantee does not exercise the Call Option within the term of the Agreement, the transaction will terminate at no cost to the Parties, and the Grantors will not be obligated to return the Premium. Furthermore, the data and information obtained and produced by the Grantee in the Mineral Exploration must be sent to the Grantors within ten (10) business days.

3.1.1.<u>Proof of receipt</u>. Proof of receipt of the Call Option Exercise Notice by the Grantors is not a necessary condition for formalizing its exercise. Grantee may

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formalize the legal transactions resulting from such Call Option at any time after fulfilling the conditions set forth in 3.1. above, subject to the requirements and conditions established in this Agreement.

3.1.2.<u>Residual Option</u>. The rules set forth in items 3.1. and 3.1.1., and 3.2. *et seq.*, apply to the exercise of the Residual Option set forth in 2.1.3. above, with the necessary adaptations.

3.2 <u>Obligation to assign Mineral Rights</u>. Once the Call Option has been exercised and provided that the conditions set forth in 3.1. above are met, in particular the payment of the First Installment of the Exercise Price, the Grantors will be irrevocably obligated to carry out the sale and consequent transfer of ownership of the Mineral Rights to the Grantee, in accordance with the draft Mineral Rights Assignment Agreement and Other Covenants that is included herein as Annex 3.2.(i.) and, likewise, the Grantee will be irrevocably obligated to acquire the Mineral Rights, in accordance with the terms indicated in its Exercise Notice and according to the conditions mentioned in the Payment Notice. Whereas (i.) the Exercise Price will be divided into two (2) distinct installments and (ii.) only the First Installment of the Exercise Price will have been paid on the Exercise Date, the Mineral Rights Assignment Agreement and Other Covenants, referred to in this item 3.2., must be signed together with the Private Instrument of Fiduciary Transfer of Mineral Rights and Other Covenants, the draft of which is included herein as Annex 3.2.(ii.). In the event of Partial Exercise or exercise of the Residual Option, the Parties must also adopt the drafts in Annexes 3.2.(i.) and 3.2.(ii.), implementing the appropriate adaptations.

3.2.1.<u>Formalization of transfer of Mineral Rights</u>. Within a maximum period of five (5) business days from the Exercise Date, the Grantors and the Grantee shall promote the signature of the private instrument of the Mineral Rights Assignment Agreement and Other Covenants, the draft of which is included herein as <u>Annex 3.2.(i)</u>, of the Private Instrument of Fiduciary Sale of Mineral Rights and Other Covenants, the draft of which is included herein as <u>Annex 3.2.(ii.)</u>, as well as the Instruments of Assignment of Mineral Rights that are included herein as <u>Annexes 3.2.1.(i.) to 3.2.1.(iv.)</u>, and, within a maximum period of fifteen (15) days from such signature, shall promote the endorsement and registration of one of them with the ANM, notary offices or any other applicable body, at the expense of the Grantee, and the Grantors undertake to present, within a maximum period of five (5) business days, any and all documents that are reasonably required by the Grantee, or by the person responsible for the endorsement and/or registration, as applicable. In the event of Partial Exercise or the exercise of the Residual Option, the Parties must adopt the draft in <u>Annex 3.2.1.(ii.)</u>, implementing the appropriate adaptations.

3.2.2.<u>Power of Attorney</u>. In the event that it is not possible for the Grantors to comply with the term provided for in 3.2.1. above, and in order to enable the implementation of the Call Option and the formalization of the transfer of the Mineral Rights to the Grantee, the Grantors hereby grant to the Grantee an irrevocable power of attorney in their own name, the drafts of which form part of this instrument in its <u>Annex 3.2.2.</u>, so that the latter may adopt, on behalf of the Grantors, any and all actions necessary to formalize the transfer of the Mineral Rights to its ownership, including the execution of the private instrument of the Mineral Rights Assignment Agreement and Other Covenants, which forms part of

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this instrument as its <u>Annex 3.3.(i.)</u>, of the respective Instruments of Assignment of Mineral Rights, which form part of this instrument as its <u>Annexes 3.2.1.(i.) to 3.2.1.(iv.)</u> and of public or private instruments, if applicable, including the transfer forms before the ANM. The powers of attorney provided for in this item may also be used to exercise the Residual Option.

3.3 <u>Additional Documents</u>. The Parties undertake, in good faith and in the interest of ensuring compliance with the Call Option governed by this Agreement, to execute any and all documents and perform any and all acts necessary for the definitive transfer of the Mineral Rights to the Grantee, as applicable.

3.4 <u>Changes to Mineral Rights</u>. Without prejudice to the obligations to provide information and documents provided for in Chapter 4 below, the Grantors hereby jointly and severally undertake, in the event of any changes to the intrinsic characteristics of the Mineral Rights, at any time and for any reason, to immediately notify the Grantee, as set forth in item 7.9 below, ensuring that the latter has, regardless of any request to that effect, all the information necessary to assess, at any time during the term of this Agreement, the advisability of exercising the Call Option.

**4. DUE DILIGENCE AND RESEARCH RIGHT.**

4.1 <u>Feasibility Study</u>. The Grantors hereby declare that they are aware that (i.) conducting a legal, technical, mineralogical, and environmental audit, including regulatory and operational analyses (the "<u>Due Diligence</u>"), is essential for the Grantee to have all the information necessary to assess, at any time during the term of this Agreement, the advisability of exercising the Call Option; and (ii.) the payment of the Premium provided for in 1.2 above was stipulated based on the criterion and condition of the effective (and future) provision, by the Grantors to the Grantee, of the information provided for in this Chapter 4 of the Agreement.

4.2 "<u>Due Diligence</u>". To justify the payment of the Premium and to assess the appropriateness of exercising the Call Option, the Grantee will conduct, at its discretion and subject to the confidentiality set forth in 7.11. below, a "Due Diligence" on the Mineral Rights, intending to ensure the obtaining of all information it deems pertinent regarding legal, technical, mineral, environmental, or any other issues that may interfere with its conclusion regarding the exercise of the Call Option.

4.2.1.<u>Applications</u>. The Grantors must make available to the Grantee, within ninety (90) days from the signing of this Agreement, the documents and information indicated in the preliminary list accompanying this Agreement in <u>Annex 4.2.1</u>, unless a longer period is requested by the government agencies issuing the documents. After submitting the documents listed in <u>Annex 4.2.1.</u>, the Grantee may make a new request for documents, information and/or clarifications to the Grantors, regarding any of the Mineral Rights, within a period of up to fifteen (15) calendar days, counting from the receipt of the last document submitted and which corresponds to all the documents requested in <u>Annex 4.2.1</u>.. . The deadline for the Grantors to submit additional information will also be fifteen (15) days. For each submission of documents, information, and/or clarifications, the Grantor may make a new application to resolve any doubts, always respecting the aforementioned fifteen (15)-day deadline. If any item is not applicable, the Grantor must indicate this circumstance in writing. The Parties acknowledge that

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proper compliance with the applications by the Grantors is essential to enable the Grantee to conduct its Due Diligence and to form its judgment regarding the exercise of the Call Option.

4.2.2.<u>Method of document delivery</u>. All communication regarding the documents to be submitted by the Grantors must be made electronically, to the addresses indicated in the Parties' descriptions or to the e-mail addresses of third parties to be designated by the Parties specifically for this purpose.

4.2.3.<u>Diligences</u>. Without prejudice to the request for documents regulated in 4.2.1., above, the Parties additionally agree that the advisors hired by the Grantee to carry out the Due Diligence may, provided they are followed by a technician of the Grantors appointed for this purpose within a maximum period of ten (10) days after the request to this effect, have access to the areas of the Mineral Rights for their "in loco" evaluation, and may also take samples for technical analysis purposes, carry out research in the area, among others.

4.3 <u>Failure to comply with deadlines</u>. In the event of failure to comply with any of the deadlines established in 4.2.1. and 4.2.3., unless the delay is demonstrably justified by the delay of the public bodies involved in issuing any requested document, the total number of days of delay will be added to the term of this Agreement, as set forth in 5.1. below, thus postponing the term of the Call Option granted in this Agreement.

4.3.1.If the total number of days late exceeds sixty (60) days, the Grantee may, at its sole discretion, (i.) choose to terminate this Agreement, and the Grantors shall, jointly and severally, return the Premium previously received within a maximum period of five (5) business days, under penalty of a ten percent (10%) fine and default interest at the rate of 1% per month, calculated "pro rata dies", from the maturity date of the obligation to return the Premium until the date of actual payment; or (ii.) consider the rule of postponement of the term set forth in item 5.1 applicable for the total number of days late, as set forth in 4.3. above.

**5. VALIDITY.**

5.1 <u>Term</u>. The provisions of this Agreement shall be valid and effective from the date of its execution for a period of twelve (12) months, extendable as set forth in 4.3. and 4.3.1. above. Before the end of the term provided for in this item, neither Party is permitted to terminate or unilaterally terminate the provisions of this Agreement, except in the cases expressly provided for herein.

5.1.1.<u>Residual Option</u>. Especially in the case provided for in 2.1.3. above, and provided that the Grantee partially exercises the Call Option, this Agreement will be extended for an additional twelve (12) months period, starting from the Exercise Notice date defined in 3.1. below, so that the Grantee has the right to exercise the Residual Option with respect to the Exploration Application, as outlined above.

**6. ADDITIONAL REPRESENTATIONS, WARRANTIES AND OBLIGATIONS OF THE PARTIES.**

6.1 <u>Representations and warranties of the Grantors</u>. The Grantors jointly and severally represent and warrant that:

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i.<u>Other impeding agreements</u>. There is currently no exclusivity, confidentiality, or preference agreement, or any other contract or agreement entered into with third parties that may, in any way, impair or prevent the granting of the Call Option provided for in this Agreement or the regular exercise by the Grantee of the Call Option and any rights arising from this Agreement or any rights, actions, privileges, and warranties related to the Mineral Rights;

ii.<u>Ownership</u>. The Mineral Rights described and characterized in <u>Annex I</u>. and <u>Annex II</u>. hereto are legitimately and exclusively held by the Grantors;

iii.<u>Registrations</u>. The Mineral Rights are duly registered with the ANM, strictly adhering to all rules and regulations set forth in the applicable law;

iv.<u>Licenses and authorizations</u>. The Grantors have always acted in compliance with the law applicable to Mineral Rights and hold all authorizations, permits, registrations, registrations, accreditations, permissions, and protocols of any nature, as provided for in federal, state, and municipal law or required by public authorities and government agencies in their respective jurisdictions, for conducting research, mining, and maintaining the regularity of the Mineral Rights. There are no legal, administrative, contractual, or judicial restrictions on the ownership of the Mineral Rights or related to the research authorizations, Exploration Applications, or development concessions subject to the administrative proceedings indicated in <u>Annex I</u>. and <u>Annex II</u>. hereto, there is also no judicial or administrative procedure in which the Grantors are as defendants, as plaintiffs or act as assistant, whose merit is related to the ownership of the Mineral Rights or to the conduction and maintenance of the exploration or development related thereto;

v.<u>Disputes</u>. (v.1.) There are no claims or demands of any nature whatsoever before any public authority or involving any third party, nor are there any arbitration proceedings or other alternative dispute resolution methods related to any of the Mineral Rights; (v.2.) there are no claims, arbitration proceedings, or other alternative dispute resolution methods of any nature whatsoever that, although not involving the Mineral Rights, may in any way affect them and/or impede and/or harm the implementation of this Agreement; (v.3.) the Grantors are not aware of or have not performed any acts whose practice or omission may impede or harm the implementation of this Agreement; (v.4.) none of the Mineral Rights are involved in any pending claims of any nature, nor in arbitration proceedings or other alternative dispute resolution methods; and (v.5.) the Grantors have not failed to comply with any judgment, order, writ, injunction, or ruling from any public authority related to any of the Mineral Rights;

vi.<u>Environmental</u>. The Grantors comply with all environmental laws and regulations, further declaring that no activity has been conducted in the area of the Mineral Rights that has resulted in, or would reasonably be likely to result in, a violation of applicable environmental laws. Therefore, there are no pending complaints before any authority, at any level, nor are there any services, summonses, directives, orders, and/or notices of violation of any legal requirement related to any of the Mineral Rights or against the Grantors in connection with environmental matters or licenses. The Grantors further declare that they have not entered into or assumed any agreement, nor have they been imposed any

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obligation to make any type of payment, compensation, or indemnity for, or as a result of, obtaining any license required for the development of the Mineral Rights. In this regard, the Grantors declare that they have not signed or negotiated any Conduct Adjustment Agreement with the Public Prosecutor's Office, even if fully complied with, declaring that there are no facts or circumstances that would result in a violation of such nature to the applicable environmental legal requirements or claims or demands in this regard;

vii.<u>Status of Mineral Rights</u>. The Grantors declare that there are no liens on the Mineral Rights, which are entirely free and clear of any and all real or personal, judicial or extrajudicial liens, legal or conventional mortgages, easements, forum or pension, seizure, sequestration, lis pendens, real or personal repossession actions, environmental contingencies, debts and/or liabilities of any nature, as well as fully paid for taxes, charges, expenses, and debts of any nature. The Grantors further declare that there are no fines and/or demands from the competent authorities pending payment or satisfaction, and that all applicable federal, state, and municipal regulations and standards have been complied with to date;

viii.<u>Full Disclosure</u>. The information, representations, and/or warranties provided by the Grantors regarding the Mineral Rights, herein and/or within the scope of the Due Diligence, do not contain any untruth or inaccuracy regarding any material act or fact, nor do they omit the existence of any material act or fact whose knowledge is necessary to ensure that the representations and obligations assumed in this Agreement are not misleading or subject to misinterpretation. There is no act, fact, or situation that affects the transaction that is the subject of this Agreement and that has not been expressly disclosed by the Grantors;

ix.<u>Other negotiations involving the Mineral Rights</u>. There is currently no agreement or contract of any nature entered into with third parties that has as its purpose the assignment, promise of assignment, granting as collateral or any other form of commitment of the Mineral Rights, or any agreement or contract that may, in any way, harm or prevent the exercise of the Call Option or the exercise by the Grantors of any rights arising from this Agreement, or of any rights, actions, privileges and guarantees related to the Mineral Rights or, even, in the future, to the acquisition of the Mineral Rights by the Grantee; and

x.they are not aware of any protested titles in their name.

6.2 <u>Additional declaration of the Grantors</u>. The Grantors declare that the execution of this Agreement does not create fraud against creditors, fraud of execution, or presumption of fraud against tax authorities, at the Federal, State, or Municipal levels, as provided for in article 158 of the Civil Code, article 792 of the Civil Procedure Code, and article 185 of the National Tax Code, respectively, and other applicable regulations.

6.3 <u>Prohibited Acts</u>. Except in the event of prior and express approval by the Grantee, the Grantors undertake, directly or indirectly, free of charge or for a fee, partially or fully, during the term of this Agreement as set forth in 5.1. above:

6.3.1.not to sell, assign, or transfer the Mineral Rights to any third parties, even if considered related parties under applicable law, nor to confer them on the capital

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of a company or other investment fund, grant them in usufruct or trust, or in any other manner assign or promise to assign them; and

6.3.2.not create or permit any pledge, sequestration, attachment, constriction, small-estate probate, attachment, mortgage, fiduciary transfer, usufruct, bond, charges, call option, put option, right of first refusal, restriction on disposal, or any other encumbrance of any nature, created or imposed by contractual provision, law, court decision, even if not final, arbitration award, or any other decision to which the Grantors are subject, or by any government authority, to be levied on the Mineral Rights.

6.4 <u>Non-pecuniary obligations</u>. Failure by either Party to fulfill any of the obligations to give, perform, or refrain from performing under this Agreement and not subject to a specific penalty will subject the breaching Party to specific performance, as well as the obligation to indemnify the non-performing Party for losses and damages, including lost profits, demonstrably incurred and directly related to the breach in question.

6.4.1.In the specific case, and exclusively in the cases described below, if the Grantors (i.) perform one of the prohibited acts indicated in 6.3. above, or (ii.) refuse to transfer the Mineral Rights to the Grantee, in the latter case provided that the past-due installments of the Exercise Price or the residual Exercise Price have been regularly and timely paid, the Parties hereby stipulate a punitive and non-compensatory penalty in the amount of twenty percent (20%) of the Exercise Price. If the Grantor has exercised or will exercise the Call Option despite the breaches provided for in this item, the penalty provided for herein may be deducted from the Second Installment of the Exercise Price or the Residual Exercise Price, if applicable.

6.4.2.<u>Indemnification obligations</u>. The Parties mutually undertake to irrevocably and irreversibly indemnify and hold harmless the other Party for direct damages suffered due to the breach of any obligation provided for in this Agreement by the other Party, including attorney's fees, legal costs, and costs demonstrably incurred in defending its rights, due to an act or fact attributable to the other Party.

6.5 <u>Annual Fee per Hectare</u>. The Parties hereby agree that the Annual Fee per Hectare (the "<u>TAH</u>") relating to the Mineral Rights and other taxes and fees linked thereto shall be due by the Grantors until the Call Option Exercise Date (or the Residual Purchase Option, as the case may be), when, if applicable and within the limits of the Exercise Notice, the taxes, fees and TAH relating to the mineral rights acquired by the Grantee shall be borne by it.

6.6 <u>General representations of the Parties</u>. The Parties hereby represent to each other that:

a.they are, as applicable, duly organized, incorporated, and existing as limited liability companies, in accordance with applicable law;

b.they are duly represented in this Agreement, pursuant to their organizational documents, and their legal representatives who sign this Agreement are duly authorized to assume and fulfill all obligations hereunder;

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c.they are duly authorized and have obtained all licenses, precedent measures, and/or corporate, legal, or regulatory authorizations necessary to enter into this Agreement and assume the obligations set forth herein, including any appropriate authorizations provided for in their organizational documents, if applicable. No third-party authorization is required to enter into this Agreement;

d.this Agreement creates a valid, effective, and enforceable obligation of each of the Parties, in accordance with its terms;

e.The execution of this Agreement by the Parties, as well as the assumption and fulfillment of the obligations set forth herein, especially those arising from the exercise of the Call Option of Mineral Rights by the Grantee, will not imply (e.1.) any conflict or violation of any provision of the articles of association and/or bylaws of the Parties; (e.2.) any conflict, violation, default, early maturity, or termination of any contract or agreement to which the Parties, as the case may be, are a party; (e.3.) any violation of any applicable law or regulation, or of any decisions or resolutions issued by their decision-making or administrative bodies, which may prevent, delay, or impair the performance of the obligations assumed in this Agreement; or (e.4.) any determinations, decisions, or orders of any governmental authority, including judicial authorities, to whose observance the Parties, as the case may be, are subject; and

f.have analyzed this Agreement in all its clauses and conditions, assisted by their legal counsel.

6.7 <u>Clay</u>. The Parties agree that Grantor Bautek is hereby authorized to proceed with the removal and/or development of a total quantity of 1,000,000 tons (one million tons) of refractory clay classified as grades 50, 60, or 70, from the Mineral Rights area, as described in <u>Annexes I. and II</u>., linearly over a period of twenty-five (25) years (40,000 tons/year), in accordance with the terms set forth in this item. The clay to be used by Bautek for the development of its activities may be in the form of "run of mine" ore, remaining after the mining of rare earths or other minerals that may be explored by the Grantee in the area of the Mineral Rights (the "<u>ROM Clay</u>"), or as undeveloped clay, extracted from a polygon in which the existence of rare earths or other minerals that may be explored by the Grantee in the area of the Mineral Rights has not been detected in a concentration appropriate to its interests (the "<u>Clay to be Developed</u>" and, together with the ROM Clay, the "<u>Clay</u>"), as defined by mutual agreement between the Parties.

6.7.1.<u>General rules</u>. The Grantee shall share with Bautek, provided that such information is available in the material prepared by the Grantee's technical team, the results of technical research conducted in the area of Mineral Rights, specifically regarding (i.) the concentrations of aluminum oxide (Al2O3), iron oxide (Fe2O3), potassium oxide (K2O), and sodium oxide (Na2O) and (ii.) the percentage of loss on ignition (LOI) of each polygon analyzed, as detailed in <u>Annex 6.7</u> hereto. If, at any time, it is necessary to send Bautek research results and/or information sensitive to the Grantee's activities, at the latter's sole discretion and convenience, the Parties shall sign a specific Confidentiality Agreement to protect the information shared by the Grantee with Bautek. The Parties hereby agree that the Grantee is not obligated to conduct any specific research or detailing to meet Bautek's needs, nor to undertake any efforts to locate Clay in accordance with the technical specifications defined in <u>Annex 6.7.1</u>.. The

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assessment of the grade and other specific characteristics of the Clay is the sole responsibility of Bautek, which shall carry it out at its own expense. It is understood that the Grantee is exclusively obligated to (a.) share information resulting from technical research conducted in the course of its activities; and (b.) allow Bautek's technicians to access the region of the Mineral Rights to study the characteristics of the Clay in each specific area. The Parties shall mutually agree on the best polygons for Bautek to extract or mine Clay, as well as the most appropriate periods and procedures for its extraction or development, in accordance with the parameters defined in 6.7.2. and 6.7.3. below. Grantee assumes no responsibility for the quantity, quality, content, or suitability of the Clay for the specific purposes intended by Bautek. Grantee may also, at its sole discretion, designate areas of other mineral rights held by it for Bautek to extract Clay, as may be mutually agreed upon by the Parties.

6.7.2.<u>ROM Clay</u>. If the polygons defined by the Parties as provided for in 6.7.1. above have a significant concentration of rare earths or other minerals that will be explored by the Grantee in the area of Mineral Rights, according to the Grantee's sole discretion, the latter will be responsible for mining the ROM Clay, at its own expense, as well as extracting and segregating the rare earths or other minerals, within the periods that will be defined by mutual agreement between the Parties, keeping it in its yards, for removal and transportation by Bautek. The Parties shall define, by mutual agreement, the deadlines and the form of provision of the ROM Clay to Bautek, it being hereby defined that (i.) Bautek shall be solely and exclusively responsible for the removal and transportation of the ROM Clay, at its own expense in accordance with the deadlines defined by mutual agreement between the Parties, with the Grantee being solely responsible for issuing an Invoice, with Bautek as the recipient, with a symbolic value of one cent of a real (BRL 0.01), to cover the transportation of the ROM Clay; (ii.) the Grantee shall mine the ROM Clay in accordance with specific procedures for maximizing the extraction of rare earths or other minerals that may be explored by the Grantee in the area of Mineral Rights, and shall not be obliged to adopt specific procedures suggested by Bautek if this implies additional costs or losses to the extraction of rare earths or other minerals, as the case may be; and (iii.) the Grantee assumes no responsibility for the quality, content or suitability of the ROM Clay for the specific purposes intended by Bautek, and is solely and exclusively obliged to mine it in accordance with the environmental and labor rules in force. In this case, Bautek will be solely and exclusively responsible for any contingencies or liabilities of any nature related to the removal and transportation of the ROM Clay, and will be jointly and severally liable with the other Grantors to hold the Grantee harmless and, further, to compensate it for any losses and damages or lost profits that any problems in the removal and transportation of the ROM Clay may cause to the mining of rare earths or other minerals that may be mined by the Grantee in the area of the Mineral Rights.

6.7.3.<u>Clay to be Developed</u>. If the polygons defined by the Parties as set forth in 6.7.1. above do not have an adequate concentration of rare earths or other minerals that may be mined by the Grantee in the area of the Mineral Rights, in the Grantee's sole discretion, Bautek will be solely responsible for mining the Clay to be Developed, at its own expense. The Parties shall define, by mutual agreement, a plan for the mining of the Clay to be Developed, it being hereby defined that (i.) Bautek shall be solely and exclusively responsible for the evaluation of the

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physical and chemical characteristics, mining, removal and transportation of the Clay to be Developed, at its own expense, in compliance with the deadlines that shall be defined by mutual agreement between the Parties, with the Grantee being solely responsible for issuing an Invoice, to Bautek as the recipient, to support the transportation of the Clay to be Developed; the value of said Invoice shall correspond to the sum of the expenses for royalties and CFEM owed by the Grantee due to the development, by Bautek, of the Clay to be Developed, plus any taxes eventually owed by the Grantee, always with a readjustment of the calculation basis (gross-up), so that, in the end, the net amount of taxes received by the Grantee is sufficient to reimburse it for the costs of royalties and CFEM; (ii.) the Grantee assumes no responsibility for the quality or content of the Clay to be Developed for the specific purposes intended by the Grantors; and (iii.) Bautek, in this case, will be solely and exclusively responsible for any environmental, labor or any other contingencies or liabilities related to the development, removal and transportation of the Clay to be Developed, undertaking, jointly and severally with the other Grantors, to keep the Grantee harmless and, further, to indemnify it for losses and damages or lost profits that any problems in the development, removal and transportation of the Clay to be Developed may cause to the development of rare earths or other minerals that may be explored by the Grantee in the area of the Mineral Rights.

6.7.4.<u>Validity</u>. The obligation assumed in this item 6.7. will be effective from the execution date of this Agreement and will last for twenty-five (25) years or until the Grantee makes available to Bautek one million tons (1,000,000t) of Clay classified in grades 50, 60 or 70, as detailed in <u>Annex 6.7.1.</u>. It is understood that, if there is no Clay to be made available in the quantity or grades provided for in this item in the area of Mineral Rights, Bautek will not be entitled to any reimbursement or compensation of any kind. The Grantee declares that it is aware that Bautek is currently development Clay in the area delimited in <u>Annex 6.7.4.</u>. It is estimated that approximately thirty thousand tons (30,000t) of clay will be mined throughout 2024, to which the Grantee expressly agrees. The Grantee further agrees that Bautek will mine a minimum of one hundred and twenty thousand tons (120,000t) of Clay between the execution date of this Agreement and 12.31.2028. After the Exercise Date, Bautek and the Grantor will mutually agree whether Clay extraction will continue in the area delimited in Annex 6.7.4. or elsewhere. For clarification purposes, the Clay extraction carried out by Bautek as of this date must be included in the term and quantity limits established in item 6.7 above.

6.7.5.<u>Renewal of the obligation</u>. After the termination of the obligation provided for herein, the Parties may, by mutual agreement, discuss its possible renewal, provided that it is by mutual consent, considering market conditions, technical feasibility, and other relevant factors. Without prejudice to such renewal, the Parties hereby agree that, in good faith, they will mutually evaluate a potential commercial partnership for the sale and/or processing of tailings produced by the Grantee in the exploration of rare earths or other minerals that may be developed by it within the area of the Mineral Rights.

**7. FINAL PROVISIONS.**

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7.1 <u>Intervention</u>. The Consenting Intervening Parties, Partners of the Grantors, sign this agreement, as partners of the Grantors, expressly authorizing the performance of the legal transaction embodied herein, in accordance with articles 107, 219, and 220, all of the current Civil Code. The Consenting Intervening Party REA signs this agreement as guarantor of the (possible) obligation to deliver the REA Shares, as set forth in item 2.1.4 below.

7.2 <u>Entire agreement</u>. This Agreement creates the entire agreement among the Parties regarding the matters creating its subject matter, superseding any previously executed documents and understandings previously reached among the Parties.

7.3 <u>Amendments</u>. Amendments to this Agreement will only be valid when executed in writing and signed by the legal representatives of all Parties.

7.4 <u>Irrevocability</u>. This Agreement is irrevocable and irreversible, binding on the Parties and their heirs and successors in any capacity.

7.5 <u>Assignment</u>. The rights and obligations arising from this Agreement may not be assigned or transferred, in whole or in part, by either Party to third parties other than Authorized Assignees, as defined in item 1.4 above, except with the prior or express consent of the other Party.

7.6 <u>Waiver, Novation and Others</u>. The Parties represent and acknowledge that, except as expressly provided otherwise in this Agreement, (i.) the failure to exercise, the granting of a time limit, the forbearance, or the delay in exercising any right granted to them by this Agreement or by law will not create a waiver or novation of such rights, nor will it prejudice their eventual exercise; (ii.) the individual or partial exercise of these rights will not prevent the subsequent exercise of the remaining rights or the exercise of any other right; (iii.) the waiver of any of these rights will only be valid if formalized in writing; (iv.) the waiver of a right shall be interpreted restrictively and will not be considered a waiver of any other right granted by this Agreement; (v.) the nullity or invalidity of any of the clauses of this instrument will not prejudice the validity and effectiveness of its other clauses or of the Agreement itself; and (vi.) the rights of each Party provided for in this Agreement are cumulative with other rights provided for by law, unless this Agreement expressly excludes them.

7.7 <u>Costs</u>. The Parties agree that all costs and expenses incurred in hiring agents, attorneys, auditors, advisors, intermediaries, or consultants to carry out the transactions covered by this Agreement will be borne exclusively by the respective contracting party.

7.8 <u>Assistance</u>. The Parties represent that they were duly assisted by their respective attorneys in executing this Agreement, who warned them of the risks involved in the transaction covered by this Agreement, and that they are signing this Agreement independently, of their own free will, aware of the risks and obligations to which they are subject, and of the rights granted under this Agreement. Neither Party may, at any time after signing this Agreement, claim ignorance, error, injury, lack of knowledge, or any other defect regarding the risks, obligations, and rights provided for in this Agreement.

7.9 <u>Notices</u>. All notifications, notices or communications relating to this Agreement will be in writing and will be deemed received on the delivery date, if delivered in person, or on the date of actual receipt, if sent by post, or on the date of dispatch, if sent by email.

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Such notifications, notices and communications will be sent to the addresses indicated below or to any other address that may be communicated by one Party to the other, via written communication:

if for the <u>Grantors</u>:

**Terra Goyana Mineradora Ltda.**

Rua João de Abreu, No. 192, 14<sup>th</sup> Floor, Sala 144-A e 145-A, Setor Oeste, Goiânia, State of Goiás, ZIP Code 74120-110.

At.: Luiz Antônio Vessani, e-mail:

**Bautek Minerais Industriais Ltda.**

Rodovia BR-459, Km 8, Laranjeiras de Caldas, Caldas, State of Minas Gerais, ZIP Code 37780-000.

At.: Reinaldo Tito Teixeira Noronha, e-mail:

**Edem Empresa de Desenvolvimento em Mineração e Participações Ltda.**

Rua Serra Dourada, No. 1213, Quadra 95, Lotes 121 e 123, Santa Genoveva District, Goiânia, State of Goiás, ZIP Code 74672-680.

At.: Luiz Antônio Vessani, e-mail:

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if for the <u>Grantee</u>:

**Alpha Minerals Brazil Participações Ltda.**

Rua Professor José Leite e Oiticica, No. 530, Brooklin, City of São Paulo, State of São Paulo, ZIP Code 04705-080

At.: Bernardo da Veiga, e-mail: ;

if for the <u>Consenting Intervening Party REA</u>:

**Rare Earths Americas Pty Ltd..**

Suite 53 Level 2, 11-15, Labouchere Road, South Perth, WA, 6151.

At.: Bernardo da Veiga, e-mail: ;

if for the <u>Consenting Intervening Parties, Partners of the Grantors</u>:

**Santíssima Trindade Participações Ltda.**

Rua João de Abreu, No. 192, 14<sup>th</sup> floor, sala 146-A, Setor Oeste, Goiânia, State of Goiás, ZIP Code 74120-110.

At.: Marcos de Alencastro Curado, e-mail:

**Supergran Mineração Ltda.**

Estrada Pedra de Fogo, km 15, Pátio 5, Zona Rural, Barro Alto, State of Goiás, ZIP Code 76390-000.

At.: Marcos de Alencastro Curado Filho, e-mail:

**Nortek Participações Ltda.**

Rua Genoveva de Souza, No. 871, sala E, Sagrada Família District, Belo Horizonte, State of Minas Gerais, ZIP Code 31030-220.

At.: Reinaldo Tito Teixeira Noronha, e-mail:

**Sintertec Holding, Ltd..**

P.O. Box 71, Road Town, Craigmuir Chambers, Tortola, British Virgin Islands.

At.: Reinaldo Tito Teixeira Noronha, e-mail:

**Leandro Rocha Scislewski.**

**José Lincoln Gambier Costa.**

**Gustavo Alves Guerra.**

**Luiz Antonio Vessani.**

7.9.1.<u>Amendments</u>. Should any changes occur to the addresses and other contact information listed above, the Parties undertake to promptly notify the other Party. Any change in contact information will take effect, for the purposes of this Agreement, on the business day following the date on which the recipient parties receive notification to that effect.

7.10 <u>Taxes</u>. Unless otherwise provided for in this Agreement, all taxes arising from the transactions covered by this Agreement will be borne exclusively by the respective taxpayer.

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7.11 <u>Confidentiality</u>. The Parties undertake to maintain absolute secrecy and confidentiality regarding the content of this Agreement, expressly undertaking not to disclose or transmit it to third parties without the prior and express written consent of the other Party, except if such disclosure or disclosure is required by law or by court order, in which case it must be strictly limited to the content and form established by applicable law or court order and will be made exclusively to the persons or entities to whom it is directed. However, the Parties are entitled, regardless of the consent referred to in this item, to disclose the contents of this Agreement to their directors, employees, agents, advisors, auditors, creditors, and service providers who need to know it for the purpose of assisting the Party in question. Any Party that fails to comply with the obligation set forth herein will be subject to payment of compensation for any losses and damages caused, as set forth in item 6.4 above.

7.12 <u>Cooperation</u>. The Parties undertake to mutually cooperate and provide any assistance that may be reasonably required for the proper development and fulfillment of the obligations set forth in this Agreement, it being established that it was entered into in the best interests of the Parties, in compliance with the bases and parameters currently practiced in the market, considering the risks inherent therein. The Parties consent and agree that this Agreement, notwithstanding this, does not create or establish any form of associative link, consortium, "joint venture", partnership, company or association of any type or nature among them, with the Parties remaining completely independent of each other.

7.13 <u>Personal Data Protection</u>. The Parties, by mutual agreement, comply with the duties and obligations regarding the personal data protection and undertake to process the Personal Data collected under this Agreement, if any, according to the applicable law, including, but not limited to, Law No. 12,965 dated as of 04.23.2014, Decree No. 8,771 dated as of 05.11.2016 (Internet Civil Rights Framework), Law No. 13,709 dated as of 08.14.2018 ("LGPD"), where and as applicable. The Parties must also ensure that their representatives, partners, directors, and employees comply with the provisions of the relevant legal instruments related to data protection, as provided for in the LGPD.

7.13.1.Each Party shall be individually responsible for complying with its obligations under the LGPD and any regulations subsequently issued by the competent regulatory authority. The Parties are liable to the competent authorities for their own acts and omissions that caused non-compliance with applicable laws and regulations.

7.14 <u>Anti-corruption clause. Compliance</u>. For the performance of this Agreement, neither party may offer, give, or commit to give, to anyone, or accept or commit to accept, from anyone, either on its own behalf or through another party, any payment, donation, compensation, financial or non-financial advantages, or benefits of any kind that create an illegal or corrupt practice under the laws of any country, directly or indirectly related to the purpose of this Agreement, or even in any way unrelated to this Agreement. They must also ensure that their agents and employees act in the same manner.

7.15 <u>Specific Performance</u>. All commitments and obligations assumed in this Agreement by the Parties are subject to specific performance, according to the articles 497, 501 and 815 *et seq.* of the Civil Procedure Code, with this instrument serving as an instrument enforceable out of court, according to the article 784, III, of the Civil Procedure Code.

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7.16 <u>Signatures</u>. The Parties agree that this Agreement will be executed electronically by the Parties, but not through electronic certificates issued by the Brazilian Public Key Infrastructure, as permitted in article 10, §2 of Provisional Measure No. 2,220-2, and article 784, §4, of the Civil Procedure Code, stating that any form of electronic record will be sufficient for its truthfulness, authenticity, integrity, validity, and effectiveness, as well as for the respective binding of the Parties to its terms. The Parties also agree that the electronic signature of this Agreement does not prevent or impair its enforceability, and shall be considered, for all legal purposes, an instrument enforceable out of court, as provided in 7.15. above. The Parties further acknowledge that (i) even if either Party electronically signs this Agreement in a different location, the place of execution of this Agreement is, for all purposes, the City of São Paulo, State of São Paulo, as indicated below; and (ii) the execution date of this Agreement will be considered, for all intents and purposes, the date indicated below, notwithstanding the date on which the last electronic signature is executed.

7.17 <u>Jurisdiction</u>. The Parties hereby elect the jurisdiction of the Capital of the State of São Paulo to resolve any doubts, disputes, or controversies arising from this Agreement, to the exclusion of any other, however privileged it may be or may become.

In witness whereof, the Parties sign this instrument electronically, through the DocuSign platform, www.docusign.com.br, in the presence of the witnesses indicated below.

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São Paulo, February 20, 2024.

<u>Grantors</u>:

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| | |
|:---|:---|
| &nbsp;&nbsp;*/s/ Luiz Antônio Vessani*] | &nbsp;&nbsp;*/s/ Marcos de Alencastro Curado* |

---

**TERRA GOYANA MINERADORA LTDA.**

p. Luiz Antônio Vessani and Marcos de Alencastro Curado

---

| | |
|:---|:---|
| &nbsp;&nbsp;*/s/ Reinaldo Tito Teixeira Noronha* | &nbsp;&nbsp;*/s/ Luiz Antônio Vessani* |

---

**BAUTEK MINERAIS INDUSTRIAIS LTDA.**

p. Reinaldo Tito Teixeira Noronha and Luiz Antônio Vessani

&nbsp;&nbsp;*/s/ Luiz Antônio Vessani*<br>

**EDEM EMPRESA DE DESENVOLVIMENTO EM MINERAÇÃO E PARTICIPAÇÕES LTDA.**

p. Luiz Antônio Vessani

&nbsp;&nbsp;*/s/ Reinaldo Tito Teixeira Noronha*<br>

**SINTERTEC MINERAIS INDUSTRIAIS LTDA.**

p. Reinaldo Tito Teixeira Noronha

<u>Grantee</u>:

---

| | |
|:---|:---|
| &nbsp;&nbsp;*/s/ João Paulo Agapito da Veiga* | &nbsp;&nbsp;*/s/ Renato Aureo de Paula Gonzaga* |

---

**ALPHA MINERALS BRAZIL PARTICIPAÇÕES LTDA.**

p. João Paulo Agapito da Veiga and Renato Aureo de Paula Gonzaga

Consenting Intervening Parties:

---

| | |
|:---|:---|
| &nbsp;&nbsp;*/s/ Bernardo Sanchez Agapito da Veiga*] | &nbsp;&nbsp;*/s/ Dominic Allen* |

---

**RARE EARTH AMERICAS LTD.**

p. Bernardo Sanchez Agapito da Veiga and Dominic Paul Allen

&nbsp;&nbsp;*/s/ Marcos de Alencastro Curado*<br>

**SANTÍSSIMA TRINDADE PARTICIPAÇÕES LTDA.**

p. Marcos de Alencastro Curado

---

| | |
|:---|:---|
| &nbsp;&nbsp;*/s/ Marcos de Alencastro Curado*] | &nbsp;&nbsp;*/s/ Luiz Antônio Vessani* |

---

------

**SUPERGRAN MINERAÇÃO LTDA.**

p. Marcos de Alencastro Curado Filho and Luiz Antônio Vessani

&nbsp;&nbsp;*/s/ Reinaldo Tito Teixeira Noronha*<br>

**NORTEK PARTICIPAÇÕES LTDA.**

p. Reinaldo Tito Teixeira Noronha

&nbsp;&nbsp;*/s/ Reinaldo Tito Teixeira Noronha*<br>

**SINTERTEC HOLDING, LTD.**

p. Reinaldo Tito Teixeira Noronha

&nbsp;&nbsp;*/s/ Leandro Rocha Scislewski*<br>

**LEANDRO ROCHA SCISLEWSKI**

&nbsp;&nbsp;*/s/ José Lincoln Gambier Costa*<br>

**JOSÉ LINCOLN GAMBIER COSTA**

&nbsp;&nbsp;*/s/ Gustavo Alves Guerra*<br>

**GUSTAVO ALVES GUERRA**

&nbsp;&nbsp;*/s/ Luiz Antônio Vessani*<br>

**LUIZ ANTONIO VESSANI**

<u>Witnesses</u>:

---

| | |
|:---|:---|
| &nbsp;&nbsp;1. */s/ Luiz Felipe Felix Curado* | &nbsp;&nbsp;2. */s/ Karina de Oliveira Lima* |
| &nbsp;&nbsp;Name: Luiz Felipe Felix Curado | &nbsp;&nbsp;Name: Karina de Oliveira Lima |
| &nbsp;&nbsp;CPF:  | &nbsp;&nbsp;CPF:  |

---

\*\*\*

------

<u>List of Annexes</u>:

Annex I.: Identification, Authorizations, and Main Characteristics of the Rights.

Annex II.: Identification and Main Characteristics of the Exploration Application.

Annex 1.2.: Bank account details held by the Grantors.

Annex 3.2.(i.): Draft Private Instrument of Assignment of Economic Rights and Other Covenants between the Grantors and the Grantee.

Annex 3.2.(ii.): Draft Private Instrument of Fiduciary Sale of Mineral Rights and Other Covenants between the Grantors and the Grantee.

Annex 3.2.1.(i.): Draft Instrument of Assignment of Mineral Rights between the Grantor Terra Goyana and the Grantee.

Annex 3.2.1.(ii.): Draft Instrument of Assignment of Mineral Rights between the Grantor Bautek and the Grantee.

Annex 3.2.1.(iii.): Draft Instrument of Assignment of Mineral Rights between the Grantor Edem and the Grantee.

Annex 3.2.1.(iv.): Draft Instrument of Assignment of Mineral Rights between the Grantor Sintertec and the Grantee.

Annex 3.3.3.(i.): Draft Power of Attorney for the transfer of Mineral Rights granted by Terra Goyana.

Annex 3.3.3.(ii.): Draft Power of Attorney for the transfer of Mineral Rights granted by Bautek.

Annex 3.3.3.(iii.): Draft Power of Attorney for the transfer of Mineral Rights granted by Edem.

Annex 3.3.3.(iv.): Draft Power of Attorney for the transfer of Mineral Rights granted by Sintertec.

Annex 4.2.1.: Initial Due Diligence checklist.

Annex 6.7.1.: Description of Clay characteristics.

Annex 6.7.4.: Current Clay exploration map. .

------

<u>Annex I.</u>

to the Call Option Agreement for Mineral Rights and Other Covenants, dated as of February 20, 2024.

<u>Identification, Authorizations, and Main Characteristics of the Rights</u>.

------

ACCESS TO INFORMATION GET INVOLVED LEGISLATION GOVERNMENT AGENCIES

Basic proceeding data

---

| | |
|:---|:---|
| &nbsp;&nbsp;Proceeding number: | &nbsp;&nbsp;832.149/2022 |
| &nbsp;&nbsp;NUP: | &nbsp;&nbsp;48054.832149/2022-75 |
| &nbsp;&nbsp;SEI Access: | &nbsp;&nbsp;Click here to access SEI. |
| &nbsp;&nbsp;Area (ha): | &nbsp;&nbsp;12.1 |
| &nbsp;&nbsp;Application type: | &nbsp;&nbsp;Exploration Application - Public Offering |
| &nbsp;&nbsp;Current stage: | &nbsp;&nbsp;Exploration Authorization |
| &nbsp;&nbsp;Active: | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Superintendence: | &nbsp;&nbsp;Regional Management / MG |
| &nbsp;&nbsp;State: | &nbsp;&nbsp;MG, SP |
| &nbsp;&nbsp;Filing unit: | &nbsp;&nbsp;MINAS GERAIS |
| &nbsp;&nbsp;Filing Date: | &nbsp;&nbsp;10/07/2022 15:03:00 |
| &nbsp;&nbsp;Priority Date: | &nbsp;&nbsp;03/08/2001 00:00:00 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Relation Type | &nbsp;&nbsp;CPF/CNPJ | &nbsp;&nbsp;Name | &nbsp;&nbsp;Responsibility/<br>Representation | &nbsp;&nbsp;Lease<br>Term | &nbsp;&nbsp;Start<br>Date | &nbsp;&nbsp;End<br>Date |
|  | &nbsp;&nbsp;Owner/<br>Applicant | &nbsp;&nbsp;01.445.576/001-25 | &nbsp;&nbsp;Terra Goyana Mineradora Ltda. |  |  | &nbsp;&nbsp;10/07/2022 |  |
| &nbsp;&nbsp;Related<br>persons: | &nbsp;&nbsp;Legal<br>Representative | &nbsp;&nbsp;\*\*\*.186.208-\*\* | &nbsp;&nbsp;José Lincoln Gambier Costa |  |  | &nbsp;&nbsp;10/07/2022 |  |
|  | &nbsp;&nbsp;Technical<br>Manager | &nbsp;&nbsp;\*\*\*.186.208-\*\* | &nbsp;&nbsp;José Lincoln Gambier Costa |  |  | &nbsp;&nbsp;10/07/2022 |  |

---

Company Registration proceeding number: 960.477/1985

<u>Number</u> <u>Description</u> <u>Title Type</u> <u>Title Status</u> <u>Publication date</u> <u>Expiration date</u> <br> Titles <u>8317</u> <u>APU3 EXPLORATION AUTH/EXPLORATION PERMIT 03 YEARS PUB</u> <u>Exploration Permit</u> <u>Granted</u> <u>11/01/2023</u> <u>11/01/2026</u>

Substances:

<u>Name</u> <u>Type of use</u> <u>Start date</u> <u>End date</u> <u>Reason for termination</u> <br> <u>ILMENITA</u> <u>Industrial</u> <u>10/07/2022</u>    

------

Cities:

---

| |
|:---|
| &nbsp;&nbsp;Name |
| &nbsp;&nbsp;POÇOS DE CALDAS/MG |
| &nbsp;&nbsp;ÁGUAS DE PRATA/SP |

---

Land ownership condition: <u>Type</u> <br> <u>Third-party ownership</u>

Associated processes:

<u>Process</u> <u>Owner</u> <u>Type of association</u> <u>Date of association</u> <u>Date of disassociation</u> <u>Original Process</u> <u>Note</u> <br> <u>832.149/2022</u> <u>TERRA GOYANA MINERADORA LTDA</u> <u>Availability</u> <u>10/07/2022</u>   <u>302.462/2015</u> <u>\*</u>

Documents that make up the process:

<u>No information about documents submitted for this process.</u>

Events:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Description | &nbsp;&nbsp;Date | &nbsp;&nbsp;Note | &nbsp;&nbsp;Publication in the Federal Official Gazette |
| &nbsp;&nbsp;323 - EXPLORATION AUTH/EXPLORATION PERMIT 03 YEARS PUBL | &nbsp;&nbsp;11/01/2023 | &nbsp;&nbsp;Relation SECTION 1 - EXPLORATION PERMITS - 419/2023 - Regional Management / MG - Permits / MG | &nbsp;&nbsp;THE REGIONAL MANAGER OF THE NATIONAL MINING AGENCY, pursuant to the delegated authority set forth in Article 1, sub-item I, letter "a", of Ordinance No. 1056, dated as of June 30, 2022, and based on article 15 of Decree-Law No. 227 dated as of February 28, 1967 (Mining Code), and article 2, sub-item XVII of Law No. 13,575/2017, grants the following Exploration Permit(s), for a period of 03 years, effective as of this publication: 8317/2023-832.149/2022-TERRA GOYANA MINERADORA LTDA- |
| &nbsp;&nbsp;100 - EXPLORATION APP/EXPLORATION APPLICATION FILED | &nbsp;&nbsp;10/07/2022 | &nbsp;&nbsp;Event entered via Digital Protocol; check the corresponding SEI process. |  |

---

IMPORTANT: This service is for informational purposes only and, therefore, does not replace the use of the relevant official instruments for legal purposes. The information is made available at the time and in the form in which it is entered into the database by DNPM employees and collaborators.© All Rights Reserved – 2020

------

<u>COMUNICA BR</u> <u>ACCESS TO INFORMATION</u> <u>GET INVOLVED</u> <u>LEGISLATION</u> <u>GOVERNMENT AGENCIES</u>

Polygonal

Process: **832.149/2022**

Graphical representation:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Layers** | &nbsp;&nbsp;![img122974289_0.jpg](img122974289_0.jpg) |
| &nbsp;&nbsp;Active Processes | &nbsp;&nbsp;![img122974289_0.jpg](img122974289_0.jpg) |
| &nbsp;&nbsp;Availability Areas | &nbsp;&nbsp;![img122974289_0.jpg](img122974289_0.jpg) |
| &nbsp;&nbsp;Municipal Division | &nbsp;&nbsp;![img122974289_0.jpg](img122974289_0.jpg) |
| &nbsp;&nbsp;State Division | &nbsp;&nbsp;![img122974289_0.jpg](img122974289_0.jpg) |

---

------

Polygonals:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Area (ha): | &nbsp;&nbsp;12.1 | &nbsp;&nbsp;DATUM: | &nbsp;&nbsp;SIRGAS2000 |
| &nbsp;&nbsp;Minimum elevation (m): | &nbsp;&nbsp;0 | &nbsp;&nbsp;Maximum elevation (m): | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;Mooring point latitude: | &nbsp;&nbsp;-21º51'36"417 | &nbsp;&nbsp;Mooring point longitude: | &nbsp;&nbsp;-46º39'39"290 |
| &nbsp;&nbsp;Mooring point description: | &nbsp;&nbsp;Mooring point coincident with the first vertex (area study) | &nbsp;&nbsp;Mooring vector length (m): | &nbsp;&nbsp;0.00 |
| &nbsp;&nbsp;Mooring vector angle: | &nbsp;&nbsp;00º00'00"000 | &nbsp;&nbsp;Mooring vector bearing: | &nbsp;&nbsp;N |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Vertices: | &nbsp;&nbsp;Latitude | &nbsp;&nbsp;Longitude |
|  | &nbsp;&nbsp;-21º51'36"417 | &nbsp;&nbsp;-46º39'39"290 |
|  | &nbsp;&nbsp;-21º51'47"959 | &nbsp;&nbsp;-46º39'39"289 |
|  | &nbsp;&nbsp;-21º51'47"959 | &nbsp;&nbsp;-46º39'42"614 |
|  | &nbsp;&nbsp;-21º51'47"930 | &nbsp;&nbsp;-46º39'42"614 |
|  | &nbsp;&nbsp;-21º51'47"930 | &nbsp;&nbsp;-46º39'40"552 |
|  | &nbsp;&nbsp;-21º51'43"492 | &nbsp;&nbsp;-46º39'40"552 |
|  | &nbsp;&nbsp;-21º51'43"491 | &nbsp;&nbsp;-46º39'57"270 |
|  | &nbsp;&nbsp;-21º51'29"904 | &nbsp;&nbsp;-46º39'57"268 |
|  | &nbsp;&nbsp;-21º51'29"904 | &nbsp;&nbsp;-46º39'56"704 |
|  | &nbsp;&nbsp;-21º51'36"393 | &nbsp;&nbsp;-46º39'56"704 |
|  | &nbsp;&nbsp;-21º51'36"395 | &nbsp;&nbsp;-46º39'39"290 |
|  | &nbsp;&nbsp;-21º51'36"417 | &nbsp;&nbsp;-46º39'39"290 |

---

ID: E1D5A8C9-AF33-4DB9-9016-B24E7DE0F17E

IMPORTANT: This service is for informational purposes only and, therefore, does not replace the use of the relevant official instruments for legal purposes. The information is made available at the time and in the form in which it is entered into the database by DNPM employees and collaborators.© All Rights Reserved - 2020

------

ACCESS TO INFORMATION GET INVOLVED LEGISLATION GOVERNMENT AGENCIES

Basic proceeding data

---

| | |
|:---|:---|
| &nbsp;&nbsp;Proceeding number: | &nbsp;&nbsp;832.150/2022 |
| &nbsp;&nbsp;NUP: | &nbsp;&nbsp;48054.832150/2022-08 |
| &nbsp;&nbsp;SEI Access: | &nbsp;&nbsp;Click here to access SEI. |
| &nbsp;&nbsp;Area (ha): | &nbsp;&nbsp;61.12 |
| &nbsp;&nbsp;Application type: | &nbsp;&nbsp;Exploration Application - Auction |
| &nbsp;&nbsp;Current stage: | &nbsp;&nbsp;Exploration Authorization |
| &nbsp;&nbsp;Active: | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Superintendence: | &nbsp;&nbsp;Regional Management / MG |
| &nbsp;&nbsp;State: | &nbsp;&nbsp;MG |
| &nbsp;&nbsp;Filing unit: | &nbsp;&nbsp;MINAS GERAIS |
| &nbsp;&nbsp;Filing Date: | &nbsp;&nbsp;10/07/2022 15:20:00 |
| &nbsp;&nbsp;Priority Date: | &nbsp;&nbsp;07/19/1996 00:00:00 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Relation Type | &nbsp;&nbsp;CPF/<br>CNPJ | &nbsp;&nbsp;Name | &nbsp;&nbsp;Responsibility/<br>Representation | &nbsp;&nbsp;Lease<br>Term | &nbsp;&nbsp;Start Date | &nbsp;&nbsp;End<br>Date |
|  | &nbsp;&nbsp;Owner/Applicant | &nbsp;&nbsp;01.445.576/001-25 | &nbsp;&nbsp;Terra Goyana Mineradora Ltda. |  |  | &nbsp;&nbsp;10/07/2022 |  |
| &nbsp;&nbsp;Related<br>persons: | &nbsp;&nbsp;Legal Representative | &nbsp;&nbsp;\*\*\*.186.208-\*\* | &nbsp;&nbsp;José Lincoln Gambier Costa |  |  | &nbsp;&nbsp;10/07/2022 |  |
|  | &nbsp;&nbsp;Technical Manager | &nbsp;&nbsp;\*\*\*.186.208-\*\* | &nbsp;&nbsp;José Lincoln Gambier Costa |  |  | &nbsp;&nbsp;10/07/2022 |  |

---

Company Registration proceeding number: 960.477/1985

<u>Number</u> <u>Description</u> <u>Title Type</u> <u>Title Status</u> <u>Publication<br>date</u> <u>Expiration<br>date</u> <br> Titles <u>4485</u> <u>APU3 EXPLORATION AUTH/EXPLORATION PERMIT 03 YEARS PUB</u> <u>Exploration Permit</u> <u>Granted</u> <u>05/23/2023</u> <u>05/23/2026</u>

Substances:

<u>Name</u> <u>Type of use</u> <u>Start date</u> <u>End date</u> <u>Reason for termination</u> <br> <u>ILMENITA</u> <u>Industrial</u> <u>10/07/2022</u>    

Cities:

<u>Name</u> <br> <u>POÇOS DE CALDAS/MG</u>

Land ownership condition: <u>Type</u> <br> <u>Third-party ownership</u>

------

Associated processes:

<u>Process</u> <u>Owner</u> <u>Type of association</u> <u>Date of association</u> <u>Date of disassociation</u> <u>Original<br>Process</u> <u>Note</u> <br> <u>832.150/2022</u> <u>TERRA GOYANA MINERADORA LTDA</u> <u>Availability</u> <u>10/07/2022</u>   <u>300.109/2010</u> <u>\*</u>

Documents that make up the process:

<u>No information about documents submitted for this process.</u>

Events:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Description | &nbsp;&nbsp;Date | &nbsp;&nbsp;Note | &nbsp;&nbsp;Publication in the Federal Official Gazette |
| &nbsp;&nbsp;264 - RESEARCH AUTH/TAH PAYMENT MADE | &nbsp;&nbsp;07/28/2023 | &nbsp;&nbsp;File: TAH_CADMIN_2023_2_31072023_115335.txt - Date 07/31/2023 12:09:04 - DNPMNET\Rui.gomes |  |
| &nbsp;&nbsp;209 - EXPLORATION AUTH/EXPLORATION START NOTICE | &nbsp;&nbsp;07/21/2023 | &nbsp;&nbsp;Event entered via Digital Protocol; check the corresponding SEI process. |  |
| &nbsp;&nbsp;323 - EXPLORATION AUTH/EXPLORATION PERMIT 03 YEARS PUBL | &nbsp;&nbsp;05/23/2023 | &nbsp;&nbsp;Relation SECTION 1 - EXPLORATION PERMITS - 203/2023 - Regional Management / MG - Regional Management Order - Permits / MG | &nbsp;&nbsp;THE REGIONAL MANAGER OF THE NATIONAL MINING AGENCY, pursuant to the delegated authority set forth in Article 1, sub-item I, letter "a", of Ordinance No. 1056, dated as of June 30, 2022, and based on article 15 of Decree-Law No. 227 dated as of February 28, 1967 (Mining Code), and article 2, sub-item XVII of Law No. 13,575/2017, grants the following Exploration Permit(s), for a period of 03 years, effective as of this publication: 4485/2023-832.150/2022-TERRA GOYANA MINERADORA LTDA- |
| &nbsp;&nbsp;100 - EXPLORATION APP/EXPLORATION APPLICATION FILED | &nbsp;&nbsp;10/07/2022 | &nbsp;&nbsp;Event entered via Digital Protocol; check the corresponding SEI process. |  |

---

IMPORTANT: This service is for informational purposes only and, therefore, does not replace the use of the relevant official instruments for legal purposes. The information is made available at the time and in the form in which it is entered into the database by DNPM employees and collaborators.

------© All Rights Reserved - 2020

------

<u>COMUNICA BR</u> <u>ACCESS TO INFORMATION</u> <u>GET INVOLVED</u> <u>LEGISLATION</u> <u>GOVERNMENT AGENCIES</u>

Polygonal

Process: **832.150/2022**

Graphical representation:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Layers** | &nbsp;&nbsp;![img122974289_1.jpg](img122974289_1.jpg) |
| &nbsp;&nbsp;Active Processes | &nbsp;&nbsp;![img122974289_1.jpg](img122974289_1.jpg) |
| &nbsp;&nbsp;Availability Areas | &nbsp;&nbsp;![img122974289_1.jpg](img122974289_1.jpg) |
| &nbsp;&nbsp;Municipal Division | &nbsp;&nbsp;![img122974289_1.jpg](img122974289_1.jpg) |
| &nbsp;&nbsp;State Division | &nbsp;&nbsp;![img122974289_1.jpg](img122974289_1.jpg) |

---

------

Polygonals:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Area (ha): | &nbsp;&nbsp;61.12 | &nbsp;&nbsp;DATUM: | &nbsp;&nbsp;SIRGAS2000 |
| &nbsp;&nbsp;Minimum elevation (m): | &nbsp;&nbsp;0 | &nbsp;&nbsp;Maximum elevation (m): | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;Mooring point latitude: | &nbsp;&nbsp;-21º54'20"634 | &nbsp;&nbsp;Mooring point longitude: | &nbsp;&nbsp;-46º33'27"011 |
| &nbsp;&nbsp;Mooring point description: | &nbsp;&nbsp;Mooring point coincident with the first vertex (area study) | &nbsp;&nbsp;Mooring vector length (m): | &nbsp;&nbsp;0.00 |
| &nbsp;&nbsp;Mooring vector angle: | &nbsp;&nbsp;00º00'00"000 | &nbsp;&nbsp;Mooring vector bearing: | &nbsp;&nbsp;N |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Vertices: | &nbsp;&nbsp;Latitude | &nbsp;&nbsp;Longitude |
|  | &nbsp;&nbsp;-21º54'20"634 | &nbsp;&nbsp;-46º33'27"011 |
|  | &nbsp;&nbsp;-21º54'20"647 | &nbsp;&nbsp;-46º33'27"011 |
|  | &nbsp;&nbsp;-21º54'20"646 | &nbsp;&nbsp;-46º33'20"391 |
|  | &nbsp;&nbsp;-21º54'38"300 | &nbsp;&nbsp;-46º33'20"389 |
|  | &nbsp;&nbsp;-21º55'17"974 | &nbsp;&nbsp;-46º33'20"388 |
|  | &nbsp;&nbsp;-21º55'17"975 | &nbsp;&nbsp;-46º33'20"391 |
|  | &nbsp;&nbsp;-21º54'47"737 | &nbsp;&nbsp;-46º33'20"391 |
|  | &nbsp;&nbsp;-21º54'47"737 | &nbsp;&nbsp;-46º33'45"896 |
|  | &nbsp;&nbsp;-21º54'21"086 | &nbsp;&nbsp;-46º33'45"896 |
|  | &nbsp;&nbsp;-21º54'21"084 | &nbsp;&nbsp;-46º33'27"930 |
|  | &nbsp;&nbsp;-21º54'10"079 | &nbsp;&nbsp;-46º33'27"930 |
|  | &nbsp;&nbsp;-21º54'10"079 | &nbsp;&nbsp;-46º33'27"919 |
|  | &nbsp;&nbsp;-21º54'10"568 | &nbsp;&nbsp;-46º33'27"919 |
|  | &nbsp;&nbsp;-21º54'10"568 | &nbsp;&nbsp;-46º33'27"012 |
|  | &nbsp;&nbsp;-21º54'20"634 | &nbsp;&nbsp;-46º33'27"011 |

---

ID: EC4FB6F6-19A2-47D3-A629-6535E3E8427E

IMPORTANT: This service is for informational purposes only and, therefore, does not replace the use of the relevant official instruments for legal purposes. The information is made available at the time and in the form in which it is entered into the database by DNPM employees and collaborators.© All Rights Reserved - 2020

------

ACCESS TO INFORMATION GET INVOLVED LEGISLATION GOVERNMENT AGENCIES

Basic proceeding data

---

| | |
|:---|:---|
| &nbsp;&nbsp;Proceeding number: | &nbsp;&nbsp;818.865/1971 |
| &nbsp;&nbsp;NUP: | &nbsp;&nbsp;27203.818865/1971-18 |
| &nbsp;&nbsp;SEI Access: | &nbsp;&nbsp;Click here to access SEI. |
| &nbsp;&nbsp;Area (ha): | &nbsp;&nbsp;411.1 |
| &nbsp;&nbsp;Application type: | &nbsp;&nbsp;Exploration Authorization Application |
| &nbsp;&nbsp;Current stage: | &nbsp;&nbsp;Development Concession |
| &nbsp;&nbsp;Active: | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Superintendence: | &nbsp;&nbsp;Regional Management / MG |
| &nbsp;&nbsp;State: | &nbsp;&nbsp;MG |
| &nbsp;&nbsp;Filing unit: | &nbsp;&nbsp;Filing Unit 3 |
| &nbsp;&nbsp;Filing Date: | &nbsp;&nbsp;10/08/1971 00:00:00 |
| &nbsp;&nbsp;Priority Date: | &nbsp;&nbsp;10/08/1971 00:00:00 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Relation<br>Type | &nbsp;&nbsp;CPF/CNPJ | &nbsp;&nbsp;Name | &nbsp;&nbsp;Responsibility/<br>Representation | &nbsp;&nbsp;Lease<br>Term | &nbsp;&nbsp;Start<br>Date | &nbsp;&nbsp;End<br>Date |
|  | &nbsp;&nbsp;Owner/<br>Applicant | &nbsp;&nbsp;21.229.511/0001-50 | &nbsp;&nbsp;Bautek Minerais Industriais Ltda. |  |  | &nbsp;&nbsp;09/03/2021 |  |
| &nbsp;&nbsp;Related<br>persons: | &nbsp;&nbsp;Owner/<br>Applicant | &nbsp;&nbsp;61.409.892/0001-73 | &nbsp;&nbsp;Companhia Brasileira de Alumínio |  |  | &nbsp;&nbsp;08/13/2003 | &nbsp;&nbsp;09/02/2021 |
|  | &nbsp;&nbsp;Owner/<br>Applicant | &nbsp;&nbsp;\*\*\*.594.888-\*\* | &nbsp;&nbsp;Miguel de Carvalho Dias |  |  | &nbsp;&nbsp;10/08/1971 | &nbsp;&nbsp;08/13/2003 |

---

Company Registration proceeding number: 931.296/2018

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Number | &nbsp;&nbsp;Description | &nbsp;&nbsp;Title Type | &nbsp;&nbsp;Title Status | &nbsp;&nbsp;Publication date | &nbsp;&nbsp;Expiration date |
| &nbsp;&nbsp;Titles | &nbsp;&nbsp;174 | &nbsp;&nbsp;CLAV - DEVELOPMENT CONCESSION | &nbsp;&nbsp;Development Lease | &nbsp;&nbsp;Granted | &nbsp;&nbsp;06/20/2005 |  |
|  | &nbsp;&nbsp;914 | &nbsp;&nbsp;ALVR - EXPLORATION PERMIT | &nbsp;&nbsp;Exploration Permit | &nbsp;&nbsp;Granted (prior to charge) | &nbsp;&nbsp;03/20/1979 |  |

---

------

Substances:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Name | &nbsp;&nbsp;Type of use | &nbsp;&nbsp;Start date | &nbsp;&nbsp;End date | &nbsp;&nbsp;Reason for termination |
| &nbsp;&nbsp;BAUXITE | &nbsp;&nbsp;Not informed | &nbsp;&nbsp;05/02/2005 | &nbsp;&nbsp;05/02/2005 | &nbsp;&nbsp;Unknown reason |
| &nbsp;&nbsp;BAUXITE | &nbsp;&nbsp;Industrial | &nbsp;&nbsp;05/02/2005 |  |  |
| &nbsp;&nbsp;ALUMINUM ORE | &nbsp;&nbsp;Metallurgy | &nbsp;&nbsp;03/26/2008 |  |  |
| &nbsp;&nbsp;REFRACTORY CLAY | &nbsp;&nbsp;Not informed | &nbsp;&nbsp;06/23/2005 |  |  |

---

Cities:

<u>Name</u> <br> <u>POÇOS DE CALDAS/MG</u>

Land ownership condition: <u>No information on land ownership.</u>

Associated processes:

<u>No associated processes.</u>

Documents that make up the process:

<u>No information about documents submitted for this process.</u>

Events:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Description | &nbsp;&nbsp;Date | &nbsp;&nbsp;Note | &nbsp;&nbsp;Publication in the Federal Official Gazette |
| &nbsp;&nbsp;1399 - DEV. CONC/ENVIRONMENTAL LICENSE FILED | &nbsp;&nbsp;01/26/2023 | &nbsp;&nbsp;Event entered via Digital Protocol; check the corresponding SEI process. |  |
| &nbsp;&nbsp;1338 - DEV. CONC/MINE CLOSURE PLAN FILED | &nbsp;&nbsp;11/30/2022 | &nbsp;&nbsp;Event entered via Digital Protocol; check the corresponding SEI process. |  |
| &nbsp;&nbsp;452 - DEV. CONC/TRANSF. OF RIGHTS - TOTAL ASSIGNMENT MADE | &nbsp;&nbsp;09/03/2021 | &nbsp;&nbsp;Record Book No. 247 - Sheet 83. |  |
| &nbsp;&nbsp;451 - DEV. CONC/TRANSF. OF RIGHTS - TOTAL ASSIGNMENT APPROVED | &nbsp;&nbsp;03/16/2021 | &nbsp;&nbsp;Relation SECTION 1 - ORDERS - 12/2021 - Regional Regulatory Governance Office - DGTDM/SRG ORDERS | &nbsp;&nbsp;It grants prior consent and authorizes registration of the transfer of the Development Concession<br>818.865/1971-COMPANHIA BRASILEIRA DE ALUMINIO- Development Lease No. 174/2005 - Assignee: BAUTEK MINERAIS INDUSTRIAIS LTDA - CNPJ 21.229.511/0001-50 |
| &nbsp;&nbsp;436 - DEV. CONC/MISCELLANEOUS DOCUMENT FILED | &nbsp;&nbsp;01/08/2021 | &nbsp;&nbsp;Event entered via Digital Protocol; check the corresponding SEI process. |  |
| &nbsp;&nbsp;473 - DEV. CONC/COMPLIANCE  | &nbsp;&nbsp;09/09/2020 | &nbsp;&nbsp;Event entered via Digital Protocol; check the corresponding SEI process. |  |

---

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;WITH PROTOCOL REQUIREMENT |  |  |  |
| &nbsp;&nbsp;470 - DEV. CONC/REQUIREMENT PUBLISHED | &nbsp;&nbsp;07/14/2020 | &nbsp;&nbsp;Relation SECTION 1 - ORDERS - 233/2020 - Regional Management / MG - Order - Regional Manager - Orders | &nbsp;&nbsp;Determines compliance with requirement - Deadline 60 days 818.865/1971 - COMPANHIA BRASILEIRA DE ALUMÍNIO - Official Letter No. 215/2020/SECOR - MG/GER - MG and Bautek Minerais Industriais Ltda. |
| &nbsp;&nbsp;473 - DEV. CONC/COMPLIANCE WITH PROTOCOL REQUIREMENT | &nbsp;&nbsp;02/28/2020 | &nbsp;&nbsp;Event entered via Digital Protocol; check the corresponding SEI process. |  |
| &nbsp;&nbsp;470 - DEV. CONC/REQUIREMENT PUBLISHED | &nbsp;&nbsp;02/21/2020 | &nbsp;&nbsp;Relation SECTION 1 - ORDERS - 76/2020 - Regional Management / MG - Regional Manager Order - Assignment | &nbsp;&nbsp;Determines compliance with requirement - Deadline 60 days 818.865/1971 - COMPANHIA BRASILEIRA DE ALUMÍNIO - Official Letter No. 19/2020/SECOR-MG/GER-MG and Bautek Minerais Industriais Ltda |
| &nbsp;&nbsp;465 - DEV. CONC/TRANSF. OF RIGHTS - TOTAL ASSIGNMENT FILED | &nbsp;&nbsp;06/17/2019 | &nbsp;&nbsp;Referring to attachment 48054 - 010.411/2019 |  |
| &nbsp;&nbsp;436 - DEV. CONC/MISCELLANEOUS DOCUMENT FILED | &nbsp;&nbsp;03/12/2019 | &nbsp;&nbsp;Attachment 48403-003103/2019 - 33 of the process 818.865/1971 - CONFIDENTIAL DOCUMENTS |  |
| &nbsp;&nbsp;473 - DEV. CONC/COMPLIANCE WITH PROTOCOL REQUIREMENT | &nbsp;&nbsp;07/11/2014 | &nbsp;&nbsp;Attachment 48402-008199/2014 - 21 of the process 818.865/1971 - attention to official letter No. 632/14 requiring |  |
| &nbsp;&nbsp;473 - DEV. CONC/COMPLIANCE WITH PROTOCOL REQUIREMENT | &nbsp;&nbsp;06/13/2014 | &nbsp;&nbsp;Attachment 48402-006990/2014 - 05 of the process 818.865/1971 - COMPLIANCE WITH REQUIREMENT |  |
| &nbsp;&nbsp;436 - DEV. CONC/MISCELLANEOUS DOCUMENT FILED | &nbsp;&nbsp;05/28/2014 | &nbsp;&nbsp;Attachment 48403-010030/2014 - 21 of the process 818.865/1971 - REQUESTS FULL CONTENT CERTIFICATE |  |
| &nbsp;&nbsp;418 - DEV. CONC/RAL BASE YEAR PRESENTED | &nbsp;&nbsp;03/26/2007 | &nbsp;&nbsp;Attachment No. 005103/2007-07 - Proof of receipt of delivery of RAL - fiscal year 2007/Base Year 2006 - ART Event entered on 11/08/2007 |  |
| &nbsp;&nbsp;418 - DEV. CONC/RAL BASE YEAR PRESENTED | &nbsp;&nbsp;03/27/2006 | &nbsp;&nbsp;Attachment 005013 - Presentation of proof of delivery of RAL 2005 - ART Event entered on 11/08/2007 |  |
| &nbsp;&nbsp;403 - DEV. CONC/REQUESTED VESTING OF POSSESSION | &nbsp;&nbsp;07/01/2005 | &nbsp;&nbsp;Attachment 009324 - Paid government payment form attached |  |
| &nbsp;&nbsp;400 - DEV. CONC/DEVELOPMENT  | &nbsp;&nbsp;06/20/2005 |  |  |

---

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;CONCESSION ORDINANCE PUBLISHED – MME |  |  |
| &nbsp;&nbsp;356 - DEV. APP/ORDER PUBLISHED | &nbsp;&nbsp;07/28/2004 |  |
| &nbsp;&nbsp;336 - DEV. APP/MISCELLANEOUS DOCUMENT FILED | &nbsp;&nbsp;09/25/2003 | &nbsp;&nbsp;Attachment No. 008695. Complies with Official Letter No. 2289/2003/SERGEO/3<sup>rd</sup> DS/DNPM/MG. |
| &nbsp;&nbsp;332 - DEV. APP/TRANSF. OF RIGHTS - TOTAL ASSIGNMENT OF APP RIGHT OF DEV. MADE | &nbsp;&nbsp;08/25/2003 |  |
| &nbsp;&nbsp;167 - DEV. APP/ASSIGNMENT - INCORP OF PU DEV. APPLICATION | &nbsp;&nbsp;08/13/2003 |  |
| &nbsp;&nbsp;365 - DEV. APP/COMPLIANCE WITH PROTOCOL REQUIREMENT | &nbsp;&nbsp;08/28/2001 | &nbsp;&nbsp;P.F.P. OFFICIAL LETTER No. 430/2000-SERGEO/3DS |
| &nbsp;&nbsp;362 - DEV. APP/EXTENSION OF TERM REQUIREMENT REQUESTED | &nbsp;&nbsp;10/06/1997 | &nbsp;&nbsp;SICOM LOAD |
| &nbsp;&nbsp;361 - DEV. APP/PUBLISHED REQUIREMENT | &nbsp;&nbsp;04/11/1997 | &nbsp;&nbsp;SICOM LOAD |
| &nbsp;&nbsp;365 - DEV. APP/COMPLIANCE WITH PROTOCOL REQUIREMENT | &nbsp;&nbsp;12/16/1996 | &nbsp;&nbsp;SICOM LOAD |
| &nbsp;&nbsp;361 - DEV. APP/PUBLISHED REQUIREMENT | &nbsp;&nbsp;10/30/1996 | &nbsp;&nbsp;SICOM LOAD |
| &nbsp;&nbsp;350 - DEV. APP/DEVELOPMENT APPLICATION FILED | &nbsp;&nbsp;03/14/1983 | &nbsp;&nbsp;SICOM LOAD |
| &nbsp;&nbsp;299 - EXPLORATION AUTH/APPROVED RESEARCH REPORT ART 30A WITH PUBL | &nbsp;&nbsp;11/30/1982 | &nbsp;&nbsp;SICOM LOAD |
| &nbsp;&nbsp;290 - EXPLORATION AUTH/FINAL RESEARCH REPORT PRESENTED | &nbsp;&nbsp;03/18/1982 | &nbsp;&nbsp;SICOM LOAD |
| &nbsp;&nbsp;209 - EXPLORATION AUTH/EXPLORATION START NOTICE | &nbsp;&nbsp;05/22/1979 | &nbsp;&nbsp;SICOM LOAD |
| &nbsp;&nbsp;255 - EXPLORATION AUTH/COMPLIANCE WITH PROTOCOL REQUIREMENT | &nbsp;&nbsp;05/22/1979 | &nbsp;&nbsp;SICOM LOAD |
| &nbsp;&nbsp;201 - EXPLORATION AUTH/EXPLORATION PERMIT PUBLISHED | &nbsp;&nbsp;03/20/1979 | &nbsp;&nbsp;SICOM LOAD |
| &nbsp;&nbsp;138 - EXPLORATION APP/INVITATION <br>PAYMENT OF PUBLICATION PERMIT FEE | &nbsp;&nbsp;12/13/1978 | &nbsp;&nbsp;SICOM LOAD |
| &nbsp;&nbsp;140 - EXPLORATION APP/PROOF OF PERMIT FEE PAYMENT FILED | &nbsp;&nbsp;11/28/1978 | &nbsp;&nbsp;SICOM LOAD |
| &nbsp;&nbsp;135 - EXPLORATION APP/COMPLIANCE WITH PROTOCOL REQUIREMENT | &nbsp;&nbsp;08/17/1973 | &nbsp;&nbsp;SICOM LOAD |

---

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;135 - EXPLORATION APP/COMPLIANCE WITH PROTOCOL REQUIREMENT | &nbsp;&nbsp;10/16/1972 | &nbsp;&nbsp;SICOM LOAD |
| &nbsp;&nbsp;131 - EXPLORATION APP/PUBLISHED REQUIREMENT | &nbsp;&nbsp;08/16/1972 |  |
| &nbsp;&nbsp;135 - EXPLORATION APP/COMPLIANCE WITH PROTOCOL REQUIREMENT | &nbsp;&nbsp;11/30/1971 | &nbsp;&nbsp;SICOM LOAD |
| &nbsp;&nbsp;100 - EXPLORATION APP/EXPLORATION APPLICATION FILED | &nbsp;&nbsp;10/08/1971 | &nbsp;&nbsp;SICOM LOAD |

---

IMPORTANT: This service is for informational purposes only and, therefore, does not replace the use of the relevant official instruments for legal purposes. The information is made available at the time and in the form in which it is entered into the database by DNPM employees and collaborators.© All Rights Reserved - 2020

------

<u>COMUNICA BR</u> <u>ACCESS TO INFORMATION</u> <u>GET INVOLVED</u> <u>LEGISLATION</u> <u>GOVERNMENT AGENCIES</u>

Polygonal

Process: **818.865/1971**

Graphical representation:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Layers** | &nbsp;&nbsp;![img122974289_2.jpg](img122974289_2.jpg) |
| &nbsp;&nbsp;Active Processes | &nbsp;&nbsp;![img122974289_2.jpg](img122974289_2.jpg) |
| &nbsp;&nbsp;Availability Areas | &nbsp;&nbsp;![img122974289_2.jpg](img122974289_2.jpg) |
| &nbsp;&nbsp;Urban Areas | &nbsp;&nbsp;![img122974289_2.jpg](img122974289_2.jpg) |
| &nbsp;&nbsp;Hydroelectric Power Plants | &nbsp;&nbsp;![img122974289_2.jpg](img122974289_2.jpg) |
| &nbsp;&nbsp;Municipal Division | &nbsp;&nbsp;![img122974289_2.jpg](img122974289_2.jpg) |
| &nbsp;&nbsp;State Division | &nbsp;&nbsp;![img122974289_2.jpg](img122974289_2.jpg) |
| &nbsp;&nbsp;Blocked Areas | &nbsp;&nbsp;![img122974289_2.jpg](img122974289_2.jpg) |

---

Polygonals:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Area (ha): | &nbsp;&nbsp;411.1 | &nbsp;&nbsp;DATUM: | &nbsp;&nbsp;SIRGAS2000 |
| &nbsp;&nbsp;Minimum elevation (m): | &nbsp;&nbsp;0 | &nbsp;&nbsp;Maximum elevation (m): | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;Mooring point latitude: | &nbsp;&nbsp;-21º54'44"829 | &nbsp;&nbsp;Mooring point longitude: | &nbsp;&nbsp;-46º36'23"287 |
| &nbsp;&nbsp;Mooring point description: | &nbsp;&nbsp;Mooring point | &nbsp;&nbsp;Mooring vector length (m): | &nbsp;&nbsp;0.00 |
| &nbsp;&nbsp;Mooring vector angle: | &nbsp;&nbsp;00º00'00"000 | &nbsp;&nbsp;Mooring vector bearing: | &nbsp;&nbsp;N |

---

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Vertices: | &nbsp;&nbsp;Latitude | &nbsp;&nbsp;Longitude |
|  | &nbsp;&nbsp;-21º54'44"829 | &nbsp;&nbsp;-46º36'23"287 |
|  | &nbsp;&nbsp;-21º54'25"971 | &nbsp;&nbsp;-46º36'00"983 |
|  | &nbsp;&nbsp;-21º50'23"317 | &nbsp;&nbsp;-46º37'01"766 |
|  | &nbsp;&nbsp;-21º50'49"504 | &nbsp;&nbsp;-46º37'32"742 |
|  | &nbsp;&nbsp;-21º50'41"278 | &nbsp;&nbsp;-46º37'32"741 |
|  | &nbsp;&nbsp;-21º50'41"276 | &nbsp;&nbsp;-46º37'51"825 |
|  | &nbsp;&nbsp;-21º50'23"394 | &nbsp;&nbsp;-46º37'51"822 |
|  | &nbsp;&nbsp;-21º50'23"398 | &nbsp;&nbsp;-46º37'23"963 |
|  | &nbsp;&nbsp;-21º50'13"644 | &nbsp;&nbsp;-46º37'23"962 |
|  | &nbsp;&nbsp;-21º50'13"647 | &nbsp;&nbsp;-46º36'40"434 |
|  | &nbsp;&nbsp;-21º50'00"349 | &nbsp;&nbsp;-46º36'40"433 |
|  | &nbsp;&nbsp;-21º50'00"350 | &nbsp;&nbsp;-46º36'24"797 |
|  | &nbsp;&nbsp;-21º50'06"852 | &nbsp;&nbsp;-46º36'24"797 |
|  | &nbsp;&nbsp;-21º50'06"852 | &nbsp;&nbsp;-46º36'12"609 |
|  | &nbsp;&nbsp;-21º50'16"606 | &nbsp;&nbsp;-46º36'12"609 |
|  | &nbsp;&nbsp;-21º50'16"605 | &nbsp;&nbsp;-46º36'00"421 |
|  | &nbsp;&nbsp;-21º50'17"256 | &nbsp;&nbsp;-46º36'00"421 |
|  | &nbsp;&nbsp;-21º50'17"256 | &nbsp;&nbsp;-46º36'20"235 |
|  | &nbsp;&nbsp;-21º50'05"965 | &nbsp;&nbsp;-46º36'28"019 |
|  | &nbsp;&nbsp;-21º50'12"976 | &nbsp;&nbsp;-46º36'33"382 |
|  | &nbsp;&nbsp;-21º50'19"736 | &nbsp;&nbsp;-46º36'34"410 |
|  | &nbsp;&nbsp;-21º50'29"098 | &nbsp;&nbsp;-46º36'25"880 |
|  | &nbsp;&nbsp;-21º50'29"097 | &nbsp;&nbsp;-46º36'32"324 |
|  | &nbsp;&nbsp;-21º50'22"542 | &nbsp;&nbsp;-46º36'41"900 |
|  | &nbsp;&nbsp;-21º50'26"074 | &nbsp;&nbsp;-46º36'43"980 |
|  | &nbsp;&nbsp;-21º50'32"867 | &nbsp;&nbsp;-46º36'34"861 |
|  | &nbsp;&nbsp;-21º50'29"126 | &nbsp;&nbsp;-46º36'32"336 |
|  | &nbsp;&nbsp;-21º50'29"167 | &nbsp;&nbsp;-46º36'25"858 |
|  | &nbsp;&nbsp;-21º50'29"167 | &nbsp;&nbsp;-46º36'25"823 |
|  | &nbsp;&nbsp;-21º50'17"276 | &nbsp;&nbsp;-46º36'20"214 |
|  | &nbsp;&nbsp;-21º50'17"276 | &nbsp;&nbsp;-46º36'00"434 |
|  | &nbsp;&nbsp;-21º50'23"095 | &nbsp;&nbsp;-46º36'00"434 |
|  | &nbsp;&nbsp;-21º50'23"095 | &nbsp;&nbsp;-46º35'53"469 |
|  | &nbsp;&nbsp;-21º50'34"117 | &nbsp;&nbsp;-46º35'53"469 |
|  | &nbsp;&nbsp;-21º50'34"117 | &nbsp;&nbsp;-46º36'08"478 |
|  | &nbsp;&nbsp;-21º50'24"134 | &nbsp;&nbsp;-46º36'14"819 |
|  | &nbsp;&nbsp;-21º50'31"044 | &nbsp;&nbsp;-46º36'23"289 |
|  | &nbsp;&nbsp;-21º50'43"253 | &nbsp;&nbsp;-46º36'19"373 |
|  | &nbsp;&nbsp;-21º50'34"127 | &nbsp;&nbsp;-46º36'08"478 |
|  | &nbsp;&nbsp;-21º50'34"127 | &nbsp;&nbsp;-46º35'53"500 |
|  | &nbsp;&nbsp;-21º50'49"113 | &nbsp;&nbsp;-46º35'53"500 |
|  | &nbsp;&nbsp;-21º50'49"113 | &nbsp;&nbsp;-46º35'46"535 |
|  | &nbsp;&nbsp;-21º51'47"634 | &nbsp;&nbsp;-46º35'46"531 |
|  | &nbsp;&nbsp;-21º51'47"635 | &nbsp;&nbsp;-46º35'53"497 |
|  | &nbsp;&nbsp;-21º51'54"007 | &nbsp;&nbsp;-46º35'53"496 |
|  | &nbsp;&nbsp;-21º51'54"007 | &nbsp;&nbsp;-46º36'03"598 |
|  | &nbsp;&nbsp;-21º51'44"839 | &nbsp;&nbsp;-46º36'03"598 |

---

------

<u>-21º51'44"829</u> <u>-46º36'23"287</u>

ID: BAFE7CB4-A634-4C12-8DCC-B14C0DB1C588

IMPORTANT: This service is for informational purposes only and, therefore, does not replace the use of the relevant official instruments for legal purposes. The information is made available at the time and in the form in which it is entered into the database by DNPM employees and collaborators.© All Rights Reserved - 2020

------

ACCESS TO INFORMATION GET INVOLVED LEGISLATION GOVERNMENT AGENCIES

Basic proceeding data

---

| | |
|:---|:---|
| &nbsp;&nbsp;Proceeding number: | &nbsp;&nbsp;830.914/2013 |
| &nbsp;&nbsp;NUP: | &nbsp;&nbsp;48403.830914/2013-14 |
| &nbsp;&nbsp;SEI Access: | &nbsp;&nbsp;Click here to access SEI. |
| &nbsp;&nbsp;Area (ha): | &nbsp;&nbsp;120 |
| &nbsp;&nbsp;Application type: | &nbsp;&nbsp;Availability Request for development |
| &nbsp;&nbsp;Current stage: | &nbsp;&nbsp;Development Concession |
| &nbsp;&nbsp;Active: | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Superintendence: | &nbsp;&nbsp;Regional Management / MG |
| &nbsp;&nbsp;State: | &nbsp;&nbsp;MG |
| &nbsp;&nbsp;Filing unit: | &nbsp;&nbsp;MINAS GERAIS |
| &nbsp;&nbsp;Filing Date: | &nbsp;&nbsp;04/03/2013 08:24:00 |
| &nbsp;&nbsp;Priority Date: | &nbsp;&nbsp;08/07/1987 00:00:00 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Relation <br>Type | &nbsp;&nbsp;CPF/CNPJ | &nbsp;&nbsp;Name | &nbsp;&nbsp;Responsibility/<br>Representation | &nbsp;&nbsp;Lease<br>Term | &nbsp;&nbsp;Start<br>Date | &nbsp;&nbsp;End<br>Date |
|  | &nbsp;&nbsp;Owner/<br>Applicant | &nbsp;&nbsp;00,508,829/0001-08 | &nbsp;&nbsp;Edem Empresa de Desenvolvimento em Mineração e Participações Ltda |  |  | &nbsp;&nbsp;04/03/2013 |  |
| &nbsp;&nbsp;Related<br>persons: | &nbsp;&nbsp;Legal<br>Representative | &nbsp;&nbsp;\*\*\*.186.208-\*\* | &nbsp;&nbsp;José Lincoln Gambier Costa |  |  | &nbsp;&nbsp;04/03/2013 |  |
|  | &nbsp;&nbsp;Technical<br>Manager | &nbsp;&nbsp;\*\*\*.186.208-\*\* | &nbsp;&nbsp;José Lincoln Gambier Costa |  |  | &nbsp;&nbsp;04/03/2013 |  |

---

Company Registration proceeding number: 001.899/2003

<u>Number</u> <u>Description</u> <u>Title Type</u> <u>Title Status</u> <u>Publication date</u> <u>Expiration date</u> <br> Titles <u>416</u> <u>CLAV - DEVELOPMENT CONCESSION</u> <u>Development Lease</u> <u>Granted</u> <u>06/27/2023</u>  

Substances:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Name | &nbsp;&nbsp;Type of use | &nbsp;&nbsp;Start date | &nbsp;&nbsp;End date | &nbsp;&nbsp;Reason for termination |
| &nbsp;&nbsp;ALUMINUM | &nbsp;&nbsp;Not informed | &nbsp;&nbsp;04/03/2013 | &nbsp;&nbsp;04/03/2013 | &nbsp;&nbsp;Lack of commercial interest |
| &nbsp;&nbsp;REFRACTORY CLAY | &nbsp;&nbsp;Not informed | &nbsp;&nbsp;04/03/2013 | &nbsp;&nbsp;04/03/2013 | &nbsp;&nbsp;Lack of commercial interest |
| &nbsp;&nbsp;BAUXITE | &nbsp;&nbsp;Industrial | &nbsp;&nbsp;04/03/2013 |  |  |

---

Cities:

<u>Name</u> <br> <u>CALDAS/MG</u>

------

Land ownership condition: <u>Type</u> <br> <u>Third-party ownership</u>

Associated processes:

<u>Process</u> <u>Owner</u> <u>Type of association</u> <u>Date of association</u> <u>Date of disassociation</u> <u>Original Process</u> <u>Note</u> <br> <u>830.914/2013</u> <u>Edem Empresa de Desenvolvimento em Mineração e Participações Ltda</u> <u>Availability</u> <u>04/03/2013</u>   <u>831.456/1987</u> <u>\*</u>

Documents that make up the process:

---

| | |
|:---|:---|
| &nbsp;&nbsp;Document | &nbsp;&nbsp;Filing date |
| &nbsp;&nbsp;Economic exploitation plan | &nbsp;&nbsp;04/03/2013 |
| &nbsp;&nbsp;Easements | &nbsp;&nbsp;04/03/2013 |
| &nbsp;&nbsp;Proof of fund availability | &nbsp;&nbsp;04/03/2013 |
| &nbsp;&nbsp;A.R.T. of the Deposit Economic Exploitation Plan | &nbsp;&nbsp;04/03/2013 |

---

Events:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Description | &nbsp;&nbsp;Date | &nbsp;&nbsp;Note | &nbsp;&nbsp;Publication in the Federal Official Gazette |
| &nbsp;&nbsp;402 - DEV. CONC/DEVELOPMENT START EXTENSION AUTHORIZED | &nbsp;&nbsp;01/25/2024 | &nbsp;&nbsp;Relation SECTION 1 - ORDERS - 18/2024 - Regional Management / MG - Regional Manager Order | &nbsp;&nbsp;Extends the deadline for the start of development work 830.914/2013-EDEM EMPRESA DE DESENVOLVIMENTO EM MINERAÇÃO E PARTICIPAÇÕES LTDA - Deadline: 1 year from publication in the Federal Official Gazette. |
| &nbsp;&nbsp;401 - DEV. CONC/DEVELOPMENT START EXTENSION REQUESTED | &nbsp;&nbsp;12/13/2023 | &nbsp;&nbsp;Event entered via Digital Protocol; check the corresponding SEI process. |  |
| &nbsp;&nbsp;403 - DEV. CONC/REQUESTED VESTING OF POSSESSION | &nbsp;&nbsp;06/14/2023 | &nbsp;&nbsp;Event entered via Digital Protocol; check the corresponding SEI process. |  |
| &nbsp;&nbsp;400 - DEV. CONC/DEVELOPMENT CONCESSION ORDINANCE PUBLISHED - MME | &nbsp;&nbsp;06/27/2023 | &nbsp;&nbsp;SNGM/MME – O R D E R - DEVELOPMENT CONCESSION APPLICATION STAGE Development Concession Grant. (4.00) The processes will be forwarded to the National Mining Agency. 48403.830914/2013 - Ordinance No. 416/SNGM/MME - Edem Empresa de Desenvolvimento em Mineração e Participações Ltda - Bauxite - Caldas - Minas Gerais - 120.00 hectares. - Federal Official Gazette dated as of 06/27/2023 – Section 1 – Page 66. - (VITOR EDUARDO DE ALMEIDA SABACK – Secretary) |  |
| &nbsp;&nbsp;1398 - DEV. APP/ENVIRONMENTAL LICENSE FILED | &nbsp;&nbsp;07/29/2022 | &nbsp;&nbsp;Event entered via Digital Protocol; check the corresponding SEI process. |  |
| &nbsp;&nbsp;336 - DEV. APP/MISCELLANEOUS DOCUMENT FILED | &nbsp;&nbsp;07/22/2022 | &nbsp;&nbsp;Event entered via Digital Protocol; check the corresponding SEI process. |  |

---

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;365 - DEV. APP/COMPLIANCE WITH PROTOCOL REQUIREMENT | &nbsp;&nbsp;07/01/2022 | &nbsp;&nbsp;Event entered via Digital Protocol; check the corresponding SEI process. |  |
| &nbsp;&nbsp;361 - DEV. APP/PUBLISHED REQUIREMENT | &nbsp;&nbsp;05/04/2022 | &nbsp;&nbsp;Relation SECTION 1 - ORDERS - 107/2022 - Regional Management / MG - Regional Manager Order | &nbsp;&nbsp;Determines compliance with requirement - Deadline: 60 days 830.914/2013 - EDEM EMPRESA DE DESENVOLVIMENTO EM MINERAÇÃO E PARTICIPAÇÕES LTDA - OFFICIAL LETTER No. 20261/2022/SECOR - MG/ANM |
| &nbsp;&nbsp;365 - DEV. APP/COMPLIANCE WITH PROTOCOL REQUIREMENT | &nbsp;&nbsp;02/10/2022 | &nbsp;&nbsp;Event entered via Digital Protocol; check the corresponding SEI process. |  |
| &nbsp;&nbsp;361 - DEV. APP/PUBLISHED REQUIREMENT | &nbsp;&nbsp;12/14/2021 | &nbsp;&nbsp;Relation SECTION 1 - ORDERS - 334/2021 - Regional Management / MG - Regional Manager Order<br>| &nbsp;&nbsp;Determines compliance with requirement - Deadline: 60 days 830.914/2013 - EDEM EMPRESA DE DESENVOLVIMENTO EM MINERAÇÃO E PARTICIPAÇÕES LTDA. - Official Letter No. 38601/2021/UAPC-MG/ANM |
| &nbsp;&nbsp;2350 - DEV. APP/SECRECY OF MINING INFORMATION - REQUIRED | &nbsp;&nbsp;05/07/2019 | &nbsp;&nbsp;Attachment 48061.002737/2019 - 97 of the process 830.914/2013 - REQUESTS SECRECY OF MINING INFORMATION |  |
| &nbsp;&nbsp;336 - DEV. APP/MISCELLANEOUS DOCUMENT FILED | &nbsp;&nbsp;04/24/2019 | &nbsp;&nbsp;Attachment 48061.002280/2019-11 of the process 830.914/2013 - PRESENTS POWER OF ATTORNEY |  |
| &nbsp;&nbsp;362 - DEV. APP/EXTENSION OF TERM REQUIREMENT REQUESTED | &nbsp;&nbsp;06/23/2014 | &nbsp;&nbsp;Attachment 48406-004037/2014-84 of the process 830.914/2013 - Requests extension of compliance with requirement. |  |
| &nbsp;&nbsp;1054 - DEV. APP/REQUIREMENT OF ENVIRONMENTAL LICENSE FILED | &nbsp;&nbsp;12/24/2013 | &nbsp;&nbsp;Relation SECTION 1 - ORDERS - 924/2013 - Superintendence / MG - Superintendent's Order | &nbsp;&nbsp;Determines compliance with requirement - Deadline: 180 days 830.914/2013 - EDEM EMPRESA DE DESENVOLVIMENTO EM MINERAÇÃO LTDA - OFFICIAL LETTER No. 3101/13-DGTM |
| &nbsp;&nbsp;350 - DEV. APP/DEVELOPMENT APPLICATION FILED | &nbsp;&nbsp;04/03/2013 |  |  |

---

IMPORTANT: This service is for informational purposes only and, therefore, does not replace the use of the relevant official instruments for legal purposes. The information is made available at the time and in the form in which it is entered into the database by DNPM employees and collaborators.© All Rights Reserved - 2020

------

<u>COMUNICA BR</u> <u>ACCESS TO INFORMATION</u> <u>GET INVOLVED</u> <u>LEGISLATION</u> <u>GOVERNMENT AGENCIES</u>

Polygonal

Process: **830.914/2013**

Graphical representation:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Layers** | &nbsp;&nbsp;![img122974289_3.jpg](img122974289_3.jpg) |
| &nbsp;&nbsp;Active Processes | &nbsp;&nbsp;![img122974289_3.jpg](img122974289_3.jpg) |
| &nbsp;&nbsp;Availability Areas | &nbsp;&nbsp;![img122974289_3.jpg](img122974289_3.jpg) |
| &nbsp;&nbsp;Municipal Division | &nbsp;&nbsp;![img122974289_3.jpg](img122974289_3.jpg) |
| &nbsp;&nbsp;State Division | &nbsp;&nbsp;![img122974289_3.jpg](img122974289_3.jpg) |

---

Polygonals:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Area (ha): | &nbsp;&nbsp;120 | &nbsp;&nbsp;DATUM: | &nbsp;&nbsp;SIRGAS2000 |
| &nbsp;&nbsp;Minimum elevation (m): | &nbsp;&nbsp;0 | &nbsp;&nbsp;Maximum elevation (m): | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;Mooring point latitude: | &nbsp;&nbsp;-21º50'56"154 | &nbsp;&nbsp;Mooring point longitude: | &nbsp;&nbsp;-46º28'12"610 |
| &nbsp;&nbsp;Mooring point description: | &nbsp;&nbsp;Mooring point coincident with the first vertex (area study) | &nbsp;&nbsp;Mooring vector length (m): | &nbsp;&nbsp;0.00 |
| &nbsp;&nbsp;Mooring vector angle: | &nbsp;&nbsp;00º00'00"000 | &nbsp;&nbsp;Mooring vector bearing: | &nbsp;&nbsp;N |

---

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Vertices: | &nbsp;&nbsp;Latitude | &nbsp;&nbsp;Longitude |
|  | &nbsp;&nbsp;-21º50'56"154 | &nbsp;&nbsp;-46º28'12"610 |
|  | &nbsp;&nbsp;-21º50'59"048 | &nbsp;&nbsp;-46º28'12"610 |
|  | &nbsp;&nbsp;-21º50'59"048 | &nbsp;&nbsp;-46º28'11"621 |
|  | &nbsp;&nbsp;-21º50'59"249 | &nbsp;&nbsp;-46º28'11"620 |
|  | &nbsp;&nbsp;-21º50'59"248 | &nbsp;&nbsp;-46º27'48"220 |
|  | &nbsp;&nbsp;-21º51'18"540 | &nbsp;&nbsp;-46º27'48"220 |
|  | &nbsp;&nbsp;-21º51'18"540 | &nbsp;&nbsp;-46º27'47"241 |
|  | &nbsp;&nbsp;-21º51'18"755 | &nbsp;&nbsp;-46º27'47"241 |
|  | &nbsp;&nbsp;-21º51'18"753 | &nbsp;&nbsp;-46º27'07"890 |
|  | &nbsp;&nbsp;-21º51'27"448 | &nbsp;&nbsp;-46º27'07"889 |
|  | &nbsp;&nbsp;-21º51'27"448 | &nbsp;&nbsp;-46º27'15"063 |
|  | &nbsp;&nbsp;-21º51'33"951 | &nbsp;&nbsp;-46º27'15"063 |
|  | &nbsp;&nbsp;-21º51'33"951 | &nbsp;&nbsp;-46º27'17"454 |
|  | &nbsp;&nbsp;-21º51'27"138 | &nbsp;&nbsp;-46º27'17"455 |
|  | &nbsp;&nbsp;-21º51'27"139 | &nbsp;&nbsp;-46º27'18"442 |
|  | &nbsp;&nbsp;-21º51'26"863 | &nbsp;&nbsp;-46º27'18"442 |
|  | &nbsp;&nbsp;-21º51'26"864 | &nbsp;&nbsp;-46º27'47"697 |
|  | &nbsp;&nbsp;-21º51'36"455 | &nbsp;&nbsp;-46º27'47"697 |
|  | &nbsp;&nbsp;-21º51'36"455 | &nbsp;&nbsp;-46º28'07"028 |
|  | &nbsp;&nbsp;-21º51'36"617 | &nbsp;&nbsp;-46º28'07"028 |
|  | &nbsp;&nbsp;-21º51'36"616 | &nbsp;&nbsp;-46º28'20"118 |
|  | &nbsp;&nbsp;-21º51'21"996 | &nbsp;&nbsp;-46º28'14"521 |
|  | &nbsp;&nbsp;-21º51'15"757 | &nbsp;&nbsp;-46º28'09"329 |
|  | &nbsp;&nbsp;-21º51'15"206 | &nbsp;&nbsp;-46º28'05"016 |
|  | &nbsp;&nbsp;-21º51'09"187 | &nbsp;&nbsp;-46º28'05"638 |
|  | &nbsp;&nbsp;-21º51'04"819 | &nbsp;&nbsp;-46º28'09"758 |
|  | &nbsp;&nbsp;-21º51'04"995 | &nbsp;&nbsp;-46º28'10"505 |
|  | &nbsp;&nbsp;-21º51'04"576 | &nbsp;&nbsp;-46º28'10"900 |
|  | &nbsp;&nbsp;-21º51'05"867 | &nbsp;&nbsp;-46º28'16"386 |
|  | &nbsp;&nbsp;-21º51'03"604 | &nbsp;&nbsp;-46º28'18"429 |
|  | &nbsp;&nbsp;-21º51'03"853 | &nbsp;&nbsp;-46º28'19"128 |
|  | &nbsp;&nbsp;-21º51'03"362 | &nbsp;&nbsp;-46º28'19"572 |
|  | &nbsp;&nbsp;-21º51'05"095 | &nbsp;&nbsp;-46º28'24"418 |
|  | &nbsp;&nbsp;-21º50'56"154 | &nbsp;&nbsp;-46º28'24"417 |
|  | &nbsp;&nbsp;-21º50'56"154 | &nbsp;&nbsp;-46º28'12"610 |

---

ID: A11F60B0-DA0E-4244-996B-EB5C71BF864C

IMPORTANT: This service is for informational purposes only and, therefore, does not replace the use of the relevant official instruments for legal purposes. The information is made available at the time and in the form in which it is entered into the database by DNPM employees and collaborators.© All Rights Reserved - 2020

------

ACCESS TO INFORMATION GET INVOLVED LEGISLATION GOVERNMENT AGENCIES

Basic proceeding data

---

| | |
|:---|:---|
| &nbsp;&nbsp;Proceeding number: | &nbsp;&nbsp;806.199/1973 |
| &nbsp;&nbsp;NUP: | &nbsp;&nbsp;27203.806199/1973-37 |
| &nbsp;&nbsp;SEI Access: | &nbsp;&nbsp;Click here to access SEI. |
| &nbsp;&nbsp;Area (ha): | &nbsp;&nbsp;40.42 |
| &nbsp;&nbsp;Application type: | &nbsp;&nbsp;Exploration Authorization Application |
| &nbsp;&nbsp;Current stage: | &nbsp;&nbsp;Development Application |
| &nbsp;&nbsp;Active: | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Superintendence: | &nbsp;&nbsp;Regional Management / MG |
| &nbsp;&nbsp;State: | &nbsp;&nbsp;MG |
| &nbsp;&nbsp;Filing unit: | &nbsp;&nbsp;Filing Unit 3 |
| &nbsp;&nbsp;Filing Date: | &nbsp;&nbsp;03/29/1973 00:00:00 |
| &nbsp;&nbsp;Priority Date: | &nbsp;&nbsp;03/29/1973 00:00:00 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Relation<br>Type | &nbsp;&nbsp;CPF/CNPJ | &nbsp;&nbsp;Name | &nbsp;&nbsp;Responsibility/<br>Representation | &nbsp;&nbsp;Lease<br>Term | &nbsp;&nbsp;Start<br>Date | &nbsp;&nbsp;End<br>Date |
|  | &nbsp;&nbsp;Owner/<br>Applicant | &nbsp;&nbsp;08.227.476/0001-71 | &nbsp;&nbsp;Sintertec Minerais Industriais Ltda. |  |  | &nbsp;&nbsp;03/04/2009 |  |
| &nbsp;&nbsp;Related<br>persons: | &nbsp;&nbsp;Owner/<br>Applicant | &nbsp;&nbsp;23.640.899/0001-02 | &nbsp;&nbsp;Mineração Paulo Costa Ltda. |  |  | &nbsp;&nbsp;06/09/2006 | &nbsp;&nbsp;03/03/2009 |
|  | &nbsp;&nbsp;Owner/<br>Applicant | &nbsp;&nbsp;\*\*\*.118.126-\*\* | &nbsp;&nbsp;Marcello Junqueira Santos Filho |  |  | &nbsp;&nbsp;03/29/1973 | &nbsp;&nbsp;06/09/2006 |

---

Company Registration proceeding number: 931.966/2018

<u>Number</u> <u>Description</u> <u>Title Type</u> <u>Title Status</u> <u>Publication date</u> <u>Expiration date</u> <br> <u>2322</u> <u>ALVR - EXPLORATION PERMIT</u> <u>Exploration Permit</u> <u>Granted (prior to charge)</u> <u>06/21/1979</u>  

Substances:

<u>Name</u> <u>Type of use</u> <u>Start date</u> <u>End date</u> <u>Reason for termination</u> <br> <u>BAUXITE</u> <u>Not informed</u> <u>03/29/1973</u>    

------

Cities:

<u>Name</u> <br> <u>POÇOS DE CALDAS/MG</u>

Land ownership condition: <u>No information on land ownership.</u>

Associated processes:

<u>No associated processes.</u>

Documents that make up the process:

<u>No information about documents submitted for this process.</u>

Events:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Description | &nbsp;&nbsp;Date | &nbsp;&nbsp;Note | &nbsp;&nbsp;Publication in the Federal Official Gazette |
| &nbsp;&nbsp;362 - DEV. APP/EXTENSION OF TERM REQUIREMENT REQUESTED | &nbsp;&nbsp;05/18/2015 | &nbsp;&nbsp;Attachment 48403-007736/2015-97 of the process 806.199/1973 - REQUESTS EXTENSION OF TERM |  |
| &nbsp;&nbsp;1054 - DEV. APP/REQUIREMENT OF ENVIRONMENTAL LICENSE FILED | &nbsp;&nbsp;11/19/2014 | &nbsp;&nbsp;Relation SECTION 1 - ORDERS - 724/2014 - Superintendence / MG - Superintendent's Order | &nbsp;&nbsp;Determines compliance with requirement - Deadline: 180 days<br>806.199/1973-SINTERTEC MINERAIS INDUSTRIAIS LTDA. - OFFICIAL LETTER No. 2832/2014-DGTM |
| &nbsp;&nbsp;365 - DEV. APP/COMPLIANCE WITH PROTOCOL REQUIREMENT | &nbsp;&nbsp;08/01/2012 | &nbsp;&nbsp;Attachment 48403-013183/2012 - 75 of the process 806.199/1973 - COMPLIANCE WITH REQUIREMENT |  |
| &nbsp;&nbsp;1054 - DEV. APP/REQUIREMENT OF ENVIRONMENTAL LICENSE FILED | &nbsp;&nbsp;02/03/2012 | &nbsp;&nbsp;Relation SECTION 1 - ORDERS - 63/2012 - Superintendence / MG - Superintendent's Order | &nbsp;&nbsp;Determines compliance with requirement - Deadline: 180 days<br>806.199/1973-SINTERTEC MINERAIS INDUSTRIAIS LTDA. - OFFICIAL LETTER No. 69/12-DGTM |
| &nbsp;&nbsp;694 - INSPECTION PAYMENT MADE | &nbsp;&nbsp;11/29/2011 | &nbsp;&nbsp;File: VISTORIA_CADMIN_20111130.txt - Date 11/30/2011 12:48:38 - DNPMNET\yvone.sa |  |
| &nbsp;&nbsp;365 - DEV. APP/COMPLIANCE WITH PROTOCOL REQUIREMENT | &nbsp;&nbsp;07/07/2011 | &nbsp;&nbsp;Attachment 48403-011851/2011-49 of the process 806.199/1973 - COMPLIANCE WITH REQUIREMENT |  |
| &nbsp;&nbsp;336 - DEV. APP/MISCELLANEOUS DOCUMENT FILED | &nbsp;&nbsp;07/07/2011 | &nbsp;&nbsp;Attachment 48403-011849/2011-70 of the process 806.199/1973 - COMMUNICATION FAZ |  |
| &nbsp;&nbsp;361 - DEV. APP/PUBLISHED REQUIREMENT | &nbsp;&nbsp;05/10/2011 | &nbsp;&nbsp;Relation SECTION 1 - ORDERS - 259/2011 - Superintendence / MG - Superintendent's Order | &nbsp;&nbsp;Determines compliance with  |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  |  |  | &nbsp;&nbsp;requirement - Deadline: 60 days<br>806.199/1973-SINTERTEC MINERAIS INDUSTRIAIS LTDA. - OFFICIAL LETTER No. 719/11-DGT |
| &nbsp;&nbsp;365 - DEV. APP/COMPLIANCE WITH PROTOCOL REQUIREMENT | &nbsp;&nbsp;07/22/2010 | &nbsp;&nbsp;Attachment 48403-009796/2010-46 of the process 806.199/1973 - PRESENTS AAF AUTHENTICATED |  |
| &nbsp;&nbsp;1062 - DEV. APP/ENVIRONMENTAL LICENSE - PROTOCOL REGISTRATION, BODY | &nbsp;&nbsp;05/05/2009 | &nbsp;&nbsp;Attachment 48403-006843/2009-66 of the process 806.199/1973 - PRESENTS COPY OF FOBI AND FCE |  |
| &nbsp;&nbsp;1044 - DEV. APP/TRANSF. OF RIGHTS - TOTAL ASSIGNMENT OF DEV. APP MADE | &nbsp;&nbsp;04/06/2009 |  |  |
| &nbsp;&nbsp;1043 - DEV. APP/TRANSF. OF RIGHTS - TOTAL ASSIGNMENT OF DEV. APP APPROVED | &nbsp;&nbsp;03/04/2009 | &nbsp;&nbsp;Relation 62/2009 - 3<sup>rd</sup> District - MG - Head's Order | &nbsp;&nbsp;Grants consent and authorizes the endorsement of the total transfer of Development application 806.199/1973-MINERAÇÃO PAULO COSTA LTDA.- Permit No. 2322/79 - Assignee: SINTERTEC PRODUTOS REFRATÁRIOS LTDA.- CNPJ 08.227.476/0001-71 |
| &nbsp;&nbsp;330 - DEV. APP/TRANSF. OF RIGHTS - TOTAL ASSIGNMENT OF APP RIGHT OF DEV. FILED | &nbsp;&nbsp;05/14/2008 | &nbsp;&nbsp;Annex 007481/2008. Assignee: Sintertec Produtos Refratários Ltda. Present proof of payment. |  |
| &nbsp;&nbsp;362 - DEV. APP/EXTENSION OF TERM REQUIREMENT REQUESTED | &nbsp;&nbsp;08/03/2007 |  |  |
| &nbsp;&nbsp;361 - DEV. APP/PUBLISHED REQUIREMENT | &nbsp;&nbsp;07/06/2007 | &nbsp;&nbsp;File name: RELAÇÃO 116-2007-MG.txt Recording date: 07/06/2007 User: Idamice Moreira Lana |  |
| &nbsp;&nbsp;332 - DEV. APP/TRANSF. OF RIGHTS - TOTAL ASSIGNMENT OF APP RIGHT OF DEV. MADE | &nbsp;&nbsp;07/06/2006 |  |  |
| &nbsp;&nbsp;331 - DEV. APP/TRANSF. OF RIGHTS - TOTAL ASSIGNMENT OF APP RIGHT OF DEV. APPROVED | &nbsp;&nbsp;06/09/2006 | &nbsp;&nbsp;File name: RELAÇÃO 195.06alterada.txt Recording date: 06/12/2006 User: Francisco Fontinely Nogueira Silva |  |
| &nbsp;&nbsp;365 - DEV. APP/COMPLIANCE WITH PROTOCOL REQUIREMENT | &nbsp;&nbsp;12/02/2005 | &nbsp;&nbsp;Annex 019054 - Official Letter No. 138/2005-CESD/3<sup>º</sup> ds - Sent by Correio |  |

---

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;361 - DEV. APP/PUBLISHED REQUIREMENT | &nbsp;&nbsp;10/05/2005 | &nbsp;&nbsp;File name: RELAÇÃO 076-2005-MG.txt Recording date: 10/05/2005 User: Aparecida D"Abadia Rodrigues |
| &nbsp;&nbsp;361 - DEV. APP/PUBLISHED REQUIREMENT | &nbsp;&nbsp;10/30/2001 | &nbsp;&nbsp;File name: Rel122__.txt Recoding date: 12/19/2001 User: REGIANE PEREIRA LIMA |
| &nbsp;&nbsp;364 - DEV. APP/EXTENSION OF TERM REQUIREMENT GRANTED | &nbsp;&nbsp;05/06/1994 | &nbsp;&nbsp;SICOM LOAD |
| &nbsp;&nbsp;362 - DEV. APP/EXTENSION OF TERM REQUIREMENT REQUESTED | &nbsp;&nbsp;02/22/1994 | &nbsp;&nbsp;SICOM LOAD |
| &nbsp;&nbsp;361 - DEV. APP/PUBLISHED REQUIREMENT | &nbsp;&nbsp;08/25/1993 | &nbsp;&nbsp;SICOM LOAD |
| &nbsp;&nbsp;682 - DEV. APP/PAE ANALYZED | &nbsp;&nbsp;03/23/1993 |  |
| &nbsp;&nbsp;336 - DEV. APP/MISCELLANEOUS DOCUMENT FILED | &nbsp;&nbsp;05/26/1989 | &nbsp;&nbsp;ARTICLES OF ASSOCIATION |
| &nbsp;&nbsp;350 - DEV. APP/DEVELOPMENT APPLICATION FILED | &nbsp;&nbsp;06/25/1986 | &nbsp;&nbsp;SICOM LOAD |
| &nbsp;&nbsp;330 - DEV. APP/TRANSF. OF RIGHTS - TOTAL ASSIGNMENT OF APP RIGHT OF DEV. FILED | &nbsp;&nbsp;02/04/1986 |  |
| &nbsp;&nbsp;299 - EXPLORATION AUTH/APPROVED RESEARCH REPORT ART 30A WITH PUBL | &nbsp;&nbsp;06/26/1985 | &nbsp;&nbsp;SICOM LOAD |
| &nbsp;&nbsp;794 - EXPLORATION AUTH/POSITIVE RESEARCH REPORT PRESENTED | &nbsp;&nbsp;05/13/1982 |  |
| &nbsp;&nbsp;201 - EXPLORATION AUTH/EXPLORATION PERMIT PUBLISHED | &nbsp;&nbsp;06/21/1979 | &nbsp;&nbsp;SICOM LOAD |
| &nbsp;&nbsp;140 - EXPLORATION APP/PROOF OF PERMIT FEE PAYMENT FILED | &nbsp;&nbsp;04/05/1979 | &nbsp;&nbsp;SICOM LOAD |
| &nbsp;&nbsp;138 - EXPLORATION APP/INVITATION OF PUBLI. PERMIT FEE PAYMENT | &nbsp;&nbsp;04/03/1979 | &nbsp;&nbsp;SICOM LOAD |
| &nbsp;&nbsp;135 - EXPLORATION APP/COMPLIANCE WITH PROTOCOL REQUIREMENT | &nbsp;&nbsp;02/01/1979 | &nbsp;&nbsp;SICOM LOAD |
| &nbsp;&nbsp;100 - EXPLORATION APP/EXPLORATION APPLICATION FILED | &nbsp;&nbsp;03/29/1973 | &nbsp;&nbsp;SICOM LOAD |

---

IMPORTANT: This service is for informational purposes only and, therefore, does not replace the use of the relevant official instruments for legal purposes. The information is made available at the time and in the form in which it is entered into the database by DNPM employees and collaborators.© All Rights Reserved - 2020

------

<u>COMUNICA BR</u> <u>ACCESS TO INFORMATION</u> <u>GET INVOLVED</u> <u>LEGISLATION</u> <u>GOVERNMENT AGENCIES</u>

Polygonal

Process: **806.199/1973**

Graphical representation:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Layers** | &nbsp;&nbsp;![img122974289_4.jpg](img122974289_4.jpg) |
| &nbsp;&nbsp;Active Processes | &nbsp;&nbsp;![img122974289_4.jpg](img122974289_4.jpg) |
| &nbsp;&nbsp;Availability Areas | &nbsp;&nbsp;![img122974289_4.jpg](img122974289_4.jpg) |
| &nbsp;&nbsp;Municipal Division | &nbsp;&nbsp;![img122974289_4.jpg](img122974289_4.jpg) |
| &nbsp;&nbsp;State Division | &nbsp;&nbsp;![img122974289_4.jpg](img122974289_4.jpg) |

---

Polygonals:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Area (ha): | &nbsp;&nbsp;40.42 | &nbsp;&nbsp;DATUM: | &nbsp;&nbsp;SIRGAS2000 |
| &nbsp;&nbsp;Minimum elevation (m): | &nbsp;&nbsp;0 | &nbsp;&nbsp;Maximum elevation (m): | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;Mooring point latitude: | &nbsp;&nbsp;-21º44'58"633 | &nbsp;&nbsp;Mooring point longitude: | &nbsp;&nbsp;-46º29'37"407 |
| &nbsp;&nbsp;Mooring point description: | &nbsp;&nbsp;Mooring point | &nbsp;&nbsp;Mooring vector length (m): | &nbsp;&nbsp;1897.00 |
| &nbsp;&nbsp;Mooring vector angle: | &nbsp;&nbsp;83º33'00"596 | &nbsp;&nbsp;Mooring vector bearing: | &nbsp;&nbsp;NE |

---

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Vertices: | &nbsp;&nbsp;Latitude | &nbsp;&nbsp;Longitude |
|  | &nbsp;&nbsp;-21º44'51"701 | &nbsp;&nbsp;-46º28'31"806 |
|  | &nbsp;&nbsp;-21º44'22"440 | &nbsp;&nbsp;-46º28'31"806 |
|  | &nbsp;&nbsp;-21º44'22"440 | &nbsp;&nbsp;-46º28'13"711 |
|  | &nbsp;&nbsp;-21º44'42"273 | &nbsp;&nbsp;-46º28'13"710 |
|  | &nbsp;&nbsp;-21º44'42"273 | &nbsp;&nbsp;-46º28'211"366 |
|  | &nbsp;&nbsp;-21º44'51"701 | &nbsp;&nbsp;-46º28'211"366 |
|  | &nbsp;&nbsp;-21º44'51"701 | &nbsp;&nbsp;-46º28'31"806 |

---

ID: BC5D1CF8-4E45-469C-940E-B1633923C7F6

IMPORTANT: This service is for informational purposes only and, therefore, does not replace the use of the relevant official instruments for legal purposes. The information is made available at the time and in the form in which it is entered into the database by DNPM employees and collaborators.© All Rights Reserved - 2020

------

<u>Annex II</u>.

to the Call Option Agreement for Mineral Rights and Other Covenants, dated as of February 20, 2024.

<u>Identification and Main Characteristics of the Exploration Application</u>.

------

ACCESS TO INFORMATION GET INVOLVED LEGISLATION GOVERNMENT AGENCIES

Basic proceeding data

---

| | |
|:---|:---|
| Proceeding number: | 832.221/2021 |
| NUP: | 48054.832221/2021-83 |
| SEI Access: | Click here to access SEI. |
| Area (ha): | 115.63 |
| Application type: | Exploration Authorization Application |
| Current stage: | Exploration Application |
| Active: | Yes |
| Superintendence: | Regional Management / MG |
| State: | MG |
| Filing unit: | MINAS GERAIS |
| Filing Date: | 09/15/2021 15:25:00 |
| Priority Date: | 09/15/2021 15:24:57 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Relation Type | &nbsp;&nbsp;CPF/CNPJ | &nbsp;&nbsp;Name | &nbsp;&nbsp;Responsibility/<br>Representation | &nbsp;&nbsp;Lease<br>Term | &nbsp;&nbsp;Start<br>Date | &nbsp;&nbsp;End<br>Date |
| &nbsp;&nbsp;Related<br>persons: | &nbsp;&nbsp;Owner/<br>Applicant | &nbsp;&nbsp;21.229.511/0001-50 | &nbsp;&nbsp;Bautek Minerais Industriais Ltda. |  |  | &nbsp;&nbsp;09/15/2021 |  |
|  | &nbsp;&nbsp;Technical<br>Manager | &nbsp;&nbsp;\*\*\*.148.046-\*\* | &nbsp;&nbsp;Luiz Gustavo Moreira Noronha |  |  | &nbsp;&nbsp;09/15/2021 |  |

---

Company Registration proceeding number: 931.296/2018

Titles <u>No titles associated.</u>

Substances:

<u>Name</u> <u>Type of use</u> <u>Start date</u> <u>End date</u> <u>Reason for termination</u> <br> <u>REFRACTORY CLAY</u> <u>Industrial</u> <u>09/15/2021</u>    

Cities:

---

| |
|:---|
| &nbsp;&nbsp;Name |
| &nbsp;&nbsp;ANDRADAS/MG |
| &nbsp;&nbsp;CALDAS/MG |

---

Land ownership condition: <u>Type</u> <br> <u>Third-party ownership</u>

------

Associated processes:

<u>No associated processes.</u>

Documents that make up the process:

<u>No information about documents submitted for this process.</u>

Events:

<u>Description</u> <u>Date</u> <u>Note</u> <u>Publication in the Federal Official Gazette</u> <br> <u>100 - EXPLORATION APP/EXPLORATION APPLICATION FILED</u> <u>09/15/2021</u> <u>Event entered via Digital Protocol; check the corresponding SEI process.</u>  

IMPORTANT: This service is for informational purposes only and, therefore, does not replace the use of the relevant official instruments for legal purposes. The information is made available at the time and in the form in which it is entered into the database by DNPM employees and collaborators.© All Rights Reserved - 2020

------

<u>COMUNICA BR</u> <u>ACCESS TO INFORMATION</u> <u>GET INVOLVED</u> <u>LEGISLATION</u> <u>GOVERNMENT AGENCIES</u>

Polygonal

Process: **832.221/2021**

Graphical representation:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Layers** | &nbsp;&nbsp;![img122974289_5.jpg](img122974289_5.jpg) |
| &nbsp;&nbsp;Active Processes | &nbsp;&nbsp;![img122974289_5.jpg](img122974289_5.jpg) |
| &nbsp;&nbsp;Availability Areas | &nbsp;&nbsp;![img122974289_5.jpg](img122974289_5.jpg) |
| &nbsp;&nbsp;Municipal Division | &nbsp;&nbsp;![img122974289_5.jpg](img122974289_5.jpg) |
| &nbsp;&nbsp;State Division | &nbsp;&nbsp;![img122974289_5.jpg](img122974289_5.jpg) |
| &nbsp;&nbsp;Partial Nuclear Council | &nbsp;&nbsp;![img122974289_5.jpg](img122974289_5.jpg) |

---

Polygonals:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Area (ha): | &nbsp;&nbsp;115.63 | &nbsp;&nbsp;DATUM: | &nbsp;&nbsp;SIRGAS2000 |
| &nbsp;&nbsp;Minimum elevation (m): | &nbsp;&nbsp;0 | &nbsp;&nbsp;Maximum elevation (m): | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;Mooring point latitude: | &nbsp;&nbsp;-21º55'37"336 | &nbsp;&nbsp;Mooring point longitude: | &nbsp;&nbsp;-46º31'37"830 |
| &nbsp;&nbsp;Mooring point description: | &nbsp;&nbsp;Mooring point | &nbsp;&nbsp;Mooring vector length (m): | &nbsp;&nbsp;0.00 |
| &nbsp;&nbsp;Mooring vector angle: | &nbsp;&nbsp;00º00'00"000 | &nbsp;&nbsp;Mooring vector bearing: | &nbsp;&nbsp;N |

---

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Vertices: | &nbsp;&nbsp;Latitude | &nbsp;&nbsp;Longitude |
|  | &nbsp;&nbsp;-21º55'37"336 | &nbsp;&nbsp;-46º31'37"830 |
|  | &nbsp;&nbsp;-21º55'37"336 | &nbsp;&nbsp;-46º31'04"313 |
|  | &nbsp;&nbsp;-21º55'52"832 | &nbsp;&nbsp;-46º31'04"313 |
|  | &nbsp;&nbsp;-21º55'52"832 | &nbsp;&nbsp;-46º31'16"553 |
|  | &nbsp;&nbsp;-21º55'54"992 | &nbsp;&nbsp;-46º31'16"553 |
|  | &nbsp;&nbsp;-21º55'54"992 | &nbsp;&nbsp;-46º31'37"793 |
|  | &nbsp;&nbsp;-21º56'09"556 | &nbsp;&nbsp;-46º31'37"793 |
|  | &nbsp;&nbsp;-21º56'09"556 | &nbsp;&nbsp;-46º31'33"373 |
|  | &nbsp;&nbsp;-21º56'23"862 | &nbsp;&nbsp;-46º31'33"373 |
|  | &nbsp;&nbsp;-21º56'23"862 | &nbsp;&nbsp;-46º31'16"191 |
|  | &nbsp;&nbsp;-21º56'49"748 | &nbsp;&nbsp;-46º31'16"191 |
|  | &nbsp;&nbsp;-21º56'49"748 | &nbsp;&nbsp;-46º31'21"158 |
|  | &nbsp;&nbsp;-21º56'48"886 | &nbsp;&nbsp;-46º31'21"158 |
|  | &nbsp;&nbsp;-21º56'48"886 | &nbsp;&nbsp;-46º31'21"965 |
|  | &nbsp;&nbsp;-21º56'44"427 | &nbsp;&nbsp;-46º31'21"965 |
|  | &nbsp;&nbsp;-21º56'44"427 | &nbsp;&nbsp;-46º31'22"731 |
|  | &nbsp;&nbsp;-21º56'40"656 | &nbsp;&nbsp;-46º31'22"731 |
|  | &nbsp;&nbsp;-21º56'40"656 | &nbsp;&nbsp;-46º31'23"958 |
|  | &nbsp;&nbsp;-21º56'36"618 | &nbsp;&nbsp;-46º31'23"958 |
|  | &nbsp;&nbsp;-21º56'36"618 | &nbsp;&nbsp;-46º31'24"394 |
|  | &nbsp;&nbsp;-21º56'35"272 | &nbsp;&nbsp;-46º31'24"394 |
|  | &nbsp;&nbsp;-21º56'35"272 | &nbsp;&nbsp;-46º31'24"933 |
|  | &nbsp;&nbsp;-21º56'27"868 | &nbsp;&nbsp;-46º31'24"933 |
|  | &nbsp;&nbsp;-21º56'27"868 | &nbsp;&nbsp;-46º31'23"652 |
|  | &nbsp;&nbsp;-21º56'24"149 | &nbsp;&nbsp;-46º31'23"652 |
|  | &nbsp;&nbsp;-21º56'24"149 | &nbsp;&nbsp;-46º31'45"609 |
|  | &nbsp;&nbsp;-21º57'22"330 | &nbsp;&nbsp;-46º31'45"609 |
|  | &nbsp;&nbsp;-21º57'22"330 | &nbsp;&nbsp;-46º31'44"744 |
|  | &nbsp;&nbsp;-21º57'34"014 | &nbsp;&nbsp;-46º31'44"744 |
|  | &nbsp;&nbsp;-21º57'34"014 | &nbsp;&nbsp;-46º32'03"284 |
|  | &nbsp;&nbsp;-21º57'35"566 | &nbsp;&nbsp;-46º32'03"284 |
|  | &nbsp;&nbsp;-21º57'35"566 | &nbsp;&nbsp;-46º32'31"858 |
|  | &nbsp;&nbsp;-21º57'29"670 | &nbsp;&nbsp;-46º32'31"858 |
|  | &nbsp;&nbsp;-21º57'29"670 | &nbsp;&nbsp;-46º31'45"907 |
|  | &nbsp;&nbsp;-21º56'09"822 | &nbsp;&nbsp;-46º31'45"907 |
|  | &nbsp;&nbsp;-21º56'09"822 | &nbsp;&nbsp;-46º31'57"428 |
|  | &nbsp;&nbsp;-21º56'02"079 | &nbsp;&nbsp;-46º31'57"428  |
|  | &nbsp;&nbsp;-21º56'02"079 | &nbsp;&nbsp;-46º31'56"723 |
|  | &nbsp;&nbsp;-21º56'07"920 | &nbsp;&nbsp;-46º31'56"723 |
|  | &nbsp;&nbsp;-21º56'07"920 | &nbsp;&nbsp;-46º31'39"440 |
|  | &nbsp;&nbsp;-21º55'35"193 | &nbsp;&nbsp;-46º31'39"440 |
|  | &nbsp;&nbsp;-21º55'35"193 | &nbsp;&nbsp;-46º31'37"830 |
|  | &nbsp;&nbsp;-21º55'37"336 | &nbsp;&nbsp;-46º31'37"830 |

---

ID: 35F90650-E1CD-49B8-859B-060C592D7B02

IMPORTANT: This service is for informational purposes only and, therefore, does not replace the use of the relevant official instruments for legal purposes. The information is made available at the time and in the form in which it is entered into the database by DNPM employees and collaborators.© All Rights Reserved - 2020

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<u>Annex 1.2</u>.

to the Call Option Agreement for Mineral Rights and Other Covenants, dated as of February 20, 2024.

<u>Bank account details held by the Grantors.</u>

Owner: **TERRA GOYANA MINERADORA LTDA.**

CNPJ:

Bank:

Branch:

Current account:

Owner: **BAUTEK MINERAIS INDUSTRIAIS LTDA.**

CNPJ:

Bank:

Branch:

Current account:

Owner: **EDEM EMPRESA DE DESENVOLVIMENTO EM MINERAÇÃO E PARTICIPAÇÕES LTDA.**

CNPJ:

Bank:

Branch:

Current account:

Owner: **SINTERTEC MINERAIS INDUSTRIAIS LTDA.**

CNPJ:

Bank:

Branch:

Current account:

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<u>Annex 3.2.(i.)</u>

to the Call Option Agreement for Mineral Rights and Other Covenants, dated as of February 20, 2024.

<u>Draft of Assignment Agreement of Economic Rights and Other Covenants between the Grantors and the Grantee.</u>

\*\*\*

**ASSIGNMENT AGREEMENT FOR MINERAL RIGHTS AND OTHER COVENANTS**

By this private instrument, and in accordance with the law, the Parties designed and described below, namely,

on the one hand, as Assignors,

**TERRA GOYANA MINERADORA LTDA.**, limited liability company with head office in the City of Goiânia, State of Goiás, at Rua João de Abreu, No. 192, 14<sup>th</sup> Floor, Sala 144-A e 145-A, Setor Oeste, ZIP Code 74120-110, enrolled with CNPJ under No. 01.445.576/0001-25, e-mail: , herein represented in compliance with its Articles of Association by its Directors, Messrs. <u>Luiz Antônio Vessani</u>, Brazilian citizen, divorced, geologist, holder of the Identity Card (RG) No. , enrolled with CPF under No. , resident and domiciled at , e-mail: , and <u>Marcos de Alencastro Curado</u>, Brazilian citizen, married, businessman, holder of Identity Card (RG) No. , enrolled with CPF under No. , resident and domiciled at , e-mail: , hereinafter referred to simply as "<u>Terra Goyana</u>";

**BAUTEK MINERAIS INDUSTRIAIS LTDA.**, limited liability company with head office in the City of Caldas, State of Minas Gerais, at Rodovia BR-459, Km 8, Laranjeiras de Caldas, ZIP Code 37780-000, enrolled with CNPJ under No. 21.229.511/0001-50, e-mail: , herein represented in compliance with its Articles of Association by its Directors, Mr. <u>Reinaldo Tito Teixeira Noronha</u>, Brazilian citizen, married, businessman, holder of Identity Card (RG) No. , enrolled with CPF under No. , resident and domiciled at , e-mail: , and <u>Luiz Antônio Vessani</u>, described above, hereinafter referred to simply as "<u>Bautek</u>";

**EDEM EMPRESA DE DESENVOLVIMENTO EM MINERAÇÃO E PARTICIPAÇÕES LTDA.**, limited liability company with head office in the City of Goiânia, State of Goiás, at Rua Serra Dourada, No. 1213, Quadra 95, Lotes 121 e 123, Santa Genoveva District, ZIP Code 74672-680, enrolled with CNPJ under No. 00.508.829/0001-08, e-mail: , herein represented in compliance with its Articles of Association by its Director, Mr. <u>Luiz Antonio Vessani</u>, described above, hereinafter referred to simply as "<u>Edem</u>"; and

**SINTERTEC MINERAIS INDUSTRIAIS LTDA.**, limited liability company with head office in the City of Poços de Caldas, State of Minas Gerais, at Avenida Santo Antônio, No. 200, sala 806, Jardim Cascatinha, ZIP Code 37701-036, enrolled with CNPJ under No. 08.227.476/0001-71, e-mail: , herein represented in compliance with its Articles of Association by its Director, Mr. <u>Reinaldo Tito Teixeira Noronha</u>, described above, hereinafter referred to simply as "<u>Sintertec</u>" and, together with Terra Goyana, Bautek and Edem, referred to as "<u>Assignors</u>";

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and, on the other hand, as Assignee,

**ALPHA MINERALS BRAZIL PARTICIPAÇÕES LTDA.**, limited liability company with head office in the City of Nova Lima, State of Minas Gerais, at Alameda Oscar Niemeyer, No. 891, sala 913-B, Vila da Serra, ZIP Code 34006-065, enrolled with CNPJ under No. 43.093.229/0001-20, e-mail: , herein represented in compliance with its Articles of Association by its Director, Mr. <u>João Paulo Agapito da Veiga</u>, Brazilian citizen, single, businessman, holder of Identity Card (RG) No. , issued by DETRAN-RJ, enrolled with CPF under No. , resident and domiciled in , e-mail: , and <u>Renato Aureo de Paula Gonzaga</u>, Brazilian citizen, married, economist, holder of Identity Card (RG) No. , enrolled with CPF under No. , resident and domiciled in the Capital of the State of Minas Gerais, both of them with business address in the City of Nova Lima, State of Minas Gerais, at Alameda Oscar Niemeyer, No. 891, sala 913-B, Vila da Serra, ZIP Code 34006-065, e-mail: , hereinafter referred to as "<u>Alpha</u>" or "<u>Assignee</u>", indistinctly;

also appearing as Consenting Intervening Parties,

**RARE EARTHS AMERICAS PTY LTD.**, a "proprietary" company regularly organized and existing under the Laws of Australia, registered under Company Registration Number ACN 664 370 254, with head office at Suite 53 Level 2, 11-15, Labouchere Road, South Perth, WA, 6151, e-mail: , herein represented in compliance with its Articles of Association by its Directors, Messrs. <u>Dominic Paul Allen</u>, British citizen, businessman, holder of Passport No. , resident and domiciled at , e-mail: , and <u>Bernardo Sanchez Agapito da Veiga</u>, Brazilian citizen, single, businessman, holder of Identity Card (RG) No. , enrolled with CPF under No. , resident and domiciled at , e-mail: , hereinafter referred to as "<u>REA</u>";

**SANTÍSSIMA TRINDADE PARTICIPAÇÕES LTDA.**, limited liability company with head office in the City of Goiânia, State of Goiás, at Rua João de Abreu, No. 192, 14<sup>th</sup> Floor, sala 146-A, Setor Oeste, ZIP Code 74120-110, enrolled with CNPJ under No. 07.576.372/0001-00, e-mail: , herein represented in compliance with its Articles of Association by its Director, Mr. <u>Marcos de Alencastro Curado</u>, described above, hereinafter referred to simply as "<u>Santíssima Trindade</u>";

**SUPERGRAN MINERAÇÃO LTDA.**, limited liability company with head office in the City of Barro Alto, State of Goiás, at Estrada Pedra de Fogo, km 15, Pátio 5, Zona Rural, ZIP Code 76390-000, enrolled with CNPJ under No. 09.355.939/0001-43, e-mail: , herein represented in compliance with its Articles of Association by its Director, Mr. <u>Marcos de Alencastro Curado Filho</u>, Brazilian citizen, married under full separation of property regime, businessman, holder of Identity Card (RG) No. , enrolled with CPF under No. , resident and domiciled at ; and <u>Luiz Antônio Vessani</u>, described above, hereinafter referred to simply as "<u>Supergran</u>";

**NORTEK PARTICIPAÇÕES LTDA.**, limited liability company with head office in the City of Belo Horizonte, State of Minas Gerais, at Rua Genoveva de Souza, No. 871, sala E, Sagrada Família District, ZIP Code 31030-220, enrolled with CNPJ under No. 11.249.439/0001-79, e-mail: , herein represented in compliance with its Articles of Association by its Director, Mr. <u>Reinaldo Tito Teixeira Noronha</u>, described above, hereinafter referred to simply as "<u>Nortek</u>";

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**SINTERTEC HOLDING, LTD.**, a company regularly organized and existing under the Laws of the British Virgin Islands, with head office in the City of Road Town, Craigmuir Chambers, Tortola, British Virgin Islands, P.O. Box 71, enrolled with CNPJ under No. 13.872.642/0001-22, e-mail: , herein represented by its legal representative, Mr. <u>Reinaldo Tito Teixeira Noronha</u>, described above, hereinafter referred to simply as "<u>Sinertec Holding</u>";

**LEANDRO ROCHA SCISLEWSKI**, Brazilian citizen, married under partial community of property regime, geologist, holder of Identity Card No. , enrolled with CPF under No. , resident and domiciled at , ZIP Code 74672-620, e-mail: , hereinafter referred to simply as "<u>Leandro</u>";

**JOSÉ LINCOLN GAMBIER COSTA**, Brazilian citizen, married under community property regime, geologist, holder of Identity Card (RG) No. , enrolled with CPF under No. , resident and domiciled at , e-mail: , hereinafter referred to simply as "<u>José Lincoln</u>";

**GUSTAVO ALVES GUERRA**, Brazilian citizen, single, geologist, holder of Identity Card No. , enrolled with CPF under No. , resident and domiciled at , e-mail: , hereinafter referred to simply as "<u>Gustavo</u>";

**LUIZ ANTONIO VESSANI**, described above, hereinafter referred to simply as "<u>Luiz Antonio</u>" (and, together with Edem, Santíssima Trindade, Nortek, Sintertec Holding, Leandro, José Lincoln and Gustavo, the "<u>Partners of the Assignors</u>");

whereas (i.) Terra Goyana is the sole and legitimate holder of the rights represented by the exploration authorizations that are the subject of the administrative proceedings registered with the National Mining Agency (the "<u>ANM</u>") under Nos. 832,149/2022 and 832,150/2022, with areas of 12.10ha and 61.12ha, respectively, for ilmenite ore, located in the Cities of Poços de Caldas (MG) and Águas da Prata (SP); (ii.) Bautek is the sole and legitimate holder of the mineral rights represented by the development concession that is the subject of the administrative proceeding registered by the ANM under No. 818.865/1971, with an area of 411.10, for bauxite, aluminum and refractory clay ores, located in the City of Poços de Caldas (MG); (iii.) Edem is the sole and legitimate holder of the mineral rights represented by the development concession subject to the administrative proceeding registered with the ANM under No. 830.914/2013, with an area of 120ha, for bauxite, aluminum and refractory clay ores, located in the City of Caldas (MG); and (iv.) Sintertec is the sole and legitimate holder of the mineral rights represented by the exploration authorization and mineral application subject to the administrative proceeding registered with the ANM under No. 806.199/1973, with an area of 40.42 ha, for bauxite ore, located in the City of Poços de Caldas (MG), all described and characterized in <u>Annex I</u>., which is an integral and inseparable part of this document (hereinafter, the "<u>Mineral Rights</u>");

[*<u>Verify whether the exploration authorization for the application subject to ANM Process No. 832.221/2021, held by Bautek, was published and granted, for adjustments to the above recital</u>*];

whereas the Assignors granted the Assignee a call option for Mineral Rights, as provided for in the Call Option Agreement for Mineral Rights and Other Covenants entered into on [...] [*insert execution date of the Option Agreement*] between, on the one hand, the

------

Assignors as Grantors and, on the other, the Assignee, as Grantee (the "<u>Option Agreement</u>"), with the Assignee validly exercising the option on [...], as per item 3.1 of the Option Agreement;

whereas, in order to comply with the Option Agreement, the Assignors intend to assign the Mineral Rights to the Assignee, while the Assignee intends to acquire the Mineral Rights, subject to the terms and conditions set forth in this specific instrument;

The Parties RESOLVE to enter into this "Assignment Agreement for Mineral Rights and Other Covenants" (the "<u>Agreement</u>"), which shall be governed by the following clauses and conditions.

**2. PURPOSE.**

2.1. <u>Purchase and sale of Mineral Rights</u>. The Assignors hereby irrevocably and irreversibly assign and transfer to the Assignee, which also irrevocably and irreversibly acquires the Mineral Rights, as described in <u>Annex I</u>. hereto.

2.1.1.<u>Scope</u>. The purpose of the purchase and sale transaction described in item 1.1. above is the Mineral Rights, as well as all rights and obligations, whether patrimonial or otherwise, inherent thereto. Therefore, from this date forward, the Mineral Rights will belong exclusively to the Assignee, together with any and all rights, guarantees, privileges, preferences, prerogatives, and actions guaranteed by law.

2.1.2.<u>Lack of liens</u>. The Mineral Rights are free and clear of any liens, encumbrances, attachments, seizures, pledges, attachments, or restrictions that may, now or in the future, affect their free availability and transfer or the exercise of any rights inherent thereto.

2.1.3.<u>Assignment Instrument</u>. The Assignors and the Assignee hereby enter into the Assignment Instruments of Mineral Rights (the "Instruments"), copies of which are included herein in Annex 1.1.3., to enable, at the Assignee's sole discretion, the transfer and registration of the Mineral Rights to the Assignee's ownership before the ANM without the need for registration of this Agreement.

2.2. <u>Transfer and Registration with the ANM</u>. The Assignors and the Assignee hereby agree that, immediately after payment of the First Installment of the Purchase Price, as defined in 2.1 below, they will take any and all necessary steps to register and/or endorse the Instruments or the Agreement, at the Assignee's sole discretion, with the ANM, notary offices, or any other applicable agency, at the Assignee's expense. The Assignors are obliged to submit, within a maximum period of five (5) business days, any and all documents reasonably requested by the Assignee or the person responsible for the registration and/or endorsement, as applicable.

**3. PRICE AND PAYMENT METHOD.**

3.1. <u>Purchase Price</u>. In consideration for the acquisition of the Mineral Rights subject of this Agreement, the Assignee undertakes to pay the Assignors the total, legal and agreed price, in BRL (Reais) equivalent to five million and three hundred thousand US dollars (US$5,300,000.00), calculated based on the US$(US dollar) purchase rate, as

------

announced by the Central Bank of Brazil on the business day immediately prior to the respective payment date (the "<u>Purchase Price</u>"), to be disbursed as follows:

c.the amount of BRL [...], equivalent to three million one hundred and eighty thousand US dollars (US$3,180,000.00), calculated based on the US$(US dollar) exchange rate for purchase rate, published by the Central Bank of Brazil on [...], was paid by the Assignee to the Assignors on [...], in proportion to the total number of hectares of Mineral Rights owned by each, in compliance with the procedure set forth in 3.1. of the Option Agreement (the "<u>First Installment of the Purchase Price</u>");

d.the amount in R$(Reais) equivalent to two million, one hundred and twenty thousand US dollars (US$2,120,000.00), calculated based on the US$(US dollar) exchange rate for purchase, published by the Central Bank of Brazil on the business day immediately prior to the date of the respective payment, must be paid by the Assignee to the Assignors, in proportion to the total number of hectares of Mineral Rights owned by each, within a maximum period of twelve (12) months from the date of payment of the First Installment of the Purchase Price (the "<u>Second Installment of the Purchase Price</u>").

*[<u>If the Assignors have chosen to receive all or part of the Exercise Price in REA Shares, adapt the text of items (a.) and/or (b.) above to reflect the effective option adopted by the Assignors pursuant to item 2.1.4 of the Option Agreement, indicating the number of shares and their value, in BRL and US$, as well as any remaining balance in currency. If the entire Exercise Price is paid in REA Shares, delete the items 2.1.1. and 2.1.2., below and adapt the wording of item 2.1.4., if necessary</u>].*

[*<u>Verify whether the Call Option was exercised in full or in part, as provided for in item 2.1.3 of the Option Agreement, for purposes of adjusting the value of the installments of the Purchase Price mentioned in 2.1.</u>*].

3.1.1.<u>Adjustment and interest</u>. No monetary adjustment or interest will be applied to the Purchase Price.

3.1.2.<u>Payment method</u>. The Acquisition Price must be paid by the Assignee to the Assignors in Brazilian currency, via TED or PIX to the bank account held by the Assignors indicated in Annex 1.2 of the Option Agreement.

3.1.3.<u>Default</u>. Payment of any installments of the Purchase Price after the maturity date will put the Assignee in default, regardless of any notice, summons, or extrajudicial notice, subjecting it to (i.) a late payment penalty of two percent (2%) on the outstanding debt; and (ii.) interest of one percent (1%) per month or fraction thereof, calculated on the overdue amounts, regardless of the possibility of the Assignors adopting applicable legal measures.

3.1.4.<u>Release</u>. For all legal purposes and effects, the presentation of bank receipts confirming the wire transfers related to the Purchase Price to the bank accounts held by the Assignors, as detailed in Annex 1.2. to the Option Agreement, and/or, as applicable, the effective transfer, as provided for in Australian law, of the REA Shares to the Assignors, always in proportion to the total number of hectares of Mineral Rights held by each of them, will imply the granting, by the Assignors to

------

the Assignee, of the broadest, general, irrevocable, and irreversible release regarding the receipt of the Purchase Price, to no further demand or dispute on this basis, at any time, in or out of court.

3.2. <u>No change to the Purchase Price</u>. The Parties declare that the Purchase Price was set by full and mutual agreement and hereby irrevocably and irreversibly express their full and unrestricted agreement regarding their value and payment methods. Therefore, the Purchase Price is definitive, unchangeable and binding, and is thus not subject to any other changes and/or adjustments of any nature, for any reason and at any time.

**4. ADDITIONAL REPRESENTATIONS, WARRANTIES AND OBLIGATIONS OF THE PARTIES.**

4.1. <u>Fiduciary Sale</u>. Pursuant to articles 42 and 43 of Decree No. 9,406 dated as of June 12, 2018, in order to guarantee payment of the Second Installment of the Purchase Price, as provided in 2.1.(b.) above, the Assignee grants the Assignors, on this date, the fiduciary sale of the Mineral Rights, pursuant to the "Private Instrument of Fiduciary Sale of Mineral Rights and Other Covenants", a copy of which is included herein in <u>Annex 3.1</u>.

4.2. <u>Assignors' Representations regarding the Mineral Rights</u>. For all intents and purposes of this Agreement, the Assignors provide the Assignee with the following representations and warranties related to the Mineral Rights, which are valid, true, and accurate on this date and will remain valid, true, and accurate until the transfer of ownership of the Mineral Rights to the Assignee is registered with the ANM and other applicable agencies:

g.<u>Ownership</u>. The Assignors are the legitimate holders of the Mineral Rights, the details and individual descriptions of which are included in this Agreement as <u>Annex I</u>.;

h.<u>Registrations</u>. The Assignors declare that the Mineral Rights are duly registered with the ANM, strictly adhering to all rules and regulations set forth in the applicable law;

i.<u>Licenses and authorizations</u>. The Assignors have always acted in compliance with the law applicable to Mineral Rights and hold all authorizations, permits, registrations, registrations, accreditations, permissions, and protocols of any nature, as provided for in federal, state, and municipal law or required by public authorities and government agencies in their respective jurisdictions, for conducting research, mining, and maintaining the regularity of the Mineral Rights. There are no legal, administrative, contractual, or judicial restrictions on the ownership of the Mineral Rights or related to the research authorizations or development concessions subject to the administrative proceedings indicated in <u>Annex I</u>. hereto, there is also no judicial or administrative procedure in which the Assignors are as defendants, as plaintiffs or act as assistant, whose merit is related to the ownership of the Mineral Rights or to the conduction and maintenance of the exploration or development related thereto

j.<u>Disputes</u>. (iv.1.) There are no claims or demands of any nature whatsoever before any public authority or involving any third party, nor are there any arbitration proceedings or other alternative dispute resolution methods related to any of the

------

Mineral Rights; (iv.2.) there are no claims, arbitration proceedings, or other alternative dispute resolution methods of any nature whatsoever that, although not involving the Mineral Rights, may in any way affect them and/or impede and/or harm the implementation of this Agreement; (iv.3.) the Assignors are not aware of or have not performed any acts whose practice or omission may impede or harm the implementation of this Agreement; (iv.4.) none of the Mineral Rights are involved in any pending claims of any nature, nor in arbitration proceedings or other alternative dispute resolution methods; and (v.5.) the Assignors have not failed to comply with any judgment, order, writ, injunction, or ruling from any public authority related to any of the Mineral Rights;

k.<u>Environmental</u>. The Assignors comply with all environmental laws and regulations, further declaring that no activity has been conducted in the area of the Mineral Rights that has resulted in, or would reasonably be likely to result in, a violation of applicable environmental laws. Therefore, there are no pending complaints before any authority, at any level, nor are there any services, summonses, directives, orders, and/or notices of violation of any legal requirement related to any of the Mineral Rights or against the Assignors in connection with environmental matters or licenses. The Assignors further declare that they have not entered into or assumed any agreement, nor have they been imposed any obligation to make any type of payment, compensation, or indemnity for, or as a result of, obtaining any license required for the development of the Mineral Rights. In this regard, the Assignors declare that they have not signed or negotiated any Conduct Adjustment Agreement with the Public Prosecutor's Office, even if fully complied with, declaring that there are no facts or circumstances that would result in a violation of such nature to the applicable environmental legal requirements or claims or demands in this regard

l.<u>Status of Mineral Rights</u>. The Assignors declare that there are no liens on the Mineral Rights, which are entirely free and clear of any and all real or personal, judicial or extrajudicial liens, legal or conventional mortgages, easements, forum or pension, seizure, sequestration, lis pendens, real or personal repossession actions, environmental contingencies, debts and/or liabilities of any nature, as well as fully paid for taxes, charges, expenses, and debts of any nature. The Assignors further declare that there are no fines and/or demands from the competent authorities pending payment or satisfaction, and that all applicable federal, state, and municipal regulations and standards have been complied with to date;

m.<u>Full Disclosure</u>. The information, representations, and/or warranties provided by the Assignors regarding the Mineral Rights, made available by any means, do not contain any untruth or inaccuracy regarding any material act or fact, nor do they omit the existence of any material act or fact whose knowledge is necessary to ensure that the representations and obligations assumed in this Agreement are not misleading or subject to misinterpretation. There is no act, fact, or situation that affects the transaction that is the subject of this Agreement and that has not been expressly disclosed by the Assignors; and

n.<u>Protests</u>. The Assignors declare that they are not aware of any protested titles in their name.

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4.3. <u>Obligations of the Assignors</u>. Without prejudice to the other obligations specifically set forth in other items of this Agreement and with the purpose of preserving the Mineral Rights until the date on which they can be registered on behalf of the Assignee with the ANM, the Assignors undertake to:

i.<u>Registrations and licenses</u>: obtain and maintain valid all and any licenses, authorizations, registrations, and permits necessary or required for the preservation, conducting authorized research, maintenance, or expansion of the Mineral Rights;

ii.<u>Laws and regulations</u>: regarding environmental and safety issues related to the Mineral Rights, (ii.1.) comply with all applicable laws and regulations issued by federal, state, and local authorities; (ii.2.) inform the Assignee of any material adverse event, such as fires, explosions, accidental discharges, etc., affecting the Mineral Rights; and (ii.3.) inform the Assignee of any non-compliance with laws or regulations applicable to the Mineral Rights;

iii.<u>Fees, fines and contingencies</u>: any and all fines, fees, liabilities or contingencies of any nature directly or indirectly related to the Mineral Rights and pending payment on this date will be the exclusive responsibility of the Assignors, who undertake to hold the Assignee harmless from any fees, fines, expenses, liabilities or contingencies related to the Mineral Rights acquired herein, including those of a labor nature or environmental compensation of any kind, provided they are linked to events that occurred prior to this date; and

iv.<u>Fraud</u>: the Assignors declare that the execution of this Agreement does not create fraud against creditors, fraud of execution, or presumption of fraud against tax authorities, at the Federal, State, or Municipal levels, as provided for in article 158 of the Civil Code, article 792 of the Civil Procedure Code, and article 185 of the National Tax Code, respectively, and other applicable regulations.

4.4. <u>Clay</u>. The Parties agree that Assignor Bautek is authorized to proceed with the removal and/or development of a total quantity of 1,000,000 tons (one million tons) of refractory clay classified as grades 50, 60, or 70, from the Mineral Rights area, as described in <u>Annexes I. and II</u>., linearly over a period of twenty-five (25) years (40,000 tons/year), in accordance with the terms set forth in this item. The clay to be used by Bautek for the development of its activities may be in the form of "run of mine" ore, remaining after the mining of rare earths or other minerals that may be explored by the Assignee in the area of the Mineral Rights (the "<u>ROM Clay</u>"), or as undeveloped clay, extracted from a polygon in which the existence of rare earths or other minerals that may be explored by the Assignee in the area of the Mineral Rights has not been detected in a concentration appropriate to its interests (the "<u>Clay to be Developed</u>" and, together with the ROM Clay, the "<u>Clay</u>"), as defined by mutual agreement between the Parties.

4.4.1.<u>General rules</u>. The Assignee shall share with Bautek, provided that such information is available in the material prepared by the Assignee's technical team, the results of technical research conducted in the area of Mineral Rights, specifically regarding (i.) the concentrations of aluminum oxide (Al2O3), iron oxide (Fe2O3), potassium oxide (K2O), and sodium oxide (Na2O) and (ii.) the percentage of loss on ignition (LOI) of each polygon analyzed, as detailed in Annex 3.4.1 hereto. If, at any time, it is necessary to send Bautek research results

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and/or information sensitive to the Assignee's activities, at the latter's sole discretion and convenience, the Parties shall sign a specific Confidentiality Agreement to protect the information shared by the Assignee with Bautek. The Parties hereby agree that the Assignee is not obligated to conduct any specific research or detailing to meet Bautek's needs, nor to undertake any efforts to locate Clay in accordance with the technical specifications defined in <u>Annex 3.4.1.</u>. The assessment of the grade and other specific characteristics of the Clay is the sole responsibility of Bautek, which shall carry it out at its own expense. It is understood that the Assignee is exclusively obligated to (a.) share information resulting from technical research conducted in the course of its activities; and (b.) allow Bautek's technicians to access the region of the Mineral Rights to study the characteristics of the Clay in each specific area. The Parties shall mutually agree on the best polygons for Bautek to extract or mine Clay, as well as the most appropriate periods and procedures for its extraction or development, in accordance with the parameters defined in 3.4.2. and 3.4.3. below. Assignee assumes no responsibility for the quantity, quality, content, or suitability of the Clay for the specific purposes intended by Bautek. Assignee may also, at its sole discretion, designate areas of other mineral rights held by it for Bautek to extract Clay, as may be mutually agreed upon by the Parties.

4.4.2.<u>ROM Clay</u>. If the polygons defined by the Parties as provided for in 3.4.1. above have a significant concentration of rare earths or other minerals that will be explored by the Assignee in the area of Mineral Rights, according to the Assignee's sole discretion, the latter will be responsible for mining the ROM Clay, at its own expense, as well as extracting and segregating the rare earths or other minerals, within the periods that will be defined by mutual agreement between the Parties, keeping it in its yards, for removal and transportation by Bautek. The Parties shall define, by mutual agreement, the deadlines and the form of provision of the ROM Clay to Bautek, it being hereby defined that (i.) Bautek shall be solely and exclusively responsible for the removal and transportation of the ROM Clay, at its own expense in accordance with the deadlines defined by mutual agreement between the Parties, with the Assignee being solely responsible for issuing an Invoice, with Bautek as the recipient, with a symbolic value of one cent of a real (BRL 0.01), to cover the transportation of the ROM Clay; (ii.) the Assignee shall mine the ROM Clay in accordance with specific procedures for maximizing the extraction of rare earths or other minerals that may be explored by the Assignee in the area of Mineral Rights, and shall not be obliged to adopt specific procedures suggested by Bautek if this implies additional costs or losses to the extraction of rare earths or other minerals, as the case may be; and (iii.) the Assignee assumes no responsibility for the quality, content or suitability of the ROM Clay for the specific purposes intended by Bautek, and is solely and exclusively obliged to mine it in accordance with the environmental and labor rules in force. In this case, Bautek will be solely and exclusively responsible for any contingencies or liabilities of any nature related to the removal and transportation of the ROM Clay, and will be jointly and severally liable with the other Assignors to hold the Assignee harmless and, further, to compensate it for any losses and damages or lost profits that any problems in the removal and transportation of the ROM Clay may cause to the mining of rare earths or other minerals that may be mined by the Assignee in the area of the Mineral Rights.

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4.4.3.<u>Clay to be Developed</u>. If the polygons defined by the Parties as set forth in 3.4.1. above do not have an adequate concentration of rare earths or other minerals that may be mined by the Assignee in the area of the Mineral Rights, in the Assignee's sole discretion, Bautek will be solely responsible for mining the Clay to be Developed, at its own expense. The Parties shall define, by mutual agreement, a plan for the mining of the Clay to be Developed, it being hereby defined that (i.) Bautek shall be solely and exclusively responsible for the evaluation of the physical and chemical characteristics, mining, removal and transportation of the Clay to be Developed, at its own expense, in compliance with the deadlines that shall be defined by mutual agreement between the Parties, with the Assignee being solely responsible for issuing an Invoice, to Bautek as the recipient, to support the transportation of the Clay to be Developed; the value of said Invoice shall correspond to the sum of the expenses for royalties and CFEM owed by the Assignee due to the development, by Bautek, of the Clay to be Developed, plus any taxes eventually owed by the Assignee, always with a readjustment of the calculation basis (gross-up), so that, in the end, the net amount of taxes received by the Assignee is sufficient to reimburse it for the costs of royalties and CFEM; (ii.) the Assignee assumes no responsibility for the quality or content of the Clay to be Developed for the specific purposes intended by the Assignors; and (iii.) Bautek, in this case, will be solely and exclusively responsible for any environmental, labor or any other contingencies or liabilities related to the development, removal and transportation of the Clay to be Developed, undertaking, jointly and severally with the other Assignors, to keep the Assignee harmless and, further, to indemnify it for losses and damages or lost profits that any problems in the development, removal and transportation of the Clay to be Developed may cause to the development of rare earths or other minerals that may be explored by the Assignee in the area of the Mineral Rights.

4.4.4.<u>Validity</u>. The obligation assumed in this item 3.4. will be effective from [...] [*insert the execution date of the Option Agreement*] and will last for twenty-five (25) years or until the Assignee makes available to Bautek one million tons (1,000,000t) of Clay classified in grades 50, 60 or 70, as detailed in <u>Annex 3.4.1.</u>. It is understood that, if there is no Clay to be made available in the quantity or grades provided for in this item in the area of Mineral Rights, Bautek will not be entitled to any reimbursement or compensation of any kind. The Assignee declares that it is aware that Bautek is currently developing Clay in the area delimited in <u>Annex 6.7.4.</u>, and that Bautek will develop a minimum of one hundred and twenty thousand tons (120,000t) of Clay between [...] [*insert execution date of the Option Agreement*] and 12.31.2028. As of this date, Bautek and the Assignee will mutually agree on whether Clay extraction will continue to be carried out in the area delimited in <u>Annex 3.4.4</u>. or in another location. For clarification purposes, the Clay extraction carried out since [...] [*insert execution date of the Option Agreement*] by Bautek must be included in the time and quantity limits set out in item 3.4. above.

4.4.5.<u>Renewal of the obligation</u>. After the termination of the obligation provided for herein, the Parties may, by mutual agreement, discuss its possible renewal, provided that it is by mutual consent, considering market conditions, technical feasibility, and other relevant factors. Without prejudice to such renewal, the Parties hereby agree that, in good faith, they will mutually evaluate a potential commercial partnership for the sale and/or processing of tailings produced by the

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Assignee in the exploration of rare earths or other minerals that may be developed by it within the area of the Mineral Rights.

4.5. <u>Cooperation</u>. The Parties undertake to mutually cooperate and provide any assistance that may be reasonably required for the proper development and fulfillment of the obligations set forth in this Agreement, in particular with regard to the assignment of Mineral Rights contemplated therein, it being established that this Agreement was entered into in the best interests of both Parties, in compliance with the bases and parameters practiced in the market on the date of its execution, considering the risks inherent therein. The Parties consent and agree, however, that they are independent contracting parties and, under no circumstances or situations, shall the existence of a corporation, consortium, joint venture, partnership, or association of any kind or nature be presumed between the Assignors and the Assignee. No provision in this Agreement assigns or will assign to the Assignors the status of partners, distributors, and/or commercial representatives of the Assignee, including for purposes of environmental, civil, tax, or labor law. The Parties further acknowledge that each of them and their partners, employees, or contracted parties are not agents or attorneys-in-fact of the other Party and, consequently, will not assume obligations on its behalf, except as provided for in this Agreement or the Option Agreement.

4.6. <u>No relationship</u>. Under no circumstances will any employment relationship or labor or social security obligations be presumed or established under this Agreement between the Assignors and the Assignee's employees and service providers, or between the Assignee and the Assignors' employees and service providers. Neither Party will be a guarantor of the other's labor and social security obligations and charges. Each Party hereby assumes full responsibility for such obligations, including those of a civil, criminal, tax, and social security nature.

4.7. <u>Obligation of the Assignors to indemnify</u>. The Assignors hereby undertake to indemnify, protect, safeguard, and hold the Assignee harmless, and shall also pay on the Assignee's behalf or reimburse it, as the case may be, for any and all losses incurred by the Assignee as a result of or in connection with the following circumstances: (a.) any default or failure of the Assignors to fulfill or perform any obligation under this Agreement; and/or (b.) any breach, falsehood, or inaccuracy with respect to the representations and warranties provided by the Assignors in this Agreement; and/or (c.) any loss or contingency of any nature related to the Mineral Rights, including, but not limited to, environmental, labor, tax, regulatory, or punitive contingencies, among others, incurred to date, even if created subsequently; and/or (d.) any loss or contingency of any nature related to the exploitation of Clay by the Assignors or third parties, in the area of Mining Law.

4.7.1.<u>Reimbursement</u>. In the event that the Assignee disburses any funds to pay liabilities or contingencies that, as provided for in this Agreement, are the responsibility of the Assignors, it must send the latter copies of the respective payment receipts, followed by a brief description of their nature and the bank account details for reimbursement, following the procedures set forth in 5.8. The Assignors must arrange for the respective reimbursement within a maximum period of five (5) business days, under penalty of a two percent (2%) fine and 1% monthly interest on the overdue amount, calculated "pro rata dies", from the maturity date of the reimbursement obligation until the date of actual payment. Without prejudice to the provisions of this item, the Assignee is entitled to deduct

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the amounts due and not paid by the Assignors in compliance with the provisions of this item 3.7., including fines and interest, provided that they are demonstrably disbursed by the Assignee, from the amount of the Second Installment of the Purchase Price provided for in 2.1. above.

4.8. <u>General representations of the Parties</u>. The Parties hereby represent to each other that:

a.they are duly organized, incorporated, and existing limited liability companies in accordance with applicable law, and are represented in this Agreement pursuant to their organizational documents;

b.they are duly authorized and have obtained all corporate or regulatory licenses and authorizations necessary to enter into this Agreement and fulfill its obligations, and have met all legal, statutory, or regulatory requirements;

c.the execution of this Agreement by the Parties, as well as the assumption and fulfillment of the obligations set forth herein, as the case may be, will not imply (c.1.) any conflict or violation of any provision of the articles of association and/or bylaws of the Parties; (c.2.) any conflict, violation, default, early maturity, or termination of any contract or agreement to which the Parties, as the case may be, are a party; (c.3.) any violation of any applicable law or regulation, or of any decisions or resolutions issued by their decision-making or administrative bodies, which may prevent, delay, or impair the performance of the obligations assumed in this Agreement; or (c.4.) any determinations, decisions, or orders of any governmental authority, including judicial authorities, to whose observance the Parties, as the case may be, are subject; and

d.have analyzed this Agreement in all its clauses and conditions, assisted by their legal counsel.

**5. CONFIDENTIALITY AND SECRECY.**

5.1. <u>Confidentiality</u>. The terms and conditions of this Agreement are strictly confidential and may not be revealed or disclosed in whole or in part by the Parties to any other person or company without the prior written consent of the other Party, except (i.) when the information is publicly known; (ii.) for the purpose of disclosing such information to directors, employees, consultants, lawyers or auditors who are directly involved in the performance of the Agreement, who shall assume the obligation of confidentiality set forth herein; each Party shall be responsible for complying with such obligation with respect to the persons indicated herein; and (iii.) when its disclosure is determined by order of any judicial or administrative authority or any other determinations provided for by law, in which case the party disclosing the information shall notify the other party of such determination.

5.1.1.<u>Validity</u>. The confidentiality obligations set forth in this clause will remain in force for a period of one (1) year, counting from the end of the term of the Agreement.

**6. FINAL PROVISIONS.**

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6.1. <u>Intervention</u>. The Consenting Intervening Parties, Partners of the Assignors, sign this agreement, as partners of the Assignors, expressly authorizing the performance of the legal transaction embodied herein, in accordance with articles 107, 219, and 220, all of the current Civil Code. *<u>[The Consenting Intervening Party REA signs this agreement as guarantor of the obligation to deliver the REA Shares, as set forth in item 2.1. above]. Section to be included if the Assignors have chosen for payment in REA Shares</u>*.

6.2. <u>Irrevocability</u>. This Agreement is irrevocable and irreversible, binding on the Parties and their heirs and successors in any capacity.

6.3. <u>Entire agreement</u>. This Agreement creates the entire agreement among the Parties regarding the matters creating its subject matter, superseding any previously executed documents and understandings previously reached among the Parties.

6.4. <u>Amendments</u>. Amendments to this Agreement will only be valid when executed in writing and signed by the legal representatives of all Parties.

6.5. <u>Assignment</u>. The rights and obligations arising from this Agreement may not be assigned or transferred, in whole or in part, by either Party to any third parties.

6.6. <u>Waiver, Novation and Others</u>. The Parties acknowledge that (i.) the failure to exercise, the granting of a time limit, the forbearance, or the delay in exercising any right granted to them by this Agreement or by law will not create a waiver or novation of such rights, nor will it prejudice their eventual exercise at any time; (ii.) the individual or partial exercise of these rights will not prevent the subsequent exercise of the remaining rights or the exercise of any other right; (iii.) the waiver, by either Party, of any of these rights will only be valid if formalized in writing; (iv.) the waiver of a right shall be interpreted restrictively and will not be considered a waiver of any other right granted by this Agreement; (v.) the nullity or invalidity of any of the clauses of this Agreement will not prejudice the validity and effectiveness of the other clauses and the instrument itself, in the latter case, the Parties and/or the Judge must promote, within the limits permitted by law, the replacement of the corrupted clause with another that allows the Parties to achieve the practical result initially intended.

6.7. <u>Costs</u>. The Parties agree that all costs and expenses incurred in hiring agents, attorneys, auditors, advisors, intermediaries, or consultants to carry out the transactions covered by this Agreement will be borne exclusively by the respective contracting party.

6.8. <u>Notices</u>. All notifications, notices or communications relating to this Agreement will be in writing and will be deemed received on the delivery date, if delivered in person, or on the date of actual receipt, if sent by post, or on the date of dispatch, if sent by email. Such notifications, notices and communications will be sent to the addresses indicated below or to any other address that may be communicated by one Party to the other, via written communication:

if for the <u>Assignors</u>:

**Terra Goyana Mineradora Ltda.**

Rua João de Abreu, No. 192, 14<sup>th</sup> Floor, Sala 144-A e 145-A, Setor Oeste, Goiânia, State of Goiás, ZIP Code 74120-110.

At.: Luiz Antônio Vessani, e-mail:

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**Bautek Minerais Industriais Ltda.**

Rodovia BR-459, Km 8, Laranjeiras de Caldas, Caldas, State of Minas Gerais, ZIP Code 37780-000.

At.: Reinaldo Tito Teixeira Noronha, e-mail:

**Edem Empresa de Desenvolvimento em Mineração e Participações Ltda.**

Rua Serra Dourada, No. 1213, Quadra 95, Lotes 121 e 123, Santa Genoveva District, Goiânia, State of Goiás, ZIP Code 74672-680.

At.: Luiz Antônio Vessani, e-mail:

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if for the <u>Assignee</u>:

**Alpha Minerals Brazil Participações Ltda.**

Rua Professor José Leite e Oiticica, No. 530, Brooklin, City of São Paulo, State of São Paulo, ZIP Code 04705-080

At.: Bernardo da Veiga, e-mail:

if for the <u>Consenting Intervening Party REA</u>:

**Rare Earths Americas Pty Ltd..**

Suite 53 Level 2, 11-15, Labouchere Road, South Perth, WA, 6151.

At.: Bernardo da Veiga, e-mail:

if for the <u>Consenting Intervening Parties, Partners of the Assignors</u>:

**Santíssima Trindade Participações Ltda.**

Rua João de Abreu, No. 192, 14<sup>th</sup> floor, sala 146-A, Setor Oeste, Goiânia, State of Goiás, ZIP Code 74120-110.

At.: Marcos de Alencastro Curado, e-mail:

**Supergran Mineração Ltda.**

Estrada Pedra de Fogo, km 15, Pátio 5, Zona Rural, Barro Alto, State of Goiás, ZIP Code 76390-000.

At.: Marcos de Alencastro Curado Filho, e-mail:

**Nortek Participações Ltda.**

Rua Genoveva de Souza, No. 871, sala E, Sagrada Família District, Belo Horizonte, State of Minas Gerais, ZIP Code 31030-220.

At.: Reinaldo Tito Teixeira Noronha, e-mail:

**Sintertec Holding, Ltd..**

P.O. Box 71, Road Town, Craigmuir Chambers, Tortola, British Virgin Islands.

At.: Reinaldo Tito Teixeira Noronha, e-mail:

**Leandro Rocha Scislewski.**

**José Lincoln Gambier Costa.**

**Gustavo Alves Guerra.**

**Luiz Antonio Vessani.**

6.8.1.<u>Amendments</u>. Should any changes occur to the addresses and other contact information listed above, the Parties undertake to promptly notify the other Party. Any change in contact information will take effect, for the purposes of this

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Agreement, on the business day following the date on which the recipient parties receive notification to that effect.

6.9. <u>Taxes</u>. All taxes and contributions levied on any acts, facts and/or situations provided for in this Agreement, including those that must be subject to withholding by the paying source, must be borne by the respective taxpayer and/or tax responsible party, as the case may be, in compliance with the law in force in Brazilian territory.

6.10. <u>Personal Data Protection</u>. The Parties, by mutual agreement, comply with the duties and obligations regarding the personal data protection and undertake to process the Personal Data collected under this Agreement, if any, according to the applicable law, including, but not limited to, Law No. 12,965 dated as of 04.23.2014, Decree No. 8,771 dated as of 05.11.2016 (Internet Civil Rights Framework), Law No. 13,709 dated as of 08.14.2018 ("<u>LGPD</u>"), where and as applicable. The Parties must also ensure that their representatives, partners, directors, and employees comply with the provisions of the relevant legal instruments related to data protection, as provided for in the LGPD.

6.10.1.Each Party shall be individually responsible for complying with its obligations under the LGPD and any regulations subsequently issued by the competent regulatory authority. The Parties are liable to the competent authorities for their own acts and omissions that caused non-compliance with applicable laws and regulations.

6.11. <u>Anti-corruption clause. Compliance</u>. For the performance of this Agreement, neither party may offer, give, or commit to give, to anyone, or accept or commit to accept, from anyone, either on its own behalf or through another party, any payment, donation, compensation, financial or non-financial advantages, or benefits of any kind that create an illegal or corrupt practice under the laws of any country, directly or indirectly related to the purpose of this Agreement, or even in any way unrelated to this Agreement. They must also ensure that their agents and employees act in the same manner.

6.12. <u>Specific Performance</u>. All commitments and obligations assumed by the parties herein are subject to specific performance, pursuant to articles 497 and 815 *et seq.* of the Civil Procedure Code, with this Agreement serving as an instrument enforceable out of court, according to the article 784, III, also of the Civil Procedure Code.

6.13. <u>Jurisdiction</u>. The jurisdiction of the Capital of the State of São Paulo is hereby chosen, to the exclusion of any other, however special it may be, to resolve any disputes related to this Agreement.

In witness whereof, the Parties hereby sign this Agreement electronically, as permitted by article 10, §2 of Provisional Measure No. 2,220-2, and article 784, §4, of the Civil Procedure Code. This Agreement is irrevocable by all signatories, as documentary evidence and an instrument enforceable out of court, for all intents and purposes, representing and formalizing the entire negotiation between the Parties, without any reservations.

São Paulo, [...].

<u>Assignors</u>:

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| |
|:---|
| **TERRA GOYANA MINERADORA LTDA.** |
| p. Luiz Antônio Vessani and Marcos de Alencastro Curado |
| **BAUTEK MINERAIS INDUSTRIAIS LTDA.** |
| p. Reinaldo Tito Teixeira Noronha and Luiz Antônio Vessani |
| **EDEM EMPRESA DE DESENVOLVIMENTO EM MINERAÇÃO E PARTICIPAÇÕES LTDA.** |
| p. Luiz Antônio Vessani |
| **SINTERTEC MINERAIS INDUSTRIAIS LTDA.** |
| p. Reinaldo Tito Teixeira Noronha |
| <u>Assignee</u>: |
| **ALPHA MINERALS BRAZIL PARTICIPAÇÕES LTDA.** |
| p. João Paulo Agapito da Veiga and Renato Aureo de Paula Gonzaga |
| <u>Consenting Intervening Parties</u>: |
| **RARE EARTH AMERICAS LTD.** |
| p. Dominic Paul Allen and Bernardo Sanchez Agapito da Veiga |
| **SANTÍSSIMA TRINDADE PARTICIPAÇÕES LTDA.** |
| p. Marcos de Alencastro Curado |
| **SUPERGRAN MINERAÇÃO LTDA.** |
| p. Marcos de Alencastro Curado Filho and Luiz Antônio Vessani |

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| |
|:---|
| **NORTEK PARTICIPAÇÕES LTDA.** |
| p. Reinaldo Tito Teixeira Noronha |
| **SINTERTEC HOLDING, LTD.** |
| p. Reinaldo Tito Teixeira Noronha |
| **LEANDRO ROCHA SCISLEWSKI** |
| **JOSÉ LINCOLN GAMBIER COSTA** |
| **GUSTAVO ALVES GUERRA** |
| **LUIZ ANTONIO VESSANI** |

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<u>Witnesses</u>:

---

| | |
|:---|:---|
| &nbsp;&nbsp;1. | &nbsp;&nbsp;2. |
| &nbsp;&nbsp;Name: | &nbsp;&nbsp;Name: |
| &nbsp;&nbsp;CPF: | &nbsp;&nbsp;CPF: |

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<u>List of Annexes</u>:

Annex I.: Authorizations and Main Characteristics of the Mineral Rights.

Annex 1.1.3.: Instruments of Assignment of Mineral Rights.

Annex 3.1.: Private Instrument of Fiduciary Sale of Mineral Rights and Other Covenants.

Annex 3.4.1. Description of Clay characteristics.

Annex 3.4.4. Current Clay exploration map.

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<u>Annex 3.2.(ii.)</u>

to the Call Option Agreement for Mineral Rights and Other Covenants, dated as of February 20, 2024.

Draft Private Instrument of Fiduciary Sale of Mineral Rights and Other Covenants between the Grantors and the Grantee.

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**PRIVATE INSTRUMENT OF FIDUCIARY SALE OF MINERAL RIGHTS AND OTHER COVENANTS**

By this private instrument, the parties identified below (each a "<u>Party</u>", and collectively referred to as the "<u>Parties</u>"),

on the one hand, as Creditors,

**TERRA GOYANA MINERADORA LTDA.**, limited liability company with head office in the City of Goiânia, State of Goiás, at Rua João de Abreu, No. 192, 14<sup>th</sup> Floor, Sala 144-A e 145-A, Setor Oeste, ZIP Code 74120-110, enrolled with CNPJ under No. 01.445.576/0001-25, e-mail: , herein represented in compliance with its Articles of Association by its Directors, Messrs. <u>Luiz Antônio Vessani</u>, Brazilian citizen, divorced, geologist, holder of the Identity Card (RG) No. , enrolled with CPF under No. , resident and domiciled at , e-mail: , and <u>Marcos de Alencastro Curado</u>, Brazilian citizen, married, businessman, holder of Identity Card (RG) No. , enrolled with CPF under No. , resident and domiciled at , e-mail: , hereinafter referred to simply as "<u>Terra Goyana</u>";

**BAUTEK MINERAIS INDUSTRIAIS LTDA.**, limited liability company with head office in the City of Caldas, State of Minas Gerais, at Rodovia BR-459, Km 8, Laranjeiras de Caldas, ZIP Code 37780-000, enrolled with CNPJ under No. 21.229.511/0001-50, e-mail: , herein represented in compliance with its Articles of Association by its Directors, Mr. <u>Reinaldo Tito Teixeira Noronha</u>, Brazilian citizen, married, businessman, holder of Identity Card (RG) No. , enrolled with CPF under No. , resident and domiciled at , e-mail: , and <u>Luiz Antônio Vessani</u>, described above, hereinafter referred to simply as "<u>Bautek</u>";

**EDEM EMPRESA DE DESENVOLVIMENTO EM MINERAÇÃO E PARTICIPAÇÕES LTDA.**, limited liability company with head office in the City of Goiânia, State of Goiás, at Rua Serra Dourada, No. 1213, Quadra 95, Lotes 121 e 123, Santa Genoveva District, ZIP Code 74672-680, enrolled with CNPJ under No. 00.508.829/0001-08, e-mail: , herein represented in compliance with its Articles of Association by its Director, Mr. <u>Luiz Antonio Vessani</u>, described above, hereinafter referred to simply as "<u>Edem</u>"; and

**SINTERTEC MINERAIS INDUSTRIAIS LTDA.**, limited liability company with head office in the City of Poços de Caldas, State of Minas Gerais, at Avenida Santo Antônio, No. 200, Sala 806, Jardim Cascatinha, ZIP Code 37701-036, enrolled with CNPJ under No. 08.227.476/0001-71, e-mail: , herein represented in compliance with its Articles of Association by its Director, Mr. <u>Reinaldo Tito Teixeira Noronha</u>, described above, hereinafter referred to simply as "<u>Sintertec</u>" and, together with Terra Goyana, Bautek and Edem, referred to as "<u>Creditors</u>";

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on the other hand, as Debtor,

**ALPHA MINERALS BRAZIL PARTICIPAÇÕES LTDA.**, limited liability company with head office in the City of Nova Lima, State of Minas Gerais, at Alameda Oscar Niemeyer, No. 891, sala 913-B, Vila da Serra, ZIP Code 34006-065, enrolled with CNPJ under No. 43.093.229/0001-20, e-mail: , herein represented in compliance with its Articles of Association by its Director, Mr. <u>João Paulo Agapito da Veiga</u>, Brazilian citizen, single, businessman, holder of Identity Card (RG) No. , issued by DETRAN-RJ, enrolled with CPF under No. , resident and domiciled in , e-mail: , and <u>Renato Aureo de Paula Gonzaga</u>, Brazilian citizen, married, economist, holder of Identity Card (RG) No. , enrolled with CPF under No. , resident and domiciled in the Capital of the State of Minas Gerais, both of them with business address in the City of Nova Lima, State of Minas Gerais, at Alameda Oscar Niemeyer, No. 891, sala 913-B, Vila da Serra, ZIP Code 34006-065, e-mail: , hereinafter referred to as "<u>Alpha</u>", "<u>Debtor</u>" or "<u>Guarantor</u>", indistinctly;

whereas the Debtor is, as of this date, the sole and legitimate holder and owner (i.) of the rights represented by the exploration authorizations subject to the administrative proceedings registered with the National Mining Agency (the "<u>ANM</u>") under Nos. 832.149/2022 and 832.150/2022, with areas of 12.10ha and 61.12ha, respectively, for ilmenite ore, located in the Cties of Poços de Caldas (MG) and Águas da Prata (SP); (ii.) mineral rights represented by the development concession that is the subject of the administrative proceeding registered with the ANM under No. 818.865/1971, with an area of 411.10, for the ores bauxite, aluminum and refractory clay, located in the City of Poços de Caldas (MG) [*CONFIRM WHETHER THE EXERCISE WAS TOTAL AND, IF YES, INCLUDE THE PROCESS RESULTING FROM THE BAUTEK EXPLORATION APPLICATION*]; (iii.) mineral rights represented by the development concession that is the subject of the administrative proceeding registered with the ANM under No. 830.914/2013, with an area of 120ha, for the ores bauxite, aluminum and refractory clay, located in the City of Caldas (MG); and (iv.) the mineral rights represented by the exploration authorization and development application that are the subject of the administrative proceeding registered with the ANM under No. 806.199/1973, covering an area of 40.42ha, for bauxite ore, located in the City of Poços de Caldas, Minas Gerais (hereinafter, the "<u>Mineral Rights</u>");

whereas, on this date, the Debtor and the Creditors entered into the so-called "Assignment Agreement for Mineral Rights and Other Covenants" (the "<u>Agreement</u>"), through which Terra Goyana, Bautek, Edem, and Sintertec definitively and for consideration assigned and transferred the Mineral Rights to Alpha, upon payment of the Purchase Price defined in item 2.1 of the Agreement (the "<u>Purchase Price</u>");

whereas, pursuant to item 3.1. of the Agreement, the Debtor has undertaken, as collateral for the timely and complete payment of the Second Installment of the Purchase Price, as provided for in 2.1.(b.) of the Agreement, to fiduciarily sale the Mineral Rights in favor of the Creditors (the "<u>Fiduciary Sale</u>"), which must remain registered with the ANM until full payment of the Purchase Price;

the Parties resolve to enter into, for the purpose of implementing the aforementioned guarantee, this "Private Instrument of Fiduciary Sale of Mineral Rights and Other Covenants" (the "<u>Instrument</u>"), which will be governed by the following clauses and conditions.

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**1. DEFINITIONS.**

1.1 <u>Defined terms</u>. All terms and expressions used in this Instrument and in its Annex with their initials written in capital letters will have the same meanings assigned to them in the Agreement, unless otherwise defined in this Instrument.

**2. FIDUCIARY SALE.**

2.1 <u>Secured obligation</u>. As a guarantee of faithful, full, and timely fulfillment of the obligations assumed under the Agreement, the Debtor, irrevocably and irreversibly, pursuant to article 1,361 and related provisions of the Civil Code and article 66-B of Law No. 4,728 dated as of July 14, 1965, as amended from time to time, fiduciarily assigns, in favor of the Creditors, the fiduciary ownership and indirect possession of all Mineral Rights, in order to guarantee fulfillment of all obligations assumed under the Agreement, in particular, but not limited to, the obligation to pay the Second Installment of the Purchase Price provided for in item 2.1.(b.) of the Agreement.

2.1.1.<u>Scope</u>. At any time and regardless of any formality, this Fiduciary Sale and the definition of Mineral Rights shall cover all other rights registered with the ANM that result directly or indirectly from Mineral Rights or are linked to the exploration of Ore and/or other minerals or resources, of any nature, within the area of the Mineral Rights.

2.2 <u>Commitment</u>. Until the Secured Obligations, as defined below, are fully paid off, the Debtor hereby undertakes to: (i.) at all times maintain in fiduciary sale, hereunder, all (and no less than all) of the Mineral Rights.

2.3 <u>Validity</u>. The fiduciary guarantee hereby established shall remain in full force and effect until (i) the Secured Obligations are fully complied with; or (ii) it is fully executed and the Creditors have received the proceeds from the foreclosure of the Mineral Rights, definitively and indisputably.

2.4 <u>Communication</u>. The Creditors must, within ten (10) business days from the date any of the events set forth in 2.3. above occurs, send the Debtor a written notice (i.) attesting to the termination of this Instrument; and (ii.) authorizing the Debtor to release the Fiduciary Sale on the Mineral Rights by registering its cancellation with the ANM.

2.5 <u>Main characteristics</u>. The main features of the obligations secured hereunder are described in Annex 2.5 to this Instrument (the "<u>Secured Obligations</u>").

**3. FORMALIZATION AND PERFECTION OF THE FIDUCIARY SALE.**

3.1 <u>Registration</u>. The Debtor undertakes to register the fiduciary sale provided for herein with the ANM at any time, in compliance with articles 42 and 43 of Decree No. 9,406, dated as of June 12, 2018, expressly stating the restrictions and prohibitions provided for herein.

3.2 <u>Preservation</u>. The Debtor will comply with any other requirement of any applicable law, now in force or in the future, necessary for the establishment, improvement, preservation, and absolute priority of the Fiduciary Sale herein, providing the respective proof to the Creditors.

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**4. RIGHTS ASSOCIATED WITH THE SOLD MINERAL RIGHTS.**

4.1 <u>Mineral Rights</u>. Until an Event of Default occurs, as defined below, the Debtor may freely exercise the economic rights linked to the Mineral Rights, provided that the provisions of this Instrument, the Agreement or set forth in any document related to the Secured Obligations are observed, in such a way as not to jeopardize the payment and full compliance with the Secured Obligations and the guarantee created herein.

**5. ADDITIONAL OBLIGATIONS.**

5.1 <u>Obligations</u>. Without prejudice to any other commitments and obligations set forth in this Instrument or in the Agreement, the Debtor hereby undertakes and agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.1 without the prior written consent of the Creditors, it shall not (i.) sell, assign, transfer, confer, exchange, pledge, or, in any way, encumber or dispose of, or grant any option, guarantee, right, enter into an agreement or commitment relating to the Mineral Rights; or (ii.) create or permit the creation of any lien, security interest, pledge, mandate, purchase agreement, restrictions, agreements, or any encumbrance or burden on the Mineral Rights fiduciarily sold, or related thereto, except only for the encumbrance resulting from this Fiduciary Sale;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.2 shall, at its own expense, defend the ownership, possession, and all rights associated with the Mineral Rights fiduciarily sold against any claims and demands from third parties, and shall inform the Creditors within one (1) business day of any litigation or proceeding related to the Mineral Rights fiduciarily sold;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.3 when requested by the Creditors, it shall, at its own expense, perform all acts and sign any additional documents that may be reasonably required from time to time to enable the Creditors (i.) to protect the rights created hereunder; and (ii.) to exercise any rights that may be granted to it hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.4 it shall comply with the laws, rules, and regulations applicable to Mineral Rights and adopt all necessary measures to ensure that the Creditors maintain their fiduciary ownership and absolute preference with respect to the Mineral Rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.5 shall, immediately upon request by the Creditors in this regard, provide all information and evidence that the Creditors may request, at any time, regarding the Mineral Rights fiduciarily sold;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.6 may not, except with the prior and express authorization of the Creditors, enter into any agreement that could restrict the rights granted to the Creditors in this Instrument, or affect the Creditors' ability to sell or otherwise dispose of the Mineral Rights transferred after the occurrence of an Event of Default; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.7 must, after the occurrence of an Event of Default, comply with all instructions received in writing from the Creditors regarding the Mining Rights fiduciarily sold.

**6. EVENT OF DEFAULT.**

6.1 <u>Event of Default</u> . The Creditors may automatically and early consider the Secured Obligations payable in the event of any of the events regulated by law, or in the event of

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non-compliance by the Debtor with any obligations set forth in the Agreement or this Instrument (in either case, an "<u>Event of Default</u>").

6.2 <u>Consolidation of ownership</u>. Subject to the provisions of this Instrument, in the event of an Event of Default, the Creditors, regardless of any formality, shall retain direct possession and full ownership of the Mineral Rights fiduciarily sold and may, without prejudice to their other rights provided for herein, avail themselves of applicable legal and contractual measures to satisfy their credit, as set forth in item 7 below.

**7. FORECLOSURE OF WARRANTY.**

7.1 <u>Foreclosure</u>. Subject to the provisions of article 1,365 of the Civil Code, in the event of an Event of Default, full ownership of the Mineral Rights fiduciarily sold shall be consolidated in favor of the Creditors, and the Creditors may, regardless of any judicial or extrajudicial notice or notification, at their sole discretion, without prejudice to the other rights provided for herein, in the Agreement and in law, especially those provided for in article 66-B, paragraphs 3 and 4, of Law No. 4,728, dated as of July 14, 1965, dispose of, sell or cause to be sold or otherwise foreclose or dispose of the Mineral Rights, publicly or privately, in whole or in part, regardless of auction, public auction or any other judicial or extrajudicial measure, and the Creditors shall also have the right to collect, demand and receive the proceeds of such sale, disposal or execution, using it to amortize or, if possible, settle any due and unpaid Secured Obligations and any and all expenses, costs, or taxes levied on the sale, disposal, foreclosure, or transfer of the Mineral Rights or on the payment to the Creditors of the Secured Obligations, ultimately delivering any remaining balance to the Debtor.

7.2 <u>Use of funds</u>. The funds collected in accordance with the foreclosure procedures set forth in this item 7., including those owed for economic rights due from the exploitation of the Mineral Rights between the date of the Event of Default and the date of receipt of the funds related to the foreclosure of the sold Mineral Rights, as they are received, shall be immediately allocated to the Creditors. If the funds collected pursuant to the enforcement procedures provided herein are not sufficient to fully discharge the Secured Obligations, the Debtor will remain liable for the unpaid amount of the Secured Obligations.

7.4 <u>Independence</u>. The enforcement of the Mineral Rights as provided herein shall be carried out independently and in addition to any other enforcement of real or personal security granted to the Creditors with respect to the Secured Obligations.

**8. REPRESENTATIONS AND WARRANTIES.**

8.1 <u>Representations of the Debtor</u>. The Debtor represents and warrants to the Creditors, as of this date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.1 it is a duly incorporated and validly existing company under Brazilian law, with full power, capacity, and authorization to enter into this Instrument and

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assume and fulfill the obligations set forth herein. The legal representatives of the Debtor who sign this Instrument are fully capable of and possess all the necessary corporate powers and authorizations to enter into and fulfill its provisions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.2 this Instrument is valid and enforceable in accordance with its terms and, upon (i.) fulfillment of the obligations set forth in Clause 2., and (ii.) the registrations and endorsements set forth in Clause 3., it will become fully effective;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.3 the execution of this Instrument and the fulfillment of the obligations set forth herein do not (a.) violate (a.1.) its articles of association; or (a.2.) any law, regulation, or court, administrative, or arbitration decision that binds or is applicable to it and its assets; nor (b.) create or will create a default, nor imply or will imply an early maturity of any contract, instrument, agreement, loan, or relevant document to which it is a party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.4 all approvals, consents, authorizations, and measures of any nature necessary or mandatory for the due execution, validity, and fulfillment of this Instrument and for the creation and maintenance of the Fiduciary Sale on the Mineral Rights have been obtained and are in full force and effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.5 the Debtor is the legitimate and sole holder and owner of the Mineral Rights fiduciarily sold, which are free and clear of any liens, guarantees, pledges, attachments, other fiduciary sales, options, preemptive rights, purchase commitments, restrictions, charges, debts, or any other conventional or legal encumbrances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.6 the Fiduciary Sale will create in favor of the Creditors a duly created, legal, valid, effective, and enforceable lien on the Mineral Rights fiduciarily sold and on any funds or rights related thereto; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.7 there is no claim, demand, lawsuit, inquiry, administrative proceeding, or proceeding pending before any arbitrator, court, or any other authority regarding the Mineral Rights or the Debtor that could affect the Fiduciary Sale herein or any of the provisions of this Instrument.

8.2 <u>Validity</u>. The representations and warranties provided above by the Debtor shall remain valid and shall subsist until the Secured Obligations are paid in full, and the Debtor shall be obligated to indemnify the Creditors and hold them harmless from any liability for any loss, direct damages, costs, and expenses of any kind, including attorney's fees, provided they are duly proven and documented in writing, that may be incurred by the Creditors in connection with any falsehood, inaccuracy, incompleteness, or incorrectness regarding any representation or warranty provided by the Debtor in this Instrument.

**9. VALIDITY.**

9.1 <u>Validity</u>. This Instrument shall come into effect on the date of its execution and shall remain in effect until the Secured Obligations are fully fulfilled, as duly certified by the Creditors.

9.2 <u>Release</u>. Upon fulfillment, payment, and full discharge of the Secured Obligations, the Creditors will release the Fiduciary Sale established by this Instrument

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on the Mineral Rights, by means of a written release. The Debtor will be solely responsible for all costs and arrangements that may be necessary to cancel the Fiduciary Sale on the Mineral Rights, including, without limitation, any registrations or endorsements required by applicable law.

**10. MISCELLANEOUS.**

10.1 <u>Notices</u>. All notices and warnings related to this Instrument shall be made in writing by registered mail to the addresses indicated in the preamble of this Instrument or any other address the Parties may communicate during the term hereof, or by email, with proof of receipt, sent to the email addresses indicated.

10.2 <u>Interpretation</u>. The chapter and clause titles inserted herein are for convenience only and shall not affect the interpretation of the chapters and clauses to which they refer to. In this Instrument: (i.) any reference to a document, including the Instrument itself, shall be deemed a reference to all documents that subsequently amend or replace it; (ii.) the terms "include", "includes", and "including" are not restrictive; (iii.) references to any natural person or legal entity shall include their successors and heirs; (iv.) references to "days" shall be construed as references to calendar days.

10.3 <u>Amendments</u>. Amendments to this Instrument will only be valid when executed in writing and signed by the legal representatives of all Parties.

10.4 <u>Waiver, Novation and others</u>. The Parties and Consenting Intervening Parties represent and acknowledge that, except as expressly provided otherwise in this Instrument: (i.) the failure to exercise, the granting of a time limit, the forbearance, or the delay in exercising any right granted to them by this Instrument or by law will not create a waiver or novation of such rights, nor will it prejudice their eventual exercise; (ii.) the individual or partial exercise of these rights will not prevent the subsequent exercise of the remaining rights or the exercise of any other right; (iii.) the waiver of any of these rights will only be valid if formalized in writing; (iv.) the waiver of a right shall be interpreted restrictively and will not be considered a waiver of any other right granted by this Instrument or by law.

10.5 <u>Invalidity and others</u>. If any provision of this Instrument is deemed illegal, invalid, or ineffective, all remaining provisions not affected by such ruling shall prevail, and the Debtor shall be obliged to comply with all unaffected provisions and, pursuant to this instrument, to make payments for amounts not subject to dispute, depositing the disputed amounts in court. The Debtor further undertakes to negotiate in good faith and replace the affected provisions with others that, to the extent possible, (i.) reflect its original intent, the logic, and the economic content envisaged for each part of the transaction, and (ii.) are valid and binding. The content of the provision of this clause shall not affect or prevent the foreclosure and/or enforcement, at any time, of the Fiduciary Sale or other Guarantees granted under the Agreement.

10.6 <u>Instrument enforceable</u>. All commitments and obligations assumed in this Instrument by the Parties are subject to specific performance, according to the articles 497 and 815 *et seq.* of the Civil Procedure Code, with this Agreement serving as an instrument enforceable out of court, according to the article 784, III, of the Civil Procedure Code.

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10.7 <u>Costs</u>. Any and all costs incurred due to the registration of this Instrument, as well as any amendments, in the competent registries, will be the sole responsibility of the Debtor.

10.8 <u>Independence</u>. By virtue of article 23 of Law No. 9,514 dated as of 11.20.1997, and article 1,361, §1, of the Civil Code, this Instrument creates an autonomous instrument, which may be registered separately, regardless of any other instruments related to the Assigned Economic Rights.

10.9 <u>Governing Law</u>. This Instrument shall be governed by and construed in accordance with the laws of the Federative Republic of Brazil.

10.10 <u>Jurisdiction</u>. The jurisdiction of the Capital of the State of São Paulo is hereby chosen to resolve any doubts or controversies arising from this Agreement, to the waiver of any other, however privileged it may be.

10.11 <u>Signatures</u>. The Parties agree that this Agreement will be executed electronically by the Parties, but not through electronic certificates issued by the Brazilian Public Key Infrastructure, as permitted in article 10, §2 of Provisional Measure No. 2,220-2, and article 784, §4, of the Civil Procedure Code, stating that any form of electronic record will be sufficient for its truthfulness, authenticity, integrity, validity, and effectiveness, as well as for the respective binding of the Parties to its terms. The Parties also agree that the electronic signature of this Agreement does not prevent or impair its enforceability, and shall be considered, for all legal purposes, an instrument enforceable out of court, as provided in 10.6. above.

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In witness whereof, the Parties sign this instrument electronically, through the DocuSign platform, www.docusign.com.br, in the presence of the witnesses indicated below.

São Paulo, [...].

<u>Creditors</u>:

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| |
|:---|
| **TERRA GOYANA MINERADORA LTDA.** |
| p. Luiz Antônio Vessani and Marcos de Alencastro Curado |
| **BAUTEK MINERAIS INDUSTRIAIS LTDA.** |
| p. Reinaldo Tito Teixeira Noronha and Luiz Antônio Vessani |
| **EDEM EMPRESA DE DESENVOLVIMENTO EM MINERAÇÃO E PARTICIPAÇÕES LTDA.** |
| p. Luiz Antônio Vessani |
| **SINTERTEC MINERAIS INDUSTRIAIS LTDA.** |
| p. Reinaldo Tito Teixeira Noronha |
| <u>Debtor</u>: |
| **ALPHA MINERALS BRAZIL PARTICIPAÇÕES LTDA.** |
| p. João Paulo Agapito da Veiga and Renato Aureo de Paula Gonzaga |

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<u>Witnesses</u>:

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| | |
|:---|:---|
| &nbsp;&nbsp;1. | &nbsp;&nbsp;2. |
| &nbsp;&nbsp;Name: | &nbsp;&nbsp;Name: |
| &nbsp;&nbsp;CPF: | &nbsp;&nbsp;CPF: |

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<u>Annex 2.5</u>.

to the Private Instrument of Fiduciary Sale of Mineral Rights and Other Covenants

<u>Characteristics of the Secured Obligations</u>

1.<u>Value of Secured Obligations</u>: the full Second Installment of the Purchase Price, as set forth in 2.1.(b.) of the Agreement, in the amount of two million, one hundred and twenty thousand US dollars (US$2,120,000.000), calculated based on the US$(United States dollar) purchase price, as published by the Central Bank of Brazil on the business day immediately prior to the date of the respective payment. *[INSERT WHETHER THE SECURED OBLIGATION WILL BE PAID IN CURRENCY OR REA SHARES, AS DEFINED IN THE AGREEMENT AND IN COMPLIANCE WITH THE OPTION CHOSEN BY THE CREDITORS]*.

2.<u>Payment</u>: the Second Installment of the Purchase Price must be paid by the Debtor to the Creditors in the manner provided for in the Agreement, i.e., within a maximum period of twelve (12) months, counted from the payment date of the First Installment of the Purchase Price.

3.<u>Default</u>: payment of the Second Installment of the Purchase Price after the maturity date will put the Debtor in default, regardless of any notice, summons, or extrajudicial notice, subjecting it to (i.) a late payment penalty of two percent (2%) on the outstanding debt; and (ii.) interest of one percent (1%) per month or fraction thereof, calculated on the overdue amounts, regardless of the possibility of the Creditors adopting applicable legal measures.

4.<u>Obligations of the Debtor</u>: the obligations of the Debtor, in addition to the other obligations assumed under the Agreement, are: (i.) to adequately and regularly comply with all requirements set forth in current law and regulations arising from the exploration authorization, development concession, licensing, and permit for prospecting, especially those set forth in article 34 of the Regulation; (ii.) to faithfully comply with all requirements and/or notices issued by authorities regarding the Mineral Rights, undertaking to collect costs and pay expenses of any kind necessary for the preservation, maintenance, or exploitation of the Mineral Rights; (iii.) to refrain from conducting exploration or mineral extraction work in violation of the title obtained under the Mineral Rights, as well as from committing any administrative infractions, including, but not limited to, those set forth in articles 55 to 69 of the Regulation; and (iv) not take any action, in court or out of court, that could result in the loss, extinction, or exhaustion, in whole or in part, of the Mineral Rights.

5.<u>Guarantees</u>: to ensure payment of any and all monetary obligations under the Agreement, a Fiduciary Sale has been established.

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*The other characteristics of the Mineral Rights and the Purchase Price are described in the Agreement, the clauses, terms, and conditions of which the Fiduciary Sale expressly acknowledges and agrees with. All terms and expressions used in this Annex and in its Annex with their initials written in capital letters will have the same meanings assigned to them in the Agreement, unless otherwise defined herein.*

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<u>Annex 3.2.1.(i.)</u>

to the Call Option Agreement for Mineral Rights and Other Covenants, dated as of February 20, 2024.

<u>Draft Instrument of Assignment of Mineral Rights between the Grantor Terra Goyana and the Grantee</u>.

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**INSTRUMENT OF ASSIGNMENT OF MINERAL RIGHTS**

<u>Assignor</u>: **TERRA GOYANA MINERADORA LTDA.**, limited liability company with head office in the City of Goiânia, State of Goiás, at Rua João de Abreu, No. 192, 14<sup>th</sup> floor, sala 144-A e 145-A, Setor Oeste, ZIP Code 74120-110, enrolled with CNPJ under No. 01.445.576/0001- 25, e-mail: , herein represented in compliance with its Articles of Association by its Directors, Messrs. <u>Luiz Antônio Vessani</u>, Brazilian citizen, divorced, geologist, holder of the Identity Card (RG) No. , enrolled with CPF under No. , resident and domiciled at , e-mail: , and <u>Marcos de Alencastro Curado</u>, Brazilian citizen, married, businessman, holder of Identity Card (RG) No. , enrolled with CPF under No. , resident and domiciled at , e-mail: , hereinafter referred to simply as "<u>Terra Goyana</u>" or "<u>Assignor</u>", indistinctly;

<u>Assignee</u>: **ALPHA MINERALS BRAZIL PARTICIPAÇÕES LTDA.**, limited liability company with head office in the City of Nova Lima, State of Minas Gerais, at Alameda Oscar Niemeyer, No. 891, Sala 913-B, Vila da Serra, ZIP Code 34006-065, enrolled with CNPJ under No. 43.093.229/0001-20, e-mail: , herein represented in compliance with its Articles of Association by its Directors, Messrs. <u>João Paulo Agapito da Veiga</u>, Brazilian citizen, single, businessman, holder of Identity Card (RG) No. , issued by DETRAN-RJ, enrolled with CPF under No. , resident and domiciled in , e-mail: ; and <u>Renato Aureo de Paula Gonzaga</u>, Brazilian citizen, married, economist, holder of Identity Card (RG) No. , enrolled with CPF under No. , resident and domiciled in the Capital of the State of Minas Gerais, both of them with business address in the City of Nova Lima, State of Minas Gerais, at Alameda Oscar Niemeyer, No. 891, sala 913-B, Vila da Serra, ZIP Code 34006-065, e-mail: , hereinafter referred to as "<u>Alpha</u>" or "<u>Assignee</u>", indistinctly;

<u>Consenting Intervening Parties</u>: **EDEM EMPRESA DE DESENVOLVIMENTO EM MINERAÇÃO E PARTICIPAÇÕES LTDA.**, limited liability company with head office in the City of Goiânia, State of Goiás, at Rua Serra Dourada, No. 1213, Quadra 95, Lotes 121 e 123, Santa Genoveva District, ZIP Code 74672-680, enrolled with CNPJ under No. 00.508.829/0001-08, e-mail: , herein represented in compliance with its Articles of Association by its Director, Mr. <u>Luiz Antonio Vessani</u>, described above, hereinafter referred to simply as "<u>Edem</u>"; and **SANTÍSSIMA TRINDADE PARTICIPAÇÕES LTDA.**, limited liability company with head office in the City of Goiânia, State of Goiás, at Rua João de Abreu, No. 192, 14<sup>th</sup> floor, sala 146-A, Setor Oeste, ZIP Code 74120-110, enrolled with CNPJ under No. 07.576.372/0001-00, e-mail: , herein represented in compliance with its Articles of Association by its Director, Mr. <u>Marcos de Alencastro Curado</u>, described above, hereinafter referred to simply as "<u>Santíssima Trindade</u>" and, together with Edem, the Consenting Intervening Parties;

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whereas, on this date, the Assignor and the Assignee entered into the Assignment Agreement for Mineral Rights and Other Covenants (the "<u>Agreement</u>"), through which the Assignor assigned and transferred to the Assignee the mineral rights represented by the exploration authorizations subject to the administrative proceedings registered with the National Mining Agency (the "<u>ANM</u>") under Nos. 832.149/2022 and 832.150/2022 (the "<u>Mineral Rights</u>");

By this private instrument and in accordance with the law, the Assignor and the Assignee, as identified above, resolve to enter into this Instrument of Assignment of Mineral Rights ("<u>Assignment Instrument</u>"), which will be governed by the clauses and conditions specified below:

<u>Purpose</u>. The assignment of the Mineral Rights, free and clear of any liens, encumbrances, or restrictions, shall belong exclusively to the Assignee, including all rights and obligations, whether patrimonial or otherwise, inherent thereto, together with any and all rights, guarantees, privileges, preferences, prerogatives, and actions guaranteed by law.

1. As previously and duly agreed upon by the Parties in the Agreement, in consideration for the payment of the Purchase Price defined and agreed upon therein, the Assignor irrevocably assigned the Mineral Rights to the Assignee.

2. The Assignee undertakes, effective this date, to pay any fees or expenses related to the Mineral Rights.

3. The Assignee, at its sole discretion and expense, will register this Assignment Instrument with the ANM, notary offices, or any other applicable agency. The Assignor undertakes to collaborate in any and all acts that may be necessary for the implementation of the registration referred to in this item, at the Assignee's discretion, in order to enable the improvement of the assignment of Mineral Rights, such as signing documents and/or petitions, making statements, appearing before the court, tribunal or any judicial authority, through its legal representatives, always aiming at the effective registration of this Assignment Instrument with the National Mining Agency and the transfer of the Mineral Rights to the Assignee.

4. The Assignor reiterates, by signing this Assignment Instrument, the truthfulness, validity and effectiveness of all statements and documents made available to the Assignee and, with regard to its economic, financial and equity situation, declares that the assignment of the Mineral Rights to the Assignee does not create a case of fraud against creditors, fraud of execution or presumption of fraud against tax authorities, at the Federal, State or Municipal levels, as provided for in article 158 of the Civil Code, in article 792 of the Civil Procedure Code and in article 185 of the National Tax Code, respectively, and other applicable rules.

5. The Consenting Intervening Parties sign this Assignment Instrument, as partners of the Assignor, expressly authorizing the performance of the legal transaction embodied herein, in accordance with articles 107, 219, and 220, all of the current Civil Code.

6. This Assignment Instrument does not change, replace, or cancel any other understandings or provisions of the Agreement. Capitalized terms and expressions that do not have a definition in this Assignment Instrument will have the definition established in the Agreement.

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7. This Assignment Instrument will be construed and governed by the laws of the Federative Republic of Brazil in force. All disputes, controversies, and/or issues arising from or related to this Assignment Instrument shall be finally resolved in the courts of the Capital of the State of São Paulo, chosen by mutual agreement of the Parties.

In witness whereof, the Parties hereby sign this Agreement electronically, as permitted by article 10, §2 of Provisional Measure No. 2,220-2, and article 784, §4, of the Civil Procedure Code. This Agreement is irrevocable by all signatories, as documentary evidence and an instrument enforceable out of court, for all intents and purposes, representing and formalizing the entire negotiation between the Parties, without any reservations.

---

| |
|:---|
| São Paulo, [...]. |
| <u>Assignor</u>: |
| **TERRA GOYANA MINERADORA LTDA.** |
| p. Luiz Antônio Vessani and Marcos de Alencastro Curado  |
| <u>Assignee</u>: |
| **ALPHA MINERALS BRAZIL PARTICIPAÇÕES LTDA.** |
| p. João Paulo Agapito da Veiga and Renato Aureo de Paula Gonzaga |
| <u>Consenting Intervening Parties</u>: |
| **EDEM EMPRESA DE DESENVOLVIMENTO EM MINERAÇÃO E PARTICIPAÇÕES LTDA.** |
| p. Luiz Antônio Vessani |
| **SANTÍSSIMA TRINDADE PARTICIPAÇÕES LTDA.** |
| p. Marcos de Alencastro Curado |

---

---

| | |
|:---|:---|
| <u>Witnesses</u>: |  |
| 1. | 2. |
| Name: | Name: |
| CPF: | CPF: |

---

\*\*\*

------

<u>Annex 3.2.1.(ii.)</u>

to the Call Option Agreement for Mineral Rights and Other Covenants, dated as of February 20, 2024.

<u>Draft Instrument of Assignment of Mineral Rights between the Grantor Bautek and the Grantee</u>.

\*\*\*

**INSTRUMENT OF ASSIGNMENT OF MINERAL RIGHTS**

<u>Assignor</u>: **BAUTEK MINERAIS INDUSTRIAIS LTDA.**, limited liability company with head office in the City of Caldas, State of Minas Gerais, at Rodovia BR-459, Km 8, Laranjeiras de Caldas, ZIP Code 37780-000, enrolled with CNPJ under No. 21.229.511/0001-50, e-mail: , herein represented in compliance with its Articles of Association by its Directors, Mr. <u>Reinaldo Tito Teixeira Noronha</u>, Brazilian citizen, married, businessman, holder of Identity Card (RG) No. , enrolled with CPF under No. , resident and domiciled at , e-mail: , and <u>Luiz Antônio Vessani</u>, Brazilian citizen, divorced, geologist, holder of Identity Card (RG) No. , enrolled with CPF under No. , resident and domiciled at , e-mail: , hereinafter referred to simply as "<u>Bautek</u>" or "<u>Assignor</u>", indistinctly;

<u>Assignee</u>: **ALPHA MINERALS BRAZIL PARTICIPAÇÕES LTDA.**, limited liability company with head office in the City of Nova Lima, State of Minas Gerais, at Alameda Oscar Niemeyer, No. 891, sala 913-B, Vila da Serra, ZIP Code 34006-065, enrolled with CNPJ under No. 43.093.229/0001-20, e-mail: , herein represented in compliance with its Articles of Association by its Director, Mr. <u>João Paulo Agapito da Veiga</u>, Brazilian citizen, single, businessman, holder of Identity Card (RG) No. , issued by DETRAN-RJ, enrolled with CPF under No. , resident and domiciled in , e-mail: , and <u>Renato Aureo de Paula Gonzaga</u>, Brazilian citizen, married, economist, holder of Identity Card (RG) No. , enrolled with CPF under No. , resident and domiciled in the Capital of the State of Minas Gerais, both of them with business address in the City of Nova Lima, State of Minas Gerais, at Alameda Oscar Niemeyer, No. 891, sala 913-B, Vila da Serra, ZIP Code 34006-065, e-mail: , hereinafter referred to as "<u>Alpha</u>" or "<u>Assignee</u>", indistinctly;

<u>Consenting Intervening Parties</u>: **SUPERGRAN MINERAÇÃO LTDA.**, limited liability company with head office in the City of Barro Alto, State of Goiás, at Estrada Pedra de Fogo, km 15, Pátio 5, Zona Rural, ZIP Code 76390-000, enrolled with CNPJ under No. 09.355.939/0001-43, e-mail: , herein represented in compliance with its Articles of Association by its Director, Mr. <u>Marcos de Alencastro Curado Filho</u>, Brazilian citizen, married under full separation of property regime, businessman, holder of Identity Card (RG) No. , enrolled with CPF under No. , resident and domiciled at ; and <u>Luiz Antônio Vessani</u>, described above, hereinafter referred to simply as "<u>Supergran</u>"; **NORTEK PARTICIPAÇÕES LTDA.**, limited liability company with head office in the City of Belo Horizonte, State of Minas Gerais, at Rua Genoveva de Souza, No. 871, sala E, Sagrada Família District, ZIP Code 31030-220, enrolled with CNPJ under No. 11.249.439/0001-79, e-mail: , herein represented in compliance with its Articles of Association by its Director, Mr. <u>Reinaldo Tito Teixeira Noronha</u>, described above, hereinafter referred to simply as "<u>Nortek</u>" and, together with Supergran, the Consenting Intervening Parties;

------

whereas, on this date, the Assignor and the Assignee entered into the Assignment Agreement for Mineral Rights and Other Covenants (the "<u>Agreement</u>"), through which the Assignor assigned and transferred to the Assignee the mineral rights represented by the development concession and the exploration authorization subject to the administrative proceedings registered with the National Mining Agency (the "<u>ANM</u>") under Nos. 818.865/1971 and 832.221/2021 (the "<u>Mineral Rights</u>");

*[Evaluate the inclusion of the exploration application subject to the process registered with the ANM under No. 832.221/2021, with an area of 115.63ha, for refractory clay ore, located in the Cities of Andradas (MG) and Caldas (MG)].*

By this private instrument and in accordance with the law, the Assignor and the Assignee, as identified above, resolve to enter into this Instrument of Assignment of Mineral Rights ("<u>Assignment Instrument</u>"), which will be governed by the clauses and conditions specified below:

<u>Purpose</u>. The assignment of the Mineral Rights, free and clear of any liens, encumbrances, or restrictions, shall belong exclusively to the Assignee, including all rights and obligations, whether patrimonial or otherwise, inherent thereto, together with any and all rights, guarantees, privileges, preferences, prerogatives, and actions guaranteed by law.

8. As previously and duly agreed upon by the Parties in the Agreement, in consideration for the payment of the Purchase Price defined and agreed upon therein, the Assignor irrevocably assigned the Mineral Rights to the Assignee.

9. The Assignee undertakes, effective this date, to pay any fees or expenses related to the Mineral Rights.

10. The Assignee, at its sole discretion and expense, will register this Assignment Instrument with the ANM, notary offices, or any other applicable agency. The Assignor undertakes to collaborate in any and all acts that may be necessary for the implementation of the registration referred to in this item, at the Assignee's discretion, in order to enable the improvement of the assignment of Mineral Rights, such as signing documents and/or petitions, making statements, appearing before the court, tribunal or any judicial authority, through its legal representatives, always aiming at the effective registration of this Assignment Instrument with the National Mining Agency and the transfer of the Mineral Rights to the Assignee.

11. The Assignor reiterates, by signing this Assignment Instrument, the truthfulness, validity and effectiveness of all statements and documents made available to the Assignee and, with regard to its economic, financial and equity situation, declares that the assignment of the Mineral Rights to the Assignee does not create a case of fraud against creditors, fraud of execution or presumption of fraud against tax authorities, at the Federal, State or Municipal levels, as provided for in article 158 of the Civil Code, in article 792 of the Civil Procedure Code and in article 185 of the National Tax Code, respectively, and other applicable rules.

12. The Consenting Intervening Parties sign this Assignment Instrument, as partners of the Assignor, expressly authorizing the performance of the legal transaction embodied herein, in accordance with articles 107, 219, and 220, all of the current Civil Code.

------

13. This Assignment Instrument does not change, replace, or cancel any other understandings or provisions of the Agreement. Capitalized terms and expressions that do not have a definition in this Assignment Instrument will have the definition established in the Agreement.

14. This Assignment Instrument will be construed and governed by the laws of the Federative Republic of Brazil in force. All disputes, controversies, and/or issues arising from or related to this Assignment Instrument shall be finally resolved in the courts of the Capital of the State of São Paulo, chosen by mutual agreement of the Parties.

------

In witness whereof, the Parties hereby sign this Agreement electronically, as permitted by article 10, §2 of Provisional Measure No. 2,220-2, and article 784, §4, of the Civil Procedure Code. This Agreement is irrevocable by all signatories, as documentary evidence and an instrument enforceable out of court, for all intents and purposes, representing and formalizing the entire negotiation between the Parties, without any reservations.

---

| |
|:---|
| São Paulo, [...]. |
| <u>Assignor</u>: |
| **BAUTEK MINERAIS INDUSTRIAIS LTDA.** |
| p. Reinaldo Tito Teixeira Noronha and Luiz Antônio Vessani |
| <u>Assignee:</u> |
| **ALPHA MINERALS BRAZIL PARTICIPAÇÕES LTDA.** |
| p. João Paulo Agapito da Veiga and Renato Aureo de Paula Gonzaga |
| <u>Consenting Intervening Parties</u>: |
| **SUPERGRAN MINERAÇÃO LTDA.** |
| p. Marcos de Alencastro Curado Filho and Luiz Antônio Vessani |
| **NORTEK PARTICIPAÇÕES LTDA.** |
| p. Reinaldo Tito Teixeira Noronha |

---

---

| | |
|:---|:---|
| <u>Witnesses</u>: |  |
| 1. | 2. |
| Name: | Name: |
| CPF: | CPF: |

---

\*\*\*

------

<u>Annex 3.2.1.(iii.)</u>

to the Call Option Agreement for Mineral Rights and Other Covenants, dated as of February 20, 2024.

<u>Draft Instrument of Assignment of Mineral Rights between the Grantor Edem and the Grantee</u>.

\*\*\*

**INSTRUMENT OF ASSIGNMENT OF MINERAL RIGHTS**

<u>Assignor</u>: **EDEM EMPRESA DE DESENVOLVIMENTO EM MINERAÇÃO E PARTICIPAÇÕES LTDA.**, limited liability company with head office in the City of Goiânia, State of Goiás, at Rua Serra Dourada, No. 1213, Quadra 95, Lotes 121 e 123, Santa Genoveva District, ZIP Code 74672-680, enrolled with CNPJ under No. 00.508.829/0001-08, e-mail: , herein represented in compliance with its Articles of Association by its Director, Mr. <u>Luiz Antonio Vessani</u>, Brazilian citizen, divorced, geologist, holder of Identity Card (RG) No. , enrolled with CPF under No. , resident and domiciled at , e-mail: , hereinafter referred to simply as "<u>Edem</u>" or "<u>Assignor</u>", indistinctly;

<u>Assignee</u>: **ALPHA MINERALS BRAZIL PARTICIPAÇÕES LTDA.**, limited liability company with head office in the City of Nova Lima, State of Minas Gerais, at Alameda Oscar Niemeyer, No. 891, sala 913-B, Vila da Serra, ZIP Code 34006-065, enrolled with CNPJ under No. 43.093.229/0001-20, e-mail: , herein represented in compliance with its Articles of Association by its Director, Mr. <u>João Paulo Agapito da Veiga</u>, Brazilian citizen, single, businessman, holder of Identity Card (RG) No. , issued by DETRAN-RJ, enrolled with CPF under No. , resident and domiciled in Armação dos Búzios, e-mail: , and <u>Renato Aureo de Paula Gonzaga</u>, Brazilian citizen, married, economist, holder of Identity Card (RG) No. , enrolled with CPF under No. , resident and domiciled in the Capital of the State of Minas Gerais, both of them with business address in the City of Nova Lima, State of Minas Gerais, at Alameda Oscar Niemeyer, No. 891, sala 913-B, Vila da Serra, ZIP Code 34006-065, e-mail: , hereinafter referred to as "<u>Alpha</u>" or "<u>Assignee</u>", indistinctly;

<u>Consenting Intervening Parties</u>: **LEANDRO ROCHA SCISLEWSKI**, Brazilian citizen, married under partial community of property regime, geologist, holder of Identity Card No. , enrolled with CPF under No. , resident and domiciled at , e-mail: , hereinafter referred to simply as "<u>Leandro</u>"; **JOSÉ LINCOLN GAMBIER COSTA**, Brazilian citizen, married under community property regime, geologist, holder of Identity Card (RG) No. , enrolled with CPF under No. , resident and domiciled at , e-mail: , hereinafter referred to simply as "<u>José Lincoln</u>"; **GUSTAVO ALVES GUERRA**, Brazilian citizen, single, geologist, holder of Identity Card No. , enrolled with CPF under No. , resident and domiciled at , e-mail: , hereinafter referred to simply as "<u>Gustavo</u>"; and **LUIZ ANTONIO VESSANI**, described above, hereinafter referred to simply as "<u>Luiz Antonio</u>" and, together with Leandro, José Lincoln and Gustavo, the "<u>Consenting Intervening Parties</u>";

whereas, on this date, the Assignor and the Assignee entered into the Assignment Agreement for Mineral Rights and Other Covenants (the "<u>Agreement</u>"), through which the Assignor assigned and transferred to the Assignee the mineral rights represented by

------

the development concession subject to the administrative proceeding registered with the National Mining Agency (the "<u>ANM</u>") under No. 830.914/2013 (the "<u>Mineral Rights</u>");

By this private instrument and in accordance with the law, the Assignor and the Assignee, as identified above, resolve to enter into this Instrument of Assignment of Mineral Rights ("<u>Assignment Instrument</u>"), which will be governed by the clauses and conditions specified below:

<u>Purpose</u>. The assignment of the Mineral Rights, free and clear of any liens, encumbrances, or restrictions, shall belong exclusively to the Assignee, including all rights and obligations, whether patrimonial or otherwise, inherent thereto, together with any and all rights, guarantees, privileges, preferences, prerogatives, and actions guaranteed by law.

15. As previously and duly agreed upon by the Parties in the Agreement, in consideration for the payment of the Purchase Price defined and agreed upon therein, the Assignor irrevocably assigned the Mineral Rights to the Assignee.

16. The Assignee undertakes, effective this date, to pay any fees or expenses related to the Mineral Rights.

17. The Assignee, at its sole discretion and expense, will register this Assignment Instrument with the ANM, notary offices, or any other applicable agency. The Assignor undertakes to collaborate in any and all acts that may be necessary for the implementation of the registration referred to in this item, at the Assignee's discretion, in order to enable the improvement of the assignment of Mineral Rights, such as signing documents and/or petitions, making statements, appearing before the court, tribunal or any judicial authority, through its legal representatives, always aiming at the effective registration of this Assignment Instrument with the National Mining Agency and the transfer of the Mineral Rights to the Assignee.

18. The Assignor reiterates, by signing this Assignment Instrument, the truthfulness, validity and effectiveness of all statements and documents made available to the Assignee and, with regard to its economic, financial and equity situation, declares that the assignment of the Mineral Rights to the Assignee does not create a case of fraud against creditors, fraud of execution or presumption of fraud against tax authorities, at the Federal, State or Municipal levels, as provided for in article 158 of the Civil Code, in article 792 of the Civil Procedure Code and in article 185 of the National Tax Code, respectively, and other applicable rules.

19. The Consenting Intervening Parties sign this Assignment Instrument, as partners of the Assignor, expressly authorizing the performance of the legal transaction embodied herein, in accordance with articles 107, 219, and 220, all of the current Civil Code.

20. This Assignment Instrument does not change, replace, or cancel any other understandings or provisions of the Agreement. Capitalized terms and expressions that do not have a definition in this Assignment Instrument will have the definition established in the Agreement.

21. This Assignment Instrument will be construed and governed by the laws of the Federative Republic of Brazil in force. All disputes, controversies, and/or issues arising

------

from or related to this Assignment Instrument shall be finally resolved in the courts of the Capital of the State of São Paulo, chosen by mutual agreement of the Parties.

In witness whereof, the Parties hereby sign this Agreement electronically, as permitted by article 10, §2 of Provisional Measure No. 2,220-2, and article 784, §4, of the Civil Procedure Code. This Agreement is irrevocable by all signatories, as documentary evidence and an instrument enforceable out of court, for all intents and purposes, representing and formalizing the entire negotiation between the Parties, without any reservations.

---

| |
|:---|
| São Paulo, [...]. |
| <u>Assignor</u>: |
| **EDEM EMPRESA DE DESENVOLVIMENTO EM MINERAÇÃO E PARTICIPAÇÕES LTDA.** |
| p. Luiz Antônio Vessani  |
| <u>Assignee:</u> |
| **ALPHA MINERALS BRAZIL PARTICIPAÇÕES LTDA.** |
| p. João Paulo Agapito da Veiga |
| <u>Consenting Intervening Parties</u>: |
| **LEANDRO ROCHA SCISLEWSKI** |
| **JOSÉ LINCOLN GAMBIER COSTA** |
| **GUSTAVO ALVES GUERRA** |
| **LUIZ ANTONIO VESSANI** |

---

---

| | |
|:---|:---|
| <u>Witnesses</u>: |  |
| 1. | 2. |
| Name: | Name: |
| CPF: | CPF: |

---

\*\*\*

------

<u>Annex 3.2.1.(iv.)</u>

to the Call Option Agreement for Mineral Rights and Other Covenants, dated as of February 20, 2024.

<u>Draft Instrument of Assignment of Mineral Rights between the Grantor Sintertec and the Grantee</u>.

\*\*\*

**INSTRUMENT OF ASSIGNMENT OF MINERAL RIGHTS**

<u>Assignor</u>: **SINTERTEC MINERAIS INDUSTRIAIS LTDA.**, limited liability company with head office in the City of Poços de Caldas, State of Minas Gerais, at Avenida Santo Antônio, No. 200, Sala 806, Jardim Cascatinha, ZIP Code 37701-036, enrolled with CNPJ under No. 08.227.476/0001-71, e-mail: , herein represented in compliance with its Articles of Association by its Director, Mr. <u>Reinaldo Tito Teixeira Noronha</u>, Brazilian citizen, married, businessman, holder of Identity Card (RG) No. , enrolled with CPF under No. , resident and domiciled at , e-mail: , hereinafter referred to simply as "<u>Sintertec</u>" or "<u>Assignor</u>", indistinctly;

<u>Assignee</u>: **ALPHA MINERALS BRAZIL PARTICIPAÇÕES LTDA.**, limited liability company with head office in the City of Nova Lima, State of Minas Gerais, at Alameda Oscar Niemeyer, No. 891, sala 913-B, Vila da Serra, ZIP Code 34006-065, enrolled with CNPJ under No. 43.093.229/0001-20, e-mail: , herein represented in compliance with its Articles of Association by its Director, Mr. <u>João Paulo Agapito da Veiga</u>, Brazilian citizen, single, businessman, holder of Identity Card (RG) No. , issued by DETRAN-RJ, enrolled with CPF under No. , resident and domiciled in Armação dos Búzios, e-mail: , and <u>Renato Aureo de Paula Gonzaga</u>, Brazilian citizen, married, economist, holder of Identity Card (RG) No. , enrolled with CPF under No. , resident and domiciled in the Capital of the State of Minas Gerais, both of them with business address in the City of Nova Lima, State of Minas Gerais, at Alameda Oscar Niemeyer, No. 891, sala 913-B, Vila da Serra, ZIP Code 34006-065, e-mail: , hereinafter referred to as "<u>Alpha</u>" or "<u>Assignee</u>", indistinctly;

<u>Consenting Intervening Parties</u>: **NORTEK PARTICIPAÇÕES LTDA.**, limited liability company with head office in the City of Belo Horizonte, State of Minas Gerais, at Rua Genoveva de Souza, No. 871, sala E, Sagrada Família District, ZIP Code 31030-220, enrolled with CNPJ under No. 11.249.439/0001-79, e-mail: , herein represented in compliance with its Articles of Association by its Director, Mr. <u>Reinaldo Tito Teixeira Noronha</u>, described above, hereinafter referred to simply as "<u>Nortek</u>"; and **SINTERTEC HOLDING, LTD.**, a company regularly organized and existing under the Laws of the British Virgin Islands, with head office in the City of Road Town, Craigmuir Chambers, Tortola, British Virgin Islands, P.O. Box 71, enrolled with CNPJ under No. 13.872.642/0001-22, e-mail: , herein represented by its legal representative, Mr. <u>Reinaldo Tito Teixeira Noronha</u>, described above, hereinafter referred to simply as "<u>Sintertec Holding</u>" and, together with Nortek, the Consenting Intervening Parties;

whereas, on this date, the Assignor and the Assignee entered into the Assignment Agreement for Mineral Rights and Other Covenants (the "<u>Agreement</u>"), through which the Assignor assigned and transferred to the Assignee the mineral rights represented by the exploration authorization and development application subject to the administrative

------

proceeding registered with the National Mining Agency (the "<u>ANM</u>") under No. 806.199/1973 (the "<u>Mineral Rights</u>");

By this private instrument and in accordance with the law, the Assignor and the Assignee, as identified above, resolve to enter into this Instrument of Assignment of Mineral Rights ("<u>Assignment Instrument</u>"), which will be governed by the clauses and conditions specified below:

<u>Purpose</u>. The assignment of the Mineral Rights, free and clear of any liens, encumbrances, or restrictions, shall belong exclusively to the Assignee, including all rights and obligations, whether patrimonial or otherwise, inherent thereto, together with any and all rights, guarantees, privileges, preferences, prerogatives, and actions guaranteed by law.

22. As previously and duly agreed upon by the Parties in the Agreement, in consideration for the payment of the Purchase Price defined and agreed upon therein, the Assignor irrevocably assigned the Mineral Rights to the Assignee.

23. The Assignee undertakes, effective this date, to pay any fees or expenses related to the Mineral Rights.

24. The Assignee, at its sole discretion and expense, will register this Assignment Instrument with the ANM, notary offices, or any other applicable agency. The Assignor undertakes to collaborate in any and all acts that may be necessary for the implementation of the registration referred to in this item, at the Assignee's discretion, in order to enable the improvement of the assignment of Mineral Rights, such as signing documents and/or petitions, making statements, appearing before the court, tribunal or any judicial authority, through its legal representatives, always aiming at the effective registration of this Assignment Instrument with the National Mining Agency and the transfer of the Mineral Rights to the Assignee.

25. The Assignor reiterates, by signing this Assignment Instrument, the truthfulness, validity and effectiveness of all statements and documents made available to the Assignee and, with regard to its economic, financial and equity situation, declares that the assignment of the Mineral Rights to the Assignee does not create a case of fraud against creditors, fraud of execution or presumption of fraud against tax authorities, at the Federal, State or Municipal levels, as provided for in article 158 of the Civil Code, in article 792 of the Civil Procedure Code and in article 185 of the National Tax Code, respectively, and other applicable rules.

26. The Consenting Intervening Parties sign this Assignment Instrument, as partners of the Assignor, expressly authorizing the performance of the legal transaction embodied herein, in accordance with articles 107, 219, and 220, all of the current Civil Code.

27. This Assignment Instrument does not change, replace, or cancel any other understandings or provisions of the Agreement. Capitalized terms and expressions that do not have a definition in this Assignment Instrument will have the definition established in the Agreement.

28. This Assignment Instrument will be construed and governed by the laws of the Federative Republic of Brazil in force. All disputes, controversies, and/or issues arising

------

from or related to this Assignment Instrument shall be finally resolved in the courts of the Capital of the State of São Paulo, chosen by mutual agreement of the Parties.

In witness whereof, the Parties hereby sign this Agreement electronically, as permitted by article 10, §2 of Provisional Measure No. 2,220-2, and article 784, §4, of the Civil Procedure Code. This Agreement is irrevocable by all signatories, as documentary evidence and an instrument enforceable out of court, for all intents and purposes, representing and formalizing the entire negotiation between the Parties, without any reservations.

---

| |
|:---|
| São Paulo, [...]. |
| <u>Assignor</u>: |
| **SINTERTEC MINERAIS INDUSTRIAIS LTDA.** |
| p. Reinaldo Tito Teixeira Noronha |
| <u>Assignee:</u> |
| **ALPHA MINERALS BRAZIL PARTICIPAÇÕES LTDA.** |
| p. João Paulo Agapito da Veiga and Renato Aureo de Paula Gonzaga |
| <u>Consenting Intervening Parties</u>:<br>|
| **NORTEK PARTICIPAÇÕES LTDA.** |
| p. Reinaldo Tito Teixeira Noronha |
| **SINTERTEC HOLDING, LTD.** |
| p. Reinaldo Tito Teixeira Noronha |

---

---

| | |
|:---|:---|
| <u>Witnesses</u>: |  |
| 1. | 2. |
| Name: | Name: |
| CPF: | CPF: |

---

\*\*\*

------

<u>Annex 3.3.3.(i.)</u>

to the Call Option Agreement for Mineral Rights and Other Covenants, dated as of February 20, 2024.

<u>Draft Power of Attorney for the transfer of Mineral Rights granted by Terra Goyana</u>

\*\*\*

**POWER OF ATTORNEY**

**<u>GRANTOR</u>: TERRA GOYANA MINERADORA LTDA.**, limited liability company with head office in the City of Goiânia, State of Goiás, at Rua João de Abreu, No. 192, 14<sup>th</sup> floor, sala 144-A e 145-A, Setor Oeste, ZIP Code 74120-110, enrolled with CNPJ under No. 01.445.576/0001-25, e-mail: , herein represented in compliance with its Articles of Association by its Directors, Messrs. <u>Luiz Antônio Vessani</u>, Brazilian citizen, divorced, geologist, holder of the Identity Card (RG) No. , enrolled with CPF under No. , resident and domiciled at , e-mail: , and <u>Marcos de Alencastro Curado</u>, Brazilian citizen, married, businessman, holder of Identity Card (RG) No. , enrolled with CPF under No. , resident and domiciled at , e-mail: (the "<u>Grantor</u>" or "<u>Terra Goyana</u>", indistinctly);

**<u>GRANTEE</u>: ALPHA MINERALS BRAZIL PARTICIPAÇÕES LTDA.**, limited liability company with head office in the City of Nova Lima, State of Minas Gerais, at Alameda Oscar Niemeyer, No. 891, Sala 913-B, Vila da Serra, ZIP Code 34006-065, enrolled with CNPJ under No. 43.093.229/0001-20, e-mail: , herein represented in compliance with its Articles of Association by its Directors, Messrs. <u>João Paulo Agapito da Veiga</u>, Brazilian citizen, single, businessman, holder of Identity Card (RG) No. , issued by DETRAN-RJ, enrolled with CPF under No. , resident and domiciled in Armação dos Búzios, e-mail: , and <u>Renato Aureo de Paula Gonzaga</u>, Brazilian citizen, married, economist, holder of Identity Card (RG) No. , enrolled with CPF under No. , resident and domiciled in the Capital of the State of Minas Gerais, both of them with business address in the City of Nova Lima, State of Minas Gerais, at Alameda Oscar Niemeyer, No. 891, sala 913-B, Vila da Serra, ZIP Code 34006-065, e-mail: (the "<u>Grantee</u>" or "<u>Alpha</u>", indistinctly).

**<u>POWERS</u>**: By this instrument, the Grantor appoints the Grantee as its attorney-in-fact, in the "in its own name" modality, irrevocably and irreversibly, in accordance with the terms set forth in the Call Option Agreement for Mineral Rights and Other Covenants entered into on this date between, on the one hand, the Grantor, Bautek Minerais Industriais Ltda., Edem Empresa de Desenvolvimento em Mineração e Participações Ltda. and Sintertec Minerais Industriais Ltda., and, on the other hand, the Grantee (the "<u>Option</u>"), in accordance with the rules of articles 683, 684, 685 and 686 of the Civil Code, with powers to perform any and all acts necessary to formalize the call option for the Mineral Rights, as described and characterized in <u>Annex I</u>. to the Option, and may also (i.) sign individually, in the name and on behalf of the Grantor, any assignment instrument of all the Mineral Rights to the Grantee, including the Assignment Agreement for Mineral Rights and Other Covenants that form part of the Option as its <u>Annex 3.2.(i.)</u> and the Mineral Rights Assignment Instrument that forms part of the Option as its <u>Annex 3.2.1.(i.)</u>; and (ii.) perform any and all acts necessary for the endorsement and/or registration of the Assignment Agreement for Mineral Rights and Other Covenants or the Mineral Rights Assignment Instrument referred to in (i.) before the National Mining

------

Agency ("<u>ANM</u>"), notary offices or any other public or private body, being able to proceed in the name and instead of the Grantor to the adoption of any and all actions necessary for the registration of the assignment of the Mineral Rights described and characterized in <u>Annex I</u>. to the Option. (iii.) The Grantee also has, under this Power of Attorney, the power to perform any acts necessary for the faithful and regular performance of this instrument.

**<u>OTHER CHARACTERISTICS OF THE POWER OF ATTORNEY</u>**: (1.) This power of attorney is irrevocable and irreversible, remaining in effect throughout the term of the Option, in accordance with articles 683, 684, 685, and 686, head provision and Sole paragraph. This Power of Attorney was granted "in its own name" to the Grantee as a condition for the execution of the Call Option. (2.) Capitalized terms used in this instrument that have not been defined herein shall have the same meaning as such terms in the Option. (3.) The powers granted herein are in addition to the powers granted by the Grantor to the Grantee under the Option or any other documents and do not nullify or revoke such powers. (4.) The Grantor hereby agrees to ratify any act that the Grantee has performed within the scope of the powers granted by this Power of Attorney, when and if requested by the Grantee. (5.) This power of attorney shall be governed by and construed in accordance with the laws of the Federative Republic of Brazil.

---

| | |
|:---|:---|
|  | São Paulo, [...]. |
| **TERRA GOYANA MINERADORA LTDA.** | **TERRA GOYANA MINERADORA LTDA.** |
| p. Luiz Antônio Vessani and Marcos de Alencastro Curado | p. Luiz Antônio Vessani and Marcos de Alencastro Curado |

---

\*\*\*

------

<u>Annex 3.3.3.(ii.)</u>

to the Call Option Agreement for Mineral Rights and Other Covenants, dated as of February 20, 2024.

<u>Draft Power of Attorney for the transfer of Mineral Rights granted by Bautek</u>

\*\*\*

**POWER OF ATTORNEY**

**<u>GRANTOR</u>: BAUTEK MINERAIS INDUSTRIAIS LTDA.**, limited liability company with head office in the City of Caldas, State of Minas Gerais, at Rodovia BR-459, Km 8, Laranjeiras de Caldas, ZIP Code 37780-000, enrolled with CNPJ under No. 21.229.511/0001-50, e-mail: , herein represented in compliance with its Articles of Association by its Directors, Mr. <u>Reinaldo Tito Teixeira Noronha</u>, Brazilian citizen, married, businessman, holder of Identity Card (RG) No. , enrolled with CPF under No. , resident and domiciled at , e-mail: , and <u>Luiz Antônio Vessani</u>, Brazilian citizen, divorced, geologist, holder of Identity Card (RG) No. , enrolled with CPF under No. , resident and domiciled at , e-mail: (the "<u>Grantor</u>" or "<u>Bautek</u>", indistinctly); and

**<u>GRANTEE</u>: ALPHA MINERALS BRAZIL PARTICIPAÇÕES LTDA.**, limited liability company with head office in the City of Nova Lima, State of Minas Gerais, at Alameda Oscar Niemeyer, No. 891, sala 913-B, Vila da Serra, ZIP Code 34006-065, enrolled with CNPJ under No. 43.093.229/0001-20, e-mail: , herein represented in compliance with its Articles of Association by its Director, Mr. <u>João Paulo Agapito da Veiga</u>, Brazilian citizen, single, businessman, holder of Identity Card (RG) No. , issued by DETRAN-RJ, enrolled with CPF under No. , resident and domiciled in , e-mail: , and <u>Renato Aureo de Paula Gonzaga</u>, Brazilian citizen, married, economist, holder of Identity Card (RG) No. , enrolled with CPF under No. , resident and domiciled in the Capital of the State of Minas Gerais, both of them with business address in the City of Nova Lima, State of Minas Gerais, at Alameda Oscar Niemeyer, No. 891, sala 913-B, Vila da Serra, ZIP Code 34006-065, e-mail: (the "<u>Grantee</u>" or "<u>Alpha</u>", indistinctly).

**<u>POWERS</u>**: By this instrument, the Grantor appoints the Grantee as its attorney-in-fact, in the "in its own name" modality, irrevocably and irreversibly, in accordance with the terms set forth in the Call Option Agreement for Mineral Rights and Other Covenants entered into on this date between, on the one hand, the Grantor, Terra Goyana Mineradora Ltda., Edem Empresa de Desenvolvimento em Mineração e Participações Ltda. and Sintertec Minerais Industriais Ltda., and, on the other hand, the Grantee (the "<u>Option</u>"), in accordance with the rules of articles 683, 684, 685 and 686 of the Civil Code, with powers to perform any and all acts necessary to formalize the call option for the Mineral Rights, as described and characterized in <u>Annexes I and II</u>. to the Option, and may also (i.) sign individually, in the name and on behalf of the Grantor, any assignment instrument of all the Mineral Rights to the Grantee, including the Assignment Agreement for Mineral Rights and Other Covenants that form part of the Option as its <u>Annex 3.2.(i.)</u> and the Mineral Rights Assignment Instrument that forms part of the Option as its <u>Annex 3.2.1.(i.)</u>; and (ii.) perform any and all acts necessary for the endorsement and/or registration of the Assignment Agreement for Mineral Rights and Other Covenants or the Mineral Rights Assignment Instrument referred to in (i.) before the National Mining Agency ("<u>ANM</u>"), notary offices or any other public or private body, being able to proceed in the name and instead of the Grantor to the adoption of any and all actions

------

necessary for the registration of the assignment of the Mineral Rights described and characterized in <u>Annex I. and II</u>. to the Option. (iii.) The Grantee also has, under this Power of Attorney, the power to perform any acts necessary for the faithful and regular performance of this instrument.

**<u>OTHER CHARACTERISTICS OF THE POWER OF ATTORNEY</u>**: (1.) This power of attorney is irrevocable and irreversible, remaining in effect throughout the term of the Option, in accordance with articles 683, 684, 685, and 686, head provision and Sole paragraph. This Power of Attorney was granted "in its own name" to the Grantee as a condition for the execution of the Call Option. (2.) Capitalized terms used in this instrument that have not been defined herein shall have the same meaning as such terms in the Option. (3.) The powers granted herein are in addition to the powers granted by the Grantor to the Grantee under the Option or any other documents and do not nullify or revoke such powers. (4.) The Grantor hereby agrees to ratify any act that the Grantee has performed within the scope of the powers granted by this Power of Attorney, when and if requested by the Grantee. (5.) This power of attorney shall be governed by and construed in accordance with the laws of the Federative Republic of Brazil.

---

| | |
|:---|:---|
|  | São Paulo, [...]. |
| **BAUTEK MINERAIS INDUSTRIAIS LTDA.** | **BAUTEK MINERAIS INDUSTRIAIS LTDA.** |
| p. Reinaldo Tito Teixeira Noronha and Luiz Antônio Vessani | p. Reinaldo Tito Teixeira Noronha and Luiz Antônio Vessani |

---

\*\*\*

------

<u>Annex 3.3.3.(iii.)</u>

to the Call Option Agreement for Mineral Rights and Other Covenants, dated as of February 20, 2024.

<u>Draft Power of Attorney for the transfer of Mineral Rights granted by Edem</u>

\*\*\*

**POWER OF ATTORNEY**

**<u>GRANTOR</u>: EDEM EMPRESA DE DESENVOLVIMENTO EM MINERAÇÃO E PARTICIPAÇÕES LTDA.**, limited liability company with head office in the City of Goiânia, State of Goiás, at Rua Serra Dourada, No. 1213, Quadra 95, Lotes 121 e 123, Santa Genoveva District, ZIP Code 74672-680, enrolled with CNPJ under No. 00.508.829/0001-08, e-mail: , herein represented in compliance with its Articles of Association by its Director, Mr. <u>Luiz Antonio Vessani</u>, Brazilian citizen, divorced, geologist, holder of Identity Card (RG) No. , enrolled with CPF under No. , resident and domiciled at , e-mail: (the "<u>Grantor</u>" or "<u>Edem</u>", indistinctly); and

**<u>GRANTEE</u>: ALPHA MINERALS BRAZIL PARTICIPAÇÕES LTDA.**, limited liability company with head office in the City of Nova Lima, State of Minas Gerais, at Alameda Oscar Niemeyer, No. 891, sala 913-B, Vila da Serra, ZIP Code 34006-065, enrolled with CNPJ under No. 43.093.229/0001-20, e-mail: , herein represented in compliance with its Articles of Association by its Director, Mr. <u>João Paulo Agapito da Veiga</u>, Brazilian citizen, single, businessman, holder of Identity Card (RG) No. , issued by DETRAN-RJ, enrolled with CPF under No. , resident and domiciled in , e-mail: , and <u>Renato Aureo de Paula Gonzaga</u>, Brazilian citizen, married, economist, holder of Identity Card (RG) No. , enrolled with CPF under No. , resident and domiciled in the Capital of the State of Minas Gerais, both of them with business address in the City of Nova Lima, State of Minas Gerais, at Alameda Oscar Niemeyer, No. 891, sala 913-B, Vila da Serra, ZIP Code 34006-065, e-mail: (the "<u>Grantee</u>" or "<u>Alpha</u>", indistinctly).

**<u>POWERS</u>**: By this instrument, the Grantor appoints the Grantee as its attorney-in-fact, in the "in its own name" modality, irrevocably and irreversibly, in accordance with the terms set forth in the Call Option Agreement for Mineral Rights and Other Covenants entered into on this date between, on the one hand, the Grantor, Terra Goyana Mineradora Ltda., Bautek Minerais Industriais Ltda. and Sintertec Minerais Industriais Ltda., and, on the other hand, the Grantee (the "<u>Option</u>"), in accordance with the rules of articles 683, 684, 685 and 686 of the Civil Code, with powers to perform any and all acts necessary to formalize the call option for the Mineral Rights, as described and characterized in <u>Annex I</u>. to the Option, and may also (i.) sign individually, in the name and on behalf of the Grantor, any assignment instrument of all the Mineral Rights to the Grantee, including the Assignment Agreement for Mineral Rights and Other Covenants that form part of the Option as its <u>Annex 3.2.(i.)</u> and the Mineral Rights Assignment Instrument that forms part of the Option as its <u>Annexes 3.2.1.(i.)</u>; and (ii.) perform any and all acts necessary for the endorsement and/or registration of the Assignment Agreement for Mineral Rights and Other Covenants or the Mineral Rights Assignment Instrument referred to in (i.) before the National Mining Agency ("<u>ANM</u>"), notary offices or any other public or private body, being able to proceed in the name and instead of the Grantor to the adoption of any and all actions necessary for the registration of the assignment of the Mineral Rights described and characterized in <u>Annex I</u>. to the Option. (iii.) The Grantee also has,

------

under this Power of Attorney, the power to perform any acts necessary for the faithful and regular performance of this instrument.

**<u>OTHER CHARACTERISTICS OF THE POWER OF ATTORNEY</u>**: (1.) This power of attorney is irrevocable and irreversible, remaining in effect throughout the term of the Option, in accordance with articles 683, 684, 685, and 686, head provision and Sole paragraph. This Power of Attorney was granted "in its own name" to the Grantee as a condition for the execution of the Call Option. (2.) Capitalized terms used in this instrument that have not been defined herein shall have the same meaning as such terms in the Option. (3.) The powers granted herein are in addition to the powers granted by the Grantor to the Grantee under the Option or any other documents and do not nullify or revoke such powers. (4.) The Grantor hereby agrees to ratify any act that the Grantee has performed within the scope of the powers granted by this Power of Attorney, when and if requested by the Grantee. (5.) This power of attorney shall be governed by and construed in accordance with the laws of the Federative Republic of Brazil.

---

| | |
|:---|:---|
|  | São Paulo, [...]. |
| **EDEM EMPRESA DE DESENVOLVIMENTO EM MINERAÇÃO E PARTICIPAÇÕES LTDA.** | **EDEM EMPRESA DE DESENVOLVIMENTO EM MINERAÇÃO E PARTICIPAÇÕES LTDA.** |
| p. Luiz Antônio Vessani | p. Luiz Antônio Vessani |

---

\*\*\*

------

<u>Annex 3.3.3.(iv.)</u>

to the Call Option Agreement for Mineral Rights and Other Covenants, dated as of February 20, 2024.

<u>Draft Power of Attorney for the transfer of Mineral Rights granted by Sintertec</u>

\*\*\*

**POWER OF ATTORNEY**

**<u>GRANTOR</u>: SINTERTEC MINERAIS INDUSTRIAIS LTDA.**, limited liability company with head office in the City of Poços de Caldas, State of Minas Gerais, at Avenida Santo Antônio, No. 200, Sala 806, Jardim Cascatinha, ZIP Code 37701-036, enrolled with CNPJ under No. 08.227.476/0001-71, e-mail: , herein represented in compliance with its Articles of Association by its Director, Mr. <u>Reinaldo Tito Teixeira Noronha</u>, Brazilian citizen, married, businessman, holder of Identity Card (RG) No. , enrolled with CPF under No. , resident and domiciled at , e-mail: (the "<u>Grantor</u>" or "<u>Sintertec</u>", indistinctly); and

**<u>GRANTEE</u>: ALPHA MINERALS BRAZIL PARTICIPAÇÕES LTDA.**, limited liability company with head office in the City of Nova Lima, State of Minas Gerais, at Alameda Oscar Niemeyer, No. 891, sala 913-B, Vila da Serra, ZIP Code 34006-065, enrolled with CNPJ under No. 43.093.229/0001-20, e-mail: , herein represented in compliance with its Articles of Association by its Director, Mr. <u>João Paulo Agapito da Veiga</u>, Brazilian citizen, single, businessman, holder of Identity Card (RG) No. , issued by DETRAN-RJ, enrolled with CPF under No. , resident and domiciled in , e-mail: , and <u>Renato Aureo de Paula Gonzaga</u>, Brazilian citizen, married, economist, holder of Identity Card (RG) No. , enrolled with CPF under No. , resident and domiciled in the Capital of the State of Minas Gerais, both of them with business address in the City of Nova Lima, State of Minas Gerais, at Alameda Oscar Niemeyer, No. 891, sala 913-B, Vila da Serra, ZIP Code 34006-065, e-mail: (the "<u>Grantee</u>" or "<u>Alpha</u>", indistinctly).

**<u>POWERS</u>**: By this instrument, the Grantor appoints the Grantee as its attorney-in-fact, in the "in its own name" modality, irrevocably and irreversibly, in accordance with the terms set forth in the Call Option Agreement for Mineral Rights and Other Covenants entered into on this date between, on the one hand, the Grantor, Terra Goyana Mineradora Ltda., Bautek Minerais Industriais Ltda. and Edem Empresa de Desenvolvimento em Mineração e Participações Ltda., and, on the other hand, the Grantee (the "<u>Option</u>"), in accordance with the rules of articles 683, 684, 685 and 686 of the Civil Code, with powers to perform any and all acts necessary to formalize the call option for the Mineral Rights, as described and characterized in <u>Annex I</u>. to the Option, and may also (i.) sign individually, in the name and on behalf of the Grantor, any assignment instrument of all the Mineral Rights to the Grantee, including the Assignment Agreement for Mineral Rights and Other Covenants that form part of the Option as its <u>Annex 3.2.(i.)</u> and the Mineral Rights Assignment Instrument that forms part of the Option as its <u>Annexes 3.2.1.(i.)</u>; and (ii.) perform any and all acts necessary for the endorsement and/or registration of the Assignment Agreement for Mineral Rights and Other Covenants or the Mineral Rights Assignment Instrument referred to in (i.) before the National Mining Agency ("<u>ANM</u>"), notary offices or any other public or private body, being able to proceed in the name and instead of the Grantor to the adoption of any and all actions necessary for the registration of the assignment of the Mineral Rights described and

------

characterized in <u>Annex I</u>. to the Option. (iii.) The Grantee also has, under this Power of Attorney, the power to perform any acts necessary for the faithful and regular performance of this instrument.

**<u>OTHER CHARACTERISTICS OF THE POWER OF ATTORNEY</u>**: (1.) This power of attorney is irrevocable and irreversible, remaining in effect throughout the term of the Option, in accordance with articles 683, 684, 685, and 686, head provision and Sole paragraph. This Power of Attorney was granted "in its own name" to the Grantee as a condition for the execution of the Call Option. (2.) Capitalized terms used in this instrument that have not been defined herein shall have the same meaning as such terms in the Option. (3.) The powers granted herein are in addition to the powers granted by the Grantor to the Grantee under the Option or any other documents and do not nullify or revoke such powers. (4.) The Grantor hereby agrees to ratify any act that the Grantee has performed within the scope of the powers granted by this Power of Attorney, when and if requested by the Grantee. (5.) This power of attorney shall be governed by and construed in accordance with the laws of the Federative Republic of Brazil.

---

| | |
|:---|:---|
|  | São Paulo, [...]. |
| **SINTERTEC MINERAIS INDUSTRIAIS LTDA.** | **SINTERTEC MINERAIS INDUSTRIAIS LTDA.** |
| p. Reinaldo Tito Teixeira Noronha | p. Reinaldo Tito Teixeira Noronha |

---

\*\*\*

------

<u>Annex 4.2.1.</u>

to the Call Option Agreement for Mineral Rights and Other Covenants, dated as of February 20, 2024.

<u>Due Diligence Checklist</u>

a. Mining Titles ANM Administrative Proceedings Nos. 832.221/2021, 818.865/1971, and 806.199/1973 (hereinafter, the "<u>ANM Administrative Proceedings</u>");

b. Receipts of Payment of Financial Compensation for Mineral Exploration ("<u>CFEM</u>") for ANM Administrative Proceedings Nos. 832.149/2022, 832.150/2022, 830.914/2013, and 806.199/1973, paid to date;

c. Proof of Payment of the Annual Fee per Hectare ("<u>TAH</u>"), through 2023, for ANM Administrative Proceedings Nos. 832.221/2021, 818.865/1971, 830.914/2013, and 806.199/1973;

d. Debt Clearance Certificates before the ANM (listing any outstanding debts and those disputed in administrative proceedings that have not yet been registered) in the name of all Grantors;

e. Environmental Licenses and Authorizations related to mining and processing, such as, but not limited to: environmental applications, licenses, and authorizations for vegetation removal and/or use of Permanent Preservation Areas (APP); proof of Legal Reserve and/or commitment to the state environmental system; environmental studies, including: EIA/RIMA, PCA/RCA, Environmental Impact Report, Environmental Performance Report and Monitoring List, Project Characterization Form, indication of areas to be used as environmental compensation, proof of payment or environmental compensation agreement, and commitment terms signed for licenses or permits granted;

f. Copy of agreements and authorizations signed by the Grantors, Terra Goyana, and Sintertec, with the respective Surface Owners;

g. Certificate of all surface properties located within the ANM Administrative Process polygon, as well as neighboring properties used for disposal areas or other purposes; INCRA registration of the surface properties, with the exception of the property certificate under Registration No. 64.365, from the Unified Property Registry Service of Poços de Caldas, MG;

h. A full copy of administrative proceedings discussing any CFEM or TAH debts or a Clearance Certificate on behalf of the Grantors;

i. A full copy of administrative proceedings pending before the Environmental and Water Resources Institute (INEMA) discussing any outstanding fees and/or fines resulting from notices for violations of environmental law or a clearance certificate;

j. Documentation related to the exploration of Mineral Rights subject to ANM Administrative Proceedings No. 832.149/2022, 832.150/2022, 832.221/2021, 830.914/2013, and 806.199/1973 to date; and

k. A copy of any Conduct Adjustment Instruments (TAC) entered into by the Grantors.

------

<u>Annex 6.7.1</u>.

to the Call Option Agreement for Mineral Rights and Other Covenants, dated as of February 20, 2024.

<u>Description of Clay characteristics</u>.

1. Introduction.

Refractory clay is a type of clay with high heat resistance and is used in the manufacture of refractory materials such as bricks, blocks, and linings for ovens, furnaces, and other high-temperature equipment.

The impurities Fe2O3 (iron oxide) and K2O (potassium oxide) are common in the composition of refractory clay. Fe2O3 can affect the color of the final material and its resistance to thermal shock, while K2O can influence the physical properties of the clay, such as its fusibility. Al2O3 contents are fundamental to the refractory properties of the clay. In general, the higher the Al2O3 content, the greater the heat resistance of the material. Al2O3 contents of 50%, 60%, and 70% indicate different degrees of heat resistance and physical characteristics of the refractory clay, with higher contents typically providing greater resistance to high temperatures.

2. Definition of Minimum Contents.

For the clays present on the Poços de Caldas plateau, we can then consider the following contents as cut-off contents for refractory clays with different alumina contents:

*Table 2-1: Minimum Contents*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **DRY BASE SPECIFICATION** | **DRY BASE SPECIFICATION** | **DRY BASE SPECIFICATION** | **DRY BASE SPECIFICATION** | **DRY BASE SPECIFICATION** | **CALCINATED BASE SPECIFICATION** | **CALCINATED BASE SPECIFICATION** | **CALCINATED BASE SPECIFICATION** |
|  | **Al2O3** | **Fe2O3** | **K2O + Na2O** | **LOI** | **Al2O3** | **Al2O3** | **Fe2O3** | **K2O + Na2O** |
| **Product** | **MIN.** | **MAX.** | **MAX.** | **MIN.** | **MIN.** | **MIN.** | **MAX.** | **MAX.** |
| **CLAY 50** | 40% | 3.50% | 2.50% | 15% | 47% | 47% | 4% | 3% |
| **CLAY 60** | 45% | 3.50% | 2.50% | 18% | 55% | 55% | 4% | 3% |
| **CLAY 70** | 50% | 3.50% | 2.50% | 21% | 63% | 63% | 4% | 3% |

---

Analyses should be considered using the total oxide X-ray fluorescence assay.

\*\*\*

------

<u>Annex 6.7.4</u>.

to the Call Option Agreement for Mineral Rights and Other Covenants, dated as of February 20, 2024.

<u>Current Clay exploration map</u>.

![img122974289_6.jpg](img122974289_6.jpg)

------

## Exhibit 10.16

**Exhibit 10.16.2**

**FIRST AMENDMENT TO THE CALL OPTION AGREEMENT FOR MINERAL RIGHTS AND OTHER COVENANTS**

By this private instrument, and in accordance with the Law, the Parties designated and described below, namely,

on one hand,

**TERRA GOYANA MINERADORA LTDA**., limited liability company with head office in the City of Goiânia, State of Goiás, at Rua João de Abreu, No. 192, 14<sup>th</sup> Floor, Sala 144-A e 145-A, Setor Oeste, ZIP Code 74120-110, enrolled with CNPJ under No. 01.445.576/0001-25, e-mail: , herein represented in compliance with its Articles of Association by its Directors, Messrs. <u>Luiz Antônio Vessani</u>, Brazilian citizen, divorced, geologist, holder of the Identity Card (RG) No. , enrolled with CPF under No. , resident and domiciled at , e-mail: , and <u>Marcos de Alencastro Curado</u>, Brazilian citizen, married, businessman, holder of Identity Card (RG) No. , enrolled with CPF under No. , resident and domiciled at Rua T-5, No. 441, apt. 12, Jardim Goiás District, Goiânia, Goiás, ZIP Code 74.230-042, e-mail: , hereinafter referred to simply as "<u>Terra Goyana</u>";

**BAUTEK MINERAIS INDUSTRIAIS LTDA**., limited liability company with head office in the City of Caldas, State of Minas Gerais, at Rodovia BR-459, Km 8, Laranjeiras de Caldas, ZIP Code 37780-000, enrolled with CNPJ under No. 21.229.511/0001-50, e-mail: , herein represented in compliance with its Articles of Association by its Director, Mr. <u>Reinaldo Tito Teixeira Noronha</u>, Brazilian citizen, married, businessman, holder of Identity Card (RG) No. , enrolled with CPF under No. , resident and domiciled at , e-mail: , hereinafter referred to simply as or "<u>Bautek</u>";

**EDEM EMPRESA DE DESENVOLVIMENTO EM MINERAÇÃO E PARTICIPAÇÕES LTDA**., limited liability company with head office in the City of Goiânia, State of Goiás, at Rua Serra Dourada, No. 1213, Quadra 95, Lotes 121 e 123, Santa Genoveva District, ZIP Code 74672-680, enrolled with CNPJ under No. 00.508.829/0001-08, e-mail: , herein represented in compliance with its Articles of Association by its Director, Mr. <u>Luiz Antonio Vessani</u>, described above, hereinafter referred to simply as "<u>Edem</u>"; and

**SINTERTEC MINERAIS INDUSTRIAIS LTDA**., limited liability company with head office in the City of Poços de Caldas, State of Minas Gerais, at Avenida Santo Antônio, No. 200, Sala 806, Jardim Cascatinha, ZIP Code 37701-036, enrolled with CNPJ under No. 08.227.476/0001-71, e-mail: , herein represented in compliance with its Articles of Association by its Director, Mr. <u>Reinaldo Tito Teixeira Noronha</u>, described above, hereinafter referred to simply as "<u>Sintertec</u>" and, together with Terra Goyana, Bautek and Edem, the "<u>Grantors</u>";

and, on the other hand,

**ALPHA MINERAIS BRAZIL PARTICIPAÇÕES LTDA**., limited liability company with head office in the Capital of the State of Minas Gerais, at Rua Turim, No. 59, 3<sup>rd</sup> floor, Santa Lúcia, ZIP Code 30360-552, enrolled with CNPJ under No. 43.093.229/0001-20, e-mail: , herein represented in compliance with its Articles of Association by its

------

Directors, Messrs. <u>João Paulo Agapito da Veiga</u>, Brazilian citizen, single, businessman, holder of Identity Card (RG) No. , issued by DETRAN-RJ, enrolled with CPF under No. , resident and domiciled in , e-mail: , and <u>Renato Aureo de Paula Gonzaga</u>, Brazilian citizen, married, economist, holder of Identity Card (RG) No. , resident and domiciled in the Capital of the State of Minas Gerais, e-mail: , both of them with business address in the Capital of the State of Minas Gerais, at Rua Turim, No. 59, 3<sup>rd</sup> floor, Santa Lúcia, ZIP Code 30360-552, hereinafter referred to as "<u>Grantee</u>", and together with the Grantor, the "<u>Parties</u>", indistinctly).

and as Consenting Intervening Parties,

**RARE EARTHS AMERICAS PTY LTD.**, a company duly organized and existing under the laws of Australia, registered under ACN number 664.370.254 and under ABN number 84.664.370.254, with head office at Suite 53 , Level 2, 15-15, Labouchere Road, South Perth, WA, 6151, Australia, enrolled with CNPJ under No. 42.031.082/0001-81, e-mail: , herein represented in compliance with its Bylaws by its Directors, Messrs. <u>Dominic Paul Allen</u>, British citizen, businessman, holder of Passport No. , resident and domiciled at , e-mail: , and <u>Bernardo Sanchez Agapito da Veiga</u>, Brazilian citizen, single, businessman, holder of Identity Card (RG) No. , enrolled with CPF under No. , resident and domiciled at , e-mail: , hereinafter referred to as "<u>REA</u>";

**SANTÍSSIMA TRINDADE PARTICIPAÇÕES LTDA.**, limited liability company with head office in the City of Goiânia, State of Goiás, at Rua João de Abreu, No. 192, 14<sup>th</sup> Floor, sala 146-A, Setor Oeste, ZIP Code 74120-110, enrolled with CNPJ under No. 07.576.372/0001-00, e-mail: , herein represented in compliance with its Articles of Association by its Director, Mr. <u>Marcos de Alencastro Curado</u>, described above, hereinafter referred to simply as "<u>Santíssima Trindade</u>";

**SUPERGRAN MINERAÇÃO LTDA.**, limited liability company with head office in the City of Barro Alto, State of Goiás, at Estrada Pedra de Fogo, km 15, Pátio 5, Zona Rural, ZIP Code 76390-000, enrolled with CNPJ under No. 09.355.939/0001-43, e-mail: , herein represented in compliance with its Articles of Association by its Directors, Mr. <u>Marcos de Alencastro Curado Filho</u>, Brazilian citizen, married under full separation of property regime, businessman, holder of Identity Card (RG) No. , enrolled with CPF under No. , resident and domiciled at ; and <u>Luiz Antônio Vessani</u>, described above, hereinafter referred to simply as "<u>Supergran</u>";

**NORTEK PARTICIPAÇÕES LTDA.**, limited liability company with head office in the City of Belo Horizonte, State of Minas Gerais, at Rua Genoveva de Souza, No. 871, sala E, Sagrada Família District, ZIP Code 31030-220, enrolled with CNPJ under No. 11.249.439/0001-79, e-mail: , herein represented in compliance with its Articles of Association by its Director, Mr. <u>Reinaldo Tito Teixeira Noronha</u>, described above, hereinafter referred to simply as "<u>Nortek</u>";

**SINTERTEC HOLDING, LTD.**, a company regularly organized and existing under the Laws of the British Virgin Islands, with head office in the City of Road Town, Craigmuir Chambers, Tortola, British Virgin Islands, P.O. Box 71, enrolled with CNPJ under No. 13.872.642/0001-22, e-mail: , herein represented by its legal representative, Mr. <u>Reinaldo Tito Teixeira Noronha</u>, described above, hereinafter referred to simply as "<u>Sinertec Holding</u>";

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**LEANDRO ROCHA SCISLEWSKI**, Brazilian citizen, married under partial community of property regime, geologist, holder of Identity Card No. , enrolled with CPF under No. , resident and domiciled at , e-mail: , hereinafter referred to simply as "<u>Leandro</u>";

**JOSÉ LINCOLN GAMBIER COSTA**, Brazilian citizen, married under community property regime, geologist, holder of Identity Card (RG) No. , enrolled with CPF under No. , resident and domiciled at , e-mail: , hereinafter referred to simply as "<u>José Lincoln</u>";

**GUSTAVO ALVES GUERRA**, Brazilian citizen, single, geologist, holder of Identity Card No. , enrolled with CPF under No. , resident and domiciled at , e-mail: , hereinafter referred to simply as "<u>Gustavo</u>";

**LUIZ ANTONIO VESSANI**, described above, hereinafter referred to simply as "<u>Luiz Antonio</u>" and, together with REA, Santíssima Trindade, Supergran, Nortek, Sintertec Holding, Leandro, José Lincoln and Gustavo, the "<u>Consenting Intervening Parties</u>";

whereas the Parties entered into, on 02.20.2024, the so-called Call Option Agreement for the Mineral Rights and Other Covenants (hereinafter, the "<u>Agreement</u>"), the purpose of which is the exclusive granting, by the Grantors to the Grantee, of a call option of all of the mineral rights represented by (i.) exploration authorizations subject to the administrative proceedings registered with the National Mining Agency (the "<u>ANM</u>") under Nos. 832.149/2022 and 832.150/2022, with areas of 12.10ha and 61.12ha, respectively, for ilmenite ore, located in the Cities of Poços de Caldas (MG) and Águas da Prata (SP); (ii.) development concession subject to administrative proceeding registered with the ANM under No. 818.865/1971, with an area of 411.10, for the ores bauxite, aluminum and refractory clay, located in the City of Poços de Caldas (MG); (iii.) mining concession subject to administrative proceeding registered with the ANM under No. 830.914/2013, with an area of 120ha, for the ores bauxite, aluminum and refractory clay, located in the City of Caldas (MG); (iv.) exploration authorization and development application subject to administrative proceeding registered with the ANM under No. 806.199/1973, with an area of 40.42ha, for bauxite ore, located in the City of Poços de Caldas (MG), all of which are described and characterized in <u>Annex I</u>. to the Agreement (hereinafter, the "<u>Rights</u>"); and by (v.) the exploration application subject to the process registered with the ANM under No. 832.221/2021, with an area of 115.63ha, for the refractory clay ore, located in the Cities of Andradas (MG) and Caldas (MG), duly described and characterized in <u>Annex II</u>. of the Agreement (hereinafter, the "<u>Exploration Application</u>" and, together with the Rights, the "<u>Mineral Rights</u>" and the "<u>Call Option</u>", respectively);

whereas the Parties intend to renegotiate the value of the Exercise Price and its payment method, as well as to extend the term of the Agreement and to declare that the "Due Diligence" provided for in Clause 4. has been completed, adopting the new parameters established below in this private instrument;

they resolve, by mutual agreement, to enter into this First Amendment to the Call Option Agreement for Mineral Rights and Other Covenants (hereinafter, the "<u>First Amendment</u>"), amending certain conditions and provisions of the Agreement, as set forth below.

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**CLAUSE I**.

**EXERCISE PRICE AND PAYMENT METHOD**.

1.1. <u>Change to the Exercise Price</u>. The Parties irrevocably and irreversibly resolve to change the total Exercise Price previously established in item 2.1 of the agreement, to be paid by the Grantee to the Grantors in consideration for the acquisition of all Mineral Rights. This amount will be reduced by the amount in BRL (Reais) equivalent to five million, three hundred thousand US dollars (US$5,300,000.00), calculated based on the US$(US dollar) purchase rate, as announced by the Central Bank of Brazil on the business day immediately prior to the respective payment date, to five million, one hundred sixty thousand US dollars (US$5,160,000.00).

1.2. <u>Change in the Payment Method of the Exercise Price</u>. The Parties also irrevocably and irreversibly resolve to change the payment method of the Exercise Price previously established in the same item 2.1. of the Agreement, which will be carried out predominantly through the delivery to the Grantors of shares issued by the Consenting Intervening Party REA, an Australian company that holds all of the Grantee's capital stock, to be issued within the scope of a liquidity event that makes their public trading possible, on the Australian Securities Exchange or another that may replace it, in compliance with the regulations provided for in the applicable law and in the manner defined below in the new wording of item 2.1.1. of the Agreement, and, subsequently, transferred to the Grantors, by replacing the payment in current currency previously provided for in items 2.1.(a.) and 2.1.(b.) of the Agreement, through the adoption of a legal form that will be timely defined between the Parties.

1.3. Due to the new parameters and conditions referred to in 1.1. and 1.2. regarding the value of the Exercise Price and its payment method, which were established by mutual agreement between the Parties, item 2.1. of the Agreement shall, as of this date, come into force with the following new wording, with the Parties expressly agreeing to the revocation of the former item 2.1.4. of the Agreement, as well as to the renumbering of items 2.1.1. *et seq*:

*"2.1. <u>Exercise Price</u>. The total, clear and legal price to be paid by the Grantee to the Grantors in consideration for the purchase of the Mineral Rights, in the event of exercise of the Call Option governed by this Agreement, will be equivalent to five million, one hundred and sixty thousand United States dollars (US$5,160,000.00) (the "<u>Exercise Price</u>"), to be paid upon transfer to the Grantors of as many REA Shares, as defined in 2.1.1. below, as necessary to obtain this value, always rounded up to a higher whole number, if applicable, valued at the closing price of the REA Shares on the date of the Liquidity Event, as defined in 2.1.1. below. This transfer must occur within a maximum period of thirty (30) days after sending the Exercise Notice, in accordance with the procedure set forth in 3.1. below. The payment of the Exercise Price will be made by the Grantee to the Grantors in proportion to the total number of hectares of Mineral Rights owned by each Grantor, determined based on the data indicated in <u>Annexes I. and II</u>. to the Agreement.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2.1.1. <u>REA Shares</u>. For the purposes of payment of the Exercise Price provided for in 2.1. above and other rules of the Agreement, "<u>REA Shares</u>" shall be considered to be shares issued by REA or its successor or controlling* 

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*company that are subject to public trading on the Australian Securities Exchange or any other exchange that may replace it (the "<u>ASX</u>"), such trading being the result of any of the following types of liquidity events: (i.) an initial public offering for public trading on the ASX of REA shares, its successor or controlling company (an IPO); (ii.) the merger of the REA into a company whose shares are admitted to trading on the ASX, or the merger by the REA of a public company whose shares are admitted to trading on the ASX; or (iii.) the sale or transfer of controlling interest in the REA to a public company whose shares are admitted to trading on the ASX (hereinafter, a "<u>Liquidity Event</u>").*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2.1.2. <u>Other provisions applicable to the payment of the Exercise Price upon the transfer of REA Shares</u> . Without prejudice to the provisions of items 2.1 and 2.1.1. Above, the Parties hereby agree that:*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2.1.2.1. <u>Cooperation</u>: the Grantee will use its best efforts to assist the Grantors, to the extent possible, including by recommending service providers, in adopting the procedures required by the ASX, brokerages, or other intermediaries to facilitate the effective receipt of the REA Shares, as set forth in 2.1. above;*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2.1.2.2. <u>Lock-Up</u>: Grantors are aware that Australian law and ASX regulations have specific rules regarding time restrictions on the sale of shares subject to public trading in that country. Therefore, the REA Shares transferred to Grantee may be subject to "lock-up" periods defined by Australian regulatory authorities;*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2.1.2.3. <u>Structure</u>: the Parties shall, by mutual agreement, define the legal-contractual structure to be adopted for the transfer of the REA Shares to the Grantors, taking into account, among others, the tax costs involved, the risks eventually borne, Brazilian law regarding investments abroad and any applicable Australian regulations;*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2.1.2.4. <u>Alternative payment</u>: if, by the end of the Term or the Additional Term, as defined in 5.1. and 5.1.1. below, a Liquidity Event related to the REA Shares does not materialize, as defined in 2.1.1. above, the Grantee may still, at its sole discretion, exercise the Call Option, as provided for in 3.1., upon payment of the Exercise Price in the amount and within the period provided for in 2.1. above, in BRL (Reais), calculated based on the US$(United States dollar) exchange rate for purchase, published by the Central Bank of Brazil on the business day immediately prior to the date of the respective payment, via TED or PIX to the bank accounts held by the Grantors indicated in <u>Annex 1.2</u>. to the Agreement. The payment of the Exercise Price according to this alternative form will also be made by the Grantee to the Grantors in proportion to the total number of hectares of Mineral Rights owned by each Grantor, determined based on the data indicated in <u>Annexes I. and II</u>. to the Agreement.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2.1.3. <u>Adjustment and interest</u>. No monetary adjustment or interest shall be applied to the Exercise Price timely paid during the term of this Agreement.*

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2.1.4. <u>Release and Default</u>. For all legal purposes and effects, the effective transfer, as provided for in Australian law, of REA Shares to the Grantors, or, as the case may be, the presentation of bank receipt confirming the transfer referred to in 2.1.2.4 to the bank accounts held by the Grantors as specified in <u>Annex 1.2</u>. to the Agreement, will imply the granting, by the Grantors to the Grantee, of the fullest, general, irrevocable, and irreversible release regarding the receipt of the Exercise Price, and no further claims or disputes on this matter may be made at any time, in or out of court. In the event of late payment of the Exercise Price, the balance due will be determined on the respective maturity date and, from said date onward, will be subject to (i) a late payment penalty of two percent (2%) of the outstanding balance; and (ii.) interest of half a percent (1%) per month from the due date set forth in 2.1. above, without prejudice to the possibility of adopting applicable legal measures by the Grantors.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2.1.5. <u>Partial Exercise. Exploration Application</u>. In the event that, on the Exercise Date, as defined in 3.1. below, the Grantee has not yet received the Research Authorization Grant Notice, (i.) the Call Option may be partially exercised, with the exclusion of the Exploration Application (the "<u>Partial Exercise</u>") and acquisition of only the Rights, with the subsequent (ii.) reduction of the Exercise Price to four million, three hundred and seventy-five thousand, three hundred and fifteen US dollars and eighteen cents (US$4,375,315.18), to be paid in the same conditions and proportions established in 2.1 above, being the reduction of seven hundred and eighty-four thousand, six hundred and eighty-four US dollars and eighty-two cents (US$784,684.82), equivalent to fifteen point twenty-one percent (15.21%) of the Exercise Price and of the total hectares of the Mineral Rights (the "<u>Partial Exercise Price</u>"); in the event of Partial Exercise of the Call Option, (iii) the Grantee will retain the right to Purchase the Exploration Application for an additional twelve (12) months, counted from the date of the Exercise Notice defined in 3.1. below (the "<u>Residual Option</u>"), for the exercise price of seven hundred and eighty-four thousand, six hundred and eighty-four US dollars and eighty-two cents (US$784,684.82) (the "<u>Residual Exercise Price</u>"), with the rules set forth in 2.1., 2.1.1. to 2.1.4. et seq., 3.1. et seq., and 5.1.2. of this Agreement applying to this residual Call Option, with the necessary adaptations.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2.1.6. <u>Reduction of the Exercise Price</u>. In the event that the area of the Exploration Application is reduced due to overlap with third-party ownership rights or for any other reason, the Exercise Price or Partial Exercise Price, as applicable, shall also be reduced in proportion to the total number of hectares of the Mineral Rights. Such reduction shall be calculated using the following formula: [Hectares excluded from the area of the Exploration Application (/) Total hectares of Mineral Rights, as indicated in <u>Annexes I. and II</u>.] (x) Exercise Price. The reduction of the Exercise Price applies without distinction to the cases of payment in REA Shares or in currency, as provided for in 2.1.1. and 2.1.4., respectively*".

1.4. <u>Exercise of the Call Option</u>. As a consequence of the new rules established in item 2.1. of the Agreement regarding the payment method of the Exercise Price of the Call

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Option, the Parties, by mutual agreement, resolve to amend item 3.1. of the Agreement, which shall come into force with the following new wording:

*"3.1. <u>Exercise of the Call Option</u>. The Call Option may be exercised at any time during the term of this Agreement, as set forth in 5.1. below. The Grantee must express its intention to exercise the Call Option by sending written notice to the Grantors, in accordance with item 7.9. below (the "<u>Exercise Notice</u>"), in which it must inform the intention to acquire all of the Mineral Rights or to Partially Exercise them, provided that it is authorized, in accordance with item 2.1.5. above. The Exercise Price must be paid under the strict terms and deadline set forth in items 2.1 et seq. above, within a maximum period of thirty (30) days after the Exercise Notice is sent. The date of delivery of the REA Shares to the Grantors or payment in lawful currency, as applicable, provided it is preceded by the Exercise Notice, will be considered the Call Option exercise date (the "<u>Exercise Date</u>") for all purposes of this Agreement and any legal transactions resulting from the exercise of the Call Option. If the Grantee does not exercise the Call Option within the term of the Agreement, the transaction will terminate at no cost to the Parties, and the Grantors will not be obligated to return the Premium. Furthermore, the data and information obtained and produced by the Grantee in the Mineral Exploration must be sent to the Grantors within ten (10) business days.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*3.1.1. <u>Proof of receipt</u>. Proof of receipt of the Call Option Exercise Notice by the Grantors is not a necessary condition for formalizing its exercise. Grantee may formalize the legal transactions resulting from such Call Option at any time, during the Term of this Agreement, in accordance with the items 5.1., 5.1.1. and 5.1.2. below, provided that after fulfilling the conditions set forth in 3.1. above, subject to the requirements and conditions established in this Agreement.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*3.1.2. <u>Residual Option</u>. The rules set forth in items 3.1. and 3.1.1., and 3.2. et seq., apply to the exercise of the Residual Option set forth in 2.1.5. above, with the necessary adaptations".*

1.5. <u>Fiduciary Sale; Revocation</u>. Finally, also as a consequence of the change in the payment method of the Exercise Price of the Call Option, which, due to the new wording of item 2.1. of the Agreement, will be paid in a single installment, the Parties agree, irrevocably and irreversibly, to the revocation of the obligation to establish a fiduciary sale as collateral that would originally be granted by the Grantee to the Grantors for the payment of an installment of the Exercise Price, with the consequent change in the wording of item 3.2. of the Agreement, which shall, as of this date, be in force with the following new wording:

*"3.2. <u>Obligation to assign Mineral Rights</u>. Once the Call Option has been exercised and provided that the conditions set forth in 3.1. above are met, in particular the payment of the Exercise Price, the Grantors will be irrevocably obligated to carry out the sale and consequent transfer of ownership of the Mineral Rights to the Grantee, in accordance with the draft Mineral Rights Assignment Agreement and Other Covenants that is included herein as <u>Annex 3.2.(i.)</u> and, likewise, the Grantee will be irrevocably obligated to acquire the Mineral Rights, in accordance with the terms indicated in its Exercise Notice. In the event of Partial Exercise or the exercise of the Residual Option, the Parties* 

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*must also adopt the draft in <u>Annex 3.2.(i.)</u>, implementing the appropriate adaptations.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*3.2.1. <u>Formalization of transfer of Mineral Rights</u>. Within a maximum period of ten (10) business days from the Exercise Date, the Grantors and the Grantee shall promote the signature of the private instrument of the Mineral Rights Assignment Agreement and Other Covenants, the draft of which is included herein as <u>Annex 3.2.(i)</u>, as well as the Instruments of Assignment of Mineral Rights that are included herein as <u>Annexes 3.2.1.(i.) to 3.2.1.(iv.)</u>, and, within a maximum period of fifteen (15) days from such signature, shall promote the endorsement and registration of one of them with the ANM, notary offices or any other applicable body, at the expense of the Grantee, and the Grantors undertake to present, within a maximum period of five (5) business days, any and all documents that are reasonably required by the Grantee, or by the person responsible for the endorsement and/or registration, as applicable. In the event of Partial Exercise or the exercise of the Residual Option, the Parties must adopt the draft in <u>Annex 3.2.1.(ii.)</u>, implementing the appropriate adaptations.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*3.2.2. <u>Power of Attorney</u>. In the event that it is not possible for the Grantors to comply with the term provided for in 3.2.1. above, and in order to enable the implementation of the Call Option and the formalization of the transfer of the Mineral Rights to the Grantee, the Grantors hereby grant to the Grantee an irrevocable power of attorney in their own name, the drafts of which form part of this instrument in its <u>Annex 3.2.2.</u>, so that the latter may adopt, on behalf of the Grantors, any and all actions necessary to formalize the transfer of the Mineral Rights to its ownership, including the execution of the private instrument of the Mineral Rights Assignment Agreement and Other Covenants, which forms part of this instrument as its <u>Annex 3.2.(i.)</u>, of the respective Instruments of Assignment of Mineral Rights, which form part of this instrument as its <u>Annexes 3.2.1.(i.) to 3.2.1.(iv.)</u> and of public or private instruments, if applicable, including the transfer forms before the ANM. The powers of attorney provided for in this item may also be used to exercise the Residual Option".*

1.6. <u>Assignment Agreement; Adaptations</u>. In the event that the Grantee exercises the Call Option, as provided for in item 3.1. of the Agreement, the draft of the private instrument of the Assignment Agreement for Mineral Rights and Other Covenants, which is included in the Agreement as <u>Annex 3.2.(i.)</u> and is intended to formalize the transfer of the Mineral Rights to the Grantee, under the strict terms set forth in item 3.2 of the Agreement, must be adapted to reflect, "*mutatis mutandis*", the terms and conditions established in the new wording of item 2.1 and its respective subitems of the Agreement, as amended by this First Amendment, as well as the revocation of the fiduciary sale guarantee provided for in item 1.5 above.

**CLAUSE II**.

**TERM**.

2.1. <u>Term. Additional Premium</u>. The Parties resolve to extend the term of the Agreement, from February 20, 2025 to June 30, 2026, such extension being subject to payment, by the Grantee to the Grantors, by June 30, 2025 or by the date of the Exercise Notice, whichever occurs first, of an additional premium in the amount in BRL (Reais)

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equivalent to one million US dollars (US$1,000,000.00), calculated based on the US$(US dollar) exchange rate for purchase, published by the Central Bank of Brazil on the business day immediately prior to the date of the respective payment (the "<u>Additional Premium</u>"). The Additional Premium will be paid by the Grantee to the Grantors, in Brazilian currency, proportional to the total number of hectares of Mineral Rights owned by each Grantor, determined based on the data indicated in <u>Annexes I. e II</u>. to the Agreement, by wire transfer to the current account of the Grantors indicated in <u>Annex 1.2.</u> to the Agreement.

2.2. <u>Term. Supplementary Premium</u>. If, by June 30, 2026, a Liquidity Event does not materialize, as defined in the new wording of item 2.1.1 of the Agreement, the term established in item 2.1. may be extended for up to two (2) additional periods of 135 days each, upon payment, for each extension, of a supplementary premium in the amount of BRL (Reais) equivalent to three hundred thousand US dollars (US$300,000.00), calculated based on the US$(United States dollar) exchange rate for purchase, published by the Central Bank of Brazil on the business day immediately prior to the date of the respective payment (the "<u>Supplementary Premium</u>"). The Supplementary Premium will be paid by the Grantee to the Grantors, in Brazilian currency, proportional to the total number of hectares of Mineral Rights owned by each Grantor, determined based on the data indicated in <u>Annexes I. e II</u>. to the Agreement, by wire transfer to the current account of the Grantors indicated in <u>Annex 1.2.</u> to the Agreement.

2.3. As a consequence of the new rules established in items 2.1. and 2.2. above, the Parties, by mutual agreement, resolve to amend item 5.1. of the Agreement, which shall come into force with the following new wording:

*"5.1. <u>Term</u>. The provisions of this Agreement shall be valid and effective from the date of its execution until June 30, 2026, extendable as set forth in 4.3. and 4.3.1. above (the "<u>Term</u>"). If, however, by June 30, 2025, or by the date of the Exercise Notice provided for in 3.1. above, whichever occurs first, the Grantee does not make payment to the Grantors of an additional premium in the amount in BRL (Reais) equivalent to one million US dollars (US$1,000,000.00), calculated based on the US$(US dollar) exchange rate for purchase, as published by the Central Bank of Brazil on the business day immediately prior to the date of the respective payment (the "<u>Additional Premium</u>"), the Term established herein shall be considered, for all legal purposes, to have ended on February 20, 2025. The Additional Premium provided for in this item shall be paid by the Grantee to the Grantors, in Brazilian currency, proportional to the total number of hectares of Mineral Rights owned by each Grantor, determined based on the data indicated in <u>Annexes I. and II</u>. to the Agreement, by making a TED or PIX transfer to the bank accounts held by the Grantors indicated in <u>Annex 1.2</u>. to the Agreement. Before the end of the term provided for in this item, neither Party is permitted to terminate or unilaterally terminate the provisions of this Agreement, except in the cases expressly provided for herein.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*5.1.1. <u>Supplementary Term</u>. If, by the end of the Term established in 5.1. above, a Liquidity Event related to the REA Shares has not yet materialized, as defined in item 2.1.1. above, the Grantee will have the irrevocable and irreversible right to extend the Term of Validity for up to two (2) additional periods of one hundred and thirty-five (135) days each, upon prior payment, for each extension, of a supplementary premium in the lawful* 

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*currency, in the amount of BRL (Reais) equivalent to three hundred thousand US dollars (US$300,000.00), calculated based on the US$(United States dollar) exchange rate for purchase, published by the Central Bank of Brazil on the business day immediately prior to the date of the respective payment (the "<u>Supplementary Premium</u>"). The Supplementary Premium (or each Supplementary Premium, if applicable) shall be paid by the Grantee to the Grantors, in Brazilian currency, proportional to the total number of hectares of Mineral Rights owned by each Grantor, determined based on the data indicated in <u>Annexes I. and II</u>. to the Agreement, by making a TED or PIX transfer to the bank accounts held by the Grantors indicated in <u>Annex 1.2</u>. to the Agreement until the business day immediately prior to the end of the Term.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*5.1.2. <u>Residual Option</u>. Especially in the case provided for in 2.1.5. above, and provided that the Grantee partially exercises the Call Option, this Agreement will be extended for an additional twelve (12) months period, starting from the Exercise Notice date defined in 3.1. below, so that the Grantee has the right to exercise the Residual Option with respect to the Exploration Application, as outlined above".*

**CLAUSE III.**

**DUE DILIGENCE, RATIFICATION AND MISCELLANEOUS**.

3.1. The Parties declare that the Feasibility Study and Due Diligence provided for in "CLAUSE 4. DUE DILLIGENCE AND EXPLORATION RIGHT" were regularly and timely completed by the Grantee, finalized, and therefore resolve, deeming the obligations of the Grantors established in items 4.1 to 4.3 of the Agreement to be satisfied and fulfilled.

3.2. <u>Definitions</u>. All defined terms used in this First Amendment shall have the meaning assigned to them in the Agreement, unless otherwise specifically established in this First Amendment.

3.3. <u>Binding, Ratification and Entire Agreement</u>. This First Amendment shall become an integral part of the Agreement for all legal purposes and effects. All clauses, terms, and conditions set forth in the Agreement that have not been expressly amended by this First Amendment remain in force and are hereby ratified by the Parties. This First Amendment, together with the Agreement, creates the entire agreement among the Parties regarding the matters creating the Call Option, superseding all previously executed documents and understandings previously reached among the Parties.

3.4. <u>Irrevocability</u>. This First Amendment is signed on an irrevocable and irreversible basis, not allowing for withdrawal under any circumstances, and is binding on the Parties and their heirs and successors in any capacity.

3.5. <u>Amendments</u>. Amendments to this First Amendment will only be valid when executed in writing and signed by the legal representatives of all Parties.

3.6. <u>Assignment</u>. The rights and obligations arising from this First Amendment may not be assigned or transferred, in whole or in part, by either Party to third parties other

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than Authorized Assignees, as defined in item 1.4 of the Agreement, except with the prior or express consent of the other Party.

3.7. <u>Honesty and good faith</u>. The Parties mutually and expressly declare that this First Amendment was entered into in compliance with the principles of honesty and good faith, through a free, conscious, and firm expression of the will of the Parties, and in a perfectly equitable relationship.

3.8. <u>Notices</u>. All notifications, notices related to this first Amendment or the Agreement must be in writing and will be deemed received on the delivery date, if delivered in person, on the date of actual receipt, if sent by post, or on the date of dispatch, if sent by email. These notices, notifications, and communications will be sent to the addresses indicated in item 7.9 of the Agreement or in this preamble, or to any other address that may be communicated in writing by one Party to the other, by written communication.

3.9. <u>Specific Performance</u>. All commitments and obligations assumed in this First Amendment by the Parties and the Consenting Intervening Parties are subject to specific performance, according to the articles 497, 501 and 815 *et seq.* of the Civil Procedure Code, with this First Amendment serving as an instrument enforceable out of court, according to the article 784, III, of the Civil Procedure Code.

3.10. <u>Jurisdiction</u>. The Parties hereby elect the Judicial district of the Capital of the State of São Paulo to resolve any doubts, disputes, or controversies arising from this First Amendment, to the exclusion of any other, however privileged it may be or may become.

3.11. <u>Signatures</u>. The Parties agree that this First Amendment will be executed electronically by the Parties, but not through electronic certificates issued by the Brazilian Public Key Infrastructure - ICP-Brasil, as provided in article 10, §2 of Provisional Measure No. 2,220-2, and article 784, §4, of the Civil Procedure Code, stating that any form of electronic record will be sufficient for its truthfulness, authenticity, integrity, validity, and effectiveness, as well as for the respective binding of the Parties to its terms. The Parties also agree that the electronic signature of this First Amendment does not prevent or impair its enforceability, and shall be considered, for all legal purposes, an instrument enforceable out of court, as provided in 3.8. above. The Parties further acknowledge that (i.) even if either Party electronically signs this First Amendment in a different location, the place of execution of this First Amendment is, for all purposes, the City of São Paulo, State of São Paulo, as indicated below; and (ii.) the execution date of this First Amendment will be considered, for all intents and purposes, the date indicated below, notwithstanding the date on which the last electronic signature is executed.

In witness whereof, the Parties electronically execute this First Amendment to the Call Option Agreement for Mineral Rights and Other Covenants, through the platform D4Sign, www.d4sign.com.br.

São Paulo, April 1, 2025.

<u>Parties</u>:

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| | |
|:---|:---|
| &nbsp;&nbsp;/s/ Luiz Antônio Vessani | &nbsp;&nbsp;/s/ Marcos de Alencastro Curado |

---

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**TERRA GOYANA MINERADORA LTDA.**

p. Luiz Antônio Vessani and Marcos de Alencastro Curado

&nbsp;&nbsp;/s/ Reinaldo Tito Teixeira Noronha<br>

**BAUTEK MINERAIS INDUSTRIAIS LTDA.**

p. Reinaldo Tito Teixeira Noronha

&nbsp;&nbsp;/s/ Luiz Antônio Vessani<br>

**EDEM EMPRESA DE DESENVOLVIMENTO EM MINERAÇÃO E PARTICIPAÇÕES LTDA.**

p. Luiz Antônio Vessani

&nbsp;&nbsp;/s/ Reinaldo Tito Teixeira Noronha<br>

**SINTERTEC MINERAIS INDUSTRIAIS LTDA.**

p. Reinaldo Tito Teixeira Noronha

---

| | |
|:---|:---|
| &nbsp;&nbsp;/s/ João Paulo Agapito da Veiga | &nbsp;&nbsp;/s/ Renato Aureo de Paula Gonzaga |

---

**ALPHA MINERALS BRAZIL PARTICIPAÇÕES LTDA.**

p. João Paulo Agapito da Veiga and Renato Aureo de Paula Gonzaga

<u>Consenting Intervening Parties</u>:

---

| | |
|:---|:---|
| &nbsp;&nbsp;/s/ Bernardo Sanchez Agapito da Veiga | &nbsp;&nbsp;/s/ Dominic Paul Allen |

---

**RARE EARTHS AMERICAS PTY LTD.**

p. Bernardo Sanchez Agapito da Veiga and Dominic Paul Allen

&nbsp;&nbsp;/s/ Marcos de Alencastro Curado<br>

**SANTÍSSIMA TRINDADE PARTICIPAÇÕES LTDA.**

p. Marcos de Alencastro Curado

---

| | |
|:---|:---|
| &nbsp;&nbsp;/s/ Marcos de Alencastro Curado Filho | &nbsp;&nbsp;/s/ Luiz Antônio Vessani |

---

**SUPERGRAN MINERAÇÃO LTDA.**

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p. Marcos de Alencastro Curado Filho and Luiz Antônio Vessani

&nbsp;&nbsp;/s/ Reinaldo Tito Teixeira Noronha<br>

**NORTEK PARTICIPAÇÕES LTDA.**

p. Reinaldo Tito Teixeira Noronha

&nbsp;&nbsp;/s/ Reinaldo Tito Teixeira Noronha<br>

**SINTERTEC HOLDING, LTD.**

p. Reinaldo Tito Teixeira Noronha

&nbsp;&nbsp;/s/ Leandro Rocha Scislewski<br>

**LEANDRO ROCHA SCISLEWSKI**

&nbsp;&nbsp;/s/ José Lincoln Gambier Costa<br>

**JOSÉ LINCOLN GAMBIER COSTA**

&nbsp;&nbsp;/s/ Gustavo Alves Guerra<br>

**GUSTAVO ALVES GUERRA**

&nbsp;&nbsp;/s/ Luiz Antonio Vessani<br>

**LUIZ ANTONIO VESSANI**

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## Exhibit 10.16

**Exhibit 10.16.3**

**SECOND AMENDMENT TO THE CALL OPTION AGREEMENT FOR MINERAL RIGHTS AND OTHER COVENANTS**

By this private instrument, and in accordance with the Law, the Parties designated and described below, namely, on one hand,

**TERRA GOYANA MINERADORA LTDA**., limited liability company with head office in the City of Goiânia, State of Goiás, at Rua João de Abreu, No. 192, 14<sup>th</sup> Floor, salas 144-A e 145-A, Setor Oeste, ZIP Code 74120-110, enrolled with CNPJ under No. 01.445.576/0001-25, e-mail: , herein represented in compliance with its Articles of Association by its Directors, Messrs. <u>Luiz Antônio Vessani</u>, Brazilian citizen, divorced, geologist, holder of the Identity Card (RG) No. , enrolled with CPF under No. , resident and domiciled at , e-mail: , and <u>Marcos de Alencastro Curado</u>, Brazilian citizen, married, businessman, holder of Identity Card (RG) No. , enrolled with CPF under No. , resident and domiciled at , e-mail: , hereinafter referred to simply as "<u>Terra Goyana</u>";

**BAUTEK MINERAIS INDUSTRIAIS LTDA**., limited liability company with head office in the City of Caldas, State of Minas Gerais, at Rodovia BR-459, Km 8, Laranjeiras de Caldas, ZIP Code 37780-000, enrolled with CNPJ under No. 21.229.511/0001-50, e-mail: , herein represented in compliance with its Articles of Association by its Directors, Messrs. <u>Luiz Antônio Vessani</u>, described above, and <u>Marcos de Alencastro Curado Filho</u>, Brazilian citizen, married under full separation of property regime, businessman, holder of Identity Card (RG) No. , enrolled with CPF under No. , resident and domiciled at , e-mail: , hereinafter referred to simply as "<u>Bautek</u>";

**EDEM EMPRESA DE DESENVOLVIMENTO EM MINERAÇÃO E PARTICIPAÇÕES LTDA**., limited liability company with head office in the City of Goiânia, State of Goiás, at Rua Serra Dourada, No. 1213, Quadra 95, Lotes 121 e 123, Santa Genoveva District, ZIP Code 74672-680, enrolled with CNPJ under No. 00.508.829/0001-08, e-mail: , herein represented in compliance with its Articles of Association by its Director, Mr. <u>Luiz Antonio Vessani</u>, described above, hereinafter referred to simply as "<u>Edem</u>"; and

**SINTERTEC MINERAIS INDUSTRIAIS LTDA**., limited liability company with head office in the City of Poços de Caldas, State of Minas Gerais, at Avenida Santo Antônio, No. 200, Sala 806, Jardim Cascatinha, ZIP Code 37701-036, enrolled with CNPJ under No. 08.227.476/0001-71, e-mail: , herein represented in compliance with its Articles of Association by its Director, Mr. <u>Reinaldo Tito Teixeira Noronha</u>, Brazilian citizen, married, businessman, holder of Identity Card (RG) No. , enrolled with CPF under No. , resident and domiciled at , e-mail: , hereinafter referred to simply as "<u>Sintertec</u>" and, together with Terra Goyana, Bautek and Edem, the "<u>Original Grantors</u>"; and, on the other hand,

**ALPHA MINERALS BRAZIL PARTICIPAÇÕES LTDA**., limited liability company with head office in the Capital of the State of Minas Gerais, at Rua Turim, No. 59, 3<sup>rd</sup> floor, Santa Lúcia, ZIP Code 30360-552, enrolled with CNPJ under No. 43.093.229/0001-20, e-mail: , herein represented in compliance with its Articles of Association by its Directors, Messrs. <u>João Paulo Agapito da Veiga</u>, Brazilian citizen, single, businessman, holder of Identity Card (RG) No. , issued by DETRAN-RJ, enrolled with CPF under No. , resident and domiciled in , e-mail: , and <u>Renato Aureo de Paula Gonzaga</u>, Brazilian citizen, married, economist, holder of Identity Card (RG) No. , resident and domiciled in the Capital of the State of Minas Gerais,

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e-mail: , both of them with business address in the Capital of the State of Minas Gerais, at Rua Turim, No. 59, 3<sup>rd</sup> floor, Santa Lúcia, ZIP Code 30360-552, hereinafter referred to as "<u>Grantee</u>", and together with the Grantor, the "<u>Parties</u>", indistinctly; also appearing as the new Grantor and successor to the contractual position previously held by Terra Goyana and Bautek,

**GREEN MINING COMPANY LTDA**., limited liability company with head office in the Capital of the State of Goiás, at Rua João de Abreu, No. 192, quadra F-8, Lote 49-E, 14<sup>th</sup> floor, sala 143-B, Ed. Aton Business Style, Setor Oeste, CEP 74120-110, herein represented in compliance with its Articles of Association by its Directors, Messrs. <u>Luiz Antônio Vessani</u>, described above, and <u>Marcos de Alencastro Curado</u>, described above, hereinafter referred to as "<u>GMC</u>" and, together with Edem and Sintertec, the "<u>Grantors</u>"; and as Consenting Intervening Parties,

**RARE EARTHS AMERICAS PTY LTD**., a company duly organized and existing under the laws of Australia, registered under ACN number 664.370.254 and under ABN number 84.664.370.254, with head office at Suite 53 , Level 2, 15-15, Labouchere Road, South Perth, WA, 6151, Australia, enrolled with CNPJ under No. 42.031.082/0001-81, e-mail: , herein represented in compliance with its Bylaws by its Directors, Messrs. <u>Dominic Paul Allen</u>, British citizen, businessman, holder of Passport No. , resident and domiciled at , e-mail: , and <u>Bernardo Sanchez Agapito da Veiga</u>, Brazilian citizen, single, businessman, holder of Identity Card (RG) No. , enrolled with CPF under No. , resident and domiciled at , e-mail: , hereinafter referred to as "<u>REA</u>";

**SANTÍSSIMA TRINDADE PARTICIPAÇÕES LTDA**., limited liability company with head office in the City of Goiânia, State of Goiás, at Rua João de Abreu, No. 192, 14<sup>th</sup> floor, sala 146-A, Setor Oeste, ZIP Code 74120-110, enrolled with CNPJ under No. 07.576.372/0001-00, e-mail: , herein represented in compliance with its Articles of Association by its Director, Mr. <u>Marcos de Alencastro Curado</u>, described above, hereinafter referred to simply as "<u>Santíssima Trindade</u>";

**SUPERGRAN MINERAÇÃO LTDA**., limited liability company with head office in the City of Barro Alto, State of Goiás, at Estrada Pedra de Fogo, km 15, Pátio 5, Zona Rural, ZIP Code 76390-000, enrolled with CNPJ under No. 09.355.939/0001-43, e-mail: , herein represented in compliance with its Articles of Association by its Directors, Messrs. <u>Marcos de Alencastro Curado Filho</u>, described above; and <u>Luiz Antônio Vessani</u>, described above, hereinafter referred to simply as "<u>Supergran</u>";

**NORTEK PARTICIPAÇÕES LTDA.**, limited liability company with head office in the City of Belo Horizonte, State of Minas Gerais, at Rua Genoveva de Souza, No. 871, sala E, Sagrada Família District, ZIP Code 31030-220, enrolled with CNPJ under No. 11.249.439/0001-79, e-mail: , herein represented in compliance with its Articles of Association by its Director, Mr. <u>Reinaldo Tito Teixeira Noronha</u>, described above, hereinafter referred to simply as "<u>Nortek</u>";

**SINTERTEC HOLDING, LTD**., a company regularly organized and existing under the Laws of the British Virgin Islands, with head office in the City of Road Town, Craigmuir Chambers, Tortola, British Virgin Islands, P.O. Box 71, enrolled with CNPJ under No. 13.872.642/0001-22, e-mail: , herein represented by its legal representative, Mr. <u>Reinaldo Tito Teixeira Noronha</u>, described above, hereinafter referred to simply as "<u>Sinertec Holding</u>";

**LEANDRO ROCHA SCISLEWSKI**, Brazilian citizen, married under partial community of property regime, geologist, holder of Identity Card No. , enrolled with CPF under No. , resident and domiciled at , e-mail: , hereinafter referred to simply as "<u>Leandro</u>";

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**JOSÉ LINCOLN GAMBIER COSTA**, Brazilian citizen, married under community property regime, geologist, holder of Identity Card (RG) No. , enrolled with CPF under No. ], resident and domiciled at , e-mail: , hereinafter referred to simply as "<u>José Lincoln</u>";

**GUSTAVO ALVES GUERRA**, Brazilian citizen, single, geologist, holder of Identity Card No. , enrolled with CPF under No. ], resident and domiciled at , e-mail: , hereinafter referred to simply as "<u>Gustavo</u>";

**LUIZ ANTONIO VESSANI**, described above, hereinafter referred to simply as "<u>Luiz Antonio</u>";

**JOSÉ FLEURY CURADO FILHO**, Brazilian citizen, divorced, businessman, holder of Identity Card (RG) No. , enrolled with CPF under No. , resident and domiciled at , e-mail: , hereinafter referred to simply as "<u>José Fleury</u>";

**SAGRADA FAMÍLIA PARTICIPAÇÕES LTDA**., limited liability company with head office in the Capital of the State of Goiás, at Rua 3, No. 482, Qd-B.3, Lt-9-E, apt. 200, Condomínio Residencial Solar das Acácias, Setor Oeste, ZIP Code 74115-050, enrolled with CNPJ under No. 23.646.430/0001-80, e-mail: , herein represented in compliance with its Articles of Association by its Director <u>André Alencastro Curado</u>, Brazilian, married under partial community of property regime, businessman, holder of Identity Card (Rg) No. , enrolled with CPF under No. , resident and domiciled in the Capital of the State of Goiás, at , e-mail: , hereinafter referred to simply as "<u>Sagrada Família</u>";

**SAGRADO CORAÇÃO DE JESUS PARTICIPAÇÕES LTDA**., limited liability company with head office in the Capital of the State of Goiás, at Alameda dos Buritis, No. 196, apt. 1701, Residencial Bariani Ortêncio, Setor Central, ZIP Code 74015-080, enrolled with CNPJ under No. 23.556.237/0001-59, e-mail: , herein represented in compliance with its Articles of Association by its Director, Mr. <u>Marcos de Alencastro Curado</u>, described above, hereinafter referred to simply as "<u>Sagrado Coração</u>" and, together with REA, Santíssima Trindade, Supergran, Nortek, Sintertec Holding, Leandro, José Lincoln, Gustavo, Luiz Antonio, José Fleury and Sagrada Família, the "<u>Consenting Intervening Parties</u>";

whereas the Original Grantors and the Grantee entered into, on 02.20.2024, the so-called Call Option Agreement for the Mineral Rights and Other Covenants (hereinafter, the "<u>Agreement</u>"), the purpose of which is the exclusive granting, by the Original Grantors to the Grantee, of a call option of all of the mineral rights represented by (i.) exploration authorizations subject to the administrative proceedings registered with the National Mining Agency (the "<u>ANM</u>") under Nos. 832.149/2022 and 832.150/2022, with areas of 12.10ha and 61.12ha, respectively, for ilmenite ore, located in the Cities of Poços de Caldas (MG) and Águas da Prata (SP) owned by the Original Grantor Terra Goyana; (ii.) development concession subject to administrative proceeding registered with the ANM under No. 818.865/1971, with an area of 411.10, for the ores bauxite, aluminum and refractory clay, located in the City of Poços de Caldas (MG) owned by the Original Grantor Bautek; (iii.) mining concession subject to administrative proceeding registered with the ANM under No. 830.914/2013, with an area of 120ha, for the ores bauxite, aluminum and refractory clay, located in the City of Caldas (MG) owned by the Grantor Edem; (iv.) development application subject to administrative proceeding registered with the ANM under No. 806.199/1973, with an area of 40.42ha, for bauxite ore, located in the City of Poços de Caldas (MG) owned by the Grantor Sintertec, all of which are described and characterized in <u>Annex I</u>. to the Agreement (hereinafter, the "<u>Rights</u>"); and by (v.) the exploration application subject to the process registered with the ANM under No. 832.221/2021, with an area of 115.63ha, for the refractory clay ore, located in the Cities of Andradas (MG) and Caldas (MG)

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owned by the Grantor Bautek, duly described and characterized in <u>Annex II</u>. of the Agreement (hereinafter, the "<u>Exploration Application</u>" and, together with the Rights, the "<u>Mineral Rights</u>" and the "<u>Call Option</u>", respectively);

whereas, on 04.01.2025, the Original Grantors and the Grantee entered into the so-called First Amendment to the Agreement, through which they changed the value and payment method of the Exercise Price originally provided for in the Agreement, in addition to extending its term, with the establishment of the concepts of Additional Premium and Supplementary Premium, among other modifications (hereinafter, the "<u>First Amendment to the Agreement</u>");

whereas, on 07.03.2025, the Original Grantor Terra Goyana filed with the ANM the Assignment Instruments, whose Electronic SEI Protocol Receipts are included herein as <u>Annex I</u>., aiming to transfer the exploration authorizations that are the subject of the administrative proceedings registered with the ANM under Nos. 832.149/2022 and 832.150/2022 to GMC, a company that will assume the contractual position of "Grantor" previously held by the Original Grantee Terra Goyana in the Agreement and in the First Amendment to the Agreement, as well as that, on 07.08.2025, the Original Grantor Bautek filed with the ANM the Assignment Instruments, whose Electronic SEI Protocol Receipt is included herein as <u>Annex II</u>., aiming to transfer the mining concession that is the subject of the administrative proceedings registered with the ANM under No. 818.865/1971 to GMC, which, subject to the rights and obligations related to the Exploration Application, will also assume the position of "Grantor" previously held by the Original Grantee Bautek in the Agreement and in the First Amendment to the Agreement;

whereas the Parties intend to regulate the aforementioned assignments of contractual positions, as well as to extend the payment date of the Additional Premium provided for in item 2.1 of the First Amendment, as set forth below;

they resolve, by mutual agreement, to enter into this Second Amendment to the Call Option Agreement for Mineral Rights and Other Covenants (hereinafter, the "<u>Second Amendment</u>"), which shall be governed by in accordance with the following clauses and conditions.

**CLAUSE I**.

**ASSIGNMENT**.

1.1. <u>Assignment</u>. By virtue of this Second Amendment and with the express consent of the Grantee, Edem, and Sintertec, Terra Goyana and Bautek irrevocably and irreversibly resolve, for all legal purposes, to transfer the position of <u>GRANTOR</u> they assumed under the Agreement and the First Amendment to the Agreement to GMC, which will hold all rights and obligations inherent in and/or arising from the contractual position previously held by Terra Goyana and Bautek, without interruption in the contractual relationship, except for the obligations set forth in 1.1.1. and 1.1.2. below. For clarification purposes, all references in the Agreement and the First Amendment to Terra Goyana and Bautek, previously the Original Grantors, shall, from this date forward, be interpreted as references to GMC, without any change to the terms originally provided. Likewise, any and all references to the Grantors shall collectively encompass GMC, Edem and Sintertec.

1.1.1.<u>Exploration Application</u>. The Parties acknowledge that the Exploration Application cannot currently be transferred to GMC or, in the event of the Call Option being exercised, directly to the Grantee. Therefore, until the Exploration Application is effectively converted into a exploration authorization in Bautek's name, Bautek, jointly and severally with the Grantors, remains subject to the obligations assumed in item 1.5 of the Agreement. The Parties further agree that if, on the Exercise Date, as defined in item 3.1 of the First Amendment to the Agreement, the Grantee has not yet received the

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Exploration Authorization Grant Notice, the rules regarding the Partial Exercise Price, Residual Option, Residual Exercise Price, and reduction of the Exercise Price set forth in items 2.1.5., 2.1.6, 3.2., and 5.1.2 shall apply "*mutatis mutandis*" of the First Amendment to the Agreement, among others, adjusting them to the assignment of the contractual position formalized in item 1.1. above.

1.1.2.<u>Transfer of Rights</u>. Terra Goyana and Bautek expressly agree that, until the final endorsement of the Assignment Instruments attached hereto as <u>Annex I</u>. and <u>Annex II</u>., with the consequent transfer of the Rights mentioned therein to GMC, they will remain subject to the obligations previously assumed in the Agreement and in the First Amendment to the Agreement, and must sign instruments and submit all documents and/or information required by the ANM or any other authority or private entity, as soon as possible, in order to ensure the full and unrestricted exercise of the Call Option.

1.1.3.<u>Assignment Agreement; Adaptations</u>. In the event that the Grantee exercises the Call Option, as provided for in item 3.1. of the Agreement, as amended by the First Amendment to the Agreement, the draft of the private instrument of the Assignment Agreement for Mineral Rights and Other Covenants, which is included in the Agreement as <u>Annex 3.2.(i.)</u> and is intended to formalize the transfer of the Mineral Rights to the Grantee, under the strict terms set forth in item 3.2 of the Agreement, must be adapted to reflect, "*mutatis mutandis*", the assignment of the contractual position formalized in item 1.1. above, as well as the terms and conditions amended by the First Amendment to the Agreement.

1.1.4.<u>Power of Attorney</u>. In the event that it is not possible for the GMC to comply with the term provided for in item 3.2.1. of the Agreement, as amended in the First Amendment to the Agreement, and in order to enable the implementation of the Call Option and the formalization of the transfer of the Mineral Rights to the Grantee, the GMC hereby grants to the Grantee an irrevocable power of attorney in its own name, the draft of which forms part of this instrument in its <u>Annex 1.1.4.</u>, so that the latter may adopt, on behalf of the GMC, any and all actions necessary to formalize the transfer of the Mineral Rights to its ownership, including the execution of the private instrument of the Mineral Rights Assignment Agreement and Other Covenants, which forms part of the Agreement as its Annex 3.2.(i.), of the respective Instruments of Assignment of Mineral Rights, which form part of the Agreement as its Annexes 3.2.1.(i.) and 3.2.1.(ii.) and of public or private instruments, if applicable, including the transfer forms before the ANM. The power of attorney provided for in this item (a.) is granted in addition to the powers of attorney granted by Terra Goyana and Bautek, which are included in Annexes 3.3.3.(i.) and 3.3.3.(ii.) to the Agreement, and remain fully applicable; and b.) may also be used in the exercise of the Residual Option.

**CLAUSE II**.

**TERM**.

2.1. <u>Term. Additional Premium</u>. The Parties resolve to change the payment term of the Additional Premium, as provided for in item 2.1. of the First Amendment to the Agreement, extending it from June 30, 2025 to July 31, 2025 or until the date of the Exercise Notice, whichever occurs first. As a consequence of the new term established in this item 2.1., the Parties, by mutual agreement, resolve to amend item 5.1. of the Agreement, which shall come into force with the following new wording:

*"5.1. <u>Term</u>. The provisions of this Agreement shall be valid and effective from the date of its execution until June 30, 2026, extendable as set forth in 4.3. and 4.3.1. above (the "<u>Term</u>"). If, however, by July 31, 2025, or by the date of the Exercise Notice provided* 

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*for in 3.1. above, whichever occurs first, the Grantee does not make payment to the Grantors of an additional premium in the amount in BRL (Reais) equivalent to one million US dollars (US$1,000,000.00), calculated based on the US$(US dollar) exchange rate for purchase, as published by the Central Bank of Brazil on the business day immediately prior to the date of the respective payment (the "<u>Additional Premium</u>"), the Term established herein shall be considered, for all legal purposes, to have ended on June 30, 2026. The Additional Premium provided for in this item shall be paid by the Grantee to the Grantors, in Brazilian currency, proportional to the total number of hectares of Mineral Rights owned by each Grantor, determined based on the data indicated in <u>Annexes I. and II</u>. to the Agreement, by making a TED or PIX transfer to the bank accounts held by the Grantors indicated in <u>Annex 1.2</u>. to the Agreement. Before the end of the term provided for in this item, neither Party is permitted to terminate or unilaterally terminate the provisions of this Agreement, except in the cases expressly provided for herein.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*5.1.1. <u>Supplementary Term</u>. If, by the end of the Term established in 5.1. above, a Liquidity Event related to the REA Shares has not yet materialized, as defined in item 2.1.1. above, the Grantee will have the irrevocable and irreversible right to extend the Term of Validity for up to two (2) additional periods of one hundred and thirty-five (135) days each, upon prior payment, for each extension, of a supplementary premium in the lawful currency, in the amount of BRL (Reais) equivalent to three hundred thousand US dollars (US$300,000.00), calculated based on the US$(United States dollar) exchange rate for purchase, published by the Central Bank of Brazil on the business day immediately prior to the date of the respective payment (the "<u>Supplementary Premium</u>"). The Supplementary Premium (or each Supplementary Premium, if applicable) shall be paid by the Grantee to the Grantors, in Brazilian currency, proportional to the total number of hectares of Mineral Rights owned by each Grantor, determined based on the data indicated in <u>Annexes I. and II</u>. to the Agreement, by making a TED or PIX transfer to the bank accounts held by the Grantors indicated in <u>Annex 1.2</u>. to the Agreement until the business day immediately prior to the end of the Term.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*5.1.2. <u>Residual Option</u>. Especially in the case provided for in 2.1.5. above, and provided that the Grantee partially exercises the Call Option, this Agreement will be extended for an additional twelve (12) months period, starting from the Exercise Notice date defined in 3.1. below, so that the Grantee has the right to exercise the Residual Option with respect to the Exploration Application, as outlined above".*

**CLAUSE III**.

**RATIFICATION AND MISCELLANEOUS**.

3.1. <u>Definitions</u>. All defined terms used in this Second Amendment shall have the meaning provided in the Agreement and in the First Amendment, unless otherwise specifically established in this Second Amendment.

3.2. <u>Binding, Ratification and Entire Agreement</u>. This Second Amendment shall become an integral part of the Agreement for all legal purposes and effects. All clauses, terms, and conditions set forth in the Agreement that have not been expressly amended by this Second Amendment remain in force and are hereby ratified by the Parties. This Second Amendment, together with the Agreement and the First Amendment to the Agreement, creates the entire

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agreement among the Parties regarding the matters creating the Call Option, superseding all previously executed documents and understandings previously reached among the Parties.

3.3. <u>Irrevocability</u>. This Second Amendment is signed on an irrevocable and irreversible basis, not allowing for withdrawal under any circumstances, and is binding on the Parties and their heirs and successors in any capacity.

3.4. <u>Amendments</u>. Amendments to this Second Amendment will only be valid when executed in writing and signed by the legal representatives of all Parties.

3.5. <u>Assignment</u>. The rights and obligations arising from this Second Amendment may not be assigned or transferred, in whole or in part, by either Party to third parties other than Authorized Assignees, as defined in item 1.4. of the Agreement, except with the prior or express consent of the other Party.

3.6. <u>Honesty and good faith</u>. The Parties mutually and expressly declare that this Second Amendment was entered into in compliance with the principles of honesty and good faith, through a free, conscious, and firm expression of the will of the Parties, and in a perfectly equitable relationship.

3.7. <u>Notices</u>. All notifications, notices or communications relating to this Second Amendment will be in writing and will be deemed received on the delivery date, if delivered in person, on the date of actual receipt, if sent by post, or on the date of dispatch, if sent by email. These notifications, notices, and communications will be sent to the addresses indicated in item 7.9. of the Agreement or in this preamble, or to any other address that may be communicated in writing by one Party to the other, by written communication.

3.8. <u>Specific Performance</u>. All commitments and obligations assumed in this Second Amendment by the Parties and the Consenting Intervening Parties are subject to specific performance, according to the articles 497, 501 and 815 *et seq.* of the Civil Procedure Code, with this Second Amendment serving as an instrument enforceable out of court, according to the article 784, III, of the Civil Procedure Code.

3.9. <u>Jurisdiction</u>. The Parties hereby elect the Judicial district of the Capital of the State of São Paulo to resolve any doubts, disputes, or controversies arising from this Second Amendment, to the exclusion of any other, however privileged it may be or may become.

3.10. <u>Signatures</u>. The Parties agree that this Second Amendment will be executed electronically by the Parties, but not through electronic certificates issued by the Brazilian Public Key Infrastructure - ICP-Brasil, as provided in article 10, §2 of Provisional Measure No. 2,220-2, and article 784, §4, of the Civil Procedure Code, stating that any form of electronic record will be sufficient for its truthfulness, authenticity, integrity, validity, and effectiveness, as well as for the respective binding of the Parties to its terms. The Parties also agree that the electronic signature of this Second Amendment does not prevent or impair its enforceability, and shall be considered, for all legal purposes, an instrument enforceable out of court, as provided in 3.8. above. The Parties further acknowledge that (i.) if either Party electronically signs this Second Amendment in a different location, the place of execution of this Second Amendment is, for all purposes, the City of São Paulo, State of São Paulo, as indicated below; and (ii.) the execution date of this Second Amendment will be considered, for all intents and purposes, the date indicated below, notwithstanding the date on which the last electronic signature is executed.

------

In witness whereof, the Parties electronically execute this Second Amendment to the Call Option Agreement for Mineral Rights and Other Covenants, through the platform D4Sign, www.d4sign.com.br.

São Paulo, SP, July 24, 2025.

<u>Parties</u>:

---

| | |
|:---|:---|
| &nbsp;&nbsp;/s/ Luiz Antônio Vessani | &nbsp;&nbsp;/s/ Marcos de Alencastro Curado |

---

**TERRA GOYANA MINERADORA LTDA.**

p. Luiz Antônio Vessani and Marcos de Alencastro Curado

---

| | |
|:---|:---|
| &nbsp;&nbsp;/s/ Luiz Antônio Vessani | &nbsp;&nbsp;/s/ Marcos de Alencastro Curado Filho |

---

**BAUTEK MINERAIS INDUSTRIAIS LTDA.**

p. Luiz Antônio Vessani and Marcos de Alencastro Curado Filho

&nbsp;&nbsp; <br>/s/ Luiz Antônio Vessani<br>

**EDEM EMPRESA DE DESENVOLVIMENTO EM MINERAÇÃO E PARTICIPAÇÕES LTDA.**

p. Luiz Antônio Vessani

&nbsp;&nbsp;/s/ Reinaldo Tito Teixeira Noronha<br>

**SINTERTEC MINERAIS INDUSTRIAIS LTDA.**

p. Reinaldo Tito Teixeira Noronha

---

| | |
|:---|:---|
| &nbsp;&nbsp;/s/ João Paulo Agapito da Veiga | &nbsp;&nbsp;/s/ Renato Aureo de Paula Gonzaga |

---

**ALPHA MINERALS BRAZIL PARTICIPAÇÕES LTDA.**

p. João Paulo Agapito da Veiga and Renato Aureo de Paula Gonzaga

---

| | |
|:---|:---|
| &nbsp;&nbsp;/s/ Luiz Antônio Vessani | &nbsp;&nbsp;/s/ Marcos de Alencastro Curado |

---

**GREEN MINING COMPANY LTDA.**

p. Luiz Antônio Vessani and Marcos de Alencastro Curado

<u>Consenting Intervening Parties</u>:

---

| | |
|:---|:---|
| &nbsp;&nbsp;/s/ Bernardo Sanchez Agapito da Veiga | &nbsp;&nbsp;/s/ Dominic Allen |

---

**RARE EARTHS AMERICAS PTY LTD.**

p. Bernardo Sanchez Agapito da Veiga and Dominic Paul Allen

------

&nbsp;&nbsp;/s/ Marcos de Alencastro Curado<br>

**SANTÍSSIMA TRINDADE PARTICIPAÇÕES LTDA.**

p. Marcos de Alencastro Curado

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>/s/ Marcos de Alencastro Curado Filho | &nbsp;&nbsp; <br>/s/ Luiz Antônio Vessani |

---

**SUPERGRAN MINERAÇÃO LTDA.**

p. Marcos de Alencastro Curado Filho and Luiz Antônio Vessani

&nbsp;&nbsp; <br>/s/ Reinaldo Tito Teixeira Noronha<br>

**NORTEK PARTICIPAÇÕES LTDA.**

p. Reinaldo Tito Teixeira Noronha

&nbsp;&nbsp;/s/ Reinaldo Tito Teixeira Noronha<br>

**SINTERTEC HOLDING, LTD.**

p. Reinaldo Tito Teixeira Noronha

&nbsp;&nbsp;/s/ Leandro Rocha Scislewski<br>

**LEANDRO ROCHA SCISLEWSKI**

&nbsp;&nbsp;/s/ José Lincoln Gambier Costa<br>

**JOSÉ LINCOLN GAMBIER COSTA**

&nbsp;&nbsp;/s/ Gustavo Alves Guerra<br>

**GUSTAVO ALVES GUERRA**

&nbsp;&nbsp;/s/ Luiz Antonio Vessani<br>

**LUIZ ANTONIO VESSANI**

**JOSÉ FLEURY CURADO FILHO**

------

&nbsp;&nbsp;/s/ André Alencastro Curado<br>

**SAGRADA FAMÍLIA PARTICIPAÇÕES LTDA.**

p. André Alencastro Curado

&nbsp;&nbsp;/s/ Marcos de Alencastro Curado<br>

**SAGRADO CORAÇÃO DE JESUS PARTICIPAÇÕES LTDA.**

p. Marcos de Alencastro Curado

\*\*\*

<u>List of Annexes</u>:

Annex I.: Electronic SEI Protocol Receipts related to Instruments of Assignment of Rights owned by Terra Goyana to GMC

Annex II.: Electronic SEI Protocol Receipt related to Instrument of Assignment of Right owned by Bautek to GMC.

Annex 1.2.1.: Draft power of attorney to be granted by GMC to the Grantee.

------

<u>Annex I.</u>

to the Second Amendment to the Call Option Agreement for Mineral Rights and Other Covenants, dated as of July 24, 2025.

<u>Electronic SEI Protocol Receipts related to Instruments of Assignment of Rights owned by Terra Goyana to GMC</u>.

------

ANM - National Mining Agency

**ELECTRONIC PROTOCOL RECEIPT - SEI No. 48054.832149/2022-75**

---

| |
|:---|
| Applicant: |
| GIULIANE KIELLY ALVES NAVES |
| IP Used: |

---

Verified Account 07/03/2025 - 11:49:16.462 10.30.0.67

---

| |
|:---|
| Registration via individualized biometric validation<br>Registration via digital certificate<br>It has CTDM |
| Unit: |
| ENTRADA-MG |
| Protocol Type: |
| Request Full Assignment of Mineral Exploration Permit |
| Assignor |
| Terra Goyana Mineradora Ltda |
| Interested Third Party: |
| TERRA GOYANA MINERADORA LTDA |
| Relationship between the Applicant and the Interested Party: |
| GIULIANE KIELLY ALVES NAVES, through a Verified Account, Registration via individualized biometric validation, Registration via digital certificate, operating through TERRA GOYANA MINERADORA LTDA. via:<br>Registration as a legal entity employee in the CTDM Single Login for legal entities |
| Relationship between the Applicant and the Interested Third Party: |
| Assignee |
| Green Mining Company Ltda |
| Document Protocols (SEI Number) |
| **Process 48054.832149/2022-75**<br>- Application (17069332)<br>- Corporate Documents (17069333)<br>- Corporate Documents (17069334)<br>- Corporate Documents (17069336)<br>- Corporate Documents (17069339)<br>- Corporate Documents (17069340)<br>- Corporate Documents (17069341)<br>- Public deed or Private instrument of assignment of rights (17069342)<br>- Public deed or Private instrument of assignment of rights (17069343)<br>- Proof of payment of fees (17069344) |

---

The user identified above has been previously notified that the protocol implies acceptance of the terms and conditions governing the electronic process, in addition to the provisions of prior accreditation, and the signing of the digital documents and the declaration that the scanned documents are authentic. The user is held civilly, criminally, and administratively liable for misuse. Furthermore, the access levels indicated for the documents would be subject to review by a public official, who may change them at any time without prior notice. The user is solely responsible for:

------

the consistency between the data provided and the documents;

the preservation of the paper originals of scanned documents until the right to review the acts performed in the process lapses, so that, if requested, they can be presented for any type of review; the electronic performance of all procedural acts and communications as the user or, through the user, with the entity they may represent;

The observance that procedural acts are considered completed on the date and time of receipt by the Protocol, with those performed up to the last day of the deadline being considered timely, always considering Brasília time, regardless of the time zone;

Periodic consultation of ANM systems to verify receipt of electronic summonses.

The existence of this Receipt, the process, and the documents listed above can be verified on the National Mining Agency's website.

------

ANM - National Mining Agency

**ELECTRONIC PROTOCOL RECEIPT - SEI No. 48054.832150/2022-08**

---

| |
|:---|
| Applicant: |
| GIULIANE KIELLY ALVES NAVES |
| IP Used: |

---

Verified Account 07/03/2025 - 11:52:18 AM. 728 10.30.0.67

---

| |
|:---|
| Registration via individualized biometric validation<br>Registration via digital certificate<br>It has CTDM |
| Unit: |
| ENTRADA-MG |
| Protocol Type: |
| Request Full Assignment of Mineral Exploration Permit |
| Assignor |
| Terra Goyana Mineradora Ltda |
| Interested Third Party: |
| TERRA GOYANA MINERADORA LTDA |
| Relationship between the Applicant and the Interested Party: |
| GIULIANE KIELLY ALVES NAVES, through a Verified Account, Registration via individualized biometric validation, Registration via digital certificate, operating through TERRA GOYANA MINERADORA LTDA. via:<br>Registration as a legal entity employee in the CTDM Single Login for legal entities |
| Relationship between the Applicant and the Interested Third Party: |
| Assignee |
| Green Mining Company Ltda |
| Document Protocols (SEI Number) |
| **Process 48054.832150/2022-08**<br>- Application (17069356)<br>- Corporate Documents (17069358)<br>- Corporate Documents (17069364)<br>- Corporate Documents (17069366)<br>- Corporate Documents (17069368)<br>- Corporate Documents (17069370)<br>- Corporate Documents (17069371)<br>- Public deed or Private instrument of assignment of rights (17069372)<br>- Public deed or Private instrument of assignment of rights (17069374)<br>- Proof of payment of fees (17069375) |

---

The user identified above has been previously notified that the protocol implies acceptance of the terms and conditions governing the electronic process, in addition to the provisions of prior accreditation, and the signing of the digital documents and the declaration that the scanned documents are authentic. The user is held civilly, criminally, and administratively liable for misuse. Furthermore, the access levels indicated for the documents would be subject to review by a public official, who may change them at any time without prior notice. The user is solely responsible for:

------

the consistency between the data provided and the documents;

the preservation of the paper originals of scanned documents until the right to review the acts performed in the process lapses, so that, if requested, they can be presented for any type of review; the electronic performance of all procedural acts and communications as the user or, through the user, with the entity they may represent;

The observance that procedural acts are considered completed on the date and time of receipt by the Protocol, with those performed up to the last day of the deadline being considered timely, always considering Brasília time, regardless of the time zone;

Periodic consultation of ANM systems to verify receipt of electronic summonses.

The existence of this Receipt, the process, and the documents listed above can be verified on the National Mining Agency's website.

------

<u>Annex II.</u>

to the Second Amendment to the Call Option Agreement for Mineral Rights and Other Covenants, dated as of July 24, 2025.

<u>Electronic SEI Protocol Receipt related to Instrument of Assignment of Right owned by Bautek to GMC</u>.

------

ANM - National Mining Agency

**ELECTRONIC PROTOCOL RECEIPT - SEI No. 27203.818865/1971-18**

---

| | |
|:---|:---|
| Applicant: | Applicant: |
| GIULIANE KIELLY ALVES NAVES | GIULIANE KIELLY ALVES NAVES |
| IP Used: |  |
| &nbsp;&nbsp;Verified Account | 10.30.0.67 |
| Registration via individualized biometric validation<br>Registration via digital certificate<br>It has CTDM | Registration via individualized biometric validation<br>Registration via digital certificate<br>It has CTDM |
| Unit: | Unit: |
| ENTRADA-MG | ENTRADA-MG |
| Protocol Type: | Protocol Type: |
| Request Full Assignment of Development Concession | Request Full Assignment of Development Concession |
| Assignor | Assignor |
| Bautek Minerais Industriais Ltda. | Bautek Minerais Industriais Ltda. |
| Interested Third Party: | Interested Third Party: |
| BAUTEK MINERAIS INDUSTRIAIS LTDA. | BAUTEK MINERAIS INDUSTRIAIS LTDA. |
| Relationship between the Applicant and the Interested Party: | Relationship between the Applicant and the Interested Party: |
| GIULIANE KIELLY ALVES NAVES, through a Verified Account, Registration via individualized biometric validation, Registration via digital certificate, operating through BAUTEK MINERAIS INDUSTRIAIS LTDA., via:<br>Registration as a legal entity employee in the CTDM Single Login for legal entities | GIULIANE KIELLY ALVES NAVES, through a Verified Account, Registration via individualized biometric validation, Registration via digital certificate, operating through BAUTEK MINERAIS INDUSTRIAIS LTDA., via:<br>Registration as a legal entity employee in the CTDM Single Login for legal entities |
| Relationship between the Applicant and the Interested Third Party:<br>Assignee | Relationship between the Applicant and the Interested Third Party:<br>Assignee |
| Green Mining Company Ltda | Green Mining Company Ltda |
| Document Protocols (SEI Number) | Document Protocols (SEI Number) |
| **Process 27203.818865/1971-18**<br>- Application (17122470)<br>- Corporate Documents (17122471)<br>- Corporate Documents (17122475)<br>- Corporate Documents (17122476)<br>- Public deed or Private instrument of assignment of rights (17122477)<br>- Public deed or Private instrument of assignment of rights (17122478)<br>- Public deed or Private instrument of assignment of rights (17122479)<br>- Public deed or Private instrument of assignment of rights (17122480)<br>- Public deed or Private instrument of assignment of rights (17122481)<br>- Proof of fund availability (17122482)<br>- Proof of payment of fees (17122483) | **Process 27203.818865/1971-18**<br>- Application (17122470)<br>- Corporate Documents (17122471)<br>- Corporate Documents (17122475)<br>- Corporate Documents (17122476)<br>- Public deed or Private instrument of assignment of rights (17122477)<br>- Public deed or Private instrument of assignment of rights (17122478)<br>- Public deed or Private instrument of assignment of rights (17122479)<br>- Public deed or Private instrument of assignment of rights (17122480)<br>- Public deed or Private instrument of assignment of rights (17122481)<br>- Proof of fund availability (17122482)<br>- Proof of payment of fees (17122483) |

---

The user identified above has been previously notified that the protocol implies acceptance of the terms and conditions governing the electronic process, in addition to the provisions of prior accreditation, and the signing of the digital documents and the declaration that the scanned documents are authentic. The user is held civilly, criminally, and administratively liable for misuse. Furthermore, the access levels indicated for the documents would be subject to review by a public official, who may change them at any time without prior notice. The user is solely responsible for:

------

the consistency between the data provided and the documents;

the preservation of the paper originals of scanned documents until the right to review the acts performed in the process lapses, so that, if requested, they can be presented for any type of review; the electronic performance of all procedural acts and communications as the user or, through the user, with the entity they may represent;

The observance that procedural acts are considered completed on the date and time of receipt by the Protocol, with those performed up to the last day of the deadline being considered timely, always considering Brasília time, regardless of the time zone;

Periodic consultation of ANM systems to verify receipt of electronic summonses.

The existence of this Receipt, the process, and the documents listed above can be verified on the National Mining Agency's website.

------

<u>Annex 1.2.1.</u>

to the Second Amendment to the Call Option Agreement for Mineral Rights and Other Covenants, dated as of July 24, 2025.

<u>Draft Power of Attorney for the transfer of Mineral Rights granted by GMC</u>

\*\*\*

**POWER OF ATTORNEY**

**<u>GRANTOR</u>**: **GREEN MINING COMPANY LTDA**., limited liability company with head office in the Capital of the State of Goiás, at Rua João de Abreu, No. 192, quadra F-8, Lote 49-E, 14<sup>th</sup> floor, Sala 143-B, Ed. Aton Business Style, Setor Oeste, ZIP Code 74120-110, herein represented in compliance with its Articles of Association by its Directors, <u>Luiz Antônio Vessani</u>, Brazilian citizen, divorced, geologist, bearer of Identity Card (RG) No. , enrolled with CPF under No. , resident and domiciled in the Capital of the State of Goiás, at , e-mail: , and <u>Marcos deAlencastro Curado</u> , Brazilian citizen, married under partial community of property regime, businessman, holder of Identity Card (RG) No. , enrolled with CPF under No. , resident and domiciled in the Capital of the State of Goiás, at , e-mail: (the "<u>Grantor</u>" or "<u>GMC</u>", indistinctly);

**<u>GRANTEE</u>**: **ALPHA MINERAIS BRAZIL PARTICIPAÇÕES LTDA**., limited liability company with head office in the Capital of the State of Minas Gerais, at Rua Turim, No. 59, 3<sup>rd</sup> floor, Santa Lúcia, ZIP Code 30360-552, enrolled with CNPJ under No. 43.093.229/0001-20, e-mail: , herein represented in compliance with its Articles of Association by its Directors, Messrs. <u>João Paulo Agapito da Veiga</u>, Brazilian citizen, single, businessman, holder of Identity Card (RG) No. , issued by DETRAN-RJ, enrolled with CPF under No. , resident and domiciled in , e-mail: , and <u>Renato Aureo de Paula Gonzaga</u>, Brazilian citizen, married, economist, holder of Identity Card (RG) No. , resident and domiciled in the Capital of the State of Minas Gerais, e-mail: , both of them with business address in the Capital of the State of Minas Gerais, at Rua Turim, No. 59, 3<sup>rd</sup> floor, Santa Lúcia, ZIP Code 30360-552, (the "<u>Grantee</u>", or "<u>Alpha</u>", indistinctly).

**<u>POWERS</u>**: By this instrument, the Grantor appoints the Grantee as its attorney-in-fact, in the "in its own name" modality, irrevocably and irreversibly, in accordance with the terms set forth in the Call Option Agreement for Mineral Rights and Other Covenants entered into on 02.20.2024, as amended on 04.01.2025 and on this date between, on the one hand, the Grantor, Edem Empresa de Desenvolvimento em Mineração e Participações Ltda. and Sintertec Minerais Industriais Ltda., and, on the other hand, the Grantee (the "<u>Option</u>"), in accordance with the rules of articles 683, 684, 685 and 686 of the Civil Code, with powers to perform any and all acts necessary to formalize the call option for the Mineral Rights, as described and characterized in <u>Annex I</u>. to the Option, and may also (i.) sign individually, in the name and on behalf of the Grantor, any assignment instrument of all the Mineral Rights to the Grantee, including the Assignment Agreement for Mineral Rights and Other Covenants that forms part of the Option as its <u>Annex 3.2.(i.)</u> and the Mineral Rights Assignment Instruments that form part of the Option as its <u>Annexes 3.2.1.(i.) and 3.2.1.(ii.)</u>; and (ii.) perform any and all acts necessary for the endorsement and/or registration of the Assignment Agreement for Mineral Rights and Other Covenants or the Mineral Rights Assignment Instrument referred to in (i.) before the National Mining Agency ("<u>ANM</u>"), notary offices or any other public or private body, being able to proceed in the name and instead of the Grantor to the adoption of any and all actions necessary for the registration of the assignment of the Mineral Rights described and characterized in <u>Annex</u> 

------

<u>I</u>. to the Option. (iii.) The Grantee also has, under this Power of Attorney, the power to perform any acts necessary for the faithful and regular performance of this instrument.

**<u>OTHER CHARACTERISTICS OF THE POWER OF ATTORNEY</u>**: (1.) This power of attorney is irrevocable and irreversible, remaining in effect throughout the term of the Option, in accordance with articles 683, 684, 685, and 686, head provision and Sole paragraph. This Power of Attorney was granted "in its own name" to the Grantee as a condition for the execution of the Call Option and its Second Amendment. (2.) Capitalized terms used in this instrument that have not been defined herein shall have the same meaning as such terms in the Option. (3.) The powers granted herein are in addition to the powers granted by the Grantor to the Grantee under the Option or any other documents and do not nullify or revoke such powers. (4.) The Grantor hereby agrees to ratify any act that the Grantee has performed within the scope of the powers granted by this Power of Attorney, when and if requested by the Grantee. (5.) This power of attorney shall be governed by and construed in accordance with the laws of the Federative Republic of Brazil.

---

| |
|:---|
| São Paulo, SP, [...]. |
| **GREEN MINING COMPANY LTDA.** |
| p. Luiz Antônio Vessani and Marcos de Alencastro Curado |

---

\*\*\*

------

## Exhibit 10.17

**Exhibit 10.17**

**TOTAL LEASE AGREEMENT FOR MINING RIGHTS UNDER SUSPENSIVE CONDITION.**

By this private instrument, and in the best legal form, the Parties, hereinafter designated and duly qualified, namely,

on the one hand, as Lessor,

**MINERAÇÃO ANDRADENSE LTDA.**, a limited liability company headquartered in the municipality of Andradas, Minas Gerais, at Rua Coronel Oliveira, n.° 111, Centro, ZIP Code 37795-000, registered with the CNPJ under No. 16.730.095/0001-39, email:, hereby represented in accordance with its Articles of Incorporation, by its Administrators, Mr. José Maurício Fonseca Franco, Brazilian, married, businessman, holder of Identity Card No. , registered with the CPF under No. , resident and domiciled in , and Mr. Walter de Souza Franco, Brazilian, widower, businessman, holder of Identity Card No. , registered with the CPF under No. resident and domiciled in , hereinafter referred to as "Andradense" or "Lessor", interchangeably;

and, on the other hand, as Lessee,

**ALPHA MINERALS BRAZIL PARTICIPAÇÕES LTDA.**, a limited liability company headquartered in the city of São Paulo, at Rua Professor José Leite e Oiticica, n.° 530, Vila Gertrudes, ZIP code 04705-080, registered with the CNPJ under No. 43.093.229/0001-20, email:, herein represented in the form of Articles of Incorporation, by its Administrator, Mr. João Paulo Agapito da Veiga, Brazilian, single, businessman, holder of Identity Card RC7 no. , issued by DETRAN-RJ, registered with the CPF under no. , resident and domiciled in , with business address in the Capital of the State of São Paulo, at Rua Professor José Leite e Oiticica, no. 530, Vila Gertrudes, CEP 04705-080, hereinafter referred to as "Alpha" or "Lessee", interchangeably;

also appearing as consenting parties,

**JOSÉ MAURÍCIO FONSECA FRANCO**, supra qualified, email: <br> ;

**WALTER DE SOUZA FRANCO**, as above, email:; and

**NILSE APARECIDA FRANCO ARMANI**, Brazilian, married, businesswoman, holder of Identity Card No. , registered with the CPF under No. , resident and domiciled in , email: ; and

------

**MINERAÇÃO ALTODA SERRA DE ANDRADAS LTQA.**, a limited liability company headquartered in the Municipality of Andradas, Minas Gerais, at Fazenda Lagoinha, s/n, Bairro Campestrinho, CEP 37795-000, registered with the GNPJ under No. 07.346.404/0001-80, email: , herein represented in accordance with its Articles of Association, by its Administrators, Mr. José Maurício Fonseca Franco and Ms. Nilse Arid F r, as above identified, hereinafter referred to as "Alto da Serra";

Whereas the Lessor is the sole and legitimate holder of the Mining Right that is the subject of the administrative proceeding registered with the National Mining Agency (the "ANM") under No. 800.572/1969, with Mining Concession Order No. 1.237, published in the Official Gazette (DOU) of September 3, 1980 (the "Mining Concession Ordinance"), for clay, bauxite, and leucite minerals, in an area of 160.55 hectares, located in the municipality of Andradas, MG (the "Mining Right"), whose authorizations and main characteristics are included herein as Annex I.;

Whereas the Parties shall conduct research in the field of mining law with the aim of assessing the possibility of exploiting rare earth elements and any associated minerals such as, among others, niobium and scandium (hereinafter referred to as the "Minerals"), and, if successful, shall arrange for the preparation of (a.) a report, in accordance with Article 26 of Decree No. 9,406, dated June 12, 2018 (hereinafter referred to as the "Mining Code Regulations"), as well as (b.) an economic utilization plan indicating the possible changes that the mining of these new substances will entail to the original mining plan that resulted in the Mining Concession Ordinance, in accordance with Article 129 of the Annex to Ordinance No. 155, of May 12, 2016, which approved the consolidation of the rules of the National Department of Mineral Production (the "DNPM" and the "DNPM Regulatory Consolidation"), which shall be submitted, on behalf of the Lessor, to the ANM, for registration of new mineral substances in the original mining concession title;

Whereas, pursuant to Articles 130 et seq. of the Consolidated Rules of the DNPM and other applicable laws and regulations, Mining Rights at the mining concession stage may be wholly or partially leased, regardless of the transfer of ownership of the mining concession to the third party lessee, provided that such agreement is submitted for prior approval and registration with the DNPM;

Whereas, subject to the conditions precedent and terms set forth below, the Lessor is interested in leasing the mining concession for the exploration of the Minerals, and the Lessee is interested in leasing the Mining Rights, provided that the Conditions Precedent set forth in item 2.2 below are met, below, in particular the amendment to the Mining Right Concession Ordinance to include the Minerals;

The Parties hereby agree to enter into this "Total Lease Agreement for Mining Rights under Suspensive Condition" (the "Agreement"), which shall be governed by the following terms and conditions.

------

**1.** **SUBJECT MATTER.**

1.1.<u>Lease of Mining Rights</u>. By this instrument, the Lessee undertakes and agrees, on the Closing Date and provided that the Conditions Precedent set forth in 2.2 below are fulfilled, to lease from the Lessor, and the Lessor, in turn, undertakes and agrees, on the Closing date, lease to the Lessee, upon payment of the Remuneration defined in 3.1. below, under Mining Law, in accordance with the current characteristics described in Annex I, for the exploration of the Minerals (hereinafter, the "Lease"), without transfer of ownership of the mining concession.

1.1.1.<u>Absence of encumbrances</u>. Except for the lease agreement between Andradense and Alto da Serra, effective as of November 7, 2017, and expiring on September 15, 2024 (the "Alto da Serra Lease"), the Mining Right is free and clear of any encumbrances, liens, attachments, seizures, pledges, liens, or restrictions that may, on this date or in the future, affect this Lease.

1.1.2.<u>Lease Term</u>. In addition to the Mining Right, the Lease includes all other licenses and authorizations issued by the competent government authorities which, as applicable, shall be transferred to the Lessee after the Closing Date, returning to the Lessor's ownership, through a regular transfer process, upon termination or non-renewal of this Agreement. The Parties agree that (i.) the Lessee is expressly prohibited from directly or indirectly engaging, under any title or pretext, in activities in the area of Mining Law that are not directly or indirectly related to the exploitation of the Minerals, in accordance with this Agreement; (ii.) the use of water, the removal of vegetation or the exploitation of water resources, even under the pretext of being linked to Mining Law, may only be carried out with the prior and express consent of the Lessor.

**2.** **SUSPENSIVE CONDITIONS.**

2.1.<u>Exclusivity</u>. The Parties hereby enter into this Agreement in an irrevocable and irreversible manner, on an exclusive basis, subject only to the Conditions Precedent set forth in 2.2. below, it being understood that Artendante may not, as of this date and throughout the term of this Agreement, (i.) lease, lend or allow third parties to exploit or use the Mining Right, under any title; (ii.) put or offer for sale, lease or transfer, for any reason whatsoever, all or part of the Mining Rights to third parties; (iii.) in any way sell, transfer or encumber, or promise to sell, transfer or encumber the Mining Rights, for any reason whatsoever, to third parties, in whole or in part; (iv.) enter into any other commitment or contract that directly or indirectly involves the Mining Rights, or is in any way related to them (the "Exclusivity"), under penalty of incurring a fine immediately set between the Parties at ten (10) times the value of the Fixed Advance Payment of the Remuneration provided for in 3.1.1., below, without prejudice to the obligation to indemnify the Lessee for losses and damages and lost profits. Failure by the Lessor to comply with the deadlines indicated in items 2.2.9. and 2.2.10. below shall be considered a breach of the Exclusivity obligation provided for in this item, subject to the penalties provided herein. The Parties acknowledge that the penalty provided for in this item is not excessive and is reasonable to compensate the Lessee for all costs incurred, as of this date, in conducting research in the area of Mining Law. The Parties further acknowledge that the Alto da Serra Lease shall not be considered a breach of exclusivity, provided that the conditions set forth in 2.1.1. below are met.

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2.1.1.<u>Alto da Seria Lease</u>. The Consenting Party Alto da Serra declares that it is aware of the existence of this Agreement and, herein, together with the Lessor, assumes the obligation to sign a termination of the Alto da Serra Lease, which must be registered with the fiNPM within a maximum period of 180 (one hundred and eighty) days from the date of signature of this Agreement, under the strict terms provided for in Article 148 of the DNPM Regulatory Consolidation. The Consent Intervening Party Alt9 da Serra also undertakes (i) not to interfere in the research work to be carried out by the Parties and (ii) not to cause any hindrance or damage to the Lessee, under penalty of bearing any losses, damages, and lost profits, as provided for in the legislation in force.

2.1.2.<u>Initial Payment</u>. Considering that the commencement of the Lease (and the payment of the Remuneration provided for in 4.) depends on the implementation of the Conditions Precedent described in 2.2. below, the Parties have agreed that the Lessee shall pay to the Lessor, herein, the fixed, certified, and adjusted amount of R$50,000.00 (fifty thousand reais), as a down payment on the future Lease, by bank transfer to be made to the bank account indicated in Annex 2.1.2. The payment provided for in this item is final and will not be refunded in the event of failure to fulfill the Conditions Precedent, as defined below.

2.2.<u>Conditions Precedent</u>. This Agreement shall become effective on the date of its execution and shall remain in effect until the end of the Lease Term, its effectiveness being subject to the cumulative fulfillment of the following conditions precedent, which must be satisfied by the Parties (unless waived in writing by the Lessee) (the "Conditions Precedent"):

2.2.1.<u>Research</u>: completion of research in the area of Mining Law and confirmation of the possibility and feasibility of mining the Minerals, understood as minerals classified as "rare earth elements" and associated minerals such as, among others, niobium and scandium, in the broadest sense; the research shall be funded by the Lessee, with the support of the Lessor in providing any and all necessary information, as well as in taking all necessary steps and other measures, including the signing of documents or forms, which shall ultimately be reflected in a report to be prepared by a legally qualified professional, in accordance with the provisions of Article 26 of the Mining Code Regulations;

2.2.2.<u>Co-communication</u>: communication to ANM, by the Lessor, under terms to be defined by mutual agreement between the Parties, regarding the existence, in the area covered by the Mining Rights, of mineral substances (the Minerals) not included in the Mining Concession Ordinance, as provided for in Article 34, IV, of the Mining Code Regulations;

2.2.3.<u>Economic Utilization Plan</u>: preparation by the Parties of an Economic Utilization Plan for the deposit ("PAE"), signed by a legally qualified professional, accompanied by the respective Technical Responsibility Note ("ART"), indicating the changes that the mining of the Minerals will entail to the mining plan originally approved and that resulted in the Mining Concession Ordinance;

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2.2.4.<u>Addendum to the Mining Concession</u>: submission by the Lessor, through the ANM, under the terms to be defined by mutual agreement between the Parties, of the documents referred to in 2.2.1. and 2.2.3., in addition to all other documents and information required by applicable legislation and regulations applicable to claim the amendment to the Mining Concession Ordinance, including the possibility of exploring new substances (the Minerals), followed by the approval of such request by the Ministry of Mines and Energy and the registration, in the margin of the transcription of the Mining Right, of the possibility of mining the Minerals, in accordance with the provisions of Article 129 of the DNPM Regulatory Consolidation;

2.2.5.<u>Alto da Serra Lease</u>: registration of the termination of the Alto da Serra Lease with the ANM;

2.2.6.<u>Absence of Material Adverse Effect</u>: absence of materialization, from the date of signing this Agreement until the Closing Date, of any material adverse effect affecting the Parties, as understood, in relation to any of the Parties, any event, circumstance, or fact that is beyond the control of such Party, in such a way that its consequences cannot be avoided within a reasonable time and that, individually or in conjunction with others of the same nature (i.) adversely and significantly affects the condition (financial or otherwise), properties, assets, liabilities, business, and profitability prospects of such Party and other companies in its business group, considered as a whole; (ii.) significantly impede the ability of such Party to carry out the operations contemplated in this Agreement;

2.2.7.<u>Representations</u>: the representations and warranties of the Parties contained in this Agreement are true and correct in all material respects as of the Closing Date, as if they had been made on the Closing Date;

2.2.8.<u>Absence of Restrictions</u>: no preliminary injunction or related measure or other order, decree or regulation has been issued by ANM or any other government authority, nor has any law been enacted, imposing limitations on the ability of the Parties to consummate the obligations assumed herein.

2.2.9.<u>Lease Agreement</u>: after fulfilling the conditions precedent set forth in 2.2.1. to 2.2.8. above, or upon written waiver by the Lessee, as the case may be, the Parties shall proceed to sign the Lease Agreement, the draft of which is attached hereto as Annex 2.2.8. (the "Lease Agreement"), within a maximum period of ten (10) days; the Parties declare that (i.) the Lease Agreement provided for in this item is intended solely to meet the conditions imposed by the DNPM Regulatory Consolidation and by the ANM, enabling the registration of the Lease with the regulatory authorities; and (ii.) the obligations and rights that effectively bind the Parties are governed by this Agreement and have not been altered by the Lease Agreement; and

2.2.10.<u>Registration of the Lease Agreement</u>: submission by the Lessor to the ANM, under the terms to be defined by mutual agreement between the Parties and within a maximum period of ten (10) days after fulfillment of the condition precedent provided for in 2.2.9. above, of a request for approval and registration of the Amendment Agreement, in addition to all other documents and information required by applicable laws and regulations, including a

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statement by the Lessee that it undertakes to execute the PAE provided for in 2.2.3. above, followed by the approval of such request and the registration, in the margin of the transcription of the Mining Right, of the existence of the Lease, in the forms provided for in Articles 132 et seq. and 137 et seq. of the DNPM Regulatory Consolidation, as amended from time to time.

2.3.Coo and ao. The Parties undertake, in good faith and in the interest of ensuring the proper and prompt fulfillment of the Conditions Precedent set forth in this Agreement, to provide any and all information related to Mining Law or to themselves, to execute any and all documents and to perform any and all acts necessary for the performance of the research work and preparation of reports provided for in 2.2.1. and 2.2.3., or for the fulfillment of the other Suspensive Conditions, except for the obligations to pay expenses and costs, which shall be the sole responsibility of the Lessee.

2.3.1.The Lessor hereby undertakes, in the event of any changes to the intrinsic characteristics of the Mining Right, at any time and for any reason, including those resulting from enforcement measures The Lessor hereby undertakes, in the event of any changes in the intrinsic characteristics of the Mining Right, at any time and for any reason, including those resulting from enforcement or persecution measures that may be adopted by any creditors, of any nature or for any reason, to immediately notify the Lessee, in accordance with item 7.9 below, below, ensuring that the latter has, regardless of any request to that effect, all the information necessary to assess, at any time during the term of this Agreement, the proper fulfillment of the Conditions Precedent.

2.4.<u>Closing</u>. If the Precedent Conditions have been cumulatively implemented, or have been waived in writing by the Lessee, as the case may be, the Lessee shall be irrevocably obliged, within a maximum period of ten (10) days, to pay the Fixed Advance Payment of the Remuneration provided for in 3.1.1. below. The date on which the existence of the Lease is registered in the margin of the Mining Right transcription, in accordance with Articles 132 et seq. and 137 et seq. of the DNPM Regulatory Consolidation, as amended from time to time, shall be considered, for the purposes of this Agreement, as the "Closing Date."

2.5.<u>Authorized Assignees</u>. This Agreement may be assigned by the Lessee, regardless of the Lessor's consent, until the Closing Date, to any company directly or indirectly controlled by the Lessee, or any company subject to common control, directly or indirectly, in relation to the Lessee, as well as to the partners of any of these or to companies of which the companies or individuals indicated in this item are partners (generically, the "Authorized Assignees"), provided that (i.) the Authorized Assignees shall always be from the same business group as the Lessee; and (ii.) any and all provisions of this Agreement shall apply in full to the Authorized Assignees. References in this Agreement to the Lessee shall be construed as references to the Lessee and any of the Authorized Assignees.

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**3.** **PRICE AND PAYMENT TERMS.**

3.1.<u>Remuneration</u>. The Parties agree that, in consideration for the Lease, the Lessee shall pay the Lessor an initial and advance fixed remuneration, in addition to variable monthly installments, calculated as set forth in items 3.1.1. and 3.1.2. below (the "Remuneration"):

3.1.1.<u>Fixed Advance Payment</u>. Within a maximum period of ten (10) days from the Closing Date, the Lessee shall pay to the Lessor, by bank transfer to a bank account held by the Lessor, to be indicated in writing in due course, the amount in Brazilian reais (R$), equivalent to US$1,000,000.00 (one million US dollars), calculated based on the US dollar exchange rate for purchase, as disclosed by the Central Bank of Brazil on the business day immediately prior to the date of the respective payment (the "Fixed A d v a n c e Payment of Remuneration"). For clarification purposes, the Fixed Advance Payment shall be paid by the Lessee to the Lessor regardless of the commencement of mining of the Minerals and shall be due once only, at the beginning of the term of the Lease.

3.1.2.<u>Variable Monthly Remuneration</u>. The variable monthly remuneration for the Lease shall be payable by the Lessee to AjTendante after the start of mining operations in the Mining Right area (the "Variable Monthly Remuneration"), and shall be calculated using the following formula:

*Variable Monthly Remuneration (——)<br>[Net Revenue resulting from* ***the Exploration of the*** *Mining* ***Right*** *(x) 5%]*

Where:

*<u>Net Revenue from the Exploitation of Mining Rights</u>* (=) The sum of the monthly net revenue, as defined by federal tax legislation in force, earned by the Lessee from the sale of products produced, sold, and invoiced by the Lessee and which are directly or indirectly derived from the exploitation of Minerals in the Mining Rights area. The monthly net revenue provided for in this item shall be calculated on a cash basis and deducted exclusively from the following costs and expenses:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.cancelled sales and returns; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.discounts granted by the Lessee for any reason, including unconditional discounts and commercial discounts of any kind; in the case of sales to parties related to or connected with the Lessee, for any reason whatsoever, only unconditional or conditional discounts provided for in this item shall be allowed to be deducted if it is proven that such discounts would also be granted in transactions with unrelated or unrelated parties and if the sales price, after discounts, is compatible with the average market price in the region for each of the products produced, sold, or invoiced.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.2.2.<u>Report</u>. For each base month, understood as the period between the first and last business day of each calendar month after the start of mining in the Mining Right area, the Lessee shall prepare a report containing the following information (the "Report"), which shall be sent to the Lessor, to the email addresses of the Lessor

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and the Consentors indicated in the preamble hereto, by the 15th day of the following month:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Sales revenue earned in the base month in relation to each of the products produced, sold, and invoiced by the Lessee and which are directly or indirectly derived from exploitation of the Minerals in the Mining Right area, calculated in strict accordance with the definition of Net Revenue resulting from the Exploitation of the Mining Right contained in item 3.1.2. above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Quantity of tons (t) of Minerals produced;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Indication of canceled sales and returns, indicating the value of canceled sales and returns due to specific quality problems with the Minerals, if applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Indication of discounts granted by the Lessee, including commercial discounts of any nature, bonuses, rebates, and similar items, indicating the purchasers of the products produced, sold, and invoiced by the Lessee who benefited from such discounts and expressly mentioning whether or not they belong to the same economic group as the Lessee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.Average sale price, in the base month, of the products produced, sold, and invoiced by the Lessee as a result of mining the Minerals in the Mining Right area Minerals mined in the Mining Right area, in US dollars, after the deductions provided for in (c.) and (d.).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.2.3.<u>Term</u>. The installments of the Variable Monthly Lease Remuneration calculated in accordance with this item 3.1.2. and reflected in the Report shall be paid by the Lessee to the Lessor in relation to each base month, by the 20th day of the following month, by bank transfer to the bank account held by the Lessor, to be indicated in writing in due course. If, after the Report is sent, there is a disagreement between the Parties regarding the amount of the Variable Monthly Remuneration for a given base month, the Parties hereby agree that the amount reflected in the Report shall be paid within the term and in the manner referred to in this item, and the Parties shall, in good faith, discuss any differences found and the term and form of payment of such differences.

3.1.3.<u>Settlement and Default</u>. Proof of bank transfer relating to the Fixed Advance Payment or the Variable Monthly Remuneration installments, as applicable, to the account indicated in writing by the Lessor, shall grant the Lessee the broadest, most general and irrevocable discharge in relation to the amount paid. Payment of any installment of the Remuneration after its due date shall constitute the Lessee in default, regardless of any notification, interposition or extrajudicial notice, subjecting it to (i.) a late payment penalty of 10% (ten percent) on the outstanding debt; and (ii.) monetary adjustment by the IPCA from the due date until the date of actual payment of the outstanding balance, without prejudice to the Lessor's right to take appropriate legal measures.

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**4.** **TERM.**

4.1.<u>Term</u>. The term of the Agreement shall commence on this date and shall end upon termination of the Lease. The term of the Lease shall be ten (10) years, counted from the date of registration of the Lease Agreement in the margin of the transcription of the Mining Right, as provided for in Article 140 of the Consolidated Regulations(the "Lease Term"), and may be extended by agreement between the Parties, subject to the limitations provided for in Article 145 of the DNPM Regulatory Consolidation.

**5.** **OBLIGATIONS OF THE PARTIES.**

5.1.<u>Possession</u>. For the purposes of this Agreement, the Lessee shall be deemed to have taken possession of the Mining Right on the Closing Date and may, as of that date, occupy the area covered by the Mining Right and carry out mining, processing, classification, storage, and other operations inherent to the exploitation of the Minerals, including the construction of buildings in appropriate locations, always in accordance with the licenses, authorizations, and environmental laws in force at the municipal, state, and federal levels.

5.1.1.<u>Preliminary arrangements</u>. Without prejudice to the entry into possession referred to in 5.1. above, the Parties hereby agree that the advisors hired by the Lessee to conduct research, prepare reports or perform any type of assessment may, provided that the Lessor schedules an appointment no later than five (5) days after receiving such request, access the areas covered by the Mining Right for their examination "in loco", and may also conduct surveys, enter the area with vehicles, equipment or personnel, take samples for technical analysis, and conduct all types of research in the area, without exception, in order to conclude, without any doubt, regarding the future mining capacity of the Minerals in the Mining Right area.

5.2.dOnbarì a ões Arrendatar a. The Lessee shall have the following obligations, from the beginning of the Lease Term, without prejudice to others specifically provided for in other items of this Agreement:

5.2.1.comply with the rules set forth in Decree-Law No. 227, dated February 28, 1967 (the "Mining Code"), in the Mining Code Regulations and in the DNPM Regulatory Consolidation, as well as the environmental legislation in force, undertaking, in particular, to (i.) mine the minerals rationally, in order to preserve the best use of the mineral deposits; (ii.) adapting the disposal of tailings; and (iii.) hiring a qualified mining engineer as the technical manager of all activities arising from the Lease, in accordance with Article 47, VI, of the Mining Code;

5.2.2.be responsible, at its own expense, to ANM and DNPM for compliance with all formal requirements arising from the legislation applicable to the species, in particular with regard to the payment of administrative fees, including Financial Compensation for Mineral Exploration ("CFEM"), which are directly related to the exploration of Minerals;

5.2.3.be responsible, at its own expense, to the competent government authorities (including SEMAD), for compliance with all requirements necessary to maintain the legality of the Lessee's activity in the area of Mining Law, undertaking to bear the full amount of any

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administrative penalties that may be imposed as a result of its non-compliance, provided that such requirements have arisen from the effective actions of the Lessee;

5.2.4.ensure the maintenance and general conservation of the deposits and the Mining Right area throughout the term of the Lease, as well as bear the full cost of repairing any damage caused thereto, indemnifying the Lessor in the event of any administrative penalties or judicial convictions that the latter may suffer due to non-compliance with provisions related to Mining Law, motivated by actions or omissions, whether intentional or negligent, by the Lessee, provided that the procedure set forth in item 5.4.1. below is adopted;

5.2.5.collect all taxes (municipal, state, and federal) and charges of any nature, at the federal, state, and municipal levels, levied on the activities of mineral exploration carried out, whose triggering events occur from the beginning and during the term of the Lease, as well as being responsible for all commercial obligations arising from its mineral mining activities;

5.2.6.be civilly and criminally liable to the Lessor and any third parties for any unlawful acts committed by it under civil and criminal law, for accidents of any kind and injuries caused to any person within the area covered by Mining Law, and, in particular, for any environmental damage and crimes caused by it; and

5.2.7.make timely payment of the Remuneration provided for in 3.1. above.

5.3.<u>Liability</u>. Notwithstanding the joint liability attributed to the Parties in Article 149 of the DNPM Regulatory Consolidation, the Lessee shall be liable to the Lessor for any breach of its obligations under the law and/or this Agreement, as well as for all Losses caused as a result of the activities carried out by the Lessee in the context of the exploitation of the Minerals, as defined in 5.4., even if the Lessor is legally considered liable for such obligations and/or Losses to third parties.

5.4.<u>Compensation for losses</u>. The Lessee undertakes to compensate the Lessor for any loss or contingency, of any nature, related to the mining of the Minerals covered by this Lease, including, but not limited to, environmental, labor, tax, regulatory, or punitive contingencies, among others (hereinafter, the "Losses"), and in all cases, the procedures set forth in this item 5.4 shall be adopted.

5.4.1.<u>King indicates Third Party Claims</u>. Upon becoming aware of any claim made by any third party (the "Third Party Claim"), the Lessor shall notify the Lessee (i.) within one-third (1/3) of the deadline for filing a defense; or (ii.) where there is no deadline for filing a defense, within ten (10) days of receiving written notice of the Third Party Claim. If the Lessor fails to notify the Lessee within the time limits set forth in this item, and provided that such delay or omission prejudices the Lessee, including, without limitation, the lack of opportunity to present a timely defense, the Lessee shall be released from the obligation to indemnify. The notification provided for herein shall describe in detail the Third Party Claim, including an estimate of the respective Loss if the Third Party Claim is successful.

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5.4.2.<u>Measures to be taken by the Lessee</u>. Upon receipt of the notification provided for in 5.4.1., the Lessee shall respond in writing: (i.) before the expiry of two-thirds (2/3) of the period for submitting a defense; or (ii.) where there is no period for submitting a defense, within within ten (10) days of receiving the notification. If the Lessee acknowledges its responsibility to indemnify for any Losses arising from the Third Party Claim, it may settle or conduct the defense of the Third Party Claim at its own expense and through a lawyer of its choice. In this case, the Lessor may, at its own expense and if it so wishes, participate jointly in the defense of the Third Party Claim. In any case, the Lessor shall provide the Lessee, upon request, with any information and documents it has in relation to the Third Party Claim, in addition to cooperating in a reasonable manner, when requested, to ensure an adequate defense of the Third Party Claim. If the Lessee does not acknowledge its liability for any Losses arising from the Third Party Claim, or does not assume the defense of the Third Party Claim, the Lessor may settle or conduct the defense as it deems appropriate.

5.4.3.<u>Final Decision</u>. At the moment when (a.) a decision is rendered by the competent government authority, without any legal remedies available to reform or annul such decision; (b.) an arbitral award is rendered; (c.) an agreement is entered into by the Parties in writing; or (d.) at the time the Lessee agrees to the content of the Third Party Claim (the "Final Decision"), the amount of the Loss shall be paid by the Lessee within ten (10) days after:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.the Final Decision on the Third Party Claim has been rendered or has occurred, in the event that the Lessee has conducted the defense; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.receipt of notification by the Lessee, through which the Lessor will inform about the Final Decision on the Third Party Claim, in the event that the Lessor has conducted the defense. In this case, in addition to the amount of the Losses, the Lessee shall reimburse the Lessor for all costs or expenses (proven) involved in conducting the defense, including, but not limited to, attorneys' fees, hiring of experts, among others.

5.5.<u>Obligation to indemnify the Lessor</u>. The Lessor hereby undertakes to indemnify, protect, safeguard, and hold harmless the Lessee and shall also pay on behalf of the Lessee or reimburse the Lessee, as the case may be, for any and all losses incurred by the Lessee as a result of or in connection with the following circumstances: (a.) any default or failure by the Lessor to comply with or perform any obligation under this Agreement, and/or (b.) any breach, misrepresentation or inaccuracy in relation to the representations and warranties made by the Lessor in this Agreement; and/or (c.) any loss or contingency, of any nature, related to the Lessor (and which is demanded by third parties from the Lessee) or to the Mining Right, provided that it does not arise from the mining of the Minerals by the Lessee. The procedures set forth in 5.4.1. to 5.4.3. above shall apply to this item 5.5., mutatis mutandis.

5.5.1.<u>Compensation</u>. Without prejudice to the provisions of 5.5. above, the Lessee shall be entitled to deduct the amounts due and unpaid by the Lessor in accordance with the provisions of this item 5.5., including fines and interest, provided that they have been

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proven to have been paid by the Lessee, from the amount of the Fixed Advance Payment or the Variable Monthly Remuneration.

5.6.<u>Obligations of the Lessor</u>. Without prejudice to the other obligations specifically provided for in other items of this Agreement, the Lessor undertakes to:

5.6.1.provide the Lessee with any and all information related to Mining Law or to itself, execute any and all documents and perform any and all acts necessary for the performance of the research work and preparation of reports provided for in 2.2.1. and 2.2.3., as well as for compliance with the other Suspensive Conditions or for the regular maintenance of the Lease, in accordance with the legislation in force;

5.6.2.obtain and maintain valid all licenses, authorizations, registrations, and permits necessary or required for the preservation, performance of authorized research, maintenance, or expansion of the Mining Right, as of the date of signing this Agreement;

5.6.3.with regard to environmental and safety issues related to Mining Rights, (i.) comply with all applicable laws and regulations issued by federal, state, and local authorities, (ii.) inform the Lessee of any material adverse events, such as fires, explosions, accidental spills, etc., that affect the Mining Rights; and (iii.) inform the Lessee of any non-compliance with laws or regulations applicable to the Mining Rights; and

5.6.4.any and all fines, fees, liabilities or contingencies of any nature directly or indirectly related to Mining Law and pending payment as of the Closing Date shall be the sole responsibility of the Lessor, which undertakes to hold the Lessee harmless in relation to any fees, fines, expenses, liabilities or contingencies related to Mining Law, provided that they are related to events that occurred prior to this date, as provided for in item 5.5 above.

5.7.<u>Return</u>. In the event of termination of the Lease and return of the Mining Right by the Lessee to the Lessor, regardless of the cause, (i.) the Lessee undertakes to transfer to the Lessor all licenses and authorizations issued by the competent government authorities, as applicable, and shall be liable for all taxes and fees due during the Term of the Lease, as provided in 5.2. and 5.3. above; and (ii.) the Parties shall draw up the corresponding receipt and inspection document to record the conditions of the deposit and the area where the mining right is located. The Parties further agree that, in this case, all improvements and enhancements that may be built by the Lessee in the area of the Mining Right may be removed by it, at its sole discretion and at its sole expense, to the maximum extent possible and within a period not exceeding thirty (30) days from the end of the Lease Term, provided that any improvements and enhancements that cannot be removed shall become part of the property, without any encumbrance to the Lessor and without any right to compensation by the Lessee.

5.8.<u>Lessor's Representations and Warranties Regarding Mining Rights</u>. For all purposes and effects of this Agreement, the Lessor makes to the Lessee the following representations and warranties relating to the Mining Rights, which are valid, true, and accurate as of the date hereof and shall remain valid, true, and accurate during the term of the Agreement and the Lease Term:

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, which are valid, true, and accurate as of this date and shall remain valid, true, and accurate during the term of the Agreement and the Lease Term:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.<u>Ownership</u>. The Lessor is the legitimate holder of the Mining Rights, the details and individual description of which are set forth in Annex I hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.<u>Records</u>. The Lessor declares that the Mining Right is duly registered with the ANM and complies with all rules and regulations set forth in the relevant legislation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.<u>Licenses and authorizations</u>. The Lessor has always acted in accordance with the legislation applicable to Mining Law and, except for the Simplified Environmental License (LAS/RAS), which it has not been able to renew to date due to the failure of the Municipality of Andradas to issue a prior certificate of compliance, a fact of which the Lessee declares to be aware, it has the authorizations, permits, registrations, accreditations, permissions, and protocols provided for in federal, state, and municipal legislation or required by public authorities and government agencies of the respective jurisdictions for conducting research and maintaining the regularity of the Mining Right. There are no legal, administrative, contractual, or judicial restrictions on the ownership of the Mining Right, nor are there any judicial or administrative proceedings in which the Lessor is the defendant, plaintiff, or assistant, the merits of which are related to the ownership of the Mining Right;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.<u>Litigation</u>. (i.) There are no claims, demands, or lawsuits of any kind before any public authority or involving any third party, nor are there any arbitration proceedings or other alternative dispute resolution methods related to Mining Law; (ii.) there are no claims, arbitration proceedings or other alternative dispute resolution methods of any kind which, although not involving Mining Law, could in any way affect it and/or prevent and/or prejudice the implementation of this Agreement; (iii.) the Lessor is not aware of, has not committed or failed to commit any acts whose practice or omission could prevent or prejudice the implementation of this Agreement; (iv.) Mining Law is not involved in any pending claims of any kind, arbitration proceedings or other alternative dispute resolution methods which could prevent or prejudice the implementation of this Agreement; omission may prevent or impair the implementation of this Agreement; (iv.) Mining Law is not involved in any pending claims of any nature, as well as arbitration proceedings or other alternative means of dispute resolution; and (v.) the Lessor has not failed to comply with any judgment, order, writ, preliminary injunction or ruling of any public authority related to Mining Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.<u>Environmental</u>. The Lessor complies with all environmental laws and regulations and further declares that no activity has been conducted in the area covered by the Mining Rights that has resulted or would be reasonably likely to result in a violation of applicable environmental laws, so that there are no pending claims before any authority, at any level, nor any citations, subpoenas, directives, orders, and/or notifications of violation of any legal requirement relating to Mining Law or against the Lessor in relation to environmental matters or licenses. The Lessor further

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declares that it has not entered into or assumed any agreement, nor has any obligation been imposed on it to make any payment, compensation or indemnity to, or as a result of obtaining any license necessary for the development of the Mining Right. Furthermore, the Lessor declares that it has not signed or negotiated any Conduct Adjustment Agreement with the Public Prosecutor's Office, even if fully complied with, declaring there are no facts or circumstances that would result in such a violation of applicable environmental legal requirements or claims or demands in this regard;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f.<u>If the D and M were the same</u>. The Lessor declares that there are no encumbrances on the Mining Right, nor any transfer commitments, which is entirely free and clear of any and all real or personal encumbrances, judicial or extrajudicial, legal or conventional mortgages, easements, jurisdiction or pensions, seizures, attachments, litigation, real or personal actions for recovery, environmental contingencies, debt and/or liability of any nature, as well as being entirely free of taxes, charges, expenses and debts of any nature, the Lessor further declaring that there are no fines and/or requirements from the competent authorities pending payment or satisfaction, and that the applicable federal, state and municipal regulations and standards have been complied with to date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g.<u>Full Disclosure</u>. The information, statements, and/or guarantees provided by the Lessor in relation to the Mining Right, made available by any means, do not contain any falsehood or inaccuracy regarding any relevant act or fact, nor do they omit the existence of any relevant act or fact whose knowledge is necessary to ensure that the statements and obligations assumed in this Agreement are not misleading or subject to misinterpretation. There is no act, fact or situation that affects the transaction covered by this Agreement and that has not been expressly disclosed by the Lessor.

5.9.<u>Cooperation</u>. The Parties undertake to cooperate and provide each other with reasonable assistance and may be required for the proper development and fulfillment of the obligations set forth in this Agreement, it being understood that this Agreement has been entered into in the best interests of both Parties, in accordance with the terms and conditions prevailing in the market on the date of its signing, considering the risks inherent therein. The Parties consent and agree, however, that they are independent contractors and that under no circumstances or in any situation shall the existence of a partnership, consortium, joint venture, partnership, or association of any kind or nature between the Lessor and the Lessee be presumed. No provision in this Agreement assigns or will assign to the Lessor the status of partner, distributor, and/or commercial representative of the Lessee, including for purposes of environmental, civil, tax, or labor law. The Parties further acknowledge that each of them and their partners, employees, or contractors are not agents or attorneys-in-fact of the other Party and, consequently, shall not assume any obligations on its behalf, except as provided in this Agreement.

5.10.<u>Absence of employment relationship</u>. As a result of this Agreement, under no circumstances or in any situation shall the existence of any employment relationship or labor and social security obligations between the Lessor and the employees and service providers of the Lessee, or between the Lessee and the employees and service providers of the Lessor, be presumed

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or established. nor shall either Party be liable for the labor and social security obligations and charges of the other. Each Party hereby assumes full responsibility for such obligations, including those of a civil, criminal, tax, and social security nature.

5.11.<u>General declarations of the Parties</u>. The Parties hereby declare to each other that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.they are duly organized, constituted, and existing limited liability companies under applicable law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.they are duly represented in this Agreement, under the terms of their articles of incorporation, and their legal representatives signing this Agreement are duly authorized to assume and comply with all obligations herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.are duly authorized and have obtained all corporate or regulatory licenses and authorizations necessary to enter into this Agreement and to fulfill their obligations, having satisfied all legal, statutory, or regulatory requirements necessary to do so;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.the execution of this Agreement by the Parties, as well as the assumption and fulfillment of the obligations hereunder, as applicable, shall not imply (d.l.) any conflict or violation of any provision of the agreements and/or bylaws of the Parties; (d.2.) conflict, violation, default, early maturity or termination of any contract or agreement to which the Parties, as applicable, are a party, (d.3.) violation of any applicable law or regulation, or of any decisions or resolutions issued by their deliberative or administrative bodies, which may prevent, delay or impair the performance of the obligations assumed in this Agreement; or (d.4.) any determinations, decisions or orders of any governmental authority, including judicial authorities, to which the Parties, as applicable, are subject; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.have reviewed this Agreement in its entirety, with the assistance of their attorneys.

**6.** **CONFIDENTIALITY AND SECRECY.**

6.1.<u>Confidentiality</u>. The terms and conditions of this Agreement are strictly confidential and may not be disclosed or divulged in whole or in part by the Parties to any other person or company without the prior written consent of the other Party, except (i.) when the information is in the public domain; (ii.) for the purpose of disclosing such information to directors, employees, consultants, lawyers, or auditors who are directly involved in the performance of the Agreement, who shall assume the confidentiality obligation provided herein; each Party shall be responsible for compliance with such obligation in relation to the persons indicated herein; and (iii.) when its disclosure is ordered by any judicial or administrative authority or any other provisions of law, in which case the party disclosing the information shall notify the other party of such order.

6.1.1.<u>Term</u>. The confidentiality obligations set forth in this clause shall remain in effect for a period of one (1) year from the termination of the Agreement.

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**7.** **FINAL PROVISIONS.**

7.1.<u>Intervention</u>. The Intervening Parties José Maurício Fonseca Franco, Walter de Souza Franco, and Nilse A arecida Franco Armani sign this Agreement, in their capacity as partners of the Lessee, expressly authorizing the legal transaction embodied herein.

7.2.<u>Irrevocability</u>. This Agreement is irrevocable and binding, obligating the Parties and their successors in any capacity.

7.3.<u>Entire agreement</u>. This Agreement constitutes the entire agreement between the Parties with respect to the matters set forth herein, superseding any prior documents and understandings between the Parties, in particular the Memorandum of Understanding signed on June 12, 2023.

7.4.<u>Amendments</u>. Amendments to this Agreement shall only be valid when made in writing and signed by the legal representatives of all Parties.

7.5.<u>Assignment</u>. The rights and obligations arising from this Agreement may not be assigned or transferred, in whole or in part, by either Party to any third party, except as provided in item 2.5 above.

7.6.<u>Waiver, Novation, and Others</u>. The Parties acknowledge that (i.) failure to exercise, granting of a deadline, tolerance, or delay in exercising any right guaranteed to them by this Agreement or by law shall not constitute a waiver or novation of such rights, nor shall it prejudice their eventual exercise at any time; (ii.) the single or partial exercise of such rights shall not prevent the subsequent exercise of the remainder of such rights or the exercise of any other right; (iii.) the waiver by either Party of any of these rights shall only be valid if formalized in writing; (iv.) the waiver of a right shall be interpreted restrictively and shall not be considered a waiver of any other right conferred by this Agreement; and (v.) the nullity or invalidity of any of the clauses of this Agreement shall not affect the validity and effectiveness of the other clauses and of the instrument itself, in which case the Parties and/or the Judge shall, within the limits permitted by law, replace the invalid clause with another that allows the Parties to achieve the practical result initially intended.

7.7.<u>Costs</u>. The Parties agree that all costs and expenses incurred in hiring agents, lawyers, auditors, advisors, intermediaries, or consultants for the performance of the operations covered by this Agreement shall be borne exclusively by the respective contracting party.

7.8.<u>Notifications</u>. All notifications related to this Agreement shall be made in writing, by registered or certified mail, facsimile, or email, with proof of receipt, or by a notary public or through legal channels, to the address indicated in the preamble of this Agreement or any other address that may be duly indicated in writing.

7.9.<u>Taxes</u>. All taxes and contributions levied on any acts, facts, and/or situations provided for in this Agreement, including those that are subject to withholding by the paying source, shall be borne by the respective taxpayer and/or tax responsible party, as applicable, in accordance with the laws in force in Brazil.

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7.10.<u>Personal Data Protection</u>. The Parties, in mutual agreement, submit to compliance with the duties and obligations relating to personal data protection and undertake to treat Personal Data collected under this Agreement, if any, in accordance with applicable law, including, but not limited to, Law No. 12,965, dated April 23, 2014, Decree No. 8,771, dated May 11, 2016 (Brazilian Civil Rights Framework for the Internet), Law No. 13,709, dated September 8, 2018 ("LGPD"), as applicable. The Parties shall also ensure that their agents, partners, administrators, and employees comply with the provisions of the legal instruments referred to above relating to data protection, under the terms provided for in the LGPD.

7.10.1.Each Party shall be individually responsible for complying with its obligations under the LGPD and any regulations subsequently issued by the competent regulatory authority. The Parties shall be liable to the competent authorities for their own acts and omissions that give rise to non-compliance with applicable laws and regulations.

7.11.<u>Anti-corruption clause</u>. Compliance. For the performance of this Agreement, neither party shall offer, give, or promise to give to anyone, or accept or promise to accept from anyone, either on its own behalf or through another person, any payment, donation, compensation, financial or non-financial advantage or benefit of any kind that constitutes an illegal or corrupt practice under the laws of any country, directly or indirectly related to the subject matter of this Agreement, or even in any other way not related to this Agreement, and shall also ensure that its agents and employees act in the same manner.

7.12.<u>Specific Performance</u>. All commitments and obligations hereby assumed by the parties are subject to specific performance, pursuant to Articles 497 and 815 et seq. of the Code of Civil Procedure, with this Agreement serving as an extrajudicial enforcement instrument, pursuant to Article 784, III, also of the Code of Civil Procedure.

7.13.<u>Jurisdiction</u>. The courts of the State of São Paulo are hereby elected, to the exclusion of any others, however special they may be, to resolve any disputes related to this Agreement.

And, having thus agreed, the Parties hereby execute this Agreement in two (2) copies, in the presence of the witnesses identified below.

São Paulo, August 17, 2023.

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| |
|:---|
| Lessor: |
| <u>/s/ José Maurí Fonseca Franco</u> |
| <u>/s/ Walter de Souza Franco</u> |
| **MINERAÇ E E LTDA.** |
| p. José Maurí Fonseca Franco and Walter de Souza Franco |
| Lessee: |

---

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| |
|:---|
| <u>/s/ João Paulo Agapito da Veiga</u> |
| **ALPHA MINERALS BRAZIL PARTICIPAÇÕES LTDA**<br>p. João Paulo Agapito da Veiga |
| Consenting Parties: |
| <u>/s/ Josem Auricio Fonseca Franco</u> |
| **JOSEM AURICIO FONSECA FRANCO** |
| <u>/s/ Walter De Souza Franco</u> |
| **WALTER DE SOUZA FRANCO** |
| <u>/s/ Nilse Aparecida Franco Armani</u> |
| **NILSE APARECIDA FRANCO ARMANI** |
| <u>/s/ Mineração Altoda Serra De Andradas Ltqa</u> |
| **MINERAÇÃO ALTODA SERRA DE ANDRADAS LTQA.** |

---

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| | |
|:---|:---|
| <u>Witnesses;</u> |  |
| 1.<u>/s/ Luis Henrique G. de Campaso</u> | 2.<u>/s/ Karina de Oliveira Lima</u> |
| Name: Luis Henrique G. de Campaso | Name: Karina de Oliveira Lima |
| CPF:  | CPF:  |

---

Attachment:

Annex I.: Authorizations and Main Characteristics of Mining Rights.

Annex 2.2.1.: Bank Account

Annex 2.2.8.: Lease Agreement

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<u>Annex I.</u>

to the Lease Agreement for Total Mining Rights under Suspensive Condition, dated August 17, 2023.

Authorizations and Characteristics of Mining Rights

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<u>Annex</u> <u>2.2.1.</u>

to the Total Mining Lease Agreement under Suspensive Condition, <br>August 17, 2023.

Bank account details

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<u>Attachment 2.2.8.</u>

to the Total Mining Rights Lease Agreement under Suspensive Condition,<br>dated August 17, 2923.

<u>Lease Agreement.</u>

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## Exhibit 10.18

**Exhibit 10.18**

**TOTAL LEASE AGREEMENT FOR MINERAL RIGHTS UNDER SUSPENSIVE CONDITION**

By this private instrument, and in the best legal form, the Parties designated below and duly qualified, namely,

on the one hand, as Lessor,

**MINERAÇÃO ALTO DA SERRA DE ANDRADAS LTDA.,** a limited liability company headquartered in the municipality of Andradas, Minas Gerais, at Fazenda Lagoinha, s/n, Bairro Campestrinho, ZIP CODE 37795-000, registered with the CNPJ under No. 07.346.404/0001-80, email: , hereby represented in accordance with its Articles of Association, by its Administrators, Mr. <u>José Maurício Fonseca Franco,</u> Brazilian, married, businessman, holder of Identity Card No. , registered with the CPF under No. , resident and domiciled in , and Ms. Nilse A a ecida F anco, Brazilian, married, businesswoman, holder of Identity Card No. , registered with the CPF under No. , resident and domiciled in , hereinafter referred to as "Alto da Serra" or "Lessor", interchangeably;

and, on the other hand, as Lessee,

**ALP ALPHA MINERALS BRAZIL PARTICIPAÇÕES LTDA.,** a limited liability company headquartered in the capital of the State of São Paulo, at Rua Professor José Leite e Oiticica, n.° 530, Vila Gerti udes; ZIP Code 04705-080, registered with the CNPJ under No. 43.093.229/0001-20, email: , herein represented by its Articles of Incorporation, by its Administrator, Mr. João Paulo Agapito da Veiga, Brazilian, single, businessman, holder of Identity Card No. , issued by DETRAN-RJ, registered with the CPF under No. , resident and domiciled in , with business address in the Capital of the State of São Paulo, at Rua Professor José Leite e Oiticica, no. 530, Vila Gertrudes, CEP 04705-080, hereinafter referred to as "Alpha" or "Lessee", interchangeably;

also appearing as consenting intervening parties,

JOSÉ **MAURÍCIO FONSECA FRANCO,** as above, email: ; and

**NILSE APARECIDA FRANCO ARMANI,** Brazilian, married, businesswoman, holder of Identity Card No. , registered with the CPF under No. ,resident and domiciled in , email: ;

whereas the Lessor is the sole and legitimate holder of the Mining Right that is the subject of the administrative proceeding registered with the National Mining Agency (the "ANM") under No. 804.059/1971, with Mining Concession Ordinance No. 82.928, published in the Federal Official Gazette (DOU) on December 22, 1978 (the "<u>Mining Concession</u> Ordinance"), for clay, bauxite, and leucite minerals, in an area of 37.5 hectares, located in the municipality of Andradas, MG (the <u>"Mining</u> Right"), whose authorizations and main characteristics are included herein as <u>Annex</u> <u>I</u>.;

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Whereas the Parties shall conduct research in the field of mining law with the aim of assessing the possibility of exploiting rare earths and any associated minerals, such as, among others, niobium and scandium (hereinafter referred to as the "Minerals"), and, if successful, shall arrange for the preparation of (a.) a report, in accordance with the provisions of Article 2 of Decree No. 9,406, dated June 12, 2018 (hereinafter referred to as the "<u>Mining</u> Code"), as well as (b.) an economic utilization plan indicating the possible changes that the mining of these new substances will bring to the original mining plan that resulted in the Mining Concession Ordinance, as provided for in Article 129 of the Annex to Ordinance No. 155, dated May 12, 2016, which approved the consolidation of the rules of the National Department of Mineral Production (the "DNPM" and the <u>"DNPM Normative</u> Code"), which shall be presented, on behalf of the Lessor, to the ANM, for registration of new mineral substances in the original mining concession title;

Considering that, pursuant to Articles 130 et seq. of the Consolidated Rules of the DNPM and other applicable laws and regulations, Mining Rights at the mining concession stage may be wholly or partially leased, regardless of the transfer of ownership of the mining concession to the third party lessee, provided that such agreement is subject to prior approval and registration with the DNPM;

Whereas, subject to the conditions precedent and terms set forth below, the Lessor is interested in leasing the mining concession for the exploitation of Minerals, and the Lessee is interested in leasing the Mining Rights, provided that the Conditions Precedent set forth in item 2.2. below, in particular the amendment to the Ordinance Granting the Mining Right for the inclusion of Minerals;

The Parties hereby agree to enter into this "Total Mining Rights Lease Agreement Subject to Suspensive Condition" (the "Agreement"), which shall be governed by the following terms and conditions.

**1.** **OBJECT.**

1.1<u>Lease of Mining Rights.</u> By this instrument, the Lessee undertakes and agrees, on the Closing Date and provided that the Conditions Precedent set forth in 2.2 below are fulfilled, to lease from the Lessor, and the Lessor, in turn, obligates and undertakes, on the Closing Date, to lease to the Lessee, upon payment of the Remuneration defined in 3.1. below, the Mining Right, in accordance with the current characteristics described in <u>Annex I,</u> for the exploration of the Minerals (hereinafter, the "Lease"), without transferring ownership of the mining concession.

1.1.1<u>Absence of encumbrances.</u> The Mining Rights are free and clear of any encumbrances, liens, attachments, seizures, pledges, liens, or restrictions that may, at present or in the future, affect this Lease.

1.1.2Scope of the Agreement . In addition to the Mining Rights, the Agreement includes all other licenses and authorizations issued by the competent government authorities which, as applicable, shall be transferred to the Lessee after the Closing Date, returning to the Lessor's ownership, through a regular transfer process, upon termination or non-renewal of this Agreement. The Parties agree that (i.) the Lessee is expressly prohibited from directly or indirectly engaging, in any capacity or under any pretext, in activities in the area of Mining Law that are not directly or indirectly related to the exploitation of the Minerals, in accordance with this Agreement; (ii.) the use of water, the removal of vegetation or the exploitation of water resources, even under the pretext of being linked to Mining Law, may only be carried out with the prior and express consent of the Lessor.

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**2.** **CONDITIONS PRECEDING.**

2.1<u>Exclusivity</u>. The Parties hereby enter into this Agreement in an irrevocable and irreversible manner, on an exclusive basis, subject only to the Conditions Precedent set forth in 2.2. below, it being understood that the Assignor shall not, as of this date and throughout the term of this Agreement, (i.) lease, lend, or allow third parties to exploit or use the Mining Right, under any title; (ii.) grant any option to sell, assign, or transfer, under any title, involving all or part of the Mining Right to third parties; (iii.) in any way dispose of, assign or encumber, or promise to dispose of, assign or encumber the Mining Right, in any capacity, to third parties, in whole or in part; or (iv.) enter into any other commitment or contract that directly or indirectly involves the Mining Rights, or is in any way related to them (the "Exclusivity"), under penalty of incurring a fine immediately set between the Parties at ten (10) times the value of the Fixed Advance Payment of the Remuneration provided for in 3.1.1. below, without prejudice to the obligation to indemnify the Lessee for losses and damages and lost profits. Failure by the Lessor to comply with the deadlines indicated in items 2.2.8. and 2.2.9. below shall be considered a breach of the Exclusivity obligation provided for in this item, subject to the penalties provided herein. The Parties acknowledge that the penalty provided for in this item is not excessive and is reasonable to compensate the Lessee for all costs incurred, as of this date, in conducting research in the area of Mining Law.

2.1.1Payment. Considering that the commencement of the Lease (and the payment of the Remuneration provided for in 4.) depends on the implementation of the Conditions Precedent described in 2.2. below, the Parties have agreed that the Lessee shall pay the Lessor the fixed, certain and agreed amount of R$50,000.00 (fifty thousand reais) as an advance payment of the future Lease. The Parties hereby agree that this payment was made by the Lessee on June 12, 2023, by bank transfer to the bank account indicated in <u>Annex</u> <u>2.1.1.</u> The payment provided for in this item is final and will not be refunded in the event of failure to fulfill the Conditions Precedent, as defined below.

2.2With the above conditions. This Agreement shall be effective on the date of its execution and shall remain in effect until the end of the Lease Term, its effectiveness being subject to the cumulative fulfillment of the following conditions precedent, which must be fulfilled by the Parties (unless waived in writing by the Lessee) (the <u>"Conditions</u> Precedent"):

2.2.1Research: completion of research in the area of Mining Law and confirmation of the possibility and feasibility of mining the Minerals, understood as minerals classified as "rare earths" and associated minerals such as, among others, niobium and scandium, within its scope; the research shall be paid for by the Lessee, with the Lessor's support in providing any and all necessary information, as well as in taking all necessary steps and other measures, including the signing of documents or forms, which shall ultimately be reflected in a report to be prepared by a legally qualified professional, in accordance with Article 26 of the Mining Code Regulations;

2.2.2<u>Communication:</u> communication to ANM, by the Lessor, under terms to be defined by mutual agreement between the Parties, regarding the existence, in the area covered by the Mining Law, of mineral substances (the Minerals) not included in the Mining Concession Ordinance, as provided for in Article 34, IV, of the Mining Code Regulations;

2.2.3Economic Utilization Plan: preparation by the Parties of an Economic Utilization Plan for the deposit ("PAE"), signed by a legally qualified professional, accompanied by the respective Technical Responsibility Note ("ART"), indicating the changes that the mining of the minerals will entail to the mining plan originally approved and that resulted in the Mining Concession Ordinance; indicating the changes that the mining of the Minerals will entail to the mining plan originally approved and which resulted in the Mining Concession Ordinance;

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2.2.4<u>Addendum</u> <u>to</u> <u>the Mining Concession:</u> submission by the Lessor to the ANM, under terms to be defined by mutual agreement between the Parties, of the documents referred to in 2.2.1. and 2.2.3., in addition to all other documents and information required by applicable laws and regulations to apply for the amendment of the Mining Concession Ordinance, including the possibility of exploring new substances (the Minerals), followed by the approval of such request by the Ministry of Mines and Energy and the registration, in the margin of the transcription of the Mining Right, of the possibility of mining the Minerals, in accordance with the provisions of Article 129 of the DNPM Regulatory Consolidation;

2.2.5<u>Absence of Material Adverse Effect:</u> absence of materialization, from the date of signing this Agreement until the Closing Date, of any material adverse effect affecting the Parties, understood as any event, circumstance or fact, beyond the control of such Party, such that its consequences cannot be avoided within a reasonable time and which, individually or in conjunction with others of the same nature (i.) adversely and significantly affects the condition (financial or otherwise), properties, assets, liabilities, business, and profitability prospects of such Party and other companies in its business group, considered as a whole; (ii.) significantly impede the ability of such Party to carry out the operations contemplated in this Agreement;

2.2.6<u>Representations:</u> the representations and warranties of the Parties contained in this Agreement are true and correct in all material respects as of the Closing Date, as if they had been made on the Closing Date;

2.2.7Prohibitions: no preliminary injunction or related measure or other order, decree or regulation has been issued by ANM or any other government authority, nor has any law been enacted, imposing limitations on the ability of the Parties to consummate the obligations assumed in this Agreement.

2.2.8<u>Lease Agreement:</u> after fulfilling the conditions precedent set forth in 2.2.1. to 2.2.7. above, or upon written waiver by the Lessee, as the case may be, the Parties shall proceed to sign the Lease Agreement, the draft of which is attached hereto as <u>Annex 2.2.8.</u> (the "<u>Lease</u> Agreement"), within a maximum period of ten (10) days; the Parties declare that (i.) the Lease Agreement provided for in this item is intended solely to meet the conditions imposed by the DNPM Regulatory Consolidation and by the ANM, enabling the registration of the Lease with the regulatory authorities; and (ii.) the obligations and rights that effectively bind the Parties are governed by this Agreement and have not been altered by the Lease Agreement; and

2.2.9ãoedon Adriendaeen o: presentation, by the Lessor, before the ANM, under the terms to be defined by mutual agreement between the Parties and within a maximum period of ten (10) days after fulfillment of the condition precedent provided for in 2.2.8. above, of the request for consent and registration of the Lease Agreement, in addition to all other documents and information required by applicable laws and regulations, including the Lessee's statement that it undertakes to execute the PAE provided for in 2.2.3. above, followed by the approval of such request and the registration, in the margin of the transcription of the Mining Right, of the existence of the Lease, as provided for in Articles 132 et seq. and 137 et seq. of the DNPM Regulatory Consolidation, as amended from time to time.

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2.3<u>Cooperation.</u> The Parties undertake, in good faith and in the interest of ensuring the proper and prompt fulfillment of the Conditions Precedent set forth in this Agreement, to provide any and all information related to Mining Law or to themselves, to execute any and all documents and to perform any and all acts that may be necessary for the performance of the research work and preparation of reports provided for in 2.2.1. and 2.2.3., or for the fulfillment of the other Suspensive Conditions, except for the obligations to pay expenses and costs, which shall be the sole responsibility of the Lessee.

2.3.1<u>Changes in Mining</u> <u>Law</u>. The Lessor hereby undertakes, in the event of any changes to the intrinsic characteristics of Mining Law, at any time and for any reason, including those resulting from enforcement or prosecution measures that may be adopted by any creditors, of any nature or for any reason, to immediately notify the Lessee, in accordance with item 7.9. below, ensuring that the latter has, regardless of any request to that effect, all the information necessary to assess, at any time during the term of this Agreement, the proper fulfillment of the Conditions Precedent.

2.4<u>Closing</u>. If the Conditions Precedent have been cumulatively implemented, or have been waived in writing by the Lessee, as applicable, the Lessee shall be irrevocably obligated to, within a maximum period of ten (10) days, pay the Advance Installment.

Fixed remuneration as provided for in 3.1.1. below. The date on which the existence of the Lease is recorded in the margin of the Mining Right transcription, in accordance with the provisions of Articles 132 et seq. and 137 et seq. of the DNPM Regulatory Consolidation, as amended from time to time, shall be considered, for the purposes of this Agreement, as <u>the "Closing Date."</u>

2.5<u>Authorized Assignees.</u> This Agreement may be assigned by the Lessee, regardless of the Lessor's consent, until the Closing Date, to any company directly or indirectly controlled by the Lessee, or any company subject to common control, directly or indirectly, in relation to the Lessee, as well as to the partners of any of these or to companies of which the companies or individuals indicated in this item are partners (generically, the "Authorized <u>Assignees</u>"), it being understood that (i.) the Authorized Assignees shall always be from the same business group as the Lessee; and (ii.) any and all provisions of this Agreement shall apply in full to the Authorized Assignees. References in this Agreement to the Lessee shall be construed as references to the Lessee and any Authorized Assignees.

**3.** **PRICE AND PAYMENT METHOD.**

3.1<u>Remuneration.</u> The Parties agree that, as consideration for the Lease, the Lessee shall pay the Lessor an initial and advance fixed remuneration, in addition to variable monthly installments, calculated as set forth in items 3.1.1. and 3.1.2. below (<u>the</u> "Remuneration"):

3.1.1<u>Fixed Advance Payment of Remuneration.</u> Within a maximum period of ten (10) days from the Closing Date, the Lessee shall pay to the Lessor, by bank transfer to a bank account held by the Lessor, to be indicated in due course, the amount in Brazilian reais (R$) equivalent to US$1,000,000.00 (one million US dollars), calculated based on the US dollar exchange rate for purchase, as disclosed by the Central Bank of Brazil on the business day immediately prior to the date of the respective payment (the " <u>Fixed Advance Payment of</u> the Remuneration"). For clarification purposes, the Fixed Advance Payment shall be paid by the Lessee to the Lessor regardless of the commencement of mining of the Minerals and shall be due once only, at the beginning of the term of the Lease.

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3.1.2<u>Variable Monthly Remuneration.</u> The variable monthly remuneration for the Lease shall be payable by the Lessee to the Lessor after the start of mining operations in the Mining Right area (<u>the "Variable Monthly</u> Remuneration"), and shall be calculated using the following formula:

*Variable Monthly Remuneration (-)*

*<u>[Net proceeds from the Exploration of</u>* ***<u>the Mining Right] (x)</u>*** *<u>5%]</u>*

Where:

*<u>Net Revenue</u> <u>from</u> <u>the Exploitation of Mining Rights</u>* (=) The sum of the monthly net revenue, as defined by the federal tax legislation in force, earned by the Lessee from the sale of products produced, sold, and invoiced by the Lessee and which are directly or indirectly derived from the exploitation of Minerals in the area covered by the Mining Rights. The monthly net revenue estimated in this item shall be calculated on a cash basis and deducted exclusively from the following costs and expenses:

indirectly, from the exploitation of Minerals in the Mining Right area. The monthly net revenue provided for in this item shall be calculated on a cash basis and deducted exclusively from the following costs and expenses:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.cancelled sales and returns; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.discounts granted by the Lessee for any reason, including unconditional discounts and commercial discounts of any nature; in the case of sales to parties related to or connected with the Lessee, for any reason whatsoever, only unconditional and conditional discounts provided for in this item shall be deducted if it is proven that such discounts would also be granted in transactions with unrelated or unconnected parties and if the sale price, after discounts, is compatible with the average market price in the region for each of the products produced, sold, or invoiced.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.2.2<u>Report.</u> For each base month, understood as the period between the first and ninth business day of each calendar month after the start of mining operations in the Mining Right area, the Lessee shall prepare a report containing the following information (the "Report"), which shall be sent to the Lessor, to the email addresses of the Lessor and the Consentors indicated in the preamble hereto, by the 15th day of the following month:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Sales revenue earned in the base month in relation to each of the products produced, sold, and invoiced by the Lessee and that are directly or indirectly derived from the exploitation of Minerals in the Mining Right area, calculated in strict accordance with the definition of Net Revenue from the Exploitation of the Mining Right set forth in item 3.1.2. above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Quantity of tons (t) of Minerals produced;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Indication of canceled sales and returns, indicating the value of canceled sales and returns due to specific quality problems with the Minerals, if applicable;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Indication of discounts granted by the Lessee, including commercial discounts of any nature, bonuses, rebates, and similar items, indicating the purchasers of the products produced, sold, and invoiced by the Lessee that benefited from such discounts and expressly mentioning whether or not they belong to the same economic group as the Lessee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.Average sale price, in the base month, of the products produced, sold, and invoiced by the Lessee as a result of the mining of Minerals in the Mining Right area Minerals mined in the Mining Right area, in US dollars (USD), after the deductions provided for in (c.) and (d.).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.2.3<u>Term.</u> The installments of the Variable Monthly Lease Payment calculated in accordance with this item 3.1.2. and reflected in the Report shall be paid by the Lessee to the Lessor in relation to each base month, by the 20th day of the following month, by bank transfer to the bank account held by the Lessor, to be indicated in writing in due course.

If, after the Report has been sent, there is a disagreement between the Parties regarding the amount of the Variable Monthly Remuneration for a given base month, the Parties hereby agree that the amount reflected in the Report shall be paid within the term and in the manner referred to in this item, and the Parties shall, in good faith, discuss any differences found and also the term and manner of payment of such differences.

3.1.3<u>Settlement and Default.</u> Proof of bank transfer relating to the Fixed Advance Payment of the Remuneration or to the installments of the Variable Monthly Remuneration, as applicable, to the account indicated in writing by the Lessor, shall grant the Lessee the broadest, most general, and irrevocable discharge in relation to the amount paid. Payment of any installment of the Remuneration after its due date shall constitute the Lessee in default, regardless of any notification, interposition or extrajudicial notice, subjecting it to (i.) a late payment penalty of 10% (ten percent) on the outstanding debt; and (ii.) monetary adjustment by the IPCA from the due date until the date of actual payment of the outstanding balance, without prejudice to the Lessor's right to take appropriate legal measures.

**4.** **TERM.**

4.1<u>Term.</u> The term of the Agreement shall commence on this date and end upon termination of the Lease. The term of the Lease shall be ten (10) years, counted from the date of registration of the Lease Agreement in the margin of the transcription of the Mining Right, as provided for in Article 140 of the DNPM Regulatory Consolidation (the "<u>Lease</u> Term"), which may be extended by mutual agreement between the Parties, subject to the limitations provided for in Article 145 of the DNPM Regulatory Consolidation. the limitations provided for in Article 145 of the DNPM Regulatory Consolidation.

**5.** **OBLIGATIONS OF THE PARTIES.**

5.1<u>Possession</u>. For the purposes of this Agreement, the Lessee shall be Issued in possession of the Mining Right on the Closing Date and may, as of such date, occupy the area of the Mining Right and carry out mining, beneficiation, classification, storage, and other operations inherent to the exploration of the Mineral Resources, including the construction of buildings in appropriate locations, always in accordance with the licenses, permits, and environmental laws in force at the municipal, state, and federal levels. of the Minerals, including the construction of buildings in appropriate locations, always in accordance with the licenses, authorizations, and environmental laws in force at the municipal, state, and federal levels.

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5.1.1Without prejudice to the transfer of possession referred to in 5.1 above, the Parties hereby agree that the advisors hired by the Lessee to conduct research, reports, or any type of assessment may, provided that prior scheduling is made by the Lessor, within a maximum period of five (5) days after such request, have access to the Mining Law areas for on-site inspection, and may also conduct surveys, enter the area with vehicles, equipment or persons, take samples for technical analysis, and conduct all types of research in the area, without exception, in order to conclude, without any doubt, regarding the future mining capacity of the Minerals in the area covered by the Mining Rights.

5.2Lesse's Obligations. The Lessee shall have the following obligations, starting from the beginning of the Lease Term, without prejudice to any other obligations specifically provided for in other items of this Agreement:

5.2.1comply with the rules set forth in Decree-Law No. 227, dated February 28, 1967 (the "Mining Code"), in the Mining Code Regulations and in the DNPM Regulatory Consolidation, as well as the environmental legislation in force, undertaking, in particular, to (i.) mine the Minerals rationally, in order to preserve the best use of the mineral deposits; (ii.) adapting the disposal of tailings; and (iii.) hiring a qualified mining engineer as the technical manager for all activities arising from the Lease, in accordance with Article 47, VI, of the Mining Code;

5.2.2be responsible, at its own expense, to ANM and DNPM for compliance with all formal requirements arising from the legislation applicable to the species, in particular with regard to the payment of administrative fees, including Financial Compensation for Mineral Exploration ("CFEM"), which are directly related to the exploration of the Minerals;

5.2.3be responsible, at its own expense, before the competent government authorities (including SEMAD), for compliance with all requirements necessary to maintain the legality of the Lessee's activity in the area of Mining Law, undertaking to bear the full amount of any administrative penalties that may be imposed as a result of its non-compliance, provided that such requirements have been imposed as a result of the Lessee's actual actions. such requirements have been caused by the Lessee's actual actions;

5.2.4ensure the maintenance and general conservation of the deposits and the Mining Right area throughout the term of the Lease, as well as bear the full cost of repairing any damage caused thereto, compensating the Lessor in the event of any administrative penalties or court judgments that the latter may suffer as a result of non-compliance with provisions relating to Mining Law, caused by intentional or negligent acts or omissions on the part of the Lessee, provided that the procedure set out in item 5.4.1. below is followed;

5.2.5collect all taxes (municipal, state, and federal) and charges of any nature, at the federal, state, and municipal levels, levied on the activities of mineral exploration carried out, whose triggering events occur from the beginning and during the term of the Lease, as well as being responsible for all commercial obligations arising from its mineral mining activities;

5.2.6be civilly and criminally liable to the Lessor and any third parties for any unlawful acts committed by it under civil and criminal law, for accidents of any kind and injuries caused to any person within the area covered by Mining Law, and, in particular, for any environmental damage and crimes caused by it; and

5.2.7make timely payment of the Remuneration provided for in 3.1. above.

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5.3Responsibility. Notwithstanding the joint liability attributed to the Parties in Article 149 of the DNPM Regulatory Consolidation, the Lessee shall be liable to the Lessor for any breach of its obligations under the law and/or this Agreement, as well as for all Losses caused as a result of the activities carried out by the Lessee in the context of the exploitation of the Minerals, as defined in 5.4. below, even if the Lessor is legally considered responsible for such obligations and/or Losses to third parties.

5.4<u>Compensation for Losses.</u> The Lessee undertakes to compensate the Lessor for any loss or contingency of any nature related to the mining of the Minerals covered by this Lease, including but not limited to environmental, labor, tax, regulatory, or punitive contingencies, among others (hereinafter, the "Losses"), and in all cases, the procedures set forth in this item 5.4 shall be adopted.

5.4.1<u>Third Party Claims.</u> Upon becoming aware of any claim made by any third party (<u>the "Third Party</u> Claim"), the Lessor shall notify the Lessee (i.) within one-third (1/3) of the deadline for submission of a defense; or (ii.) where there is no deadline for filing a defense, within ten (10) days of receiving written notice of the Third Party Claim. If the Lessor fails to notify the Lessee within the time limits set forth in this item, and provided that such delay or omission prejudices the Lessee, including, without limitation, the lack of opportunity to present a timely defense, the Lessee shall be released from the obligation to indemnify. The notification provided for herein shall describe in detail the Third Party Claim, including an estimate of the respective Loss if the Third Party Claim is successful.

5.4.2<u>Measures to be taken by the Lessee.</u> Upon receipt of the notification provided for in 5.4.1., the Lessee shall respond in writing: (i.) before two-thirds (2/3) of the deadline for submitting a defense has elapsed; or (ii.) when there is no deadline for submitting a defense, within ten (10) days of receiving the notification. If the Lessee acknowledges its liability to indemnify for any Losses arising from the Third Party Claim, it may settle or conduct the defense of the Third Party Claim, at its own expense and through a lawyer of its choice. In this case, the Lessor may, at its own expense and if it so wishes, participate jointly in the defense of the Third Party Claim. In any case, the Lessor shall provide the Lessee, upon request, with any information and documents it has in relation to the Third Party Claim, in addition to cooperating in a reasonable manner, when requested, to ensure an adequate defense of the Third Party Claim. If the Lessee does not acknowledge its liability for any Losses arising from the Third Party Claim, or does not assume the defense of the Third Party Claim, the Lessor may settle or conduct the defense as it deems appropriate.

5.4.3<u>Final Decision.</u> At the moment when (a.) a decision is rendered by the competent government authority, without any legal remedies available to reform or annul such decision; (b.) an arbitral award is rendered; (c.) an agreement is entered into by the Parties in writing; or (d.) at the time the Lessee agrees with the content of the Third Party Claim (<u>the</u> "<u>Final</u> Decision"), the amount of the Loss shall be paid by the Lessee within ten (10) days after:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.the Final Decision on the Third Party Claim has been rendered or has occurred, in the event that the Ai iendatária has conducted the defense; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.receipt of notification by the Lessee, whereby the Lessor shall inform the Lessee of the Final Decision on the Third Party Claim, in the event that the Lessor has conducted the defense. In this case, in addition to the amount of the Losses, the Lessee shall reimburse the Lessor for all costs or expenses (proven) involved in conducting the defense, including, but not limited to, attorneys' fees, hiring of experts, among others.

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5.5<u>Obligation to indemnify the Lessor.</u> The Lessor hereby undertakes to indemnify, protect, safeguard, and hold harmless the Lessee and shall also pay on behalf of the Lessee or reimburse the Lessee, as the case may be, for any and all losses incurred by the Lessee as a result of the following circumstances: (a.) any default or failure by the Lessor to comply with or perform any obligation under this Agreement, and/or (b.) any breach, misrepresentation or inaccuracy in relation to the representations and warranties made by the Lessor in this Agreement; and/or (c.) any loss or contingency, of any nature, related to the Lessor (and which is demanded by third parties from the Lessee) or to the Mining Right, provided that it does not arise from the mining of the Minerals by the Lessee. The procedures provided for in 5.4.1. to 5.4.3. above shall apply mutatis mutandis to this item 5.5.

5.5.1<u>Compensation.</u> Without prejudice to the provisions of 5.5. above, the Lessee shall be entitled to deduct the amounts due and unpaid by the Lessor in accordance with the provisions of this item 5.5., including fines and interest, provided that they are proven to have been paid by the Lessee, from the amount of the Fixed Advance Payment or the Variable Monthly Remuneration.

5.6<u>Obligations of the Lessor.</u> Without prejudice to the other obligations specifically provided for in other items of this Agreement, the Lessor undertakes to:

5.6.1provide the Lessee with any and all information related to Mining Law or to itself, execute any and all documents and perform any and all acts necessary for the performance of the research work and preparation of reports provided for in 2.2.1. and 2.2.3., as well as for compliance with the other Suspensive Conditions or for the regular maintenance of the Lease, in accordance with the legislation in force;

5.6.2obtain and maintain valid all licenses, authorizations, registrations, and permits necessary or required for the preservation, performance of authorized research, maintenance, or expansion of the Mining Right, as of the date of signing this Agreement;

5.6.3with regard to environmental and safety issues related to Mining Rights, (i.) comply with all applicable laws and regulations issued by federal, state, and local authorities, (ii.) inform the Lessee of any material adverse events, such as fires, explosions, accidental spills, etc., that affect the Mining Rights; and (iii.) inform the Lessee of any non-compliance with laws or regulations applicable to the Mining Right; and

5.6.4any and all fines, fees, liabilities or contingencies of any nature directly or indirectly related to the Mining Right and pending payment until the Closing Date shall be the sole responsibility of the Lessor, which undertakes to hold the Lessee harmless in relation to any fees, fines, expenses, liabilities or contingencies related to the Mining Right, provided that they are related to events that occurred prior to this date, as provided for in item 5.5. above.

5.7<u>Return.</u> In the event of termination of the Lease and return of the Mining Right by the Lessee to the Lessor, regardless of the reason, (i.) the Lessee undertakes to transfer to the Lessor all licenses and authorizations issued by the competent government authorities, as applicable, and shall be liable for all taxes and fees due during the Term of the Lease, as provided in 5.2. and 5.3. above; and (ii.) the Parties shall prepare the corresponding receipt and inspection document to record the conditions of the deposit and the area where the mining right is located. The Parties further agree that, in this case, all improvements and enhancements that may be built by the Lessee in the area of the Mining Right may be removed by it, at its sole discretion and at its sole expense, to the maximum extent possible and within a period not exceeding thirty (30) days from the end of the Lease Term, provided that any improvements and

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enhancements that cannot be removed shall become part of the property, without any encumbrance to the Lessor and without any right to compensation by the Lessee.

5.8Declarations by the applicant were the following er For all purposes and effects of this Contract, the Lessor makes the following representations and warranties to the Lessee regarding the Mining Right, which are valid, true, and accurate as of this date and shall remain valid, true, and accurate during the term of the Contract and the Lease Term:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.Ownership. The Lessor is the legitimate holder of the Mining Right, the details and individual description of which are incorporated herein as Annex 1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.<u>Records.</u> The Lessor declares that the Mining Right is duly registered with the ANM and complies with all rules and regulations set forth in the relevant legislation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii.<u>Licenses and authorizations.</u> The Lessor has always acted in accordance with the legislation applicable to Mining Law and, except for the Simplified Environmental License (LAS/RAS), has the authorizations, permits, registrations, accreditations, permissions, and protocols provided for in federal, state, and municipal legislation or required by public authorities and government agencies in the respective jurisdictions to conduct research and maintain compliance with Mining Law. There are no legal, administrative, contractual, or judicial restrictions on the ownership of the Mining Right, nor are there any judicial or administrative proceedings in which the Lessor is the defendant, plaintiff, or assistant, the merits of which are related to the ownership of the Mining Right.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv.<u>Litigation.</u> (i.) There are no complaints, claims or demands of any nature before any public authority or involving any third party, nor are there any arbitration proceedings or other alternative means of dispute resolution related to Mining Law; (ii.) there are no complaints, arbitration proceedings or other alternative means of dispute resolution related to Mining Law.

dispute resolution, of any nature, which, although not involving Mining Law, may in any way affect it and/or prevent and/or impair the implementation of this Agreement; (iii.) the Lessor is not aware of, has not committed or failed to commit any acts whose practice or omission may prevent or impair the implementation of this Agreement; (iv.) Mining Law is not involved in any pending claims of any nature, as well as arbitration proceedings or other alternative means of dispute resolution; and (v.) the Lessor has not failed to comply with any judgment, order, writ, preliminary injunction, or ruling of any public authority related to Mining Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v.<u>Environmental.</u> The Contractor complies with all environmental laws and regulations and further declares that no activity has been conducted in the area of Mining Law that has resulted or would be reasonably likely to result in a violation of applicable environmental laws, so that there are no pending claims before any authority, at any level, nor any citations, subpoenas, directives, orders, and/or notifications of violation of any legal requirement relating to Mining Law or against the Lessor in relation to environmental matters or licenses. The Lessor further declares that it has not entered into or assumed any agreement, nor has any obligation been imposed on it to make any payment, compensation or indemnity to, or as a result of obtaining any license necessary for the development of the Mining Right. Furthermore, the Lessor declares that it has not signed or negotiated any Conduct Adjustment Agreement with the Public Prosecutor's Office, even if fully complied with, declaring that there are no facts or circumstances that would result in a violation of this

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nature of the applicable legal environmental requirements or claims or demands in this regard;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi.Si a ão do i eiro. The Lessor declares that there are no encumbrances on the Mining Right, nor any transfer commitments, which is entirely free and clear of any and all real or personal encumbrances, judicial or extrajudicial, legal or conventional mortgages, easements, jurisdiction or pensions, attachments, seizures, litigation, real or personal reipersecutory actions, environmental contingencies, debt and/or liability of any nature, as well as being entirely free of taxes, charges, expenses and debts of any nature, the Lessor further declaring that there are no fines and/or requirements from the competent authorities pending payment or satisfaction, and that the applicable federal, state and municipal regulations and standards have been complied with to date; and Vii. Di 1 a ão Co leta. The information, statements, and/or guarantees provided by the Lessor in relation to the Mining Right, made available by any means, do not contain any falsehood or inaccuracy regarding any relevant act or fact, nor do they omit the existence of any relevant act or fact whose knowledge is necessary to ensure that the statements and obligations assumed in this Agreement are not misleading or subject to misinterpretation. There is no act, fact or situation that affects the transaction covered by this Agreement and that has not been expressly disclosed by the Lessor.

5.9<u>Cooperation.</u> The Parties undertake to cooperate with each other and provide such assistance as may reasonably be required for the proper performance and fulfillment of the obligations set forth in this Agreement, it being understood that this Agreement has been entered into in the best interests of both Parties, in accordance with the terms and conditions prevailing in the market on the date of its execution.

considering the risks inherent therein. The Parties nevertheless agree and consent that they are independent contractors and that under no circumstances or in any situation shall the existence of a partnership, consortium, joint venture, partnership, or association of any kind or nature between the Lessor and the Lessee be presumed. No provision in this Agreement assigns or will assign to the Lessor the status of partner, distributor, and/or commercial representative of the Lessee, including for the purposes of environmental, civil, tax, or labor law. The Parties further acknowledge that each of them and their partners, collaborators, employees, or contractors are not agents or attorneys-in-fact of the other Party and, consequently, shall not assume any obligations on its behalf, except as provided in this Agreement.

5.10<u>Absence of employment relationship.</u> As a result of this Agreement, under no circumstances or in any situation shall the existence of any employment relationship or labor and social security obligations between the Lessor and the employees and service providers of the Lessee, or between the Lessee and the employees and service providers of the Lessor, be presumed or established. nor shall either Party be liable for the labor and social security obligations and charges of the other. Each Party hereby assumes full responsibility for such obligations, including those of a civil, criminal, tax, and social security nature.

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5.11<u>General statements by the Parties.</u> The Parties hereby declare to each other that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.they are companies duly organized, incorporated, and existing as limited liability companies under applicable law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.they are duly represented in this Agreement, in accordance with their articles of incorporation, and their legal representatives signing this Agreement are duly authorized to assume and comply with all obligations herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.are duly authorized and have obtained all corporate or regulatory licenses and authorizations necessary for the execution of this Agreement and the fulfillment of their obligations, having satisfied all legal, statutory, or regulatory requirements necessary for that purpose;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.the execution of this Agreement by the Parties, as well as the assumption and performance of the obligations hereunder, as applicable, shall not imply (d.1.) any conflict or violation of any provision of the Parties' agreements and/or bylaws; (d.2.) conflict, violation, default, early maturity or termination of any contract or agreement to which the Parties, as applicable, are a party; (d.3.) violation of any applicable law or regulation, or of any decisions or resolutions issued by their deliberative or administrative bodies, which may prevent, delay or impair the performance of the obligations assumed in this Agreement; or (d.4.) any determinations, decisions or orders of any governmental authority, including judicial authorities, to which the Parties, as applicable, are subject; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.have reviewed this Agreement in its entirety, with the assistance of their attorneys.

**6.** **CONFIDENTIALITY AND SECRECY.**

6.1<u>Confidentiality</u>. The terms and conditions of this Agreement are strictly confidential and may not be disclosed or disclosed in whole or in part by the Parties to any other person or company without the prior written consent of the other Party, except (i.) when the information is in the public domain; (ii.) for the purpose of disclosing such information to directors, employees, consultants, attorneys, or auditors *who* are directly involved in the performance of the Agreement, who shall assume the confidentiality obligation set forth herein; each Party shall be responsible for compliance with such obligation in relation to the persons indicated herein; and (iii.) when its disclosure is ordered by any judicial or administrative authority or any other provisions of law, in which case the party disclosing the information shall notify the other party of such order.

6.1.1<u>Term.</u> The confidentiality obligations set forth in this clause shall remain in effect for a period of one (1) year from the termination of the Agreement.

**7.** **FINAL PROVISIONS.**

7.1<u>Intervention</u>. The Consent Intervening Parties sign this Agreement, in their capacity as partners of the Lessee, expressly authorizing the legal transaction embodied herein.

7.2<u>Irrevocability</u>. This Agreement is entered into on an irrevocable and irrevocable basis, binding the Parties and their successors in any capacity.

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7.3<u>Entire agreement.</u> This Agreement constitutes the entire agreement between the Parties with respect to the matters set forth herein and supersedes any prior documents and understandings between the Parties, in particular the Memorandum of Understanding signed on June 12, 2023.

7.4<u>Amendments.</u> Amendments to this Agreement shall only be valid when made in writing and signed by the legal representatives of all Parties.

7.5<u>Assignment.</u> The rights and obligations arising from this Agreement may not be assigned or transferred, in whole or in part, by either Party to any third party, except as provided in item 2.5 above.

7.6<u>Waiver, Novation, and Others.</u> The Parties acknowledge that (i.) failure to exercise, the granting of a grace period, tolerance, or delay in exercising any right guaranteed to them by this Agreement or by law shall not constitute a waiver or novation of such rights, nor shall it prejudice their eventual exercise at any time; (ii.) the single or partial exercise of such rights shall not prevent the subsequent exercise of the remainder of such rights or the exercise of any other right; (iii.) the waiver by either Party of any of these rights shall only be valid if formalized in writing; (iv.) the waiver of a right shall be interpreted restrictively and shall not be considered a waiver of any other right conferred by this Agreement; and (v.) the nullity or invalidity of any of the clauses of this Agreement shall not affect the validity and effectiveness of the other clauses and of the instrument itself, in which case the Parties shall and/or the Judge shall promote, within the limits established by law, the replacement of the invalid clause with another that allows the Parties to achieve the practical result initially intended.

7.7<u>Costs.</u> The Parties agree that all costs and expenses incurred in hiring agents, attorneys, auditors, advisors, intermediaries, or consultants for the performance of the operations covered by this Agreement shall be borne exclusively by the respective contracting party.

7.8<u>Notifications.</u> All notifications related to this Agreement shall be made in writing, by registered or certified mail, facsimile, or email, with proof of receipt, or by a notary public or through legal channels, to the address indicated in the preamble of this Agreement or any other address that may be duly indicated in writing.

7.9<u>Taxes.</u> "All taxes and contributions levied on any acts, facts, and/or situations provided for in this Agreement, including those that are subject to withholding by the paying source, shall be borne by the respective taxpayer and/or tax responsible party, as applicable, in accordance with the laws in force in Brazil.

7.10<u>Personal Data Protection.</u> The Parties, in mutual agreement, submit to compliance with the duties and obligations relating to personal data protection and undertake to treat the Personal Data collected under this Agreement, if any, in accordance with applicable law, including, but not limited to, Law No. 12,965, dated April 23, 2014, Decree No. 8,771, dated May 11, 2016 (Marco Civil da Internet), and the provisions of this Agreement. 12,865, dated April 23, 2014, Decree No. 8,771, dated May 11, 2016 (Brazilian Civil Rights Framework for the Internet), Law No. 13,709, dated August 14, 2018 ("LGPD"), as applicable. The Parties shall also ensure that their agents, partners, administrators, and employees comply with the provisions of the legal instruments referred to above relating to data protection, under the terms provided for in the LGPD.

7.10.1Each Party shall be individually responsible for complying with its obligations under the LGPD and any regulations subsequently issued by the competent regulatory authority. The Parties shall be liable to the competent authorities for their own acts and omissions that give rise to non-compliance with the applicable legislation and rules.

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7.11<u>Anti-corruption clause. Compliance.</u> For the performance of this Agreement, neither party shall offer, give, or promise to give to anyone, or accept or promise to accept from anyone, either on its own behalf or through another person, any payment, donation, compensation, financial or non-financial advantage or benefit of any kind that constitutes an illegal or corrupt practice under the laws of any country, directly or indirectly related to the subject matter of this Agreement, or even in any other way not related to this Agreement, and shall also ensure that its agents and employees act in the same manner.

7.12<u>Specific Performance.</u> All commitments and obligations hereby assumed by the parties are subject to specific performance, pursuant to Articles 497 and 815 et seq. of the Code of Civil Procedure, with this Agreement serving as an extrajudicial enforcement instrument, pursuant to Article 784, III, also of the Code of Civil Procedure.

7.13<u>Jurisdiction.</u> The jurisdiction of the 4th District Court of the State of São Paulo is hereby elected, to the exclusion of any other, however special, to resolve any disputes related to this Agreement.

And, having thus agreed, the Parties hereby execute this Agreement in two (2) copies, in the presence of the witnesses identified below.

Sao Paulo, August 17, 2023.

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|:---|
| <u>A Lessor</u>:<br>|
| <u>/s/ Jose Maurcio Fonseca Franco</u> <br><u>/s/ Nilse Aparecida Franco Armani</u><br>MINERACAO ALTO DA SERRA D# ANDRADAS LTDA.<br>p. Jose Maurcio Fonseca Franco and Nilse Aparecida Franco Armani<br>|
| <u>Lessee</u>:<br>|
| <u>/s/ Joao Paulo Agapito da Veiga</u><br>ALPHA MINERALS BRAZIL PARTICIPAÇÕES LTDA |
| Joao Paulo Agapito da Veiga<br>|
| Consenting parties:<br>|
| <u>/s/ Jose Mauricio Fonseca Franco</u><br>JOSE MAURICIO FONSECA FRANCO<br>|
| <u>/s/ NILSE APA RECIDA FRANCO ARMANI</u><br>NILSE APA RECIDA FRANCO ARMANI<br>|

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------

---

| | | | |
|:---|:---|:---|:---|
| Witnesses: | Witnesses: | Witnesses: | Witnesses: |
| 1.  | /s/ Luis Henrique G. de Campaso | 2.  | /s/ Karina de Oliveira Lima |
| Name: Luis Henrique G. de Campaso<br>CPF: | Name: Luis Henrique G. de Campaso<br>CPF: | Name: Karina de Oliveira Lima<br>CPF: | Name: Karina de Oliveira Lima<br>CPF: |

---

---

| | |
|:---|:---|
| Reedao | Attachments: |
| Annex 1: | Authorizations and Main Characteristics of Mining Rights. |
| Annex 2.1.1: | Bank Account |
| Annex 2.2.8.: | Lease agreement. |

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------

<u>Annex I.</u>

to the Lease Agreement for Total Mining Rights under Suspensive Condition, dated August 17, 2023.

Authorizations and Characteristics of Mining Rights

------

Dados basicos do processo

---

| | |
|:---|:---|
| &nbsp;&nbsp;Case number: | &nbsp;&nbsp;059 |
| &nbsp;&nbsp;NU1: |  |
| &nbsp;&nbsp;SEI access: | &nbsp;&nbsp;27203.804059/1971-62 |
| &nbsp;&nbsp;Area | &nbsp;&nbsp;Click here to access SL. 37.5 |
| &nbsp;&nbsp;(read): | &nbsp;&nbsp;Application for Research Authorization Mining |
| &nbsp;&nbsp;Type of request: | &nbsp;&nbsp;Concession |
| &nbsp;&nbsp;Current phase: | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Active: | &nbsp;&nbsp;*Regional* Management / MG |
| &nbsp;&nbsp;Superintendence: UI: | &nbsp;&nbsp;MG |
| &nbsp;&nbsp;Unidade protocolar: | &nbsp;&nbsp;Filing Unit 3 |
| &nbsp;&nbsp;Protocol date: | &nbsp;&nbsp;03/21/197t 00:00:00 |
| &nbsp;&nbsp;Priority date: | &nbsp;&nbsp;03/24/1971 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; <br>Related persons:<br>Registration number of the case already files:<br>Tihoos:<br>Land ownership status: | &nbsp;&nbsp;**Type of Relationship** | &nbsp;&nbsp;**CPF/CNPJ** | &nbsp;&nbsp;**Name** | &nbsp;&nbsp;**Name** | &nbsp;&nbsp;**Responsibility/<br>Representation** | &nbsp;&nbsp;**Term <br>Lease** | &nbsp;&nbsp;**Date** <br>**Start** | &nbsp;&nbsp;**End** |
| &nbsp;&nbsp; <br>Related persons:<br>Registration number of the case already files:<br>Tihoos:<br>Land ownership status: | &nbsp;&nbsp;Holder/<br>Applicant | &nbsp;&nbsp;07.346.404/0001-80 | &nbsp;&nbsp;Alto da Serra de Andradas Mining Ltda | &nbsp;&nbsp;Alto da Serra de Andradas Mining Ltda |  |  | &nbsp;&nbsp;09/07/201i |  |
| &nbsp;&nbsp; <br>Related persons:<br>Registration number of the case already files:<br>Tihoos:<br>Land ownership status: | &nbsp;&nbsp;Technical Manager Descriptive Report | &nbsp;&nbsp;\*\*\*.016.608-\*\* | &nbsp;&nbsp;*Nicol u* Ladislail Ervin Haralyi | &nbsp;&nbsp;*Nicol u* Ladislail Ervin Haralyi |  |  | &nbsp;&nbsp;03/24/197t |  |
| &nbsp;&nbsp; <br>Related persons:<br>Registration number of the case already files:<br>Tihoos:<br>Land ownership status: | &nbsp;&nbsp;Holder\<br>keijuerente | &nbsp;&nbsp;16.730.095/0001- | &nbsp;&nbsp;Andradense Liniita Mining Company | &nbsp;&nbsp;Andradense Liniita Mining Company |  |  | &nbsp;&nbsp;03/24/1971 | &nbsp;&nbsp;07/08/2015 |
| &nbsp;&nbsp; <br>Related persons:<br>Registration number of the case already files:<br>Tihoos:<br>Land ownership status: | &nbsp;&nbsp;933.036/2008 | &nbsp;&nbsp;933.036/2008 |  |  |  |  |  |  |
| &nbsp;&nbsp; <br>Related persons:<br>Registration number of the case already files:<br>Tihoos:<br>Land ownership status: | &nbsp;&nbsp;**Number** | &nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Title Status** | &nbsp;&nbsp;**Title Status** | &nbsp;&nbsp;**Publication** | &nbsp;&nbsp;**Publication** | &nbsp;&nbsp;**Expiration Date** |
| &nbsp;&nbsp; <br>Related persons:<br>Registration number of the case already files:<br>Tihoos:<br>Land ownership status: | &nbsp;&nbsp;82928 | &nbsp;&nbsp;CI..AV <br>GRANT OF I-AVRA | &nbsp;&nbsp;CI..AV <br>GRANT OF I-AVRA | &nbsp;&nbsp;Granted (prior to loading) | &nbsp;&nbsp;Granted (prior to loading) | &nbsp;&nbsp;12/22 | &nbsp;&nbsp;12/22 |  |
| &nbsp;&nbsp; <br>Related persons:<br>Registration number of the case already files:<br>Tihoos:<br>Land ownership status: | &nbsp;&nbsp;1408 | &nbsp;&nbsp;ALVR <br>RESEARCH <br>PERMIT | &nbsp;&nbsp;ALVR <br>RESEARCH <br>PERMIT | &nbsp;&nbsp;Granted (prior to loading) | &nbsp;&nbsp;Granted (prior to loading) | &nbsp;&nbsp;12/13/1971 | &nbsp;&nbsp;12/13/1971 |  |
| &nbsp;&nbsp; <br>Related persons:<br>Registration number of the case already files:<br>Tihoos:<br>Land ownership status: | &nbsp;&nbsp;Substances | &nbsp;&nbsp;Substances | &nbsp;&nbsp;Substances | &nbsp;&nbsp;Substances | &nbsp;&nbsp;Substances | &nbsp;&nbsp;Substances | &nbsp;&nbsp;Substances | &nbsp;&nbsp;Substances |
| &nbsp;&nbsp; <br>Related persons:<br>Registration number of the case already files:<br>Tihoos:<br>Land ownership status: | &nbsp;&nbsp;Name | &nbsp;&nbsp;Type of use | &nbsp;&nbsp;Type of use | &nbsp;&nbsp;Start date | &nbsp;&nbsp;End date | &nbsp;&nbsp;Reason for discontinuation | &nbsp;&nbsp;Reason for discontinuation | &nbsp;&nbsp;Reason for discontinuation |
| &nbsp;&nbsp; <br>Related persons:<br>Registration number of the case already files:<br>Tihoos:<br>Land ownership status: | &nbsp;&nbsp;Bz\lJXlTA | &nbsp;&nbsp;Not specified | &nbsp;&nbsp;Not specified | &nbsp;&nbsp;03/24 |  |  |  |  |
| &nbsp;&nbsp; <br>Related persons:<br>Registration number of the case already files:<br>Tihoos:<br>Land ownership status: | &nbsp;&nbsp;AkGIÇA | &nbsp;&nbsp;Not | &nbsp;&nbsp;Not | &nbsp;&nbsp;03/24 |  |  |  |  |
| &nbsp;&nbsp; <br>Related persons:<br>Registration number of the case already files:<br>Tihoos:<br>Land ownership status: | &nbsp;&nbsp;LEUCITA | &nbsp;&nbsp;Not reported | &nbsp;&nbsp;Not reported | &nbsp;&nbsp;March 24, 1971 |  |  |  |  |
| &nbsp;&nbsp; <br>Related persons:<br>Registration number of the case already files:<br>Tihoos:<br>Land ownership status: | &nbsp;&nbsp;Municipalities | &nbsp;&nbsp;Municipalities | &nbsp;&nbsp;Municipalities | &nbsp;&nbsp;Municipalities | &nbsp;&nbsp;Municipalities | &nbsp;&nbsp;Municipalities | &nbsp;&nbsp;Municipalities | &nbsp;&nbsp;Municipalities |
| &nbsp;&nbsp; <br>Related persons:<br>Registration number of the case already files:<br>Tihoos:<br>Land ownership status: | &nbsp;&nbsp;Name | &nbsp;&nbsp;Name | &nbsp;&nbsp;Name | &nbsp;&nbsp;Name | &nbsp;&nbsp;Name | &nbsp;&nbsp;Name | &nbsp;&nbsp;Name | &nbsp;&nbsp;Name |
| &nbsp;&nbsp; <br>Related persons:<br>Registration number of the case already files:<br>Tihoos:<br>Land ownership status: | &nbsp;&nbsp;ANDITADAS fvtG | &nbsp;&nbsp;ANDITADAS fvtG | &nbsp;&nbsp;ANDITADAS fvtG | &nbsp;&nbsp;ANDITADAS fvtG | &nbsp;&nbsp;ANDITADAS fvtG | &nbsp;&nbsp;ANDITADAS fvtG | &nbsp;&nbsp;ANDITADAS fvtG | &nbsp;&nbsp;ANDITADAS fvtG |
| &nbsp;&nbsp; <br>Related persons:<br>Registration number of the case already files:<br>Tihoos:<br>Land ownership status: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; <br>Related persons:<br>Registration number of the case already files:<br>Tihoos:<br>Land ownership status: | &nbsp;&nbsp;There is no information about soil fertility. | &nbsp;&nbsp;There is no information about soil fertility. | &nbsp;&nbsp;There is no information about soil fertility. | &nbsp;&nbsp;There is no information about soil fertility. | &nbsp;&nbsp;There is no information about soil fertility. | &nbsp;&nbsp;There is no information about soil fertility. | &nbsp;&nbsp;There is no information about soil fertility. | &nbsp;&nbsp;There is no information about soil fertility. |
| &nbsp;&nbsp; <br>Related persons:<br>Registration number of the case already files:<br>Tihoos:<br>Land ownership status: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; <br>Related persons:<br>Registration number of the case already files:<br>Tihoos:<br>Land ownership status: | &nbsp;&nbsp;<u>Associated processes:</u> | &nbsp;&nbsp;<u>Associated processes:</u> | &nbsp;&nbsp;<u>Associated processes:</u> | &nbsp;&nbsp;<u>Associated processes:</u> | &nbsp;&nbsp;<u>Associated processes:</u> | &nbsp;&nbsp;<u>Associated processes:</u> | &nbsp;&nbsp;<u>Associated processes:</u> | &nbsp;&nbsp;<u>Associated processes:</u> |
| &nbsp;&nbsp; <br>Related persons:<br>Registration number of the case already files:<br>Tihoos:<br>Land ownership status: | &nbsp;&nbsp;No associated process. | &nbsp;&nbsp;No associated process. | &nbsp;&nbsp;No associated process. | &nbsp;&nbsp;No associated process. | &nbsp;&nbsp;No associated process. | &nbsp;&nbsp;No associated process. | &nbsp;&nbsp;No associated process. | &nbsp;&nbsp;No associated process. |
| &nbsp;&nbsp; <br>Related persons:<br>Registration number of the case already files:<br>Tihoos:<br>Land ownership status: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; <br>Related persons:<br>Registration number of the case already files:<br>Tihoos:<br>Land ownership status: | &nbsp;&nbsp;*Documents* comprising the process: | &nbsp;&nbsp;*Documents* comprising the process: | &nbsp;&nbsp;*Documents* comprising the process: | &nbsp;&nbsp;*Documents* comprising the process: | &nbsp;&nbsp;*Documents* comprising the process: | &nbsp;&nbsp;*Documents* comprising the process: | &nbsp;&nbsp;*Documents* comprising the process: | &nbsp;&nbsp;*Documents* comprising the process: |
| &nbsp;&nbsp; <br>Related persons:<br>Registration number of the case already files:<br>Tihoos:<br>Land ownership status: | &nbsp;&nbsp;No information on documents submitted for this process. | &nbsp;&nbsp;No information on documents submitted for this process. | &nbsp;&nbsp;No information on documents submitted for this process. | &nbsp;&nbsp;No information on documents submitted for this process. | &nbsp;&nbsp;No information on documents submitted for this process. | &nbsp;&nbsp;No information on documents submitted for this process. | &nbsp;&nbsp;No information on documents submitted for this process. | &nbsp;&nbsp;No information on documents submitted for this process. |
| &nbsp;&nbsp; <br>Related persons:<br>Registration number of the case already files:<br>Tihoos:<br>Land ownership status: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; <br>Related persons:<br>Registration number of the case already files:<br>Tihoos:<br>Land ownership status: | &nbsp;&nbsp;Events: | &nbsp;&nbsp;Events: | &nbsp;&nbsp;Events: | &nbsp;&nbsp;Events: | &nbsp;&nbsp;Events: | &nbsp;&nbsp;Events: | &nbsp;&nbsp;Events: | &nbsp;&nbsp;Events: |
| &nbsp;&nbsp; <br>Related persons:<br>Registration number of the case already files:<br>Tihoos:<br>Land ownership status: | &nbsp;&nbsp;Description | &nbsp;&nbsp;Description | &nbsp;&nbsp;Description | &nbsp;&nbsp;Description | &nbsp;&nbsp;Description | &nbsp;&nbsp;)Date | &nbsp;&nbsp;)Date | &nbsp;&nbsp;)Date |
| &nbsp;&nbsp; <br>Related persons:<br>Registration number of the case already files:<br>Tihoos:<br>Land ownership status: | &nbsp;&nbsp;473 - CONC LAV/CUNIPRIMENTO REQUIREMENT PROVOKED | &nbsp;&nbsp;473 - CONC LAV/CUNIPRIMENTO REQUIREMENT PROVOKED | &nbsp;&nbsp;473 - CONC LAV/CUNIPRIMENTO REQUIREMENT PROVOKED | &nbsp;&nbsp;473 - CONC LAV/CUNIPRIMENTO REQUIREMENT PROVOKED | &nbsp;&nbsp;473 - CONC LAV/CUNIPRIMENTO REQUIREMENT PROVOKED | &nbsp;&nbsp;t \|08/08/2018 | &nbsp;&nbsp;t \|08/08/2018 | &nbsp;&nbsp;t \|08/08/2018 |
| &nbsp;&nbsp; <br>Related persons:<br>Registration number of the case already files:<br>Tihoos:<br>Land ownership status: | &nbsp;&nbsp;4.70 - CONC LAV/REQUIREMENT Ptfl3LlCAJA | &nbsp;&nbsp;4.70 - CONC LAV/REQUIREMENT Ptfl3LlCAJA | &nbsp;&nbsp;4.70 - CONC LAV/REQUIREMENT Ptfl3LlCAJA | &nbsp;&nbsp;4.70 - CONC LAV/REQUIREMENT Ptfl3LlCAJA | &nbsp;&nbsp;4.70 - CONC LAV/REQUIREMENT Ptfl3LlCAJA | &nbsp;&nbsp;l I 06/01/2018 | &nbsp;&nbsp;l I 06/01/2018 | &nbsp;&nbsp;l I 06/01/2018 |
| &nbsp;&nbsp; <br>Related persons:<br>Registration number of the case already files:<br>Tihoos:<br>Land ownership status: | &nbsp;&nbsp;1738 - CONC LAV/ítAL RETI.F1CADOR REQUIREMENT FOR PRESENTATION | &nbsp;&nbsp;1738 - CONC LAV/ítAL RETI.F1CADOR REQUIREMENT FOR PRESENTATION | &nbsp;&nbsp;1738 - CONC LAV/ítAL RETI.F1CADOR REQUIREMENT FOR PRESENTATION | &nbsp;&nbsp;1738 - CONC LAV/ítAL RETI.F1CADOR REQUIREMENT FOR PRESENTATION | &nbsp;&nbsp;1738 - CONC LAV/ítAL RETI.F1CADOR REQUIREMENT FOR PRESENTATION | &nbsp;&nbsp;) 06/11/2018 | &nbsp;&nbsp;) 06/11/2018 | &nbsp;&nbsp;) 06/11/2018 |
| &nbsp;&nbsp; <br>Related persons:<br>Registration number of the case already files:<br>Tihoos:<br>Land ownership status: | &nbsp;&nbsp;1399 - CONC LAV/LICl/NÇA @MBIE. i'IAL PRO'I"OCOLIZADA | &nbsp;&nbsp;1399 - CONC LAV/LICl/NÇA @MBIE. i'IAL PRO'I"OCOLIZADA | &nbsp;&nbsp;1399 - CONC LAV/LICl/NÇA @MBIE. i'IAL PRO'I"OCOLIZADA | &nbsp;&nbsp;1399 - CONC LAV/LICl/NÇA @MBIE. i'IAL PRO'I"OCOLIZADA | &nbsp;&nbsp;1399 - CONC LAV/LICl/NÇA @MBIE. i'IAL PRO'I"OCOLIZADA | &nbsp;&nbsp;)05/ /2016 | &nbsp;&nbsp;)05/ /2016 | &nbsp;&nbsp;)05/ /2016 |
| &nbsp;&nbsp; <br>Related persons:<br>Registration number of the case already files:<br>Tihoos:<br>Land ownership status: | &nbsp;&nbsp;45?- - CONC I AV/TRANSF DIR.EITOS - CWSSÃO TOTAL EFFTIVADA | &nbsp;&nbsp;45?- - CONC I AV/TRANSF DIR.EITOS - CWSSÃO TOTAL EFFTIVADA | &nbsp;&nbsp;45?- - CONC I AV/TRANSF DIR.EITOS - CWSSÃO TOTAL EFFTIVADA | &nbsp;&nbsp;45?- - CONC I AV/TRANSF DIR.EITOS - CWSSÃO TOTAL EFFTIVADA | &nbsp;&nbsp;45?- - CONC I AV/TRANSF DIR.EITOS - CWSSÃO TOTAL EFFTIVADA | &nbsp;&nbsp;09 | &nbsp;&nbsp;09 | &nbsp;&nbsp;09 |
| &nbsp;&nbsp; <br>Related persons:<br>Registration number of the case already files:<br>Tihoos:<br>Land ownership status: | &nbsp;&nbsp;451 - CONC LAV/TRANSF DIREITOS - CESSÃO TOTAL APROVADA | &nbsp;&nbsp;451 - CONC LAV/TRANSF DIREITOS - CESSÃO TOTAL APROVADA | &nbsp;&nbsp;451 - CONC LAV/TRANSF DIREITOS - CESSÃO TOTAL APROVADA | &nbsp;&nbsp;451 - CONC LAV/TRANSF DIREITOS - CESSÃO TOTAL APROVADA | &nbsp;&nbsp;451 - CONC LAV/TRANSF DIREITOS - CESSÃO TOTAL APROVADA | &nbsp;&nbsp;07/02 | &nbsp;&nbsp;07/02 | &nbsp;&nbsp;07/02 |
| &nbsp;&nbsp; <br>Related persons:<br>Registration number of the case already files:<br>Tihoos:<br>Land ownership status: | &nbsp;&nbsp;436 - CtãNC LAV/Dt3GUJ\4ENTO MISCELLANEOUS PROTOCOLED | &nbsp;&nbsp;436 - CtãNC LAV/Dt3GUJ\4ENTO MISCELLANEOUS PROTOCOLED | &nbsp;&nbsp;436 - CtãNC LAV/Dt3GUJ\4ENTO MISCELLANEOUS PROTOCOLED | &nbsp;&nbsp;436 - CtãNC LAV/Dt3GUJ\4ENTO MISCELLANEOUS PROTOCOLED | &nbsp;&nbsp;436 - CtãNC LAV/Dt3GUJ\4ENTO MISCELLANEOUS PROTOCOLED | &nbsp;&nbsp;05/20/2015 | &nbsp;&nbsp;05/20/2015 | &nbsp;&nbsp;05/20/2015 |
| &nbsp;&nbsp; <br>Related persons:<br>Registration number of the case already files:<br>Tihoos:<br>Land ownership status: | &nbsp;&nbsp;470 - CONC LAV/EXIGÊNCIA I\*UBLlCADA | &nbsp;&nbsp;470 - CONC LAV/EXIGÊNCIA I\*UBLlCADA | &nbsp;&nbsp;470 - CONC LAV/EXIGÊNCIA I\*UBLlCADA | &nbsp;&nbsp;470 - CONC LAV/EXIGÊNCIA I\*UBLlCADA | &nbsp;&nbsp;470 - CONC LAV/EXIGÊNCIA I\*UBLlCADA | &nbsp;&nbsp;05/20 | &nbsp;&nbsp;05/20 | &nbsp;&nbsp;05/20 |
| &nbsp;&nbsp; <br>Related persons:<br>Registration number of the case already files:<br>Tihoos:<br>Land ownership status: | &nbsp;&nbsp;473 - CONC LAV/CUMPK1MEN'1"t9 REQUIREMENT PROTOCOLED | &nbsp;&nbsp;473 - CONC LAV/CUMPK1MEN'1"t9 REQUIREMENT PROTOCOLED | &nbsp;&nbsp;473 - CONC LAV/CUMPK1MEN'1"t9 REQUIREMENT PROTOCOLED | &nbsp;&nbsp;473 - CONC LAV/CUMPK1MEN'1"t9 REQUIREMENT PROTOCOLED | &nbsp;&nbsp;473 - CONC LAV/CUMPK1MEN'1"t9 REQUIREMENT PROTOCOLED | &nbsp;&nbsp;08 | &nbsp;&nbsp;08 | &nbsp;&nbsp;08 |
| &nbsp;&nbsp; <br>Related persons:<br>Registration number of the case already files:<br>Tihoos:<br>Land ownership status: | &nbsp;&nbsp;436 CONC LAV/DOCUMF.NTO MISCELLANEOUS PROTOCOL | &nbsp;&nbsp;436 CONC LAV/DOCUMF.NTO MISCELLANEOUS PROTOCOL | &nbsp;&nbsp;436 CONC LAV/DOCUMF.NTO MISCELLANEOUS PROTOCOL | &nbsp;&nbsp;436 CONC LAV/DOCUMF.NTO MISCELLANEOUS PROTOCOL | &nbsp;&nbsp;436 CONC LAV/DOCUMF.NTO MISCELLANEOUS PROTOCOL | &nbsp;&nbsp;03/17 | &nbsp;&nbsp;03/17 | &nbsp;&nbsp;03/17 |
| &nbsp;&nbsp; <br>Related persons:<br>Registration number of the case already files:<br>Tihoos:<br>Land ownership status: | &nbsp;&nbsp;436 - CONC LAV/DOCUMENfO DIVERSO PROTOCOLIZADO | &nbsp;&nbsp;436 - CONC LAV/DOCUMENfO DIVERSO PROTOCOLIZADO | &nbsp;&nbsp;436 - CONC LAV/DOCUMENfO DIVERSO PROTOCOLIZADO | &nbsp;&nbsp;436 - CONC LAV/DOCUMENfO DIVERSO PROTOCOLIZADO | &nbsp;&nbsp;436 - CONC LAV/DOCUMENfO DIVERSO PROTOCOLIZADO | &nbsp;&nbsp;10/Q3/2015 | &nbsp;&nbsp;10/Q3/2015 | &nbsp;&nbsp;10/Q3/2015 |
| &nbsp;&nbsp; <br>Related persons:<br>Registration number of the case already files:<br>Tihoos:<br>Land ownership status: | &nbsp;&nbsp;436 - CONC LAV/DOCUMENT.à MISCELLANEOUS PROTOCOLIZED | &nbsp;&nbsp;436 - CONC LAV/DOCUMENT.à MISCELLANEOUS PROTOCOLIZED | &nbsp;&nbsp;436 - CONC LAV/DOCUMENT.à MISCELLANEOUS PROTOCOLIZED | &nbsp;&nbsp;436 - CONC LAV/DOCUMENT.à MISCELLANEOUS PROTOCOLIZED | &nbsp;&nbsp;436 - CONC LAV/DOCUMENT.à MISCELLANEOUS PROTOCOLIZED | &nbsp;&nbsp;03 | &nbsp;&nbsp;03 | &nbsp;&nbsp;03 |
| &nbsp;&nbsp; <br>Related persons:<br>Registration number of the case already files:<br>Tihoos:<br>Land ownership status: | &nbsp;&nbsp;436 - CONC LAV/DOCUMENT DI\\*ERSt9 REGISTERED | &nbsp;&nbsp;436 - CONC LAV/DOCUMENT DI\\*ERSt9 REGISTERED | &nbsp;&nbsp;436 - CONC LAV/DOCUMENT DI\\*ERSt9 REGISTERED | &nbsp;&nbsp;436 - CONC LAV/DOCUMENT DI\\*ERSt9 REGISTERED | &nbsp;&nbsp;436 - CONC LAV/DOCUMENT DI\\*ERSt9 REGISTERED | &nbsp;&nbsp;03 | &nbsp;&nbsp;03 | &nbsp;&nbsp;03 |

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---

| | |
|:---|:---|
| &nbsp;&nbsp;465 - CoNc LAVn'RANSr DI | &nbsp;&nbsp;11/02/2015 |
| &nbsp;&nbsp;662 - NOTIFICATION OF DEBT PAYMENT MUI..TA | &nbsp;&nbsp;17/06 |
| &nbsp;&nbsp;25 - PAYMENT OF NIULTA MADE-RAL | &nbsp;&nbsp;16106I2Q 14 |
| &nbsp;&nbsp;1713 - CONC LAV/RAL MULTAAPLtCADA | &nbsp;&nbsp;IO/04/20J4 |
| &nbsp;&nbsp;1693 - CONC LAV/RALAUTO FOR NON-DELIVERY OF PUBLIC INFRACTION | &nbsp;&nbsp;3 t/t0/2013 |
| &nbsp;&nbsp;418 - CONC LAV/RAL YEAR OF APIÜSEK1"ADO | &nbsp;&nbsp;26/03/2007 |
| &nbsp;&nbsp;41 - CONC LAV/SUSPENSÃO TÕARAI..HOS LAVRA PROTOCOLIZADO | &nbsp;&nbsp;22 |
| &nbsp;&nbsp;418 - CONC LAV/RALANO l3ASÉ ÃPR SLN"IADO | &nbsp;&nbsp;13 |
| &nbsp;&nbsp;418 - CONC LAV/RAT BASE YEAR PRESENTED | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;418 - CONC LAV/RAL BASE YEAR PRESENTED | &nbsp;&nbsp;12/03/1998 |
| &nbsp;&nbsp;418 - CONC LAV/KALANO EASE PRESENTED | &nbsp;&nbsp;13 |
| &nbsp;&nbsp;418 - CONC LAV/RAI.. BASE YEAR PRESENTED | &nbsp;&nbsp;14 |
| &nbsp;&nbsp;418 - CONC LAV/II BASE YEAR PRESENTED | &nbsp;&nbsp;14 |
| &nbsp;&nbsp;418 - Cf.INC LAV/RAL BASE YEAR PRESENTED | &nbsp;&nbsp;15 |
| &nbsp;&nbsp;418 - CONC LAV/RAL BASE YEAR PRESENTED | &nbsp;&nbsp;12 |
| &nbsp;&nbsp;418 - CELIC LAV/RALAN€3 BASE PRESENTED | &nbsp;&nbsp;14 |
| &nbsp;&nbsp;418 - CONC I AV/RAI.. BASE YEAR SUBMITTED | &nbsp;&nbsp;29 |
| &nbsp;&nbsp;517 - CONC LAV/IÜLN"ORIO AKI' 43 COÚS'i"I"I'Ul PkO'l" | &nbsp;&nbsp;05 |
| &nbsp;&nbsp;418 - CtãNC LAV/RAL BASE YEAR PRESENTED | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;418 - CONC LAV/RAL BASE YEAR PRESENTED | &nbsp;&nbsp;12/03/1987 |
| &nbsp;&nbsp;415 - C€JNC LAV/RAL BASE YEAR PRESENTED | &nbsp;&nbsp;14 |
| &nbsp;&nbsp;418 - CONC LAV/RAL BASE YEAR PRESENTED | &nbsp;&nbsp;13 |
| &nbsp;&nbsp;415 - CONC LAV/ILALANO J3ASE APPROVED | &nbsp;&nbsp;15 |
| &nbsp;&nbsp;418 - CONC I..AV/RAL YEAR PRESENTED | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;418 - CONC LAV/RALANO BASE PRESENTED | &nbsp;&nbsp;15 |
| &nbsp;&nbsp;418 - CONC LAV/RALANO BASE PRESENTED | &nbsp;&nbsp;13 |
| &nbsp;&nbsp;4 f8 - CONC I.AV/RAL YEAR CASE SUBMITTED | &nbsp;&nbsp;I 4/03/1980 |
| &nbsp;&nbsp;403 - CONC LAV/ISSUE OF POSSESSION REQUESTED | &nbsp;&nbsp;20 |
| &nbsp;&nbsp;418 - CONC LAV/RA.L BASE YEAR PRESENTED | &nbsp;&nbsp;14 |
| &nbsp;&nbsp;403 - CONC LAV/IMISSÀO DE POSSE REQUERIDA | &nbsp;&nbsp;03/14/1979 |
| &nbsp;&nbsp;400 - CCJNC LAV/ORDINANCE MINING CONCESSION PUBLISHED - MME | &nbsp;&nbsp;12/22 |
| &nbsp;&nbsp;350 - REQ LAV/REQFJERIMEN"£O LAVRA I°ROTOCOLIZADO | &nbsp;&nbsp;06/03 |
| &nbsp;&nbsp;299 - AU'I" PLSQ/REL PESQ APPROVED 30A CM PUDL | &nbsp;&nbsp;06/01/1976 |
| &nbsp;&nbsp;283 - OUT PESQ/GUIDE FOR USE REQUEST PROTOCOL | &nbsp;&nbsp;07/26/1974 |
| &nbsp;&nbsp;290 - AUT PESQ/FINAL PESQ REPORT SUBMITTED | &nbsp;&nbsp;10/17/1973 |
| &nbsp;&nbsp;209 - AUT RESEARCH/START OF RESEARCH NOTIFICATION | &nbsp;&nbsp;05/25 |
| &nbsp;&nbsp;201 - AUT PESQ/ALVAE RESEARCH REPORT PUBLISHED | &nbsp;&nbsp;12/13 |
| &nbsp;&nbsp;100 - KEQ RESEARCH/I QUER1MEN"I'O RESEARCH PROTOCOLED | &nbsp;&nbsp;03/24 |

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| | |
|:---|:---|
| &nbsp;&nbsp;Poligonal |  |
| &nbsp;&nbsp;Processo | &nbsp;&nbsp;804.059/1971 |
| &nbsp;&nbsp;Representacao <br>grafica: | &nbsp;&nbsp;![img239579304_0.jpg](img239579304_0.jpg) |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Poligonais: | &nbsp;&nbsp;Area(lia): | &nbsp;&nbsp;37 | &nbsp;&nbsp;DATUM: | &nbsp;&nbsp;DATUM: | &nbsp;&nbsp;SIRGAS2000 |
| &nbsp;&nbsp;Poligonais: | &nbsp;&nbsp;Cota minima(m): | &nbsp;&nbsp;0 | &nbsp;&nbsp;Cota maxima (m): | &nbsp;&nbsp;Cota maxima (m): | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;Poligonais: | &nbsp;&nbsp;Latitude of mooring point: | &nbsp;&nbsp;-21°57'45"43G | &nbsp;&nbsp;Longitude of mooring point: | &nbsp;&nbsp;Longitude of mooring point: | &nbsp;&nbsp;-46°35'25"412 |
| &nbsp;&nbsp;Poligonais: | &nbsp;&nbsp;Descricao do ponto de amarracao: | &nbsp;&nbsp;PA-116-PPC-BUEIRO DO CORK LAGL ON THE ANDRADAS/POCOS DE CALDAS | &nbsp;&nbsp;Length of azimuth vector (ni) | &nbsp;&nbsp;Length of azimuth vector (ni) | &nbsp;&nbsp;288.00 |
| &nbsp;&nbsp;Poligonais: | &nbsp;&nbsp;Angle Jo xector rte mooring: | &nbsp;&nbsp;39°39'5P"450 | &nbsp;&nbsp;Direction of <br>vector amarracao: | &nbsp;&nbsp;Direction of <br>vector amarracao: | &nbsp;&nbsp;NW |
| &nbsp;&nbsp;Poligonais: | &nbsp;&nbsp;Vertices: | &nbsp;&nbsp;Lat | &nbsp;&nbsp;Lat | &nbsp;&nbsp;Longitude | &nbsp;&nbsp;Longitude |
| &nbsp;&nbsp;Poligonais: |  | &nbsp;&nbsp;-21°57'38"228 | &nbsp;&nbsp;-21°57'38"228 | &nbsp;&nbsp;-46°35'31"820 | &nbsp;&nbsp;-46°35'31"820 |
| &nbsp;&nbsp;Poligonais: |  | &nbsp;&nbsp;-21°57'38"228 | &nbsp;&nbsp;-21°57'38"228 | &nbsp;&nbsp;-46°35'57"959 | &nbsp;&nbsp;-46°35'57"959 |
| &nbsp;&nbsp;Poligonais: |  | &nbsp;&nbsp;-2l°57'21"972 | &nbsp;&nbsp;-2l°57'21"972 | &nbsp;&nbsp;-46°35'57"959 | &nbsp;&nbsp;-46°35'57"959 |
| &nbsp;&nbsp;Poligonais: |  | &nbsp;&nbsp;-2l°57'21"973 | &nbsp;&nbsp;-2l°57'21"973 | &nbsp;&nbsp;-46°35'31"820 | &nbsp;&nbsp;-46°35'31"820 |
| &nbsp;&nbsp;Poligonais: |  | &nbsp;&nbsp;-21°57'38"228 | &nbsp;&nbsp;-21°57'38"228 | &nbsp;&nbsp;-46°35'31" | &nbsp;&nbsp;-46°35'31" |
| &nbsp;&nbsp;Poligonais: | &nbsp;&nbsp;ID: |  |  |  |  |

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<u>Annex</u> <u>2.2.1.</u>

to the Total Mining Lease Agreement under Suspensive Condition, <br>August 17, 2023.

<u>Bank</u> <u>account</u> <u>details</u> 

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<u>Attachment 2.2.8.</u>

to the Total Mining Rights Lease Agreement under Suspensive Condition,<br>dated August 17, 2923.

<u>Lease Agreement.</u>

------

**TOTAL LEASE AGREEMENT FOR MINING RIGHTS**

<u>LESSOR:</u> **MINERAÇÃO ALTO DA SERRA DE ANDRADAS LTDA.,** a business corporation limited liability company headquartered in the municipality of Andradas, Minas Gerais, at Fazenda Lagoinha, s/n, Bairro CampesEinhq, CEP 37795-000, registered with the CNPJ under no. 07.346.404/0001-80, email: , herein represented by its Articles of Incorporation, by its Administrators, Mr. José Maurício Fonseca Franco, Brazilian, married, businessman, holder of Identity Card No. , registered with the CPF under No. , resident and domiciled in , and Ms. Nilse Aparecida Franco Armani, Brazilian, married, businesswoman, holder of Identity Card No. , registered with the CPF under No. , resident and domiciled in , hereinafter referred to as <u>"Alto da</u> Serra" or <u>"Lessor";</u>

<u>LESSEE:</u> **ALPHA MINERALS BRAZIL PARTICIPAÇÕES LTDA.,** a business corporation limited liability company headquartered in the State Capital of São Paulo, at Rua Professor José Leite e Oiticica, n.° 530, Vila Gertrudes, CEP 04705-080, registered with the CNPJ under n° 43.093.229/0001-20, email: , herein represented in accordance with its Articles of Association, by its Administrator, Mr. João Paulo Agapito da Veiga, Brazilian, single, businessman, holder of Identity Card No. , issued by DETRAN-RJ, registered with the CPF under No. resident and domiciled in , with business address in the Capital of the State of São Paulo, at Rua Professor José Leite e Oiticica, no. 530, Vila Gertrudes, CEP 04705-080, hereinafter referred to as "Alpha" or "Lessee", interchangeably;

<u>AGREEING PARTIES:</u> **JOSÉ MAURÍCIO FONSECA FRANCO,** as above, email: ; **and NILSE APARECIDA FRANCO ARMANI,** as above, email: ;

By this private instrument and in the best legal form, the Lessor and the Lessee, above identified, hereby enter into this Total Mining Rights Lease Agreement (the "Agreement"), based on Articles 130 et seq. of the Annex to Ordinance No. 155, dated May 12, 2016, which approved the consolidation of the rules of the National Department of Mineral Production (the "DNPM"), and other applicable laws and regulations, which shall be governed by the terms and conditions specified below:

7.14. <u>Subject matter.</u> The total lease of the mining rights covered by Administrative Proceeding No. 804.059/1971, registered with the ANM, with Mining Concession Order No. 82928, published in the Federal Official Gazette on December 22, 1978, in an area of 37.5 hectares, located in the municipality of Andradas, MG (the "Mining Right"), for the exploration of rare earths and any associated minerals such as, among others, niobium and scandium (the "Lease"). The Parties declare that this Agreement does not have as its object the outsourcing of mining operations, in whole or in part.

7.15. Reuner %. In consideration for the Lease provided for in 1., the Lessee shall pay to the Lessor, after the start of mining, remuneration corresponding to 5% (five percent) of the net monthly revenue earned by the Lessee from the sale of products produced, **sold**, and invoiced that are directly or indirectly derived from the exploitation of minerals in the area covered by the Mining Right.

7. ld. <u>PAE.</u> The Lessee undertakes to implement the Economic Utilization Plan ("PAE") previously approved by the DNPM.

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7.17. <u>Term.</u> The term of the Lease shall be ten (10) years, counted from the date of registration of this Agreement in the margin of the transcription of the Mining Right, as provided for in Article 140 of the DNPM Regulatory Consolidation.

7.18. Res o b d des. From the date of registration of this Agreement with the DNPM, the Parties shall be jointly and severally liable for all obligations arising from the mining concession in relation to the leased area, for the term of the Agreement.

7.19. Reiso. The Lessor undertakes to file this Agreement with the DNPM for prior consent and approval, as well as to take all necessary measures for the implementation of the registration referred to in this item, in order to enable the Lease.

7.20. <u>Intervention</u>. The Intervening Parties sign this Agreement, in their capacity as partners of the Lessor, expressly authorizing the legal transaction embodied herein.

This Agreement does not alter, replace, or cancel any other understandings or provisions of other documents entered into between the Parties.

This Agreement shall be interpreted and governed by the laws of the Federative Republic of Brazil in force. All disputes, controversies, and/or issues arising from or related to this Agreement shall be definitively resolved in the courts of the State of São Paulo, as mutually agreed by the Parties.

The Parties and Consentants hereby execute this Assignment Agreement in two (2) copies, in the presence of the two witnesses below.

São Paulo, [...].

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---

| |
|:---|
| &nbsp;&nbsp;<u>Assignor:</u> |
| &nbsp;&nbsp;**MINERAÇÃO ALTO DA SERRA DE ANDRADAS LTDA.**<br>Mr. José Maurício Fonseca Franco and Nilse Aparecida Franco Armani |
| &nbsp;&nbsp;<u>Assignee:</u> |
| &nbsp;&nbsp;ALPHA MINERALS BRAZIL PARTICIPAÇÕES LTDA. <br>p. João Paulo Agapito da Veiga<br>|
| &nbsp;&nbsp;<u>Consenting Intervening Parties:</u> |
| &nbsp;&nbsp;JOSÉ MAURICIO FONSECA FRANCO<br>|
| &nbsp;&nbsp;N ILSE APARECIDA FRANCO ARMANI |

---

---

| | |
|:---|:---|
| <u>Witnesses:</u> |  |
| 1.  | 2.  |
| Name<br>CPF | Name:<br>CPF: |

---

------

## Exhibit 10.19

**Exhibit 10.19**

**CONTRACT OF TOTAL LEASE OF MINING RIGHTS UNDER SUSPENSIVE CONDITION**

By this private instrument, and in the best legal form, the Parties designated below and duly qualified, namely, on the one hand, as Lessor,

**MINERAÇÃO ANDRADENSE LTDA.,** a limited liability company headquartered in the municipality of Andradas, Minas Gerais, at Rua Coronel Oliveira, no. 111, Centro, ZIP Code 37795-000, registered with the CNPJ under No. 1.6.730.095/0001-39, email: , hereby represented in accordance with its Articles of Incorporation, by its Administrators, Mr. José Maurício Fonseca Franco, Brazilian, married, businessman, holder of Identity Card No. , registered with the CPF under No. , resident and domiciled in , and Mr. Walter de Souza Franco, Brazilian, widower, businessman, holder of Identity Card No. , registered with the CPF under No. , resident and domiciled in , hereinafter referred to as "Andradense" or "Lessor", interchangeably;

and, on the other hand, as Lessee,

**ALPHA MINERALS BRAZIL PARTICIPAÇÕES LTDA.,** a limited liability company headquartered in the State Capital of São Paulo, at Rua Professor José Leite e Oiticica, n.° 530, Vila Gertrudes, CEP 04705-080, registered with the CNPJ under No. 43.093.229/0001-20, email: , hereby represented in accordance with its Articles of Association, by its Administrator, Mr. João Paulo Agapito da Veiga, Brazilian, single, businessman, holder of ID Card No. , issued by DETkAN-RJ, registered with the CPF under No. , resident and domiciled in , with business address in the Capital of the State of São Paulo, at Rua Professor José Leite e Oiticica, no. 530, Vila Gertrudes, CEP 04705-080, hereinafter referred to as "Alpha" or "Lessee", interchangeably;

also appearing as consenting interveners,

**JOSÉ MAURÍCIO FONSECA FRANCO**, as above, email:;

**WALTER DE SOUZA FRANCO**, as above, email:; and

**NILSE APARECIDA FRANCO ARMANI**, Brazilian, married, businesswoman, holder of Identity Card No. , registered with the CPF under No. , resident and domiciled in the city of . Email: ;

Whereas the Lessor is the sole and legitimate holder of the Mining Right that is the subject of the administrative proceeding registered with the National Mining Agency (the "ANM") under No. 808.966/1968, with Mining Concession Ordinance No. 700, published in the Federal Official Gazette (DOU) of June 12, 1980 (the "Mining Concession Ordinance"), for clay and leucite minerals, in an area of 322.29 hectares, located in the Municipality of Andradas, MG (the "Mining Right"), whose authorizations and main characteristics are included herein as Annex I.;

Whereas the Parties shall conduct research in the field of mining law with the aim of assessing the possibility of exploiting rare earths and any associated minerals such as, among others, niobium and scandium (hereinafter referred to as the "Minerals"), and, if successful, shall provide for the preparation of (a.) a report, in accordance with Article 26 of Decree No. 9,406, dated June 12, 2018 (hereinafter referred to as the "Mining Code"), as well as (b.) an economic utilization plan indicating the possible changes that the mining of these new substances will bring to the primary sector, the environment, and the local community, and the measures to be taken to mitigate any adverse impacts on the environment and the local community. the "Mining C o d e Report"), as well as (b.) an economic exploitation plan indicating the

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possible changes that the mining of these new substances will entail to the original mining plan that resulted in the Mining Concession Ordinance, in accordance with the provisions of Article 129 of the Annex to Ordinance No. 155, of May 12, 2016, which approved the consolidation of the rules of the National Department of Mineral Production (the "DNPM" and the "DNPM Regulatory Consolidation"), which shall be submitted, on behalf of the Lessor, to the ANM for registration of new mineral substances in the original mining concession title;

Whereas, pursuant to Articles 130 et seq. of the Consolidated Rules of the DNPM and other applicable laws and regulations, mining rights at the stage of mining concession may be wholly or partially leased, regardless of the transfer of ownership of the mining concession to the lessee, provided that such agreement is subject to prior approval and registration with the DNPM;

Whereas, subject to the conditions precedent and the terms set forth below, the Lessor is interested in leasing the mining concession for the exploitation of minerals, and the Lessee is interested in leasing the mining rights, provided that the conditions precedent set forth in item 2.2 below are met, below, in particular the amendment to the Mining Rights Concession Ordinance to include the Minerals;

The Parties hereby agree to enter into this "Total Mining Rights Assignment Agreement Subject to Suspensive Condition" (the "Agreement"), which shall be governed by the following terms and conditions.

1.**OBATO**.

1.1<u>Lease of Mining Rights</u>. By this instrument, the Lessee undertakes and agrees, on the Closing Date and provided that the Conditions Precedent set forth in 2.2 below are fulfilled, to lease from the Lessor, and the Lessor, in turn, undertakes and agrees, on the Closing Date, to lease to the Lessee, upon payment of the Remuneration defined in 3.1. below, the Mining Right, in accordance with the current characteristics described in Annex I, for the exploration of the Minerals (hereinafter the "Lease"), without transferring ownership of the mining concession.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.1<u>Absence of encumbrances</u>. The Mining Right is free and clear of any encumbrances, liens, attachments, seizures, pledges, liens, or restrictions that may, on the present date or in the future, affect this Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.2<u>Scope of the Lease</u>. In addition to the Mining Right, the Lease includes all other licenses and authorizations issued by the competent government authorities which, as applicable, shall be transferred to the Lessee after the Closing Date, returning to the Lessor's ownership, through a regular transfer process, upon termination or non-renewal of this Agreement. The Parties agree that (i.) the Lessee is expressly prohibited from directly or indirectly engaging, for any reason or under any pretext, in activities in the area covered by the Mining Right that are not directly or indirectly related to the exploitation of the Minerals, in accordance with this Agreement; (ii.) the use of water, the removal of vegetation or the exploitation of water resources, even under the pretext of being linked to Mining Rights, may only be carried out with the prior and express consent of the Lessor.

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2.**CONDITIONS PRECEDING**.

2.1<u>Exclusivity</u>. The Parties hereby enter into this Agreement in an irrevocable and irreversible manner, on an exclusive basis, subject only to the Conditions Precedent set forth in 2.2. below, it being understood that the Lessor may not, from this date and throughout the term of this Agreement, (i.) lease, lend or allow third parties to exploit or use the Mining Right, under any title; (ii.) grant any option to sell, assign or transfer, under any title, involving all or part of the Mining Right to third parties; (iii.) in any way alienate, assign or encumber, or promise to alienate, assign or encumber the Mining Right, in any capacity, to third parties, in whole or in part; or (iv.) enter into any other commitment or contract that directly or indirectly involves the Mining Rights, or is in any way related to them (the "Exclusivity"), under penalty of incurring a fine immediately set between the Parties at ten (10) times the value of the Fixed Advance Payment of the Remuneration provided for in 3.1.1. below, without prejudice to the obligation to indemnify the Lessee for losses and damages and lost profits. Failure by the Lessor to comply with the deadlines indicated in items 2.2.8. and 2.2.9. below shall be considered a breach of the Exclusivity obligation provided for in this item, subject to the penalties provided for herein. The Parties acknowledge that the penalty provided for in this item is not excessive and is reasonable to compensate the Lessee for all costs incurred, as of this date, in conducting research in the area of Mining Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.1<u>ePa a</u> . Considering that the start of the Lease (and the completion of the payment of the Remuneration provided for in 4.) depends on the implementation of the Conditions Precedent described in 2.2. below, the Parties agree that the Lessee shall pay to the Lessor, herein, the fixed, certain and agreed amount of R$50,000.00 (fifty thousand reais), as a down payment on the future Lease, by bank transfer to be made to the bank account indicated in Annex 2.2.1. The payment provided for in this item is final and will not be refunded in the event of failure to fulfill the Conditions Precedent, as defined below.

2.2<u>Conditions Preceding</u>. This Agreement shall enter into force on the date of its signature and shall remain in force until the end of the Lease Term, its effectiveness being subject to the cumulative implementation of the following conditions precedent, which must be fulfilled by the Parties (unless waived in writing by the Lessee) (the "Conditions Precedent "):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.1<u>Research</u>: completion of research in the area of Mining Law and confirmation of the possibility and feasibility of exploration of Minerals, understood as minerals classified as "rare earths" and associated minerals such as, among others, niobium and scandium, within its scope; the research shall be funded by the Lessee, with the support of the Lessor in providing any and all necessary information, as well as in taking all necessary steps and other measures, including the signing of documents or forms, which shall ultimately be reflected in a report to be prepared by a legally qualified professional, in accordance with the provisions of Article 26 of the Mining Code Regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.2<u>Communication</u>: communication to ANM, by the Lessor, under terms to be defined by mutual agreement between the Parties, regarding the existence, in the area covered by the Mining Law, of mineral substances (the Minerals) not included in the Mining Concession Ordinance, as provided for in Article 34, IV, of the Mining Code Regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.3Economic Utilization Plan: preparation by the Parties of an Economic Utilization Plan for the deposit ("PAE"), signed by a legally qualified professional, accompanied by the respective Technical Responsibility Note ("ART"), indicating the changes that the mining of the Minerals will entail to the mining plan originally approved and that resulted in the Mining Concession Ordinance;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.4<u>Addendum to the Mining Concession</u>: submission by the Lessor to the ANM, under terms to be defined by mutual agreement between the Parties, of the documents referred to in 2.2.1. and 2.2.3., in addition to all other documents and information required by applicable laws and regulations to apply for an amendment to the Mining Concession Ordinance, including the possibility of exploring new substances (the Minerals), followed by the approval of such request by the Ministry of Mines and Energy and the registration, in the margin of the transcription of the Mining Right, of the possibility of mining the Minerals, in accordance with the provisions of Article 129 of the DNPM Regulatory Consolidation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.5<u>Absence of Material Adverse Effect</u>: absence of materialization, from the date of signing this Agreement until the Closing Date, of any material adverse effect affecting the Parties, understood as any event, circumstance, or fact beyond the control of such Party, such that its consequences cannot be avoided within a reasonable time and which, individually or in conjunction with others of the same nature (i.) adversely and significantly affects the condition (financial or otherwise), properties, assets, liabilities, business, and profitability prospects of such Party and other companies in its business group, considered as a whole; (ii.) significantly impedes the ability of such Party to carry out the operations contemplated in this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.6Representations: the representations and warranties of the Parties contained in this Agreement are true and correct in all material respects as of the Closing Date, as if they had been made on the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.7<u>Absence of Prohibitions</u>: no preliminary injunction or related order, decree or regulation has been issued by ANM or any other governmental authority, nor has any law been enacted, imposing limitations on the ability of the Parties to consummate the obligations assumed in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.8<u>Lease Agreement</u>: after fulfilling the conditions precedent set forth in 2.2.1. to 2.2.7. above, or upon written waiver by the Lessee, as applicable, the Parties shall proceed to sign the Lease Agreement, the draft of which is attached hereto as Annex 2.2.8. (the "Lease Agreement"), within a maximum period of ten (10) days; the Parties declare that (i.) the Lease Agreement provided for in this item is intended solely to meet the conditions imposed by the DNPM Regulatory Consolidation and by the ANM, enabling the registration of the Lease with the regulatory authorities; and (ii.) the obligations and rights that effectively bind the Parties are governed by this Agreement and have not been altered by the Lease Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.9<u>Registration of the Lease Agreement</u>: submission by the Lessor to the ANM, under the terms to be defined by mutual agreement between the Parties and within a maximum period of ten (10) days after fulfillment of the condition precedent provided for in 2.2.8. above, of a request for consent and registration of the Lease Agreement, in addition to all other documents and information required by applicable laws and regulations, including a statement by the Lessee that it undertakes to execute the PAE provided for in 2.2.3., above, followed by the approval of such request and the registration, in the margin of the transcription of the Mining Right, of the existence of the Lease, in accordance with Articles 132 et seq. and 137 et seq. of the DNPM Regulatory Consolidation, as amended from time to time.

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2.3<u>Cooperation</u>. The Parties undertake, in good faith and in the interest of ensuring the proper and prompt fulfillment of the Conditions Precedent set forth in this Agreement, to provide any and all information related to Mining Law or to themselves, to execute any and all documents and to perform any and all acts that may be necessary for the performance of the research work and preparation of reports provided for in 2.2.1. and 2.2.3., or for the fulfillment of the other Suspensive Conditions, except for the obligations to pay expenses and costs, which shall be the sole responsibility of the Lessee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3.1<u>Changes in Mining Law</u>. The Lessor hereby undertakes, in the event of any changes to the intrinsic characteristics of the Mining Law, at any time and for any reason, including those resulting from enforcement or persecution measures that may be adopted by any creditors, of any nature or for any reason, to immediately notify the Lessee, in accordance with item 7.9. below, ensuring that the latter has, regardless of any request to that effect, all the information necessary to assess, at any time during the term of this Agreement, the proper fulfillment of the Conditions Precedent.

2.4<u>Closing</u>. If the Precedent Conditions have been cumulatively implemented, or have been waived in writing by the Lessee, as per the cash, the Lessee shall be irrevocably obliged, within a maximum period of ten (10) days, to pay the Fixed Advance Payment of the Remuneration provided for in 3.1.1. below. The date on which the existence of the Lease is registered in the margin of the transcription of the Mining Right, in accordance with Articles 132 et seq. and 137 et seq. of the DNPM Regulatory Consolidation, as amended from time to time, shall be considered, for the purposes of this Agreement, as the "Closing Date."

2.5<u>Authorized Assignees</u>. This Agreement may be assigned by the Lessee, regardless of the Lessor's consent, until the Closing Date, to any company directly or indirectly controlled by the Lessee, or any company subject to common control, directly or indirectly, in relation to the Lessee, as well as to the partners of any of these or to companies of which the companies or individuals indicated in this item are partners (generically, the "Authorized Assignees"), provided that (i.) the Authorized Assignees shall always be from the same business group as the Lessee; and (ii.) any and all provisions of this Agreement shall apply in full to the Authorized Assignees. References in this Agreement to the Lessee shall be construed as references to the Lessee and any of the Authorized Assignees.

3.**PRICE AND PAYMENT TERMS**.

3.1<u>Remuneration</u>. The Parties agree that, in consideration for the Lease, the Lessee shall pay the Lessor an initial and advance fixed remuneration, in addition to variable monthly installments, calculated as set forth in items 3.1.1. and 3.1.2. below (the "Remuneration"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.1<u>Fixed Advance Payment of Remuneration</u>. Within a maximum period of ten (10) days from the Closing Date, the Lessee shall pay to the Lessor, by bank transfer to a bank account held by the Lessor, to be indicated in writing in due course, the amount in Brazilian reais (R$) equivalent to US$1,000,000.00 (one million US dollars), calculated based on the US dollar exchange rate for purchase, as disclosed by the Central Bank of Brazil on the business day immediately prior to the date of the respective payment (the "Fixed Advance Payment of Remuneration"). For clarification purposes, the Fixed Advance Payment shall be paid by the Lessee to the Lessor regardless of the start of mining of the Minerals and shall be due once only, at the beginning of the term of the Lease.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.2<u>Variable Monthly Remuneration</u>. The variable monthly remuneration for the Lease shall be payable by the Lessee to the Lessor after the commencement of mining of the Minerals in the Mining Right area (the "Variable Monthly Remuneration"), and shall be calculated using the following formula:

*Variable Monthly Remuneration (—)*<br>*[Net* ***Revenue*** *resulting from the Exploration of Mineral Right II 1*<br>

Where:

*rRecei eí ida se dta Mining Law* (=) Sum of the monthly net revenue,

as defined by federal tax legislation in force, earned by the Lessee as a result of the sale of products produced, sold, and invoiced by the Lessee and which are directly or indirectly derived from the exploitation of Minerals in the area covered by the Mining Right. The monthly net revenue provided for in this item shall be calculated on a cash basis and deducted exclusively from the following costs and expenses:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.cancelled sales and returns; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.discounts granted by the Lessee for any reason, including unconditional discounts and commercial discounts of any nature; in the case of sales to parties related to or connected with the Lessee, for any reason whatsoever, only unconditional or conditional discounts provided for in this item shall be allowed if it is proven that such discounts would also be granted in transactions with unrelated or unconnected parties and if the sale price, after discounts, is compatible with the average market price in the region for each of the products produced, sold or invoiced.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.2.2<u>Report</u>. For each base month, understood as the period between the first and last business day of each calendar month after the start of mining in the Mining Right area, the Lessee shall prepare a report containing the following information (the "Report"), which shall be sent to the Lessor, to the email addresses of the Lessor and the Consentors indicated in the preamble hereto, by the 15th day of the following month:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Sales revenue earned in the base month in relation to each of the products produced, sold, and invoiced by the Lessee and arising, directly or indirectly, from the exploitation of the Minerals in the Mining Right area, calculated in strict accordance with the definition of Net Revenue from the Exploitation of the Mining Right set forth in item 3.1.2., above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Quantity of tons (t) of Minerals produced;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Indication of canceled sales and returns, indicating the value of canceled sales and returns due to specific quality problems with the Minerals, if applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Indication of discounts granted by the Lessee, including commercial discounts of any nature, bonuses, rebates, and similar items, indicating the purchasers of the products produced, sold, and invoiced by the Lessee who benefited from such discounts and expressly mentioning whether or not they belong to the same economic group as the Lessee; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.Average sale price, net of taxes, of the products produced, sold, and invoiced by the Lessee as a result of the mining of Minerals in the Mining Right area, in ÇS$(US dollars), after the deductions provided for in (c.) and (d.).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.2.3<u>Term</u>. The installments of the Variable Monthly Lease Payment calculated in accordance with this item 3.1.2. and reflected in the Report shall be paid by the Lessee to the Lessor in relation to each base month, by the 20th day of the following month, by bank transfer to the Lessor, to be indicated in writing in due course, to the bank account indicated in Annex 2.1.1. If, after the Report has been sent, there is a disagreement between the Parties regarding the amount of the Variable Monthly Remuneration for a given base month, the Parties shall immediately .agree that the amount reflected in the Report shall be paid within the period and in the manner referred to in this item, and the Parties shall, in good faith, discuss any differences found and also the deadline and form of payment of such differences.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.3<u>Settlement and Default</u>. Proof of bank transfer relating to the Fixed Advance Payment or the Variable Monthly Remuneration installments, as applicable, to the account specified in writing by the Lessor, shall grant the Lessee the broadest, most general and irrevocable discharge in relation to the amount paid. Payment of any installment of the Remuneration after its due date shall constitute a default by the Lessee, regardless of any notification, interposition or extrajudicial notice, subjecting it to (i.) a late payment penalty of 10% (ten percent) on the outstanding debt; and (ii.) monetary adjustment by the IPCA from the due date until the date of effective payment of the outstanding balance, without prejudice to the Lessor's right to take appropriate legal measures.

4.**TERM**.

4.1<u>Term</u>. The term of the Agreement shall commence on this date and end upon termination of the Lease. The term of the Lease shall be ten (10) years, counted from the date of registration of the Lease Agreement in the margin of the transcription of the Mining Right, as provided for in Article 140 of the DNPM Regulatory Consolidation (the "Lease Term"), which may be extended by mutual agreement between the Parties, subject to the limitations provided for in Article 145 of the DNPM Regulatory Consolidation. the limitations provided for in Article 145 of the DNPM Regulatory Consolidation.

5.**OBLIGATIONS OF THE PARTIES**.

5.1<u>Possession</u>. For the purposes of this Agreement, the Lessee shall be deemed to have taken possession of the Mining Right on the Closing Date and may, as of that date, occupy the area covered by the Mining Right and carry out mining, processing, classification, storage, and other operations inherent to the exploitation of the Minerals, including the construction of buildings in appropriate locations, always in accordance with the licenses, authorizations, and environmental laws in force at the municipal, state, and federal levels.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.1<u>Preliminary steps</u>. Without prejudice to the transfer of possession referred to in 5.1. above, the Parties hereby agree that the advisors hired by the Lessee to conduct research, prepare reports, etc. may enter the premises for the purpose of performing their duties, provided that they present themselves at the _______ the time of ______________d exit, and that they comply with the rules of the premises and the _______________ tructions.

or any type of assessment may, provided that prior scheduling is made by the Lessor, within a maximum period of five (5) days after such request, have access to the areas of the Mining Right for on-site examination, and may also conduct surveys, enter the area with vehicles,

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equipment, or people, take samples for technical analysis, and conduct all types of research in the area, without exception, in order to conclude, without any doubt, regarding the future mining capacity of the Minerals in the Mining Right area.

5.2<u>dOia i a õ</u>. To be specified. The Lessee shall have the following obligations, from the beginning of the Lease Term, without prejudice to any other obligations specifically provided for in other items of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.1comply with the rules set forth in Decree-Law No. 227, dated February 28, 1967 (the "Mining Code"), in the Mining Code Regulations and in the DNPM Regulatory Consolidation, as well as the environmental legislation in force, undertaking, in particular, to (i.) mine the Minerals rationally, in order to preserve the best use of the mineral deposits; (ii.) adapting the disposal of tailings; and (iii.) hiring a qualified mining engineer as the technical manager for all activities arising from the Lease, in accordance with Article 47, VI, of the Mining Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.2be responsible, at its own expense, to ANM and DNPM for compliance with all formal requirements arising from the legislation applicable to the species, in particular with regard to the payment of administrative fees, including the Financial Compensation on Mineral Exploration ("CFEM"), which are directly related to the exploration of the Minerals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.3be responsible, at its own expense, before the competent government authorities (including SEMAD), for compliance with all requirements necessary to maintain the legality of the Lessee's activity in the area of Mining Law, undertaking to bear the full amount of any administrative penalties that may be imposed as a result of its non-compliance, provided that such requirements have arisen from the actual actions of the Lessee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.4ensure the maintenance and general conservation of the deposits and the Mining Right area throughout the term of the Agreement, as well as bear the full cost of repairing any damage caused to them, compensating the Lessor in the event of any administrative penalties or court judgments that the latter may suffer as a result of non-compliance with provisions relating to Mining Law, caused by intentional or negligent acts or omissions on the part of the Lessee, provided that the procedure set out in item 5.4.1. below is followed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.5collect all taxes (municipal, state, and federal) and charges of any nature, at the federal, state, and municipal levels, levied on the activities of mining the Minerals carried out, whose triggering events occur from the beginning and during the term of the Lease, as well as be responsible for all commercial obligations arising from its mining activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.6be civilly and criminally liable to the Lessor and any third parties for any unlawful acts committed by it under the terms of civil and criminal law, for accidents of any kind type and injuries caused to any person within the area covered by Mining Law, and, especially, for any environmental damage and crimes caused; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.7make timely payment of the Remuneration provided for in 3.1. above.

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5.3<u>Liability</u>. Notwithstanding the joint liability attributed to the Parties in Article 149 of the DNPM Regulatory Consolidation, the Lessee shall be liable to the Lessor for any breach of its obligations under the law and/or this Agreement, as well as for all Losses caused as a result of the activities carried out by the Lessee in the context of the exploitation of the Minerals, as defined in 5.4. below, even if the Lessor is legally considered liable for such obligations and/or Losses to third parties.

5.4<u>Compensation for Losses</u>. The Lessee undertakes to compensate the Lessor for any loss or contingency, of any nature, related to the mining of the Minerals covered by this Lease, including but not limited to environmental, labor, tax, regulatory or punitive contingencies, among others (hereinafter referred to as "Losses"), and in all cases, the procedures set forth in this item 5.4 shall be adopted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4.1<u>Third Party Claim</u>. Upon becoming aware of any claim made by any third party (the "Third Party Claim"), the Lessor shall notify the Lessee (i.) within one-third (1/3) of the deadline for filing a defense; or (ii.) where there is no deadline for submitting a defense, within ten (10) days of receiving the Third Party Claim in writing. If the Lessor fails to notify the Lessee within the time limits set forth in this item, and provided that such delay or omission prejudices the Lessee, including, without limitation, the lack of opportunity to present a timely defense, the Lessee shall be released from the obligation to indemnify. The notification provided for herein shall describe in detail the Third Party Claim, including an estimate of the respective Loss if the Third Party Claim is successful.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4.2<u>Measures to be taken by the Lessee</u>. Upon receipt of the notification provided for in 5.4.1., the Lessee shall respond in writing: (i.) before two-thirds (2/3) of the deadline for submitting a defense has elapsed; or (ii.) when there is no deadline for submitting a defense, within ten (10) days of receipt of the notification. If the Lessee acknowledges its liability to indemnify for any Losses arising from Third Party Claims, it may settle or conduct the defense of the Third Party Claim at its own expense and through a lawyer of its choice. In this case, the Lessor may, at its own expense and if it so wishes, participate jointly in the defense of the Third Party Claim. In any case, the Lessor shall make available to the Lessee, upon request, any information and documents it has in relation to the Third Party Claim, in addition to cooperating in a reasonable manner, when requested, to ensure an adequate defense of the Third Party Claim. If the Lessee does not acknowledge its liability for any Losses arising from the Third Party Claim, or does not assume the defense of the Third Party Claim, the Lessor may settle or conduct the defense as it deems appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4.3<u>Final Decision</u>. At the moment when (a.) a decision is rendered by the competent government authority, without any legal remedies available to reform or annul such decision; (b.) an arbitral award is rendered; (c.) a written agreement is entered into by the Parties; or (d.) at the time the Lessee agrees with the content of the Third Party Claim (the "Final Decision"), the amount of the Loss shall be paid by the Lessee within ten (10) days after:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.the Final Decision on the Third Party Claim has been rendered or has occurred, in the event that the Lessee has conducted the defense; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Upon receipt of notification by the Lessee, through the Lessor shall inform the Lessee of the Final Decision on the Third Party Claim, in the event that the Lessee has conducted the defense. In this case, in addition to the amount of the Losses, the Lessee shall reimburse the Lessor for all costs or expenses (proven) involved in c o n d u c t i n g the defense, including, but not limited to, attorneys' fees, hiring of experts, among others.

5.5<u>Obligation to indemnify the Lessor</u>. The Lessor hereby undertakes to indemnify, protect, safeguard, and hold harmless the Lessee and shall also pay on behalf of the Lessee or reimburse the Lessee, as the case may be, for any and all losses incurred by the Lessee as a result of or in connection with the following circumstances: (a.) any default or failure by the Lessor to comply with or perform any obligation under this Agreement, and/or (b.) any breach, misrepresentation or inaccuracy in relation to the representations and warranties made by the Lessor in this Agreement; and/or (c.) any loss or contingency, of any nature, related to the Lessor (and which is demanded by third parties from the Lessee) or to the Mining Law, provided that it does not arise from the mining of the Minerals by the Lessee. The procedures provided for in 5.4.1. to 5.4.3. above shall apply mutatis mutandis to this item 5.5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5.1<u>Compensation</u>. Without prejudice to the provisions of 5.5. above, the Lessee shall be entitled to deduct the amounts due and unpaid by the Lessor in accordance with the provisions of this item 5.5., including fines and interest, provided that they have been proven to have been paid by the Lessee, from the amount of the Fixed Advance Payment or the Variable Monthly Remuneration.

5.6<u>Obligations of the Lessor</u>. Without prejudice to the other obligations specifically provided for in other items of this Agreement, the Lessor undertakes to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6.1provide the Lessee with any and all information related to Mining Law or to itself, execute any and all documents and perform any and all acts necessary for the performance of the research work and preparation of reports provided for in 2.2.1. and 2.2.3., as well as for compliance with the other Conditions Precedent or for the regular maintenance of the Lease, in accordance with the legislation in force;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6.2obtain and maintain valid all licenses, authorizations, registrations, and permits necessary or required for the preservation, performance of authorized research, maintenance, or expansion of the Mining Right, as of the date of signing this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6.3with regard to environmental and safety issues related to Mining Rights, (i.) comply with all applicable laws and regulations issued by federal, state, and local authorities, (ii.) inform the Lessee of any material adverse events, such as fires, explosions, accidental spills, etc., that affect the Mining Rights; and (iii.) inform the Lessee of any non-compliance with laws or regulations applicable to the Mining Rights; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6.4any and all fines, fees, liabilities or contingencies of any nature directly or indirectly related to Mining Law and pending payment until the Closing Date shall be the sole responsibility of the Lessor, which undertakes to hold the Lessee harmless in relation to any fees, fines, expenses, liabilities or contingencies related to Mining Law, provided that they are linked to events that occurred prior to this date, as provided for in item 5.5. above.

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5.7<u>Return</u>. In the event of termination of the Lease and return of the Mining Right by the Lessee to the Lessor, regardless of the reason, (i.) the Lessee undertakes to transfer to the Lessor all licenses and authorizations issued by the competent government authorities, as applicable, and shall be liable for all taxes and fees due during the Term of the Lease, as provided in 5.2. and 5.3. above; and (ii.) the Parties shall draw up the corresponding receipt and inspection document to record the conditions of the deposit and the area where the mining right is located. The Parties further agree that, in this case, all improvements and enhancements that may be built by the Lessee in the area of the Mining Right may be removed by it, at its sole discretion and at its sole expense, to the maximum extent possible and within a period not exceeding thirty (30) days from the end of the Lease Term, provided that any improvements and enhancements that cannot be removed shall become part of the property, without any encumbrance to the Lessor and without any right to compensation by the Lessee.

5.8<u>Declarations by the Lessor regarding the e and Mining Law</u>. For all purposes and effects of this Agreement, the Lessor makes to the Lessee the following representations and warranties relating to Mining Law, which are valid, true, and accurate as of this date and shall remain valid, true, and accurate during the term of the Agreement and the Lease Term:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.<u>Ownership</u>. The Lessor is the legitimate holder of the Mining Right, the details and individual description of which are included in this document as Annex I.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.<u>Registrations</u>. The Lessor declares that the Mining Right is duly registered with the ANM and complies with all rules and regulations set forth in the relevant legislation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.<u>Licenses and authorizations</u>. The Lessor has always acted in accordance with the legislation applicable to Mining Law and, except for the Simplified Environmental License (LAS/RAS), which it has not been able to renew to date due to the failure of the Municipality of Andradas to issue a prior certificate of compliance, a fact of which the Lessee declares to be aware, it has the authorizations, permits, registrations, accreditations, approvals, and protocols provided for in federal, state, and municipal legislation or required by public authorities and government agencies of the respective jurisdictions for the conduct of research and maintenance of the regularity of Mining Rights. There are no legal, administrative, contractual, or judicial restrictions on the ownership of Mining Rights, nor are there any judicial or administrative proceedings in which the Lessor is the defendant, plaintiff, or assistant, whose merits are related to the ownership of Mining Rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.<u>Litigation</u>. (i.) There are no claims, demands, or lawsuits of any kind pending before any public authority or involving any third party, nor are there any arbitration proceedings or other alternative dispute resolution methods related to Mining Law; (ii.) there are no claims, arbitration proceedings or other alternative dispute resolution methods of any kind which, although not involving Mining Law, could in any way affect and/or prevent and/or prejudice the implementation of this Agreement; (iii.) the Lessor is not aware of, has not committed or failed to commit any acts whose practice or omission could prevent or impair the implementation of this Agreement; (iv.) Mining Law is not involved in any pending claims of any nature, as well as arbitration proceedings or other alternative means of dispute resolution; and (v.) the Lessor has not failed to comply with any judgment, order, writ, preliminary injunction, or ruling of any public authority related to Mining Law;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.<u>Environmental</u>. The Lessor complies with all environmental laws and regulations and further declares that no activity has been conducted in the area of Mining Law that has resulted or would be reasonably likely to result in a violation of applicable environmental laws, so that there are no pending claims before any authority, at any level, nor any citations, subpoenas, directives, orders, and/or notifications of violation of any legal requirement relating to Mining Law or against the Lessor in relation to environmental matters or licenses. The Lessor further declares that it has not entered into or assumed any agreement, nor has any obligation been imposed on it to make any payment, compensation or indemnity to, or as a result of obtaining any license necessary for the development of the Mining Right. Furthermore, the Lessor declares that it has not signed or negotiated any Conduct Adjustment Agreement with the Public Prosecutor's Office, even if fully complied with, declaring that there are no facts or circumstances that would result in a violation of this nature of the applicable environmental legal requirements or claims or demands in this regard;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f.<u>Status of Mining Rights</u>. The Lessor declares that there are no encumbrances on the Mining Rights, nor any commitments to transfer them, which are entirely free and clear of any and all real or personal encumbrances, judicial or extrajudicial, legal or conventional mortgages, easements, jurisdiction or pensions, seizures, attachments, litigation, real or personal actions for recovery, environmental contingencies, debt and/or liability of any nature, as well as being entirely free of taxes, charges, expenses and debts of any nature, the Lessor further declaring that there are no fines and/or requirements from the competent authorities pending payment or satisfaction, and that the applicable federal, state and municipal regulations and standards have been complied with to date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g.<u>Full Disclosure</u>. The information, statements, and/or guarantees provided by the Lessor in relation to the Mining Right, made available by any means, do not contain any misrepresentation or inaccuracy regarding any relevant act or fact, nor do they omit the existence of any relevant act or fact whose knowledge is necessary to render the statements and obligations assumed in this Agreement misleading or open to misinterpretation. There is no act, fact or situation that affects the transaction covered by this Agreement and that has not been expressly disclosed by the Lessor.

5.9<u>Cooperation</u>. The Parties undertake to cooperate and provide each other with such assistance as may reasonably be required for the proper performance and fulfillment of the obligations set forth in this Agreement, it being understood that this Agreement has been entered into in the best interests of both Parties, in accordance with the terms and conditions prevailing in the market on the date of its execution, considering the risks inherent therein. The Parties consent and agree, however, that they are independent contractors and, under no circumstances or in any situation, shall the existence of a partnership, consortium, joint venture, partnership, or association of any kind or nature between the Lessor and the Lessee be presumed. No provision in this Agreement assigns or will assign to the Lessor the status of partner, distributor, and/or commercial representative of the Lessee, including for purposes of environmental, civil, tax, or labor law. The Parties further acknowledge that each of them and their partners, employees, or contractors are not agents or attorneys-in-fact of the other Party and, consequently, will not assume any obligations on its behalf, except as provided in this Agreement.

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5.10<u>Absence of employment relationship</u>. As a result of this Agreement, under no circumstances or in any situation shall the existence of any employment relationship or labor and social security obligations between the Lessor and the employees and service providers of the Lessee, or between the Lessee and the employees and service providers of the Lessor, be presumed or established. nor shall either Party be liable for the labor and social security obligations and charges of the other. Each Party hereby assumes full responsibility for such obligations, including those of a civil, criminal, tax, and social security nature.

5.11<u>General statements by the Parties</u>. The Parties hereby declare to each other that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.they are companies duly organized, incorporated, and existing as limited liability companies under applicable law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.they are duly represented in this Agreement, in accordance with their articles of incorporation, and their legal representatives signing this Agreement are duly authorized to assume and comply with all obligations herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.are duly authorized and have obtained all corporate or regulatory licenses and authorizations necessary to enter into this Agreement and to fulfill their obligations, having satisfied all legal, statutory, or regulatory requirements necessary to do so;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.the execution of this Agreement by the Parties, as well as the assumption and fulfillment of the obligations hereby provided, as applicable, shall not imply (d.1.) conflict or violation of any provision of the contracts and/or bylaws of the Parties; (d.2.) conflict, violation, default, early maturity, or termination of any contract or agreement to which the Parties, as applicable, are a party; (d.3.) violation of any applicable law or regulation, or of any decisions or resolutions issued by their deliberative or administrative bodies, which may prevent, delay or impair the performance of the obligations assumed herein Contract; (d.4.) any determinations, decisions or orders of any governmental authority, including judicial authorities, to which the Parties, as applicable, are subject; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.analyze this Agreement in all its clauses and conditions, assisted by their attorneys.

6.**CONFIDENTIALITY AND SECRECY**.

6.1<u>Confidentiality</u>. The terms and conditions of this Agreement are strictly confidential and may not be disclosed or divulged in whole or in part by the Parties to any other person or company without the prior written consent of the other Party, except (i.) when the information is in the public domain; (ii.) for the purpose of disclosing such information to directors, employees, consultants, lawyers, or auditors who are directly involved in the performance of the Agreement, who shall assume the confidentiality obligation provided herein; each Party shall be responsible for compliance with such obligation in relation to the persons indicated herein; and (iii.) when its disclosure is determined by order of any judicial or administrative authority or any other determination provided for by law, in which case the party disclosing the information shall notify the other party of such determination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.1<u>Term</u>. The confidentiality obligations set forth in this clause shall remain in effect for a period of one (1) year from the end of the term of the Agreement.

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7.**FINAL PROVISIONS**.

7.1<u>Intervention</u>. The Consentors sign this Agreement as partners of the Lessee, expressly authorizing the legal transaction set forth herein.

7.2<u>Irrevocability</u>. This Agreement is entered into on an irrevocable and irrevocable basis, binding the Parties and their successors in any capacity.

7.3<u>Entire Agreement</u>. This Agreement constitutes the entire agreement between the Parties with respect to the matters set forth herein, superseding any prior documents and understandings between the Parties, in particular the Memorandum of Understanding signed on June 12, 2023.

7.4<u>Amendments</u>. Amendments to this Agreement shall only be valid when made in writing and signed by the legal representatives of all Parties.

7.5<u>Assignment</u>. The rights and obligations arising from this Agreement may not be assigned or transferred, in whole or in part, by either Party to any third party, except as provided in item 2.5 above.

7.6<u>Waiver</u>. Novation and Others. The Parties acknowledge that (i.) the failure to exercise, the granting of a term, tolerance, or delay in exercising any right guaranteed to them by this Agreement or by law shall not constitute a waiver or novation of such rights, nor shall it prejudice their eventual exercise at any time; (ii.) the singular or partial exercise of such rights shall not prevent the subsequent exercise of the remainder of such rights or the exercise of any other right; (iii.) the waiver by either Party of any of these rights shall only be valid if formalized in writing; (iv.) the waiver of a right shall be interpreted restrictively and shall not be considered a waiver of any other right conferred by this Agreement; and (v.) the nullity or invalidity of any of the clauses of this Agreement shall not affect the validity and effectiveness of the other clauses and of the instrument itself, in which case the Parties and/or the Judge shall promote, within the limits permitted by law, the replacement of the invalid clause with another that allows the Parties to achieve the practical result initially intended.

7.7<u>Costs</u>. The Parties agree that all costs and expenses incurred in hiring agents, lawyers, auditors, advisors, intermediaries, or consultants for the performance of the operations covered by this Agreement shall be borne exclusively by the respective contracting party.

7.8<u>Notifications</u>. All notifications related to this Agreement shall be made in writing, by registered or certified mail, facsimile, or email, with proof of receipt, or by a notary public or through legal channels, to the address indicated in the preamble of this Agreement or any other address that may be duly indicated in writing.

7.9<u>Taxes</u>. All taxes and contributions levied on any acts, facts, and/or situations provided for in this Agreement, including those that are subject to withholding by the paying source, shall be borne by the respective taxpayer and/or tax responsible party, as applicable, in accordance with the laws in force in Brazil.

7.10<u>Personal Data Protection</u>. The Parties, in mutual agreement, submit to compliance with the duties and obligations relating to personal data protection and undertake to treat the Personal Data collected under this Agreement, if any, in accordance with applicable law, including, but not limited to, Law No. 12,965, dated April 23, 2014, Decree No. 8,771, dated May 11, 2016 (Brazilian Civil Rights Framework for the Internet), Law No. 13,709, dated August 14, 2018 ("LGPD"), as applicable. The Parties shall also ensure that their representatives, partners, administrators, and employees comply with the provisions of the legal

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instruments referred to above relating to the protection of personal data, under the terms provided for in the LGPD.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.10.1Each Party shall be individually responsible for complying with its obligations under the LGPD and any regulations subsequently issued by the competent regulatory authority. The Parties shall be liable to the competent authorities for their own acts and omissions that give rise to non-compliance with applicable laws and regulations.

7.11<u>Anti-corruption clause</u>. Compliance. For the performance of this Agreement, neither party shall offer, give, or promise to give to any person, or accept or promise to accept from any person, either on its own behalf or through another, any payment, donation, compensation, financial or non-financial advantage or benefit of any kind that constitutes an illegal or corrupt practice under the laws of any country, directly or indirectly related to the subject matter of this Contract, or even in any other way not related to this Contract, and shall also ensure that its agents and employees act in the same manner.

7.12<u>And so it is agreed</u>. All commitments and obligations hereby assumed by the parties are subject to specific enforcement, pursuant to Articles 497 and 615 et seq. of the Code of Civil Procedure, with this Agreement serving as an extrajudicial enforcement instrument, pursuant to Article 784, III, also of the Code of Civil Procedure.

7.13<u>Jurisdiction</u>. The courts of the State of São Paulo are hereby elected, to the exclusion of any other, however special, to resolve any disputes related to this Agreement.

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## And, having thus agreed, the Parties hereby execute this Agreement in two (2) copies, in the presence of the witnesses identified below.
São Paulo, August 17, 2023.

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| | |
|:---|:---|
| Lessor:<br>/s/ José Maurí Fonseca Franco |  |
| /s/ Walter de Souza Franco |  |
| **MINERAÇ E E LTDA.** |  |
| p. José Maurí Fonseca Franco and Walter de Souza Franco |  |
| Lessee: |  |
| /s/ João Paulo Agapito da Veiga |  |
| **ALPHA MINERALS BRAZIL PARTICIPAÇÕES LTDA** |  |
| p. João Paulo Agapito da Veiga |  |
| Consenting Parties: |  |
| /s/ Josem Auricio Fonseca Franco |  |
| **JOSEM AURICIO FONSECA FRANCO** |  |
| /s/ Walter De Souza Franco |  |
| **WALTER DE SOUZA FRANCO** |  |
| /s/ Nilse Aparecida Franco Armani |  |
| **NILSE APARECIDA FRANCO ARMANI** |  |
| /s/ Mineração Altoda Serra De Andradas Ltqa |  |
| **MINERAÇÃO ALTODA SERRA DE ANDRADAS LTQA.** |  |
| Witnesses: |  |
| 1./s/ Luis Henrique G. de Campaso | 2./s/ Karina de Oliveira Lima |
| Name: Luis Henrique G. de Campaso<br>CPF:  | Name: Karina de Oliveira Lima<br>CPF:  |

---

------

Attachment:<br>Annex I.: Authorizations and Main Characteristics of Mining Rights.<br>Annex 2.2.1.: Bank Account<br>Annex 2.2.8.: Lease Agreement

------

<u>Annex I.</u>

to the Lease Agreement for Total Mining Rights under Suspensive Condition, dated August 17, 2023.

Authorizations and Characteristics of Mining Rights

------

<u>Annex</u> <u>2.2.1.</u>

to the Total Mining Lease Agreement under Suspensive Condition, <br>August 17, 2023.

<u>Bank</u> <u>account</u> <u>details</u>

------

<u>Attachment 2.2.8.</u>

to the Total Mining Rights Lease Agreement under Suspensive Condition,<br>dated August 17, 2923.

<u>Lease Agreement.</u>

------

## Exhibit 10.20

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**Exhibit 10.20**

February 25, 2021

Mr. Joseph W Newbill, Trustee of the Newbill Family Trust dated September 16, 2018

<u>Re: Option to Purchase the land parcels identified as a portion of Parcel 007 22929 and</u> <u>Parcel 007 22930 B located in Talbot County, Georgia</u>

Dear Mr. Joseph W. Newbill,

Following up on our recent conversations regarding a potential option to purchase the above noted land parcels located in Talbot County, Georgia, this letter sets out the terms of our offer to option to purchase the Property, all for your consideration.

Should you agree to the terms of this letter, you are granting Piedmont Rare Earths, LLC **("Piedmont RE")** the exclusive right to conduct exploration, drilling, surveys, technical studies, and permitting of the Property, and potentially exercise an option to purchase the Property, as more fully described herein. If you accept our offer, this letter will constitute a binding agreement between us (this **"Option Agreement").** Under this Option Agreement, commercial mining of the Property by Piedmont RE shall not be permitted during the Option Period. Furthermore, during the Option Period, Piedmont RE 's activities shall not impede Optionor's usual daily use or activities on the Property.

If, during the Option Period, Piedmont RE deems that minerals occur on or within the Property in sufficient qualities and/or quantities, and elects to exercise the option to purchase the Property, then Piedmont RE will enter into a Purchase Agreement with you which is consistent with the terms outlined in this Option Agreement.

**<u>Description of Property</u>**

The Property (approximately 263.66 acres) is located in Talbot County, Georgia, and consists of a portion of Parcel 007 22929 (approximately 250.57 acres) and Parcel 007 22930 B (approximately 13.09 acres), as more particularly described in Schedule "A" attached hereto and incorporated herein by reference (the **"Property").** The Owner of the Property is Joseph W. Newbill, Trustee of the Newbill Family Trust dated September 16, 2018, by vesting deeds recorded in Deed Book 444, Page 172, and Deed Book 444, Page 166, and shown on Plat Book 236, Page 18, and Plat Book 246, Page 11 B. Joseph W Newbill, Trustee of the Newbill Family Trust dated September 16, 2018, is referred to herein as the **"Optionor."** During the Option Period, Piedmont Rare Earths, LLC **("Piedmont RE")** shall have the right to survey the Property (the **"New Survey"),** with the legal description from such survey to be inserted as Schedule "A" to this Option Agreement, and all terms and provisions herein dealing with acreage (including, without limitation, option payments and lease payments) revised to reflect the acreage of the Property as shown on such survey. Piedmont RE acknowledges that a ten (10)-acre portion of Parcel 007 22929 is subject to a life estate interest in favor of Jan Newbill (the "Life Estate Parcel"). The Life Estate Parcel shall not be included in the Property subject to the Option (as defined herein).

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<u>Option Agreement</u>

<u>Option.</u> Under this Option Agreement, Optionor hereby grants Piedmont RE the exclusive and irrevocable right and option to purchase the Property, and the exclusive and irrevocable right to access, enter, occupy and use the Property for the purposes set forth in this Option Agreement **("Option"),** subject to the following terms and conditions and evidenced by the Memorandum of Option attached hereto as Schedule "B" attached hereto and incorporated herein by reference. Piedmont RE has the right to record the Memorandum of Option in the Talbot County Register of Deeds as of the date set forth above.

<u>Payment and Term.</u> The term of the Option will commence on the date all parties sign this Option Agreement and will continue through February 28, 2027, unless the Option is earlier exercised or terminated by Piedmont RE (the **"Option Period").** During the Option Period, Piedmont RE will make option payments (the **"Option Payments")** to Optionor in the amounts and on the schedule set forth below:

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| | |
|:---|:---|
| Within thirty (30) days of signing this Option Agreement | $100 per acre ($26,366.00) $100 |
| On or before February 28, 2022: | per acre ($26,366.00)  |
| On or before February 28, 2023:  | $110 per acre ($29,003.00)  |
| On or before February 28, 2024:  | $110 per acre ($29,003.00)  |
| On or before February 28, 2025:  | $125 per acre ($32,958.00)  |
| On or before February 28, 2026: | $125 per acre ($32,958.00) |

---

The Option Payments will not be deducted from future Production Royalty Payments as set forth herein. During the Option Period, Piedmont RE will also pay Optionor a drilling bonus of $1 per foot drilled by Piedmont RE within the Property (the **"Bonus").** The Bonus will be payable annually on or before February 28th of each year and will cover the Bonus amount payable based on core drilling, reverse circulation (RC) drilling, sonic drilling or other commonly used exploration drilling practices completed during the previous calendar year.

In the event Piedmont RE fails to make an Option Payment or Bonus payment within ninety (90) days the due date as set forthherein, Optionor shall be entitled to terminate this Option Agreement and retain any Option Payments made pursuant to this Option Agreement.

<u>Rights Granted to Piedmont RE.</u> During the Option Period, Optionor grants Piedmont RE, its employees, agents, and contractors, the exclusive right to:

&nbsp;&nbsp;&nbsp;&nbsp;(a)enter upon and occupy the Property for all purposes related to exploring for and evaluating all ores, metals, minerals, mineral products and all other materials or substances, whether metallic or non-metallic, of any nature whatsoever found in natural deposits on or under the Property, except hydrocarbons (collectively, the "Mineral Products").

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&nbsp;&nbsp;&nbsp;&nbsp;(b)place, construct, maintain, use, and thereafter remove such temporary structures, facilities, equipment, and other improvements on the Property as may be necessary or useful for the exercise of all of the rights granted to Piedmont RE under this Option Agreement; provided that Piedmont RE shall obtain the approval Optionor as to the location of any structures and facilities (including the location and routing of any proposed drill pads and access roads or trails), such approval not to be unreasonably withheld, conditioned or delayed;

&nbsp;&nbsp;&nbsp;&nbsp;(c)conduct such tests and investigations and use such equipment and personnel as Piedmont RE, in its sole discretion, deems necessary to determine the existence, extent, and quality of the Mineral Products on or under the Property. Optionor acknowledges that i) line-cutting will be required on the Property, and ii) multiple holes may be drilled into the Property as a part of such testing; provided that Piedmont RE shall be responsible for maintaining established driveways and, prior to any drilling, Piedmont RE shall deposit sufficient gravel on the driveways so as to prevent the driveways from getting too muddy for regular traffic;

&nbsp;&nbsp;&nbsp;&nbsp;(d)conduct such environmental analysis of the Property as Piedmont RE, in its sole discretion, deems necessary;

&nbsp;&nbsp;&nbsp;&nbsp;(e)survey and/or perform a topographical analysis of the Property;

&nbsp;&nbsp;&nbsp;&nbsp;(f)take or use water, whether surface, underground or artesian which is appurtenant to the Property, or to which the Property is riparian, by any lawful taking or use, except such taking and use may not interfere with Optionors' domestic or agricultural use of such water and provided that Piedmont RE may not use well water except with the explicit permission of Optionor to be obtained before each use and not to be unreasonably withheld, conditioned or delayed;

&nbsp;&nbsp;&nbsp;&nbsp;(g)seek rezoning of the Property and/or all permits and approvals related to Piedmont RE's intended exploration use or future mining use of the Property, in which case Optionor will cooperate fully with Piedmont RE's efforts by signing all necessary applications for such rezoning and/or permit approval; provided Optionor will not be required to pay or incur rezoning or permitting costs and Piedmont RE will pay i) any deferred taxes incurred as a result of a change of use caused by any rezoning undertaken by Piedmont RE, and ii) the difference between the current tax rate for the Property and any higher tax rate payable on the Property solely as a result of any rezoning undertaken by Piedmont RE;

&nbsp;&nbsp;&nbsp;&nbsp;(h) make any other evaluations, which, in Piedmont RE's sole discretion, will assist Piedmont RE in deciding whether or not to exercise the Option to purchase the Property.

<u>Survey/Deeds/Property Information.</u> Within five (5) days of execution of this Option Agreement, Optionor shall provide Piedmont RE a copy of any surveys, deeds and other information regarding the Property in Optionor's possession. In addition, Optionor will cooperate with Piedmont RE, at Piedmont RE's expense, in obtaining a title insurance policy (or commitment to issue title insurance) for the Property with such insurer and on such form and with such endorsements as are reasonably satisfactory to Piedmont RE, and in obtaining the New Survey.

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**<u>Indemnity/Insurance</u>**

Piedmont RE will indemnify and hold Optionor harmless from and against all claims (including without limitation any crop, timber or fence damage) arising out of or related to the exercise by Piedmont RE, its employees, agents, or contractors, during the Option Period, of any rights granted in this Option Agreement, with the exception of any claims arising out of the negligence or intentional misconduct of Optionor. Prior to entering onto the Property for evaluation, Piedmont RE must provide Optionor a certificate of comprehensive public liability insurance (including pollution liability coverage) covering all activities to be conducted by Piedmont RE, its agents, contractors and engineers on the Property, with limits not less than $1,000,000 for personal injury to or death of any one person, $2,000,000 for personal injury to or death of any number of persons in any one accident and $1,000,000 for property damage, naming Optionor as an additional insured.

Optionor will indemnify and hold Piedmont RE harmless from and against all claims (including, without limitation, any damage to Piedmont RE's structures, facilities, equipment and other improvements constructed on the Property, and any third party claims made against Piedmont RE) arising out of or related to Optionor's negligence, intentional misconduct or other contributing cause with respect to its actions on the Property during the Option Period, or arising out of or related to those portions of the Property (and the condition of such portions of the Property) that are not impacted by Piedmont RE's activities. Prior to Piedmont RE's entry on the Property for evaluation, Optionor will secure public liability insurance covering the Property and Optionor's activities on the Property, and naming Piedmont RE as an additional insured.

**<u>Compliance with Laws and Regulations</u>**

Piedmont RE will perform all of its operations on the Property in compliance with all applicable federal, state, and local laws and regulations pertaining to such operations, including environmental protection, reclamation, and bonding.

**<u>Restrictions on Piedmont RE's Activities</u>**

Prior to working or drilling within 300 feet of any of the buildings on the Property, Piedmont RE shall inform Optionor, so that Optionor can identify the locations of any wells, water lines, septic tank lines and other utility lines or other obstructions.

**<u>Piedmont RE's Warranty</u>**

Piedmont RE represents and warrants to Optionor that:

&nbsp;&nbsp;&nbsp;&nbsp;(a)Piedmont RE has the right and power to enter into this Option Agreement and to execute and deliver all documents required under this Option Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;(b)Piedmont RE will use best efforts to ensure that its undertaking of exploration activities as described in this Option Agreement will be performed in such a manner as to minimize impacts to the timber, crops, surface or groundwater located on the property. In the event Piedmont RE cuts or damages any timber on the Property during the Option Period, Piedmont RE shall compensate Optionor for the Fair Market Value of such timber as determined in accordance with Schedule "C" attached hereto and incorporated herein by reference. Piedmont RE will review all exploration plans with the Optionor in advance of undertaking any activities on the Property during the term of this Option Agreement. Piedmont RE will use best efforts to conduct its activities in compliance with all laws and will maintain all permits in good standing for the nature and type of exploration contemplated in this Option Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;(c)Prior to the submission of any permit application for mining operations, Piedmont RE will submit to and review with the Optionor the contents of the permit application and will demonstrate to the reasonable satisfaction of the Optionor that Piedmont RE's plans have considered the value of Mineral Products contained within the Property, the impacts associated with mining operations, and show responsible and adequate plans for the reclamation and post-mining use of the Property.

In the event of a breach, untruth or inaccuracy in any representation or warranty made herein by Piedmont RE, or default under any covenant or obligations of Piedmont RE, and failure to cure such default within a reasonable time period of at least 90 days, Optionor shall be entitled to terminate this Option Agreement and retain any Option Payments made pursuant to this Option Agreement.

**<u>Optionor's Warranty</u>**

Optionor represents and warrants to Piedmont RE that:

&nbsp;&nbsp;&nbsp;&nbsp;(a)Optionor is the owner of good, fee simple, marketable title to the Property and all mineral rights related to the Property, with the full right to enter into this Option Agreement and convey fee simple title to the Property and all mineral rights related to the Property, free and clear of all leases, liens, charges, options, rights of first refusal and other encumbrances, with the exception of the Life Estate Parcel. During the term of this Option Agreement, Optionor shall not further encumber the Property without the prior written consent of Piedmont RE.

&nbsp;&nbsp;&nbsp;&nbsp;(b)No portion of the Property is in violation of any federal, state, local or administrative order or requirement relating to environmental conditions or hazardous materials; neither Optionor nor any third party has used, manufactured, generated, treated, stored, disposed of, or released any hazardous materials on, under or about the Property; to the actual knowledge of Joseph W. Newbill, there are no storage tanks or wells (whether existing or abandoned) located on, under or about the Property; and Optionor have not received any correspondence or notice from any governmental department or agency regarding actual or suspected presence of hazardous materials on the Property. Optionor shall keep Piedmont RE promptly informed at all times during the term of this Option Agreement with regard to any actual or suspected contamination of the Property by any hazardous materials, and will immediately forward to Piedmont RE any and all correspondence, reports and/or documents Optionor receive with respect to the same.

&nbsp;&nbsp;&nbsp;&nbsp;(c)Optionor is a legally competent individual or a business entity or trust with full right and power to enter into this Option Agreement and to execute and deliver all documents required under this Option Agreement. This Option Agreement and all documents to be executed and delivered hereunder shall at all times be legal, valid and binding obligations of Optionor, enforceable against Optionor in accordance with their respective terms. Optionor has not granted any option or right of first refusal or first opportunity to any party to acquire any interest in the Property.

&nbsp;&nbsp;&nbsp;&nbsp;(d)Optionor use and operation of the Property is in compliance with all laws, and the performance of this Option Agreement by Optionor will not result in the breach of, constitute any default under, or result in the imposition of, any lien or encumbrance upon the Property, under any Agreement or other instrument to which Optionor is a party or by which Optionor or the Property are bound.

------

&nbsp;&nbsp;&nbsp;&nbsp;(e)There are no: (1) condemnations affecting or contemplated with respect to the Property; (2) actions, suits or proceedings pending or threatened against Optionor and/or the Property, and Optionor is not aware of any facts that might result in any such action, suit or other proceeding; (3) changes contemplated in any applicable laws, ordinances or restrictions affecting the Property; and/or (4) governmental special assessments, either pending or confirmed, for sidewalk, paving, water, sewer or other improvements on or adjoining the Property, or owners' association assessments (whether special or regular), either pending or confirmed with respect to the Property.

&nbsp;&nbsp;&nbsp;&nbsp;(f)All documents and information delivered/to be delivered by Optionor to in connection with this Option are/will be true, correct and complete copies of such documents, containing no misinformation or material omissions, and are without/will be without material default including any default that would arise by notice or the passage of time.

&nbsp;&nbsp;&nbsp;&nbsp;(g)There are no oral or unrecorded written leases or tenancies on or concerning the Property. During the term of this Option Agreement, Optionor shall not enter into any new lease agreements or other agreements or contracts (recorded or unrecorded) concerning the Property with any third party, offer to extend or renew any existing leases or contracts, or otherwise encumber the Property without the prior written consent of Piedmont RE, except for entering into agreements concerning timber harvest, replanting, controlled burning and other timber management practices.

In the event of a breach, untruth or inaccuracy in any representation or warranty made herein by Optionor, or default under any covenant or obligation of Optionor, as set forth herein, Piedmont RE shall be entitled to a full refund of any Option Payments, and any and all other payments, made to Optionor during the calendar year of such breach or default, and thereafter, and to pursue damages against Optionor.

**<u>Exercise and Expiration</u>**

Piedmont RE may exercise the Option by providing written notice of such exercise (the **"Exercise Notice")** to Optionor prior to expiration of the Option Period and paying any option fees that are then due and payable. Piedmont RE must deliver the Exercise Notice by hand or to the following address:

<br>Attention: Mr. Joseph W Newbill, Trustee of the Newbill Family Trust dated September <br>16, 2018

Upon exercise of the Option, the Parties shall promptly enter into a purchase agreement for the Property as more fully set forth below.

If the Option Period expires without exercise by Piedmont **RE,** then this Option Agreement will terminate, and neither party will have any further rights or obligations under this Option Agreement, except that Piedmont RE will provide Optionor with copies of any written environmental reports, reserve studies, title reports, and surveys of the Property that Piedmont RE has caused to have been prepared, without any representations or warranties regarding the accuracy or completeness thereof. Prior to expiration of the Option Period, Piedmont RE will pay any Bonus that has come due and payable, compensate Optionor for any timber that has been cut or damaged, compensate Optionor for any other damage to the Property during the Option Period, and reclaim surface disturbances caused by its exploration activities on the Property to a condition reasonably suitable for the use to which the affected land was put immediately before the commencement of Piedmont RE's operations on the Property, leaving the Property in substantially the same condition as it was at the beginning of the Option Period, reasonable use, wear and tear from the authorized testing and analysis excepted. Under such circumstances, the indemnification set forth herein will survive for a period of one (1) year from the date the Option Period expires.

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**<u>Purchase Agreement</u>**

<u>Exercise of Option.</u> Upon exercise of the Option, Piedmont RE will agree to purchase all right and title to the Property, including surface and subsurface mineral rights.

<u>Property Purchase.</u> If Piedmont RE elects to purchase the Property, then Optionor and Piedmont RE will enter into a purchase agreement for the Property consistent with this Option Agreement and otherwise as customary for purchase agreements in the jurisdiction in which the Property is located. The purchase price for the Property will be one hundred and twenty five percent (125%) of the `fair market value' of the Property as determined in accordance with Schedule "C" attached hereto and incorporated herein by reference. At closing on the purchase of the Property, Piedmont RE shall pay the agreed upon purchase price of and Optionor will transfer title to the Property and all mineral rights related to the Property to Piedmont RE by general warranty deed, free and clear of all liens, charges and encumbrances, and Optionor will have no further right, title or claim to the Property or the mineral rights related to the Property, other than the Production Royalty as set forth herein, and the right for twelve (12) months following closing to remove standing timber from the Property.

<u>Production Royalty.</u> Optionor will retain a production royalty (the **"Production Royalty")** on the mineral rights to the Property, payable on the production of concentrates or products thereof **("Product")** mined from any part of the Property. Piedmont RE shall pay to Optionor a Production Royalty equal to three percent (3%) of Net Smelter Returns for all Product mined and removed from the Premises and sold and delivered by Piedmont RE.

The Production Royalty will be payable annually on the same schedule as the Option Payments and will cover the Production Royalty payable based on Product produced from the Property during the previous calendar year.

For the purpose of this section, **"Net Smelter Returns"** means the greater of (i) the fair market value of the Product mined from the Premises and sold and delivered (i.e., market rates in arm's length transactions with bona fide third party buyers), or (ii) the amount received by Piedmont RE from any mill, smelter, refinery, reduction works, mint or other purchaser in payment for Product mined from the Premises and sold and delivered, less Allowable Deductions. **"Allowable Deductions"** means, to the extent borne or to be borne by Piedmont RE:

&nbsp;&nbsp;&nbsp;&nbsp;(a)Sales, severance, and other similar taxes and duties (but excluding any taxes on net income).

<u>Rights of First Offer and First Refusal (Production Royalty).</u> Under the Purchase Agreement, Optionor will grant Piedmont RE: i) a `right of first offer' such that if Optionor wishes to sell the Production Royalty or any portion thereof, they must first offer to sell to

Piedmont RE, and a `right of first refusal' such that if Optionor receives a Third Party Offer to purchase the Production Royalty, Optionor must first offer the Production Royalty to Piedmont RE on the same terms and conditions as offered by the third party, and Piedmont RE will have 90 days to accept the offer. If Piedmont RE does not accept the offer from Optionor pursuant to i) above, Optionor may offer the Production Royalty to third parties on terms and conditions no more favorable than those offered to Piedmont RE and only for a period of 90 days. If Piedmont RE does not accept a Third Party Offer pursuant to above, Optionormay sell the Production Royalty to the third party who made the Third Party Offer within 90 days after Piedmont RE rejects the terms of the Third Party Offer.

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**<u>Binding Effect</u>**

This Option Agreement is intended to create a legally binding agreement among the parties enforceable in accordance with its terms and supersedes and replaces all prior agreements among the parties with respect to the subject matter hereof. This Option Agreement is intended to set forth all of the essential, material, and necessary terms on which the parties have agreed with respect to the transaction contemplated herein. The parties intend to be bound by this Option Agreement and acknowledge that there has been a "meeting of the minds" on all of the terms set forth herein. The parties further agree that there are no contingencies to this Option Agreement becoming effective and that the validity and enforceability of this Option Agreement is not subject to any condition precedent. To the extent that any additional, necessary terms to this Option Agreement have been unintentionally omitted, the parties agree to work diligently and in good faith in negotiating any such terms and incorporating the same in an amendment to this Option Agreement. In the event the parties cannot agree on such additional terms, the parties agree to incorporate terms in accordance with common usage and custom in the area in which the Property is located. Until termination or expiration of the Option, this Option Agreement will remain binding and in effect.

**<u>Further Assurances</u>**

Each of the parties agrees to sign all other documents and do all other things that may be necessary to implement and carry out the intent of this Option Agreement.

**<u>Assignment</u>** 

Piedmont RE may assign its rights and obligations under this Option Agreement only upon the prior written consent of Optionor, such consent not to be unreasonably withheld, conditioned or delayed; provided such consent shall not be required for an assignment of this Agreement to any affiliate of Piedmont RE. **In the event** Piedmont RE assigns its interest in this Option Agreement to a third party (whether **affiliated with Piedmont RE** or not), such third party shall deliver an assumption **agreement to the Optionor** acknowledging that such third party shall be bound by the terms and conditions of this Option Agreement from and after the date of assignment. Optionors shall be entitled to assign their rights and obligations under this Option Agreement in connection with transfer of the Property to any family member or for other estate planning purposes including assignment of the terms and conditions of this Agreement under Optionors' last will and testament.

**<u>Governing Law</u>** 

This Option Agreement will be governed by and interpreted in accordance with the laws of the State of Georgia.

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**<u>Piedmont RE Notice Address</u>**

All notices and correspondence to Piedmont RE shall be delivered by hand or to the following address:

Piedmont Rare Earths, LLC <br>Attn: Anastasios Arima <br>32N Main Street Suite 100 <br>Belmont, NC 28012

If you find the above outlined terms of our offer acceptable, please indicate your acceptance and agreement by countersigning this letter in the appropriate place below. Please also sign and notarize the Memorandum of Option attached hereto as Schedule B.

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| |
|:---|
| Yours truly, |
| Piedmont Rare Earths, LLC |
| <u>/s/ Anastasios Arima</u> |
| Anastasios Arima |
| Manager |

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Accepted and agreed to this February. .A.C2021.

---

| |
|:---|
| <u>/s/ Joseph W. Newbill</u> |
| Joseph W Newbill, Trustee of the Newbill Family Trust dated September 16, 2018 |

---

------

**SCHEDULE "A" <br>to Option Agreement dated February, 2021, <br>between Joseph W. Newbill, Trustee of the Newbill Family Trust dated September 16,**

 **2018, as Optionor, <br>and Piedmont Rare Earths, LLC**

**PROPERTY DESCRIPTION**

**(To be provided and subject to change based on New Survey)**

BEING a portion of the property conveyed to Joseph W. Newbill, Trustee of the Newbill Family <br>Trust dated September 16, 2018, by Georgia Gift Deed recorded in Deed Book 444, Deed Page <br>172; and

AND:

All of the property conveyed to Joseph W. Newbill, Trustee of the Newbill Family Trust dated September 16, 2018, by Georgia Gift Deed recorded in Deed Book 444, Deed Page 166.

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## Exhibit 10.21

**Exhibit 10.21.1**

**OPTION AND PROJECT EVALUATION AGREEMENT**

THIS OPTION AND PROJECT EVALUATION AGREEMENT (this **"Agreement")** is made and entered into effective as of December 11, 2020 (the **"Effective Date")** by and among Piedmont Rare Earths, LLC, a North Carolina limited liability company **("Piedmont RE"),** U.S. Elements Pty Ltd., an Australian limited liability company ("U.S. **Elements"),** Southeast Metals LLC, a Virginia limited liability company **("SEM"),** Robert B. Cook, James E. Bond, Richard B. Gilliam, and H. Ross Arnold (each a **"Member"** and collectively, the **"Members").** The parties to this Agreement are each referred to as a **"Party"** and collective the **"Parties".**

<u>Background:</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.Piedmont RE is a wholly-owned subsidiary of U.S. Elements. U.S. Elements plans to list on the Australian Securities Exchange (ASX), a recognized US stock exchange (NYSE, NASDAQ or AMEX), the Toronto Stock Exchange (TSX) or TSX Venture Exchange or the London Stock Exchange **("Exchange"),** either by way of an initial public offering or pursuant to a transaction with an existing listed entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.The Members collectively own all of the membership interests of SEM as more particularly set forth on <u>Exhibit A</u> (each a **"Membership Interest"** and collectively, the **"Membership Interests").**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.SEM has been engaged in the business of evaluating and exploring various properties for potential commercial development of rare earth metals and other associated minerals (the **"Business").**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D.Piedmont RE intends to facilitate and expand on the Business during the Option Period (as defined herein).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E.The Parties desire to enter into this Agreement to (i) grant Piedmont RE the exclusive option to purchase the Membership Interests and thereby acquire 100% of the ownership interests of SEM, (ii) during the Option Period (as defined below), authorize Piedmont RE and its representatives to perform geological survey and exploration work on the Covered Property (as defined below) to determine its suitability for commercial mining and exploitation, (iii) provide Piedmont RE with access to all of the historical data and due diligence materials related to the Business previously developed by SEM or in SEM's possession or control, and (iv) grant Piedmont RE certain other rights with respect to the Covered Property, in each case, on the terms and conditions set forth in the remainder of this Agreement.

NOW, THEREFORE, in consideration of the mutual representations, warranties, covenants and agreements contained herein and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, and upon the terms and subject to the conditions hereinafter set forth, the Parties hereto, intending to be legally bound hereby, hereby agree as follows:

1.**<u>Definitions.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** **"Affiliate"** means with respect to any specified Person, any Person that, directly or indirectly, controls, is controlled by, or is under common control with, such specified Person, through one or more intermediaries or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** **"Agreement"** has the meaning set forth in the introductory paragraph.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** **"Alternate Entity"** has the meaning set forth in Section 2(c)(i)(2).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)** **"Area of Interest"** means any area within 20 miles of the boundary of the Covered Property.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e)** **"Business"** has the meaning set forth in Recital C.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(f)** **"Business Day"** means any day other than a Saturday, a Sunday, or a day on which banks in the State of North Carolina are required or authorized to be closed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(g)** **"Buyer Conditions Precedent"** has the meaning set forth in Section 3(b)(i)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(h)** **"Claim"** means any claim, action, demand, lawsuit, or other proceeding of any nature brought against a Person entitled to indemnification in accordance with this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** **"Closing"** has the meaning set forth in Section 3(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(j)** **"Closing Date"** has the meaning set forth in Section 3(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(k)** **"Confidential Information"** has the meaning set forth in Section 9(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(l)** **"Covered Property"** means the SEM Real Property set forth on <u>Exhibit B.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(m)** **"Disclosing Party"** has the meaning set forth in Section 9(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(n)** **"Dollars"** or "$" means United States Dollars.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(o)** **"Effective Date"** has the meaning set forth in the introductory paragraph.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(p)** **"Encumbrance"** means all liens (statutory or otherwise), charges, mortgages, pledges, hypothecations, leases, subleases, occupancy agreements, title retention agreements, adverse interests, title defects, security interests, deed of trust, claims, licenses, rights of way, servitudes, deemed statutory trust for taxes, preferences, priorities, options, warrants, rights of first refusal, rights of first offer, preemptive rights, voting trusts or agreements, proxies, community property interests, security agreements, easements, encroachments, covenants, restrictions, burdens or other encumbrances of any kind or nature whatsoever.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(q)** **"Exchange"** has the meaning set forth in Recital A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(r)** **"Exercise Date"** has the meaning set forth in Section 2(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(s)** **"Governmental Authority"** means (i) the United States of America or any other nation, any state, province, local or other political subdivision thereof, (ii) any entity, agency, instrumentality, commission, department, board, bureau, tribunal, court or authority exercising any executive, legislative, judicial, regulatory or administrative functions of government, whether international, foreign, provincial, domestic, federal, state, province, municipal or local, (iii) any arbitrator or mediator, and (iv) any other agency, body, exchange, authority or organization similar to the foregoing having jurisdiction or regulatory authority over SEM.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(t)** **"Member"** and **"Members"** have the meaning set forth in the introductory paragraph.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(u)** **"Membership Interest"** and **"Membership Interests"** has the meaning set forth in Recital B.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(v)** **"Mineral Products"** has the meaning set forth in Section 4(a)(i).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(w)** **"Organizational Document"** of any Person means the documents by which such Person (other than an individual) establishes its legal existence or which govern its internal affairs or the rights or obligations of the holders of the equity interests (including the Membership Interests) thereof (including any certificate of formation, certificate of incorporation or other incorporation or formation document, any charters or bylaws, constitution, memorandum and articles of association, other organizational documents, and any operating

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agreements, partnership agreements, shareholders' agreement, investor rights agreement, voting agreement, co-sale agreement, registration rights agreement, drag-along agreement, right of first refusal agreement or other similar documents).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(x)** **"Option Notice"** has the meaning set forth in Section 2(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(y)** **"Option Payments"** has the meaning set forth in Section 5(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(z)** **"Option Period"** means the period beginning on the Effective Date and terminating on the earliest to occur of (i) the three (3) year anniversary date of the Effective Date, (ii) the Closing Date, or (iii) the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) **"Party"** and **"Parties"** have the meaning set forth in the introductory paragraph.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) **"Person"** means an individual, corporation (including any non-profit corporation), general partnership, limited partnership, joint venture, association, limited liability company, trust, estate, unincorporated organization, Governmental Authority, or other entity, enterprise, association, organization, or group in any jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) **"Piedmont RE"** has the meaning set forth in the introductory paragraph.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) **"Piedmont RE Reports"** has the meaning set forth in Section 4(d).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) **"Pro Rata Share"** has the meaning set forth on <u>Exhibit A.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) **"Property Agreements"** has the meaning set forth in Section 8(e)(i).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) **"Purchase Price"** has the meaning set forth in Section 2(c)(i).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) **"Purchase Option"** has the meaning set forth in Section 2(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) **"Receiving Party"** has the meaning set forth in Section 9(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj) **"Seller Conditions Precedent"** has the meaning set forth in Section 3(b)(iii)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk) **"SEM"** has the meaning set forth in the introductory paragraph.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) **"SEM Real Property"** means all real property owned, leased, or used by SEM, and all other real property for which SEM has the option to purchase, lease or otherwise acquire or use, including but not limited to the Covered Property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mm) **"Transfer"** means the sale, assignment, transfer, lease, or other disposition of the Membership Interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nn) **"U.S. Elements"** has the meaning set forth in the introductory paragraph.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(oo) **"USE Share"** means an ordinary fully paid share in the capital of U.S. Elements.

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2.**<u>Purchase Option.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(a)*** ***Grant of Purchase Option.*** Subject to and upon the terms and conditions of this Agreement, each Member hereby grants to Piedmont RE the exclusive and continuing option (but not obligation) during the Option Period to purchase all of the Membership Interests, which Membership Interests shall constitute 100% of the ownership interests in SEM (the **"Purchase Option").** The Purchase Option shall be irrevocable for the duration of the Option Period, except as expressly provided for in this Agreement. If Piedmont does not exercise the Purchase Option during the Option Period for any reason, it shall have no further obligation or liability whatsoever to SEM or the Members except as expressly provided for in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(b)*** ***Exercise of Purchase Option.*** Piedmont RE may exercise the Purchase Option at any time during the Option Period. In the event Piedmont RE, in its sole and absolute discretion, desires to exercise the Purchase Option, Piedmont RE shall exercise the Purchase Option by delivering written notice of such exercise (the **"Option Notice")** to SEM and/or the Members in the manner provided in Section 12(f). The date on which Piedmont RE issues the Option Notice shall be the **"Exercise Date".**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(c)*** ***Purchase Price.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) If Piedmont RE exercises its Purchase Option, at Closing Piedmont RE and U.S. Elements (as applicable) shall pay the following consideration for the Membership Interests, with any cash consideration being paid in Dollars in immediately available funds (collectively, the **"Purchase Price"):**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)to each Member, its Pro Rata Share of $600,000 less the total amount of Option Payments actually paid by Piedmont RE to SEM on or before the Exercise Date, in cash (the **"First Payment");** and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)to each Member, its Pro Rata Share of $2,000,000, in cash or, at the election of Piedmont RE or U.S. Elements in their sole and absolute discretion, in USE Shares or shares of another entity (an **"Alternate Entity")** that is listed on, or has been conditionally (as evidenced by a conditional listing letter or similar determination from the Exchange) admitted to the official list of, an Exchange (the **"Second Payment").**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)In the event USE is not listed on, or has not been conditionally admitted to the official list of, an Exchange within three (3) months of the Exercise Date (as evidenced by a conditional listing letter or similar determination from the Exchange), or U.S. Elements does not own 100% of Piedmont RE, and Piedmont RE and U.S. Elements wish to pay in USE Shares, USE shares may be accepted upon the agreement of SEM in lieu of the cash payment of $2,000,000.00 in Dollars described in subparagraph (c)(i)(2) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If Piedmont RE or U.S. Elements pays the Second Payment in USE Shares (or shares in an Alternate Entity), such consideration shall be issued to the Members at Closing. The number of shares to be issued to the Members shall be determined as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)if listed and trading on an Exchange at the time, using the volume weighted average of the shares on that Exchange for the 15 trading days immediately prior to (and excluding) the Closing Date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)if conditionally admitted to an Exchange at the time, or if the issuance is made as part of a back door listing, using the proposed initial public offer price of the shares of U.S. Elements or such Alternate Entity as set out in the initial public offer prospectus of U.S. Elements or such Alternate Entity, or the offer price in the re-compliance prospectus if the issuance is made as part of a back door listing of an Alternate Entity; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)if not conditionally admitted to an Exchange at the time, or U.S. Elements does not own 100% of Piedmont RE, upon the agreement of the parties.

3.**<u>Closing of Purchase Option.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(a)*** ***Closing Generally.*** If Piedmont RE exercises its Purchase Option, the closing of the purchase and sale of the Membership Interests as described in this Agreement (the **"Closing")** shall be held on or before five (5) days after the satisfaction or waiver of the Conditions Precedent but in no event more than one hundred twenty (120) days following the Exercise Date.(the **"Closing Date").** For purposes of clarity, the Closing Date may extend beyond the Option Period as long as the Option Notice was delivered during the Option Period. Unless otherwise agreed, Closing shall take place by the exchange of signatures by facsimile, electronic mail or other electronic transmission or, if such electronic exchange is not practicable, at the offices of Johnston, Allison & Hord, P.A., 1065 E. Morehead Street, Charlotte, North Carolina, USA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(b)*** ***Conditions Precedent.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Closing is conditioned on the satisfaction or waiver of the following **("Buyer Conditions Precedent"):**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)there shall have been no material change in the business, results, operations, prospects, condition (financial or otherwise) or assets of SEM as of the Exercise Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)all necessary governmental approvals and consents, if any, for Closing of the Purchase Option shall have been obtained;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)all shareholder approvals required by law shall have been obtained by U.S. Elements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)all approvals, confirmations, or waivers which are required or U.S. Elements (or, if applicable, an Alternate Entity) requests from an Exchange in relation to its application for admission to the official list of the Exchange (or similar application for an Alternate Entity) shall have been obtained;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)as of the Closing Date, no law, regulation, or order exists that renders it impossible or impracticable to commercially exploit and mine rare earth metals located on the SEM Real Property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)no material liabilities of SEM exist other than liabilities under the Property Agreements or liabilities which have been incurred in connection with the Business and in compliance with this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)SEM has the ongoing right to own, occupy, or have the option to purchase all of the SEM Real Property; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8)no uncured breach of warranty or the other terms and provisions of this Agreement by SEM or the Members shall have occurred and be ongoing, other than those covered by a normal and customary indemnification of Piedmont RE or U.S. Elements by SEM.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Buyer Conditions Precedent are for the benefit of U.S. Elements and Piedmont RE and can only be waived by U.S. Elements or Piedmont RE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Closing is conditioned on the satisfaction or waiver of the following conditions precedent **("Seller Conditions Precedent"):**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)no uncured breach of warranty or the other terms and provisions of this Agreement, or any applicable Property Agreement, by Piedmont RE or U.S. Elements shall have occurred and be ongoing, other than those covered by a normal and customary indemnification of SEM and the Members by Piedmont RE or U.S. Elements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Payment of the Purchase Price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Seller Conditions Precedent are for the benefit of SEM and the Members and can only be waived by SEM and the Members.

*(c)****Closing Deliverables.*** On the Closing Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) US Elements and Piedmont RE must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)pay or issue (as applicable) to each Member its pro-rata Share of the First Payment and the Second Payment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)if applicable, register each Member as the holder of the relevant number of USE shares or shares in an Alternate Entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) SEM must hold a meeting of the Members pursuant to SEM's Organizational Documents and applicable law to attend to the following matters and provide to U.S. Elements and Piedmont RE the documentation evidencing, to the reasonable satisfaction of U.S. Elements and Piedmont RE, the passing of resolutions including duly signed minutes of each meeting convened for such purpose:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)the approval of the transfers of the Membership Interests to Piedmont RE and the documenting of Piedmont RE as the sole legal and beneficial owner of the Membership Interests to the extent legally permissible and otherwise in such form as approved by Piedmont RE;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)the issuance of written confirmation from the Members confirming Piedmont RE as the sole owner of the Membership Interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)the acceptance of the resignations of all managers and officers of SEM and appointment of Piedmont RE's nominees as managers and officers of SEM (in the manner specified by Piedmont RE in writing prior to Closing);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)the revocation of each existing authority to operate any bank account of SEM and the approval of such new authority as may be requested by Piedmont RE before Closing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)the revocation any existing powers of attorney granted by SEM; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)the transaction of any other reasonable business of which Piedmont RE has given notice to SEM prior to Closing;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) SEM and the Members must deliver to U.S. Elements and Piedmont RE:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)completed transfers of the Membership Interests in favor of Piedmont RE as transferee duly executed by each Member as transferor, to the extent legally permissible and otherwise in such form as reasonably approved by Piedmont RE;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)all registers, resolutions, minute books and other record books and financial records of SEM, including asset registers, management accounts, budgets, ledgers, journals, books of account and other records of SEM, and the common seal, if any, of SEM;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)possession of all information on the Mineral Products and title documents relating to the SEM Real Property and other documents held by SEM in connection with the SEM Real Property; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(4)** **if requested by U.S. Elements or Piedmont RE, executed escrow agreements (in the form provided by U.S. Elements or Piedmont RE) to give effect to any ASX imposed escrow in relation to the USE Shares held by the Members.**

(d) ***Rights of Piedmont RE Following Exercise Date.*** During the period following the Exercise Date and before Closing, Piedmont RE shall retain all of the rights and benefits granted to Piedmont RE under Section 4 and continue to pay all obligations related to the Covered Property.

4.**<u>Access and Project Rights of Piedmont RE.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) ***Access to SEM Real Property.*** During the Option Period, in each case subject to the conditions in the applicable Property Agreement, SEM shall grant Piedmont RE and its representatives, as SEM's agent, the sole and exclusive right to enter upon the SEM Real Property for purposes of conducting any and all surveys, tests, sampling and other evaluation as Piedmont RE may elect to perform, in its sole and absolute discretion. Without limiting the generality of the foregoing, during the Option Period, and in each case subject to the conditions in the applicable Property Agreement, Piedmont RE and its employees, agents, and contractors shall have the exclusive and irrevocable right to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)access, enter upon, occupy and use the SEM Real Property for all purposes related to exploring for and evaluating all ores, metals, minerals, mineral products and all other materials or substances, whether metallic or non-metallic, of any nature whatsoever found in natural deposits on or under the SEM Real Property and permitted by the applicable Property Agreement **("Mineral Products");**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)place, construct, maintain, use, and thereafter remove such temporary structures, facilities, equipment, and other improvements on the SEM Real Property as may be necessary or useful; provided, however, that, to the extent Piedmont RE elects not to exercise the Purchase Option, the same shall be removed by Piedmont RE at its sole cost and expense not later than sixty (60) days following the sooner of the expiration of the Option Period or any termination of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)conduct such tests, investigations and other activities, and use such equipment and personnel, as, in its sole discretion, deems necessary to determine the existence, extent, and quality of the Mineral Products on or under the SEM Real Property (including drilling or other invasive testing);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)conduct such water, air and soil environmental analysis of the SEM Real Property as Piedmont RE, in its sole discretion, deems necessary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)survey and/or perform a topographical analysis of the SEM Real Property; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)take or use water (whether surface, underground or artesian) which is appurtenant to the SEM Real Property, or to which the SEM Real Property is riparian, by any lawful taking or use.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) ***Certain Land Development Rights.*** SEM irrevocably grants to Piedmont RE, for the duration of the Option Period, the sole and exclusive right to exercise all of SEM's rights and options with respect to the Covered Property, including all rights under any Property Agreements, and Piedmont RE shall give SEM notice of any such action. Without limitation, this includes the right to exercise any and all land purchase or lease options with respect to the Covered Property. In connection with such grant to Piedmont RE, SEM shall at any time, and from time to time, execute and deliver, upon the written request of Piedmont RE, further documents and do further acts and things as Piedmont RE may reasonably request to effect the purposes of this Section. SEM hereby irrevocably makes, constitutes, and appoints Piedmont RE as its agent and attorney-in-fact with full power and for the limited purpose of executing, delivering, and performing under, in the name of SEM, any and all agreements, instruments, and other documents in connection with the Covered Property. Piedmont RE shall provide SEM with copies of all documents of any kind which are executed in the name of SEM.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(c)*** ***Access Reports.*** During the Option Period, SEM shall provide to Piedmont RE and its representatives any and all reports, surveys, historical exploration results, and data in SEM's position relating in any way to the SEM Real Property, the Business, Mineral Products that may be located on or under the SEM Real Property, and all other geological attributes of the Covered Property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(d)*** ***Reports and Analyses Prepared by Piedmont RE.*** In the event that Piedmont RE (or any third party on behalf of Piedmont RE) prepares any reports, surveys, historical exploration results, and data relating to the Covered Property, Mineral Products that may be located on or under the Covered Property, and all other geological attributes of the Covered Property, including any and all information obtained or derived by Piedmont RE as a result of its activities as set forth in Section 4(a) (collectively, the **"Piedmont RE Reports"),** (i) all right, title, and interest in and to the Piedmont RE Reports, and all reports, analyses, documents, and all other materials derived therefrom, shall jointly belong to Piedmont RE and SEM, and (ii) the Piedmont RE Reports are hereby deemed to be Piedmont RE's and SEM's Confidential Information. During the Option Period, Piedmont RE shall share all Piedmont RE Reports with SEM; provided that such Piedmont RE Reports shall remain the Confidential Information of Piedmont RE and SEM. Notwithstanding the foregoing, Piedmont RE shall comply with the applicable Property Agreement as to such Piedmont RE Reports related to the Covered Property as to use and ownership of such information. In the event that Piedmont RE does not exercise the Purchase Option within the Option Period, or this Agreement terminates for any reason, all rights and title to Piedmont RE Reports, and any other data related to the Covered Property shall be transferred to SEM at the time of any such termination or end of the Option Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(e)***Commencing with the date Piedmont RE enters upon any SEM Real Property, Piedmont RE will carry commercially standard insurance with commercially reasonable limits reasonably acceptable to Seller and in compliance with the applicable Property Agreement, including comprehensive public liability insurance covering all activities conducted by Piedmont RE, its agents, contractors and engineers on the Property. Such insurance will have limits of not less than $1,000,000 for personal injury to or death of any one person, $2,000,000 for personal injury to or death of any number of persons in any one accident and $1,000,000 for property damage, and will name SEM as an additional insured. Not less than 5 days before entering any SEM Real Property, Piedmont RE will promptly provide SEM with a certificate of insurance complying with the foregoing.

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5.**<u>Obligations of Piedmont RE.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) ***Annual Option Payments.*** During the Option Period, and as consideration for the Purchase Option, Piedmont RE shall pay to SEM the following amounts (collectively, **"Option Payments")** in Dollars in cash or other immediately available funds to an account designated by SEM:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)$25,000 within thirty (30) days of the Effective Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)$50,000 within one hundred and twenty (120) days of the Effective Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)$75,000 on the first anniversary date of the Effective Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)$75,000 on the second anniversary date of the Effective Date.

If Piedmont RE fails to make such Option Payments within thirty (30) Business Days of the payment date set forth above, the Purchase Option shall lapse and terminate; provided, however, Piedmont RE shall have no obligation to make any Option Payments once it has delivered the Option Notice to exercise its Purchase Option.

It is acknowledged and agreed that, as the Members own all of the Membership Interests, such Option Payments paid by Piedmont RE to SEM shall provide substantial economic and other benefits to the Members, and therefore such Option Payments shall be deemed adequate consideration for the Members' grant of the Purchase Options to Piedmont RE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) ***Work Commitment.*** During the Option Period, Piedmont RE, on its own account,

shall make the following expenditures in connection with the Business:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)$400,000 during the period beginning on the Effective Date and ending on the first anniversary date of the Effective Date, plus the cost of an airborne geophysical survey of an approximately 25 square mile area centering around Shiloh, Georgia, which survey must be completed by Piedmont RE within six (6) months of the Effective Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)$500,000 during the period beginning on the first anniversary date of the Effective Date and ending on the second anniversary date of the Effective Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)$500,000 during the period beginning on the second anniversary date of the Effective Date and ending on the third anniversary date of the Effective Date.

Piedmont RE may (i) pay such amounts directly to third parties to perform services in connection with the Business, (ii) reimburse SEM for expenses incurred by SEM in connection with the Business, and/or (iii) make such expenditures on its own account from internal Piedmont RE resources (or the resources of its Affiliates) and reasonably allocate internal costs and overhead towards the work commitments described in this Section. By way of example, if a Piedmont RE employee is assigned to the Business on a full-time basis for a full month, Piedmont RE may allocate 1/12 of such employee's overhead costs towards its work commitment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) ***Payment of Lease/Land Option Obligations.*** In addition to the Work Commitment provided in Section 5b hereof, during the Option Period, Piedmont RE shall: (i) pay all rental amounts and/or land purchase option obligations provided in the applicable Property Agreement for the Covered Property or other obligations with respect to the Covered Property, and (ii) otherwise comply with the terms of the applicable Property Agreements (as they relate to the Covered Property). Piedmont RE may pay such amounts directly to owners of the Covered Property or may reimburse SEM for such payments.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) ***Additional Properties.*** Piedmont RE agrees to use commercially reasonable efforts to pursue additional properties located within the Area of Interest that could enhance the Business ("Additional Properties"), on commercially reasonable terms and conditions. The Additional Properties shall be purchased or secured in the name of Piedmont RE. During the Option Period, Piedmont RE shall indemnify SEM for any Area of Interest Royalty payments that come due under the Weyerhaeuser Lease described on Exhibit B as a result of Piedmont RE's activities within the Area of Interest. In the event Piedmont RE does not exercise the Purchase Option within the Option Period, and is not pursuing a mineral related project on the Additional Properties, SEM shall have the right of first offer to acquire all of Piedmont RE's rights and interests in the Additional Properties, and any properties acquired under Section 9(c) below, and assume all future liabilities with respect to such properties, in exchange for payment in an amount equal to Piedmont RE's verifiable costs and expenses related to securing and maintaining such property rights and interests and evaluating the Additional Properties. In the event Piedmont RE does not exercise the Purchase Option within the Option Period, and is pursuing a mineral related project on the Additional Properties, Piedmont RE will continue to indemnify SEM for any Area of Interest Royalty payments that come due under the Weyerhaeuser Lease described on Exhibit B, and compensate SEM in cash in Dollars in an amount equal to the First Payment and Second Payment (as defined above).

6.**<u>Obligations of SEM and the Members.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Beginning on the Effective Date and continuing for the duration of the Option Period, SEM and the Members shall provide Piedmont RE with copies of all Organizational Documents and any amendments and restatements to or of the Organizational Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)During the Option Period, neither SEM nor any Member shall, or shall attempt, agree or purport to: (i) create, authorize, designate, reclassify, modify, or issue any class or series of new Membership Interests or any rights, options, warrants, or other securities convertible into or exchangeable for any Membership Interests, to any Person or (ii) voluntarily or involuntarily Transfer all or any of the Membership Interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)During the Option Period, neither SEM nor any Member shall permit any Encumbrance upon the Membership Interests or upon the properties or assets of SEM (other than for property interests held by the property owners of the SEM Real Property pursuant to the Property Agreements).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)SEM shall be and remain, and the Members shall cause SEM to be and remain, in good standing and duly qualified to do business under the laws of the Commonwealth of Virginia, the State of Georgia, and any other jurisdiction where the nature of the property owned or leased by it or the nature of the business conducted by it makes such qualification necessary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)SEM shall comply, and the Members shall cause SEM to comply, in all material respects with all applicable laws and permits issued by Governmental Authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) SEM shall comply, and the Members shall cause SEM to comply, in all material respects with all Property Agreements, including without limitation, as they may be amended, modified, or supplemented from time to time (provided that no such amendment may be made without the consent of Piedmont RE).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) SEM and the Members shall promptly notify Piedmont RE upon obtaining knowledge of such fact of occurrence: (i) of any fact, circumstances, event or action the existence, occurrence, or taking of which has had, or could reasonably be expected to expected to have, individually or in the aggregate, a material adverse effect on SEM or the Business, and (ii) of any material change in zoning or environmental regulations affecting the SEM Real Property to the extent such change may reasonably interfere with the Business.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)During the Option Period, the Members shall, and shall cause SEM to: (i) conduct the Business in the ordinary course of business consistent with past practice, and (ii) use reasonable best efforts to maintain and preserve intact the current organization and Business of SEM and to preserve the rights, goodwill, and relationships of its employees, customers, lenders, suppliers, regulators, and others having business relationships with SEM.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)During the Option Period, SEM shall file all applicable tax returns as and when due and shall pay all local, state, and federal taxes owed by SEM not related to the Covered Property.

During the Option Period, SEM covenants that it will not and the Member's covenant that they will ensure that SEM does not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)undertake or allow any material change to SEM or its assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)enter into any material contract or incur any material liability over the value of US$20,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)dispose of the whole, or any part, of its business or assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)vary its capitalization as set forth on Exhibit A, other than varying the percentage ownership among the existing Members, without the prior written consent of Piedmont RE;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)declare any dividends or distribute any assets, with the exception of distribution of the Option Payments and Purchase Price to the existing Members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)cause to occur, by act or omission, an event or series of events, whether related or not, which may have a material adverse effect on the business, assets or financial condition of SEM or on the transactions contemplated by this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)In addition, SEM covenants that it will and the Members agree to ensure that SEM

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Subject to Piedmont RE's obligations under Section 5(c) above, maintain the Property Agreements in full force and keep them in good standing and free from any liability, or from risk of forfeiture or non-renewal under all applicable laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)observe and perform all stipulations and conditions relating to the Property Agreements (including, without limitation, expenditure conditions prescribed under any applicable laws or regulations) and all statutory obligations relating to activities on the Covered Property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)work with Piedmont RE to obtain all necessary governmental approvals and consents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)not relinquish any portion of any of the Property Agreements except with the agreement of Piedmont RE, such agreement not to be unreasonably withheld; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) promptly pass to Piedmont RE any notice or communication from any third party or government authority in any way affecting the Property Agreements or the Covered Property.

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7. **<u>Representations of the Members.</u>** Each Member hereby represents and warrants, severally, to Piedmont RE and U.S. Elements solely as to such Member and not with respect to any other Member (on the Effective Date and each day until Closing or the termination of this Agreement), as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(a)*** ***Member Authority.*** Such Member has the capacity to execute, deliver and perform or consummate the transactions contemplated by this Agreement. This Agreement has been duly and validly executed and delivered by such Member and constitutes the valid and binding obligation of such Member, enforceable against such Member in accordance with their respective terms, except as such enforcement shall be limited by bankruptcy, insolvency, moratorium or similar law affecting creditors' rights generally and subject to general principles of equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(b)*** ***No Member Conflicts.*** The execution, delivery and performance by such Member of this Agreement, and the consummation by such Member of the transactions contemplated hereby does not and will not violate any provision of any law to which such Member is subject. The execution, delivery and performance by such Member of this Agreement, and the consummation by such Member of the transactions contemplated hereby does not and will not, with or without the giving of notice or the lapse of time, or both, (i) violate or result in a breach of or constitute a default under, conflict with, require the consent of (or notice to) any third party under any contract or permit issued by a Governmental Authority, or (ii) result in the creation or imposition of any Encumbrance of any nature whatsoever upon any of any portion of the Membership Interest held by such Member. No notices to, filings with, or authorizations, consents or approvals of any Governmental Authority or any other Person are necessary for the execution, delivery or performance by such Member of this Agreement or the consummation by such Member of the transactions contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(c)*** ***Title to Membership Interests.*** Such Member is the record and beneficial owner of the Membership Interest set forth opposite such Member's name on **<u>Exhibit</u>** <u>A,</u> and has good and valid title to his or its Membership Interest, as applicable, free and clear of all Encumbrances other any restrictions imposed by applicable United States securities laws.

8. **<u>Representations of SEM.</u>** SEM hereby represents and warrants to Piedmont RE (on the Effective Date and each day until Closing or the termination of this Agreement) as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(a)*** ***Organization.*** SEM is a limited liability company, duly formed, validly existing and in good standing under the laws of the Commonwealth of Virginia. SEM has all requisite power and authority to carry on the Business and otherwise to own, lease and operate its properties and carry on its business as it is now being conducted. SEM is duly qualified to do business and is in good standing in the Commonwealth of Virginia, the State of Georgia and in all other jurisdictions where the nature of the property owned or leased by it or the nature of the business conducted by it makes such qualification necessary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(b)*** ***Company Authority.*** SEM has all requisite power and authority to execute, deliver and perform this Agreement and to perform its obligations hereunder and to consummate the transactions contemplated hereby. The execution, delivery and performance by SEM of this Agreement, and the consummation by SEM of the transactions contemplated hereby have been duly authorized by all necessary action on the part of SEM. No other limited liability company proceedings on the part of SEM are necessary to authorize such execution, delivery or performance or to consummate the transactions contemplated by this Agreement. This Agreement has been duly and validly executed and delivered by SEM and constitutes the valid and binding obligation of SEM, enforceable against SEM in accordance with its terms, except as such enforcement shall be limited by bankruptcy, insolvency, moratorium or similar law affecting creditors' rights generally and subject to general principles of equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(c)*** ***No Company Conflicts.*** The execution, delivery and performance by SEM of this Agreement and the consummation by SEM of the transactions contemplated hereby does not and will not (i) violate any provision of any law to which SEM is subject, or (ii) violate or breach any provision of any Organizational Document of SEM. The execution, delivery and performance by SEM of this Agreement, and the consummation

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by SEM of the transactions contemplated hereby does not and will not, with or without the giving of notice or the lapse of time, or both, (x) violate or result in a breach of or constitute a default under, conflict with, require the consent of (or notice to) any third party under, or result in or permit the termination, cancellation, modification, or amendment of any provision of, or result in or permit the acceleration of the maturity or cancellation of performance of any obligation under any contract (including any Property Agreement) or any permit issued by a Governmental Authority to which SEM is a party or by which SEM may be bound or affected, or (y) result in the creation or imposition of any Encumbrance of any nature whatsoever upon any of the assets or properties of SEM or give to others any interests or rights therein. No notices to, filings with, or authorizations, consents or approvals of any Governmental Authority or any other Person are necessary for the execution, delivery or performance by SEM of this Agreement or the consummation by SEM of the transactions contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(d)*** ***Capitalization.*** All of the issued and outstanding Membership Interests have been duly authorized and validly issued, fully paid and non-assessable, and none of the issued and outstanding Membership Interests are subject to or were issued in violation of any applicable securities laws, purchase option, call option, right of first refusal, preemptive right, subscription right or any similar right under any provision of applicable law, the Organizational Documents of SEM or any contract to which SEM is a party. All of the issued and outstanding membership interests of SEM are held of record and beneficially owned by the Members as set forth on <u>Exhibit</u> A, in each case in the class and amounts so indicated thereon. There are no obligations or commitments for SEM to issue any additional membership interests or equity interests beyond those already issued and outstanding. There are no outstanding or authorized options, warrants, purchase rights, subscription rights, conversion rights, convertible securities, exchange rights, calls, puts, preemptive rights, rights of first refusal, tag-along right, drag-along rights or other contracts, rights, agreements, arrangements or commitments of any character that would require SEM to issue, sell, purchase or otherwise cause to become outstanding, or cause to be repurchased or redeemed, any Membership Interests or any other membership or equity interest in SEM. There are no voting trusts, equityholder agreements, shareholders agreements, proxies or other agreements or understandings in effect with respect to the voting or Transfer of any Membership Interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(e)*** ***Real Property.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) SEM does not own any real property. <u>Exhibit</u> **<u>B</u>** sets forth a true, correct and complete list of all written or oral leases, subleases, licenses, option agreements, rights to purchase, rights of first refusal, or other occupancies of the SEM Real Property (including all amendments, extensions, renewals and guaranties with respect thereto) (collectively, the **"Property Agreements")** to which SEM is a party (as lessor, lessee, sublessee, licensee, option holder, or otherwise). SEM has delivered or made available to Piedmont RE a true, correct and complete copy of each of the Property Agreements and all amendments, modifications and supplemental agreements thereto. Each of the Property Agreements is in full force and effect and is valid, binding and enforceable against the SEM and each of the other parties thereto, in accordance with its terms and has not been modified or amended except as disclosed on <u>Exhibit B.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) (1) SEM has not received from the other party to any Property Agreement any notice claiming that SEM is in default thereunder for which such default has not been cured; (2) all payments required to be paid by SEM pursuant to the Property Agreements have been paid prior to such payments becoming delinquent; (3) there has not occurred any event which would constitute a breach of or default in the performance of any covenant, agreement or condition contained in any Property Agreement which has not been cured, nor has there occurred any uncured event which with the passage of time or the giving of notice or both would constitute such a breach or default; and (4) SEM has not received any written notice from the other party to any Property Agreement of the termination or proposed termination thereof.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) SEM presently enjoys peaceful and undisturbed possession of the SEM Real Property. There are no matters affecting the right, title and interest of SEM in and to the SEM Real Property which, in the aggregate, would adversely affect the ability to carry on the Business upon the SEM Real Property substantially in the manner in which such operations are currently carried on. No Person other than SEM has any right to use or occupy the SEM Real Property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The current use of the SEM Real Property in the conduct of the Business does not violate any Property Agreement in any respect. To the best of its knowledge, SEM is not in violation of any covenant, condition, restriction, easement or order of any Governmental Authority having jurisdiction over the SEM Real Property or the use or occupancy thereof. SEM has not received written notice from any Governmental Authority, with respect to the SEM Real Property, of any violation or claimed violation by SEM of applicable building, zoning, subdivision, conservation, fire, health and safety and other land use and similar applicable laws, rules and regulations, permits, licenses, and certificates of occupancy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(f) Compliance with Laws; Permits.*** SEM has been, during the three (3) year period

prior to the Effective Date, and is currently in compliance in all material respects with all applicable laws and permits issued by Governmental Authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(g)*** ***Legal Proceedings.*** There are no actions pending or threatened against or by SEM: (A) relating to or affecting the Business or the Membership Interests; or (b) that challenge or seek to prevent, enjoin or otherwise delay the transactions contemplated by this Agreement. No event has occurred or circumstances exist that may give rise to, or serve as a basis for, any such action. There are no outstanding orders of Governmental Authorities and no unsatisfied judgments, penalties or awards against, relating to or affecting the Business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(h)*** ***Taxes.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) From and after SEM's date of formation (04/19/2011), SEM has been taxed as a partnership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) All tax returns required to be filed by SEM for any period prior to the Effective Date have been, or will be, timely filed. Such tax returns are, or will be, true, complete, and correct in all respects. All taxes due and owing by SEM (whether or not shown on any tax return) have been, or will be, timely paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) SEM has withheld and paid each tax required to have been withheld and paid in connection with amounts paid or owing to any of its employees, independent contractors, creditors, customers, shareholders or other persons, and has complied with all information reporting and backup withholding provisions of applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) No extensions or waivers of statutes of limitations have been given or requested with respect to any taxes of SEM.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) All deficiencies asserted, or assessments made, against SEM as a result of any examinations by any taxing authority have been fully paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) SEM is not a party to any action by any taxing authority. There are no pending or threatened actions by any taxing authority.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) There are no Encumbrances for taxes upon any of the Membership Interests nor is any taxing authority in the process of imposing any Encumbrance for taxes on any of the Membership Interests (other than for current taxes not yet due and payable).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(i)*** ***Full Disclosure.*** No representation or warranty by SEM or the Members in this Agreement and no statement contained in any other document furnished or to be furnished to Piedmont RE pursuant to this Agreement, to the best of the knowledge of SEM or of the Members, contains any untrue statement of a material fact, or omits to state a material fact necessary to make the statements contained therein, in light of the circumstances in which they are made, not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(j)*** ***Subsidiaries:*** SEM does not have any subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(k)*** ***No other operations or assets:*** Other than the Property Agreements, SEM does not have any operations, assets or agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(1) Employees and contractors:*** Other than as disclosed to Piedmont RE, SEM does not have any employees and contractors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(m)*** ***Liabilities:*** Other than as disclosed to the Piedmont RE, SEM does not have any material liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(n)*** ***Consistency with other agreements:*** The terms of this Agreement are not inconsistent with and do not contravene the provisions of any other agreements or contract to which SEM is a party.

9.**<u>Other Agreements.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) ***Confidentiality.*** From time to time during the term of this Agreement, a Party (as the **"Disclosing Party")** may disclose or make available to another Party (as the **"Receiving Party")** information about its business affairs, products, services, confidential intellectual property, trade secrets, third-party confidential information and other sensitive or proprietary information (collectively, **"Confidential Information").** Confidential Information shall not include information that, at the time of disclosure: (i) is or becomes generally available to and known by the public other than as a result of, directly or by, with, or through any other Person, any breach by the Receiving Party or any of its representatives; (ii) is or becomes available to the Receiving Party on a non-confidential basis from a third-party source, provided that such third party is not and was not prohibited from disclosing such Confidential Information; (iii) was known by or in the possession of the Receiving Party or its representatives before being disclosed by or on behalf of the Disclosing Party; or (iv) was or is independently developed by the Receiving Party without reference to or use, in whole or in part, of any of the Disclosing Party's Confidential Information. The Receiving Party shall: (A) protect and safeguard the confidentiality of the Disclosing Party's Confidential Information with at least the same degree of care as the Receiving Party would protect its own Confidential Information, but in no event with less than a commercially reasonable degree of care; (B) not use the Disclosing Party's Confidential Information, or permit it to be accessed or used, for any purpose other than to exercise its rights or perform its obligations under this Agreement; and (C) not disclose any such Confidential Information to any person or entity, except to the Receiving Party's representatives who need to know the Confidential Information to assist the Receiving Party, or act on its behalf, to exercise its rights or perform its obligations under the Agreement. The Receiving Party shall be responsible for any breach of this Section 9(a) caused by any of its representatives. In the event the Disclosing Party's Confidential Information is required to be disclosed under applicable federal, state or local law, regulation or a valid order issued by a court or Governmental Authority of competent jurisdiction, the Receiving Party shall promptly notify the Disclosing Party of such requirement and reasonably assist the Disclosing Party (at the Disclosing Party's expense) to enable it to obtain a protective order or otherwise take appropriate measures to prevent the disclosure of its Confidential Information. In the event the Disclosing Party is unable to prevent the disclosure of such Confidential Information, the Receiving Party shall disclose only that portion of such Confidential Information that the Receiving Party is legally required to disclose. On the expiration or termination

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of the Agreement, at the Disclosing Party's written request, the Receiving Party shall promptly return, and shall require its representatives to return to the Disclosing Party all copies, whether in written, electronic or other form or media, of the Disclosing Party's Confidential Information, or destroy all such copies and certify in writing to the Disclosing Party that such Confidential Information has been destroyed. Notwithstanding this clause, US Elements and Piedmont RE may use any Confidential Information they require for the purposes of raising capital or pursuing an ASX listing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) ***Exclusivity.*** During the Option Period, the Parties agree that Piedmont RE is and shall be the exclusive holder of the Purchase Option. In light of the foregoing, during the Option Period, SEM and/or the Members shall not, directly or by, with, or through any other Person, in any capacity whatsoever: (i) solicit, initiate, entertain, encourage, accept any inquiries, proposals, or offers from any Person other than Piedmont RE for the acquisition of the Membership Interests or to engage in transactions similar to the transactions contemplated hereby; (ii) grant any Person other than Piedmont RE any right or option to purchase the Membership Interests, all or substantially all of the assets of SEM, or otherwise to acquire or succeed to the Business; (iii) grant any Person other than Piedmont RE the right to access the Covered Property for purposes exploring, evaluating, mining, or removing Mineral Products; (iv) except as required by the provisions of any applicable Property Agreement, provide any Person other than Piedmont RE with access to any reports, surveys, historical exploration results, and data relating to the Covered Property, Mineral Products that may be located on or under the Covered Property, and other geological attributes of the Covered Property, or relating to the Business; or (v) otherwise circumvent, avoid, bypass, or obviate the intent of this Agreement and the observance and performance of all the terms and provisions hereof. The Parties agree that this Section shall be strictly construed and the violation of this Section 9(b) shall be an incurable material breach of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(c) Area of Interest.*** If during the term of this Agreement, SEM or a Member acquires, or proposes to acquire, an interest in any property wholly or partly within the Area of Interest (such person, an **"Acquiring Party"),** then:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)the Acquiring Party must offer the interest in the property to Piedmont RE at a price equal to the total cost incurred or proposed to be incurred by the Acquiring Party to acquire the interest in the property, including adviser costs, duties, legal costs and other costs and expenses of and incidental to the acquisition of the interest **("Price");**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Piedmont RE shall have 20 Business Days from the date of the offer to accept the offer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)upon payment of the Price by Piedmont RE, the Acquiring Party must do all things necessary to vest the interest in the property in Piedmont RE; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)If Piedmont RE does not accept the offer within the period in clause 9(c)(ii), the Acquiring Party may proceed with the relevant interest on its own account or in association with others as it sees fit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d) *Further Assurances.*** If Piedmont RE exercises the Purchase Option, following the Closing, the Parties shall, and shall cause their respective representatives to, execute and deliver such additional documents, instruments, conveyances, and assurances and take such further actions as may be reasonably required to carry out the provisions hereof and give effect to the transactions contemplated by this Agreement.

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10.**<u>Indemnification.</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) ***Indemnification by SEM.*** SEM (during the term of this Agreement) shall indemnify, defend, and hold harmless Piedmont RE, U.S. Elements, and their officers, directors, employees, agents, representatives, affiliates, successors, and permitted assigns, from and against any and all losses, damages, liabilities, costs, or expenses arising out of or resulting from any Claim alleging:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)breach by SEM or any Member of any representation, warranty, or covenant set forth in this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)negligence or omission of SEM or any Member in connection with the performance of its obligations under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)violation of applicable law by SEM or any Member in connection with this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)any default, breach, or violation by SEM or the Members of any Property Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) ***Indemnification by Piedmont RE and U.S. Elements.*** Piedmont RE and U.S. Elements shall indemnify, defend, and hold harmless SEM, the Members, and SEM's officers, managers, employees, agents, representatives, affiliates, successors, and permitted assigns, from and against any and all losses, damages, liabilities, costs, or expenses arising out of or resulting from any Claim alleging:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)breach by Piedmont RE or U.S. Elements of any representation, warranty, or covenant set forth in this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)negligence or more culpable act or omission of Piedmont RE or U.S. Elements in connection with the performance of its obligations under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)violation of applicable law by Piedmont RE or U.S. Elements in connection with this Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)any loss, claim, cause of action, cost expense or liability incurred in connection with the entry upon or operations conducted by Piedmont RE or U.S. Elements and its representatives upon the SEM Real Property pursuant to Section 4 hereof, including any failure to pay or complete any obligation under, or breach of, the applicable Property Agreement.

11.**<u>Termination.</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) ***Events of Termination.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)This Agreement may be terminated at any time by the mutual agreement of all Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)This Agreement shall terminate upon the expiration of the Option Period (unless the Option Notice has been given).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)So long as there is no material default on the part of Piedmont RE or U.S. Elements, this Agreement may be terminated by Piedmont RE at any time and for any reason (or for no reason), upon sixty (60) days' notice to SEM, provided, however, that no such termination shall constitute any waiver of any of the obligations of Piedmont RE or U.S. Elements which have already accrued pursuant to the terms of this Agreement..

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)This Agreement may be terminated by Piedmont RE if there has been a breach, inaccuracy in, or failure to perform any representation, warranty, covenant or agreement made by SEM or any Member pursuant to this Agreement, and such breach, inaccuracy, or failure has not been cured by SEM or the Members (as applicable) within thirty (30) days of receipt of written notice of such breach from Piedmont RE. Notwithstanding the foregoing, there shall be no cure period for a breach of Section 9(a) (Confidentiality) or Section 9(b) (Exclusivity).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)This Agreement may be terminated by SEM if there has been a breach, inaccuracy in, or failure to perform any representation, warranty, covenant or agreement made by Piedmont RE or U.S. Elements pursuant to this Agreement, and such breach, inaccuracy, or failure has not been cured by Piedmont RE or U.S. Elements (as applicable) within thirty (30) days of receipt of written notice of such breach from SEM. Notwithstanding the foregoing, there shall be no cure period for a breach of Section 9(a) (Confidentiality) or Section 9(b) (Exclusivity).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) ***Effects of Termination.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Following the termination of this Agreement, the Parties shall have no further rights, obligations, duties under this Agreement, except pursuant to Section 4 (Access and Project Rights of Piedmont RE), Section 9(a) (Confidentiality), Section 10 (Indemnification), Section 11(b) (Effects of Termination), and Section 12 (Miscellaneous), all of which shall survive the termination of this Agreement. The Parties' indemnification obligations under Section 10 shall survive for a period of twelve (12) months following the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Upon termination of this Agreement, Piedmont RE shall have no further obligations to make Option Payments under Section 5(a), work commitment expenditures under Section 5(b), or rental/land option payments under Section 5(c); provided however, notwithstanding anything herein to the contrary, all reclamation or other obligations incurred pursuant to the applicable Property Agreement due to work and operations of Piedmont RE during the Option Period shall be completed at the expense of Piedmont RE within one hundred twenty (120) days of any such termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)Following the termination of this Agreement, Piedmont RE shall have thirty (30) days from the date of termination to remove all of its representatives, vehicles, and other property from the Covered Property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)If this Agreement is terminated due to the uncured breach of one Party, the non-breaching party shall retain all of its rights and remedies at law and in equity.

12.**<u>Miscellaneous.</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(a)*** ***Entire Agreement.*** This Agreement (including the Exhibits attached hereto) constitutes the entire understanding and agreement of the Parties with respect to the transactions contemplated by this Agreement and supersedes any other agreements, whether written or oral, that may have been made or entered into by or among any of the Parties or any of its respective Affiliates relating to the transactions contemplated hereby or thereby or the subject matter hereof or thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(b)*** ***Successors and Assigns.*** The terms and conditions of this Agreement shall inure to the benefit of and be binding upon the respective successors and permitted assigns of the Parties hereto; provided, however, that this Agreement may not be assigned by any Party hereto without the prior written consent of the other parties hereto, except that U.S. Elements and Piedmont RE may without the consent of any other Party assign this Agreement (in whole or in part) and their rights and obligations hereunder to one or more Affiliates of U.S. Elements. Any assignment in violation of this Section is be void *ab initio.*

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(c)*** ***Modification and Waiver.*** No amendment, modification, or alteration of the terms or provisions of this Agreement shall be binding unless the same shall be in writing and duly executed by the Parties. Notwithstanding the foregoing, <u>Exhibit</u> **<u>B</u>** and the corresponding definition of "Covered Property" may be amended by a writing executed solely by SEM and Piedmont RE. Any of the terms or provisions of this Agreement may be waived in writing at any time by the Party that is entitled to the benefits of such waived term or provision. No single waiver of any of the provisions of this Agreement shall be deemed to or shall constitute, absent an express statement otherwise, a continuous waiver of such provision or a waiver of any other provision hereof (whether or not similar). No delay on the part of any Party in exercising any right, power, or privilege hereunder shall operate as a waiver thereof, and no course of dealing between or among the Parties shall be deemed effective to modify, amend or discharge any part of this Agreement or any rights or obligations of any party hereto under or by reason of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(d)*** ***Severability.*** Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be prohibited by or invalid under applicable law, such provision shall be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining provisions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(e)*** ***Expenses.*** Except as otherwise expressly provided in this Agreement, all costs and expenses, including, without limitation, fees and disbursements of counsel, financial advisors and accountants, incurred in connection with this Agreement and the transactions contemplated hereby shall be paid by the party incurring such costs and expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(f)*** ***Notices.*** Any notice, request, instruction, or other document to be given hereunder by any Party hereto to any other Party shall be in writing and shall be given by delivery in person, by electronic mail, by overnight courier or by registered or certified mail, postage prepaid (and shall be deemed given when delivered if delivered by hand or by electronic mail, one Business Day after deposited with an overnight courier service if delivered by overnight courier and three days after mailing if mailed), as follows:

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If to Piedmont RE: | 32 N. Main Street<br>Belmont, North Carolina 28012<br>Attn: Anastasios "Taso" Arima,<br>Manager<br>Phone: (347) 899-1522<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*with copy to:* | Johnston, Allison & Hord, P.A.<br>1065 E. Morehead Street<br>Charlotte, NC 28204<br>Attn: Cameron Todd Ware<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If to U.S. Elements: | Level 9, 28 The Esplanade<br>Perth, WA, Australia 6000<br>Attn: Greg Swan<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If to SEM: | 650 Peter Jefferson Parkway Suite 230<br>Charlottesville, VA 22911<br>Attn: Kermit Anderson<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If to Robert B. Cook: | c/o Robert B. Cook, Jr.<br>1631 Lauren Lane<br>Auburn, AL 36830 |

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If to James E. Bond: | P.O. Box 299<br>Moorefield, WV 26836<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If to Richard Gilliam: | 650 Peter Jefferson Parkway Suite 230 <br>Charlottesville, VA 22911<br>Attn: Kermit Anderson<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If to H. Ross Arnold: | 1349 W. Peachtree St NE<br>Suite 1990<br>Atlanta, GA 30309<br>Attn: Bart L. Graham<br>|

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(g)*** ***Specific Performance.*** The Parties agree that irreparable damage would occur if any provision of this Agreement were not performed in accordance with the terms hereof and that the Parties shall be entitled to specific performance of the terms hereof, in addition to any other remedy to which they are entitled at law or in equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(h)*** ***Governing Law.*** This Agreement shall be governed by and interpreted and enforced in accordance with the laws of the State of Georgia, without giving effect to any choice of law or conflict of laws rules or provisions (whether of the State of Georgia or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of Georgia.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(i)*** ***Venue; Jurisdiction.*** Any suit, action or other proceeding arising out of or relating to this Agreement or any transaction contemplated hereby shall be brought exclusively in the United States District Court for the Northern District of Georgia sitting in Fulton County, Georgia, or in the event (but only in the event) that such court does not have jurisdiction over such action, the state courts located in Fulton County, Georgia, and each of the Parties hereto hereby irrevocably submits to the sole and exclusive jurisdiction of such courts for the purpose of any such suit, action or other proceeding.. Each Party irrevocably and unconditionally waives any objection to the laying of exclusive venue of any action, suit or proceeding arising out of this Agreement or the transactions contemplated hereby in such courts, and hereby irrevocably and unconditionally waives and agrees not to plead or claim in any such court that any such action, suit or proceeding brought in any such court has been brought in an inconvenient forum. Each Party further agrees that service of any process, summons, notice or document by U.S. registered mail to such Party's respective address set forth herein shall be effective service of process for any such action, suit or proceeding. Nothing in this Section however, shall affect the right of any Party to serve legal process in any other manner permitted by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(j)*** ***No Third Party Beneficiaries.*** This Agreement is intended and agreed to be solely for the benefit of the Parties and their successors and permitted assigns, and no other party or Person shall be entitled to rely on this Agreement or accrue any benefit, claim, or right of any kind whatsoever pursuant to, under, by, or through this Agreement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(k)*** ***Counterparts; Electronic Signatures.*** This Agreement may be executed in multiple counterparts, each of which shall for all purposes be deemed to be an original and all of which shall constitute the same instrument. This Agreement and any amendments hereto, to the extent signed and delivered by electronic transmission in portable document format (pdf), or by other electronic transmission, shall be considered to have the same binding legal effect as if it were the original signed version thereof delivered in person.

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**[Signature Page Follows]**

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IN WITNESS WHEREOF, the Parties have executed this Agreement by their duly authorized representatives as of the Effective Date.

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| | | | |
|:---|:---|:---|:---|
|  |  | **<u>PIEDMONT RE:</u>**  | **<u>PIEDMONT RE:</u>**  |
|  |  | Piedmont Rare Earths, LLC  | Piedmont Rare Earths, LLC  |
|  |  | By: | /s/ Anastasios Arima |
|  |  | Name: | Anastasios Arima |
|  |  | Title: | Manager |
|  |  | **<u>U.S. Elements:</u>**  | **<u>U.S. Elements:</u>**  |
|  |  | **U.S. Elements Pty Ltd.** | **U.S. Elements Pty Ltd.** |
|  |  | By: | /s/ Anastasios Arima |
|  |  | Name: | Anastasios Arima |
|  |  | Title:  | Director |
| **<u>SEM:</u>** | **<u>SEM:</u>** | **<u>MEMBERS:</u>** | **<u>MEMBERS:</u>** |
| **Southeast Metal LLC** | **Southeast Metal LLC** |  |  |
| By: | /s/ Robert Cook  |  | /s/ Robert Cook |
| Name: | Robert Cook |  | **Robert Cook** |
| Title: | Co-Manager |  |  |
| By: | /s/ James E. Bond |  | /s/ James E. Bond |
| Name: | James E. Bond |  | **James E. Bond** |
| Title: | Co-Manager |  |  |
|  |  |  | /s/ Richard Gilliam |
|  |  |  | **Richard Gilliam**  |
|  |  |  | /s/ Richard Gilliam |
|  |  |  | **H. Ross Arnold** |

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**<u>EXHIBIT A</u>**

**Capitalization of Southeast Metals LLC**

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**<u>EXHIBIT B</u>**

**Covered Property**

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## Exhibit 10.21

**Exhibit 10.21.2**

**FIRST AMENDMENT TO OPTION AND PROJECT EVALUATION AGREEMENT**

**THIS FIRST AMENDMENT TO THE OPTION AND PROJECT EVALUATION AGREEMENT** (the "**First Amendment**") is entered into effective December 11, 2023 (the "**Amendment Effective Date**"), by and among Foothills Rare Earths, LLC, f/k/a Piedmont Rare Earths, LLC, a North Carolina limited liability company ("**FRE US**"), Foothills Rare Earths Limited, f/k/a U.S. Elements Pty Ltd., an Australian limited liability company **("FRE"),** Southeast Metals LLC, a Virginia limited liability company ("**SEM**"), Robert B. Cook, James E. Bond, Richard B. Gilliam, and H. Ross Arnold (each a "**Member**" and collectively, the "**Members**"). The parties to this Agreement are each referred to as a "**Party**" and collective the "**Parties**".

WITNESSETH:

WHEREAS the Parties entered into that certain Option and Project Evaluation Agreement (the "**Option**") effective as of December 11, 2020, and

WHEREAS the Parties wish to modify some of the terms of the Option, all as more particularly hereinafter set forth.

NOW THEREFORE, pursuant to the provisions of Section 12(c) of the Option, the Parties hereto, intending to be legally bound, hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.<u>Section</u> **<u>1(z)</u>**. Section 1(z) of the Option is hereby deleted in its entirety and replaced with the following:

"(z) "**Option Period**" means the period beginning on the Effective Date and terminating on the earliest to occur of (i) August 1, 2025, (ii) the Closing Date, or (iii) the termination of this Agreement."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.<u>Amendment Effective Date</u>. This First Amendment shall be effective upon the Amendment Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.<u>Conflict of Terms</u>. In the event of any conflict between the terms of the Option and the terms hereof, the terms of this First Amendment shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.<u>No Further Amendment</u>. Except as amended hereby, the Option has not been further amended or modified, and remains in full force and effect, including but not limited to the obligations of FRE in Section 5(b)(c). This First Amendment shall constitute an amendment of the Option and shall be fully incorporated into and subject to the terms and provisions thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.<u>Counterparts</u>. This First Amendment may be executed in any number of counterparts and by the different parties hereto in separate counterparts, each of which when so executed shall be deemed an original, but all of which shall constitute one and the same instrument.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.<u>Electronic Signatures</u>. Any counterpart of this First Amendment which is delivered by facsimile transmission or electronic mail shall be deemed the equivalent of an originally signed counterpart and shall be fully admissible in any enforcement proceedings related to this First Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.<u>Mutual Representation as to Authority</u>. Each individual whose signature appears below warrants and represents to all parties hereto that such individual has full right and authority to execute this First Amendment in the capacity designated, and further warrants and represents that such signatures are sufficient to bind the party on whose behalf this First Amendment is being executed to the terms and provisions hereof.

[Signatures appear on the following page]

------

IN WITNESS WHEREOF, the Parties have executed this First Amendment by their duly authorized representatives as of the Effective Date.

---

| | |
|:---|:---|
| **<u>FRE US:</u>** | **<u>FRE US:</u>** |
| **Foothills Rare Earths, LLC** | **Foothills Rare Earths, LLC** |
| By: | /s/ Anastasios Arima |
| Name  | Anastasios Arima |
| Title:  | Manager |

---

---

| | |
|:---|:---|
| **<u>FRE:</u>** | **<u>FRE:</u>** |
| **Foothills Rare Earths Limited** | **Foothills Rare Earths Limited** |
| By: | /s/ Anastasios Arima |
| Name  | Anastasios Arima |
| Title:  | Director |

---

---

| | |
|:---|:---|
| **<u>SEM</u>:** | **<u>SEM</u>:** |
| **Southeast Metals LLC** | **Southeast Metals LLC** |
| By: | /s/ Bart L. Graham |
| Name: | Bart L. Graham |
| Title:  | Title:  |

---

---

| |
|:---|
| **<u>MEMBERS:</u>** |
| /s/ Robert B Cook |
| **Robert B. Cook** |
| /s/ James E. Bond |
| **James E. Bond** |
| /s/ Richard Gilliam |
| **Richard Gilliam** |
| /s/ H. Ross Arnold |
| **H. Ross Arnold** |

---

------

## Exhibit 10.21

**Exhibit 10.21.3**

**SECOND AMENDMENT TO OPTION AND PROJECT EVALUATION AGREEMENT**

THIS SECOND AMENDMENT TO THE OPTION AND PROJECT EVALUATION AGREEMENT (the "Second Amendment") is entered into effective July 17, 2025 (the "Amendment Effective Date"), by and among Foothills Rare Earths, LLC, a North Carolina limited liability company ("FRE US"), Foothills Rare Earths Limited, an Australian limited liability company ("FRE"), Southeast Metals LLC, a Virginia limited liability company ("SEM"), Robert B. Cook, James E. Bond, Richard B. Gilliam, and H. Ross Arnold (each a "Member" and collectively, the "Members"). The parties to this Agreement are each referred to as a "Party" and collective the "Parties".

**WITNESSETH:**

WHEREAS, the Parties entered into that certain Option and Project Evaluation Agreement (the "Option") effective as of December 11, 2020; and

WHEREAS, the Parties entered into that First Amendment to the Option and Project Evaluation Agreement (the "First Amendment") effective as of December 11, 2023; and

WHEREAS, the Parties desire to clarify the names of the parties subject to the Option and ratify such name changes, which were not clearly noted in the First Amendment; and

WHEREAS, FRE US and FRE have been acquired by Rare Earths Americas Ltd, a Cayman Island corporation ("REA"); and

WHEREAS the Parties wish to further modify some of the terms of the Option, all as more particularly hereinafter set forth.

NOW THEREFORE, pursuant to the provisions of Section 12(c) of the Option, the Parties hereto, intending to be legally bound, hereby agree as follows:

1. Parties to the Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Piedmont Rare Earths, LLC, defined as Piedmont RE in the Option, amended its Certificate of Authority to change its name to Foothills Rare Earths LLC on April 7, 2021. As such, all references in the Option to Piedmont RE shall be updated to now reference FRE US.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.U.S. Elements Pty Ltd, defined as U.S. Elements in the Option, filed a certificate of name change in Australia on June 1, 2022, to change its name to Foothills Rare Earths Limited. As such, all references in the Option to U.S. Elements shall be updated to now reference FRE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.FRE US remains a wholly-owned subsidiary of FRE. As of the Amendment Effective Date, FRE is approximately 95% majority-owned subsidiary of REA. While FRE no

------

**Exhibit 10.21.3**

longer intends to list on a stock exchange, REA plans to list on an Exchange by way of an initial public offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Exhibit A attached hereto represents the corporate organization chart of the Parties.

2.<u>Section 1(z)</u>. Section 1(z) of the Option, which was amended by the First Amendment, is hereby deleted in its entirety and replaced with the following:

(z) "Option Period" means the period beginning on the Effective Date and terminating on the earliest to occur of (i) August 1, 2026, (ii) the Closing Date, or (iii) the termination of this Agreement."

3.<u>Section 1(oo)</u>. Section 1(oo) of the Option is hereby deleted in its entirety and replaced with the following:

(oo) "REA Share" means an ordinary fully paid share in the capital of Rare Earths America Ltd., a Cayman Island corporation.

4.<u>Amendments to Sections 2 and 3 to Reflect Acquisition by REA</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.All references to USE Share in Sections 2 and 3 shall hereafter refer to REA Share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.The references to U.S. Elements in Sections 2(c)(ii)(2), 2(c)(ii)(iii), 3(b)(i)(3) and 3(b)(i)(4) are hereby deleted and replaced with Rare Earths Americas Ltd.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Section 3(c)(iii)(4) shall be deleted in its entirety without replacement.

5.<u>New Section 3(b)(i)(9)</u>. Section 3 of the Option shall be amended to include a new subsection (b)(i)(9) as follows:

(9) all approvals required under Section 18.1 of the Property Agreement described in Exhibit B of the Option have been obtained.

6.<u>New Section 5(c)</u>. Section 5 of the Option shall be amended to include a new subsection (c) as follows:

(c) FRE US agrees to provide SEM with a written report on a bi-monthly basis outlining all material activities conducted on the Covered Property in connection with mineral exploration. Each report shall include a summary of work performed, dates of such activities, the nature and location of any sampling or drilling, and any preliminary findings or results obtained. Reports shall be delivered to SEM by the 15th day of each calendar month for the preceding two months' activities. FRE US shall make reasonable efforts to ensure the accuracy and completeness of the information provided in such reports.

------

**Exhibit 10.21.3**

7.<u>Updated Notices</u>. Section 12(f) is amended to replace the current contact information for FRE US (formally Piedmont RE) and FRE (U.S. Elements) with one consolidated notice contact and copy as follows:

If to FRE or FRE US: P.O. Box 13

Stony Point, NC 2868

Attn: Don Swartz

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(724) 322-6391

*with copy to*:

Attn: Jennifer Grafton

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(719) 659-8838

8.<u>Amendment Effective Date</u>. This Second Amendment shall be effective upon the Amendment Effective Date.

9.<u>Conflict of Terms</u>. In the event of any conflict between the terms of the Option and the terms hereof, the terms of this Second Amendment shall control.

10.<u>No Further Amendment</u>. Except as amended hereby and in the First Amendment, the Option has not been further amended or modified, and remains in full force and effect, including but not limited to the obligations of FRE in Section 5(b)(c). This Second Amendment shall constitute an amendment of the Option and shall be fully incorporated into and subject to the terms and provisions thereof.

11.<u>Counterparts</u>. This Second Amendment may be executed in any number of counterparts and by the different parties hereto in separate counterparts, each of which when so executed shall be deemed an original, but all of which shall constitute one and the same instrument.

12.<u>Electronic Signatures</u>. Any counterpart of this Second Amendment which is delivered by facsimile transmission or electronic mail shall be deemed the equivalent of an originally signed counterpart and shall be fully admissible in any enforcement proceedings related to this Second Amendment.

13.<u>Mutual Representation as to Authority</u>. Each individual whose signature appears below warrants and represents to all parties hereto that such individual has full right and authority to execute this Second Amendment in the capacity designated, and further warrants and represents that such signatures are sufficient to bind the party on whose behalf this Second Amendment is being executed to the terms and provisions hereof.

[Signatures appear on the following page]

------

**Exhibit 10.21.3**

IN WITNESS WHEREOF, the Parties have executed this Second Amendment by their duly authorized representatives as of the Amendment Effective Date.

---

| | |
|:---|:---|
| FRE US: | FRE US: |
| Foothills Rare Earths, LLC | Foothills Rare Earths, LLC |
| By:  | */s/ Anastasios Arima* |
| Name: | Anastasios Arima |
| Title: | Manager |

---

---

| | |
|:---|:---|
| FRE: | FRE: |
| Foothills Rare Earths Limited | Foothills Rare Earths Limited |
| By:  | */s/ Anastasios Arima* |
| Name: | Anastasios Arima |
| Title: | Director |

---

---

| | |
|:---|:---|
| SEM: | SEM: |
| Southeast Metals LLC | Southeast Metals LLC |
| By:  | */s/ Bart L Graham* |
| Name: | Bart L Graham  |
| Title: | Assistant Manager |

---

---

| |
|:---|
| MEMBERS: |
| */s/ Robert B. Cook* |
| Robert B. Cook |
| */s/ James E. Bond* |
| James E. Bond |
| */s/ Richard Gilliam* |
| Richard Gilliam |
| */s/ H. Ross Arnold* |
| H. Ross Arnold |

---

------

**Exhibit 10.21.3**

**Exhibit A**![img63872889_0.jpg](img63872889_0.jpg)

------

## Exhibit 10.22

EXECUTION COPY

**Exhibit 10.22**

**MINING LEASE AGREEMENT**

**between**

**WEYERHAEUSER COMPANY**

**and**

**SOUTHEAST METALS, LLC**

**dated to be effective as of**

**October 1**<sup>st</sup>**, 2020**

**GEORGIA RARE EARTH PROJECT**

------

EXECUTION COPY

**TABLE OF CONTENTS**

**Page**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0 | DEFINITIONS | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.0 | GRANT | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 | Grant | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 | Reserved Rights | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 | Use | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 | Title; Acknowledgment | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.0 | TERM | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 | Primary Term | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 | Extension Term | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.0 | PAYMENTS | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 | Annual Rental Payments | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 | Royalty Payments | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.0 | EXPLORATION PLAN, OPERATIONS PLAN, CONDUCT OF OPERATIONS AND STANDARDS | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 | Exploration Plan | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 | Operations Plan; Conduct of Development, Mining Operations; Performance | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.0 | REPORTS AND DATA | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 | Periodic Disclosure of Data; Quarterly Reports | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 | Final Report | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 | Ownership of Data and Disclosure of Data to Third Parties | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 | Samples | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.0 | ROYALTIES | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 | Production Royalty | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 | Byproducts Royalty | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 | Area of Interest Data and Royalty | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.0 | METHOD OF MAKING PAYMENTS | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 | Payments to Lessor | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 | Payments to Successors | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.0 | MUTUAL REPRESENTATIONS | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 | Mutual Representations | 12 |

---

i

------

EXECUTION COPY

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 | Representation by Lessor | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3 | Representation by Lessee | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.0 | ADDITIONAL OBLIGATIONS OF THE PARTIES | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 | Compliance with Laws and Regulations | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 | Right of Access to the Lease Area | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3 | Roads | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4 | Surface Damage and Timber | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5 | Fires | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.6 | Indemnification | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.7 | Taxes, Assessments and Liens | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.8 | Reclamation | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.9 | Lessor Right to Put Portion of Lease Area to Lessee | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.10 | Cooperation | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.0 | LIENS AND INSURANCE | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1 | Liens | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2 | Insurance | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.0 | ADDITIONAL SECURITY – BOND REQUIREMENTS | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1 | During Exploration Activities | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2 | During Development and Mining Operations | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.0 | DEFAULT; TERMINATION | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1 | Default; Termination by Lessor | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2 | Termination by Lessee | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.3 | Release | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.4 | Removal of Property | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.0 | FORCE MAJEURE | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.1 | Force Majeure | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2 | Extension of Term | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.3 | Notice | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.0 | NOTICES | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1 | Notices | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.0 | DISPUTE RESOLUTION | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.1 | Informal Dispute Resolution | 25 |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.2 | Binding Arbitration | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.0 | CONFIDENTIALITY | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1 | Confidentiality of Lease | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.2 | Confidentiality of Data | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.3 | Use of Information | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.0 | ASSIGNMENT | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.1 | No Assignment by Lessee Without Lessor's Consent | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.2 | Assignment to an Affiliate | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.0 | MISCELLANEOUS | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.1 | Time Is of the Essence | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.2 | Attorneys' Fees | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.3 | Relationship of Parties | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.4 | Integrated Agreement; Modification | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.5 | Waiver | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.6 | Survival | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.7 | Severability | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.8 | Rule Against Perpetuities | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.9 | Governing Law; Jurisdiction | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.10 | Binding Effect | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.11 | Memorandum | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.12 | Counterparts; Execution | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.13 | Guaranty | 30 |

---

**<u>Exhibits</u>:**

Exhibit A - Lease Area Legal Description

Exhibit B - Map of Lease Area

Exhibit C - Map of Area of Interest

Exhibit D - Production and Byproduct Royalty Terms

Exhibit E - Memorandum of Mining Lease Agreement

Exhibit F - Guaranty Agreement

Exhibit G - Forms of Royalty Grant and Agreement

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**MINING LEASE AGREEMENT**

**(Georgia Rare Earth Project)**

This Mining Lease Agreement (this "**Lease**") is entered into to be effective as of October 1<sup>st</sup>, 2020 (the "**Effective Date**") by and between WEYERHAEUSER COMPANY, a Washington corporation ("**Lessor**"), with an address at 220 Occidental Ave. S., Seattle, Washington 98104, and SOUTHEAST METALS, LLC ("**SEM**" or "**Lessee**"), a Virginia limited liability company, with an address at 650 Peter Jefferson Parkway Suite 230, Charlottesville, VA 22911.

**RECITALS**

A. Lessor is the owner of certain lands and mineral interests located in Harris and Talbot Counties, Georgia and more particularly described and depicted in <u>Exhibits A and B,</u> together with certain rights of access to the Lease Area (collectively, the "**Lease Area** ").

B. Lessee desires to lease from Lessor the Lease Area for the purposes of exploring, developing and producing the Rare Earth Elements and Products (defined below) on the Lease Area and Lessor desires to lease the Lease Area to Lessee for such limited purpose on the terms and conditions described herein.

C. As part of the consideration and terms and conditions associated with this Lease, Lessor and Lessee are agreeing to certain royalty payments to Lessor on production of Rare Earth Element Products and Byproducts (defined below) by Lessee and its successors and assigns, including grant of a non-participating overriding royalty interest to Lessor on such production occurring from within a defined Area of Interest (defined below) outside the Lease Area that will survive termination or expiration of this Lease, all as further described herein.

**<u>AGREEMENT</u>**

For good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Lessor and Lessee (sometimes referred to individually as a "**Party**" and, collectively, as "**Parties**") agree as follows:

**1.0 DEFINITIONS**

The following defined terms, wherever used in this Lease, shall have the meanings described below:

"**Affiliate**" means any person, limited liability company, partnership, joint venture, corporation, or other form of enterprise which directly or indirectly controls, is controlled by or is under common control with a Party, and for the purposes hereof; and "control" means possession, directly or indirectly, of the power to direct or cause direction of management and policies through ownership of voting securities, contract, voting trust or otherwise, and in the absence of evidence to the contrary, ownership of fifty-one percent (51%) or more of the voting securities of a corporation will constitute "control".

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"**Annual Rental Payments**" shall have the meaning specified in <u>Section 4.1(a)</u>.

"**Area of Interest**" shall mean the geographic area outside the Lease Area in Harris, Talbot, Meriwether, Upson, Pike, Lamar, Monroe, Jasper, and Jones Counties, Georgia and Lee County, Alabama, and is further described and depicted in the attached Exhibit C. Exhibit C includes a map depicting, without any warranty regarding title, the location and boundaries of real property owned by Lessor within the Area of Interest as of the Effective Date.

"**Arm's Length Transaction**" means one between Non-Related Parties in a competitive and open market under conditions requisite to a fair sale, each acting prudently and knowledgeably, and where the selling price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title to the buyer under conditions whereby; (1) the buyer and seller are typically motivated, well informed or advised, and are acting in what they consider their best interest, (2) a reasonable time is allowed for exposure to the market, (3) payment is made in US dollars or in terms of financial arrangements comparable thereto, and (4) the price represents the normal consideration for the material or product sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale.

"**Binding Arbitration**" means arbitration conducted in accordance with <u>Section 16.2</u>.

"**Byproduct**" shall mean minerals other than Rare Earth Elements that are produced in marketable form as a byproduct of mining Rare Earth Elements.

"**CPI-U**" means the United States Consumer Price Index for All Urban Consumers, U.S. City Average, "All Items" index (the base period 1982-84=100, not seasonally adjusted) as published by the United States Department of Labor, Bureau of Labor Statistics, or such other index which is most consistent therewith, if the CPI-U is no longer published, as may be agreed to by the Parties.

"**Data**" shall mean all factual and interpretative geochemical, geological, geotechnical, engineering, geophysical, metallurgical and resource modeling data (including without limitation ore deposit modeling data), maps, reports and studies, logs of drill holes and results of assaying and sampling, and environmental data collected for permitting pertaining to the Lease Area or Area of Interest generated or obtained by Lessee, its Affiliates, Guarantor or independent contractors or consultants as a result of exploration, development and mining of the Lease Area under this Lease or collected otherwise regarding Rare Earth Elements within the Lease Area or Area of Interest, whether in paper, digital or other form.

"**Development**" means all preparation (other than Exploration Activities) for the removal and recovery of Products, including but not limited to construction and installation of a mill or any other improvements to be used for the mining, handling, milling, processing, or other beneficiation of Products, and including related Environmental Compliance. Development is strictly limited to the rights included in the Lease Area.

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"**Dollars**" or "**$**" means United States currency.

"**Effective Date**" shall have the meaning specified in the Preamble.

"**Environmental Compliance**" means actions performed during or after operations to comply with the requirements of all Environmental Laws or contractual commitments related to reclamation of the Lease Area or other compliance with Environmental Laws.

"**Environmental Laws**" means all applicable Laws aimed at reclamation or restoration of the Lease Area; abatement of pollution; protection of the environment; protection of wildlife, including endangered species; ensuring public safety from environmental hazards; protection of cultural or historic resources; management, storage or control of hazardous materials and substances; releases or threatened releases of pollutants, contaminants, chemicals or industrial, toxic or hazardous substances as wastes into the environment, including without limitation, ambient air, surface water and groundwater; and all other Laws relating to the manufacturing, processing, distribution, use, treatment, storage, disposal, handling or transport of pollutants, contaminants, chemicals or industrial, toxic or hazardous substances or wastes.

"**Exploration Activities**" means all activities directed toward ascertaining the existence, location, quantity, quality or commercial value of deposits of Products, including but not limited to sampling, stream sediment sampling, rock chip sampling, mapping, geologic mapping, geophysical surveying, drilling, drilling related activities, and metallurgical testing and related Environmental Compliance. Exploration Activities shall include all activities associated with the preparation of any feasibility study or pre-feasibility study for possible Development of the Lease Area. Exploration Activities are expressly limited to the rights included in the Lease Area.

"**Exploration Plan**" means an annual written plan including maps, estimated expenditures, a description of Exploration Activities contemplated to be carried out in the Lease Area and proposed reclamation in connection with such Exploration Activities.

"**Extension Term**" shall have the meaning specified in <u>Section 3.2</u>.

"**Fair Market Value**" shall mean the greater of (1) the then current average quarterly selling price of Products, as reported by mineralprices.com or an equivalent publication mutually agreed upon by the Parties, for medium-term contract sales of bulk concentrate standard grade products that are

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being sold by a producer from any processing facility located in the United States in an Arm's Length Transaction, or (2) the "Gross Sales Price" of Products as defined below.

(a) <u>Gross Sales Price - Arm's Length</u>. For Arm's Length Transactions, the Gross Sales Price of Products shall be the price actually charged by Lessee in an Arm's Length Transaction, including the value of any non-cash consideration, F.O.B. railroad cars, trucks or other transport at the time and place of sale without deduction for selling costs, selling commissions, advertising, credit losses, transportation costs, severance tax or any other taxes that might be hereafter imposed, discounts, or any other deductions whatsoever.

(b) <u>Gross Sales Price - Related Party</u>. If any of the Products mined from the Lease Area shall be sold by Lessee at other than an Arm's Length Transaction, or consumed on or off the Lease Area without <u>sale</u> by Lessee, or sold to some entity other than a Non-Related Party, then the Gross Sales Price of such Products shall be the greater of (i) the Gross Sales Price of Arm's Length Transactions completed during the same calendar quarter, or (ii) the Fair Market Value of such Products at the time of sale, or if consumed without sale, at the time of consumptio n, as determined in (1) above.

The Fair Market Value for Byproducts shall mean and be determined the same as for Products as specified above, except substituting "Byproduct" for "Products" each place where "Products" appears above, and "London Metal Exchange" for "mineralprices.com" where "mineralprices.com" appears above.

"**Guarantor**" shall have the meaning specified in <u>Section 19.13</u>.

"**Guaranty**" shall mean the Guaranty Agreement provided by Guarantor pursuant to Section 19.13, the form of which is attached hereto as <u>Exhibit F</u>.

"**Improvements**" shall have the meaning specified in <u>Section 13.4</u>.

"**Indemnified Parties**" shall have the meaning specified in <u>Section 10.6</u>.

"**Law**" or "**Laws**" means all applicable federal, state and local laws (statutory or common), rules, ordinances, regulations, grants, concessions, franchises, licenses, orders, directives, judgments, decrees, and other governmental restrictions, including permits and other similar requirements, whether legislative, municipal, administrative or judicial in nature.

"**Lease**" has the meaning specified in the Preamble.

"**Lease Area**" means the lands and mineral interests owned by Weyerhaeuser included in this Lease and is more particularly described in the attached <u>Exhibit A</u> and depicted in the attached <u>Exhibit B</u>.

"**Lessee**" means Lessee or any assignee of Lessee as permitted by the terms of this Lease.

"**Lessee Parties**" shall have the meaning specified in <u>Section 10.6</u>.

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"**Lease Year**" has the meaning specified in <u>Section 4.1(a).</u>

"**Lessor**" shall have the meaning specified in the Preamble.

"**Liability**" means any and all loss, damages, costs, expenses, damages, penalties, liens, charges, claims, fines, orders, penalties, injuries, environmental cleanup or remediation obligations, demands or liabilities whatsoever, whether direct, contingent or consequential (including reasonable attorneys' fees and court costs through any trial or arbitration and on appeal).

"**Mining Disputes**" shall have the meaning specified in <u>Section 16.1</u>.

"**Mining Operations**" means the extraction and removal of Products, whether by surface or underground mining methods or any other subsurface or surface methods now existing or later developed, including in situ and heap leaching techniques, and the processing and beneficiation of such Products, together with the use of the surface estate for the purpose of producing and recovering the Products on the Lease Area, but only to the extent allowed by the mineral and surface estate rights owned by the Lessor in the Lease Area leased hereunder.

"**Non-Related Party**" means one that is not a subsidiary, parent or other Affiliate of Lessee.

"**Operations Plan**" means a written plan including maps, estimated expenditures, a description of Development and Mining Operations contemplated to be carried out in the Lease Area and proposed reclamation in connection with such Development and Mining Operations.

"**Outside Lease Area Interest**" means any interest in Rare Earth Elements outside the Lease Area that Lessee or its successors or assigns currently has or hereafter acquires in the Area of Interest within the time period of any applicable Rule Against Perpetuities, including without limitation any ownership, leasehold, joint venture, operator, working or other contract or real property interest for Rare Earth Element exploration, development, mining or other operations or activities, but excluding any interest acquired from Lessor.

"**Parties**" means Lessor and Lessee, collectively.

"**Party**" means Lessor or Lessee, individually.

"**Permitted Encumbrances**" means all matters of public record affecting the Lease Area, including, without limitation current and subsequent real estate taxes, the rights of any tenants or lessees, any persons in possession, all outstanding mineral rights or reservations, oil, gas or mineral leases, water districts, water rights, restrictions or reservations, roadways, rights of way, easements, any contracts purporting to limit or regulate the use, occupancy or enjoyment of the Lease Area, and all matters affecting title to the Lease Area which would be disclosed by a thorough physical inspection or an accurate survey of the Lease Area.

"**Primary Term**" shall have the meaning specified in <u>Section 3.1</u>.

"**Processing Facilities Area**" shall have the meaning specified in <u>Section 10.9</u>.

"**Products**" means all ores, minerals and mineral and nonmineral resources and substances that can potentially be produced and sold from the Lease Area that contain any Rare Earth Elements,

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including without limitation substances sold as concentrate, refined product, dore, or direct shipping ore.

"**Reclamation Plan**" shall have the meaning specified in <u>Section 10.8</u>.

"**Regulating Agency**" shall have the meaning specified in <u>Section 12.1</u>.

"**Rare Earth Elements**" means the following chemical elements in the Periodic Table of Elements: lanthanum, cerium, praseodymium, neodymium, promethium, samarium, europium, gadolinium, terbium, dysprosium, holmium, erbium, thulium, ytterbium, lutetium, scandium, and yttrium, whether occurring alone or in combination with one another or other mineral or nonmineral substances.

"**Surface Owner**" means, collectively, any owners of the surface estate of the Lease Area, including (without limitation) Lessor.

"**Term**" shall have the meaning specified in <u>Section 3.2</u>.

**2.0 GRANT**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1 <u>Grant</u>**. Subject to the Permitted Encumbrances and all other terms and conditions set forth in this Lease, Lessor leases to Lessee the Lease Area for the purpose of Exploration Activities, Development and Mining Operations on and from the Lease Area.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2 <u>Reserved Rights</u>**. The possession by Lessee of the Lease Area shall be sole and exclusive only for the purposes described in <u>Section 2.1</u>, except that Lessor reserves for itself and its successors and assigns the right to use the Lease Area or to lease or otherwise deal with the Lease Area for any and all uses other than the use and rights permitted to Lessee by this Lease, including (without limitation) forestry activities, timber harvest and exploring for, developing or producing all minerals other than Products; *provided* that such use and occupancy does not prevent or interfere in any material respect with Lessee's current or planned use of the Lease Area as described in Lessee's current Exploration Plan or Operations Plan or unduly interfere with Lessee's rights under this Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3 <u>Use</u>**. Lessee shall conduct its activities under this Lease in a manner that will not unreasonably interfere with the rights reserved to Lessor, in compliance with all applicable Laws, including (without limitation) Environmental Laws; and Lessee shall not use the Lease Area in such a manner so as to create a public or private nuisance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.4 <u>Title; Acknowledgment</u>**. The rights granted to Lessee are limited to those owned by Lessor; *provided*, however, that such rights are limited to those rights, if any, that Lessor lawfully may grant; and *provided further* that Lessor makes no representation or warranty as to the nature and extent of its ownership of the Lease Area or the interpretation by any third party of any Laws or the existence or interpretation of any encumbrances or Indian treaties; and *provided further* that Lessor makes no representation or warranty as to Lessee's ability to obtain any necessary permission from any third party to conduct activities permitted by this Lease. By leasing the Lease Area from Lessor, Lessee acknowledges and agrees for itself and its successors and assigns that (i) Lessee had an opportunity to independently review the condition of title to the

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Lease Area and has been given a reasonable opportunity to inspect the Lease Area either independently or through agents of Lessee's choosing; (ii) any information pertaining to the Lease Area, whether written or oral, provided by Lessor to Lessee, was furnished without warranty by Lessor and that neither Lessor nor its representative have verified the accuracy of any statements or other information therein contained nor the qualifications of the persons preparing such information; (iii) Lessee is responsible to obtain the rights to access the Lease Area from the Surface Owner; and (iv) Lessee is solely responsible for obtaining all permits and licenses, if any are required of or by Lessee to carry on the Exploration Activities, Development and Mining Operations on the Lease Area.

**3.0 TERM**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1 <u>Primary Term</u>**. This Lease shall be for a primary term of fifteen (15) years ("**Primary Term**") commencing on the Effective Date, unless terminated in accordance with the terms herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2 <u>Extension Term</u>**. The Primary Term may be extended by Lessee, by written notice given to Lessor at least six (6) months prior to the expiration of the Primary Term, for two (2) additional five (5) year terms of ("**Extension Term**" and, together with the Primary Term, sometimes referred to herein as the "**Term**") if, during the Primary Term:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Lessee has commenced Mining Operations and achieved production of Products from the Lease Area, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At the time of Extension Term commencement, (1) Lessee is not in default under this Lease and all conditions of the Lease are in substantial compliance, including (without limitation) required Annual Rental Payments; and (2) Lessee is in compliance with all required permits and approvals which have been obtained during the Primary Term and such permits and approvals are in full force and effect and in good standing.

**4.0 PAYMENTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1 <u>Annual Rental Payments</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) During the Term, Lessee shall pay to Lessor the following non-refundable annual rental payments subject to annual adjustment for inflation pursuant to <u>Section 4.1(b)</u> (each, an "**Annual Rental Payment**" and, collectively, the "**Annual Rental Payments**") for each Lease year ("**Lease Year**"), beginning on the Effective Date and thereafter due on each anniversary of the Effective Date of this Lease:

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| | |
|:---|:---|
| &nbsp;&nbsp;**Lease Year** | &nbsp;&nbsp;**Annual Rental Payment** |
| &nbsp;&nbsp;Lease Year 1: | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Lease Year 2: | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Lease Year 3: | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Lease Year 4 and thereafter: | &nbsp;&nbsp;$75000 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All Annual Rental Payments due to Lessor under this <u>Section 4.1</u> shall be adjusted annually, based on any changes in the CPI-U, using the month of October 2020 as the base month for such adjustments and making such annual adjustment as of each anniversary of the Effective Date of the Lease rounded up to the nearest $100 increment; provided, however, that the annual adjustments to the Annual Rental Payments shall be adjusted upward (and not downward) and shall not result in an Annual Rental Payment less than the Annual Rental Payment in the preceding Lease Year as a result of such adjustment. For example, a $20,000 Annual Rental Payment due December 15, 2021, shall be adjusted upward by the amount of the upward percentage change in the CPI-U established for October 2020 to the CPI-U established for October 2021.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.3 <u>Royalty Payments</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Lessee Production Royalty and Byproduct Royalty payments to Lessor (as defined and described in Section 7) shall be due each calendar quarter and subject to adjustment in accordance with the terms set forth in the attached Exhibit D.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Lessee Area of Interest Royalty payments to Lessor (as defined and described in Section 7) shall be due each calendar quarter and subject to adjustment in accordance with the terms set forth in the attached Exhibit G.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) At Lessee's election, Annual Rental Payments due to Lessor in a given Lease Year may be applied to and credited against any Production, Byproduct, and Area of Interest Royalty payments due to Lessor in that in that same Lease Year, but only in that same Lease Year.

**5.0 EXPLORATION PLAN, OPERATIONS PLAN, CONDUCT OF OPERATIONS AND STANDARDS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1 <u>Exploration Plan</u>**. Prior to conducting any Exploration Activities, Lessee shall provide to Lessor, annually, a written Exploration Plan. The Exploration Plan shall comply with any mineral reservation and all applicable Laws, including Environmental Laws, and shall describe reclamation obligations required in connection with the Exploration Activities. Lessor shall have thirty (30) calendar days to review the Exploration Plan and provide any comments or suggestions to Lessee, however, Lessee is under no obligation to institute any comments or suggestions from Lessor other than such guidance as the Lessor believes is required, acting reasonably, for the purposes of reclamation provided that Lessee shall reasonably cooperate to avoid conflicts with Lessor's forestry activities and harvest schedule as required under <u>Section 10.1010.10(a)</u>. After Lessor has had an opportunity to comment on the Exploration Plan, Lessee may enter the Lease Area, but its Exploration Activities shall not materially vary from the Exploration Plan without Lessor's prior written approval, which approval shall not be unreasonably withheld. Lessor may enter upon the Lease Area at any time for any purpose, including without limitation the inspection of Lessee's activities thereon, provided that such entry shall be at Lessor's own risk and expense, and Lessor shall indemnify Lessee from and against any loss, damage, claim or demand by reason of injury to or the presence of Lessor arising from such entry except to the extent such loss, damage, claim or demand is caused by the negligence or willful misconduct of Lessee.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2 <u>Operations Plan; Conduct of Development, Mining Operations; Performance</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Prior to conducting any Development or Mining Operations, Lessee shall provide to Lessor, before the end of the first quarter of each calendar year, a written Operations Plan. Lessor shall have thirty (30) calendar days to review the Operations Plan and provide any comments or suggestions to Lessee. After Lessor has had an opportunity to comment on the Operations Plan, Lessee may enter the Lease Area, but its activities shall not materially vary from the Operations Plan without Lessor's prior written approval, which approval shall not be unreasonably withheld. Lessor may enter upon the Lease Area at any time for any purpose, including without limitation the inspection of Lessee's activities thereon, provided that such entry shall be at Lessor's own risk and expense, and Lessor shall indemnify Lessee from and against any loss, damage, claim or demand by reason of injury to or the presence of Lessor arising from such entry except to the extent such loss, damage, claim or demand is caused by the negligence or willful misconduct of Lessee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Lessee shall have exclusive authority over its operations to be conducted pursuant to provisions hereof and shall be the sole judge of mining methods to be employed; provided, however, that in mining of Products, in selecting Products to be mined, in determining extent of extraction to be realized and otherwise in the conduct of its Development and Mining Operations, Lessee covenants and agrees that it shall conduct its Development and Mining Operations in compliance with its Operations Plan, all applicable Laws, including (without limitation) Environmental Laws, insofar as they apply to the conduct of its Development and Mining Operations and reclamation of the Lease Area following such operations, and in a good and workmanlike manner and consistent with good mining practices customarily used and employed in the metal mining industry by a prudent operator, and Lessee shall reasonably cooperate to avoid conflicts with Lessor's forestry activities and harvest schedule as required under <u>Section 10.10</u>. The term "**good mining practices**" as used herein shall mean those modern mining methods employed by a prudent mining operator of a similar project using modern mining equipment and techniques in the conduct of diligent and aggressive mining operation(s) in an attempt to recover the maximum amount of economically minable and merchantable Products on the Lease Area.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subject to the covenants and agreements contained in <u>Sections 5.2 (a)</u> and <u>5.2(b)</u> above, Lessee may mine the Lease Area by any method, whether or not now known, and including, but not limited to, surface and underground methods and, may conduct such other activities on the Lease Area related to Development and Mining Operations as Lessee, in its sole discretion, deems appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Lessee shall timely reclaim the Lease Area in accordance with the requirements of this Lease and of all applicable Environmental Laws and all reclamation plans adopted pursuant to such Environmental Laws. The Term of this Lease shall remain in effect until all reclamation has been completed to the satisfaction of the appropriate regulatory authorities and all sureties posted have been finally released. During the period of time after the cessation of production of Products from the Lease Area, Lessee shall pay to Lessor Annual Rental Payments as provided in <u>Section 4.1(b).</u>

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**6.0 REPORTS AND DATA**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1 <u>Periodic Disclosure of Data; Quarterly Reports</u>**. If requested, Lessee shall provide material samples, analyses, test results, and the raw data and other information used in any studies done by or for it, and shall authorize its consultants to discuss such studies with Lessor. Upon execution of this Lease, Lessee shall promptly provide Lessor with copies of all existing Data from Exploration Activities conducted on the Lease. In addition, until mining and reclamation in the Lease Area is complete, Lessee shall deliver a quarterly report to Lessor within forty-five (45) days after the end of each calendar quarter containing, for the quarter just completed and the Lease Year to date, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) updated maps showing the status, locations and results of sampling, geologic mapping, geophysical surveys, drilling and associated data and interpretations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) updated maps showing the status and locations of mining features such as working faces, stockpiles, leach pads and all other permitted activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a comparison of actual operations to the Operations Plan, any amendments to the Operations Plan, and any deviations from the Operations Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a comparison of actual exploration to the Exploration Plan, any amendments to the Exploration Plan, and any deviations from the Exploration Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the status of exploration and development related reclamation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Any metallurgical reports and feasibility studies; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any other items reasonably requested by Lessor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2 <u>Final Report</u>**. Lessee shall within ninety (90) days after the completion or termination of its operations hereunder, furnish Lessor with two (2) copies of a final report summarizing its exploration and mining program. Said report shall contain:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A final map summary showing the location of all Exploration Activities, Development and Mining Operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All reports created or generated, including a topographic map with minimum detail of 1":500' scale, depicting the accurate location of the Exploration Activities, Development and Mining Operations. The reports shall include, to the extent obtained, digital and paper copies of sample location maps, geological mapping, drill hole locations, drill hole logs, geophysical surveys, coordinates for geophysical stations, geochemical analyses, mineralogical analyses, geologic interpretations, and all other Data gathered, obtained and compiled during the course and as a result of its activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) All Data reasonably requested by Lessor relating to Exploration Activities, Development and Mining Operations.

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At Lessor's request, Lessee shall meet with Lessor to review the results of its exploration and mining program at a mutually agreeable time and place. Lessee and Lessor agree to act reasonably and cooperate in such a manner that maximizes the sharing of Data and collaboration among the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.3 <u>Ownership of Data and Disclosure of Data to Third Parties</u>**. Lessee shall identify those of its employees, representatives, and contractors that are to discuss any Data generated from Exploration Activities, Development and Mining Operations on the Lease Area or within the Area of Interest with Lessor's representatives. All Data generated from Exploration Activities, Development and Mining Operations on the Lease Area or within the Area of Interest shall belong jointly to the Parties hereto during the Term of this Lease and either Party shall have the full and free right to use the Data for its sole interest and benefit, subject to the provisions of Section 17. Lessor shall not hold Lessee liable for the accuracy or completeness of Data provided to Lessor by Lessee, nor shall Lessor hold Lessee liable for any use of or reliance upon Lessee's Data by Lessor. Upon termination, expiration or any assignment of this Lease by Lessee, Lessee shall provide such Data regarding the Lease Area or other properties owned by Lessor to Lessor, and such Data shall become the sole property of Lessor. After such termination, expiration or assignment, each Party shall continue to have the full and free right to use such Data for its sole interest and benefit, subject to the provisions of Section 17. The Parties acknowledge that Lessee has generated by its past activities and is making available to Lessor as part of the consideration for this Lease a substantial Rare Earth Element data base in the Shiloh, Georgia area located generally in the areas of Talbot and Harris Counties, Georgia, and that data base shall be included in the Data subject to the terms and conditions of this Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.4 <u>Samples</u>**. Lessee shall inform Lessor of the storage location of all samples obtained from the Lease Area and shall permit Lessor access to observe, study, and/or analyze a portion of each sample obtained. Upon termination of this Lease, Lessee shall give Lessor the option, for a period of sixty (60) days, to take possession of all physical samples.

**7.0 ROYALTIES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1 <u>Production Royalty</u>**. Lessee covenants and agrees to pay Lessor a royalty for Products produced from the Lease Area, at a rate of five percent (5%) of the weighted average quarterly per short ton (2,000 pounds) Fair Market Value of such Products ("**Production Royalty**"), as further described and on the terms set forth in the attached Exhibit D.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.2 <u>Byproducts Royalty</u>**. Lessee covenants and agrees to pay Lessor a royalty for Byproducts produced from the Lease Area, at a rate of five percent (5%) of the per short ton or other applicable weight, volume or other unit measure Fair Market Value of such Byproduct ("**Byproducts Royalty**"), as further described and on the terms set forth in the attached Exhibit D.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.3 <u>Area of Interest Data and Royalty</u>**. As additional consideration, Lessee covenants and agrees to (1) provide Lessor with all data and information currently in the possession or control of or hereafter acquired by Lessee or its successors or assigns pertaining to Rare Earth Elements Exploration Activities, Development, Mining Operations or related activities in the Area of Interest, to be included as Data subject to the terms and conditions of this Lease, and (2) grant and pay Lessor a non-participating overriding royalty of one percent (1%) of Fair Market Value per

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ton of Products and Byproducts produced from any Outside Lease Area Interests in the Area of Interest ("**Area of Interest Royalty**"). Lessor and Lessee further agree that the requirements for the payment of the Area of Interest Royalty shall extend beyond the Term of this Lease for the duration of each Outside Lease Area Interest and be binding on Lessee and its successors and assigns, whether or not the Lease expires or terminates, and that the Area of Interest Royalty shall be conveyed to Lessor by Lessee in a form substantially similar to the form of Royalty Grant and Agreement attached as <u>Exhibit G.1</u>, and executed on the Effective Date. Nothing in this Agreement shall obligate Lessee or any successor or assignee to maintain any Outside Lease Area Interests. Any decision by Lessee to acquire, maintain, terminate or dispose of Outside Lease Area Interests shall remain in Lessee's sole discretion.

**8.0 METHOD OF MAKING PAYMENTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.1 <u>Payments to Lessor</u>**. All payments required to be made by Lessee to Lessor under this Lease shall be made as instructed by Lessor by wire transfer of electronic funds pursuant to the wiring instructions to be provided by Lessor upon request. If Lessee makes payment of money due under this Lease later than the due dates provided, Lessee shall pay Lessor interest on such sums at the rate of One and One-Half Percent (1.5%) per month from the due date until paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.2 <u>Payments to Successors</u>**. Lessee shall not be obligated to recognize any change in the identity of the payee under this Lease until Lessee receives notice and evidence satisfactory to it from Lessor that Lessor's interest in this Lease has been transferred and that payments should be made to the transferee.

**9.0 MUTUAL REPRESENTATIONS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.1 <u>Mutual Representations</u>**. Each Party represents to the other that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Organization; Good Standing</u>. It is an entity duly organized and validly existing in the jurisdiction of its incorporation or organization and is qualified to do business and in good standing under the laws of the State of Washington and the State of Georgia.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Power and Authority</u>. It has the power and authority and has taken all necessary action to authorize the execution and delivery of this Lease and the other agreements and instruments to be executed and delivered in connection herewith and to undertake the performance by it of its respective obligations hereunder, and has obtained all necessary consents of the applicable governmental and regulatory organizations for entering into this Lease and the performance of its obligations herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Binding Obligations</u>. This Lease, when executed and delivered by each respective Party, shall have been duly executed and delivered on behalf of each such Party and shall constitute valid and binding obligations of each Party enforceable against it in accordance with the terms of this Lease (subject, as to enforcement, to bankruptcy, insolvency, reorganization and other similar laws of general applicability relating to or affecting creditors' rights and to the availability of equitable remedies) and will not result in any violation of, or any default under, any other agreement to which such Party or its Affiliates is a Party, including without limitation, any agreement or obligation relating to the Lease Area.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Other Business Opportunities</u>. Each of the Parties may be engaged on its own behalf and on behalf of persons other than the Parties in the general mining business outside of the Lease Area, and each of the Parties hereby consents to such involvement by the other. Each of the Parties shall have the free and unrestricted right to engage independently in and receive the full benefits of any and all business endeavors, other than the Parties' mining endeavors within the boundaries of the Lease Area under this Lease, and subject to Lessee's Area of Interest Royalty obligations with respect to Outside Lease Area Interests, without consulting the other Party or inviting or allowing the other Party to participate. As an example, and without limiting the generality of the preceding sentences, Lessor shall have the unrestricted right to engage independently in and to receive the full benefits of any and all business endeavors, other than exploration for, Development of and mining of the Products, either within or outside the Lease Area without consulting Lessee; provided that any activity undertaken by Lessor within the Lease Area shall not unreasonably interfere with the rights granted to Lessee hereunder or increase its costs of operations. The legal doctrine of "corporate opportunity" sometimes applied to persons occupying a fiduciary status shall not apply in the case of any endeavor of either Party other than the endeavors within the boundaries of the Lease Area. In particular, neither Party shall have any obligation to the other as to any opportunity to acquire any mining property, interest or right offered to it other than the Lease Area, subject to Lessee's Area of Interest Royalty obligations with respect to Outside Lease Area Interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.2 <u>Representation by Lessor</u>**. Lessor represents to Lessee that with respect to the Lease Area, (i) there are no pending or, to Lessor's actual knowledge (without inquiry) threatened actions, suits, claims, or proceedings, including, without limitation, environmental enforcement actions, and (ii) Lessor has not received any notice of violation or agency claim alleging any violation of any Law, including, without limitation, Environmental Laws, that is currently outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.3 <u>Representation by Lessee</u>**. Lessee represents to Lessor that none of the funds to be used for payment by Lessee of any payments under this Lease will be subject to 18 U.S.C. §§ 1956-1957 (Laundering of Money Instruments), 18 U.S.C. §§ 981-986 (Federal Asset Forfeiture), 18 U.S.C. §§ 881 (Drug Property Seizure), Executive Order Number 13224 on Terrorism Financing, effective September 24, 2001, or the United and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, H.R. 3162, Public Law 107-56 (the "**USA Patriot Act**"). Lessee is not, and will not become, a person or entity with whom U.S. persons are restricted from doing business with or who are restricted from owning or leasing minerals or other real property in the U.S. under the regulations of the Office of Foreign Asset Control ("**OFAC**") of the Department of Treasury (including those named on OFAC's Specially Designated and Blocked Persons list) or under any statute, executive order (including the September 24, 2001 Executive Order Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or Support Terrorism), the USA Patriot Act, or other governmental action.

**10.0 ADDITIONAL OBLIGATIONS OF THE PARTIES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.1 <u>Compliance with Laws and Regulations</u>**. Lessee shall perform all of its operations in the Lease Area in a good and miner-like manner and in compliance with good mining

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practices (as defined in <u>Section 5.2</u> above), all applicable Laws, including (without limitation) Environmental Laws and Laws relating to forest practices and bonding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.2 <u>Right of Access to the Lease Area</u>**. Lessee and Lessor shall each designate, from time to time, one or more primary contact persons for coordination of field visits and the exchange of information about ongoing operations. Lessor's representatives designated under this <u>Section 10.2</u> may inspect Lessee's operations by providing reasonable notice to Lessee and finding a mutually agreeable time for such inspection. In the exercise of this right, Lessor shall not interfere with or obstruct such operations. Any such inspection shall be in full compliance with all applicable Laws. During any inspection, the designated Lessee representative will be available to freely exchange information with Lessor's designated representatives, describing the status and results of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.3 <u>Roads</u>**. Lessee shall use all roads located within or accessing the Lease Area only for the purposes of conducting its operations under this Lease, in accordance with all Laws, including (without limitation) Environmental Laws affecting the Lease Area, the terms and conditions under any conveyance document or reservation affecting the Lease Area, and any access agreement that may be entered into by Lessee and the Surface Owner. Lessor reserves its rights, for itself and its successors, assigns, and permittees, at any time to cross, re-cross, and use roads located in the Lease Area; provided that such use shall be at Lessor's own risk and expense. During the Term, Lessee shall (1) maintain, at its expense, all roads constructed, reconstructed, or modified by it within or accessing the Lease Area, and (2) shall pay its pro rata share of road maintenance fees for all other roads used by Lessee within or accessing the Lease Area, whether such roads were constructed before or after the Effective Date. This obligation shall likewise apply to any appurtenances to the roads, including culverts, gates, and similar improvements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.4 <u>Surface Damage and Timber</u>**. Lessor retains ownership of all merchantable and premerchantable timber on the Lease Area. For purposes of this Lease, "**merchantable timber**" means stands of timber which, in Lessor's sole judgment, have a higher value for current harvest than their present value for possible future harvest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If timber in a single area exceeding five (5) acres in size or twenty-five (25) trees exceeding six (6) inches in diameter breast height ("**DBH**") must be removed to accommodate Lessee's operations, Lessee shall provide Lessor with twelve (12) months advance notice identifying the timber that requires removal for Lessee's operations ("**designated timber**"). Within sixty (60) days of receiving such notice, Lessor shall notify Lessee whether Lessor considers the timber merchantable or premerchantable, which determination shall be at Lessor's sole discretion. If Lessor considers the designated timber merchantable, Lessor shall harvest the designated timber within twelve (12) months of receiving Lessee's notice. Lessee may request an alternative harvest plan and Lessor shall consider any such request in good faith but has no obligation to grant Lessee's request and may deny Lessee's request in Lessor's sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If timber in a single area five (5) acres or less in size or twenty-five (25) tress six (6) inches DBH or less must be removed to accommodate Lessee's operations, Lessee shall provide Lessor with twenty (20) days advance notice identifying the designated timber. Within twenty (20) days of receiving such notice, Lessor shall notify Lessee whether Lessor considers the designated timber merchantable or premerchantable, which determination shall be at Lessor's sole

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discretion. If Lessor considers the designated timber merchantable, Lessor may elect in its sole discretion to: (a) harvest the timber itself; (b) have Lessee fall and buck the timber and deck the logs along a road for removal by Lessor; (c) have Lessee harvest and pay the stumpage price for the timber as determined by Lessor or a third party timber appraiser if Lessee disagrees with Lessor's price; or (d) have Lessee harvest the timber and deliver the logs to a location designated by Lessor, in which case Lessor will reimburse Lessee for reasonable hauling costs. If Lessor elects to have such work done by Lessee, it must be done in accordance with good logging practices, with reasonable care to minimize breakage or other damage to the timber being cut and to remaining timber, and in accordance with Lessor's instructions regarding falling, bucking, yarding, decking, and hauling.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If under Sections 10.4(a) and (b) above, Lessor determines that the designated timber is premerchantable, Lessee shall purchase the designated timber at its estimated present value, as determined in Lessor's sole discretion based on the value the timber is expected to have at the time it most likely would be harvested in the ordinary course of Lessor's timber management program, discounted from that time to the present at generally prevailing interest rates for long term borrowings of companies with Lessor's credit rating. After paying for premerchantable timber, Lessee may destroy or salvage the designated timber but must do so with reasonable care to avoid damage to adjoining timber stands not being purchased and included as designated timber.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In areas where Lessor is not the surface owner, Lessee shall exercise caution to prevent damage to the surface or timber located thereupon from its activities and shall compensate the Surface Owner for all such damage in accordance with the terms and conditions of any mineral reservation or any other conveyance or reservation instrument affecting the Lease Area and/or any applicable surface use agreement between Lessee and Surface Owner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.5 <u>Fires</u>**. The extinguishing of any fires caused by Lessee's personnel, invitees, agents, or contractors shall be at Lessee's sole cost and shall be subject to the indemnification provisions in this Lease. Lessee shall comply with all Laws pertaining to fire protection and suppression, and take reasonable care to prevent wildfires from igniting on or spreading onto the Lease Area. If a wildfire should occur on or near the Lease Area, Lessee shall immediately notify Lessor, the appropriate government agencies and the Surface Owner, and shall make its onsite equipment and personnel available to help suppress or contain the fire. In addition to any liability for negligence, Lessee shall reimburse Lessor for all damages suffered by Lessor resulting from wildfires caused by Lessee's activities, personnel, invitees, agents, and/or contractors, even if not attributable to negligence by Lessee or its personnel, invitees, agents, and/or contractors; Provided however, that Lessee shall not be liable to Lessor for damages directly resulting solely from either: (a) Lessor's operations, contractors, or personnel; or (b) an act of God.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.6 <u>Indemnification</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>General Indemnification</u>. Subject to the provisions of this Lease, Lessee assumes responsibility for the work done by Lessee, its Affiliates, servants, employees, subcontractors, agents, grantees, invitees, or independent contractors (collectively, "**Lessee Parties**") on the Lease Area and specifically shall indemnify, defend, and hold Lessor, its Affiliates, and their respective officers, insurers, agents, contractors, employees, licensees, lessees,

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invitees, successors, and assigns (individually and collectively, the "**Indemnified Parties**") harmless for, from and against any Liability that may be asserted against the Indemnified Parties as a result of any action, suit, demand, or proceeding commenced or asserted by any person or entity (including, without limitation, any governmental entity), arising out of or in any manner related to or resulting from Lessee Parties' operations on the Lease Area, including without limitation (a) any violation of applicable Law, including (without limitation) any Environmental Law, in connection with the Lessee Parties' operations on the Lease Area; (b) any breach of Lessee Parties' representations, warranties, or obligations under this Lease; (c) any acts, omissions, activities, or operations hereunder of Lessee Parties; and/or (d) any mining, drilling, and smelting activities by the Lessee Parties on the Lease Area and any products, waste, and byproducts arising therefrom; unless and to the extent such Liability is caused by the negligence or intentional misconduct of the Indemnified Parties. This includes without limitation any claims for: injury to or death of persons; damage to property; nuisance; mechanics' and materialmen's liens; workers' compensation and unemployment taxes; fires; timber trespass; fines and penalties; present release or disposal of hazardous substances, environmental protection and/or natural resource damages, clean ups, surface and subsurface restoration, reclamation, corrective action and claims arising from Lessee Parties' activities hereunder. Lessee shall, at Lessee's own cost and expense, defend (with counsel acceptable to Lessor in its sole and absolute discretion) against any and all actions, suits or other legal proceedings that may be brought or instituted against any of the Indemnified Parties or Lease Area on any such Liability and shall pay or satisfy any judgment or decree that may be rendered against any of the Indemnified Parties or Lease Area in any such action, suit or legal proceeding which may result therefrom. Without limiting the generality of the foregoing, Lessee assumes liability for actions brought by any of the Lessee Parties. Lessee's indemnity obligation hereunder shall not be limited by any workers' compensation, benefits or disability laws and Lessee waives any immunity that Lessee may have under any applicable industrial insurance law or act or similar workers' compensation, benefits or disability laws. Lessee releases and waives all claims against the Indemnified Parties with respect to any claim or injury arising from the operations of Lessee Parties under this Lease and the presence of Lessee Parties on the Lease Area. The foregoing waivers were negotiated mutually by Lessor and Lessee. The provisions of this <u>Section 10.6</u> shall survive termination or expiration of this Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Indemnification Regarding Surface Estate and Timber</u>. Without limiting the generality of the foregoing, Lessee also assumes and agrees to pay and indemnify Indemnified Parties for, from and against all Liabilities of the Indemnified Parties to the Surface Owner resulting from Lessee Parties' operations under this Lease, including any injury or damage to the surface estate and the timber, crops or any improvements located thereupon. Lessee agrees that it shall keep Lessor promptly notified of any claims of damage or injury alleged by the Surface Owner and shall promptly resolve those claims to the satisfaction of the Surface Owner and Lessor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.7 <u>Taxes, Assessments and Liens</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Payment by Lessee</u>. Lessee hereby agrees to pay promptly before delinquency or upon receipt of an invoice with a copy of the tax statement, all taxes and assessments resulting from Lessee's improvements to, activities on, and Products derived from the Lease Area that may be assessed during the term of this Lease, including, without limitation, any personal or real property taxes, excise tax, severance tax, or environmental tax or fee imposed on or as a result of Lessee's operations. This includes any tax increase due to lands being removed

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from forestland valuation. Lessee shall not permit title to any part of the Lease Area to be lost as the result of Lessee's nonpayment of such taxes and assessments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Protection from Liens</u>. Lessee shall, in a timely manner, pay for all labor performed upon or material furnished to the Lease Area at the request of Lessee and/or its personnel, invitees, contractors and/or agents, and shall keep the Lease Area free and clear from any and all liens of mechanics or materialmen in connection with services performed and materials supplied at Lessee's and/or its personnels', invitees', contractors' and/or agents' request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Payment by Lessor</u>. If Lessee fails to promptly pay, when due, taxes, mortgages, or other liens levied against the Lease Area and payable by Lessee, Lessor shall have the right (but not the obligation) to pay such past-due amounts and, if it does so, Lessor shall be subrogated to all the rights of the holders thereof and shall be entitled to reimbursement by Lessee for all such payments and for all related costs and expenses paid or incurred by Lessor (including, without limitation, related attorneys' fees), plus interest at the rate of One and One-Half Percent (1.5%) per month, within three (3) months after the same are paid or incurred. Any such payments made by Lessor to remove a lien of Lessee may be deducted from any payments due Lessee under this Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Contest of Payments</u>. Each Party shall always have the right to contest at its sole expense, in the courts or otherwise, either in its own name or in the name of the other Party, if applicable, the validity or amount of any taxes or assessments levied against it for which it is responsible under this Lease, or to take such other steps or initiate such other proceedings as it may deem necessary to secure a cancellation, reduction, readjustment, or equalization thereof, before it shall be required to pay such taxes or assessments. Any Party undertaking such contest shall give the other Party prior written notice of such contest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Communication Regarding Tax or Other Notices</u>. If requested by the other Party, each Party shall provide the other Party with copies of all receipts evidencing payment of taxes, liens and assessments. It is agreed that if either Party receives tax bills or claims that it believes are the responsibility of the other Party under this Lease, the receiving Party shall promptly forward the same to the other Party for appropriate action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.8 <u>Reclamation</u>**. Lessee shall conduct all reclamation of the Lease Area as is required by Laws, including (without limitation) Environmental Laws, and any agreements affecting the Lease Area as of the Effective Date and as of the time that the reclamation activities are conducted, with respect to operations conducted by Lessee. In conducting reclamation activities, Lessee shall reasonably cooperate to avoid conflicts with Lessor's forestry activities and harvest schedule as required under <u>Section 10.10</u>, and Lessee's reclamation obligations under this Lease and right of access to the Lease Area shall not terminate until such reclamation has been completed, as evidenced by the approval of the relevant federal and state authorities as to the release of bonds posted for reclamation by Lessee. Lessee's obligations to indemnify Lessor and to maintain adequate insurance in respect of such operations under this Lease shall continue until such reclamation has been completed and as otherwise provided by this Lease. Lessee shall provide to Lessor a proposed reclamation plan ("**Reclamation Plan**") either as part of the Exploration Plan, Operations Plan or as a stand-alone document. Lessor shall have thirty (30) days to review the Reclamation Plan and provide Lessee with written comments and suggestions; provided, however,

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that if Lessor determines, in Lessor's sole and absolute discretion, that it needs to hire outside consultants to review the Reclamation Plan, Lessor shall have a right to extend such review period for an additional sixty (60) days by written notice to Lessee. Lessee shall reclaim all areas of its operations to the extent necessary to avoid safety hazards and alteration of drainage flows, including installation of water bars where necessary. Lessee shall reclaim the Lease Area pursuant to its Reclamation Plan or as required by applicable Laws, including (without limitation) all Environmental Laws, to the extent the requirements of applicable Laws exceed the provisions of the Reclamation Plan and the applicable Laws are triggered by Lessee's Exploration Activities, Development or Mining Operations. To facilitate proper reclamation, at least thirty (30) days prior to Lessee discontinuing work on the Lease Area, Lessee shall notify Lessor's project manager, so that Lessor may inspect the status of the reclamation activity. Lessor's inspection shall be completed and the results of such inspection shall be provided to Lessee before Lessee's personnel discontinue work in the Lease Area; provided, however, that Lessee shall have timely informed Lessor as to the status of reclamation, as required under this Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.9 <u>Lessor Right to Put Portion of Lease Area to Lessee</u>**. If Lessee describes any portion of the Lease Area as being the recommended site of milling, processing, refining, waste dump, heap leaching or tailings ponds sites, ("**Processing Facilities Area**"), then Lessee shall submit a legal description to Lessor of the Processing Facilities Area. Lessor, after reviewing those legal descriptions and the Commitment to Proceed, and any feasibility study upon which it is based, shall within ninety (90) days before the date of commencement of construction of any of those facilities on the Lease Area have the right to put to Lessee the requirement that Lessee purchase from the Lessor that portion of the Lease Area in the Processing Facilities Area included in that legal description, with Lessor, in its sole discretion, having the option to reserve any or all of its mineral interest. The purchase price of that portion of the Lease Area to be paid to Lessor by Lessee shall be negotiated by the Parties; provided however, if the Parties are unable to agree upon a price within sixty (60) days, the price shall be one hundred and twenty-five percent (125%) of the then current fair market value of those lands in an unimproved state as determined by an appraiser jointly approved by both Parties. If Lessor so elects to put the acquisition of the Processing Facilities Area to Lessee, then Lessee shall be required to forbear the commencement of construction of such facilities and infrastructure until such time as Lessor has delivered a quitclaim deed of such portion of the Lease Area to Lessee and the Parties amend the Lease Area description. Lessor will not unreasonably delay the delivery of the quitclaim deed and shall use best efforts to deliver the same in a timely manner. Prior to execution and delivery of such quitclaim deed, Lessor may also elect, in its sole discretion, to receive a non-participating production royalty on any Products mined, produced and severed from the Lease Area so conveyed to Lessee equal to the same Production Royalty and Byproducts Royalty it would have received under <u>Section 7</u> if this Lease were still in effect for the lands so conveyed to Lessee ("**Put Option Royalty**"); and in this event this non-participating royalty interest shall survive the expiration or termination of this Lease and be conveyed to Lessor by Lessee in a form substantially similar to the form of Royalty Grant and Agreement attached as <u>Exhibit G.2.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.10 <u>Cooperation</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Lessor agrees to reasonably cooperate with Lessee, when requested by Lessee in writing, in obtaining permits and authorizations related to Exploration Activities, Development or Mining Operations and in conducting Exploration Activities, Development or

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Mining Operations under this Lease. Lessee agrees to reimburse Lessor for all reasonable out-of-pocket expenses incurred by Lessor in conducting requested activities. Lessor shall document such expenses in reasonable detail periodically as they are incurred, but no more frequently than monthly, and provide an invoice for such expenses to Lessee. Lessee will reimburse Lessor for approved expenses within thirty (30) days of receipt of an invoice. In the event Lessee disagrees with an invoice, the provisions of <u>Section 16.1</u> will be applied to resolve the disagreement. Following informal dispute resolution or arbitration as provided in <u>Section 16.1</u>, if payments are not timely made pursuant to the order in arbitration, then Lessor may, upon ten (10) days' written notice, terminate this Lease. In like fashion, should Lessor request Lessee's cooperation in obtaining permits and authorizations related to the Lease Area and for the benefit of Exploration Activities, Development or Mining Operations under this Lease, Lessee shall provide such assistance to Lessor, but Lessor shall not be required to reimburse Lessee for its costs of providing assistance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Parties acknowledge and agree that to the extent Lessor owns the surface estate, Lessee has a non-exclusive right to access and use the surface estate subject to Lessor's ownership of the timber as set forth in <u>Section 10.4</u> and the other terms and conditions of this Lease. Accordingly, Lessee shall plan surface operations in a manner and otherwise reasonably cooperate to avoid conflict with Lessor's forestry activities and harvest schedules and other surface use and occupancy. Prior to commencing Exploration Activities, Development and Mining Operations, or reclamation under this Lease, respectively, Lessee shall participate in a pre-work meeting with Lessor's designated representative to review and coordinate Lessee's planned operations and activities under its Exploration Plan, Operations Plan, or Reclamation Plan, respectively, and Lessor's planned forestry activities and other surface use and occupancy. Lessee shall at all times have one or more designated senior employees or consultants associated with the project available to discuss, coordinate, and exchange information regarding Exploration Activities, Development and Mining Operations, or reclamation with designated Lessor representatives.

**11.0 LIENS AND INSURANCE**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.1 <u>Liens</u>**. Lessee shall, in a timely manner, pay for all labor performed upon or material furnished to the Lease Area at the request of Lessee and/or its personnel, invitees, contractors and/or agents and shall keep the Lease Area free and clear from any and all liens of mechanics or material in connection with services performed and materials supplied at Lessee's and/or its personnel's, invitees', contractors' and/or agents' request and free of liens for taxes payable with respect to Lessee's property or operations on the Lease Area; provided, however, that Lessee shall have the right in good faith to contest the validity of any lien, claim or liability, provided Lessee shall immediately inform Lessor if it becomes aware of any occurrence or nonoccurrence that may affect the title to, validity or good standing of the lands or mineral interests within the Lease Area.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.2 <u>Insurance</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Prior to commencement of any activity under this Lease, Lessee shall obtain and maintain in full force and effect during the Term of this Lease and during any other period during which Lessee or its successors, Affiliates, personnel, invitees, agents, and/or contractors

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are occupying or working on the Lease Area, at Lessee's sole expense, the following insurance coverages on Lessee's operations, which insurance shall be by companies with a Best's rating of no less than A- VIII and otherwise acceptable to Lessor:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Commercial General Liability (occurrence form), covering bodily injury and property damage liability, including contractual, products and completed operations and coverage for explosion, collapse and underground (xcu) with minimum limits of $5,000,000 per occurrence, $5,000,000 Products–Completed Operations Aggregate, and $5,000,000 General Aggregate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Comprehensive Automobile Liability covering owned, hired, and nonowned vehicles with minimum limits of $1,000,000 per person and $1,000,000 per accident for bodily injury and $1,000,000 property damage or combined single limit of at least $1,000,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Workers' Compensation or Industrial Accident insurance providing benefits as required by law, including Employer's or Stop-Gap Liability with a minimum limit of $1,000,000 per accident;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Environmental/Pollution Legal Liability with minimum limits of $5,000,000 per claim and $10,000,000 aggregate. Coverage shall be in effect at all times during this Lease;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Whenever conducting logging operations per <u>Section 10.4(b)</u> above, Lessee shall add to its Commercial General Liability insurance, and ensure that its logging contractor carries, Loggers' Property Damage—Broad Form coverage, with the contractual liability exclusion deleted and a limit not less than $1,000,000 per occurrence.

Lessee shall require each subcontractor to provide such insurance as described above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Lessee shall furnish Lessor with Certificates of Insurance evidencing such coverage, and Lessee shall endeavor to require its insurance carriers to give Lessor at least thirty (30) days' written notice prior to any change in, nonrenewal or cancellation of coverage, in whole or in part. Lessor and its Affiliates shall be designated as Additional Insureds evidenced by copy of the Additional Insured Endorsement. If Lessee's insurance carriers refuse to provide such notification, then Lessee shall give such notice to Lessor. Lessee's insurance shall be primary, and all insurance or self-insurance of Lessor and its Affiliates shall be excess of any insurance provided by Lessee. If Lessee desires to self-insure to at least the above levels of coverage, Lessee shall provide information regarding its financial ability to cover such claims. Lessor's approval of self-insurance by Lessee shall not be unreasonably withheld.

**12.0 ADDITIONAL SECURITY – BOND REQUIREMENTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.1 <u>During Exploration Activities</u>**. Prior to conducting any Exploration Activities or Development, Lessee shall provide an escrow account, letter of credit, payment and performance bond, or other security satisfactory to Lessor in an amount to be determined by Lessor at the same time it approves the Exploration Plan. This security shall guarantee prompt payment of all sums and prompt performance of all obligations as they come due under this Lease, including, but not limited to, the fulfillment of Lessee's reclamation obligations, taking into consideration costs of

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reclamation based upon the Exploration Plan and using cost factors of $2,000.00 per drill site, $15.00 per linear foot of temporary access road, and other costs likely to be necessary to reclaim the project. From time to time, Lessor may require that the amount of the security be increased to the extent necessary to cover Lessee's then current obligations under this Lease, consistent with inflation as reflected in the most recent CPI-U. For this purpose, Lessor may periodically elect to retain an independent consultant to evaluate the sufficiency of the amount of any bonds or other forms of surety maintained by Lessee to cover Lessee's activities and operations in accordance with industry standards by providing Lessee ten (10) days prior written notice, and Lessee will reasonably cooperate with such review and evaluation. If Lessee's bonding is determined by Lessor to be insufficient to cover Lessee's then current obligations, Lessee shall obtain and provide Lessor documentation of such additional security or financial assurance within ten (10) days after notice from Lessor of such deficiency, showing compliance with any additional bonding requirements, unless otherwise agreed by the Parties. Lessor shall have the right at any time to require verification of the continued existence and present amount of the bonds or other forms of surety. Lessee shall maintain such security until completion of all its obligations, including reclamation obligations.

Notwithstanding the foregoing, if Lessee establishes to Lessor's satisfaction that the Georgia Environmental Protection Division or its successor agency, or other local, state or federal agency with primary jurisdiction (the "**Regulating Agency**"), has segregated its bonding requirements of Lessee so funding for the Lease Area is specifically earmarked and that the Regulating Agency will separately enforce its bonding requirements as they apply to the Exploration Activities on the Lease Area, then Lessor agrees to waive the additional security provisions of this Section to the extent the Regulating Agency's required bond security amounts exceed the amounts set forth in this <u>Section 12.1</u>. If the Regulating Agency's security amounts are less than the amounts set forth in this <u>Section 12.1</u> then Lessee shall be required to provide an escrow account, letter of credit, payment and performance bond or other security satisfactory to Lessor for any security amounts above those set by the Regulating Agency to comply with the bond requirements required of it in this <u>Section 12.1</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.2 <u>During Development and Mining Operations</u>**. Before commencement of Development or Mining Operations on the Lease Area, Lessee shall establish a fund to be used for anticipated future costs of reclaiming the Lease Area; costs of treating, storing, or disposing of hazardous substances in accordance with all applicable Laws; and costs of otherwise complying with all Environmental Laws and regulations applicable to such operations. The amount required to be set aside in such fund shall take into account any bonds or other forms of surety maintained by Lessee for such purposes pursuant to the requirements of the Regulating Agency. Such fund shall be created in a manner such that Lessor shall either be able to obtain a valid security interest therein or the fund shall not, in the reasonable opinion of a mutually agreeable legal counsel, be subject to the claims of Lessee creditors in a bankruptcy. Such fund shall be maintained in a separate account, trust account, or escrow and not commingled with other monies; shall be withdrawn and used for, and only for, the foregoing purposes; and at all times shall be in an amount sufficient to pay all the foregoing costs if Lessee should discontinue its operations on the Lease Area at any time during the immediately succeeding twelve (12) months. If Lessee establishes to Lessor's satisfaction that the Regulating Agency has segregated its bonding requirements of Lessee so funding for the Lease Area is specifically earmarked and that the Regulating Agency will separately enforce its bonding requirements as they apply to the Development and Mining

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Operations on the Lease Area, then the Parties agree that the Regulating Agency required bond security amount shall become the initial amount of such fund. If the Regulating Agency has not segregated its bonding requirements for the Lease Area, then the initial amount of the fund required to be maintained under this <u>Section 12.2</u> shall be equal to the anticipated total costs of reclamation based on the review of both the Operations Plan and the Reclamation Plan (if different) as they relate to the first-year activity levels as confirmed by a reclamation cost audit and estimate conducted by a firm of environmental engineers reasonably acceptable to both Lessor and Lessee. Thereafter, no less frequently than annually, Lessee shall conduct an on-the-ground environmental audit of the Lease Area, to be performed by a firm of environmental engineers reasonably acceptable to both Lessor and Lessee, and such other investigations as are reasonably necessary to audit the sufficiency of the amount of any bonds or other forms of surety maintained by Lessee and the fund established under this <u>Section 12.2</u>. As a result of such audit the Parties shall agree to such reasonable adjustments as are appropriate to meet the requirements of this <u>Section 12.2</u>, including, without limitation, increases or decreases to any of the foregoing, consistent with inflation as reflected in the most recent CPI-U. In addition to the foregoing annual sufficiency audit, Lessor shall have the right at any time to require verification of the continued existence and present amount of the bonds or other forms of surety and the fund. To the extent permitted by applicable Laws, Lessee shall identify Lessor as a co-beneficiary on any bond or other form of financial security obtained or established pursuant to this <u>Section 12.2</u>.

**13.0 DEFAULT; TERMINATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.1 <u>Default; Termination by Lessor</u>**. If Lessee, in any material respect, has not complied with any obligation under this Lease, Lessor shall notify Lessee in writing, setting out specifically in what respect it is claimed that Lessee has breached this Lease. If the alleged breach is not cured within ten (10) days with respect to monetary defaults or thirty (30) days with respect to other defaults, after written notice is given or, with respect to defaults which cannot reasonably be cured within thirty (30) days, if Lessee has not within thirty (30) days commenced to cure the nonmonetary breach and thereafter diligently completed such cure, Lessor may suspend Lessee's activities. Suspension shall continue until the default is remedied. If Lessee has not cured the monetary breach within thirty (30) days or nonmonetary breach within one hundred and eighty (180) days after receiving notice, Lessor may terminate this Lease by delivering to Lessee notice of such termination. In the event that Lessor elects to terminate the Lease upon Lessee's default, Lessor shall have all other rights and remedies available at law or in equity, including claims for compensatory and consequential damages with respect to Lessee's default. All of Lessee's obligations to Lessor and third parties survive termination of Lessee's rights under this Lease pursuant to this <u>Section 13.1</u>, until such obligations have been fulfilled. In the event of such termination by Lessor, reclamation work shall be completed by Lessee as soon as practicable, and not more than thirty (30) days, after termination. Insurance coverages shall be maintained until Lessee has completed all reclamation and any other required work on the Lease Area. Lessor's rights to suspend and terminate Lessee's rights under this <u>Section 13.1</u> are in addition to all other available remedies. Notwithstanding the above, Lessor reserves the right to terminate this Lease automatically upon notice to Lessee, without any right to cure hereunder, in any situation where (i) Lessee becomes insolvent; (ii) Lessee files, or consents by answer or otherwise to the filing against it, of a petition of relief or other petition in bankruptcy, for liquidation, or to take advantage of any bankruptcy or insolvency law of any jurisdiction; or (iii) any similar event.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.2 <u>Termination by Lessee</u>**. Lessee may terminate this Lease by giving Lessor sixty (60) days written notice of such termination, provided that all reclamation work on the Lease Area is completed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.3 <u>Release</u>**. Upon termination of this Lease by either Party, a release, in recordable form, will be executed and recorded by Lessee for the benefit of Lessor, disclaiming Lessee's interest under the Lease in the Lease Area. Upon such termination, all right, title, and interest of Lessee under this Lease shall terminate with respect to the Lease Area and Lessee shall be relieved of all further obligations stated in this Lease, except that Lessee shall remain fully liable for all obligations that expressly or by their nature survive termination, or accrue or arise before termination, including any reclamation required by applicable Law arising from Lessee's operations and under any continuing indemnity provided pursuant to this Lease. Any taxes, assessments, and governmental charges for which Lessee is responsible shall remain the responsibility of Lessee until such time as the improvements, assessments, or governmental charges are removed from the tax rolls and taxes return to the forestland value level unless Lessor has agreed in writing that an improvement or structure may remain on the land in accordance with <u>Section 13.4</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.4 <u>Removal of Property</u>**. Upon any termination or expiration of this Lease, Lessee shall have a period of six (6) months from and after the effective date of termination within which Lessee shall remove from the Lease Area all of its machinery, buildings, structures, facilities, equipment, and other property of every nature and description erected, placed, or situated thereon (herein all collectively called "**Improvements**"), except Lessee shall have no obligation to remove underground supports, track, and pipe placed in shafts, drifts, or openings in the Lease Area; provided, however, that all openings must be sealed. As a further exception to Lessee's removal obligations, Lessee shall not be required to remove any Improvements that are to remain as part of the surface estate in accordance with a written agreement between Lessee and the Surface Owner. Lessee shall remove all such property except to the extent that Lessor, or the Surface Owner, direct Lessee in writing to leave one or more Improvements on the Lease Area. There shall be no obligation for Lessee to remove waste rock, tailings, surface impoundments, etc., but reclamation of such items shall be completed as required in accordance with applicable Laws. Any property of Lessee that Lessee leaves on the Lease Area at Lessor's request shall become the property of Lessor.

**14.0 FORCE MAJEURE**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.1 <u>Force Majeure</u>**. Neither Party hereto shall be liable to the other Party, and neither Party hereto shall be deemed in default under this Lease, for any failure or delay in performing any of its non-monetary covenants and agreements caused by or arising out of any act not within the control of the Party, despite best commercial efforts, including that performance of the covenants violates any law, ordinance, order, rule or regulation of any governmental (civil or military) agency or authority, including all governing bodies claiming jurisdiction over the issuance of permits, opposition or litigation initiated by local or national interest groups opposed to the project, or contrary to any written agreement concerning the Lease Area; provided that lack of funds shall not, in any case, be an event of Force Majeure. Such acts shall include, without limitation, acts of God; acts of the public enemy; riots; fire; severe storms; flood; explosion; government restriction; inability to obtain any permits, authorizations or approvals required from

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regulatory authorities, including environmental protection agencies ("**Force Majeure**"). Any period for performance delayed by Force Majeure shall be extended for a period commensurate with the period of the delay. So far as possible, the Party affected will take all reasonable steps to remedy the delay caused by Force Majeure; provided, however, that nothing contained in this <u>Section 14.1</u> shall require any Party to settle any industrial dispute or to test the constitutionality of any law. No such event of Force Majeure shall excuse Lessee from timely payment of sums required to be paid to Lessor or to third parties under this Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.2 <u>Extension of Term</u>**. If Lessee is prevented from engaging in Exploration Activities, Development or Mining Operations by any event of Force Majeure described in <u>Section 14.1</u>, the time of such delay or interruption shall not be counted against the Term of this Lease, anything in this Lease to the contrary notwithstanding, and this Lease shall be extended while and so long as Lessee is prevented from conducting such operations but in no event for longer than two (2) years from the commencement of an event of Force Majeure. If an event of Force Majeure continues for longer than two (2) years, either Party may terminate this Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.3 <u>Notice</u>**. If Lessee desires to invoke the provisions of this <u>Section 14</u>, Lessee shall give notice to Lessor of the commencement of the circumstances giving rise to such Force Majeure. During any period of Force Majeure, Lessee will continue to make any payments due to Lessor per the terms and conditions of this Lease.

**15.0 NOTICES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.1 <u>Notices</u>**. All notices under this Lease, except notice regarding fire suppression, shall be written and given by personal hand delivery, messenger service, overnight courier for next-day delivery, by confirmed facsimile transmission, by certified U.S. mail, postage prepaid, or email with receipt confirmation. All notices regarding fire suppression shall be reported in person or by telephone as soon as possible.

All notices of timber removal, road location approval, access, and fire protection and suppression shall be given by Lessee to:

Weyerhaeuser Company

Brad Murfee

Piedmont Area Manager

375 Riverside Pkwy

Lithia Spring, GA 30122

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(229) 234 3180

All other notices shall be addressed or transmitted as follows:

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| | |
|:---|:---|
| **If to Lessor:** | **If to Lessee:** |
| Weyerhaeuser Company<br>Energy and Natural Resources<br>220 Occidental Ave Seattle, WA 98104<br>Attn: David Boyer – Senior<br>Geologist/Metals Manager<br>Telephone: 206-539-4423<br>E-Mail: <br>| Southeast Metals, LLC<br>650 Peter Jefferson Parkway Suite 230, Charlottesville, VA 22911<br>Attn: Kermit Anderson<br>Telephone: (434) 245-1151<br>E-Mail:  |

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All notices shall be effective upon actual receipt if received during the normal business hours of the receiving Party or on the next normal business day of the receiving Party if delivered other than during normal business hours. A Party may change the place to which notice is to be delivered, by giving written notice to the other Party in accordance with this <u>Section 15</u>.

**16.0 DISPUTE RESOLUTION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.1 <u>Informal Dispute Resolution</u>**. Any dispute with respect to the calculation and payment of the Production Royalty, Byproducts Royalty, Area of Interest Royalty, and Put Option Royalty (including but not limited to grade control, processing, and commingling procedures determined under <u>Section 7</u> and <u>Exhibit D, G.1, or G.2</u>) (collectively, the "**Mining Disputes**") shall be subject to the informal dispute resolution meetings described in this <u>Section 16.1</u> and, if such meetings do not result in a resolution of the dispute, shall be submitted to Binding Arbitration described in <u>Section 16.2</u> below. The Parties agree to devote such time, resources, and attention as are needed to attempt in good faith to resolve the Mining Disputes at the earliest time possible. A Party claiming a dispute shall give notice of the dispute within thirty (30) days of the Party's actual knowledge of the act, event, or omission that gives rise to the dispute, unless this Lease provides otherwise. At a minimum, the Parties shall hold two informal meetings within thirty (30) days after notice to attempt in good faith to resolve the disputed issue(s). If the dispute has not been resolved at the first meeting, then at the second meeting each Party shall involve its senior manager with responsibility for the project covered by this Lease. If the informal meetings fail to resolve the dispute, the Party claiming a dispute may, within thirty (30) days after the last meeting, submit any dispute to Binding Arbitration. Any of these time periods may be reasonably extended or shortened by written agreement of the Parties. Unless otherwise agreed among the Parties, each Party shall bear its costs for its own participation in informal dispute resolution processes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.2 <u>Binding Arbitration</u>**. If the Mining Disputes are not resolved through the process described in <u>Section 16.1</u> above, they shall be resolved through arbitration according to the commercial rules of the American Arbitration Association then in effect, except to the extent that such rules are inconsistent with this <u>Section 16.2</u>; provided, however, that unless otherwise agreed by the Parties, such arbitration shall not be conducted under the auspices of the American Arbitration Association (the "**Binding Arbitration**"). All arbitrations shall occur in Seattle, Washington unless otherwise agreed by the Parties. The award rendered by the arbitrator or arbitrators shall be final, nonappealable and binding as between the Parties and judgment on such award may be entered in any court having jurisdiction. If the amount of the Mining Dispute is less

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than $250,000, and if neither Party is seeking injunctive or other equitable relief: (i) the Mining Dispute will be settled before a single arbitrator; (ii) if the Parties agree on an arbitrator, the arbitration will be held before the arbitrator selected by the Parties; and (iii) if the Parties do not agree on an arbitrator, each Party will designate an arbitrator and the arbitration will be held before a third arbitrator selected by the designated arbitrators. If the amount of the Mining Dispute is $250,000 or more, or if a Party is seeking injunctive or other equitable relief: (i) the Mining Dispute will be settled before three (3) arbitrators; (ii) if the Parties agree on the arbitrators, the arbitration will be held before the arbitrators selected by the Parties; and (iii) if the Parties do not agree on the arbitrators, each Party will designate an arbitrator, the designated arbitrators will select a third arbitrator, and the arbitration will be held before the three arbitrators. The Parties agree that the arbitrators shall be attorneys with at least ten years' relevant experience in the mining industry. Notice of demand for arbitration shall be filed in writing with the other Party and the arbitrator or arbitrators shall be selected within thirty (30) days of such demand. The Parties agree that after such notice has been filed, they shall, before the arbitration hearing, make discovery and disclosure of all matters relevant to the Mining Dispute to the extent required by the rules governing the arbitration. All questions that may arise with respect to the obligation of disclosure and the protection of the disclosed material shall be referred to the arbitrator or arbitrators, whose determination on such issues shall be final and conclusive. Disclosure shall be completed no later than sixty (60) days after filing of the notice of arbitration, unless extended by the arbitrator or arbitrators upon a showing of good cause by either Party to the arbitration. Absent other agreement by the Parties, all arbitration proceedings shall be concluded within ninety (90) days after the notice of demand for arbitration, and the arbitration award shall be rendered within thirty (30) days after the conclusion of the arbitration hearing. The arbitrator or arbitrators shall have no authority to award punitive damages. The arbitrator(s) fees, costs and expenses shall initially be split equally between the Parties. However, the substantially prevailing Party shall be entitled to recovery of its attorneys' fees, costs and disbursements in the arbitration, including the cost of the arbitrator. All disputes other than the Mining Disputes shall be settled in courts of competent jurisdiction, as provided in <u>Section 19.9</u>.

**17.0 CONFIDENTIALITY**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.1 <u>Confidentiality of Lease</u>**. Except as provided in <u>Section 19.11</u> and as provided in <u>Section 17.2</u> regarding disclosure to specifically identified third-parties below, neither Party may disclose the terms of this Lease to a third party without the prior written consent of the other Party, which consent shall be at the other Party's sole discretion; provided that either Party may make such disclosures as, in the opinion of its counsel, are required by any applicable Law, stock exchange rule, existing contract, or legal process; provided, however, that in such a case the disclosing Party shall promptly notify the other Party of such request or requirement, so that the other Party may seek an appropriate protective order or waive compliance with this Lease. In the absence of a protective order or the receipt of a waiver, the disclosing Party will give the other Party written notice (unless prohibited by law) of the information to be disclosed, as far in advance as practicable, and exercise all reasonable efforts to obtain reliable assurance that confidential treatment shall be afforded to that information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.2 <u>Confidentiality of Data</u>**. Each Party agrees to keep all Data relating to this Lease or the Lease Area or other property owned by Lessor disclosed by the other Party pursuant to this Lease confidential and not to disclose such Data to any person or entity other than (i) its Affiliates

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and its and their officers, directors, partners, members, employees, attorneys, accountants, and mining and engineering consultants; or potential purchasers of a Party's interest in the Lease Area or in this Lease, lenders or financial advisors who have a bona fide need to have access to such data, if such potential purchasers, lenders or financial advisors have agreed in writing to be likewise bound by these terms of confidentiality, (ii) such other persons as the Parties jointly agree in writing may receive such Data (which agreement may be withheld for any reason or for no reason), and (iii) as may be required, in the opinion of a Party's counsel, by judicial, administrative, or governmental proceeding whether or not made pursuant to a valid subpoena or applicable order or as otherwise required by law or the rules of any stock exchange, provided that any disclosure made pursuant to law shall be strictly limited in scope and content to the extent possible given the requirements of legal compliance, and subject to each Party's reasonable prior review and revision. The provisions of this <u>Section 17.2</u> shall continue to bind Lessee, but not Lessor, following termination or expiration of this Lease, with respect to all Data relating to this Lease or the Lease Area or other property owned by Lessor. After termination or expiration of this Lease, Lessee shall transfer all such Data to Lessor as provided in Section 6.3 and may not disclose the Data to any third party without the prior written consent of Lessor. Nothing in this Lease shall affect either Party's rights to use, disclose or retain any of the Data and information which (a) is in the public domain or later enters the public domain other than by a breach by either Party or any of its agents of any of the obligations of either Party under this Lease or (b) is disclosed to either Party or the general public by a third party which is in rightful possession of the Data and information in circumstances where the disclosure violated no confidentiality obligations or (c) either Party can show was known to it at the time of disclosure. Nothing in this Section 17.2 shall affect either Party's right to use, disclose or retain Data relating to property or interests within the Area of Interest, but that are outside the Lease Area or other property owned by Lessor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.3 <u>Use of Information</u>**. Neither Party makes any representation or warranty of any nature concerning the quality, accuracy, reliability or completeness of the information or Data provided or exchanged under this Lease, and each Party hereby acknowledges that it relies on any Data received from the other Party solely at its own risk. ALL SUCH INFORMATION AND DATA ARE PROVIDED ON AN "AS IS/WHERE IS BASIS," WITHOUT ANY EXPRESS OR IMPLIED WARRANTY WHATSOEVER. Each Party shall provide to the other Party, to the extent feasible, copies for review and comment at least three (3) business days in advance of all public announcements, press releases, and disclosures to third parties, to be issued by such Party regarding this Lease and all matters related to this Lease. Each Party shall act in good faith to accommodate the suggestions of the other Party; provided that each Party shall be entitled to make such announcements and disclosures as are, in the opinion of its counsel, required by law or the rules of any stock exchange. The provision of this <u>Section 17.3</u> shall survive the termination or expiration of this Lease.

**18.0 ASSIGNMENT**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18.1 <u>No Assignment by Lessee Without Lessor's Consent</u>**. Except as provided in <u>Section 18.2</u>, Lessee shall not assign any portion of its interest in this Lease without Lessor's prior written consent, in its sole discretion. Lessor reserves the right, in its sole discretion, to withhold its consent to such an assignment if the assignment would render the Guaranty Agreement in <u>Exhibit F</u> void. Lessor may consider any attempted assignment without such consent to be void.

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Unless otherwise agreed, Lessee guarantees prompt performance of all obligations under this Lease notwithstanding any prior assignment of its interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18.2 <u>Assignment to an Affiliate</u>**. Notwithstanding the provisions in <u>Section 18.1</u>, Lessee shall have the right to sell, assign, transfer or otherwise dispose of all or any portion of its interest in this Lease to an Affiliate of Lessee; provided that (i) Lessee provides Lessor written notice of such intent at least thirty (30) days in advance of such assignment; (ii) the Affiliate agrees in writing to accept all terms, conditions, and obligations of this Lease; (iii) any such assignment to an Affiliate shall be in conjunction with an assignment to the same Affiliate of Lessee's rights and obligations under the Lease; and (iv) Lessee and any Guarantor shall remain liable under this Lease.

**19.0 MISCELLANEOUS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.1 <u>Time Is of the Essence</u>**. Time is of the essence for each and every provision of this Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.2 <u>Attorneys' Fees</u>**. Should any legal action or proceeding of any nature whatsoever (including any proceeding under the U.S. Bankruptcy Code) be commenced by either Party in order to enforce this Lease or any provision hereof, or in connection with any alleged dispute, breach, default, or misrepresentation in connection with any provision herein contained, the prevailing Party shall be entitled to recover reasonable attorneys' fees and costs incurred in connection with such action or proceeding, including costs of pursuing or defending any legal action, including, without limitation, any appeal, discovery or negotiation and preparation of settlement arrangements, in addition to such other relief as may be granted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.3 <u>Relationship of Parties</u>**. Nothing contained in this Lease shall be deemed to constitute either Party being the partner of the other or, except as otherwise expressly provided, to constitute either Party being the agent or legal representative of the other or to create any fiduciary relationship between them. It is not the intention of the Parties to create, nor shall this Lease be construed to create, any mining, commercial or other partnership or association. Neither Party shall have any authority to act for or to assume any obligation or responsibility on behalf of the other Party, except as otherwise expressly provided herein, and any liabilities hereunder shall be several and not joint.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.4 <u>Integrated Agreement; Modification</u>**. This Lease constitutes the entire agreement and understanding of the Parties with respect to the subject matter and supersedes all prior negotiations and representations. This Lease may not be modified except in writing signed by the Parties hereto. The Parties agree to execute any additional documents reasonably necessary to effectuate the intentions of the provisions and purposes of this Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.5 <u>Waiver</u>**. Failure of either Party to insist upon the strict performance of any of the terms and conditions hereof, or failure to exercise any rights or remedies provided herein or by Law, or to notify the other Party in the event of breach, shall not release the other Party of any of its obligations under this Lease, nor shall any purported oral modification or rescission of this Lease by either Party operate as a waiver of any of the terms hereof. No waiver by either Party of any breach, default, or violation of any term, warranty, representation, agreement, covenant, right,

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condition, or provision hereof shall constitute waiver of any subsequent breach, default, or violation of the same or other term, warranty, representation, agreement, covenant, right, condition, or provision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.6 <u>Survival</u>**. The following provisions shall survive termination or expiration of this Lease: Section 7.3 (Area of Interest Royalty); Section 9.0 (Mutual Representations); Section 10.6 (Indemnification); Section 10.8 (Reclamation), Section 13.1 (Default); Section 13.3 (Release); Section 13.4 (Removal of Property); Section 15.0 (Notices); Section 16.0 (Dispute Resolution); Section 17.0 (Confidentiality); Section 19 (Miscellaneous); and any other provisions which by their nature may or must be performed after expiration or termination of this Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.7 <u>Severability</u>**. If any provision of this Lease is held to be invalid or unenforceable, such provision shall not affect or invalidate the remainder of this Lease, and to this end the provisions of this Lease are declared to be severable. If such invalidity becomes known or apparent to the Parties, the Parties agree to negotiate promptly in good faith in an attempt to amend such provision as nearly as possible to be consistent with the intent of this Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.8 <u>Rule Against Perpetuities</u>**. The Parties do not intend that there shall be any violation of the Rule Against Perpetuities, the Rule Against Unreasonable Restraints on the Alienation of Property, or any similar rule. Accordingly, if any right or option to acquire any interest in any real property exists under this Lease, such right or option must be exercised, if at all, so as to vest such interest within time periods permitted by applicable rules. If, however, any such violation should inadvertently occur, the provisions of this Lease shall be revised in such a way as to approximate most closely the intent of the Parties within the limits permissible under such rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.9 <u>Governing Law; Jurisdiction</u>**. To the maximum extent provided by law, this Lease shall be construed and interpreted according to, and governed by, the laws of the State of Georgia and federal law as may be applicable, regardless of the choice of law principles that may apply.

Except as provided in <u>Section 16.2</u>, each of the Parties hereby (i) irrevocably submits to the jurisdiction of the courts of the State of Georgia and the Federal courts of the United States of America in and for Fulton County, Georgia for the purpose of any action or proceeding arising out of this Lease or any of the transactions contemplated by this Lease, (ii) agrees that it will not attempt to deny or defeat such personal jurisdiction by motion or other request for leave from any such court, and (iii) agrees that it will not bring any action relating to this Lease or any of the transactions contemplated by this Lease in any court other than an Georgia state court or Federal court in and for Fulton County, Georgia. Each of the Parties hereby consents to and grants any such court jurisdiction over the person of such Party and over the subject matter of any such dispute and agrees that mailing of process or other papers in connection with any such action or proceeding in the manner provided in <u>Section 15</u>, or in such other manner as may be permitted by Law, shall be valid and sufficient service thereof on such Party. Each Party hereby acknowledges and agrees that any controversy that may arise under this Lease is likely to involve complicated and difficult issues, and therefore such Party hereby irrevocably and unconditionally waives any right such Party may have to a trial by jury in respect to any litigation directly or indirectly arising out of or relating to this Lease or any of the ancillary agreements, or the breach, termination or validity of

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this Lease or any of the ancillary agreements, or the transactions contemplated hereby or thereby. Each Party hereby certifies and acknowledges that (i) no representative, agent or attorney of any other Party has represented, expressly or otherwise, that such other Party would not, in the event of litigation, seek to enforce the foregoing waiver, (ii) such Party understands and has considered the implications of this waiver, (iii) such Party makes this waiver voluntarily, and (iv) such Party has been induced to enter into this Lease and each of the ancillary agreements by, among other things, the mutual waivers and certifications set forth in this section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.10 <u>Binding Effect</u>**. The provisions of this Lease shall inure to the benefit of and be binding upon the Parties and their respective successors and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.11 <u>Memorandum</u>**. The Parties agree that this Lease shall not be filed or recorded. Upon the execution of this Lease, the Parties will simultaneously execute a Memorandum of Mining Lease, substantially in the form attached as <u>Exhibit E,</u> which shall be recorded if requested by either Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.12 <u>Counterparts; Execution</u>**. This Lease may be executed in any number of counterparts, each of which shall be deemed to be an original, and all of which together shall constitute one and the same instrument. Each Party may rely upon the signature of each other Party on this Lease that is transmitted by facsimile or email as constituting a duly authorized, irrevocable, actual, current delivery of this Lease with the original ink signature of the transmitting Party. This Lease shall become effective and in full force only when duly and properly executed, authorized and delivered by the Parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.13 <u>Guaranty</u>**. In the event that Lessee is acquired by or merges with any entity such that Lessee becomes a subsidiary or other Affiliate controlled by the other entity, Lessor at its election may, by providing Notice to Lessee require the other entity to become a guarantor for Lessee's obligations under this Lease ("**Guarantor**") and to, within thirty (30) days after the Notice to Lessee, execute the Guaranty Agreement attached hereto as <u>Exhibit F</u> and delivered an executed, original copy of the Guaranty Agreement to Lessor.

[signatures appear on the following page]

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IN WITNESS WHEREOF, Lessor and Lessee have executed this Lease effective as of the Effective Date.

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|:---|
| **Weyerhaeuser Company** |
| By: <u>/s/ Rehad P. Hossain</u> |
| Name: <u>Rehad P. Hossain</u> |
| Title: <u>VP, Energy & Natural Resources</u> |
| Date Executed: <u>10/1/2020</u> |
| **Southeast Metals, LLC** |
| By: <u>/s/ James E. Bond</u> |
| Name: <u>James E. Bond</u><br>Title: <u>Member</u>  |
| Date Executed: <u>9/26/2020</u> |

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**EXHIBIT A**

(Attached to and made a part of<br>Mining Lease Agreement dated effective October 1st, 2020<br>(Georgia Rare Earth Project))

**<u>HARRIS AND TALBOT COUNTIES, GEORGIA</u>**

**Those certain Lands and Mineral Interests owned by Lessor:**

[Attached]

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**State of Georgia**

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| &nbsp;&nbsp;*Legal Description* | &nbsp;&nbsp;*WY-Surface Acres* | &nbsp;&nbsp;*WY Net Mineral Acres* |
| &nbsp;&nbsp;**Harris County:**<br>**Tract Name: COMP 31055B**<br>**HR 24:**<br>All that tract or parcel of land containing 249.812 acres, more or less, in Land Lots 256, 257, 258, 284 and 285 of the 22<sup>nd</sup> Land District of Harris County, Georgia, and being more particularly described and shown on that certain plat of survey prepared by Hugh P. Riley dated February 27, 1970, and subsequently revised, said plat being recorded in Plat Book 10, page 146, in the Deed Records of the Clerk of Superior Court of Harris County, Georgia, which plat by this reference thereto is incorporated herein for a more particular and accurate description of said property.<br>Said tract being more particularly described as follows:<br>All that tract or parcel of land containing 249.812 acres in Land Lots 256, 257, 258, 284 and 285 of the 22<sup>nd</sup> Land District of Harris County, Georgia, more particularly described on plat prepared by Hugh P. Riley dated February 27, 1970 and subsequently revised, said plat being recorded in Plat Book 10, Page 146, Deed Records, Harris County, Georgia as follows: Begin at an iron pin located at the common corner of Land Lots 248, 249, 256 and 257 of said district and go thence along the south line of Land Lot 256 North 89° 1' West 1485.7 feet to a point; thence North 0° 12' West, 2590.05 feet to a point; thence South 89° 47' East 1222.45 feet to a point; thence North 0° 17' West 524.85 feet to a point on the south line of Shiloh Kings Gap Road; thence along said right of way in an easterly direction 1182.10 feet to a point on the northwest line of property now or formerly of Faulkner; thence along said property line South 8° West 510.0 feet to a point; thence | &nbsp;&nbsp;249.812 | &nbsp;&nbsp;249.812 |

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|:---|:---|:---|
|  | &nbsp;&nbsp;South 82° East 96.8 feet to a point; thence South 8° West 275.04 feet to a point; thence South 82° East 752.18 feet to a point; thence South 37° 46' West 279.10 feet to a point; thence South 82° East 276.85 feet to a point; thence South 52° 14' East 50 feet to a point; thence South 37° 46' West 76.82 feet to a point; thence South 52° 14' East 240.0 feet to a point; thence North 37° 46' East 40.16 feet to a point; thence due East 755.2 feet to a point; thence South 74° 46' East 571.5 feet to a point; thence South 7° 34' East 283.6 feet to a point; thence South 88° 48' East 209.05 feet to a point; thence South 5° 10' East 433.7 feet to a point; thence North 89° 48' West 73.5 feet to a point; thence South 9° 2' West 136.5 feet to a point; thence North 83° 42' East 128.9 feet to a point; thence South 11° 22' East 163.45 feet to a point; thence South 5° 37' East 203.5 feet to a point; thence North 82° 33' West 247.5 feet to a point; thence South 85° 47' West 523.2 feet to a point; thence South 81° 22' West 231.09 feet to a point; thence North 6° 24' 37" West 140.0 feet to a point; thence North 46° 34' 19" West 80.9 feet to a point; thence South 81° 37' 10" West 485.53 feet to a point; thence South 17° 56' 42" West 435.7 feet to a point on the south line of Land Lot 257; thence along said south land lot line North 89° 38' West 1926.19 feet to the iron pin and the point of beginning<br>This is the same property described in a deed from James E. Albright to Georgia Kraft Company dated November 5, 1981, and recorded in Deed Book 107, page 560; and a portion of the property conveyed in a Deed of Amplification from Inland-Rome Inc. to Mead Coated Board, Inc. dated December 14, 1988, and recorded in Deed Book 182, page 472, in the Deed Records of the Clerk of Superior Court of Harris County, Georgia.<br>And being the same property described in a deed from MeadWestVaco Coated Board, LLC to MWV-Land Sales, Inc. dated October 29, 2010 and recorded December 30, 2010 in Deed Book 1168, Page 50, Harris County, Georgia records.<br>|  |
| &nbsp;&nbsp;**Totals** | &nbsp;&nbsp;**Harris County, Georgia** | &nbsp;&nbsp;**249.812** |

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|:---|:---|:---|
| &nbsp;&nbsp;*Legal Description* | &nbsp;&nbsp;*WY-Surface Acres* | &nbsp;&nbsp;*WY Net Mineral Acres* |
| &nbsp;&nbsp;**Talbot County:**<br>**Tract Name: COMP 31013, 31019A and 31025A**<br>**TA-5A and TA-16**<br>All that tract or parcel of land containing 1525.2 acres, more or less, in Land Lots 224, 225, 226, 243, 244, 245, 246, 259, 260 and 261 of the 22<sup>nd</sup> Land District of Talbot County, Georgia, and being more particularly shown and described on that certain plat of survey prepared by Georgia Kraft Company dated September 22, 1958, and recorded in Plat Book G, page 310, in the Deed Records of the Clerk of Superior Court of Talbot County, Georgia, which plat by this reference thereto is incorporated herein for a more particular and accurate description of said property.<br>This is the same property described and conveyed as Tract 1 in a deed from Junction City Manufacturing Company, Inc. to Interstate Land and Improvement Company dated March 9, 1949, and recorded in Deed Book TT, page 474, and the same property described in a deed from S. P. Dixon to Interstate Land and Improvement Company dated July 22, 1950, and recorded in Deed Book UU, page 371, and a portion of the property conveyed in a Deed of Amplification from Inland-Rome Inc. to Mead Coated Board, Inc. dated July 27, 1989, and recorded in Deed Book 57, page 119, in the Deed of Records of the Clerk of the Superior Court of Talbot County, Georgia.<br>LESS AND EXCEPT all that lot, tract and parcel of land situate, lying and being in Land Lot 259 of the 22<sup>nd</sup> Land District of Talbot County, Georgia, and being more particularly identified as "25.96 acres" on that certain plat of survey entitled "Plat for A. W. and Sylvia Rozell" prepared by Robert A. Moreland on January 30, 2009, and recorded in Plat Book 241, page 16A, in the Office of the Clerk of the Superior Court of Talbot County,  | &nbsp;&nbsp;1314.98 | &nbsp;&nbsp;1314.98 |

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|:---|:---|
| &nbsp;&nbsp;Georgia, which plat by this reference thereto is incorporated herein for a more particular and accurate description of said property excepted herefrom.<br>ALSO, LESS AND EXCEPT all that tract or parcel of land lying and being in land Lots 226 and 243 of the 22<sup>nd</sup> Land District of Talbot County, Georgia, and being more particularly described as 169.676 acres on that certain plat of survey recorded in Plat Book 244, page 5, in the Deed Records of the Clerk of Superior Court of Talbot County, Georgia, and being the same property described in a Limited Warranty Deed to Jack Phillips Buchanan from MeadWestvaco Coated Board, Inc. dated June 21, 2010, and recorded in Deed Book 331, page 338, in said Clerk's Office.<br>ALSO, LESS AND EXCEPT 14.584 acres, more or less, in Land Lot 243 of the 22<sup>nd</sup> Land District of Talbot County, Georgia, and being more particularly described in a Limited Warranty Deed from MeadWestvaco Coated Board, Inc. to Georgia Power Company dated March 28, 2005, and recorded in Deed Book 246, page 181, in the Deed Records of the Clerk of Superior Court of Talbot County, Georgia. |  |
| &nbsp;&nbsp;**Tract Name: COMP 31019B**<br>**TA-24**<br>All that tract or parcel of land containing 98.036 acres, more or less, in Land Lots 262 and 263 of the 22<sup>nd</sup> Land District, in Talbot County, Georgia, and being more particularly shown and described on that certain plat of survey prepared by Georgia Kraft Company dated November 22, 1958, and recorded in Plat Book G, page 326, in the Deed Records of the Clerk of Superior Court of Talbot County, Georgia, which plat by this reference thereto is incorporated herein for a more particular and accurate description of said property.<br>The above referenced plat indicates a tract of land containing 104.7 Acres, and THERE IS EXCLUDED FROM SAID ACREAGE AND  | &nbsp;&nbsp;98.036 |

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|  | &nbsp;&nbsp;NOT HEREBY DESCRIBED that certain tract of land conveyed to Georgia Power Company for a right of way in the year 1981 containing 6.64 acres. Said excepted parcel being conveyed by Georgia Kraft Company to Georgia Power Company by Right of Way Deed recorded in Deed Book 37, Page 221, and being more particularly described as follows:<br>All that tract or parcel of land situate, lying and being in Land Lot 262 of the 22<sup>nd</sup> Land District of Talbot County, Georgia and being more particularly described as follows: Beginning on the dividing line between Land Lots 262 and 279 at a property corner common to lands of Anne Liz Terry and lands of the Grantor herein; thence from said Point of Beginning South 88° 39' East along said dividing line 100.00 feet to a point; thence South 01° 21' West 2885.20 feet to the north right of way line of the Company's existing right of way line previously acquired on its Bartlett's Perry-Manchester Transmission Line; thence South 71° 42' West along said right of way line 106.18 feet to the dividing line between lands of Annie Liz Terry and lands of the Grantor herein; thence North 01° 21' East along said dividing line 2920.91 feet to the Point of Beginning.<br>This is the same property described and conveyed in a deed from Holmes S. Chapman to Interstate Land and Improvement Company dated October 16, 1952, and recorded in Deed Book WW, page 248; and a portion of the property conveyed in a Deed of Amplification from Inland-Rome Inc. to Mead Coated Board, Inc. dated July 27, 1989, and recorded in Deed Book 57, page 119, in the Deed Records of the Clerk of Superior Court of Talbot County, Georgia. |  |
| &nbsp;&nbsp;**Totals** | &nbsp;&nbsp;**Talbot County, Georgia** | &nbsp;&nbsp;**1413.016** |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Recap of acres in each county:** | &nbsp;&nbsp;**Recap of acres in each county:** | &nbsp;&nbsp;**Recap of acres in each county:** |
|  | &nbsp;&nbsp;**Harris County, Georgia** | &nbsp;&nbsp;**249.812** |
|  | &nbsp;&nbsp;**Talbot County, Georgia** | &nbsp;&nbsp;**1413.016** |
| &nbsp;&nbsp;**Totals** |  | &nbsp;&nbsp;**1662.828** |

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**EXHIBIT B**

(Attached to and made a part of<br>Mining Lease Agreement dated effective October 1st, 2020<br>(Georgia Rare Earth Project))

**MAP OF LEASE AREA**

[Attached]

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**EXHIBIT B**![img262667329_0.jpg](img262667329_0.jpg)

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**EXHIBIT C**

(Attached to and made a part of<br>Mining Lease Agreement dated effective October 1st, 2020<br>(Georgia Rare Earth Project)

**<u>AREA OF INTEREST</u>**

The geographic area outside of the Lease Area comprised of the entirety of the following counties, and as depicted on the attached map labeled "Area of Interest": Harris, Talbot, Meriwether, Upson, Pike, Lamar, Monroe, Jasper, and Jones Counties, Georgia and Lee County, Alabama.

Including, without warranty regarding title, real property owned by Lessor as of the Effective Date within the geographic boundaries of the Area of Interest, depicted and identified as "Weyerhaeuser Properties" on the attached map.

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![img262667329_1.jpg](img262667329_1.jpg)

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**EXHIBIT D**

(Attached to and made a part of<br>Mining Lease Agreement dated effective October 1st, 2020<br>(Georgia Rare Earth Project))

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**EXHIBIT D**

(Attached to and made a part of<br>Mining Lease Agreement dated effective October 1<sup>st</sup>, 2020<br>(Georgia Rare Earth Project)) ("**Mining Lease**")

**<u>PRODUCTION AND BYPRODUCT ROYALTY TERMS AND CONDITIONS</u>**

**1.0 DEFINITIONS**

Unless otherwise defined herein or in the Mining Lease, all capitalized terms shall have the following meanings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.1** "**ACH**" shall have the meaning set forth in Section 4.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.2** "**Affiliate**" means any person, limited liability company, partnership, joint venture, corporation, or other form of enterprise which directly or indirectly controls, is controlled by or is under common control with a Party, and for the purposes hereof; and "control" means possession, directly or indirectly, of the power to direct or cause direction of management and policies through ownership of voting securities, contract, voting trust or otherwise, and in the absence of evidence to the contrary, ownership of fifty-one percent (51%) or more of the voting securities of a corporation will constitute "control".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.3** "**Arm's Length Transaction**" means one between Non-Related Parties in a competitive and open market under conditions requisite to a fair sale, each acting prudently and knowledgeably, and where the selling price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title to the buyer under conditions whereby; (1) the buyer and seller are typically motivated, well informed or advised, and are acting in what they consider their best interest, (2) a reasonable time is allowed for exposure to the market, (3) payment is made in US dollars or in terms of financial arrangements comparable thereto, and (4) the price represents the normal consideration for the material or product sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.4** "**Byproduct**" shall mean minerals other than Rare Earth Elements that are produced in marketable form as a byproduct of mining Rare Earth Elements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.5** "**Effective Date**" shall have the meaning set forth in the introductory paragraph.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.6** "**Fair Market Value**" shall have the meaning set forth in Section 3.0.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.7** "**Initial Processing**" shall have the meaning set forth in Section 7.0.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.8** "**Lease Area**" means the lands and mineral interests owned by Weyerhaeuser included in the Mining Lease and is more particularly described in the attached <u>Exhibit A</u> and depicted in the attached <u>Exhibit B</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.9** "**Notices**" shall have the meaning set forth in Section **Error! Reference source not found.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.10** "**Products**" means all ores, minerals and mineral and nonmineral resources and substances that can potentially be produced and sold from the Lease Area that contain any Rare Earth Elements, including without limitation substances sold as concentrate, refined product, dore, or direct shipping ore.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.11** "**Quarterly Statement**" shall have the meaning set forth in Section 4.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.12** "**Rare Earth Elements**" means the following chemical elements in the Periodic Table of Elements: lanthanum, cerium, praseodymium, neodymium, promethium, samarium, europium, gadolinium, terbium, dysprosium, holmium, erbium, thulium, ytterbium, lutetium, scandium, and yttrium, whether occurring alone or in combination with one another or other mineral or nonmineral substances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.13** "**Royalty**" shall have the meaning set forth in Section 2.0.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.14** "**Sale**" shall have the meaning set forth in Section 4.1.

**2.0 GRANT OF PRODUCTION ROYALTY**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1 Grant of Royalty**. Lessee hereby grants and shall pay to Lessor the following royalties (collectively, the "***Royalty***"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Production Royalty**. Lessee shall pay to Lessor a production royalty for Products produced from the Lease Area, in the amount of five percent (5%) of the weighted average quarterly per short ton (2,000 pounds) Fair Market Value of such Products ("**Production Royalty**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Byproducts Royalty**. Lessee shall pay to Lessor a royalty for Byproducts produced from the Lease Area, at a rate of five percent (5%) of the per short ton or other applicable weight, volume or other unit measure Fair Market Value of such Byproduct ("**Byproducts Royalty**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2 No Milling Obligation**. Lessee may, but is not obligated to, beneficiate, mill, sort, concentrate, refine, smelt, or otherwise process and upgrade any ores, concentrates and other mineral products from the Lease Area.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3 No Royalty in Kind**. The Royalty is a grant to a share of the proceeds of production from the Lease Area. Lessor shall have no right to take, or elect to take, the Royalty or value of the Royalty in kind by physical delivery of ores, concentrates or Products.

**3.0 FAIR MARKET VALUE**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1 Sale of Products**. In the event Lessee sells Products, "**Fair Market Value**" shall mean the greater of (1) the then current average quarterly selling price of Products, as reported by mineralprices.com or an equivalent publication mutually agreed upon by the Parties, for

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medium-term contract sales of bulk concentrate standard grade products that are being sold by a producer from any processing facility located in the United States in an Arm's Length Transaction, or (2) the "**Gross Sales Price**" of Products as defined below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Gross Sales Price - Arm's Length**. For Arm's Length Transactions, the Gross Sales Price of Products shall be the price actually charged by Lessee in an Arm's Length Transaction, including the value of any non-cash consideration, F.O.B. railroad cars, trucks or other transport at the time and place of sale without deduction for selling costs, selling commissions, advertising, credit losses, transportation costs, severance tax or any other taxes that might be hereafter imposed, discounts, or any other deductions whatsoever.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Gross Sales Price - Related Party**. If any of the Products mined from the Lease Area shall be sold by Lessee at other than an Arm's Length Transaction, or consumed on or off the Lease Area without sale by Lessee, or sold to some entity other than a Non-Related Party, then the Gross Sales Price of such Products shall be the greater of (i) the Gross Sales Price of Arm's Length Transactions completed during the same calendar quarter, or (ii) the Fair Market Value of such Products at the time of sale, or if consumed without sale, at the time of consumption, as determined in (1) above.

The Fair Market Value for Byproducts shall mean and be determined the same as for Products as specified above, except substituting "Byproduct" for "Products" each place where "Products" appears above, and "London Metal Exchange" for "mineralprices.com" where "mineralprices.com" appears above

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2 Hedging Profits and Losses Not Included in Fair Market Value**. Notwithstanding any other provision of this Royalty Agreement, Lessee and Lessor intend and agree that for purposes of determination of the Royalty due hereunder, Fair Market Value shall include the proceeds received by Lessee from the sale and delivery of Product, including delivery made pursuant to a forward sales contract; but shall not include any profits, losses or transaction costs for any futures trading or commodity options trading or any other price hedging, price protection, derivative or speculative arrangements which may involve the possible delivery of Products produced from the Lease Area.

**4.0 MANNER OF PAYMENT**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1 Royalty Payments**. Royalties shall accrue at the time of sale of Products from the Lease Area or time that the Product is consumed without sale by Lessee and in the amount as provided in Section 3.0 above. For purposes of this Section 4.1, "**Sale**" means the date on which Lessee receives payment for the sale of Products. Royalty payments shall become due and payable quarterly on the fifteenth (15th) day of the month following the last day of the calendar quarter in which the same accrue. Royalty payments shall be by check, ACH (as defined below) or wire transfer, and shall be accompanied by a settlement sheet showing the quantities and grades of Products produced from the Lease Area for sale or processing, proceeds of sale, costs, and other pertinent information in sufficient detail to explain the calculation of the Royalty payment ("**Quarterly Statement**").

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2 Depository Bank**. Upon written request of Lessee, Lessor shall designate a bank to act as Lessor's agent to receive from Lessee all payments payable under the terms hereof, and all such payments may be made by paying or tendering the same to Lessor, or to the bank for Lessor's credit, which bank shall continue as the depository for all Royalty payments, subject only to the subsequent provisions in this Section 4.2. All charges of such depository bank shall be for Lessor's account. A single payment or tender to said depository bank shall be made by (i) mailing or by delivering a check, (ii) electronic exchange of funds between accounts held at U.S. financial institutions through the Automated Clearing House network ("**ACH**"), or (iii) wire transfer, and such a payment shall effectively and for all purposes whatsoever constitute full payment of the amount thereof to Lessor to the same extent as if made directly. In the event Lessor fails to name said bank upon the request of Lessee, or in the event such bank (or any successor bank) should fail, liquidate or be succeeded by another bank, or for any reason fail or refuse to accept royalties, or should Lessor desire to designate another depository bank, then Lessee shall not be held in default for failure to make payment or tender of payments until thirty (30) days after said persons shall deliver to Lessee a proper, recordable instrument naming a bank as agent to receive such payments or tenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.3 Objections to Payments**. All Royalty payments shall be considered final and in full satisfaction of all obligations of Lessee with respect thereto unless Lessor gives Lessee written notice describing and setting forth a specific objection to the calculation thereof within ninety (90) days after receipt by Lessor of the Quarterly Statement herein provided for. If Lessor objects to a particular Quarterly Statement as herein provided, Lessor shall, for a period of thirty (30) days after Lessor's receipt of notice of such objection, have the right to have Lessee's accounts and records relating to calculation of the Quarterly Statement in question audited by a certified public accountant acceptable to Lessor and to Lessee and subject to mutually acceptable confidentiality protection. Lessee shall account for any deficits or excess in the payment made to Lessor pursuant to the Quarterly Statement in question which may be confirmed by such an audit by adjusting the next Quarterly Statement following completion of such audit to account for such deficits or excess. If the variation between the amount of a particular Royalty payment made to Lessor hereunder as calculated by the audit provided for herein exceeds five percent (5%), Lessee shall pay all costs of such audit. If such variation is five percent (5%) or less, Lessor shall pay all costs of such audit. For the purpose of determining the amount of royalties payable hereunder, all figures, accounts, and records used in connection with the calculation of royalties shall be determined in accordance with generally accepted accounting principles and from accounts maintained by Lessee in connection with its operations of the Lease Area. Failure on the part of Lessor to make a claim on Lessee for adjustment in such 90-day period shall establish the correctness of the particular Quarterly Statement and preclude the filing of exceptions to such Quarterly Statement or making of claims for adjustment to such Quarterly Statement, and in the absence of fraud, Lessor expressly waives any claim or cause of action with respect to such Quarterly Statement.

**5.0 COMMINGLING OF ORES**

Lessee shall have the right of mixing or commingling, either underground, at the surface, or at the Lease Area, any ores, mine waters, leachates, pregnant liquors, pregnant slurries, or other products or compounds containing minerals mined or extracted from any sources or mining properties with any similar substances derived from other sources, lands or properties; provided that Lessee shall weigh and sample such ores, products or compounds in accordance with sound

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mining and metallurgical practice for moisture and metal content before the same are so mixed or commingled. In computing the Royalty, ownership of the Product shall be allocated between Lease Area ore and other ore on the basis of the metal content and weight of the concentrate from each ore.

**6.0 SAMPLING, ASSAY, AND ANALYSIS**

Any determination of weight, volume, moisture content, amenability, or pay metal content, and any sampling and analysis shall be made in accordance with sound mining and metallurgical practices and standard sampling and analysis procedures prevailing in the Rare Earth Element mining and milling industry. Lessor shall have the right to have a representative present at the time samples are taken. Lessor shall be furnished at Lessor's request with a portion of all samples taken for analysis of ore, leachates, pregnant liquors, or pregnant slurries or other compounds or products owned by Lessee processed on or off the Lease Area. Split samples shall by retained by Lessee for later analysis by an independent referee selected by mutual agreement of the parties and, in the event of a dispute concerning Lessee's assay of samples, Royalty payments shall be based on the assay results determined by the independent referee. All statements or reports wherein Lessee's assay of samples are set forth shall be conclusively presumed to be true and correct, unless, within sixty (60) days after such statements or reports are delivered to Lessor, Lessor makes written objection thereto and demands an assay by the independent referee; and unless such objection and demand is made within such sixty-day period, Lessee shall have no duty to preserve the split samples after the end of such sixty-day (60) period. The cost of the independent referee shall be paid by the party whose assay shows the greatest variance from that of the independent referee.

**7.0 WASTE ROCK, SPOIL AND TAILINGS**

Except for the Royalty payable on products provided here or as otherwise provided in the Mining Lease, Lessor shall have no rights, title or interest in all residue or tailings remaining after Initial Processing (defined below) and minerals from the Lease Area, or any subsequent processing of ores, such or other products or compounds of minerals provided, that, if any tailings, residues, waste rock, dumps, spoiled leach materials, or other waste materials are process or reprocessed at any time while the property of Lessee and result in the production of Rare Earth Element Products or Byproducts, such Rare Earth Elements or Byproducts shall be subject to the Royalty and the further terms of this Royalty Agreement. "**Initial Processing**" shall mean all processing of ores, mine waters, leachates, pregnant liquors, pregnant slurries, or other products or compounds of mineral prior to the time any residue thereof shall be first deposited in a tailings containment facility. Lessee shall not be liable for mineral values lost in mining or processing pursuant to sound mining and metallurgical engineering practices. The Royalty shall be payable only on Products.

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**8.0 THIRD PARTY CLAIMS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.1 Third Party Claims**. If any person or entity not a party asserts a claim of ownership in Products or a claim to a share in any mine ores, minerals, waters, leachates, pregnant liquors, pregnant slurries, or other products or compounds of minerals, or a claim for money on account of production of minerals, Lessee at its sole discretion after written notice to Lessor, may suspend its obligation to pay the Royalty, and in lieu thereof may deposit in an interest-bearing account payments equivalent to the Royalty which may otherwise become due Lessor. Such deposit or deposits shall remain in such interest-bearing account until the claim or controversy is resolved or settled by final court decision, by arbitration, negotiation, or otherwise.

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**EXHIBIT E**

(Attached to and made a part of<br>Mining Lease Agreement dated effective October 1st, 2020<br>(Georgia Rare Earth Project))

**FORM OF MEMORANDUM OF MINING LEASE AGREEMENT**

[Form attached]

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**<u>MEMORANDUM OF MINING LEASE</u>**

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|:---|:---|
| &nbsp;&nbsp;**Owner's Name and Current Mailing Address**<br>Weyerhaeuser Company<br>220 Occidental Ave S<br>Seattle, WA 98104<br>|  |
| &nbsp;&nbsp;**After recording return to:** |  |
|  | &nbsp;&nbsp;This space reserved for recorder's use. |
| &nbsp;&nbsp;**MEMORANDUM OF MINING LEASE AGREEMENT** | &nbsp;&nbsp;**MEMORANDUM OF MINING LEASE AGREEMENT** |

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NOTICE IS HEREBY GIVEN that Weyerhaeuser Company, a Washington corporation, whose address is 220 Occidental Ave S., Seattle, Washington 98104 ("Lessor"), and South East Metals, LLC, a Virginia limited liability company, whose address is 650 Peter Jefferson Parkway Suite 230, Charlottesville, VA 22911 ("Lessee"), have entered into a Mining Lease Agreement (the "Lease"), dated to be effective as of October 1st, 2020 (the "Effective Date"), with respect to certain lands and mineral interests included in the Lease Area (all as defined in the Lease) and more particularly described in <u>Exhibit A</u> to this Memorandum.

The primary term of the Lease is 15 years from the Effective Date, unless terminated in accordance with the terms of the Lease. The Lease also provides Lessee with the option to extend the Lease beyond the primary term.

The Lease is incorporated herein by this reference and made a part hereof. Copies of the Lease are in the possession of the parties at the addresses identified above. If there is any inconsistency between this Memorandum and the Lease, the Lease shall govern.

Dated this ____ day of____, 20xx but effective as of the Effective Date.

[*Signatures and acknowledgements appear on the following pages*]

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|:---|
| **Weyerhaeuser Company** |
| By: |
| Name: |
| Title: |

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|:---|
| **Southeast Metals, LLC** |
| By: |
| Name: |
| Title: |

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**ACKNOWLEDGEMENTS**

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|:---|:---|
| STATE OF WASHINGTON |) |
|  | : ss. |
| COUNTY OF  |) |

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On this ____ day of _______________, 20xx, personally appeared before me, a Notary Public, in and for the state and county aforesaid, ______________________________, a<br>______________________________ of Weyerhaeuser Company, a Washington corporation, who acknowledged that he executed the Memorandum of Mining Lease Agreement on behalf of said corporation for the purposes expressed therein.

NOTARY PUBLIC <br> Residing at:  

My commission expires:<br>

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|:---|:---|
| STATE OF  |) |
|  | : ss. |
| COUNTY OF  |) |

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On this ____ day of _______________, 20xx, personally appeared before me, a Notary Public, in and for the state and county aforesaid, ______________________________, a<br>______________________________ of Southeast Metals, LLC, a Virginia limited liability company who acknowledged that he executed the Memorandum of Mining Lease Agreement on behalf of said company for the purposes expressed therein.

NOTARY PUBLIC <br> Residing at:  

My commission expires:<br>

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Exhibit A

Attached to Memorandum of Mining Lease Agreement

Lease Area

[Attached]

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<u>Exhibit A</u>

**State of Georgia**

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|:---|:---|:---|
| &nbsp;&nbsp;*Legal Description* | &nbsp;&nbsp;*WY-Surface Acres* | &nbsp;&nbsp;*WY Net Mineral Acres* |
| &nbsp;&nbsp;**Harris County:**<br>**Tract Name: COMP 31055B**<br>**HR 24:**<br>All that tract or parcel of land containing 249.812 acres, more or less, in Land Lots 256, 257, 258, 284 and 285 of the 22<sup>nd</sup> Land District of Harris County, Georgia, and being more particularly described and shown on that certain plat of survey prepared by Hugh P. Riley dated February 27, 1970, and subsequently revised, said plat being recorded in Plat Book 10, page 146, in the Deed Records of the Clerk of Superior Court of Harris County, Georgia, which plat by this reference thereto is incorporated herein for a more particular and accurate description of said property.<br>Said tract being more particularly described as follows:<br>All that tract or parcel of land containing 249.812 acres in Land Lots 256, 257, 258, 284 and 285 of the 22<sup>nd</sup> Land District of Harris County, Georgia, more particularly described on plat prepared by Hugh P. Riley dated February 27, 1970 and subsequently revised, said plat being recorded in Plat Book 10, Page 146, Deed Records, Harris County, Georgia as follows: Begin at an iron pin located at the common corner of Land Lots 248, 249, 256 and 257 of said district and go thence along the south line of Land Lot 256 North 89° 1' West 1485.7 feet to a point; thence North 0° 12' West, 2590.05 feet to a point; thence South 89° 47' East 1222.45 feet to a point; thence North 0° 17' West 524.85 feet to a point on the south line of Shiloh Kings Gap Road; thence along said right of way in an easterly direction 1182.10 feet to a point on the northwest line of property now or formerly of Faulkner; thence along said property line South 8° West 510.0 feet to a point; thence South 82° East 96.8 feet to a point; East 96.8 feet to a point; thence South 8° West 275.04 feet to a  | &nbsp;&nbsp;249.812 | &nbsp;&nbsp;249.812 |

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|:---|:---|:---|
|  | &nbsp;&nbsp;point; thence South 82° East 752.18 feet to a point; thence South 37° 46' West 279.10 feet to a point; thence South 82° East 276.85 feet to a point; thence South 52° 14' East 50 feet to a point; thence South 37° 46' West 76.82 feet to a point; thence South 52° 14' East 240.0 feet to a point; thence North 37° 46' East 40.16 feet to a point; thence due East 755.2 feet to a point; thence South 74° 46' East 571.5 feet to a point; thence South 7° 34' East 283.6 feet to a point; thence South 88° 48' East 209.05 feet to a point; thence South 5° 10' East 433.7 feet to a point; thence North 89° 48' West 73.5 feet to a point; thence South 9° 2' West 136.5 feet to a point; thence North 83° 42' East 128.9 feet to a point; thence South 11° 22' East 163.45 feet to a point; thence South 5° 37' East 203.5 feet to a point; thence North 82° 33' West 247.5 feet to a point; thence South 85° 47' West 523.2 feet to a point; thence South 81° 22' West 231.09 feet to a point; thence North 6° 24' 37" West 140.0 feet to a point; thence North 46° 34' 19" West 80.9 feet to a point; thence South 81° 37' 10" West 485.53 feet to a point; thence South 17° 56' 42" West 435.7 feet to a point on the south line of Land Lot 257; thence along said south land lot line North 89° 38' West 1926.19 feet to the iron pin and the point of beginning<br>This is the same property described in a deed from James E. Albright to Georgia Kraft Company dated November 5, 1981, and recorded in Deed Book 107, page 560; and a portion of the property conveyed in a Deed of Amplification from Inland-Rome Inc. to Mead Coated Board, Inc. dated December 14, 1988, and recorded in Deed Book 182, page 472, in the Deed Records of the Clerk of Superior Court of Harris County, Georgia.<br>And being the same property described in a deed from MeadWestVaco Coated Board, LLC to MWV-Land Sales, Inc. dated October 29, 2010 and recorded December 30, 2010 in Deed Book 1168, Page 50, Harris County, Georgia records. |  |
| &nbsp;&nbsp;**Totals** | &nbsp;&nbsp;**Harris County, Georgia** | &nbsp;&nbsp;**249.812** |

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|:---|:---|:---|
| &nbsp;&nbsp;*Legal Description* | &nbsp;&nbsp;*WY-Surface Acres* | &nbsp;&nbsp;*WY Net Mineral Acres* |
| &nbsp;&nbsp;**Talbot County:**<br>**Tract Name: COMP 31013, 31019A and**<br>**31025A**<br>**TA-5A and TA-16**<br>All that tract or parcel of land containing 1525.2 acres, more or less, in Land Lots 224, 225, 226, 243, 244, 245, 246, 259, 260 and 261 of the 22<sup>nd</sup> Land District of Talbot County, Georgia, and being more particularly shown and described on that certain plat of survey prepared by Georgia Kraft Company dated September 22, 1958, and recorded in Plat Book G, page 310, in the Deed Records of the Clerk of Superior Court of Talbot County, Georgia, which plat by this reference thereto is incorporated herein for a more particular and accurate description of said property.<br>This is the same property described and conveyed as Tract 1 in a deed from Junction City Manufacturing Company, Inc. to Interstate Land and Improvement Company dated March 9, 1949, and recorded in Deed Book TT, page 474, and the same property described in a deed from S. P. Dixon to Interstate Land and Improvement Company dated July 22, 1950, and recorded in Deed Book UU, page 371, and a portion of the property conveyed in a Deed of Amplification from Inland-Rome Inc. to Mead Coated Board, Inc. dated July 27, 1989, and recorded in Deed Book 57, page 119, in the Deed of Records of the Clerk of the Superior Court of Talbot County, Georgia.<br>LESS AND EXCEPT all that lot, tract and parcel of land situate, lying and being in Land Lot 259 of the 22<sup>nd</sup> Land District of Talbot County, Georgia, and being more particularly identified as "25.96 acres" on that certain plat of survey entitled "Plat for A. W. and Sylvia Rozell" prepared by Robert A. Moreland on January 30, 2009, and recorded in Plat Book 241, page 16A, in the Office of the Clerk of the Superior Court of Talbot County,  | &nbsp;&nbsp;1314.98 | &nbsp;&nbsp;1314.98 |

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|:---|:---|
| &nbsp;&nbsp;Georgia, which plat by this reference thereto is incorporated herein for a more particular and accurate description of said property excepted herefrom.<br>ALSO, LESS AND EXCEPT all that tract or parcel of land lying and being in land Lots 226 and 243 of the 22<sup>nd</sup> Land District of Talbot County, Georgia, and being more particularly described as 169.676 acres on that certain plat of survey recorded in Plat Book 244, page 5, in the Deed Records of the Clerk of Superior Court of Talbot County, Georgia, and being the same property described in a Limited Warranty Deed to Jack Phillips Buchanan from MeadWestvaco Coated Board, Inc. dated June 21, 2010, and recorded in Deed Book 331, page 338, in said Clerk's Office.<br>ALSO, LESS AND EXCEPT 14.584 acres, more or less, in Land Lot 243 of the 22<sup>nd</sup> Land District of Talbot County, Georgia, and being more particularly described in a Limited Warranty Deed from MeadWestvaco Coated Board, Inc. to Georgia Power Company dated March 28, 2005, and recorded in Deed Book 246, page 181, in the Deed Records of the Clerk of Superior Court of Talbot County, Georgia. |  |
| &nbsp;&nbsp;**Tract Name: COMP 31019B**<br>**TA-24**<br>All that tract or parcel of land containing 98.036 acres, more or less, in Land Lots 262 and 263 of the 22<sup>nd</sup> Land District, in Talbot County, Georgia, and being more particularly shown and described on that certain plat of survey prepared by Georgia Kraft Company dated November 22, 1958, and recorded in Plat Book G, page 326, in the Deed Records of the Clerk of Superior Court of Talbot County, Georgia, which plat by this reference thereto is incorporated herein for a more particular and accurate description of said property.<br>The above referenced plat indicates a tract of land containing 104.7 Acres, and THERE IS EXCLUDED FROM SAID ACREAGE AND  | &nbsp;&nbsp;98.036 |

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|:---|:---|:---|
|  | &nbsp;&nbsp;NOT HEREBY DESCRIBED that certain tract of land conveyed to Georgia Power Company for a right of way in the year 1981 containing 6.64 acres. Said excepted parcel being conveyed by Georgia Kraft Company to Georgia Power Company by Right of Way Deed recorded in Deed Book 37, Page 221, and being more particularly described as follows:<br>All that tract or parcel of land situate, lying and being in Land Lot 262 of the 22nd Land District of Talbot County, Georgia and being more particularly described as follows: Beginning on the dividing line between Land Lots 262 and 279 at a property corner common to lands of Anne Liz Terry and lands of the Grantor herein; thence from said Point of Beginning South 88° 39' East along said dividing line 100.00 feet to a point; thence South 01° 21' West 2885.20 feet to the north right of way line of the Company's existing right of way line previously acquired on its Bartlett's Perry-Manchester Transmission Line; thence South 71° 42' West along said right of way line 106.18 feet to the dividing line between lands of Annie Liz Terry and lands of the Grantor herein; thence North 01° 21' East along said dividing line 2920.91 feet to the Point of Beginning.<br>This is the same property described and conveyed in a deed from Holmes S. Chapman to Interstate Land and Improvement Company dated October 16, 1952, and recorded in Deed Book WW, page 248; and a portion of the property conveyed in a Deed of Amplification from Inland-Rome Inc. to Mead Coated Board, Inc. dated July 27, 1989, and recorded in Deed Book 57, page 119, in the Deed Records of the Clerk of Superior Court of Talbot County, Georgia. |  |
| &nbsp;&nbsp;**Totals** | &nbsp;&nbsp;**Talbot County, Georgia** | &nbsp;&nbsp;**1413.016** |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Recap of acres in each county: | &nbsp;&nbsp;Recap of acres in each county: | &nbsp;&nbsp;Recap of acres in each county: |
|  | &nbsp;&nbsp;**Harris County, Georgia** | &nbsp;&nbsp;**249.812** |
|  | &nbsp;&nbsp;**Talbot County, Georgia** | &nbsp;&nbsp;**1413.016** |
| &nbsp;&nbsp;**Totals** |  | &nbsp;&nbsp;**1662.828** |

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**EXHIBIT F**

(Attached to and made a part of<br>Mining Lease Agreement dated effective October 1st, 2020<br>(Georgia Rare Earth Project))

**<u>GUARANTY AGREEMENT</u>**

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|:---|:---|:---|
| &nbsp;&nbsp;**DATED**: | &nbsp;&nbsp;, 20xx |  |
| &nbsp;&nbsp;**FROM**: | &nbsp;&nbsp;XXXXX | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;("**Guarantor**") |
| &nbsp;&nbsp;**IN FAVOR OF**: | &nbsp;&nbsp;WEYERHAEUSER COMPANY, a Washington corporation, and its Affiliates (together, "**Weyerhaeuser**")<br>220 Occidental Ave. S<br>Seattle, Washington 98104 | &nbsp;&nbsp;WEYERHAEUSER COMPANY, a Washington corporation, and its Affiliates (together, "**Weyerhaeuser**")<br>220 Occidental Ave. S<br>Seattle, Washington 98104 |
| &nbsp;&nbsp;**REGARDING**: | &nbsp;&nbsp;SOUTHEAST METALS, LLC, a Virginia limited liability company "**SEM**")<br>650 Peter Jefferson Parkway Suite 230, Charlottesville, VA 22911 | &nbsp;&nbsp;SOUTHEAST METALS, LLC, a Virginia limited liability company "**SEM**")<br>650 Peter Jefferson Parkway Suite 230, Charlottesville, VA 22911 |

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**RECITALS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Weyerhaeuser and SEM entered into that certain Mining Lease Agreement of even date herewith (the "**Lease**") pursuant to which SEM leases from Weyerhaeuser certain lands and mineral interests in Harris and Talbot Counties, Georgia and more particularly described in the Lease, to which Lease this Agreement is attached as *Exhibit F*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Guarantor is the parent company of SEM and the execution and delivery of the Lease and SEM's performance thereunder will benefit Guarantor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. As an inducement to Weyerhaeuser to enter into and continue the Lease after Guarantor becoming the parent company of SEM, as more fully described therein, and as a material part of the consideration for the Lease, the undersigned, for good and valuable consideration, hereby agrees as follows:

**AGREEMENT**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** INCORPORATION OF RECITALS

The above recitals are true and correct and incorporated herein by this reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** GUARANTY

Guarantor unconditionally and irrevocably guarantees to Weyerhaeuser (i) the full and prompt payment when due or whenever payment may become due under the terms of the Lease, including (without limitation) Annual Rental Payments, Production Royalty, Byproduct Royalty,

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and Area of Interest Royalty Payments (as those terms are defined in the Lease), and all other charges, expenses and costs of every kind or nature, which are or may be due now or in the future under the terms of the Lease, any agreements or documents related to the Lease, or any other transaction between Weyerhaeuser and SEM directly or indirectly related to the Lease; and (ii) the complete and timely performance, fulfillment, satisfaction and observance of all duties, obligations, terms and conditions of the Lease, rules and regulations and related obligations arising by reason of the Lease, and required to be performed, satisfied or observed by SEM. The Lease, and all agreements and documents related to the Lease are hereinafter referred to, collectively, as the "**SEM Documents**". Guarantor acknowledges and agrees that one or more of Weyerhaeuser's Affiliates may be a party to one or more of the SEM Documents; therefore, any and all references to Weyerhaeuser herein shall apply with full force and effect to any Weyerhaeuser Affiliate party to one or more of the SEM Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** COVERAGE OF GUARANTY

This Guaranty extends to any and all liability which SEM has or may have to Weyerhaeuser by reason of the SEM Documents, or surviving the expiration or early termination of the SEM Documents. This Guaranty extends to failure of payment or performance by any successor or assignee of SEM, and to any extensions or renewals of the SEM Documents and to any term established by reason of the holdover of SEM. This Guaranty shall not be in any way affected by any indulgences granted by Weyerhaeuser to SEM or any modifications or amendments to the SEM Documents granted by Weyerhaeuser. Receipt by Weyerhaeuser of rent or any other payments with knowledge of the breach of any provision of the SEM Documents shall not be deemed a waiver of such breach nor have any effect on this Guaranty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** PERFORMANCE GUARANTY

In the event that SEM fails to perform, satisfy or observe the terms and conditions of the SEM Documents, rules and regulations, and related obligations required to be performed, satisfied or observed by SEM, the Guarantor will promptly and fully perform, satisfy and observe the obligation or obligations in the place of SEM. Guarantor shall pay, reimburse and indemnify Weyerhaeuser for any and all damages, costs, expenses, losses and other liabilities arising or resulting from the failure of SEM to perform, satisfy or observe any of the terms and conditions of the SEM Documents, rules and regulations and related obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** CONTINUING GUARANTY

This Guaranty shall be continuing. Without notice to or further assent from the Guarantor, Weyerhaeuser may waive or modify any of the terms or conditions of the SEM Documents, any rules and regulations or related SEM obligations; or compromise, settle or extend the time of payment of any amount due from SEM or the time of performance of any obligation of SEM. These actions may be taken by Weyerhaeuser without discharging or otherwise affecting the obligations of Guarantor. This Guaranty shall continue to apply to any future lease between Weyerhaeuser and SEM which replaces the original Lease. SEM need not provide Guarantor with any notice of default or demand for payment. Guarantor hereby waives diligence, presentment, demand, all notices (including notice of dishonor, presentment, acceptance and default), and the benefit of any statute of limitations.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** SECURITY

This Guaranty shall remain in full force and effect, and the Guarantor shall be fully responsible, without regard to any security deposit or other collateral, for the performance of the terms and conditions of the SEM Documents, or the receipt, disposition, application, or release of any bonding, security deposit or other collateral, now or hereafter held by or for Weyerhaeuser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** UNCONDITIONAL OBLIGATIONS

This Guaranty shall not be affected by: (a) the validity or enforceability of any obligation of SEM or Guarantor; (b) any amendment, renewal, waiver, compromise, or new agreement, including but not limited to, the grant of a security interest to Weyerhaeuser by SEM, or interruption in relations between and/or among SEM, Guarantor, and Weyerhaeuser; (c) relief granted pursuant to any statute now or hereafter in force; (d) any setoff, counterclaim or any circumstances which might constitute a defense or discharge of a Guarantor; or (e) any modification of the Lease Area (as defined in the Lease). The liability of Guarantor is direct, immediate, absolute, continuing, unconditional, primary and unlimited. Weyerhaeuser shall not be required to pursue any remedies it may have against SEM, against any other person or entity who is liable (primarily or otherwise) for performance of the SEM Documents, or against any security deposit, bond or other collateral as a condition to enforcement of this Guaranty. Nor shall Guarantor be discharged or released by reason of the discharge or release of SEM, such other person or entity, or any collateral, for any reason, including a discharge in bankruptcy, receivership or other proceedings, a disaffirmation or rejection of the SEM Documents by a trustee, custodian, or other representative in Bankruptcy, a stay or other enforcement restriction, or any other reduction, modification, impairment or limitations of the liability of SEM or any remedy of Weyerhaeuser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.** BINDING EFFECT; TRANSFER OF OWNERSHIP INTEREST IN LESSEE

This Guaranty is binding upon the Guarantor, its heirs, legal representatives, successors and assigns, and is binding upon and shall inure to the benefit of Weyerhaeuser, its successors and assigns. No assignment or delegation by the Guarantor shall release the Guarantor of its obligations under this Guaranty. Weyerhaeuser may assign this Guaranty in connection with an assignment of Weyerhaeuser's interest in the SEM Documents, in which event the assignee of Weyerhaeuser shall have the right to enforce this Guaranty as if originally named as "Weyerhaeuser" herein. Guarantor agrees that so long as this Guaranty is in force, Guarantor shall not dispose of its interest in SEM (other than to Guarantor's Affiliates) without Weyerhaeuser's consent, which consent shall not be unreasonably withheld, and this Guaranty shall not be discharged, limited, or reduced except upon complete performance of the duties, obligations, and liabilities of SEM guaranteed hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.** MODIFICATIONS

This Guaranty may not be modified orally, but only by a writing signed by both the Guarantor and Weyerhaeuser. Modifications include any waiver, change, discharge, modification, or termination.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.** ATTORNEY FEES

In the event of litigation to enforce or interpret this Guaranty (including any proceeding that may be brought in the U.S. Bankruptcy Court), the prevailing party shall be entitled to recover, in addition to all other costs, damages, and awards, its reasonable costs and attorney fees, both at and in preparation for trial and any appeal or review (including in connection with any petition for review), such amounts to be set by the court(s) before which the matter is heard.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.** REMEDIES CUMULATIVE

No remedy granted herein to Lessor is intended to be exclusive of any other available remedy or remedies, but each and every remedy granted under this Guaranty shall be cumulative and shall be in addition to every other remedy given under this Guaranty, now or hereafter existing at law or in equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.** GOVERNING LAW, VENUE:

This Guaranty shall be interpreted under and enforced in accordance with the laws of the State of Washington. Guarantor, Lessor and Lessee hereby (i) irrevocably submit to the jurisdiction of the courts of the State of Washington and the Federal courts of the United States of America in and for King County, Washington for the purpose of any action or proceeding arising out of this Guaranty; (ii) agree that they will not attempt to deny or defeat such personal jurisdiction by motion or other request for leave from any court; and (iii) agree that they will not bring any action relating to this Guaranty in any court other than an Washington state court or Federal court in and for King County, Washington. Each of the parties hereby consents to and grants any such court jurisdiction over the person of such party and over the subject matter of any such dispute and agrees that mailing of process or other papers in connection with any such action or proceeding to the addresses of parties listed in any manner permitted by law shall be valid and sufficient service thereof on such party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.** INSOLVENCY OF SEM

If, as and when SEM or any entity comprising SEM becomes insolvent (defined below), Guarantor shall be deemed to have absolutely waived and released any claim or other right which Guarantor may now or hereafter acquire against SEM that arises from the existence, payment, performance or enforcement of the obligations of Guarantor under this Guaranty, including (without limitation) any right of subrogation, reimbursement, setoff, exoneration, contribution or indemnification, regardless of whether such claim arises in equity or under contract, statute or common law (such rights and claims are hereinafter collectively referred to as "**Claims**"). Such waiver and release of Claims shall be effective as of the date that SEM becomes insolvent and shall remain in force and effect throughout the period of SEM's insolvency. As used herein, the term "insolvent" shall have the meaning ascribed to it in the Federal Bankruptcy Code, as amended from time to time (as amended, the "**Code**"), and shall include any presumption of insolvency mandated by the Code that is not overcome.

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The Guarantor has duly signed this Guaranty Agreement effective on the date and year stated above.

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|:---|:---|
| **GUARANTOR** | **GUARANTOR** |
| South East Metals | South East Metals |
| By: |  |
|  | Name: |
|  | Title: |

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**<u>EXHIBIT G</u>**

(Attached to and made a part of<br>Mining Lease Agreement dated effective October 1st, 2020<br>(Georgia Rare Earth Project))

**FORM OF ROYALTY GRANT AND AGREEMENT**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. Area of Interest Royalty**

[Attached]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. Put Option Royalty**

[Attached]

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**EXHIBIT G-1**

(Attached to and made a part of<br>Mining Lease Agreement dated effective October 1st, 2020<br>(Georgia Rare Earth Project) ("**Mining Lease**"))

**<u>AREA OF INTEREST ROYALTY GRANT AND AGREEMENT</u>**

THIS AREA OF INTEREST ROYALTY GRANT AND AGREEMENT ("**Royalty Agreement**") is made and entered into effective October 1st, 2020, by and between South East Metals, LLC, a Virginia limited liability company ("**SEM**" or "**Grantor**"), the address of which is 650 Peter Jefferson Parkway Suite 230, Charlottesville, Virginia 22911, and Weyerhaeuser Company, a Washington corporation ("**Weyerhaeuser**" or "**Royalty Holder**"), the address of which is 220 Occidental Ave. S., Seattle, Washington 98104. Grantor and Royalty Holder are sometimes referred to individually as a "**Party**" and, collectively, as "**Parties**").

**<u>RECITALS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Weyerhaeuser, as the owner of certain lands and mineral interests located in Harris and Talbot Counties, Georgia, has entered into that certain mining lease dated October 1st, 2020 with SEM for the exploration, development and production of Rare Earth Elements and Products and certain rights of access (the "**Mining Lease**"), concerning the interests and area included in the Mining Lease, as more particularly described in the Mining Lease (the "**Lease Area**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. As part of the consideration and terms and conditions associated with the Mining Lease, SEM desires to grant and pay to Weyerhaeuser a non-participating overriding royalty on Products and Byproducts produced by SEM or its successors or assigns from production occurring from each of the property interests within the Area of Interest as defined in Section 1.0 outside the Lease Area ("**Outside Lease Area Interest**" or "**OLA Interest**") situated within the Area of Interest and more particularly described and depicted in Exhibits A and B ("**Area of Interest**") under the terms and conditions of this Royalty Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. The Parties intend for the rights and obligations in this Royalty Agreement to survive the Mining Lease and remain in effect with respect to the OLA Interest for the duration of any interest of SEM or its successor and assigns in any OLA Interest, and to any Products or Byproducts produced by SEM or its successors and assigns from any OLA Interest, unless earlier terminated by mutual agreement of the Parties.

**<u>AGREEMENT</u>**

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound, the Parties agree as follows:

**1.0 DEFINITIONS**

Unless otherwise defined, all capitalized terms shall have the following meanings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.1** "**ACH**" shall have the meaning set forth in Section 4.1.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.2** "**Affiliate**" means any person, limited liability company, partnership, joint venture, corporation, or other form of enterprise which directly or indirectly controls, is controlled by or is under common control with a Party, and for the purposes hereof; and "control" means possession, directly or indirectly, of the power to direct or cause direction of management and policies through ownership of voting securities, contract, voting trust or otherwise, and in the absence of evidence to the contrary, ownership of fifty-one percent (51%) or more of the voting securities of a corporation will constitute "control".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.3** "**Area of Interest**" shall mean the geographic area outside the Lease Area in Harris, Talbot, Meriwether, Upson, Pike, Lamar, Monroe, Jasper, and Jones Counties, Georgia and Lee County, Alabama, and is further described and depicted in the attached Exhibits A and B. Exhibit B includes a map depicting, without any warranty regarding title, the location and boundaries of real property owned by Weyerhaeuser within the Area of Interest as of the Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.4** "**Arm's Length Transaction**" means one between Non-Related Parties in a competitive and open market under conditions requisite to a fair sale, each acting prudently and knowledgeably, and where the selling price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title to the buyer under conditions whereby; (1) the buyer and seller are typically motivated, well informed or advised, and are acting in what they consider their best interest, (2) a reasonable time is allowed for exposure to the market, (3) payment is made in US dollars or in terms of financial arrangements comparable thereto, and (4) the price represents the normal consideration for the material or product sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.5** "**Byproduct**" shall mean minerals other than Rare Earth Elements that are produced in marketable form as a byproduct of mining Rare Earth Elements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.6** "**Data**" shall mean all factual and interpretative geochemical, geological, geotechnical, engineering, geophysical, metallurgical and resource modeling data (including without limitation ore deposit modeling data), maps, reports and studies, logs of drill holes and Royalty Agreement or the OLA Interest generated or obtained by Grantor, its Affiliates, or independent contractors or consultants as a result of exploration, development and mining of the OLA Interest or collected otherwise, regarding Rare Earth Elements within the Area of Interest, whether in paper, digital or other form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.7** "**Development**" means all preparation (other than Exploration Activities) for the removal and recovery of Products, including but not limited to construction and installation of a mill or any other improvements to be used for the mining, handling, milling, processing, or other beneficiation of Products, and including related Environmental Compliance. Development is strictly limited to the rights included in the OLA Interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.8** "**Dollars**" or "**$**" means United States currency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.9** "**Effective Date**" shall have the meaning set forth in the introductory paragraph.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.10** "**Environmental Compliance**" means actions performed during or after operations to comply with the requirements of all Environmental Laws or contractual commitments related to reclamation of the OLA Interest or other compliance with Environmental Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.11** "**Environmental Laws**" means all applicable Laws aimed at reclamation or restoration of the OLA Interest; abatement of pollution; protection of the environment; protection of wildlife, including endangered species; ensuring public safety from environmental hazards; protection of cultural or historic resources; management, storage or control of hazardous materials and substances; releases or threatened releases of pollutants, contaminants, chemicals or industrial, toxic or hazardous substances as wastes into the environment, including without limitation, ambient air, surface water and groundwater; and all other Laws relating to the manufacturing, processing, distribution, use, treatment, storage, disposal, handling or transport of pollutants, contaminants, chemicals or industrial, toxic or hazardous substances or wastes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.12** "**Exploration Activities**" means all activities directed toward ascertaining the existence, location, quantity, quality or commercial value of deposits of Products, including but not limited to sampling, stream sediment sampling, rock chip sampling, mapping, geologic mapping, geophysical surveying, drilling, drilling related activities, and metallurgical testing and related Environmental Compliance. Exploration Activities shall include all activities associated with the preparation of any feasibility study or pre-feasibility study for possible Development of the OLA Interest. Exploration Activities are expressly limited to the rights included in the OLA Interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.13** "**Fair Market Value**" shall have the meaning set forth in Section 3.0.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.14** "**Initial Processing**" shall have the meaning set forth in Section 7.0.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.15** "**Law**" or "**Laws**" means all applicable federal, state and local laws (statutory or common), rules, ordinances, regulations, grants, concessions, franchises, licenses, orders, directives, judgments, decrees, and other governmental restrictions, including permits and other similar requirements, whether legislative, municipal, administrative or judicial in nature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.16** "**Lease Area**" means the lands and mineral interests owned by Weyerhaeuser included in the Mining Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.17** "**Mining Lease**" has the meaning specified in the Recitals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.18** "**Mining Operations**" means the extraction and removal of Products, whether by surface or underground mining methods or any other subsurface or surface methods now existing or later developed, including in situ and heap leaching techniques, and the processing and beneficiation of such Products, together with the use of the surface estate for the purpose of producing and recovering the Products on the OLA Interest, but only to the extent allowed by the mineral and surface estate rights owned by Grantor in the OLA Interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.19** "**Non-Related Party**" means one that is not a subsidiary, parent or other Affiliate of SEM.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.20** "**Notices**" shall have the meaning set forth in Section 10.6.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.21** "**Outside Lease Area Interest**" or "**OLA Interest**" means any interest in Rare Earth Elements outside the Lease Area that SEM or its successors or assigns currently has or hereafter acquires in the Area of Interest within the time period of any applicable Rule Against Perpetuities, including without limitation any ownership, leasehold, joint venture, operator, working or other contract or real property interest for Rare Earth Element exploration, development, mining or other operations or activities, but excluding any interest acquired from Royalty Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.22** "**Products**" means all ores, minerals and mineral and nonmineral resources and substances that can potentially be produced and sold from the OLA Interest that contain any Rare Earth Elements, including without limitation substances sold as concentrate, refined product, dore, or direct shipping ore.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.23** "**Quarterly Statement**" shall have the meaning set forth in Section 4.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.24** "**Rare Earth Elements**" means the following chemical elements in the Periodic Table of Elements: lanthanum, cerium, praseodymium, neodymium, promethium, samarium, europium, gadolinium, terbium, dysprosium, holmium, erbium, thulium, ytterbium, lutetium, scandium, and yttrium, whether occurring alone or in combination with one another or other mineral or nonmineral substances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.25** "**Royalty**" shall have the meaning set forth in Section 2.0.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.26** "**Sale**" shall have the meaning set forth in Section 4.1.

**2.0 GRANT OF AREA OF INTEREST ROYALTY**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1 Grant of Royalty**. Grantor hereby grants and shall pay to Royalty Holder a nonparticipating overriding royalty of one percent (1%) of Fair Market Value per ton of Products and Byproducts produced from each OLA Interest (the "**Royalty**"). Grantor agrees to provide Royalty Holder with a list and description of the OLA Interests subject to the Royalty quarterly prior to production from any OLA Interest, and with any applicable payment and Quarterly Statement provided pursuant to Section 4.1 upon commencement of production from any OLA Interest. The Parties further agree that the rights and obligations in this Royalty Agreement shall survive the Mining Lease and remain in effect with respect to the OLA Interest for the duration of any interest of SEM or its successor and assigns in any OLA Interest, and to any Products or Byproducts produced by SEM or its successors and assigns from any OLA Interest, unless earlier terminated by mutual agreement of the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2 Data**. Grantor agrees to provide Royalty Holder with all data and information currently in the possession or control of or hereafter acquired by Grantor or its successors or assigns pertaining to Rare Earth Elements Exploration Activities, Development, Mining Operations or related activities in each OLA Interest, to be included as Data subject to the terms and conditions of this Royalty Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3 No Milling Obligation**. Grantor may, but is not obligated to, beneficiate, mill, sort, concentrate, refine, smelt, or otherwise process and upgrade any ores, concentrates and other mineral products from any OLA Interest.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.4 No Burden on Ores; No Royalty in Kind**. The Royalty is a grant to a share of the proceeds of production from each OLA Interest. The Royalty is not intended, and nothing in this Royalty Agreement shall be interpreted, to grant to Royalty Holder any legal or beneficial ownership rights to or a burden upon any ores, concentrates or products located or produced from any OLA Interest. Royalty Holder shall have no right to take, or elect to take, the Royalty or value of the Royalty in kind by physical delivery of ores, concentrates or Products.

**3.0 FAIR MARKET VALUE**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1 Sale of Products**. In the event Grantor sells Products, "**Fair Market Value**" shall mean the greater of (1) the then current average quarterly selling price of Products, as reported by mineralprices.com or an equivalent publication mutually agreed upon by the Parties, for medium-term contract sales of bulk concentrate standard grade products that are being sold by a producer from any processing facility located in the United States in an Arm's Length Transaction, or (2) the "**Gross Sales Price**" of Products as defined below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Gross Sales Price - Arm's Length**. For Arm's Length Transactions, the Gross Sales Price of Products shall be the price actually charged by Grantor in an Arm's Length Transaction, including the value of any non-cash consideration, F.O.B. railroad cars, trucks or other transport at the time and place of sale without deduction for selling costs, selling commissions, advertising, credit losses, transportation costs, severance tax or any other taxes that might be hereafter imposed, discounts, or any other deductions whatsoever.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Gross Sales Price - Related Party**. If any of the Products mined from an OLA Interest shall be sold by Grantor at other than an Arm's Length Transaction, or consumed on or off the OLA Interest without sale by Grantor, or sold to some entity other than a Non-Related Party, then the Gross Sales Price of such Products shall be the greater of (i) the Gross Sales Price of Arm's Length Transactions completed during the same calendar quarter, or (ii) the Fair Market Value of such Products at the time of sale, or if consumed without sale, at the time of consumption, as determined in (1) above.

The Fair Market Value for Byproducts shall mean and be determined the same as for Products as specified above, except substituting "Byproduct" for "Products" each place where "Products" appears above, and "London Metal Exchange" for "mineralprices.com" where "mineralprices.com" appears above

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2 Hedging Profits and Losses Not Included in Fair Market Value**. Notwithstanding any other provision of this Royalty Agreement, Grantor and Royalty Holder intend and agree that for purposes of determination of the Royalty due hereunder, Fair Market Value shall include the proceeds received by Grantor from the sale and delivery of Products, including delivery made pursuant to a forward sales contract; but shall not include any profits, losses or transaction costs for any futures trading or commodity options trading or any other price hedging, price protection, derivative or speculative arrangements which may involve the possible delivery of Products produced from the OLA Interest.

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**4.0 MANNER OF PAYMENT**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1 Royalty Payments**. Royalties shall accrue at the time of sale of Products from the OLA Interest or time that the Product is consumed without sale by Grantor and in the amount as provided in Section 3.0 above. For purposes of this Section 4.1, "**Sale**" means the date on which Grantor receives payment for the sale of Products. Royalty payments shall become due and payable quarterly on the fifteenth (15th) day of the month following the last day of the calendar quarter in which the same accrue. Royalty payments shall be by check, ACH (as defined below) or wire transfer, and shall be accompanied by a settlement sheet showing the quantities and grades of Products produced from the OLA Interest for sale or processing, proceeds of sale, costs, and other pertinent information in sufficient detail to explain the calculation of the Royalty payment ("**Quarterly Statement**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2 Depository Bank**. Upon written request of Grantor, Royalty Holder shall designate a bank to act as Royalty Holder's agent to receive from Grantor all payments payable under the terms hereof, and all such payments may be made by paying or tendering the same to Royalty Holder, or to the bank for Royalty Holder' credit, which bank shall continue as the depository for all Royalty payments, subject only to the subsequent provisions in this Section 4.1. All charges of such depository bank shall be for Royalty Holder's account. A single payment or tender to said depository bank shall be made by (i) mailing or by delivering a check, (ii) electronic exchange of funds between accounts held at U.S. financial institutions through the Automated Clearing House network ("**ACH**"), or (iii) wire transfer, and such a payment shall effectively and for all purposes whatsoever constitute full payment of the amount thereof to Royalty Holder to the same extent as if made directly. In the event Royalty Holder fails to name said bank upon the request of Grantor, or in the event such bank (or any successor bank) should fail, liquidate or be succeeded by another bank, or for any reason fail or refuse to accept royalties, or should Royalty Holder desire to designate another depository bank, then Grantor shall not be held in default for failure to make payment or tender of payments until thirty (30) days after said persons shall deliver to Grantor a proper, recordable instrument naming a bank as agent to receive such payments or tenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.3 Objections to Payments**. All Royalty payments shall be considered final and in full satisfaction of all obligations of Grantor with respect thereto unless Royalty Holder gives Grantor written notice describing and setting forth a specific objection to the calculation thereof within ninety (90) days after receipt by Royalty Holder of the Quarterly Statement herein provided for. If Royalty Holder objects to a particular Quarterly Statement as herein provided, Royalty Holder shall, for a period of thirty (30) days after Royalty Holder's receipt of notice of such objection, have the right to have Grantor's accounts and records relating to calculation of the Quarterly Statement in question audited by a certified public accountant acceptable to Royalty Holder and to Grantor and subject to mutually acceptable confidentiality protection. Grantor shall account for any deficits or excess in the payment made to Royalty Holder pursuant to the Quarterly Statement in question which may be confirmed by such an audit by adjusting the next Quarterly Statement following completion of such audit to account for such deficits or excess. If the variation between the amount of a particular Royalty payment made to Royalty Holder hereunder as calculated by the audit provided for herein exceeds five percent (5%), Grantor shall pay all costs of such audit. If such variation is five percent (5%) or less, Royalty Holder shall pay all costs of such audit. For the purpose of determining the amount of royalties payable hereunder, all figures, accounts, and records used in connection with the calculation of royalties shall be determined in accordance with

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generally accepted accounting principles and from accounts maintained by Grantor in connection with its operations of the OLA Interest. Failure on the part of Royalty Holder to make a claim on Grantor for adjustment in such 90-day period shall establish the correctness of the particular Quarterly Statement and preclude the filing of exceptions to such Quarterly Statement or making of claims for adjustment to such Quarterly Statement, and in the absence of fraud, Royalty Holder expressly waives any claim or cause of action with respect to such Quarterly Statement.

**5.0 COMMINGLING OF ORES**

Grantor shall have the right of mixing or commingling, either underground, at the surface, or at the OLA Interest, any ores, mine waters, leachates, pregnant liquors, pregnant slurries, or other products or compounds containing minerals mined or extracted from any sources or mining properties with any similar substances derived from other sources, lands or properties; provided that Grantor shall weigh and sample such ores, products or compounds in accordance with sound mining and metallurgical practice for moisture and metal content before the same are so mixed or commingled. In computing the Royalty, ownership of the Product shall be allocated between OLA Interest ore and other ore on the basis of the metal content and weight of the concentrate from each ore.

**6.0 SAMPLING, ASSAY, AND ANALYSIS**

Any determination of weight, volume, moisture content, amenability, or pay metal content, and any sampling and analysis shall be made in accordance with sound mining and metallurgical practices and standard sampling and analysis procedures prevailing in the Rare Earth Element mining and milling industry. Royalty Holder shall have the right to have a representative present at the time samples are taken. Royalty Holder shall be furnished at Royalty Holder's request with a portion of all samples taken for analysis of ore, leachates, pregnant liquors, or pregnant slurries or other compounds or products owned by Grantor processed on or off each OLA Interest. Split samples shall by retained by Grantor for later analysis by an independent referee selected by mutual agreement of the parties and, in the event of a dispute concerning Grantor's assay of samples, Royalty payments shall be based on the assay results determined by the independent referee. All statements or reports wherein Grantor's assay of samples are set forth shall be conclusively presumed to be true and correct, unless, within sixty (60) days after such statements or reports are delivered to Royalty Holder, Royalty Holder makes written objection thereto and demands an assay by the independent referee; and unless such objection and demand is made within such sixty-day period, Grantor shall have no duty to preserve the split samples after the end of such sixty-day (60) period. The cost of the independent referee shall be paid by the party whose assay shows the greatest variance from that of the independent referee.

**7.0 WASTE ROCK, SPOIL AND TAILINGS**

Except for the Royalty payable on Products provided herein, Royalty Holder shall have no rights, title or interest in all residue or tailings remaining after Initial Processing (defined below) and minerals from each OLA Interest, or any subsequent processing of ores, such or other products or compounds of minerals; provided, that, if any tailings, residues, waste rock, dumps, spoiled leach materials, or other waste materials are process or reprocessed at any time while the property of Grantor and result in the production of Rare Earth Element Products or Byproducts, such Rare

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Earth Element Products or Byproducts shall be subject to the Royalty and the further terms of this Royalty Agreement. "**Initial Processing**" shall mean all processing of ores, mine waters, leachates, pregnant liquors, pregnant slurries, or other products or compounds of mineral prior to the time any residue thereof shall be first deposited in a tailings containment facility. Grantor shall not be liable for mineral values lost in mining or processing pursuant to sound mining and metallurgical engineering practices. The Royalty shall be payable only on Products and Byproducts.

**8.0 ACCESS TO OLA INTEREST**

Subject to the confidentiality provisions of this Royalty Agreement, any consent required from any landowner or other third party, and all health and safety requirement imposed by Grantor, Royalty Holder and its representatives shall, at their sole risk and expense, upon reasonable advance notice to and prior approval from Grantor have access to operations conducted by or on behalf of Grantor on each OLA Interest for the purposes of viewing or inspecting the same, provided that Royalty Holder and its representatives shall indemnify Grantor or any claims, losses or damages that arise out of or result from Royalty Holder's presence or activities at each OLA Interest.

**9.0 CONFIDENTIALITY**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.1 Confidentiality of Royalty Agreement**. Except as provided in Section 10.2 and Section 10.10, neither Party may disclose the terms of this Royalty Agreement to a third party without the prior written consent of the other Party, which consent shall be at the other Party's sole discretion; provided that either Party may make such disclosures as, in the opinion of its counsel, are required by any applicable Law, stock exchange rule, existing contract, or legal process; provided, however, that in such a case the disclosing Party shall promptly notify the other Party of such request or requirement, so that the other Party may seek an appropriate protective order or waive compliance with this Royalty Agreement. In the absence of a protective order or the receipt of a waiver, the disclosing Party will give the other Party written notice (unless prohibited by law) of the information to be disclosed, as far in advance as practicable, and exercise all reasonable efforts to obtain reliable assurance that confidential treatment shall be afforded to that information.

**10.0 GENERAL**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.1 Time Is of the Essence**. Time is of the essence for each and every provision of this Royalty Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.2 Applicable Law**. To the maximum extent provided by law, this Royalty Agreement shall be construed and interpreted according to, and governed by, the laws of the State of Georgia and federal law as may be applicable, regardless of the choice of law principles that may apply.

Each of the Parties hereby (i) irrevocably submits to the jurisdiction of the courts of the State of Georgia and the Federal courts of the United States of America in and for Fulton County, Georgia for the purpose of any action or proceeding arising out of this Royalty Agreement or any of the transactions contemplated by this Royalty Agreement, (ii) agrees that it will not attempt to deny or defeat such personal jurisdiction by motion or other request for leave from any such court, and (iii) agrees that it will not bring any action relating to this Royalty Agreement or any of the

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transactions contemplated by this Royalty Agreement in any court other than a Georgia state court or Federal court in and for Fulton County, Georgia. Each of the Parties hereby consents to and grants any such court jurisdiction over the person of such Party and over the subject matter of any such dispute and agrees that mailing of process or other papers in connection with any such action or proceeding in the manner provided in Section 10.6, or in such other manner as may be permitted by law, shall be valid and sufficient service thereof on such Party. Each Party hereby acknowledges and agrees that any controversy that may arise under this Royalty Agreement is likely to involve complicated and difficult issues, and therefore such Party hereby irrevocably and unconditionally waives any right such Party may have to a trial by jury in respect to any litigation directly or indirectly arising out of or relating to this Royalty Agreement or any of the ancillary agreements, or the breach, termination or validity of this Royalty Agreement or any of the ancillary agreements, or the transactions contemplated hereby or thereby. Each Party hereby certifies and acknowledges that (i) no representative, agent or attorney of any other Party has represented, expressly or otherwise, that such other Party would not, in the event of litigation, seek to enforce the foregoing waiver, (ii) such Party understands and has considered the implications of this waiver, (iii) such Party makes this waiver voluntarily, and (iv) such Party has been induced to enter into this Royalty Agreement and each of the ancillary agreements by, among other things, the mutual waivers and certifications set forth in this section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.3 Waiver**. Failure of either Party to insist upon the strict performance of any of the terms and conditions hereof, or failure to exercise any rights or remedies provided herein or by law, or to notify the other Party in the event of breach, shall not release the other Party of any of its obligations under this Royalty Agreement, nor shall any purported oral modification or rescission of this Royalty Agreement by either Party operate as a waiver of any of the terms hereof. No waiver by either Party of any breach, default, or violation of any term, warranty, representation, agreement, covenant, right, condition, or provision hereof shall constitute waiver of any subsequent breach, default, or violation of the same or other term, warranty, representation, agreement, covenant, right, condition, or provision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.4 Rule Against Perpetuities**. The Parties do not intend that there shall be any violation of the Rule Against Perpetuities, the Rule Against Unreasonable Restraints on the Alienation of Real Property, or any similar rule. Accordingly, if any right or option to acquire any interest in any real property exists under this Royalty Agreement, such right or option must be exercised, if at all, so as to vest such interest within time periods permitted by applicable rules. If, however, any such violation should inadvertently occur, the provisions of this Royalty Agreement shall be revised in such a way as to approximate most closely the intent of the Parties within the limits permissible under such rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.5 Severability**. If any provision of this Royalty Agreement is held to be invalid or unenforceable, such provision shall not affect or invalidate the remainder of this Royalty Agreement, and to this end the provisions of this Royalty Agreement are declared to be severable. If such invalidity becomes known or apparent to the Parties, the Parties agree to negotiate promptly in good faith in an attempt to amend such provision as nearly as possible to be consistent with the intent of this Royalty Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.6 Notices**. All notices under this Royalty Agreement ("**Notices**"), shall be written and given by personal hand delivery, messenger service, overnight courier for next-day delivery, by

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confirmed facsimile transmission, by certified U.S. mail, postage prepaid, or email with receipt confirmation, and shall be addressed respectively as follows:

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| | |
|:---|:---|
| **If to Grantor:** | **If to Grantor:** |
| ATTN: Kermit Anderson | ATTN: Kermit Anderson |
| South East Metals, LLC | South East Metals, LLC |
| 650 Peter Jefferson Parkway Suite 230 | 650 Peter Jefferson Parkway Suite 230 |
| Charlottesville, Virginia 22911 | Charlottesville, Virginia 22911 |
| Phone: | 434 245 1151 |
| E-mail: |  |

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| | |
|:---|:---|
| **If to Royalty Holder:** | **If to Royalty Holder:** |
| ATTN: David Boyer | ATTN: David Boyer |
| Weyerhaeuser Company | Weyerhaeuser Company |
| 220 Occidental Ave. S. | 220 Occidental Ave. S. |
| Seattle, Washington 98104 | Seattle, Washington 98104 |
| Phone: | 206 539 4423 |
| E-mail: |  |

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All notices shall be effective upon actual receipt if received during the normal business hours of the receiving Party or on the next normal business day of the receiving Party if delivered other than during normal business hours. A Party may change the place to which notice is to be delivered, by giving written notice to the other Party in accordance with this Section 10.6.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.7 Integrated Agreement; Modification**. This Royalty Agreement constitutes the entire agreement and understanding of the Parties with respect to the subject matter and supersedes all prior negotiations and representations. This Royalty Agreement may not be modified except in writing signed by the Parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.8 Relationship of Parties**. Nothing contained in this Royalty Agreement shall be deemed to constitute either Party being the partner of the other or, except as otherwise expressly provided, to constitute either Party being the agent or legal representative of the other or to create any fiduciary relationship between them. It is not the intention of the Parties to create, nor shall this Royalty Agreement be construed to create, any mining, commercial or other partnership or association. Neither Party shall have any authority to act for or to assume any obligation or responsibility on behalf of the other Party, except as otherwise expressly provided herein, and any liabilities hereunder shall be several and not joint.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.9 Assignment**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **No Assignment by Grantor Without Royalty Holder's Consent**. Except as provided in Section 10.9(b), Grantor shall not assign any portion of its interest in this Royalty Agreement without Royalty Holder's prior written consent, in its sole discretion; provided that Grantor may assign or transfer its interest, in whole or in part, in this Royalty Agreement to a third party in conjunction with assignment or transfer of an assignment to the same third party of

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Grantor's interest in the OLA Interest to which the assignment of the Royalty Agreement interest applies, or in any security assignment or transfer in favor of any lender without the prior consent of the Royalty Holder provided that (a) Grantor provides written notice of such assignment within thirty (30) days of such assignment in accordance with Section 10.6, and (b) the assignee agrees in writing to accept all terms, conditions, and obligations of this Royalty Agreement. Royalty Holder may consider any attempted assignment requiring Royalty Holder's consent herein that is completed without such consent to be void. Unless otherwise agreed, Grantor guarantees prompt performance of all obligations under this Royalty Agreement notwithstanding any prior assignment of its interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Assignment to an Affiliate**. Notwithstanding the provisions in Section 10.9(a), Grantor shall have the right to sell, assign, transfer or otherwise dispose of all or any portion of its interest in this Royalty Agreement to an Affiliate of Grantor; provided that (i) Grantor provides Royalty Holder written notice of such intent at least thirty (30) days in advance of such assignment; (ii) the Affiliate agrees in writing to accept all terms, conditions, and obligations of this Royalty Agreement; (iii) any such assignment to an Affiliate shall be in conjunction with an assignment to the same Affiliate of Grantor's rights in the OLA Interest to which the assignment of the Royalty Agreement interest applies; and (iv) Grantor and any guarantor shall remain liable under this Royalty Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.10 Further Assurances**. Each Party hereto shall take such actions and execute such documents reasonably requested by any other Party hereto to enable such requesting party to enjoy the intended rights and benefits hereof. The Parties agree that at Royalty Holder's election, the Parties shall record this agreement or a memorandum in a form acceptable to both Parties with respect to any OLA Interests to which the Royalty applies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.11 Third Parties**. Nothing herein expressed or implied is intended or shall be construed to confer upon or give to any person or entity other than the parties and their successors or assigns, any rights or remedies under or by reason of this Royalty Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.12 Attorneys' Fees**. Should any legal action or proceeding of any nature whatsoever (including any proceeding under the U.S. Bankruptcy Code) be commenced by either Party in order to enforce this Royalty Agreement or any provision hereof, or in connection with any alleged dispute, breach, default, or misrepresentation in connection with any provision herein contained, the prevailing Party shall be entitled to recover reasonable attorneys' fees and costs incurred in connection with such action or proceeding, including costs of pursuing or defending any legal action, including, without limitation, any appeal, discovery or negotiation and preparation of settlement arrangements, in addition to such other relief as may be granted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.13 Binding Effect**. The provisions of this Royalty Agreement shall inure to the benefit of and be binding upon the Parties and their respective successors and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.14 Counterparts**. This Royalty Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, and all of which together shall constitute one and the same instrument. Each Party may rely upon the signature of each other Party on this Royalty Agreement that is transmitted by facsimile or email as constituting a duly authorized, irrevocable, actual, current delivery of this Royalty Agreement with the original ink

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signature of the transmitting Party. This Royalty Agreement shall become effective and in full force only when duly and properly executed, authorized and delivered by the Parties hereto.

[***Signatures appear on the following page***]

IN WITNESS WHEREOF, Grantor and Royalty Holder have executed this Royalty Agreement effective as of the Effective Date.

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| |
|:---|
| **GRANTOR**<br>**Southeast Metals, LLC** |
| By: |
| Name:  |
| Title:  |
| Date Executed:  |
| **ROYALTY HOLDER:**<br>**Weyerhaeuser Company** |
| By: |
| Name:  |
| Title:  |
| Date Executed:  |

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**EXHIBIT A**

(Attached to and made a part of<br>Royalty Agreement dated effective October 1st, 2020<br>(Georgia Rare Earth Project))

**AREA OF INTEREST DESCRIPTION**

[Attached]

The geographic area outside of the Lease Area comprised of the entirety of the following counties, and as depicted on the attached map labeled "Area of Interest": Harris, Talbot, Meriwether, Upson, Pike, Lamar, Monroe, Jasper, and Jones Counties, Georgia and Lee County, Alabama.

Including, without warranty regarding title, real property owned by Lessor as of the Effective Date within the geographic boundaries of the Area of Interest, depicted and identified as "Weyerhaeuser Properties" on the attached map.

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**EXHIBIT B**

(Attached to and made a part of<br>Royalty Agreement dated effective October 1st, 2020<br>(Georgia Rare Earth Project))

**MAP OF AREA OF INTEREST**

[Attached]

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![img262667329_2.jpg](img262667329_2.jpg)

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**EXHIBIT G-2**

(Attached to and made a part of<br>Mining Lease Agreement dated effective October 1st, 2020<br>(Georgia Rare Earth Project) ("**Mining Lease**"))

**<u>ROYALTY GRANT AND AGREEMENT</u>**

THIS ROYALTY GRANT AND AGREEMENT ("**Royalty Agreement**") is made and entered into effective , 20__, by and between South East Metals, LLC, a Virginia limited liability company ("**SEM**" or "**Grantor**"), the address of which is 650 Peter Jefferson Parkway Suite 230, Charlottesville, Virginia 22911, and Weyerhaeuser Company, a Washington corporation ("**Weyerhaeuser**" or "**Royalty Holder**"), the address of which is 220 Occidental Ave. S., Seattle, Washington 98104. Grantor and Royalty Holder are sometimes referred to individually as a "**Party**" and, collectively, as "**Parties**").

**<u>RECITALS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Weyerhaeuser, as the owner of certain lands and mineral interests located in Harris and Talbot Counties, Georgia, entered into that certain mining lease dated October 1st, 2020 with SEM for the exploration, development and production of Rare Earth Elements and Products, Byproducts and certain rights of access (the "**Mining Lease**"), concerning the interests and area included in the Mining Lease, as more particularly described in the Mining Lease (the "**Lease Area**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Pursuant to the Mining Lease, SEM has identified a portion of the Lease Area for the site of milling, processing, refining, waste dump, heap leaching or tailings ponds sites as more particularly described in <u>Exhibit A</u> attached hereto ("**Processing Facilities Area**"), and Weyerhaeuser has decided to sell and convey the Processing Facilities Area to SEM and has also elected to receive a non-participating overriding royalty on any Products or Byproducts mined, produced and severed from the Processing Facilities Area.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Accordingly, SEM desires to grant and pay to Weyerhaeuser a non-participating overriding royalty on any Products or Byproducts mined, produced and severed from the Processing Facilities Area equal to the same Production Royalty and Byproducts Royalty that Weyerhaeuser would have received under the Mining Lease if the Mining Lease were still in effect for the lands conveyed to SEM.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. The Parties intend for the rights and obligations in this Royalty Agreement to survive the Mining Lease and remain in effect and run with the land with respect to the Processing Facilities Area, unless and until terminated by mutual agreement of the Parties.

**<u>AGREEMENT</u>**

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound, the Parties agree as follows:

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**1.0 DEFINITIONS**

Unless otherwise defined, all capitalized terms shall have the following meanings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.1** "**ACH**" shall have the meaning set forth in Section 4.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.2** "**Affiliate**" means any person, limited liability company, partnership, joint venture, corporation, or other form of enterprise which directly or indirectly controls, is controlled by or is under common control with a Party, and for the purposes hereof; and "control" means possession, directly or indirectly, of the power to direct or cause direction of management and policies through ownership of voting securities, contract, voting trust or otherwise, and in the absence of evidence to the contrary, ownership of fifty-one percent (51%) or more of the voting securities of a corporation will constitute "control".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.3** "**Arm's Length Transaction**" means one between Non-Related Parties in a competitive and open market under conditions requisite to a fair sale, each acting prudently and knowledgeably, and where the selling price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title to the buyer under conditions whereby; (1) the buyer and seller are typically motivated, well informed or advised, and are acting in what they consider their best interest, (2) a reasonable time is allowed for exposure to the market, (3) payment is made in US dollars or in terms of financial arrangements comparable thereto, and (4) the price represents the normal consideration for the material or product sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.4** "**Byproduct**" shall mean minerals other than Rare Earth Elements that are produced in marketable form as a byproduct of mining Rare Earth Elements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.5** "**Data**" shall mean all factual and interpretative geochemical, geological, geotechnical, engineering, geophysical, metallurgical and resource modeling data (including without limitation ore deposit modeling data), maps, reports and studies, logs of drill holes and results of assaying and sampling, and environmental data collected for permitting pertaining to the Royalty Agreement or the Processing Facilities Area generated or obtained by Grantor, its Affiliates, or independent contractors or consultants as a result of exploration, development and mining of the Processing Facilities Area or collected otherwise, regarding Rare Earth Elements within the Processing Facilities Area, whether in paper, digital or other form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.6** "**Dollars**" or "**$**" means United States currency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.7** "**Effective Date**" shall have the meaning set forth in the introductory paragraph.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.8** "**Fair Market Value**" shall have the meaning set forth in 3.0.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.9** "**Initial Processing**" shall have the meaning set forth in Section 7.0.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.10** "**Law**" or "**Laws**" means all applicable federal, state and local laws (statutory or common), rules, ordinances, regulations, grants, concessions, franchises, licenses, orders,

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directives, judgments, decrees, and other governmental restrictions, including permits and other similar requirements, whether legislative, municipal, administrative or judicial in nature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.11** "**Mining Lease**" has the meaning specified in the Recitals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.12** "**Non-Related Party**" means one that is not a subsidiary, parent or other Affiliate of SEM.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.13** "**Notices**" shall have the meaning set forth in Section 10.6.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.14** "**Processing Facilities Area**" has the meaning specified in the Recitals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.15** "**Products**" means all ores, minerals and mineral and nonmineral resources and substances that can potentially be produced and sold from the Processing Facilities Area that contain any Rare Earth Elements, including without limitation substances sold as concentrate, refined product, dore, or direct shipping ore.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.16** "**Quarterly Statement**" shall have the meaning set forth in Section 4.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.17** "**Rare Earth Elements**" means the following chemical elements in the Periodic Table of Elements: lanthanum, cerium, praseodymium, neodymium, promethium, samarium, europium, gadolinium, terbium, dysprosium, holmium, erbium, thulium, ytterbium, lutetium, scandium, and yttrium, whether occurring alone or in combination with one another or other mineral or nonmineral substances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.18** "**Royalty**" shall mean the Royalty as defined in Section 2.0.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.19** "**Sale**" shall have the meaning set forth in Section 4.1.

**2.0 GRANT OF ROYALTY**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1 Grant of Royalty**. Grantor hereby grants and shall pay to Royalty Holder the following non-participating production royalties (collectively, the "***Royalty***"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Production Royalty**. Grantor shall pay to Royalty Holder a royalty in the amount of five percent (5%) of the weighted average quarterly per short ton (2,000 pounds) Fair Market Value of such Products produced from the Processing Facilities Area ("**Production Royalty**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Byproducts Royalty**. Grantor shall pay to Royalty Holder a royalty for Byproducts produced from the Processing Facilities Area, at a rate of five percent (5%) of the per short ton or other applicable weight, volume or other unit measure Fair Market Value of such Byproduct ("**Byproducts Royalty**").

The Parties further agree that the rights and obligations in this Royalty Agreement shall survive the Mining Lease and remain in effect and run with the land with respect to the Processing Facilities Area unless and until terminated by mutual agreement of the Parties.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2 No Royalty in Kind**. The Royalty is a grant to a share of the proceeds of production from the Processing Facilities Area. Royalty Holder shall have no right to take, or elect to take, the Royalty or value of the Royalty in kind by physical delivery of ores, concentrates or Products or Byproducts.

**3.0 FAIR MARKET VALUE**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1 Sale of Products**. In the event Grantor sells Products, "**Fair Market Value**" shall mean the greater of (1) the then current average quarterly selling price of Products, as reported by mineralprices.com or an equivalent publication mutually agreed upon by the Parties, for medium-term contract sales of bulk concentrate standard grade products that are being sold by a producer from any processing facility located in the United States in an Arm's Length Transaction, or (2) the "**Gross Sales Price**" of Products as defined below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Gross Sales Price - Arm's Length**. For Arm's Length Transactions, the Gross Sales Price of Products shall be the price actually charged by Grantor in an Arm's Length Transaction, including the value of any non-cash consideration, F.O.B. railroad cars, trucks or other transport at the time and place of sale without deduction for selling costs, selling commissions, advertising, credit losses, transportation costs, severance tax or any other taxes that might be hereafter imposed, discounts, or any other deductions whatsoever.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Gross Sales Price - Related Party**. If any of the Products mined from the Processing Facilities Area shall be sold by Grantor at other than an Arm's Length Transaction, or consumed on or off the Processing Facilities Area without sale by Grantor, or sold to some entity other than a Non-Related Party, then the Gross Sales Price of such Products shall be the greater of (i) the Gross Sales Price of Arm's Length Transactions completed during the same calendar quarter, or (ii) the Fair Market Value of such Products at the time of sale, or if consumed without sale, at the time of consumption, as determined in (1) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2 Sale of Byproducts**. The Fair Market Value for Byproducts shall mean and be determined the same as for Products as specified above in Section 3.1, except substituting "Byproduct" for "Products" each place where "Products" appears above, and "London Metal Exchange" for "mineralprices.com" where "mineralprices.com" appears above in Section 3.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3 Hedging Profits and Losses Not Included in Fair Market Value**. Notwithstanding any other provision of this Royalty Agreement, Grantor and Royalty Holder intend and agree that for purposes of determination of the Royalty due hereunder, Fair Market Value shall include the proceeds received by Grantor from the sale and delivery of Product or Byproducts, including delivery made pursuant to a forward sales contract; but shall not include any profits, losses or transaction costs for any futures trading or commodity options trading or any other price hedging, price protection, derivative or speculative arrangements which may involve the possible delivery of Products or Byproducts produced from the Processing Facilities Area.

**4.0 MANNER OF PAYMENT**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1 Royalty Payments**. Royalties shall accrue at the time of sale of Products or Byproducts from the Processing Facilities Area or time that the Product or Byproduct is consumed without sale by Grantor and in the amount as provided in Section 3.0 above. For purposes of this

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Section 4.1, "**Sale**" means the date on which Grantor receives payment for the sale of Products or Byproducts. Royalty payments shall become due and payable quarterly on the fifteenth (15th) day of the month following the last day of the calendar quarter in which the same accrue. Royalty payments shall be by check, ACH (as defined below) or wire transfer, and shall be accompanied by a settlement sheet showing the quantities and grades of Products or Byproducts produced from the Processing Facilities Area for sale or processing, proceeds of sale, costs, and other pertinent information in sufficient detail to explain the calculation of the Royalty payment ("**Quarterly Statement**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2 Depository Bank**. Upon written request of Grantor, Royalty Holder shall designate a bank to act as Royalty Holder's agent to receive from Grantor all payments payable under the terms hereof, and all such payments may be made by paying or tendering the same to Royalty Holder, or to the bank for Royalty Holder' credit, which bank shall continue as the depository for all Royalty payments, subject only to the subsequent provisions in this Section 4.2. All charges of such depository bank shall be for Royalty Holder's account. A single payment or tender to said depository bank shall be made by (i) mailing or by delivering a check, (ii) electronic exchange of funds between accounts held at U.S. financial institutions through the Automated Clearing House network ("**ACH**"), or (iii) wire transfer, and such a payment shall effectively and for all purposes whatsoever constitute full payment of the amount thereof to Royalty Holder to the same extent as if made directly. In the event Royalty Holder fails to name said bank upon the request of Grantor, or in the event such bank (or any successor bank) should fail, liquidate or be succeeded by another bank, or for any reason fail or refuse to accept royalties, or should Royalty Holder desire to designate another depository bank, then Grantor shall not be held in default for failure to make payment or tender of payments until thirty (30) days after said persons shall deliver to Grantor a proper, recordable instrument naming a bank as agent to receive such payments or tenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.3 Objections to Payments**. All Royalty payments shall be considered final and in full satisfaction of all obligations of Grantor with respect thereto unless Royalty Holder gives Grantor written notice describing and setting forth a specific objection to the calculation thereof within ninety (90) days after receipt by Royalty Holder of the Quarterly Statement herein provided for. If Royalty Holder objects to a particular Quarterly Statement as herein provided, Royalty Holder shall, for a period of thirty (30) days after Royalty Holder's receipt of notice of such objection, have the right to have Grantor's accounts and records relating to calculation of the Quarterly Statement in question audited by a certified public accountant acceptable to Royalty Holder and to Grantor and subject to mutually acceptable confidentiality protection. Grantor shall account for any deficits or excess in the payment made to Royalty Holder pursuant to the Quarterly Statement in question which may be confirmed by such an audit by adjusting the next Quarterly Statement following completion of such audit to account for such deficits or excess. If the variation between the amount of a particular Royalty payment made to Royalty Holder hereunder as calculated by the audit provided for herein exceeds five percent (5%), Grantor shall pay all costs of such audit. If such variation is five percent (5%) or less, Royalty Holder shall pay all costs of such audit. For the purpose of determining the amount of royalties payable hereunder, all figures, accounts, and records used in connection with the calculation of royalties shall be determined in accordance with generally accepted accounting principles and from accounts maintained by Grantor in connection with its operations of the Processing Facilities Area. Failure on the part of Royalty Holder to make a claim on Grantor for adjustment in such 90-day period shall establish the correctness of the particular Quarterly Statement and preclude the filing of exceptions to such Quarterly Statement

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or making of claims for adjustment to such Quarterly Statement, and in the absence of fraud, Royalty Holder expressly waives any claim or cause of action with respect to such Quarterly Statement.

**5.0 COMMINGLING OF ORES**

Grantor shall have the right of mixing or commingling, either underground, at the surface, or at the Processing Facilities Area, any ores, mine waters, leachates, pregnant liquors, pregnant slurries, or other products or compounds containing minerals mined or extracted from any sources or mining properties with any similar substances derived from other sources, lands or properties; provided that Grantor shall weigh and sample such ores, products or compounds in accordance with sound mining and metallurgical practice for moisture and metal content before the same are so mixed or commingled. In computing the Royalty, ownership of the Product or Byproduct shall be allocated between Processing Facilities Area ore and other ore on the basis of the metal content and weight of the concentrate from each ore.

**6.0 SAMPLING, ASSAY, AND ANALYSIS**

Any determination of weight, volume, moisture content, amenability, or pay metal content, and any sampling and analysis shall be made in accordance with sound mining and metallurgical practices and standard sampling and analysis procedures prevailing in the Rare Earth Element mining and milling industry. Royalty Holder shall have the right to have a representative present at the time samples are taken. Royalty Holder shall be furnished at Royalty Holder's request with a portion of all samples taken for analysis of ore, leachates, pregnant liquors, or pregnant slurries or other compounds or products owned by Grantor processed on or off the Processing Facilities Area. Split samples shall by retained by Grantor for later analysis by an independent referee selected by mutual agreement of the parties and, in the event of a dispute concerning Grantor's assay of samples, Royalty payments shall be based on the assay results determined by the independent referee. All statements or reports wherein Grantor's assay of samples are set forth shall be conclusively presumed to be true and correct, unless, within sixty (60) days after such statements or reports are delivered to Royalty Holder, Royalty Holder makes written objection thereto and demands an assay by the independent referee; and unless such objection and demand is made within such sixty-day period, Grantor shall have no duty to preserve the split samples after the end of such sixty-day (60) period. The cost of the independent referee shall be paid by the party whose assay shows the greatest variance from that of the independent referee.

**7.0 WASTE ROCK, SPOIL AND TAILINGS**

Except for the Royalty payable on Products or Byproducts provided herein, Royalty Holder shall have no rights, title or interest in all residue or tailings remaining after Initial Processing (defined below) and minerals from the Processing Facilities Area, or any subsequent processing of ores, such or other products or compounds of minerals provided, that, if any tailings, residues, waste rock, dumps, spoiled leach materials, or other waste materials are process or reprocessed at any time while the property of Grantor and result in the production of Rare Earth Element Products or Byproducts, such Rare Earth Elements Products or Byproducts shall be subject to the Royalty and the further terms of this Royalty Agreement. "**Initial Processing**" shall mean all processing of ores, mine waters, leachates, pregnant liquors, pregnant slurries, or other products or compounds

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of mineral prior to the time any residue thereof shall be first deposited in a tailings containment facility. Grantor shall not be liable for mineral values lost in mining or processing pursuant to sound mining and metallurgical engineering practices. The Royalty shall be payable only on Products and Byproducts.

**8.0 ACCESS TO PROCESSING FACILITIES AREA**

Subject to the confidentiality provisions of this Royalty Agreement and all health and safety requirement imposed by Grantor, Royalty Holder and its representatives shall, at their sole risk and expense, upon reasonable advance notice to and prior approval from Grantor have access to operations conducted by or on behalf of Grantor on the Processing Facilities Area for the purposes of viewing or inspecting the same, provided that Royalty Holder and its representatives shall indemnify Grantor or any claims, losses or damages that arise out of or result from Royalty Holder's presence or activities at the Processing Facilities Area.

**9.0 CONFIDENTIALITY**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.1 Confidentiality of Royalty Agreement**. Except as provided in Section 10.2 and Section 10.10, neither Party may disclose the terms of this Royalty Agreement to a third party without the prior written consent of the other Party, which consent shall be at the other Party's sole discretion; provided that either Party may make such disclosures as, in the opinion of its counsel, are required by any applicable Law, stock exchange rule, existing contract, or legal process; provided, however, that in such a case the disclosing Party shall promptly notify the other Party of such request or requirement, so that the other Party may seek an appropriate protective order or waive compliance with this Royalty Agreement. In the absence of a protective order or the receipt of a waiver, the disclosing Party will give the other Party written notice (unless prohibited by law) of the information to be disclosed, as far in advance as practicable, and exercise all reasonable efforts to obtain reliable assurance that confidential treatment shall be afforded to that information.

**10.0 GENERAL**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.1 Time Is of the Essence**. Time is of the essence for each and every provision of this Royalty Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.2 Applicable Law**. To the maximum extent provided by law, this Royalty Agreement shall be construed and interpreted according to, and governed by, the laws of the State of Georgia and federal law as may be applicable, regardless of the choice of law principles that may apply.

Each of the Parties hereby (i) irrevocably submits to the jurisdiction of the courts of the State of Georgia and the Federal courts of the United States of America in and for Fulton County, Georgia for the purpose of any action or proceeding arising out of this Royalty Agreement or any of the transactions contemplated by this Royalty Agreement, (ii) agrees that it will not attempt to deny or defeat such personal jurisdiction by motion or other request for leave from any such court, and (iii) agrees that it will not bring any action relating to this Royalty Agreement or any of the transactions contemplated by this Royalty Agreement in any court other than a Georgia state court or Federal court in and for Fulton County, Georgia. Each of the Parties hereby consents to and grants any such court jurisdiction over the person of such Party and over the subject matter of any such dispute and agrees that mailing of process or other papers in connection with any such action

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or proceeding in the manner provided in Section 10.6, or in such other manner as may be permitted by law, shall be valid and sufficient service thereof on such Party. Each Party hereby acknowledges and agrees that any controversy that may arise under this Royalty Agreement is likely to involve complicated and difficult issues, and therefore such Party hereby irrevocably and unconditionally waives any right such Party may have to a trial by jury in respect to any litigation directly or indirectly arising out of or relating to this Royalty Agreement or any of the ancillary agreements, or the breach, termination or validity of this Royalty Agreement or any of the ancillary agreements, or the transactions contemplated hereby or thereby. Each Party hereby certifies and acknowledges that (i) no representative, agent or attorney of any other Party has represented, expressly or otherwise, that such other Party would not, in the event of litigation, seek to enforce the foregoing waiver, (ii) such Party understands and has considered the implications of this waiver, (iii) such Party makes this waiver voluntarily, and (iv) such Party has been induced to enter into this Royalty Agreement and each of the ancillary agreements by, among other things, the mutual waivers and certifications set forth in this section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.3 Waiver**. Failure of either Party to insist upon the strict performance of any of the terms and conditions hereof, or failure to exercise any rights or remedies provided herein or by law, or to notify the other Party in the event of breach, shall not release the other Party of any of its obligations under this Royalty Agreement, nor shall any purported oral modification or rescission of this Royalty Agreement by either Party operate as a waiver of any of the terms hereof. No waiver by either Party of any breach, default, or violation of any term, warranty, representation, agreement, covenant, right, condition, or provision hereof shall constitute waiver of any subsequent breach, default, or violation of the same or other term, warranty, representation, agreement, covenant, right, condition, or provision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.4 Rule Against Perpetuities**. The Parties do not intend that there shall be any violation of the Rule Against Perpetuities, the Rule Against Unreasonable Restraints on the Alienation of Real Property, or any similar rule. Accordingly, if any right or option to acquire any interest in any real property exists under this Royalty Agreement, such right or option must be exercised, if at all, so as to vest such interest within time periods permitted by applicable rules. If, however, any such violation should inadvertently occur, the provisions of this Royalty Agreement shall be revised in such a way as to approximate most closely the intent of the Parties within the limits permissible under such rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.5 Severability**. If any provision of this Royalty Agreement is held to be invalid or unenforceable, such provision shall not affect or invalidate the remainder of this Royalty Agreement, and to this end the provisions of this Royalty Agreement are declared to be severable. If such invalidity becomes known or apparent to the Parties, the Parties agree to negotiate promptly in good faith in an attempt to amend such provision as nearly as possible to be consistent with the intent of this Royalty Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.6 Notices**. All notices under this Royalty Agreement ("**Notices**"), shall be written and given by personal hand delivery, messenger service, overnight courier for next-day delivery, by confirmed facsimile transmission, by certified U.S. mail, postage prepaid, or email with receipt confirmation, and shall be addressed respectively as follows:

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| |
|:---|
| **If to Grantor:** |
| ATTN: Kermit Anderson |
| South East Metals, LLC |
| 650 Peter Jefferson Parkway Suite 230 |
| Charlottesville, Virginia 22911 |
| Phone: |
| Facsimile: |
| E-mail: |

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| |
|:---|
| **If to Royalty Holder:** |
| ATTN: |
| Weyerhaeuser Company |
| 220 Occidental Ave. S. |
| Seattle, Washington 98104 |
| Phone: |
| Facsimile:  |
| E-mail: |

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All notices shall be effective upon actual receipt if received during the normal business hours of the receiving Party or on the next normal business day of the receiving Party if delivered other than during normal business hours. A Party may change the place to which notice is to be delivered, by giving written notice to the other Party in accordance with this Section 10.6.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.7 Integrated Agreement; Modification**. This Royalty Agreement constitutes the entire agreement and understanding of the Parties with respect to the subject matter and supersedes all prior negotiations and representations. This Royalty Agreement may not be modified except in writing signed by the Parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.8 Relationship of Parties**. Nothing contained in this Royalty Agreement shall be deemed to constitute either Party being the partner of the other or, except as otherwise expressly any fiduciary relationship between them. It is not the intention of the Parties to create, nor shall this Royalty Agreement be construed to create, any mining, commercial or other partnership or association. Neither Party shall have any authority to act for or to assume any obligation or responsibility on behalf of the other Party, except as otherwise expressly provided herein, and any liabilities hereunder shall be several and not joint.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.9 Assignment**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **No Assignment by Grantor Without Royalty Holder's Consent**. Except as provided in Section 10.9(b), Grantor shall not assign any portion of its interest in this Royalty Agreement without Royalty Holder's prior written consent, in its sole discretion; provided that Grantor may assign or transfer its interest in this Royalty Agreement to a third party in conjunction with assignment or transfer of the Processing Facilities Area land, or in any security assignment or transfer in favor of any lender without the prior consent of the Royalty Holder provided that (a)

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Grantor provides written notice of such assignment within thirty (30) days of such assignment in accordance with Section 10.6, and (b) the assignee agrees in writing to accept all terms, conditions, and obligations of this Royalty Agreement. Royalty Holder may consider any attempted assignment requiring Royalty Holder's consent herein that is completed without such consent to be void. Unless otherwise agreed, Grantor guarantees prompt performance of all obligations under this Royalty Agreement notwithstanding any prior assignment of its interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Assignment to an Affiliate**. Notwithstanding the provisions in Section 10.9(a), Grantor shall have the right to sell, assign, transfer or otherwise dispose of all or any portion of its interest in this Royalty Agreement to an Affiliate of Grantor; provided that (i) Grantor provides Royalty Holder written notice of such intent at least thirty (30) days in advance of such assignment; (ii) the Affiliate agrees in writing to accept all terms, conditions, and obligations of this Royalty Agreement; (iii) any such assignment to an Affiliate shall be in conjunction with an assignment to the same Affiliate of Grantor's rights in the Processing Facilities Area to which the assignment of the Royalty Agreement interest applies; and (iv) Grantor and any guarantor shall remain liable under this Royalty Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.10 Further Assurances**. Each Party hereto shall take such actions and execute such documents reasonably requested by any other Party hereto to enable such requesting party to enjoy the intended rights and benefits hereof. The Parties agree that at Royalty Holder's election, the Parties shall record this agreement or a memorandum in a form acceptable to both Parties with respect to any Processing Facilities Areas to which the Royalty applies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.11 Third Parties**. Nothing herein expressed or implied is intended or shall be construed to confer upon or give to any person or entity other than the parties and their successors or assigns, any rights or remedies under or by reason of this Royalty Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.12 Attorneys' Fees**. Should any legal action or proceeding of any nature whatsoever (including any proceeding under the U.S. Bankruptcy Code) be commenced by either Party in order to enforce this Royalty Agreement or any provision hereof, or in connection with any alleged dispute, breach, default, or misrepresentation in connection with any provision herein contained, the prevailing Party shall be entitled to recover reasonable attorneys' fees and costs incurred in connection with such action or proceeding, including costs of pursuing or defending any legal action, including, without limitation, any appeal, discovery or negotiation and preparation of settlement arrangements, in addition to such other relief as may be granted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.13 Binding Effect**. The provisions of this Royalty Agreement shall inure to the benefit of and be binding upon the Parties and their respective successors and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.14 Counterparts**. This Royalty Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, and all of which together shall constitute one and the same instrument. Each Party may rely upon the signature of each other Party on this Royalty Agreement that is transmitted by facsimile or email as constituting a duly authorized, irrevocable, actual, current delivery of this Royalty Agreement with the original ink signature of the transmitting Party. This Royalty Agreement shall become effective and in full force only when duly and properly executed, authorized and delivered by the Parties hereto.

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[***Signatures appear on the following page***]

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IN WITNESS WHEREOF, Grantor and Royalty Holder have executed this Royalty Agreement effective as of the Effective Date.

---

| |
|:---|
| **GRANTOR**<br>**Southeast Metals, LLC** |
| By: |
| Name:  |
| Title:  |
| Date Executed:  |
| **ROYALTY HOLDER:**<br>**Weyerhaeuser Company** |
| By: |
| Name:  |
| Title:  |
| Date Executed:  |

---

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**EXHIBIT A**

(Attached to and made a part of<br>Royalty Grant and Agreement dated effective __________ XXXX xx, 20xx<br>(Georgia Rare Earth Project))

Processing Facilities Area<br>Legal Description

[To be inserted]

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## Exhibit 10.23

**Exhibit 10.23**

**REA MANAGEMENT COMPANY, LLC EMPLOYMENT AGREEMENT**

**EMPLOYMENT AGREEMENT** (this "<u>Agreement</u>") dated as of August 14, 2025, between REA Management Company, LLC, a Texas limited liability company (the "<u>Company</u>"), and Donald Swartz (the "<u>Employee</u>").

**WHEREAS,** the Company desires to employ the Employee as the Chief Executive Officer and President of the Company; and

**WHEREAS,** the Company and the Employee desire to enter into this Agreement as to the terms of the Employee's employment with the Company.

**NOW, THEREFORE,** in consideration of the foregoing, of the mutual promises contained herein and of other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **POSITION AND DUTIES.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) During the Employment Term (as defined in <u>Section 2</u> hereof), the Employee shall serve as the Chief Executive Officer and President of the Company. In this capacity, the Employee shall have the duties, authorities and responsibilities commensurate with the duties, authorities and responsibilities of persons in similar capacities in similarly sized companies, and such other duties, authorities and responsibilities as may reasonably be assigned to the Employee that are not inconsistent with the Employee's position as Chief Executive Officer and President of the Company. The Employee's principal place of employment with the Company shall be the Company's offices in Colorado, <u>provided</u> that the Employee understands and agrees that the Employee may be required to travel from time to time for business purposes. The Employee is permitted to work remotely on a schedule mutually agreed upon between Employee and the Company, provided the Employee is able to complete his or her duties under this Agreement. The Employee shall report directly to the board of directors of the Member of the Company (the "<u>Board</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) During the Employment Term, the Employee shall devote all of the Employee's business time, energy, business judgment, knowledge and skill and the Employee's best efforts to the performance of the Employee's duties with the Company, <u>provided</u> that the foregoing shall not prevent the Employee from (i) serving on the boards of directors of non-profit organizations and, with the prior written approval of the Board, other for profit companies, (ii) participating in charitable, civic, educational, professional, community or industry affairs, and (iii) managing the Employee's passive personal investments so long as such activities in the aggregate do not interfere or conflict with the Employee's duties hereunder or create a potential business or fiduciary conflict.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **EMPLOYMENT TERM.** The Company agrees to employ the Employee pursuant to the terms of this Agreement, and the Employee agrees to be so employed, for an indefinite period commencing retroactively as of August 1, 2025 (the "<u>Effective Date</u>"). The period of time between the Effective Date and the termination of the Employee's employment hereunder shall be referred to herein as the "<u>Employment Term</u>."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **BASE SALARY.** The Company agrees to pay the Employee a base salary at an annual rate of not less than $350,000, payable in accordance with the regular payroll practices of the Company, but not less frequently than monthly. The Employee's base salary shall be subject to annual review by the Board (or a committee thereof) and may be adjusted from time to time by the Board. The base salary as determined herein and adjusted from time to time shall constitute "<u>Base</u> <u>Salary</u>" for purposes of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **BONUSES.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) ANNUAL BONUS.** During the Employment Term, the Employee shall be eligible to receive an annual discretionary incentive payment under the Company's annual bonus plan as may be in effect from time to time (the "<u>Annual Bonus</u>") based on a target bonus opportunity of at least 75% of the Employee's Base Salary (the "<u>Target Bonus</u>"), upon the attainment of one or more pre-established performance goals established by the Board or the Company's Compensation Committee (the "<u>Committee</u>") in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) IPO/ CORPORATE TRANSACTION BONUS.** If an initial public offering or corporate transaction occurs during the Employment Term, the Company will pay a special, onetime bonus of 100% of your Base Salary, payable thirty (30) days following the completion of the initial public offering or the closing of the corporate transaction. Any bonus earned or paid pursuant to this Section 4(b) shall not be deemed as a further short-term incentive arrangement. "Corporate Transaction" means any transaction pursuant to which any third party acquires an ownership interest of more than 50% in the Company's outstanding common stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c) STOCK INCENTIVE PLAN**. You will be eligible to participate in the Company's securities-based compensation plans, and will receive long-term incentive compensation in such dollar amounts and subject to vesting and performance conditions as determined by the Committee in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **EMPLOYEE BENEFITS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) BENEFIT PLANS.** During the Employment Term, the Employee shall be eligible to participate in any employee benefit plan that the Company has adopted or may adopt, maintain or contribute to for the benefit of its employees generally, subject to satisfying the applicable eligibility requirements, except to the extent such plans are duplicative of the benefits otherwise provided to hereunder. The Employee's participation will be subject to the terms of the applicable plan documents and generally applicable Company policies. Notwithstanding the foregoing, the Company may modify or terminate any employee benefit plan at any time.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) VACATIONS.** During the Employment Term, the Employee shall be entitled to unlimited PTO. Vacation may be taken at such times and intervals as the Employee determines, subject to the business needs of the Company and prior approval of the CEO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c) BUSINESS AND ENTERTAINMENT EXPENSES.** Upon presentation of reasonable substantiation and documentation as the Company may specify from time to time, the Employee shall be reimbursed in accordance with the Company's expense reimbursement policy, for all reasonable out-of-pocket business and entertainment expenses incurred and paid by the Employee during the Employment Term and in connection with the performance of the Employee's duties hereunder, including all travel expenses, parking, cell phone, laptop and home office, and entertainment expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. AT-WILL EMPLOYMENT.** The nature of your employment at the Company is and will continue to be "at will," meaning that either the Company or you may terminate this Agreement and your employment at any time, with or without notice, with or without cause, and for any reason or for no reason, subject to the obligations upon termination as provided in the Severance Plan (as defined below). Any statement or representation to the contrary is ineffective unless put into a writing executed on behalf of the Company by an authorized officer. We do ask, however, that you give thirty (30) days' notice if you decide to terminate your employment. Upon any termination of your employment, except as otherwise provided for in this Agreement, no further payments by the Company to you will be due other than: (i) accrued but unpaid salary through the applicable date of your termination; (ii) any other accrued benefits to which you may be entitled pursuant to the terms of benefit plans in which you participate at the time of such termination (excluding any employee benefit plan providing for severance or similar benefits), in accordance with the terms contained therein; (iii) any then unpaid amounts for the reimbursement of business expenses submitted in accordance with the Company's policies and procedures; and (iv) in the event of a termination on account of your death or disability only, a pro-rata Annual Bonus that would otherwise have been earned in respect of the fiscal year in which such termination occurred, pro-rated to reflect the number of days you were employed during such fiscal year (which amount shall be paid at such time annual bonuses are paid to other similarly situated senior executives of the Company, but in no event later than the date that is two and one-half (2<sup>1</sup>/2) months following the last day of the fiscal year in which such termination occurred).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7. SEVERANCE PLAN.** The Company hereby acknowledges that you are eligible to participate in any future severance plan adopted by the Company (the "Severance Plan") in accordance with the terms and conditions as in effect from time to time. In consideration for your opportunity to participate in the Severance Plan, you hereby acknowledge and agree that you are no longer eligible to participate in any other severance plans, programs policies or practices of the Company. The Company intends to put in place a Severance Plan by December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8. RETURN OF COMPANY PROPERTY.** On the date of the Employee's termination of employment with the Company for any reason (or at any time prior thereto at the Company's request), the Employee shall return all property belonging to the Company or its affiliates (including, but not limited to, any Company-provided laptops, computers, cell phones, wireless electronic mail devices or other equipment, or documents and property belonging to the Company).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9. COOPERATION.** Upon the receipt of reasonable notice from the Company (including outside counsel), the Employee agrees that while employed by the Company and thereafter, the Employee will respond and provide information with regard to matters in which theEmployee has knowledge as a result of the Employee's employment with the Company, and will provide reasonable assistance to the Company, its affiliates and their respective representatives in defense of any claims that may be made against the Company or its affiliates, and will assist the Company and its affiliates in the prosecution of any claims that may be made by the Company or its affiliates, to the extent that such claims may relate to the period of the Employee's employment with the Company (collectively, the "Claims"). The Employee agrees to promptly inform the Company if the Employee becomes aware of any lawsuits involving Claims that may be filed or threatened against the Company or its affiliates. The Employee also agrees to promptly inform the Company (to the extent that the Employee is legally permitted to do so) if the Employee is asked to assist in any investigation of the Company or its affiliates (or their actions) or another party attempts to obtain information or documents from the Employee (other than in connection with any litigation or other proceeding in which the Employee is a party-in-opposition) with respect to matters the Employee believes in good faith to relate to any investigation of the Company or its affiliates, in each case, regardless of whether a lawsuit or other proceeding has then been filed against the Company or its affiliates with respect to such investigation, and shall not do so unless legally required. During the pendency of any litigation or other proceeding involving Claims, the Employee shall not communicate with anyone (other than the Employee's attorneys and tax and/or financial advisors and except to the extent that the Employee determines in good faith is necessary in connection with the performance of the Employee's duties hereunder) with respect to the facts or subject matter of any pending or potential litigation or regulatory or administrative proceeding involving the Company or any of its affiliates without giving prior written notice to the Company or the Company's counsel. Upon presentation of appropriate documentation, the Company shall pay or reimburse the Employee for all reasonable out-of-pocket travel, duplicating or telephonic expenses incurred by the Employee in complying with this Section 10.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10. WHISTLEBLOWER PROTECTION.** Notwithstanding anything to the contrary contained herein, no provision of this Agreement shall be interpreted so as to impede the Employee (or any other individual) from reporting possible violations of federal law or regulation to any governmental agency or entity, including but not limited to the Department of Justice, the Securities and Exchange Commission, the Congress, and any agency Inspector General, or making other disclosures under the whistleblower provisions of federal law or regulation. The Employee does not need the prior authorization of the Company to make any such reports or disclosures and the Employee shall not be not required to notify the Company that such reports or disclosures have been made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11. NO ASSIGNMENTS.** This Agreement is personal to each of the parties hereto. Except as provided in this <u>Section 11</u> hereof, no party may assign or delegate any rights or obligations hereunder without first obtaining the written consent of the other party hereto. The Company may assign this Agreement to any successor to all or substantially all of the business and/or assets of the Company, <u>provided</u> that the Company shall require such successor to expressly assume and agree to perform this Agreement in the same manner and to the same extent that the

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Company would be required to perform it if no such succession had taken place. As used in this Agreement, "<u>Company</u>" shall mean the Company and any successor to its business and/or assets, which assumes and agrees to perform the duties and obligations of the Company under this Agreement by operation of law or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12. NOTICE**. For purposes of this Agreement, notices and all other communications provided for in this Agreement shall be in writing and shall be deemed to have been duly given (a) on the date of delivery, if delivered by hand, (b) on the date of transmission, if delivered by confirmed facsimile or electronic mail, (c) on the first business day following the date of deposit, if delivered by guaranteed overnight delivery service, or (d) on the fourth business day following the date delivered or mailed by United States registered or certified mail, return receipt requested, postage prepaid, addressed as follows:

If to the Employee:

At the address (or to the email) shown in the books <br>and records of the Company.

If to the Company:

REA Management Company, LLC

4245 N Central Expy, #492, Dallas, TX 75205

Email:

or to such other address as either party may have furnished to the other in writing in accordance herewith, except that notices of change of address shall be effective only upon receipt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13. SECTION HEADINGS; INCONSISTENCY.** The section headings used in this Agreement are included solely for convenience and shall not affect, or be used in connection with, the interpretation of this Agreement. In the event of any inconsistency between the terms of this Agreement and any form, award, plan or policy of the Company, the terms of this Agreement shall govern and control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14. SEVERABILITY.** The provisions of this Agreement shall be deemed severable. The invalidity or unenforceability of any provision of this Agreement in any jurisdiction shall not affect the validity, legality or enforceability of the remainder of this Agreement in such jurisdiction or the validity, legality or enforceability of any provision of this Agreement in any other jurisdiction, it being intended that all rights and obligations of the parties hereunder shall be enforceable to the fullest extent permitted by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15. COUNTERPARTS.** This Agreement may be executed in several counterparts, each of which shall be deemed to be an original but all of which together will constitute one and the same instrument.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16. INDEMNIFICATION.** The Company hereby agrees to indemnify the Employee and hold the Employee harmless against and in respect of any and all actions, suits, proceedings, claims, demands, judgments, costs, expenses (including reasonable attorney's fees), losses, and damages resulting from the Employee's good faith performance of the Employee's duties and obligations with the Company. This obligation shall survive the termination of the Employee's employment with the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17. LIABILITY INSURANCE.** The Company shall cover the Employee under directors' and officers' liability insurance both during and, while potential liability exists, after the term of this Agreement in the same amount and to the same extent as the Company covers its other officers and directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18. GOVERNING LAW; JURISDICTION**. This Agreement, the rights and obligations of the parties hereto, and any claims or disputes relating thereto, shall be governed by and construed in accordance with the laws of the State of Texas (without regard to its choice of law provisions). Each of the parties agrees that any dispute between the parties shall be resolved only in the courts of the State of Texas or the United States District Court for the Northern District of Texas and the appellate courts having jurisdiction of appeals in such courts. In that context, and without limiting the generality of the foregoing, each of the parties hereto irrevocably and unconditionally (a) submits in any proceeding relating to this Agreement or the Employee's employment by the Company or any affiliate, or for the recognition and enforcement of any judgment in respect thereof (a "<u>Proceeding</u>"), to the exclusive jurisdiction of the courts of the State of Texas, the court of the United States of America for the Northern District of Texas, and appellate courts having jurisdiction of appeals from any of the foregoing, and agrees that all claims in respect of any such Proceeding shall be heard and determined in such Texas State court or, to the extent permitted by law, in such federal court, (b) consents that any such Proceeding may and shall be brought in such courts and waives any objection that the Employee or the Company may now or thereafter have to the venue or jurisdiction of any such Proceeding in any such court or that such Proceeding was brought in an inconvenient court and agrees not to plead or claim the same, (c) waives all right to trial by jury in any Proceeding (whether based on contract, tort or otherwise) arising out of or relating to this Agreement or the Employee's employment by the Company or any affiliate of the Company, or the Employee's or the Company's performance under, or the enforcement of, this Agreement, (d) agrees that service of process in any such Proceeding may be effected by mailing a copy of such process by registered or certified mail (or any substantially similar form of mail), postage prepaid, to such party at the Employee's or the Company's address as provided in <u>Section 12</u> hereof, and (e) agrees that nothing in this Agreement shall affect the right to effect service of process in any other manner permitted by the laws of the State of Texas.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19. MISCELLANEOUS.** No provision of this Agreement may be modified, waived or discharged unless such waiver, modification or discharge is agreed to in writing and signed by the Employee and such officer or director as may be designated by the Board or the Committee. No waiver by either party hereto at any time of any breach by the other party hereto of, or compliance with, any condition or provision of this Agreement to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time. This Agreement together with all exhibits hereto sets forth the entire agreement of the parties hereto in respect of the subject matter contained herein and supersedes any and all prior agreements or understandings between the Employee and the Company with respect to the subject matter hereof. No agreements or representations, oral or otherwise, express or implied, with respect to the subject matter hereof have been made by either party which are not expressly set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20. REPRESENTATIONS.** The Employee represents and warrants to the Company that (a) the Employee has the legal right to enter into this Agreement and to perform all of the obligations on the Employee's part to be performed hereunder in accordance with its terms, and (b) the Employee is not a party to any agreement or understanding, written or oral, and is not subject to any restriction, which, in either case, could prevent the Employee from entering into this Agreement or performing all of the Employee's duties and obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21. TAX MATTERS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **WITHHOLDING.** The Company may withhold from any and all amounts payable under this Agreement or otherwise such federal, state and local taxes as may be required to be withheld pursuant to any applicable law or regulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **SECTION 409A COMPLIANCE.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The intent of the parties is that payments and benefits under this Agreement comply with Internal Revenue Code Section 409A and the regulations and guidance promulgated thereunder (collectively "<u>Code Section 409A</u>") and, accordingly, to the maximum extent permitted, this Agreement shall be interpreted to be in compliance therewith. To the extent that any provision hereof is modified in order to comply with Code Section 409A, such modification shall be made in good faith and shall, to the maximum extent reasonably possible, maintain the original intent and economic benefit to the Employee and the Company of the applicable provision without violating the provisions of Code Section 409A. In no event whatsoever shall the Company be liable for any additional tax, interest or penalty that may be imposed on the Employee by Code Section 409A or damages for failing to comply with Code Section 409A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) A termination of employment shall not be deemed to have occurred for purposes of any provision of this Agreement providing for the payment of any amounts or benefits upon or following a termination of employment unless such termination is also a "separation from service" within the meaning of Code Section 409A and, for purposes of any such provision of this Agreement, references to a "termination," "termination of employment" or like terms shall mean

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"separation from service." Notwithstanding anything to the contrary in this Agreement, if the Employee is deemed on the date of termination to be a "specified employee" within the meaning of that term under Code Section 409A(a)(2)(B), then with regard to any payment or the provision of any benefit that is considered deferred compensation under Code Section 409A payable on account of a "separation from service," such payment or benefit shall not be made or provided until the date which is the earlier of (A) the expiration of the six (6)-month period measured from the date of such "separation from service" of the Employee, and (B) the date of the Employee'sdeath, to the extent required under Code Section 409A. Upon the expiration of the foregoing delay period, all payments and benefits delayed pursuant to this <u>Section 23(b)(ii)</u> (whether they would have otherwise been payable in a single sum or in installments in the absence of such delay) shall be paid or reimbursed to the Employee in a lump sum, and any remaining payments and benefits due under this Agreement shall be paid or provided in accordance with the normal payment dates specified for them herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To the extent that reimbursements or other in-kind benefits under this Agreement constitute "nonqualified deferred compensation" for purposes of Code Section 409A, (A) all expenses or other reimbursements hereunder shall be made on or prior to the last day of the taxable year following the taxable year in which such expenses were incurred by the Employee, (B) any right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another benefit, and (C) no such reimbursement, expenses eligible for reimbursement, or in-kind benefits provided in any taxable year shall in any way affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other taxable year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) For purposes of Code Section 409A, the Employee's right to receive any installment payments pursuant to this Agreement shall be treated as a right to receive a series of separate and distinct payments. Whenever a payment under this Agreement specifies a payment period with reference to a number of days, the actual date of payment within the specified period shall be within the sole discretion of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Notwithstanding any other provision of this Agreement to the contrary, in no event shall any payment under this Agreement that constitutes "nonqualified deferred compensation" for purposes of Code Section 409A be subject to offset by any other amount unless otherwise permitted by Code Section 409A.

**[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]**

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**IN WITNESS WHEREOF,** the parties hereto have executed this Agreement as of the date first written above.

**REA MANAGEMENT COMPANY, LLC**

By: /s/ Jennifer Grafton

Name: Jennifer Grafton Title: Secretary

**EMPLOYEE**

/s/ Donald Swartz

Donald Swartz

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## Exhibit 10.24

**Exhibit 10.24**

**REA MANAGEMENT COMPANY, LLC EMPLOYMENT AGREEMENT**

**EMPLOYMENT AGREEMENT** (this "<u>Agreement</u>") dated as of August 5, 2025, between REA Management Company, LLC, a Texas limited liability company (the "<u>Company</u>"), and Joseph Dwyer (the "<u>Employee</u>").

**WHEREAS,** the Company desires to employ the Employee as the Chief Financial Officer and Treasurer of the Company; and

**WHEREAS,** the Company and the Employee desire to enter into this Agreement as to the terms of the Employee's employment with the Company.

**NOW, THEREFORE,** in consideration of the foregoing, of the mutual promises contained herein and of other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **POSITION AND DUTIES.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) During the Employment Term (as defined in <u>Section 2</u> hereof), the Employee shall serve as the Chief Financial Officer and Treasurer of the Company. In this capacity, the Employee shall have the duties, authorities and responsibilities commensurate with the duties, authorities and responsibilities of persons in similar capacities in similarly sized companies, and such other duties, authorities and responsibilities as may reasonably be assigned to the Employee that are not inconsistent with the Employee's position as Chief Financial Officer and Treasurer of the Company. The Employee's principal place of employment with the Company shall be the Company's offices in Colorado, <u>provided</u> that the Employee understands and agrees that the Employee may be required to travel from time to time for business purposes. The Employee is permitted to work remotely on a schedule mutually agreed upon between Employee and the Company, provided the Employee is able to complete his or her duties under this Agreement. The Employee shall report directly to the Chief Executive Officer of the Company (the "<u>CEO</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) During the Employment Term, the Employee shall devote all of the Employee's business time, energy, business judgment, knowledge and skill and the Employee's best efforts to the performance of the Employee's duties with the Company, <u>provided</u> that the foregoing shall not prevent the Employee from (i) serving on the boards of directors of non-profit organizations and, with the prior written approval of the Board, other for profit companies, (ii) participating in charitable, civic, educational, professional, community or industry affairs, and (iii) managing the Employee's passive personal investments so long as such activities in the aggregate do not interfere or conflict with the Employee's duties hereunder or create a potential business or fiduciary conflict.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **EMPLOYMENT TERM.** The Company agrees to employ the Employee pursuant

to the terms of this Agreement, and the Employee agrees to be so employed, for an indefinite

period commencing as of August 1, 2025 (the "<u>Effective Date</u>"). The period of time between the Effective Date and the termination of the Employee's employment hereunder shall be referred to herein as the "<u>Employment Term</u>."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **BASE SALARY.** The Company agrees to pay the Employee a base salary at an

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annual rate of not less than $235,000, payable in accordance with the regular payroll practices of the Company, but not less frequently than monthly. The Employee's base salary shall be subject to annual review by the Board (or a committee thereof) and may be adjusted from time to time by the Board. The base salary as determined herein and adjusted from time to time shall constitute "<u>Base</u> <u>Salary</u>" for purposes of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **BONUSES.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) ANNUAL BONUS.** During the Employment Term, the Employee shall be eligible to receive an annual discretionary incentive payment under the Company's annual bonus plan as may be in effect from time to time (the "<u>Annual Bonus</u>") based on a target bonus opportunity of at least 40% of the Employee's Base Salary (the "<u>Target Bonus</u>"), upon the attainment of one or more pre-established performance goals established by the Board or the Company's Compensation Committee (the "<u>Committee</u>") in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) STOCK INCENTIVE PLAN**. You will be eligible to participate in the Company's securities-based compensation plans, and will receive long-term incentive compensation in such dollar amounts and subject to vesting and performance conditions as determined by the Committee in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **EMPLOYEE BENEFITS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) BENEFIT PLANS.** During the Employment Term, the Employee shall be eligible to participate in any employee benefit plan that the Company has adopted or may adopt, maintain or contribute to for the benefit of its employees generally, subject to satisfying the applicable eligibility requirements, except to the extent such plans are duplicative of the benefits otherwise provided to hereunder. The Employee's participation will be subject to the terms of the applicable plan documents and generally applicable Company policies. Notwithstanding the foregoing, the Company may modify or terminate any employee benefit plan at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) VACATIONS.** During the Employment Term, the Employee shall be entitled to unlimited PTO. Vacation may be taken at such times and intervals as the Employee determines, subject to the business needs of the Company and prior approval of the CEO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c) BUSINESS AND ENTERTAINMENT EXPENSES.** Upon presentation of reasonable substantiation and documentation as the Company may specify from time to time, the Employee shall be reimbursed in accordance with the Company's expense reimbursement policy, for all reasonable out-of-pocket business and entertainment expenses incurred and paid by the Employee during the Employment Term and in connection with the performance of the Employee's duties hereunder, including all travel expenses, parking, cell phone, laptop and home office, and entertainment expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **AT-WILL EMPLOYMENT.** The nature of your employment at the Company is

and will continue to be "at will," meaning that either the Company or you may terminate this Agreement and your employment at any time, with or without notice, with or without cause, and for any reason or for no reason, subject to the obligations upon termination as provided in the Severance Plan (as defined below). Any statement or representation to the contrary is ineffective unless put into a writing executed on behalf of the Company by an authorized officer. We do ask,

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however, that you give thirty (30) days' notice if you decide to terminate your employment. Upon any termination of your employment, except as otherwise provided for in this Agreement, no further payments by the Company to you will be due other than: (i) accrued but unpaid salary through the applicable date of your termination; (ii) any other accrued benefits to which you may be entitled pursuant to the terms of benefit plans in which you participate at the time of such termination (excluding any employee benefit plan providing for severance or similar benefits), in accordance with the terms contained therein; (iii) any then unpaid amounts for the reimbursement of business expenses submitted in accordance with the Company's policies and procedures; and (iv) in the event of a termination on account of your death or disability only, a pro-rata Annual Bonus that would otherwise have been earned in respect of the fiscal year in which such termination occurred, pro-rated to reflect the number of days you were employed during such fiscal year (which amount shall be paid at such time annual bonuses are paid to other similarly situated senior executives of the Company, but in no event later than the date that is two and one-half (2<sup>1</sup>/2) months following the last day of the fiscal year in which such termination occurred).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7. SEVERANCE PLAN.** The Company hereby acknowledges that you are eligible to participate in any future severance plan adopted by the Company (the "Severance Plan") in accordance with the terms and conditions as in effect from time to time. In consideration for your opportunity to participate in the Severance Plan, you hereby acknowledge and agree that you are no longer eligible to participate in any other severance plans, programs policies or practices of the Company. The Company intends to put in place a Severance Plan by December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8. RETURN OF COMPANY PROPERTY.** On the date of the Employee's termination of employment with the Company for any reason (or at any time prior thereto at the Company's request), the Employee shall return all property belonging to the Company or its affiliates (including, but not limited to, any Company-provided laptops, computers, cell phones, wireless electronic mail devices or other equipment, or documents and property belonging to the Company).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9. COOPERATION.** Upon the receipt of reasonable notice from the Company (including outside counsel), the Employee agrees that while employed by the Company and thereafter, the Employee will respond and provide information with regard to matters in which theEmployee has knowledge as a result of the Employee's employment with the Company, and will provide reasonable assistance to the Company, its affiliates and their respective representatives in defense of any claims that may be made against the Company or its affiliates, and will assist the Company and its affiliates in the prosecution of any claims that may be made by the Company or its affiliates, to the extent that such claims may relate to the period of the Employee's employment with the Company (collectively, the "Claims"). The Employee agrees to promptly inform the Company if the Employee becomes aware of any lawsuits involving Claims that may be filed or threatened against the Company or its affiliates. The Employee also agrees to promptly inform the Company (to the extent that the Employee is legally permitted to do so) if the Employee is asked to assist in any investigation of the Company or its affiliates (or their actions) or another party attempts to obtain information or documents from the Employee (other than in connection with any litigation or other proceeding in which the Employee is a party-in-opposition) with respect to matters the Employee believes in good faith to relate to any investigation of the Company or its affiliates, in each case, regardless of whether a lawsuit or other proceeding has then been filed against the Company or its affiliates with respect to such investigation, and shall not do so unless legally required. During the pendency of any litigation or other proceeding involving Claims, the

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Employee shall not communicate with anyone (other than the Employee's attorneys and tax and/or financial advisors and except to the extent that the Employee determines in good faith is necessary in connection with the performance of the Employee's duties hereunder) with respect to the facts or subject matter of any pending or potential litigation or regulatory or administrative proceeding involving the Company or any of its affiliates without giving prior written notice to the Company or the Company's counsel. Upon presentation of appropriate documentation, the Company shall pay or reimburse the Employee for all reasonable out-of-pocket travel, duplicating or telephonic expenses incurred by the Employee in complying with this Section 10.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10. WHISTLEBLOWER PROTECTION.** Notwithstanding anything to the contrary contained herein, no provision of this Agreement shall be interpreted so as to impede the Employee (or any other individual) from reporting possible violations of federal law or regulation to any governmental agency or entity, including but not limited to the Department of Justice, the Securities and Exchange Commission, the Congress, and any agency Inspector General, or making other disclosures under the whistleblower provisions of federal law or regulation. The Employee does not need the prior authorization of the Company to make any such reports or disclosures and the Employee shall not be not required to notify the Company that such reports or disclosures have been made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11. NO ASSIGNMENTS.** This Agreement is personal to each of the parties hereto. Except as provided in this <u>Section 11</u> hereof, no party may assign or delegate any rights or obligations hereunder without first obtaining the written consent of the other party hereto. The Company may assign this Agreement to any successor to all or substantially all of the business and/or assets of the Company, <u>provided</u> that the Company shall require such successor to expressly assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no such succession had taken place. As used in this Agreement, "<u>Company</u>" shall mean the Company and any successor to its business and/or assets, which assumes and agrees to perform the duties and obligations of the Company under this Agreement by operation of law or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12. NOTICE**. For purposes of this Agreement, notices and all other communications provided for in this Agreement shall be in writing and shall be deemed to have been duly given (a) on the date of delivery, if delivered by hand, (b) on the date of transmission, if delivered by confirmed facsimile or electronic mail, (c) on the first business day following the date of deposit, if delivered by guaranteed overnight delivery service, or (d) on the fourth business day following the date delivered or mailed by United States registered or certified mail, return receipt requested, postage prepaid, addressed as follows:

If to the Employee:

At the address (or to the email) shown in the books <br>and records of the Company.

If to the Company:

REA Management Company, LLC

4245 N Central Expy, #492, Dallas, TX 75205

Email:

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or to such other address as either party may have furnished to the other in writing in accordance herewith, except that notices of change of address shall be effective only upon receipt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13. SECTION HEADINGS; INCONSISTENCY.** The section headings used in this Agreement are included solely for convenience and shall not affect, or be used in connection with, the interpretation of this Agreement. In the event of any inconsistency between the terms of this Agreement and any form, award, plan or policy of the Company, the terms of this Agreement shall govern and control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14. SEVERABILITY.** The provisions of this Agreement shall be deemed severable. The invalidity or unenforceability of any provision of this Agreement in any jurisdiction shall not affect the validity, legality or enforceability of the remainder of this Agreement in such jurisdiction or the validity, legality or enforceability of any provision of this Agreement in any other jurisdiction, it being intended that all rights and obligations of the parties hereunder shall be enforceable to the fullest extent permitted by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15. COUNTERPARTS.** This Agreement may be executed in several counterparts, each of which shall be deemed to be an original but all of which together will constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16. INDEMNIFICATION.** The Company hereby agrees to indemnify the Employee and hold the Employee harmless against and in respect of any and all actions, suits, proceedings, claims, demands, judgments, costs, expenses (including reasonable attorney's fees), losses, and damages resulting from the Employee's good faith performance of the Employee's duties and obligations with the Company. This obligation shall survive the termination of the Employee's employment with the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17. LIABILITY INSURANCE.** The Company shall cover the Employee under directors' and officers' liability insurance both during and, while potential liability exists, after the term of this Agreement in the same amount and to the same extent as the Company covers its other officers and directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18. GOVERNING LAW; JURISDICTION**. This Agreement, the rights and obligations of the parties hereto, and any claims or disputes relating thereto, shall be governed by and construed in accordance with the laws of the State of Texas (without regard to its choice of law provisions). Each of the parties agrees that any dispute between the parties shall be resolved only in the courts of the State of Texas or the United States District Court for the Northern District of Texas and the appellate courts having jurisdiction of appeals in such courts. In that context, and without limiting the generality of the foregoing, each of the parties hereto irrevocably and unconditionally (a) submits in any proceeding relating to this Agreement or the Employee's employment by the Company or any affiliate, or for the recognition and enforcement of any judgment in respect thereof (a "<u>Proceeding</u>"), to the exclusive jurisdiction of the courts of the State of Texas, the court of the United States of America for the Northern District of Texas, and appellate courts having jurisdiction of appeals from any of the foregoing, and agrees that all claims in respect of any such Proceeding shall be heard and determined in such Texas State court or, to the extent permitted by law, in such federal court, (b) consents that any such Proceeding may and shall be brought in such courts and waives any objection that the Employee or the Company may now or

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thereafter have to the venue or jurisdiction of any such Proceeding in any such court or that such Proceeding was brought in an inconvenient court and agrees not to plead or claim the same, (c) waives all right to trial by jury in any Proceeding (whether based on contract, tort or otherwise) arising out of or relating to this Agreement or the Employee's employment by the Company or any affiliate of the Company, or the Employee's or the Company's performance under, or the enforcement of, this Agreement, (d) agrees that service of process in any such Proceeding may be effected by mailing a copy of such process by registered or certified mail (or any substantially similar form of mail), postage prepaid, to such party at the Employee's or the Company's address as provided in <u>Section 12</u> hereof, and (e) agrees that nothing in this Agreement shall affect the right to effect service of process in any other manner permitted by the laws of the State of Texas.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19. MISCELLANEOUS.** No provision of this Agreement may be modified, waived or discharged unless such waiver, modification or discharge is agreed to in writing and signed by the Employee and such officer or director as may be designated by the Board or the Committee. No waiver by either party hereto at any time of any breach by the other party hereto of, or compliance with, any condition or provision of this Agreement to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time. This Agreement together with all exhibits hereto sets forth the entire agreement of the parties hereto in respect of the subject matter contained herein and supersedes any and all prior agreements or understandings between the Employee and the Company with respect to the subject matter hereof. No agreements or representations, oral or otherwise, express or implied, with respect to the subject matter hereof have been made by either party which are not expressly set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20. REPRESENTATIONS.** The Employee represents and warrants to the Company that (a) the Employee has the legal right to enter into this Agreement and to perform all of the obligations on the Employee's part to be performed hereunder in accordance with its terms, and (b) the Employee is not a party to any agreement or understanding, written or oral, and is not subject to any restriction, which, in either case, could prevent the Employee from entering into this Agreement or performing all of the Employee's duties and obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21. TAX MATTERS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) WITHHOLDING.** The Company may withhold from any and all amounts payable under this Agreement or otherwise such federal, state and local taxes as may be required to be withheld pursuant to any applicable law or regulation.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) SECTION 409A COMPLIANCE.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)The intent of the parties is that payments and benefits under this Agreement comply with Internal Revenue Code Section 409A and the regulations and guidance promulgated thereunder (collectively "<u>Code Section 409A</u>") and, accordingly, to the maximum extent permitted, this Agreement shall be interpreted to be in compliance therewith. To the extent that any provision hereof is modified in order to comply with Code Section 409A, such modification shall be made in good faith and shall, to the maximum extent reasonably possible, maintain the original intent and economic benefit to the Employee and the Company of the applicable provision without violating the provisions of Code Section 409A. In no event whatsoever shall the Company be liable for any additional tax, interest or penalty that may be imposed on the Employee by Code Section 409A or damages for failing to comply with Code Section 409A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)A termination of employment shall not be deemed to have occurred for purposes of any provision of this Agreement providing for the payment of any amounts or benefits upon or following a termination of employment unless such termination is also a "separation from service" within the meaning of Code Section 409A and, for purposes of any such provision of this Agreement, references to a "termination," "termination of employment" or like terms shall mean "separation from service." Notwithstanding anything to the contrary in this Agreement, if the Employee is deemed on the date of termination to be a "specified employee" within the meaning of that term under Code Section 409A(a)(2)(B), then with regard to any payment or the provision of any benefit that is considered deferred compensation under Code Section 409A payable on account of a "separation from service," such payment or benefit shall not be made or provided until the date which is the earlier of (A) the expiration of the six (6)-month period measured from the date of such "separation from service" of the Employee, and (B) the date of the Employee'sdeath, to the extent required under Code Section 409A. Upon the expiration of the foregoing delay period, all payments and benefits delayed pursuant to this <u>Section 23(b)(ii)</u> (whether they would have otherwise been payable in a single sum or in installments in the absence of such delay) shall be paid or reimbursed to the Employee in a lump sum, and any remaining payments and benefits due under this Agreement shall be paid or provided in accordance with the normal payment dates specified for them herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)To the extent that reimbursements or other in-kind benefits under this Agreement constitute "nonqualified deferred compensation" for purposes of Code Section 409A, (A) all expenses or other reimbursements hereunder shall be made on or prior to the last day of the taxable year following the taxable year in which such expenses were incurred by the Employee, (B) any right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another benefit, and (C) no such reimbursement, expenses eligible for reimbursement, or in-kind benefits provided in any taxable year shall in any way affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other taxable year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)For purposes of Code Section 409A, the Employee's right to receive any installment payments pursuant to this Agreement shall be treated as a right to receive a series of separate and distinct payments. Whenever a payment under this Agreement specifies a payment period with reference to a number of days, the actual date of payment within the specified period shall be within the sole discretion of the Company.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)Notwithstanding any other provision of this Agreement to the contrary, in no event shall any payment under this Agreement that constitutes "nonqualified deferred compensation" for purposes of Code Section 409A be subject to offset by any other amount unless otherwise permitted by Code Section 409A.

**[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]**

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**IN WITNESS WHEREOF,** the parties hereto have executed this Agreement as of the date first written above.

**REA MANAGEMENT COMPANY, LLC**

By: /s/ Donald Swartz

Name: Donald Swartz

Title: Chief Executive Officer

**EMPLOYEE**

/s/ Joseph Dwyer

Name: Joseph Dwyer

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## Exhibit 10.25

**Exhibit 10.25**

**REA MANAGEMENT COMPANY, LLC EMPLOYMENT AGREEMENT**

**EMPLOYMENT AGREEMENT** (this "<u>Agreement</u>") dated as of July 31, 2025, between REA Management Company, LLC, a Texas limited liability company (the "<u>Company</u>"), and Jennifer Grafton (the "<u>Employee</u>").

**WHEREAS,** the Company desires to employ the Employee as the Chief Operating Officer, General Counsel and Secretary of the Company; and

**WHEREAS,** the Company and the Employee desire to enter into this Agreement as to the terms of the Employee's employment with the Company.

**NOW, THEREFORE,** in consideration of the foregoing, of the mutual promises contained herein and of other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **POSITION AND DUTIES.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) During the Employment Term (as defined in <u>Section 2</u> hereof), the Employee shall serve as the Chief Operating Officer, General Counsel and Secretary of the Company. In this capacity, the Employee shall have the duties, authorities and responsibilities commensurate with the duties, authorities and responsibilities of persons in similar capacities in similarly sized companies, and such other duties, authorities and responsibilities as may reasonably be assigned to the Employee that are not inconsistent with the Employee's position as Chief Operating Officer, General Counsel and Secretary of the Company. The Employee's principal place of employment with the Company shall be the Company's offices in Colorado, <u>provided</u> that the Employee understands and agrees that the Employee may be required to travel from time to time for business purposes. The Employee is permitted to work remotely on a schedule mutually agreed upon between Employee and the Company, provided the Employee is able to complete his or her duties under this Agreement. The Employee shall report directly to the Chief Executive Officer of the Company (the "<u>CEO</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) During the Employment Term, the Employee shall devote all of the Employee's business time, energy, business judgment, knowledge and skill and the Employee's best efforts to the performance of the Employee's duties with the Company, <u>provided</u> that the foregoing shall not prevent the Employee from (i) serving on the boards of directors of non-profit organizations and, with the prior written approval of the Board, other for profit companies, (ii) participating in charitable, civic, educational, professional, community or industry affairs, and (iii) managing the Employee's passive personal investments so long as such activities in the aggregate do not interfere or conflict with the Employee's duties hereunder or create a potential business or fiduciary conflict. Pursuant to Section 1(b)(i) herein, the Employee is expressly permitted to serve on the board of directors of Dakota Gold Corporation and Farmland Partners Inc.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **EMPLOYMENT TERM.** The Company agrees to employ the Employee pursuant to the terms of this Agreement, and the Employee agrees to be so employed, for an indefinite period commencing as of August 1, 2025 (the "<u>Effective Date</u>"). The period of time between the Effective Date and the termination of the Employee's employment hereunder shall be referred to herein as the "<u>Employment Term</u>."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **BASE SALARY.** The Company agrees to pay the Employee a base salary at an annual rate of not less than $300,000, payable in accordance with the regular payroll practices of the Company, but not less frequently than monthly. The Employee's base salary shall be subject to annual review by the Board (or a committee thereof) and may be adjusted from time to time by the Board. The base salary as determined herein and adjusted from time to time shall constitute "<u>Base</u> <u>Salary</u>" for purposes of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **BONUSES.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) ANNUAL BONUS.** During the Employment Term, the Employee shall be eligible to receive an annual discretionary incentive payment under the Company's annual bonus plan as may be in effect from time to time (the "<u>Annual Bonus</u>") based on a target bonus opportunity of at least 50% of the Employee's Base Salary (the "<u>Target Bonus</u>"), upon the attainment of one or more pre-established performance goals established by the Board or the Company's Compensation Committee (the "<u>Committee</u>") in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) STOCK INCENTIVE PLAN**. You will be eligible to participate in the Company's securities-based compensation plans, and will receive long-term incentive compensation in such dollar amounts and subject to vesting and performance conditions as determined by the Committee in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **EMPLOYEE BENEFITS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) BENEFIT PLANS.** During the Employment Term, the Employee shall be eligible to participate in any employee benefit plan that the Company has adopted or may adopt, maintain or contribute to for the benefit of its employees generally, subject to satisfying the applicable eligibility requirements, except to the extent such plans are duplicative of the benefits otherwise provided to hereunder. The Employee's participation will be subject to the terms of the applicable plan documents and generally applicable Company policies. Notwithstanding the foregoing, the Company may modify or terminate any employee benefit plan at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) VACATIONS.** During the Employment Term, the Employee shall be entitled to unlimited PTO. Vacation may be taken at such times and intervals as the Employee determines, subject to the business needs of the Company and prior approval of the CEO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c) BUSINESS AND ENTERTAINMENT EXPENSES.** Upon presentation of reasonable substantiation and documentation as the Company may specify from time to time, the Employee shall be reimbursed in accordance with the Company's expense reimbursement policy, for all reasonable out-of-pocket business and entertainment expenses incurred and paid by the Employee during the Employment Term and in connection with the performance of the Employee's duties hereunder, including all travel expenses, parking, cell phone, laptop and home office, and entertainment expenses.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **AT-WILL EMPLOYMENT.** The nature of your employment at the Company is and will continue to be "at will," meaning that either the Company or you may terminate this. Agreement and your employment at any time, with or without notice, with or without cause, and for any reason or for no reason, subject to the obligations upon termination as provided in the Severance Plan (as defined below). Any statement or representation to the contrary is ineffective unless put into a writing executed on behalf of the Company by an authorized officer. We do ask, however, that you give thirty (30) days' notice if you decide to terminate your employment. Upon any termination of your employment, except as otherwise provided for in this Agreement, no further payments by the Company to you will be due other than: (i) accrued but unpaid salary through the applicable date of your termination; (ii) any other accrued benefits to which you may be entitled pursuant to the terms of benefit plans in which you participate at the time of such termination (excluding any employee benefit plan providing for severance or similar benefits), in accordance with the terms contained therein; (iii) any then unpaid amounts for the reimbursement of business expenses submitted in accordance with the Company's policies and procedures; and (iv) in the event of a termination on account of your death or disability only, a pro-rata Annual Bonus that would otherwise have been earned in respect of the fiscal year in which such termination occurred, pro-rated to reflect the number of days you were employed during such fiscal year (which amount shall be paid at such time annual bonuses are paid to other similarly situated senior executives of the Company, but in no event later than the date that is two and one-half (2<sup>1</sup>/2) months following the last day of the fiscal year in which such termination occurred).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7. SEVERANCE PLAN.** The Company hereby acknowledges that you are eligible to participate in any future severance plan adopted by the Company (the "Severance Plan") in accordance with the terms and conditions as in effect from time to time. In consideration for your opportunity to participate in the Severance Plan, you hereby acknowledge and agree that you are no longer eligible to participate in any other severance plans, programs policies or practices of the Company. The Company intends to put in place a Severance Plan by December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8. RETURN OF COMPANY PROPERTY.** On the date of the Employee's termination of employment with the Company for any reason (or at any time prior thereto at the Company's request), the Employee shall return all property belonging to the Company or its affiliates (including, but not limited to, any Company-provided laptops, computers, cell phones, wireless electronic mail devices or other equipment, or documents and property belonging to the Company).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9. COOPERATION.** Upon the receipt of reasonable notice from the Company (including outside counsel), the Employee agrees that while employed by the Company and thereafter, the Employee will respond and provide information with regard to matters in which theEmployee has knowledge as a result of the Employee's employment with the Company, and will provide reasonable assistance to the Company, its affiliates and their respective representatives in defense of any claims that may be made against the Company or its affiliates, and will assist the Company and its affiliates in the prosecution of any claims that may be made by the Company or its affiliates, to the extent that such claims may relate to the period of the Employee's employment with the Company (collectively, the "Claims"). The Employee agrees to promptly inform the Company if the Employee becomes aware of any lawsuits involving Claims that may be filed or threatened against the Company or its affiliates. The Employee also agrees to

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promptly inform the Company (to the extent that the Employee is legally permitted to do so) if the Employee is asked to assist in any investigation of the Company or its affiliates (or their actions) or another party attempts to obtain information or documents from the Employee (other than in connection with any litigation or other proceeding in which the Employee is a party-in-opposition) with respect to matters the Employee believes in good faith to relate to any investigation of the Company or its affiliates, in each case, regardless of whether a lawsuit or other proceeding has then been filed against the Company or its affiliates with respect to such investigation, and shall not do so unless legally required. During the pendency of any litigation or other proceeding involving Claims, the Employee shall not communicate with anyone (other than the Employee's attorneys and tax and/or financial advisors and except to the extent that the Employee determines in good faith is necessary in connection with the performance of the Employee's duties hereunder) with respect to the facts or subject matter of any pending or potential litigation or regulatory or administrative proceeding involving the Company or any of its affiliates without giving prior written notice to the Company or the Company's counsel. Upon presentation of appropriate documentation, the Company shall pay or reimburse the Employee for all reasonable out-of-pocket travel, duplicating or telephonic expenses incurred by the Employee in complying with this Section 10.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10. WHISTLEBLOWER PROTECTION.** Notwithstanding anything to the contrary contained herein, no provision of this Agreement shall be interpreted so as to impede the Employee (or any other individual) from reporting possible violations of federal law or regulation to any governmental agency or entity, including but not limited to the Department of Justice, the Securities and Exchange Commission, the Congress, and any agency Inspector General, or making other disclosures under the whistleblower provisions of federal law or regulation. The Employee does not need the prior authorization of the Company to make any such reports or disclosures and the Employee shall not be not required to notify the Company that such reports or disclosures have been made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11. NO ASSIGNMENTS.** This Agreement is personal to each of the parties hereto. Except as provided in this <u>Section 11</u> hereof, no party may assign or delegate any rights or obligations hereunder without first obtaining the written consent of the other party hereto. The Company may assign this Agreement to any successor to all or substantially all of the business and/or assets of the Company, <u>provided</u> that the Company shall require such successor to expressly assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no such succession had taken place. As used in this Agreement, "<u>Company</u>" shall mean the Company and any successor to its business and/or assets, which assumes and agrees to perform the duties and obligations of the Company under this Agreement by operation of law or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12. NOTICE**. For purposes of this Agreement, notices and all other communications provided for in this Agreement shall be in writing and shall be deemed to have been duly given (a) on the date of delivery, if delivered by hand, (b) on the date of transmission, if delivered by confirmed facsimile or electronic mail, (c) on the first business day following the date of deposit, if delivered by guaranteed overnight delivery service, or (d) on the fourth business day following

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the date delivered or mailed by United States registered or certified mail, return receipt requested, postage prepaid, addressed as follows:

If to the Employee:

At the address (or to the email) shown in the books <br>and records of the Company.

If to the Company:

REA Management Company, LLC

4245 N Central Expy, #492, Dallas, TX 75205

Email:

or to such other address as either party may have furnished to the other in writing in accordance herewith, except that notices of change of address shall be effective only upon receipt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13. SECTION HEADINGS; INCONSISTENCY.** The section headings used in this Agreement are included solely for convenience and shall not affect, or be used in connection with, the interpretation of this Agreement. In the event of any inconsistency between the terms of this Agreement and any form, award, plan or policy of the Company, the terms of this Agreement shall govern and control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14. SEVERABILITY.** The provisions of this Agreement shall be deemed severable. The invalidity or unenforceability of any provision of this Agreement in any jurisdiction shall not affect the validity, legality or enforceability of the remainder of this Agreement in such jurisdiction or the validity, legality or enforceability of any provision of this Agreement in any other jurisdiction, it being intended that all rights and obligations of the parties hereunder shall be enforceable to the fullest extent permitted by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15. COUNTERPARTS.** This Agreement may be executed in several counterparts, each of which shall be deemed to be an original but all of which together will constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16. INDEMNIFICATION.** The Company hereby agrees to indemnify the Employee and hold the Employee harmless against and in respect of any and all actions, suits, proceedings, claims, demands, judgments, costs, expenses (including reasonable attorney's fees), losses, and damages resulting from the Employee's good faith performance of the Employee's duties and obligations with the Company. This obligation shall survive the termination of the Employee's employment with the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17. LIABILITY INSURANCE.** The Company shall cover the Employee under directors' and officers' liability insurance both during and, while potential liability exists, after the term of this Agreement in the same amount and to the same extent as the Company covers its other officers and directors.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18. GOVERNING LAW; JURISDICTION**. This Agreement, the rights and obligations of the parties hereto, and any claims or disputes relating thereto, shall be governed by and construed in accordance with the laws of the State of Texas (without regard to its choice of law provisions). Each of the parties agrees that any dispute between the parties shall be resolved only in the courts of the State of Texas or the United States District Court for the Northern District of Texas and the appellate courts having jurisdiction of appeals in such courts. In that context, and without limiting the generality of the foregoing, each of the parties hereto irrevocably and unconditionally (a) submits in any proceeding relating to this Agreement or the Employee's employment by the Company or any affiliate, or for the recognition and enforcement of any judgment in respect thereof (a "<u>Proceeding</u>"), to the exclusive jurisdiction of the courts of the State of Texas, the court of the United States of America for the Northern District of Texas, and appellate courts having jurisdiction of appeals from any of the foregoing, and agrees that all claims in respect of any such Proceeding shall be heard and determined in such Texas State court or, to the extent permitted by law, in such federal court, (b) consents that any such Proceeding may and shall be brought in such courts and waives any objection that the Employee or the Company may now or thereafter have to the venue or jurisdiction of any such Proceeding in any such court or that such Proceeding was brought in an inconvenient court and agrees not to plead or claim the same, (c) waives all right to trial by jury in any Proceeding (whether based on contract, tort or otherwise) arising out of or relating to this Agreement or the Employee's employment by the Company or any affiliate of the Company, or the Employee's or the Company's performance under, or the enforcement of, this Agreement, (d) agrees that service of process in any such Proceeding may be effected by mailing a copy of such process by registered or certified mail (or any substantially similar form of mail), postage prepaid, to such party at the Employee's or the Company's address as provided in <u>Section 12</u> hereof, and (e) agrees that nothing in this Agreement shall affect the right to effect service of process in any other manner permitted by the laws of the State of Texas.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19. MISCELLANEOUS.** No provision of this Agreement may be modified, waived or discharged unless such waiver, modification or discharge is agreed to in writing and signed by the Employee and such officer or director as may be designated by the Board or the Committee. No waiver by either party hereto at any time of any breach by the other party hereto of, or compliance with, any condition or provision of this Agreement to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time. This Agreement together with all exhibits hereto sets forth the entire agreement of the parties hereto in respect of the subject matter contained herein and supersedes any and all prior agreements or understandings between the Employee and the Company with respect to the subject matter hereof. No agreements or representations, oral or otherwise, express or implied, with respect to the subject matter hereof have been made by either party which are not expressly set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20. REPRESENTATIONS.** The Employee represents and warrants to the Company that (a) the Employee has the legal right to enter into this Agreement and to perform all of the obligations on the Employee's part to be performed hereunder in accordance with its terms, and (b) the Employee is not a party to any agreement or understanding, written or oral, and is not subject to any restriction, which, in either case, could prevent the Employee from entering into this Agreement or performing all of the Employee's duties and obligations hereunder.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21. TAX MATTERS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) WITHHOLDING.** The Company may withhold from any and all amounts payable under this Agreement or otherwise such federal, state and local taxes as may be required to be withheld pursuant to any applicable law or regulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) SECTION 409A COMPLIANCE.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)The intent of the parties is that payments and benefits under this Agreement comply with Internal Revenue Code Section 409A and the regulations and guidance promulgated thereunder (collectively "<u>Code Section 409A</u>") and, accordingly, to the maximum extent permitted, this Agreement shall be interpreted to be in compliance therewith. To the extent that any provision hereof is modified in order to comply with Code Section 409A, such modification shall be made in good faith and shall, to the maximum extent reasonably possible, maintain the original intent and economic benefit to the Employee and the Company of the applicable provision without violating the provisions of Code Section 409A. In no event whatsoever shall the Company be liable for any additional tax, interest or penalty that may be imposed on the Employee by Code Section 409A or damages for failing to comply with Code Section 409A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)A termination of employment shall not be deemed to have occurred for purposes of any provision of this Agreement providing for the payment of any amounts or benefits upon or following a termination of employment unless such termination is also a "separation from service" within the meaning of Code Section 409A and, for purposes of any such provision of this Agreement, references to a "termination," "termination of employment" or like terms shall mean "separation from service." Notwithstanding anything to the contrary in this Agreement, if the Employee is deemed on the date of termination to be a "specified employee" within the meaning of that term under Code Section 409A(a)(2)(B), then with regard to any payment or the provision of any benefit that is considered deferred compensation under Code Section 409A payable on account of a "separation from service," such payment or benefit shall not be made or provided until the date which is the earlier of (A) the expiration of the six (6)-month period measured from the date of such "separation from service" of the Employee, and (B) the date of the Employee'sdeath, to the extent required under Code Section 409A. Upon the expiration of the foregoing delay period, all payments and benefits delayed pursuant to this <u>Section 23(b)(ii)</u> (whether they would have otherwise been payable in a single sum or in installments in the absence of such delay) shall be paid or reimbursed to the Employee in a lump sum, and any remaining payments and benefits due under this Agreement shall be paid or provided in accordance with the normal payment dates specified for them herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)To the extent that reimbursements or other in-kind benefits under this Agreement constitute "nonqualified deferred compensation" for purposes of Code Section 409A, (A) all expenses or other reimbursements hereunder shall be made on or prior to the last day of the taxable year following the taxable year in which such expenses were incurred by the Employee, (B) any right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another benefit, and (C) no such reimbursement, expenses eligible for reimbursement, or

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in-kind benefits provided in any taxable year shall in any way affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other taxable year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)For purposes of Code Section 409A, the Employee's right to receive any installment payments pursuant to this Agreement shall be treated as a right to receive a series of separate and distinct payments. Whenever a payment under this Agreement specifies a payment period with reference to a number of days, the actual date of payment within the specified period shall be within the sole discretion of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)Notwithstanding any other provision of this Agreement to the contrary, in no event shall any payment under this Agreement that constitutes "nonqualified deferred compensation" for purposes of Code Section 409A be subject to offset by any other amount unless otherwise permitted by Code Section 409A.

**[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]**

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**IN WITNESS WHEREOF,** the parties hereto have executed this Agreement as of the date first written above.

**REA MANAGEMENT COMPANY, LLC**

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| | |
|:---|:---|
| By: | /s/ Donald Swartz  |

---

Name: Donald Swartz

Title: Chief Executive Officer

---

| | |
|:---|:---|
| **EMPLOYEE** | **EMPLOYEE** |
| /s/ Jennifer Grafton | /s/ Jennifer Grafton |
| Name: | Jennifer Grafton |

---

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## Exhibit 10.26

**Exhibit 10.26**

<u>CONTRACTSERVICE PROVISION</u>  

CONTRACTOR:

ALPHA MINERALS BRAZIL PARTICIPAÇÕES LTDA, legal entity registered with the CNPJ under No. 43.093.229/0001-20, headquartered at Rua Professor José Leite e Oiticica, 530, Sala 04, Vila Gertrudes, São Paulo/SP, CEP: 04.705-080, hereby represented by João Paulo Agapito da Veiga, Brazilian, single, entrepreneur, registered with the CPF under No. , hereinafter referred to as simply CONTRACTOR.

and on the other hand,

CONTRACTOR:

RENATO ÁUREO DE PAULA GONZAGA - ME ., trade name RGX PARTNERS, a private legal entity registered with the CNPJ under No. 46.604.771/0001-99, with headquarters at Alameda Oscar Niemeyer, 804, apt. 1302, TI, B. Vale do Sereno, Nova Lima/MG, Cep 34.006-049, hereby represented by Renato Áureo de Paula Gonzaga, Brazilian, economist, married, registered with the CPF under No. , hereinafter referred to simply as CONTRACTOR.

The CONTRACTING PARTY and the CONTRACTED PARTY have between themselves, as fair and agreed, the this Service Agreement, which will be governed by the following Clauses and conditions:

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CLAUSE 1 - PREAMBULAR CONSIDERATIONS

1.1 - CONTRACTING PARTY and CONTRACTED PARTY shall be referred to herein PARTIES and, individually, PARTY.

1.2 - The CONTRACTED PARTY declares that it is a company with a wide range of experience in the area of financial consulting, presenting, for this purpose, expertise and knowledge necessary for the provision of the services herein contracted, declaring that holds all the qualifications, authorizations and documentation relevant to its attainment.

1.3 - The parties undertake to submit to the Principle of Good Faith, signing also the commitment to carry out with zeal, collaboration and proactivity the activities necessary for the realization of the object of this contract, acting together with ethics in defense of all interests arising from the transactions that result from it.

CLAUSE 2 - OBJECT OF THE CONTRACT

2.1 - The OBJECT of this contract is the provision of services of Consulting, execution of financial operations, application and management of resources in cash related to the development of rare earth mining projects and other commodities that may be of interest to the CLIENT.

2.2 - The scope of services also includes, but is not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.1 - Carry out planning, economic and financial, structural and of the CONTRACTING PARTY's human resources, involving, but not limiting, to: strategic planning, budget analysis, projection of financial scenarios and forecasts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.2 - Develop, identify and exploit new opportunities for new business related to the minerals of interest to the Contracting Party and its shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.3 - Implement systems and controls to improve management business.

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CLAUSE 3 - REMUNERATION AND FORM OF PAYMENT

3.1 - For the services set forth in this contract, the CONTRACTING PARTY will pay the CONTRACTED the amount of R$27,750.00 (twenty-seven thousand, seven hundred and fifty reais) until the 5th business day of the month following the service provided, upon bank transfer to the account owned by the CONTRACTED PARTY indicated, and the deposit receipt is valid as proof of payment of the obligations contracted in this agreement.

3.2 - In the event of delay in the payment of services, item 3.1, due to sole fault of the CONTRACTING PARTY, a fine of 2% (two percent) will be levied on the amount due, in addition to interest of 1% (one percent) per month, pro rata die, until the effective date payment.

3.3 - Additional expenses related to the services contracted herein, such as travel, lodging and food will be reimbursed by the CONTRACTING PARTY upon presentation of valid receipts (invoices) at with the payment of services, according to item 3.1, if it is not for it Anticipated.

CLAUSE 4 - EFFECTIVE PERIOD

4.1 - This contract is entered into for a period of 12 (twelve) months, which is valid starts on 06/01/2023 and ends on 06/01/2024, and may be extended for an equal period or, according to another period of time than the PARTIES freely to wake up.

CLAUSE 5 - CONFIDENTIALITY

5.1 - The PARTIES acknowledge that, in the course of the collaboration related to the mining projects and the strategic asset development plan, confidential information may be shared between them, obliging the CONTRACTED PARTY to maintain confidentiality about the business and technical information that has access, by any means, and to other dealings arising from the object of this contract.

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5.2 - For purposes of this agreement, "Confidential Information" includes, but is not limited to, limit to, data, documents, plans, strategies, reports, analyses, information technical, financial and commercial information, information on contracts with third parties, documents of the CONTRACTING PARTY or third parties related to him/her, as well as any other information identified as confidential.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.1 - Information related to a identified or identifiable person or legal entity, such as: name, identity document, CPF number, CNPJ number, address, telephone, e-mail, IP address and their respective sensitive data.

5.3 - The CONTRACTOR agrees to maintain the absolute confidentiality of the so-called technical and business "confidential information", or other in which the Client so designates, as well as take all reasonable steps to protect it from unauthorized disclosure.

5.4 - The CONTRACTOR undertakes to use the "confidential information" solely for the purposes of this Agreement and not to disclose, reproduce, transmit or use such information for any other purpose without prior authorization, and express expression of the CONTRACTING PARTY.

5.5 - The obligation of "confidentiality" does not apply to information that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5.1 - were in the public domain at the time they were shared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5.2 - are duly authorized by the CONTRACTING PARTY sharing with third parties involved in the project;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5.3 - became public domain after sharing, without breach of this clause;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5.4 - were already known to the receiving PARTY before sharing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5.5 - Were obtained from third parties legally without restrictions of confidentiality;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5.6 - Must be disclosed in accordance with legal or regulatory requirements.

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5.6 - The obligation of confidentiality established in this contract will persist even if after its completion or termination, for a period of 05 (five) years.

CLAUSE 6 - INTELLECTUAL PROPERTY

6.1 - For the purposes of this contract and the provision of services arising from it, "Intellectual Property" is understood as all industrial property rights and intellectual produced by the SERVICE PROVIDER, including, but not limited to: copyrights, trademarks, patents, industrial designs, processes and geological survey and mapping methods, trade secrets, know-how, computer programs, databases, inventions, discoveries, creations, works and any other form of legally protected intellectual property.

6.2 - The CONTRACTED PARTY, hereby, acknowledges that all rights of "Intellectual Property" described in item 6.1 and that are related to the Services provided under this Agreement are the exclusive property of CONTRACTING PARTY, assigning and transferring to him/her all related rights, at which time the CONTRACTING PARTY holds full ownership and the exploitation rights of said "Intellectual Property".

6.3 - The CONTRACTED PARTY acknowledges and accepts that the CONTRACTING PARTY will have the exclusive right to use, exploit, modify, sublicense, register, and protect the "Intellectual Property" transferred to him/her, at his/her convenience, within the scope of their activities or related to them, or even outside them.

6.4 - The CONTRACTED PARTY declares and accepts that it will not use, disclose or Exploitation of the rights protected by this Clause, unless expressly authorized of the CONTRACTING PARTY, under penalty of incurring the fine described in Clause 10, item 10.3.

CLAUSE 7 - OBLIGATIONS OF THE CONTRACTING PARTY

7.1 - Provide the SERVICE PROVIDER, with clarity and precision, with the information perhaps requested and inherent to the fulfillment of the object of the contract.

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7.2 - Communicate to the SERVICE PROVIDER, in writing, the occurrence of any failure or malfunction of the services performed, specifying the type of defect, providing all the necessary data and information for the respective sanitation, if applicable, and thus the CONTRACTED PARTY must promote the due correction within a maximum period of 03 (three) days.

7.3 - Promote the payments due due to this contract in the form and dates scheduled.

CLAUSE 8 - OBLIGATIONS OF THE CONTRACTOR

8.1 - Faithfully perform the services described in Clause 2 and its sub-items, always within the usual good technique and standards, as well as respecting the norms, the technical specifications, the safety conditions applicable to the provision of services of this kind, to be subject to all the legislation applicable to the species, whether federal, state or municipal, as well as all determinations of the agencies competent of the Public Administration and other inspection entities.

8.2 - Ensure that the financial and economic operations of the CONTRACTING PARTY are carried out within the standards determined by Brazilian legislation, as well as how to ensure the correct payment of taxes and other contributions to which subject to the activity of the CONTRACTING PARTY.

8.3 - Promote and supervise the effective allocation of financial resources,

8.4 - Request the CONTRACTING PARTY at least 7 (seven) days in advance equipment, materials, tools and supplies necessary to carry out the contracted services.

8.5 - Be responsible for the correct use of all equipment, materials and inputs provided by the CONTRACTING PARTY, and must bear the financial burdens and obligations of any damages caused to them due to their misuse or the costs of repairing them.

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8.6 - Be responsible for any damage caused to the furniture and materials of which has possession and that is the result of misuse or inappropriate use, and the costs of this repair or replacement to be withheld or deducted from the values due under this contract.

8.7 - Return to the CONTRACTED PARTY all materials, furniture, inputs and tools that are in your possession and use, as well as providing all data and information related to the contracted services, including "information confidential property" and "intellectual property" of the CONTRACTING PARTY, after or terminated the contract.

8.8 - Immediately cease the use of the "Intellectual Property" and return all documents, materials and information related thereto in the event of termination of this contract, for whatever reason.

8.9 - Perform the services contracted herein autonomously, being responsible, from now on, for any judicial or administrative proceedings proposed, and related to this contract, whether civil, environmental, tax or labor, being subject to compensation to the CONTRACTING PARTY any convictions that may arise suffer, if he has not competed for it.

8.10 - Be responsible for any damages that the CONTRACTING PARTY or third parties may suffer as a result of his acts or omissions, including his agents or employees, in the exercise of the duties imposed on them by this contract.

8.11 - Promote the corresponding and punctual payment of all contributions, other taxes levied on the activities arising from this contract and to be responsible for their tax regularity.

8.12 - Issue invoices for services performed at least 5 years in advance days of their respective expiration.

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CLAUSE 9 - ABSENCE OF BOND AND NON-EXCLUSIVITY

9.1 - This contract does not create any form of association, partnership, joint venture or employment relationship, and each party must assume and bear its obligations tax, social security and labor laws.

9.2 - This contract does not generate exclusivity for any of the PARTIES, and the free to contract services with other companies, respecting, however, the duty of confidentiality, as established in Clause 5.

CLAUSE 10 - TERMINATION, FINES AND PENALTIES

10.1 - The PARTIES may, by mutual consent and with prior notice of 90 (ninety) days, terminate this contract, in which case no burdens, charges or penalties, except for the fulfillment of obligations still pending, including those arising from payment to the CONTRACTOR.

10.2 - This contract may be terminated without prior notice, only upon written communication, in the following cases:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2.1 - Breach of contract by any of the PARTIES;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2.2 - Inability of the CONTRACTED PARTY with the specific rules of the provision of services and object of this contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2.3 - Unforeseeable circumstances or force majeure.

10.3 - In the event of termination of this contract by the CONTRACTING PARTY, without fair reason, he/she will be fined in the amount equivalent to 03 (three) times the monthly value of this contract.

10.4 - If the CONTRACTED PARTY violates the duty of secrecy and "Property" Intellectual" listed in Clause 5 and Clause 6 will be imposed on him/her a penalty of fine in the amount of R$83,250.00 (eighty-three thousand, two hundred and fifty reais), in addition to the immediate termination of the contract, losing the right to receive any outstanding

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amounts, without prejudice to the determination of any damages caused by the Unauthorized disclosure.

10.5 - Bankruptcy, insolvency, request for judicial reorganization, intervention, liquidation or dissolution of any one of the PARTIES, or even the configuration of a pre-bankruptcy situation or pre-insolvency, including with overdue and protested securities, or enforcement actions that compromise the financial soundness and maintenance of the business object of this contract.

10.6 - The CONTRACTING PARTY may determine the stoppage of services for reason of a relevant technical nature or even, in the case of non-compliance and/or disobedience to legal determinations or non-compliance with clauses described herein.

CLAUSE 11 - GENERAL PROVISIONS

11.1 - The PARTIES are prohibited from assigning or transferring to third parties, in whole or in part, the rights and obligations arising from this contract, except with the prior consent, in writing, from the other PARTY.

11.2 - The mere tolerance by the PARTIES in relation to non-compliance with Any of the terms set forth in this Agreement shall not be construed as WAIVER OF THE CLAUSES AND CONDITIONS AGREED HEREIN.

11.3 - Any changes to this contract shall be made by means of an amendment contractual, duly signed by both PARTIES and by 02 (two) Witnesses.

11.4 - This contract shall be governed and interpreted in accordance with the Civil Code.

11.5 - The PARTIES agree to accept the electronic signature as a valid means and effective in formalizing and binding this agreement, as well as any amendments, additions or documents related to it, and the use of the signature is valid as proof of the free and express manifestation of the parties, not being physical presence or handwritten signatures required.

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11.6 - The PARTIES agree that all communication related to this agreement will be carried out through any of the available communication channels, including but not limited to email, physical mail, telephone or any other appropriate electronic means.

11.7 - This contract constitutes the sole and entire agreement between the PARTIES, replacing all other documents, letters, memos, emails, conversations through WhatsApp or proposals between the PARTIES, as well as the oral understandings maintained between them and prior to the present date.

11.8 - Any disputes arising from this contract will be submitted to the jurisdiction of the District of Belo Horizonte/MG, the PARTIES renouncing any other, for more privileged as he is.

In testimony of your agreement to the terms and conditions and conditions established, the PARTIES sign this Service Agreement at 03 (three) copies of the same content and form, together with two witnesses.

Belo Horizonte, June 01, 2023.

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| | |
|:---|:---|
| &nbsp;&nbsp;<u>/s/Alpha Minerals Brazil Participacoes LTDA</u> | &nbsp;&nbsp;/s/ Renato Aureo de Paula Gonzaga |
| &nbsp;&nbsp;ALPHAMINERALS BEA PART. Limited liability company. | &nbsp;&nbsp;RENATO AUREO DE PAULA GONZAGA |
| &nbsp;&nbsp;1) Witness | &nbsp;&nbsp;2) Witness |

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## Exhibit 10.27

**Exhibit 10.27**

<u>AGREEMENTPROVISION OF SERVICES</u>  

**CONTRACTING PARTY:**

ALPHA MINERALS BRAZIL PARTICIPAÇOES LTDA, a private legal entity, registered with the CNPJ under no. 43.063.229/0001-20, headquartered at Rua Professor José Leite e Oitlclca, 530, Room 04, Vila Gertrudes, São Paulo/SP, ZIP CODE: 04.705-080, hereby represented by João Paulo Agaplto da Veiga, Brazilian, single, businessman, registered with the CPF under No. , hereinafter referred to simply as CONTRACTING PARTY.

and on the other hand,

**CONTRACTED PARTY:**

FALCON CONSULTING ADMINISTRATIVE SERVICES SOLE PROPRIETORSHIP LTDA., trade name Falcon Consulting, a private legal entity registered with the CNPJ under number 42.458.753/0001-95, with headquarters at Rua Maria Quitéria, 23, apt. 402, B. Ipanema, Rio de Janeiro/RJ, hereby represented by João Paulo Agapito da Veiga, Brazilian, single, administrator, registered with the CPF under No. , hereinafter referred to simply as CONTRACTED PARTY.

The CONTRACTING PARTY and CONTRACTED PARTY hereby agree to the following <u>Service Agreement</u>, which shall be governed by the following terms and conditions:

**CLAUSE 1 - PREAMBLE**

1.1 - CONTRACTING PARTY and CONTRACTED PARTY shall be referred to herein as PARTIES and, individually, as PARTY.

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1.2 - The CONTRACTED PARTY declares that it is a company with extensive experience in the field of business management consulting, presenting, for this purpose, expertise and knowledge in providing the services hereby contracted, declaring that it holds all the qualifications, authorizations, and documentation relevant to their performance.

1.3 - The parties undertake to abide by the Principle of Good Faith, further committing to perform with diligence, collaboration, and proactivity the activities necessary to fulfill the purpose of this agreement, acting jointly and ethically in defense of all interests arising from the transactions arising therefrom.

**CLAUSE 2 - PURPOSE OF THE AGREEMENT**

2.1 - The PURPOSE of this agreement is to provide consulting and advisory services in business management, including planning, organization, coordination, control, and strategic support for administrative, operational, and commercial areas related to projects of interest to the CONTRACTING PARTY.

2.2 - The scope of services also includes, but is not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.1 - Development and monitoring of action plans and organizational goals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.2 - Review and improvement of internal processes and operational flows.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.3 - Defining and monitoring performance indicators, as well as supporting the structuring of teams and functions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.4 - Advising on strategic and institutional management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.5 - Implementation of governance and compliance practices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.6 - Support in the development and control of internal policies.

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**CLAUSE 3 - REMUNERATION AND FORM OF PAYMENT**

3.1 - For the services agreed upon in this contract, the CONTRACTING PARTY shall pay the CONTRACTED PARTY the amount of R$11,250.00 (eleven thousand, two hundred and fifty reais) by the 5th business day of the month following the service provided, by bank transfer to the account held by the CONTRACTED PARTY, as indicated by the latter, with the deposit slip serving as proof of discharge of the obligations contracted in this agreement.

3.2 - In the event of late payment for services, item 3.1, due to the sole fault of the CONTRACTING PARTY, a penalty of 2% (two percent) will be applied to the amount due, in addition to interest of 1% (one percent) per month, pro rata, until the date of actual payment.

3.3 - Additional expenses related to the services contracted herein, such as travel, accommodation, and meals, shall be reimbursed by the CONTRACTING PARTY upon presentation of valid receipts (invoices) together with payment for the services, in accordance with item 3.1, if not paid in advance by the CONTRACTING PARTY.

**CLAUSE 4 - TERM OF VALIDITY**

4.1 - This agreement is entered into for a term of 12 (twelve) months, beginning on January 1, 2024 and ending on December 31, 2024, and may be extended for an equal period or for another period of time freely agreed upon by the PARTIES.

**CLAUSE 5 - CONFIDENTIALITY**

5.1 - The PARTIES acknowledge that, in the course of their collaboration on mining projects and the strategic asset development plan, confidential information may be shared between them, and the CONTRACTED PARTY undertakes to maintain confidentiality regarding the business and technical information to which it has access, by any means, and other negotiations arising from the subject matter of this agreement.

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5.2 - For the purposes of this agreement, "Confidential Information" includes, but is not limited to, data, documents, plans, strategies, reports, analyses, technical, financial, and commercial information, information about contracts with third parties, documents belonging to the CONTRACTING PARTY or third parties related to it, as well as any other information identified as confidential.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2.1 - Information related to an identified or identifiable person, whether physical or such as name, identity document, CPF number, CNPJ number, address, telephone number, email address, IP address, and their respective sensitive data.**

5.3 - The CONTRACTED PARTY agrees to maintain absolute confidentiality of technical and business "confidential information," or other information designated as such by the CONTRACTING PARTY, as well as to take all reasonable measures to protect it from unauthorized disclosure.

5.4 - The CONTRACTED PARTY undertakes to use the "confidential information" exclusively for the purposes of this contract and not to disclose, reproduce, transmit, or use such information for any other purpose without the prior and express authorization of the CONTRACTING PARTY.

5.5 - The obligation of "confidentiality" does not apply to information that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5.1 - was in the public domain at the time it was shared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5.2 - is duly authorized by the CONTRACTING PARTY their sharing with third parties involved in the project;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5.3 - have become public knowledge after sharing, without violating this clause;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5.4 - were already known to the receiving PARTY prior to sharing;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5.5 - were obtained from third parties legally without confidentiality restrictions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5.6 - must be disclosed in accordance with legal or regulatory requirements,

5.6 - The confidentiality obligation established in this agreement shall remain in effect even after its conclusion or termination, for a period of five (5) years.

**CLAUSE 6 - INTELLECTUAL PROPERTY**

6.1 - For the purposes of this agreement and the provision of services arising therefrom, "<u>Intellectual Property</u>" shall be understood to mean all industrial and intellectual property rights produced by the(a) CONTRACTED PARTY, including, but not limited to: copyrights, trademarks, patents, industrial designs, geological research and mapping processes and methods, trade secrets, know-how, computer programs, databases, inventions, discoveries, creations, works, and any other form of legally protected intellectual property.

6.2 - The CONTRACTED PARTY hereby acknowledges that all "<u>Intellectual Property</u>" rights described in item 6.1 and related to the services provided under this contract are the exclusive property of the(a) CONTRACTING PARTY, assigning and transferring to it all related rights, at which point the CONTRACTING PARTY shall hold full ownership and exploitation rights to said "<u>Intellectual Property</u>."

6.3 - The CONTRACTED PARTY acknowledges and accepts that the CONTRACTING PARTY shall have the exclusive right to use, exploit, sublicense, register, and protect the "Intellectual Property" transferred to it, at its convenience, within the scope of its activities or related to them, or even outside them sublicense, register, and protect the "<u>Intellectual Property</u>" transferred to it, at its convenience, within the scope of its activities or related to them, or even outside them.

6.4 - The CONTRACTED PARTY declares and accepts that it will not use, disclose, or exploit the rights protected by this <u>Clause</u>, unless expressly authorized by the CONTRACTING PARTY, under penalty of incurring the fine described in <u>Clause 10</u>, item 10.3.

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**CLAUSE 7 - CONTRACTOR'S OBLIGATIONS**

7.1 - Provide the CONTRACTED PARTY, clearly and accurately, with any information requested and inherent to the fulfillment of the object of the contract.

7.2 - Notify the CONTRACTED PARTY in writing of any failure or malfunction of the services performed, specifying the type of defect and providing all data and information necessary for its correction, if applicable, and the **CONTRACTED PARTY** shall make the necessary correction within a maximum period of three (3) days.

7.3 - Make the payments due under this agreement in the manner and on the dates agreed upon agreed

**CLAUSE 8 - OBLIGATIONS OF THE CONTRACTED PARTY**

8.1 - Faithfully perform the services described in <u>Clause 2</u> and its sub-items, always in accordance with good practice and usual standards, as well as complying with the rules, technical specifications, the safety conditions applicable to the provision of services of this kind, comply with all applicable legislation, whether federal, state, or municipal, as well as all determinations of the competent bodies of the Public Administration and other supervisory entities.

8.2 - Submit to the CONTRACTING PARTY a report of all activities carried out, indicating the start and end of each one.

8.3 - Request from the CONTRACTING PARTY, at least seven (7) days in advance, the equipment, materials, tools, and supplies necessary to perform the contracted services.

8.4 - Be responsible for the correct use of all equipment, materials, and supplies provided by the CONTRACTOR, bearing the financial and legal costs of any damage caused to them due to misuse or the costs related to their repair.

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8.5 - Be responsible for any damage caused to furniture and materials in their possession resulting from misuse or inappropriate use, and the costs of repair or replacement may be retained or deducted from the amounts due under this contract.

8.6 - Return to the CONTRACTED PARTY all materials, furniture, supplies, and tools in your possession and use, as well as provide all data and information related to the contracted services, including "<u>confidential information</u>" and "<u>intellectual property</u>" of the CONTRACTING PARTY, upon termination or expiration of the contract.

8.7 - Immediately cease use of the "<u>Intellectual Property</u>" and return all documents, materials, and information related thereto in the event of termination of this agreement, for any reason whatsoever.

8.8 - Perform the services contracted herein independently, assuming responsibility, as of now, for any legal or administrative proceedings brought in relation to this agreement, whether civil, environmental, tax, or labor, and being liable to compensate the CONTRACTING PARTY for any convictions it may suffer if it has not agreed to do so.

8.9 - Be liable for any damages that the CONTRACTING PARTY or third parties may suffer as a result of its acts or omissions, including those of its agents or employees, in the performance of its duties under this contract.

8.10 - Promote the corresponding and timely collection of all contributions and other taxes levied on the activities arising from this contract and be responsible for its tax compliance.

8.11 - Issue invoices for services rendered at least five days prior to their respective due date.

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**CLAUSE 9 - ABSENCE OF EMPLOYMENT RELATIONSHIP AND NON-EXCLUSIVITY**

9.1 - This agreement does not create any form of association, partnership, joint venture, or employment relationship, and each party shall assume and bear its own tax, social security, and labor obligations.

9.2 - This agreement does not grant exclusivity to either PARTY, and each party is free to contract services with other companies, while respecting the duty of confidentiality, as set forth in <u>Clause 5</u>.

**CLAUSE 10 - TERMINATION, FINES, AND PENALTIES**

10.1 - The PARTIES may, by mutual consent and <u>with</u> thirty (30) days' prior <u>notice</u>, terminate this contract, in which case no fees, charges, or penalties shall apply, except for the fulfillment of any outstanding contractual obligations, including those arising from payment to the CONTRACTED PARTY.

10.2 - This contract may be terminated <u>without prior notice</u>, only by written communication, in the following cases:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5.1 - Breach of contract by either PARTY;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5.2 - Inability of the CONTRACTED PARTY to comply with the specific rules for the provision of services and the subject matter of this contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5.3 - Fortuitous event or force majeure.

10.3 - If this contract is terminated by the CONTRACTING PARTY without just cause, a fine equivalent to three (3) times the monthly value of this contract will be applied.

10.4 - If the CONTRACTED PARTY violates the duty of <u>confidentiality</u> and "<u>Intellectual Property</u>" related to <u>Clause 5</u> and <u>Clause 6</u> a fine of R$33,750.00 (thirty-three thousand, seven hundred and fifty reais) will be imposed, in addition to the immediate termination of the contract, losing the right to receive any outstanding amounts, without prejudice to the assessment of any damages caused by unauthorized disclosure.

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10.5 - Bankruptcy, insolvency, request for judicial reorganization, intervention, liquidation, or dissolution of either PARTY, or the occurrence of a pre-bankruptcy or pre-insolvency situation, including overdue and protested securities, or enforcement actions that compromise the financial soundness and maintenance of the business covered by this agreement, shall also constitute grounds for termination of this agreement.

10.6 - The **CONTRACTING PARTY** may determine the suspension of services for reasons of relevant technical order or, in the event of non-compliance and/or disobedience to legal determinations or non-compliance with the contractual clauses described in this instrument.

**CLAUSE 11 - GENERAL PROVISIONS**

11.1 - The PARTIES **are prohibited** from assigning or **transferring to third parties, in whole or in part, the rights and obligations arising from this contract, except with the written consent of the other PARTY.**

11.2 **- The** mere **tolerance** by the PARTIES **of any non-compliance with** the terms agreed in this **contract shall not be interpreted as a waiver of** the clauses **and conditions agreed upon in this instrument.**

11.3 - Any amendments to this agreement must be made by means of a contractual addendum, duly signed by both PARTIES and by two (2) witnesses.

11.4 - This agreement shall be governed and interpreted in accordance with the Civil Code.

11.5 - The PARTIES agree to accept the electronic signature as a valid and effective means of formalizing and binding this contract, as well as any amendments, addenda, or documents related to it, with the use of the electronic signature serving as proof of the free and express manifestation of the parties, without the need for physical presence or handwritten signatures.

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11.6 - The PARTIES agree that all communication related to this contract shall be carried out through any of the available communication channels, including, but not limited to, email, postal mail, or any other appropriate electronic means or any other appropriate electronic means.

11.7 - This agreement constitutes the sole and entire agreement between the PARTIES, superseding all oth memoranda, emails, WhatsApp conversations, or proposals between the PARTIES, as well as any oral understandings between them prior to this date.

11.8 - Any disputes arising from this contract shall be submitted to the jurisdiction of the District of Belo Horizonte/MG, with the PARTIES waiving any other jurisdiction, however privileged it may be.

In witness whereof, the PARTIES sign this Service Agreement in two (2) copies of equal content and form, together with two witnesses.

Belo Horizonte, January 1, 2024.

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| | |
|:---|:---|
| &nbsp;&nbsp;/s/ João Paulo Agapito da Veiga | &nbsp;&nbsp;/s/ João Paulo Agaplto da Veiga |
| &nbsp;&nbsp;ALPHA MINE FLS BRAZIL PART LTDA. | &nbsp;&nbsp;FALCON CONSULTING SERV. ADM. SOC. UNIP LTDA. |
| &nbsp;&nbsp;1) Witness | &nbsp;&nbsp;2) Witness |

---

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## Exhibit 10.28

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**Exhibit 10.28**

**RARE EARTHS AMERICAS, INC.**

**INDEMNIFICATION AGREEMENT**

This Agreement ("Agreement") is made and entered into as of the day of , 2025, by and between Rare Earths Americas, Inc., a Texas corporation (the "Company"), and [Name] ("Indemnitee"), who is a director or executive officer of the Company.

<u>RECITALS</u>

A.Highly competent and experienced persons are reluctant to serve corporations as officers and directors unless they are provided with adequate protection through insurance and indemnification against claims and actions against them arising out of their service to and activities on behalf of the Company.

B.The Board of Directors of the Company (the "Board") has determined that the inability to attract and retain such persons would be detrimental to the best interests of the Company and its shareholders and that the Company should act to assure such persons that there will be increased certainty of such protection in the future.

C.The Board has also determined that it is reasonable, prudent and necessary for the Company, in addition to purchasing and maintaining directors' and officers' liability insurance (or otherwise providing for adequate arrangements of self-insurance), contractually to obligate itself to indemnify such persons to the fullest extent permitted by applicable law so that they will serve or continue to serve the Company free from undue concern that they will not be adequately protected.

D.Indemnitee is willing to serve, continue to serve and to take on additional service for or on behalf of the Company on the condition that Indemnitee be so indemnified to the fullest extent permitted by law.

E.Article VII of the bylaws of the Company provides for indemnification of directors to the fullest extent permitted by law. The indemnification rights in this Agreement are intended to be in addition to those provided in the bylaws of the Company.

In consideration of the foregoing and the mutual covenants herein contained, and other good and valuable consideration, the sufficiency and receipt of which are hereby acknowledged, the parties hereby agree as follows:

**ARTICLE I**. **Certain Definitions**

As used herein, the following words and terms shall have the following respective meanings (whether singular or plural):

"Claim" means an actual or threatened claim or request for relief that was, is or may be made by reason of anything done or not done by Indemnitee in, or by reason of any event or occurrence related to, Indemnitee's Corporate Status.

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"Corporate Status" means the status of a person who is, becomes, was or may deemed to be or to have been a director, controlling person, officer, employee, agent or fiduciary of the Company or is, becomes or was serving at the request of the Company as a director, controlling person, officer, partner, member, shareholder, venturer, proprietor, trustee, employee, agent, fiduciary or similar functionary of another foreign or domestic corporation, partnership, limited liability company, joint venture, sole proprietorship, trust, employee benefit plan or other enterprise. For purposes of this Agreement, the Company agrees that Indemnitee's service on behalf of or with respect to any Subsidiary of the Company shall be deemed to be at the request of the Company.

"Disinterested Director" with respect to any request by Indemnitee for indemnification hereunder, means a director of the Company who at the time of the vote is not a named defendant or respondent in the Proceeding in respect of which indemnification is sought by Indemnitee.

"Exchange Act" means the Securities Exchange Act of 1934.

"Expenses" means all attorneys' fees and disbursements, retainers, accountant's fees and disbursements, private investigator fees and disbursements, court costs, transcript costs, fees and expenses of experts, witness fees and expenses, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees and all other disbursements, costs or expenses of the types customarily incurred in connection with prosecuting, defending (including affirmative defenses and counterclaims), preparing to prosecute or defend, investigating, settling, appealing (including the premium, security for, and other costs relating to any cost bonds, supersedeas bonds or other appeal bonds or their equivalent), being or preparing to be a witness in, or participating in or preparing to participate in (including on appeal) a Proceeding or in connection with a Claim, and all judgments, penalties (including excise or similar taxes), fines, amounts paid in settlement, and all interest or finance charges attributable to any thereof. Should any payments by the Company under this Agreement be determined to be subject to any federal, state or local income or excise tax, "Expenses" shall also include such amounts as are necessary to place Indemnitee in the same after-tax position (after giving effect to all applicable taxes) as Indemnitee would have been in had no such tax been determined to apply to such payments.

"Incumbent Board" means the individuals who, as of the date of this Agreement, constitute the Board and any other individual who becomes a director of the Company after that date and whose election or appointment by the Board or nomination for election by the Company's shareholders was approved by a vote of at least a majority of the directors then comprising the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Incumbent Board.

"Independent Counsel" means a law firm, or a member of a law firm, that is experienced in matters of corporation law and neither contemporaneously is, nor in the five years theretofore has been, retained to represent: (a) the Company or Indemnitee in any matter material to either such party (other than as

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Independent Counsel under this Agreement or similar agreements), (b) any other party to the Proceeding giving rise to a claim for indemnification hereunder, or (c) the beneficial owner, directly or indirectly, of securities of the Company representing 5% or more of the combined voting power of the Outstanding Company Voting Securities (other than, in each such case, with respect to matters concerning the rights of Indemnitee under this Agreement or of other indemnitees under other indemnification agreements). Notwithstanding the foregoing, the term "Independent Counsel" shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or Indemnitee in an action to determine Indemnitee's rights under this Agreement.

"Independent Directors" means the directors on the Board that are independent directors as defined in Section 303A of the New York Stock Exchange Listed Company Manual or successor provision, or, if the Company's common stock is not then quoted on the New York Stock Exchange, that qualify as independent, disinterested, or a similar term as defined in the rules of the principal securities exchange or inter-dealer quotation system on which the Company's common stock is then listed or quoted.

"Person" means any individual, entity or group (within the meaning of Sections 13(d)(3) and 14(d)(2) of the Exchange Act).

"Proceeding" means any threatened, pending or completed action, suit, arbitration, investigation, inquiry, alternate dispute resolution mechanism, administrative or legislative hearing, or any other proceeding (including any securities laws action, suit, arbitration, alternative dispute resolution mechanism, hearing or procedure) whether civil, criminal, administrative, arbitrative or investigative and whether or not based upon events occurring, or actions taken, before the date hereof, and any appeal in or related to any such action, suit, arbitration, investigation, hearing or proceeding and any inquiry or investigation (including discovery), whether conducted by or in the right of the Company or any other Person, that Indemnitee in good faith believes could lead to any such action, suit, arbitration, alternative dispute resolution mechanism, hearing or other proceeding or appeal thereof.

"Subsidiary" means, with respect to any Person, any corporation or other entity of which a majority of the voting power of the voting equity securities or equity interest is owned, directly or indirectly, by that Person.

"TBCA" means the Texas Business Corporation Act and any successor statute thereto (including the Texas Business Organization Code) when such successor statute becomes applicable to the Company, as either of them may from time to time be amended.

"Voting Securities" means any securities that vote generally in the election of directors, in the admission of general partners, or in the selection of any other similar governing body.

**ARTICLE II**. **Services by Indemnitee**

Indemnitee is serving as an officer or director of the Company. Indemnitee and the Company each acknowledge that they have entered into this Agreement as a means of inducing Indemnitee to serve,

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or continue to serve, the Company in such capacities. Indemnitee may at any time and for any reason resign from such position or positions (subject to any other contractual obligation or any obligation imposed by operation of law). The Company shall have no obligation under this Agreement to continue Indemnitee in any such position or positions.

**ARTICLE III**. **Indemnification**

Section 3.1 <u>General</u>. Subject to the provisions set forth in Article IV, the Company shall indemnify, and advance Expenses to, Indemnitee to the fullest extent permitted by applicable law in effect on the date hereof and to such greater extent as applicable law may hereafter from time-to-time permit. The other provisions set forth in this Agreement are provided in addition to and as a means of furtherance and implementation of, and not in limitation of, the obligations expressed in this Article III. No requirement, condition to or limitation of any right to indemnification or to advancement of Expenses under this Article III shall in any way limit the rights of Indemnitee under Article VII.

Section 3.2 <u>Additional Indemnity of the Company</u>. Indemnitee shall be entitled to indemnification pursuant to this Section 3.2 if, by reason of anything done or not done by Indemnitee in, or by reason of any event or occurrence related to (or arising in part out of), Indemnitee's Corporate Status, Indemnitee is, was or becomes, or is threatened to be made, a party to, or witness or other participant in any Proceeding. Pursuant to this Section 3.2, Indemnitee shall be indemnified against any and all Expenses, losses, claims, damages, liabilities, judgments, penalties (including excise or similar taxes), fines and amounts paid in settlement (including all interest, assessments and other charges paid or payable in connection with or in respect of any such Expenses, losses, claims, damages, liabilities, judgments, penalties (including excise or similar taxes), fines and amounts paid in settlement), joint or several, actually and reasonably incurred by Indemnitee or on Indemnitee's behalf in connection with such Proceeding or any Claim, issue or matter therein. Notwithstanding the foregoing, the obligations of the Company under this Section 3.2 shall be subject to the condition that no determination (which, in any case in which Independent Counsel is involved, shall be in a form of a written opinion) shall have been made pursuant to Article IV that Indemnitee would not be permitted to be indemnified under applicable law. Nothing in this Section 3.2 shall limit the benefits of Section 3.1, Section 3.3 or any other Section hereunder.

Section 3.3 <u>Advancement of Expenses</u>. The Company shall pay all Expenses reasonably incurred by, or in the case of retainers to be incurred by, or on behalf of Indemnitee (or, if applicable, reimburse Indemnitee for any and all Expenses reasonably incurred by Indemnitee and previously paid by Indemnitee) in connection with any Claim or Proceeding (including any amount actually paid in settlement of such Claim or Proceeding), whether brought by the Company or otherwise, in advance of any determination respecting entitlement to indemnification pursuant to Article IV hereof (and shall continue to pay such Expenses after such determination and until it shall ultimately be determined (in a final adjudication by a court from which there is no further right of appeal or in a final adjudication of an arbitration pursuant to Section 5.1 if Indemnitee elects to seek such arbitration) that Indemnitee is not entitled to be indemnified by the Company against such Expenses) within 10 days after the receipt by the Company of a written request from Indemnitee requesting such payment or payments from time to

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time, whether prior to or after final disposition of such Proceeding. Any such payment by the Company is referred to in this Agreement as an "Expense Advance." Any dispute as to the reasonableness of the incurrence of any Expense shall not delay an Expense Advance by the Company, and the Company agrees that any such dispute shall be resolved only upon the disposition or conclusion of the underlying Claim or Proceeding against Indemnitee. Indemnitee hereby undertakes and agrees that Indemnitee will reimburse and repay the Company without interest for any Expense Advances to the extent that it shall ultimately be determined (in a final adjudication by a court from which there is no further right of appeal or in a final adjudication of an arbitration pursuant to Section 5.1 if Indemnitee elects to seek such arbitration) that Indemnitee is not entitled to be indemnified by the Company against such Expenses. Indemnitee shall not be required to provide collateral or otherwise secure the undertaking and agreement described in the prior sentence. The Company shall make all advances pursuant to this Section 3.3 without regard to the financial ability of Indemnitee to make repayment and without regard to the prospect of whether Indemnitee may ultimately be found to be entitled to indemnification under the provisions of this Agreement.

Section 3.4 <u>Indemnification for Additional Expenses</u>. Subject to any limitations of applicable law, the Company shall indemnify Indemnitee against any and all costs and expenses (of the types described in the definition of Expenses in Article I) and, if requested by Indemnitee, shall (within 10 days of that request) advance those costs and expenses to Indemnitee, that are incurred by Indemnitee in connection with any claim asserted against, or action brought by, Indemnitee for (i) indemnification or an Expense Advance by the Company under this Agreement or any other agreement or provision of the Company's articles of incorporation or bylaws now or hereafter in effect relating to any Claim or Proceeding, (ii) recovery under any directors' and officers' liability insurance policies maintained by the Company, or (iii) enforcement of, or claims for breaches of, any provision of this Agreement, in each of the foregoing situations regardless of whether Indemnitee ultimately is determined to be entitled to that indemnification, expense payment (whether as an advance or reimbursement), insurance recovery, enforcement, or damage claim, as the case may be and regardless of whether the nature of the proceeding with respect to such matters is judicial, by arbitration, or otherwise.

Section 3.5 <u>Partial Indemnity</u>. If Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for some or a portion of the Expenses, judgments, fines, penalties (including excise or similar taxes), and amounts paid in settlement of a Claim or Proceeding but not, however, for all of the amount thereof, the Company shall nevertheless indemnify Indemnitee for the portion thereof to which Indemnitee is entitled. Moreover, notwithstanding any other provision of this Agreement, to the extent that Indemnitee has been successful on the merits or otherwise in defense of any or all Claims or Proceedings, or in defense of any issue or matter therein, including dismissal without prejudice, Indemnitee shall be indemnified against all Expenses incurred in connection therewith.

**ARTICLE IV**. **Procedure for Determination of Entitlement to Indemnification**

Section 4.1 <u>Request by Indemnitee</u>. To obtain indemnification under this Agreement, Indemnitee shall submit to the Company a written request for indemnification containing a brief description of any matter for which indemnification is then sought under this Agreement. The request shall be given in accordance

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with the notice provisions of Section 7.10 hereof. The Secretary or an Assistant Secretary of the Company shall, promptly upon receipt of such a request for indemnification, advise the Board in writing that Indemnitee has requested indemnification. In addition, Indemnitee shall provide the Company, following the Company's request, with such documentation and information as is reasonably available to Indemnitee and that the Company may reasonably require to determine whether and to what extent Indemnitee is entitled to indemnification.

Section 4.2 <u>Determination of Request</u>. Upon written request by Indemnitee for indemnification pursuant to the first sentence of Section 4.1 hereof, a determination, if required by applicable law, with respect to whether Indemnitee is permitted under applicable law to be indemnified shall be made in accordance with the terms of Section 4.4, in the specific case as follows, by the manner determined by the Board from among the following choices (subject, in the case of clause (iv), to the agreement of Indemnitee):

(i) by the Board by a majority vote of the Disinterested Directors, regardless of whether the Disinterested Directors constitute a quorum of the Board, or

(ii) by a majority vote of a committee of the Board, if (A) the committee is designated by a majority vote of the Disinterested Directors, regardless of whether the Disinterested Directors constitute a quorum of the Board, and (B) the committee consists solely of one or more Disinterested Directors, or

(iii) by Independent Counsel selected by the Board or a committee of the Board by a vote as set forth in clauses (i) or (ii) of this paragraph (b), or if such vote is not obtainable and such a committee cannot be established, by a majority vote of all directors of the Board (unless such a procedure is not permitted by applicable law), or

(iv) if Indemnitee and the Company agree, by the shareholders of the Company in a vote that excludes the shares held by directors who are not Disinterested Directors.

If it is so determined that Indemnitee is permitted to be indemnified under applicable law, payment to Indemnitee shall be made within 10 days after such determination. Nothing contained in this Agreement shall require that any determination be made under this Section 4.2 prior to the disposition or conclusion of a Claim or Proceeding against Indemnitee; provided, however, that Expense Advances shall continue to be made by the Company pursuant to, and to the extent required by, the provisions of Article III. Indemnitee shall cooperate with the person or persons making such determination with respect to Indemnitee's entitlement to indemnification, including providing to such person upon reasonable advance request any documentation or information that is not privileged or otherwise protected from disclosure and that is reasonably available to Indemnitee and reasonably necessary to such determination. Any costs or expenses (including attorneys' fees and disbursements) incurred by Indemnitee in so cooperating with the person or persons making such determination shall be borne by the Company (irrespective of the determination as to Indemnitee's entitlement to indemnification), and the Company shall indemnify and hold harmless Indemnitee therefrom.

Section 4.3 <u>Independent Counsel</u>. If the determination of entitlement to indemnification is to be made by Independent Counsel, the Company shall give written notice to Indemnitee, within 10 days after

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receipt by the Company of Indemnitee's request for indemnification, specifying the identity and address of the Independent Counsel selected in accordance with Section 4.2(iii). Such notice to Indemnitee or the Company, as the case may be, shall be accompanied by a written affirmation of the Independent Counsel so selected that it satisfies the requirements of the definition of "Independent Counsel" in Article I and that it agrees to serve in such capacity and (ii) Indemnitee or the Company, as the case may be, may, within seven days after such written notice of selection shall have been given, deliver to the Company or to Indemnitee, as the case may be, a written objection to such selection. Any objection to the selection of Independent Counsel pursuant to this Section 4.3 may be asserted only on the ground that the Independent Counsel so selected does not meet the requirements of the definition of "Independent Counsel" in Article I, and the objection shall set forth with particularity the factual basis of such assertion. If such written objection is timely made, the Independent Counsel so selected may not serve as Independent Counsel unless and until a court of competent jurisdiction (the "Court") has determined that such objection is without merit. In the event of a timely written objection to a choice of Independent Counsel, the party originally selecting the Independent Counsel shall have seven days to make an alternate selection of Independent Counsel and to give written notice of such selection to the other party, after which time such other party shall have five days to make a written objection to such alternate selection. If, within 30 days after submission of Indemnitee's request for indemnification pursuant to Section 4.1, no Independent Counsel shall have been selected and not objected to, either the Company or Indemnitee may petition the Court for resolution of any objection that shall have been made by the Company or Indemnitee to the other's selection of Independent Counsel and/or for the appointment as Independent Counsel of a person selected by the Court or by such other person as the Court shall designate, and the person with respect to whom an objection is so resolved or the person so appointed shall act as Independent Counsel under Section 4.2(iii). The Company shall pay any and all fees and expenses reasonably incurred by such Independent Counsel in connection with acting pursuant to Section 4.2, and the Company shall pay all fees and expenses reasonably incurred incident to the procedures of this Section 4.3, regardless of the manner in which such Independent Counsel was selected or appointed. Upon the due commencement of any judicial proceeding or arbitration pursuant to Section 5.1, Independent Counsel shall be discharged and relieved of any further responsibility in such capacity (subject to the applicable standards of professional conduct then prevailing).

Section 4.4 <u>Presumptions and Effect of Certain Proceedings</u>.

(a) Indemnitee shall be presumed to be entitled to indemnification under this Agreement upon submission of a request for indemnification under Section 4.1, and the Company shall have the burden of proof in overcoming that presumption in reaching a determination contrary to that presumption. Such presumption shall be used by Independent Counsel (or other person or persons determining entitlement to indemnification) as a basis for a determination of entitlement to indemnification unless the presumption is overcome by the Company's providing information sufficient to overcome such presumption by clear and convincing evidence or unless the investigation, review and analysis of Independent Counsel (or such other person or persons) convinces Independent Counsel by clear and convincing evidence that the presumption should not apply.

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(b) If the person or persons empowered or selected under Article IV of this Agreement to determine whether Indemnitee is entitled to indemnification shall not have made a determination within 60 days after receipt by the Company of the request by Indemnitee therefor, the determination of entitlement to indemnification shall be deemed to have been made and Indemnitee shall be entitled to such indemnification; provided, however, that such 60-day period may be extended for a reasonable time, not to exceed an additional 30 days, if the person making the determination with respect to entitlement to indemnification in good faith requires such additional time for the obtaining or evaluating of documentation and/or information relating to such determination; and provided, further, that the 60-day limitation set forth in this Section 4.4(b) shall not apply and such period shall be extended as necessary (i) if within 30 days after receipt by the Company of the request for indemnification under Section 4.1 Indemnitee and the Company have agreed, and the Board has resolved to submit such determination to the shareholders of the Company pursuant to Section 4.2(iv) for their consideration at an annual meeting of shareholders to be held within 90 days after such agreement and such determination is made thereat, or a special meeting of shareholders is called within 30 days after such receipt for the purpose of making such determination, such meeting is held for such purpose within 60 days after having been so called and such determination is made thereat, or (ii) if the determination of entitlement to indemnification is to be made by Independent Counsel pursuant to Section 4.2(iii) of this Agreement, in which case the applicable period shall be as set forth in Section 5.1.

(c) The termination of any Proceeding or of any Claim, issue or matter by judgment, order, settlement (whether with or without court approval) or conviction, or upon a plea of nolo contendere or its equivalent, shall not (except as otherwise expressly provided in this Agreement) by itself adversely affect the rights of Indemnitee to indemnification or create a presumption that Indemnitee failed to meet any particular standard of conduct, that Indemnitee had any particular belief, or that a court has determined that indemnification is not permitted by applicable law. Indemnitee shall be deemed to have been found liable in respect of any Claim or Proceeding, issue or matter only after Indemnitee shall have been so adjudged by the Court after exhaustion of all appeals therefrom.

**ARTICLE V**. **Certain Remedies of Indemnitee**

Section 5.1 <u>Indemnitee Entitled to Adjudication in an Appropriate Court</u>. If (a) a determination is made pursuant to Article IV that Indemnitee is not entitled to indemnification under this Agreement; (b) there has been any failure by the Company to make timely payment or advancement of any amounts due hereunder (including any Expense Advances); or (c) the determination of entitlement to indemnification is to be made by Independent Counsel pursuant to Section 4.2(iii) and such determination shall not have been made and delivered in a written opinion within 90 days after the latest of (i) such Independent Counsel's being appointed, (ii) the overruling by the Court of objections to such counsel's selection, or (iii) expiration of all periods for the Company or Indemnitee to object to such counsel's selection, Indemnitee shall be entitled to commence an action seeking an adjudication in the Court of Indemnitee's entitlement to such indemnification or advancements due hereunder, including Expense Advances. Alternatively, Indemnitee, at Indemnitee's option, may seek an award in arbitration to be conducted by a single arbitrator pursuant to the commercial arbitration rules of the American Arbitration Association. Indemnitee shall commence such action seeking an adjudication or an award in arbitration within 180

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days following the date on which Indemnitee first has the right to commence such action pursuant to this Section 5.1, or such right shall expire. The Company agrees not to oppose Indemnitee's right to seek any such adjudication or award in arbitration and it shall continue to pay Expense Advances pursuant to Section 3.3 until it shall ultimately be determined (in a final adjudication by a court from which there is no further right of appeal or in a final adjudication of an arbitration pursuant to this Section 5.1 if Indemnitee elects to seek such arbitration) that Indemnitee is not entitled to be indemnified by the Company against such Expenses.

Section 5.2 <u>Adverse Determination Not to Affect any Judicial Proceeding</u>. If a determination shall have been made pursuant to Article IV that Indemnitee is not entitled to indemnification under this Agreement, any judicial proceeding or arbitration commenced pursuant to this Agreement shall be conducted in all respects as a de novo trial or arbitration on the merits, and Indemnitee shall not be prejudiced by reason of such initial adverse determination. In any judicial proceeding or arbitration commenced pursuant to this Agreement, Indemnitee shall be presumed to be entitled to indemnification or advancement of Expenses, as the case may be, under this Agreement and the Company shall have the burden of proof in overcoming such presumption and to show by clear and convincing evidence that Indemnitee is not entitled to indemnification or advancement of Expenses, as the case may be.

Section 5.3 <u>Company Bound by Determination Favorable to Indemnitee in any Judicial Proceeding or Arbitration</u>. If a determination shall have been made or deemed to have been made pursuant to Article IV that Indemnitee is entitled to indemnification, the Company shall be irrevocably bound by such determination in any judicial proceeding or arbitration commenced pursuant to this Article V and shall be precluded from asserting that such determination has not been made or that the procedure by which such determination was made is not valid, binding and enforceable.

Section 5.4 <u>Company Bound by the Agreement</u>. The Company shall be precluded from asserting in any judicial proceeding or arbitration commenced pursuant to this Article V that the procedures and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any such court or before any such arbitrator that the Company is bound by all the provisions of this Agreement.

**ARTICLE VI**. **Contribution**

Section 6.1 <u>Contribution Payment</u>. To the extent the indemnification provided for under any provision of this Agreement is determined (in the manner hereinabove provided) not to be permitted under applicable law, then in the event Indemnitee was, is, or becomes a party to or witness or other participant in, or is threatened to be made a party to or witness or other participant in, a Proceeding by reason of anything done or not done by Indemnitee in, or by reason of any event or occurrence related to (or arising in part out of), Indemnitee's Corporate Status, the Company, in lieu of indemnifying Indemnitee, shall contribute to the amount of any and all Expenses, judgments, fines, penalties (including excise or similar taxes), or amounts assessed against or incurred or paid by Indemnitee on account of such Proceeding and any and all amounts paid in settlement of that Proceeding (including all interest, assessments, and other charges paid or payable in connection with or in respect of such Expenses, judgments, fines, penalties (including excise or similar taxes), or amounts paid in settlement)

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for which such indemnification is not permitted ("Contribution Amounts"), in such proportion as is appropriate to reflect the relative fault with respect to the subject matter of the Proceeding giving rise to the Contribution Amounts of Indemnitee, on the one hand, and of the Company and any and all other parties (including officers and directors of the Company other than Indemnitee) who may be at fault with respect to such matter (collectively, including the Company, the "Third Parties") on the other hand.

Section 6.2 <u>Relative Fault</u>. The relative fault of the Third Parties and Indemnitee shall be determined (i) by reference to the relative fault of Indemnitee as determined by the court or other governmental agency assessing the Contribution Amounts or (ii) to the extent such court or other governmental agency does not apportion relative fault, by the Independent Counsel (or such other party that makes a determination under Article IV) after giving effect to, among other things, the relative intent, knowledge, access to information, and opportunity to prevent or correct the subject matter of the Proceedings and other relevant equitable considerations of each party. The Company and Indemnitee agree that it would not be just and equitable if contribution pursuant to this Section 6.2 were determined by pro rata allocation or by any other method of allocation that does take account of the equitable considerations referred to in this Section 6.2.

**ARTICLE VII**. **Miscellaneous**

Section 7.1 <u>Non-Exclusivity</u>. The rights of Indemnitee to receive indemnification and advancement of Expenses under this Agreement shall be in addition to, and shall not be deemed exclusive of, any other rights Indemnitee shall have under the TBCA or other applicable law, the certificate of formation or bylaws of the Company, any other agreement, vote of shareholders or a resolution of directors, or otherwise. Accordingly, no amendment or alteration of the certificate of formation or bylaws of the Company or any provision thereof shall adversely affect Indemnitee's rights hereunder. To the extent that there is a change in the TBCA or other applicable law (whether by statute or judicial decision) that allows greater indemnification by agreement than would be afforded currently under the Company's articles of incorporation or bylaws and this Agreement, it is the intent of the parties hereto that Indemnitee shall enjoy by virtue of this Agreement the greater benefit so afforded by such change. Any amendment, alteration or repeal of the TBCA that adversely affects any right of Indemnitee shall be prospective only and shall not limit or eliminate any such right with respect to any Proceeding involving any occurrence or alleged occurrence of any action or omission to act that took place before such amendment or repeal.

Section 7.2 <u>Insurance and Subrogation</u>.

(a) To the extent that the Company maintains an insurance policy or policies providing liability insurance for directors, officers, employees, agents or fiduciaries of the Company or for individuals serving at the request of the Company as directors, officers, partners, members, venturers, proprietors, trustees, employees, agents, fiduciaries or similar functionaries of another foreign or domestic corporation, partnership, limited liability company, joint venture, sole proprietorship, trust, employee benefit plan or other enterprise, Indemnitee shall be covered by such policy or policies as a named or described insured

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in accordance with its or their terms to the maximum extent of the coverage available for any such director, officer, employee, agent or fiduciary under such policy or policies.

(b) In the event of any payment by the Company under this Agreement for which reimbursement is available under any insurance policy or policies obtained by the Company, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee under such insurance policy or policies, who shall execute all papers required and take all action necessary to secure such rights, including execution of such documents as are necessary to enable the Company to bring suit to enforce such rights, provided that all Expenses relating to such action shall be borne by the Company.

(c) The Company shall not be liable under this Agreement to make any payment of amounts otherwise indemnifiable hereunder if and to the extent that Indemnitee has otherwise actually received such payment under the Company's certificate of formation or bylaws or any insurance policy, contract, agreement or otherwise.

(d) The Company will advise the Board of any proposed material reduction in the coverage for Indemnitee to be provided by the Company's directors' and officers' liability insurance policy and will not affect such a reduction with respect to Indemnitee without the prior approval of at least 80% of the Independent Directors of the Company.

Section 7.3 <u>Certain Settlement Provisions</u>. The Company shall have no obligation to indemnify Indemnitee under this Agreement for amounts paid in settlement of a Proceeding or Claim without the Company's prior written consent. The Company shall not settle any Proceeding or Claim in any manner that would impose any fine, Expense, limitation or other obligation on Indemnitee, or disparage Indemnitee or contain an admission of wrongdoing by Indemnitee, without Indemnitee's prior written consent. Neither the Company nor Indemnitee shall unreasonably withhold their consent to any proposed settlement (it being agreed that Indemnitee's refusal to consent to a proposed settlement that would in any manner impose any fine, Expense, limitation or other obligation on Indemnitee, or disparage Indemnitee or contain an admission of wrongdoing by Indemnitee, would not be unreasonable).

Section 7.4 <u>Duration of Agreement</u>. This Agreement shall continue for so long as Indemnitee serves as an officer or director of the Company or, at the request of the Company, as a director, officer, partner, member, venturer, proprietor, trustee, employee, agent, fiduciary or similar functionary of another foreign or domestic corporation, partnership, limited liability company, joint venture, sole proprietorship, trust, employee benefit plan or other enterprise, and thereafter shall survive until and terminate upon the later to occur of: (a) the expiration of 20 years after the latest date that Indemnitee shall have ceased to serve in any such capacity; (b) the final termination of all pending Proceedings in respect of which Indemnitee is granted rights of indemnification or advancement of Expenses hereunder and of any proceeding commenced by Indemnitee pursuant to Article IV relating thereto; or (c) the expiration of all statutes of limitation applicable to possible Claims or Proceedings arising out of Indemnitee's Corporate Status.

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Section 7.5 <u>Notice by Each Party</u>. Indemnitee shall promptly notify the Company in writing upon being served with any summons, citation, subpoena, complaint, indictment, information or other document or communication relating to any Proceeding or Claim for which Indemnitee may be entitled to indemnification or advancement of Expenses hereunder; provided, however, that any failure of Indemnitee to so notify the Company shall not adversely affect Indemnitee's rights under this Agreement except to the extent the Company shall have been materially prejudiced as a direct result of such failure. The Company shall promptly notify Indemnitee in writing as to the pendency of any Proceeding or Claim that may involve a claim against Indemnitee for which Indemnitee may be entitled to indemnification or advancement of Expenses hereunder.

Section 7.6 <u>Amendment</u>. This Agreement may not be modified or amended except by a written instrument executed by or on behalf of each of the parties hereto.

Section 7.7 <u>Waivers</u>. The observance of any term of this Agreement may be waived (either generally or in a particular instance and either retroactively or prospectively) by the party entitled to enforce such term only by a writing signed by the party against which such waiver is to be asserted. Unless otherwise expressly provided herein, no delay on the part of any party hereto in exercising any right, power or privilege hereunder shall operate as a waiver thereof, nor shall any waiver on the part of any party hereto of any right, power or privilege hereunder operate as a waiver of any other right, power or privilege hereunder nor shall any single or partial exercise of any right, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, power or privilege hereunder.

Section 7.8 <u>Entire Agreement</u>. This Agreement and the documents expressly referred to herein constitute the entire agreement between the parties hereto with respect to the matters covered hereby, and any other prior or contemporaneous oral or written understandings or agreements with respect to the matters covered hereby, including any prior indemnification agreements, are expressly superseded by this Agreement.

Section 7.9 <u>Severability</u>. If any provision of this Agreement (including any provision within a single section, paragraph or sentence) or the application of such provision to any Person or circumstance, shall be judicially declared to be invalid, unenforceable or void, such decision will not have the effect of invalidating or voiding the remainder of this Agreement or affect the application of such provision to other Persons or circumstances, it being the intent and agreement of the parties that this Agreement shall be deemed amended by modifying such provision to the extent necessary to render it valid, legal and enforceable while preserving its intent, or if such modification is not possible, by substituting therefor another provision that is valid, legal and unenforceable and that achieves the same objective. Any such finding of invalidity or unenforceability shall not prevent the enforcement of such provision in any other jurisdiction to the maximum extent permitted by applicable law.

Section 7.10 <u>Notices</u>. All notices and other communications hereunder shall be in writing and shall be deemed given upon (a) transmitter's confirmation of a receipt of a facsimile transmission if during normal business hours of the recipient, otherwise on the next business day, (b) confirmed delivery of a standard overnight courier or when delivered by hand or (c) the expiration of five business days after

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the date mailed by U.S. certified or registered mail (return receipt requested), postage prepaid, to the parties at the following addresses (or at such other addresses for a party as shall be specified by like notice):

If to the Company, to it at:

Rare Earths Americas, Inc.

Attn: Corporate Secretary

250 Fillmore Street, Suite 150

Denver, CO 80206

By Email:

legal@rareearthsamericas.com

If to Indemnitee, to Indemnitee at:

[Indemnitee address]

or to such other address or to such other individuals as any party shall have last designated by notice to the other parties. All notices and other communications given to any party in accordance with the provisions of this Agreement shall be deemed to have been given when delivered or sent to the intended recipient thereof in accordance with and as provided in the provisions of this Section 7.10.

Section 7.11 <u>Governing Law</u>. This Agreement shall be construed in accordance with and governed by the laws of the State of Texas without regard to the principles of conflict of laws.

Section 7.12 <u>Certain Construction Rules</u>.

(a) The article and section headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement. As used in this Agreement, unless otherwise provided to the contrary, (1) all references to days shall be deemed references to calendar days and (2) any reference to a "Section" or "Article" shall be deemed to refer to a section or article of this Agreement. The words "hereof," "herein" and "hereunder" and words of similar import referring to this Agreement refer to this Agreement as a whole and not to any particular provision of this Agreement. Whenever the words "include," "includes" or "including" are used in this Agreement, they shall be deemed to be followed by the words "without limitation." Unless otherwise specifically provided for herein, the term "or" shall not be deemed to be exclusive. Whenever the context may require, any pronoun used in this Agreement shall include the corresponding masculine, feminine or neuter forms, and the singular form of nouns, pronouns and verbs shall include the plural and vice versa.

(b) For purposes of this Agreement, references to "other enterprises" shall include employee benefit plans; references to "fines" shall include any excise taxes assessed on a person with respect to any employee benefit plan; references to "serving at the request of the Company" shall include any service as a director, officer, employee or agent of the Company that imposes duties on, or involves services by,

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such director, nominee, officer, employee or agent with respect to an employee benefit plan, its participants or beneficiaries; and a person who acted in good faith and in a manner the person reasonably believed to be in the interests of the participants and beneficiaries of an employee benefit plan shall be deemed to have acted in a manner "not opposed to the best interest of the Company" for purposes of this Agreement and the TBCA.

(c) This Agreement is the result of negotiations among and has been reviewed by each of the parties hereto and their respective counsel, if any; accordingly, this Agreement shall be deemed to be the product of all the parties hereto, and no ambiguity shall be construed in favor of or against any one of the parties hereto.

Section 7.13 <u>Counterparts</u>. This Agreement may be executed in two or more counterparts, each of which shall be deemed to be an original and all of which together shall be deemed to be one and the same instrument, notwithstanding that both parties are not signatories to the original or same counterpart.

Section 7.14 <u>Certain Persons Not Entitled to Indemnification</u>. The Company shall not be obligated pursuant to the terms of this Agreement:

(a) To indemnify Indemnitee if (and to the extent that) a court or arbitration body having jurisdiction in the matter shall ultimately determine (in a final adjudication by a court from which there is no further right of appeal or in a final adjudication of an arbitration) that such indemnification is not lawful; or

(b) To indemnify Indemnitee for the payment to the Company of profits pursuant to Section 16(b) of the Exchange Act, or Expenses incurred by Indemnitee for Proceedings in connection with such payment under Section 16(b) of the Exchange Act.

Section 7.15 **<u>INDEMNIFICATION FOR NEGLIGENCE, GROSS NEGLIGENCE, ETC</u>. WITHOUT LIMITING THE GENERALITY OF ANY OTHER PROVISION HEREUNDER, IT IS THE EXPRESS INTENT OF THIS AGREEMENT THAT INDEMNITEE BE INDEMNIFIED AND EXPENSES BE ADVANCED REGARDLESS OF INDEMNITEE'S ACTS OF NEGLIGENCE, GROSS NEGLIGENCE, INTENTIONAL OR WILLFUL MISCONDUCT OR THEORIES OF STRICT LIABILITY TO THE EXTENT THAT INDEMNIFICATION AND ADVANCEMENT OF EXPENSES IS ALLOWED PURSUANT TO THE TERMS OF THIS AGREEMENT AND UNDER APPLICABLE LAW.**

Section 7.16 <u>Mutual Acknowledgments</u>. Both the Company and Indemnitee acknowledge that in certain instances, applicable law (including applicable federal law that may preempt or override applicable state law) or public policy may prohibit the Company from indemnifying the directors of the Company under this Agreement or otherwise. For example, the Company and Indemnitee acknowledge that the U.S. Securities and Exchange Commission has taken the position that indemnification of directors, officers and controlling Persons of the Company for liabilities arising under federal securities laws is against public policy and, therefore, unenforceable. Indemnitee understands and acknowledges that the Company has undertaken or may be required in the future to undertake with the Securities and Exchange Commission to submit the question of indemnification to a court in certain circumstances for a determination of the Company's right under public policy to indemnify Indemnitee. In addition, the

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Company and Indemnitee acknowledge that federal law prohibits indemnifications for certain violations of the Employee Retirement Income Security Act of 1974, as amended.

Section 7.17 <u>Enforcement</u>. The Company agrees that its execution of this Agreement shall constitute a stipulation by which it shall be irrevocably bound in any court or arbitration in which a proceeding by Indemnitee for enforcement of Indemnitee's rights hereunder shall have been commenced, continued or appealed, that its obligations set forth in this Agreement are unique and special, and that failure of the Company to comply with the provisions of this Agreement will cause irreparable and irremediable injury to Indemnitee, for which a remedy at law will be inadequate. As a result, in addition to any other right or remedy Indemnitee may have at law or in equity with respect to breach of this Agreement, Indemnitee shall be entitled to injunctive or mandatory relief directing specific performance by the Company of its obligations under this Agreement. The Company agrees not to seek, and agrees to waive any requirement for the securing or posting of, a bond in connection with Indemnitee's seeking or obtaining such relief.

Section 7.18 <u>Successors and Assigns</u>. All of the terms and provisions of this Agreement shall be binding upon, shall inure to the benefit of and shall be enforceable by the parties hereto and their respective successors, assigns, heirs, executors, administrators, legal representatives.

Section 7.19 <u>Period of Limitations</u>. No legal action shall be brought and no cause of action shall be asserted by or on behalf of the Company or any affiliate of the Company against Indemnitee or Indemnitee's spouse, heirs, executors, or personal or legal representatives after the expiration of two years from the date of accrual of that cause of action, and any claim or cause of action of the Company or its affiliate shall be extinguished and deemed released unless asserted by the timely filing of a legal action within that two-year period; provided, however, that for any claim based on Indemnitee's breach of fiduciary duties to the Company or its shareholders, the period set forth in the preceding sentence shall be three years instead of two years; and provided, further, that, if any shorter period of limitations is otherwise applicable to any such cause of action, the shorter period shall govern.

[SIGNATURE PAGE TO FOLLOW]

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IN WITNESS WHEREOF, this Agreement has been duly executed and delivered to be effective as of the date first above written.

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| |
|:---|
| RARE EARTHS AMERICAS, INC. |
| By: |
| Name: |
| Title: |
| INDEMNITEE: |
| [Name] |

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## Exhibit 10.29

**Exhibit 10.29**

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| | |
|:---|:---|
| &nbsp;&nbsp;**LOAN AGREEMENT** | &nbsp;&nbsp;**CONTRATO DE MÚTUO** |
| &nbsp;&nbsp;For this particular agreement, and in the best form of the Law, the parties hereinafter referred and qualified, namely | &nbsp;&nbsp;Pelo presente instrumento particular, e na melhor forma de Direito, as Partes adiante designadas e qualificadas, a saber, |
| &nbsp;&nbsp;on the one hand, as Lender, | &nbsp;&nbsp;de um lado, na qualidade de Mutuante, |
| &nbsp;&nbsp;**BRAZIL ROYALTY CORP PARTICIPATES E INVESTIMENTOS LTDA**., a limited liability company incorporated under the laws of Brazil, with its headquarters in the Capital of the State of Minas Gerais, at Turim Street, No. 59, 3<sup>rd</sup> floor, Avante Empresarial Business Complex, Santa Lucia Neighborhood, Zip Code 30360-552, enrolled with the CNPJ under No. 45.637.852/0001-22, herein represented pursuant to its Articles of Association (the "<u>Lender</u>"); | &nbsp;&nbsp;**BRAZIL ROYALTY CORP PARTICIPAÇÕES E INVESTIMENTOS LTDA**., sociedade empresária limitada constituída no Brasil, com sede na Capital do Estado de Minas Gerais, na Rua Turim, n.º 59, 3º andar, Condomínio Avante Empresarial, Bairro Santa Lúcia, CEP 30360-552, inscrita no CNPJ n.º 45.637.852/0001-22, neste ato representada na forma de seu Contrato Social (a "<u>Mutuante</u>"); |
| &nbsp;&nbsp;and, on the other hand, as Borrower; | &nbsp;&nbsp;e, de outro lado, na qualidade de Mutuária, |
| &nbsp;&nbsp;**ALPHA MINERALS BRAZIL PARTICIPATES LTDA**., a limited liability company incorporated under the laws of Brazil, with its headquarters in the Capital of the State of Minas Gerais, at Turim Street, No. 59, 3<sup>rd</sup> floor, Avante Empresarial Business Complex, Santa Lucia Neighborhood, Zip Code 30360-552, enrolled with the CNPJ under No. 43.093.229/0001-20, herein represented pursuant to its Articles of Association (the "<u>Borrower</u>"); | &nbsp;&nbsp;**ALPHA MINERALS BRAZIL PARTICIPAÇÕES LTDA**., sociedade empresária limitada constituída no Brasil, com sede na Capital do Estado de Minas Gerais, na Rua Turim, n.º 59, 3º andar, Condomínio Avante Empresarial, Bairro Santa Lúcia, CEP 30360-552, inscrita no CNPJ sob o n.º. 43.093.229/0001-20, neste ato representada na forma de seu Contrato Social (a "<u>Mutuária</u>"); |
| &nbsp;&nbsp;WHEREAS, that the Lender transferred funds to the Borrower, as loans, through bank transfers or direct payments of expenses of the Borrower, on its behalf and order, which are indicated in a spreadsheet that is part of this agreement in its <u>Appendix I</u>., and that on the present date the balance of the Borrower's debt in favor of the Lender is BRL3,729,208.32 (three million, seven hundred and twenty-nine thousand, two hundred and eight Brazilian Reais and thirty-two cents); | &nbsp;&nbsp;considerando que a Mutuante disponibilizou recursos em favor da Mutuária, a título de mútuo, por meio da realização de transferências bancárias ou de pagamentos diretos de despesas da Mutuária, por sua conta e ordem, os quais estão indicados em planilha que integra o presente como seu <u>Anexo I</u>., e que, na presente data, o saldo da dívida da Mutuária em favor da Mutuante totaliza R$3.279.208,32 (três milhões, duzentos e setenta e nove mil, duzentos e oito reais e trinta e dois centavos); |
| &nbsp;&nbsp;WHEREAS, that the Lender intends to make additional resources available in favor of the Borrower from this date, also as a loan, so that the total balance loaned may be up to R$6,105,000.00 (six million one hundred and five thousand Brazilian Reais); | &nbsp;&nbsp;considerando que a Mutuante tem a intenção de disponibilizar recursos adicionais em favor da Mutuária a partir da presente data, também a título de mútuo, de modo que o saldo total mutuado seja de até R$6.105.000 (seis milhões, cento e cinco mil reais); |
| &nbsp;&nbsp;WHEREAS, that the Parties intend to consolidate all the payments previously made by the Lender in favor of the Borrower, as well as to regulate the rules applicable to the loan and its payment; | &nbsp;&nbsp;considerando que as Partes têm a intenção de consolidar todos os pagamentos até então realizados pela Mutuante em favor da Mutuária, bem assim de disciplinar as regras aplicáveis ao mútuo e a seu pagamento; |

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| &nbsp;&nbsp;now, THEREFORE, in consideration of the mutual promises and covenants set forth in this Loan Agreement (the "<u>Loan Agreement</u>"), the Parties agree as follows: | &nbsp;&nbsp;resolvem, de comum acordo, celebrar o presente Contrato de Mútuo (o "<u>Contrato de Mútuo</u>"), que será regido pelas seguintes cláusulas e condições: |
| &nbsp;&nbsp;**1. LOAN.** | &nbsp;&nbsp;**1. MÚTUO.** |
| &nbsp;&nbsp;1.1. <u>Loan Amount</u>. By means of this Loan Agreement, the Borrower agrees and declares that, from August 1st, 2024 to the present date, it has received from the Lender the total and certain amount of R$3,729,208.32 (three million, seven hundred and twenty-nine thousand, two hundred and eight Brazilian Reais and thirty-two cents), in the amounts and on the dates indicated in the spreadsheet that is part of this Loan Agreement as its <u>Appendix I</u>., which, added to the resources to be made available as of the present date, respecting the global limit of R$6,105,000.00 (six million one hundred and five thousand Brazilian Reais), will be hereinafter referred to as the "<u>Loan Amount</u>" (the "<u>Loan</u>"). The amount of the Tax on Credit, Exchange and Insurance Transactions, or related to Securities or Bonds (the "<u>IOF</u>", in the Brazilian acronym) is also part of the Loan Amount for all purposes of Brazilian Law and this Loan Agreement. The Loan Amount was or will be made available by the Lender by means of bank transfers to a bank account held by the Borrower or paid to third parties, on its behalf and order, as may be defined by mutual agreement between the Parties. | &nbsp;&nbsp;1.1. <u>Empréstimo</u>. Pelo presente Contrato de Mútuo, a Mutuária concorda e declara que, desde o dia 1º de agosto de 2024 até a presente data, recebeu da Mutuante o valor total, líquido e certo de R$3.279.208,32 (três milhões, duzentos e setenta e nove mil, duzentos e oito reais e trinta e dois centavos), nos valores e datas indicados na planilha que integra o presente Contrato de Mútuo como seu Anexo I., o qual, somado aos recursos a serem disponibilizados a partir da presente data, respeitado o limite global de R$6.105.000 (seis milhões, cento e cinco mil reais), será doravante denominado o "<u>Valor do Empréstimo</u>" (o "Empréstimo"). O valor do Imposto sobre Operações de Crédito, Câmbio e Seguro, ou relativas a Títulos ou Valores Mobiliários (o "IOF") também integra o Valor do Empréstimo para todos os fins de direito e do presente Contrato de Mútuo. O Valor do Empréstimo foi ou será disponibilizado pela Mutuante por meio de transferências bancárias para conta corrente de titularidade da Mutuária ou pagos a terceiros, por sua conta e ordem, conforme vier a ser definido de comum acordo entre as Partes. |
| &nbsp;&nbsp;1.2. <u>Remuneration</u>. The Loan Amount described in item 1.1. above shall be subject to monetary restatement calculated by the variation of the CDI, applied "pro rata dies", from the date of disbursement by the Lender until the date of the respective settlement by the Borrower (the "<u>Remuneration</u>"). The Loan Amount is not subject to other interest or additions. | &nbsp;&nbsp;1.2. <u>Remuneração</u>. Sobre o Valor do Empréstimo descrito no item 1.1., supra, será devida atualização monetária calculada pela variação do CDI, aplicada, "pro rata dies", desde a data de desembolso pela Mutuante até a data da respectiva liquidação pela Mutuária (a "<u>Remuneração</u>"). O Valor do Empréstimo não está sujeito à incidência de outros juros ou acréscimos. |
| &nbsp;&nbsp;**2. MATURITY AND PAYMENT.** | &nbsp;&nbsp;**2. VENCIMENTO E FORMA DE PAGAMENTO.** |

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| &nbsp;&nbsp;2.1. <u>Maturity</u>. The Loan Amount shall be paid in full to Lender in R$(Brazilian Reais), through a deposit into the Lender's bank account to be indicated in writing in due course on the earliest of the following dates to occur (the "<u>Maturity Date</u>"): <br>(i) December 31st, 2026; <br>(ii) five (5) business days after the sale or transfer of a controlling interest in the controlling company of the Borrower; or <br>(iii) five (5) business days after the sale or transfer of a controlling interest in the Borrower. | &nbsp;&nbsp;2.1. <u>Vencimento</u>. O Valor do Empréstimo deverá ser integralmente restituído à Mutuante, em R$(Reais), por meio de depósito em conta bancária da Mutuante a ser oportunamente indicada, por escrito, na primeira das seguintes datas (a "<u>Data de Vencimento</u>"): <br>(i) 31 de dezembro de 2026; <br>(ii) 5 (cinco) dias úteis após a venda ou transferência do controle acionário da controladora da Mutuária; e <br>(iii) 5 (cinco) dias úteis após a venda ou transferência do controle acionário da Mutuária |
| &nbsp;&nbsp;2.1.1. <u>Maturity on a non-business day</u>. In the event that the maturity of the Loan Amount occurs on a day that is not a business day, it is hereby established by the Parties that the term provided for in 2.1. will be extended to the subsequent business day. For the purposes of the provisions of this item 2.1.1., a business day shall be considered any day other than a Saturday, Sunday or a day on which commercial banks are required or authorized by law to remain closed in the Capital of the State of Minas Gerais.  | &nbsp;&nbsp;2.1.1. <u>Vencimento em dia não útil</u>. Na hipótese de o vencimento do Valor do Empréstimo ocorrer em dia que não seja dia útil, fica desde logo estabelecido pelas Partes que o termo previsto em 2.1. será prorrogado para o dia útil subsequente. Para fins do disposto neste item 2.1.1., será considerado dia útil qualquer dia que não um sábado, domingo ou um dia em que os bancos comerciais estão obrigados ou autorizados por lei a permanecerem fechados na Capital do Estado de Minas Gerais.  |
| &nbsp;&nbsp;2.2. <u>Delay</u>. In the event of delay in payment of the Loan Amount, the amount due and unpaid by the Borrower to the Lender, without prejudice to the incidence of Remuneration until the full settlement of any outstanding balances, shall be increased by (i.) interest of 1% (one percent) per month, calculated, "pro rata dies", on the amount in arrears, from the due date until the date of actual payment, as well as (ii.) a late payment fine of 5% (five percent).  | &nbsp;&nbsp;2.2. <u>Atraso</u>. Em caso de atraso no pagamento do Valor do Empréstimo, a importância devida e não paga pela Mutuária à Mutuante, sem prejuízo da incidência da Remuneração até a efetiva liquidação integral de quaisquer saldos em aberto, será acrescida de (i.) juros de mora de 1% (um por cento) ao mês, calculados, "pro rata dies", sobre o montante em atraso, desde a data de vencimento até a data do efetivo pagamento, bem como (ii.) multa moratória de 5% (cinco por cento)  |
| &nbsp;&nbsp;2.3. <u>Settlement</u>. For all legal purposes and effects, the presentation of bank receipts for the bank transfers relating to the payment of the Loan Amount, plus the Remuneration, to the bank account held by the Lender, as informed in item 2.1. above, shall imply the granting, by the Lender to the Borrower, of the broadest, most general, irrevocable and irreversible settlement as to the receipt of the refund of the Loan Amount and the Remuneration to which it is entitled, to no longer demand or discuss anything in this regard, at any time.  | &nbsp;&nbsp;2.3. <u>Quitação</u>. Para todos os fins e efeitos legais, a apresentação dos comprovantes bancários de realização das transferência bancárias relativas ao pagamento do Valor do Empréstimo, acrescido da Remuneração, para a conta bancária de titularidade da Mutuante, conforme informada no item 2.1., supra, implicará na outorga, pela Mutuante à Mutuária, da mais ampla, geral, irrevogável e irretratável quitação quanto ao recebimento da restituição do Valor do Empréstimo e da Remuneração a que faz jus, para mais nada exigir ou discutir a esse título, a qualquer tempo.  |

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| &nbsp;&nbsp;2.4. <u>Taxes</u>. All charges, fees or expenses of the loan or resulting from this Loan Agreement, in particular the IOF or any other taxes to be withheld, shall be borne exclusively by the Borrower. Any amounts due under this Loan Agreement shall be paid in full and shall be adjusted (gross-up) to eliminate the effects of any fees or withholdings that may be applied to such payment.  | &nbsp;&nbsp;2.4. <u>Tributos</u>. Todos os encargos, taxas ou despesas do empréstimo ou resultantes deste Contrato de Mútuo, em especial o IOF ou quaisquer outros tributos a serem retidos na fonte, serão suportados exclusivamente pela Mutuária. Quaisquer montantes devidos nos termos deste Contrato de Mútuo deverão ser pagos integralmente e deverão ser ajustados (gross-up) para eliminar os efeitos de quaisquer taxas ou retenções que possam ser aplicadas em tal pagamento.  |
| &nbsp;&nbsp;**3. TRANSFER OF THE OBLIGATION TO PAY THE LOAN AMOUNT.** | &nbsp;&nbsp;**3. TRANSFERÊNCIA DA OBRIGAÇÃO DE**<br>**PAGAMENTO DO VALOR DO EMPRÉSTIMO.** |
| &nbsp;&nbsp;3.1. <u>Novation of Debt</u>. The Lender hereby agrees that the obligation to pay the Loan Amount, as set forth in SECTION 2. above, may be novated by the Borrower to a company incorporated under the laws of the Cayman Islands named RARE EARTHS AMERICAS LTD., or by any other company that may act as a partner or controlling company of the Borrower, in which case the Lender must manifest its express agreement with respect to the deed of novation that may be executed specifically for this purpose (the "<u>Deed of Novation</u>"). The Lender is also aware that (i.) RARE EARTHS AMERICAS LTD. shall only be obliged to make the payment of the Loan Amount, in the manner that may be established in the Deed of Novation, if there is the implementation of an initial public offering of its own shares or the execution of any other transaction involving its shares that results in the raising of funds in an amount exceeding A$20,000,000.00 (twenty million Australian dollars, or the equivalent in other currencies, and in this case, (ii.) the receipt of the Loan Amount may be in R$(Reais) or through the receipt of shares in an amount equivalent to the Loan Amount, duly increased by the Remuneration, at the sole discretion of the Lender.  | &nbsp;&nbsp;3.1. <u>Novação da Dívida</u>. A Mutuante desde logo concorda que a obrigação de pagamento do Valor do Empréstimo, nos moldes estabelecidos na CLÁUSULA 2., supra, poderá ser novada pela Mutuária e transferida para sociedade incorporada segundo as leis das Ilhas Cayman denominada RARE EARTHS AMERICAS LTD., ou por qualquer outra empresa que venha a atuar como sócia ou controladora da Mutuária, devendo, neste caso, manifestar sua expressa concordância em relação ao instrumento particular de novação de dívidas que vier a ser celebrado especificamente para este fim (the "<u>Instrumento de</u> <u>Novação de Dívida</u>"). A Mutuante tem ciência, ainda, de que (i.) a RARE EARTHS AMERICAS LTD. somente será obrigada a realizar o pagamento do Valor do Empréstimo, nos moldes que vierem a ser estabelecidos no Instrumento de Novação de Dívida, se houver a implementação de uma oferta pública inicial de suas próprias ações ou a celebração de qualquer outra transação envolvendo suas ações que resulte na captação de recursos em montante superior a A$20,000,000.00 (vinte milhões de dólares australianos, ou o equivalente em outras moedas, bem assim que, neste caso, (ii.) o recebimento do Valor do Empréstimo poderá ser em R$(Reais) ou mediante o recebimento de ações em valor equivalente ao Valor do Empréstimo, devidamente acrescido da Remuneração, a exclusivo critério da Mutuante.  |
| &nbsp;&nbsp;**4. MISCELLANEOUS.** | &nbsp;&nbsp;**4. DISPOSIÇÕES GERAIS.** |
| &nbsp;&nbsp;4.1. <u>Entire Agreement</u>. This Loan Agreement constitutes the entire agreement among the Parties pertaining to the subject matter hereof and supersedes all prior agreements, negotiations, discussions and understandings, written or oral, among the Parties.  | &nbsp;&nbsp;4.1. <u>Acordo Integral</u>. Este Contrato de Mútuo constitui o acordo integral entre as Partes referente ao assunto nele tratado e substitui todos os acordos, negociações, discussões e entendimentos anteriores, escritos ou orais, entre as Partes.  |

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| &nbsp;&nbsp;4.2. <u>Amendments</u>. This Loan Agreement may only be amended in written and shall be executed by both Parties. | &nbsp;&nbsp;4.2. <u>Alterações</u>. Qualquer alteração a qualquer disposição deste Contrato de Mútuo deverá ser formalizada, por escrito, e assinada por ambas as Partes.  |
| &nbsp;&nbsp;4.3. <u>No Set-Off</u>. All amounts due under or in connection with this Loan Agreement shall be paid in full without any set-off or counterclaim, whether arising under this Loan Agreement or otherwise.  | &nbsp;&nbsp;4.3. <u>Vedação à compensação</u>. Todos os valores devidos sob ou em conexão com este Contrato de Mútuo serão pagos integralmente sem qualquer compensação ou reconvenção, seja decorrente deste Contrato de Mútuo ou de outra forma.  |
| &nbsp;&nbsp;4.4. <u>Succession and Assignment</u>. This Loan Agreement shall be binding on and inure to the benefit of the Parties and their respective successors and assignees. Except with the prior written consent of the other Party or in the event previously authorized in CLAUSE 3., above, a Party shall not have the right to assign or otherwise transfer its rights and obligations under this Loan Agreement.  | &nbsp;&nbsp;4.4. <u>Sucessão e Cessão</u>. Este Contrato de Mútuo vincula as Partes e seus respectivos sucessores e cessionários. É vedado a qualquer das Partes ceder ou de outra forma transferir seus direitos e obrigações decorrentes deste Contrato de Mútuo, salvo mediante a prévia anuência por escrito da outra Parte ou na hipótese previamente autorizada na CLÁUSULA 3., supra.  |
| &nbsp;&nbsp;4.5. <u>Applicable law</u>. This Loan Agreement shall be governed by and construed in accordance with the Law of the Federative Republic of Brazil.  | &nbsp;&nbsp;4.5. <u>Legislação aplicável</u>. O presente Contrato de Mútuo será regido e interpretado de acordo com as leis da República Federativa do Brasil.  |
| &nbsp;&nbsp;4.6. <u>Language</u>. This Loan Agreement is written simultaneously in English and Portuguese. In the event of any contradiction, the Portuguese version shall prevail.  | &nbsp;&nbsp;4.6. <u>Idioma</u>. O presente Contrato de Mútuo é redigido simultaneamente em inglês e em português. No caso de qualquer divergência, a versão em idioma português prevalecerá.  |
| &nbsp;&nbsp;4.7. <u>Waiver</u>. The failure by any Party to enforce at any time any of the provisions of this Loan Agreement shall in no way be construed to be a waiver of any such provision unless such waiver is acknowledged in writing, nor shall such failure affect the validity of this Loan Agreement or any part thereof or the right of a Party to enforce each and every provision. No waiver of a breach of this Loan Agreement shall be held to be a waiver of any other or subsequent breach.  | &nbsp;&nbsp;4.7. <u>Renúncia</u>. A falha de qualquer Parte em fazer cumprir, a qualquer momento, qualquer uma das disposições deste Contrato de Mútuo, não será de forma alguma interpretada como uma renúncia de qualquer disposição, a menos que tal renúncia seja reconhecida por escrito, nem tal falha afetará a validade deste Contrato de Mútuo ou qualquer parte dele ou o direito de uma Parte de fazer cumprir cada disposição. Nenhuma renúncia de uma violação a este Contrato de Mútuo será considerada uma renúncia a qualquer outra violação subsequente.  |
| &nbsp;&nbsp;4.8. <u>Severability</u>. If any provision of this Loan Agreement is wholly or partially invalid, this Loan Agreement shall be interpreted as if the invalid provision had not been a part hereof so that the invalidity shall not affect the validity of the remainder of this Loan Agreement which shall be construed as if this Loan Agreement had been executed without the invalid portion.  | &nbsp;&nbsp;4.8. <u>Independência das Disposições Contratuais</u>. Se qualquer disposição deste Contrato de Mútuo for considerada total ou parcialmente inválida, este Contrato de Mútuo será interpretado como se a disposição inválida não tivesse sido parte dele, de modo que a invalidade não afetará a validade do restante deste Contrato de Mútuo, que será interpretado como se este Contrato de Mútuo tivesse sido executado sem a parte inválida.  |

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| &nbsp;&nbsp;4.9. <u>Notices</u>. Any communication or notices in connection hereof shall be sent by registered mail (with return receipt requested), by electronic mail (with confirmation of receipt) or by hand delivery (against written acknowledgement of receipt) to the addresses mentioned above, or to such other address as may have been communicated by one Party to the other Party.  | &nbsp;&nbsp;4.9. <u>Notificações</u>. Quaisquer comunicações ou notificações relacionadas ao presente Contrato de Mútuo deverão ser enviadas por carta registrada (com aviso de recebimento), email (com confirmação de recebimento) ou por entrega mediante recibo, nos endereços indicados no preâmbulo, ou em qualquer outro endereço que venha a ser informado por uma Parte à outra.  |
| &nbsp;&nbsp;4.10. <u>Specific Performance</u>. The Parties acknowledge that any breach of this Loan Agreement may cause the other Party irreparable harm for which damages are not an adequate remedy. The Parties agree that, in the event of any such breach, in addition to other remedies at law or in equity that the injured Party may have, the injured Party shall be entitled to seek specific performance, pursuant to the Brazilian Code of Civil Procedure.  | &nbsp;&nbsp;4.10. <u>Execução Específica</u>. As Partes reconhecem que qualquer violação a este Contrato de Mútuo pode causar à outra Parte prejuízos irreparáveis para os quais a mera imputação de perdas e danos não são uma solução adequada. As Partes concordam que, no caso de qualquer violação, além de outras soluções legais ou de equidade que a Parte prejudicada possa ter, a Parte prejudicada terá o direito de buscar execução específica, de acordo com o Código de Processo Civil Brasileiro.  |
| &nbsp;&nbsp;4.11. <u>Cumulative Performance</u>. The rights and remedies of the Parties under this Loan Agreement are cumulative and are in addition to and not in substitution for any rights or remedies provided by applicable law.  | &nbsp;&nbsp;4.11. <u>Execução Cumulativa</u>. Os direitos e recursos das Partes sob este Contrato de Mútuo são cumulativos e adicionais, e não substituem quaisquer direitos ou medidas previstos na legislação aplicável.  |
| &nbsp;&nbsp;4.12. <u>Extrajudicial Enforcement Instrument</u>. This Loan Agreement constitutes an extrajudicial enforcement instrument (título executivo extrajudicial) for all the purposes and effects of the Brazilian Code of Civil Procedure.  | &nbsp;&nbsp;4.12. <u>Título Executivo Extrajudicial</u>. Este Contrato de Mútuo constitui título executivo extrajudicial para todos os fins e efeitos do Código de Processo Civil Brasileiro.  |
| &nbsp;&nbsp;4.13. <u>Jurisdiction</u>. With the exclusion of any other, however privileged they can be, the Parties have elected the Courts of the City of Belo Horizonte, State of Minas Gerais, to settle any conflicts of interpretation or application of the terms of this Loan Agreement.  | &nbsp;&nbsp;4.13. <u>Jurisdição</u>. Com a exclusão de qualquer outro, por mais privilegiado que possa ser, as partes elegem o Foro da Cidade de Belo Horizonte, Estado de Minas Gerais, para dirimir quaisquer conflitos de interpretação ou aplicação dos termos deste Contrato de Mútuo.  |

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| &nbsp;&nbsp;4.14. <u>Electronic Signature</u>. The Parties agree that this Loan Agreement may be electronically signed, in accordance with D4Sign, DocuSign, CertiSign or similar authentication procedures, even if it does not use a digital certificate issued in the ICP-Brasil standard, which the Parties recognize the legality, validity and legitimacy to legally constitute rights and obligations among themselves, as authorized by Article 10, §2º, of Provisional Measure No. 2,200-2 and by Article 784, §4º, of the Brazilian Code of Civil Procedure. The Parties also agree that the electronic signature of this Loan Agreement under the terms above does not prejudice its feasibility, and should be considered, for all legal purposes, as an extrajudicial enforcement order.  | &nbsp;&nbsp;4.14. <u>Assinatura eletrônica</u>. As Partes concordam que o presente Contrato de Mútuo poderá ser assinado eletronicamente, de acordo com os procedimentos de autenticação D4Sign, DocuSign, CertiSign ou similares, ainda que não utilize certificado digital emitido no padrão ICPBrasil, ao qual as Partes reconhecem a legalidade, validade e legitimidade para constituir juridicamente direitos e obrigações entre si, conforme autorizado pelo artigo 10, §2º, da Medida Provisória nº 2.200-2, e pelo artigo 784, §4º, do Código de Processo Civil Brasileiro. As Partes concordam, ainda, que a assinatura eletrônica deste Contrato de Mútuo nos termos acima não prejudica a sua exequibilidade, devendo ser considerado, para todos os efeitos legais, como título executivo extrajudicial.  |
| &nbsp;&nbsp;4.15. <u>Effective Date</u>. This Loan Agreement is effective for all Parties as of the date indicated therein, even if one or more Parties sign it by electronic means at a later date. In addition, even if any of the Parties electronically signs this instrument in a different place, the place of execution of this Loan Agreement is, for all purposes, the City of Belo Horizonte, Minas Gerais, as indicated below.  | &nbsp;&nbsp;4.15. <u>Data de vigência</u>. Este Contrato de Mútuo entra em vigor para todas as Partes a partir da data nele indicada, mesmo que uma ou mais Partes o assinem por meios eletrônicos em uma data posterior. Além disso, mesmo que qualquer uma das partes assine eletronicamente este instrumento em um local diferente, o local de assinatura deste Contrato de Mútuo é, para todos os fins, a Cidade de Belo Horizonte, Minas Gerais, conforme indicado abaixo.  |
| &nbsp;&nbsp;The Parties hereto have caused this Loan Agreement to be executed as of this date.  | &nbsp;&nbsp;E, por estarem assim justas e contratadas, as Partes firmam o presente Contrato de Mútuo nesta data.  |

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Belo Horizonte, June 2<sup>nd</sup>, 2025. Belo Horizonte, 02 de junho de 2025.

**ALPHA MINERALS BRAZIL PARTICIPAÇÕES LTDA.**

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| &nbsp;&nbsp;<u>/s/ João Paulo Agapito da Veiga</u><br>Name/Nome: João Paulo Agapito da Veiga<br>Title/Cargo: Officer/Administrador | &nbsp;&nbsp;<u>/s/ Renato Aureo de Paula Gonzaga</u><br>Name/Nome: Renato Aureo de Paula Gonzaga<br>Title/Cargo: Officer/Administrador |

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**BRAZIL ROYALTY CORP PARTICIPAÇÕES E INVESTIMENTOS LTDA.**

&nbsp;&nbsp;<u>/s/ Julia Sanchez Agapito da Veiga</u><br>Name/Nome: Julia Sanchez Agapito da Veiga<br>Title/Cargo: Officer/Administrador<br>

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<u>Appendix I.<br>Anexo I.</u>

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## Exhibit 10.30

**Exhibit 10.30.1**

Dated July 15, 2025

(1)**BRAZIL ROYALTY CORP PARTICIPAÇÕES E INVESTIMENTOS LTDA**

(2)**ALPHA MINERALS BRAZIL PARTICIPAÇÕES LTDA.**

(3)**RARE EARTHS AMERICAS LTD.**

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**DEED OF NOVATION**

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in respect of an amount owing pursuant to a loan agreement dated 2 June 2025 entered into between (i) Alpha Minerals Brazil Participações Ltda. and (ii) Brazil Royalty Corp Participações E Investimentos Ltda

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**CONTENTS**

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|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Clause** | &nbsp;&nbsp;&nbsp; **Clause** | &nbsp;&nbsp;&nbsp;**Page** | &nbsp;&nbsp;&nbsp;**Page** |
| &nbsp;&nbsp;1. | &nbsp;&nbsp;&nbsp;INTERPRETATIONS | &nbsp;&nbsp;&nbsp;INTERPRETATIONS | &nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;2. | &nbsp;&nbsp;&nbsp;EFFECTIVE DATE | &nbsp;&nbsp;&nbsp;EFFECTIVE DATE | &nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;3. | &nbsp;&nbsp;&nbsp;NOVATION | &nbsp;&nbsp;&nbsp;NOVATION | &nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;4. | &nbsp;&nbsp;&nbsp;CONDITION | &nbsp;&nbsp;&nbsp;CONDITION | &nbsp;&nbsp;&nbsp;2 |
| &nbsp;&nbsp;5. | &nbsp;&nbsp;&nbsp;REPAYMENT | &nbsp;&nbsp;&nbsp;REPAYMENT | &nbsp;&nbsp;&nbsp;2 |
| &nbsp;&nbsp;6. | &nbsp;&nbsp;&nbsp;PARTIAL RELEASE OF OBLIGATIONS | &nbsp;&nbsp;&nbsp;PARTIAL RELEASE OF OBLIGATIONS | &nbsp;&nbsp;&nbsp;2 |
| &nbsp;&nbsp;7. | &nbsp;&nbsp;&nbsp;GOVERNING LAW AND JURISDICTION | &nbsp;&nbsp;&nbsp;GOVERNING LAW AND JURISDICTION | &nbsp;&nbsp;&nbsp;2 |
| &nbsp;&nbsp;&nbsp;SIGNATORIES | &nbsp;&nbsp;&nbsp;SIGNATORIES | &nbsp;&nbsp;&nbsp;SIGNATORIES | &nbsp;&nbsp;&nbsp;4 |

---

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**THIS DEED** is dated July 15, 2025

**PARTIES**

**(1)** **BRAZIL ROYALTY CORP PARTICIPAÇÕES E INVESTIMENTOS LTDA**, a limited liability company incorporated under the laws of Brazil, with its headquarters in the Capital of the State of Minas Gerais, at Turim Street, No. 59, 3rd floor, Avante Empresarial Business Complex, Santa Lúcia Neighborhood, Zip Code 30360-552, enrolled with the CNPJ under No. 45.637.852/0001-22 (**Lender**);

**(2)** **ALPHA MINERALS BRAZIL PARTICIPAÇÕES LTDA.,** a limited liability company incorporated under the laws of Brazil, with its headquarters in the Capital of the State of Minas Gerais, at Turim Street, No. 59, 3rd floor, Avante Empresarial Business Complex, Santa Lúcia Neighborhood, Zip Code 30360-552, enrolled with the CNPJ under No. 43.093.229/0001-20 (**Original Borrower**); and

**(3)** **RARE EARTHS AMERICAS LTD.,** an exempted company incorporated under the laws of the Cayman Islands with the registered number 419111, whose registered office is at c/o Appleby Global Services (Cayman) Limited, 71 Fort Street, PO Box 500, George Town, Grand Cayman, Cayman Islands, KY1-1106 (**New Borrower**).

**BACKGROUND**

(A)The Lender and the Original Borrower are parties to a loan agreement dated 2 June 2025 (**Loan Agreement**).

(B)Pursuant to clause 3 of the Loan Agreement, the parties seek to transfer by novation the obligation to pay the Loan Amount together with the Remuneration (**Repayment**), pursuant to the Loan Agreement from the Original Borrower to the New Borrower upon satisfaction of the Condition (as defined below).

(C)Notwithstanding this deed, the Original Borrower shall remain fully responsible to the Lender for all obligations pursuant to the Loan Agreement, other than the Repayment, following the Effective Date (as defined below).

**AGREED TERMS**

**1.** **INTERPRETATIONS**

Except as otherwise defined herein, words and expressions defined in the Loan Agreement shall have the same meaning when used in this deed.

**2.** **EFFECTIVE DATE**

2.1.The novation of the obligation to pay the Loan Amount and Remuneration (the Remuneration to be calculated in accordance with clause 1.2 of the Loan Agreement) shall be effective on the date of the satisfaction of the Condition (**Effective Date**).

**3.** **NOVATION**

3.1.With effect from the Effective Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)the Original Borrower transfers its obligation to pay the Loan Amount together with the Remuneration under the Loan Agreement to the New Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)the New Borrower agrees to discharge the Loan Amount together with the Remuneration on the terms of this deed ((a) and (b) together, the **Novation**);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)the Lender agrees to continue to perform the Loan Agreement and be bound in its terms in every way to the Original Borrower, other than in respect of the Repayment; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)the Parties will enter into an amendment agreement to the Loan Agreement, acknowledging the Novation and the New Borrower as the responsible party for the payment of the Loan Amount.

3.2.The provisions of the Loan Agreement will continue in full force and effect.

**4.** **CONDITION**

4.1.Pursuant to clause 3.1 of the Loan Agreement, the Lender agrees that the New Borrower is only obliged to discharge the Loan Amount if the New Borrower:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)implements an initial public offering of its own shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)executes any other transaction involving its shares that results in the raising of funds equal to an amount exceeding A$20,000,000.00 (twenty million Australian dollars, or the equivalent in other currencies,

(**Condition**).

4.2.The Condition may only be waived in writing by the New Borrower and will be effective only to the extent specifically set out in that waiver.

4.3.If the Condition is not satisfied or waived by 8pm on 31 December 2026, the Original Borrower shall pay the Loan Amount directly to the Lender, as set forth in the Loan Agreement.

**5.** **REPAYMENT**

5.1.Following the Effective Date, the Lender shall give notice to the New Borrower specifying whether it elects for the Repayment to be satisfied either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)in cash in R$(Reais) to be satisfied in accordance with clause 2.1 of the Loan Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)by the issue and allotment of shares in the capital of the New Borrower to the Lender, credited as fully paid, equal in market value to an amount equal to the Loan Amount plus the Remuneration,

(**Notice of Election**).

5.2.The Repayment shall be made on the Maturity Date in accordance with clause 2.1 of the Loan Agreement or on the date which is five business days after the Lender has issued the Notice of Election, whichever is later.

**6.** **PARTIAL RELEASE OF OBLIGATIONS**

6.1.Subject to the Condition of clause 4.3, the Lender and the Original Borrower will release each other from all future obligations to the other in respect of the Repayment under the Loan Agreement.

6.2.Notwithstanding this deed, the Original Borrower shall remain fully responsible to the Lender for all obligations pursuant to the Loan Agreement, other than the Repayment, following the Effective Date.

6.3.Nothing in this deed shall affect or prejudice any claim or demand that the Lender or the Original Borrower may have against the other under or in connection with the Repayment pursuant to the Loan Agreement arising before the Effective Date.

**7.** **GOVERNING LAW AND JURISDICTION**

7.1.This deed shall be governed and construed in all respects by Cayman Islands law.

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7.2.Any dispute arising under or in connection with this agreement shall be subject to the non-exclusive jurisdiction of the Cayman Islands courts, to which the parties to this agreement hereby submit.

This document has been executed as a deed and is delivered and takes effect on the date stated at the beginning of it.

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**IN WITNESS WHEREOF** the Parties have duly executed this Deed on the date stated at the beginning of it.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**EXECUTED AS A DEED** for and on behalf of **RARE EARTHS AMERICAS LTD.** | &nbsp;&nbsp;&nbsp;&nbsp;))) | &nbsp;&nbsp;By: <u>/s/ Donald Swartz</u><br>Name: Donald Swartz<br>Position: Director |

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Page 4 of 7

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| | | |
|:---|:---|:---|
| **EXECUTED AS A DEED** for and on behalf of **BRAZIL ROYALTY CORP PARTICIPAÇÕES E INVESTIMENTOS LTDA** | &nbsp;&nbsp;&nbsp;&nbsp;))) | &nbsp;&nbsp;By: <u>/s/ Julia Sanchez Agapito da Veiga</u><br>Name: Julia Sanchez Agapito da Veiga<br>Position: Manager |
| **EXECUTED AS A DEED** for and on behalf of **ALPHA MINERALS BRAZIL PARTICIPAÇÕES LTDA.** | &nbsp;&nbsp;&nbsp;&nbsp;))) | &nbsp;&nbsp;By: <u>/s/ Joao Paulo Agapito da Veiga</u><br>Name: Joao Paulo Agapito da Veiga<br>Position: Manager |
| **EXECUTED AS A DEED** for and on behalf of **ALPHA MINERALS BRAZIL PARTICIPAÇÕES LTDA.** | &nbsp;&nbsp;&nbsp;&nbsp;))) | &nbsp;&nbsp;By: <u>/s/ Renato Aureo de Paula Gonzaga</u><br>Name: Renato Aureo de Paula Gonzaga<br>Position: Director |

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Page 5 of 7

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## Exhibit 10.30

**Exhibit 10.30.2**

**Amendment No. 1 to the Deed of Novation (Repayment Mechanics)**

This Amendment No. 1 to the Deed of Novation dated July 15<sup>th</sup>, 2025 (this "<u>Amendment</u>"), is dated November 06, 2025, and made by and among:

**(1)** **BRAZIL ROYALTY CORP PARTICIPAÇÕES E INVESTIMENTOS LTDA**., a limited liability company incorporated under the laws of Brazil, with its headquarters in the Capital of the State of Minas Gerais, at Turim Street, No. 59, 3rd floor, Avante Empresarial Business Complex, Santa Lúcia Neighborhood, Zip Code 30360-552, enrolled with the CNPJ under No. 45.637.852/0001-22 (the "<u>Lender</u>**"**);

**(2)** **ALPHA MINERALS BRAZIL PARTICIPAÇÕES LTDA**., a limited liability company incorporated under the laws of Brazil, with its headquarters in the Capital of the State of Minas Gerais, at Turim Street, No. 59, 3rd floor, Avante Empresarial Business Complex, Santa Lúcia Neighborhood, Zip Code 30360-552, enrolled with the CNPJ under No. 43.093.229/0001-20 (the "<u>Original Borrower</u>**"**); and

**(3)** **RARE EARTHS AMERICAS INC**., a company incorporated under the laws of Texas, United States of America, with the registered number 806250942 and with its registered office at 4245 N. Central Expy, #492, Dallas, State of Texas, United States of America, TX 75205, resulting from the redomiciliation of Rare Earths Americas Ltd., a company previously incorporated under the laws of the Cayman Islands, with the registered number 419111 (the "<u>New Borrower</u>" and, together with the Lender and the Original Borrower, the "<u>Parties</u>").

Reference is made to the Deed of Novation concluded between the Parties on July 15<sup>th,</sup> 2025 (the "<u>Deed of Novation</u>"), which regulates the renegotiation of payment terms and novation of the Loan Agreement entered into the Lender and the Original Borrower on June 2<sup>nd</sup>, 2025 (the "<u>Loan Agreement</u>"). For the avoidance of doubt, the amendment to Clause 5 set out below corrects a drafting error in the Deed of Novation and is intended solely to reflect the Parties' original agreed intent.

**1.** **INTERPRETATION**.

1.1.Capitalized terms used but not specifically defined in this Amendment shall have the meanings given in the Deed of Novation and in the Loan Agreement, as applicable.

**2.** **AMENDMENT TO CLAUSE 5**.

2.1.Effective from the date of this Amendment and taking the rules that the Parties intend to implement for repayment obligations into consideration, specifically the valuation criteria of the shares to be

------

issued by the New Borrower to the Lender, if this is the case, the CLAUSE 5. REPAYMENT of the Deed of Novation shall be entirely amended to read as follows:

*"****5. REPAYMENT****.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*5.1 <u>Repayment Election</u>. Following the Effective Date, the Lender shall give a written notice to the New Borrower (with a copy to the Original Borrower) specifying, at its sole discretion, whether it elects for the Repayment to be satisfied either:*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(a) in cash in R$(Reais), in accordance with clause 2.1 of the Loan Agreement; or*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(b) by the issuance and allotment of shares in the capital of the New Borrower to the Lender, converting the Loan Amount into validly issued, fully paid common shares of the New Borrower, at a fixed conversion price of USD 6.55 (six US dollars and fifty-five cents) per share.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*5.2 <u>Exercise of election</u>. The notice referred to in 5.1. may relate to all or part of the Loan Amount, and the Lender may also choose to receive part of the Loan amount as per item 5.1.(a) and part as per 5.1.(b), at its sole discretion.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*5.3 <u>Settlement in cash</u>. In the event that Lender elects the Repayment option set out in 5.1.(a) for part or all of the Loan Amount, the payment in cash must be made by the New Borrower within a maximum of ten (10) business days following receipt of the election notice.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*5.4. <u>Conversion Mechanics</u>. In the event that Lender elects the Repayment option set out in 5.1.(b) for part or all of the Loan Amount, the following rules shall be applicable:*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(i) The number of shares to be issued upon conversion shall be equal to the Loan Amount (expressed in USD) divided by USD 6.55, rounded to the nearest whole share.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(ii) The Loan Amount originally expressed in R$(Brazilian Reais) shall be converted into USD using the arithmetic average of the buy and sell "PTAX" exchange rates (taxa de câmbio de referência) published by the Brazilian Central Bank (the "Banco Central do Brasil") for the USD on the Business Day immediately preceding the conversion date.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(iii) The New Borrower shall use reasonable efforts to obtain any corporate authorization required for the issuance of shares referred to in 5.1(b) within 10 Business Days following receipt of the election notice and shall comply with applicable securities laws.*

*The Parties shall cooperate in good faith to implement the conversions contemplated hereby, enabling the settlement of an equity conversion in the shortest possible time.*

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(iv) The shares issued shall be free and clear of all encumbrances and shall have the same rights as New Borrower's then outstanding ordinary shares.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*5.5 <u>Taxes</u>. All payments under this Clause 5 shall be made free and clear of, and without deduction or withholding, any taxes, except as required by law. If any deduction or withholding is required by law, the New Borrower shall make such deduction or withholding and pay the amount required to the relevant authority. The Parties shall reasonably cooperate to provide forms or certifications to reduce or eliminate any such withholding, if this is the case".*

**3.** **AMENDMENT TO CLAUSE 7**.

3.1.Effective from the date of this Amendment and taking the redomiciliation of the New Borrower into account, the CLAUSE 7. GOVERNING LAW AND JURISDICTION of the Deed of Novation shall be entirely amended to read as follows:

*"****7. GOVERNING LAW AND JURISDICTION****.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1. This deed shall be governed and construed in all respects by Laws of the State of Texas, United States of America.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2. Any dispute arising under or in connection with this agreement shall be subject to the non-exclusive jurisdiction of Texas courts, to which the parties to this agreement hereby submit".

3.2.The parties hereby agree that the change in governing law and jurisdiction set forth above does not constitute, and shall not be construed as, a novation, discharge, or release of any obligations, rights, claims, or security interests under the Deed of Novation, the Loan Agreement, or any related document, all of which continue in full force and effect. All acts, notices, consents, waivers, elections, and other actions taken prior to the effectiveness of this clause remain valid and binding.

**4.** **RATIFICATION**.

4.1.All clauses, terms and conditions of the Deed of Novation that have not been expressly amended by this Amendment remain in full force and effect and are hereby ratified by the Parties.

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**IN WITNESS WHEREOF** the Parties have duly executed this Deed on the date stated at the beginning of it.

**SIGNATORIES**

**SIGNED** for and on behalf of **Brazil Royalty Corp Participações e Investimentos Ltda.**

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| | |
|:---|:---|
| By:  | /s/ Julia Sanchez Agapito da Veiga |
| Name: | Julia Sanchez Agapito da Veiga |
| Title: | Manager |
| Date: | November 6, 2025 |

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**SIGNED** for and on behalf of **Alpha Minerals Brazil Participações Ltda.**

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| | |
|:---|:---|
| By:  | /s/ Carla Cristina de Carvalho |
| Name: | Carla Cristina de Carvalho |
| Title: | Director |
| Date: | November 6, 2025 |

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**SIGNED** for and on behalf of **Alpha Minerals Brazil Participações Ltda.**

---

| | |
|:---|:---|
| By:  | /s/ Svetlana Igorevna Nefedova |
| Name: | Svetlana Igorevna Nefedova |
| Title: | Director |
| Date: | November 6, 2025 |

---

**SIGNED** for and on behalf of **Rare Earths Americas Inc.**

---

| | |
|:---|:---|
| By:  | /s/ Donald Swartz |
| Name: | Donald Swartz |
| Title: | Director |
| Date: | November 6, 2025 |

---

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## Exhibit 10.31

**Exhibit 10.31**

**RARE EARTHS AMERICAS, INC. EMPLOYMENT AGREEMENT**

**EMPLOYMENT AGREEMENT** (this "<u>Agreement</u>") dated as of January 26, 2026, between Rare Earths Americas, Inc., a Texas corporation (the "<u>Company</u>"), and Cheryl Kerr (the "<u>Employee</u>").

**WHEREAS,** the Company desires to employ the Employee as the Chief Accounting Officer and Treasurer of the Company; and

**WHEREAS,** the Company and the Employee desire to enter into this Agreement as to the terms of the Employee's employment with the Company.

**NOW, THEREFORE,** in consideration of the foregoing, of the mutual promises contained herein and of other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **POSITION AND DUTIES.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) During the Employment Term (as defined in <u>Section 2</u> hereof), the Employee shall serve as the Chief Accounting Officer and Treasurer of the Company. In this capacity, the Employee shall have the duties, authorities and responsibilities commensurate with the duties, authorities and responsibilities of persons in similar capacities in similarly sized companies, and such other duties, authorities and responsibilities as may reasonably be assigned to the Employee that are not inconsistent with the Employee's position as Chief Accounting Officer and Treasurer of the Company. The Employee's principal place of employment with the Company shall be the Company's offices in Colorado, <u>provided</u> that the Employee understands and agrees that the Employee may be required to travel from time to time for business purposes. The Employee is permitted to work remotely on a schedule mutually agreed upon between Employee and the Company, provided the Employee is able to complete his or her duties under this Agreement. The Employee shall report directly to the Chief Executive Officer of the Company (the "<u>CEO</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) During the Employment Term, the Employee shall devote all of the Employee's business time, energy, business judgment, knowledge and skill and the Employee's best efforts to the performance of the Employee's duties with the Company, <u>provided</u> that the foregoing shall not prevent the Employee from (i) serving on the boards of directors of non-profit organizations and, with the prior written approval of the Board, other for profit companies, (ii) participating in charitable, civic, educational, professional, community or industry affairs, and (iii) managing the Employee's passive personal investments so long as such activities in the aggregate do not interfere or conflict with the Employee's duties hereunder or create a potential business or fiduciary conflict.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **EMPLOYMENT TERM.** The Company agrees to employ the Employee pursuant to the terms of this Agreement, and the Employee agrees to be so employed, for an indefinite period commencing as of January 26, 2026 (the "<u>Effective Date</u>"). The period of time between the Effective Date and the termination of the Employee's employment hereunder shall be referred to herein as the "<u>Employment Term</u>."

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **BASE SALARY.** The Company agrees to pay the Employee a base salary at an annual rate of not less than $250,000, payable in accordance with the regular payroll practices of the Company, but not less frequently than monthly. The Employee's base salary shall be subject to annual review by the Board (or a committee thereof) and may be adjusted from time to time by the Board. The base salary as determined herein and adjusted from time to time shall constitute "<u>Base</u> <u>Salary</u>" for purposes of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **BONUSES.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) ANNUAL BONUS.** During the Employment Term, the Employee shall be eligible to receive an annual discretionary incentive payment under the Company's annual bonus plan as may be in effect from time to time (the "<u>Annual Bonus</u>") based on a target bonus opportunity of at least 40% of the Employee's Base Salary (the "<u>Target Bonus</u>"), upon the attainment of one or more pre-established performance goals established by the Board or the Company's Compensation Committee (the "<u>Committee</u>") in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) STOCK INCENTIVE PLAN**. You will be eligible to participate in the Company's securities-based compensation plans, and will receive long-term incentive compensation in such dollar amounts and subject to vesting and performance conditions as determined by the Committee in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c) ONBOARDING GRANT**. As an inducement grant to join the Company, the Employee shall receive 21,581 restricted stock units subject to both performance and time vesting, as provided for in the form of Restricted Stock Unit Agreement under the 2025 Equity Incentive Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **EMPLOYEE BENEFITS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) BENEFIT PLANS.** During the Employment Term, the Employee shall be eligible to participate in any employee benefit plan that the Company has adopted or may adopt, maintain or contribute to for the benefit of its employees generally, subject to satisfying the applicable eligibility requirements, except to the extent such plans are duplicative of the benefits otherwise provided to hereunder. The Employee's participation will be subject to the terms of the applicable plan documents and generally applicable Company policies. Notwithstanding the foregoing, the Company may modify or terminate any employee benefit plan at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) VACATIONS.** During the Employment Term, the Employee shall be entitled to unlimited PTO. Vacation may be taken in accordance with the Unlimited PTO Policy, subject to the business needs of the Company and prior approval of the CEO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c) BUSINESS AND ENTERTAINMENT EXPENSES.** Upon presentation of reasonable substantiation and documentation as the Company may specify from time to time, the Employee shall be reimbursed in accordance with the Company's expense reimbursement policy, for all reasonable out-of-pocket business and entertainment expenses incurred and paid by the Employee during the Employment Term and in connection with the performance of the Employee's duties hereunder, including all travel expenses, parking, cell phone, laptop and home office, and entertainment expenses.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. AT-WILL EMPLOYMENT.** The nature of your employment at the Company is and will continue to be "at will," meaning that either the Company or you may terminate this Agreement and your employment at any time, with or without notice, with or without cause, and for any reason or for no reason, subject to the obligations upon termination as provided in the Severance Plan (as defined below). Any statement or representation to the contrary is ineffective unless put into a writing executed on behalf of the Company by an authorized officer. We do ask, however, that you give thirty (30) days' notice if you decide to terminate your employment. Upon any termination of your employment, except as otherwise provided for in this Agreement, no further payments by the Company to you will be due other than: (i) accrued but unpaid salary through the applicable date of your termination; (ii) any other accrued benefits to which you may be entitled pursuant to the terms of benefit plans in which you participate at the time of such termination (excluding any employee benefit plan providing for severance or similar benefits), in accordance with the terms contained therein; (iii) any then unpaid amounts for the reimbursement of business expenses submitted in accordance with the Company's policies and procedures; and (iv) in the event of a termination on account of your death or disability only, a pro-rata Annual Bonus that would otherwise have been earned in respect of the fiscal year in which such termination occurred, pro-rated to reflect the number of days you were employed during such fiscal year (which amount shall be paid at such time annual bonuses are paid to other similarly situated senior executives of the Company, but in no event later than the date that is two and one-half (2<sup>1</sup>/2) months following the last day of the fiscal year in which such termination occurred).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7. SEVERANCE PLAN.** The Company hereby acknowledges that you are eligible to participate in any future severance plan adopted by the Company (the "Severance Plan") in accordance with the terms and conditions as in effect from time to time. In consideration for your opportunity to participate in the Severance Plan, you hereby acknowledge and agree that you are no longer eligible to participate in any other severance plans, programs policies or practices of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8. RETURN OF COMPANY PROPERTY.** On the date of the Employee's termination of employment with the Company for any reason (or at any time prior thereto at the Company's request), the Employee shall return all property belonging to the Company or its affiliates (including, but not limited to, any Company-provided laptops, computers, cell phones, wireless electronic mail devices or other equipment, or documents and property belonging to the Company).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9. COOPERATION.** Upon the receipt of reasonable notice from the Company (including outside counsel), the Employee agrees that while employed by the Company and thereafter, the Employee will respond and provide information with regard to matters in which theEmployee has knowledge as a result of the Employee's employment with the Company, and will provide reasonable assistance to the Company, its affiliates and their respective representatives in defense of any claims that may be made against the Company or its affiliates, and will assist the Company and its affiliates in the prosecution of any claims that may be made by the Company or its affiliates, to the extent that such claims may relate to the period of the Employee's employment with the Company (collectively, the "Claims"). The Employee agrees to promptly inform the Company if the Employee becomes aware of any lawsuits involving Claims that may be filed or threatened against the Company or its affiliates. The Employee also agrees to promptly inform the Company (to the extent that the Employee is legally permitted to do so) if the Employee is asked to assist in any investigation of the Company or its affiliates (or their actions) or another party

------

attempts to obtain information or documents from the Employee (other than in connection with any litigation or other proceeding in which the Employee is a party-in-opposition) with respect to matters the Employee believes in good faith to relate to any investigation of the Company or its affiliates, in each case, regardless of whether a lawsuit or other proceeding has then been filed against the Company or its affiliates with respect to such investigation, and shall not do so unless legally required. During the pendency of any litigation or other proceeding involving Claims, the Employee shall not communicate with anyone (other than the Employee's attorneys and tax and/or financial advisors and except to the extent that the Employee determines in good faith is necessary in connection with the performance of the Employee's duties hereunder) with respect to the facts or subject matter of any pending or potential litigation or regulatory or administrative proceeding involving the Company or any of its affiliates without giving prior written notice to the Company or the Company's counsel. Upon presentation of appropriate documentation, the Company shall pay or reimburse the Employee for all reasonable out-of-pocket travel, duplicating or telephonic expenses incurred by the Employee in complying with this Section 10.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10. WHISTLEBLOWER PROTECTION.** Notwithstanding anything to the contrary contained herein, no provision of this Agreement shall be interpreted so as to impede the Employee (or any other individual) from reporting possible violations of federal law or regulation to any governmental agency or entity, including but not limited to the Department of Justice, the Securities and Exchange Commission, the Congress, and any agency Inspector General, or making other disclosures under the whistleblower provisions of federal law or regulation. The Employee does not need the prior authorization of the Company to make any such reports or disclosures and the Employee shall not be not required to notify the Company that such reports or disclosures have been made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11. NO ASSIGNMENTS.** This Agreement is personal to each of the parties hereto. Except as provided in this <u>Section 11</u> hereof, no party may assign or delegate any rights or obligations hereunder without first obtaining the written consent of the other party hereto. The Company may assign this Agreement to any successor to all or substantially all of the business and/or assets of the Company, <u>provided</u> that the Company shall require such successor to expressly assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no such succession had taken place. As used in this Agreement, "<u>Company</u>" shall mean the Company and any successor to its business and/or assets, which assumes and agrees to perform the duties and obligations of the Company under this Agreement by operation of law or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12. NOTICE**. For purposes of this Agreement, notices and all other communications provided for in this Agreement shall be in writing and shall be deemed to have been duly given (a) on the date of delivery, if delivered by hand, (b) on the date of transmission, if delivered by confirmed facsimile or electronic mail, (c) on the first business day following the date of deposit, if delivered by guaranteed overnight delivery service, or (d) on the fourth business day following the date delivered or mailed by United States registered or certified mail, return receipt requested, postage prepaid, addressed as follows:

If to the Employee:

At the address (or to the email) shown in the books <br>and records of the Company.

------

If to the Company:

Rare Earths Americas, Inc.

250 Fillmore St Suite 150, Denver, CO 80206

Email:

or to such other address as either party may have furnished to the other in writing in accordance herewith, except that notices of change of address shall be effective only upon receipt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13. SECTION HEADINGS; INCONSISTENCY.** The section headings used in this Agreement are included solely for convenience and shall not affect, or be used in connection with, the interpretation of this Agreement. In the event of any inconsistency between the terms of this Agreement and any form, award, plan or policy of the Company, the terms of this Agreement shall govern and control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14. SEVERABILITY.** The provisions of this Agreement shall be deemed severable. The invalidity or unenforceability of any provision of this Agreement in any jurisdiction shall not affect the validity, legality or enforceability of the remainder of this Agreement in such jurisdiction or the validity, legality or enforceability of any provision of this Agreement in any other jurisdiction, it being intended that all rights and obligations of the parties hereunder shall be enforceable to the fullest extent permitted by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15. COUNTERPARTS.** This Agreement may be executed in several counterparts, each of which shall be deemed to be an original but all of which together will constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16. INDEMNIFICATION.** The Company hereby agrees to indemnify the Employee and hold the Employee harmless against and in respect of any and all actions, suits, proceedings, claims, demands, judgments, costs, expenses (including reasonable attorney's fees), losses, and damages resulting from the Employee's good faith performance of the Employee's duties and obligations with the Company. This obligation shall survive the termination of the Employee's employment with the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17. LIABILITY INSURANCE.** The Company shall cover the Employee under directors' and officers' liability insurance both during and, while potential liability exists, after the term of this Agreement in the same amount and to the same extent as the Company covers its other officers and directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18. GOVERNING LAW; JURISDICTION**. This Agreement, the rights and obligations of the parties hereto, and any claims or disputes relating thereto, shall be governed by and construed in accordance with the laws of the State of Texas (without regard to its choice of law provisions). Each of the parties agrees that any dispute between the parties shall be resolved only in the courts of the State of Texas or the United States District Court for the Northern District of Texas and the appellate courts having jurisdiction of appeals in such courts. In that context, and without limiting the generality of the foregoing, each of the parties hereto irrevocably and unconditionally (a) submits in any proceeding relating to this Agreement or the Employee's

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employment by the Company or any affiliate, or for the recognition and enforcement of any judgment in respect thereof (a "<u>Proceeding</u>"), to the exclusive jurisdiction of the courts of the State of Texas, the court of the United States of America for the Northern District of Texas, and appellate courts having jurisdiction of appeals from any of the foregoing, and agrees that all claims in respect of any such Proceeding shall be heard and determined in such Texas State court or, to the extent permitted by law, in such federal court, (b) consents that any such Proceeding may and shall be brought in such courts and waives any objection that the Employee or the Company may now or thereafter have to the venue or jurisdiction of any such Proceeding in any such court or that such Proceeding was brought in an inconvenient court and agrees not to plead or claim the same, (c) waives all right to trial by jury in any Proceeding (whether based on contract, tort or otherwise) arising out of or relating to this Agreement or the Employee's employment by the Company or any affiliate of the Company, or the Employee's or the Company's performance under, or the enforcement of, this Agreement, (d) agrees that service of process in any such Proceeding may be effected by mailing a copy of such process by registered or certified mail (or any substantially similar form of mail), postage prepaid, to such party at the Employee's or the Company's address as provided in <u>Section 12</u> hereof, and (e) agrees that nothing in this Agreement shall affect the right to effect service of process in any other manner permitted by the laws of the State of Texas.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19. MISCELLANEOUS.** No provision of this Agreement may be modified, waived or discharged unless such waiver, modification or discharge is agreed to in writing and signed by the Employee and such officer or director as may be designated by the Board or the Committee. No waiver by either party hereto at any time of any breach by the other party hereto of, or compliance with, any condition or provision of this Agreement to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time. This Agreement together with all exhibits hereto sets forth the entire agreement of the parties hereto in respect of the subject matter contained herein and supersedes any and all prior agreements or understandings between the Employee and the Company with respect to the subject matter hereof. No agreements or representations, oral or otherwise, express or implied, with respect to the subject matter hereof have been made by either party which are not expressly set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20. REPRESENTATIONS.** The Employee represents and warrants to the Company that (a) the Employee has the legal right to enter into this Agreement and to perform all of the obligations on the Employee's part to be performed hereunder in accordance with its terms, and (b) the Employee is not a party to any agreement or understanding, written or oral, and is not subject to any restriction, which, in either case, could prevent the Employee from entering into this Agreement or performing all of the Employee's duties and obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21. TAX MATTERS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) WITHHOLDING.** The Company may withhold from any and all amounts payable under this Agreement or otherwise such federal, state and local taxes as may be required to be withheld pursuant to any applicable law or regulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) SECTION 409A COMPLIANCE.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The intent of the parties is that payments and benefits under this Agreement comply with Internal Revenue Code Section 409A and the regulations and guidance promulgated

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thereunder (collectively "<u>Code Section 409A</u>") and, accordingly, to the maximum extent permitted, this Agreement shall be interpreted to be in compliance therewith. To the extent that any provision hereof is modified in order to comply with Code Section 409A, such modification shall be made in good faith and shall, to the maximum extent reasonably possible, maintain the original intent and economic benefit to the Employee and the Company of the applicable provision without violating the provisions of Code Section 409A. In no event whatsoever shall the Company be liable for any additional tax, interest or penalty that may be imposed on the Employee by Code Section 409A or damages for failing to comply with Code Section 409A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) A termination of employment shall not be deemed to have occurred for purposes of any provision of this Agreement providing for the payment of any amounts or benefits upon or following a termination of employment unless such termination is also a "separation from service" within the meaning of Code Section 409A and, for purposes of any such provision of this Agreement, references to a "termination," "termination of employment" or like terms shall mean "separation from service." Notwithstanding anything to the contrary in this Agreement, if the Employee is deemed on the date of termination to be a "specified employee" within the meaning of that term under Code Section 409A(a)(2)(B), then with regard to any payment or the provision of any benefit that is considered deferred compensation under Code Section 409A payable on account of a "separation from service," such payment or benefit shall not be made or provided until the date which is the earlier of (A) the expiration of the six (6)-month period measured from the date of such "separation from service" of the Employee, and (B) the date of the Employee'sdeath, to the extent required under Code Section 409A. Upon the expiration of the foregoing delay period, all payments and benefits delayed pursuant to this <u>Section 23(b)(ii)</u> (whether they would have otherwise been payable in a single sum or in installments in the absence of such delay) shall be paid or reimbursed to the Employee in a lump sum, and any remaining payments and benefits due under this Agreement shall be paid or provided in accordance with the normal payment dates specified for them herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To the extent that reimbursements or other in-kind benefits under this Agreement constitute "nonqualified deferred compensation" for purposes of Code Section 409A,

(A) all expenses or other reimbursements hereunder shall be made on or prior to the last day of the taxable year following the taxable year in which such expenses were incurred by the Employee,

(B) any right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another benefit, and (C) no such reimbursement, expenses eligible for reimbursement, or in-kind benefits provided in any taxable year shall in any way affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other taxable year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) For purposes of Code Section 409A, the Employee's right to receive any installment payments pursuant to this Agreement shall be treated as a right to receive a series of separate and distinct payments. Whenever a payment under this Agreement specifies a payment period with reference to a number of days, the actual date of payment within the specified period shall be within the sole discretion of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Notwithstanding any other provision of this Agreement to the contrary, in no event shall any payment under this Agreement that constitutes "nonqualified deferred

------

compensation" for purposes of Code Section 409A be subject to offset by any other amount unless otherwise permitted by Code Section 409A.

**IN WITNESS WHEREOF,** the parties hereto have executed this Agreement as of the date first written above.

---

| | |
|:---|:---|
| **RARE EARTHS AMERICAS, INC.** | **RARE EARTHS AMERICAS, INC.** |
| By: | /s/ Jennifer Grafton |
| Name: | Jennifer Grafton |
| Title: | COO, General Counsel and Secretary |
| **EMPLOYEE** | **EMPLOYEE** |
|  | /s/ Cheryl Kerr |
| Name: | Cheryl Kerr |

---

------

## Exhibit 10.32

**Exhibit 10.32**

**ASSIGNMENT AND ASSUMPTION AGREEMENT**

This ASSIGNMENT AND ASSUMPTION AGREEMENT (this "Agreement") is made and entered into as of January 1, 2026, by and among Rare Earths Americas, Inc., a Texas corporation ("Successor"), and Donald Swartz ("Employee").

**WHEREAS**, Employee entered into that certain Employment Agreement dated as of August 14, 2025 with REA Management Company, LLC (the "Employment Agreement"); and

**WHEREAS**, REA Management Company, LLC merged with and into the Successor as of 11:59 p.m. on December 31, 2025; and

**WHEREAS**, Successor has acquired all or substantially all of the business and/or assets of REA Management Company, LLC; and

**WHEREAS**, pursuant to Section 11 of the Employment Agreement, Successor desires to affirmatively assume all of the rights and obligations under the Employment Agreement.

**NOW, THEREFORE**, in consideration of the mutual promises contained herein and other good and valuable consideration, the parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Assumption.** In accordance with Section 11 of the Employment Agreement, Successor hereby expressly assumes and agrees to perform the Employment Agreement in the same manner and to the same extent that REA Management Company, LLC would be required to perform it if no such succession had taken place. Successor shall hereafter be deemed the "Company" as defined in the Employment Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Employee Consent.** To the extent required by Section 11 of the Employment Agreement, Employee hereby consents to this assignment and assumption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Governing Law.** This Agreement shall be governed by and construed in accordance with the laws of the State of Texas, consistent with Section 20 of the Employment Agreement.

**[REST OF PAGE LEFT INTENTIONALLY BLANK]**

------

**IN WITNESS WHEREOF**, the parties hereto have executed this Agreement as of the date first written above.

---

| | |
|:---|:---|
| **Rare Earths Americas, Inc.** | **Rare Earths Americas, Inc.** |
| By: | /s/ Daniel Shribman |
| Name: | Daniel Shribman |
| Title: | Chairman of the Board |
| **EMPLOYEE:** | **EMPLOYEE:** |
| /s/ Donald Swartz | /s/ Donald Swartz |
| Donald Swartz | Donald Swartz |

---

------

## Exhibit 10.33

**Exhibit 10.33**

**ASSIGNMENT AND ASSUMPTION AGREEMENT**

This ASSIGNMENT AND ASSUMPTION AGREEMENT (this "Agreement") is made and entered into as of January 1, 2026, by and among Rare Earths Americas, Inc., a Texas corporation ("Successor"), and Jennifer Grafton ("Employee").

**WHEREAS**, Employee entered into that certain Employment Agreement dated as of July 31, 2025 with REA Management Company, LLC (the "Employment Agreement"); and

**WHEREAS**, REA Management Company, LLC merged with and into the Successor as of 11:59 p.m. on December 31, 2025; and

**WHEREAS**, Successor has acquired all or substantially all of the business and/or assets of REA Management Company, LLC; and

**WHEREAS**, pursuant to Section 11 of the Employment Agreement, Successor desires to affirmatively assume all of the rights and obligations under the Employment Agreement.

**NOW, THEREFORE**, in consideration of the mutual promises contained herein and other good and valuable consideration, the parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Assumption.** In accordance with Section 11 of the Employment Agreement, Successor hereby expressly assumes and agrees to perform the Employment Agreement in the same manner and to the same extent that REA Management Company, LLC would be required to perform it if no such succession had taken place. Successor shall hereafter be deemed the "Company" as defined in the Employment Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Employee Consent.** To the extent required by Section 11 of the Employment Agreement, Employee hereby consents to this assignment and assumption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Governing Law.** This Agreement shall be governed by and construed in accordance with the laws of the State of Texas, consistent with Section 20 of the Employment Agreement.

**[REST OF PAGE LEFT INTENTIONALLY BLANK]**

------

**IN WITNESS WHEREOF**, the parties hereto have executed this Agreement as of the date first written above.

---

| | |
|:---|:---|
| **Rare Earths Americas, Inc.** | **Rare Earths Americas, Inc.** |
| By: | /s/ Daniel Shribman |
| Name: | Daniel Shribman |
| Title: | Chairman of the Board |
| **EMPLOYEE:** | **EMPLOYEE:** |
| /s/ Jennifer Grafton | /s/ Jennifer Grafton |
| **Jennifer Grafton** | **Jennifer Grafton** |

---

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## Exhibit 16.1

---

| | |
|:---|:---|
| ![img93687644_0.gif](img93687644_0.gif) | ![img93687644_1.jpg](img93687644_1.jpg) |

---

**Exhibit 16.1**

April 13, 2026

Securities and Exchange Commission

100 F Street, N.E.

Washington, DC 20549-7561

Commissioners:

We have read the statements included under the heading "Changes in Independent Registered Public Accounting Firm" in the registration statement on Form S-1 of Rare Earths Americas, Inc. filed on April 10, 2026. We agree with the statements contained therein concerning our firm. We are not in a position to agree or disagree with other statements contained therein.

Yours truly,

/s/ PGBR RODYOS AUDITORES INDEPENDENTES S.S

PGBR RODYOS AUDITORES INDEPENDENTES S.S

------

*PGBR is a member firm of PrimeGlobal, an association of independent accounting firms and business, that providing a wide range of tools and resources to help your clients around the globe.*

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## Exhibit 21.1

**Exhibit 21.1**

**RARE EARTHS AMERICAS, INC.**

**SUBSIDIARIES**

---

| | |
|:---|:---|
| **Subsidiary** | **Jurisdiction of Formation** |
| Alpha Minerals Brazil Participações Ltda. | Brazil |
| Foothills Rare Earths Limited | Australia |
| Foothills Rare Earths, LLC | North Carolina |
| REA Management Company, LLC | Texas |
| T.E. Liberty Holdings, LLC | Texas |

---

------

## Exhibit 23.1

**Exhibit 23.1**

---

| | |
|:---|:---|
| ![img247728760_0.jpg](img247728760_0.jpg) | ![img247728760_1.jpg](img247728760_1.jpg) |

---

**Consent of Independent Registered Public Accounting Firm**

To,

**Rare Earths Americas, Inc.**

**USA**

We hereby consent to the incorporation in this Registration Statement on Form S-1 of our report Dated March 12, 2026, relating to financial statements of Alpha Minerals Brazil Participacoes Ltda. ("AMBPL") as of December 31, 2024 and to all references to our firm included in this Registration Statement.

---

| |
|:---|
| PGBR RODYOS AUDITORES INDEPENDENTE S.S. |
| /s/ PGBR RODYOS AUDITORES INDEPENDENTE S.S. |
| Place: Sao Paulo, Brazil  |
| Date: April 13, 2026 |

---

------

*PGBR is a member firm of PrimeGlobal, an association of independent accounting firms and business, that providing a wide range of tools and resources to help your clients around the globe.*

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## Exhibit 23.2

Exhibit 23.2

<u>Consent of Independent Registered Public Accounting Firm</u>

We hereby consent to the use in the Prospectus constituting a part of this Registration Statement of our report dated March 12, 2026, relating to the consolidated financial statements of Rare Earths Americas, Inc., which is contained in that Prospectus.

We also consent to the reference to us under the caption "Experts" in the Prospectus.

---

| |
|:---|
| /s/ BDO USA, P.C. |
| Philadelphia, Pennsylvania |
| April 13, 2026 |

---

------

## Exhibit 23.4

**Exhibit 23.4**

**CONSENT**

---

| | |
|:---|:---|
| **To:** | Rare Earths Americas, Inc. (the "Company") |

---

---

| | |
|:---|:---|
| **Re**:  | Registration Statement on Form S-1 of the Company  |

---

**Geosyntec Consultants, Inc.** is the authoring firm of the report titled "**Technical Report Summary, Shiloh Project, Georgia,"** dated November 7, 2025, regarding the mining property known as the **Shiloh Project** (the "Project"), which was prepared in accordance the Securities and Exchange Commission ("SEC") S-K regulations (Title 17, Part 229, Items 601 and 1300 until 1305) for the Company (the "Qualified Person Report").

**Geosyntec Consultants, Inc.** understands that the Company wishes to make reference to **Geosyntec Consultants, Inc.**'s name and the Qualified Person Report in its Registration Statement on Form S-1 (the "Registration Statement") to be prepared and filed with the SEC in connection with the Company's initial public offering. **Geosyntec Consultants, Inc.** further understands that the Company wishes to use extracts and/or information from the Qualified Person Report in the Registration Statement related to the Project. **Geosyntec Consultants, Inc.** has been provided with a copy of the Registration Statement and has reviewed the proposed disclosure identified above.

Accordingly, in respect of the Registration Statement, **Geosyntec Consultants, Inc.** does hereby consent to:

● the use of, and references to, its name in the Registration Statement;

● the use of, and references to, the Qualified Person Report in the Registration Statement; and

● the use of, in the Registration Statement, extracts and information from the Qualified Person Report, or portions thereof ("Undersigned's Information").

**Geosyntec Consultants, Inc.** confirms that its representatives have read the disclosure in the Registration Statement that relate to the Undersigned's Information and the Project, and **Geosyntec Consultants, Inc.** confirms that the disclosure included in the Registration Statement does not contain a misrepresentation.

Dated: November 12, 2025

---

| | |
|:---|:---|
| By: | /s/ Paul Dockweiler |
| Name:  | Paul Dockweiler |
| Title: | Senior Geologist, Geosyntec Consultants, Inc. |

---

------

## Exhibit 23.5

**Exhibit 23.5**

**CONSENT**

---

| | |
|:---|:---|
| **To**: | Rare Earths Americas, Inc. (the "Company") |

---

---

| | |
|:---|:---|
| **Re**:  | Registration Statement on Form S-1 of the Company  |

---

**McGarry Geoconsulting Corp.** is the authoring firm of the report titled "**Updated Constellation Project, Minas Gerais, Brazil, Technical Report Summary,"** with a report effective date of October 31, 2025, as updated on March 25, 2026, regarding the mining property known as the **Constellation Project** (the "Project"), which was prepared in accordance the Securities and Exchange Commission ("SEC") S-K regulations (Title 17, Part 229, Items 601 and 1300 until 1305) for the Company (as updated, the "Qualified Person Report").

**McGarry Geoconsulting Corp.** understands that the Company wishes to make reference to **McGarry Geoconsulting Corp.**'s name and the Qualified Person Report in its Registration Statement on Form S-1 (as amended, the "Registration Statement") to be prepared and filed with the SEC in connection with the Company's initial public offering. **McGarry Geoconsulting Corp.** further understands that the Company wishes to use extracts and/or information from the Qualified Person Report in the Registration Statement related to the Project. **McGarry Geoconsulting Corp.** has been provided with a copy of the Registration Statement and has reviewed the proposed disclosure identified above.

Accordingly, in respect of the Registration Statement, **McGarry Geoconsulting Corp.** does hereby consent to:

• the use of, and references to, its name in the Registration Statement;

• the use of, and references to, the Qualified Person Report in the Registration Statement; and

• the use of, in the Registration Statement, extracts and information from the Qualified Person Report, or portions thereof ("Undersigned's Information").

**McGarry Geoconsulting Corp.** confirms that where its work involved a mineral resource or mineral reserve estimate, such estimates comply with the requirements for mineral resource and mineral reserve estimation under Subpart 1300 of Regulation S-K promulgated by the SEC.

**McGarry Geoconsulting Corp.** also confirms that its representatives have read the disclosure in the Registration Statement that relate to the Undersigned's Information and the Project, and **McGarry Geoconsulting Corp.** confirms that the disclosure included in the Registration Statement does not contain a misrepresentation.

Dated: April 10, 2026

---

| | |
|:---|:---|
| By: | <br>/s/ Leon McGarry |
| Name:  | Leon McGarry |
| Title: | President and Principal Geologist |

---

------

## Exhibit 23.6

**Exhibit 23.6**

**CONSENT**

---

| | |
|:---|:---|
| **To**: | Rare Earths Americas, Inc. (the "Company") |

---

---

| | |
|:---|:---|
| **Re**:  | Registration Statement on Form S-1 of the Company  |

---

**Karst Geo Solutions LLC** is the authoring firm of the report titled "**Updated Constellation Project, Minas Gerais, Brazil, Technical Report Summary,"** with a report effective date of October 31, 2025, as updated on March 25, 2026, regarding the mining property known as the **Constellation Project** (the "Project"), which was prepared in accordance the Securities and Exchange Commission ("SEC") S-K regulations (Title 17, Part 229, Items 601 and 1300 until 1305) for the Company (as updated, the "Qualified Person Report").

**Karst Geo Solutions LLC** understands that the Company wishes to make reference to **Karst Geo Solutions LLC**'s name and the Qualified Person Report in its Registration Statement on Form S-1 (as amended, the "Registration Statement") to be prepared and filed with the SEC in connection with the Company's initial public offering. **Karst Geo Solutions LLC** further understands that the Company wishes to use extracts and/or information from the Qualified Person Report in the Registration Statement related to the Project. **Karst Geo Solutions LLC** has been provided with a copy of the Registration Statement and has reviewed the proposed disclosure identified above.

Accordingly, in respect of the Registration Statement, **Karst Geo Solutions LLC** does hereby consent to:

• the use of, and references to, its name in the Registration Statement;

• the use of, and references to, the Qualified Person Report in the Registration Statement; and

• the use of, in the Registration Statement, extracts and information from the Qualified Person Report, or portions thereof ("Undersigned's Information").

**Karst Geo Solutions LLC** confirms that where its work involved a mineral resource or mineral reserve estimate, such estimates comply with the requirements for mineral resource and mineral reserve estimation under Subpart 1300 of Regulation S-K promulgated by the SEC.

**Karst Geo Solutions LLC** also confirms that its representatives have read the disclosure in the Registration Statement that relate to the Undersigned's Information and the Project, and **Karst Geo Solutions LLC** confirms that the disclosure included in the Registration Statement does not contain a misrepresentation.

Dated: April 10, 2026

---

| | |
|:---|:---|
| By: | /s/ Adam Karst, P.G. |
| Name:  | Adam Karst, P.G. |
| Title: | President and Principal Geologist |

---

------

## Exhibit 23.7

**Exhibit 23.7**

**CONSENT**

---

| | |
|:---|:---|
| **To**: | Rare Earths Americas, Inc. (the "Company") |

---

---

| | |
|:---|:---|
| **Re**:  | Registration Statement on Form S-1 of the Company  |

---

**McGarry Geoconsulting Corp.** is the authoring firm of the report titled "**Updated Alpha Project, Bahia, Brazil, Technical Report Summary,"** with a report effective date of October 31, 2025, as updated on March 25, 2026, regarding the mining property known as the **Alpha Project** (the "Project"), which was prepared in accordance the Securities and Exchange Commission ("SEC") S-K regulations (Title 17, Part 229, Items 601 and 1300 until 1305) for the Company (as updated, the "Qualified Person Report").

**McGarry Geoconsulting Corp.** understands that the Company wishes to make reference to **McGarry Geoconsulting Corp.**'s name and the Qualified Person Report in its Registration Statement on Form S-1 (as amended, the "Registration Statement") to be prepared and filed with the SEC in connection with the Company's initial public offering. **McGarry Geoconsulting Corp.** further understands that the Company wishes to use extracts and/or information from the Qualified Person Report in the Registration Statement related to the Project. **McGarry Geoconsulting Corp.** has been provided with a copy of the Registration Statement and has reviewed the proposed disclosure identified above.

Accordingly, in respect of the Registration Statement, **McGarry Geoconsulting Corp.** does hereby consent to:

• the use of, and references to, its name in the Registration Statement;

• the use of, and references to, the Qualified Person Report in the Registration Statement; and

• the use of, in the Registration Statement, extracts and information from the Qualified Person Report, or portions thereof ("Undersigned's Information").

**McGarry Geoconsulting Corp.** confirms that where its work involved a mineral resource or mineral reserve estimate, such estimates comply with the requirements for mineral resource and mineral reserve estimation under Subpart 1300 of Regulation S-K promulgated by the SEC.

**McGarry Geoconsulting Corp.** also confirms that its representatives have read the disclosure in the Registration Statement that relate to the Undersigned's Information and the Project, and **McGarry Geoconsulting Corp.** confirms that the disclosure included in the Registration Statement does not contain a misrepresentation.

Dated: April 10, 2026

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| | |
|:---|:---|
| By: | /s/ Leon McGarry |
| Name:  | Leon McGarry |
| Title: | President and Principal Geologist |

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## Exhibit 23.8

**Exhibit 23.8**

**CONSENT**

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| | |
|:---|:---|
| **To**:  | Rare Earths Americas, Inc. (the "Company") |

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| | |
|:---|:---|
| **Re**:  | Registration Statement on Form S-1 of the Company |

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**Karst Geo Solutions LLC** is the authoring firm of the report titled "**Updated Alpha Project, Bahia, Brazil, Technical Report Summary,"** with a report effective date of October 31, 2025, as updated on March 25, 2026, regarding the mining property known as the **Alpha Project** (the "Project"), which was prepared in accordance the Securities and Exchange Commission ("SEC") S-K regulations (Title 17, Part 229, Items 601 and 1300 until 1305) for the Company (as updated, the "Qualified Person Report").

**Karst Geo Solutions LLC** understands that the Company wishes to make reference to **Karst Geo Solutions LLC**'s name and the Qualified Person Report in its Registration Statement on Form S-1 (as amended, the "Registration Statement") to be prepared and filed with the SEC in connection with the Company's initial public offering. **Karst Geo Solutions LLC** further understands that the Company wishes to use extracts and/or information from the Qualified Person Report in the Registration Statement related to the Project. **Karst Geo Solutions LLC** has been provided with a copy of the Registration Statement and has reviewed the proposed disclosure identified above.

Accordingly, in respect of the Registration Statement, **Karst Geo Solutions LLC** does hereby consent to:

• the use of, and references to, its name in the Registration Statement;

• the use of, and references to, the Qualified Person Report in the Registration Statement; and

• the use of, in the Registration Statement, extracts and information from the Qualified Person Report, or portions thereof ("Undersigned's Information").

**Karst Geo Solutions LLC** confirms that where its work involved a mineral resource or mineral reserve estimate, such estimates comply with the requirements for mineral resource and mineral reserve estimation under Subpart 1300 of Regulation S-K promulgated by the SEC.

**Karst Geo Solutions LLC** also confirms that its representatives have read the disclosure in the Registration Statement that relate to the Undersigned's Information and the Project, and **Karst Geo Solutions LLC** confirms that the disclosure included in the Registration Statement does not contain a misrepresentation.

Dated: April 10, 2026

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| | |
|:---|:---|
| By: | /s/ Adam Karst, P.G. |
| Name:  | Adam Karst, P.G. |
| Title: | President and Principal Geologist |

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## Exhibit 96.1

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|:---|:---|
| ![img77526612_0.jpg](img77526612_0.jpg) | **Exhibit 96.1** |

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**Technical Report Summary**

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| | |
|:---|:---|
|  | ![img77526612_1.jpg](img77526612_1.jpg) |
| **Shiloh Project, Georgia**<br>*Prepared for*<br>**Foothills Rare Earths, LLC**<br>**129 W. Trade Street**<br>**Charlotte, NC 28202**<br>*Prepared by*<br>*Geosyntec Consultants, Inc.*<br>*9480 S. Eastern Avenue, Suite 140*<br>*Las Vegas, NV 89123*<br>*USA*<br>Project Number SLV0163<br>November 7 2025 | ![img77526612_1.jpg](img77526612_1.jpg) |
|  | ![img77526612_1.jpg](img77526612_1.jpg) |

| | |
|:---|:---|
| **Technical Report Summary** | ![img77526612_2.jpg](img77526612_2.jpg) |

---

**Technical Report Summary**

**Shiloh Project, Georgia**

*Prepared for*

**Foothills Rare Earths, LLC**

**129 W. Trade Street**

**Charlotte, NC 28202**

*Prepared by*

Geosyntec Consultants, Inc.

9480 S. Eastern Avenue, Suite 140

Las Vegas, NV 89123

Project Number SLV0163

November 7, 2025

SLV0163 – Technical Report Summary Shiloh Project, Georgia November 2025

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| | |
|:---|:---|
| **Technical Report Summary** | ![img77526612_2.jpg](img77526612_2.jpg) |

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**TABLE OF CONTENTS**

1. Executive Summary 1

1.1 Introduction 2

1.2 Terms of Reference 2

1.3 Property Setting 3

1.4 Ownership 3

1.5 Mineral Tenure, Surface Rights, Water Rights, Royalties and Agreements 3

1.6 Environmental, Permitting and Social Considerations 3

1.7 Geology and Mineralization 4

1.8 History and Exploration 4

1.9 Drilling and Sampling 4

1.10 Data Verification 5

1.11 Metallurgical Testwork 5

1.12 Risks and Opportunities 5

1.13 Conclusion 6

1.14 Recommendations for the Shiloh Project 6

1.14.1 Advance Drilling Programs 6

1.14.2 Strategic Land Acquisition 6

1.14.3 Enhance Metallurgical Research 6

1.14.4 Define Exploration Targets 6

2. Introduction 7

2.1 Introduction 7

2.2 Terms of Reference 7

2.2.1 Report Purpose 7

2.2.2 Terms of Reference 8

2.3 Qualified Person 8

2.4 Site Visit and Scope of Personal Inspection 8

2.5 Report Date 8

2.6 Information Sources and References 9

2.7 Previous Technical Report Summaries 9

SLV0163 – Technical Report Summary Shiloh Project, Georgia i November 2025

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| | |
|:---|:---|
| **Technical Report Summary** | ![img77526612_2.jpg](img77526612_2.jpg) |

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| | | | | |
|:---|:---|:---|:---|:---|
| ****TABLE OF CONTENTS** (CONT'd)** | ****TABLE OF CONTENTS** (CONT'd)** | ****TABLE OF CONTENTS** (CONT'd)** | ****TABLE OF CONTENTS** (CONT'd)** | ****TABLE OF CONTENTS** (CONT'd)** |
| 3. | Property Description and Location | Property Description and Location | Property Description and Location | 10 |
|  | 3.1 | Introduction | Introduction | 10 |
|  | 3.2 | Property and Title | Property and Title | 10 |
|  | 3.3 | Mineral Rights | Mineral Rights | 12 |
|  |  | 3.3.1 | Southeast Metals LLC Option and Weyerhaeuser Lease | 12 |
|  |  | 3.3.2 | Newbill Option | 12 |
|  |  | 3.3.3 | Combined Position | 12 |
|  | 3.4 | Surface Rights | Surface Rights | 13 |
|  |  | 3.4.1 | Weyerhaeuser Lease (Surface and Mineral Rights) | 13 |
|  |  | 3.4.2 | Newbill Option (Surface and Mineral Rights) | 13 |
|  |  | 3.4.3 | Title Certification | 13 |
|  | 3.5 | Water Rights | Water Rights | 13 |
|  | 3.6 | Government Mining Taxes, Levies or Royalties | Government Mining Taxes, Levies or Royalties | 14 |
|  |  | 3.6.1 | Taxes | 14 |
|  |  | 3.6.2 | Southeast Metals Option and Weyerhaeuser Lease | 15 |
|  |  | 3.6.3 | Newbill Option | 17 |
|  | 3.7 | Encumbrances | Encumbrances | 19 |
|  | 3.8 | Environmental Considerations | Environmental Considerations | 19 |
|  |  | 3.8.1 | Foothills Exploration Approach | 19 |
|  |  | 3.8.2 | Environmental | 20 |
|  | 3.9 | Permitting Considerations | Permitting Considerations | 20 |
|  |  | 3.9.1 | Current Exploration-Level Permitting | 20 |
|  |  | 3.9.2 | Permitting Considerations | 21 |
|  |  | 3.9.3 | Permit Timelines | 21 |
|  |  | 3.9.4 | Permit Conditions | 22 |
|  |  | 3.9.5 | Future Permitting Outlook | 22 |
|  | 3.10 | Social Considerations | Social Considerations | 22 |
|  | 3.11 | Significant Factors and Risks That May Affect Access, Title or Work Programs | Significant Factors and Risks That May Affect Access, Title or Work Programs | 23 |
| 4. | Accessibility, Climate, Local resoureces, Infrastructure And Physiography | Accessibility, Climate, Local resoureces, Infrastructure And Physiography | Accessibility, Climate, Local resoureces, Infrastructure And Physiography | 24 |
|  | 4.1 | Physiography | Physiography | 24 |

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SLV0163 – Technical Report Summary Shiloh Project, Georgia ii November 2025

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| | |
|:---|:---|
| **Technical Report Summary** | ![img77526612_2.jpg](img77526612_2.jpg) |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| ****TABLE OF CONTENTS** (CONT'd)** | ****TABLE OF CONTENTS** (CONT'd)** | ****TABLE OF CONTENTS** (CONT'd)** | ****TABLE OF CONTENTS** (CONT'd)** | ****TABLE OF CONTENTS** (CONT'd)** |
|  |  | 4.1.1 | Topography and Elevation | 24 |
|  |  | 4.1.2 | Vegetation | 24 |
|  | 4.2 | Accessibility | Accessibility | 24 |
|  | 4.3 | Climate | Climate | 26 |
|  |  | 4.3.1 | Length of Operating Season | 26 |
|  | 4.4 | Infrastructure and Local Resources | Infrastructure and Local Resources | 27 |
|  |  | 4.4.1 | Exploration-Level Infrastructure | 27 |
|  |  | 4.4.2 | Development-Level Considerations | 27 |
|  |  | 4.4.3 | Water | 27 |
|  |  | 4.4.4 | Power Supply | 27 |
|  |  | 4.4.5 | Personnel | 28 |
|  |  | 4.4.6 | Supplies | 28 |
|  |  | 4.4.7 | Transportation Access | 28 |
|  |  | 4.4.8 | Accommodation and Logistics | 28 |
|  |  | 4.4.9 | Environmental and Regulatory Considerations | 29 |
| 5. | History | History | History | 30 |
|  | 5.1 | Previous Work | Previous Work | 30 |
|  | 5.2 | Previous Exploration | Previous Exploration | 30 |
|  |  | 5.2.1 | SEM Exploration Activities 2011-2012 | 30 |
|  |  | 5.2.2 | SEM Exploration Activities 2013 | 32 |
|  |  | 5.2.3 | SEM Exploration Activities 2014 | 33 |
|  |  | 5.2.4 | Geosyntec's Opinion on Previous Exploration | 37 |
| 6. | Geological Setting, Mineralization, And Deposit | Geological Setting, Mineralization, And Deposit | Geological Setting, Mineralization, And Deposit | 38 |
|  | 6.1 | Deposit Type | Deposit Type | 38 |
|  | 6.2 | Regional Geology | Regional Geology | 39 |
|  | 6.3 | Project Geology | Project Geology | 40 |
|  | 6.4 | Mineralization | Mineralization | 46 |
|  | 6.5 | Structural Control | Structural Control | 48 |
|  | 6.6 | Descriptions of Mineralization in Field Samples and Drill Core | Descriptions of Mineralization in Field Samples and Drill Core | 48 |
|  | 6.7 | Geosyntec's Opinion on Geology and Mineralization | Geosyntec's Opinion on Geology and Mineralization | 55 |

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SLV0163 – Technical Report Summary Shiloh Project, Georgia iii November 2025

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| | |
|:---|:---|
| **Technical Report Summary** | ![img77526612_2.jpg](img77526612_2.jpg) |

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| | | | | |
|:---|:---|:---|:---|:---|
| ****TABLE OF CONTENTS** (CONT'd)** | ****TABLE OF CONTENTS** (CONT'd)** | ****TABLE OF CONTENTS** (CONT'd)** | ****TABLE OF CONTENTS** (CONT'd)** | ****TABLE OF CONTENTS** (CONT'd)** |
| 7. | Exploration | Exploration | Exploration | 57 |
|  | 7.1 | Exploration Activities | Exploration Activities | 57 |
|  |  | 7.1.1 | Exploration Activities 2020 | 57 |
|  |  | 7.1.2 | Exploration Activities 2021 | 59 |
|  | 7.2 | Drilling | Drilling | 68 |
|  |  | 7.2.2 | Drilling Methods | 217 |
|  |  | 7.2.3 | Core Logging | 217 |
|  |  | 7.2.4 | Core Recovery | 218 |
|  |  | 7.2.5 | Collar Surveys | 218 |
|  |  | 7.2.6 | Down Hole Surveys | 219 |
|  |  | 7.2.7 | Drilled Versus True Thickness | 219 |
|  |  | 7.2.8 | Drillhole Spacing | 219 |
|  | 7.3 | Hydrogeology | Hydrogeology | 220 |
|  | 7.4 | Geotechnical | Geotechnical | 220 |
| 8. | Sample Preparation, Analysis and Security | Sample Preparation, Analysis and Security | Sample Preparation, Analysis and Security | 221 |
|  | 8.1 | Sampling Methods | Sampling Methods | 221 |
|  | 8.2 | Sample Security Methods (Chain of Custody) | Sample Security Methods (Chain of Custody) | 221 |
|  | 8.3 | Bulk Density Testing | Bulk Density Testing | 221 |
|  | 8.4 | Analytical and Test Laboratories | Analytical and Test Laboratories | 222 |
|  | 8.5 | Drilling Sample Preparation | Drilling Sample Preparation | 222 |
|  |  | 8.5.1 | Exploration Drilling – 2021 | 222 |
|  |  | 8.5.2 | Exploration Drilling – 2022 | 222 |
|  |  | 8.5.3 | Exploration Drilling – 2025 | 223 |
|  | 8.6 | Sample Analysis | Sample Analysis | 224 |
|  | 8.7 | Quality Assurance and Quality Control 2021, 2022, and 2025 | Quality Assurance and Quality Control 2021, 2022, and 2025 | 225 |
|  |  | 8.7.1 | Certified Reference Material | 226 |
|  |  | 8.7.2 | Blanks | 230 |
|  |  | 8.7.3 | Duplicates | 230 |
|  | 8.8 | Database | Database | 232 |
|  | 8.9 | Geosyntec's Opinion on Sample Preparation, Security and Analytical Procedures | Geosyntec's Opinion on Sample Preparation, Security and Analytical Procedures | 232 |

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SLV0163 – Technical Report Summary Shiloh Project, Georgia iv November 2025

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| | |
|:---|:---|
| **Technical Report Summary** | ![img77526612_2.jpg](img77526612_2.jpg) |

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| | | | |
|:---|:---|:---|:---|
| ****TABLE OF CONTENTS** (CONT'd)** | ****TABLE OF CONTENTS** (CONT'd)** | ****TABLE OF CONTENTS** (CONT'd)** | ****TABLE OF CONTENTS** (CONT'd)** |
| 9. | Data Verification | Data Verification | 233 |
|  | 9.1 | Internal data Verification | 233 |
|  | 9.2 | Data Verification by Geosyntec | 235 |
|  | 9.3 | Geosyntec's Opinion on Data Adequacy | 236 |
| 10. | Mineral Processing and Metallurgical Testing | Mineral Processing and Metallurgical Testing | 237 |
|  | 10.1 | Test Laboratories | 237 |
|  | 10.2 | Metallurgical Testing | 237 |
|  |  | Preliminary Mineralogical and Ammonium Sulphate Leach Testing | 237 |
|  |  | Monazite Concentration Testing | 238 |
|  | 10.3 | Magnetic Separation | 240 |
|  | 10.4 | SRC Gravity and Flotation Testing | 243 |
|  | 10.5 | Sieve Size by Size Assay Analysis | 244 |
|  | 10.6 | Heavy Liquid Separation (HLS) | 245 |
|  | 10.7 | Summary of Other Metallurgical Test Work | 246 |
|  | 10.8 | QEMSCAN | 246 |
|  | 10.9 | Recovery Estimates | 247 |
|  | 10.10 | Metallurgical Variability | 247 |
|  | 10.11 | Deleterious Elements | 247 |
|  | 10.12 | Geosyntec's Opinion on Data Adequacy | 247 |
|  | 10.13 | Recommendations | 248 |
| 11. | Mineral Resource Estimates | Mineral Resource Estimates | 249 |
| 12. | Mineral Reserve Estimates | Mineral Reserve Estimates | 250 |
| 13. | Mining Methods | Mining Methods | 251 |
| 14. | Processing and Recovery Methods | Processing and Recovery Methods | 252 |
| 15. | Infrastructure | Infrastructure | 253 |
| 16. | Market Studies | Market Studies | 254 |
| 17. | Environmental Studies, Permitting, And Plans, Negotiations, Or Agreements With Local Individuals Or Groups | Environmental Studies, Permitting, And Plans, Negotiations, Or Agreements With Local Individuals Or Groups | 255 |
| 18. | Capital And Operating Costs | Capital And Operating Costs | 256 |
| 19. | Economic Analysis | Economic Analysis | 257 |
| 20. | Adjacent Properties | Adjacent Properties | 258 |

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SLV0163 – Technical Report Summary Shiloh Project, Georgia v November 2025

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| | |
|:---|:---|
| **Technical Report Summary** | ![img77526612_2.jpg](img77526612_2.jpg) |

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| | | | | |
|:---|:---|:---|:---|:---|
| ****TABLE OF CONTENTS** (CONT'd)** | ****TABLE OF CONTENTS** (CONT'd)** | ****TABLE OF CONTENTS** (CONT'd)** | ****TABLE OF CONTENTS** (CONT'd)** | ****TABLE OF CONTENTS** (CONT'd)** |
| 21. | Other relevant data and information | Other relevant data and information | Other relevant data and information | 259 |
| 22. | Interpretation and conclusions | Interpretation and conclusions | Interpretation and conclusions | 260 |
|  | 22.1 | Interpretation And Conclusions - Foothills and Geosyntec | Interpretation And Conclusions - Foothills and Geosyntec | 260 |
|  |  | 22.1.1 | Foothills | 260 |
|  |  | 22.1.2 | Geosyntec interpretation and conclusions | 261 |
|  | 22.2 | Risks and Opportunities | Risks and Opportunities | 261 |
|  |  | 22.2.1 | Risk of Non-Discovery | 261 |
|  |  | 22.2.2 | Geological Continuity | 261 |
|  |  | 22.2.3 | Grade Continuity | 260 |
|  |  | 22.2.4 | Structural Complexity | 261 |
|  |  | 22.2.5 | Metallurgical Variability | 262 |
|  |  | 22.2.6 | Regulatory and Environmental Constraints | 262 |
|  |  | 22.2.7 | Weyerhaeuser | 262 |
|  |  | 22.2.8 | Risk Summary | 262 |
| 23. | Recommendations | Recommendations | Recommendations | 263 |
|  | 23.1 | Continue Drilling to Delineate Mineralization | Continue Drilling to Delineate Mineralization | 263 |
|  | 23.2 | Expand Metallurgical Testing and Process Development | Expand Metallurgical Testing and Process Development | 263 |
|  | 23.3 | Land Acquisition | Land Acquisition | 264 |
|  | 23.4 | Refined Mineralization Targets | Refined Mineralization Targets | 265 |
|  | 23.5 | Quality Assurance / Quality Control | Quality Assurance / Quality Control | 266 |
|  | 23.6 | Conclusion | Conclusion | 266 |
| 24. | References | References | References | 267 |
| 25. | Reliance On Information Provided By The Registrant | Reliance On Information Provided By The Registrant | Reliance On Information Provided By The Registrant | 270 |
|  | 25.1 | Introduction | Introduction | 270 |
|  | 25.2 | Markets | Markets | 270 |
|  | 25.3 | Legal Matters | Legal Matters | 270 |
|  | 25.4 | Environmental Matters | Environmental Matters | 271 |
|  | 25.5 | Stakeholder Accommodations | Stakeholder Accommodations | 271 |
|  | 25.6 | Governmental Factors | Governmental Factors | 271 |

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SLV0163 – Technical Report Summary Shiloh Project, Georgia vi November 2025

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| | |
|:---|:---|
| **Technical Report Summary** | ![img77526612_2.jpg](img77526612_2.jpg) |

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**LIST OF TABLES**

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| | | |
|:---|:---|:---|
| Table 1 | Summary of Consolidated Royalty and Encumbrance Framework. | 16 |
| Table 2 | Royalties, Encumbrances, Payees, Triggers, and Related Terms. | 17 |
| Table 3 | X Ray Diffraction (XRD) Results | 54 |
| Table 4 | Bulk Density Results and Sample Interval 2022 | 64 |
| Table 5 | Drillhole Locations and Total Depth 2021 | 72 |
| Table 6 | 2021 Drilling Analytical Results | 77 |
| Table 7 | Drillhole Locations and Total Depth 2022. | 101 |
| Table 8 | 2022 Drilling Analytical Results | 109 |
| Table 9 | Drillhole Locations and Total Depth 2025 | 203 |
| Table 10 | 2025 Drilling Analytical Results | 206 |
| Table 11 | Statistics for Analyzed Samples above Low-Grade <br>Cutoff (TREO ≥2%), 2021, 2022 and 2025) | 228 |
| Table 12 | Summary of QA/QC Samples Collected 2021, 2022, and 2025 | 229 |
| Table 13 | Details for Samples Used in the Preliminary Ionic Clay Testing | 243 |
| Table 14 | Primary Mineralogy Determined by XRD Analysis | 243 |
| Table 15 | Details for Samples Used in the Preliminary Mineral Processing Studies | 244 |
| Table 16 | Details for the Preliminary Mineral Processing Studies | 244 |
| Table 17 | E575638 Grade Distribution by Sieve Size | 247 |
| Table 18 | Sieve Size by Size Assay Analysis | 249 |

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SLV0163 – Technical Report Summary Shiloh Project, Georgia vii November 2025

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| | |
|:---|:---|
| **Technical Report Summary** | ![img77526612_2.jpg](img77526612_2.jpg) |

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**LIST OF FIGURES**

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| | | |
|:---|:---|:---|
| Figure 1 | Location Map of the Shiloh Project in Harris and Talbot Counties, Georgia, USA. (Source: Foothills Rare Earths, 2025a) | 7 |
| Figure 2 | Location Map of the Shiloh Project Properties, Harris and Talbot Counties, Georgia, USA. (Source: Foothills Rare Earth, 2025a) | 11 |
| Figure 3 | Shiloh Project Location Relative to Road, Rail, and Air Transportation Infrastructure. (Source: Foothills Rare Earths, 2025a) | 24 |
| Figure 4 | Monthly Average Precipitation (in inches) in Shiloh for the years 2021, 2022 and 2025. (Source: Representative climate records from the Nation Weather Service and Weather Atlas, 2025). | 25 |
| Figure 5 | Newbill Property with Contoured Radiometric Ground Grid. (Source: Foothills Rare Earths, 2025a) | 30 |
| Figure 6 | Location of Plum Creek Timberlands "Pipeline" Tract. (Source: Foothills Rare Earths, 2025e) | 32 |
| Figure 7 | Location of Plum Creek Timberlands "Pig Trail" Tract. (Source: Foothills Rare Earths, 2025e) | 33 |
| Figure 8 | Pig Trail Area Map Showing Contoured Radiometric Ground Grid and PT1 Locations. (Source: Foothills Rare Earths, 2025a) | 34 |
| Figure 9 | Pipeline Area Map Showing Contoured Radiometric Ground Grid and PT1 Trench Locations. (Source: Foothills Rare Earths, 2025a) | 35 |
| Figure 10 | Schematic Stratigraphic Column. (Source: Foothills Rare Earths, 2025d) | 38 |
| Figure 11 | Regional Geologic Setting of the Shiloh Project Area in West-Central Georgia | 39 |
| Figure 12 | Geologic Map of the Shiloh Project Area, (Source: Foothills Rare Earths, 2025a) | 40 |
| Figure 13 | Newbill Target Drill Map (A), Newbill Cross Section A-A" (B), and Newbill Strike Section B-B' (C)., Source: Foothills Rare Earths, 2025e | 44 |
| Figure 14 | Mineralized Monazite at the Newbill property. (Source: Foothills Rare Earths, 2025a) | 45 |
| Figure 15 | Felsic Gneiss Outcrop at the Newbill Property. (Source: Foothills Rare Earths, 2025a) | 46 |
| Figure 16 | Type 1 Mineralization. (Source: Foothills Rare Earths, 2025a) | 48 |
| Figure 17 | Type 2 Mineralization. (Source: Foothills Rare Earths, 2025a) | 49 |
| Figure 18 | Type 2 Mineralization. (Source: Foothills Rare Earths, 2025a) | 50 |
| Figure 19 | Mineralized Saprolite Exposed in 2013 Newbill Trenching. (Source: Foothills Rare Earths, 2025a) | 51 |
| Figure 20 | Type 2 Mineralization. (Source: Foothills Rare Earths, 2025a) | 52 |

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SLV0163 – Technical Report Summary Shiloh Project, Georgia viii November 2025

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| **Technical Report Summary** | ![img77526612_2.jpg](img77526612_2.jpg) |

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| | | |
|:---|:---|:---|
| **LIST OF FIGURES (Cont'd)** | **LIST OF FIGURES (Cont'd)** | **LIST OF FIGURES (Cont'd)** |
| Figure 21 | Mineralization Type 1. (Source: Foothills Rare Earths, 2025e) | 52 |
| Figure 22 | Thin Section Scan of a Monazite-Rich Sample B00098801. (Source: Foothills Rare Earths, 2025e) | 53 |
| Figure 23 | Samples Collected in November 2020. (Source: Foothills Rare Earths, 2025e). | 57 |
| Figure 24 | Equivalent Th Concentrations Mapped by the 2021 Airborne Magnetic and Gamma-Ray Survey. (Source: Foothills Rare Earths, 2025e) | 60 |
| Figure 25 | Pipeline Area Map Showing Representative Field Data Collected Across Accessible Terrain. (Source: Foothills Rare Earths, 2025e) | 62 |
| Figure 26 | Pipeline Anomaly Grid Data: (A) Radiometric and (B) Magnetic Measurements on a 5 x 5 m Grid. (Source: Foothills Rare Earths, 2025e) | 63 |
| Figure 27 | Map 2022-2023 Prospecting Sample Locations Along Shiloh Roads. (Source: Foothills Rare Earths, 2025e) | 65 |
| Figure 28 | Overview of 2021 Drill Locations: Direct Push and Sonic Drillholes. (Source: Foothills Rare Earths, 2025e) | 68 |
| Figure 29 | Direct Push and Sonic Drill Collar Map of the Pig Trail Area 2021. (Source: Foothills Rare Earths, 2025e) | 69 |
| Figure 30 | Direct Push Drill Collar Map of the Pipeline (GC) (left) and Dead Tree Areas (right) 2021. (Source: Foothills Rare Earths, 2025e) | 70 |
| Figure 31 | Sonic Drill Collar Map of the Newbill Area 2021. (Source: Foothills Rare Earths, 2025e) | 71 |
| Figure 32 | Overview of Direct Push and Sonic Drill Locations 2022., (Source: Foothills Rare Earths, 2025e) | 96 |
| Figure 33 | Drill Collar Map of the Pig Trail (PT) Area – 2022., (Source: Foothills Rare Earths, 2025e) | 97 |
| Figure 34 | Drill Collar Map of the Blackberry (BB) and Dead Tree (DT) Areas 2022., (Source: Foothills Rare Earths, 2025e) | 98 |
| Figure 35 | Drill Collar Map of the Hunt Club Area – 2022., (Source: Foothills Rare Earths, 2025e) | 99 |
| Figure 36 | Drill Collar Map of the Lazer Creek Area – 2022., (Source: Foothills Rare Earths, 2025e) | 100 |
| Figure 37 | Overview Map of Drilling Activities – 2025, (Source: Foothills Rare Earths, 2025e). | 200 |
| Figure 38 | Drilling Activities at the Pig Trail Area., (Source: Foothills Rare Earths, 2025e) | 201 |
| Figure 39 | Drilling Activities at the Newbill Area., (Source: Foothills Rare Earths, 2025e) | 202 |

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SLV0163 – Technical Report Summary Shiloh Project, Georgia ix November 2025

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| **LIST OF FIGURES (Cont'd)** | **LIST OF FIGURES (Cont'd)** | **LIST OF FIGURES (Cont'd)** |
| Figure 40 | Distribution of TREO Concentration (%) for Analyzed Samples, 2021, 2022 and 2025. (Source: Geosyntec, 2025) | 228 |
| Figure 41 | OREAS 460 (Source: Geosyntec, 2025) | 231 |
| Figure 42 | OREAS 463 (Source: Geosyntec, 2025) | 232 |
| Figure 43 | OREAS 465 (Source: Geosyntec, 2025) | 233 |
| Figure 44 | Scatter Plots, 2021, 2022, and 2025 Parent and Duplicate Results for Ce, Nd, La and Pr., (Source: Geosyntec, 2025) | 235 |
| Figure 45 | Example 3D Visualization Showing Geophysical Survey and Drillhole Assay Results. (Source: Geosyntec, 2025) | 239 |
| Figure 46 | Box Plot Showing Thorium Assay Results by Lithology, as Logged in Drillholes., (Source: Geosyntec, 2025) | 240 |
| Figure 47 | Summary of Magnetic Separation Test work by Magnetic Flux Density (gauss), (Source: Foothills Rare Earths, 2022) | 246 |
| Figure 48 | Flowsheet for Wet High Intensity Magnetic Separator Results. (Source: Schwartz, K. C., & Jiang, X. 2022) | 248 |
| Figure 49 | HLS and LIMS Test Outcomes for Samples E575636, E575732 and E575712., (Source: Foothills Rare Earths, 2022) | 250 |

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SLV0163 – Technical Report Summary Shiloh Project, Georgia x November 2025

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**LIST OF ACRONYMS AND ABBREVIATIONS**

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| | |
|:---|:---|
| % | percent |
| ° | degrees |
| µm | micrometers |
| 3D | three-dimensional |
| AIPG | American Institute of Professional Geologists |
| ALS | ALS Mineral Analysis Laboratories |
| AOI | area of interest |
| ARGS | Airborne Gamma Ray Spectrometer |
| ASTM | ASTM International |
| BMPs | Best Management Practices |
| bgs  | below ground surface |
| Ce  | Cerium |
| CEM | Certified Environmental Manager |
| CEP  | circular error probability |
| cm | centimeters |
| COC | chain of custody |
| CPG | Certified Professional Geologist |
| CRM | certified reference material |
| DPT | Direct-push technology |
| DT | Dead Tree  |
| Dy | Dysprosium |
| FMV | Fair Market Value  |
| GPR | Ground Penetrating Radar |
| GPS | global positioning system |
| GSA | Geological Society of America |
| HLS | Heavy Liquid Separation |
| ICP-AES | Inductively coupled plasma atomic emission spectroscopy |
| ICP-MS | inductively coupled plasma mass spectrometry |
| ID | identification |

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SLV0163 – Technical Report Summary Shiloh Project, Georgia xi November 2025

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| **LIST OF ACRONYMS AND ABBREVIATIONS (CONT'D)** | **LIST OF ACRONYMS AND ABBREVIATIONS (CONT'D)** |
| IEC | International Electrotechnical Commission |
| km | kilometers |
| LREE | Light Rare Earth Elements |
| m | meter(s) |
| mm | millimeter(s) |
| MREE | Medium Rare Earth Elements |
| MXRF  | micro-XRF |
| NAD83 | North American Datum of 1983 |
| NPDES | National Pollutant Discharge Elimination System |
| NURE | National Uranium Resource Evaluation |
| Ny | Neodymium |
| PLI | Private Land Interest |
| ppm | parts per million |
| Pr | Praseodymium |
| QAQC | quality assurance/quality control |
| QP | Qualified Person |
| REA | Rare Earth Americas |
| REE  | rare earth elements |
| ROIs | regions of interest |
| RQD | rock quality designation |
| RSI | Radiation Solutions Inc. |
| SEM | Southeast Metals LLC |
| SME | Society of Mining, Metallurgy and Exploration |
| Th | Thorium |
| TREO | Total Rare Earth Oxides |
| TRS | Technical Report Summary |
| U | Uranium |
| USGS | United State Geological Survey |
| UTM | Universal Transverse Mercator |
| XRD | x-ray diffraction |

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SLV0163 – Technical Report Summary Shiloh Project, Georgia xii November 2025

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| **LIST OF ACRONYMS AND ABBREVIATIONS (CONT'D)** | **LIST OF ACRONYMS AND ABBREVIATIONS (CONT'D)** |
| XRF | x-ray fluorescence |
| WAAS | Wide Area Augmentation System |
| WHIMS | Wet High Intensity Magnetic Separator |

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SLV0163 – Technical Report Summary Shiloh Project, Georgia xiii November 2025

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1. Executive Summary

This technical report summary (TRS) has been prepared by Geosyntec Consultants, Inc. for Foothills Rare Earths, LLC ("Foothills" or "FRE") to support disclosure under Regulation S-K 1300. The report summarizes exploration activities, geological findings, and technical assessments for the Shiloh Project, located in Harris and Talbot Counties, Georgia, USA. To date, no mineral resources or reserves have been established, and economic viability has not been demonstrated for the Shiloh Project.

The Shiloh Project spans approximately 1,927 acres centered near the community of Shiloh, Georgia. The project area lies within the Pine Mountain Window, a geologic feature composed of Grenville-age metamorphic rocks, including felsic gneiss and saprolite. The term "saprolite" in this document refers to chemically weathered and unconsolidated rock that lies directly above the bedrock while retaining the structure of the bedrock. Foothills holds mineral and surface rights through a combination of lease, option, and acquisition agreements, including the Newbill Option and the Southeast Metals LLC (SEM) Lease.

Rare earth element (REE) mineralization is hosted within foliated felsic gneiss as well as saprolitic zones near the surface. Monazite is the dominant REE-bearing mineral, observed through mineralogical analyses. Mineralization ranges from widespread lower grade zones (reported 0.5–2% total rare earth oxides [TREO]) to localized higher grade zones exceeding reported 10% TREO. TREO was calculated including oxides La2O3, Ce2O3, Pr2O3, Nd2O3, Sm₂O₃, Eu₂O₃, Gd₂O₃, Tb₂O₃, Dy₂O₃, Ho₂O₃, Er₂O₃, Tm₂O₃, Yb₂O₃, Lu₂O₃, and Y₂O₃.

These mineralization zones are typically 1–2 meters (m) thick and structurally controlled, often associated with iron and manganese staining along foliation planes and lithologic contacts.

Initial REE discoveries in the area date back to the late 1980s. SEM conducted exploration from 2011 to 2014, including radiometric surveys, soil sampling, and trenching. Foothills initiated a second exploration campaign in 2020, which continued through 2025. Activities included helicopter-borne radiometric surveys, prospecting, ground geophysical grids, and multiple drilling programs.

In 2021, 2022 and 2025, over 5,000 m of core were drilled by direct-push technology (usually referred to as Direct Push Technology [DPT]), sonic and diamond drilling methods. A total of 507 boreholes were completed, ranging from 0.7 meters below ground surface (m bgs) to a maximum depth of 114 m bgs. Sampling intervals ranged from 0.3 to 5 m as determined by Foothills' geologists.

Sampling and analytical procedures followed quality assurance/quality control (QA/QC) protocols, that included the use of certified reference materials (CRMs), blanks, and duplicates. QA/QC indicated 92.62% of CRM assay results fell with three standard deviations of expected values for cerium (Ce), lanthanum (La), neodymium (Nd), and praseodymium (Pr).

SLV0163 – Technical Report Summary Shiloh Project, Georgia 1 November 2025

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The mineralization style is currently interpreted as a structurally controlled intrusion related REE vein/disseminated deposit. This classification reflects the structural emplacement of monazite within foliated gneiss.

Key risks include permitting delays, environmental sensitivities, and financial obligations under land agreements. Opportunities include favorable geology, strong land position, and increasing market demand for REEs. Continued exploration success and proactive stakeholder engagement are critical to advancing the project.

To advance the Shiloh Project, the following key recommendations are proposed:

 **Continue Drilling to Delineate Mineralization:** Expand both direct push and diamond drilling programs to collect additional subsurface data aimed at improving the understanding of the extent, continuity, and grade of rare earth mineralization across the project area. These programs are intended to support ongoing geological evaluation.

 **Expand Metallurgical Testing and Process Development:** Undertake additional laboratory and pilot-scale metallurgical testing to optimize recovery methods for monazite-hosted REEs. This includes further evaluation of flotation, magnetic separation, and gravity separation techniques, as well as detailed mineralogical and chemical characterization of concentrates.

 **Land Acquisition:** Maintain and expand efforts to secure additional land within and adjacent to the current project area. Strategic land acquisition will support future exploration.

 **Refine Exploration Targets:** Integrate new geophysical, geochemical, and structural data to refine and prioritize exploration targets. This approach will enhance the efficiency of future drilling and increase the likelihood of discovering additional high-grade mineralization zones.

1.1 Introduction

Foothills Rare Earths, LLC, (Foothills or FRE) is a North Carolina-registered mineral exploration company with rare earth element (REE) projects in both North and South America. Foothills has contracted Geosyntec Consultants, Inc. (Geosyntec) to complete a review of historical and current exploration work for verification and validation of the drilling data to produce an S-K 1300 Technical Report Summary (TRS) on the Shiloh REE Project (the Property or the Project) in Georgia, USA.

1.2 Terms of Reference

The Report was prepared to support the filing by Rare Earths Americas, Inc. of a registration statement on Form S-1 with the Securities and Exchange Commission, pursuant to Section 1300 of Regulation S-K. All units are in metric unless otherwise stated.

SLV0163 – Technical Report Summary Shiloh Project, Georgia 2 November 2025

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1.3 Property Setting

The Shiloh Project is located in the rural community of Shiloh, Georgia, spanning Harris and Talbot counties. Positioned roughly 110 km south-southwest of Atlanta, it lies 40 km southeast of LaGrange and 40 km northeast of Columbus. The project center is at UTM coordinates 3,632,000 mN / 717,300 mE (Zone 16N, North American Datum of 1983 [NAD83], EPSG:26916), covering the Shiloh and Manchester 7.5-minute USGS quadrangles. This corresponds to approximate geographic centered coordinates of latitude 32.8045°N and longitude 84.6792°W. All mapping and sampling use the UTM Zone 16N system.

1.4 Ownership

Foothills hold rights to approximately 1,927 acres in Harris and Talbot Counties, Georgia, through a combination of lease, option, and acquisition agreements. These include the Newbill Option, which grants exclusive exploration and purchase rights over 263.7 acres in Talbot County, and the Weyerhaeuser Lease, which provides Southeast Metals LLC (SEM) with mineral and surface rights to 1,662.8 acres of timberland. These agreements grant Foothills access to both surface and mineral estates, supporting continued exploration.

1.5 Mineral Tenure, Surface Rights, Water Rights, Royalties and Agreements

Foothills has secured mineral and surface rights through a combination of leases and option agreements with Newbill Family Trust and SEM. These agreements grant exclusive access for exploration and development across parcels in Harris and Talbot Counties, Georgia. Water rights are structured to support exploration needs in compliance with regulatory standards. Royalties are governed by the terms of these agreements.

1.6 Environmental, Permitting and Social Considerations

The Shiloh Project is currently in the exploration phase and is not subject to state or local surface mining permitting. Instead, the project is governed by environmental and permitting requirements applicable to exploration-level activities in Georgia. In accordance with O.C.G.A. § 12-7-17 and the Georgia Construction Stormwater General Permits (GAR100001, GAR100002, or GAR100003), land disturbance activities under one acre are exempt from general construction stormwater permitting. The current permitting framework outlines timelines and conditions for land disturbance, and no violations or fines have been reported to date. Social considerations remain focused on maintaining transparent communication with local stakeholders and minimizing environmental impact through best management practices (BMPs) such as low-impact drilling, use of existing trails, and erosion control.

SLV0163 – Technical Report Summary Shiloh Project, Georgia 3 November 2025

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1.7 Geology and Mineralization

The Shiloh Project is within the Pine Mountain Window of the Georgia Piedmont geologic region. The project is underlain by Grenville aged gneisses and saprolite material that host rare earth element mineralization, primarily in the form of the rare earth, thorium (Th) phosphate mineral monazite.

Mineralization ranges from widespread low-grade zones (reported 0.5–2% TREO) to localized higher-grade range pockets exceeding 10% TREO. These high-grade zones are typically 1–2 m thick and correlate with iron and manganese staining within or along contacts of the felsic gneiss. Recent drilling has noted the down-plunge extension of high-grade-range material initially identified in Trench 6, trending south-southeast. Notable intercepts were recorded during the Newbill DPT program, further supporting the continuity of mineralization.

1.8 History and Exploration

The Shiloh Project has a history of REE exploration dating back to the late 1980s, when high-grade REE-bearing float boulders were first identified in the Pine Mountain window. This geologic feature, composed of Grenville-age metamorphic rocks, has since been the focus of two major exploration campaigns.

From 2012 to 2014, SEM conducted road-based and ground radiometric surveys, soil sampling, prospecting, and geologic mapping, culminating in three trenching phases. Foothills launched a second campaign beginning in 2020, which has continued into 2025.

1.9 Drilling and Sampling

Drilling activities at the Shiloh Project through 2025 included DPT, sonic, and diamond core methods targeting saprolitic and weathered bedrock zones. DPT drilling yielded over 850 m of saprolite core from 116 boreholes, while sonic drilling added nearly 300 m across key target areas. In 2025, a 908-m diamond drill program was completed, with core recovery rates ranging from 43% in unconsolidated soils to 100% in competent rock.

Sampling intervals ranged from 0.3 to 5 m in core length with respect to lithological boundaries determined by on-site FRE geologist. Assay results revealed high grade range rare earth mineralization in 1.0 m weighted composite intercepts exceeding reported 10% TREO in 14 DPT holes at the Newbill area, with a reported peak assay of 20.01% TREO over 15 cm. TREO was calculated including oxides La2O3, Ce2O3, Pr2O3, Nd2O3, Sm₂O₃, Eu₂O₃, Gd₂O₃, Tb₂O₃, Dy₂O₃, Ho₂O₃, Er₂O₃, Tm₂O₃, Yb₂O₃, Lu₂O₃, and Y₂O₃. Where analytical results exceeded the upper method detection limit (e.g., reported as >5000 ppm), the upper method detection limit value was assigned for calculation purposes. This approach introduces a conservative estimate and may result in underreporting actual TREO% concentrations. The true values may be higher but

SLV0163 – Technical Report Summary Shiloh Project, Georgia 4 November 2025

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cannot be accurately quantified within the validated range of the method. Accordingly, caution is advised when interpreting TREO values derived under these conditions.

1.10 Data Verification

Data verification for the Shiloh Project was conducted through review of internal QA/QC protocols, mainly cross-validation of Certified Reference Materials (CRMs), blanks and field duplicates. The REE assays completed as part of this program maintained an acceptable tolerance within three standard deviations of expected values for certified standards, supporting dataset reliability. Core recovery metrics were reviewed through physical measurements and photographic records, with compression effects in saprolite accounted for in DPT sampling. No material discrepancies or data integrity issues were identified during the review process.

Analytical results from the SEM 2011–2014 program were unavailable at the time of this Report. Geosyntec's conclusions regarding data adequacy apply to the 2021, 2022, and 2025 datasets generated by Foothills.

1.11 Metallurgical Testwork

Preliminary metallurgical testing conducted by SRC on saprolitic samples from Shiloh revealed very low TREO recoveries through ammonium sulphate leaching (reported 0.1–0.7%), indicating that the REE mineralization is monazite-hosted rather than ionic clay-type. Mineralogical analysis identified dominant light rare earth elements (LREE: reported 91.0–94.6% REO) and identified quartz, kaolinite, and anorthite as major phases.

To address the poor leach response, monazite concentration studies were initiated using wet and dry magnetic separation, gravity, and flotation techniques. Testing by Eriez Magnetics demonstrated strong response to magnetic separation, with REE recoveries of ~76–77% at 5,000-7,000 Gauss using WHIMS on sub-1,000-micron fractions. Magnetic yield increased with field intensity, though optimal separation conditions require further analysis.

1.12 Risks and Opportunities

The Shiloh Project faces a range of risks and opportunities associated with regulatory, financial, and community factors. Key risks include potential permitting delays due to zoning constraints, environmental sensitivities such as wetlands and cultural resources, and public concerns related to traffic, dust, and noise.

Financial obligations under the SEM lease and Newbill option, such as rental payments, royalties, and reclamation bonding require consistent internal monitoring.

On the opportunity side, the project benefits from a strong land position, favorable geology, and increasing market demand for REE. The company is committed to early engagement with regulatory authorities.

SLV0163 – Technical Report Summary Shiloh Project, Georgia 5 November 2025

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1.13 Conclusion

The Shiloh Project represents a significant exploration opportunity in the rare earth element (REE) sector. The exploration activities completed, including radiometric surveys, drilling programs, and preliminary metallurgical testwork, have indicated the presence of wide-spread and high-grade- REE mineralization, primarily in the form of monazite. The geological setting, Foothills' favorable land position, and the increasing market demand for REEs provide a solid foundation for the additional work that is recommended to be conducted in the Project area.

1.14 Recommendations for the Shiloh Project

Based on recent exploration results, technical assessments, and strategic priorities, the following recommendations are proposed to guide the continued advancement of the Shiloh Project.

**1.14.1 Advance Drilling Programs**

Continue both DPT and diamond drilling programs, with a focus on delineating low to high-grade-range mineralization. Priority should be given to drilling along lineations identified through surface radiometric anomalies.

**1.14.2 Strategic Land Acquisition**

Continue efforts to maintain and, where appropriate, expand land holdings within the Project area to support ongoing exploration and project-related activities. Evaluate areas beyond the current Project boundaries to better understand broader geological context.

**1.14.3 Enhance Metallurgical Research**

Expand research initiatives related to mineral processing and metallurgy to optimize recovery methods and better understand the characteristics of REE-bearing materials.

**1.14.4 Define Exploration Targets**

Develop and refine exploration targets for both low-grade and high-grade mineralization zones..

SLV0163 – Technical Report Summary Shiloh Project, Georgia 6 November 2025

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2. Introduction

2.1 Introduction

This TRS is intended to consolidate available information into a single document to support the disclosure of Rare Earths Element (REE) mineralization observed to date. The project location is shown in Figure 1.

![img77526612_4.jpg](img77526612_4.jpg)

**Figure 1 Location Map of the Shiloh Project in Harris and Talbot Counties, Georgia, USA. (Source: Foothills Rare Earths, 2025a)**

2.2 Terms of Reference

**2.2.1 Report Purpose**

The Report was prepared to support the filing by Rare Earths Americas, Inc. of a registration statement on Form S-1 with the Securities and Exchange Commission, pursuant to Section 1300 of Regulation S-K.

SLV0163 – Technical Report Summary Shiloh Project, Georgia 7 November 2025

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This report does not include mineral resources and mineral reserve estimates. To date, no mineral resources or reserves have been established, and economic viability has not been demonstrated for the Shiloh Project.

**2.2.2 Terms of Reference**

All measurements conform to the metric system, and the report is presented in American English.

2.3 Qualified Person

This Report was prepared by the following third-party firm, acting as a Qualified Persons (QP):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Geosyntec Consultants, Inc.

Geosyntec is responsible for all chapters of the technical report summary.

2.4 Site Visit and Scope of Personal Inspection

Geosyntec conducted theinspection of the property on May 8 and 9, 2025, to review exploration sites, drill core, drill programs, sampling protocols, and data practices. The site visit included a review of past exploration drill collars, observation of active drilling programs, and review of core logging, handling, and sampling procedures. In-field screening analysis using a handheld x-ray fluorescence analyzer was also observed.

The visit included an inspection of the core storage facilities, where previously drilled core was reviewed, and a detailed examination of the assay and drilling database maintained in the company's electronic files was conducted. Sampling protocols and QA/QC procedures were discussed in person with Foothills personnel.

During the site visit, data, drilling, and geological records were found to be well maintained by Foothills personnel, and adherence to comprehensive field procedures developed by Foothills was observed. Geosyntec monitored exploration activities at the property during this period through both direct site inspection and remote review of exploration data and progress reports.

Based on observations and the review of Foothills' 2021, 2022 and 2025 exploration datasets, Geosyntec found that the exploration practices, data management systems, and QA/QC protocols are consistent with accepted industry standards and appropriate for ongoing exploration activities. This conclusion is limited to the verified data collected during the 2021, 2022 and 2025 period and does not extend to any legacy datasets that were not subject to review. No deficiencies were identified during the site visit that would materially impact the reliability of the verified data or the conclusions drawn from it.

SLV0163 – Technical Report Summary Shiloh Project, Georgia 8 November 2025

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2.5 Report Date

The Report is current as of November 7, 2025.

2.6 Information Sources and References

The reports and documents listed in Chapter 23 and Chapter 24 of this Report were used to support Report preparation.

Foothills provided input to Geosyntec in the company's areas of expertise on request.

2.7 Previous Technical Report Summaries

Foothills has not previously filed a TRS on the Project.

SLV0163 – Technical Report Summary Shiloh Project, Georgia 9 November 2025

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3. Property Description and Location

3.1 Introduction

The Shiloh Project is based in the small rural community of Shiloh, Georgia USA and encompasses areas within Harris and Talbot counties. Shiloh is located approximately 110 kilometers (km) south-southwest of Atlanta, 40 km southeast of LaGrange, and 40 km northeast of Columbus, in west-central Georgia.

The Project is geographically centered at approximately 3,632,000 mN and 717,300 mE within Universal Transverse Mercator (UTM) zone 16N (North American Datum of 1983 [NAD83]), EPSG:26916. This corresponds to approximate geographic centered coordinates of latitude 32.8045°N and longitude -84.6792°W. The Project area spans the Shiloh and Manchester 7.5-minute quadrangles as defined by the United States Geological Survey (*USGS*). All mapping and sampling activities are conducted using the UTM Zone 16N coordinate system.

3.2 Property and Title

The Project area is a combination of optioned land positions in Harris and Talbot Countries.

Foothills properties (Figure 2) addressed in this TRS encompass approximately 1,927 acres in total, all of which are privately owned by outside parties. Three distinct tracts are currently under option agreements that provide pathways for acquisition or long-term mineral leasing. One of these tracts, comprising 514.9 acres, is presently governed by an Exploration Trespass Agreement, a legal arrangement that grants Foothills temporary, non-possessory access to privately owned land for the purpose of conducting preliminary geologic evaluation and reconnaissance activities.

Private option agreements between Foothills Private Land Interest (PLI) and its subsidiaries and the respective landowners confer the exclusive and irrevocable rights to access, enter, and use each property for the purpose of mineral exploration activities. Upon exercise of the option, PLI may proceed to either the fee-simple acquisition of the property or to the establishment of a long-term mining lease.

SLV0163 – Technical Report Summary Shiloh Project, Georgia 10 November 2025

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![img77526612_6.jpg](img77526612_6.jpg)

**Figure 2 Location Map of the Shiloh Project Properties, Harris and Talbot Counties, Georgia, USA. (Source: Foothills Rare Earth, 2025a)**

SLV0163 – Technical Report Summary Shiloh Project, Georgia 11 November 2025

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3.3 Mineral Rights

Foothills (the "Registrant") and its subsidiaries hold mineral rights to approximately 1,926 acres in Harris and Talbot Counties, Georgia, through a combination of lease, option, and acquisition agreements. Geosyntechas received and reviewed the various Certificates of Title detailing the land position and mineral rights. The following sub-sections are adapted from the *Foothills Land Summary* (Foothills, 2025b) and are presented below.

**3.3.1 Southeast Metals LLC Option and Weyerhaeuser Lease**

Southeast Metals LLC (SEM) has entered into an Option Agreement with the Weyerhaeuser Company on October 1, 2020, granting SEM the right to conduct mineral exploration activities and enter into a Mining Lease Agreement with Weyerhaeuser Company covering approximately 1,663 acres of timberland situated in Harris and Talbot Counties, Georgia (the "Weyerhaeuser Lease"). The Weyerhaeuser Lease grants SEM exclusive exploration, development, and mining rights for REE for a primary term of 15 years, with two optional five-year extensions contingent upon operations.

Foothills Rare Earths entered into an Option and Project Evaluation Agreement with SEM on December 11, 2020, as subsequently amended (the "SEM Option"). The SEM Option grants Foothills the right to earn into and ultimately acquire SEM's interest in those certain tracts of land included in the Weyerhaeuser Lease.

The SEM Option provides Foothills with an option to acquire 100% of the issued capital of SEM for US$600,000 in cash and US$2,000,000 in cash or listed shares, at the Company's election. The SEM Option expires on August 1, 2026.

**3.3.2 Newbill Option**

On February 25, 2021, Piedmont Rare Earths LLC (later renamed Foothills Rare Earths, LLC) entered into an option agreement with the Newbill Family Trust covering approximately 263.7 acres in Talbot County (the "Newbill Option"). The Newbill Option grants Foothills the exclusive right to conduct exploration, drilling, and technical studies, with the ability to purchase the property outright upon exercise of the Newbill Option. The Newbill Option expires on February 28, 2027.

**3.3.3 Combined Position**

The project area in Georgia is secured through a combination of option agreements that collectively define a significant land position in Harris and Talbot Counties. Together, the Company has secured a strategically located project area of approximately 1,927 acres.

SLV0163 – Technical Report Summary Shiloh Project, Georgia 12 November 2025

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3.4 Surface Rights

As with mineral rights, the surface rights are secured through option agreements that collectively cover approximately 1,927 acres in Harris and Talbot Counties. The project position encompasses both surface and mineral rights, enabling Foothills secure access and control for exploration, development, and mining (Foothills Rare Earths, 2025b).

County ad valorem taxes (real property, leaseholds, and equipment) are assessed annually and are a standing encumbrance on both leasehold and fee estates. Surface and mineral activities are subject to Georgia permitting (EPD surface mining, NPDES/LAS water, air quality), with required reclamation bonding (~$2,500/acre) (Foothills Rare Earths, 2025b).

**3.4.1 Weyerhaeuser Lease (Surface and Mineral Rights)**

Weyerhaeuser Company retains fee simple ownership of both the surface and mineral estates covering approximately 1,662.8 acres of timberland in Harris and Talbot Counties. Under the Weyerhaeuser Lease, SEM holds exclusive leasehold rights to the mineral estate and broad rights of access and use of the surface estate for mineral exploration, development, and mining. Weyerhaeuser reserves its forestry operations and timber ownership but cannot interfere with SEM's permitted mineral activities (Foothills Rare Earths, 2025b).

**3.4.2 Newbill Option (Surface and Mineral Rights)**

The Newbill Family Trust holds fee simple title to approximately 263.7 acres in Talbot County, which includes both surface and mineral rights. This property consists of multiple parcels (250.6 acres and 13.1 acres respectively). Foothills holds an option, dated February 25, 2021, granting exclusive rights to conduct exploration and technical studies, with the contractual ability to purchase the property and acquire both surface and mineral estates outright (Foothills Rare Earths, 2025b).

**3.4.3 Title Certification**

A comprehensive title review of both surface and mineral estates was also conducted by a qualified legal professional at Warner, Hooper, and Ramsey in Peachtree City, Georgia. This information was provided by the registrant and obtained through formal documentation, including title certification letters and legal opinions. These materials support the ownership, encumbrances, and access rights for the referenced properties (Foothills Rare Earths, 2025b).

3.5 Water Rights

The following section is a summary outlining water rights considerations for mining operations in Georgia.

Water use for mining operations in Georgia is governed primarily by the Georgia Department of Natural Resources, Environmental Protection Division (EPD). Foothills holds rights to use both

SLV0163 – Technical Report Summary Shiloh Project, Georgia 13 November 2025

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surface and groundwater within the optioned areas, provided such use is reasonably necessary for exploration and mining activities and remains compliant with applicable state water rights laws, environmental regulations, and permitting requirements (Foothills Rare Earths, 2025a).

Surface water withdrawals exceeding 378,500 liters (monthly average) and groundwater above aquifer -specific thresholds require regulatory review. Under EPD policy, pit dewatering is regulated as process water discharge under the National Pollutant Discharge Elimination System (NPDES), not as a withdrawal, unless water is transferred off tract (Georgia Environmental Protection Division [EPD], 2025).

Weyerhaeuser retains its forestry operations but may not unreasonably interfere with SEM's permitted mineral or water-related activities. During the option period, Foothills is entitled to conduct surveys, drilling, and other technical studies, which include water use for exploration activities, subject to state laws. Upon exercise of the option, Foothills would acquire both surface and mineral estates, along with associated riparian and groundwater rights (Foothills Rare Earths, 2025b).

3.6 Government Mining Taxes, Levies or Royalties

**3.6.1 Taxes** 

Foothills will be responsible for taxes and assessments. The company also bears further responsibility for reclamation costs, compliance with environmental regulations, and maintaining appropriate insurance coverage.

Georgia does not impose a severance tax on hard-rock mining or mineral extraction. This is a significant advantage compared to many other mining jurisdictions that impose severance taxes based on production value or volume.

At the county level both Harris and Talbot Counties assess annual property taxes on real property, leasehold interests, and mining equipment. These are calculated based on the assessed value of the property and applicable millage rates.

Neither Harris County nor Talbot County currently impose local severance taxes on mineral extraction based on available ordinances.

Recurring regulatory fees are listed below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•EPD permit application fees and renewal fees for Surface Mining Permits

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Annual NPDES permit fees for stormwater and process water discharge permits

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Potential air permit fees if processing operations require air quality permits

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Local zoning and conditional use permit application fees (Harris County lists no fees for zoning amendments; Talbot County charges $300 for zoning amendment applications)

SLV0163 – Technical Report Summary Shiloh Project, Georgia 14 November 2025

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The project would be subject to standard federal and state corporate income taxes on profits generated from any potential future operations.

**3.6.2 Southeast Metals Option and Weyerhaeuser Lease**

Under the terms of the Weyerhaeuser Lease dated October 1, 2020, Southeast Metals LLC ("Lessor"; a Virginia limited liability company with an address at 650 Peter Jefferson Parkway Suite 230, Charlottesville, VA 22911) is obligated to make annual rental payments to Weyerhaeuser Company ("Lessee"; a Washington corporation with an address at 220 Occidental Ave. S., Seattle, Washington 98104).

Parties as part of the Lessor option are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Foothills Rare Earths, LLC, a North Carolina limited liability company ("FRE US"), Foothills Rare Earths Limited, an Australian limited liability company ("FRE"), Southeast Metals LLC, a Virginia limited liability company ("SEM"), Robert B. Cook, James E. Bond, Richard B. Gilliam, and H. Ross Arnold (each a "Member" and collectively, the "Members").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Piedmont Rare Earths, LLC, defined as Piedmont RE in the Option, amended its Certificate of Authority to change its name to Foothills Rare Earths LLC on April 7, 2021. As such, all references in the Option to Piedmont RE shall be updated to now reference "FRE US".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•U.S. Elements Pty Ltd, defined as U.S. Elements in the Option, filed a certificate of name change in Australia on June 1, 2022, to change its name to Foothills Rare Earths Limited. As such, all references in the Option to U.S. Elements shall be updated to now reference "FRE".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•FRE US remains a wholly owned subsidiary of FRE. As of the Amendment Effective Date, FRE is approximately 95% majority-owned subsidiary of REA. While FRE no longer intends to list on a stock exchange, REA plans to list on an Exchange by way of an initial public offering.

The Weyerhaeuser Lease is in the sum of $75,000 beginning in year four of the lease, with the amount subject to annual adjustment based on the Consumer Price Index (CPI). The CPI was assigned to the starting month of October 2022 and is rounded up to the nearest $100 and shall be adjusted upwards only annually. These rental payments are creditable against royalties due in the same lease year. The Weyerhaeuser Mining Lease provides for a 5% royalty on net smelter return–style value of products and byproducts produced and sold from the leased premises. Foothills/SEM must also make annual rental payments of $75,000 (CPI adjusted), which are creditable against royalties due in the same lease year. In addition, Weyerhaeuser retains a 1% overriding royalty on production from properties acquired within the defined Area of Interest (AOI) counties. Should

SLV0163 – Technical Report Summary Shiloh Project, Georgia 15 November 2025

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Foothills exercise the SEM Option, Foothills will assume the obligations of SEM in regards to the Weyerhaeuser Lease discussed herein (Foothills Rare Earths, 2025b).

Table 1 provides a summary of royalties, encumbrances, payees, triggers, and related terms in the SEM Option with Weyerhaeuser Company dated October 1, 2020.

**Table 1 Summary of Consolidated Royalty and Encumbrance Framework.**

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| &nbsp;&nbsp;**Category** | &nbsp;&nbsp;**Party Owed** | &nbsp;&nbsp;**Rate / Trigger** |
| &nbsp;&nbsp;**Production Royalty** | &nbsp;&nbsp;Weyerhaeuser Company | &nbsp;&nbsp;5% of the weighted average quarterly Fair Market Value *(*FMV) per short ton (2,000 Ibs) on Products (REE-bearing material) from Lease Area |
| &nbsp;&nbsp;**Byproduct Royalty** | &nbsp;&nbsp;Weyerhaeuser Company | &nbsp;&nbsp;5% of FMV per applicable weight or volume of Byproducts (non-REE minerals produced as secondary products). <br>Same valuation method as above, using London Metal Exchange pricing where applicable. <br>FMV Determination: <br>The higher of (a) the average quarterly published price (e.g., mineralprices.com) or (b) Gross Sales Price (actual sale price). <br>If not an arm's-length sale, FMV reverts to comparable arm's-length pricing. <br>No deductions for transport, taxes, or selling costs. <br>Hedging gains/losses are excluded.  |
| &nbsp;&nbsp;**Area of Interest (AOI) Royalty** | &nbsp;&nbsp;Weyerhaeuser Company | &nbsp;&nbsp;Coverage: Applies to any Outside Lease Area Interest in 10 counties of GA (Harris, Talbot, Muscogee, Meriweather, Pike, Upson, Lamar, Monroe, Jones, and Jasper) + Lee County, AL (. <br>Royalty Rate: 1% of FMV of Products and Byproducts from any such AOI property. <br>Duration: Survives lease termination; continues as long as SEM or successors hold interest. <br>Instrument: Granted by separate recorded Area of Interest Royalty Grant and Agreement. |
| &nbsp;&nbsp;**Put Option Royalty (Processing Facilities Area)** | &nbsp;&nbsp;Weyerhaeuser Company | &nbsp;&nbsp;If Weyerhaeuser requires SEM to purchase any portion of the Lease Area used for processing or tailings: <br>Purchase price = 125% of fair market value of unimproved land. <br>Weyerhaeuser may elect to retain a Put Option Royalty of 5% on production from that sold area (same terms as lease royalties). <br>Formalized by Royalty Grant Agreement and survives lease termination. |

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SLV0163 – Technical Report Summary Shiloh Project, Georgia 16 November 2025

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| &nbsp;&nbsp;**REA Share Consideration** | &nbsp;&nbsp;Rare Earths Americas Ltd. equity component | &nbsp;&nbsp;Equity substitution for prior U.S. Elements shares |
| &nbsp;&nbsp;**Regulatory Approval Requirement** | &nbsp;&nbsp;Property Agreement | &nbsp;&nbsp;Must be obtained before closing. |
| &nbsp;&nbsp;**Bi-Monthly Reporting** | &nbsp;&nbsp;SEM recipient | &nbsp;&nbsp;Activity updates from FRE US. |

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Source: Foothills Rare Earths, 2025b.

**3.6.3 Newbill Option**

Under the Newbill Option, Foothills holds exclusive rights to explore, drill, and conduct technical studies on approximately 263.7 acres in Talbot County, Georgia. The agreement is valid through February 28, 2027, during which time commercial mining is not permitted. The property consists of two parcels, 250.6 acres (Tax Parcel 007 22929) and 13.1 acres (Tax Parcel 007 22930 B) as specified in the title certification. Notably, 17 acres of the original tract were sold off, reducing the total accessible area to 263.66 acres. Remaining option payments are due by Feb 28, 2026, at $125 per acre (totaling $32,958). A drilling bonus of $1 per foot (core, RC, sonic, or similar exploration) is payable annually by February 28 for footage drilled in the previous calendar year.

Upon exercise, the purchase price equals 125% of fair market value and the Optionor conveys fee title and mineral rights. The Optionor retains a Production Royalty and a 12-month right to remove timber after closing. The retained Production Royalty is three percent (3%) of net smelter returns on concentrates or products produced from any part of the property, payable annually on the same February 28 cadence and covering the prior calendar year's production. Additionally, Foothills is granted a right of first offer and refusal on the sale of royalty (Foothills Rare Earths, 2025b).

Table 2 provides a summary of royalties, encumbrances, payees, triggers, and related terms in the Newbill Option Agreement (Feb. 25, 2021) between Piedmont Rare Earths, LLC and Joseph W. Newbill, Trustee of the Newbill Family Trust.

**Table 2 Royalties, Encumbrances, Payees, Triggers, and Related Terms.**

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| &nbsp;&nbsp;**Item** | &nbsp;&nbsp;**Description** |
| &nbsp;&nbsp;**Option Terms** | &nbsp;&nbsp;Exclusive Option: Piedmont RE receives exclusive and irrevocable right to purchase, explore, and evaluate the property in Talbot County, GA. |
| &nbsp;&nbsp;**Option Terms** | &nbsp;&nbsp;Option Period: From execution until February 28, 2027, unless extended or terminated earlier. |
| &nbsp;&nbsp;**Option Terms** | &nbsp;&nbsp;Option Payments: Annual escalating payments to maintain the option: |
| &nbsp;&nbsp;**Option Terms** | &nbsp;&nbsp;2021 – $100/acre ($26,366 total)<br>2022 – $105/acre ($27,684 total) |

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SLV0163 – Technical Report Summary Shiloh Project, Georgia 17 November 2025

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| &nbsp;&nbsp;**Item** | &nbsp;&nbsp;**Description** |
|  | &nbsp;&nbsp;2023 – $110/acre ($29,003 total)<br>2024 – $115/acre ($30,321 total)<br>2025 – $120/acre ($31,640 total)<br>2026 – $125/acre ($32,958 total) |
| &nbsp;&nbsp;**Purchase Price (Trigger: Exercise of Option)** | &nbsp;&nbsp;If exercised, Piedmont RE may buy the property for 125% of fair market value (determined per an appraisal schedule). |
| &nbsp;&nbsp;**Purchase Price (Trigger: Exercise of Option)** | &nbsp;&nbsp;The purchase excludes a "Life Estate Parcel" reserved for Jan Newbill. |
| &nbsp;&nbsp;**Production Royalty** | &nbsp;&nbsp;Payee: Newbill Family Trust (Optionor) |
| &nbsp;&nbsp;**Production Royalty** | &nbsp;&nbsp;Royalty Rate: 5% of Net Smelter Returns (NSR) from minerals produced and removed from the premises. |
| &nbsp;&nbsp;**Production Royalty** | &nbsp;&nbsp;Trigger: Begins upon commercial production. |
| &nbsp;&nbsp;**Production Royalty** | &nbsp;&nbsp;Definition: Based on "Net Smelter Returns," i.e., gross revenue from sale of products minus certain allowable deductions (transport, refining, etc.). |
| &nbsp;&nbsp;**Production Royalty** | &nbsp;&nbsp;Third Party Sale Clause: If the property or royalty is sold to a third party, Piedmont must match or exceed any bona fide third-party offer within 90 days or release its right. |
| &nbsp;&nbsp;**Encumbrances and Restrictions** | &nbsp;&nbsp;Property must be conveyed free and clear of liens and encumbrances except standard easements or those approved by Piedmont RE. |
| &nbsp;&nbsp;**Encumbrances and Restrictions** | &nbsp;&nbsp;Optionor (Newbill Trust) cannot sell, lease, or encumber the property (including timber, minerals, or rights) during the option period without Piedmont RE's written consent, except for normal timber management (harvest, replanting, burning). |
| &nbsp;&nbsp;**Indemnities & Liabilities** | &nbsp;&nbsp;Piedmont RE indemnifies the Optionor against damage or liability arising from exploration or operations, up to $1,000,000 per property damage event. |
| &nbsp;&nbsp;**Indemnities & Liabilities** | &nbsp;&nbsp;Optionor indemnifies Piedmont RE for title defects or hazardous material liabilities predating the agreement. |
| &nbsp;&nbsp;**Other Key Triggers** | &nbsp;&nbsp;Exercise of Option: By written notice to Optionor; triggers purchase and royalty terms. |
| &nbsp;&nbsp;**Other Key Triggers** | &nbsp;&nbsp;Third-Party Offer: Optionor must notify Piedmont of any third-party offer; Piedmont may match within 90 days. |
| &nbsp;&nbsp;**Other Key Triggers** | &nbsp;&nbsp;Expiration: If not exercised by Feb. 28, 2027, the Option expires automatically, and all rights revert to Optionor. |

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Source: Foothills Rare Earths, 2025b.

SLV0163 – Technical Report Summary Shiloh Project, Georgia 18 November 2025

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3.7 Encumbrances

The material encumbrances are (i) Weyerhaeuser's retained timber rights and AOI royalty, (ii) future NSR royalties, and (iii) statutory obligations for taxes, bonding, and environmental compliance. Foothills advised that these will not impact project rights (Foothills Rare Earths, 2025b).

There are no current material violations or fines as understood in the United States mining regulatory context that apply to the project.

3.8 Environmental Considerations

**3.8.1 Foothills Exploration Approach** 

Foothills has implemented a series of operating procedures designed to minimize environmental impact during mineral exploration activities. Foothills advised Geosyntec that the following practices were consistently applied during the exploration programs discussed in this Report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Use of Existing Infrastructure:** All access routes were restricted to preexisting roads and trails to prevent unnecessary land disturbance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Vegetation Protection:** Underbrush and vegetation were gently compressed rather than uprooted, preserving root systems and promoting rapid recovery.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**On-Site Mulching:** Logging slash and brush were mulched in place to create safe work areas and reduce soil erosion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Low-Impact Equipment**: Small, track-mounted drill rigs were used to minimize ground disturbance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Selective Trail Creation**: A skid steer was used to create narrow trails between trees or rows of planted pines. Trails were carefully routed and constructed to avoid uprooting vegetation, to align with vegetation protection practices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Revegetation:** Seedlings were replanted in disturbed areas as needed to restore vegetation cover.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Tree Preservation**: Mature trees were protected, and reasonable efforts were made to avoid damage during exploration activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**No Trenching Policy**: Foothills enforced a strict no-trenching policy. Subsurface data were collected using DPT drill rigs, which provided comparable results with significantly reduced environmental impact.

These procedures were designed to ensure compliance with applicable environmental regulations and to support Foothills' commitment to responsible exploration practices.

SLV0163 – Technical Report Summary Shiloh Project, Georgia 19 November 2025

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In support of these practices, Foothills received formal acknowledgment from HHNT following their review of the Georgia Construction Stormwater Permits (GAR100001, GAR100002, and GAR100003), as well as O.C.G.A. § 12-7, which governs erosion and sediment control. The letter, dated September 17, 2025, stated that if the Project disturbs less than one acre of land, Foothills is exempt from stormwater permitting requirements. However, if the disturbance exceeds one acre, Foothills must file a Notice of Intent (NOI) under the appropriate GAR permit or obtain authorization through the local issuing authority.

**3.8.2 Environmental** 

Foothills has adopted a suite of BMPs to minimize environmental impact during exploration at the Shiloh Project. These include the use of existing trails, low-impact drilling equipment, and mulching of logging slash to reduce erosion. No new trenching has been conducted, and underbrush is compressed rather than removed to preserve root systems. Review of Georgia Construction Stormwater Permits (GAR100001–003) and O.C.G.A. § 12-7 noted that Foothills is exempt from stormwater permitting if land disturbance remains below one acre. For larger disturbances, a Notice of Intent (NOI) must be filed.

3.9 Permitting Considerations

Foothills is currently in the exploration phase of its Project in west-central Georgia, with activities focused on leased and optioned properties in Harris and Talbot Counties. This section outlines the permitting requirements, social considerations, and risk factors associated with surface mining operations in Georgia, with specific reference to the Shiloh Project. The information is derived from the Project Shiloh Mine Permitting Methods and Strategy report (HHNT, 2025), which details both state and local regulatory frameworks applicable to mining activities. The permitting strategy reflects the limited scope of current work while anticipating future regulatory needs should the project advance.

**3.9.1 Current Exploration-Level Permitting**

Exploration activities are being conducted on private lands under formal agreements or options to lease or purchase. At this stage, the following permits and authorizations are relevant:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Landowner Access Agreements: Formalized through lease and option contracts, including the Weyerhaeuser Lease and SEM Option Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•County Level Zoning Confirmation: No active mining is occurring; exploration is permitted under current land use designations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Environmental BMPs: Implemented voluntarily to minimize disturbances, including erosion control and avoidance of sensitive areas.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•No Material Violations or Fines: As at the latest review, there are no known regulatory violations associated with current exploration activities.

SLV0163 – Technical Report Summary Shiloh Project, Georgia 20 November 2025

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**3.9.2 Permitting Considerations**

Advancement of the Shiloh REE Project toward development will necessitate a comprehensive permitting strategy to ensure regulatory compliance across federal, state, and local jurisdictions. The following permits and approvals may be required:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Surface Mining Permit (O.C.G.A. § 12-4-75)** – Issued by the Georgia Environmental Protection Division (EPD), requiring a Mining Land Use Plan (MLUP), reclamation strategy, and erosion and sediment control design.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Water Withdrawal Permit (O.C.G.A. § 12-5-31)** – Required if water withdrawals exceed statutory thresholds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Air Quality Permit (O.C.G.A. § 12-9-1 et seq.)** – Applicable to material processing operations that may generate regulated air emissions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Clean Water Act Section 404 Permit** – Required if project activities impact jurisdictional wetlands or waters of the United States. May trigger additional reviews under the Endangered Species Act (ESA) and the National Historic Preservation Act (NHPA).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**NPDES General Permit** – Required for water discharges associated with drilling, dewatering, or other construction related activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Development of Regional Impact (DRI) Review** – Coordinated by the River Valley Regional Commission for large-scale developments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**County Level Notifications or Conditional Use Approvals** – May be required depending on the scale and nature of land disturbance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Stormwater Management Plan** – Required if land disturbance exceeds local thresholds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Cultural Resource Screening** – May be necessary if project expansion encroaches on areas with known or suspected historic or archaeological significance.

At present, permit applications have not been submitted, and development level activities are not planned. This permitting overview is provided solely for context and long-term planning purposes in accordance with SK1300 disclosure requirements.

**3.9.3 Permit Timelines**

The expected timeline for EPD review is approximately 3–6 months, with an additional 3–4 months required for preparation of applications and supporting studies. Local approval processes in Talbot and Harris Counties involve public hearings and compliance with county specific zoning regulations, which may extend the overall permitting timeline (HHNT, 2025, pp. 8, 13).

**3.9.4 Permit Conditions**

Permit conditions include maintaining buffers around sensitive areas, implementing erosion and sediment control measures, and adhering to reclamation plans. Operators must also comply with

SLV0163 – Technical Report Summary Shiloh Project, Georgia 21 November 2025

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bonding requirements to facilitate completing reclamation, with bond amounts reviewed every five years (HHNT, 2025, pp. 2–5; O.C.G.A. § 12475).

The Surface Mining Permit issued by the Georgia EPD under O.C.G.A. § 12475 is the primary authorization. It requires requiring submission of MLUPs detailing reclamation strategies, erosion control designs, and land use planning. EPD typically completes permit reviews within three to six months, although additional studies or agency consultations may extend the timelines (Georgia Environmental Protection Division (EPD) n.d.).

**3.9.5 Future Permitting Outlook**

Foothills is evaluating long-term permitting pathways, including zoning, cultural resource surveys, and wetland delineations. The company is committed to early engagement with regulatory authorities.

3.10 Social Considerations

Foothills maintains transparent communication with local stakeholders in Harris and Talbot Counties. Exploration activities are designed to minimize disruption, with attention to traffic, dust, and noise. No significant opposition has been encountered. Informal outreach and feedback mechanisms are used to monitor community sentiment.

Social considerations include public notification and hearings required for zoning amendments and conditional use permits. The Development of Regional Impact (DRI) process enables major projects are reviewed for regional impacts, with input from local governments and the public (HHNT, 2025, pp. 7–8, 12).

Public participation is embedded in multiple permitting statutes. The Georgia Administrative Procedure Act (O.C.G.A. § 50131 et seq.), public notice is required for EPD issued permits. Additionally, Talbot and Harris Counties mandate newspaper notices, property postings, and public hearings at least 15 days before zoning or conditional use hearings.

The DRI review process, governed by the Georgia Planning Act, notifies regional governments of potential mining impacts, including traffic, infrastructure, and cross jurisdictional concerns. While advisory in nature, this process provides a formal venue for stakeholder input and intergovernmental coordination.

SLV0163 – Technical Report Summary Shiloh Project, Georgia 22 November 2025

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Beyond statutory requirements, effective community engagement involves strategic and transparent communication with adjacent landowners and regional stakeholders. As the Shiloh project remains in the exploration phase, Foothills has not yet conducted formal public outreach or engagement activities. However, because the Shiloh project spans two counties, Foothills is expected to continue developing public policy in partnership with local residents to achieve mutually beneficial outcomes.

3.11 Significant Factors and Risks That May Affect Access, Title or Work Programs

To the extent known to Geosyntec, other than discussed elsewhere in this TRS, there are no significant risks that may affect access, title or work programs.

SLV0163 – Technical Report Summary Shiloh Project, Georgia 23 November 2025

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4. Accessibility, Climate, Local resoureces, Infrastructure And Physiography

4.1 Physiography

**4.1.1 Topography and Elevation**

The topography of the Project area and the Pine Mountain Window is generally characterized by gently rolling hills, bounded to the north and south by two prominent east–west-trending ridges that reflect the resistive nature of the Hollis Quartzite. These ridges, located just outside the Project area, rise to elevations between 335 to 420 m above sea level. In contrast, elevations within the Pine Mountain Window range from approximately 215 to 285 m above sea level. Numerous small creeks and streams traverse the Project Areas, contributing to the localized drainage patterns and minor erosional features.

The Pine Mountain Window is a tectonic window exposing Grenville-age basement rocks beneath Piedmont terranes, offering a rare glimpse into the deep crustal architecture of the southern Appalachian region. Framed by major fault zones, it provides key insights into pre-Appalachian tectonics, including ancient continental margins and suture zones.

**4.1.2 Vegetation**

Vegetation in the Shiloh area of Georgia, lies within the Piedmont and Coastal Plain regions, and is rich and diverse due its humid subtropical climate and varied topography (USGS 2023). The Project area is situated within a rural area composed entirely of privately owned parcels, including agricultural lands, residential lots, and undeveloped acreage. Vegetation across the project boundary falls within the temperate broadleaf biome and consists of a mosaic of cleared farmland interspersed with forested zones. Where present, vegetation includes mature hardwood and mixed-species canopy tress, with an understory of shrubs and herbaceous growth. The terrain is generally accessible and traversable by foot, with no significant impediments to ground-based exploration activities.

4.2 Accessibility

General access to the Shiloh Project area is facilitated by a well-developed network of primary and secondary paved roads. Larger, private properties include gravel access roads used for agricultural and logging operations within the project boundaries. Interstate Highway I-85, located approximately 10 km east of the Project area, provides direct access to Atlanta and Hartsfield

SLV0163 – Technical Report Summary Shiloh Project, Georgia 24 November 2025

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Jackson International Airport. Additionally, an active CSX rail line runs through Manchester, Georgia, roughly 8 km to the east northeast of the Project area (Figure 3).

![img77526612_8.jpg](img77526612_8.jpg)

**Figure 3 Shiloh Project Location Relative to Road, Rail, and Air Transportation Infrastructure. (Source: Foothills Rare Earths, 2025a)**

SLV0163 – Technical Report Summary Shiloh Project, Georgia 25 November 2025

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4.3 Climate

Over the past five years, the Shiloh area has received an average annual precipitation of approximately 48 inches, with the majority of rainfall occurring during the spring and summer months (Figure 4). (National Weather Service, n.d.).

![img77526612_9.jpg](img77526612_9.jpg)

**Figure 4 Monthly Average Precipitation (in inches) in Shiloh for the years 2021, 2022 and 2025. (Source: Representative climate records from the Nation Weather Service <br>and Weather Atlas, 2025).**

**4.3.1 Length of Operating Season**

Southern Georgia has a humid subtropical climate with short, mild winters and hot summers. The area around the Project area experiences summer temperatures ranging from approximately 29°C to 34°C. Winter temperatures are more variable with an average high of 13°C and average low of 2°C. Average annual precipitation ranges from 120 centimeters (cm) to 140 cm. Snowfall or freezing precipitation in the area is rare. The region's relatively mild climate enables year-round exploration with minimal disruption from weather-related conditions. Seasonal variations and weather events would be expected to have a small effect on the efficiency of exploration activities, and any future surface mining, and concentrator plant operations. Negative impacts would be on a limited basis and last less than a few days. If mining activities were conducted in future, they could be conducted year-round.

SLV0163 – Technical Report Summary Shiloh Project, Georgia 26 November 2025

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4.4 Infrastructure and Local Resources

4.4.1 Exploration-Level Infrastructure

The proposed mining project located in South-central Georgia, centered near Shiloh, is supported by basic infrastructure suitable for early-stage field activities. Existing road networks provide access to nearby towns such as Columbus and LaGrange, with Atlanta approximately 90 minutes away by car. Local utilities and services are sufficient to support geologic fieldwork, sampling, and reconnaissance activities. Workforce availability for exploration support is adequate, with regional labor accessible for temporary or contract-based roles.

**4.4.2 Development-Level Considerations**

Should the project advance beyond the exploration phase, the region offers favorable infrastructure for potential development. Proximity to the Atlanta metropolitan area—with a 2024 population of 6.27 million (Microtrends, 2025)—could support long-term workforce, logistics, and supply chain needs. Transportation corridors, utility capacity, and regulatory frameworks would require further evaluation to assess feasibility for construction and sustained mining activities.

While the City of Atlanta has not formally endorsed or invested in mining activities near Shiloh, its regional infrastructure, regulatory institutions, and community development programs—such as those administered by the Georga EPD and the City's Department of Grants and Community Development provide indirect support mechanisms that may benefit potential future exploration activities.

**4.4.3 Water**

Shiloh operates its own municipal water system, which provides reliable access to water for residents and supports local development initiatives such as the Foothills REE Project.

This infrastructure is considered sufficient for early-stage field activities and exploration, and it may support potential future mining or industrial operations with additional evaluation and upgrades.

**4.4.4 Power Supply**

Electrical service in the region is provided by Georgia Power and local Electric Membership Corporations (EMCs). Transmission infrastructure is located within 10–15 miles of the project site. Preliminary assessments indicate sufficient capacity to support mining and processing activities, though upgrades may be required. The area also has moderate solar energy potential, which may be considered for supplemental power solutions.

SLV0163 – Technical Report Summary Shiloh Project, Georgia 27 November 2025

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**4.4.5 Personnel**

There is a potential workforce available in towns surrounding the Project area, including experienced heavy machinery operators. The nearby Atlanta metropolitan region hosts multiple universities, contributing to a highly skilled talent pool, comprising graduates in engineering, geology, environmental science, and other relevant disciplines. This talent pool reflects the availability of individuals with specialized education, training, and experience who could support exploration, and development roles.

Additionally, many surrounding cities offer access to community colleges and regional university branches, further supporting workforce development and training opportunities through technical and vocational programs. These institutions help produce qualified technicians, drill operators, safety personnel, and environmental monitors.

Community services such as healthcare, education, and emergency response are available in Shiloh and nearby towns, with expanded services in Macon and Columbus. (Georgia Department of Community Affairs, 2025).

**4.4.6 Supplies**

The Shiloh area is supported by a well-established supply infrastructure capable of meeting a range of construction demands. Regional suppliers such as Dixie Construction Products provide a broad inventory of industrial tools, equipment, and materials, with efficient delivery services to project sites. Local vendors, including specialty providers such as Foster Wood Products, offer access to reclaimed and custom materials for specialized applications. This combination of regional distribution capacity and local sourcing options enhances logistical efficiency for current and potential future exploration programs.

**4.4.7 Transportation Access**

The Shiloh area is served by a network of paved state and county roads, including U.S. Route 19 and Georgia State Route 49, which provide reliable regional access for personnel, equipment, and materials. Rail infrastructure includes short-line railroads with connections to Class I carriers such as Norfolk Southern, offering potential for bulk transport of concentrates or reagents. The nearest commercial airport is located in Macon (~50 miles northeast), with international access available via Hartsfield-Jackson Atlanta International Airport (~120 miles northwest). (Georgia Department of Transportation, 2020).

**4.4.8 Accommodation and Logistics**

Housing options for workers exist within a 30-mile radius of the Project area. Temporary workforce accommodation may include modular housing or partnerships with local communities. Logistics support such as warehousing, fuel supply, and equipment maintenance is available in nearby towns including Americus and Albany. (Georgia Department of Transportation, 2020).

SLV0163 – Technical Report Summary Shiloh Project, Georgia 28 November 2025

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For current and upcoming phases of exploration, Foothills requires continued access to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Temporary housing for rotating field crews;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Reliable water sources for drilling operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Fuel and maintenance services for low-impact drill rigs and support vehicles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Secure storage for samples, equipment, and sensitive data; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Basic medical and emergency services are available in Shiloh and expanded services are available in Macon and Columbus.

These logistical needs are consistent with the requirements of the exploration phase and do not yet necessitate large-scale infrastructure or permanent facilities.

**4.4.9 Environmental and Regulatory Considerations**

Infrastructure development will require coordination with state agencies, including the Georgia Environmental Protection Division (EPD) and Georgia Department of Transportation (GDOT). The project area is predominantly rural, with mixed agricultural and forest land use, which may facilitate permitting for industrial development and reduce potential land-use conflicts. (Georgia Environmental Protection Division, 2024)

SLV0163 – Technical Report Summary Shiloh Project, Georgia 29 November 2025

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5. History

5.1 Previous Work

In the 1970s, the U.S. Government funded the National Uranium Resource Evaluation (NURE) program, which involved the nationwide collection of geophysical and geochemical data to identify domestic uranium (U) resources. This data led to the discovery of REE's in Harris and Talbot counties in Georgia in the late 1980's. Geologically, this discovery was located within the Pine Mountain Window and documented in a 1992 Geological Society of America (GSA) national meeting abstract (Cook et al., 1992). This abstract reported the occurrence of "float blocks" with elevated REE values. Subsequently, Dr. Cook, Professor of Geology at Auburn University, continued working in the region prospecting and reinterpreting regional geophysics and geology (personal communications). In 2011, Dr. Cook and SEM initiated an exploration campaign for a 30 square mile area centered on the community of Shiloh. SEM conducted radiometric ground surveys, prospecting and soil sampling which identified numerous anomalies, as well as additional occurrences of high-grade REE mineralization. As a result, SEM acquired property agreements and from 2012 through 2014 systematically evaluated the anomalies and elevated REE values using trenching techniques. Overall, the results of the trenching became the foundation for Foothills exploration from 2021 the Report date. The following sections summarize SEM's exploration efforts over the period of 2011 through 2014.

5.2 Previous Exploration

**5.2.1 SEM Exploration Activities 2011-2012**

Details of SEM's exploration activities for this date range are included in an internal SEM report (Cook, 2012).

SEM initiated a preliminary evaluation exploration program that focused on the vicinity of Shiloh. Road radiometric surveys and ground radiometric data were collected using a handheld scintillometer. The largest ground survey was the Newbill grid which consisted of 100-ft line spacing with 50-ft spaced stations which included 2,500 data points of counts per second. For selected areas, U- and Th -specific data were recorded. As a result of the grid work, rock and soil sampling observed several high anomalies that warranted additional evaluation. SEM was able to obtain an option to lease the Newbill property in June 2012. Subsequently, SEM initiated a Phase I trenching program in mid-2012.

The Phase I trenching program consisted of 1,350 total linear ft over 10 trenches which focused on the anomalies produced by the previous radiometric grid survey and geochemistry. The locations of the ten trenches (T-1 to T-10) are shown in Figure 5 with the current Newbill property boundary in blue.

SLV0163 – Technical Report Summary Shiloh Project, Georgia 30 November 2025

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![img77526612_11.jpg](img77526612_11.jpg)

**Figure 5 Newbill Property with Contoured Radiometric Ground Grid. (Source: Foothills Rare Earths, 2025a)**

SLV0163 – Technical Report Summary Shiloh Project, Georgia 31 November 2025

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The trenches were mapped, photographed and radiometric data was collected. Between 2011 and 2012, a total of 322 samples were collected: 98 samples from road surveys and field gridding programs (2011), and 224 samples from the trenching program on Newbill property (2012). Samples were submitted to ALS in Reno, Nevada for high-grade REE by fusion/ inductively coupled plasma mass spectrometry (ICP-MS) (ME-MS81h). ALS USA Inc. is an independent commercial laboratory accredited with ISO/ International Electrotechnical Commission (IEC) 17025:2017 certification for the analytical methods employed.

**5.2.2 SEM Exploration Activities 2013**

SEM conducted a Phase II trenching program as a follow-up to the 2012 Phase I initiative. The details of this program are documented in an internal SEM Report (Cook and Troensegaard, 2013).

The primary objectives of the Phase II trenching program included continued evaluation of radiometric anomaly, mineralization and improving the understanding of structural and lithologic controls associated with the T3, T5, T6, and T7 trenches from the 2011-2012 program. Figure 5 above also shows the location map for the trenching activities.

Approximately 850 linear feet of trench was excavated with an average width of four feet. A total of 34 samples were collected and shipped to ALS Mineral Analysis Laboratories (ALS) facilities in Reno, Nevada for preparation and to Vancouver, Canada for whole rock analysis by x-ray fluorescence (XRF), and ICP-MS techniques (ME-MS81h).

Following SEM's completion of the Phase II trenching program on the Newbill tract, the investigation concluded the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**T3**: The zone dips shallowly southward. No black elevated mineralized zones were observed; clay-rich zone mineralogy is unknown. Recommended next step: air rotary drilling with radiometric logging, using existing woods roads for access.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**T5**: Mineralization is likely hydrothermally altered clay-rich material, disrupted by a northwest-trending fault. Structural deformation includes drag folding and boudinage of mafic/felsic rocks. Black material was observed in the 2012 trench, but not in the Phase II trenching. Recommended next step: closely spaced, shallow, southwest-oriented core holes to evaluate tonnage and continuity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**T6**: Thickness and grade of mineralization were reported. Northeast extension is obscured due to pitch/inclination; mineralization continues at trench depth. The Southwest extension is supported by mineralized cobbles in upstream alluvium. Recommended next steps: shallow, inclined core drilling-oriented northwest to define extent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**T7**: Trenching indicated continuity of mineralization previously detected only sporadically. Two parallel zones identified; no elevated mineralization observed. Mineralization follows foliation parallel shearing near Woodland Gneiss–charnockite contact. Thick soil may obscure elevated mineralized zones.

SLV0163 – Technical Report Summary Shiloh Project, Georgia 32 November 2025

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SEM's recommendations included drilling of shallow air rotary holes to further evaluate subsurface continuity, as well as pursuing additional property acquisitions within the district to expand exploration potential.

**5.2.3 SEM Exploration Activities 2014**

Details of the exploration activities are documented in an internal SEM report (Cook and Troensegaard, 2014).

In early 2014, SEM expanded exploration centering about one mile west of Shiloh and immediately south of Kings Gap Road to include two tracts, totaling 1,646 acres, and one privately held tract of 76 acres. The western areas near Shiloh were designated as the Pipeline Area, while the larger easter tract was named the Pig Trail Area (Figures 6 and 7).

![img77526612_13.jpg](img77526612_13.jpg)

**Figure 6 Location of Plum Creek Timberlands "Pipeline" Tract. <br>(Source: Foothills Rare Earths, 2025e)**

SLV0163 – Technical Report Summary Shiloh Project, Georgia 33 November 2025

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![img77526612_14.jpg](img77526612_14.jpg)

**Figure 7 Location of Plum Creek Timberlands "Pig Trail" Tract. <br>(Source: Foothills Rare Earths, 2025e)**

The primary objectives of the exploration activities included identifying anomalous radiation, mineralogy, and improving the understanding of structural and lithologic controls. As with the Newbill property, SEM established radiometric grids across the Pig Trail and Pipeline expanded areas (Figures 8 and 9, respectively).

SLV0163 – Technical Report Summary Shiloh Project, Georgia 34 November 2025

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![img77526612_16.jpg](img77526612_16.jpg)

**Figure 8 Pig Trail Area Map Showing Contoured Radiometric Ground Grid and PT1 Locations. (Source: Foothills Rare Earths, 2025a)**

SLV0163 – Technical Report Summary Shiloh Project, Georgia 35 November 2025

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![img77526612_17.jpg](img77526612_17.jpg)

**Figure 9 Pipeline Area Map Showing Contoured Radiometric Ground Grid and PT1 Trench Locations. (Source: Foothills Rare Earths, 2025a)**

SLV0163 – Technical Report Summary Shiloh Project, Georgia 36 November 2025

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Zones exhibiting anomalously high radiometric readings were prioritized for trenching. Trenching was carried out in two areas: the Pig Trail Area (trenches PT1 - PT8) and the Pipeline Area (trenches PL1 - PL7). Each trench measured approximately 4 feet in width and 10 feet in depth. In total, 881 ft of trenching were completed in the Pig Trail Area and 1,184 ft in the Pipeline Area.

A total of 87 samples were collected and shipped to ALS in Reno, Nevada, for preparation and subsequently to ALS Vancouver, Canada for high-grade by fusion and ICP-MS (ME-MS81h). The elemental composition of the samples was specifically measured via XRF, while trace metal analyses on selected samples were conducted using ICP techniques.

SEM concluded that the trenching program identified the sources of radiometric, soil, and rock anomalies. In general, the trenches intersected mineralized zones composed of sheared felsic gneiss exhibiting iron and manganese staining. These zones included broken grey quartz veining within the hanging wall, indicative of structural complexity and potential fluid pathways.

**5.2.4 Geosyntec's Opinion on Previous Exploration**

Geosyntec has not received analytical results for SEM's exploration efforts over the period of 2011 through 2014. Section 5 represents a summary of historical exploration work that is considered reasonable for the purpose of project development.

SLV0163 – Technical Report Summary Shiloh Project, Georgia 37 November 2025

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6. Geological Setting, Mineralization, And Deposit

6.1 Deposit Type

The Shiloh REE Project is currently interpreted as a structurally controlled intrusion related REE vein/disseminated deposit, consistent with industry-recognized models for monazite-hosted REE systems The schematic stratigraphic column of the Shiloh area (Figure 10) included monazite hosted REE mineralization within both the saprolite layer and underlaying bedrock, with saprolite averaging 8.3 m in thickness based on data from 494 DPT drillholes, and the strata generally dipping gently to the southeast. The term "saprolite" in this document refers to chemically weathered and unconsolidated rock that lies directly above the bedrock while retaining the structure of the bedrock.

Mineralization is hosted within foliated felsic gneiss units, where monazite is the dominant REE mineral. The mineralized zones exhibit strong structural control, with monazite-bearing quartz lenses and disseminations aligned along foliation planes and shear zones. These features are accompanied by brecciation textures, iron and manganese staining, and hanging wall quartz veining, indicative of hydrothermal fluid activity.

Geological observations from trenching and geologic reports support that REE mineralization was likely introduced post-deposition, either during regional metamorphism or through structurally focused hydrothermal processes. The mineralized zones are spatially associated with deformation features and are interpreted to be part of a single mineralizing event, structurally emplaced within the Grenville lithologic package (Foothills Rare Earths, 2025a).

SLV0163 – Technical Report Summary Shiloh Project, Georgia 38 November 2025

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![img77526612_19.gif](img77526612_19.gif)

**Figure 10 Schematic Stratigraphic Column. (Source: Foothills Rare Earths, 2025d)**

6.2 Regional Geology

The Shiloh Project area lies within the Piedmont Province of Alabama and southeast Georgia, a geographic region characterized by low rolling hills and meandering rivers underlain by the remnants of multiple ancient mountain-building events. This sequence trends northeast and

SLV0163 – Technical Report Summary Shiloh Project, Georgia 39 November 2025

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includes remnants of the Grenville orogeny, a Mesoproterozoic event approximately 1600-1000 Ma. as illustrated in Figure 11 (Steltenpohl et al., 2010).

This region also records deformation from subsequent Paleozoic orogenic events, including the Taconic, Acadian, and Alleghenian orogenies, which contribute to the complex metamorphic and structural fabric. Bedrock in the area typically consists of high-grade metamorphic rocks such as gneiss, schist, and amphibolite, intruded by granite bodies. These units have undergone multiple phases of folding and faulting, resulting in a structurally complex terrain that influences mineralization patterns and groundwater flow (Foothills Rare Earths, 2025a).

![img77526612_20.jpg](img77526612_20.jpg)

**Figure 11 Regional Geologic Setting of the Shiloh Project Area in West-Central Georgia**

**(Source: Foothills Rare Earths, 2025a)**

6.3 Project Geology

The geologic map (Figure 12) presents the current interpretation of the Grenville-age units within the Pine Mountain Window at Shiloh. This geologic map of the Shiloh area was interpreted by Foothills geologists using field observations from outcrops, including drill core (A), aero-radiometric thorium data (B), and aero-magnetic total magnetic intensity (TMI) data (C). Current exploration parcels are shown in the three black and one blue polygon outlines (Foothills Rare Earths, 2025a).

SLV0163 – Technical Report Summary Shiloh Project, Georgia 40 November 2025

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![img77526612_22.jpg](img77526612_22.jpg)

**Figure 12 Geologic Map of the Shiloh Project Area, (Source: Foothills Rare Earths, 2025a)**

SLV0163 – Technical Report Summary Shiloh Project, Georgia 41 November 2025

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Three radiogenic gneiss units are interpreted to exist in the Shiloh Project area—South Shiloh Gneiss (pink), North Shiloh Gneiss (purple), and Lazer Creek Gneiss (blue), as illustrated in Figure 12. These units locally contain elevated concentrations of REEs hosted in the REE phosphate mineral monazite. These gneisses are predominantly felsic, composed of feldspar and quartz with minor biotite and hornblende (Foothills Rare Earths, 2025a).

These radiogenic gneisses are inferred to be of Grenville age (~1600–1000 Ma) and are exposed within the Pine Mountain Window, which has been eroded through overlying Early Paleozoic rocks of the Pine Mountain Group. The overlying units include the Sparks/Halawaka Schist (orange) and Hollis Quartzite (yellow) (Figure 12A).

Additional exploration interest is associated with several isolated, circular anomalies (magenta spots, Figures 12A and B). Aeromagnetic data, particularly the TMI dataset (Figure 12C), delineate the major unconformity between the magnetically subdued Grenville core and the more complex magnetic signatures of the surrounding Paleozoic units. This data also highlights localized magnetic areas associated with mafic dikes and gabbro intrusions (Foothills Rare Earth, 2025a).

Figure 13 illustrates the Newbill Target Drill Map (Figure 13A) along with strike and cross sections A-A' and B-B' (Figures 13B and 13C), presenting the subsurface distribution of lithologies and REE mineralization across target area. Borehole data indicate a weathering profile dominated by clay and saprolite overlaying bedrock, with REE bearing mineralization primarily hosted within saprolitic horizons. In the strike section (B–B', Figure 13C), REE-enriched intervals occur as laterally continuous zones, highlighted by pink bands, and are associated with clay-rich and biotite schist units. The cross section (A–A', Figure 13B) shows a gentle southeast dip of these mineralized layers, extending from near-surface to depths approaching 212 m, and delineates structural controls influencing mineral continuity. Collectively, these sections demonstrate strong lateral and vertical continuity of REE-bearing zones, supporting geological modeling and guiding future diamond drilling programs.

SLV0163 – Technical Report Summary Shiloh Project, Georgia 42 November 2025

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SLV0163 – Technical Report Summary Shiloh Project, Georgia 43 November 2025

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SLV0163 – Technical Report Summary Shiloh Project, Georgia 44 November 2025

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![img77526612_26.gif](img77526612_26.gif)

**Figure 13 Newbill Target Drill Map (A), Newbill Cross Section A-A" (B), and Newbill Strike Section B-B' (C)., Source: Foothills Rare Earths, 2025e**

SLV0163 – Technical Report Summary Shiloh Project, Georgia 45 November 2025

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6.4 Mineralization

The Grenville assemblage at Shiloh comprises interlayered felsic, intermediate, and mafic lithologies, interpreted to represent a polymetamorphic suite derived from protoliths of mix of sedimentary, volcanic, and/or intrusive rocks as shown above in the schematic stratigraphic column in Figure 10.

Prior to regional metamorphism, REE mineralization is hypothesized to have been introduced into the Grenville lithologic package through an intrusive event, as suggested by current working models. The presence of relict breccia textures in a localized outcrop is interpreted to represent xenolithic fragments of barren host rocks enclosed within a mineralized matrix, indicative of magmatic or hydrothermal brecciation processes. Figure 14 depicts an example of local mineralization observed in a dry creek bank on the Newbill property with brecciated texture in dark mineralized biotite hornblende gneiss with inferred xenolithic clasts and boudins of lighter colored barren felsic gneiss entrained within. The coordinate location is 7219367E, 3630776N NAD83 Z16. (Foothills Rare Earths, 2025a)

![img77526612_28.jpg](img77526612_28.jpg)

**Figure 14 Mineralized Monazite at the Newbill property. (Source: Foothills Rare Earths, 2025a)**

Occurrences of REE mineralization within the lower stratigraphic levels of the Sparks Schist suggest that the mineralizing event could have occurred after erosion and surface exposure of the underlying Grenville basement. This relationship implies that REE enrichment may have

SLV0163 – Technical Report Summary Shiloh Project, Georgia 46 November 2025

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coincided with, or followed shortly after, the deposition and emplacement of the overlying Sparks Schist, which defines the basal unconformity of the Pine Mountain Assemblage (Foothills Rare Earths, 2025a).

The granulite grade gneiss and schist of the Grenville units at Shiloh exhibit pervasive ductile deformation, characterized by well-developed penetrative foliation development and a locally prominent developed stretching lineation, indicative of high-strain conditions during regional metamorphism and tectonic transposition. Figure 15 provides an example of mineralization of a felsic gneiss outcrop at the Newbill property with prominent stretching lineation plunging gently to the southeast. The displayed white arrow lies parallel to the lineation. The compass for scale is 22 cm long and points north to top of photo. Photo location: 722023E 3631048N, NAD83 Z16. (Foothills Rare Earths, 2025a).

![img77526612_29.gif](img77526612_29.gif)

**Figure 15 Felsic Gneiss Outcrop at the Newbill Property. (Source: Foothills Rare Earths, 2025a)**

The prominent foliation observed in the Shiloh Project area is inferred to have formed during the most recent phase of deformation and metamorphism. This foliation transposes earlier fabrics and compositional banding into dominant parallel alignment. Foliations and associated mineral

SLV0163 – Technical Report Summary Shiloh Project, Georgia 47 November 2025

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lineations are locally well exposed in outcrops along creeks and roadcuts and are also evident in drill core samples of both saprolite and bedrock (Foothills Rare Earths, 2025a).

6.5 Structural Control

During metamorphism, mineralized zones are inferred to have been compressed perpendicular to the foliation and elongated parallel to the stretching lineation. This deformation likely transformed originally equant mineralized bodies into elongate, flattened "cigar shaped" geometries. Concurrently, metamorphic mineral reactions may have selectively dissolved more soluble components of mineralization resulting in residual enrichment of the monazite. Field measurements of lineations, such as those illustrated in Figure 16, can be used to predict the local trend and plunge of mineralized zones, which are expected to align with the orientation of the stretching lineation.

Late-stage brittle deformation is observable along faults within the field area. The Shiloh fault in particular, trends east-northeast through the Shiloh region in a right-stepping en-echelon pattern (Figure 12) and exhibits evidence of both brittle deformation and hydrothermal fluid flow. Its narrow, linear topographic expression reflects the resistive nature of intense silicification along the fault activity. Additionally, relict porphyritic textures found in several silicified boulders suggest that a dike may have intruded along the fault and was subsequently subjected to brittle shearing and silicification (Foothills Rare Earths, 2025a).

6.6 Descriptions of Mineralization in Field Samples and Drill Core

High-grade range REE mineralization observed in field samples and drill core can be categorized into two distinct types. The first type, most commonly found in the Pig Trail and Pipeline areas, consists of equigranular brown monazite-quartz. This material superficially resembles light brown sandstone but is readily distinguishable by an increase in relative density (Foothills Rare Earths, 2025a).

Figure 16 shows an interval of dark brown quartz with monazite from 15 to 15.15 m of depth from Pig Trail drillhole 25-DDPT-005 and is shown in the red outline. Handheld XRF analysis estimated a spot point grade reporting of approximately 20% TREO within this interval. The 15 cm interval was part of the 0.5-m sample interval for E578799, resulting in a laboratory assay grade of reported 9.62% TREO over 0.5 m.

SLV0163 – Technical Report Summary Shiloh Project, Georgia 48 November 2025

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![img77526612_30.jpg](img77526612_30.jpg)

**Figure 16 Type 1 Mineralization. (Source: Foothills Rare Earths, 2025a)**

The second type of mineralization is characterized by a dark grey to black appearance, relatively high density, and a generally featureless texture. Locally, it is associated with zones of high stain. This type contains abundant monazite and allanite, with subordinate apatite. Accessory minerals include pyrite, magnetite-ilmenite, biotite and plagioclase. The best examples are observed in the Newbill project area (Figure through 18) (Foothills Rare Earths, 2025a).

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Figure 17 shows a boulder of high-grade range rock extracted from Trench 6 at Newbill in 2013 with a laboratory assay of reported 20.3% TREO. Sample B00098801. 721998E, 3631076N, NAD83 Z16. Photographed April 4, 2025. The boulder is approximately 60 cm wide.

![img77526612_31.jpg](img77526612_31.jpg)

**Figure 17 Type 2 Mineralization. (Source: Foothills Rare Earths, 2025a)**

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Figure 18 shows a piece of the high-grade range boulder at Newbill showing the generally massive, dark fine-grained texture of a freshly broken face. Sample B00098801. Photographed April 4, 2025 (Foothills Rare Earths, 2025a).

![img77526612_32.gif](img77526612_32.gif)

**Figure 18 Type 2 Mineralization. (Source: Foothills Rare Earths, 2025a)**

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Figure 19 shows an east-northeast view in Trench 6, excavated in 2013. The REE mineralized horizon is visible as the dark, right-dipping layer near the center of the image. (Foothills Rare Earths, 2025a).

![img77526612_33.gif](img77526612_33.gif)

**Figure 19 Mineralized Saprolite Exposed in 2013 Newbill Trenching.<br>(Source: Foothills Rare Earths, 2025a)**

Figure 20 shows core with an assay grade of reported 3.31% TREO that occurs in a dark, fine-grained zone from 15.44 m to 15.84 m of depth in Newbill hole 25-DDNB-007. A finer grain size and granular texture visually distinguish the mineralized zone from the adjacent dark biotite bearing gneiss and schist (Foothills Rare Earths, 2025a).

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![img77526612_34.jpg](img77526612_34.jpg)

**Figure 20 Type 2 Mineralization. (Source: Foothills Rare Earths, 2025a)**

Figure 21 provides a close-up view at 15-cm interval (from 5.82 to 5.97 m) of higher-grade range mineralization within soft saprolite, observed in DPT drillhole 25-DPNB-025. The interval returned a reported grade of 20% TREO (Foothills Rare Earths, 2025a).

![img77526612_35.jpg](img77526612_35.jpg)

**Figure 21 Mineralization Type 1. (Source: Foothills Rare Earths, 2025e)**

Foothills submitted 10 sample sections (approximately 2x2 cm pucks) for scanning by micro-XRF (mXRF) at the Fipke Laboratory for Trace Element Research (FiLTER), located at the University of British Columbia's Okanagan campus in Kelowna, BC. The laboratory produced 35 elemental maps, which were imported into XMap Tools software for mineral classification. FiLTER is an independent commercial laboratory, supporting university-affiliated research, and is not accredited

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under ISO/IEC standards for the analytical method applied. The mXRF results are considered semi-quantitative and exploratory in nature.

XMap Tools uses a supervised classification method, meaning the user actively guides the process by selecting regions of interest (ROIs) that represent known minerals. These ROIs serve as a training set for the algorithm, which then analyzes all 35 elemental maps to classify minerology across the entire sample section.

Figure 22 illustrates a mineral map from a higher-grade sample collected in *Newbill Trench 6* (Sample B00098801). The image shows a well-defined foliation fabric with two distinct phases of monazite represented in blue and orange. Multiple forms of monazite have been detected in this sample using X-ray diffraction (XRD) analysis conducted by an ISO/IEC-accredited method and laboratory. Reported grades and mineralogical interpretations are based on these accredited assays; results from non-accredited methods are used solely for qualitative support.

![img77526612_36.jpg](img77526612_36.jpg)

**Figure 22 Thin Section Scan of a Monazite-Rich Sample B00098801.<br>(Source: Foothills Rare Earths, 2025e)**

Figure 22 illustrates a well-defined foliation pattern showing evidence of at least two distinct phases of monazite mineralization. The monazite phase represented by the orange coloration exhibits elevated concentrations of Ce, Nd, and Pr, indicating a light REE enrichment. In contrast, the blue colored monazite phase, which dominates the scanned area, is characterized by higher levels of dysprosium (Dy), terbium (Tb), and thulium (Tm), suggesting a heavy REE signature.

Table 3 presents semi-quantitative XRD results for three representative samples collected from the Shiloh Project area. These samples were analyzed by SGS Laboratories in Lakefield, Ontario, Canada, as part of the Foothills exploration program. SGS is an independent commercial

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laboratory accredited with ISO/IEC 17025:2017 certification for the analytical methods employed. The XRD analysis provided mineralogical insights that support ongoing geological assessments within the project area (Foothills Rare Earths, 2025a).

**Table 3 X Ray Diffraction (XRD) Results**

![img77526612_37.jpg](img77526612_37.jpg)

Source: Foothills Rare Earths, 2025a

6.7 Geosyntec's Opinion on Geology and Mineralization

In the opinion of Geosyntec, the geological framework presented in Section 6 of this TRS is consistent with accepted models for structurally controlled, intrusion-related REE deposits. The classification of the Shiloh Project's mineralization as monazite-hosted within foliated felsic gneiss and saprolitic zones is supported by field observations, mineralogical analyses, and assay data. The presence of iron and manganese staining along foliation planes and lithologic contacts further substantiates the interpretation of structural control on mineral emplacement.

The regional and local geology descriptions are thorough and accurately reflect the Pine Mountain Window's metamorphic terrain. The stratigraphic and lithologic units have been mapped with sufficient detail to support exploration targeting of mineralized zones. The integration of geophysical data, trenching results, and drill core observations provides a coherent narrative of mineralization trends, particularly the down-plunge extension of high-grade zones identified at the Newbill target.

The mineralization data, including TREO grades ranging from 0.5–2% in widespread zones to >10% in localized intercepts, are supported by analytical results and QA/QC protocols described in Sections 8 and 9 of this TRS. TREO was calculated including oxides La2O3, Ce2O3, Pr2O3,

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Nd2O3, Sm₂O₃, Eu₂O₃, Gd₂O₃, Tb₂O₃, Dy₂O₃, Ho₂O₃, Er₂O₃, Tm₂O₃, Yb₂O₃, Lu₂O₃, and Y₂O₃. Where analytical results exceeded the upper method detection limit (e.g., reported as >5000 ppm), the upper method detection limit value was assigned for calculation purposes. This approach introduces a conservative estimate and may result in underreporting actual TREO% concentrations. The true values may be higher but cannot be accurately quantified within the validated range of the method. Accordingly, caution is advised when interpreting TREO values derived under these conditions.

The sampling methods, including those utilized in the direct-push and diamond drilling, have yielded reliable core recovery and assay data. The structural controls and mineralogical associations described in Section 6 are consistent with the observed field conditions and laboratory findings. The geological interpretations to be reasonable and appropriate for the current stage of exploration.

Based on the data reviewed Geosyntecsite inspection conducted on May 8–9, 2025, it is the opinion of Geosyntec that the geological setting and mineralization characteristics of the Shiloh Project are sufficiently understood to support continued exploration and technical evaluation. The interpretations presented in Section 6 are technically sound and provide a reliable foundation for potential future exploration activities.

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7. Exploration

7.1 Exploration Activities

Exploration activities at the Shiloh project have included a systematic program of surface sampling, helicopter-borne and ground-based geophysical surveys, geological mapping, and drilling campaigns conducted between 2020 and 2025. Initial prospecting identified areas of interest, prompting further ground-based high-resolution geophysical surveys conducted in 2021, which acquired 1,984 line-km of magnetic and radiometric data using advanced instrumentation and standard industry practices. Subsequent ground surveys and detailed mapping refined target zones, while drilling in 2021, 2022, and 2025 provided subsurface data supporting mineralization interpretations. These integrated exploration efforts have delineated anomalous zones with elevated REE concentrations and established a data set underpinning ongoing evaluation and exploration activities at Shiloh (Foothills Rare Earths, 2025a).

**7.1.1 Exploration Activities 2020**

In November 2020, Taso Arimas and Lamont Leatherman collected geochemical grab samples across the Shiloh area during a field trip lead by Dr. Bob Cook of SEM (Figure 23). Each sample location was located using a hand-held global positioning system (GPS). Based on the reported elevated REE grades of the samples collected, an exploration agreement was arranged with SEM.

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![img77526612_39.jpg](img77526612_39.jpg)

**Figure 23 Samples Collected in November 2020. (Source: Foothills Rare Earths, 2025e).** 

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**7.1.2 Exploration Activities 2021**

Exploration activities in 2021 involved planning and executing an aerial geophysical program that covered the areas of interest outlined by the work of SEM and by prospecting activities in 2020. The aerial survey was followed by shallow drilling methods to test the presence and extent of REE mineralization within the near surface saprolite. The following sections are adapted from Foothills Rare Earths (2025a).

***7.1.2.1 Helicopter-Borne Geophysics***

During March 27 to April 8, 2021, Geotech Ltd. of Aurora, Ontario conducted a helicopter-borne geophysical survey over the Shiloh Block for U.S. Elements. Principal geophysical sensors included a gamma-ray spectrometer, and a boom-mounted cesium magnetometer attached to the skids of the helicopter. Ancillary equipment included a GPS navigation system, radar and laser altimeters. U.S Elements was involved in early-stage exploration activities but does not currently hold mineral rights or maintain an operational role in the project. There is no known corporate or contractual relationship between U.S. Elements and either SEM or Foothills.

A total of 1,984 line-km of geophysical data were acquired along traverse lines oriented 5° East of North and control lines oriented perpendicular to the traverse lines. Traverse lines were spaced 50m apart and control lines were spaced 500m apart. The flight path deviated around the town of Shiloh and several structures but otherwise the survey coverage was complete and uniform. The nominal clearance of 30m above terrane was followed within acceptable variation and the median clearance for the survey was 32.6m with standard deviation of 7.1m. The nominal helicopter speed was 110 km/hr.

After mobilization, setup, testing and calibration the survey was conducted on four consecutive days from 3-6 April 2021 with average production of 487.3 km/day.

***7.1.2.2 Survey Equipment***

The airborne geophysical survey was conducted using an Astar B3 helicopter, owned and operated by Geotech Aviation. The primary gamma ray spectrometer deployed was the Radiation Solutions Inc. (RSI) Airborne Gamma Ray Spectrometer (ARGS) RSX5, featuring four downward looking sodium iodide crystals with a total volume of 16 liters (1,024 cubic inches) and one upward looking crystal of 4 liters (256 cubic inches). Magnetic data were acquired using Geometrics Ltd. optically pumped cesium vapor magnetic field sensor installed in the stinger, offering a sensitivity of 0.01 nanoTesla (nT) at a 0.025second sampling interval (40Hz).

Additionally, a Geometrics Ltd. G822B high sensitivity cesium vapor magnetometer with integrated GPS was used as a base station to monitor diurnal variations in the earth's magnetic field at a 10Hz sample rate. Ancillary equipment included a Terra TRA 3000/TRI 40 radar altimeter and a Schmitt Industries AR300 laser altimeter for terrain clearance measurements.

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Navigation was managed by a Geotech PC104based system utilizing a NovAtel Wide Area Augmentation System (WAAS)enabled GPS receiver and Geotech navigation software, capable of tracking up to 11 GPS and two WAAS satellites simultaneously. The system achieved a positional accuracy (circular error probability [CEP]) of 1.8 m, improving to 1.0 m with WAAS active.

***7.1.2.3 Aeromagnetic Data Processing***

Data processing, including the generation of final digital datasets and map products, was carried out at the offices of Geotech Ltd. in Aurora, Ontario. Figure 24 presents an example of processed magnetic data, specifically the total magnetic intensity map. The green outlines shown in this figure represent current tenures held by Foothills. Aeromagnetic data were corrected for diurnal variations by subtracting the observed magnetic base station deviations. Tie-line levelling was performed by adjusting intersection points along traverse lines, and micro leveling was applied to remove persistent low-amplitude components of flight-line noise. The data were then gridded, reduced to the magnetic pole and imaged in a variety of formats to support interpretation.

***7.1.2.4 Gamma-Ray Spectrometer Processing***

The processing of the spectrometric data involved "live-time" correction, transformation of the spectra into standard energy windows, corrections for aircraft and cosmic background, radon background correction, spectral stripping corrections, reduction to standard atmosphere using measured barometric pressure and temperature and to nominal height, and conversion to radioelement concentrations. The applied corrections were based on calibrations made before and during survey. Equivalent Th ppm data for the Shiloh project areas are shown in Figure 24.

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![img77526612_42.jpg](img77526612_42.jpg)

**Figure 24 Equivalent Th Concentrations Mapped by the 2021 Airborne Magnetic and Gamma-Ray Survey. (Source: Foothills Rare Earths, 2025e)**

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***7.1.2.5 Geophysical Results***

The aerial survey employed two primary geophysical methods: aero magnetics and gamma ray spectrometry. The magnetic data, collected using a cesium vapor magnetometer, were used to delineate lithologic boundaries, structural features, and zones of magnetic contrast that may correspond to alteration or mafic intrusions. These features are important controls on REE mineralization. The gamma ray spectrometry data, acquired using an RSI RSX5 system, measured natural radioactivity from potassium (K), U, and Th. Th anomalies were of particular interest as the target REE mineral, monazite, is Th rich.

Processed deliverables included total magnetic intensity (TMI), calculated vertical gradient (CVG), second vertical derivative (2VD), digital terrain model (DEM), and radiometric maps for K, U, and Th concentrations. These datasets were corrected for cosmic background, radon, Compton scattering, and altitude attenuation using Geosoft Oasis Montaj and proprietary Geotech software.

The geophysical data were instrumental in guiding exploration activities. Th anomalies identified through gamma-ray spectrometry were used to prioritize trenching and drilling targets, many of which later yielded high-grade range TREO intercepts in both saprolite and bedrock. Magnetic data helped define structural trends and lithologic contacts that correlate with mineralized zones. The integration of airborne geophysics with ground mapping and geochemical sampling enhanced the geological understanding of the Shiloh Block and contributed to the delineation of REE targets for follow-up exploration.

***7.1.2.6 Exploration Activities 2022 - 2023***

In 2022, geologic mapping, ground geophysical gridding, and prospecting were carried out in the Shiloh area. These efforts continued through July 2023, expanding the understanding of surface geology and supporting the ongoing exploration initiatives.

Geologic mapping of outcrops and sub-outcrops was conducted along all accessible creeks, ridges, and roads within the surveyed properties. Field data collection included recording lithologic units as outcrop polygons, structural measurements and station locations.

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Ground radiometric measurements, including total count and ambient dosage values, were also recorded as point data. Geologic contacts and infrastructure features such as roads and trails were mapped as line data (Figure 25).

![img77526612_44.gif](img77526612_44.gif)

**Figure 25 Pipeline Area Map Showing Representative Field Data Collected Across Accessible Terrain. (Source: Foothills Rare Earths, 2025e)**

Ground geophysical grids were established over anomalies identified from the helicopter-borne geophysical survey. In total, five radiometric ground grids were collected in the Shiloh area, four of which also coincided with ground magnetic grids. Figure 26 presents data collected over the Pipeline anomaly, illustrating the standard technique applied to all grids in the region. The radiometric map in Figure 26 (A) displays counts per second measured over a detailed 5- x 5-m grid with an RS-125 handheld scintillometer, providing detailed spatial variation in radioactivity. Magnetic data in Figure 26 (B), acquired along the same grid using a walking magnetometer, shows interpretation into subsurface features and conditions. This includes outcrops, structure, radiometric data in counts per second and Th, drill collar locations, and prospecting samples.

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**`**![img77526612_46.jpg](img77526612_46.jpg)

**Figure 26 Pipeline Anomaly Grid Data: (A) Radiometric and (B) Magnetic Measurements on a 5 x 5 m Grid. (Source: Foothills Rare Earths, 2025e)**

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Local and regional prospecting around the Shiloh area was also conducted, as shown in Figure 27. This location map illustrates prospecting samples collected during the 2022/2023 field season along major and minor roads in the Shiloh Project area (Foothills Rare Earths, 2025a).

A total of 168 prospecting samples were collected from the Shiloh area and shipped to ALS in Tucson, AZ for processing, and Vancouver, BC for analysis by lithium borate fusion / ICP-MS and whole rock analysis.

***Specific Gravity Preliminary Density Determination 2022***

In 2022, Foothills conducted a preliminary bulk density assessment on 20 saprolite samples collected from eight DPT drillholes; seven in Pig Trail and one in Dead Tree (DT) areas (Figure 28. Each sample was retained within its original acetate sleeve and labeled according to sampling depth. The samples were shipped to TTL Inc. in Albany, Georgia for bulk density determined using the water displacement method in accordance with ASTM International (ASTM) D854 Method B (TTL, 2023). The laboratory is accredited for this method through the American Association of State Highway and Transportation Officials (AASHTO) and the Cement and Concrete Reference Laboratory (CCRL).

Each sample represented an 20.0 cm interval, with sampling depths ranging from approximately 0.5 to 10.5 m bgs. Table 4 provides bulk density results and associated sample intervals. The specific gravity of soils from the Shiloh Project ranged from 2.575 to 2.900, with a mean of approximately 2.69 and a standard deviation of 0.09. The unit weight ranged from 1,538 to 2,165 kg/m³, with a mean of approximately 1,810 kg/m³ and a standard deviation of 171 kg/m³. These values indicate moderate variability in both specific gravity and unit weight across the sampled intervals, supporting the reliability of the data for resource modeling and geotechnical assessment.

**Table 4 Bulk Density Results and Sample Interval 2022**

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| &nbsp;&nbsp;**Sample ID** | &nbsp;&nbsp;**Sample Depth (Feet)** | &nbsp;&nbsp;**Specific Gravity**<br>**of Soil** | &nbsp;&nbsp;**Unit Weight of Soils**<br>**(lb/ft**<sup>3</sup>**)** |
| &nbsp;&nbsp;22-DPT-051 | &nbsp;&nbsp;7' 3" to 7' 11" | &nbsp;&nbsp;2.795 | &nbsp;&nbsp;112.1 |
| &nbsp;&nbsp;22-DPT-050 | &nbsp;&nbsp;12' 3" to 12' 11" | &nbsp;&nbsp;2.744 | &nbsp;&nbsp;110.4 |
| &nbsp;&nbsp;22-DPT-050 | &nbsp;&nbsp;22' 3" to 22' 11" | &nbsp;&nbsp;2.575 | &nbsp;&nbsp;135.1 |
| &nbsp;&nbsp;22-DPT-051 | &nbsp;&nbsp;17' 3" to 17' 11" | &nbsp;&nbsp;2.637 | &nbsp;&nbsp;122.6 |
| &nbsp;&nbsp;22-DPT-051 | &nbsp;&nbsp;20' 10" to 21' 6" | &nbsp;&nbsp;2.753 | &nbsp;&nbsp;125.2 |
| &nbsp;&nbsp;22-DPT-052 | &nbsp;&nbsp;7' 3" to 7' 11" | &nbsp;&nbsp;2.634 | &nbsp;&nbsp;109.5 |
| &nbsp;&nbsp;22-DPT-052 | &nbsp;&nbsp;17' 3" to 17' 11" | &nbsp;&nbsp;2.689 | &nbsp;&nbsp;126.6 |
| &nbsp;&nbsp;22-DPT-053 | &nbsp;&nbsp;2' 3" to 2' 11" | &nbsp;&nbsp;2.647 | &nbsp;&nbsp;106.2 |
| &nbsp;&nbsp;22-DPT-055 | &nbsp;&nbsp;12' 3" to 12' 11" | &nbsp;&nbsp;2.617 | &nbsp;&nbsp;108.6 |
| &nbsp;&nbsp;22-DPT-055 | &nbsp;&nbsp;17' 3" to 17' 11" | &nbsp;&nbsp;2.621 | &nbsp;&nbsp;118.8 |

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| &nbsp;&nbsp;**Sample ID** | &nbsp;&nbsp;**Sample Depth (Feet)** | &nbsp;&nbsp;**Specific Gravity**<br>**of Soil** | &nbsp;&nbsp;**Unit Weight of Soils**<br>**(lb/ft**<sup>3</sup>**)** |
| &nbsp;&nbsp;22-DPT-056 | &nbsp;&nbsp;12' 3" to 12' 11" | &nbsp;&nbsp;2.833 | &nbsp;&nbsp;96.7 |
| &nbsp;&nbsp;22-DPT-056 | &nbsp;&nbsp;32' 3" to 32' 11" | &nbsp;&nbsp;2.859 | &nbsp;&nbsp;97.6 |
| &nbsp;&nbsp;22-DPT-056 | &nbsp;&nbsp;37' 3" to 37' 11" | &nbsp;&nbsp;2.900 | &nbsp;&nbsp;107.2 |
| &nbsp;&nbsp;22-DPT-059 | &nbsp;&nbsp;7' 3" to 7' 11" | &nbsp;&nbsp;2.661 | &nbsp;&nbsp;113.7 |
| &nbsp;&nbsp;22-DPT-059 | &nbsp;&nbsp;12' 3" to 12' 11" | &nbsp;&nbsp;2.637 | &nbsp;&nbsp;95.9 |
| &nbsp;&nbsp;22-DPT-059 | &nbsp;&nbsp;27' 3" to 27' 11" | &nbsp;&nbsp;2.613 | &nbsp;&nbsp;117.1 |
| &nbsp;&nbsp;22-DDT-074 | &nbsp;&nbsp;7' 3" to 7' 11" | &nbsp;&nbsp;2.775 | &nbsp;&nbsp;102.8 |
| &nbsp;&nbsp;22-DDT-074 | &nbsp;&nbsp;17' 3" to 17' 11" | &nbsp;&nbsp;2.626 | &nbsp;&nbsp;108.5 |
| &nbsp;&nbsp;22-DDT-074 | &nbsp;&nbsp;22' 3" to 22' 11" | &nbsp;&nbsp;2.637 | &nbsp;&nbsp;119.3 |
| &nbsp;&nbsp;22-DDT-074 | &nbsp;&nbsp;27' 3" to 27' 11" | &nbsp;&nbsp;2.598 | &nbsp;&nbsp;126.1 |

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Source: TTL, 2023.

Notes:

The specific gravity was calculated at a standard temperature of 200°C.

The unit weight of the soils was calculated based on the volume of the provided soil samples.

lb/ft3 - pounds per cubic foot.

![img77526612_48.jpg](img77526612_48.jpg)

**Figure 27 Map 2022-2023 Prospecting Sample Locations Along Shiloh Roads.<br>(Source: Foothills Rare Earths, 2025e)**

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***7.1.2.7 Exploration Activities 2025***

Field work conducted in 2025 focused on collecting infill data across several geophysical anomaly grids previously investigated in 2023. These infill datasets were acquired to improve spatial resolution and reduce uncertainty in previously mapped anomalies, helping to refine interpretations and support more accurate exploration modeling. Additionally, a brief two-day trial was carried out using ground penetrating radar (GPR) image subsurface features within mineralized zones in the Shiloh Project Area. However, the resulting GPR imagery did not effectively resolve subsurface structures due to the lack of specific gravity contrast between the geologic units.

***7.1.2.8 Exploration Potential***

Based on review of the geological, geophysical, and geochemical datasets compiled for the Shiloh Project, the exploration potential for rare earth element (REE) mineralization remains strong and warrants continued investigation. The mineralization style observed as structurally controlled, monazite-hosted REE within foliated felsic gneiss and saprolitic zones is consistent with intrusion-related vein and disseminated deposit models. This interpretation is supported by field mapping, trenching, and drill intercepts that demonstrate continuity of mineralized zones along foliation planes and lithologic contacts.

The mineralized intervals identified to date range from low-grade zones (reported 0.5–2% TREO) to high-grade pockets exceeding a reported 10% TREO, with peak assays reaching 20.01% TREO over 15 cm thick mafic zone. These zones are typically 1–2 m thick overall and are spatially associated with iron and manganese staining, which may serve as a useful vector for potential future targeting.

Drilling programs completed in 2021, 2022 and 2025 have partially tested several geophysical anomalies and structural trends. Notably, the Newbill area has yielded multiple high-grade intercepts in both direct-push and diamond drill holes, supporting down-plunge continuity of mineralization first observed in surface trenching. Additional targets at Pig Trail, Pipeline, and Lazer Creek have returned encouraging results, though further delineation is required.

The integration of airborne radiometric data, ground geophysical grids, and detailed structural mapping has proven effective in guiding exploration. These datasets suggest that additional mineralized zones may exist beyond the currently drilled areas, particularly along southeast-trending lineaments and in underexplored portions of the Weyerhaeuser lease.

Given the favorable geological setting, favorable land position, and increasing market demand for REEs, continued exploration through targeted drilling, expanded geophysical surveys, and refinement of structural models is warranted. The potential for delineating additional high-grade zones and expanding the known mineralized footprint supports the advancement of the Shiloh Project.

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7.2 Drilling

The following sections provide an overview of drilling activities, sampling protocols, core recovery, and laboratory assay results for the Shiloh Project from 2021 through May 2025. The document details methodologies for DPT, sonic, and diamond drilling, summarizes core recovery statistics, and presents significant mineralized intervals encountered across exploration areas. The elevated mineralized TREO intercepts, drill collar locations, and composite assay results are highlighted, illustrating both the depth and distribution of mineralization. The data herein demonstrates Foothill's systematic approach taken to subsurface characterization, supporting the project's exploration framework and informing future exploration activities.

***7.2.1.1 Drilling 2021***

In 2021, drilling focused on areas previously trenched from 2011 to 2014, as well as newly identified zones with elevated Th concentrations based on helicopter borne geophysical surveys (see Section 7.1.2). Both direct push technology (DPT) and sonic drilling methods were used to support subsurface characterization, with a particular focus on saprolite mineralization. Figure 28 provides an overview of the drill locations using both methods.

A total of 136 drillholes were completed in 2021; between mid-June and July, 116 DPT drillholes, yielding 855.2 m of subsurface data were completed as follows: 63 at Pig Trail target, 29 at Dead Tree, and 24 at Pipeline (GC). In September 2021, an additional 20 sonic drillholes were completed—10 at the Pig Trail and 10 at Newbill— yielding a total of 296.3 m. Figure 28 through Figure 31 show the individual areas and drill collars for Pig Trail, Pipeline (GC), Dead Tree, and Newbill, respectively. Table 5 provides the 2021 drillhole locations and total depth. Of the 136 drillholes, the depth ranged from 1.5 m below ground surface (bgs) to 24 m bgs with an average total depth across the drillholes of 8.5 m bgs.

Approximately 548 total samples were collected in the 2021 drilling season; 87 samples were shipped to SGS in Burnaby, BC and analyzed for four-acid followed by fusion / ICP-MS, and 461 samples were shipped to ALS in Vancouver, BC for high-grade REE by fusion/ICPMS (ME-MS81h). Table 6 provides the 2021 drilling analytical results ICP-MS techniques (ME-MS81h). Parameters that are part of the TREO% calculation are shown. TREO% was calculated including oxides La2O3, Ce2O3, Pr2O3, Nd2O3, Sm₂O₃, Eu₂O₃, Gd₂O₃, Tb₂O₃, Dy₂O₃, Ho₂O₃, Er₂O₃, Tm₂O₃, Yb₂O₃, Lu₂O₃, and Y₂O₃. Where analytical results exceeded the upper method detection limit (e.g., reported as >5,000 ppm), the upper method detection limit value was assigned for calculation purposes. This approach introduces a conservative estimate and may result in underreporting actual TREO% concentrations. The true values may be higher but cannot be accurately quantified within the validated range of the method. Accordingly, caution is advised when interpreting TREO values derived under these conditions.

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![img77526612_50.jpg](img77526612_50.jpg)

**Figure 28 Overview of 2021 Drill Locations: Direct Push and Sonic Drillholes. (Source: Foothills Rare Earths, 2025e)**

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| **Technical Report Summary** | ![img77526612_49.jpg](img77526612_49.jpg) |

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![img77526612_51.jpg](img77526612_51.jpg)

**Figure 29 Direct Push and Sonic Drill Collar Map of the Pig Trail Area 2021. (Source: Foothills Rare Earths, 2025e)**

SLV0163 – Technical Report Summary Shiloh Project, Georgia 70 November 2025

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|:---|:---|
| **Technical Report Summary** | ![img77526612_49.jpg](img77526612_49.jpg) |

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![img77526612_52.jpg](img77526612_52.jpg)

**Figure 30 Direct Push Drill Collar Map of the Pipeline (GC) (left) and Dead Tree Areas (right) 2021. (Source: Foothills Rare Earths, 2025e)**

SLV0163 – Technical Report Summary Shiloh Project, Georgia 71 November 2025

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| | |
|:---|:---|
| **Technical Report Summary** | ![img77526612_49.jpg](img77526612_49.jpg) |

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![img77526612_53.jpg](img77526612_53.jpg)

**Figure 31 Sonic Drill Collar Map of the Newbill Area 2021. (Source: Foothills Rare Earths, 2025e)**

SLV0163 – Technical Report Summary Shiloh Project, Georgia 72 November 2025

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| | |
|:---|:---|
| **Technical Report Summary** | ![img77526612_54.jpg](img77526612_54.jpg) |

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**Table 5 Drillhole Locations and Total Depth 2021**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Method** | &nbsp;&nbsp;**Project Area** | &nbsp;&nbsp;**Count** | &nbsp;&nbsp;**Latitude** | &nbsp;&nbsp;**Longitude** | &nbsp;&nbsp;**Hole ID** | &nbsp;&nbsp;**Total Depth (m bgs)** |
| &nbsp;&nbsp;Direct Push | &nbsp;&nbsp;Dead Tree | &nbsp;&nbsp;n = 29 | &nbsp;&nbsp;32.7991 | &nbsp;&nbsp;-84.6817 | &nbsp;&nbsp;21-DT-001 | &nbsp;&nbsp;8.84 |
| &nbsp;&nbsp;Direct Push | &nbsp;&nbsp;Dead Tree | &nbsp;&nbsp;n = 29 | &nbsp;&nbsp;32.7991 | &nbsp;&nbsp;-84.6816 | &nbsp;&nbsp;21-DT-002 | &nbsp;&nbsp;7.62 |
| &nbsp;&nbsp;Direct Push | &nbsp;&nbsp;Dead Tree | &nbsp;&nbsp;n = 29 | &nbsp;&nbsp;32.7992 | &nbsp;&nbsp;-84.6817 | &nbsp;&nbsp;21-DT-003 | &nbsp;&nbsp;8.84 |
| &nbsp;&nbsp;Direct Push | &nbsp;&nbsp;Dead Tree | &nbsp;&nbsp;n = 29 | &nbsp;&nbsp;32.7991 | &nbsp;&nbsp;-84.6817 | &nbsp;&nbsp;21-DT-004 | &nbsp;&nbsp;9.14 |
| &nbsp;&nbsp;Direct Push | &nbsp;&nbsp;Dead Tree | &nbsp;&nbsp;n = 29 | &nbsp;&nbsp;32.7991 | &nbsp;&nbsp;-84.6817 | &nbsp;&nbsp;21-DT-005 | &nbsp;&nbsp;7.62 |
| &nbsp;&nbsp;Direct Push | &nbsp;&nbsp;Dead Tree | &nbsp;&nbsp;n = 29 | &nbsp;&nbsp;32.7990 | &nbsp;&nbsp;-84.6816 | &nbsp;&nbsp;21-DT-006 | &nbsp;&nbsp;9.14 |
| &nbsp;&nbsp;Direct Push | &nbsp;&nbsp;Dead Tree | &nbsp;&nbsp;n = 29 | &nbsp;&nbsp;32.7989 | &nbsp;&nbsp;-84.6816 | &nbsp;&nbsp;21-DT-007 | &nbsp;&nbsp;9.14 |
| &nbsp;&nbsp;Direct Push | &nbsp;&nbsp;Dead Tree | &nbsp;&nbsp;n = 29 | &nbsp;&nbsp;32.7989 | &nbsp;&nbsp;-84.6816 | &nbsp;&nbsp;21-DT-008 | &nbsp;&nbsp;8.23 |
| &nbsp;&nbsp;Direct Push | &nbsp;&nbsp;Dead Tree | &nbsp;&nbsp;n = 29 | &nbsp;&nbsp;32.7988 | &nbsp;&nbsp;-84.6816 | &nbsp;&nbsp;21-DT-009 | &nbsp;&nbsp;9.14 |
| &nbsp;&nbsp;Direct Push | &nbsp;&nbsp;Dead Tree | &nbsp;&nbsp;n = 29 | &nbsp;&nbsp;32.8007 | &nbsp;&nbsp;-84.6819 | &nbsp;&nbsp;21-DT-010 | &nbsp;&nbsp;10.06 |
| &nbsp;&nbsp;Direct Push | &nbsp;&nbsp;Dead Tree | &nbsp;&nbsp;n = 29 | &nbsp;&nbsp;32.8005 | &nbsp;&nbsp;-84.6819 | &nbsp;&nbsp;21-DT-011 | &nbsp;&nbsp;7.62 |
| &nbsp;&nbsp;Direct Push | &nbsp;&nbsp;Dead Tree | &nbsp;&nbsp;n = 29 | &nbsp;&nbsp;32.8004 | &nbsp;&nbsp;-84.6819 | &nbsp;&nbsp;21-DT-012 | &nbsp;&nbsp;7.62 |
| &nbsp;&nbsp;Direct Push | &nbsp;&nbsp;Dead Tree | &nbsp;&nbsp;n = 29 | &nbsp;&nbsp;32.8002 | &nbsp;&nbsp;-84.6819 | &nbsp;&nbsp;21-DT-013 | &nbsp;&nbsp;9.14 |
| &nbsp;&nbsp;Direct Push | &nbsp;&nbsp;Dead Tree | &nbsp;&nbsp;n = 29 | &nbsp;&nbsp;32.8000 | &nbsp;&nbsp;-84.6819 | &nbsp;&nbsp;21-DT-014 | &nbsp;&nbsp;7.62 |
| &nbsp;&nbsp;Direct Push | &nbsp;&nbsp;Dead Tree | &nbsp;&nbsp;n = 29 | &nbsp;&nbsp;32.7998 | &nbsp;&nbsp;-84.6818 | &nbsp;&nbsp;21-DT-015 | &nbsp;&nbsp;7.62 |
| &nbsp;&nbsp;Direct Push | &nbsp;&nbsp;Dead Tree | &nbsp;&nbsp;n = 29 | &nbsp;&nbsp;32.7997 | &nbsp;&nbsp;-84.6818 | &nbsp;&nbsp;21-DT-016 | &nbsp;&nbsp;7.62 |
| &nbsp;&nbsp;Direct Push | &nbsp;&nbsp;Dead Tree | &nbsp;&nbsp;n = 29 | &nbsp;&nbsp;32.7995 | &nbsp;&nbsp;-84.6818 | &nbsp;&nbsp;21-DT-017 | &nbsp;&nbsp;7.62 |
| &nbsp;&nbsp;Direct Push | &nbsp;&nbsp;Dead Tree | &nbsp;&nbsp;n = 29 | &nbsp;&nbsp;32.7993 | &nbsp;&nbsp;-84.6818 | &nbsp;&nbsp;21-DT-018 | &nbsp;&nbsp;7.62 |
| &nbsp;&nbsp;Direct Push | &nbsp;&nbsp;Dead Tree | &nbsp;&nbsp;n = 29 | &nbsp;&nbsp;32.7992 | &nbsp;&nbsp;-84.6818 | &nbsp;&nbsp;21-DT-019 | &nbsp;&nbsp;7.62 |
| &nbsp;&nbsp;Direct Push | &nbsp;&nbsp;Dead Tree | &nbsp;&nbsp;n = 29 | &nbsp;&nbsp;32.7991 | &nbsp;&nbsp;-84.6819 | &nbsp;&nbsp;21-DT-020 | &nbsp;&nbsp;9.14 |
| &nbsp;&nbsp;Direct Push | &nbsp;&nbsp;Dead Tree | &nbsp;&nbsp;n = 29 | &nbsp;&nbsp;32.7990 | &nbsp;&nbsp;-84.6818 | &nbsp;&nbsp;21-DT-021 | &nbsp;&nbsp;9.14 |
| &nbsp;&nbsp;Direct Push | &nbsp;&nbsp;Dead Tree | &nbsp;&nbsp;n = 29 | &nbsp;&nbsp;32.7988 | &nbsp;&nbsp;-84.6819 | &nbsp;&nbsp;21-DT-022 | &nbsp;&nbsp;7.62 |
| &nbsp;&nbsp;Direct Push | &nbsp;&nbsp;Dead Tree | &nbsp;&nbsp;n = 29 | &nbsp;&nbsp;32.7987 | &nbsp;&nbsp;-84.6819 | &nbsp;&nbsp;21-DT-023 | &nbsp;&nbsp;7.62 |
| &nbsp;&nbsp;Direct Push | &nbsp;&nbsp;Dead Tree | &nbsp;&nbsp;n = 29 | &nbsp;&nbsp;32.7985 | &nbsp;&nbsp;-84.6818 | &nbsp;&nbsp;21-DT-024 | &nbsp;&nbsp;7.62 |
| &nbsp;&nbsp;Direct Push | &nbsp;&nbsp;Dead Tree | &nbsp;&nbsp;n = 29 | &nbsp;&nbsp;32.7987 | &nbsp;&nbsp;-84.6816 | &nbsp;&nbsp;21-DT-025 | &nbsp;&nbsp;9.14 |
| &nbsp;&nbsp;Direct Push | &nbsp;&nbsp;Dead Tree | &nbsp;&nbsp;n = 29 | &nbsp;&nbsp;32.7990 | &nbsp;&nbsp;-84.6818 | &nbsp;&nbsp;21-DT-026 | &nbsp;&nbsp;10.67 |
| &nbsp;&nbsp;Direct Push | &nbsp;&nbsp;Dead Tree | &nbsp;&nbsp;n = 29 | &nbsp;&nbsp;32.7990 | &nbsp;&nbsp;-84.6816 | &nbsp;&nbsp;21-DT-027 | &nbsp;&nbsp;7.62 |
| &nbsp;&nbsp;Direct Push | &nbsp;&nbsp;Dead Tree | &nbsp;&nbsp;n = 29 | &nbsp;&nbsp;32.7989 | &nbsp;&nbsp;-84.6816 | &nbsp;&nbsp;21-DT-028 | &nbsp;&nbsp;7.62 |
| &nbsp;&nbsp;Direct Push | &nbsp;&nbsp;Dead Tree | &nbsp;&nbsp;n = 29 | &nbsp;&nbsp;32.7989 | &nbsp;&nbsp;-84.6817 | &nbsp;&nbsp;21-DT-029 | &nbsp;&nbsp;9.14 |

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SLV0163 – Technical Report Summary Shiloh Project, Georgia 73 November 2025

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| | |
|:---|:---|
| **Technical Report Summary** | ![img77526612_54.jpg](img77526612_54.jpg) |

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---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Method** | &nbsp;&nbsp;**Project Are** | &nbsp;&nbsp;**Count** | &nbsp;&nbsp;**Latitude** | &nbsp;&nbsp;**Longitude** | &nbsp;&nbsp;**Hole ID** | &nbsp;&nbsp;**Total Depth (m bgs)** |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Pig Trail | &nbsp;&nbsp;n = 63 | &nbsp;&nbsp;32.7889 | &nbsp;&nbsp;-84.6656 | &nbsp;&nbsp;21-PT-001 | &nbsp;&nbsp;4.57 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Pig Trail | &nbsp;&nbsp;n = 63 | &nbsp;&nbsp;32.7889 | &nbsp;&nbsp;-84.6659 | &nbsp;&nbsp;21-PT-002 | &nbsp;&nbsp;3.05 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Pig Trail | &nbsp;&nbsp;n = 63 | &nbsp;&nbsp;32.7889 | &nbsp;&nbsp;-84.6660 | &nbsp;&nbsp;21-PT-003 | &nbsp;&nbsp;1.52 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Pig Trail (Cont'd) | &nbsp;&nbsp;n = 63 (Cont'd) | &nbsp;&nbsp;32.7889 | &nbsp;&nbsp;-84.6661 | &nbsp;&nbsp;21-PT-004 | &nbsp;&nbsp;4.57 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Pig Trail (Cont'd) | &nbsp;&nbsp;n = 63 (Cont'd) | &nbsp;&nbsp;32.7888 | &nbsp;&nbsp;-84.6662 | &nbsp;&nbsp;21-PT-005 | &nbsp;&nbsp;4.57 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Pig Trail (Cont'd) | &nbsp;&nbsp;n = 63 (Cont'd) | &nbsp;&nbsp;32.7888 | &nbsp;&nbsp;-84.6663 | &nbsp;&nbsp;21-PT-006 | &nbsp;&nbsp;6.10 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Pig Trail (Cont'd) | &nbsp;&nbsp;n = 63 (Cont'd) | &nbsp;&nbsp;32.7888 | &nbsp;&nbsp;-84.6664 | &nbsp;&nbsp;21-PT-007 | &nbsp;&nbsp;6.10 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Pig Trail (Cont'd) | &nbsp;&nbsp;n = 63 (Cont'd) | &nbsp;&nbsp;32.7892 | &nbsp;&nbsp;-84.6664 | &nbsp;&nbsp;21-PT-008 | &nbsp;&nbsp;4.57 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Pig Trail (Cont'd) | &nbsp;&nbsp;n = 63 (Cont'd) | &nbsp;&nbsp;32.7891 | &nbsp;&nbsp;-84.6664 | &nbsp;&nbsp;21-PT-009 | &nbsp;&nbsp;4.57 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Pig Trail (Cont'd) | &nbsp;&nbsp;n = 63 (Cont'd) | &nbsp;&nbsp;32.7890 | &nbsp;&nbsp;-84.6664 | &nbsp;&nbsp;21-PT-010 | &nbsp;&nbsp;4.57 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Pig Trail (Cont'd) | &nbsp;&nbsp;n = 63 (Cont'd) | &nbsp;&nbsp;32.7889 | &nbsp;&nbsp;-84.6664 | &nbsp;&nbsp;21-PT-011 | &nbsp;&nbsp;4.57 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Pig Trail (Cont'd) | &nbsp;&nbsp;n = 63 (Cont'd) | &nbsp;&nbsp;32.7886 | &nbsp;&nbsp;-84.6665 | &nbsp;&nbsp;21-PT-012 | &nbsp;&nbsp;4.57 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Pig Trail (Cont'd) | &nbsp;&nbsp;n = 63 (Cont'd) | &nbsp;&nbsp;32.7887 | &nbsp;&nbsp;-84.6665 | &nbsp;&nbsp;21-PT-013 | &nbsp;&nbsp;4.57 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Pig Trail (Cont'd) | &nbsp;&nbsp;n = 63 (Cont'd) | &nbsp;&nbsp;32.7888 | &nbsp;&nbsp;-84.6664 | &nbsp;&nbsp;21-PT-014 | &nbsp;&nbsp;4.57 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Pig Trail (Cont'd) | &nbsp;&nbsp;n = 63 (Cont'd) | &nbsp;&nbsp;32.7887 | &nbsp;&nbsp;-84.6669 | &nbsp;&nbsp;21-PT-015 | &nbsp;&nbsp;4.57 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Pig Trail (Cont'd) | &nbsp;&nbsp;n = 63 (Cont'd) | &nbsp;&nbsp;32.7888 | &nbsp;&nbsp;-84.6668 | &nbsp;&nbsp;21-PT-016 | &nbsp;&nbsp;4.57 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Pig Trail (Cont'd) | &nbsp;&nbsp;n = 63 (Cont'd) | &nbsp;&nbsp;32.7888 | &nbsp;&nbsp;-84.6667 | &nbsp;&nbsp;21-PT-017 | &nbsp;&nbsp;4.57 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Pig Trail (Cont'd) | &nbsp;&nbsp;n = 63 (Cont'd) | &nbsp;&nbsp;32.7888 | &nbsp;&nbsp;-84.6666 | &nbsp;&nbsp;21-PT-018 | &nbsp;&nbsp;4.57 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Pig Trail (Cont'd) | &nbsp;&nbsp;n = 63 (Cont'd) | &nbsp;&nbsp;32.7890 | &nbsp;&nbsp;-84.6663 | &nbsp;&nbsp;21-PT-019 | &nbsp;&nbsp;4.57 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Pig Trail (Cont'd) | &nbsp;&nbsp;n = 63 (Cont'd) | &nbsp;&nbsp;32.7889 | &nbsp;&nbsp;-84.6663 | &nbsp;&nbsp;21-PT-020 | &nbsp;&nbsp;4.57 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Pig Trail (Cont'd) | &nbsp;&nbsp;n = 63 (Cont'd) | &nbsp;&nbsp;32.7889 | &nbsp;&nbsp;-84.6663 | &nbsp;&nbsp;21-PT-021 | &nbsp;&nbsp;6.10 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Pig Trail (Cont'd) | &nbsp;&nbsp;n = 63 (Cont'd) | &nbsp;&nbsp;32.7888 | &nbsp;&nbsp;-84.6663 | &nbsp;&nbsp;21-PT-022 | &nbsp;&nbsp;6.10 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Pig Trail (Cont'd) | &nbsp;&nbsp;n = 63 (Cont'd) | &nbsp;&nbsp;32.7887 | &nbsp;&nbsp;-84.6664 | &nbsp;&nbsp;21-PT-023 | &nbsp;&nbsp;4.57 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Pig Trail (Cont'd) | &nbsp;&nbsp;n = 63 (Cont'd) | &nbsp;&nbsp;32.7887 | &nbsp;&nbsp;-84.6664 | &nbsp;&nbsp;21-PT-024 | &nbsp;&nbsp;4.57 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Pig Trail (Cont'd) | &nbsp;&nbsp;n = 63 (Cont'd) | &nbsp;&nbsp;32.7889 | &nbsp;&nbsp;-84.6662 | &nbsp;&nbsp;21-PT-025 | &nbsp;&nbsp;6.10 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Pig Trail (Cont'd) | &nbsp;&nbsp;n = 63 (Cont'd) | &nbsp;&nbsp;32.7889 | &nbsp;&nbsp;-84.6662 | &nbsp;&nbsp;21-PT-026 | &nbsp;&nbsp;6.10 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Pig Trail (Cont'd) | &nbsp;&nbsp;n = 63 (Cont'd) | &nbsp;&nbsp;32.7888 | &nbsp;&nbsp;-84.6662 | &nbsp;&nbsp;21-PT-027 | &nbsp;&nbsp;6.10 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Pig Trail (Cont'd) | &nbsp;&nbsp;n = 63 (Cont'd) | &nbsp;&nbsp;32.7888 | &nbsp;&nbsp;-84.6662 | &nbsp;&nbsp;21-PT-028 | &nbsp;&nbsp;8.23 |

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SLV0163 – Technical Report Summary Shiloh Project, Georgia 74 November 2025

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| | |
|:---|:---|
| **Technical Report Summary** | ![img77526612_54.jpg](img77526612_54.jpg) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Method** | &nbsp;&nbsp;**Project Area** | &nbsp;&nbsp;**Count** | &nbsp;&nbsp;**Latitude** | &nbsp;&nbsp;**Longitude** | &nbsp;&nbsp;**Hole ID** | &nbsp;&nbsp;**Total Depth (m bgs)** |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Pig Trail (Cont'd) | &nbsp;&nbsp;n = 63 (Cont'd) | &nbsp;&nbsp;32.7887 | &nbsp;&nbsp;-84.6662 | &nbsp;&nbsp;21-PT-029 | &nbsp;&nbsp;10.67 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Pig Trail (Cont'd) | &nbsp;&nbsp;n = 63 (Cont'd) | &nbsp;&nbsp;32.7887 | &nbsp;&nbsp;-84.6662 | &nbsp;&nbsp;21-PT-030 | &nbsp;&nbsp;9.91 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Pig Trail (Cont'd) | &nbsp;&nbsp;n = 63 (Cont'd) | &nbsp;&nbsp;32.7888 | &nbsp;&nbsp;-84.6661 | &nbsp;&nbsp;21-PT-031 | &nbsp;&nbsp;9.91 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Pig Trail (Cont'd) | &nbsp;&nbsp;n = 63 (Cont'd) | &nbsp;&nbsp;32.7888 | &nbsp;&nbsp;-84.6661 | &nbsp;&nbsp;21-PT-032 | &nbsp;&nbsp;9.14 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Pig Trail (Cont'd) | &nbsp;&nbsp;n = 63 (Cont'd) | &nbsp;&nbsp;32.7901 | &nbsp;&nbsp;-84.6704 | &nbsp;&nbsp;21-PT-033 | &nbsp;&nbsp;9.14 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Pig Trail (Cont'd) | &nbsp;&nbsp;n = 63 (Cont'd) | &nbsp;&nbsp;32.7900 | &nbsp;&nbsp;-84.6704 | &nbsp;&nbsp;21-PT-034 | &nbsp;&nbsp;7.62 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Pig Trail (Cont'd) | &nbsp;&nbsp;n = 63 (Cont'd) | &nbsp;&nbsp;32.7900 | &nbsp;&nbsp;-84.6704 | &nbsp;&nbsp;21-PT-035 | &nbsp;&nbsp;7.62 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Pig Trail (Cont'd) | &nbsp;&nbsp;n = 63 (Cont'd) | &nbsp;&nbsp;32.7902 | &nbsp;&nbsp;-84.6703 | &nbsp;&nbsp;21-PT-036 | &nbsp;&nbsp;8.84 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Pig Trail (Cont'd) | &nbsp;&nbsp;n = 63 (Cont'd) | &nbsp;&nbsp;32.7903 | &nbsp;&nbsp;-84.6703 | &nbsp;&nbsp;21-PT-037 | &nbsp;&nbsp;7.62 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Pig Trail (Cont'd) | &nbsp;&nbsp;n = 63 (Cont'd) | &nbsp;&nbsp;32.7907 | &nbsp;&nbsp;-84.6699 | &nbsp;&nbsp;21-PT-038 | &nbsp;&nbsp;7.32 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Pig Trail (Cont'd) | &nbsp;&nbsp;n = 63 (Cont'd) | &nbsp;&nbsp;32.7906 | &nbsp;&nbsp;-84.6701 | &nbsp;&nbsp;21-PT-039 | &nbsp;&nbsp;9.14 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Pig Trail (Cont'd) | &nbsp;&nbsp;n = 63 (Cont'd) | &nbsp;&nbsp;32.7904 | &nbsp;&nbsp;-84.6701 | &nbsp;&nbsp;21-PT-040 | &nbsp;&nbsp;10.36 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Pig Trail (Cont'd) | &nbsp;&nbsp;n = 63 (Cont'd) | &nbsp;&nbsp;32.7900 | &nbsp;&nbsp;-84.6732 | &nbsp;&nbsp;21-PT-041 | &nbsp;&nbsp;7.62 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Pig Trail (Cont'd) | &nbsp;&nbsp;n = 63 (Cont'd) | &nbsp;&nbsp;32.7900 | &nbsp;&nbsp;-84.6731 | &nbsp;&nbsp;21-PT-042 | &nbsp;&nbsp;7.62 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Pig Trail (Cont'd) | &nbsp;&nbsp;n = 63 (Cont'd) | &nbsp;&nbsp;32.7901 | &nbsp;&nbsp;-84.6731 | &nbsp;&nbsp;21-PT-043 | &nbsp;&nbsp;4.57 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Pig Trail (Cont'd) | &nbsp;&nbsp;n = 63 (Cont'd) | &nbsp;&nbsp;32.7900 | &nbsp;&nbsp;-84.6732 | &nbsp;&nbsp;21-PT-044 | &nbsp;&nbsp;9.14 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Pig Trail (Cont'd) | &nbsp;&nbsp;n = 63 (Cont'd) | &nbsp;&nbsp;32.7899 | &nbsp;&nbsp;-84.6732 | &nbsp;&nbsp;21-PT-045 | &nbsp;&nbsp;4.27 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Pig Trail (Cont'd) | &nbsp;&nbsp;n = 63 (Cont'd) | &nbsp;&nbsp;32.7889 | &nbsp;&nbsp;-84.6661 | &nbsp;&nbsp;21-PT-046 | &nbsp;&nbsp;6.40 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Pig Trail (Cont'd) | &nbsp;&nbsp;n = 63 (Cont'd) | &nbsp;&nbsp;32.7891 | &nbsp;&nbsp;-84.6661 | &nbsp;&nbsp;21-PT-047 | &nbsp;&nbsp;10.36 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Pig Trail (Cont'd) | &nbsp;&nbsp;n = 63 (Cont'd) | &nbsp;&nbsp;32.7893 | &nbsp;&nbsp;-84.6660 | &nbsp;&nbsp;21-PT-048 | &nbsp;&nbsp;5.49 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Pig Trail (Cont'd) | &nbsp;&nbsp;n = 63 (Cont'd) | &nbsp;&nbsp;32.7895 | &nbsp;&nbsp;-84.6660 | &nbsp;&nbsp;21-PT-049 | &nbsp;&nbsp;4.57 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Pig Trail (Cont'd) | &nbsp;&nbsp;n = 63 (Cont'd) | &nbsp;&nbsp;32.7897 | &nbsp;&nbsp;-84.6659 | &nbsp;&nbsp;21-PT-050 | &nbsp;&nbsp;7.62 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Pig Trail (Cont'd) | &nbsp;&nbsp;n = 63 (Cont'd) | &nbsp;&nbsp;32.7898 | &nbsp;&nbsp;-84.6659 | &nbsp;&nbsp;21-PT-051 | &nbsp;&nbsp;6.10 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Pig Trail (Cont'd) | &nbsp;&nbsp;n = 63 (Cont'd) | &nbsp;&nbsp;32.7900 | &nbsp;&nbsp;-84.6660 | &nbsp;&nbsp;21-PT-052 | &nbsp;&nbsp;5.18 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Pig Trail (Cont'd) | &nbsp;&nbsp;n = 63 (Cont'd) | &nbsp;&nbsp;32.7902 | &nbsp;&nbsp;-84.6661 | &nbsp;&nbsp;21-PT-053 | &nbsp;&nbsp;7.32 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Pig Trail (Cont'd) | &nbsp;&nbsp;n = 63 (Cont'd) | &nbsp;&nbsp;32.7904 | &nbsp;&nbsp;-84.6662 | &nbsp;&nbsp;21-PT-054 | &nbsp;&nbsp;2.74 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Pig Trail (Cont'd) | &nbsp;&nbsp;n = 63 (Cont'd) | &nbsp;&nbsp;32.7906 | &nbsp;&nbsp;-84.6663 | &nbsp;&nbsp;21-PT-055 | &nbsp;&nbsp;3.96 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Pig Trail (Cont'd) | &nbsp;&nbsp;n = 63 (Cont'd) | &nbsp;&nbsp;32.7880 | &nbsp;&nbsp;-84.6690 | &nbsp;&nbsp;21-PT-056 | &nbsp;&nbsp;9.14 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Pig Trail (Cont'd) | &nbsp;&nbsp;n = 63 (Cont'd) | &nbsp;&nbsp;32.7881 | &nbsp;&nbsp;-84.6688 | &nbsp;&nbsp;21-PT-057 | &nbsp;&nbsp;9.14 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Pig Trail (Cont'd) | &nbsp;&nbsp;n = 63 (Cont'd) | &nbsp;&nbsp;32.7882 | &nbsp;&nbsp;-84.6687 | &nbsp;&nbsp;21-PT-058 | &nbsp;&nbsp;8.23 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Pig Trail (Cont'd) | &nbsp;&nbsp;n = 63 (Cont'd) | &nbsp;&nbsp;32.7883 | &nbsp;&nbsp;-84.6685 | &nbsp;&nbsp;21-PT-059 | &nbsp;&nbsp;7.62 |

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SLV0163 – Technical Report Summary Shiloh Project, Georgia 75 November 2025

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| | |
|:---|:---|
| **Technical Report Summary** | ![img77526612_54.jpg](img77526612_54.jpg) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Method** | &nbsp;&nbsp;**Project Area** | &nbsp;&nbsp;**Count** | &nbsp;&nbsp;**Latitude** | &nbsp;&nbsp;**Longitude** | &nbsp;&nbsp;**Hole ID** | &nbsp;&nbsp;**Total Depth (m bgs)** |
|  |  |  | &nbsp;&nbsp;32.7885 | &nbsp;&nbsp;-84.6683 | &nbsp;&nbsp;21-PT-060 | &nbsp;&nbsp;9.14 |
|  |  |  | &nbsp;&nbsp;32.7886 | &nbsp;&nbsp;-84.6681 | &nbsp;&nbsp;21-PT-061 | &nbsp;&nbsp;7.92 |
|  |  |  | &nbsp;&nbsp;32.7886 | &nbsp;&nbsp;-84.6679 | &nbsp;&nbsp;21-PT-062 | &nbsp;&nbsp;7.92 |
|  |  |  | &nbsp;&nbsp;32.7887 | &nbsp;&nbsp;-84.6678 | &nbsp;&nbsp;21-PT-063 | &nbsp;&nbsp;7.92 |
|  | &nbsp;&nbsp;Pipeline (GC) | &nbsp;&nbsp;n = 24 | &nbsp;&nbsp;32.8069 | &nbsp;&nbsp;-84.7168 | &nbsp;&nbsp;21-GC-001 | &nbsp;&nbsp;12.19 |
|  | &nbsp;&nbsp;Pipeline (GC) | &nbsp;&nbsp;n = 24 | &nbsp;&nbsp;32.8070 | &nbsp;&nbsp;-84.7168 | &nbsp;&nbsp;21-GC-002 | &nbsp;&nbsp;9.14 |
|  | &nbsp;&nbsp;Pipeline (GC) | &nbsp;&nbsp;n = 24 | &nbsp;&nbsp;32.8068 | &nbsp;&nbsp;-84.7168 | &nbsp;&nbsp;21-GC-003 | &nbsp;&nbsp;9.14 |
|  | &nbsp;&nbsp;Pipeline (GC) | &nbsp;&nbsp;n = 24 | &nbsp;&nbsp;32.8068 | &nbsp;&nbsp;-84.7169 | &nbsp;&nbsp;21-GC-004 | &nbsp;&nbsp;8.23 |
|  | &nbsp;&nbsp;Pipeline (GC) | &nbsp;&nbsp;n = 24 | &nbsp;&nbsp;32.8067 | &nbsp;&nbsp;-84.7169 | &nbsp;&nbsp;21-GC-005 | &nbsp;&nbsp;6.40 |
|  | &nbsp;&nbsp;Pipeline (GC) | &nbsp;&nbsp;n = 24 | &nbsp;&nbsp;32.8066 | &nbsp;&nbsp;-84.7169 | &nbsp;&nbsp;21-GC-006 | &nbsp;&nbsp;6.10 |
|  | &nbsp;&nbsp;Pipeline (GC) | &nbsp;&nbsp;n = 24 | &nbsp;&nbsp;32.8064 | &nbsp;&nbsp;-84.7169 | &nbsp;&nbsp;21-GC-007 | &nbsp;&nbsp;9.14 |
|  | &nbsp;&nbsp;Pipeline (GC) | &nbsp;&nbsp;n = 24 | &nbsp;&nbsp;32.8063 | &nbsp;&nbsp;-84.7168 | &nbsp;&nbsp;21-GC-008 | &nbsp;&nbsp;9.14 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Pipeline (GC) (Cont'd) | &nbsp;&nbsp;n = 24 (Cont'd) | &nbsp;&nbsp;32.8062 | &nbsp;&nbsp;-84.7169 | &nbsp;&nbsp;21-GC-009 | &nbsp;&nbsp;9.14 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Pipeline (GC) (Cont'd) | &nbsp;&nbsp;n = 24 (Cont'd) | &nbsp;&nbsp;32.8061 | &nbsp;&nbsp;-84.7169 | &nbsp;&nbsp;21-GC-010 | &nbsp;&nbsp;8.23 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Pipeline (GC) (Cont'd) | &nbsp;&nbsp;n = 24 (Cont'd) | &nbsp;&nbsp;32.8059 | &nbsp;&nbsp;-84.7169 | &nbsp;&nbsp;21-GC-011 | &nbsp;&nbsp;4.57 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Pipeline (GC) (Cont'd) | &nbsp;&nbsp;n = 24 (Cont'd) | &nbsp;&nbsp;32.8058 | &nbsp;&nbsp;-84.7169 | &nbsp;&nbsp;21-GC-012 | &nbsp;&nbsp;7.62 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Pipeline (GC) (Cont'd) | &nbsp;&nbsp;n = 24 (Cont'd) | &nbsp;&nbsp;32.8056 | &nbsp;&nbsp;-84.7169 | &nbsp;&nbsp;21-GC-013 | &nbsp;&nbsp;9.14 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Pipeline (GC) (Cont'd) | &nbsp;&nbsp;n = 24 (Cont'd) | &nbsp;&nbsp;32.8071 | &nbsp;&nbsp;-84.7168 | &nbsp;&nbsp;21-GC-014 | &nbsp;&nbsp;9.14 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Pipeline (GC) (Cont'd) | &nbsp;&nbsp;n = 24 (Cont'd) | &nbsp;&nbsp;32.8073 | &nbsp;&nbsp;-84.7169 | &nbsp;&nbsp;21-GC-015 | &nbsp;&nbsp;9.14 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Pipeline (GC) (Cont'd) | &nbsp;&nbsp;n = 24 (Cont'd) | &nbsp;&nbsp;32.8075 | &nbsp;&nbsp;-84.7169 | &nbsp;&nbsp;21-GC-016 | &nbsp;&nbsp;9.14 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Pipeline (GC) (Cont'd) | &nbsp;&nbsp;n = 24 (Cont'd) | &nbsp;&nbsp;32.8077 | &nbsp;&nbsp;-84.7169 | &nbsp;&nbsp;21-GC-017 | &nbsp;&nbsp;9.14 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Pipeline (GC) (Cont'd) | &nbsp;&nbsp;n = 24 (Cont'd) | &nbsp;&nbsp;32.8079 | &nbsp;&nbsp;-84.7169 | &nbsp;&nbsp;21-GC-018 | &nbsp;&nbsp;9.14 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Pipeline (GC) (Cont'd) | &nbsp;&nbsp;n = 24 (Cont'd) | &nbsp;&nbsp;32.8080 | &nbsp;&nbsp;-84.7169 | &nbsp;&nbsp;21-GC-019 | &nbsp;&nbsp;7.32 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Pipeline (GC) (Cont'd) | &nbsp;&nbsp;n = 24 (Cont'd) | &nbsp;&nbsp;32.8082 | &nbsp;&nbsp;-84.7169 | &nbsp;&nbsp;21-GC-020 | &nbsp;&nbsp;9.14 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Pipeline (GC) (Cont'd) | &nbsp;&nbsp;n = 24 (Cont'd) | &nbsp;&nbsp;32.8084 | &nbsp;&nbsp;-84.7169 | &nbsp;&nbsp;21-GC-021 | &nbsp;&nbsp;9.14 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Pipeline (GC) (Cont'd) | &nbsp;&nbsp;n = 24 (Cont'd) | &nbsp;&nbsp;32.8086 | &nbsp;&nbsp;-84.7169 | &nbsp;&nbsp;21-GC-022 | &nbsp;&nbsp;9.14 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Pipeline (GC) (Cont'd) | &nbsp;&nbsp;n = 24 (Cont'd) | &nbsp;&nbsp;32.8087 | &nbsp;&nbsp;-84.7169 | &nbsp;&nbsp;21-GC-023 | &nbsp;&nbsp;9.14 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Pipeline (GC) (Cont'd) | &nbsp;&nbsp;n = 24 (Cont'd) | &nbsp;&nbsp;32.8089 | &nbsp;&nbsp;-84.7168 | &nbsp;&nbsp;21-GC-024 | &nbsp;&nbsp;9.14 |

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SLV0163 – Technical Report Summary Shiloh Project, Georgia 76 November 2025

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---

| | |
|:---|:---|
| **Technical Report Summary** | ![img77526612_54.jpg](img77526612_54.jpg) |

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---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Method** | &nbsp;&nbsp;**Project Area** | &nbsp;&nbsp;**Count** | &nbsp;&nbsp;**Latitude** | &nbsp;&nbsp;**Longitude** | &nbsp;&nbsp;**Hole ID** | &nbsp;&nbsp;**Total Depth (m bgs)** |
| &nbsp;&nbsp;Sonic | &nbsp;&nbsp;Newbill | &nbsp;&nbsp;n = 10 | &nbsp;&nbsp;32.7938 | &nbsp;&nbsp;-84.6340 | &nbsp;&nbsp;21-SNB-001 | &nbsp;&nbsp;18.29 |
| &nbsp;&nbsp;Sonic | &nbsp;&nbsp;Newbill | &nbsp;&nbsp;n = 10 | &nbsp;&nbsp;32.7940 | &nbsp;&nbsp;-84.6341 | &nbsp;&nbsp;21-SNB-002 | &nbsp;&nbsp;18.29 |
| &nbsp;&nbsp;Sonic | &nbsp;&nbsp;Newbill | &nbsp;&nbsp;n = 10 | &nbsp;&nbsp;32.7941 | &nbsp;&nbsp;-84.6341 | &nbsp;&nbsp;21-SNB-003 | &nbsp;&nbsp;12.19 |
| &nbsp;&nbsp;Sonic | &nbsp;&nbsp;Newbill | &nbsp;&nbsp;n = 10 | &nbsp;&nbsp;32.7951 | &nbsp;&nbsp;-84.6291 | &nbsp;&nbsp;21-SNB-004 | &nbsp;&nbsp;9.14 |
| &nbsp;&nbsp;Sonic | &nbsp;&nbsp;Newbill | &nbsp;&nbsp;n = 10 | &nbsp;&nbsp;32.7950 | &nbsp;&nbsp;-84.6293 | &nbsp;&nbsp;21-SNB-005 | &nbsp;&nbsp;10.06 |
| &nbsp;&nbsp;Sonic | &nbsp;&nbsp;Newbill | &nbsp;&nbsp;n = 10 | &nbsp;&nbsp;32.7949 | &nbsp;&nbsp;-84.6294 | &nbsp;&nbsp;21-SNB-006 | &nbsp;&nbsp;18.29 |
| &nbsp;&nbsp;Sonic | &nbsp;&nbsp;Newbill | &nbsp;&nbsp;n = 10 | &nbsp;&nbsp;32.7946 | &nbsp;&nbsp;-84.6304 | &nbsp;&nbsp;21-SNB-007 | &nbsp;&nbsp;9.14 |
| &nbsp;&nbsp;Sonic | &nbsp;&nbsp;Newbill | &nbsp;&nbsp;n = 10 | &nbsp;&nbsp;32.7948 | &nbsp;&nbsp;-84.6296 | &nbsp;&nbsp;21-SNB-008 | &nbsp;&nbsp;9.14 |
| &nbsp;&nbsp;Sonic | &nbsp;&nbsp;Newbill | &nbsp;&nbsp;n = 10 | &nbsp;&nbsp;32.7946 | &nbsp;&nbsp;-84.6298 | &nbsp;&nbsp;21-SNB-009 | &nbsp;&nbsp;10.67 |
| &nbsp;&nbsp;Sonic | &nbsp;&nbsp;Newbill | &nbsp;&nbsp;n = 10 | &nbsp;&nbsp;32.7946 | &nbsp;&nbsp;-84.6298 | &nbsp;&nbsp;21-SNB-010 | &nbsp;&nbsp;18.29 |
| &nbsp;&nbsp;Sonic | &nbsp;&nbsp;Pig Trail | &nbsp;&nbsp;n = 10 | &nbsp;&nbsp;32.7887 | &nbsp;&nbsp;-84.6662 | &nbsp;&nbsp;21-SPT-001 | &nbsp;&nbsp;15.24 |
| &nbsp;&nbsp;Sonic | &nbsp;&nbsp;Pig Trail | &nbsp;&nbsp;n = 10 | &nbsp;&nbsp;32.7886 | &nbsp;&nbsp;-84.6662 | &nbsp;&nbsp;21-SPT-002 | &nbsp;&nbsp;12.19 |
| &nbsp;&nbsp;Sonic | &nbsp;&nbsp;Pig Trail | &nbsp;&nbsp;n = 10 | &nbsp;&nbsp;32.7887 | &nbsp;&nbsp;-84.6664 | &nbsp;&nbsp;21-SPT-003 | &nbsp;&nbsp;13.41 |
| &nbsp;&nbsp;Sonic | &nbsp;&nbsp;Pig Trail | &nbsp;&nbsp;n = 10 | &nbsp;&nbsp;32.7888 | &nbsp;&nbsp;-84.6664 | &nbsp;&nbsp;21-SPT-004 | &nbsp;&nbsp;12.19 |
| &nbsp;&nbsp;Sonic | &nbsp;&nbsp;Pig Trail | &nbsp;&nbsp;n = 10 | &nbsp;&nbsp;32.7888 | &nbsp;&nbsp;-84.6666 | &nbsp;&nbsp;21-SPT-005 | &nbsp;&nbsp;12.19 |
| &nbsp;&nbsp;Sonic | &nbsp;&nbsp;Pig Trail | &nbsp;&nbsp;n = 10 | &nbsp;&nbsp;32.7900 | &nbsp;&nbsp;-84.6704 | &nbsp;&nbsp;21-SPT-006 | &nbsp;&nbsp;21.34 |
| &nbsp;&nbsp;Sonic | &nbsp;&nbsp;Pig Trail | &nbsp;&nbsp;n = 10 | &nbsp;&nbsp;32.7900 | &nbsp;&nbsp;-84.6730 | &nbsp;&nbsp;21-SPT-007 | &nbsp;&nbsp;15.24 |
| &nbsp;&nbsp;Sonic | &nbsp;&nbsp;Pig Trail | &nbsp;&nbsp;n = 10 | &nbsp;&nbsp;32.7881 | &nbsp;&nbsp;-84.6734 | &nbsp;&nbsp;21-SPT-008 | &nbsp;&nbsp;24.38 |
| &nbsp;&nbsp;Sonic | &nbsp;&nbsp;Pig Trail | &nbsp;&nbsp;n = 10 | &nbsp;&nbsp;32.7883 | &nbsp;&nbsp;-84.6762 | &nbsp;&nbsp;21-SPT-009 | &nbsp;&nbsp;18.29 |
| &nbsp;&nbsp;Sonic | &nbsp;&nbsp;Pig Trail | &nbsp;&nbsp;n = 10 | &nbsp;&nbsp;32.7917 | &nbsp;&nbsp;-84.6743 | &nbsp;&nbsp;21-SPT-010 | &nbsp;&nbsp;18.29 |

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Source: Geosyntec, 2025

SLV0163 – Technical Report Summary Shiloh Project, Georgia 77 November 2025

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| | |
|:---|:---|
| **Technical Report Summary** | ![img77526612_55.jpg](img77526612_55.jpg) |

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**Table 6 2021 Drilling Analytical Results**

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| | | | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  |  |  | &nbsp;&nbsp;**Method** | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  |
|  |  |  |  |  |  |  |  | &nbsp;&nbsp;**Analyte** | &nbsp;&nbsp;**Ce** | &nbsp;&nbsp;**Dy** | &nbsp;&nbsp;**Er** | &nbsp;&nbsp;**Eu** | &nbsp;&nbsp;**Gd** | &nbsp;&nbsp;**Ho** | &nbsp;&nbsp;**La** | &nbsp;&nbsp;**Lu** | &nbsp;&nbsp;**Nd** | &nbsp;&nbsp;**Pr** | &nbsp;&nbsp;**Sm** | &nbsp;&nbsp;**Tb** | &nbsp;&nbsp;**Tm** | &nbsp;&nbsp;**Y** | &nbsp;&nbsp;**Yb** |
|  |  |  |  |  |  |  |  | &nbsp;&nbsp;**Units** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** |
|  |  |  |  |  |  |  |  | &nbsp;&nbsp;**Detection Limit** | &nbsp;&nbsp;**3** | &nbsp;&nbsp;**0.3** | &nbsp;&nbsp;**0.2** | &nbsp;&nbsp;**0.2** | &nbsp;&nbsp;**0.3** | &nbsp;&nbsp;**0.05** | &nbsp;&nbsp;**3** | &nbsp;&nbsp;**0.05 / 0.5** | &nbsp;&nbsp;**0.5** | &nbsp;&nbsp;**0.2** | &nbsp;&nbsp;**0.2** | &nbsp;&nbsp;**0.05** | &nbsp;&nbsp;**0.05 / 0.3** | &nbsp;&nbsp;**3** | &nbsp;&nbsp;**0.2** |
|  |  |  |  |  |  |  |  | &nbsp;&nbsp;**Upper Limit** | &nbsp;&nbsp;**50000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**50000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**50000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**50000** | &nbsp;&nbsp;**5000** |
| &nbsp;&nbsp;**Hole ID** | &nbsp;&nbsp;**From <br>(m)** | &nbsp;&nbsp;**To<br>(m)** | &nbsp;&nbsp;**Interval <br>(m)** | &nbsp;&nbsp;**Duplicate** | &nbsp;&nbsp;**Sample Number** | &nbsp;&nbsp;**Sample <br>Type** | &nbsp;&nbsp;**Sample <br>Details** | &nbsp;&nbsp;**TREO (%)** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** |
| &nbsp;&nbsp;21-DT-001 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120790 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.3086 | &nbsp;&nbsp;1285 | &nbsp;&nbsp;16 | &nbsp;&nbsp;4.1 | &nbsp;&nbsp;2.0 | &nbsp;&nbsp;40 | &nbsp;&nbsp;2.2 | &nbsp;&nbsp;518 | &nbsp;&nbsp;0.36 | &nbsp;&nbsp;496 | &nbsp;&nbsp;138 | &nbsp;&nbsp;75 | &nbsp;&nbsp;4.12 | &nbsp;&nbsp;0.50 | &nbsp;&nbsp;50 | &nbsp;&nbsp;3.0 |
| &nbsp;&nbsp;21-DT-001 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120791 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.1509 | &nbsp;&nbsp;275 | &nbsp;&nbsp;13 | &nbsp;&nbsp;3.9 | &nbsp;&nbsp;2.6 | &nbsp;&nbsp;32 | &nbsp;&nbsp;2.0 | &nbsp;&nbsp;343 | &nbsp;&nbsp;0.32 | &nbsp;&nbsp;393 | &nbsp;&nbsp;106 | &nbsp;&nbsp;67 | &nbsp;&nbsp;3.40 | &nbsp;&nbsp;0.39 | &nbsp;&nbsp;43 | &nbsp;&nbsp;2.6 |
| &nbsp;&nbsp;21-DT-001 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120792 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.1159 | &nbsp;&nbsp;241 | &nbsp;&nbsp;15 | &nbsp;&nbsp;6.3 | &nbsp;&nbsp;3.0 | &nbsp;&nbsp;28 | &nbsp;&nbsp;2.9 | &nbsp;&nbsp;239 | &nbsp;&nbsp;0.72 | &nbsp;&nbsp;260 | &nbsp;&nbsp;69 | &nbsp;&nbsp;49 | &nbsp;&nbsp;3.71 | &nbsp;&nbsp;0.84 | &nbsp;&nbsp;63 | &nbsp;&nbsp;5.6 |
| &nbsp;&nbsp;21-DT-001 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120793 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0969 | &nbsp;&nbsp;209 | &nbsp;&nbsp;17 | &nbsp;&nbsp;7.7 | &nbsp;&nbsp;2.9 | &nbsp;&nbsp;26 | &nbsp;&nbsp;3.2 | &nbsp;&nbsp;182 | &nbsp;&nbsp;0.78 | &nbsp;&nbsp;193 | &nbsp;&nbsp;50 | &nbsp;&nbsp;37 | &nbsp;&nbsp;3.66 | &nbsp;&nbsp;1.06 | &nbsp;&nbsp;82 | &nbsp;&nbsp;6.6 |
| &nbsp;&nbsp;21-DT-001 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;7.62 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120794 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0625 | &nbsp;&nbsp;181 | &nbsp;&nbsp;14 | &nbsp;&nbsp;6.3 | &nbsp;&nbsp;1.3 | &nbsp;&nbsp;16 | &nbsp;&nbsp;2.7 | &nbsp;&nbsp;96 | &nbsp;&nbsp;0.58 | &nbsp;&nbsp;90 | &nbsp;&nbsp;25 | &nbsp;&nbsp;20 | &nbsp;&nbsp;2.65 | &nbsp;&nbsp;0.80 | &nbsp;&nbsp;69 | &nbsp;&nbsp;4.8 |
| &nbsp;&nbsp;21-DT-001 | &nbsp;&nbsp;7.62 | &nbsp;&nbsp;8.84 | &nbsp;&nbsp;1.22 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120795 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0539 | &nbsp;&nbsp;191 | &nbsp;&nbsp;6 | &nbsp;&nbsp;2.7 | &nbsp;&nbsp;1.0 | &nbsp;&nbsp;10 | &nbsp;&nbsp;1.1 | &nbsp;&nbsp;94 | &nbsp;&nbsp;0.24 | &nbsp;&nbsp;84 | &nbsp;&nbsp;24 | &nbsp;&nbsp;15 | &nbsp;&nbsp;1.32 | &nbsp;&nbsp;0.25 | &nbsp;&nbsp;27 | &nbsp;&nbsp;1.7 |
| &nbsp;&nbsp;21-DT-002 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120796 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.1426 | &nbsp;&nbsp;640 | &nbsp;&nbsp;7 | &nbsp;&nbsp;2.1 | &nbsp;&nbsp;1.2 | &nbsp;&nbsp;17 | &nbsp;&nbsp;1.1 | &nbsp;&nbsp;215 | &nbsp;&nbsp;0.21 | &nbsp;&nbsp;213 | &nbsp;&nbsp;59 | &nbsp;&nbsp;32 | &nbsp;&nbsp;1.94 | &nbsp;&nbsp;0.26 | &nbsp;&nbsp;25 | &nbsp;&nbsp;1.7 |
| &nbsp;&nbsp;21-DT-002 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120797 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.1167 | &nbsp;&nbsp;226 | &nbsp;&nbsp;11 | &nbsp;&nbsp;3.7 | &nbsp;&nbsp;2.2 | &nbsp;&nbsp;24 | &nbsp;&nbsp;1.7 | &nbsp;&nbsp;267 | &nbsp;&nbsp;0.33 | &nbsp;&nbsp;290 | &nbsp;&nbsp;79 | &nbsp;&nbsp;49 | &nbsp;&nbsp;2.66 | &nbsp;&nbsp;0.45 | &nbsp;&nbsp;37 | &nbsp;&nbsp;2.3 |
| &nbsp;&nbsp;21-DT-002 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;1 | &nbsp;&nbsp;E00120797 | &nbsp;&nbsp;Duplicate | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.1181 | &nbsp;&nbsp;226 | &nbsp;&nbsp;11 | &nbsp;&nbsp;3.4 | &nbsp;&nbsp;2.2 | &nbsp;&nbsp;25 | &nbsp;&nbsp;1.5 | &nbsp;&nbsp;267 | &nbsp;&nbsp;0.29 | &nbsp;&nbsp;298 | &nbsp;&nbsp;82 | &nbsp;&nbsp;49 | &nbsp;&nbsp;2.72 | &nbsp;&nbsp;0.44 | &nbsp;&nbsp;37 | &nbsp;&nbsp;2.3 |
| &nbsp;&nbsp;21-DT-002 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120798 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0964 | &nbsp;&nbsp;190 | &nbsp;&nbsp;14 | &nbsp;&nbsp;5.1 | &nbsp;&nbsp;2.7 | &nbsp;&nbsp;24 | &nbsp;&nbsp;2.2 | &nbsp;&nbsp;199 | &nbsp;&nbsp;0.45 | &nbsp;&nbsp;222 | &nbsp;&nbsp;60 | &nbsp;&nbsp;42 | &nbsp;&nbsp;3.12 | &nbsp;&nbsp;0.66 | &nbsp;&nbsp;52 | &nbsp;&nbsp;4.1 |
| &nbsp;&nbsp;21-DT-002 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120799 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0919 | &nbsp;&nbsp;225 | &nbsp;&nbsp;18 | &nbsp;&nbsp;8.5 | &nbsp;&nbsp;2.6 | &nbsp;&nbsp;25 | &nbsp;&nbsp;3.5 | &nbsp;&nbsp;158 | &nbsp;&nbsp;0.98 | &nbsp;&nbsp;155 | &nbsp;&nbsp;41 | &nbsp;&nbsp;31 | &nbsp;&nbsp;3.77 | &nbsp;&nbsp;1.10 | &nbsp;&nbsp;97 | &nbsp;&nbsp;7.6 |
| &nbsp;&nbsp;21-DT-002 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;7.62 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120800 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0759 | &nbsp;&nbsp;254 | &nbsp;&nbsp;11 | &nbsp;&nbsp;5.0 | &nbsp;&nbsp;1.3 | &nbsp;&nbsp;14 | &nbsp;&nbsp;2.0 | &nbsp;&nbsp;127 | &nbsp;&nbsp;0.53 | &nbsp;&nbsp;114 | &nbsp;&nbsp;33 | &nbsp;&nbsp;22 | &nbsp;&nbsp;2.24 | &nbsp;&nbsp;0.67 | &nbsp;&nbsp;54 | &nbsp;&nbsp;4.3 |
| &nbsp;&nbsp;21-DT-003 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120902 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.1638 | &nbsp;&nbsp;650 | &nbsp;&nbsp;10 | &nbsp;&nbsp;3.2 | &nbsp;&nbsp;1.4 | &nbsp;&nbsp;22 | &nbsp;&nbsp;1.5 | &nbsp;&nbsp;280 | &nbsp;&nbsp;0.35 | &nbsp;&nbsp;280 | &nbsp;&nbsp;71 | &nbsp;&nbsp;41 | &nbsp;&nbsp;2.23 | &nbsp;&nbsp;0.40 | &nbsp;&nbsp;33 | &nbsp;&nbsp;2.3 |
| &nbsp;&nbsp;21-DT-003 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120903 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.1241 | &nbsp;&nbsp;224 | &nbsp;&nbsp;12 | &nbsp;&nbsp;3.9 | &nbsp;&nbsp;2.1 | &nbsp;&nbsp;27 | &nbsp;&nbsp;1.7 | &nbsp;&nbsp;300 | &nbsp;&nbsp;0.29 | &nbsp;&nbsp;312 | &nbsp;&nbsp;81 | &nbsp;&nbsp;51 | &nbsp;&nbsp;2.66 | &nbsp;&nbsp;0.44 | &nbsp;&nbsp;38 | &nbsp;&nbsp;2.6 |
| &nbsp;&nbsp;21-DT-003 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120904 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.1094 | &nbsp;&nbsp;220 | &nbsp;&nbsp;16 | &nbsp;&nbsp;5.6 | &nbsp;&nbsp;2.6 | &nbsp;&nbsp;30 | &nbsp;&nbsp;2.5 | &nbsp;&nbsp;237 | &nbsp;&nbsp;0.57 | &nbsp;&nbsp;247 | &nbsp;&nbsp;63 | &nbsp;&nbsp;44 | &nbsp;&nbsp;3.23 | &nbsp;&nbsp;0.67 | &nbsp;&nbsp;56 | &nbsp;&nbsp;4.1 |
| &nbsp;&nbsp;21-DT-003 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120905 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0930 | &nbsp;&nbsp;207 | &nbsp;&nbsp;22 | &nbsp;&nbsp;10.2 | &nbsp;&nbsp;2.8 | &nbsp;&nbsp;26 | &nbsp;&nbsp;3.9 | &nbsp;&nbsp;168 | &nbsp;&nbsp;1.03 | &nbsp;&nbsp;164 | &nbsp;&nbsp;41 | &nbsp;&nbsp;34 | &nbsp;&nbsp;3.54 | &nbsp;&nbsp;1.28 | &nbsp;&nbsp;96 | &nbsp;&nbsp;7.7 |
| &nbsp;&nbsp;21-DT-003 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;7.62 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120906 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0794 | &nbsp;&nbsp;240 | &nbsp;&nbsp;16 | &nbsp;&nbsp;7.0 | &nbsp;&nbsp;1.6 | &nbsp;&nbsp;19 | &nbsp;&nbsp;2.8 | &nbsp;&nbsp;136 | &nbsp;&nbsp;0.85 | &nbsp;&nbsp;117 | &nbsp;&nbsp;31 | &nbsp;&nbsp;24 | &nbsp;&nbsp;2.65 | &nbsp;&nbsp;0.90 | &nbsp;&nbsp;69 | &nbsp;&nbsp;5.6 |
| &nbsp;&nbsp;21-DT-003 | &nbsp;&nbsp;7.62 | &nbsp;&nbsp;8.84 | &nbsp;&nbsp;1.22 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120907 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0432 | &nbsp;&nbsp;144 | &nbsp;&nbsp;8 | &nbsp;&nbsp;3.2 | &nbsp;&nbsp;0.9 | &nbsp;&nbsp;9 | &nbsp;&nbsp;1.4 | &nbsp;&nbsp;72 | &nbsp;&nbsp;0.42 | &nbsp;&nbsp;62 | &nbsp;&nbsp;16 | &nbsp;&nbsp;12 | &nbsp;&nbsp;1.28 | &nbsp;&nbsp;0.47 | &nbsp;&nbsp;34 | &nbsp;&nbsp;2.6 |
| &nbsp;&nbsp;21-DT-004 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120913 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.7353 | &nbsp;&nbsp;2530 | &nbsp;&nbsp;46 | &nbsp;&nbsp;13.7 | &nbsp;&nbsp;6.0 | &nbsp;&nbsp;109 | &nbsp;&nbsp;6.3 | &nbsp;&nbsp;1550 | &nbsp;&nbsp;0.93 | &nbsp;&nbsp;1310 | &nbsp;&nbsp;338 | &nbsp;&nbsp;195 | &nbsp;&nbsp;10.45 | &nbsp;&nbsp;1.36 | &nbsp;&nbsp;151 | &nbsp;&nbsp;7.3 |
| &nbsp;&nbsp;21-DT-004 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120914 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.4571 | &nbsp;&nbsp;1445 | &nbsp;&nbsp;35 | &nbsp;&nbsp;10.2 | &nbsp;&nbsp;5.7 | &nbsp;&nbsp;84 | &nbsp;&nbsp;4.9 | &nbsp;&nbsp;922 | &nbsp;&nbsp;0.85 | &nbsp;&nbsp;894 | &nbsp;&nbsp;231 | &nbsp;&nbsp;146 | &nbsp;&nbsp;7.98 | &nbsp;&nbsp;1.22 | &nbsp;&nbsp;106 | &nbsp;&nbsp;6.8 |
| &nbsp;&nbsp;21-DT-004 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120915 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.1097 | &nbsp;&nbsp;184 | &nbsp;&nbsp;17 | &nbsp;&nbsp;7.5 | &nbsp;&nbsp;3.9 | &nbsp;&nbsp;31 | &nbsp;&nbsp;2.8 | &nbsp;&nbsp;240 | &nbsp;&nbsp;0.76 | &nbsp;&nbsp;253 | &nbsp;&nbsp;64 | &nbsp;&nbsp;49 | &nbsp;&nbsp;3.47 | &nbsp;&nbsp;1.04 | &nbsp;&nbsp;69 | &nbsp;&nbsp;5.6 |
| &nbsp;&nbsp;21-DT-004 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120916 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0967 | &nbsp;&nbsp;207 | &nbsp;&nbsp;20 | &nbsp;&nbsp;9.3 | &nbsp;&nbsp;3.5 | &nbsp;&nbsp;29 | &nbsp;&nbsp;3.6 | &nbsp;&nbsp;179 | &nbsp;&nbsp;1.09 | &nbsp;&nbsp;180 | &nbsp;&nbsp;45 | &nbsp;&nbsp;35 | &nbsp;&nbsp;3.69 | &nbsp;&nbsp;1.34 | &nbsp;&nbsp;95 | &nbsp;&nbsp;7.0 |
| &nbsp;&nbsp;21-DT-004 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;7.62 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120917 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0659 | &nbsp;&nbsp;192 | &nbsp;&nbsp;14 | &nbsp;&nbsp;6.2 | &nbsp;&nbsp;1.8 | &nbsp;&nbsp;18 | &nbsp;&nbsp;2.4 | &nbsp;&nbsp;108 | &nbsp;&nbsp;0.57 | &nbsp;&nbsp;96 | &nbsp;&nbsp;25 | &nbsp;&nbsp;20 | &nbsp;&nbsp;2.60 | &nbsp;&nbsp;0.81 | &nbsp;&nbsp;66 | &nbsp;&nbsp;4.4 |
| &nbsp;&nbsp;21-DT-004 | &nbsp;&nbsp;7.62 | &nbsp;&nbsp;9.14 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120918 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0587 | &nbsp;&nbsp;199 | &nbsp;&nbsp;10 | &nbsp;&nbsp;4.0 | &nbsp;&nbsp;0.9 | &nbsp;&nbsp;13 | &nbsp;&nbsp;1.7 | &nbsp;&nbsp;97 | &nbsp;&nbsp;0.37 | &nbsp;&nbsp;88 | &nbsp;&nbsp;23 | &nbsp;&nbsp;16 | &nbsp;&nbsp;1.66 | &nbsp;&nbsp;0.52 | &nbsp;&nbsp;42 | &nbsp;&nbsp;2.6 |
| &nbsp;&nbsp;21-DT-005 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120908 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0540 | &nbsp;&nbsp;247 | &nbsp;&nbsp;6 | &nbsp;&nbsp;2.1 | &nbsp;&nbsp;0.8 | &nbsp;&nbsp;8 | &nbsp;&nbsp;0.8 | &nbsp;&nbsp;79 | &nbsp;&nbsp;0.25 | &nbsp;&nbsp;65 | &nbsp;&nbsp;18 | &nbsp;&nbsp;12 | &nbsp;&nbsp;1.10 | &nbsp;&nbsp;0.26 | &nbsp;&nbsp;18 | &nbsp;&nbsp;1.4 |
| &nbsp;&nbsp;21-DT-005 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120909 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;1.3390 | &nbsp;&nbsp;5050 | &nbsp;&nbsp;75 | &nbsp;&nbsp;18.1 | &nbsp;&nbsp;9.4 | &nbsp;&nbsp;203 | &nbsp;&nbsp;9.4 | &nbsp;&nbsp;2420 | &nbsp;&nbsp;1.18 | &nbsp;&nbsp;2410 | &nbsp;&nbsp;623 | &nbsp;&nbsp;387 | &nbsp;&nbsp;18.80 | &nbsp;&nbsp;1.88 | &nbsp;&nbsp;197 | &nbsp;&nbsp;9.9 |
| &nbsp;&nbsp;21-DT-005 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120910 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0912 | &nbsp;&nbsp;227 | &nbsp;&nbsp;11 | &nbsp;&nbsp;4.2 | &nbsp;&nbsp;2.4 | &nbsp;&nbsp;20 | &nbsp;&nbsp;1.7 | &nbsp;&nbsp;187 | &nbsp;&nbsp;0.48 | &nbsp;&nbsp;199 | &nbsp;&nbsp;50 | &nbsp;&nbsp;33 | &nbsp;&nbsp;2.25 | &nbsp;&nbsp;0.45 | &nbsp;&nbsp;36 | &nbsp;&nbsp;3.0 |
| &nbsp;&nbsp;21-DT-005 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120911 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.1125 | &nbsp;&nbsp;244 | &nbsp;&nbsp;19 | &nbsp;&nbsp;9.0 | &nbsp;&nbsp;3.7 | &nbsp;&nbsp;29 | &nbsp;&nbsp;3.2 | &nbsp;&nbsp;222 | &nbsp;&nbsp;0.96 | &nbsp;&nbsp;231 | &nbsp;&nbsp;58 | &nbsp;&nbsp;44 | &nbsp;&nbsp;3.39 | &nbsp;&nbsp;1.08 | &nbsp;&nbsp;82 | &nbsp;&nbsp;6.0 |
| &nbsp;&nbsp;21-DT-005 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;7.62 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120912 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0813 | &nbsp;&nbsp;247 | &nbsp;&nbsp;14 | &nbsp;&nbsp;6.7 | &nbsp;&nbsp;1.7 | &nbsp;&nbsp;19 | &nbsp;&nbsp;2.5 | &nbsp;&nbsp;154 | &nbsp;&nbsp;0.63 | &nbsp;&nbsp;117 | &nbsp;&nbsp;32 | &nbsp;&nbsp;23 | &nbsp;&nbsp;2.48 | &nbsp;&nbsp;0.74 | &nbsp;&nbsp;66 | &nbsp;&nbsp;4.7 |
| &nbsp;&nbsp;21-DT-006 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120919 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0479 | &nbsp;&nbsp;198 | &nbsp;&nbsp;6 | &nbsp;&nbsp;2.3 | &nbsp;&nbsp;0.6 | &nbsp;&nbsp;9 | &nbsp;&nbsp;0.9 | &nbsp;&nbsp;78 | &nbsp;&nbsp;0.23 | &nbsp;&nbsp;61 | &nbsp;&nbsp;17 | &nbsp;&nbsp;11 | &nbsp;&nbsp;1.14 | &nbsp;&nbsp;0.25 | &nbsp;&nbsp;22 | &nbsp;&nbsp;1.7 |
| &nbsp;&nbsp;21-DT-006 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120920 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0577 | &nbsp;&nbsp;229 | &nbsp;&nbsp;7 | &nbsp;&nbsp;2.5 | &nbsp;&nbsp;0.8 | &nbsp;&nbsp;12 | &nbsp;&nbsp;1.2 | &nbsp;&nbsp;86 | &nbsp;&nbsp;0.22 | &nbsp;&nbsp;81 | &nbsp;&nbsp;22 | &nbsp;&nbsp;16 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0.32 | &nbsp;&nbsp;30 | &nbsp;&nbsp;1.7 |
| &nbsp;&nbsp;21-DT-006 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120921 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;1.0376 | &nbsp;&nbsp;3880 | &nbsp;&nbsp;58 | &nbsp;&nbsp;15.4 | &nbsp;&nbsp;8.4 | &nbsp;&nbsp;153 | &nbsp;&nbsp;7.6 | &nbsp;&nbsp;1940 | &nbsp;&nbsp;1.07 | &nbsp;&nbsp;1850 | &nbsp;&nbsp;477 | &nbsp;&nbsp;285 | &nbsp;&nbsp;14.30 | &nbsp;&nbsp;1.64 | &nbsp;&nbsp;159 | &nbsp;&nbsp;8.2 |

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SLV0163 – Technical Report Summary Shiloh Project, Georgia 78 November 2025

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|:---|:---|
| **Technical Report Summary** | ![img77526612_55.jpg](img77526612_55.jpg) |

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| | | | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  |  |  | &nbsp;&nbsp;**Method** | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  |
|  |  |  |  |  |  |  |  | &nbsp;&nbsp;**Analyte** | &nbsp;&nbsp;**Ce** | &nbsp;&nbsp;**Dy** | &nbsp;&nbsp;**Er** | &nbsp;&nbsp;**Eu** | &nbsp;&nbsp;**Gd** | &nbsp;&nbsp;**Ho** | &nbsp;&nbsp;**La** | &nbsp;&nbsp;**Lu** | &nbsp;&nbsp;**Nd** | &nbsp;&nbsp;**Pr** | &nbsp;&nbsp;**Sm** | &nbsp;&nbsp;**Tb** | &nbsp;&nbsp;**Tm** | &nbsp;&nbsp;**Y** | &nbsp;&nbsp;**Yb** |
|  |  |  |  |  |  |  |  | &nbsp;&nbsp;**Units** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** |
|  |  |  |  |  |  |  |  | &nbsp;&nbsp;**Detection Limit** | &nbsp;&nbsp;**3** | &nbsp;&nbsp;**0.3** | &nbsp;&nbsp;**0.2** | &nbsp;&nbsp;**0.2** | &nbsp;&nbsp;**0.3** | &nbsp;&nbsp;**0.05** | &nbsp;&nbsp;**3** | &nbsp;&nbsp;**0.05 / 0.5** | &nbsp;&nbsp;**0.5** | &nbsp;&nbsp;**0.2** | &nbsp;&nbsp;**0.2** | &nbsp;&nbsp;**0.05** | &nbsp;&nbsp;**0.05 / 0.3** | &nbsp;&nbsp;**3** | &nbsp;&nbsp;**0.2** |
|  |  |  |  |  |  |  |  | &nbsp;&nbsp;**Upper Limit** | &nbsp;&nbsp;**50000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**50000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**50000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**50000** | &nbsp;&nbsp;**5000** |
| &nbsp;&nbsp;**Hole ID** | &nbsp;&nbsp;**From <br>(m)** | &nbsp;&nbsp;**To<br>(m)** | &nbsp;&nbsp;**Interval <br>(m)** | &nbsp;&nbsp;**Duplicate** | &nbsp;&nbsp;**Sample Number** | &nbsp;&nbsp;**Sample <br>Type** | &nbsp;&nbsp;**Sample <br>Details** | &nbsp;&nbsp;**TREO (%)** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** |
| &nbsp;&nbsp;21-DT-006 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120922 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0964 | &nbsp;&nbsp;203 | &nbsp;&nbsp;18 | &nbsp;&nbsp;7.4 | &nbsp;&nbsp;3.2 | &nbsp;&nbsp;26 | &nbsp;&nbsp;3.0 | &nbsp;&nbsp;191 | &nbsp;&nbsp;0.82 | &nbsp;&nbsp;197 | &nbsp;&nbsp;50 | &nbsp;&nbsp;38 | &nbsp;&nbsp;3.00 | &nbsp;&nbsp;1.00 | &nbsp;&nbsp;73 | &nbsp;&nbsp;6.1 |
| &nbsp;&nbsp;21-DT-006 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;7.62 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120923 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0769 | &nbsp;&nbsp;209 | &nbsp;&nbsp;15 | &nbsp;&nbsp;6.5 | &nbsp;&nbsp;2.3 | &nbsp;&nbsp;22 | &nbsp;&nbsp;2.6 | &nbsp;&nbsp;138 | &nbsp;&nbsp;0.64 | &nbsp;&nbsp;120 | &nbsp;&nbsp;31 | &nbsp;&nbsp;25 | &nbsp;&nbsp;2.72 | &nbsp;&nbsp;0.83 | &nbsp;&nbsp;71 | &nbsp;&nbsp;4.9 |
| &nbsp;&nbsp;21-DT-006 | &nbsp;&nbsp;7.62 | &nbsp;&nbsp;9.14 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120924 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0602 | &nbsp;&nbsp;209 | &nbsp;&nbsp;9 | &nbsp;&nbsp;3.1 | &nbsp;&nbsp;1.2 | &nbsp;&nbsp;13 | &nbsp;&nbsp;1.5 | &nbsp;&nbsp;100 | &nbsp;&nbsp;0.41 | &nbsp;&nbsp;90 | &nbsp;&nbsp;24 | &nbsp;&nbsp;18 | &nbsp;&nbsp;1.79 | &nbsp;&nbsp;0.41 | &nbsp;&nbsp;38 | &nbsp;&nbsp;2.4 |
| &nbsp;&nbsp;21-DT-007 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120925 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0343 | &nbsp;&nbsp;123 | &nbsp;&nbsp;6 | &nbsp;&nbsp;1.7 | &nbsp;&nbsp;0.5 | &nbsp;&nbsp;7 | &nbsp;&nbsp;0.8 | &nbsp;&nbsp;63 | &nbsp;&nbsp;0.2 | &nbsp;&nbsp;46 | &nbsp;&nbsp;14 | &nbsp;&nbsp;9 | &nbsp;&nbsp;0.96 | &nbsp;&nbsp;0.25 | &nbsp;&nbsp;20 | &nbsp;&nbsp;1.4 |
| &nbsp;&nbsp;21-DT-007 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120926 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0601 | &nbsp;&nbsp;217 | &nbsp;&nbsp;8 | &nbsp;&nbsp;3.1 | &nbsp;&nbsp;1.2 | &nbsp;&nbsp;13 | &nbsp;&nbsp;1.3 | &nbsp;&nbsp;98 | &nbsp;&nbsp;0.31 | &nbsp;&nbsp;92 | &nbsp;&nbsp;25 | &nbsp;&nbsp;17 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0.39 | &nbsp;&nbsp;32 | &nbsp;&nbsp;2.2 |
| &nbsp;&nbsp;21-DT-007 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120927 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.1090 | &nbsp;&nbsp;242 | &nbsp;&nbsp;18 | &nbsp;&nbsp;7.2 | &nbsp;&nbsp;3.5 | &nbsp;&nbsp;29 | &nbsp;&nbsp;3.0 | &nbsp;&nbsp;202 | &nbsp;&nbsp;0.74 | &nbsp;&nbsp;230 | &nbsp;&nbsp;57 | &nbsp;&nbsp;43 | &nbsp;&nbsp;3.56 | &nbsp;&nbsp;1.00 | &nbsp;&nbsp;81 | &nbsp;&nbsp;5.9 |
| &nbsp;&nbsp;21-DT-007 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;1 | &nbsp;&nbsp;E00120927DUP | &nbsp;&nbsp;Duplicate | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.1096 | &nbsp;&nbsp;241 | &nbsp;&nbsp;17 | &nbsp;&nbsp;7.7 | &nbsp;&nbsp;3.3 | &nbsp;&nbsp;30 | &nbsp;&nbsp;3.1 | &nbsp;&nbsp;203 | &nbsp;&nbsp;0.71 | &nbsp;&nbsp;235 | &nbsp;&nbsp;58 | &nbsp;&nbsp;41 | &nbsp;&nbsp;3.74 | &nbsp;&nbsp;0.90 | &nbsp;&nbsp;81 | &nbsp;&nbsp;5.8 |
| &nbsp;&nbsp;21-DT-007 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120928 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;1.0933 | &nbsp;&nbsp;3910 | &nbsp;&nbsp;80 | &nbsp;&nbsp;29.0 | &nbsp;&nbsp;11.2 | &nbsp;&nbsp;185 | &nbsp;&nbsp;12.0 | &nbsp;&nbsp;1890 | &nbsp;&nbsp;2.51 | &nbsp;&nbsp;2010 | &nbsp;&nbsp;525 | &nbsp;&nbsp;308 | &nbsp;&nbsp;19.85 | &nbsp;&nbsp;3.28 | &nbsp;&nbsp;319 | &nbsp;&nbsp;19.8 |
| &nbsp;&nbsp;21-DT-007 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;7.62 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120929 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.1867 | &nbsp;&nbsp;616 | &nbsp;&nbsp;17 | &nbsp;&nbsp;7.1 | &nbsp;&nbsp;2.2 | &nbsp;&nbsp;36 | &nbsp;&nbsp;2.7 | &nbsp;&nbsp;356 | &nbsp;&nbsp;0.52 | &nbsp;&nbsp;326 | &nbsp;&nbsp;85 | &nbsp;&nbsp;52 | &nbsp;&nbsp;3.75 | &nbsp;&nbsp;0.75 | &nbsp;&nbsp;82 | &nbsp;&nbsp;4.5 |
| &nbsp;&nbsp;21-DT-007 | &nbsp;&nbsp;7.62 | &nbsp;&nbsp;9.14 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120930 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0540 | &nbsp;&nbsp;200 | &nbsp;&nbsp;6 | &nbsp;&nbsp;2.3 | &nbsp;&nbsp;0.9 | &nbsp;&nbsp;11 | &nbsp;&nbsp;0.9 | &nbsp;&nbsp;88 | &nbsp;&nbsp;0.19 | &nbsp;&nbsp;84 | &nbsp;&nbsp;22 | &nbsp;&nbsp;15 | &nbsp;&nbsp;1.23 | &nbsp;&nbsp;0.23 | &nbsp;&nbsp;26 | &nbsp;&nbsp;2.1 |
| &nbsp;&nbsp;21-DT-008 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120931 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0365 | &nbsp;&nbsp;130 | &nbsp;&nbsp;5 | &nbsp;&nbsp;2.3 | &nbsp;&nbsp;0.4 | &nbsp;&nbsp;8 | &nbsp;&nbsp;0.9 | &nbsp;&nbsp;60 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;53 | &nbsp;&nbsp;14 | &nbsp;&nbsp;9 | &nbsp;&nbsp;1.10 | &nbsp;&nbsp;0.21 | &nbsp;&nbsp;24 | &nbsp;&nbsp;1.5 |
| &nbsp;&nbsp;21-DT-008 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120932 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0485 | &nbsp;&nbsp;196 | &nbsp;&nbsp;6 | &nbsp;&nbsp;2.1 | &nbsp;&nbsp;0.8 | &nbsp;&nbsp;9 | &nbsp;&nbsp;0.9 | &nbsp;&nbsp;73 | &nbsp;&nbsp;0.06 | &nbsp;&nbsp;68 | &nbsp;&nbsp;19 | &nbsp;&nbsp;12 | &nbsp;&nbsp;1.17 | &nbsp;&nbsp;0.19 | &nbsp;&nbsp;24 | &nbsp;&nbsp;1.7 |
| &nbsp;&nbsp;21-DT-008 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120933 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0882 | &nbsp;&nbsp;210 | &nbsp;&nbsp;15 | &nbsp;&nbsp;6.9 | &nbsp;&nbsp;2.3 | &nbsp;&nbsp;24 | &nbsp;&nbsp;2.7 | &nbsp;&nbsp;157 | &nbsp;&nbsp;0.73 | &nbsp;&nbsp;169 | &nbsp;&nbsp;44 | &nbsp;&nbsp;32 | &nbsp;&nbsp;3.25 | &nbsp;&nbsp;0.78 | &nbsp;&nbsp;77 | &nbsp;&nbsp;5.1 |
| &nbsp;&nbsp;21-DT-008 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120934 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.3066 | &nbsp;&nbsp;980 | &nbsp;&nbsp;34 | &nbsp;&nbsp;14.8 | &nbsp;&nbsp;4.2 | &nbsp;&nbsp;65 | &nbsp;&nbsp;5.6 | &nbsp;&nbsp;549 | &nbsp;&nbsp;1.4 | &nbsp;&nbsp;541 | &nbsp;&nbsp;139 | &nbsp;&nbsp;87 | &nbsp;&nbsp;7.19 | &nbsp;&nbsp;1.58 | &nbsp;&nbsp;169 | &nbsp;&nbsp;10.4 |
| &nbsp;&nbsp;21-DT-008 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;7.62 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120935 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;1.2569 | &nbsp;&nbsp;4640 | &nbsp;&nbsp;62 | &nbsp;&nbsp;17.7 | &nbsp;&nbsp;6.9 | &nbsp;&nbsp;182 | &nbsp;&nbsp;8.6 | &nbsp;&nbsp;2380 | &nbsp;&nbsp;1.24 | &nbsp;&nbsp;2260 | &nbsp;&nbsp;592 | &nbsp;&nbsp;320 | &nbsp;&nbsp;16.50 | &nbsp;&nbsp;1.73 | &nbsp;&nbsp;229 | &nbsp;&nbsp;9.8 |
| &nbsp;&nbsp;21-DT-008 | &nbsp;&nbsp;7.62 | &nbsp;&nbsp;8.23 | &nbsp;&nbsp;0.61 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120936 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0590 | &nbsp;&nbsp;217 | &nbsp;&nbsp;6 | &nbsp;&nbsp;2.3 | &nbsp;&nbsp;1.0 | &nbsp;&nbsp;11 | &nbsp;&nbsp;0.8 | &nbsp;&nbsp;104 | &nbsp;&nbsp;0.12 | &nbsp;&nbsp;92 | &nbsp;&nbsp;25 | &nbsp;&nbsp;16 | &nbsp;&nbsp;1.32 | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;25 | &nbsp;&nbsp;1.1 |
| &nbsp;&nbsp;21-DT-009 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120937 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0452 | &nbsp;&nbsp;174 | &nbsp;&nbsp;5 | &nbsp;&nbsp;2.1 | &nbsp;&nbsp;0.5 | &nbsp;&nbsp;9 | &nbsp;&nbsp;0.8 | &nbsp;&nbsp;71 | &nbsp;&nbsp;0.12 | &nbsp;&nbsp;66 | &nbsp;&nbsp;18 | &nbsp;&nbsp;11 | &nbsp;&nbsp;1.23 | &nbsp;&nbsp;0.17 | &nbsp;&nbsp;25 | &nbsp;&nbsp;1.3 |
| &nbsp;&nbsp;21-DT-009 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120938 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0646 | &nbsp;&nbsp;208 | &nbsp;&nbsp;10 | &nbsp;&nbsp;5.1 | &nbsp;&nbsp;1.4 | &nbsp;&nbsp;15 | &nbsp;&nbsp;1.9 | &nbsp;&nbsp;97 | &nbsp;&nbsp;0.42 | &nbsp;&nbsp;103 | &nbsp;&nbsp;26 | &nbsp;&nbsp;18 | &nbsp;&nbsp;2.03 | &nbsp;&nbsp;0.61 | &nbsp;&nbsp;55 | &nbsp;&nbsp;4.7 |
| &nbsp;&nbsp;21-DT-009 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120939 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.1599 | &nbsp;&nbsp;219 | &nbsp;&nbsp;36 | &nbsp;&nbsp;17.9 | &nbsp;&nbsp;5.9 | &nbsp;&nbsp;53 | &nbsp;&nbsp;6.5 | &nbsp;&nbsp;317 | &nbsp;&nbsp;1.84 | &nbsp;&nbsp;339 | &nbsp;&nbsp;87 | &nbsp;&nbsp;64 | &nbsp;&nbsp;7.15 | &nbsp;&nbsp;2.25 | &nbsp;&nbsp;184 | &nbsp;&nbsp;13.9 |
| &nbsp;&nbsp;21-DT-009 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;7.62 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120940 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.1165 | &nbsp;&nbsp;204 | &nbsp;&nbsp;28 | &nbsp;&nbsp;14.2 | &nbsp;&nbsp;4.5 | &nbsp;&nbsp;40 | &nbsp;&nbsp;5.1 | &nbsp;&nbsp;206 | &nbsp;&nbsp;1.42 | &nbsp;&nbsp;217 | &nbsp;&nbsp;55 | &nbsp;&nbsp;42 | &nbsp;&nbsp;5.55 | &nbsp;&nbsp;1.70 | &nbsp;&nbsp;150 | &nbsp;&nbsp;11.6 |
| &nbsp;&nbsp;21-DT-009 | &nbsp;&nbsp;7.62 | &nbsp;&nbsp;8.23 | &nbsp;&nbsp;0.61 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120941 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.1765 | &nbsp;&nbsp;606 | &nbsp;&nbsp;21 | &nbsp;&nbsp;10.1 | &nbsp;&nbsp;3.0 | &nbsp;&nbsp;38 | &nbsp;&nbsp;3.8 | &nbsp;&nbsp;286 | &nbsp;&nbsp;0.88 | &nbsp;&nbsp;281 | &nbsp;&nbsp;72 | &nbsp;&nbsp;47 | &nbsp;&nbsp;4.59 | &nbsp;&nbsp;1.18 | &nbsp;&nbsp;118 | &nbsp;&nbsp;7.4 |
| &nbsp;&nbsp;21-DT-009 | &nbsp;&nbsp;8.23 | &nbsp;&nbsp;9.14 | &nbsp;&nbsp;0.91 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120942 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.1716 | &nbsp;&nbsp;504 | &nbsp;&nbsp;15 | &nbsp;&nbsp;6.5 | &nbsp;&nbsp;4.4 | &nbsp;&nbsp;34 | &nbsp;&nbsp;2.6 | &nbsp;&nbsp;323 | &nbsp;&nbsp;0.48 | &nbsp;&nbsp;358 | &nbsp;&nbsp;92 | &nbsp;&nbsp;56 | &nbsp;&nbsp;3.55 | &nbsp;&nbsp;0.70 | &nbsp;&nbsp;59 | &nbsp;&nbsp;4.5 |
| &nbsp;&nbsp;21-DT-010 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120844 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0247 | &nbsp;&nbsp;122 | &nbsp;&nbsp;4 | &nbsp;&nbsp;2.6 | &nbsp;&nbsp;1.4 | &nbsp;&nbsp;4 | &nbsp;&nbsp;0.8 | &nbsp;&nbsp;19 | &nbsp;&nbsp;0.5 | &nbsp;&nbsp;26 | &nbsp;&nbsp;6 | &nbsp;&nbsp;6 | &nbsp;&nbsp;0.72 | &nbsp;&nbsp;0.38 | &nbsp;&nbsp;15 | &nbsp;&nbsp;2.9 |
| &nbsp;&nbsp;21-DT-010 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120845 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0434 | &nbsp;&nbsp;144 | &nbsp;&nbsp;11 | &nbsp;&nbsp;4.6 | &nbsp;&nbsp;3.7 | &nbsp;&nbsp;11 | &nbsp;&nbsp;1.9 | &nbsp;&nbsp;49 | &nbsp;&nbsp;1.08 | &nbsp;&nbsp;64 | &nbsp;&nbsp;14 | &nbsp;&nbsp;15 | &nbsp;&nbsp;1.58 | &nbsp;&nbsp;0.72 | &nbsp;&nbsp;41 | &nbsp;&nbsp;6.2 |
| &nbsp;&nbsp;21-DT-010 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120846 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0416 | &nbsp;&nbsp;134 | &nbsp;&nbsp;9 | &nbsp;&nbsp;5.9 | &nbsp;&nbsp;3.7 | &nbsp;&nbsp;11 | &nbsp;&nbsp;1.7 | &nbsp;&nbsp;50 | &nbsp;&nbsp;0.92 | &nbsp;&nbsp;62 | &nbsp;&nbsp;13 | &nbsp;&nbsp;13 | &nbsp;&nbsp;1.53 | &nbsp;&nbsp;0.56 | &nbsp;&nbsp;40 | &nbsp;&nbsp;5.7 |
| &nbsp;&nbsp;21-DT-010 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120847 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0475 | &nbsp;&nbsp;135 | &nbsp;&nbsp;15 | &nbsp;&nbsp;7.6 | &nbsp;&nbsp;4.4 | &nbsp;&nbsp;14 | &nbsp;&nbsp;2.3 | &nbsp;&nbsp;49 | &nbsp;&nbsp;1.01 | &nbsp;&nbsp;71 | &nbsp;&nbsp;15 | &nbsp;&nbsp;16 | &nbsp;&nbsp;1.98 | &nbsp;&nbsp;0.95 | &nbsp;&nbsp;62 | &nbsp;&nbsp;6.8 |
| &nbsp;&nbsp;21-DT-010 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;7.62 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120848 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0425 | &nbsp;&nbsp;109 | &nbsp;&nbsp;13 | &nbsp;&nbsp;7.2 | &nbsp;&nbsp;3.7 | &nbsp;&nbsp;14 | &nbsp;&nbsp;2.4 | &nbsp;&nbsp;45 | &nbsp;&nbsp;1.02 | &nbsp;&nbsp;62 | &nbsp;&nbsp;13 | &nbsp;&nbsp;13 | &nbsp;&nbsp;1.97 | &nbsp;&nbsp;0.94 | &nbsp;&nbsp;66 | &nbsp;&nbsp;6.9 |
| &nbsp;&nbsp;21-DT-010 | &nbsp;&nbsp;7.62 | &nbsp;&nbsp;9.14 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120849 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0323 | &nbsp;&nbsp;81 | &nbsp;&nbsp;10 | &nbsp;&nbsp;5.2 | &nbsp;&nbsp;3.3 | &nbsp;&nbsp;10 | &nbsp;&nbsp;1.6 | &nbsp;&nbsp;33 | &nbsp;&nbsp;0.74 | &nbsp;&nbsp;45 | &nbsp;&nbsp;10 | &nbsp;&nbsp;11 | &nbsp;&nbsp;1.60 | &nbsp;&nbsp;0.65 | &nbsp;&nbsp;55 | &nbsp;&nbsp;4.7 |
| &nbsp;&nbsp;21-DT-010 | &nbsp;&nbsp;9.14 | &nbsp;&nbsp;10.06 | &nbsp;&nbsp;0.91 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120850 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0203 | &nbsp;&nbsp;50 | &nbsp;&nbsp;6 | &nbsp;&nbsp;3.9 | &nbsp;&nbsp;2.3 | &nbsp;&nbsp;7 | &nbsp;&nbsp;1.4 | &nbsp;&nbsp;19 | &nbsp;&nbsp;0.47 | &nbsp;&nbsp;28 | &nbsp;&nbsp;7 | &nbsp;&nbsp;6 | &nbsp;&nbsp;1.19 | &nbsp;&nbsp;0.47 | &nbsp;&nbsp;35 | &nbsp;&nbsp;3.6 |
| &nbsp;&nbsp;21-DT-011 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120851 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0226 | &nbsp;&nbsp;80 | &nbsp;&nbsp;5 | &nbsp;&nbsp;3.3 | &nbsp;&nbsp;1.0 | &nbsp;&nbsp;5 | &nbsp;&nbsp;1.0 | &nbsp;&nbsp;25 | &nbsp;&nbsp;0.59 | &nbsp;&nbsp;27 | &nbsp;&nbsp;7 | &nbsp;&nbsp;6 | &nbsp;&nbsp;0.82 | &nbsp;&nbsp;0.46 | &nbsp;&nbsp;26 | &nbsp;&nbsp;3.6 |
| &nbsp;&nbsp;21-DT-011 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120852 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0626 | &nbsp;&nbsp;141 | &nbsp;&nbsp;18 | &nbsp;&nbsp;9.5 | &nbsp;&nbsp;4.1 | &nbsp;&nbsp;20 | &nbsp;&nbsp;3.1 | &nbsp;&nbsp;83 | &nbsp;&nbsp;1.37 | &nbsp;&nbsp;101 | &nbsp;&nbsp;23 | &nbsp;&nbsp;22 | &nbsp;&nbsp;3.31 | &nbsp;&nbsp;1.26 | &nbsp;&nbsp;90 | &nbsp;&nbsp;8.5 |
| &nbsp;&nbsp;21-DT-011 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120853 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0606 | &nbsp;&nbsp;106 | &nbsp;&nbsp;20 | &nbsp;&nbsp;10.6 | &nbsp;&nbsp;4.0 | &nbsp;&nbsp;20 | &nbsp;&nbsp;3.6 | &nbsp;&nbsp;95 | &nbsp;&nbsp;1.46 | &nbsp;&nbsp;91 | &nbsp;&nbsp;23 | &nbsp;&nbsp;19 | &nbsp;&nbsp;3.17 | &nbsp;&nbsp;1.40 | &nbsp;&nbsp;103 | &nbsp;&nbsp;9.3 |
| &nbsp;&nbsp;21-DT-011 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120854 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0582 | &nbsp;&nbsp;121 | &nbsp;&nbsp;18 | &nbsp;&nbsp;10.3 | &nbsp;&nbsp;3.5 | &nbsp;&nbsp;21 | &nbsp;&nbsp;3.7 | &nbsp;&nbsp;80 | &nbsp;&nbsp;1.27 | &nbsp;&nbsp;79 | &nbsp;&nbsp;22 | &nbsp;&nbsp;17 | &nbsp;&nbsp;3.07 | &nbsp;&nbsp;1.46 | &nbsp;&nbsp;100 | &nbsp;&nbsp;9.2 |

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SLV0163 – Technical Report Summary Shiloh Project, Georgia 79 November 2025

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|:---|:---|
| **Technical Report Summary** | ![img77526612_55.jpg](img77526612_55.jpg) |

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| | | | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  |  |  | &nbsp;&nbsp;**Method** | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  |
|  |  |  |  |  |  |  |  | &nbsp;&nbsp;**Analyte** | &nbsp;&nbsp;**Ce** | &nbsp;&nbsp;**Dy** | &nbsp;&nbsp;**Er** | &nbsp;&nbsp;**Eu** | &nbsp;&nbsp;**Gd** | &nbsp;&nbsp;**Ho** | &nbsp;&nbsp;**La** | &nbsp;&nbsp;**Lu** | &nbsp;&nbsp;**Nd** | &nbsp;&nbsp;**Pr** | &nbsp;&nbsp;**Sm** | &nbsp;&nbsp;**Tb** | &nbsp;&nbsp;**Tm** | &nbsp;&nbsp;**Y** | &nbsp;&nbsp;**Yb** |
|  |  |  |  |  |  |  |  | &nbsp;&nbsp;**Units** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** |
|  |  |  |  |  |  |  |  | &nbsp;&nbsp;**Detection Limit** | &nbsp;&nbsp;**3** | &nbsp;&nbsp;**0.3** | &nbsp;&nbsp;**0.2** | &nbsp;&nbsp;**0.2** | &nbsp;&nbsp;**0.3** | &nbsp;&nbsp;**0.05** | &nbsp;&nbsp;**3** | &nbsp;&nbsp;**0.05 / 0.5** | &nbsp;&nbsp;**0.5** | &nbsp;&nbsp;**0.2** | &nbsp;&nbsp;**0.2** | &nbsp;&nbsp;**0.05** | &nbsp;&nbsp;**0.05 / 0.3** | &nbsp;&nbsp;**3** | &nbsp;&nbsp;**0.2** |
|  |  |  |  |  |  |  |  | &nbsp;&nbsp;**Upper Limit** | &nbsp;&nbsp;**50000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**50000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**50000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**50000** | &nbsp;&nbsp;**5000** |
| &nbsp;&nbsp;**Hole ID** | &nbsp;&nbsp;**From <br>(m)** | &nbsp;&nbsp;**To<br>(m)** | &nbsp;&nbsp;**Interval <br>(m)** | &nbsp;&nbsp;**Duplicate** | &nbsp;&nbsp;**Sample Number** | &nbsp;&nbsp;**Sample <br>Type** | &nbsp;&nbsp;**Sample <br>Details** | &nbsp;&nbsp;**TREO (%)** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** |
| &nbsp;&nbsp;21-DT-011 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;7.62 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120855 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0496 | &nbsp;&nbsp;103 | &nbsp;&nbsp;16 | &nbsp;&nbsp;8.9 | &nbsp;&nbsp;2.6 | &nbsp;&nbsp;17 | &nbsp;&nbsp;3.3 | &nbsp;&nbsp;67 | &nbsp;&nbsp;1.15 | &nbsp;&nbsp;66 | &nbsp;&nbsp;18 | &nbsp;&nbsp;15 | &nbsp;&nbsp;2.68 | &nbsp;&nbsp;1.16 | &nbsp;&nbsp;88 | &nbsp;&nbsp;7.6 |
| &nbsp;&nbsp;21-DT-012 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120856 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0587 | &nbsp;&nbsp;203 | &nbsp;&nbsp;8 | &nbsp;&nbsp;4.2 | &nbsp;&nbsp;1.0 | &nbsp;&nbsp;13 | &nbsp;&nbsp;1.6 | &nbsp;&nbsp;91 | &nbsp;&nbsp;0.59 | &nbsp;&nbsp;86 | &nbsp;&nbsp;25 | &nbsp;&nbsp;17 | &nbsp;&nbsp;1.62 | &nbsp;&nbsp;0.61 | &nbsp;&nbsp;42 | &nbsp;&nbsp;3.7 |
| &nbsp;&nbsp;21-DT-012 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120857 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0431 | &nbsp;&nbsp;159 | &nbsp;&nbsp;6 | &nbsp;&nbsp;2.4 | &nbsp;&nbsp;1.0 | &nbsp;&nbsp;9 | &nbsp;&nbsp;0.9 | &nbsp;&nbsp;68 | &nbsp;&nbsp;0.32 | &nbsp;&nbsp;62 | &nbsp;&nbsp;19 | &nbsp;&nbsp;11 | &nbsp;&nbsp;1.21 | &nbsp;&nbsp;0.29 | &nbsp;&nbsp;25 | &nbsp;&nbsp;1.9 |
| &nbsp;&nbsp;21-DT-012 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120858 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0418 | &nbsp;&nbsp;139 | &nbsp;&nbsp;6 | &nbsp;&nbsp;2.8 | &nbsp;&nbsp;1.5 | &nbsp;&nbsp;10 | &nbsp;&nbsp;1.1 | &nbsp;&nbsp;64 | &nbsp;&nbsp;0.24 | &nbsp;&nbsp;68 | &nbsp;&nbsp;19 | &nbsp;&nbsp;13 | &nbsp;&nbsp;1.14 | &nbsp;&nbsp;0.30 | &nbsp;&nbsp;27 | &nbsp;&nbsp;2.4 |
| &nbsp;&nbsp;21-DT-012 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120859 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0680 | &nbsp;&nbsp;73 | &nbsp;&nbsp;19 | &nbsp;&nbsp;9.6 | &nbsp;&nbsp;5.5 | &nbsp;&nbsp;28 | &nbsp;&nbsp;3.6 | &nbsp;&nbsp;114 | &nbsp;&nbsp;1.24 | &nbsp;&nbsp;150 | &nbsp;&nbsp;38 | &nbsp;&nbsp;31 | &nbsp;&nbsp;3.44 | &nbsp;&nbsp;1.32 | &nbsp;&nbsp;90 | &nbsp;&nbsp;8.9 |
| &nbsp;&nbsp;21-DT-012 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;7.62 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120860 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0359 | &nbsp;&nbsp;75 | &nbsp;&nbsp;12 | &nbsp;&nbsp;6.7 | &nbsp;&nbsp;2.9 | &nbsp;&nbsp;15 | &nbsp;&nbsp;2.5 | &nbsp;&nbsp;38 | &nbsp;&nbsp;0.82 | &nbsp;&nbsp;50 | &nbsp;&nbsp;13 | &nbsp;&nbsp;13 | &nbsp;&nbsp;2.09 | &nbsp;&nbsp;0.90 | &nbsp;&nbsp;65 | &nbsp;&nbsp;6.1 |
| &nbsp;&nbsp;21-DT-012 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;7.62 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;1 | &nbsp;&nbsp;E00120860DUP | &nbsp;&nbsp;Duplicate | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0381 | &nbsp;&nbsp;84 | &nbsp;&nbsp;12 | &nbsp;&nbsp;6.9 | &nbsp;&nbsp;3.2 | &nbsp;&nbsp;15 | &nbsp;&nbsp;2.5 | &nbsp;&nbsp;41 | &nbsp;&nbsp;0.71 | &nbsp;&nbsp;55 | &nbsp;&nbsp;12 | &nbsp;&nbsp;13 | &nbsp;&nbsp;2.14 | &nbsp;&nbsp;0.85 | &nbsp;&nbsp;67 | &nbsp;&nbsp;5.4 |
| &nbsp;&nbsp;21-DT-013 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120861 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0657 | &nbsp;&nbsp;239 | &nbsp;&nbsp;9 | &nbsp;&nbsp;3.7 | &nbsp;&nbsp;1.2 | &nbsp;&nbsp;15 | &nbsp;&nbsp;1.5 | &nbsp;&nbsp;107 | &nbsp;&nbsp;0.34 | &nbsp;&nbsp;94 | &nbsp;&nbsp;28 | &nbsp;&nbsp;18 | &nbsp;&nbsp;1.90 | &nbsp;&nbsp;0.43 | &nbsp;&nbsp;38 | &nbsp;&nbsp;2.6 |
| &nbsp;&nbsp;21-DT-013 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120862 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0649 | &nbsp;&nbsp;247 | &nbsp;&nbsp;8 | &nbsp;&nbsp;3.3 | &nbsp;&nbsp;1.1 | &nbsp;&nbsp;15 | &nbsp;&nbsp;1.3 | &nbsp;&nbsp;98 | &nbsp;&nbsp;0.27 | &nbsp;&nbsp;92 | &nbsp;&nbsp;27 | &nbsp;&nbsp;18 | &nbsp;&nbsp;1.82 | &nbsp;&nbsp;0.42 | &nbsp;&nbsp;37 | &nbsp;&nbsp;2.1 |
| &nbsp;&nbsp;21-DT-013 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120863 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0411 | &nbsp;&nbsp;146 | &nbsp;&nbsp;5 | &nbsp;&nbsp;1.7 | &nbsp;&nbsp;0.9 | &nbsp;&nbsp;9 | &nbsp;&nbsp;0.7 | &nbsp;&nbsp;70 | &nbsp;&nbsp;0.2 | &nbsp;&nbsp;64 | &nbsp;&nbsp;19 | &nbsp;&nbsp;13 | &nbsp;&nbsp;1.10 | &nbsp;&nbsp;0.20 | &nbsp;&nbsp;20 | &nbsp;&nbsp;1.1 |
| &nbsp;&nbsp;21-DT-013 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120864 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0777 | &nbsp;&nbsp;103 | &nbsp;&nbsp;14 | &nbsp;&nbsp;7.8 | &nbsp;&nbsp;4.6 | &nbsp;&nbsp;26 | &nbsp;&nbsp;2.8 | &nbsp;&nbsp;152 | &nbsp;&nbsp;0.81 | &nbsp;&nbsp;182 | &nbsp;&nbsp;50 | &nbsp;&nbsp;35 | &nbsp;&nbsp;2.97 | &nbsp;&nbsp;1.07 | &nbsp;&nbsp;71 | &nbsp;&nbsp;6.2 |
| &nbsp;&nbsp;21-DT-013 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;7.62 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120865 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0536 | &nbsp;&nbsp;74 | &nbsp;&nbsp;16 | &nbsp;&nbsp;8.1 | &nbsp;&nbsp;3.9 | &nbsp;&nbsp;22 | &nbsp;&nbsp;2.9 | &nbsp;&nbsp;85 | &nbsp;&nbsp;0.86 | &nbsp;&nbsp;101 | &nbsp;&nbsp;27 | &nbsp;&nbsp;23 | &nbsp;&nbsp;2.78 | &nbsp;&nbsp;1.06 | &nbsp;&nbsp;80 | &nbsp;&nbsp;6.9 |
| &nbsp;&nbsp;21-DT-013 | &nbsp;&nbsp;7.62 | &nbsp;&nbsp;9.14 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120866 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0346 | &nbsp;&nbsp;74 | &nbsp;&nbsp;10 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;2.8 | &nbsp;&nbsp;13 | &nbsp;&nbsp;2.3 | &nbsp;&nbsp;40 | &nbsp;&nbsp;0.75 | &nbsp;&nbsp;51 | &nbsp;&nbsp;13 | &nbsp;&nbsp;12 | &nbsp;&nbsp;1.82 | &nbsp;&nbsp;0.84 | &nbsp;&nbsp;58 | &nbsp;&nbsp;5.3 |
| &nbsp;&nbsp;21-DT-014 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120867 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0642 | &nbsp;&nbsp;209 | &nbsp;&nbsp;12 | &nbsp;&nbsp;7.1 | &nbsp;&nbsp;0.9 | &nbsp;&nbsp;14 | &nbsp;&nbsp;2.5 | &nbsp;&nbsp;91 | &nbsp;&nbsp;0.82 | &nbsp;&nbsp;85 | &nbsp;&nbsp;25 | &nbsp;&nbsp;16 | &nbsp;&nbsp;1.96 | &nbsp;&nbsp;0.89 | &nbsp;&nbsp;72 | &nbsp;&nbsp;5.7 |
| &nbsp;&nbsp;21-DT-014 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120868 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0488 | &nbsp;&nbsp;183 | &nbsp;&nbsp;6 | &nbsp;&nbsp;2.1 | &nbsp;&nbsp;0.7 | &nbsp;&nbsp;11 | &nbsp;&nbsp;0.9 | &nbsp;&nbsp;79 | &nbsp;&nbsp;0.19 | &nbsp;&nbsp;70 | &nbsp;&nbsp;22 | &nbsp;&nbsp;14 | &nbsp;&nbsp;1.38 | &nbsp;&nbsp;0.26 | &nbsp;&nbsp;24 | &nbsp;&nbsp;1.6 |
| &nbsp;&nbsp;21-DT-014 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120869 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0528 | &nbsp;&nbsp;195 | &nbsp;&nbsp;6 | &nbsp;&nbsp;2.0 | &nbsp;&nbsp;1.2 | &nbsp;&nbsp;12 | &nbsp;&nbsp;1.0 | &nbsp;&nbsp;86 | &nbsp;&nbsp;0.2 | &nbsp;&nbsp;81 | &nbsp;&nbsp;23 | &nbsp;&nbsp;15 | &nbsp;&nbsp;1.33 | &nbsp;&nbsp;0.24 | &nbsp;&nbsp;24 | &nbsp;&nbsp;1.5 |
| &nbsp;&nbsp;21-DT-014 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120870 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0647 | &nbsp;&nbsp;185 | &nbsp;&nbsp;9 | &nbsp;&nbsp;3.9 | &nbsp;&nbsp;1.8 | &nbsp;&nbsp;16 | &nbsp;&nbsp;1.6 | &nbsp;&nbsp;115 | &nbsp;&nbsp;0.36 | &nbsp;&nbsp;118 | &nbsp;&nbsp;33 | &nbsp;&nbsp;22 | &nbsp;&nbsp;1.83 | &nbsp;&nbsp;0.46 | &nbsp;&nbsp;40 | &nbsp;&nbsp;2.7 |
| &nbsp;&nbsp;21-DT-014 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;7.62 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120871 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0557 | &nbsp;&nbsp;120 | &nbsp;&nbsp;12 | &nbsp;&nbsp;6.2 | &nbsp;&nbsp;2.3 | &nbsp;&nbsp;17 | &nbsp;&nbsp;2.3 | &nbsp;&nbsp;97 | &nbsp;&nbsp;0.7 | &nbsp;&nbsp;96 | &nbsp;&nbsp;27 | &nbsp;&nbsp;20 | &nbsp;&nbsp;2.26 | &nbsp;&nbsp;0.87 | &nbsp;&nbsp;63 | &nbsp;&nbsp;5.5 |
| &nbsp;&nbsp;21-DT-015 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120872 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0510 | &nbsp;&nbsp;183 | &nbsp;&nbsp;6 | &nbsp;&nbsp;2.3 | &nbsp;&nbsp;0.7 | &nbsp;&nbsp;12 | &nbsp;&nbsp;1.1 | &nbsp;&nbsp;84 | &nbsp;&nbsp;0.16 | &nbsp;&nbsp;76 | &nbsp;&nbsp;23 | &nbsp;&nbsp;15 | &nbsp;&nbsp;1.56 | &nbsp;&nbsp;0.27 | &nbsp;&nbsp;28 | &nbsp;&nbsp;1.5 |
| &nbsp;&nbsp;21-DT-015 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120873 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0576 | &nbsp;&nbsp;209 | &nbsp;&nbsp;8 | &nbsp;&nbsp;3.1 | &nbsp;&nbsp;0.9 | &nbsp;&nbsp;13 | &nbsp;&nbsp;1.3 | &nbsp;&nbsp;91 | &nbsp;&nbsp;0.35 | &nbsp;&nbsp;81 | &nbsp;&nbsp;24 | &nbsp;&nbsp;16 | &nbsp;&nbsp;1.76 | &nbsp;&nbsp;0.39 | &nbsp;&nbsp;37 | &nbsp;&nbsp;2.1 |
| &nbsp;&nbsp;21-DT-015 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120874 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.1018 | &nbsp;&nbsp;365 | &nbsp;&nbsp;11 | &nbsp;&nbsp;4.2 | &nbsp;&nbsp;1.5 | &nbsp;&nbsp;24 | &nbsp;&nbsp;1.8 | &nbsp;&nbsp;165 | &nbsp;&nbsp;0.39 | &nbsp;&nbsp;165 | &nbsp;&nbsp;48 | &nbsp;&nbsp;29 | &nbsp;&nbsp;2.72 | &nbsp;&nbsp;0.50 | &nbsp;&nbsp;46 | &nbsp;&nbsp;2.7 |
| &nbsp;&nbsp;21-DT-015 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120875 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0847 | &nbsp;&nbsp;218 | &nbsp;&nbsp;12 | &nbsp;&nbsp;5.0 | &nbsp;&nbsp;2.3 | &nbsp;&nbsp;23 | &nbsp;&nbsp;2.1 | &nbsp;&nbsp;153 | &nbsp;&nbsp;0.49 | &nbsp;&nbsp;163 | &nbsp;&nbsp;46 | &nbsp;&nbsp;32 | &nbsp;&nbsp;2.75 | &nbsp;&nbsp;0.65 | &nbsp;&nbsp;56 | &nbsp;&nbsp;4.2 |
| &nbsp;&nbsp;21-DT-015 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;7.62 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120876 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0983 | &nbsp;&nbsp;212 | &nbsp;&nbsp;20 | &nbsp;&nbsp;8.7 | &nbsp;&nbsp;3.8 | &nbsp;&nbsp;35 | &nbsp;&nbsp;3.6 | &nbsp;&nbsp;182 | &nbsp;&nbsp;0.88 | &nbsp;&nbsp;177 | &nbsp;&nbsp;50 | &nbsp;&nbsp;37 | &nbsp;&nbsp;4.24 | &nbsp;&nbsp;1.15 | &nbsp;&nbsp;92 | &nbsp;&nbsp;6.7 |
| &nbsp;&nbsp;21-DT-016 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120877 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0412 | &nbsp;&nbsp;146 | &nbsp;&nbsp;8 | &nbsp;&nbsp;4.4 | &nbsp;&nbsp;0.5 | &nbsp;&nbsp;10 | &nbsp;&nbsp;1.5 | &nbsp;&nbsp;52 | &nbsp;&nbsp;0.39 | &nbsp;&nbsp;47 | &nbsp;&nbsp;15 | &nbsp;&nbsp;10 | &nbsp;&nbsp;1.44 | &nbsp;&nbsp;0.52 | &nbsp;&nbsp;48 | &nbsp;&nbsp;3.5 |
| &nbsp;&nbsp;21-DT-016 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120878 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0829 | &nbsp;&nbsp;226 | &nbsp;&nbsp;11 | &nbsp;&nbsp;3.8 | &nbsp;&nbsp;2.1 | &nbsp;&nbsp;21 | &nbsp;&nbsp;1.7 | &nbsp;&nbsp;152 | &nbsp;&nbsp;0.49 | &nbsp;&nbsp;164 | &nbsp;&nbsp;46 | &nbsp;&nbsp;30 | &nbsp;&nbsp;2.33 | &nbsp;&nbsp;0.53 | &nbsp;&nbsp;43 | &nbsp;&nbsp;2.8 |
| &nbsp;&nbsp;21-DT-016 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120879 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0603 | &nbsp;&nbsp;184 | &nbsp;&nbsp;11 | &nbsp;&nbsp;4.8 | &nbsp;&nbsp;1.2 | &nbsp;&nbsp;16 | &nbsp;&nbsp;1.8 | &nbsp;&nbsp;95 | &nbsp;&nbsp;0.37 | &nbsp;&nbsp;94 | &nbsp;&nbsp;28 | &nbsp;&nbsp;19 | &nbsp;&nbsp;2.23 | &nbsp;&nbsp;0.51 | &nbsp;&nbsp;52 | &nbsp;&nbsp;2.8 |
| &nbsp;&nbsp;21-DT-016 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120880 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0900 | &nbsp;&nbsp;226 | &nbsp;&nbsp;12 | &nbsp;&nbsp;5.0 | &nbsp;&nbsp;2.0 | &nbsp;&nbsp;24 | &nbsp;&nbsp;2.1 | &nbsp;&nbsp;166 | &nbsp;&nbsp;0.54 | &nbsp;&nbsp;183 | &nbsp;&nbsp;51 | &nbsp;&nbsp;34 | &nbsp;&nbsp;2.76 | &nbsp;&nbsp;0.63 | &nbsp;&nbsp;53 | &nbsp;&nbsp;3.8 |
| &nbsp;&nbsp;21-DT-016 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;7.62 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120881 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0777 | &nbsp;&nbsp;156 | &nbsp;&nbsp;14 | &nbsp;&nbsp;7.8 | &nbsp;&nbsp;2.6 | &nbsp;&nbsp;23 | &nbsp;&nbsp;2.6 | &nbsp;&nbsp;138 | &nbsp;&nbsp;0.88 | &nbsp;&nbsp;164 | &nbsp;&nbsp;46 | &nbsp;&nbsp;31 | &nbsp;&nbsp;2.66 | &nbsp;&nbsp;1.08 | &nbsp;&nbsp;65 | &nbsp;&nbsp;6.6 |
| &nbsp;&nbsp;21-DT-017 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120882 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0556 | &nbsp;&nbsp;218 | &nbsp;&nbsp;7 | &nbsp;&nbsp;2.6 | &nbsp;&nbsp;0.8 | &nbsp;&nbsp;11 | &nbsp;&nbsp;1.1 | &nbsp;&nbsp;82 | &nbsp;&nbsp;0.19 | &nbsp;&nbsp;80 | &nbsp;&nbsp;24 | &nbsp;&nbsp;14 | &nbsp;&nbsp;1.42 | &nbsp;&nbsp;0.33 | &nbsp;&nbsp;29 | &nbsp;&nbsp;1.8 |
| &nbsp;&nbsp;21-DT-017 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120883 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0391 | &nbsp;&nbsp;120 | &nbsp;&nbsp;5 | &nbsp;&nbsp;2.4 | &nbsp;&nbsp;0.9 | &nbsp;&nbsp;9 | &nbsp;&nbsp;1.0 | &nbsp;&nbsp;64 | &nbsp;&nbsp;0.2 | &nbsp;&nbsp;69 | &nbsp;&nbsp;19 | &nbsp;&nbsp;13 | &nbsp;&nbsp;1.14 | &nbsp;&nbsp;0.27 | &nbsp;&nbsp;26 | &nbsp;&nbsp;1.5 |
| &nbsp;&nbsp;21-DT-017 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120885 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0693 | &nbsp;&nbsp;169 | &nbsp;&nbsp;11 | &nbsp;&nbsp;4.3 | &nbsp;&nbsp;1.6 | &nbsp;&nbsp;18 | &nbsp;&nbsp;1.7 | &nbsp;&nbsp;128 | &nbsp;&nbsp;0.45 | &nbsp;&nbsp;137 | &nbsp;&nbsp;38 | &nbsp;&nbsp;25 | &nbsp;&nbsp;2.25 | &nbsp;&nbsp;0.48 | &nbsp;&nbsp;50 | &nbsp;&nbsp;3.0 |
| &nbsp;&nbsp;21-DT-017 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;7.62 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120886 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0636 | &nbsp;&nbsp;186 | &nbsp;&nbsp;9 | &nbsp;&nbsp;3.3 | &nbsp;&nbsp;1.3 | &nbsp;&nbsp;17 | &nbsp;&nbsp;1.4 | &nbsp;&nbsp;113 | &nbsp;&nbsp;0.33 | &nbsp;&nbsp;115 | &nbsp;&nbsp;33 | &nbsp;&nbsp;22 | &nbsp;&nbsp;2.14 | &nbsp;&nbsp;0.33 | &nbsp;&nbsp;37 | &nbsp;&nbsp;2.1 |
| &nbsp;&nbsp;21-DT-018 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120887 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0743 | &nbsp;&nbsp;340 | &nbsp;&nbsp;5 | &nbsp;&nbsp;2.0 | &nbsp;&nbsp;1.0 | &nbsp;&nbsp;11 | &nbsp;&nbsp;0.8 | &nbsp;&nbsp;100 | &nbsp;&nbsp;0.18 | &nbsp;&nbsp;101 | &nbsp;&nbsp;28 | &nbsp;&nbsp;18 | &nbsp;&nbsp;1.15 | &nbsp;&nbsp;0.25 | &nbsp;&nbsp;23 | &nbsp;&nbsp;1.7 |

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SLV0163 – Technical Report Summary Shiloh Project, Georgia 80 November 2025

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| | |
|:---|:---|
| **Technical Report Summary** | ![img77526612_55.jpg](img77526612_55.jpg) |

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| | | | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  |  |  | &nbsp;&nbsp;**Method** | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  |
|  |  |  |  |  |  |  |  | &nbsp;&nbsp;**Analyte** | &nbsp;&nbsp;**Ce** | &nbsp;&nbsp;**Dy** | &nbsp;&nbsp;**Er** | &nbsp;&nbsp;**Eu** | &nbsp;&nbsp;**Gd** | &nbsp;&nbsp;**Ho** | &nbsp;&nbsp;**La** | &nbsp;&nbsp;**Lu** | &nbsp;&nbsp;**Nd** | &nbsp;&nbsp;**Pr** | &nbsp;&nbsp;**Sm** | &nbsp;&nbsp;**Tb** | &nbsp;&nbsp;**Tm** | &nbsp;&nbsp;**Y** | &nbsp;&nbsp;**Yb** |
|  |  |  |  |  |  |  |  | &nbsp;&nbsp;**Units** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** |
|  |  |  |  |  |  |  |  | &nbsp;&nbsp;**Detection Limit** | &nbsp;&nbsp;**3** | &nbsp;&nbsp;**0.3** | &nbsp;&nbsp;**0.2** | &nbsp;&nbsp;**0.2** | &nbsp;&nbsp;**0.3** | &nbsp;&nbsp;**0.05** | &nbsp;&nbsp;**3** | &nbsp;&nbsp;**0.05 / 0.5** | &nbsp;&nbsp;**0.5** | &nbsp;&nbsp;**0.2** | &nbsp;&nbsp;**0.2** | &nbsp;&nbsp;**0.05** | &nbsp;&nbsp;**0.05 / 0.3** | &nbsp;&nbsp;**3** | &nbsp;&nbsp;**0.2** |
|  |  |  |  |  |  |  |  | &nbsp;&nbsp;**Upper Limit** | &nbsp;&nbsp;**50000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**50000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**50000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**50000** | &nbsp;&nbsp;**5000** |
| &nbsp;&nbsp;**Hole ID** | &nbsp;&nbsp;**From <br>(m)** | &nbsp;&nbsp;**To<br>(m)** | &nbsp;&nbsp;**Interval <br>(m)** | &nbsp;&nbsp;**Duplicate** | &nbsp;&nbsp;**Sample Number** | &nbsp;&nbsp;**Sample <br>Type** | &nbsp;&nbsp;**Sample <br>Details** | &nbsp;&nbsp;**TREO (%)** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** |
| &nbsp;&nbsp;21-DT-018 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120888 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0875 | &nbsp;&nbsp;268 | &nbsp;&nbsp;9 | &nbsp;&nbsp;3.2 | &nbsp;&nbsp;1.3 | &nbsp;&nbsp;18 | &nbsp;&nbsp;1.4 | &nbsp;&nbsp;155 | &nbsp;&nbsp;0.32 | &nbsp;&nbsp;172 | &nbsp;&nbsp;48 | &nbsp;&nbsp;28 | &nbsp;&nbsp;2.02 | &nbsp;&nbsp;0.40 | &nbsp;&nbsp;37 | &nbsp;&nbsp;2.5 |
| &nbsp;&nbsp;21-DT-018 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120889 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.1782 | &nbsp;&nbsp;305 | &nbsp;&nbsp;16 | &nbsp;&nbsp;7.3 | &nbsp;&nbsp;3.6 | &nbsp;&nbsp;37 | &nbsp;&nbsp;2.9 | &nbsp;&nbsp;395 | &nbsp;&nbsp;0.65 | &nbsp;&nbsp;471 | &nbsp;&nbsp;131 | &nbsp;&nbsp;69 | &nbsp;&nbsp;3.67 | &nbsp;&nbsp;0.90 | &nbsp;&nbsp;71 | &nbsp;&nbsp;5.0 |
| &nbsp;&nbsp;21-DT-018 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120890 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.1209 | &nbsp;&nbsp;270 | &nbsp;&nbsp;14 | &nbsp;&nbsp;6.2 | &nbsp;&nbsp;3.1 | &nbsp;&nbsp;29 | &nbsp;&nbsp;2.5 | &nbsp;&nbsp;238 | &nbsp;&nbsp;0.69 | &nbsp;&nbsp;273 | &nbsp;&nbsp;76 | &nbsp;&nbsp;46 | &nbsp;&nbsp;3.21 | &nbsp;&nbsp;0.78 | &nbsp;&nbsp;62 | &nbsp;&nbsp;5.0 |
| &nbsp;&nbsp;21-DT-018 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;7.62 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120891 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0759 | &nbsp;&nbsp;175 | &nbsp;&nbsp;11 | &nbsp;&nbsp;4.5 | &nbsp;&nbsp;2.2 | &nbsp;&nbsp;19 | &nbsp;&nbsp;1.8 | &nbsp;&nbsp;153 | &nbsp;&nbsp;0.44 | &nbsp;&nbsp;160 | &nbsp;&nbsp;40 | &nbsp;&nbsp;28 | &nbsp;&nbsp;2.40 | &nbsp;&nbsp;0.59 | &nbsp;&nbsp;44 | &nbsp;&nbsp;3.1 |
| &nbsp;&nbsp;21-DT-019 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120892 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.1668 | &nbsp;&nbsp;716 | &nbsp;&nbsp;10 | &nbsp;&nbsp;3.6 | &nbsp;&nbsp;2.1 | &nbsp;&nbsp;25 | &nbsp;&nbsp;1.6 | &nbsp;&nbsp;258 | &nbsp;&nbsp;0.33 | &nbsp;&nbsp;256 | &nbsp;&nbsp;67 | &nbsp;&nbsp;41 | &nbsp;&nbsp;2.41 | &nbsp;&nbsp;0.46 | &nbsp;&nbsp;37 | &nbsp;&nbsp;2.8 |
| &nbsp;&nbsp;21-DT-019 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120893 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.6106 | &nbsp;&nbsp;2080 | &nbsp;&nbsp;37 | &nbsp;&nbsp;9.4 | &nbsp;&nbsp;6.7 | &nbsp;&nbsp;106 | &nbsp;&nbsp;4.7 | &nbsp;&nbsp;1160 | &nbsp;&nbsp;0.62 | &nbsp;&nbsp;1195 | &nbsp;&nbsp;304 | &nbsp;&nbsp;196 | &nbsp;&nbsp;9.32 | &nbsp;&nbsp;1.02 | &nbsp;&nbsp;100 | &nbsp;&nbsp;5.1 |
| &nbsp;&nbsp;21-DT-019 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120894 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.1069 | &nbsp;&nbsp;303 | &nbsp;&nbsp;11 | &nbsp;&nbsp;3.4 | &nbsp;&nbsp;2.5 | &nbsp;&nbsp;23 | &nbsp;&nbsp;1.6 | &nbsp;&nbsp;216 | &nbsp;&nbsp;0.32 | &nbsp;&nbsp;218 | &nbsp;&nbsp;56 | &nbsp;&nbsp;39 | &nbsp;&nbsp;2.33 | &nbsp;&nbsp;0.42 | &nbsp;&nbsp;33 | &nbsp;&nbsp;2.5 |
| &nbsp;&nbsp;21-DT-019 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120895 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0816 | &nbsp;&nbsp;240 | &nbsp;&nbsp;8 | &nbsp;&nbsp;2.9 | &nbsp;&nbsp;1.8 | &nbsp;&nbsp;17 | &nbsp;&nbsp;1.3 | &nbsp;&nbsp;157 | &nbsp;&nbsp;0.36 | &nbsp;&nbsp;164 | &nbsp;&nbsp;42 | &nbsp;&nbsp;29 | &nbsp;&nbsp;1.81 | &nbsp;&nbsp;0.35 | &nbsp;&nbsp;29 | &nbsp;&nbsp;1.9 |
| &nbsp;&nbsp;21-DT-019 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;7.62 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120896 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.1260 | &nbsp;&nbsp;363 | &nbsp;&nbsp;16 | &nbsp;&nbsp;5.3 | &nbsp;&nbsp;2.9 | &nbsp;&nbsp;28 | &nbsp;&nbsp;2.5 | &nbsp;&nbsp;240 | &nbsp;&nbsp;0.55 | &nbsp;&nbsp;245 | &nbsp;&nbsp;63 | &nbsp;&nbsp;45 | &nbsp;&nbsp;3.23 | &nbsp;&nbsp;0.72 | &nbsp;&nbsp;55 | &nbsp;&nbsp;3.9 |
| &nbsp;&nbsp;21-DT-020 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120897 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0478 | &nbsp;&nbsp;227 | &nbsp;&nbsp;6 | &nbsp;&nbsp;2.0 | &nbsp;&nbsp;0.6 | &nbsp;&nbsp;8 | &nbsp;&nbsp;0.9 | &nbsp;&nbsp;64 | &nbsp;&nbsp;0.16 | &nbsp;&nbsp;52 | &nbsp;&nbsp;14 | &nbsp;&nbsp;10 | &nbsp;&nbsp;1.02 | &nbsp;&nbsp;0.26 | &nbsp;&nbsp;21 | &nbsp;&nbsp;1.3 |
| &nbsp;&nbsp;21-DT-020 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120898 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0305 | &nbsp;&nbsp;106 | &nbsp;&nbsp;5 | &nbsp;&nbsp;2.4 | &nbsp;&nbsp;0.8 | &nbsp;&nbsp;7 | &nbsp;&nbsp;0.9 | &nbsp;&nbsp;50 | &nbsp;&nbsp;0.22 | &nbsp;&nbsp;41 | &nbsp;&nbsp;11 | &nbsp;&nbsp;9 | &nbsp;&nbsp;0.90 | &nbsp;&nbsp;0.28 | &nbsp;&nbsp;23 | &nbsp;&nbsp;2.0 |
| &nbsp;&nbsp;21-DT-020 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120899 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.1179 | &nbsp;&nbsp;437 | &nbsp;&nbsp;12 | &nbsp;&nbsp;4.8 | &nbsp;&nbsp;1.8 | &nbsp;&nbsp;22 | &nbsp;&nbsp;1.9 | &nbsp;&nbsp;184 | &nbsp;&nbsp;0.36 | &nbsp;&nbsp;203 | &nbsp;&nbsp;53 | &nbsp;&nbsp;35 | &nbsp;&nbsp;2.54 | &nbsp;&nbsp;0.58 | &nbsp;&nbsp;44 | &nbsp;&nbsp;3.2 |
| &nbsp;&nbsp;21-DT-020 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120900 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.1374 | &nbsp;&nbsp;409 | &nbsp;&nbsp;12 | &nbsp;&nbsp;4.0 | &nbsp;&nbsp;2.9 | &nbsp;&nbsp;26 | &nbsp;&nbsp;1.9 | &nbsp;&nbsp;280 | &nbsp;&nbsp;0.4 | &nbsp;&nbsp;279 | &nbsp;&nbsp;70 | &nbsp;&nbsp;44 | &nbsp;&nbsp;2.51 | &nbsp;&nbsp;0.54 | &nbsp;&nbsp;38 | &nbsp;&nbsp;2.7 |
| &nbsp;&nbsp;21-DT-020 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;7.62 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120943 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;1.6140 | &nbsp;&nbsp;5970 | &nbsp;&nbsp;94 | &nbsp;&nbsp;23.7 | &nbsp;&nbsp;8.6 | &nbsp;&nbsp;259 | &nbsp;&nbsp;11.8 | &nbsp;&nbsp;2930 | &nbsp;&nbsp;1.07 | &nbsp;&nbsp;2930 | &nbsp;&nbsp;753 | &nbsp;&nbsp;437 | &nbsp;&nbsp;25.40 | &nbsp;&nbsp;2.00 | &nbsp;&nbsp;319 | &nbsp;&nbsp;9.3 |
| &nbsp;&nbsp;21-DT-020 | &nbsp;&nbsp;7.62 | &nbsp;&nbsp;9.14 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120944 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0943 | &nbsp;&nbsp;228 | &nbsp;&nbsp;18 | &nbsp;&nbsp;8.7 | &nbsp;&nbsp;2.5 | &nbsp;&nbsp;27 | &nbsp;&nbsp;3.2 | &nbsp;&nbsp;164 | &nbsp;&nbsp;0.9 | &nbsp;&nbsp;168 | &nbsp;&nbsp;43 | &nbsp;&nbsp;32 | &nbsp;&nbsp;3.46 | &nbsp;&nbsp;1.12 | &nbsp;&nbsp;93 | &nbsp;&nbsp;7.1 |
| &nbsp;&nbsp;21-DT-021 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120945 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0628 | &nbsp;&nbsp;271 | &nbsp;&nbsp;7 | &nbsp;&nbsp;2.0 | &nbsp;&nbsp;0.6 | &nbsp;&nbsp;11 | &nbsp;&nbsp;1.0 | &nbsp;&nbsp;94 | &nbsp;&nbsp;0.19 | &nbsp;&nbsp;81 | &nbsp;&nbsp;23 | &nbsp;&nbsp;14 | &nbsp;&nbsp;1.40 | &nbsp;&nbsp;0.22 | &nbsp;&nbsp;27 | &nbsp;&nbsp;1.7 |
| &nbsp;&nbsp;21-DT-021 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120946 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0587 | &nbsp;&nbsp;234 | &nbsp;&nbsp;6 | &nbsp;&nbsp;1.9 | &nbsp;&nbsp;1.0 | &nbsp;&nbsp;11 | &nbsp;&nbsp;0.8 | &nbsp;&nbsp;93 | &nbsp;&nbsp;0.21 | &nbsp;&nbsp;86 | &nbsp;&nbsp;22 | &nbsp;&nbsp;16 | &nbsp;&nbsp;1.38 | &nbsp;&nbsp;0.18 | &nbsp;&nbsp;25 | &nbsp;&nbsp;1.6 |
| &nbsp;&nbsp;21-DT-021 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120947 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0700 | &nbsp;&nbsp;211 | &nbsp;&nbsp;9 | &nbsp;&nbsp;3.4 | &nbsp;&nbsp;1.6 | &nbsp;&nbsp;15 | &nbsp;&nbsp;1.4 | &nbsp;&nbsp;126 | &nbsp;&nbsp;0.21 | &nbsp;&nbsp;131 | &nbsp;&nbsp;34 | &nbsp;&nbsp;22 | &nbsp;&nbsp;1.78 | &nbsp;&nbsp;0.31 | &nbsp;&nbsp;38 | &nbsp;&nbsp;2.3 |
| &nbsp;&nbsp;21-DT-021 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120948 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0757 | &nbsp;&nbsp;212 | &nbsp;&nbsp;9 | &nbsp;&nbsp;3.2 | &nbsp;&nbsp;1.6 | &nbsp;&nbsp;17 | &nbsp;&nbsp;1.2 | &nbsp;&nbsp;142 | &nbsp;&nbsp;0.27 | &nbsp;&nbsp;152 | &nbsp;&nbsp;40 | &nbsp;&nbsp;27 | &nbsp;&nbsp;2.11 | &nbsp;&nbsp;0.31 | &nbsp;&nbsp;36 | &nbsp;&nbsp;2.0 |
| &nbsp;&nbsp;21-DT-021 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;7.62 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120949 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0872 | &nbsp;&nbsp;188 | &nbsp;&nbsp;13 | &nbsp;&nbsp;5.4 | &nbsp;&nbsp;2.7 | &nbsp;&nbsp;23 | &nbsp;&nbsp;2.3 | &nbsp;&nbsp;168 | &nbsp;&nbsp;0.57 | &nbsp;&nbsp;192 | &nbsp;&nbsp;49 | &nbsp;&nbsp;33 | &nbsp;&nbsp;2.76 | &nbsp;&nbsp;0.55 | &nbsp;&nbsp;58 | &nbsp;&nbsp;4.3 |
| &nbsp;&nbsp;21-DT-021 | &nbsp;&nbsp;7.62 | &nbsp;&nbsp;9.14 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120950 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0856 | &nbsp;&nbsp;187 | &nbsp;&nbsp;16 | &nbsp;&nbsp;7.7 | &nbsp;&nbsp;2.9 | &nbsp;&nbsp;26 | &nbsp;&nbsp;2.8 | &nbsp;&nbsp;152 | &nbsp;&nbsp;0.83 | &nbsp;&nbsp;161 | &nbsp;&nbsp;41 | &nbsp;&nbsp;29 | &nbsp;&nbsp;3.34 | &nbsp;&nbsp;1.01 | &nbsp;&nbsp;89 | &nbsp;&nbsp;6.4 |
| &nbsp;&nbsp;21-DT-022 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120951 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0532 | &nbsp;&nbsp;179 | &nbsp;&nbsp;12 | &nbsp;&nbsp;5.8 | &nbsp;&nbsp;0.8 | &nbsp;&nbsp;13 | &nbsp;&nbsp;2.3 | &nbsp;&nbsp;65 | &nbsp;&nbsp;0.51 | &nbsp;&nbsp;64 | &nbsp;&nbsp;18 | &nbsp;&nbsp;13 | &nbsp;&nbsp;2.19 | &nbsp;&nbsp;0.73 | &nbsp;&nbsp;70 | &nbsp;&nbsp;4.1 |
| &nbsp;&nbsp;21-DT-022 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120952 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0494 | &nbsp;&nbsp;150 | &nbsp;&nbsp;8 | &nbsp;&nbsp;3.3 | &nbsp;&nbsp;0.9 | &nbsp;&nbsp;13 | &nbsp;&nbsp;1.4 | &nbsp;&nbsp;85 | &nbsp;&nbsp;0.41 | &nbsp;&nbsp;77 | &nbsp;&nbsp;22 | &nbsp;&nbsp;13 | &nbsp;&nbsp;1.85 | &nbsp;&nbsp;0.34 | &nbsp;&nbsp;41 | &nbsp;&nbsp;2.3 |
| &nbsp;&nbsp;21-DT-022 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120953 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0614 | &nbsp;&nbsp;165 | &nbsp;&nbsp;9 | &nbsp;&nbsp;3.7 | &nbsp;&nbsp;1.4 | &nbsp;&nbsp;15 | &nbsp;&nbsp;1.5 | &nbsp;&nbsp;109 | &nbsp;&nbsp;0.36 | &nbsp;&nbsp;116 | &nbsp;&nbsp;31 | &nbsp;&nbsp;20 | &nbsp;&nbsp;2.01 | &nbsp;&nbsp;0.51 | &nbsp;&nbsp;45 | &nbsp;&nbsp;2.9 |
| &nbsp;&nbsp;21-DT-022 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120954 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0732 | &nbsp;&nbsp;151 | &nbsp;&nbsp;17 | &nbsp;&nbsp;8.6 | &nbsp;&nbsp;1.7 | &nbsp;&nbsp;21 | &nbsp;&nbsp;3.1 | &nbsp;&nbsp;121 | &nbsp;&nbsp;0.88 | &nbsp;&nbsp;124 | &nbsp;&nbsp;32 | &nbsp;&nbsp;24 | &nbsp;&nbsp;3.16 | &nbsp;&nbsp;1.01 | &nbsp;&nbsp;104 | &nbsp;&nbsp;6.0 |
| &nbsp;&nbsp;21-DT-022 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;7.62 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120955 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0694 | &nbsp;&nbsp;128 | &nbsp;&nbsp;16 | &nbsp;&nbsp;8.8 | &nbsp;&nbsp;2.0 | &nbsp;&nbsp;20 | &nbsp;&nbsp;3.3 | &nbsp;&nbsp;121 | &nbsp;&nbsp;0.85 | &nbsp;&nbsp;129 | &nbsp;&nbsp;34 | &nbsp;&nbsp;23 | &nbsp;&nbsp;2.94 | &nbsp;&nbsp;1.03 | &nbsp;&nbsp;91 | &nbsp;&nbsp;5.8 |
| &nbsp;&nbsp;21-DT-023 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120956 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0358 | &nbsp;&nbsp;155 | &nbsp;&nbsp;4 | &nbsp;&nbsp;1.4 | &nbsp;&nbsp;0.4 | &nbsp;&nbsp;6 | &nbsp;&nbsp;0.7 | &nbsp;&nbsp;52 | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;44 | &nbsp;&nbsp;13 | &nbsp;&nbsp;7 | &nbsp;&nbsp;0.85 | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;19 | &nbsp;&nbsp;0.9 |
| &nbsp;&nbsp;21-DT-023 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120957 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0405 | &nbsp;&nbsp;200 | &nbsp;&nbsp;3 | &nbsp;&nbsp;1.4 | &nbsp;&nbsp;0.6 | &nbsp;&nbsp;6 | &nbsp;&nbsp;0.6 | &nbsp;&nbsp;50 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;44 | &nbsp;&nbsp;12 | &nbsp;&nbsp;8 | &nbsp;&nbsp;0.78 | &nbsp;&nbsp;0.12 | &nbsp;&nbsp;16 | &nbsp;&nbsp;1.1 |
| &nbsp;&nbsp;21-DT-023 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120958 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0633 | &nbsp;&nbsp;213 | &nbsp;&nbsp;9 | &nbsp;&nbsp;3.5 | &nbsp;&nbsp;1.1 | &nbsp;&nbsp;15 | &nbsp;&nbsp;1.4 | &nbsp;&nbsp;99 | &nbsp;&nbsp;0.34 | &nbsp;&nbsp;103 | &nbsp;&nbsp;27 | &nbsp;&nbsp;19 | &nbsp;&nbsp;2.16 | &nbsp;&nbsp;0.37 | &nbsp;&nbsp;42 | &nbsp;&nbsp;2.8 |
| &nbsp;&nbsp;21-DT-023 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120959 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0493 | &nbsp;&nbsp;138 | &nbsp;&nbsp;8 | &nbsp;&nbsp;3.0 | &nbsp;&nbsp;1.3 | &nbsp;&nbsp;12 | &nbsp;&nbsp;1.2 | &nbsp;&nbsp;87 | &nbsp;&nbsp;0.29 | &nbsp;&nbsp;92 | &nbsp;&nbsp;24 | &nbsp;&nbsp;16 | &nbsp;&nbsp;1.64 | &nbsp;&nbsp;0.31 | &nbsp;&nbsp;33 | &nbsp;&nbsp;1.8 |
| &nbsp;&nbsp;21-DT-023 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;7.62 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120960 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0531 | &nbsp;&nbsp;115 | &nbsp;&nbsp;9 | &nbsp;&nbsp;3.1 | &nbsp;&nbsp;1.7 | &nbsp;&nbsp;14 | &nbsp;&nbsp;1.4 | &nbsp;&nbsp;100 | &nbsp;&nbsp;0.39 | &nbsp;&nbsp;114 | &nbsp;&nbsp;29 | &nbsp;&nbsp;19 | &nbsp;&nbsp;1.88 | &nbsp;&nbsp;0.41 | &nbsp;&nbsp;39 | &nbsp;&nbsp;2.9 |
| &nbsp;&nbsp;21-DT-024 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120961 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0385 | &nbsp;&nbsp;234 | &nbsp;&nbsp;3 | &nbsp;&nbsp;1.8 | &nbsp;&nbsp;0.5 | &nbsp;&nbsp;4 | &nbsp;&nbsp;0.6 | &nbsp;&nbsp;28 | &nbsp;&nbsp;0.24 | &nbsp;&nbsp;25 | &nbsp;&nbsp;7 | &nbsp;&nbsp;5 | &nbsp;&nbsp;0.55 | &nbsp;&nbsp;0.28 | &nbsp;&nbsp;16 | &nbsp;&nbsp;1.7 |
| &nbsp;&nbsp;21-DT-024 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120962 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0818 | &nbsp;&nbsp;427 | &nbsp;&nbsp;7 | &nbsp;&nbsp;3.7 | &nbsp;&nbsp;1.1 | &nbsp;&nbsp;11 | &nbsp;&nbsp;1.4 | &nbsp;&nbsp;75 | &nbsp;&nbsp;0.46 | &nbsp;&nbsp;88 | &nbsp;&nbsp;22 | &nbsp;&nbsp;15 | &nbsp;&nbsp;1.45 | &nbsp;&nbsp;0.50 | &nbsp;&nbsp;40 | &nbsp;&nbsp;3.2 |

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SLV0163 – Technical Report Summary Shiloh Project, Georgia 81 November 2025

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|:---|:---|
| **Technical Report Summary** | ![img77526612_55.jpg](img77526612_55.jpg) |

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| | | | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  |  |  | &nbsp;&nbsp;**Method** | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  |
|  |  |  |  |  |  |  |  | &nbsp;&nbsp;**Analyte** | &nbsp;&nbsp;**Ce** | &nbsp;&nbsp;**Dy** | &nbsp;&nbsp;**Er** | &nbsp;&nbsp;**Eu** | &nbsp;&nbsp;**Gd** | &nbsp;&nbsp;**Ho** | &nbsp;&nbsp;**La** | &nbsp;&nbsp;**Lu** | &nbsp;&nbsp;**Nd** | &nbsp;&nbsp;**Pr** | &nbsp;&nbsp;**Sm** | &nbsp;&nbsp;**Tb** | &nbsp;&nbsp;**Tm** | &nbsp;&nbsp;**Y** | &nbsp;&nbsp;**Yb** |
|  |  |  |  |  |  |  |  | &nbsp;&nbsp;**Units** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** |
|  |  |  |  |  |  |  |  | &nbsp;&nbsp;**Detection Limit** | &nbsp;&nbsp;**3** | &nbsp;&nbsp;**0.3** | &nbsp;&nbsp;**0.2** | &nbsp;&nbsp;**0.2** | &nbsp;&nbsp;**0.3** | &nbsp;&nbsp;**0.05** | &nbsp;&nbsp;**3** | &nbsp;&nbsp;**0.05 / 0.5** | &nbsp;&nbsp;**0.5** | &nbsp;&nbsp;**0.2** | &nbsp;&nbsp;**0.2** | &nbsp;&nbsp;**0.05** | &nbsp;&nbsp;**0.05 / 0.3** | &nbsp;&nbsp;**3** | &nbsp;&nbsp;**0.2** |
|  |  |  |  |  |  |  |  | &nbsp;&nbsp;**Upper Limit** | &nbsp;&nbsp;**50000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**50000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**50000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**50000** | &nbsp;&nbsp;**5000** |
| &nbsp;&nbsp;**Hole ID** | &nbsp;&nbsp;**From <br>(m)** | &nbsp;&nbsp;**To<br>(m)** | &nbsp;&nbsp;**Interval <br>(m)** | &nbsp;&nbsp;**Duplicate** | &nbsp;&nbsp;**Sample Number** | &nbsp;&nbsp;**Sample <br>Type** | &nbsp;&nbsp;**Sample <br>Details** | &nbsp;&nbsp;**TREO (%)** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** |
| &nbsp;&nbsp;21-DT-024 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120963 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0618 | &nbsp;&nbsp;181 | &nbsp;&nbsp;7 | &nbsp;&nbsp;2.4 | &nbsp;&nbsp;1.4 | &nbsp;&nbsp;15 | &nbsp;&nbsp;1.1 | &nbsp;&nbsp;112 | &nbsp;&nbsp;0.23 | &nbsp;&nbsp;124 | &nbsp;&nbsp;32 | &nbsp;&nbsp;19 | &nbsp;&nbsp;1.60 | &nbsp;&nbsp;0.26 | &nbsp;&nbsp;28 | &nbsp;&nbsp;2.0 |
| &nbsp;&nbsp;21-DT-024 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120964 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0765 | &nbsp;&nbsp;213 | &nbsp;&nbsp;9 | &nbsp;&nbsp;4.1 | &nbsp;&nbsp;1.7 | &nbsp;&nbsp;18 | &nbsp;&nbsp;1.5 | &nbsp;&nbsp;142 | &nbsp;&nbsp;0.34 | &nbsp;&nbsp;151 | &nbsp;&nbsp;40 | &nbsp;&nbsp;25 | &nbsp;&nbsp;2.00 | &nbsp;&nbsp;0.43 | &nbsp;&nbsp;41 | &nbsp;&nbsp;2.9 |
| &nbsp;&nbsp;21-DT-024 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;7.62 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120965 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0431 | &nbsp;&nbsp;66 | &nbsp;&nbsp;8 | &nbsp;&nbsp;4.1 | &nbsp;&nbsp;1.7 | &nbsp;&nbsp;12 | &nbsp;&nbsp;1.5 | &nbsp;&nbsp;89 | &nbsp;&nbsp;0.54 | &nbsp;&nbsp;94 | &nbsp;&nbsp;24 | &nbsp;&nbsp;16 | &nbsp;&nbsp;1.60 | &nbsp;&nbsp;0.53 | &nbsp;&nbsp;44 | &nbsp;&nbsp;3.3 |
| &nbsp;&nbsp;21-DT-025 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120966 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0418 | &nbsp;&nbsp;153 | &nbsp;&nbsp;5 | &nbsp;&nbsp;2.4 | &nbsp;&nbsp;0.7 | &nbsp;&nbsp;8 | &nbsp;&nbsp;1.0 | &nbsp;&nbsp;66 | &nbsp;&nbsp;0.21 | &nbsp;&nbsp;61 | &nbsp;&nbsp;16 | &nbsp;&nbsp;10 | &nbsp;&nbsp;1.06 | &nbsp;&nbsp;0.26 | &nbsp;&nbsp;27 | &nbsp;&nbsp;2.2 |
| &nbsp;&nbsp;21-DT-025 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120967 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0569 | &nbsp;&nbsp;239 | &nbsp;&nbsp;6 | &nbsp;&nbsp;2.0 | &nbsp;&nbsp;0.8 | &nbsp;&nbsp;11 | &nbsp;&nbsp;0.9 | &nbsp;&nbsp;82 | &nbsp;&nbsp;0.25 | &nbsp;&nbsp;82 | &nbsp;&nbsp;21 | &nbsp;&nbsp;14 | &nbsp;&nbsp;1.42 | &nbsp;&nbsp;0.19 | &nbsp;&nbsp;24 | &nbsp;&nbsp;1.3 |
| &nbsp;&nbsp;21-DT-025 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120968 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.1078 | &nbsp;&nbsp;210 | &nbsp;&nbsp;17 | &nbsp;&nbsp;7.5 | &nbsp;&nbsp;3.0 | &nbsp;&nbsp;30 | &nbsp;&nbsp;2.9 | &nbsp;&nbsp;216 | &nbsp;&nbsp;0.85 | &nbsp;&nbsp;236 | &nbsp;&nbsp;61 | &nbsp;&nbsp;42 | &nbsp;&nbsp;3.52 | &nbsp;&nbsp;0.93 | &nbsp;&nbsp;79 | &nbsp;&nbsp;5.9 |
| &nbsp;&nbsp;21-DT-025 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120969 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.1064 | &nbsp;&nbsp;181 | &nbsp;&nbsp;24 | &nbsp;&nbsp;11.8 | &nbsp;&nbsp;4.1 | &nbsp;&nbsp;35 | &nbsp;&nbsp;4.4 | &nbsp;&nbsp;202 | &nbsp;&nbsp;1.37 | &nbsp;&nbsp;200 | &nbsp;&nbsp;53 | &nbsp;&nbsp;38 | &nbsp;&nbsp;4.67 | &nbsp;&nbsp;1.64 | &nbsp;&nbsp;130 | &nbsp;&nbsp;9.1 |
| &nbsp;&nbsp;21-DT-025 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;7.62 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120970 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0806 | &nbsp;&nbsp;185 | &nbsp;&nbsp;19 | &nbsp;&nbsp;10.1 | &nbsp;&nbsp;2.3 | &nbsp;&nbsp;26 | &nbsp;&nbsp;3.2 | &nbsp;&nbsp;131 | &nbsp;&nbsp;1.12 | &nbsp;&nbsp;123 | &nbsp;&nbsp;34 | &nbsp;&nbsp;26 | &nbsp;&nbsp;4.06 | &nbsp;&nbsp;1.16 | &nbsp;&nbsp;108 | &nbsp;&nbsp;7.6 |
| &nbsp;&nbsp;21-DT-025 | &nbsp;&nbsp;7.62 | &nbsp;&nbsp;9.14 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120971 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0610 | &nbsp;&nbsp;200 | &nbsp;&nbsp;9 | &nbsp;&nbsp;3.8 | &nbsp;&nbsp;1.4 | &nbsp;&nbsp;15 | &nbsp;&nbsp;1.5 | &nbsp;&nbsp;102 | &nbsp;&nbsp;0.33 | &nbsp;&nbsp;92 | &nbsp;&nbsp;25 | &nbsp;&nbsp;16 | &nbsp;&nbsp;1.74 | &nbsp;&nbsp;0.38 | &nbsp;&nbsp;47 | &nbsp;&nbsp;2.7 |
| &nbsp;&nbsp;21-DT-026 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120972 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0590 | &nbsp;&nbsp;256 | &nbsp;&nbsp;6 | &nbsp;&nbsp;1.9 | &nbsp;&nbsp;0.7 | &nbsp;&nbsp;11 | &nbsp;&nbsp;0.9 | &nbsp;&nbsp;85 | &nbsp;&nbsp;0.18 | &nbsp;&nbsp;76 | &nbsp;&nbsp;21 | &nbsp;&nbsp;13 | &nbsp;&nbsp;1.19 | &nbsp;&nbsp;0.22 | &nbsp;&nbsp;27 | &nbsp;&nbsp;1.7 |
| &nbsp;&nbsp;21-DT-026 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120973 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0611 | &nbsp;&nbsp;220 | &nbsp;&nbsp;7 | &nbsp;&nbsp;2.3 | &nbsp;&nbsp;0.8 | &nbsp;&nbsp;13 | &nbsp;&nbsp;1.0 | &nbsp;&nbsp;102 | &nbsp;&nbsp;0.19 | &nbsp;&nbsp;98 | &nbsp;&nbsp;26 | &nbsp;&nbsp;16 | &nbsp;&nbsp;1.68 | &nbsp;&nbsp;0.24 | &nbsp;&nbsp;31 | &nbsp;&nbsp;1.3 |
| &nbsp;&nbsp;21-DT-026 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;1 | &nbsp;&nbsp;E00120973DUP | &nbsp;&nbsp;Duplicate | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0530 | &nbsp;&nbsp;188 | &nbsp;&nbsp;7 | &nbsp;&nbsp;2.7 | &nbsp;&nbsp;0.8 | &nbsp;&nbsp;11 | &nbsp;&nbsp;1.1 | &nbsp;&nbsp;88 | &nbsp;&nbsp;0.3 | &nbsp;&nbsp;79 | &nbsp;&nbsp;23 | &nbsp;&nbsp;14 | &nbsp;&nbsp;1.48 | &nbsp;&nbsp;0.31 | &nbsp;&nbsp;32 | &nbsp;&nbsp;1.9 |
| &nbsp;&nbsp;21-DT-026 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120974 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.2494 | &nbsp;&nbsp;677 | &nbsp;&nbsp;22 | &nbsp;&nbsp;7.3 | &nbsp;&nbsp;5.2 | &nbsp;&nbsp;54 | &nbsp;&nbsp;3.4 | &nbsp;&nbsp;480 | &nbsp;&nbsp;0.65 | &nbsp;&nbsp;554 | &nbsp;&nbsp;142 | &nbsp;&nbsp;89 | &nbsp;&nbsp;5.92 | &nbsp;&nbsp;0.94 | &nbsp;&nbsp;81 | &nbsp;&nbsp;5.4 |
| &nbsp;&nbsp;21-DT-026 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120975 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.5527 | &nbsp;&nbsp;1805 | &nbsp;&nbsp;38 | &nbsp;&nbsp;14.0 | &nbsp;&nbsp;8.9 | &nbsp;&nbsp;105 | &nbsp;&nbsp;5.8 | &nbsp;&nbsp;999 | &nbsp;&nbsp;1.33 | &nbsp;&nbsp;1105 | &nbsp;&nbsp;279 | &nbsp;&nbsp;173 | &nbsp;&nbsp;10.10 | &nbsp;&nbsp;1.64 | &nbsp;&nbsp;159 | &nbsp;&nbsp;9.7 |
| &nbsp;&nbsp;21-DT-026 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;7.62 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120976 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0862 | &nbsp;&nbsp;235 | &nbsp;&nbsp;14 | &nbsp;&nbsp;6.6 | &nbsp;&nbsp;2.3 | &nbsp;&nbsp;25 | &nbsp;&nbsp;2.7 | &nbsp;&nbsp;145 | &nbsp;&nbsp;0.66 | &nbsp;&nbsp;146 | &nbsp;&nbsp;37 | &nbsp;&nbsp;26 | &nbsp;&nbsp;2.96 | &nbsp;&nbsp;0.82 | &nbsp;&nbsp;81 | &nbsp;&nbsp;6.0 |
| &nbsp;&nbsp;21-DT-026 | &nbsp;&nbsp;7.62 | &nbsp;&nbsp;9.14 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120977 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0625 | &nbsp;&nbsp;218 | &nbsp;&nbsp;7 | &nbsp;&nbsp;2.7 | &nbsp;&nbsp;1.1 | &nbsp;&nbsp;14 | &nbsp;&nbsp;1.1 | &nbsp;&nbsp;106 | &nbsp;&nbsp;0.31 | &nbsp;&nbsp;98 | &nbsp;&nbsp;26 | &nbsp;&nbsp;17 | &nbsp;&nbsp;1.72 | &nbsp;&nbsp;0.30 | &nbsp;&nbsp;36 | &nbsp;&nbsp;2.0 |
| &nbsp;&nbsp;21-DT-026 | &nbsp;&nbsp;9.14 | &nbsp;&nbsp;10.67 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120978 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0593 | &nbsp;&nbsp;209 | &nbsp;&nbsp;6 | &nbsp;&nbsp;2.2 | &nbsp;&nbsp;1.3 | &nbsp;&nbsp;13 | &nbsp;&nbsp;0.9 | &nbsp;&nbsp;102 | &nbsp;&nbsp;0.19 | &nbsp;&nbsp;95 | &nbsp;&nbsp;26 | &nbsp;&nbsp;16 | &nbsp;&nbsp;1.57 | &nbsp;&nbsp;0.24 | &nbsp;&nbsp;30 | &nbsp;&nbsp;1.6 |
| &nbsp;&nbsp;21-DT-027 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120979 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.1887 | &nbsp;&nbsp;1095 | &nbsp;&nbsp;7 | &nbsp;&nbsp;2.1 | &nbsp;&nbsp;1.5 | &nbsp;&nbsp;17 | &nbsp;&nbsp;1.0 | &nbsp;&nbsp;198 | &nbsp;&nbsp;0.2 | &nbsp;&nbsp;184 | &nbsp;&nbsp;49 | &nbsp;&nbsp;28 | &nbsp;&nbsp;1.62 | &nbsp;&nbsp;0.26 | &nbsp;&nbsp;25 | &nbsp;&nbsp;1.4 |
| &nbsp;&nbsp;21-DT-027 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120981 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0972 | &nbsp;&nbsp;316 | &nbsp;&nbsp;10 | &nbsp;&nbsp;3.1 | &nbsp;&nbsp;1.9 | &nbsp;&nbsp;19 | &nbsp;&nbsp;1.3 | &nbsp;&nbsp;173 | &nbsp;&nbsp;0.29 | &nbsp;&nbsp;188 | &nbsp;&nbsp;48 | &nbsp;&nbsp;33 | &nbsp;&nbsp;2.05 | &nbsp;&nbsp;0.35 | &nbsp;&nbsp;31 | &nbsp;&nbsp;2.0 |
| &nbsp;&nbsp;21-DT-027 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120982 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.1090 | &nbsp;&nbsp;307 | &nbsp;&nbsp;13 | &nbsp;&nbsp;5.3 | &nbsp;&nbsp;3.1 | &nbsp;&nbsp;25 | &nbsp;&nbsp;1.9 | &nbsp;&nbsp;192 | &nbsp;&nbsp;0.54 | &nbsp;&nbsp;224 | &nbsp;&nbsp;55 | &nbsp;&nbsp;42 | &nbsp;&nbsp;2.88 | &nbsp;&nbsp;0.64 | &nbsp;&nbsp;51 | &nbsp;&nbsp;4.3 |
| &nbsp;&nbsp;21-DT-027 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;1 | &nbsp;&nbsp;E00120982DUP | &nbsp;&nbsp;Duplicate | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.1043 | &nbsp;&nbsp;281 | &nbsp;&nbsp;12 | &nbsp;&nbsp;5.1 | &nbsp;&nbsp;2.8 | &nbsp;&nbsp;27 | &nbsp;&nbsp;2.0 | &nbsp;&nbsp;190 | &nbsp;&nbsp;0.67 | &nbsp;&nbsp;211 | &nbsp;&nbsp;58 | &nbsp;&nbsp;38 | &nbsp;&nbsp;2.84 | &nbsp;&nbsp;0.69 | &nbsp;&nbsp;54 | &nbsp;&nbsp;3.6 |
| &nbsp;&nbsp;21-DT-027 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120983 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.1033 | &nbsp;&nbsp;292 | &nbsp;&nbsp;16 | &nbsp;&nbsp;6.5 | &nbsp;&nbsp;2.7 | &nbsp;&nbsp;26 | &nbsp;&nbsp;2.6 | &nbsp;&nbsp;176 | &nbsp;&nbsp;0.72 | &nbsp;&nbsp;193 | &nbsp;&nbsp;50 | &nbsp;&nbsp;38 | &nbsp;&nbsp;3.14 | &nbsp;&nbsp;0.85 | &nbsp;&nbsp;67 | &nbsp;&nbsp;4.9 |
| &nbsp;&nbsp;21-DT-027 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;7.62 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120984 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0656 | &nbsp;&nbsp;196 | &nbsp;&nbsp;13 | &nbsp;&nbsp;5.7 | &nbsp;&nbsp;1.4 | &nbsp;&nbsp;18 | &nbsp;&nbsp;2.2 | &nbsp;&nbsp;101 | &nbsp;&nbsp;0.61 | &nbsp;&nbsp;102 | &nbsp;&nbsp;26 | &nbsp;&nbsp;20 | &nbsp;&nbsp;2.54 | &nbsp;&nbsp;0.71 | &nbsp;&nbsp;62 | &nbsp;&nbsp;4.5 |
| &nbsp;&nbsp;21-DT-028 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120985 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0373 | &nbsp;&nbsp;138 | &nbsp;&nbsp;6 | &nbsp;&nbsp;2.3 | &nbsp;&nbsp;0.7 | &nbsp;&nbsp;8 | &nbsp;&nbsp;1.0 | &nbsp;&nbsp;58 | &nbsp;&nbsp;0.19 | &nbsp;&nbsp;51 | &nbsp;&nbsp;14 | &nbsp;&nbsp;10 | &nbsp;&nbsp;1.17 | &nbsp;&nbsp;0.30 | &nbsp;&nbsp;25 | &nbsp;&nbsp;1.7 |
| &nbsp;&nbsp;21-DT-028 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120986 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.2193 | &nbsp;&nbsp;679 | &nbsp;&nbsp;19 | &nbsp;&nbsp;6.9 | &nbsp;&nbsp;2.8 | &nbsp;&nbsp;39 | &nbsp;&nbsp;2.7 | &nbsp;&nbsp;439 | &nbsp;&nbsp;0.64 | &nbsp;&nbsp;424 | &nbsp;&nbsp;109 | &nbsp;&nbsp;64 | &nbsp;&nbsp;4.25 | &nbsp;&nbsp;0.72 | &nbsp;&nbsp;74 | &nbsp;&nbsp;4.7 |
| &nbsp;&nbsp;21-DT-028 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;3.66 | &nbsp;&nbsp;0.61 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120987 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;1.7518 | &nbsp;&nbsp;7010 | &nbsp;&nbsp;95 | &nbsp;&nbsp;25.5 | &nbsp;&nbsp;12.8 | &nbsp;&nbsp;256 | &nbsp;&nbsp;12.2 | &nbsp;&nbsp;2950 | &nbsp;&nbsp;2.04 | &nbsp;&nbsp;3000 | &nbsp;&nbsp;780 | &nbsp;&nbsp;471 | &nbsp;&nbsp;24.20 | &nbsp;&nbsp;2.66 | &nbsp;&nbsp;296 | &nbsp;&nbsp;15.8 |
| &nbsp;&nbsp;21-DT-028 | &nbsp;&nbsp;3.66 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;0.91 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120988 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.2446 | &nbsp;&nbsp;900 | &nbsp;&nbsp;25 | &nbsp;&nbsp;10.9 | &nbsp;&nbsp;4.7 | &nbsp;&nbsp;47 | &nbsp;&nbsp;4.1 | &nbsp;&nbsp;372 | &nbsp;&nbsp;1.05 | &nbsp;&nbsp;422 | &nbsp;&nbsp;105 | &nbsp;&nbsp;72 | &nbsp;&nbsp;5.26 | &nbsp;&nbsp;1.40 | &nbsp;&nbsp;105 | &nbsp;&nbsp;7.7 |
| &nbsp;&nbsp;21-DT-028 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120989 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.1005 | &nbsp;&nbsp;266 | &nbsp;&nbsp;20 | &nbsp;&nbsp;8.7 | &nbsp;&nbsp;3.0 | &nbsp;&nbsp;28 | &nbsp;&nbsp;3.3 | &nbsp;&nbsp;179 | &nbsp;&nbsp;0.86 | &nbsp;&nbsp;171 | &nbsp;&nbsp;43 | &nbsp;&nbsp;33 | &nbsp;&nbsp;3.64 | &nbsp;&nbsp;1.10 | &nbsp;&nbsp;85 | &nbsp;&nbsp;6.7 |
| &nbsp;&nbsp;21-DT-028 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;7.62 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120990 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0580 | &nbsp;&nbsp;196 | &nbsp;&nbsp;8 | &nbsp;&nbsp;3.5 | &nbsp;&nbsp;1.1 | &nbsp;&nbsp;14 | &nbsp;&nbsp;1.2 | &nbsp;&nbsp;97 | &nbsp;&nbsp;0.26 | &nbsp;&nbsp;88 | &nbsp;&nbsp;24 | &nbsp;&nbsp;17 | &nbsp;&nbsp;1.79 | &nbsp;&nbsp;0.42 | &nbsp;&nbsp;38 | &nbsp;&nbsp;2.1 |
| &nbsp;&nbsp;21-DT-029 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120991 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0446 | &nbsp;&nbsp;167 | &nbsp;&nbsp;6 | &nbsp;&nbsp;2.2 | &nbsp;&nbsp;0.5 | &nbsp;&nbsp;8 | &nbsp;&nbsp;0.8 | &nbsp;&nbsp;72 | &nbsp;&nbsp;0.27 | &nbsp;&nbsp;66 | &nbsp;&nbsp;18 | &nbsp;&nbsp;12 | &nbsp;&nbsp;1.01 | &nbsp;&nbsp;0.25 | &nbsp;&nbsp;24 | &nbsp;&nbsp;1.7 |
| &nbsp;&nbsp;21-DT-029 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120992 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0596 | &nbsp;&nbsp;209 | &nbsp;&nbsp;8 | &nbsp;&nbsp;2.6 | &nbsp;&nbsp;1.1 | &nbsp;&nbsp;12 | &nbsp;&nbsp;1.0 | &nbsp;&nbsp;98 | &nbsp;&nbsp;0.28 | &nbsp;&nbsp;99 | &nbsp;&nbsp;27 | &nbsp;&nbsp;18 | &nbsp;&nbsp;1.50 | &nbsp;&nbsp;0.29 | &nbsp;&nbsp;29 | &nbsp;&nbsp;1.8 |
| &nbsp;&nbsp;21-DT-029 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120993 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.1005 | &nbsp;&nbsp;236 | &nbsp;&nbsp;14 | &nbsp;&nbsp;5.1 | &nbsp;&nbsp;2.6 | &nbsp;&nbsp;25 | &nbsp;&nbsp;2.1 | &nbsp;&nbsp;187 | &nbsp;&nbsp;0.46 | &nbsp;&nbsp;229 | &nbsp;&nbsp;56 | &nbsp;&nbsp;39 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;0.53 | &nbsp;&nbsp;53 | &nbsp;&nbsp;3.9 |
| &nbsp;&nbsp;21-DT-029 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120994 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0930 | &nbsp;&nbsp;179 | &nbsp;&nbsp;20 | &nbsp;&nbsp;8.6 | &nbsp;&nbsp;2.8 | &nbsp;&nbsp;28 | &nbsp;&nbsp;3.3 | &nbsp;&nbsp;172 | &nbsp;&nbsp;0.9 | &nbsp;&nbsp;191 | &nbsp;&nbsp;47 | &nbsp;&nbsp;36 | &nbsp;&nbsp;3.59 | &nbsp;&nbsp;1.06 | &nbsp;&nbsp;90 | &nbsp;&nbsp;6.2 |

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SLV0163 – Technical Report Summary Shiloh Project, Georgia 82 November 2025

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|:---|:---|
| **Technical Report Summary** | ![img77526612_55.jpg](img77526612_55.jpg) |

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| | | | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  |  |  | &nbsp;&nbsp;**Method** | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  |
|  |  |  |  |  |  |  |  | &nbsp;&nbsp;**Analyte** | &nbsp;&nbsp;**Ce** | &nbsp;&nbsp;**Dy** | &nbsp;&nbsp;**Er** | &nbsp;&nbsp;**Eu** | &nbsp;&nbsp;**Gd** | &nbsp;&nbsp;**Ho** | &nbsp;&nbsp;**La** | &nbsp;&nbsp;**Lu** | &nbsp;&nbsp;**Nd** | &nbsp;&nbsp;**Pr** | &nbsp;&nbsp;**Sm** | &nbsp;&nbsp;**Tb** | &nbsp;&nbsp;**Tm** | &nbsp;&nbsp;**Y** | &nbsp;&nbsp;**Yb** |
|  |  |  |  |  |  |  |  | &nbsp;&nbsp;**Units** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** |
|  |  |  |  |  |  |  |  | &nbsp;&nbsp;**Detection Limit** | &nbsp;&nbsp;**3** | &nbsp;&nbsp;**0.3** | &nbsp;&nbsp;**0.2** | &nbsp;&nbsp;**0.2** | &nbsp;&nbsp;**0.3** | &nbsp;&nbsp;**0.05** | &nbsp;&nbsp;**3** | &nbsp;&nbsp;**0.05 / 0.5** | &nbsp;&nbsp;**0.5** | &nbsp;&nbsp;**0.2** | &nbsp;&nbsp;**0.2** | &nbsp;&nbsp;**0.05** | &nbsp;&nbsp;**0.05 / 0.3** | &nbsp;&nbsp;**3** | &nbsp;&nbsp;**0.2** |
|  |  |  |  |  |  |  |  | &nbsp;&nbsp;**Upper Limit** | &nbsp;&nbsp;**50000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**50000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**50000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**50000** | &nbsp;&nbsp;**5000** |
| &nbsp;&nbsp;**Hole ID** | &nbsp;&nbsp;**From <br>(m)** | &nbsp;&nbsp;**To<br>(m)** | &nbsp;&nbsp;**Interval <br>(m)** | &nbsp;&nbsp;**Duplicate** | &nbsp;&nbsp;**Sample Number** | &nbsp;&nbsp;**Sample <br>Type** | &nbsp;&nbsp;**Sample <br>Details** | &nbsp;&nbsp;**TREO (%)** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** |
| &nbsp;&nbsp;21-DT-029 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;7.62 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120995 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.7990 | &nbsp;&nbsp;2800 | &nbsp;&nbsp;65 | &nbsp;&nbsp;22.3 | &nbsp;&nbsp;7.7 | &nbsp;&nbsp;147 | &nbsp;&nbsp;9.4 | &nbsp;&nbsp;1415 | &nbsp;&nbsp;1.71 | &nbsp;&nbsp;1450 | &nbsp;&nbsp;376 | &nbsp;&nbsp;239 | &nbsp;&nbsp;15.05 | &nbsp;&nbsp;2.36 | &nbsp;&nbsp;249 | &nbsp;&nbsp;13.4 |
| &nbsp;&nbsp;21-DT-029 | &nbsp;&nbsp;7.62 | &nbsp;&nbsp;9.14 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120996 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0955 | &nbsp;&nbsp;369 | &nbsp;&nbsp;8 | &nbsp;&nbsp;2.2 | &nbsp;&nbsp;1.2 | &nbsp;&nbsp;17 | &nbsp;&nbsp;1.1 | &nbsp;&nbsp;164 | &nbsp;&nbsp;0.24 | &nbsp;&nbsp;154 | &nbsp;&nbsp;41 | &nbsp;&nbsp;25 | &nbsp;&nbsp;1.70 | &nbsp;&nbsp;0.27 | &nbsp;&nbsp;29 | &nbsp;&nbsp;1.6 |
| &nbsp;&nbsp;21-GC-001 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120997 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0527 | &nbsp;&nbsp;228 | &nbsp;&nbsp;5 | &nbsp;&nbsp;1.8 | &nbsp;&nbsp;0.6 | &nbsp;&nbsp;7 | &nbsp;&nbsp;0.8 | &nbsp;&nbsp;80 | &nbsp;&nbsp;0.2 | &nbsp;&nbsp;72 | &nbsp;&nbsp;20 | &nbsp;&nbsp;11 | &nbsp;&nbsp;0.96 | &nbsp;&nbsp;0.25 | &nbsp;&nbsp;19 | &nbsp;&nbsp;1.5 |
| &nbsp;&nbsp;21-GC-001 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120998 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0540 | &nbsp;&nbsp;199 | &nbsp;&nbsp;8 | &nbsp;&nbsp;3.8 | &nbsp;&nbsp;1.3 | &nbsp;&nbsp;11 | &nbsp;&nbsp;1.4 | &nbsp;&nbsp;83 | &nbsp;&nbsp;0.46 | &nbsp;&nbsp;79 | &nbsp;&nbsp;21 | &nbsp;&nbsp;14 | &nbsp;&nbsp;1.37 | &nbsp;&nbsp;0.49 | &nbsp;&nbsp;32 | &nbsp;&nbsp;3.3 |
| &nbsp;&nbsp;21-GC-001 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120999 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0387 | &nbsp;&nbsp;136 | &nbsp;&nbsp;7 | &nbsp;&nbsp;3.3 | &nbsp;&nbsp;0.9 | &nbsp;&nbsp;8 | &nbsp;&nbsp;1.3 | &nbsp;&nbsp;58 | &nbsp;&nbsp;0.34 | &nbsp;&nbsp;55 | &nbsp;&nbsp;15 | &nbsp;&nbsp;10 | &nbsp;&nbsp;1.14 | &nbsp;&nbsp;0.41 | &nbsp;&nbsp;30 | &nbsp;&nbsp;3.0 |
| &nbsp;&nbsp;21-GC-001 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00121000 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0324 | &nbsp;&nbsp;107 | &nbsp;&nbsp;4 | &nbsp;&nbsp;1.7 | &nbsp;&nbsp;0.8 | &nbsp;&nbsp;7 | &nbsp;&nbsp;0.6 | &nbsp;&nbsp;55 | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;57 | &nbsp;&nbsp;15 | &nbsp;&nbsp;9 | &nbsp;&nbsp;0.79 | &nbsp;&nbsp;0.19 | &nbsp;&nbsp;16 | &nbsp;&nbsp;1.5 |
| &nbsp;&nbsp;21-GC-001 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;7.62 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120051 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0438 | &nbsp;&nbsp;119 | &nbsp;&nbsp;6 | &nbsp;&nbsp;2.6 | &nbsp;&nbsp;1.2 | &nbsp;&nbsp;11 | &nbsp;&nbsp;1.1 | &nbsp;&nbsp;78 | &nbsp;&nbsp;0.37 | &nbsp;&nbsp;85 | &nbsp;&nbsp;24 | &nbsp;&nbsp;16 | &nbsp;&nbsp;1.31 | &nbsp;&nbsp;0.31 | &nbsp;&nbsp;25 | &nbsp;&nbsp;2.1 |
| &nbsp;&nbsp;21-GC-001 | &nbsp;&nbsp;7.62 | &nbsp;&nbsp;9.14 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120052 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0731 | &nbsp;&nbsp;222 | &nbsp;&nbsp;11 | &nbsp;&nbsp;5.8 | &nbsp;&nbsp;1.3 | &nbsp;&nbsp;18 | &nbsp;&nbsp;2.0 | &nbsp;&nbsp;112 | &nbsp;&nbsp;0.75 | &nbsp;&nbsp;127 | &nbsp;&nbsp;35 | &nbsp;&nbsp;24 | &nbsp;&nbsp;2.29 | &nbsp;&nbsp;0.87 | &nbsp;&nbsp;54 | &nbsp;&nbsp;5.6 |
| &nbsp;&nbsp;21-GC-001 | &nbsp;&nbsp;9.14 | &nbsp;&nbsp;10.67 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120053 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0342 | &nbsp;&nbsp;108 | &nbsp;&nbsp;7 | &nbsp;&nbsp;2.9 | &nbsp;&nbsp;0.7 | &nbsp;&nbsp;8 | &nbsp;&nbsp;1.2 | &nbsp;&nbsp;51 | &nbsp;&nbsp;0.48 | &nbsp;&nbsp;49 | &nbsp;&nbsp;14 | &nbsp;&nbsp;10 | &nbsp;&nbsp;1.16 | &nbsp;&nbsp;0.44 | &nbsp;&nbsp;33 | &nbsp;&nbsp;3.2 |
| &nbsp;&nbsp;21-GC-001 | &nbsp;&nbsp;10.67 | &nbsp;&nbsp;12.19 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120054 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0288 | &nbsp;&nbsp;94 | &nbsp;&nbsp;5 | &nbsp;&nbsp;2.6 | &nbsp;&nbsp;0.7 | &nbsp;&nbsp;6 | &nbsp;&nbsp;0.9 | &nbsp;&nbsp;46 | &nbsp;&nbsp;0.28 | &nbsp;&nbsp;39 | &nbsp;&nbsp;11 | &nbsp;&nbsp;8 | &nbsp;&nbsp;0.91 | &nbsp;&nbsp;0.34 | &nbsp;&nbsp;27 | &nbsp;&nbsp;2.2 |
| &nbsp;&nbsp;21-GC-002 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120055 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0469 | &nbsp;&nbsp;181 | &nbsp;&nbsp;6 | &nbsp;&nbsp;3.1 | &nbsp;&nbsp;0.7 | &nbsp;&nbsp;8 | &nbsp;&nbsp;1.1 | &nbsp;&nbsp;72 | &nbsp;&nbsp;0.4 | &nbsp;&nbsp;63 | &nbsp;&nbsp;18 | &nbsp;&nbsp;10 | &nbsp;&nbsp;1.00 | &nbsp;&nbsp;0.46 | &nbsp;&nbsp;31 | &nbsp;&nbsp;3.1 |
| &nbsp;&nbsp;21-GC-002 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120056 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0336 | &nbsp;&nbsp;175 | &nbsp;&nbsp;4 | &nbsp;&nbsp;2.7 | &nbsp;&nbsp;0.5 | &nbsp;&nbsp;4 | &nbsp;&nbsp;0.8 | &nbsp;&nbsp;33 | &nbsp;&nbsp;0.37 | &nbsp;&nbsp;27 | &nbsp;&nbsp;8 | &nbsp;&nbsp;4 | &nbsp;&nbsp;0.64 | &nbsp;&nbsp;0.31 | &nbsp;&nbsp;23 | &nbsp;&nbsp;2.5 |
| &nbsp;&nbsp;21-GC-002 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120057 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0790 | &nbsp;&nbsp;385 | &nbsp;&nbsp;7 | &nbsp;&nbsp;3.0 | &nbsp;&nbsp;1.2 | &nbsp;&nbsp;11 | &nbsp;&nbsp;1.1 | &nbsp;&nbsp;88 | &nbsp;&nbsp;0.35 | &nbsp;&nbsp;98 | &nbsp;&nbsp;27 | &nbsp;&nbsp;17 | &nbsp;&nbsp;1.46 | &nbsp;&nbsp;0.41 | &nbsp;&nbsp;30 | &nbsp;&nbsp;2.7 |
| &nbsp;&nbsp;21-GC-002 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120058 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0966 | &nbsp;&nbsp;358 | &nbsp;&nbsp;10 | &nbsp;&nbsp;3.3 | &nbsp;&nbsp;1.6 | &nbsp;&nbsp;20 | &nbsp;&nbsp;1.5 | &nbsp;&nbsp;143 | &nbsp;&nbsp;0.35 | &nbsp;&nbsp;167 | &nbsp;&nbsp;46 | &nbsp;&nbsp;29 | &nbsp;&nbsp;2.22 | &nbsp;&nbsp;0.38 | &nbsp;&nbsp;39 | &nbsp;&nbsp;2.8 |
| &nbsp;&nbsp;21-GC-002 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;9.14 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120059 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0423 | &nbsp;&nbsp;107 | &nbsp;&nbsp;8 | &nbsp;&nbsp;3.9 | &nbsp;&nbsp;1.2 | &nbsp;&nbsp;12 | &nbsp;&nbsp;1.5 | &nbsp;&nbsp;73 | &nbsp;&nbsp;0.46 | &nbsp;&nbsp;74 | &nbsp;&nbsp;21 | &nbsp;&nbsp;15 | &nbsp;&nbsp;1.46 | &nbsp;&nbsp;0.52 | &nbsp;&nbsp;38 | &nbsp;&nbsp;3.7 |
| &nbsp;&nbsp;21-GC-003 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120061 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0625 | &nbsp;&nbsp;196 | &nbsp;&nbsp;7 | &nbsp;&nbsp;3.1 | &nbsp;&nbsp;0.9 | &nbsp;&nbsp;11 | &nbsp;&nbsp;1.3 | &nbsp;&nbsp;139 | &nbsp;&nbsp;0.38 | &nbsp;&nbsp;92 | &nbsp;&nbsp;29 | &nbsp;&nbsp;15 | &nbsp;&nbsp;1.34 | &nbsp;&nbsp;0.46 | &nbsp;&nbsp;33 | &nbsp;&nbsp;3.0 |
| &nbsp;&nbsp;21-GC-003 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120062 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.1236 | &nbsp;&nbsp;186 | &nbsp;&nbsp;13 | &nbsp;&nbsp;4.9 | &nbsp;&nbsp;3.6 | &nbsp;&nbsp;27 | &nbsp;&nbsp;2.0 | &nbsp;&nbsp;350 | &nbsp;&nbsp;0.44 | &nbsp;&nbsp;283 | &nbsp;&nbsp;91 | &nbsp;&nbsp;47 | &nbsp;&nbsp;2.91 | &nbsp;&nbsp;0.64 | &nbsp;&nbsp;39 | &nbsp;&nbsp;3.9 |
| &nbsp;&nbsp;21-GC-003 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120063 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.1712 | &nbsp;&nbsp;155 | &nbsp;&nbsp;39 | &nbsp;&nbsp;21.1 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;62 | &nbsp;&nbsp;7.4 | &nbsp;&nbsp;314 | &nbsp;&nbsp;2.37 | &nbsp;&nbsp;445 | &nbsp;&nbsp;117 | &nbsp;&nbsp;87 | &nbsp;&nbsp;7.59 | &nbsp;&nbsp;2.95 | &nbsp;&nbsp;169 | &nbsp;&nbsp;18.8 |
| &nbsp;&nbsp;21-GC-003 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120064 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0558 | &nbsp;&nbsp;115 | &nbsp;&nbsp;10 | &nbsp;&nbsp;3.7 | &nbsp;&nbsp;1.6 | &nbsp;&nbsp;17 | &nbsp;&nbsp;1.6 | &nbsp;&nbsp;102 | &nbsp;&nbsp;0.53 | &nbsp;&nbsp;122 | &nbsp;&nbsp;33 | &nbsp;&nbsp;24 | &nbsp;&nbsp;1.96 | &nbsp;&nbsp;0.55 | &nbsp;&nbsp;38 | &nbsp;&nbsp;4.1 |
| &nbsp;&nbsp;21-GC-003 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;7.62 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120065 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0441 | &nbsp;&nbsp;94 | &nbsp;&nbsp;7 | &nbsp;&nbsp;3.7 | &nbsp;&nbsp;1.1 | &nbsp;&nbsp;12 | &nbsp;&nbsp;1.3 | &nbsp;&nbsp;84 | &nbsp;&nbsp;0.32 | &nbsp;&nbsp;92 | &nbsp;&nbsp;24 | &nbsp;&nbsp;16 | &nbsp;&nbsp;1.44 | &nbsp;&nbsp;0.49 | &nbsp;&nbsp;33 | &nbsp;&nbsp;3.2 |
| &nbsp;&nbsp;21-GC-003 | &nbsp;&nbsp;7.62 | &nbsp;&nbsp;9.14 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120066 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0309 | &nbsp;&nbsp;101 | &nbsp;&nbsp;4 | &nbsp;&nbsp;1.8 | &nbsp;&nbsp;0.8 | &nbsp;&nbsp;8 | &nbsp;&nbsp;0.7 | &nbsp;&nbsp;51 | &nbsp;&nbsp;0.16 | &nbsp;&nbsp;47 | &nbsp;&nbsp;14 | &nbsp;&nbsp;9 | &nbsp;&nbsp;0.97 | &nbsp;&nbsp;0.22 | &nbsp;&nbsp;22 | &nbsp;&nbsp;1.5 |
| &nbsp;&nbsp;21-GC-004 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120067 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0777 | &nbsp;&nbsp;305 | &nbsp;&nbsp;5 | &nbsp;&nbsp;2.3 | &nbsp;&nbsp;0.6 | &nbsp;&nbsp;11 | &nbsp;&nbsp;0.9 | &nbsp;&nbsp;138 | &nbsp;&nbsp;0.18 | &nbsp;&nbsp;120 | &nbsp;&nbsp;36 | &nbsp;&nbsp;17 | &nbsp;&nbsp;1.19 | &nbsp;&nbsp;0.30 | &nbsp;&nbsp;23 | &nbsp;&nbsp;1.9 |
| &nbsp;&nbsp;21-GC-004 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120068 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0721 | &nbsp;&nbsp;197 | &nbsp;&nbsp;11 | &nbsp;&nbsp;5.0 | &nbsp;&nbsp;1.6 | &nbsp;&nbsp;16 | &nbsp;&nbsp;1.9 | &nbsp;&nbsp;143 | &nbsp;&nbsp;0.52 | &nbsp;&nbsp;126 | &nbsp;&nbsp;38 | &nbsp;&nbsp;22 | &nbsp;&nbsp;2.04 | &nbsp;&nbsp;0.67 | &nbsp;&nbsp;45 | &nbsp;&nbsp;4.5 |
| &nbsp;&nbsp;21-GC-004 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120069 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.6690 | &nbsp;&nbsp;1825 | &nbsp;&nbsp;61 | &nbsp;&nbsp;24.6 | &nbsp;&nbsp;7.4 | &nbsp;&nbsp;144 | &nbsp;&nbsp;10.2 | &nbsp;&nbsp;1280 | &nbsp;&nbsp;2.71 | &nbsp;&nbsp;1440 | &nbsp;&nbsp;397 | &nbsp;&nbsp;230 | &nbsp;&nbsp;14.75 | &nbsp;&nbsp;3.37 | &nbsp;&nbsp;242 | &nbsp;&nbsp;21.1 |
| &nbsp;&nbsp;21-GC-004 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120070 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.1257 | &nbsp;&nbsp;260 | &nbsp;&nbsp;27 | &nbsp;&nbsp;13.3 | &nbsp;&nbsp;2.6 | &nbsp;&nbsp;37 | &nbsp;&nbsp;5.2 | &nbsp;&nbsp;214 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;246 | &nbsp;&nbsp;64 | &nbsp;&nbsp;46 | &nbsp;&nbsp;4.90 | &nbsp;&nbsp;1.85 | &nbsp;&nbsp;129 | &nbsp;&nbsp;12.6 |
| &nbsp;&nbsp;21-GC-004 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;8.23 | &nbsp;&nbsp;2.13 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120071 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0506 | &nbsp;&nbsp;113 | &nbsp;&nbsp;14 | &nbsp;&nbsp;7.9 | &nbsp;&nbsp;1.3 | &nbsp;&nbsp;16 | &nbsp;&nbsp;2.9 | &nbsp;&nbsp;67 | &nbsp;&nbsp;0.95 | &nbsp;&nbsp;78 | &nbsp;&nbsp;20 | &nbsp;&nbsp;16 | &nbsp;&nbsp;2.49 | &nbsp;&nbsp;1.14 | &nbsp;&nbsp;79 | &nbsp;&nbsp;7.6 |
| &nbsp;&nbsp;21-GC-005 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120072 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.5404 | &nbsp;&nbsp;2290 | &nbsp;&nbsp;16 | &nbsp;&nbsp;4.3 | &nbsp;&nbsp;1.1 | &nbsp;&nbsp;60 | &nbsp;&nbsp;2.2 | &nbsp;&nbsp;921 | &nbsp;&nbsp;0.32 | &nbsp;&nbsp;894 | &nbsp;&nbsp;255 | &nbsp;&nbsp;109 | &nbsp;&nbsp;4.86 | &nbsp;&nbsp;0.51 | &nbsp;&nbsp;54 | &nbsp;&nbsp;3.2 |
| &nbsp;&nbsp;21-GC-005 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120073 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0828 | &nbsp;&nbsp;237 | &nbsp;&nbsp;13 | &nbsp;&nbsp;6.2 | &nbsp;&nbsp;1.6 | &nbsp;&nbsp;20 | &nbsp;&nbsp;2.4 | &nbsp;&nbsp;136 | &nbsp;&nbsp;0.7 | &nbsp;&nbsp;145 | &nbsp;&nbsp;40 | &nbsp;&nbsp;27 | &nbsp;&nbsp;2.40 | &nbsp;&nbsp;0.88 | &nbsp;&nbsp;66 | &nbsp;&nbsp;6.1 |
| &nbsp;&nbsp;21-GC-005 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120074 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0882 | &nbsp;&nbsp;171 | &nbsp;&nbsp;17 | &nbsp;&nbsp;8.9 | &nbsp;&nbsp;2.7 | &nbsp;&nbsp;28 | &nbsp;&nbsp;3.1 | &nbsp;&nbsp;153 | &nbsp;&nbsp;0.97 | &nbsp;&nbsp;181 | &nbsp;&nbsp;50 | &nbsp;&nbsp;37 | &nbsp;&nbsp;3.38 | &nbsp;&nbsp;1.20 | &nbsp;&nbsp;84 | &nbsp;&nbsp;7.7 |
| &nbsp;&nbsp;21-GC-005 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;6.4 | &nbsp;&nbsp;1.83 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120075 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0442 | &nbsp;&nbsp;109 | &nbsp;&nbsp;9 | &nbsp;&nbsp;5.0 | &nbsp;&nbsp;1.2 | &nbsp;&nbsp;12 | &nbsp;&nbsp;1.7 | &nbsp;&nbsp;74 | &nbsp;&nbsp;0.56 | &nbsp;&nbsp;72 | &nbsp;&nbsp;20 | &nbsp;&nbsp;14 | &nbsp;&nbsp;1.75 | &nbsp;&nbsp;0.65 | &nbsp;&nbsp;49 | &nbsp;&nbsp;3.8 |
| &nbsp;&nbsp;21-GC-006 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120076 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0848 | &nbsp;&nbsp;338 | &nbsp;&nbsp;9 | &nbsp;&nbsp;5.6 | &nbsp;&nbsp;0.7 | &nbsp;&nbsp;13 | &nbsp;&nbsp;1.8 | &nbsp;&nbsp;124 | &nbsp;&nbsp;0.57 | &nbsp;&nbsp;117 | &nbsp;&nbsp;34 | &nbsp;&nbsp;18 | &nbsp;&nbsp;1.60 | &nbsp;&nbsp;0.65 | &nbsp;&nbsp;53 | &nbsp;&nbsp;4.2 |
| &nbsp;&nbsp;21-GC-006 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120077 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.2027 | &nbsp;&nbsp;572 | &nbsp;&nbsp;39 | &nbsp;&nbsp;23.4 | &nbsp;&nbsp;3.8 | &nbsp;&nbsp;54 | &nbsp;&nbsp;8.5 | &nbsp;&nbsp;282 | &nbsp;&nbsp;2.37 | &nbsp;&nbsp;334 | &nbsp;&nbsp;89 | &nbsp;&nbsp;61 | &nbsp;&nbsp;7.02 | &nbsp;&nbsp;3.14 | &nbsp;&nbsp;219 | &nbsp;&nbsp;18.4 |
| &nbsp;&nbsp;21-GC-006 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120078 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.1575 | &nbsp;&nbsp;322 | &nbsp;&nbsp;35 | &nbsp;&nbsp;18.8 | &nbsp;&nbsp;4.8 | &nbsp;&nbsp;56 | &nbsp;&nbsp;6.6 | &nbsp;&nbsp;270 | &nbsp;&nbsp;2.2 | &nbsp;&nbsp;291 | &nbsp;&nbsp;78 | &nbsp;&nbsp;61 | &nbsp;&nbsp;6.65 | &nbsp;&nbsp;2.71 | &nbsp;&nbsp;163 | &nbsp;&nbsp;17.5 |

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SLV0163 – Technical Report Summary Shiloh Project, Georgia 83 November 2025

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|:---|:---|
| **Technical Report Summary** | ![img77526612_55.jpg](img77526612_55.jpg) |

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  |  |  | &nbsp;&nbsp;**Method** | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  |
|  |  |  |  |  |  |  |  | &nbsp;&nbsp;**Analyte** | &nbsp;&nbsp;**Ce** | &nbsp;&nbsp;**Dy** | &nbsp;&nbsp;**Er** | &nbsp;&nbsp;**Eu** | &nbsp;&nbsp;**Gd** | &nbsp;&nbsp;**Ho** | &nbsp;&nbsp;**La** | &nbsp;&nbsp;**Lu** | &nbsp;&nbsp;**Nd** | &nbsp;&nbsp;**Pr** | &nbsp;&nbsp;**Sm** | &nbsp;&nbsp;**Tb** | &nbsp;&nbsp;**Tm** | &nbsp;&nbsp;**Y** | &nbsp;&nbsp;**Yb** |
|  |  |  |  |  |  |  |  | &nbsp;&nbsp;**Units** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** |
|  |  |  |  |  |  |  |  | &nbsp;&nbsp;**Detection Limit** | &nbsp;&nbsp;**3** | &nbsp;&nbsp;**0.3** | &nbsp;&nbsp;**0.2** | &nbsp;&nbsp;**0.2** | &nbsp;&nbsp;**0.3** | &nbsp;&nbsp;**0.05** | &nbsp;&nbsp;**3** | &nbsp;&nbsp;**0.05 / 0.5** | &nbsp;&nbsp;**0.5** | &nbsp;&nbsp;**0.2** | &nbsp;&nbsp;**0.2** | &nbsp;&nbsp;**0.05** | &nbsp;&nbsp;**0.05 / 0.3** | &nbsp;&nbsp;**3** | &nbsp;&nbsp;**0.2** |
|  |  |  |  |  |  |  |  | &nbsp;&nbsp;**Upper Limit** | &nbsp;&nbsp;**50000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**50000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**50000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**50000** | &nbsp;&nbsp;**5000** |
| &nbsp;&nbsp;**Hole ID** | &nbsp;&nbsp;**From <br>(m)** | &nbsp;&nbsp;**To<br>(m)** | &nbsp;&nbsp;**Interval <br>(m)** | &nbsp;&nbsp;**Duplicate** | &nbsp;&nbsp;**Sample Number** | &nbsp;&nbsp;**Sample <br>Type** | &nbsp;&nbsp;**Sample <br>Details** | &nbsp;&nbsp;**TREO (%)** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** |
| &nbsp;&nbsp;21-GC-006 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120079 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0580 | &nbsp;&nbsp;137 | &nbsp;&nbsp;12 | &nbsp;&nbsp;6.9 | &nbsp;&nbsp;1.6 | &nbsp;&nbsp;18 | &nbsp;&nbsp;2.2 | &nbsp;&nbsp;95 | &nbsp;&nbsp;1.02 | &nbsp;&nbsp;99 | &nbsp;&nbsp;24 | &nbsp;&nbsp;21 | &nbsp;&nbsp;2.42 | &nbsp;&nbsp;0.88 | &nbsp;&nbsp;65 | &nbsp;&nbsp;5.8 |
| &nbsp;&nbsp;21-GC-007 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120080 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.1317 | &nbsp;&nbsp;499 | &nbsp;&nbsp;10 | &nbsp;&nbsp;5.0 | &nbsp;&nbsp;1.6 | &nbsp;&nbsp;20 | &nbsp;&nbsp;1.7 | &nbsp;&nbsp;216 | &nbsp;&nbsp;0.7 | &nbsp;&nbsp;223 | &nbsp;&nbsp;55 | &nbsp;&nbsp;35 | &nbsp;&nbsp;2.47 | &nbsp;&nbsp;0.58 | &nbsp;&nbsp;48 | &nbsp;&nbsp;4.0 |
| &nbsp;&nbsp;21-GC-007 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120081 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0601 | &nbsp;&nbsp;232 | &nbsp;&nbsp;8 | &nbsp;&nbsp;3.2 | &nbsp;&nbsp;0.9 | &nbsp;&nbsp;11 | &nbsp;&nbsp;1.3 | &nbsp;&nbsp;91 | &nbsp;&nbsp;0.38 | &nbsp;&nbsp;93 | &nbsp;&nbsp;23 | &nbsp;&nbsp;17 | &nbsp;&nbsp;1.45 | &nbsp;&nbsp;0.41 | &nbsp;&nbsp;27 | &nbsp;&nbsp;2.4 |
| &nbsp;&nbsp;21-GC-007 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120082 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0565 | &nbsp;&nbsp;139 | &nbsp;&nbsp;9 | &nbsp;&nbsp;3.8 | &nbsp;&nbsp;1.5 | &nbsp;&nbsp;12 | &nbsp;&nbsp;1.3 | &nbsp;&nbsp;106 | &nbsp;&nbsp;0.36 | &nbsp;&nbsp;118 | &nbsp;&nbsp;30 | &nbsp;&nbsp;21 | &nbsp;&nbsp;1.78 | &nbsp;&nbsp;0.43 | &nbsp;&nbsp;34 | &nbsp;&nbsp;2.9 |
| &nbsp;&nbsp;21-GC-007 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120083 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0810 | &nbsp;&nbsp;165 | &nbsp;&nbsp;17 | &nbsp;&nbsp;8.5 | &nbsp;&nbsp;2.0 | &nbsp;&nbsp;20 | &nbsp;&nbsp;2.6 | &nbsp;&nbsp;144 | &nbsp;&nbsp;0.88 | &nbsp;&nbsp;176 | &nbsp;&nbsp;42 | &nbsp;&nbsp;33 | &nbsp;&nbsp;2.98 | &nbsp;&nbsp;0.89 | &nbsp;&nbsp;68 | &nbsp;&nbsp;6.6 |
| &nbsp;&nbsp;21-GC-007 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;7.62 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120084 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0687 | &nbsp;&nbsp;100 | &nbsp;&nbsp;22 | &nbsp;&nbsp;11.2 | &nbsp;&nbsp;2.6 | &nbsp;&nbsp;23 | &nbsp;&nbsp;3.8 | &nbsp;&nbsp;115 | &nbsp;&nbsp;1.46 | &nbsp;&nbsp;122 | &nbsp;&nbsp;30 | &nbsp;&nbsp;28 | &nbsp;&nbsp;4.01 | &nbsp;&nbsp;1.51 | &nbsp;&nbsp;105 | &nbsp;&nbsp;10.4 |
| &nbsp;&nbsp;21-GC-007 | &nbsp;&nbsp;7.62 | &nbsp;&nbsp;9.14 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120085 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0463 | &nbsp;&nbsp;95 | &nbsp;&nbsp;11 | &nbsp;&nbsp;6.3 | &nbsp;&nbsp;1.5 | &nbsp;&nbsp;14 | &nbsp;&nbsp;2.1 | &nbsp;&nbsp;75 | &nbsp;&nbsp;0.79 | &nbsp;&nbsp;77 | &nbsp;&nbsp;18 | &nbsp;&nbsp;15 | &nbsp;&nbsp;2.19 | &nbsp;&nbsp;0.85 | &nbsp;&nbsp;67 | &nbsp;&nbsp;5.6 |
| &nbsp;&nbsp;21-GC-008 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120086 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0882 | &nbsp;&nbsp;286 | &nbsp;&nbsp;9 | &nbsp;&nbsp;4.5 | &nbsp;&nbsp;1.7 | &nbsp;&nbsp;15 | &nbsp;&nbsp;1.3 | &nbsp;&nbsp;163 | &nbsp;&nbsp;0.46 | &nbsp;&nbsp;159 | &nbsp;&nbsp;41 | &nbsp;&nbsp;26 | &nbsp;&nbsp;2.10 | &nbsp;&nbsp;0.51 | &nbsp;&nbsp;39 | &nbsp;&nbsp;3.5 |
| &nbsp;&nbsp;21-GC-008 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120087 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0544 | &nbsp;&nbsp;154 | &nbsp;&nbsp;10 | &nbsp;&nbsp;4.8 | &nbsp;&nbsp;1.2 | &nbsp;&nbsp;11 | &nbsp;&nbsp;1.9 | &nbsp;&nbsp;95 | &nbsp;&nbsp;0.48 | &nbsp;&nbsp;89 | &nbsp;&nbsp;22 | &nbsp;&nbsp;15 | &nbsp;&nbsp;1.94 | &nbsp;&nbsp;0.72 | &nbsp;&nbsp;50 | &nbsp;&nbsp;3.4 |
| &nbsp;&nbsp;21-GC-008 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120088 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0772 | &nbsp;&nbsp;188 | &nbsp;&nbsp;12 | &nbsp;&nbsp;5.5 | &nbsp;&nbsp;2.4 | &nbsp;&nbsp;17 | &nbsp;&nbsp;1.8 | &nbsp;&nbsp;141 | &nbsp;&nbsp;0.62 | &nbsp;&nbsp;163 | &nbsp;&nbsp;40 | &nbsp;&nbsp;30 | &nbsp;&nbsp;2.33 | &nbsp;&nbsp;0.70 | &nbsp;&nbsp;49 | &nbsp;&nbsp;3.7 |
| &nbsp;&nbsp;21-GC-008 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120089 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0959 | &nbsp;&nbsp;177 | &nbsp;&nbsp;17 | &nbsp;&nbsp;9.2 | &nbsp;&nbsp;3.4 | &nbsp;&nbsp;27 | &nbsp;&nbsp;3.0 | &nbsp;&nbsp;174 | &nbsp;&nbsp;0.96 | &nbsp;&nbsp;218 | &nbsp;&nbsp;51 | &nbsp;&nbsp;40 | &nbsp;&nbsp;3.53 | &nbsp;&nbsp;1.11 | &nbsp;&nbsp;82 | &nbsp;&nbsp;7.1 |
| &nbsp;&nbsp;21-GC-008 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;7.62 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120090 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0745 | &nbsp;&nbsp;138 | &nbsp;&nbsp;14 | &nbsp;&nbsp;6.7 | &nbsp;&nbsp;2.9 | &nbsp;&nbsp;21 | &nbsp;&nbsp;2.5 | &nbsp;&nbsp;141 | &nbsp;&nbsp;0.93 | &nbsp;&nbsp;159 | &nbsp;&nbsp;37 | &nbsp;&nbsp;32 | &nbsp;&nbsp;3.08 | &nbsp;&nbsp;0.96 | &nbsp;&nbsp;67 | &nbsp;&nbsp;6.1 |
| &nbsp;&nbsp;21-GC-008 | &nbsp;&nbsp;7.62 | &nbsp;&nbsp;9.14 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120091 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0578 | &nbsp;&nbsp;131 | &nbsp;&nbsp;10 | &nbsp;&nbsp;5.0 | &nbsp;&nbsp;2.2 | &nbsp;&nbsp;16 | &nbsp;&nbsp;1.6 | &nbsp;&nbsp;104 | &nbsp;&nbsp;0.73 | &nbsp;&nbsp;113 | &nbsp;&nbsp;27 | &nbsp;&nbsp;23 | &nbsp;&nbsp;2.28 | &nbsp;&nbsp;0.83 | &nbsp;&nbsp;50 | &nbsp;&nbsp;4.3 |
| &nbsp;&nbsp;21-GC-009 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120092 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.1714 | &nbsp;&nbsp;524 | &nbsp;&nbsp;20 | &nbsp;&nbsp;8.3 | &nbsp;&nbsp;5.1 | &nbsp;&nbsp;33 | &nbsp;&nbsp;3.1 | &nbsp;&nbsp;288 | &nbsp;&nbsp;1.02 | &nbsp;&nbsp;357 | &nbsp;&nbsp;84 | &nbsp;&nbsp;62 | &nbsp;&nbsp;4.28 | &nbsp;&nbsp;1.12 | &nbsp;&nbsp;64 | &nbsp;&nbsp;6.9 |
| &nbsp;&nbsp;21-GC-009 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120093 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.1684 | &nbsp;&nbsp;481 | &nbsp;&nbsp;27 | &nbsp;&nbsp;11.6 | &nbsp;&nbsp;5.1 | &nbsp;&nbsp;41 | &nbsp;&nbsp;4.2 | &nbsp;&nbsp;278 | &nbsp;&nbsp;1.24 | &nbsp;&nbsp;326 | &nbsp;&nbsp;76 | &nbsp;&nbsp;61 | &nbsp;&nbsp;5.83 | &nbsp;&nbsp;1.30 | &nbsp;&nbsp;104 | &nbsp;&nbsp;10.2 |
| &nbsp;&nbsp;21-GC-009 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120094 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0874 | &nbsp;&nbsp;182 | &nbsp;&nbsp;20 | &nbsp;&nbsp;11.8 | &nbsp;&nbsp;2.7 | &nbsp;&nbsp;27 | &nbsp;&nbsp;3.6 | &nbsp;&nbsp;137 | &nbsp;&nbsp;1.4 | &nbsp;&nbsp;173 | &nbsp;&nbsp;39 | &nbsp;&nbsp;33 | &nbsp;&nbsp;3.69 | &nbsp;&nbsp;1.38 | &nbsp;&nbsp;96 | &nbsp;&nbsp;9.5 |
| &nbsp;&nbsp;21-GC-009 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120095 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0953 | &nbsp;&nbsp;231 | &nbsp;&nbsp;20 | &nbsp;&nbsp;11.7 | &nbsp;&nbsp;2.6 | &nbsp;&nbsp;28 | &nbsp;&nbsp;3.5 | &nbsp;&nbsp;142 | &nbsp;&nbsp;1.26 | &nbsp;&nbsp;169 | &nbsp;&nbsp;40 | &nbsp;&nbsp;35 | &nbsp;&nbsp;3.94 | &nbsp;&nbsp;1.36 | &nbsp;&nbsp;110 | &nbsp;&nbsp;8.8 |
| &nbsp;&nbsp;21-GC-009 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;7.62 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120096 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.1249 | &nbsp;&nbsp;232 | &nbsp;&nbsp;45 | &nbsp;&nbsp;21.6 | &nbsp;&nbsp;3.2 | &nbsp;&nbsp;40 | &nbsp;&nbsp;7.9 | &nbsp;&nbsp;154 | &nbsp;&nbsp;2.07 | &nbsp;&nbsp;186 | &nbsp;&nbsp;43 | &nbsp;&nbsp;44 | &nbsp;&nbsp;7.34 | &nbsp;&nbsp;2.65 | &nbsp;&nbsp;247 | &nbsp;&nbsp;14.5 |
| &nbsp;&nbsp;21-GC-009 | &nbsp;&nbsp;7.62 | &nbsp;&nbsp;9.14 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120097 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0692 | &nbsp;&nbsp;110 | &nbsp;&nbsp;19 | &nbsp;&nbsp;10.2 | &nbsp;&nbsp;3.2 | &nbsp;&nbsp;23 | &nbsp;&nbsp;2.9 | &nbsp;&nbsp;128 | &nbsp;&nbsp;1.28 | &nbsp;&nbsp;127 | &nbsp;&nbsp;31 | &nbsp;&nbsp;28 | &nbsp;&nbsp;3.41 | &nbsp;&nbsp;1.30 | &nbsp;&nbsp;88 | &nbsp;&nbsp;8.4 |
| &nbsp;&nbsp;21-GC-010 | &nbsp;&nbsp;0 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120099 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.1505 | &nbsp;&nbsp;423 | &nbsp;&nbsp;18 | &nbsp;&nbsp;9.9 | &nbsp;&nbsp;5.2 | &nbsp;&nbsp;28 | &nbsp;&nbsp;3.4 | &nbsp;&nbsp;287 | &nbsp;&nbsp;1.18 | &nbsp;&nbsp;293 | &nbsp;&nbsp;71 | &nbsp;&nbsp;47 | &nbsp;&nbsp;3.61 | &nbsp;&nbsp;1.37 | &nbsp;&nbsp;81 | &nbsp;&nbsp;9.5 |
| &nbsp;&nbsp;21-GC-010 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120100 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.2016 | &nbsp;&nbsp;415 | &nbsp;&nbsp;31 | &nbsp;&nbsp;16.4 | &nbsp;&nbsp;7.6 | &nbsp;&nbsp;44 | &nbsp;&nbsp;5.1 | &nbsp;&nbsp;372 | &nbsp;&nbsp;2.04 | &nbsp;&nbsp;487 | &nbsp;&nbsp;112 | &nbsp;&nbsp;83 | &nbsp;&nbsp;5.62 | &nbsp;&nbsp;2.07 | &nbsp;&nbsp;121 | &nbsp;&nbsp;13.3 |
| &nbsp;&nbsp;21-GC-010 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120101 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.1965 | &nbsp;&nbsp;406 | &nbsp;&nbsp;31 | &nbsp;&nbsp;12.8 | &nbsp;&nbsp;8.4 | &nbsp;&nbsp;46 | &nbsp;&nbsp;4.7 | &nbsp;&nbsp;399 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;458 | &nbsp;&nbsp;108 | &nbsp;&nbsp;80 | &nbsp;&nbsp;6.56 | &nbsp;&nbsp;1.62 | &nbsp;&nbsp;101 | &nbsp;&nbsp;10.4 |
| &nbsp;&nbsp;21-GC-010 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;8.23 | &nbsp;&nbsp;3.66 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120102 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.1871 | &nbsp;&nbsp;432 | &nbsp;&nbsp;43 | &nbsp;&nbsp;26.9 | &nbsp;&nbsp;7.1 | &nbsp;&nbsp;51 | &nbsp;&nbsp;8.0 | &nbsp;&nbsp;274 | &nbsp;&nbsp;3.5 | &nbsp;&nbsp;338 | &nbsp;&nbsp;74 | &nbsp;&nbsp;61 | &nbsp;&nbsp;7.74 | &nbsp;&nbsp;3.48 | &nbsp;&nbsp;231 | &nbsp;&nbsp;23.1 |
| &nbsp;&nbsp;21-GC-011 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120103 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0551 | &nbsp;&nbsp;196 | &nbsp;&nbsp;7 | &nbsp;&nbsp;3.2 | &nbsp;&nbsp;1.1 | &nbsp;&nbsp;8 | &nbsp;&nbsp;1.0 | &nbsp;&nbsp;99 | &nbsp;&nbsp;0.32 | &nbsp;&nbsp;82 | &nbsp;&nbsp;21 | &nbsp;&nbsp;14 | &nbsp;&nbsp;1.14 | &nbsp;&nbsp;0.41 | &nbsp;&nbsp;31 | &nbsp;&nbsp;2.2 |
| &nbsp;&nbsp;21-GC-011 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120104 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0817 | &nbsp;&nbsp;268 | &nbsp;&nbsp;15 | &nbsp;&nbsp;5.9 | &nbsp;&nbsp;1.1 | &nbsp;&nbsp;17 | &nbsp;&nbsp;2.5 | &nbsp;&nbsp;133 | &nbsp;&nbsp;0.6 | &nbsp;&nbsp;118 | &nbsp;&nbsp;33 | &nbsp;&nbsp;25 | &nbsp;&nbsp;2.90 | &nbsp;&nbsp;0.84 | &nbsp;&nbsp;67 | &nbsp;&nbsp;4.3 |
| &nbsp;&nbsp;21-GC-011 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120105 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0741 | &nbsp;&nbsp;176 | &nbsp;&nbsp;12 | &nbsp;&nbsp;5.9 | &nbsp;&nbsp;2.6 | &nbsp;&nbsp;19 | &nbsp;&nbsp;2.3 | &nbsp;&nbsp;135 | &nbsp;&nbsp;0.78 | &nbsp;&nbsp;143 | &nbsp;&nbsp;35 | &nbsp;&nbsp;28 | &nbsp;&nbsp;2.76 | &nbsp;&nbsp;0.87 | &nbsp;&nbsp;62 | &nbsp;&nbsp;5.1 |
| &nbsp;&nbsp;21-GC-012 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120106 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0526 | &nbsp;&nbsp;174 | &nbsp;&nbsp;9 | &nbsp;&nbsp;3.8 | &nbsp;&nbsp;0.9 | &nbsp;&nbsp;10 | &nbsp;&nbsp;1.6 | &nbsp;&nbsp;83 | &nbsp;&nbsp;0.4 | &nbsp;&nbsp;82 | &nbsp;&nbsp;20 | &nbsp;&nbsp;15 | &nbsp;&nbsp;1.63 | &nbsp;&nbsp;0.51 | &nbsp;&nbsp;41 | &nbsp;&nbsp;3.5 |
| &nbsp;&nbsp;21-GC-012 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120107 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0264 | &nbsp;&nbsp;105 | &nbsp;&nbsp;4 | &nbsp;&nbsp;1.8 | &nbsp;&nbsp;0.5 | &nbsp;&nbsp;5 | &nbsp;&nbsp;0.6 | &nbsp;&nbsp;39 | &nbsp;&nbsp;0.17 | &nbsp;&nbsp;35 | &nbsp;&nbsp;9 | &nbsp;&nbsp;7 | &nbsp;&nbsp;0.75 | &nbsp;&nbsp;0.23 | &nbsp;&nbsp;17 | &nbsp;&nbsp;1.1 |
| &nbsp;&nbsp;21-GC-012 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120108 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0295 | &nbsp;&nbsp;100 | &nbsp;&nbsp;5 | &nbsp;&nbsp;2.3 | &nbsp;&nbsp;0.6 | &nbsp;&nbsp;5 | &nbsp;&nbsp;0.7 | &nbsp;&nbsp;47 | &nbsp;&nbsp;0.2 | &nbsp;&nbsp;46 | &nbsp;&nbsp;11 | &nbsp;&nbsp;8 | &nbsp;&nbsp;0.84 | &nbsp;&nbsp;0.24 | &nbsp;&nbsp;22 | &nbsp;&nbsp;1.8 |
| &nbsp;&nbsp;21-GC-012 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120109 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0302 | &nbsp;&nbsp;104 | &nbsp;&nbsp;3 | &nbsp;&nbsp;1.6 | &nbsp;&nbsp;0.7 | &nbsp;&nbsp;6 | &nbsp;&nbsp;0.6 | &nbsp;&nbsp;50 | &nbsp;&nbsp;0.26 | &nbsp;&nbsp;53 | &nbsp;&nbsp;13 | &nbsp;&nbsp;10 | &nbsp;&nbsp;0.86 | &nbsp;&nbsp;0.27 | &nbsp;&nbsp;14 | &nbsp;&nbsp;1.2 |
| &nbsp;&nbsp;21-GC-012 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;1 | &nbsp;&nbsp;E00120109DUP | &nbsp;&nbsp;Duplicate | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0296 | &nbsp;&nbsp;102 | &nbsp;&nbsp;4 | &nbsp;&nbsp;2.2 | &nbsp;&nbsp;0.8 | &nbsp;&nbsp;6 | &nbsp;&nbsp;0.8 | &nbsp;&nbsp;46 | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;46 | &nbsp;&nbsp;12 | &nbsp;&nbsp;9 | &nbsp;&nbsp;0.64 | &nbsp;&nbsp;0.22 | &nbsp;&nbsp;20 | &nbsp;&nbsp;1.2 |
| &nbsp;&nbsp;21-GC-012 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;7.62 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120110 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0263 | &nbsp;&nbsp;69 | &nbsp;&nbsp;4 | &nbsp;&nbsp;1.6 | &nbsp;&nbsp;0.9 | &nbsp;&nbsp;6 | &nbsp;&nbsp;0.5 | &nbsp;&nbsp;49 | &nbsp;&nbsp;0.15 | &nbsp;&nbsp;56 | &nbsp;&nbsp;13 | &nbsp;&nbsp;10 | &nbsp;&nbsp;0.85 | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;13 | &nbsp;&nbsp;1.3 |
| &nbsp;&nbsp;21-GC-013 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120111 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0679 | &nbsp;&nbsp;260 | &nbsp;&nbsp;9 | &nbsp;&nbsp;4.9 | &nbsp;&nbsp;1.7 | &nbsp;&nbsp;12 | &nbsp;&nbsp;1.6 | &nbsp;&nbsp;101 | &nbsp;&nbsp;0.56 | &nbsp;&nbsp;97 | &nbsp;&nbsp;24 | &nbsp;&nbsp;20 | &nbsp;&nbsp;1.53 | &nbsp;&nbsp;0.57 | &nbsp;&nbsp;40 | &nbsp;&nbsp;3.8 |

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SLV0163 – Technical Report Summary Shiloh Project, Georgia 84 November 2025

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|:---|:---|
| **Technical Report Summary** | ![img77526612_55.jpg](img77526612_55.jpg) |

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  |  |  | &nbsp;&nbsp;**Method** | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  |
|  |  |  |  |  |  |  |  | &nbsp;&nbsp;**Analyte** | &nbsp;&nbsp;**Ce** | &nbsp;&nbsp;**Dy** | &nbsp;&nbsp;**Er** | &nbsp;&nbsp;**Eu** | &nbsp;&nbsp;**Gd** | &nbsp;&nbsp;**Ho** | &nbsp;&nbsp;**La** | &nbsp;&nbsp;**Lu** | &nbsp;&nbsp;**Nd** | &nbsp;&nbsp;**Pr** | &nbsp;&nbsp;**Sm** | &nbsp;&nbsp;**Tb** | &nbsp;&nbsp;**Tm** | &nbsp;&nbsp;**Y** | &nbsp;&nbsp;**Yb** |
|  |  |  |  |  |  |  |  | &nbsp;&nbsp;**Units** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** |
|  |  |  |  |  |  |  |  | &nbsp;&nbsp;**Detection Limit** | &nbsp;&nbsp;**3** | &nbsp;&nbsp;**0.3** | &nbsp;&nbsp;**0.2** | &nbsp;&nbsp;**0.2** | &nbsp;&nbsp;**0.3** | &nbsp;&nbsp;**0.05** | &nbsp;&nbsp;**3** | &nbsp;&nbsp;**0.05 / 0.5** | &nbsp;&nbsp;**0.5** | &nbsp;&nbsp;**0.2** | &nbsp;&nbsp;**0.2** | &nbsp;&nbsp;**0.05** | &nbsp;&nbsp;**0.05 / 0.3** | &nbsp;&nbsp;**3** | &nbsp;&nbsp;**0.2** |
|  |  |  |  |  |  |  |  | &nbsp;&nbsp;**Upper Limit** | &nbsp;&nbsp;**50000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**50000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**50000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**50000** | &nbsp;&nbsp;**5000** |
| &nbsp;&nbsp;**Hole ID** | &nbsp;&nbsp;**From <br>(m)** | &nbsp;&nbsp;**To<br>(m)** | &nbsp;&nbsp;**Interval <br>(m)** | &nbsp;&nbsp;**Duplicate** | &nbsp;&nbsp;**Sample Number** | &nbsp;&nbsp;**Sample <br>Type** | &nbsp;&nbsp;**Sample <br>Details** | &nbsp;&nbsp;**TREO (%)** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** |
| &nbsp;&nbsp;21-GC-013 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120112 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0789 | &nbsp;&nbsp;300 | &nbsp;&nbsp;12 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;0.8 | &nbsp;&nbsp;15 | &nbsp;&nbsp;2.1 | &nbsp;&nbsp;109 | &nbsp;&nbsp;0.61 | &nbsp;&nbsp;112 | &nbsp;&nbsp;28 | &nbsp;&nbsp;21 | &nbsp;&nbsp;2.36 | &nbsp;&nbsp;0.64 | &nbsp;&nbsp;56 | &nbsp;&nbsp;4.7 |
| &nbsp;&nbsp;21-GC-013 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120113 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0380 | &nbsp;&nbsp;131 | &nbsp;&nbsp;5 | &nbsp;&nbsp;3.2 | &nbsp;&nbsp;0.5 | &nbsp;&nbsp;9 | &nbsp;&nbsp;1.0 | &nbsp;&nbsp;60 | &nbsp;&nbsp;0.38 | &nbsp;&nbsp;58 | &nbsp;&nbsp;15 | &nbsp;&nbsp;11 | &nbsp;&nbsp;1.02 | &nbsp;&nbsp;0.39 | &nbsp;&nbsp;27 | &nbsp;&nbsp;2.0 |
| &nbsp;&nbsp;21-GC-013 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120114 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0365 | &nbsp;&nbsp;86 | &nbsp;&nbsp;6 | &nbsp;&nbsp;2.4 | &nbsp;&nbsp;0.8 | &nbsp;&nbsp;10 | &nbsp;&nbsp;0.8 | &nbsp;&nbsp;65 | &nbsp;&nbsp;0.28 | &nbsp;&nbsp;78 | &nbsp;&nbsp;19 | &nbsp;&nbsp;15 | &nbsp;&nbsp;1.34 | &nbsp;&nbsp;0.32 | &nbsp;&nbsp;25 | &nbsp;&nbsp;2.3 |
| &nbsp;&nbsp;21-GC-013 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;7.62 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120115 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0399 | &nbsp;&nbsp;104 | &nbsp;&nbsp;7 | &nbsp;&nbsp;2.8 | &nbsp;&nbsp;0.9 | &nbsp;&nbsp;10 | &nbsp;&nbsp;1.0 | &nbsp;&nbsp;71 | &nbsp;&nbsp;0.31 | &nbsp;&nbsp;79 | &nbsp;&nbsp;21 | &nbsp;&nbsp;13 | &nbsp;&nbsp;1.25 | &nbsp;&nbsp;0.39 | &nbsp;&nbsp;27 | &nbsp;&nbsp;2.3 |
| &nbsp;&nbsp;21-GC-013 | &nbsp;&nbsp;7.62 | &nbsp;&nbsp;9.14 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120116 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0452 | &nbsp;&nbsp;93 | &nbsp;&nbsp;8 | &nbsp;&nbsp;4.1 | &nbsp;&nbsp;1.6 | &nbsp;&nbsp;13 | &nbsp;&nbsp;1.7 | &nbsp;&nbsp;77 | &nbsp;&nbsp;0.52 | &nbsp;&nbsp;94 | &nbsp;&nbsp;24 | &nbsp;&nbsp;17 | &nbsp;&nbsp;1.74 | &nbsp;&nbsp;0.51 | &nbsp;&nbsp;44 | &nbsp;&nbsp;3.7 |
| &nbsp;&nbsp;21-GC-014 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120117 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0359 | &nbsp;&nbsp;148 | &nbsp;&nbsp;4 | &nbsp;&nbsp;3.6 | &nbsp;&nbsp;0.5 | &nbsp;&nbsp;6 | &nbsp;&nbsp;1.0 | &nbsp;&nbsp;48 | &nbsp;&nbsp;0.43 | &nbsp;&nbsp;40 | &nbsp;&nbsp;12 | &nbsp;&nbsp;7 | &nbsp;&nbsp;0.90 | &nbsp;&nbsp;0.42 | &nbsp;&nbsp;29 | &nbsp;&nbsp;3.3 |
| &nbsp;&nbsp;21-GC-014 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120118 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0454 | &nbsp;&nbsp;180 | &nbsp;&nbsp;5 | &nbsp;&nbsp;2.3 | &nbsp;&nbsp;0.7 | &nbsp;&nbsp;9 | &nbsp;&nbsp;0.9 | &nbsp;&nbsp;70 | &nbsp;&nbsp;0.28 | &nbsp;&nbsp;60 | &nbsp;&nbsp;17 | &nbsp;&nbsp;12 | &nbsp;&nbsp;1.17 | &nbsp;&nbsp;0.26 | &nbsp;&nbsp;24 | &nbsp;&nbsp;2.0 |
| &nbsp;&nbsp;21-GC-014 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120119 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0320 | &nbsp;&nbsp;138 | &nbsp;&nbsp;3 | &nbsp;&nbsp;1.0 | &nbsp;&nbsp;0.5 | &nbsp;&nbsp;6 | &nbsp;&nbsp;0.5 | &nbsp;&nbsp;50 | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;40 | &nbsp;&nbsp;12 | &nbsp;&nbsp;8 | &nbsp;&nbsp;0.74 | &nbsp;&nbsp;0.17 | &nbsp;&nbsp;13 | &nbsp;&nbsp;1.3 |
| &nbsp;&nbsp;21-GC-014 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120121 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0396 | &nbsp;&nbsp;152 | &nbsp;&nbsp;5 | &nbsp;&nbsp;2.1 | &nbsp;&nbsp;0.5 | &nbsp;&nbsp;7 | &nbsp;&nbsp;0.8 | &nbsp;&nbsp;63 | &nbsp;&nbsp;0.16 | &nbsp;&nbsp;58 | &nbsp;&nbsp;15 | &nbsp;&nbsp;11 | &nbsp;&nbsp;0.99 | &nbsp;&nbsp;0.22 | &nbsp;&nbsp;21 | &nbsp;&nbsp;1.4 |
| &nbsp;&nbsp;21-GC-014 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;7.62 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120122 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0668 | &nbsp;&nbsp;190 | &nbsp;&nbsp;10 | &nbsp;&nbsp;4.8 | &nbsp;&nbsp;1.1 | &nbsp;&nbsp;18 | &nbsp;&nbsp;1.9 | &nbsp;&nbsp;112 | &nbsp;&nbsp;0.6 | &nbsp;&nbsp;119 | &nbsp;&nbsp;33 | &nbsp;&nbsp;23 | &nbsp;&nbsp;2.21 | &nbsp;&nbsp;0.65 | &nbsp;&nbsp;48 | &nbsp;&nbsp;4.7 |
| &nbsp;&nbsp;21-GC-014 | &nbsp;&nbsp;7.62 | &nbsp;&nbsp;9.14 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120123 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0664 | &nbsp;&nbsp;217 | &nbsp;&nbsp;9 | &nbsp;&nbsp;3.8 | &nbsp;&nbsp;1.1 | &nbsp;&nbsp;17 | &nbsp;&nbsp;1.4 | &nbsp;&nbsp;101 | &nbsp;&nbsp;0.49 | &nbsp;&nbsp;118 | &nbsp;&nbsp;31 | &nbsp;&nbsp;23 | &nbsp;&nbsp;1.83 | &nbsp;&nbsp;0.52 | &nbsp;&nbsp;38 | &nbsp;&nbsp;3.4 |
| &nbsp;&nbsp;21-GC-015 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120124 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0354 | &nbsp;&nbsp;150 | &nbsp;&nbsp;4 | &nbsp;&nbsp;2.6 | &nbsp;&nbsp;0.5 | &nbsp;&nbsp;7 | &nbsp;&nbsp;0.8 | &nbsp;&nbsp;50 | &nbsp;&nbsp;0.29 | &nbsp;&nbsp;42 | &nbsp;&nbsp;12 | &nbsp;&nbsp;7 | &nbsp;&nbsp;0.89 | &nbsp;&nbsp;0.39 | &nbsp;&nbsp;22 | &nbsp;&nbsp;2.5 |
| &nbsp;&nbsp;21-GC-015 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120125 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0277 | &nbsp;&nbsp;136 | &nbsp;&nbsp;4 | &nbsp;&nbsp;1.4 | &nbsp;&nbsp;0.3 | &nbsp;&nbsp;4 | &nbsp;&nbsp;0.6 | &nbsp;&nbsp;30 | &nbsp;&nbsp;0.29 | &nbsp;&nbsp;27 | &nbsp;&nbsp;8 | &nbsp;&nbsp;5 | &nbsp;&nbsp;0.60 | &nbsp;&nbsp;0.26 | &nbsp;&nbsp;16 | &nbsp;&nbsp;1.9 |
| &nbsp;&nbsp;21-GC-015 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120126 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0321 | &nbsp;&nbsp;121 | &nbsp;&nbsp;4 | &nbsp;&nbsp;1.0 | &nbsp;&nbsp;0.7 | &nbsp;&nbsp;6 | &nbsp;&nbsp;0.5 | &nbsp;&nbsp;56 | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;50 | &nbsp;&nbsp;13 | &nbsp;&nbsp;9 | &nbsp;&nbsp;0.73 | &nbsp;&nbsp;0.12 | &nbsp;&nbsp;11 | &nbsp;&nbsp;0.7 |
| &nbsp;&nbsp;21-GC-015 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;7.62 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120127 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0666 | &nbsp;&nbsp;171 | &nbsp;&nbsp;12 | &nbsp;&nbsp;6.5 | &nbsp;&nbsp;1.3 | &nbsp;&nbsp;19 | &nbsp;&nbsp;2.4 | &nbsp;&nbsp;104 | &nbsp;&nbsp;0.85 | &nbsp;&nbsp;123 | &nbsp;&nbsp;32 | &nbsp;&nbsp;25 | &nbsp;&nbsp;2.22 | &nbsp;&nbsp;0.93 | &nbsp;&nbsp;60 | &nbsp;&nbsp;5.9 |
| &nbsp;&nbsp;21-GC-015 | &nbsp;&nbsp;7.62 | &nbsp;&nbsp;9.14 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120128 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0955 | &nbsp;&nbsp;177 | &nbsp;&nbsp;18 | &nbsp;&nbsp;10.5 | &nbsp;&nbsp;2.5 | &nbsp;&nbsp;31 | &nbsp;&nbsp;3.8 | &nbsp;&nbsp;161 | &nbsp;&nbsp;1.54 | &nbsp;&nbsp;203 | &nbsp;&nbsp;49 | &nbsp;&nbsp;38 | &nbsp;&nbsp;3.73 | &nbsp;&nbsp;1.45 | &nbsp;&nbsp;99 | &nbsp;&nbsp;10.8 |
| &nbsp;&nbsp;21-GC-016 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120129 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0389 | &nbsp;&nbsp;184 | &nbsp;&nbsp;3 | &nbsp;&nbsp;1.8 | &nbsp;&nbsp;0.7 | &nbsp;&nbsp;7 | &nbsp;&nbsp;0.7 | &nbsp;&nbsp;54 | &nbsp;&nbsp;0.15 | &nbsp;&nbsp;41 | &nbsp;&nbsp;12 | &nbsp;&nbsp;8 | &nbsp;&nbsp;0.88 | &nbsp;&nbsp;0.20 | &nbsp;&nbsp;16 | &nbsp;&nbsp;1.8 |
| &nbsp;&nbsp;21-GC-016 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120130 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0359 | &nbsp;&nbsp;168 | &nbsp;&nbsp;4 | &nbsp;&nbsp;1.6 | &nbsp;&nbsp;0.4 | &nbsp;&nbsp;6 | &nbsp;&nbsp;0.8 | &nbsp;&nbsp;45 | &nbsp;&nbsp;0.22 | &nbsp;&nbsp;39 | &nbsp;&nbsp;11 | &nbsp;&nbsp;8 | &nbsp;&nbsp;0.70 | &nbsp;&nbsp;0.26 | &nbsp;&nbsp;19 | &nbsp;&nbsp;1.9 |
| &nbsp;&nbsp;21-GC-016 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120131 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0359 | &nbsp;&nbsp;154 | &nbsp;&nbsp;4 | &nbsp;&nbsp;1.2 | &nbsp;&nbsp;0.5 | &nbsp;&nbsp;6 | &nbsp;&nbsp;0.4 | &nbsp;&nbsp;56 | &nbsp;&nbsp;0.09 | &nbsp;&nbsp;47 | &nbsp;&nbsp;13 | &nbsp;&nbsp;8 | &nbsp;&nbsp;0.67 | &nbsp;&nbsp;0.16 | &nbsp;&nbsp;14 | &nbsp;&nbsp;1.3 |
| &nbsp;&nbsp;21-GC-016 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120132 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0297 | &nbsp;&nbsp;114 | &nbsp;&nbsp;3 | &nbsp;&nbsp;1.0 | &nbsp;&nbsp;0.4 | &nbsp;&nbsp;5 | &nbsp;&nbsp;0.5 | &nbsp;&nbsp;50 | &nbsp;&nbsp;0.17 | &nbsp;&nbsp;44 | &nbsp;&nbsp;12 | &nbsp;&nbsp;8 | &nbsp;&nbsp;0.59 | &nbsp;&nbsp;0.12 | &nbsp;&nbsp;13 | &nbsp;&nbsp;1.0 |
| &nbsp;&nbsp;21-GC-016 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;7.62 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120133 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0393 | &nbsp;&nbsp;105 | &nbsp;&nbsp;5 | &nbsp;&nbsp;1.9 | &nbsp;&nbsp;0.9 | &nbsp;&nbsp;10 | &nbsp;&nbsp;0.9 | &nbsp;&nbsp;75 | &nbsp;&nbsp;0.21 | &nbsp;&nbsp;81 | &nbsp;&nbsp;21 | &nbsp;&nbsp;12 | &nbsp;&nbsp;1.18 | &nbsp;&nbsp;0.27 | &nbsp;&nbsp;19 | &nbsp;&nbsp;1.9 |
| &nbsp;&nbsp;21-GC-016 | &nbsp;&nbsp;7.62 | &nbsp;&nbsp;9.14 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120134 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0420 | &nbsp;&nbsp;116 | &nbsp;&nbsp;6 | &nbsp;&nbsp;3.1 | &nbsp;&nbsp;1.1 | &nbsp;&nbsp;11 | &nbsp;&nbsp;1.1 | &nbsp;&nbsp;73 | &nbsp;&nbsp;0.35 | &nbsp;&nbsp;78 | &nbsp;&nbsp;20 | &nbsp;&nbsp;15 | &nbsp;&nbsp;1.22 | &nbsp;&nbsp;0.36 | &nbsp;&nbsp;29 | &nbsp;&nbsp;2.6 |
| &nbsp;&nbsp;21-GC-017 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120135 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0278 | &nbsp;&nbsp;103 | &nbsp;&nbsp;4 | &nbsp;&nbsp;2.2 | &nbsp;&nbsp;0.5 | &nbsp;&nbsp;4 | &nbsp;&nbsp;0.8 | &nbsp;&nbsp;47 | &nbsp;&nbsp;0.28 | &nbsp;&nbsp;37 | &nbsp;&nbsp;11 | &nbsp;&nbsp;6 | &nbsp;&nbsp;0.70 | &nbsp;&nbsp;0.20 | &nbsp;&nbsp;18 | &nbsp;&nbsp;1.5 |
| &nbsp;&nbsp;21-GC-017 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120136 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0336 | &nbsp;&nbsp;157 | &nbsp;&nbsp;3 | &nbsp;&nbsp;0.9 | &nbsp;&nbsp;0.4 | &nbsp;&nbsp;5 | &nbsp;&nbsp;0.4 | &nbsp;&nbsp;52 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;39 | &nbsp;&nbsp;11 | &nbsp;&nbsp;6 | &nbsp;&nbsp;0.60 | &nbsp;&nbsp;0.09 | &nbsp;&nbsp;10 | &nbsp;&nbsp;0.7 |
| &nbsp;&nbsp;21-GC-017 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120137 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0420 | &nbsp;&nbsp;184 | &nbsp;&nbsp;4 | &nbsp;&nbsp;1.7 | &nbsp;&nbsp;0.4 | &nbsp;&nbsp;9 | &nbsp;&nbsp;0.7 | &nbsp;&nbsp;57 | &nbsp;&nbsp;0.26 | &nbsp;&nbsp;54 | &nbsp;&nbsp;15 | &nbsp;&nbsp;10 | &nbsp;&nbsp;0.96 | &nbsp;&nbsp;0.21 | &nbsp;&nbsp;20 | &nbsp;&nbsp;1.5 |
| &nbsp;&nbsp;21-GC-017 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120138 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0563 | &nbsp;&nbsp;172 | &nbsp;&nbsp;10 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;0.9 | &nbsp;&nbsp;13 | &nbsp;&nbsp;2.2 | &nbsp;&nbsp;83 | &nbsp;&nbsp;0.7 | &nbsp;&nbsp;86 | &nbsp;&nbsp;23 | &nbsp;&nbsp;16 | &nbsp;&nbsp;1.74 | &nbsp;&nbsp;0.75 | &nbsp;&nbsp;58 | &nbsp;&nbsp;4.9 |
| &nbsp;&nbsp;21-GC-017 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;7.62 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120139 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0453 | &nbsp;&nbsp;117 | &nbsp;&nbsp;5 | &nbsp;&nbsp;2.2 | &nbsp;&nbsp;1.3 | &nbsp;&nbsp;10 | &nbsp;&nbsp;0.8 | &nbsp;&nbsp;87 | &nbsp;&nbsp;0.25 | &nbsp;&nbsp;95 | &nbsp;&nbsp;26 | &nbsp;&nbsp;14 | &nbsp;&nbsp;1.20 | &nbsp;&nbsp;0.25 | &nbsp;&nbsp;23 | &nbsp;&nbsp;2.0 |
| &nbsp;&nbsp;21-GC-017 | &nbsp;&nbsp;7.62 | &nbsp;&nbsp;9.14 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120141 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0654 | &nbsp;&nbsp;136 | &nbsp;&nbsp;8 | &nbsp;&nbsp;2.9 | &nbsp;&nbsp;2.1 | &nbsp;&nbsp;17 | &nbsp;&nbsp;1.3 | &nbsp;&nbsp;123 | &nbsp;&nbsp;0.38 | &nbsp;&nbsp;162 | &nbsp;&nbsp;40 | &nbsp;&nbsp;29 | &nbsp;&nbsp;1.86 | &nbsp;&nbsp;0.39 | &nbsp;&nbsp;31 | &nbsp;&nbsp;2.2 |
| &nbsp;&nbsp;21-GC-017 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;1 | &nbsp;&nbsp;E00120140 | &nbsp;&nbsp;Duplicate | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0532 | &nbsp;&nbsp;145 | &nbsp;&nbsp;7 | &nbsp;&nbsp;3.5 | &nbsp;&nbsp;1.3 | &nbsp;&nbsp;10 | &nbsp;&nbsp;1.3 | &nbsp;&nbsp;98 | &nbsp;&nbsp;0.3 | &nbsp;&nbsp;104 | &nbsp;&nbsp;28 | &nbsp;&nbsp;17 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0.48 | &nbsp;&nbsp;32 | &nbsp;&nbsp;2.7 |
| &nbsp;&nbsp;21-GC-018 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120142 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0302 | &nbsp;&nbsp;114 | &nbsp;&nbsp;4 | &nbsp;&nbsp;1.7 | &nbsp;&nbsp;0.5 | &nbsp;&nbsp;6 | &nbsp;&nbsp;0.7 | &nbsp;&nbsp;49 | &nbsp;&nbsp;0.18 | &nbsp;&nbsp;40 | &nbsp;&nbsp;11 | &nbsp;&nbsp;9 | &nbsp;&nbsp;0.74 | &nbsp;&nbsp;0.19 | &nbsp;&nbsp;19 | &nbsp;&nbsp;1.4 |
| &nbsp;&nbsp;21-GC-018 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120143 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0221 | &nbsp;&nbsp;96 | &nbsp;&nbsp;2 | &nbsp;&nbsp;0.9 | &nbsp;&nbsp;0.6 | &nbsp;&nbsp;4 | &nbsp;&nbsp;0.4 | &nbsp;&nbsp;34 | &nbsp;&nbsp;0.12 | &nbsp;&nbsp;26 | &nbsp;&nbsp;8 | &nbsp;&nbsp;5 | &nbsp;&nbsp;0.45 | &nbsp;&nbsp;0.08 | &nbsp;&nbsp;10 | &nbsp;&nbsp;0.9 |
| &nbsp;&nbsp;21-GC-018 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120144 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0290 | &nbsp;&nbsp;117 | &nbsp;&nbsp;4 | &nbsp;&nbsp;2.2 | &nbsp;&nbsp;0.5 | &nbsp;&nbsp;5 | &nbsp;&nbsp;0.7 | &nbsp;&nbsp;40 | &nbsp;&nbsp;0.22 | &nbsp;&nbsp;37 | &nbsp;&nbsp;10 | &nbsp;&nbsp;7 | &nbsp;&nbsp;0.77 | &nbsp;&nbsp;0.25 | &nbsp;&nbsp;20 | &nbsp;&nbsp;2.0 |
| &nbsp;&nbsp;21-GC-018 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120145 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0685 | &nbsp;&nbsp;232 | &nbsp;&nbsp;10 | &nbsp;&nbsp;5.1 | &nbsp;&nbsp;1.1 | &nbsp;&nbsp;16 | &nbsp;&nbsp;1.9 | &nbsp;&nbsp;99 | &nbsp;&nbsp;0.7 | &nbsp;&nbsp;111 | &nbsp;&nbsp;28 | &nbsp;&nbsp;19 | &nbsp;&nbsp;1.97 | &nbsp;&nbsp;0.81 | &nbsp;&nbsp;50 | &nbsp;&nbsp;5.2 |

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SLV0163 – Technical Report Summary Shiloh Project, Georgia 85 November 2025

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| **Technical Report Summary** | ![img77526612_55.jpg](img77526612_55.jpg) |

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  |  |  | &nbsp;&nbsp;**Method** | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  |
|  |  |  |  |  |  |  |  | &nbsp;&nbsp;**Analyte** | &nbsp;&nbsp;**Ce** | &nbsp;&nbsp;**Dy** | &nbsp;&nbsp;**Er** | &nbsp;&nbsp;**Eu** | &nbsp;&nbsp;**Gd** | &nbsp;&nbsp;**Ho** | &nbsp;&nbsp;**La** | &nbsp;&nbsp;**Lu** | &nbsp;&nbsp;**Nd** | &nbsp;&nbsp;**Pr** | &nbsp;&nbsp;**Sm** | &nbsp;&nbsp;**Tb** | &nbsp;&nbsp;**Tm** | &nbsp;&nbsp;**Y** | &nbsp;&nbsp;**Yb** |
|  |  |  |  |  |  |  |  | &nbsp;&nbsp;**Units** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** |
|  |  |  |  |  |  |  |  | &nbsp;&nbsp;**Detection Limit** | &nbsp;&nbsp;**3** | &nbsp;&nbsp;**0.3** | &nbsp;&nbsp;**0.2** | &nbsp;&nbsp;**0.2** | &nbsp;&nbsp;**0.3** | &nbsp;&nbsp;**0.05** | &nbsp;&nbsp;**3** | &nbsp;&nbsp;**0.05 / 0.5** | &nbsp;&nbsp;**0.5** | &nbsp;&nbsp;**0.2** | &nbsp;&nbsp;**0.2** | &nbsp;&nbsp;**0.05** | &nbsp;&nbsp;**0.05 / 0.3** | &nbsp;&nbsp;**3** | &nbsp;&nbsp;**0.2** |
|  |  |  |  |  |  |  |  | &nbsp;&nbsp;**Upper Limit** | &nbsp;&nbsp;**50000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**50000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**50000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**50000** | &nbsp;&nbsp;**5000** |
| &nbsp;&nbsp;**Hole ID** | &nbsp;&nbsp;**From <br>(m)** | &nbsp;&nbsp;**To<br>(m)** | &nbsp;&nbsp;**Interval <br>(m)** | &nbsp;&nbsp;**Duplicate** | &nbsp;&nbsp;**Sample Number** | &nbsp;&nbsp;**Sample <br>Type** | &nbsp;&nbsp;**Sample <br>Details** | &nbsp;&nbsp;**TREO (%)** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** |
| &nbsp;&nbsp;21-GC-018 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;7.62 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120146 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.1300 | &nbsp;&nbsp;390 | &nbsp;&nbsp;17 | &nbsp;&nbsp;5.7 | &nbsp;&nbsp;1.3 | &nbsp;&nbsp;33 | &nbsp;&nbsp;2.3 | &nbsp;&nbsp;198 | &nbsp;&nbsp;0.45 | &nbsp;&nbsp;266 | &nbsp;&nbsp;68 | &nbsp;&nbsp;52 | &nbsp;&nbsp;3.75 | &nbsp;&nbsp;0.64 | &nbsp;&nbsp;65 | &nbsp;&nbsp;4.5 |
| &nbsp;&nbsp;21-GC-018 | &nbsp;&nbsp;7.62 | &nbsp;&nbsp;9.14 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120147 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0722 | &nbsp;&nbsp;174 | &nbsp;&nbsp;9 | &nbsp;&nbsp;3.9 | &nbsp;&nbsp;1.4 | &nbsp;&nbsp;18 | &nbsp;&nbsp;1.5 | &nbsp;&nbsp;129 | &nbsp;&nbsp;0.33 | &nbsp;&nbsp;163 | &nbsp;&nbsp;43 | &nbsp;&nbsp;28 | &nbsp;&nbsp;2.04 | &nbsp;&nbsp;0.46 | &nbsp;&nbsp;38 | &nbsp;&nbsp;3.0 |
| &nbsp;&nbsp;21-GC-019 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120148 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0428 | &nbsp;&nbsp;154 | &nbsp;&nbsp;6 | &nbsp;&nbsp;2.5 | &nbsp;&nbsp;0.6 | &nbsp;&nbsp;10 | &nbsp;&nbsp;1.0 | &nbsp;&nbsp;67 | &nbsp;&nbsp;0.28 | &nbsp;&nbsp;63 | &nbsp;&nbsp;17 | &nbsp;&nbsp;12 | &nbsp;&nbsp;1.24 | &nbsp;&nbsp;0.29 | &nbsp;&nbsp;28 | &nbsp;&nbsp;1.7 |
| &nbsp;&nbsp;21-GC-019 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120149 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0339 | &nbsp;&nbsp;142 | &nbsp;&nbsp;4 | &nbsp;&nbsp;1.5 | &nbsp;&nbsp;0.6 | &nbsp;&nbsp;8 | &nbsp;&nbsp;0.6 | &nbsp;&nbsp;49 | &nbsp;&nbsp;0.12 | &nbsp;&nbsp;44 | &nbsp;&nbsp;13 | &nbsp;&nbsp;9 | &nbsp;&nbsp;0.99 | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;16 | &nbsp;&nbsp;0.7 |
| &nbsp;&nbsp;21-GC-019 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120151 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0335 | &nbsp;&nbsp;124 | &nbsp;&nbsp;4 | &nbsp;&nbsp;1.5 | &nbsp;&nbsp;0.5 | &nbsp;&nbsp;7 | &nbsp;&nbsp;0.7 | &nbsp;&nbsp;54 | &nbsp;&nbsp;0.17 | &nbsp;&nbsp;52 | &nbsp;&nbsp;14 | &nbsp;&nbsp;9 | &nbsp;&nbsp;0.82 | &nbsp;&nbsp;0.16 | &nbsp;&nbsp;17 | &nbsp;&nbsp;1.0 |
| &nbsp;&nbsp;21-GC-019 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120152 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0448 | &nbsp;&nbsp;114 | &nbsp;&nbsp;5 | &nbsp;&nbsp;1.6 | &nbsp;&nbsp;1.2 | &nbsp;&nbsp;9 | &nbsp;&nbsp;0.6 | &nbsp;&nbsp;85 | &nbsp;&nbsp;0.15 | &nbsp;&nbsp;103 | &nbsp;&nbsp;25 | &nbsp;&nbsp;17 | &nbsp;&nbsp;1.23 | &nbsp;&nbsp;0.21 | &nbsp;&nbsp;18 | &nbsp;&nbsp;1.0 |
| &nbsp;&nbsp;21-GC-019 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;7.32 | &nbsp;&nbsp;1.22 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120153 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0371 | &nbsp;&nbsp;79 | &nbsp;&nbsp;4 | &nbsp;&nbsp;1.7 | &nbsp;&nbsp;1.1 | &nbsp;&nbsp;7 | &nbsp;&nbsp;0.7 | &nbsp;&nbsp;71 | &nbsp;&nbsp;0.16 | &nbsp;&nbsp;96 | &nbsp;&nbsp;23 | &nbsp;&nbsp;15 | &nbsp;&nbsp;0.70 | &nbsp;&nbsp;0.18 | &nbsp;&nbsp;15 | &nbsp;&nbsp;1.1 |
| &nbsp;&nbsp;21-GC-020 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120154 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0222 | &nbsp;&nbsp;84 | &nbsp;&nbsp;3 | &nbsp;&nbsp;1.0 | &nbsp;&nbsp;0.5 | &nbsp;&nbsp;4 | &nbsp;&nbsp;0.4 | &nbsp;&nbsp;36 | &nbsp;&nbsp;0.19 | &nbsp;&nbsp;32 | &nbsp;&nbsp;8 | &nbsp;&nbsp;6 | &nbsp;&nbsp;0.55 | &nbsp;&nbsp;0.19 | &nbsp;&nbsp;12 | &nbsp;&nbsp;1.0 |
| &nbsp;&nbsp;21-GC-020 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120155 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0330 | &nbsp;&nbsp;143 | &nbsp;&nbsp;4 | &nbsp;&nbsp;1.5 | &nbsp;&nbsp;0.7 | &nbsp;&nbsp;5 | &nbsp;&nbsp;0.5 | &nbsp;&nbsp;48 | &nbsp;&nbsp;0.17 | &nbsp;&nbsp;43 | &nbsp;&nbsp;12 | &nbsp;&nbsp;9 | &nbsp;&nbsp;0.81 | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;13 | &nbsp;&nbsp;1.2 |
| &nbsp;&nbsp;21-GC-020 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120156 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0284 | &nbsp;&nbsp;91 | &nbsp;&nbsp;4 | &nbsp;&nbsp;1.5 | &nbsp;&nbsp;0.9 | &nbsp;&nbsp;7 | &nbsp;&nbsp;0.6 | &nbsp;&nbsp;51 | &nbsp;&nbsp;0.19 | &nbsp;&nbsp;48 | &nbsp;&nbsp;12 | &nbsp;&nbsp;10 | &nbsp;&nbsp;0.79 | &nbsp;&nbsp;0.17 | &nbsp;&nbsp;14 | &nbsp;&nbsp;0.9 |
| &nbsp;&nbsp;21-GC-020 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;1 | &nbsp;&nbsp;E00120156DUP | &nbsp;&nbsp;Duplicate | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0275 | &nbsp;&nbsp;88 | &nbsp;&nbsp;3 | &nbsp;&nbsp;1.3 | &nbsp;&nbsp;0.7 | &nbsp;&nbsp;7 | &nbsp;&nbsp;0.5 | &nbsp;&nbsp;49 | &nbsp;&nbsp;0.07 | &nbsp;&nbsp;47 | &nbsp;&nbsp;13 | &nbsp;&nbsp;9 | &nbsp;&nbsp;0.76 | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;14 | &nbsp;&nbsp;1.0 |
| &nbsp;&nbsp;21-GC-020 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120157 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0992 | &nbsp;&nbsp;313 | &nbsp;&nbsp;12 | &nbsp;&nbsp;4.4 | &nbsp;&nbsp;1.2 | &nbsp;&nbsp;21 | &nbsp;&nbsp;1.8 | &nbsp;&nbsp;166 | &nbsp;&nbsp;0.35 | &nbsp;&nbsp;190 | &nbsp;&nbsp;49 | &nbsp;&nbsp;33 | &nbsp;&nbsp;2.43 | &nbsp;&nbsp;0.52 | &nbsp;&nbsp;47 | &nbsp;&nbsp;2.9 |
| &nbsp;&nbsp;21-GC-020 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;7.62 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120158 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0565 | &nbsp;&nbsp;149 | &nbsp;&nbsp;7 | &nbsp;&nbsp;3.5 | &nbsp;&nbsp;1.9 | &nbsp;&nbsp;11 | &nbsp;&nbsp;1.1 | &nbsp;&nbsp;104 | &nbsp;&nbsp;0.47 | &nbsp;&nbsp;116 | &nbsp;&nbsp;29 | &nbsp;&nbsp;19 | &nbsp;&nbsp;1.50 | &nbsp;&nbsp;0.42 | &nbsp;&nbsp;33 | &nbsp;&nbsp;3.0 |
| &nbsp;&nbsp;21-GC-020 | &nbsp;&nbsp;7.62 | &nbsp;&nbsp;9.14 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120159 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0692 | &nbsp;&nbsp;73 | &nbsp;&nbsp;17 | &nbsp;&nbsp;9.7 | &nbsp;&nbsp;4.6 | &nbsp;&nbsp;22 | &nbsp;&nbsp;2.9 | &nbsp;&nbsp;128 | &nbsp;&nbsp;1.38 | &nbsp;&nbsp;159 | &nbsp;&nbsp;38 | &nbsp;&nbsp;31 | &nbsp;&nbsp;3.11 | &nbsp;&nbsp;1.41 | &nbsp;&nbsp;85 | &nbsp;&nbsp;9.1 |
| &nbsp;&nbsp;21-GC-021 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120160 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0368 | &nbsp;&nbsp;121 | &nbsp;&nbsp;6 | &nbsp;&nbsp;2.6 | &nbsp;&nbsp;1.3 | &nbsp;&nbsp;7 | &nbsp;&nbsp;0.8 | &nbsp;&nbsp;59 | &nbsp;&nbsp;0.38 | &nbsp;&nbsp;60 | &nbsp;&nbsp;15 | &nbsp;&nbsp;10 | &nbsp;&nbsp;1.04 | &nbsp;&nbsp;0.37 | &nbsp;&nbsp;27 | &nbsp;&nbsp;2.3 |
| &nbsp;&nbsp;21-GC-021 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120161 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0526 | &nbsp;&nbsp;134 | &nbsp;&nbsp;11 | &nbsp;&nbsp;6.2 | &nbsp;&nbsp;2.8 | &nbsp;&nbsp;13 | &nbsp;&nbsp;1.9 | &nbsp;&nbsp;77 | &nbsp;&nbsp;0.81 | &nbsp;&nbsp;96 | &nbsp;&nbsp;22 | &nbsp;&nbsp;17 | &nbsp;&nbsp;1.96 | &nbsp;&nbsp;0.74 | &nbsp;&nbsp;57 | &nbsp;&nbsp;5.4 |
| &nbsp;&nbsp;21-GC-021 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120162 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0592 | &nbsp;&nbsp;108 | &nbsp;&nbsp;16 | &nbsp;&nbsp;10.0 | &nbsp;&nbsp;4.0 | &nbsp;&nbsp;17 | &nbsp;&nbsp;2.9 | &nbsp;&nbsp;87 | &nbsp;&nbsp;1.28 | &nbsp;&nbsp;112 | &nbsp;&nbsp;25 | &nbsp;&nbsp;24 | &nbsp;&nbsp;2.48 | &nbsp;&nbsp;1.15 | &nbsp;&nbsp;81 | &nbsp;&nbsp;8.1 |
| &nbsp;&nbsp;21-GC-021 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120163 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0360 | &nbsp;&nbsp;74 | &nbsp;&nbsp;13 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;3.7 | &nbsp;&nbsp;11 | &nbsp;&nbsp;2.1 | &nbsp;&nbsp;45 | &nbsp;&nbsp;0.93 | &nbsp;&nbsp;54 | &nbsp;&nbsp;13 | &nbsp;&nbsp;13 | &nbsp;&nbsp;1.89 | &nbsp;&nbsp;0.81 | &nbsp;&nbsp;58 | &nbsp;&nbsp;6.1 |
| &nbsp;&nbsp;21-GC-021 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;7.62 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120164 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0346 | &nbsp;&nbsp;88 | &nbsp;&nbsp;11 | &nbsp;&nbsp;6.3 | &nbsp;&nbsp;3.1 | &nbsp;&nbsp;10 | &nbsp;&nbsp;2.4 | &nbsp;&nbsp;35 | &nbsp;&nbsp;0.86 | &nbsp;&nbsp;47 | &nbsp;&nbsp;11 | &nbsp;&nbsp;12 | &nbsp;&nbsp;1.76 | &nbsp;&nbsp;0.80 | &nbsp;&nbsp;57 | &nbsp;&nbsp;6.3 |
| &nbsp;&nbsp;21-GC-021 | &nbsp;&nbsp;7.62 | &nbsp;&nbsp;9.14 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120165 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0374 | &nbsp;&nbsp;101 | &nbsp;&nbsp;12 | &nbsp;&nbsp;6.5 | &nbsp;&nbsp;3.5 | &nbsp;&nbsp;13 | &nbsp;&nbsp;2.2 | &nbsp;&nbsp;36 | &nbsp;&nbsp;0.82 | &nbsp;&nbsp;55 | &nbsp;&nbsp;12 | &nbsp;&nbsp;13 | &nbsp;&nbsp;1.84 | &nbsp;&nbsp;0.87 | &nbsp;&nbsp;54 | &nbsp;&nbsp;5.4 |
| &nbsp;&nbsp;21-GC-022 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120166 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0352 | &nbsp;&nbsp;100 | &nbsp;&nbsp;7 | &nbsp;&nbsp;3.6 | &nbsp;&nbsp;2.0 | &nbsp;&nbsp;10 | &nbsp;&nbsp;1.4 | &nbsp;&nbsp;51 | &nbsp;&nbsp;0.48 | &nbsp;&nbsp;62 | &nbsp;&nbsp;15 | &nbsp;&nbsp;12 | &nbsp;&nbsp;1.21 | &nbsp;&nbsp;0.50 | &nbsp;&nbsp;30 | &nbsp;&nbsp;3.7 |
| &nbsp;&nbsp;21-GC-022 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120167 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0479 | &nbsp;&nbsp;114 | &nbsp;&nbsp;11 | &nbsp;&nbsp;6.0 | &nbsp;&nbsp;3.5 | &nbsp;&nbsp;15 | &nbsp;&nbsp;2.1 | &nbsp;&nbsp;64 | &nbsp;&nbsp;0.92 | &nbsp;&nbsp;96 | &nbsp;&nbsp;22 | &nbsp;&nbsp;22 | &nbsp;&nbsp;1.97 | &nbsp;&nbsp;0.77 | &nbsp;&nbsp;42 | &nbsp;&nbsp;5.5 |
| &nbsp;&nbsp;21-GC-022 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120168 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0729 | &nbsp;&nbsp;131 | &nbsp;&nbsp;22 | &nbsp;&nbsp;12.2 | &nbsp;&nbsp;6.8 | &nbsp;&nbsp;28 | &nbsp;&nbsp;3.8 | &nbsp;&nbsp;96 | &nbsp;&nbsp;1.56 | &nbsp;&nbsp;147 | &nbsp;&nbsp;33 | &nbsp;&nbsp;33 | &nbsp;&nbsp;3.71 | &nbsp;&nbsp;1.60 | &nbsp;&nbsp;88 | &nbsp;&nbsp;11.0 |
| &nbsp;&nbsp;21-GC-022 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120169 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0531 | &nbsp;&nbsp;59 | &nbsp;&nbsp;22 | &nbsp;&nbsp;11.4 | &nbsp;&nbsp;5.4 | &nbsp;&nbsp;22 | &nbsp;&nbsp;4.0 | &nbsp;&nbsp;67 | &nbsp;&nbsp;1.42 | &nbsp;&nbsp;96 | &nbsp;&nbsp;21 | &nbsp;&nbsp;22 | &nbsp;&nbsp;3.36 | &nbsp;&nbsp;1.36 | &nbsp;&nbsp;101 | &nbsp;&nbsp;9.8 |
| &nbsp;&nbsp;21-GC-022 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;7.62 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120170 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0466 | &nbsp;&nbsp;45 | &nbsp;&nbsp;20 | &nbsp;&nbsp;10.7 | &nbsp;&nbsp;5.4 | &nbsp;&nbsp;21 | &nbsp;&nbsp;3.9 | &nbsp;&nbsp;55 | &nbsp;&nbsp;1.3 | &nbsp;&nbsp;79 | &nbsp;&nbsp;17 | &nbsp;&nbsp;18 | &nbsp;&nbsp;3.17 | &nbsp;&nbsp;1.28 | &nbsp;&nbsp;102 | &nbsp;&nbsp;8.8 |
| &nbsp;&nbsp;21-GC-022 | &nbsp;&nbsp;7.62 | &nbsp;&nbsp;9.14 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120171 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0491 | &nbsp;&nbsp;66 | &nbsp;&nbsp;19 | &nbsp;&nbsp;10.7 | &nbsp;&nbsp;5.4 | &nbsp;&nbsp;21 | &nbsp;&nbsp;3.7 | &nbsp;&nbsp;57 | &nbsp;&nbsp;1.43 | &nbsp;&nbsp;79 | &nbsp;&nbsp;17 | &nbsp;&nbsp;18 | &nbsp;&nbsp;3.35 | &nbsp;&nbsp;1.31 | &nbsp;&nbsp;101 | &nbsp;&nbsp;8.2 |
| &nbsp;&nbsp;21-GC-023 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120172 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0267 | &nbsp;&nbsp;94 | &nbsp;&nbsp;6 | &nbsp;&nbsp;3.6 | &nbsp;&nbsp;1.0 | &nbsp;&nbsp;6 | &nbsp;&nbsp;1.2 | &nbsp;&nbsp;30 | &nbsp;&nbsp;0.42 | &nbsp;&nbsp;36 | &nbsp;&nbsp;9 | &nbsp;&nbsp;7 | &nbsp;&nbsp;0.91 | &nbsp;&nbsp;0.37 | &nbsp;&nbsp;28 | &nbsp;&nbsp;3.1 |
| &nbsp;&nbsp;21-GC-023 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120173 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0305 | &nbsp;&nbsp;86 | &nbsp;&nbsp;7 | &nbsp;&nbsp;4.1 | &nbsp;&nbsp;2.4 | &nbsp;&nbsp;8 | &nbsp;&nbsp;1.3 | &nbsp;&nbsp;37 | &nbsp;&nbsp;0.53 | &nbsp;&nbsp;55 | &nbsp;&nbsp;13 | &nbsp;&nbsp;12 | &nbsp;&nbsp;1.16 | &nbsp;&nbsp;0.53 | &nbsp;&nbsp;27 | &nbsp;&nbsp;3.7 |
| &nbsp;&nbsp;21-GC-023 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120174 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0559 | &nbsp;&nbsp;170 | &nbsp;&nbsp;13 | &nbsp;&nbsp;6.7 | &nbsp;&nbsp;4.3 | &nbsp;&nbsp;16 | &nbsp;&nbsp;2.3 | &nbsp;&nbsp;62 | &nbsp;&nbsp;0.88 | &nbsp;&nbsp;93 | &nbsp;&nbsp;21 | &nbsp;&nbsp;20 | &nbsp;&nbsp;2.13 | &nbsp;&nbsp;0.96 | &nbsp;&nbsp;55 | &nbsp;&nbsp;6.6 |
| &nbsp;&nbsp;21-GC-023 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120175 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0668 | &nbsp;&nbsp;106 | &nbsp;&nbsp;20 | &nbsp;&nbsp;11.5 | &nbsp;&nbsp;6.8 | &nbsp;&nbsp;27 | &nbsp;&nbsp;3.7 | &nbsp;&nbsp;90 | &nbsp;&nbsp;1.35 | &nbsp;&nbsp;131 | &nbsp;&nbsp;29 | &nbsp;&nbsp;28 | &nbsp;&nbsp;3.47 | &nbsp;&nbsp;1.38 | &nbsp;&nbsp;95 | &nbsp;&nbsp;9.6 |
| &nbsp;&nbsp;21-GC-023 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;7.62 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120176 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0791 | &nbsp;&nbsp;136 | &nbsp;&nbsp;28 | &nbsp;&nbsp;15.3 | &nbsp;&nbsp;8.5 | &nbsp;&nbsp;34 | &nbsp;&nbsp;5.3 | &nbsp;&nbsp;94 | &nbsp;&nbsp;1.92 | &nbsp;&nbsp;130 | &nbsp;&nbsp;29 | &nbsp;&nbsp;30 | &nbsp;&nbsp;4.68 | &nbsp;&nbsp;1.76 | &nbsp;&nbsp;136 | &nbsp;&nbsp;12.6 |
| &nbsp;&nbsp;21-GC-023 | &nbsp;&nbsp;7.62 | &nbsp;&nbsp;9.14 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120177 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0572 | &nbsp;&nbsp;128 | &nbsp;&nbsp;17 | &nbsp;&nbsp;8.3 | &nbsp;&nbsp;4.5 | &nbsp;&nbsp;21 | &nbsp;&nbsp;3.0 | &nbsp;&nbsp;79 | &nbsp;&nbsp;0.81 | &nbsp;&nbsp;91 | &nbsp;&nbsp;22 | &nbsp;&nbsp;20 | &nbsp;&nbsp;3.00 | &nbsp;&nbsp;1.02 | &nbsp;&nbsp;79 | &nbsp;&nbsp;5.7 |
| &nbsp;&nbsp;21-GC-024 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120178 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0282 | &nbsp;&nbsp;150 | &nbsp;&nbsp;3 | &nbsp;&nbsp;0.9 | &nbsp;&nbsp;0.4 | &nbsp;&nbsp;4 | &nbsp;&nbsp;0.3 | &nbsp;&nbsp;32 | &nbsp;&nbsp;0.12 | &nbsp;&nbsp;27 | &nbsp;&nbsp;7 | &nbsp;&nbsp;5 | &nbsp;&nbsp;0.49 | &nbsp;&nbsp;0.10 | &nbsp;&nbsp;9 | &nbsp;&nbsp;0.7 |

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SLV0163 – Technical Report Summary Shiloh Project, Georgia 86 November 2025

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|:---|:---|
| **Technical Report Summary** | ![img77526612_55.jpg](img77526612_55.jpg) |

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  |  |  | &nbsp;&nbsp;**Method** | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  |
|  |  |  |  |  |  |  |  | &nbsp;&nbsp;**Analyte** | &nbsp;&nbsp;**Ce** | &nbsp;&nbsp;**Dy** | &nbsp;&nbsp;**Er** | &nbsp;&nbsp;**Eu** | &nbsp;&nbsp;**Gd** | &nbsp;&nbsp;**Ho** | &nbsp;&nbsp;**La** | &nbsp;&nbsp;**Lu** | &nbsp;&nbsp;**Nd** | &nbsp;&nbsp;**Pr** | &nbsp;&nbsp;**Sm** | &nbsp;&nbsp;**Tb** | &nbsp;&nbsp;**Tm** | &nbsp;&nbsp;**Y** | &nbsp;&nbsp;**Yb** |
|  |  |  |  |  |  |  |  | &nbsp;&nbsp;**Units** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** |
|  |  |  |  |  |  |  |  | &nbsp;&nbsp;**Detection Limit** | &nbsp;&nbsp;**3** | &nbsp;&nbsp;**0.3** | &nbsp;&nbsp;**0.2** | &nbsp;&nbsp;**0.2** | &nbsp;&nbsp;**0.3** | &nbsp;&nbsp;**0.05** | &nbsp;&nbsp;**3** | &nbsp;&nbsp;**0.05 / 0.5** | &nbsp;&nbsp;**0.5** | &nbsp;&nbsp;**0.2** | &nbsp;&nbsp;**0.2** | &nbsp;&nbsp;**0.05** | &nbsp;&nbsp;**0.05 / 0.3** | &nbsp;&nbsp;**3** | &nbsp;&nbsp;**0.2** |
|  |  |  |  |  |  |  |  | &nbsp;&nbsp;**Upper Limit** | &nbsp;&nbsp;**50000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**50000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**50000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**50000** | &nbsp;&nbsp;**5000** |
| &nbsp;&nbsp;**Hole ID** | &nbsp;&nbsp;**From <br>(m)** | &nbsp;&nbsp;**To<br>(m)** | &nbsp;&nbsp;**Interval <br>(m)** | &nbsp;&nbsp;**Duplicate** | &nbsp;&nbsp;**Sample Number** | &nbsp;&nbsp;**Sample <br>Type** | &nbsp;&nbsp;**Sample <br>Details** | &nbsp;&nbsp;**TREO (%)** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** |
| &nbsp;&nbsp;21-GC-024 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120179 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0276 | &nbsp;&nbsp;139 | &nbsp;&nbsp;3 | &nbsp;&nbsp;1.2 | &nbsp;&nbsp;0.4 | &nbsp;&nbsp;4 | &nbsp;&nbsp;0.5 | &nbsp;&nbsp;31 | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;27 | &nbsp;&nbsp;8 | &nbsp;&nbsp;5 | &nbsp;&nbsp;0.60 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;14 | &nbsp;&nbsp;1.1 |
| &nbsp;&nbsp;21-GC-024 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120180 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0230 | &nbsp;&nbsp;83 | &nbsp;&nbsp;3 | &nbsp;&nbsp;0.8 | &nbsp;&nbsp;0.7 | &nbsp;&nbsp;5 | &nbsp;&nbsp;0.4 | &nbsp;&nbsp;42 | &nbsp;&nbsp;0.07 | &nbsp;&nbsp;37 | &nbsp;&nbsp;10 | &nbsp;&nbsp;6 | &nbsp;&nbsp;0.61 | &nbsp;&nbsp;<0.05 | &nbsp;&nbsp;8 | &nbsp;&nbsp;0.5 |
| &nbsp;&nbsp;21-GC-024 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120181 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0337 | &nbsp;&nbsp;111 | &nbsp;&nbsp;4 | &nbsp;&nbsp;1.5 | &nbsp;&nbsp;0.9 | &nbsp;&nbsp;7 | &nbsp;&nbsp;0.6 | &nbsp;&nbsp;61 | &nbsp;&nbsp;0.17 | &nbsp;&nbsp;54 | &nbsp;&nbsp;16 | &nbsp;&nbsp;10 | &nbsp;&nbsp;0.85 | &nbsp;&nbsp;0.28 | &nbsp;&nbsp;18 | &nbsp;&nbsp;1.5 |
| &nbsp;&nbsp;21-GC-024 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;1 | &nbsp;&nbsp;E00120181DUP | &nbsp;&nbsp;Duplicate | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0305 | &nbsp;&nbsp;101 | &nbsp;&nbsp;4 | &nbsp;&nbsp;1.7 | &nbsp;&nbsp;0.9 | &nbsp;&nbsp;6 | &nbsp;&nbsp;0.6 | &nbsp;&nbsp;57 | &nbsp;&nbsp;0.15 | &nbsp;&nbsp;48 | &nbsp;&nbsp;14 | &nbsp;&nbsp;9 | &nbsp;&nbsp;0.77 | &nbsp;&nbsp;0.20 | &nbsp;&nbsp;16 | &nbsp;&nbsp;1.1 |
| &nbsp;&nbsp;21-GC-024 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;7.62 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120182 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0414 | &nbsp;&nbsp;97 | &nbsp;&nbsp;8 | &nbsp;&nbsp;2.4 | &nbsp;&nbsp;1.3 | &nbsp;&nbsp;11 | &nbsp;&nbsp;1.2 | &nbsp;&nbsp;78 | &nbsp;&nbsp;0.26 | &nbsp;&nbsp;82 | &nbsp;&nbsp;22 | &nbsp;&nbsp;17 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0.33 | &nbsp;&nbsp;28 | &nbsp;&nbsp;2.4 |
| &nbsp;&nbsp;21-GC-024 | &nbsp;&nbsp;7.62 | &nbsp;&nbsp;9.14 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120184 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0540 | &nbsp;&nbsp;126 | &nbsp;&nbsp;11 | &nbsp;&nbsp;4.7 | &nbsp;&nbsp;1.6 | &nbsp;&nbsp;17 | &nbsp;&nbsp;1.9 | &nbsp;&nbsp;91 | &nbsp;&nbsp;0.58 | &nbsp;&nbsp;99 | &nbsp;&nbsp;28 | &nbsp;&nbsp;19 | &nbsp;&nbsp;1.98 | &nbsp;&nbsp;0.66 | &nbsp;&nbsp;53 | &nbsp;&nbsp;4.3 |
| &nbsp;&nbsp;21-PT-001 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120551 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0764 | &nbsp;&nbsp;298 | &nbsp;&nbsp;13 | &nbsp;&nbsp;6.2 | &nbsp;&nbsp;2.3 | &nbsp;&nbsp;14 | &nbsp;&nbsp;2.3 | &nbsp;&nbsp;126 | &nbsp;&nbsp;0.6 | &nbsp;&nbsp;127 | &nbsp;&nbsp;35 | &nbsp;&nbsp;21 | &nbsp;&nbsp;2.20 | &nbsp;&nbsp;0.80 | &nbsp;&nbsp;-- | &nbsp;&nbsp;5.2 |
| &nbsp;&nbsp;21-PT-001 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120552 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.1605 | &nbsp;&nbsp;572 | &nbsp;&nbsp;23 | &nbsp;&nbsp;9.6 | &nbsp;&nbsp;5.3 | &nbsp;&nbsp;34 | &nbsp;&nbsp;3.8 | &nbsp;&nbsp;267 | &nbsp;&nbsp;1.1 | &nbsp;&nbsp;308 | &nbsp;&nbsp;82 | &nbsp;&nbsp;54 | &nbsp;&nbsp;4.70 | &nbsp;&nbsp;1.30 | &nbsp;&nbsp;-- | &nbsp;&nbsp;8.0 |
| &nbsp;&nbsp;21-PT-001 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120553 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0348 | &nbsp;&nbsp;121 | &nbsp;&nbsp;6 | &nbsp;&nbsp;2.9 | &nbsp;&nbsp;3.8 | &nbsp;&nbsp;9 | &nbsp;&nbsp;1.2 | &nbsp;&nbsp;62 | &nbsp;&nbsp;< 0.5 | &nbsp;&nbsp;59 | &nbsp;&nbsp;16 | &nbsp;&nbsp;13 | &nbsp;&nbsp;1.20 | &nbsp;&nbsp;0.50 | &nbsp;&nbsp;-- | &nbsp;&nbsp;2.5 |
| &nbsp;&nbsp;21-PT-002 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120554 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0362 | &nbsp;&nbsp;129 | &nbsp;&nbsp;6 | &nbsp;&nbsp;2.8 | &nbsp;&nbsp;3.1 | &nbsp;&nbsp;8 | &nbsp;&nbsp;1.1 | &nbsp;&nbsp;67 | &nbsp;&nbsp;< 0.5 | &nbsp;&nbsp;61 | &nbsp;&nbsp;17 | &nbsp;&nbsp;11 | &nbsp;&nbsp;1.10 | &nbsp;&nbsp;0.40 | &nbsp;&nbsp;-- | &nbsp;&nbsp;2.3 |
| &nbsp;&nbsp;21-PT-002 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120555 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0317 | &nbsp;&nbsp;83 | &nbsp;&nbsp;6 | &nbsp;&nbsp;1.9 | &nbsp;&nbsp;6.0 | &nbsp;&nbsp;7 | &nbsp;&nbsp;0.8 | &nbsp;&nbsp;73 | &nbsp;&nbsp;< 0.5 | &nbsp;&nbsp;65 | &nbsp;&nbsp;17 | &nbsp;&nbsp;9 | &nbsp;&nbsp;1.00 | &nbsp;&nbsp;< 0.3 | &nbsp;&nbsp;-- | &nbsp;&nbsp;1.4 |
| &nbsp;&nbsp;21-PT-003 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120556 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0947 | &nbsp;&nbsp;374 | &nbsp;&nbsp;7 | &nbsp;&nbsp;3.0 | &nbsp;&nbsp;2.9 | &nbsp;&nbsp;13 | &nbsp;&nbsp;1.1 | &nbsp;&nbsp;180 | &nbsp;&nbsp;< 0.5 | &nbsp;&nbsp;157 | &nbsp;&nbsp;45 | &nbsp;&nbsp;22 | &nbsp;&nbsp;1.50 | &nbsp;&nbsp;0.30 | &nbsp;&nbsp;-- | &nbsp;&nbsp;2.5 |
| &nbsp;&nbsp;21-PT-004 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120557 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.1524 | &nbsp;&nbsp;601 | &nbsp;&nbsp;12 | &nbsp;&nbsp;4.8 | &nbsp;&nbsp;3.0 | &nbsp;&nbsp;23 | &nbsp;&nbsp;2.0 | &nbsp;&nbsp;267 | &nbsp;&nbsp;0.5 | &nbsp;&nbsp;268 | &nbsp;&nbsp;74 | &nbsp;&nbsp;41 | &nbsp;&nbsp;2.60 | &nbsp;&nbsp;0.60 | &nbsp;&nbsp;-- | &nbsp;&nbsp;3.8 |
| &nbsp;&nbsp;21-PT-004 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;3.66 | &nbsp;&nbsp;0.61 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120558 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.1276 | &nbsp;&nbsp;509 | &nbsp;&nbsp;10 | &nbsp;&nbsp;4.3 | &nbsp;&nbsp;3.0 | &nbsp;&nbsp;20 | &nbsp;&nbsp;1.7 | &nbsp;&nbsp;220 | &nbsp;&nbsp;< 0.5 | &nbsp;&nbsp;221 | &nbsp;&nbsp;62 | &nbsp;&nbsp;35 | &nbsp;&nbsp;2.30 | &nbsp;&nbsp;0.60 | &nbsp;&nbsp;-- | &nbsp;&nbsp;3.2 |
| &nbsp;&nbsp;21-PT-004 | &nbsp;&nbsp;3.66 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;0.91 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120559 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.4792 | &nbsp;&nbsp;1750 | &nbsp;&nbsp;37 | &nbsp;&nbsp;16.8 | &nbsp;&nbsp;5.7 | &nbsp;&nbsp;70 | &nbsp;&nbsp;6.3 | &nbsp;&nbsp;902 | &nbsp;&nbsp;1.8 | &nbsp;&nbsp;905 | &nbsp;&nbsp;252 | &nbsp;&nbsp;127 | &nbsp;&nbsp;8.00 | &nbsp;&nbsp;2.30 | &nbsp;&nbsp;-- | &nbsp;&nbsp;14.1 |
| &nbsp;&nbsp;21-PT-005 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120560 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.4270 | &nbsp;&nbsp;1720 | &nbsp;&nbsp;24 | &nbsp;&nbsp;8.6 | &nbsp;&nbsp;2.7 | &nbsp;&nbsp;55 | &nbsp;&nbsp;3.7 | &nbsp;&nbsp;738 | &nbsp;&nbsp;0.9 | &nbsp;&nbsp;765 | &nbsp;&nbsp;213 | &nbsp;&nbsp;107 | &nbsp;&nbsp;5.80 | &nbsp;&nbsp;1.10 | &nbsp;&nbsp;-- | &nbsp;&nbsp;6.4 |
| &nbsp;&nbsp;21-PT-005 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120561 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;1.8798 | &nbsp;&nbsp;7490 | &nbsp;&nbsp;75 | &nbsp;&nbsp;22.1 | &nbsp;&nbsp;6.9 | &nbsp;&nbsp;230 | &nbsp;&nbsp;10.1 | &nbsp;&nbsp;3220 | &nbsp;&nbsp;2.1 | &nbsp;&nbsp;3520 | &nbsp;&nbsp;960 | &nbsp;&nbsp;496 | &nbsp;&nbsp;21.80 | &nbsp;&nbsp;2.60 | &nbsp;&nbsp;-- | &nbsp;&nbsp;15.5 |
| &nbsp;&nbsp;21-PT-006 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120562 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;2.1106 | &nbsp;&nbsp;8750 | &nbsp;&nbsp;66 | &nbsp;&nbsp;15.6 | &nbsp;&nbsp;4.8 | &nbsp;&nbsp;221 | &nbsp;&nbsp;8.2 | &nbsp;&nbsp;3690 | &nbsp;&nbsp;1.4 | &nbsp;&nbsp;3720 | &nbsp;&nbsp;1050 | &nbsp;&nbsp;484 | &nbsp;&nbsp;20.20 | &nbsp;&nbsp;1.90 | &nbsp;&nbsp;-- | &nbsp;&nbsp;9.2 |
| &nbsp;&nbsp;21-PT-006 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120563 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.1950 | &nbsp;&nbsp;750 | &nbsp;&nbsp;20 | &nbsp;&nbsp;9.6 | &nbsp;&nbsp;3.1 | &nbsp;&nbsp;29 | &nbsp;&nbsp;3.7 | &nbsp;&nbsp;347 | &nbsp;&nbsp;1.2 | &nbsp;&nbsp;343 | &nbsp;&nbsp;95 | &nbsp;&nbsp;53 | &nbsp;&nbsp;3.80 | &nbsp;&nbsp;1.40 | &nbsp;&nbsp;-- | &nbsp;&nbsp;8.1 |
| &nbsp;&nbsp;21-PT-006 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120564 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;1.1180 | &nbsp;&nbsp;4360 | &nbsp;&nbsp;65 | &nbsp;&nbsp;29.0 | &nbsp;&nbsp;5.1 | &nbsp;&nbsp;145 | &nbsp;&nbsp;11.0 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;3.4 | &nbsp;&nbsp;2050 | &nbsp;&nbsp;569 | &nbsp;&nbsp;279 | &nbsp;&nbsp;14.60 | &nbsp;&nbsp;4.00 | &nbsp;&nbsp;-- | &nbsp;&nbsp;24.7 |
| &nbsp;&nbsp;21-PT-006 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120565 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.4277 | &nbsp;&nbsp;1660 | &nbsp;&nbsp;33 | &nbsp;&nbsp;15.5 | &nbsp;&nbsp;3.2 | &nbsp;&nbsp;59 | &nbsp;&nbsp;5.9 | &nbsp;&nbsp;758 | &nbsp;&nbsp;1.8 | &nbsp;&nbsp;777 | &nbsp;&nbsp;212 | &nbsp;&nbsp;111 | &nbsp;&nbsp;6.80 | &nbsp;&nbsp;2.10 | &nbsp;&nbsp;-- | &nbsp;&nbsp;12.5 |
| &nbsp;&nbsp;21-PT-007 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120566 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.3386 | &nbsp;&nbsp;1370 | &nbsp;&nbsp;22 | &nbsp;&nbsp;8.9 | &nbsp;&nbsp;2.1 | &nbsp;&nbsp;44 | &nbsp;&nbsp;3.6 | &nbsp;&nbsp;583 | &nbsp;&nbsp;0.9 | &nbsp;&nbsp;602 | &nbsp;&nbsp;164 | &nbsp;&nbsp;82 | &nbsp;&nbsp;4.80 | &nbsp;&nbsp;1.20 | &nbsp;&nbsp;-- | &nbsp;&nbsp;7.0 |
| &nbsp;&nbsp;21-PT-007 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120567 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.1585 | &nbsp;&nbsp;624 | &nbsp;&nbsp;21 | &nbsp;&nbsp;11.2 | &nbsp;&nbsp;1.9 | &nbsp;&nbsp;27 | &nbsp;&nbsp;4.1 | &nbsp;&nbsp;268 | &nbsp;&nbsp;1.1 | &nbsp;&nbsp;270 | &nbsp;&nbsp;75 | &nbsp;&nbsp;40 | &nbsp;&nbsp;3.60 | &nbsp;&nbsp;1.40 | &nbsp;&nbsp;-- | &nbsp;&nbsp;8.8 |
| &nbsp;&nbsp;21-PT-007 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120568 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0697 | &nbsp;&nbsp;234 | &nbsp;&nbsp;12 | &nbsp;&nbsp;6.0 | &nbsp;&nbsp;0.9 | &nbsp;&nbsp;15 | &nbsp;&nbsp;2.1 | &nbsp;&nbsp;124 | &nbsp;&nbsp;0.5 | &nbsp;&nbsp;137 | &nbsp;&nbsp;36 | &nbsp;&nbsp;22 | &nbsp;&nbsp;2.10 | &nbsp;&nbsp;0.60 | &nbsp;&nbsp;-- | &nbsp;&nbsp;5.0 |
| &nbsp;&nbsp;21-PT-007 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120569 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0419 | &nbsp;&nbsp;121 | &nbsp;&nbsp;12 | &nbsp;&nbsp;6.7 | &nbsp;&nbsp;0.8 | &nbsp;&nbsp;12 | &nbsp;&nbsp;2.2 | &nbsp;&nbsp;76 | &nbsp;&nbsp;0.7 | &nbsp;&nbsp;83 | &nbsp;&nbsp;22 | &nbsp;&nbsp;14 | &nbsp;&nbsp;1.80 | &nbsp;&nbsp;0.80 | &nbsp;&nbsp;-- | &nbsp;&nbsp;6.2 |
| &nbsp;&nbsp;21-PT-008 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120570 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0511 | &nbsp;&nbsp;220 | &nbsp;&nbsp;7 | &nbsp;&nbsp;3.0 | &nbsp;&nbsp;0.6 | &nbsp;&nbsp;9 | &nbsp;&nbsp;1.1 | &nbsp;&nbsp;85 | &nbsp;&nbsp;< 0.5 | &nbsp;&nbsp;77 | &nbsp;&nbsp;20 | &nbsp;&nbsp;11 | &nbsp;&nbsp;1.20 | &nbsp;&nbsp;< 0.3 | &nbsp;&nbsp;-- | &nbsp;&nbsp;2.2 |
| &nbsp;&nbsp;21-PT-008 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120571 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0620 | &nbsp;&nbsp;260 | &nbsp;&nbsp;9 | &nbsp;&nbsp;3.7 | &nbsp;&nbsp;1.0 | &nbsp;&nbsp;12 | &nbsp;&nbsp;1.3 | &nbsp;&nbsp;91 | &nbsp;&nbsp;< 0.5 | &nbsp;&nbsp;104 | &nbsp;&nbsp;27 | &nbsp;&nbsp;17 | &nbsp;&nbsp;1.60 | &nbsp;&nbsp;< 0.3 | &nbsp;&nbsp;-- | &nbsp;&nbsp;3.3 |
| &nbsp;&nbsp;21-PT-008 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120572 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.1781 | &nbsp;&nbsp;593 | &nbsp;&nbsp;36 | &nbsp;&nbsp;16.6 | &nbsp;&nbsp;3.4 | &nbsp;&nbsp;49 | &nbsp;&nbsp;6.3 | &nbsp;&nbsp;285 | &nbsp;&nbsp;1.9 | &nbsp;&nbsp;355 | &nbsp;&nbsp;90 | &nbsp;&nbsp;66 | &nbsp;&nbsp;6.90 | &nbsp;&nbsp;2.20 | &nbsp;&nbsp;-- | &nbsp;&nbsp;14.2 |
| &nbsp;&nbsp;21-PT-009 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120573 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0859 | &nbsp;&nbsp;352 | &nbsp;&nbsp;11 | &nbsp;&nbsp;5.0 | &nbsp;&nbsp;1.2 | &nbsp;&nbsp;14 | &nbsp;&nbsp;1.8 | &nbsp;&nbsp;145 | &nbsp;&nbsp;< 0.5 | &nbsp;&nbsp;140 | &nbsp;&nbsp;38 | &nbsp;&nbsp;21 | &nbsp;&nbsp;1.90 | &nbsp;&nbsp;0.40 | &nbsp;&nbsp;-- | &nbsp;&nbsp;3.7 |
| &nbsp;&nbsp;21-PT-009 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120574 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0753 | &nbsp;&nbsp;274 | &nbsp;&nbsp;8 | &nbsp;&nbsp;3.1 | &nbsp;&nbsp;1.3 | &nbsp;&nbsp;13 | &nbsp;&nbsp;1.0 | &nbsp;&nbsp;133 | &nbsp;&nbsp;< 0.5 | &nbsp;&nbsp;146 | &nbsp;&nbsp;39 | &nbsp;&nbsp;23 | &nbsp;&nbsp;1.40 | &nbsp;&nbsp;< 0.3 | &nbsp;&nbsp;-- | &nbsp;&nbsp;2.2 |
| &nbsp;&nbsp;21-PT-009 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120575 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0504 | &nbsp;&nbsp;145 | &nbsp;&nbsp;9 | &nbsp;&nbsp;4.8 | &nbsp;&nbsp;1.3 | &nbsp;&nbsp;12 | &nbsp;&nbsp;1.5 | &nbsp;&nbsp;94 | &nbsp;&nbsp;< 0.5 | &nbsp;&nbsp;113 | &nbsp;&nbsp;29 | &nbsp;&nbsp;17 | &nbsp;&nbsp;1.50 | &nbsp;&nbsp;0.50 | &nbsp;&nbsp;-- | &nbsp;&nbsp;4.0 |
| &nbsp;&nbsp;21-PT-010 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120576 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0468 | &nbsp;&nbsp;207 | &nbsp;&nbsp;5 | &nbsp;&nbsp;1.8 | &nbsp;&nbsp;0.4 | &nbsp;&nbsp;7 | &nbsp;&nbsp;0.6 | &nbsp;&nbsp;76 | &nbsp;&nbsp;< 0.5 | &nbsp;&nbsp;72 | &nbsp;&nbsp;20 | &nbsp;&nbsp;9 | &nbsp;&nbsp;0.90 | &nbsp;&nbsp;< 0.3 | &nbsp;&nbsp;-- | &nbsp;&nbsp;1.1 |
| &nbsp;&nbsp;21-PT-010 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120577 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0528 | &nbsp;&nbsp;152 | &nbsp;&nbsp;9 | &nbsp;&nbsp;3.7 | &nbsp;&nbsp;1.1 | &nbsp;&nbsp;13 | &nbsp;&nbsp;1.2 | &nbsp;&nbsp;103 | &nbsp;&nbsp;< 0.5 | &nbsp;&nbsp;116 | &nbsp;&nbsp;31 | &nbsp;&nbsp;19 | &nbsp;&nbsp;1.50 | &nbsp;&nbsp;< 0.3 | &nbsp;&nbsp;-- | &nbsp;&nbsp;2.9 |

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SLV0163 – Technical Report Summary Shiloh Project, Georgia 87 November 2025

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| | |
|:---|:---|
| **Technical Report Summary** | ![img77526612_55.jpg](img77526612_55.jpg) |

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| | | | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  |  |  | &nbsp;&nbsp;**Method** | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  |
|  |  |  |  |  |  |  |  | &nbsp;&nbsp;**Analyte** | &nbsp;&nbsp;**Ce** | &nbsp;&nbsp;**Dy** | &nbsp;&nbsp;**Er** | &nbsp;&nbsp;**Eu** | &nbsp;&nbsp;**Gd** | &nbsp;&nbsp;**Ho** | &nbsp;&nbsp;**La** | &nbsp;&nbsp;**Lu** | &nbsp;&nbsp;**Nd** | &nbsp;&nbsp;**Pr** | &nbsp;&nbsp;**Sm** | &nbsp;&nbsp;**Tb** | &nbsp;&nbsp;**Tm** | &nbsp;&nbsp;**Y** | &nbsp;&nbsp;**Yb** |
|  |  |  |  |  |  |  |  | &nbsp;&nbsp;**Units** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** |
|  |  |  |  |  |  |  |  | &nbsp;&nbsp;**Detection Limit** | &nbsp;&nbsp;**3** | &nbsp;&nbsp;**0.3** | &nbsp;&nbsp;**0.2** | &nbsp;&nbsp;**0.2** | &nbsp;&nbsp;**0.3** | &nbsp;&nbsp;**0.05** | &nbsp;&nbsp;**3** | &nbsp;&nbsp;**0.05 / 0.5** | &nbsp;&nbsp;**0.5** | &nbsp;&nbsp;**0.2** | &nbsp;&nbsp;**0.2** | &nbsp;&nbsp;**0.05** | &nbsp;&nbsp;**0.05 / 0.3** | &nbsp;&nbsp;**3** | &nbsp;&nbsp;**0.2** |
|  |  |  |  |  |  |  |  | &nbsp;&nbsp;**Upper Limit** | &nbsp;&nbsp;**50000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**50000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**50000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**50000** | &nbsp;&nbsp;**5000** |
| &nbsp;&nbsp;**Hole ID** | &nbsp;&nbsp;**From <br>(m)** | &nbsp;&nbsp;**To<br>(m)** | &nbsp;&nbsp;**Interval <br>(m)** | &nbsp;&nbsp;**Duplicate** | &nbsp;&nbsp;**Sample Number** | &nbsp;&nbsp;**Sample <br>Type** | &nbsp;&nbsp;**Sample <br>Details** | &nbsp;&nbsp;**TREO (%)** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** |
| &nbsp;&nbsp;21-PT-010 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120578 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0555 | &nbsp;&nbsp;143 | &nbsp;&nbsp;11 | &nbsp;&nbsp;5.9 | &nbsp;&nbsp;1.7 | &nbsp;&nbsp;14 | &nbsp;&nbsp;1.9 | &nbsp;&nbsp;108 | &nbsp;&nbsp;0.6 | &nbsp;&nbsp;127 | &nbsp;&nbsp;33 | &nbsp;&nbsp;21 | &nbsp;&nbsp;2.00 | &nbsp;&nbsp;0.70 | &nbsp;&nbsp;-- | &nbsp;&nbsp;5.3 |
| &nbsp;&nbsp;21-PT-011 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120579 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.4002 | &nbsp;&nbsp;1620 | &nbsp;&nbsp;22 | &nbsp;&nbsp;7.7 | &nbsp;&nbsp;1.3 | &nbsp;&nbsp;51 | &nbsp;&nbsp;3.1 | &nbsp;&nbsp;690 | &nbsp;&nbsp;0.7 | &nbsp;&nbsp;719 | &nbsp;&nbsp;196 | &nbsp;&nbsp;100 | &nbsp;&nbsp;5.10 | &nbsp;&nbsp;0.80 | &nbsp;&nbsp;-- | &nbsp;&nbsp;5.7 |
| &nbsp;&nbsp;21-PT-011 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120580 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0805 | &nbsp;&nbsp;265 | &nbsp;&nbsp;12 | &nbsp;&nbsp;5.0 | &nbsp;&nbsp;1.3 | &nbsp;&nbsp;18 | &nbsp;&nbsp;2.0 | &nbsp;&nbsp;142 | &nbsp;&nbsp;< 0.5 | &nbsp;&nbsp;165 | &nbsp;&nbsp;44 | &nbsp;&nbsp;28 | &nbsp;&nbsp;2.30 | &nbsp;&nbsp;0.50 | &nbsp;&nbsp;-- | &nbsp;&nbsp;4.2 |
| &nbsp;&nbsp;21-PT-011 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120581 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0389 | &nbsp;&nbsp;104 | &nbsp;&nbsp;10 | &nbsp;&nbsp;4.7 | &nbsp;&nbsp;0.9 | &nbsp;&nbsp;10 | &nbsp;&nbsp;1.7 | &nbsp;&nbsp;80 | &nbsp;&nbsp;< 0.5 | &nbsp;&nbsp;82 | &nbsp;&nbsp;22 | &nbsp;&nbsp;13 | &nbsp;&nbsp;1.50 | &nbsp;&nbsp;0.40 | &nbsp;&nbsp;-- | &nbsp;&nbsp;4.0 |
| &nbsp;&nbsp;21-PT-012 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120582 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.1123 | &nbsp;&nbsp;446 | &nbsp;&nbsp;17 | &nbsp;&nbsp;8.2 | &nbsp;&nbsp;1.8 | &nbsp;&nbsp;23 | &nbsp;&nbsp;2.9 | &nbsp;&nbsp;177 | &nbsp;&nbsp;0.9 | &nbsp;&nbsp;190 | &nbsp;&nbsp;51 | &nbsp;&nbsp;33 | &nbsp;&nbsp;3.00 | &nbsp;&nbsp;0.90 | &nbsp;&nbsp;-- | &nbsp;&nbsp;6.8 |
| &nbsp;&nbsp;21-PT-012 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120583 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.1349 | &nbsp;&nbsp;476 | &nbsp;&nbsp;22 | &nbsp;&nbsp;11.3 | &nbsp;&nbsp;2.4 | &nbsp;&nbsp;28 | &nbsp;&nbsp;4.1 | &nbsp;&nbsp;223 | &nbsp;&nbsp;1.3 | &nbsp;&nbsp;259 | &nbsp;&nbsp;68 | &nbsp;&nbsp;44 | &nbsp;&nbsp;4.00 | &nbsp;&nbsp;1.50 | &nbsp;&nbsp;-- | &nbsp;&nbsp;10.4 |
| &nbsp;&nbsp;21-PT-012 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120584 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.1234 | &nbsp;&nbsp;391 | &nbsp;&nbsp;24 | &nbsp;&nbsp;11.7 | &nbsp;&nbsp;2.3 | &nbsp;&nbsp;30 | &nbsp;&nbsp;4.2 | &nbsp;&nbsp;228 | &nbsp;&nbsp;1.4 | &nbsp;&nbsp;243 | &nbsp;&nbsp;64 | &nbsp;&nbsp;41 | &nbsp;&nbsp;4.20 | &nbsp;&nbsp;1.50 | &nbsp;&nbsp;-- | &nbsp;&nbsp;10.5 |
| &nbsp;&nbsp;21-PT-013 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120585 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0811 | &nbsp;&nbsp;306 | &nbsp;&nbsp;15 | &nbsp;&nbsp;7.7 | &nbsp;&nbsp;2.0 | &nbsp;&nbsp;19 | &nbsp;&nbsp;2.6 | &nbsp;&nbsp;135 | &nbsp;&nbsp;0.6 | &nbsp;&nbsp;135 | &nbsp;&nbsp;36 | &nbsp;&nbsp;27 | &nbsp;&nbsp;2.30 | &nbsp;&nbsp;0.80 | &nbsp;&nbsp;-- | &nbsp;&nbsp;6.6 |
| &nbsp;&nbsp;21-PT-013 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120586 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0636 | &nbsp;&nbsp;197 | &nbsp;&nbsp;17 | &nbsp;&nbsp;10.8 | &nbsp;&nbsp;3.2 | &nbsp;&nbsp;20 | &nbsp;&nbsp;3.6 | &nbsp;&nbsp;108 | &nbsp;&nbsp;1.2 | &nbsp;&nbsp;113 | &nbsp;&nbsp;30 | &nbsp;&nbsp;28 | &nbsp;&nbsp;2.90 | &nbsp;&nbsp;1.50 | &nbsp;&nbsp;-- | &nbsp;&nbsp;9.4 |
| &nbsp;&nbsp;21-PT-013 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120587 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.1087 | &nbsp;&nbsp;383 | &nbsp;&nbsp;27 | &nbsp;&nbsp;16.3 | &nbsp;&nbsp;3.2 | &nbsp;&nbsp;28 | &nbsp;&nbsp;5.6 | &nbsp;&nbsp;169 | &nbsp;&nbsp;2.1 | &nbsp;&nbsp;188 | &nbsp;&nbsp;51 | &nbsp;&nbsp;36 | &nbsp;&nbsp;4.60 | &nbsp;&nbsp;2.40 | &nbsp;&nbsp;-- | &nbsp;&nbsp;15.3 |
| &nbsp;&nbsp;21-PT-014 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120588 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.1140 | &nbsp;&nbsp;448 | &nbsp;&nbsp;16 | &nbsp;&nbsp;7.5 | &nbsp;&nbsp;2.2 | &nbsp;&nbsp;21 | &nbsp;&nbsp;2.8 | &nbsp;&nbsp;187 | &nbsp;&nbsp;1 | &nbsp;&nbsp;194 | &nbsp;&nbsp;53 | &nbsp;&nbsp;33 | &nbsp;&nbsp;3.30 | &nbsp;&nbsp;1.10 | &nbsp;&nbsp;-- | &nbsp;&nbsp;6.3 |
| &nbsp;&nbsp;21-PT-014 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120589 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.1697 | &nbsp;&nbsp;678 | &nbsp;&nbsp;18 | &nbsp;&nbsp;9.9 | &nbsp;&nbsp;2.4 | &nbsp;&nbsp;23 | &nbsp;&nbsp;3.5 | &nbsp;&nbsp;293 | &nbsp;&nbsp;1 | &nbsp;&nbsp;289 | &nbsp;&nbsp;78 | &nbsp;&nbsp;42 | &nbsp;&nbsp;3.40 | &nbsp;&nbsp;1.30 | &nbsp;&nbsp;-- | &nbsp;&nbsp;8.3 |
| &nbsp;&nbsp;21-PT-014 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120590 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0706 | &nbsp;&nbsp;262 | &nbsp;&nbsp;10 | &nbsp;&nbsp;5.3 | &nbsp;&nbsp;2.8 | &nbsp;&nbsp;15 | &nbsp;&nbsp;1.9 | &nbsp;&nbsp;117 | &nbsp;&nbsp;< 0.5 | &nbsp;&nbsp;122 | &nbsp;&nbsp;34 | &nbsp;&nbsp;26 | &nbsp;&nbsp;2.00 | &nbsp;&nbsp;0.70 | &nbsp;&nbsp;-- | &nbsp;&nbsp;4.4 |
| &nbsp;&nbsp;21-PT-015 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120591 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0721 | &nbsp;&nbsp;316 | &nbsp;&nbsp;11 | &nbsp;&nbsp;5.7 | &nbsp;&nbsp;1.0 | &nbsp;&nbsp;12 | &nbsp;&nbsp;2.1 | &nbsp;&nbsp;107 | &nbsp;&nbsp;0.5 | &nbsp;&nbsp;106 | &nbsp;&nbsp;28 | &nbsp;&nbsp;19 | &nbsp;&nbsp;2.00 | &nbsp;&nbsp;0.80 | &nbsp;&nbsp;-- | &nbsp;&nbsp;5.1 |
| &nbsp;&nbsp;21-PT-015 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120592 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0647 | &nbsp;&nbsp;277 | &nbsp;&nbsp;13 | &nbsp;&nbsp;6.6 | &nbsp;&nbsp;0.8 | &nbsp;&nbsp;13 | &nbsp;&nbsp;2.4 | &nbsp;&nbsp;92 | &nbsp;&nbsp;< 0.5 | &nbsp;&nbsp;95 | &nbsp;&nbsp;27 | &nbsp;&nbsp;19 | &nbsp;&nbsp;2.30 | &nbsp;&nbsp;0.90 | &nbsp;&nbsp;-- | &nbsp;&nbsp;5.3 |
| &nbsp;&nbsp;21-PT-015 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120593 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.1951 | &nbsp;&nbsp;746 | &nbsp;&nbsp;31 | &nbsp;&nbsp;15.0 | &nbsp;&nbsp;2.6 | &nbsp;&nbsp;45 | &nbsp;&nbsp;5.7 | &nbsp;&nbsp;281 | &nbsp;&nbsp;1.6 | &nbsp;&nbsp;348 | &nbsp;&nbsp;101 | &nbsp;&nbsp;72 | &nbsp;&nbsp;6.40 | &nbsp;&nbsp;2.00 | &nbsp;&nbsp;-- | &nbsp;&nbsp;12.2 |
| &nbsp;&nbsp;21-PT-016 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120594 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0690 | &nbsp;&nbsp;311 | &nbsp;&nbsp;12 | &nbsp;&nbsp;5.8 | &nbsp;&nbsp;1.2 | &nbsp;&nbsp;14 | &nbsp;&nbsp;2.2 | &nbsp;&nbsp;96 | &nbsp;&nbsp;0.5 | &nbsp;&nbsp;93 | &nbsp;&nbsp;29 | &nbsp;&nbsp;19 | &nbsp;&nbsp;2.10 | &nbsp;&nbsp;0.80 | &nbsp;&nbsp;-- | &nbsp;&nbsp;4.7 |
| &nbsp;&nbsp;21-PT-016 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120595 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0549 | &nbsp;&nbsp;292 | &nbsp;&nbsp;7 | &nbsp;&nbsp;3.7 | &nbsp;&nbsp;0.8 | &nbsp;&nbsp;9 | &nbsp;&nbsp;1.4 | &nbsp;&nbsp;63 | &nbsp;&nbsp;< 0.5 | &nbsp;&nbsp;59 | &nbsp;&nbsp;17 | &nbsp;&nbsp;11 | &nbsp;&nbsp;1.30 | &nbsp;&nbsp;0.60 | &nbsp;&nbsp;-- | &nbsp;&nbsp;3.3 |
| &nbsp;&nbsp;21-PT-016 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120596 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0776 | &nbsp;&nbsp;275 | &nbsp;&nbsp;14 | &nbsp;&nbsp;7.4 | &nbsp;&nbsp;1.6 | &nbsp;&nbsp;18 | &nbsp;&nbsp;2.7 | &nbsp;&nbsp;136 | &nbsp;&nbsp;0.8 | &nbsp;&nbsp;135 | &nbsp;&nbsp;38 | &nbsp;&nbsp;25 | &nbsp;&nbsp;2.60 | &nbsp;&nbsp;1.00 | &nbsp;&nbsp;-- | &nbsp;&nbsp;6.4 |
| &nbsp;&nbsp;21-PT-017 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120597 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0815 | &nbsp;&nbsp;366 | &nbsp;&nbsp;14 | &nbsp;&nbsp;7.2 | &nbsp;&nbsp;1.6 | &nbsp;&nbsp;16 | &nbsp;&nbsp;2.7 | &nbsp;&nbsp;113 | &nbsp;&nbsp;0.7 | &nbsp;&nbsp;115 | &nbsp;&nbsp;31 | &nbsp;&nbsp;21 | &nbsp;&nbsp;2.50 | &nbsp;&nbsp;1.00 | &nbsp;&nbsp;-- | &nbsp;&nbsp;6.2 |
| &nbsp;&nbsp;21-PT-017 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120598 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0696 | &nbsp;&nbsp;280 | &nbsp;&nbsp;13 | &nbsp;&nbsp;7.0 | &nbsp;&nbsp;1.8 | &nbsp;&nbsp;17 | &nbsp;&nbsp;2.4 | &nbsp;&nbsp;106 | &nbsp;&nbsp;0.6 | &nbsp;&nbsp;107 | &nbsp;&nbsp;31 | &nbsp;&nbsp;22 | &nbsp;&nbsp;2.20 | &nbsp;&nbsp;1.00 | &nbsp;&nbsp;-- | &nbsp;&nbsp;5.6 |
| &nbsp;&nbsp;21-PT-017 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120599 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0591 | &nbsp;&nbsp;215 | &nbsp;&nbsp;10 | &nbsp;&nbsp;5.4 | &nbsp;&nbsp;2.5 | &nbsp;&nbsp;12 | &nbsp;&nbsp;2.0 | &nbsp;&nbsp;105 | &nbsp;&nbsp;0.5 | &nbsp;&nbsp;103 | &nbsp;&nbsp;26 | &nbsp;&nbsp;17 | &nbsp;&nbsp;1.90 | &nbsp;&nbsp;0.70 | &nbsp;&nbsp;-- | &nbsp;&nbsp;4.5 |
| &nbsp;&nbsp;21-PT-018 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120604 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.1006 | &nbsp;&nbsp;397 | &nbsp;&nbsp;19 | &nbsp;&nbsp;10.4 | &nbsp;&nbsp;2.6 | &nbsp;&nbsp;23 | &nbsp;&nbsp;3.8 | &nbsp;&nbsp;152 | &nbsp;&nbsp;1 | &nbsp;&nbsp;165 | &nbsp;&nbsp;44 | &nbsp;&nbsp;30 | &nbsp;&nbsp;3.30 | &nbsp;&nbsp;1.30 | &nbsp;&nbsp;-- | &nbsp;&nbsp;8.6 |
| &nbsp;&nbsp;21-PT-018 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120605 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0620 | &nbsp;&nbsp;239 | &nbsp;&nbsp;10 | &nbsp;&nbsp;5.0 | &nbsp;&nbsp;1.8 | &nbsp;&nbsp;13 | &nbsp;&nbsp;1.7 | &nbsp;&nbsp;105 | &nbsp;&nbsp;< 0.5 | &nbsp;&nbsp;103 | &nbsp;&nbsp;28 | &nbsp;&nbsp;18 | &nbsp;&nbsp;1.70 | &nbsp;&nbsp;0.60 | &nbsp;&nbsp;-- | &nbsp;&nbsp;4.4 |
| &nbsp;&nbsp;21-PT-018 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120606 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0701 | &nbsp;&nbsp;245 | &nbsp;&nbsp;12 | &nbsp;&nbsp;6.0 | &nbsp;&nbsp;2.1 | &nbsp;&nbsp;15 | &nbsp;&nbsp;2.1 | &nbsp;&nbsp;128 | &nbsp;&nbsp;0.5 | &nbsp;&nbsp;126 | &nbsp;&nbsp;34 | &nbsp;&nbsp;20 | &nbsp;&nbsp;2.20 | &nbsp;&nbsp;0.80 | &nbsp;&nbsp;-- | &nbsp;&nbsp;5.1 |
| &nbsp;&nbsp;21-PT-019 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120607 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0859 | &nbsp;&nbsp;386 | &nbsp;&nbsp;8 | &nbsp;&nbsp;3.5 | &nbsp;&nbsp;1.7 | &nbsp;&nbsp;13 | &nbsp;&nbsp;1.2 | &nbsp;&nbsp;133 | &nbsp;&nbsp;< 0.5 | &nbsp;&nbsp;129 | &nbsp;&nbsp;36 | &nbsp;&nbsp;20 | &nbsp;&nbsp;1.60 | &nbsp;&nbsp;0.40 | &nbsp;&nbsp;-- | &nbsp;&nbsp;2.5 |
| &nbsp;&nbsp;21-PT-019 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120608 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0959 | &nbsp;&nbsp;453 | &nbsp;&nbsp;10 | &nbsp;&nbsp;4.6 | &nbsp;&nbsp;2.0 | &nbsp;&nbsp;14 | &nbsp;&nbsp;1.7 | &nbsp;&nbsp;128 | &nbsp;&nbsp;< 0.5 | &nbsp;&nbsp;141 | &nbsp;&nbsp;38 | &nbsp;&nbsp;21 | &nbsp;&nbsp;1.80 | &nbsp;&nbsp;0.50 | &nbsp;&nbsp;-- | &nbsp;&nbsp;3.9 |
| &nbsp;&nbsp;21-PT-019 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120609 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.1149 | &nbsp;&nbsp;329 | &nbsp;&nbsp;16 | &nbsp;&nbsp;7.1 | &nbsp;&nbsp;4.5 | &nbsp;&nbsp;25 | &nbsp;&nbsp;2.7 | &nbsp;&nbsp;221 | &nbsp;&nbsp;0.6 | &nbsp;&nbsp;262 | &nbsp;&nbsp;68 | &nbsp;&nbsp;38 | &nbsp;&nbsp;3.20 | &nbsp;&nbsp;0.90 | &nbsp;&nbsp;-- | &nbsp;&nbsp;6.1 |
| &nbsp;&nbsp;21-PT-020 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120610 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0977 | &nbsp;&nbsp;332 | &nbsp;&nbsp;13 | &nbsp;&nbsp;6.0 | &nbsp;&nbsp;1.6 | &nbsp;&nbsp;17 | &nbsp;&nbsp;2.3 | &nbsp;&nbsp;195 | &nbsp;&nbsp;< 0.5 | &nbsp;&nbsp;189 | &nbsp;&nbsp;48 | &nbsp;&nbsp;24 | &nbsp;&nbsp;2.50 | &nbsp;&nbsp;0.70 | &nbsp;&nbsp;-- | &nbsp;&nbsp;4.7 |
| &nbsp;&nbsp;21-PT-020 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120611 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0650 | &nbsp;&nbsp;130 | &nbsp;&nbsp;16 | &nbsp;&nbsp;8.9 | &nbsp;&nbsp;2.4 | &nbsp;&nbsp;20 | &nbsp;&nbsp;3.1 | &nbsp;&nbsp;146 | &nbsp;&nbsp;0.7 | &nbsp;&nbsp;152 | &nbsp;&nbsp;43 | &nbsp;&nbsp;24 | &nbsp;&nbsp;2.80 | &nbsp;&nbsp;1.00 | &nbsp;&nbsp;-- | &nbsp;&nbsp;6.7 |
| &nbsp;&nbsp;21-PT-020 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120612 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0279 | &nbsp;&nbsp;81 | &nbsp;&nbsp;8 | &nbsp;&nbsp;4.5 | &nbsp;&nbsp;0.9 | &nbsp;&nbsp;6 | &nbsp;&nbsp;1.6 | &nbsp;&nbsp;60 | &nbsp;&nbsp;< 0.5 | &nbsp;&nbsp;51 | &nbsp;&nbsp;14 | &nbsp;&nbsp;8 | &nbsp;&nbsp;1.00 | &nbsp;&nbsp;0.50 | &nbsp;&nbsp;-- | &nbsp;&nbsp;3.7 |
| &nbsp;&nbsp;21-PT-021 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120613 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.9311 | &nbsp;&nbsp;3420 | &nbsp;&nbsp;38 | &nbsp;&nbsp;10.9 | &nbsp;&nbsp;3.1 | &nbsp;&nbsp;128 | &nbsp;&nbsp;4.7 | &nbsp;&nbsp;1790 | &nbsp;&nbsp;0.7 | &nbsp;&nbsp;1830 | &nbsp;&nbsp;511 | &nbsp;&nbsp;206 | &nbsp;&nbsp;11.00 | &nbsp;&nbsp;1.20 | &nbsp;&nbsp;-- | &nbsp;&nbsp;6.9 |
| &nbsp;&nbsp;21-PT-021 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120614 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.1248 | &nbsp;&nbsp;470 | &nbsp;&nbsp;11 | &nbsp;&nbsp;4.5 | &nbsp;&nbsp;1.7 | &nbsp;&nbsp;20 | &nbsp;&nbsp;1.8 | &nbsp;&nbsp;226 | &nbsp;&nbsp;< 0.5 | &nbsp;&nbsp;230 | &nbsp;&nbsp;63 | &nbsp;&nbsp;34 | &nbsp;&nbsp;2.40 | &nbsp;&nbsp;0.50 | &nbsp;&nbsp;-- | &nbsp;&nbsp;3.1 |

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SLV0163 – Technical Report Summary Shiloh Project, Georgia 88 November 2025

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|:---|:---|
| **Technical Report Summary** | ![img77526612_55.jpg](img77526612_55.jpg) |

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| | | | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  |  |  | &nbsp;&nbsp;**Method** | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  |
|  |  |  |  |  |  |  |  | &nbsp;&nbsp;**Analyte** | &nbsp;&nbsp;**Ce** | &nbsp;&nbsp;**Dy** | &nbsp;&nbsp;**Er** | &nbsp;&nbsp;**Eu** | &nbsp;&nbsp;**Gd** | &nbsp;&nbsp;**Ho** | &nbsp;&nbsp;**La** | &nbsp;&nbsp;**Lu** | &nbsp;&nbsp;**Nd** | &nbsp;&nbsp;**Pr** | &nbsp;&nbsp;**Sm** | &nbsp;&nbsp;**Tb** | &nbsp;&nbsp;**Tm** | &nbsp;&nbsp;**Y** | &nbsp;&nbsp;**Yb** |
|  |  |  |  |  |  |  |  | &nbsp;&nbsp;**Units** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** |
|  |  |  |  |  |  |  |  | &nbsp;&nbsp;**Detection Limit** | &nbsp;&nbsp;**3** | &nbsp;&nbsp;**0.3** | &nbsp;&nbsp;**0.2** | &nbsp;&nbsp;**0.2** | &nbsp;&nbsp;**0.3** | &nbsp;&nbsp;**0.05** | &nbsp;&nbsp;**3** | &nbsp;&nbsp;**0.05 / 0.5** | &nbsp;&nbsp;**0.5** | &nbsp;&nbsp;**0.2** | &nbsp;&nbsp;**0.2** | &nbsp;&nbsp;**0.05** | &nbsp;&nbsp;**0.05 / 0.3** | &nbsp;&nbsp;**3** | &nbsp;&nbsp;**0.2** |
|  |  |  |  |  |  |  |  | &nbsp;&nbsp;**Upper Limit** | &nbsp;&nbsp;**50000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**50000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**50000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**50000** | &nbsp;&nbsp;**5000** |
| &nbsp;&nbsp;**Hole ID** | &nbsp;&nbsp;**From <br>(m)** | &nbsp;&nbsp;**To<br>(m)** | &nbsp;&nbsp;**Interval <br>(m)** | &nbsp;&nbsp;**Duplicate** | &nbsp;&nbsp;**Sample Number** | &nbsp;&nbsp;**Sample <br>Type** | &nbsp;&nbsp;**Sample <br>Details** | &nbsp;&nbsp;**TREO (%)** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** |
| &nbsp;&nbsp;21-PT-021 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120615 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0663 | &nbsp;&nbsp;206 | &nbsp;&nbsp;13 | &nbsp;&nbsp;6.5 | &nbsp;&nbsp;1.3 | &nbsp;&nbsp;14 | &nbsp;&nbsp;2.3 | &nbsp;&nbsp;127 | &nbsp;&nbsp;< 0.5 | &nbsp;&nbsp;134 | &nbsp;&nbsp;36 | &nbsp;&nbsp;20 | &nbsp;&nbsp;2.00 | &nbsp;&nbsp;0.80 | &nbsp;&nbsp;-- | &nbsp;&nbsp;5.3 |
| &nbsp;&nbsp;21-PT-021 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120616 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0410 | &nbsp;&nbsp;131 | &nbsp;&nbsp;9 | &nbsp;&nbsp;4.9 | &nbsp;&nbsp;1.1 | &nbsp;&nbsp;10 | &nbsp;&nbsp;1.7 | &nbsp;&nbsp;74 | &nbsp;&nbsp;< 0.5 | &nbsp;&nbsp;79 | &nbsp;&nbsp;21 | &nbsp;&nbsp;13 | &nbsp;&nbsp;1.50 | &nbsp;&nbsp;0.50 | &nbsp;&nbsp;-- | &nbsp;&nbsp;3.8 |
| &nbsp;&nbsp;21-PT-022 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120617 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.1204 | &nbsp;&nbsp;512 | &nbsp;&nbsp;11 | &nbsp;&nbsp;5.2 | &nbsp;&nbsp;1.9 | &nbsp;&nbsp;18 | &nbsp;&nbsp;2.0 | &nbsp;&nbsp;193 | &nbsp;&nbsp;< 0.5 | &nbsp;&nbsp;197 | &nbsp;&nbsp;54 | &nbsp;&nbsp;29 | &nbsp;&nbsp;2.20 | &nbsp;&nbsp;0.60 | &nbsp;&nbsp;-- | &nbsp;&nbsp;4.1 |
| &nbsp;&nbsp;21-PT-022 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120618 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0673 | &nbsp;&nbsp;247 | &nbsp;&nbsp;12 | &nbsp;&nbsp;6.5 | &nbsp;&nbsp;1.8 | &nbsp;&nbsp;14 | &nbsp;&nbsp;2.4 | &nbsp;&nbsp;115 | &nbsp;&nbsp;< 0.5 | &nbsp;&nbsp;120 | &nbsp;&nbsp;32 | &nbsp;&nbsp;17 | &nbsp;&nbsp;2.10 | &nbsp;&nbsp;0.70 | &nbsp;&nbsp;-- | &nbsp;&nbsp;5.2 |
| &nbsp;&nbsp;21-PT-022 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120619 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0483 | &nbsp;&nbsp;148 | &nbsp;&nbsp;18 | &nbsp;&nbsp;10.2 | &nbsp;&nbsp;1.5 | &nbsp;&nbsp;14 | &nbsp;&nbsp;3.6 | &nbsp;&nbsp;82 | &nbsp;&nbsp;0.8 | &nbsp;&nbsp;86 | &nbsp;&nbsp;23 | &nbsp;&nbsp;15 | &nbsp;&nbsp;2.50 | &nbsp;&nbsp;1.30 | &nbsp;&nbsp;-- | &nbsp;&nbsp;8.8 |
| &nbsp;&nbsp;21-PT-022 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120620 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.1568 | &nbsp;&nbsp;597 | &nbsp;&nbsp;19 | &nbsp;&nbsp;9.8 | &nbsp;&nbsp;2.1 | &nbsp;&nbsp;28 | &nbsp;&nbsp;3.5 | &nbsp;&nbsp;271 | &nbsp;&nbsp;0.9 | &nbsp;&nbsp;278 | &nbsp;&nbsp;77 | &nbsp;&nbsp;43 | &nbsp;&nbsp;3.40 | &nbsp;&nbsp;1.20 | &nbsp;&nbsp;-- | &nbsp;&nbsp;7.9 |
| &nbsp;&nbsp;21-PT-023 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120621 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.1035 | &nbsp;&nbsp;417 | &nbsp;&nbsp;10 | &nbsp;&nbsp;4.5 | &nbsp;&nbsp;1.4 | &nbsp;&nbsp;16 | &nbsp;&nbsp;1.8 | &nbsp;&nbsp;177 | &nbsp;&nbsp;< 0.5 | &nbsp;&nbsp;178 | &nbsp;&nbsp;48 | &nbsp;&nbsp;25 | &nbsp;&nbsp;1.90 | &nbsp;&nbsp;0.50 | &nbsp;&nbsp;-- | &nbsp;&nbsp;3.4 |
| &nbsp;&nbsp;21-PT-023 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120622 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0732 | &nbsp;&nbsp;266 | &nbsp;&nbsp;11 | &nbsp;&nbsp;5.7 | &nbsp;&nbsp;1.5 | &nbsp;&nbsp;15 | &nbsp;&nbsp;2.0 | &nbsp;&nbsp;126 | &nbsp;&nbsp;< 0.5 | &nbsp;&nbsp;134 | &nbsp;&nbsp;35 | &nbsp;&nbsp;23 | &nbsp;&nbsp;1.90 | &nbsp;&nbsp;0.60 | &nbsp;&nbsp;-- | &nbsp;&nbsp;4.7 |
| &nbsp;&nbsp;21-PT-023 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120623 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.1055 | &nbsp;&nbsp;354 | &nbsp;&nbsp;20 | &nbsp;&nbsp;11.0 | &nbsp;&nbsp;3.6 | &nbsp;&nbsp;27 | &nbsp;&nbsp;3.8 | &nbsp;&nbsp;182 | &nbsp;&nbsp;1.3 | &nbsp;&nbsp;198 | &nbsp;&nbsp;52 | &nbsp;&nbsp;37 | &nbsp;&nbsp;3.50 | &nbsp;&nbsp;1.60 | &nbsp;&nbsp;-- | &nbsp;&nbsp;10.1 |
| &nbsp;&nbsp;21-PT-024 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120624 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0885 | &nbsp;&nbsp;345 | &nbsp;&nbsp;12 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;2.6 | &nbsp;&nbsp;18 | &nbsp;&nbsp;2.1 | &nbsp;&nbsp;145 | &nbsp;&nbsp;< 0.5 | &nbsp;&nbsp;151 | &nbsp;&nbsp;40 | &nbsp;&nbsp;28 | &nbsp;&nbsp;2.20 | &nbsp;&nbsp;0.70 | &nbsp;&nbsp;-- | &nbsp;&nbsp;5.1 |
| &nbsp;&nbsp;21-PT-024 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120625 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.1069 | &nbsp;&nbsp;400 | &nbsp;&nbsp;15 | &nbsp;&nbsp;7.6 | &nbsp;&nbsp;2.8 | &nbsp;&nbsp;22 | &nbsp;&nbsp;2.6 | &nbsp;&nbsp;178 | &nbsp;&nbsp;0.6 | &nbsp;&nbsp;192 | &nbsp;&nbsp;51 | &nbsp;&nbsp;34 | &nbsp;&nbsp;2.60 | &nbsp;&nbsp;0.90 | &nbsp;&nbsp;-- | &nbsp;&nbsp;6.6 |
| &nbsp;&nbsp;21-PT-024 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120626 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0622 | &nbsp;&nbsp;187 | &nbsp;&nbsp;11 | &nbsp;&nbsp;6.6 | &nbsp;&nbsp;1.8 | &nbsp;&nbsp;16 | &nbsp;&nbsp;2.1 | &nbsp;&nbsp;122 | &nbsp;&nbsp;0.5 | &nbsp;&nbsp;126 | &nbsp;&nbsp;33 | &nbsp;&nbsp;17 | &nbsp;&nbsp;2.00 | &nbsp;&nbsp;0.80 | &nbsp;&nbsp;-- | &nbsp;&nbsp;5.7 |
| &nbsp;&nbsp;21-PT-025 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120601 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.1402 | &nbsp;&nbsp;592 | &nbsp;&nbsp;11 | &nbsp;&nbsp;4.4 | &nbsp;&nbsp;2.6 | &nbsp;&nbsp;22 | &nbsp;&nbsp;1.8 | &nbsp;&nbsp;221 | &nbsp;&nbsp;< 0.5 | &nbsp;&nbsp;221 | &nbsp;&nbsp;75 | &nbsp;&nbsp;42 | &nbsp;&nbsp;2.40 | &nbsp;&nbsp;0.50 | &nbsp;&nbsp;-- | &nbsp;&nbsp;3.4 |
| &nbsp;&nbsp;21-PT-025 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120602 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.5442 | &nbsp;&nbsp;3 | &nbsp;&nbsp;61 | &nbsp;&nbsp;23.0 | &nbsp;&nbsp;6.7 | &nbsp;&nbsp;254 | &nbsp;&nbsp;9.4 | &nbsp;&nbsp;1880 | &nbsp;&nbsp;2.3 | &nbsp;&nbsp;2040 | &nbsp;&nbsp;4 | &nbsp;&nbsp;342 | &nbsp;&nbsp;15.60 | &nbsp;&nbsp;3.00 | &nbsp;&nbsp;-- | &nbsp;&nbsp;18.0 |
| &nbsp;&nbsp;21-PT-025 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120603 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0572 | &nbsp;&nbsp;< 3 | &nbsp;&nbsp;20 | &nbsp;&nbsp;10.1 | &nbsp;&nbsp;1.8 | &nbsp;&nbsp;30 | &nbsp;&nbsp;3.8 | &nbsp;&nbsp;184 | &nbsp;&nbsp;1.1 | &nbsp;&nbsp;191 | &nbsp;&nbsp;1 | &nbsp;&nbsp;34 | &nbsp;&nbsp;3.60 | &nbsp;&nbsp;1.40 | &nbsp;&nbsp;-- | &nbsp;&nbsp;8.1 |
| &nbsp;&nbsp;21-PT-026 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120627 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.4070 | &nbsp;&nbsp;1440 | &nbsp;&nbsp;22 | &nbsp;&nbsp;7.8 | &nbsp;&nbsp;2.2 | &nbsp;&nbsp;58 | &nbsp;&nbsp;3.2 | &nbsp;&nbsp;792 | &nbsp;&nbsp;< 0.5 | &nbsp;&nbsp;829 | &nbsp;&nbsp;223 | &nbsp;&nbsp;90 | &nbsp;&nbsp;5.40 | &nbsp;&nbsp;0.80 | &nbsp;&nbsp;-- | &nbsp;&nbsp;6.5 |
| &nbsp;&nbsp;21-PT-026 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120628 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.1271 | &nbsp;&nbsp;461 | &nbsp;&nbsp;15 | &nbsp;&nbsp;5.7 | &nbsp;&nbsp;2.1 | &nbsp;&nbsp;22 | &nbsp;&nbsp;2.3 | &nbsp;&nbsp;234 | &nbsp;&nbsp;< 0.5 | &nbsp;&nbsp;236 | &nbsp;&nbsp;72 | &nbsp;&nbsp;31 | &nbsp;&nbsp;2.60 | &nbsp;&nbsp;0.50 | &nbsp;&nbsp;-- | &nbsp;&nbsp;3.7 |
| &nbsp;&nbsp;21-PT-026 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120629 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0929 | &nbsp;&nbsp;294 | &nbsp;&nbsp;12 | &nbsp;&nbsp;5.0 | &nbsp;&nbsp;1.7 | &nbsp;&nbsp;17 | &nbsp;&nbsp;1.8 | &nbsp;&nbsp;189 | &nbsp;&nbsp;< 0.5 | &nbsp;&nbsp;194 | &nbsp;&nbsp;49 | &nbsp;&nbsp;25 | &nbsp;&nbsp;2.10 | &nbsp;&nbsp;0.50 | &nbsp;&nbsp;-- | &nbsp;&nbsp;3.8 |
| &nbsp;&nbsp;21-PT-026 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120630 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0878 | &nbsp;&nbsp;269 | &nbsp;&nbsp;10 | &nbsp;&nbsp;4.3 | &nbsp;&nbsp;6.7 | &nbsp;&nbsp;28 | &nbsp;&nbsp;1.7 | &nbsp;&nbsp;164 | &nbsp;&nbsp;< 0.5 | &nbsp;&nbsp;172 | &nbsp;&nbsp;47 | &nbsp;&nbsp;44 | &nbsp;&nbsp;1.80 | &nbsp;&nbsp;0.40 | &nbsp;&nbsp;-- | &nbsp;&nbsp;3.6 |
| &nbsp;&nbsp;21-PT-027 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120631 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.1103 | &nbsp;&nbsp;485 | &nbsp;&nbsp;10 | &nbsp;&nbsp;4.4 | &nbsp;&nbsp;1.9 | &nbsp;&nbsp;16 | &nbsp;&nbsp;1.7 | &nbsp;&nbsp;172 | &nbsp;&nbsp;< 0.5 | &nbsp;&nbsp;173 | &nbsp;&nbsp;46 | &nbsp;&nbsp;27 | &nbsp;&nbsp;1.90 | &nbsp;&nbsp;0.40 | &nbsp;&nbsp;-- | &nbsp;&nbsp;3.4 |
| &nbsp;&nbsp;21-PT-027 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120632 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0876 | &nbsp;&nbsp;323 | &nbsp;&nbsp;10 | &nbsp;&nbsp;4.1 | &nbsp;&nbsp;3.8 | &nbsp;&nbsp;16 | &nbsp;&nbsp;1.6 | &nbsp;&nbsp;146 | &nbsp;&nbsp;< 0.5 | &nbsp;&nbsp;169 | &nbsp;&nbsp;43 | &nbsp;&nbsp;28 | &nbsp;&nbsp;1.70 | &nbsp;&nbsp;0.40 | &nbsp;&nbsp;-- | &nbsp;&nbsp;3.7 |
| &nbsp;&nbsp;21-PT-027 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120633 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0377 | &nbsp;&nbsp;117 | &nbsp;&nbsp;5 | &nbsp;&nbsp;2.5 | &nbsp;&nbsp;3.2 | &nbsp;&nbsp;8 | &nbsp;&nbsp;0.8 | &nbsp;&nbsp;75 | &nbsp;&nbsp;< 0.5 | &nbsp;&nbsp;77 | &nbsp;&nbsp;20 | &nbsp;&nbsp;12 | &nbsp;&nbsp;0.70 | &nbsp;&nbsp;< 0.3 | &nbsp;&nbsp;-- | &nbsp;&nbsp;2.1 |
| &nbsp;&nbsp;21-PT-027 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120634 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0707 | &nbsp;&nbsp;225 | &nbsp;&nbsp;20 | &nbsp;&nbsp;9.8 | &nbsp;&nbsp;2.3 | &nbsp;&nbsp;22 | &nbsp;&nbsp;3.7 | &nbsp;&nbsp;114 | &nbsp;&nbsp;0.9 | &nbsp;&nbsp;135 | &nbsp;&nbsp;34 | &nbsp;&nbsp;27 | &nbsp;&nbsp;3.20 | &nbsp;&nbsp;1.20 | &nbsp;&nbsp;-- | &nbsp;&nbsp;8.3 |
| &nbsp;&nbsp;21-PT-028 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120635 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.1231 | &nbsp;&nbsp;504 | &nbsp;&nbsp;12 | &nbsp;&nbsp;4.9 | &nbsp;&nbsp;3.3 | &nbsp;&nbsp;20 | &nbsp;&nbsp;1.9 | &nbsp;&nbsp;198 | &nbsp;&nbsp;< 0.5 | &nbsp;&nbsp;213 | &nbsp;&nbsp;55 | &nbsp;&nbsp;34 | &nbsp;&nbsp;2.10 | &nbsp;&nbsp;0.50 | &nbsp;&nbsp;-- | &nbsp;&nbsp;4.2 |
| &nbsp;&nbsp;21-PT-028 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120636 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.1537 | &nbsp;&nbsp;490 | &nbsp;&nbsp;19 | &nbsp;&nbsp;8.3 | &nbsp;&nbsp;5.5 | &nbsp;&nbsp;33 | &nbsp;&nbsp;3.2 | &nbsp;&nbsp;271 | &nbsp;&nbsp;0.7 | &nbsp;&nbsp;333 | &nbsp;&nbsp;83 | &nbsp;&nbsp;56 | &nbsp;&nbsp;3.70 | &nbsp;&nbsp;1.00 | &nbsp;&nbsp;-- | &nbsp;&nbsp;7.7 |
| &nbsp;&nbsp;21-PT-028 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120637 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.1584 | &nbsp;&nbsp;482 | &nbsp;&nbsp;24 | &nbsp;&nbsp;12.2 | &nbsp;&nbsp;5.2 | &nbsp;&nbsp;37 | &nbsp;&nbsp;4.5 | &nbsp;&nbsp;293 | &nbsp;&nbsp;1.2 | &nbsp;&nbsp;336 | &nbsp;&nbsp;86 | &nbsp;&nbsp;57 | &nbsp;&nbsp;4.70 | &nbsp;&nbsp;1.60 | &nbsp;&nbsp;-- | &nbsp;&nbsp;11.4 |
| &nbsp;&nbsp;21-PT-028 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120638 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.4363 | &nbsp;&nbsp;1760 | &nbsp;&nbsp;20 | &nbsp;&nbsp;7.2 | &nbsp;&nbsp;4.3 | &nbsp;&nbsp;54 | &nbsp;&nbsp;2.9 | &nbsp;&nbsp;773 | &nbsp;&nbsp;0.5 | &nbsp;&nbsp;776 | &nbsp;&nbsp;212 | &nbsp;&nbsp;108 | &nbsp;&nbsp;4.90 | &nbsp;&nbsp;0.80 | &nbsp;&nbsp;-- | &nbsp;&nbsp;6.0 |
| &nbsp;&nbsp;21-PT-028 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;6.71 | &nbsp;&nbsp;0.61 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120639 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;3.4128 | &nbsp;&nbsp;14000 | &nbsp;&nbsp;83 | &nbsp;&nbsp;18.7 | &nbsp;&nbsp;6.0 | &nbsp;&nbsp;354 | &nbsp;&nbsp;9.7 | &nbsp;&nbsp;6050 | &nbsp;&nbsp;1.15 | &nbsp;&nbsp;5820 | &nbsp;&nbsp;1730 | &nbsp;&nbsp;797 | &nbsp;&nbsp;26.90 | &nbsp;&nbsp;1.89 | &nbsp;&nbsp;244 | &nbsp;&nbsp;9.6 |
| &nbsp;&nbsp;21-PT-028 | &nbsp;&nbsp;6.71 | &nbsp;&nbsp;8.23 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120641 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.3010 | &nbsp;&nbsp;1165 | &nbsp;&nbsp;24 | &nbsp;&nbsp;13.8 | &nbsp;&nbsp;1.3 | &nbsp;&nbsp;39 | &nbsp;&nbsp;5.1 | &nbsp;&nbsp;465 | &nbsp;&nbsp;1.87 | &nbsp;&nbsp;488 | &nbsp;&nbsp;136 | &nbsp;&nbsp;70 | &nbsp;&nbsp;4.36 | &nbsp;&nbsp;1.98 | &nbsp;&nbsp;134 | &nbsp;&nbsp;13.5 |
| &nbsp;&nbsp;21-PT-029 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120642 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.1225 | &nbsp;&nbsp;474 | &nbsp;&nbsp;11 | &nbsp;&nbsp;5.4 | &nbsp;&nbsp;1.9 | &nbsp;&nbsp;18 | &nbsp;&nbsp;2.0 | &nbsp;&nbsp;189 | &nbsp;&nbsp;0.63 | &nbsp;&nbsp;199 | &nbsp;&nbsp;53 | &nbsp;&nbsp;32 | &nbsp;&nbsp;2.02 | &nbsp;&nbsp;0.87 | &nbsp;&nbsp;50 | &nbsp;&nbsp;4.8 |
| &nbsp;&nbsp;21-PT-029 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120643 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.1436 | &nbsp;&nbsp;474 | &nbsp;&nbsp;20 | &nbsp;&nbsp;10.2 | &nbsp;&nbsp;3.6 | &nbsp;&nbsp;29 | &nbsp;&nbsp;3.5 | &nbsp;&nbsp;212 | &nbsp;&nbsp;1.11 | &nbsp;&nbsp;257 | &nbsp;&nbsp;66 | &nbsp;&nbsp;47 | &nbsp;&nbsp;3.50 | &nbsp;&nbsp;1.26 | &nbsp;&nbsp;87 | &nbsp;&nbsp;8.1 |
| &nbsp;&nbsp;21-PT-029 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120644 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.1796 | &nbsp;&nbsp;551 | &nbsp;&nbsp;27 | &nbsp;&nbsp;13.6 | &nbsp;&nbsp;5.9 | &nbsp;&nbsp;39 | &nbsp;&nbsp;4.6 | &nbsp;&nbsp;265 | &nbsp;&nbsp;1.8 | &nbsp;&nbsp;328 | &nbsp;&nbsp;84 | &nbsp;&nbsp;61 | &nbsp;&nbsp;5.18 | &nbsp;&nbsp;1.77 | &nbsp;&nbsp;127 | &nbsp;&nbsp;11.7 |
| &nbsp;&nbsp;21-PT-029 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120645 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.1284 | &nbsp;&nbsp;336 | &nbsp;&nbsp;26 | &nbsp;&nbsp;14.4 | &nbsp;&nbsp;3.9 | &nbsp;&nbsp;34 | &nbsp;&nbsp;5.1 | &nbsp;&nbsp;182 | &nbsp;&nbsp;1.95 | &nbsp;&nbsp;213 | &nbsp;&nbsp;55 | &nbsp;&nbsp;43 | &nbsp;&nbsp;4.61 | &nbsp;&nbsp;2.12 | &nbsp;&nbsp;153 | &nbsp;&nbsp;12.7 |

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SLV0163 – Technical Report Summary Shiloh Project, Georgia 89 November 2025

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| | |
|:---|:---|
| **Technical Report Summary** | ![img77526612_55.jpg](img77526612_55.jpg) |

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| | | | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  |  |  | &nbsp;&nbsp;**Method** | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  |
|  |  |  |  |  |  |  |  | &nbsp;&nbsp;**Analyte** | &nbsp;&nbsp;**Ce** | &nbsp;&nbsp;**Dy** | &nbsp;&nbsp;**Er** | &nbsp;&nbsp;**Eu** | &nbsp;&nbsp;**Gd** | &nbsp;&nbsp;**Ho** | &nbsp;&nbsp;**La** | &nbsp;&nbsp;**Lu** | &nbsp;&nbsp;**Nd** | &nbsp;&nbsp;**Pr** | &nbsp;&nbsp;**Sm** | &nbsp;&nbsp;**Tb** | &nbsp;&nbsp;**Tm** | &nbsp;&nbsp;**Y** | &nbsp;&nbsp;**Yb** |
|  |  |  |  |  |  |  |  | &nbsp;&nbsp;**Units** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** |
|  |  |  |  |  |  |  |  | &nbsp;&nbsp;**Detection Limit** | &nbsp;&nbsp;**3** | &nbsp;&nbsp;**0.3** | &nbsp;&nbsp;**0.2** | &nbsp;&nbsp;**0.2** | &nbsp;&nbsp;**0.3** | &nbsp;&nbsp;**0.05** | &nbsp;&nbsp;**3** | &nbsp;&nbsp;**0.05 / 0.5** | &nbsp;&nbsp;**0.5** | &nbsp;&nbsp;**0.2** | &nbsp;&nbsp;**0.2** | &nbsp;&nbsp;**0.05** | &nbsp;&nbsp;**0.05 / 0.3** | &nbsp;&nbsp;**3** | &nbsp;&nbsp;**0.2** |
|  |  |  |  |  |  |  |  | &nbsp;&nbsp;**Upper Limit** | &nbsp;&nbsp;**50000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**50000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**50000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**50000** | &nbsp;&nbsp;**5000** |
| &nbsp;&nbsp;**Hole ID** | &nbsp;&nbsp;**From <br>(m)** | &nbsp;&nbsp;**To<br>(m)** | &nbsp;&nbsp;**Interval <br>(m)** | &nbsp;&nbsp;**Duplicate** | &nbsp;&nbsp;**Sample Number** | &nbsp;&nbsp;**Sample <br>Type** | &nbsp;&nbsp;**Sample <br>Details** | &nbsp;&nbsp;**TREO (%)** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** |
| &nbsp;&nbsp;21-PT-029 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;7.32 | &nbsp;&nbsp;1.22 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120646 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.1093 | &nbsp;&nbsp;286 | &nbsp;&nbsp;21 | &nbsp;&nbsp;13.4 | &nbsp;&nbsp;3.5 | &nbsp;&nbsp;30 | &nbsp;&nbsp;4.3 | &nbsp;&nbsp;155 | &nbsp;&nbsp;1.6 | &nbsp;&nbsp;176 | &nbsp;&nbsp;48 | &nbsp;&nbsp;35 | &nbsp;&nbsp;4.19 | &nbsp;&nbsp;1.61 | &nbsp;&nbsp;134 | &nbsp;&nbsp;12.3 |
| &nbsp;&nbsp;21-PT-029 | &nbsp;&nbsp;7.32 | &nbsp;&nbsp;7.62 | &nbsp;&nbsp;0.3 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120647 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;2.0595 | &nbsp;&nbsp;8410 | &nbsp;&nbsp;55 | &nbsp;&nbsp;12.6 | &nbsp;&nbsp;4.9 | &nbsp;&nbsp;220 | &nbsp;&nbsp;6.5 | &nbsp;&nbsp;3690 | &nbsp;&nbsp;1.02 | &nbsp;&nbsp;3520 | &nbsp;&nbsp;999 | &nbsp;&nbsp;485 | &nbsp;&nbsp;17.30 | &nbsp;&nbsp;1.20 | &nbsp;&nbsp;161 | &nbsp;&nbsp;7.5 |
| &nbsp;&nbsp;21-PT-029 | &nbsp;&nbsp;7.62 | &nbsp;&nbsp;8.53 | &nbsp;&nbsp;0.91 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120648 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.8009 | &nbsp;&nbsp;3250 | &nbsp;&nbsp;34 | &nbsp;&nbsp;11.8 | &nbsp;&nbsp;3.5 | &nbsp;&nbsp;96 | &nbsp;&nbsp;4.9 | &nbsp;&nbsp;1335 | &nbsp;&nbsp;1.33 | &nbsp;&nbsp;1370 | &nbsp;&nbsp;385 | &nbsp;&nbsp;191 | &nbsp;&nbsp;8.72 | &nbsp;&nbsp;1.43 | &nbsp;&nbsp;135 | &nbsp;&nbsp;8.6 |
| &nbsp;&nbsp;21-PT-029 | &nbsp;&nbsp;8.53 | &nbsp;&nbsp;9.45 | &nbsp;&nbsp;0.91 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120649 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.3275 | &nbsp;&nbsp;1305 | &nbsp;&nbsp;14 | &nbsp;&nbsp;6.0 | &nbsp;&nbsp;1.6 | &nbsp;&nbsp;39 | &nbsp;&nbsp;2.5 | &nbsp;&nbsp;561 | &nbsp;&nbsp;0.69 | &nbsp;&nbsp;554 | &nbsp;&nbsp;157 | &nbsp;&nbsp;76 | &nbsp;&nbsp;3.71 | &nbsp;&nbsp;0.82 | &nbsp;&nbsp;68 | &nbsp;&nbsp;5.0 |
| &nbsp;&nbsp;21-PT-030 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120650 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0991 | &nbsp;&nbsp;366 | &nbsp;&nbsp;11 | &nbsp;&nbsp;4.6 | &nbsp;&nbsp;2.0 | &nbsp;&nbsp;17 | &nbsp;&nbsp;1.9 | &nbsp;&nbsp;158 | &nbsp;&nbsp;0.43 | &nbsp;&nbsp;161 | &nbsp;&nbsp;44 | &nbsp;&nbsp;27 | &nbsp;&nbsp;2.18 | &nbsp;&nbsp;0.69 | &nbsp;&nbsp;45 | &nbsp;&nbsp;3.4 |
| &nbsp;&nbsp;21-PT-030 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120651 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.1672 | &nbsp;&nbsp;742 | &nbsp;&nbsp;16 | &nbsp;&nbsp;7.0 | &nbsp;&nbsp;3.1 | &nbsp;&nbsp;26 | &nbsp;&nbsp;2.7 | &nbsp;&nbsp;209 | &nbsp;&nbsp;0.74 | &nbsp;&nbsp;241 | &nbsp;&nbsp;65 | &nbsp;&nbsp;40 | &nbsp;&nbsp;3.29 | &nbsp;&nbsp;0.92 | &nbsp;&nbsp;62 | &nbsp;&nbsp;6.6 |
| &nbsp;&nbsp;21-PT-030 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120652 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0899 | &nbsp;&nbsp;262 | &nbsp;&nbsp;13 | &nbsp;&nbsp;7.1 | &nbsp;&nbsp;2.8 | &nbsp;&nbsp;19 | &nbsp;&nbsp;2.6 | &nbsp;&nbsp;147 | &nbsp;&nbsp;0.95 | &nbsp;&nbsp;157 | &nbsp;&nbsp;43 | &nbsp;&nbsp;29 | &nbsp;&nbsp;2.32 | &nbsp;&nbsp;0.87 | &nbsp;&nbsp;71 | &nbsp;&nbsp;5.9 |
| &nbsp;&nbsp;21-PT-030 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120653 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.1254 | &nbsp;&nbsp;379 | &nbsp;&nbsp;23 | &nbsp;&nbsp;13.3 | &nbsp;&nbsp;2.7 | &nbsp;&nbsp;31 | &nbsp;&nbsp;4.3 | &nbsp;&nbsp;173 | &nbsp;&nbsp;1.49 | &nbsp;&nbsp;202 | &nbsp;&nbsp;53 | &nbsp;&nbsp;34 | &nbsp;&nbsp;4.05 | &nbsp;&nbsp;2.06 | &nbsp;&nbsp;128 | &nbsp;&nbsp;11.9 |
| &nbsp;&nbsp;21-PT-030 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;7.62 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120654 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0877 | &nbsp;&nbsp;241 | &nbsp;&nbsp;19 | &nbsp;&nbsp;10.7 | &nbsp;&nbsp;2.1 | &nbsp;&nbsp;22 | &nbsp;&nbsp;3.6 | &nbsp;&nbsp;114 | &nbsp;&nbsp;1.49 | &nbsp;&nbsp;137 | &nbsp;&nbsp;34 | &nbsp;&nbsp;24 | &nbsp;&nbsp;3.16 | &nbsp;&nbsp;1.53 | &nbsp;&nbsp;118 | &nbsp;&nbsp;9.6 |
| &nbsp;&nbsp;21-PT-030 | &nbsp;&nbsp;7.62 | &nbsp;&nbsp;9.14 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120655 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.1008 | &nbsp;&nbsp;329 | &nbsp;&nbsp;15 | &nbsp;&nbsp;9.0 | &nbsp;&nbsp;2.5 | &nbsp;&nbsp;21 | &nbsp;&nbsp;2.8 | &nbsp;&nbsp;148 | &nbsp;&nbsp;0.94 | &nbsp;&nbsp;158 | &nbsp;&nbsp;41 | &nbsp;&nbsp;25 | &nbsp;&nbsp;2.65 | &nbsp;&nbsp;1.12 | &nbsp;&nbsp;92 | &nbsp;&nbsp;7.6 |
| &nbsp;&nbsp;21-PT-030 | &nbsp;&nbsp;9.14 | &nbsp;&nbsp;9.91 | &nbsp;&nbsp;0.76 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120656 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0487 | &nbsp;&nbsp;158 | &nbsp;&nbsp;8 | &nbsp;&nbsp;3.8 | &nbsp;&nbsp;1.1 | &nbsp;&nbsp;9 | &nbsp;&nbsp;1.4 | &nbsp;&nbsp;74 | &nbsp;&nbsp;0.38 | &nbsp;&nbsp;78 | &nbsp;&nbsp;20 | &nbsp;&nbsp;12 | &nbsp;&nbsp;1.33 | &nbsp;&nbsp;0.46 | &nbsp;&nbsp;43 | &nbsp;&nbsp;3.0 |
| &nbsp;&nbsp;21-PT-031 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120657 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0781 | &nbsp;&nbsp;317 | &nbsp;&nbsp;8 | &nbsp;&nbsp;3.6 | &nbsp;&nbsp;2.1 | &nbsp;&nbsp;14 | &nbsp;&nbsp;1.4 | &nbsp;&nbsp;108 | &nbsp;&nbsp;0.49 | &nbsp;&nbsp;124 | &nbsp;&nbsp;30 | &nbsp;&nbsp;18 | &nbsp;&nbsp;1.72 | &nbsp;&nbsp;0.62 | &nbsp;&nbsp;33 | &nbsp;&nbsp;3.5 |
| &nbsp;&nbsp;21-PT-031 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120658 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.1597 | &nbsp;&nbsp;568 | &nbsp;&nbsp;18 | &nbsp;&nbsp;6.3 | &nbsp;&nbsp;4.4 | &nbsp;&nbsp;32 | &nbsp;&nbsp;2.7 | &nbsp;&nbsp;233 | &nbsp;&nbsp;0.8 | &nbsp;&nbsp;306 | &nbsp;&nbsp;73 | &nbsp;&nbsp;49 | &nbsp;&nbsp;3.72 | &nbsp;&nbsp;0.83 | &nbsp;&nbsp;58 | &nbsp;&nbsp;5.7 |
| &nbsp;&nbsp;21-PT-031 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120659 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0982 | &nbsp;&nbsp;266 | &nbsp;&nbsp;15 | &nbsp;&nbsp;6.3 | &nbsp;&nbsp;2.9 | &nbsp;&nbsp;27 | &nbsp;&nbsp;2.1 | &nbsp;&nbsp;158 | &nbsp;&nbsp;0.69 | &nbsp;&nbsp;211 | &nbsp;&nbsp;48 | &nbsp;&nbsp;37 | &nbsp;&nbsp;3.13 | &nbsp;&nbsp;0.85 | &nbsp;&nbsp;54 | &nbsp;&nbsp;5.0 |
| &nbsp;&nbsp;21-PT-031 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120660 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0756 | &nbsp;&nbsp;211 | &nbsp;&nbsp;14 | &nbsp;&nbsp;6.7 | &nbsp;&nbsp;3.8 | &nbsp;&nbsp;22 | &nbsp;&nbsp;2.3 | &nbsp;&nbsp;109 | &nbsp;&nbsp;0.73 | &nbsp;&nbsp;141 | &nbsp;&nbsp;33 | &nbsp;&nbsp;27 | &nbsp;&nbsp;2.82 | &nbsp;&nbsp;0.97 | &nbsp;&nbsp;62 | &nbsp;&nbsp;5.7 |
| &nbsp;&nbsp;21-PT-031 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;7.62 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120661 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0417 | &nbsp;&nbsp;124 | &nbsp;&nbsp;8 | &nbsp;&nbsp;4.4 | &nbsp;&nbsp;3.9 | &nbsp;&nbsp;12 | &nbsp;&nbsp;1.6 | &nbsp;&nbsp;61 | &nbsp;&nbsp;0.46 | &nbsp;&nbsp;62 | &nbsp;&nbsp;16 | &nbsp;&nbsp;12 | &nbsp;&nbsp;1.64 | &nbsp;&nbsp;0.58 | &nbsp;&nbsp;43 | &nbsp;&nbsp;3.4 |
| &nbsp;&nbsp;21-PT-031 | &nbsp;&nbsp;7.62 | &nbsp;&nbsp;9.14 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120662 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.4418 | &nbsp;&nbsp;1395 | &nbsp;&nbsp;24 | &nbsp;&nbsp;9.7 | &nbsp;&nbsp;2.9 | &nbsp;&nbsp;71 | &nbsp;&nbsp;3.9 | &nbsp;&nbsp;891 | &nbsp;&nbsp;1.14 | &nbsp;&nbsp;898 | &nbsp;&nbsp;233 | &nbsp;&nbsp;114 | &nbsp;&nbsp;5.72 | &nbsp;&nbsp;1.31 | &nbsp;&nbsp;110 | &nbsp;&nbsp;8.2 |
| &nbsp;&nbsp;21-PT-031 | &nbsp;&nbsp;9.14 | &nbsp;&nbsp;9.91 | &nbsp;&nbsp;0.76 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120663 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.7566 | &nbsp;&nbsp;2840 | &nbsp;&nbsp;35 | &nbsp;&nbsp;12.0 | &nbsp;&nbsp;2.2 | &nbsp;&nbsp;106 | &nbsp;&nbsp;5.0 | &nbsp;&nbsp;1340 | &nbsp;&nbsp;1.17 | &nbsp;&nbsp;1400 | &nbsp;&nbsp;368 | &nbsp;&nbsp;185 | &nbsp;&nbsp;8.79 | &nbsp;&nbsp;1.51 | &nbsp;&nbsp;145 | &nbsp;&nbsp;8.9 |
| &nbsp;&nbsp;21-PT-031 | &nbsp;&nbsp;9.14 | &nbsp;&nbsp;9.91 | &nbsp;&nbsp;0.76 | &nbsp;&nbsp;1 | &nbsp;&nbsp;E00120663DUP | &nbsp;&nbsp;Duplicate | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.8166 | &nbsp;&nbsp;3070 | &nbsp;&nbsp;37 | &nbsp;&nbsp;14.5 | &nbsp;&nbsp;2.6 | &nbsp;&nbsp;105 | &nbsp;&nbsp;5.7 | &nbsp;&nbsp;1445 | &nbsp;&nbsp;1.42 | &nbsp;&nbsp;1505 | &nbsp;&nbsp;392 | &nbsp;&nbsp;195 | &nbsp;&nbsp;8.89 | &nbsp;&nbsp;1.72 | &nbsp;&nbsp;172 | &nbsp;&nbsp;11.0 |
| &nbsp;&nbsp;21-PT-032 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120664 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0714 | &nbsp;&nbsp;266 | &nbsp;&nbsp;9 | &nbsp;&nbsp;3.7 | &nbsp;&nbsp;1.6 | &nbsp;&nbsp;13 | &nbsp;&nbsp;1.4 | &nbsp;&nbsp;111 | &nbsp;&nbsp;0.41 | &nbsp;&nbsp;116 | &nbsp;&nbsp;29 | &nbsp;&nbsp;18 | &nbsp;&nbsp;1.50 | &nbsp;&nbsp;0.53 | &nbsp;&nbsp;34 | &nbsp;&nbsp;3.4 |
| &nbsp;&nbsp;21-PT-032 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120665 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.1150 | &nbsp;&nbsp;445 | &nbsp;&nbsp;11 | &nbsp;&nbsp;5.0 | &nbsp;&nbsp;2.9 | &nbsp;&nbsp;21 | &nbsp;&nbsp;1.9 | &nbsp;&nbsp;161 | &nbsp;&nbsp;0.63 | &nbsp;&nbsp;200 | &nbsp;&nbsp;51 | &nbsp;&nbsp;28 | &nbsp;&nbsp;2.49 | &nbsp;&nbsp;0.72 | &nbsp;&nbsp;45 | &nbsp;&nbsp;4.7 |
| &nbsp;&nbsp;21-PT-032 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120666 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.2340 | &nbsp;&nbsp;869 | &nbsp;&nbsp;10 | &nbsp;&nbsp;2.1 | &nbsp;&nbsp;5.2 | &nbsp;&nbsp;36 | &nbsp;&nbsp;1.2 | &nbsp;&nbsp;407 | &nbsp;&nbsp;0.19 | &nbsp;&nbsp;455 | &nbsp;&nbsp;119 | &nbsp;&nbsp;63 | &nbsp;&nbsp;3.25 | &nbsp;&nbsp;0.22 | &nbsp;&nbsp;26 | &nbsp;&nbsp;1.8 |
| &nbsp;&nbsp;21-PT-032 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120667 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.1137 | &nbsp;&nbsp;326 | &nbsp;&nbsp;19 | &nbsp;&nbsp;8.7 | &nbsp;&nbsp;2.9 | &nbsp;&nbsp;28 | &nbsp;&nbsp;2.8 | &nbsp;&nbsp;170 | &nbsp;&nbsp;0.81 | &nbsp;&nbsp;218 | &nbsp;&nbsp;53 | &nbsp;&nbsp;38 | &nbsp;&nbsp;3.68 | &nbsp;&nbsp;1.10 | &nbsp;&nbsp;87 | &nbsp;&nbsp;7.8 |
| &nbsp;&nbsp;21-PT-032 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;7.62 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120668 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;1.2258 | &nbsp;&nbsp;4840 | &nbsp;&nbsp;52 | &nbsp;&nbsp;17.9 | &nbsp;&nbsp;2.8 | &nbsp;&nbsp;159 | &nbsp;&nbsp;7.0 | &nbsp;&nbsp;2110 | &nbsp;&nbsp;1.93 | &nbsp;&nbsp;2190 | &nbsp;&nbsp;573 | &nbsp;&nbsp;284 | &nbsp;&nbsp;13.35 | &nbsp;&nbsp;2.28 | &nbsp;&nbsp;195 | &nbsp;&nbsp;15.3 |
| &nbsp;&nbsp;21-PT-032 | &nbsp;&nbsp;7.62 | &nbsp;&nbsp;9.14 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120669 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0968 | &nbsp;&nbsp;336 | &nbsp;&nbsp;15 | &nbsp;&nbsp;8.4 | &nbsp;&nbsp;1.3 | &nbsp;&nbsp;18 | &nbsp;&nbsp;2.7 | &nbsp;&nbsp;138 | &nbsp;&nbsp;0.84 | &nbsp;&nbsp;151 | &nbsp;&nbsp;38 | &nbsp;&nbsp;23 | &nbsp;&nbsp;2.58 | &nbsp;&nbsp;0.96 | &nbsp;&nbsp;80 | &nbsp;&nbsp;6.7 |
| &nbsp;&nbsp;21-PT-033 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120671 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.5647 | &nbsp;&nbsp;2450 | &nbsp;&nbsp;22 | &nbsp;&nbsp;6.5 | &nbsp;&nbsp;2.6 | &nbsp;&nbsp;76 | &nbsp;&nbsp;2.9 | &nbsp;&nbsp;818 | &nbsp;&nbsp;0.41 | &nbsp;&nbsp;973 | &nbsp;&nbsp;250 | &nbsp;&nbsp;135 | &nbsp;&nbsp;5.99 | &nbsp;&nbsp;0.73 | &nbsp;&nbsp;75 | &nbsp;&nbsp;4.1 |
| &nbsp;&nbsp;21-PT-033 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120672 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.3104 | &nbsp;&nbsp;1050 | &nbsp;&nbsp;19 | &nbsp;&nbsp;6.7 | &nbsp;&nbsp;2.8 | &nbsp;&nbsp;52 | &nbsp;&nbsp;2.8 | &nbsp;&nbsp;521 | &nbsp;&nbsp;0.52 | &nbsp;&nbsp;652 | &nbsp;&nbsp;169 | &nbsp;&nbsp;93 | &nbsp;&nbsp;4.72 | &nbsp;&nbsp;0.75 | &nbsp;&nbsp;70 | &nbsp;&nbsp;4.9 |
| &nbsp;&nbsp;21-PT-033 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120673 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.1872 | &nbsp;&nbsp;449 | &nbsp;&nbsp;17 | &nbsp;&nbsp;8.0 | &nbsp;&nbsp;3.3 | &nbsp;&nbsp;37 | &nbsp;&nbsp;3.0 | &nbsp;&nbsp;359 | &nbsp;&nbsp;0.95 | &nbsp;&nbsp;457 | &nbsp;&nbsp;115 | &nbsp;&nbsp;67 | &nbsp;&nbsp;3.51 | &nbsp;&nbsp;0.94 | &nbsp;&nbsp;68 | &nbsp;&nbsp;6.8 |
| &nbsp;&nbsp;21-PT-033 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120674 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.1916 | &nbsp;&nbsp;371 | &nbsp;&nbsp;23 | &nbsp;&nbsp;10.8 | &nbsp;&nbsp;5.4 | &nbsp;&nbsp;45 | &nbsp;&nbsp;3.9 | &nbsp;&nbsp;361 | &nbsp;&nbsp;1.34 | &nbsp;&nbsp;500 | &nbsp;&nbsp;122 | &nbsp;&nbsp;77 | &nbsp;&nbsp;4.76 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;95 | &nbsp;&nbsp;10.7 |
| &nbsp;&nbsp;21-PT-033 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;7.62 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120675 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.1581 | &nbsp;&nbsp;368 | &nbsp;&nbsp;30 | &nbsp;&nbsp;15.8 | &nbsp;&nbsp;6.5 | &nbsp;&nbsp;44 | &nbsp;&nbsp;5.6 | &nbsp;&nbsp;253 | &nbsp;&nbsp;2.03 | &nbsp;&nbsp;312 | &nbsp;&nbsp;76 | &nbsp;&nbsp;53 | &nbsp;&nbsp;5.16 | &nbsp;&nbsp;2.41 | &nbsp;&nbsp;153 | &nbsp;&nbsp;15.0 |
| &nbsp;&nbsp;21-PT-033 | &nbsp;&nbsp;7.62 | &nbsp;&nbsp;9.14 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120676 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.1236 | &nbsp;&nbsp;211 | &nbsp;&nbsp;38 | &nbsp;&nbsp;24.8 | &nbsp;&nbsp;5.2 | &nbsp;&nbsp;42 | &nbsp;&nbsp;7.8 | &nbsp;&nbsp;154 | &nbsp;&nbsp;3.12 | &nbsp;&nbsp;175 | &nbsp;&nbsp;40 | &nbsp;&nbsp;33 | &nbsp;&nbsp;5.91 | &nbsp;&nbsp;3.47 | &nbsp;&nbsp;270 | &nbsp;&nbsp;23.4 |
| &nbsp;&nbsp;21-PT-034 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120677 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0437 | &nbsp;&nbsp;171 | &nbsp;&nbsp;5 | &nbsp;&nbsp;2.6 | &nbsp;&nbsp;0.8 | &nbsp;&nbsp;9 | &nbsp;&nbsp;0.9 | &nbsp;&nbsp;66 | &nbsp;&nbsp;0.3 | &nbsp;&nbsp;63 | &nbsp;&nbsp;17 | &nbsp;&nbsp;10 | &nbsp;&nbsp;1.04 | &nbsp;&nbsp;0.26 | &nbsp;&nbsp;24 | &nbsp;&nbsp;1.9 |
| &nbsp;&nbsp;21-PT-034 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;1 | &nbsp;&nbsp;E00120677DUP | &nbsp;&nbsp;Duplicate | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0470 | &nbsp;&nbsp;184 | &nbsp;&nbsp;5 | &nbsp;&nbsp;2.2 | &nbsp;&nbsp;0.6 | &nbsp;&nbsp;9 | &nbsp;&nbsp;0.8 | &nbsp;&nbsp;71 | &nbsp;&nbsp;0.2 | &nbsp;&nbsp;70 | &nbsp;&nbsp;18 | &nbsp;&nbsp;11 | &nbsp;&nbsp;1.05 | &nbsp;&nbsp;0.27 | &nbsp;&nbsp;24 | &nbsp;&nbsp;1.8 |

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SLV0163 – Technical Report Summary Shiloh Project, Georgia 90 November 2025

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| | |
|:---|:---|
| **Technical Report Summary** | ![img77526612_55.jpg](img77526612_55.jpg) |

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| | | | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  |  |  | &nbsp;&nbsp;**Method** | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  |
|  |  |  |  |  |  |  |  | &nbsp;&nbsp;**Analyte** | &nbsp;&nbsp;**Ce** | &nbsp;&nbsp;**Dy** | &nbsp;&nbsp;**Er** | &nbsp;&nbsp;**Eu** | &nbsp;&nbsp;**Gd** | &nbsp;&nbsp;**Ho** | &nbsp;&nbsp;**La** | &nbsp;&nbsp;**Lu** | &nbsp;&nbsp;**Nd** | &nbsp;&nbsp;**Pr** | &nbsp;&nbsp;**Sm** | &nbsp;&nbsp;**Tb** | &nbsp;&nbsp;**Tm** | &nbsp;&nbsp;**Y** | &nbsp;&nbsp;**Yb** |
|  |  |  |  |  |  |  |  | &nbsp;&nbsp;**Units** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** |
|  |  |  |  |  |  |  |  | &nbsp;&nbsp;**Detection Limit** | &nbsp;&nbsp;**3** | &nbsp;&nbsp;**0.3** | &nbsp;&nbsp;**0.2** | &nbsp;&nbsp;**0.2** | &nbsp;&nbsp;**0.3** | &nbsp;&nbsp;**0.05** | &nbsp;&nbsp;**3** | &nbsp;&nbsp;**0.05 / 0.5** | &nbsp;&nbsp;**0.5** | &nbsp;&nbsp;**0.2** | &nbsp;&nbsp;**0.2** | &nbsp;&nbsp;**0.05** | &nbsp;&nbsp;**0.05 / 0.3** | &nbsp;&nbsp;**3** | &nbsp;&nbsp;**0.2** |
|  |  |  |  |  |  |  |  | &nbsp;&nbsp;**Upper Limit** | &nbsp;&nbsp;**50000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**50000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**50000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**50000** | &nbsp;&nbsp;**5000** |
| &nbsp;&nbsp;**Hole ID** | &nbsp;&nbsp;**From <br>(m)** | &nbsp;&nbsp;**To<br>(m)** | &nbsp;&nbsp;**Interval <br>(m)** | &nbsp;&nbsp;**Duplicate** | &nbsp;&nbsp;**Sample Number** | &nbsp;&nbsp;**Sample <br>Type** | &nbsp;&nbsp;**Sample <br>Details** | &nbsp;&nbsp;**TREO (%)** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** |
| &nbsp;&nbsp;21-PT-034 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120678 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0458 | &nbsp;&nbsp;181 | &nbsp;&nbsp;5 | &nbsp;&nbsp;2.2 | &nbsp;&nbsp;0.7 | &nbsp;&nbsp;7 | &nbsp;&nbsp;0.8 | &nbsp;&nbsp;72 | &nbsp;&nbsp;0.24 | &nbsp;&nbsp;65 | &nbsp;&nbsp;17 | &nbsp;&nbsp;12 | &nbsp;&nbsp;1.06 | &nbsp;&nbsp;0.31 | &nbsp;&nbsp;23 | &nbsp;&nbsp;1.8 |
| &nbsp;&nbsp;21-PT-034 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120679 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0927 | &nbsp;&nbsp;306 | &nbsp;&nbsp;13 | &nbsp;&nbsp;6.6 | &nbsp;&nbsp;1.3 | &nbsp;&nbsp;16 | &nbsp;&nbsp;2.5 | &nbsp;&nbsp;140 | &nbsp;&nbsp;0.63 | &nbsp;&nbsp;161 | &nbsp;&nbsp;40 | &nbsp;&nbsp;29 | &nbsp;&nbsp;2.38 | &nbsp;&nbsp;0.84 | &nbsp;&nbsp;63 | &nbsp;&nbsp;5.5 |
| &nbsp;&nbsp;21-PT-034 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120680 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0523 | &nbsp;&nbsp;129 | &nbsp;&nbsp;8 | &nbsp;&nbsp;3.6 | &nbsp;&nbsp;1.0 | &nbsp;&nbsp;10 | &nbsp;&nbsp;1.3 | &nbsp;&nbsp;98 | &nbsp;&nbsp;0.37 | &nbsp;&nbsp;110 | &nbsp;&nbsp;28 | &nbsp;&nbsp;18 | &nbsp;&nbsp;1.35 | &nbsp;&nbsp;0.45 | &nbsp;&nbsp;34 | &nbsp;&nbsp;2.8 |
| &nbsp;&nbsp;21-PT-034 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;7.62 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120681 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0509 | &nbsp;&nbsp;114 | &nbsp;&nbsp;11 | &nbsp;&nbsp;7.0 | &nbsp;&nbsp;1.8 | &nbsp;&nbsp;11 | &nbsp;&nbsp;2.0 | &nbsp;&nbsp;86 | &nbsp;&nbsp;1 | &nbsp;&nbsp;90 | &nbsp;&nbsp;22 | &nbsp;&nbsp;17 | &nbsp;&nbsp;1.76 | &nbsp;&nbsp;0.84 | &nbsp;&nbsp;59 | &nbsp;&nbsp;5.6 |
| &nbsp;&nbsp;21-PT-035 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120682 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0548 | &nbsp;&nbsp;207 | &nbsp;&nbsp;7 | &nbsp;&nbsp;2.8 | &nbsp;&nbsp;0.6 | &nbsp;&nbsp;10 | &nbsp;&nbsp;1.0 | &nbsp;&nbsp;84 | &nbsp;&nbsp;0.32 | &nbsp;&nbsp;82 | &nbsp;&nbsp;22 | &nbsp;&nbsp;16 | &nbsp;&nbsp;1.26 | &nbsp;&nbsp;0.34 | &nbsp;&nbsp;30 | &nbsp;&nbsp;2.1 |
| &nbsp;&nbsp;21-PT-035 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120683 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0472 | &nbsp;&nbsp;191 | &nbsp;&nbsp;6 | &nbsp;&nbsp;2.6 | &nbsp;&nbsp;0.8 | &nbsp;&nbsp;9 | &nbsp;&nbsp;1.0 | &nbsp;&nbsp;71 | &nbsp;&nbsp;0.18 | &nbsp;&nbsp;64 | &nbsp;&nbsp;17 | &nbsp;&nbsp;13 | &nbsp;&nbsp;1.04 | &nbsp;&nbsp;0.30 | &nbsp;&nbsp;24 | &nbsp;&nbsp;1.6 |
| &nbsp;&nbsp;21-PT-035 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120684 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0450 | &nbsp;&nbsp;146 | &nbsp;&nbsp;7 | &nbsp;&nbsp;3.0 | &nbsp;&nbsp;0.9 | &nbsp;&nbsp;9 | &nbsp;&nbsp;1.1 | &nbsp;&nbsp;77 | &nbsp;&nbsp;0.29 | &nbsp;&nbsp;73 | &nbsp;&nbsp;20 | &nbsp;&nbsp;15 | &nbsp;&nbsp;1.14 | &nbsp;&nbsp;0.36 | &nbsp;&nbsp;28 | &nbsp;&nbsp;2.0 |
| &nbsp;&nbsp;21-PT-035 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120685 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0539 | &nbsp;&nbsp;129 | &nbsp;&nbsp;10 | &nbsp;&nbsp;6.3 | &nbsp;&nbsp;1.6 | &nbsp;&nbsp;12 | &nbsp;&nbsp;2.0 | &nbsp;&nbsp;89 | &nbsp;&nbsp;0.8 | &nbsp;&nbsp;92 | &nbsp;&nbsp;24 | &nbsp;&nbsp;17 | &nbsp;&nbsp;1.88 | &nbsp;&nbsp;0.87 | &nbsp;&nbsp;64 | &nbsp;&nbsp;5.7 |
| &nbsp;&nbsp;21-PT-035 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;7.62 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120686 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.1038 | &nbsp;&nbsp;284 | &nbsp;&nbsp;23 | &nbsp;&nbsp;12.6 | &nbsp;&nbsp;2.2 | &nbsp;&nbsp;24 | &nbsp;&nbsp;4.0 | &nbsp;&nbsp;141 | &nbsp;&nbsp;1.82 | &nbsp;&nbsp;164 | &nbsp;&nbsp;40 | &nbsp;&nbsp;32 | &nbsp;&nbsp;3.74 | &nbsp;&nbsp;1.79 | &nbsp;&nbsp;132 | &nbsp;&nbsp;11.2 |
| &nbsp;&nbsp;21-PT-036 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120687 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0678 | &nbsp;&nbsp;305 | &nbsp;&nbsp;6 | &nbsp;&nbsp;2.7 | &nbsp;&nbsp;0.9 | &nbsp;&nbsp;9 | &nbsp;&nbsp;0.9 | &nbsp;&nbsp;91 | &nbsp;&nbsp;0.3 | &nbsp;&nbsp;95 | &nbsp;&nbsp;24 | &nbsp;&nbsp;15 | &nbsp;&nbsp;1.05 | &nbsp;&nbsp;0.24 | &nbsp;&nbsp;24 | &nbsp;&nbsp;1.7 |
| &nbsp;&nbsp;21-PT-036 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120688 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.1523 | &nbsp;&nbsp;341 | &nbsp;&nbsp;23 | &nbsp;&nbsp;10.2 | &nbsp;&nbsp;4.5 | &nbsp;&nbsp;34 | &nbsp;&nbsp;4.0 | &nbsp;&nbsp;266 | &nbsp;&nbsp;1.24 | &nbsp;&nbsp;351 | &nbsp;&nbsp;86 | &nbsp;&nbsp;57 | &nbsp;&nbsp;4.39 | &nbsp;&nbsp;1.35 | &nbsp;&nbsp;103 | &nbsp;&nbsp;7.8 |
| &nbsp;&nbsp;21-PT-036 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120689 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.3474 | &nbsp;&nbsp;595 | &nbsp;&nbsp;74 | &nbsp;&nbsp;37.0 | &nbsp;&nbsp;10.7 | &nbsp;&nbsp;99 | &nbsp;&nbsp;12.7 | &nbsp;&nbsp;632 | &nbsp;&nbsp;4.87 | &nbsp;&nbsp;755 | &nbsp;&nbsp;181 | &nbsp;&nbsp;145 | &nbsp;&nbsp;13.50 | &nbsp;&nbsp;4.49 | &nbsp;&nbsp;351 | &nbsp;&nbsp;31.6 |
| &nbsp;&nbsp;21-PT-036 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120690 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.1603 | &nbsp;&nbsp;279 | &nbsp;&nbsp;42 | &nbsp;&nbsp;22.5 | &nbsp;&nbsp;6.2 | &nbsp;&nbsp;59 | &nbsp;&nbsp;7.8 | &nbsp;&nbsp;259 | &nbsp;&nbsp;2.78 | &nbsp;&nbsp;295 | &nbsp;&nbsp;70 | &nbsp;&nbsp;57 | &nbsp;&nbsp;7.62 | &nbsp;&nbsp;3.09 | &nbsp;&nbsp;225 | &nbsp;&nbsp;18.8 |
| &nbsp;&nbsp;21-PT-036 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;7.62 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120691 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.1664 | &nbsp;&nbsp;395 | &nbsp;&nbsp;34 | &nbsp;&nbsp;16.0 | &nbsp;&nbsp;6.0 | &nbsp;&nbsp;52 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;280 | &nbsp;&nbsp;1.85 | &nbsp;&nbsp;301 | &nbsp;&nbsp;73 | &nbsp;&nbsp;54 | &nbsp;&nbsp;6.51 | &nbsp;&nbsp;2.33 | &nbsp;&nbsp;169 | &nbsp;&nbsp;14.0 |
| &nbsp;&nbsp;21-PT-036 | &nbsp;&nbsp;7.62 | &nbsp;&nbsp;8.84 | &nbsp;&nbsp;1.22 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120692 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.1348 | &nbsp;&nbsp;382 | &nbsp;&nbsp;24 | &nbsp;&nbsp;12.0 | &nbsp;&nbsp;4.8 | &nbsp;&nbsp;36 | &nbsp;&nbsp;4.3 | &nbsp;&nbsp;207 | &nbsp;&nbsp;1.29 | &nbsp;&nbsp;245 | &nbsp;&nbsp;61 | &nbsp;&nbsp;41 | &nbsp;&nbsp;4.38 | &nbsp;&nbsp;1.42 | &nbsp;&nbsp;112 | &nbsp;&nbsp;8.9 |
| &nbsp;&nbsp;21-PT-037 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120693 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.1096 | &nbsp;&nbsp;449 | &nbsp;&nbsp;10 | &nbsp;&nbsp;4.6 | &nbsp;&nbsp;2.6 | &nbsp;&nbsp;19 | &nbsp;&nbsp;1.8 | &nbsp;&nbsp;138 | &nbsp;&nbsp;0.69 | &nbsp;&nbsp;184 | &nbsp;&nbsp;45 | &nbsp;&nbsp;27 | &nbsp;&nbsp;2.19 | &nbsp;&nbsp;0.69 | &nbsp;&nbsp;44 | &nbsp;&nbsp;4.7 |
| &nbsp;&nbsp;21-PT-037 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120694 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.1619 | &nbsp;&nbsp;405 | &nbsp;&nbsp;21 | &nbsp;&nbsp;9.4 | &nbsp;&nbsp;5.9 | &nbsp;&nbsp;37 | &nbsp;&nbsp;3.5 | &nbsp;&nbsp;283 | &nbsp;&nbsp;1.02 | &nbsp;&nbsp;370 | &nbsp;&nbsp;89 | &nbsp;&nbsp;57 | &nbsp;&nbsp;3.96 | &nbsp;&nbsp;1.19 | &nbsp;&nbsp;84 | &nbsp;&nbsp;7.9 |
| &nbsp;&nbsp;21-PT-037 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120695 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.1882 | &nbsp;&nbsp;477 | &nbsp;&nbsp;28 | &nbsp;&nbsp;13.8 | &nbsp;&nbsp;6.7 | &nbsp;&nbsp;46 | &nbsp;&nbsp;5.2 | &nbsp;&nbsp;327 | &nbsp;&nbsp;1.55 | &nbsp;&nbsp;392 | &nbsp;&nbsp;96 | &nbsp;&nbsp;66 | &nbsp;&nbsp;5.79 | &nbsp;&nbsp;1.87 | &nbsp;&nbsp;122 | &nbsp;&nbsp;11.9 |
| &nbsp;&nbsp;21-PT-037 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120696 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.1380 | &nbsp;&nbsp;383 | &nbsp;&nbsp;21 | &nbsp;&nbsp;10.6 | &nbsp;&nbsp;5.6 | &nbsp;&nbsp;33 | &nbsp;&nbsp;3.7 | &nbsp;&nbsp;230 | &nbsp;&nbsp;1.26 | &nbsp;&nbsp;272 | &nbsp;&nbsp;65 | &nbsp;&nbsp;43 | &nbsp;&nbsp;3.93 | &nbsp;&nbsp;1.39 | &nbsp;&nbsp;92 | &nbsp;&nbsp;9.0 |
| &nbsp;&nbsp;21-PT-037 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;7.62 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120697 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.1498 | &nbsp;&nbsp;486 | &nbsp;&nbsp;23 | &nbsp;&nbsp;10.4 | &nbsp;&nbsp;2.9 | &nbsp;&nbsp;37 | &nbsp;&nbsp;3.8 | &nbsp;&nbsp;210 | &nbsp;&nbsp;1.47 | &nbsp;&nbsp;268 | &nbsp;&nbsp;65 | &nbsp;&nbsp;45 | &nbsp;&nbsp;4.79 | &nbsp;&nbsp;1.45 | &nbsp;&nbsp;105 | &nbsp;&nbsp;9.2 |
| &nbsp;&nbsp;21-PT-038 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120698 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0560 | &nbsp;&nbsp;216 | &nbsp;&nbsp;8 | &nbsp;&nbsp;3.2 | &nbsp;&nbsp;0.8 | &nbsp;&nbsp;10 | &nbsp;&nbsp;1.1 | &nbsp;&nbsp;82 | &nbsp;&nbsp;0.3 | &nbsp;&nbsp;80 | &nbsp;&nbsp;21 | &nbsp;&nbsp;14 | &nbsp;&nbsp;1.46 | &nbsp;&nbsp;0.44 | &nbsp;&nbsp;36 | &nbsp;&nbsp;2.4 |
| &nbsp;&nbsp;21-PT-038 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120699 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0574 | &nbsp;&nbsp;230 | &nbsp;&nbsp;7 | &nbsp;&nbsp;2.5 | &nbsp;&nbsp;0.9 | &nbsp;&nbsp;10 | &nbsp;&nbsp;1.1 | &nbsp;&nbsp;87 | &nbsp;&nbsp;0.26 | &nbsp;&nbsp;83 | &nbsp;&nbsp;22 | &nbsp;&nbsp;15 | &nbsp;&nbsp;1.18 | &nbsp;&nbsp;0.31 | &nbsp;&nbsp;27 | &nbsp;&nbsp;2.0 |
| &nbsp;&nbsp;21-PT-038 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120701 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0579 | &nbsp;&nbsp;188 | &nbsp;&nbsp;6 | &nbsp;&nbsp;2.5 | &nbsp;&nbsp;1.5 | &nbsp;&nbsp;11 | &nbsp;&nbsp;1.0 | &nbsp;&nbsp;109 | &nbsp;&nbsp;0.24 | &nbsp;&nbsp;101 | &nbsp;&nbsp;28 | &nbsp;&nbsp;17 | &nbsp;&nbsp;1.16 | &nbsp;&nbsp;0.30 | &nbsp;&nbsp;26 | &nbsp;&nbsp;1.7 |
| &nbsp;&nbsp;21-PT-038 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120702 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0533 | &nbsp;&nbsp;121 | &nbsp;&nbsp;11 | &nbsp;&nbsp;5.1 | &nbsp;&nbsp;1.5 | &nbsp;&nbsp;13 | &nbsp;&nbsp;1.9 | &nbsp;&nbsp;98 | &nbsp;&nbsp;0.44 | &nbsp;&nbsp;95 | &nbsp;&nbsp;26 | &nbsp;&nbsp;17 | &nbsp;&nbsp;2.01 | &nbsp;&nbsp;0.50 | &nbsp;&nbsp;55 | &nbsp;&nbsp;3.6 |
| &nbsp;&nbsp;21-PT-038 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;7.32 | &nbsp;&nbsp;1.22 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120703 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0717 | &nbsp;&nbsp;172 | &nbsp;&nbsp;25 | &nbsp;&nbsp;10.4 | &nbsp;&nbsp;1.5 | &nbsp;&nbsp;17 | &nbsp;&nbsp;4.4 | &nbsp;&nbsp;107 | &nbsp;&nbsp;0.6 | &nbsp;&nbsp;73 | &nbsp;&nbsp;22 | &nbsp;&nbsp;15 | &nbsp;&nbsp;3.80 | &nbsp;&nbsp;1.11 | &nbsp;&nbsp;144 | &nbsp;&nbsp;5.6 |
| &nbsp;&nbsp;21-PT-039 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120704 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0509 | &nbsp;&nbsp;225 | &nbsp;&nbsp;5 | &nbsp;&nbsp;1.9 | &nbsp;&nbsp;0.8 | &nbsp;&nbsp;8 | &nbsp;&nbsp;0.8 | &nbsp;&nbsp;72 | &nbsp;&nbsp;0.16 | &nbsp;&nbsp;64 | &nbsp;&nbsp;18 | &nbsp;&nbsp;12 | &nbsp;&nbsp;1.02 | &nbsp;&nbsp;0.34 | &nbsp;&nbsp;23 | &nbsp;&nbsp;1.6 |
| &nbsp;&nbsp;21-PT-039 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120705 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0597 | &nbsp;&nbsp;209 | &nbsp;&nbsp;8 | &nbsp;&nbsp;3.6 | &nbsp;&nbsp;1.0 | &nbsp;&nbsp;12 | &nbsp;&nbsp;1.4 | &nbsp;&nbsp;92 | &nbsp;&nbsp;0.45 | &nbsp;&nbsp;92 | &nbsp;&nbsp;26 | &nbsp;&nbsp;18 | &nbsp;&nbsp;1.60 | &nbsp;&nbsp;0.45 | &nbsp;&nbsp;40 | &nbsp;&nbsp;2.6 |
| &nbsp;&nbsp;21-PT-039 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120706 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0992 | &nbsp;&nbsp;245 | &nbsp;&nbsp;15 | &nbsp;&nbsp;7.8 | &nbsp;&nbsp;3.4 | &nbsp;&nbsp;23 | &nbsp;&nbsp;2.8 | &nbsp;&nbsp;183 | &nbsp;&nbsp;0.82 | &nbsp;&nbsp;195 | &nbsp;&nbsp;53 | &nbsp;&nbsp;34 | &nbsp;&nbsp;2.91 | &nbsp;&nbsp;0.97 | &nbsp;&nbsp;71 | &nbsp;&nbsp;6.2 |
| &nbsp;&nbsp;21-PT-039 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120707 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.2213 | &nbsp;&nbsp;521 | &nbsp;&nbsp;50 | &nbsp;&nbsp;24.4 | &nbsp;&nbsp;9.3 | &nbsp;&nbsp;65 | &nbsp;&nbsp;9.1 | &nbsp;&nbsp;365 | &nbsp;&nbsp;2.88 | &nbsp;&nbsp;370 | &nbsp;&nbsp;99 | &nbsp;&nbsp;73 | &nbsp;&nbsp;8.81 | &nbsp;&nbsp;3.38 | &nbsp;&nbsp;253 | &nbsp;&nbsp;20.7 |
| &nbsp;&nbsp;21-PT-039 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;7.62 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120708 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.1395 | &nbsp;&nbsp;508 | &nbsp;&nbsp;19 | &nbsp;&nbsp;8.7 | &nbsp;&nbsp;3.4 | &nbsp;&nbsp;28 | &nbsp;&nbsp;3.6 | &nbsp;&nbsp;199 | &nbsp;&nbsp;0.97 | &nbsp;&nbsp;219 | &nbsp;&nbsp;58 | &nbsp;&nbsp;40 | &nbsp;&nbsp;3.52 | &nbsp;&nbsp;1.13 | &nbsp;&nbsp;87 | &nbsp;&nbsp;7.4 |
| &nbsp;&nbsp;21-PT-039 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;7.62 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;1 | &nbsp;&nbsp;E00120708DUP | &nbsp;&nbsp;Duplicate | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.1342 | &nbsp;&nbsp;483 | &nbsp;&nbsp;20 | &nbsp;&nbsp;9.0 | &nbsp;&nbsp;3.4 | &nbsp;&nbsp;26 | &nbsp;&nbsp;3.6 | &nbsp;&nbsp;184 | &nbsp;&nbsp;0.89 | &nbsp;&nbsp;221 | &nbsp;&nbsp;58 | &nbsp;&nbsp;41 | &nbsp;&nbsp;3.79 | &nbsp;&nbsp;1.15 | &nbsp;&nbsp;80 | &nbsp;&nbsp;6.9 |
| &nbsp;&nbsp;21-PT-039 | &nbsp;&nbsp;7.62 | &nbsp;&nbsp;9.14 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120709 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.1380 | &nbsp;&nbsp;471 | &nbsp;&nbsp;23 | &nbsp;&nbsp;12.8 | &nbsp;&nbsp;4.6 | &nbsp;&nbsp;29 | &nbsp;&nbsp;4.4 | &nbsp;&nbsp;190 | &nbsp;&nbsp;1.69 | &nbsp;&nbsp;203 | &nbsp;&nbsp;54 | &nbsp;&nbsp;35 | &nbsp;&nbsp;4.02 | &nbsp;&nbsp;1.97 | &nbsp;&nbsp;125 | &nbsp;&nbsp;11.6 |
| &nbsp;&nbsp;21-PT-040 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120710 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0655 | &nbsp;&nbsp;274 | &nbsp;&nbsp;8 | &nbsp;&nbsp;4.2 | &nbsp;&nbsp;1.3 | &nbsp;&nbsp;9 | &nbsp;&nbsp;1.4 | &nbsp;&nbsp;87 | &nbsp;&nbsp;0.4 | &nbsp;&nbsp;90 | &nbsp;&nbsp;24 | &nbsp;&nbsp;14 | &nbsp;&nbsp;1.34 | &nbsp;&nbsp;0.56 | &nbsp;&nbsp;38 | &nbsp;&nbsp;3.3 |

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SLV0163 – Technical Report Summary Shiloh Project, Georgia 91 November 2025

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|:---|:---|
| **Technical Report Summary** | ![img77526612_55.jpg](img77526612_55.jpg) |

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| | | | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  |  |  | &nbsp;&nbsp;**Method** | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  |
|  |  |  |  |  |  |  |  | &nbsp;&nbsp;**Analyte** | &nbsp;&nbsp;**Ce** | &nbsp;&nbsp;**Dy** | &nbsp;&nbsp;**Er** | &nbsp;&nbsp;**Eu** | &nbsp;&nbsp;**Gd** | &nbsp;&nbsp;**Ho** | &nbsp;&nbsp;**La** | &nbsp;&nbsp;**Lu** | &nbsp;&nbsp;**Nd** | &nbsp;&nbsp;**Pr** | &nbsp;&nbsp;**Sm** | &nbsp;&nbsp;**Tb** | &nbsp;&nbsp;**Tm** | &nbsp;&nbsp;**Y** | &nbsp;&nbsp;**Yb** |
|  |  |  |  |  |  |  |  | &nbsp;&nbsp;**Units** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** |
|  |  |  |  |  |  |  |  | &nbsp;&nbsp;**Detection Limit** | &nbsp;&nbsp;**3** | &nbsp;&nbsp;**0.3** | &nbsp;&nbsp;**0.2** | &nbsp;&nbsp;**0.2** | &nbsp;&nbsp;**0.3** | &nbsp;&nbsp;**0.05** | &nbsp;&nbsp;**3** | &nbsp;&nbsp;**0.05 / 0.5** | &nbsp;&nbsp;**0.5** | &nbsp;&nbsp;**0.2** | &nbsp;&nbsp;**0.2** | &nbsp;&nbsp;**0.05** | &nbsp;&nbsp;**0.05 / 0.3** | &nbsp;&nbsp;**3** | &nbsp;&nbsp;**0.2** |
|  |  |  |  |  |  |  |  | &nbsp;&nbsp;**Upper Limit** | &nbsp;&nbsp;**50000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**50000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**50000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**50000** | &nbsp;&nbsp;**5000** |
| &nbsp;&nbsp;**Hole ID** | &nbsp;&nbsp;**From <br>(m)** | &nbsp;&nbsp;**To<br>(m)** | &nbsp;&nbsp;**Interval <br>(m)** | &nbsp;&nbsp;**Duplicate** | &nbsp;&nbsp;**Sample Number** | &nbsp;&nbsp;**Sample <br>Type** | &nbsp;&nbsp;**Sample <br>Details** | &nbsp;&nbsp;**TREO (%)** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** |
| &nbsp;&nbsp;21-PT-040 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120711 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0845 | &nbsp;&nbsp;211 | &nbsp;&nbsp;12 | &nbsp;&nbsp;5.4 | &nbsp;&nbsp;2.1 | &nbsp;&nbsp;17 | &nbsp;&nbsp;2.1 | &nbsp;&nbsp;154 | &nbsp;&nbsp;0.49 | &nbsp;&nbsp;176 | &nbsp;&nbsp;47 | &nbsp;&nbsp;30 | &nbsp;&nbsp;2.26 | &nbsp;&nbsp;0.64 | &nbsp;&nbsp;55 | &nbsp;&nbsp;4.0 |
| &nbsp;&nbsp;21-PT-040 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120712 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0949 | &nbsp;&nbsp;200 | &nbsp;&nbsp;13 | &nbsp;&nbsp;5.2 | &nbsp;&nbsp;3.2 | &nbsp;&nbsp;21 | &nbsp;&nbsp;2.2 | &nbsp;&nbsp;190 | &nbsp;&nbsp;0.66 | &nbsp;&nbsp;215 | &nbsp;&nbsp;58 | &nbsp;&nbsp;35 | &nbsp;&nbsp;2.46 | &nbsp;&nbsp;0.69 | &nbsp;&nbsp;56 | &nbsp;&nbsp;4.9 |
| &nbsp;&nbsp;21-PT-040 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120713 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.1297 | &nbsp;&nbsp;312 | &nbsp;&nbsp;17 | &nbsp;&nbsp;8.1 | &nbsp;&nbsp;4.0 | &nbsp;&nbsp;28 | &nbsp;&nbsp;3.0 | &nbsp;&nbsp;302 | &nbsp;&nbsp;0.86 | &nbsp;&nbsp;236 | &nbsp;&nbsp;66 | &nbsp;&nbsp;38 | &nbsp;&nbsp;3.64 | &nbsp;&nbsp;1.03 | &nbsp;&nbsp;78 | &nbsp;&nbsp;6.2 |
| &nbsp;&nbsp;21-PT-040 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;7.62 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120714 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0787 | &nbsp;&nbsp;164 | &nbsp;&nbsp;17 | &nbsp;&nbsp;8.8 | &nbsp;&nbsp;2.9 | &nbsp;&nbsp;23 | &nbsp;&nbsp;3.2 | &nbsp;&nbsp;143 | &nbsp;&nbsp;1.06 | &nbsp;&nbsp;141 | &nbsp;&nbsp;36 | &nbsp;&nbsp;26 | &nbsp;&nbsp;3.14 | &nbsp;&nbsp;1.20 | &nbsp;&nbsp;89 | &nbsp;&nbsp;7.3 |
| &nbsp;&nbsp;21-PT-040 | &nbsp;&nbsp;7.62 | &nbsp;&nbsp;9.14 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120715 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0538 | &nbsp;&nbsp;159 | &nbsp;&nbsp;9 | &nbsp;&nbsp;5.2 | &nbsp;&nbsp;1.5 | &nbsp;&nbsp;14 | &nbsp;&nbsp;1.8 | &nbsp;&nbsp;89 | &nbsp;&nbsp;0.49 | &nbsp;&nbsp;78 | &nbsp;&nbsp;22 | &nbsp;&nbsp;15 | &nbsp;&nbsp;1.57 | &nbsp;&nbsp;0.67 | &nbsp;&nbsp;54 | &nbsp;&nbsp;4.4 |
| &nbsp;&nbsp;21-PT-040 | &nbsp;&nbsp;9.14 | &nbsp;&nbsp;10.36 | &nbsp;&nbsp;1.22 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120716 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0499 | &nbsp;&nbsp;165 | &nbsp;&nbsp;7 | &nbsp;&nbsp;3.2 | &nbsp;&nbsp;0.9 | &nbsp;&nbsp;10 | &nbsp;&nbsp;1.3 | &nbsp;&nbsp;85 | &nbsp;&nbsp;0.41 | &nbsp;&nbsp;72 | &nbsp;&nbsp;21 | &nbsp;&nbsp;14 | &nbsp;&nbsp;1.34 | &nbsp;&nbsp;0.44 | &nbsp;&nbsp;39 | &nbsp;&nbsp;3.1 |
| &nbsp;&nbsp;21-PT-041 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.76 | &nbsp;&nbsp;0.76 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120717 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.3429 | &nbsp;&nbsp;1335 | &nbsp;&nbsp;28 | &nbsp;&nbsp;9.9 | &nbsp;&nbsp;1.9 | &nbsp;&nbsp;52 | &nbsp;&nbsp;4.4 | &nbsp;&nbsp;602 | &nbsp;&nbsp;0.82 | &nbsp;&nbsp;528 | &nbsp;&nbsp;152 | &nbsp;&nbsp;79 | &nbsp;&nbsp;6.00 | &nbsp;&nbsp;1.20 | &nbsp;&nbsp;115 | &nbsp;&nbsp;7.2 |
| &nbsp;&nbsp;21-PT-041 | &nbsp;&nbsp;0.76 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0.76 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120718 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;2.7500 | &nbsp;&nbsp;11000 | &nbsp;&nbsp;152 | &nbsp;&nbsp;41.0 | &nbsp;&nbsp;6.8 | &nbsp;&nbsp;360 | &nbsp;&nbsp;20.6 | &nbsp;&nbsp;5310 | &nbsp;&nbsp;2.05 | &nbsp;&nbsp;4170 | &nbsp;&nbsp;1215 | &nbsp;&nbsp;604 | &nbsp;&nbsp;36.50 | &nbsp;&nbsp;3.90 | &nbsp;&nbsp;523 | &nbsp;&nbsp;18.7 |
| &nbsp;&nbsp;21-PT-041 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120719 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.3057 | &nbsp;&nbsp;1125 | &nbsp;&nbsp;28 | &nbsp;&nbsp;10.4 | &nbsp;&nbsp;3.3 | &nbsp;&nbsp;51 | &nbsp;&nbsp;4.2 | &nbsp;&nbsp;524 | &nbsp;&nbsp;1.12 | &nbsp;&nbsp;510 | &nbsp;&nbsp;144 | &nbsp;&nbsp;83 | &nbsp;&nbsp;5.82 | &nbsp;&nbsp;1.12 | &nbsp;&nbsp;107 | &nbsp;&nbsp;7.5 |
| &nbsp;&nbsp;21-PT-041 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120720 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.1109 | &nbsp;&nbsp;335 | &nbsp;&nbsp;18 | &nbsp;&nbsp;8.4 | &nbsp;&nbsp;2.2 | &nbsp;&nbsp;26 | &nbsp;&nbsp;2.9 | &nbsp;&nbsp;194 | &nbsp;&nbsp;1.01 | &nbsp;&nbsp;173 | &nbsp;&nbsp;49 | &nbsp;&nbsp;33 | &nbsp;&nbsp;3.18 | &nbsp;&nbsp;1.11 | &nbsp;&nbsp;89 | &nbsp;&nbsp;6.7 |
| &nbsp;&nbsp;21-PT-041 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120721 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0498 | &nbsp;&nbsp;136 | &nbsp;&nbsp;13 | &nbsp;&nbsp;7.0 | &nbsp;&nbsp;1.3 | &nbsp;&nbsp;13 | &nbsp;&nbsp;2.3 | &nbsp;&nbsp;69 | &nbsp;&nbsp;0.86 | &nbsp;&nbsp;65 | &nbsp;&nbsp;18 | &nbsp;&nbsp;14 | &nbsp;&nbsp;1.98 | &nbsp;&nbsp;1.06 | &nbsp;&nbsp;72 | &nbsp;&nbsp;6.1 |
| &nbsp;&nbsp;21-PT-041 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;7.62 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120722 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0435 | &nbsp;&nbsp;137 | &nbsp;&nbsp;9 | &nbsp;&nbsp;4.3 | &nbsp;&nbsp;1.4 | &nbsp;&nbsp;12 | &nbsp;&nbsp;1.5 | &nbsp;&nbsp;63 | &nbsp;&nbsp;0.5 | &nbsp;&nbsp;64 | &nbsp;&nbsp;16 | &nbsp;&nbsp;13 | &nbsp;&nbsp;1.42 | &nbsp;&nbsp;0.54 | &nbsp;&nbsp;42 | &nbsp;&nbsp;3.3 |
| &nbsp;&nbsp;21-PT-042 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120723 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.3016 | &nbsp;&nbsp;1020 | &nbsp;&nbsp;33 | &nbsp;&nbsp;13.8 | &nbsp;&nbsp;3.4 | &nbsp;&nbsp;56 | &nbsp;&nbsp;5.5 | &nbsp;&nbsp;541 | &nbsp;&nbsp;1.51 | &nbsp;&nbsp;506 | &nbsp;&nbsp;141 | &nbsp;&nbsp;81 | &nbsp;&nbsp;6.62 | &nbsp;&nbsp;1.92 | &nbsp;&nbsp;147 | &nbsp;&nbsp;10.9 |
| &nbsp;&nbsp;21-PT-042 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120724 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.1358 | &nbsp;&nbsp;337 | &nbsp;&nbsp;28 | &nbsp;&nbsp;15.2 | &nbsp;&nbsp;2.5 | &nbsp;&nbsp;35 | &nbsp;&nbsp;5.1 | &nbsp;&nbsp;220 | &nbsp;&nbsp;1.43 | &nbsp;&nbsp;235 | &nbsp;&nbsp;63 | &nbsp;&nbsp;46 | &nbsp;&nbsp;4.73 | &nbsp;&nbsp;1.76 | &nbsp;&nbsp;145 | &nbsp;&nbsp;11.2 |
| &nbsp;&nbsp;21-PT-042 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120725 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0328 | &nbsp;&nbsp;86 | &nbsp;&nbsp;8 | &nbsp;&nbsp;4.2 | &nbsp;&nbsp;1.3 | &nbsp;&nbsp;9 | &nbsp;&nbsp;1.4 | &nbsp;&nbsp;46 | &nbsp;&nbsp;0.41 | &nbsp;&nbsp;46 | &nbsp;&nbsp;13 | &nbsp;&nbsp;10 | &nbsp;&nbsp;1.40 | &nbsp;&nbsp;0.48 | &nbsp;&nbsp;47 | &nbsp;&nbsp;3.4 |
| &nbsp;&nbsp;21-PT-042 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120726 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0245 | &nbsp;&nbsp;71 | &nbsp;&nbsp;6 | &nbsp;&nbsp;3.3 | &nbsp;&nbsp;1.4 | &nbsp;&nbsp;6 | &nbsp;&nbsp;1.2 | &nbsp;&nbsp;34 | &nbsp;&nbsp;0.38 | &nbsp;&nbsp;32 | &nbsp;&nbsp;9 | &nbsp;&nbsp;5 | &nbsp;&nbsp;0.94 | &nbsp;&nbsp;0.44 | &nbsp;&nbsp;34 | &nbsp;&nbsp;2.7 |
| &nbsp;&nbsp;21-PT-042 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;7.62 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120727 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0632 | &nbsp;&nbsp;221 | &nbsp;&nbsp;9 | &nbsp;&nbsp;3.7 | &nbsp;&nbsp;2.2 | &nbsp;&nbsp;12 | &nbsp;&nbsp;1.5 | &nbsp;&nbsp;100 | &nbsp;&nbsp;0.29 | &nbsp;&nbsp;100 | &nbsp;&nbsp;27 | &nbsp;&nbsp;16 | &nbsp;&nbsp;1.47 | &nbsp;&nbsp;0.49 | &nbsp;&nbsp;40 | &nbsp;&nbsp;2.3 |
| &nbsp;&nbsp;21-PT-043 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120728 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0539 | &nbsp;&nbsp;213 | &nbsp;&nbsp;8 | &nbsp;&nbsp;3.7 | &nbsp;&nbsp;0.9 | &nbsp;&nbsp;11 | &nbsp;&nbsp;1.3 | &nbsp;&nbsp;69 | &nbsp;&nbsp;0.49 | &nbsp;&nbsp;70 | &nbsp;&nbsp;19 | &nbsp;&nbsp;15 | &nbsp;&nbsp;1.44 | &nbsp;&nbsp;0.44 | &nbsp;&nbsp;41 | &nbsp;&nbsp;3.1 |
| &nbsp;&nbsp;21-PT-043 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;1 | &nbsp;&nbsp;E00120728DUP | &nbsp;&nbsp;Duplicate | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0616 | &nbsp;&nbsp;241 | &nbsp;&nbsp;9 | &nbsp;&nbsp;3.6 | &nbsp;&nbsp;1.0 | &nbsp;&nbsp;12 | &nbsp;&nbsp;1.7 | &nbsp;&nbsp;81 | &nbsp;&nbsp;0.32 | &nbsp;&nbsp;87 | &nbsp;&nbsp;23 | &nbsp;&nbsp;18 | &nbsp;&nbsp;1.98 | &nbsp;&nbsp;0.42 | &nbsp;&nbsp;40 | &nbsp;&nbsp;2.9 |
| &nbsp;&nbsp;21-PT-043 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120729 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.1225 | &nbsp;&nbsp;408 | &nbsp;&nbsp;19 | &nbsp;&nbsp;7.6 | &nbsp;&nbsp;1.5 | &nbsp;&nbsp;28 | &nbsp;&nbsp;3.0 | &nbsp;&nbsp;188 | &nbsp;&nbsp;0.69 | &nbsp;&nbsp;201 | &nbsp;&nbsp;56 | &nbsp;&nbsp;39 | &nbsp;&nbsp;3.59 | &nbsp;&nbsp;0.87 | &nbsp;&nbsp;81 | &nbsp;&nbsp;5.4 |
| &nbsp;&nbsp;21-PT-043 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120730 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0594 | &nbsp;&nbsp;137 | &nbsp;&nbsp;11 | &nbsp;&nbsp;5.4 | &nbsp;&nbsp;2.1 | &nbsp;&nbsp;17 | &nbsp;&nbsp;1.9 | &nbsp;&nbsp;105 | &nbsp;&nbsp;0.53 | &nbsp;&nbsp;109 | &nbsp;&nbsp;31 | &nbsp;&nbsp;22 | &nbsp;&nbsp;2.31 | &nbsp;&nbsp;0.64 | &nbsp;&nbsp;55 | &nbsp;&nbsp;4.1 |
| &nbsp;&nbsp;21-PT-044 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120731 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.1717 | &nbsp;&nbsp;652 | &nbsp;&nbsp;17 | &nbsp;&nbsp;7.2 | &nbsp;&nbsp;1.5 | &nbsp;&nbsp;29 | &nbsp;&nbsp;2.8 | &nbsp;&nbsp;296 | &nbsp;&nbsp;0.5 | &nbsp;&nbsp;258 | &nbsp;&nbsp;74 | &nbsp;&nbsp;41 | &nbsp;&nbsp;3.52 | &nbsp;&nbsp;0.79 | &nbsp;&nbsp;73 | &nbsp;&nbsp;5.0 |
| &nbsp;&nbsp;21-PT-044 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120732 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0215 | &nbsp;&nbsp;60 | &nbsp;&nbsp;5 | &nbsp;&nbsp;2.5 | &nbsp;&nbsp;0.8 | &nbsp;&nbsp;5 | &nbsp;&nbsp;0.8 | &nbsp;&nbsp;33 | &nbsp;&nbsp;0.2 | &nbsp;&nbsp;34 | &nbsp;&nbsp;9 | &nbsp;&nbsp;7 | &nbsp;&nbsp;0.75 | &nbsp;&nbsp;0.23 | &nbsp;&nbsp;23 | &nbsp;&nbsp;1.7 |
| &nbsp;&nbsp;21-PT-044 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120733 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0285 | &nbsp;&nbsp;46 | &nbsp;&nbsp;7 | &nbsp;&nbsp;3.8 | &nbsp;&nbsp;1.3 | &nbsp;&nbsp;8 | &nbsp;&nbsp;1.6 | &nbsp;&nbsp;53 | &nbsp;&nbsp;0.37 | &nbsp;&nbsp;51 | &nbsp;&nbsp;15 | &nbsp;&nbsp;10 | &nbsp;&nbsp;1.20 | &nbsp;&nbsp;0.45 | &nbsp;&nbsp;40 | &nbsp;&nbsp;2.8 |
| &nbsp;&nbsp;21-PT-044 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120734 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0578 | &nbsp;&nbsp;181 | &nbsp;&nbsp;12 | &nbsp;&nbsp;5.3 | &nbsp;&nbsp;1.4 | &nbsp;&nbsp;14 | &nbsp;&nbsp;1.9 | &nbsp;&nbsp;89 | &nbsp;&nbsp;0.69 | &nbsp;&nbsp;78 | &nbsp;&nbsp;22 | &nbsp;&nbsp;16 | &nbsp;&nbsp;2.12 | &nbsp;&nbsp;0.71 | &nbsp;&nbsp;60 | &nbsp;&nbsp;4.6 |
| &nbsp;&nbsp;21-PT-044 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;7.62 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120735 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0698 | &nbsp;&nbsp;242 | &nbsp;&nbsp;11 | &nbsp;&nbsp;4.0 | &nbsp;&nbsp;1.2 | &nbsp;&nbsp;16 | &nbsp;&nbsp;1.8 | &nbsp;&nbsp;109 | &nbsp;&nbsp;0.38 | &nbsp;&nbsp;106 | &nbsp;&nbsp;29 | &nbsp;&nbsp;21 | &nbsp;&nbsp;2.20 | &nbsp;&nbsp;0.40 | &nbsp;&nbsp;46 | &nbsp;&nbsp;2.9 |
| &nbsp;&nbsp;21-PT-044 | &nbsp;&nbsp;7.62 | &nbsp;&nbsp;9.14 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120736 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0494 | &nbsp;&nbsp;162 | &nbsp;&nbsp;9 | &nbsp;&nbsp;4.2 | &nbsp;&nbsp;1.3 | &nbsp;&nbsp;13 | &nbsp;&nbsp;1.4 | &nbsp;&nbsp;73 | &nbsp;&nbsp;0.35 | &nbsp;&nbsp;73 | &nbsp;&nbsp;20 | &nbsp;&nbsp;15 | &nbsp;&nbsp;1.77 | &nbsp;&nbsp;0.46 | &nbsp;&nbsp;42 | &nbsp;&nbsp;2.4 |
| &nbsp;&nbsp;21-PT-045 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120737 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.1000 | &nbsp;&nbsp;347 | &nbsp;&nbsp;15 | &nbsp;&nbsp;8.1 | &nbsp;&nbsp;1.1 | &nbsp;&nbsp;23 | &nbsp;&nbsp;3.1 | &nbsp;&nbsp;134 | &nbsp;&nbsp;0.89 | &nbsp;&nbsp;151 | &nbsp;&nbsp;41 | &nbsp;&nbsp;26 | &nbsp;&nbsp;2.95 | &nbsp;&nbsp;1.05 | &nbsp;&nbsp;89 | &nbsp;&nbsp;5.5 |
| &nbsp;&nbsp;21-PT-045 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120738 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0234 | &nbsp;&nbsp;72 | &nbsp;&nbsp;6 | &nbsp;&nbsp;2.7 | &nbsp;&nbsp;0.8 | &nbsp;&nbsp;5 | &nbsp;&nbsp;1.0 | &nbsp;&nbsp;34 | &nbsp;&nbsp;0.29 | &nbsp;&nbsp;28 | &nbsp;&nbsp;8 | &nbsp;&nbsp;5 | &nbsp;&nbsp;0.93 | &nbsp;&nbsp;0.30 | &nbsp;&nbsp;32 | &nbsp;&nbsp;2.1 |
| &nbsp;&nbsp;21-PT-045 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;4.27 | &nbsp;&nbsp;1.22 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120739 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0374 | &nbsp;&nbsp;77 | &nbsp;&nbsp;12 | &nbsp;&nbsp;7.5 | &nbsp;&nbsp;1.6 | &nbsp;&nbsp;10 | &nbsp;&nbsp;2.4 | &nbsp;&nbsp;47 | &nbsp;&nbsp;0.71 | &nbsp;&nbsp;49 | &nbsp;&nbsp;12 | &nbsp;&nbsp;10 | &nbsp;&nbsp;1.69 | &nbsp;&nbsp;0.90 | &nbsp;&nbsp;77 | &nbsp;&nbsp;5.5 |
| &nbsp;&nbsp;21-PT-046 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120740 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.1029 | &nbsp;&nbsp;398 | &nbsp;&nbsp;11 | &nbsp;&nbsp;5.4 | &nbsp;&nbsp;1.2 | &nbsp;&nbsp;18 | &nbsp;&nbsp;2.1 | &nbsp;&nbsp;151 | &nbsp;&nbsp;0.43 | &nbsp;&nbsp;158 | &nbsp;&nbsp;45 | &nbsp;&nbsp;26 | &nbsp;&nbsp;2.15 | &nbsp;&nbsp;0.71 | &nbsp;&nbsp;53 | &nbsp;&nbsp;4.6 |
| &nbsp;&nbsp;21-PT-046 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120741 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0468 | &nbsp;&nbsp;156 | &nbsp;&nbsp;7 | &nbsp;&nbsp;2.5 | &nbsp;&nbsp;1.3 | &nbsp;&nbsp;8 | &nbsp;&nbsp;1.2 | &nbsp;&nbsp;81 | &nbsp;&nbsp;0.23 | &nbsp;&nbsp;71 | &nbsp;&nbsp;22 | &nbsp;&nbsp;12 | &nbsp;&nbsp;1.22 | &nbsp;&nbsp;0.40 | &nbsp;&nbsp;32 | &nbsp;&nbsp;2.0 |
| &nbsp;&nbsp;21-PT-046 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120742 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0703 | &nbsp;&nbsp;182 | &nbsp;&nbsp;10 | &nbsp;&nbsp;5.0 | &nbsp;&nbsp;2.1 | &nbsp;&nbsp;16 | &nbsp;&nbsp;2.0 | &nbsp;&nbsp;118 | &nbsp;&nbsp;0.64 | &nbsp;&nbsp;138 | &nbsp;&nbsp;38 | &nbsp;&nbsp;25 | &nbsp;&nbsp;2.05 | &nbsp;&nbsp;0.76 | &nbsp;&nbsp;52 | &nbsp;&nbsp;5.2 |

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SLV0163 – Technical Report Summary Shiloh Project, Georgia 92 November 2025

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|:---|:---|
| **Technical Report Summary** | ![img77526612_55.jpg](img77526612_55.jpg) |

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| | | | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  |  |  | &nbsp;&nbsp;**Method** | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  |
|  |  |  |  |  |  |  |  | &nbsp;&nbsp;**Analyte** | &nbsp;&nbsp;**Ce** | &nbsp;&nbsp;**Dy** | &nbsp;&nbsp;**Er** | &nbsp;&nbsp;**Eu** | &nbsp;&nbsp;**Gd** | &nbsp;&nbsp;**Ho** | &nbsp;&nbsp;**La** | &nbsp;&nbsp;**Lu** | &nbsp;&nbsp;**Nd** | &nbsp;&nbsp;**Pr** | &nbsp;&nbsp;**Sm** | &nbsp;&nbsp;**Tb** | &nbsp;&nbsp;**Tm** | &nbsp;&nbsp;**Y** | &nbsp;&nbsp;**Yb** |
|  |  |  |  |  |  |  |  | &nbsp;&nbsp;**Units** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** |
|  |  |  |  |  |  |  |  | &nbsp;&nbsp;**Detection Limit** | &nbsp;&nbsp;**3** | &nbsp;&nbsp;**0.3** | &nbsp;&nbsp;**0.2** | &nbsp;&nbsp;**0.2** | &nbsp;&nbsp;**0.3** | &nbsp;&nbsp;**0.05** | &nbsp;&nbsp;**3** | &nbsp;&nbsp;**0.05 / 0.5** | &nbsp;&nbsp;**0.5** | &nbsp;&nbsp;**0.2** | &nbsp;&nbsp;**0.2** | &nbsp;&nbsp;**0.05** | &nbsp;&nbsp;**0.05 / 0.3** | &nbsp;&nbsp;**3** | &nbsp;&nbsp;**0.2** |
|  |  |  |  |  |  |  |  | &nbsp;&nbsp;**Upper Limit** | &nbsp;&nbsp;**50000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**50000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**50000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**50000** | &nbsp;&nbsp;**5000** |
| &nbsp;&nbsp;**Hole ID** | &nbsp;&nbsp;**From <br>(m)** | &nbsp;&nbsp;**To<br>(m)** | &nbsp;&nbsp;**Interval <br>(m)** | &nbsp;&nbsp;**Duplicate** | &nbsp;&nbsp;**Sample Number** | &nbsp;&nbsp;**Sample <br>Type** | &nbsp;&nbsp;**Sample <br>Details** | &nbsp;&nbsp;**TREO (%)** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** |
| &nbsp;&nbsp;21-PT-046 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120743 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.1844 | &nbsp;&nbsp;576 | &nbsp;&nbsp;20 | &nbsp;&nbsp;8.8 | &nbsp;&nbsp;4.6 | &nbsp;&nbsp;35 | &nbsp;&nbsp;3.3 | &nbsp;&nbsp;322 | &nbsp;&nbsp;0.96 | &nbsp;&nbsp;349 | &nbsp;&nbsp;97 | &nbsp;&nbsp;57 | &nbsp;&nbsp;4.21 | &nbsp;&nbsp;1.13 | &nbsp;&nbsp;85 | &nbsp;&nbsp;7.5 |
| &nbsp;&nbsp;21-PT-046 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;6.4 | &nbsp;&nbsp;0.3 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120744 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0964 | &nbsp;&nbsp;279 | &nbsp;&nbsp;19 | &nbsp;&nbsp;8.9 | &nbsp;&nbsp;3.2 | &nbsp;&nbsp;28 | &nbsp;&nbsp;3.4 | &nbsp;&nbsp;129 | &nbsp;&nbsp;1.16 | &nbsp;&nbsp;164 | &nbsp;&nbsp;43 | &nbsp;&nbsp;35 | &nbsp;&nbsp;3.59 | &nbsp;&nbsp;1.30 | &nbsp;&nbsp;92 | &nbsp;&nbsp;9.2 |
| &nbsp;&nbsp;21-PT-047 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120745 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0474 | &nbsp;&nbsp;153 | &nbsp;&nbsp;8 | &nbsp;&nbsp;3.3 | &nbsp;&nbsp;1.2 | &nbsp;&nbsp;12 | &nbsp;&nbsp;1.3 | &nbsp;&nbsp;71 | &nbsp;&nbsp;0.36 | &nbsp;&nbsp;75 | &nbsp;&nbsp;20 | &nbsp;&nbsp;16 | &nbsp;&nbsp;1.62 | &nbsp;&nbsp;0.51 | &nbsp;&nbsp;36 | &nbsp;&nbsp;3.1 |
| &nbsp;&nbsp;21-PT-047 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120746 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0418 | &nbsp;&nbsp;143 | &nbsp;&nbsp;6 | &nbsp;&nbsp;2.8 | &nbsp;&nbsp;0.9 | &nbsp;&nbsp;10 | &nbsp;&nbsp;1.0 | &nbsp;&nbsp;64 | &nbsp;&nbsp;0.25 | &nbsp;&nbsp;63 | &nbsp;&nbsp;18 | &nbsp;&nbsp;14 | &nbsp;&nbsp;1.18 | &nbsp;&nbsp;0.32 | &nbsp;&nbsp;29 | &nbsp;&nbsp;2.5 |
| &nbsp;&nbsp;21-PT-047 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120747 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0738 | &nbsp;&nbsp;214 | &nbsp;&nbsp;13 | &nbsp;&nbsp;6.2 | &nbsp;&nbsp;2.0 | &nbsp;&nbsp;20 | &nbsp;&nbsp;2.5 | &nbsp;&nbsp;108 | &nbsp;&nbsp;0.92 | &nbsp;&nbsp;119 | &nbsp;&nbsp;33 | &nbsp;&nbsp;24 | &nbsp;&nbsp;2.54 | &nbsp;&nbsp;0.94 | &nbsp;&nbsp;73 | &nbsp;&nbsp;6.4 |
| &nbsp;&nbsp;21-PT-047 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120748 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0478 | &nbsp;&nbsp;134 | &nbsp;&nbsp;10 | &nbsp;&nbsp;5.7 | &nbsp;&nbsp;1.2 | &nbsp;&nbsp;12 | &nbsp;&nbsp;2.1 | &nbsp;&nbsp;66 | &nbsp;&nbsp;0.73 | &nbsp;&nbsp;62 | &nbsp;&nbsp;18 | &nbsp;&nbsp;14 | &nbsp;&nbsp;1.84 | &nbsp;&nbsp;0.81 | &nbsp;&nbsp;70 | &nbsp;&nbsp;5.9 |
| &nbsp;&nbsp;21-PT-047 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;7.62 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120749 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0728 | &nbsp;&nbsp;243 | &nbsp;&nbsp;10 | &nbsp;&nbsp;5.6 | &nbsp;&nbsp;1.5 | &nbsp;&nbsp;14 | &nbsp;&nbsp;2.1 | &nbsp;&nbsp;112 | &nbsp;&nbsp;0.7 | &nbsp;&nbsp;111 | &nbsp;&nbsp;31 | &nbsp;&nbsp;20 | &nbsp;&nbsp;1.81 | &nbsp;&nbsp;0.82 | &nbsp;&nbsp;59 | &nbsp;&nbsp;5.7 |
| &nbsp;&nbsp;21-PT-047 | &nbsp;&nbsp;7.62 | &nbsp;&nbsp;9.14 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120750 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0471 | &nbsp;&nbsp;157 | &nbsp;&nbsp;7 | &nbsp;&nbsp;3.8 | &nbsp;&nbsp;0.8 | &nbsp;&nbsp;9 | &nbsp;&nbsp;1.3 | &nbsp;&nbsp;74 | &nbsp;&nbsp;0.51 | &nbsp;&nbsp;69 | &nbsp;&nbsp;20 | &nbsp;&nbsp;13 | &nbsp;&nbsp;1.31 | &nbsp;&nbsp;0.45 | &nbsp;&nbsp;39 | &nbsp;&nbsp;3.3 |
| &nbsp;&nbsp;21-PT-047 | &nbsp;&nbsp;9.14 | &nbsp;&nbsp;10.36 | &nbsp;&nbsp;1.22 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120752 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0411 | &nbsp;&nbsp;132 | &nbsp;&nbsp;7 | &nbsp;&nbsp;3.3 | &nbsp;&nbsp;1.1 | &nbsp;&nbsp;10 | &nbsp;&nbsp;1.2 | &nbsp;&nbsp;64 | &nbsp;&nbsp;0.41 | &nbsp;&nbsp;58 | &nbsp;&nbsp;16 | &nbsp;&nbsp;13 | &nbsp;&nbsp;1.34 | &nbsp;&nbsp;0.43 | &nbsp;&nbsp;38 | &nbsp;&nbsp;3.4 |
| &nbsp;&nbsp;21-PT-048 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120753 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0425 | &nbsp;&nbsp;172 | &nbsp;&nbsp;5 | &nbsp;&nbsp;2.3 | &nbsp;&nbsp;0.6 | &nbsp;&nbsp;8 | &nbsp;&nbsp;0.9 | &nbsp;&nbsp;61 | &nbsp;&nbsp;0.27 | &nbsp;&nbsp;55 | &nbsp;&nbsp;17 | &nbsp;&nbsp;11 | &nbsp;&nbsp;1.14 | &nbsp;&nbsp;0.33 | &nbsp;&nbsp;26 | &nbsp;&nbsp;1.9 |
| &nbsp;&nbsp;21-PT-048 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120754 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0612 | &nbsp;&nbsp;194 | &nbsp;&nbsp;8 | &nbsp;&nbsp;3.8 | &nbsp;&nbsp;1.2 | &nbsp;&nbsp;14 | &nbsp;&nbsp;1.4 | &nbsp;&nbsp;100 | &nbsp;&nbsp;0.33 | &nbsp;&nbsp;106 | &nbsp;&nbsp;29 | &nbsp;&nbsp;21 | &nbsp;&nbsp;1.68 | &nbsp;&nbsp;0.45 | &nbsp;&nbsp;37 | &nbsp;&nbsp;3.1 |
| &nbsp;&nbsp;21-PT-048 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120755 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0694 | &nbsp;&nbsp;167 | &nbsp;&nbsp;11 | &nbsp;&nbsp;5.5 | &nbsp;&nbsp;2.2 | &nbsp;&nbsp;19 | &nbsp;&nbsp;2.1 | &nbsp;&nbsp;120 | &nbsp;&nbsp;0.72 | &nbsp;&nbsp;137 | &nbsp;&nbsp;37 | &nbsp;&nbsp;26 | &nbsp;&nbsp;2.27 | &nbsp;&nbsp;0.72 | &nbsp;&nbsp;54 | &nbsp;&nbsp;4.8 |
| &nbsp;&nbsp;21-PT-048 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;5.49 | &nbsp;&nbsp;0.91 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120756 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0640 | &nbsp;&nbsp;148 | &nbsp;&nbsp;13 | &nbsp;&nbsp;7.3 | &nbsp;&nbsp;2.7 | &nbsp;&nbsp;21 | &nbsp;&nbsp;2.7 | &nbsp;&nbsp;100 | &nbsp;&nbsp;0.88 | &nbsp;&nbsp;107 | &nbsp;&nbsp;29 | &nbsp;&nbsp;24 | &nbsp;&nbsp;2.74 | &nbsp;&nbsp;1.01 | &nbsp;&nbsp;75 | &nbsp;&nbsp;7.4 |
| &nbsp;&nbsp;21-PT-049 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120757 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0432 | &nbsp;&nbsp;165 | &nbsp;&nbsp;5 | &nbsp;&nbsp;2.2 | &nbsp;&nbsp;0.7 | &nbsp;&nbsp;9 | &nbsp;&nbsp;0.8 | &nbsp;&nbsp;65 | &nbsp;&nbsp;0.27 | &nbsp;&nbsp;60 | &nbsp;&nbsp;18 | &nbsp;&nbsp;12 | &nbsp;&nbsp;1.21 | &nbsp;&nbsp;0.30 | &nbsp;&nbsp;26 | &nbsp;&nbsp;1.8 |
| &nbsp;&nbsp;21-PT-049 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120758 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0505 | &nbsp;&nbsp;183 | &nbsp;&nbsp;5 | &nbsp;&nbsp;2.5 | &nbsp;&nbsp;0.9 | &nbsp;&nbsp;10 | &nbsp;&nbsp;1.0 | &nbsp;&nbsp;81 | &nbsp;&nbsp;0.31 | &nbsp;&nbsp;75 | &nbsp;&nbsp;22 | &nbsp;&nbsp;16 | &nbsp;&nbsp;1.08 | &nbsp;&nbsp;0.31 | &nbsp;&nbsp;28 | &nbsp;&nbsp;2.2 |
| &nbsp;&nbsp;21-PT-049 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120759 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0578 | &nbsp;&nbsp;170 | &nbsp;&nbsp;7 | &nbsp;&nbsp;3.0 | &nbsp;&nbsp;1.6 | &nbsp;&nbsp;13 | &nbsp;&nbsp;1.3 | &nbsp;&nbsp;104 | &nbsp;&nbsp;0.3 | &nbsp;&nbsp;104 | &nbsp;&nbsp;30 | &nbsp;&nbsp;20 | &nbsp;&nbsp;1.59 | &nbsp;&nbsp;0.40 | &nbsp;&nbsp;33 | &nbsp;&nbsp;2.6 |
| &nbsp;&nbsp;21-PT-050 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120760 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0362 | &nbsp;&nbsp;128 | &nbsp;&nbsp;7 | &nbsp;&nbsp;2.8 | &nbsp;&nbsp;0.6 | &nbsp;&nbsp;8 | &nbsp;&nbsp;1.1 | &nbsp;&nbsp;47 | &nbsp;&nbsp;0.19 | &nbsp;&nbsp;48 | &nbsp;&nbsp;14 | &nbsp;&nbsp;12 | &nbsp;&nbsp;1.31 | &nbsp;&nbsp;0.29 | &nbsp;&nbsp;36 | &nbsp;&nbsp;2.0 |
| &nbsp;&nbsp;21-PT-050 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120761 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0917 | &nbsp;&nbsp;344 | &nbsp;&nbsp;14 | &nbsp;&nbsp;4.7 | &nbsp;&nbsp;1.0 | &nbsp;&nbsp;24 | &nbsp;&nbsp;2.2 | &nbsp;&nbsp;118 | &nbsp;&nbsp;0.3 | &nbsp;&nbsp;135 | &nbsp;&nbsp;38 | &nbsp;&nbsp;31 | &nbsp;&nbsp;3.24 | &nbsp;&nbsp;0.52 | &nbsp;&nbsp;63 | &nbsp;&nbsp;2.6 |
| &nbsp;&nbsp;21-PT-050 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120762 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0634 | &nbsp;&nbsp;168 | &nbsp;&nbsp;10 | &nbsp;&nbsp;3.5 | &nbsp;&nbsp;1.6 | &nbsp;&nbsp;16 | &nbsp;&nbsp;1.5 | &nbsp;&nbsp;105 | &nbsp;&nbsp;0.35 | &nbsp;&nbsp;127 | &nbsp;&nbsp;35 | &nbsp;&nbsp;25 | &nbsp;&nbsp;2.15 | &nbsp;&nbsp;0.51 | &nbsp;&nbsp;41 | &nbsp;&nbsp;2.8 |
| &nbsp;&nbsp;21-PT-050 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120763 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.1441 | &nbsp;&nbsp;357 | &nbsp;&nbsp;27 | &nbsp;&nbsp;14.6 | &nbsp;&nbsp;6.3 | &nbsp;&nbsp;42 | &nbsp;&nbsp;5.4 | &nbsp;&nbsp;212 | &nbsp;&nbsp;1.75 | &nbsp;&nbsp;269 | &nbsp;&nbsp;69 | &nbsp;&nbsp;53 | &nbsp;&nbsp;5.09 | &nbsp;&nbsp;2.14 | &nbsp;&nbsp;143 | &nbsp;&nbsp;14.9 |
| &nbsp;&nbsp;21-PT-050 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;7.62 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120764 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.1572 | &nbsp;&nbsp;430 | &nbsp;&nbsp;31 | &nbsp;&nbsp;15.9 | &nbsp;&nbsp;5.3 | &nbsp;&nbsp;40 | &nbsp;&nbsp;6.0 | &nbsp;&nbsp;226 | &nbsp;&nbsp;1.94 | &nbsp;&nbsp;269 | &nbsp;&nbsp;71 | &nbsp;&nbsp;51 | &nbsp;&nbsp;5.75 | &nbsp;&nbsp;2.19 | &nbsp;&nbsp;162 | &nbsp;&nbsp;15.6 |
| &nbsp;&nbsp;21-PT-051 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120765 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0518 | &nbsp;&nbsp;189 | &nbsp;&nbsp;7 | &nbsp;&nbsp;3.4 | &nbsp;&nbsp;0.6 | &nbsp;&nbsp;11 | &nbsp;&nbsp;1.4 | &nbsp;&nbsp;75 | &nbsp;&nbsp;0.35 | &nbsp;&nbsp;74 | &nbsp;&nbsp;21 | &nbsp;&nbsp;14 | &nbsp;&nbsp;1.34 | &nbsp;&nbsp;0.48 | &nbsp;&nbsp;38 | &nbsp;&nbsp;3.3 |
| &nbsp;&nbsp;21-PT-051 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120766 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0545 | &nbsp;&nbsp;249 | &nbsp;&nbsp;5 | &nbsp;&nbsp;1.6 | &nbsp;&nbsp;0.6 | &nbsp;&nbsp;10 | &nbsp;&nbsp;0.8 | &nbsp;&nbsp;73 | &nbsp;&nbsp;0.17 | &nbsp;&nbsp;66 | &nbsp;&nbsp;20 | &nbsp;&nbsp;15 | &nbsp;&nbsp;1.14 | &nbsp;&nbsp;0.28 | &nbsp;&nbsp;21 | &nbsp;&nbsp;1.6 |
| &nbsp;&nbsp;21-PT-051 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120767 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0658 | &nbsp;&nbsp;98 | &nbsp;&nbsp;14 | &nbsp;&nbsp;6.5 | &nbsp;&nbsp;3.1 | &nbsp;&nbsp;20 | &nbsp;&nbsp;2.5 | &nbsp;&nbsp;120 | &nbsp;&nbsp;0.85 | &nbsp;&nbsp;151 | &nbsp;&nbsp;40 | &nbsp;&nbsp;29 | &nbsp;&nbsp;2.62 | &nbsp;&nbsp;1.00 | &nbsp;&nbsp;64 | &nbsp;&nbsp;6.4 |
| &nbsp;&nbsp;21-PT-051 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120768 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0533 | &nbsp;&nbsp;198 | &nbsp;&nbsp;7 | &nbsp;&nbsp;2.3 | &nbsp;&nbsp;1.0 | &nbsp;&nbsp;10 | &nbsp;&nbsp;1.0 | &nbsp;&nbsp;83 | &nbsp;&nbsp;0.31 | &nbsp;&nbsp;81 | &nbsp;&nbsp;24 | &nbsp;&nbsp;15 | &nbsp;&nbsp;1.20 | &nbsp;&nbsp;0.31 | &nbsp;&nbsp;28 | &nbsp;&nbsp;1.8 |
| &nbsp;&nbsp;21-PT-052 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120769 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0327 | &nbsp;&nbsp;102 | &nbsp;&nbsp;4 | &nbsp;&nbsp;1.6 | &nbsp;&nbsp;0.9 | &nbsp;&nbsp;6 | &nbsp;&nbsp;0.7 | &nbsp;&nbsp;64 | &nbsp;&nbsp;0.15 | &nbsp;&nbsp;51 | &nbsp;&nbsp;16 | &nbsp;&nbsp;9 | &nbsp;&nbsp;0.96 | &nbsp;&nbsp;0.25 | &nbsp;&nbsp;20 | &nbsp;&nbsp;1.4 |
| &nbsp;&nbsp;21-PT-052 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120770 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0473 | &nbsp;&nbsp;210 | &nbsp;&nbsp;5 | &nbsp;&nbsp;1.8 | &nbsp;&nbsp;0.9 | &nbsp;&nbsp;8 | &nbsp;&nbsp;0.7 | &nbsp;&nbsp;63 | &nbsp;&nbsp;0.18 | &nbsp;&nbsp;63 | &nbsp;&nbsp;17 | &nbsp;&nbsp;12 | &nbsp;&nbsp;0.90 | &nbsp;&nbsp;0.20 | &nbsp;&nbsp;19 | &nbsp;&nbsp;1.6 |
| &nbsp;&nbsp;21-PT-052 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120771 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0538 | &nbsp;&nbsp;157 | &nbsp;&nbsp;7 | &nbsp;&nbsp;2.8 | &nbsp;&nbsp;1.5 | &nbsp;&nbsp;12 | &nbsp;&nbsp;1.2 | &nbsp;&nbsp;97 | &nbsp;&nbsp;0.26 | &nbsp;&nbsp;103 | &nbsp;&nbsp;28 | &nbsp;&nbsp;19 | &nbsp;&nbsp;1.44 | &nbsp;&nbsp;0.32 | &nbsp;&nbsp;27 | &nbsp;&nbsp;2.2 |
| &nbsp;&nbsp;21-PT-052 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;5.18 | &nbsp;&nbsp;0.61 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120772 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0738 | &nbsp;&nbsp;202 | &nbsp;&nbsp;9 | &nbsp;&nbsp;3.7 | &nbsp;&nbsp;2.1 | &nbsp;&nbsp;16 | &nbsp;&nbsp;1.6 | &nbsp;&nbsp;148 | &nbsp;&nbsp;0.47 | &nbsp;&nbsp;136 | &nbsp;&nbsp;39 | &nbsp;&nbsp;26 | &nbsp;&nbsp;2.13 | &nbsp;&nbsp;0.48 | &nbsp;&nbsp;39 | &nbsp;&nbsp;2.9 |
| &nbsp;&nbsp;21-PT-053 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120773 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0391 | &nbsp;&nbsp;142 | &nbsp;&nbsp;6 | &nbsp;&nbsp;2.5 | &nbsp;&nbsp;0.7 | &nbsp;&nbsp;9 | &nbsp;&nbsp;1.2 | &nbsp;&nbsp;59 | &nbsp;&nbsp;0.27 | &nbsp;&nbsp;55 | &nbsp;&nbsp;16 | &nbsp;&nbsp;11 | &nbsp;&nbsp;1.18 | &nbsp;&nbsp;0.31 | &nbsp;&nbsp;28 | &nbsp;&nbsp;1.8 |
| &nbsp;&nbsp;21-PT-053 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120774 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0583 | &nbsp;&nbsp;156 | &nbsp;&nbsp;8 | &nbsp;&nbsp;3.1 | &nbsp;&nbsp;1.7 | &nbsp;&nbsp;14 | &nbsp;&nbsp;1.3 | &nbsp;&nbsp;109 | &nbsp;&nbsp;0.35 | &nbsp;&nbsp;115 | &nbsp;&nbsp;31 | &nbsp;&nbsp;22 | &nbsp;&nbsp;1.74 | &nbsp;&nbsp;0.35 | &nbsp;&nbsp;31 | &nbsp;&nbsp;2.1 |
| &nbsp;&nbsp;21-PT-053 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120775 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0758 | &nbsp;&nbsp;195 | &nbsp;&nbsp;13 | &nbsp;&nbsp;5.1 | &nbsp;&nbsp;2.2 | &nbsp;&nbsp;19 | &nbsp;&nbsp;2.1 | &nbsp;&nbsp;138 | &nbsp;&nbsp;0.69 | &nbsp;&nbsp;141 | &nbsp;&nbsp;38 | &nbsp;&nbsp;29 | &nbsp;&nbsp;2.72 | &nbsp;&nbsp;0.69 | &nbsp;&nbsp;53 | &nbsp;&nbsp;4.1 |
| &nbsp;&nbsp;21-PT-053 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120776 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0570 | &nbsp;&nbsp;163 | &nbsp;&nbsp;11 | &nbsp;&nbsp;4.7 | &nbsp;&nbsp;1.6 | &nbsp;&nbsp;14 | &nbsp;&nbsp;2.0 | &nbsp;&nbsp;96 | &nbsp;&nbsp;0.55 | &nbsp;&nbsp;91 | &nbsp;&nbsp;26 | &nbsp;&nbsp;18 | &nbsp;&nbsp;2.19 | &nbsp;&nbsp;0.60 | &nbsp;&nbsp;49 | &nbsp;&nbsp;3.6 |

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SLV0163 – Technical Report Summary Shiloh Project, Georgia 93 November 2025

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| | |
|:---|:---|
| **Technical Report Summary** | ![img77526612_55.jpg](img77526612_55.jpg) |

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| | | | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  |  |  | &nbsp;&nbsp;**Method** | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  |
|  |  |  |  |  |  |  |  | &nbsp;&nbsp;**Analyte** | &nbsp;&nbsp;**Ce** | &nbsp;&nbsp;**Dy** | &nbsp;&nbsp;**Er** | &nbsp;&nbsp;**Eu** | &nbsp;&nbsp;**Gd** | &nbsp;&nbsp;**Ho** | &nbsp;&nbsp;**La** | &nbsp;&nbsp;**Lu** | &nbsp;&nbsp;**Nd** | &nbsp;&nbsp;**Pr** | &nbsp;&nbsp;**Sm** | &nbsp;&nbsp;**Tb** | &nbsp;&nbsp;**Tm** | &nbsp;&nbsp;**Y** | &nbsp;&nbsp;**Yb** |
|  |  |  |  |  |  |  |  | &nbsp;&nbsp;**Units** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** |
|  |  |  |  |  |  |  |  | &nbsp;&nbsp;**Detection Limit** | &nbsp;&nbsp;**3** | &nbsp;&nbsp;**0.3** | &nbsp;&nbsp;**0.2** | &nbsp;&nbsp;**0.2** | &nbsp;&nbsp;**0.3** | &nbsp;&nbsp;**0.05** | &nbsp;&nbsp;**3** | &nbsp;&nbsp;**0.05 / 0.5** | &nbsp;&nbsp;**0.5** | &nbsp;&nbsp;**0.2** | &nbsp;&nbsp;**0.2** | &nbsp;&nbsp;**0.05** | &nbsp;&nbsp;**0.05 / 0.3** | &nbsp;&nbsp;**3** | &nbsp;&nbsp;**0.2** |
|  |  |  |  |  |  |  |  | &nbsp;&nbsp;**Upper Limit** | &nbsp;&nbsp;**50000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**50000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**50000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**50000** | &nbsp;&nbsp;**5000** |
| &nbsp;&nbsp;**Hole ID** | &nbsp;&nbsp;**From <br>(m)** | &nbsp;&nbsp;**To<br>(m)** | &nbsp;&nbsp;**Interval <br>(m)** | &nbsp;&nbsp;**Duplicate** | &nbsp;&nbsp;**Sample Number** | &nbsp;&nbsp;**Sample <br>Type** | &nbsp;&nbsp;**Sample <br>Details** | &nbsp;&nbsp;**TREO (%)** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** |
| &nbsp;&nbsp;21-PT-053 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;7.32 | &nbsp;&nbsp;1.22 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120777 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0564 | &nbsp;&nbsp;193 | &nbsp;&nbsp;9 | &nbsp;&nbsp;3.5 | &nbsp;&nbsp;1.1 | &nbsp;&nbsp;12 | &nbsp;&nbsp;1.6 | &nbsp;&nbsp;93 | &nbsp;&nbsp;0.35 | &nbsp;&nbsp;84 | &nbsp;&nbsp;25 | &nbsp;&nbsp;17 | &nbsp;&nbsp;1.75 | &nbsp;&nbsp;0.43 | &nbsp;&nbsp;36 | &nbsp;&nbsp;2.1 |
| &nbsp;&nbsp;21-PT-054 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120778 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0979 | &nbsp;&nbsp;382 | &nbsp;&nbsp;11 | &nbsp;&nbsp;3.8 | &nbsp;&nbsp;1.0 | &nbsp;&nbsp;20 | &nbsp;&nbsp;1.8 | &nbsp;&nbsp;143 | &nbsp;&nbsp;0.39 | &nbsp;&nbsp;152 | &nbsp;&nbsp;41 | &nbsp;&nbsp;31 | &nbsp;&nbsp;2.68 | &nbsp;&nbsp;0.39 | &nbsp;&nbsp;41 | &nbsp;&nbsp;2.5 |
| &nbsp;&nbsp;21-PT-054 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;2.74 | &nbsp;&nbsp;1.22 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120779 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0754 | &nbsp;&nbsp;238 | &nbsp;&nbsp;10 | &nbsp;&nbsp;3.9 | &nbsp;&nbsp;1.6 | &nbsp;&nbsp;16 | &nbsp;&nbsp;1.7 | &nbsp;&nbsp;128 | &nbsp;&nbsp;0.47 | &nbsp;&nbsp;132 | &nbsp;&nbsp;37 | &nbsp;&nbsp;28 | &nbsp;&nbsp;2.11 | &nbsp;&nbsp;0.43 | &nbsp;&nbsp;40 | &nbsp;&nbsp;3.1 |
| &nbsp;&nbsp;21-PT-055 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120780 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0486 | &nbsp;&nbsp;184 | &nbsp;&nbsp;6 | &nbsp;&nbsp;2.1 | &nbsp;&nbsp;0.8 | &nbsp;&nbsp;9 | &nbsp;&nbsp;0.9 | &nbsp;&nbsp;79 | &nbsp;&nbsp;0.18 | &nbsp;&nbsp;71 | &nbsp;&nbsp;21 | &nbsp;&nbsp;15 | &nbsp;&nbsp;1.24 | &nbsp;&nbsp;0.28 | &nbsp;&nbsp;22 | &nbsp;&nbsp;1.6 |
| &nbsp;&nbsp;21-PT-055 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120781 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0632 | &nbsp;&nbsp;227 | &nbsp;&nbsp;8 | &nbsp;&nbsp;2.9 | &nbsp;&nbsp;1.2 | &nbsp;&nbsp;12 | &nbsp;&nbsp;1.3 | &nbsp;&nbsp;104 | &nbsp;&nbsp;0.33 | &nbsp;&nbsp;99 | &nbsp;&nbsp;28 | &nbsp;&nbsp;19 | &nbsp;&nbsp;1.61 | &nbsp;&nbsp;0.41 | &nbsp;&nbsp;31 | &nbsp;&nbsp;2.2 |
| &nbsp;&nbsp;21-PT-055 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;3.96 | &nbsp;&nbsp;0.91 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120782 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0570 | &nbsp;&nbsp;183 | &nbsp;&nbsp;7 | &nbsp;&nbsp;3.4 | &nbsp;&nbsp;1.4 | &nbsp;&nbsp;13 | &nbsp;&nbsp;1.3 | &nbsp;&nbsp;100 | &nbsp;&nbsp;0.32 | &nbsp;&nbsp;93 | &nbsp;&nbsp;26 | &nbsp;&nbsp;19 | &nbsp;&nbsp;1.70 | &nbsp;&nbsp;0.39 | &nbsp;&nbsp;33 | &nbsp;&nbsp;2.1 |
| &nbsp;&nbsp;21-PT-057 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;7.62 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120811 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0381 | &nbsp;&nbsp;102 | &nbsp;&nbsp;11 | &nbsp;&nbsp;5.9 | &nbsp;&nbsp;0.9 | &nbsp;&nbsp;10 | &nbsp;&nbsp;2.3 | &nbsp;&nbsp;45 | &nbsp;&nbsp;0.48 | &nbsp;&nbsp;48 | &nbsp;&nbsp;13 | &nbsp;&nbsp;10 | &nbsp;&nbsp;1.82 | &nbsp;&nbsp;0.76 | &nbsp;&nbsp;65 | &nbsp;&nbsp;4.6 |
| &nbsp;&nbsp;21-PT-057 | &nbsp;&nbsp;7.62 | &nbsp;&nbsp;8.23 | &nbsp;&nbsp;0.61 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120812 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0320 | &nbsp;&nbsp;67 | &nbsp;&nbsp;13 | &nbsp;&nbsp;8.5 | &nbsp;&nbsp;0.8 | &nbsp;&nbsp;8 | &nbsp;&nbsp;2.6 | &nbsp;&nbsp;28 | &nbsp;&nbsp;0.71 | &nbsp;&nbsp;29 | &nbsp;&nbsp;8 | &nbsp;&nbsp;7 | &nbsp;&nbsp;1.82 | &nbsp;&nbsp;0.96 | &nbsp;&nbsp;86 | &nbsp;&nbsp;5.8 |
| &nbsp;&nbsp;21-PT-058 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120814 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.1172 | &nbsp;&nbsp;384 | &nbsp;&nbsp;21 | &nbsp;&nbsp;12.5 | &nbsp;&nbsp;1.7 | &nbsp;&nbsp;27 | &nbsp;&nbsp;4.4 | &nbsp;&nbsp;152 | &nbsp;&nbsp;1.49 | &nbsp;&nbsp;177 | &nbsp;&nbsp;47 | &nbsp;&nbsp;36 | &nbsp;&nbsp;3.73 | &nbsp;&nbsp;1.61 | &nbsp;&nbsp;115 | &nbsp;&nbsp;10.6 |
| &nbsp;&nbsp;21-PT-058 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120815 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0682 | &nbsp;&nbsp;195 | &nbsp;&nbsp;15 | &nbsp;&nbsp;8.8 | &nbsp;&nbsp;1.5 | &nbsp;&nbsp;16 | &nbsp;&nbsp;3.0 | &nbsp;&nbsp;94 | &nbsp;&nbsp;1.17 | &nbsp;&nbsp;104 | &nbsp;&nbsp;28 | &nbsp;&nbsp;21 | &nbsp;&nbsp;2.54 | &nbsp;&nbsp;1.19 | &nbsp;&nbsp;79 | &nbsp;&nbsp;7.7 |
| &nbsp;&nbsp;21-PT-058 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;1 | &nbsp;&nbsp;E00120815DUP | &nbsp;&nbsp;Duplicate | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0633 | &nbsp;&nbsp;173 | &nbsp;&nbsp;15 | &nbsp;&nbsp;7.5 | &nbsp;&nbsp;1.2 | &nbsp;&nbsp;15 | &nbsp;&nbsp;2.8 | &nbsp;&nbsp;88 | &nbsp;&nbsp;1.02 | &nbsp;&nbsp;99 | &nbsp;&nbsp;27 | &nbsp;&nbsp;20 | &nbsp;&nbsp;2.57 | &nbsp;&nbsp;1.15 | &nbsp;&nbsp;76 | &nbsp;&nbsp;7.0 |
| &nbsp;&nbsp;21-PT-058 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120816 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.1433 | &nbsp;&nbsp;472 | &nbsp;&nbsp;22 | &nbsp;&nbsp;12.5 | &nbsp;&nbsp;2.7 | &nbsp;&nbsp;31 | &nbsp;&nbsp;4.4 | &nbsp;&nbsp;204 | &nbsp;&nbsp;1.45 | &nbsp;&nbsp;227 | &nbsp;&nbsp;61 | &nbsp;&nbsp;42 | &nbsp;&nbsp;4.12 | &nbsp;&nbsp;1.74 | &nbsp;&nbsp;119 | &nbsp;&nbsp;10.8 |
| &nbsp;&nbsp;21-PT-058 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120817 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0514 | &nbsp;&nbsp;169 | &nbsp;&nbsp;8 | &nbsp;&nbsp;4.5 | &nbsp;&nbsp;1.5 | &nbsp;&nbsp;10 | &nbsp;&nbsp;1.7 | &nbsp;&nbsp;75 | &nbsp;&nbsp;0.66 | &nbsp;&nbsp;78 | &nbsp;&nbsp;21 | &nbsp;&nbsp;16 | &nbsp;&nbsp;1.54 | &nbsp;&nbsp;0.63 | &nbsp;&nbsp;44 | &nbsp;&nbsp;4.3 |
| &nbsp;&nbsp;21-PT-058 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;7.62 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120818 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.1258 | &nbsp;&nbsp;464 | &nbsp;&nbsp;12 | &nbsp;&nbsp;4.5 | &nbsp;&nbsp;1.5 | &nbsp;&nbsp;21 | &nbsp;&nbsp;2.0 | &nbsp;&nbsp;203 | &nbsp;&nbsp;0.46 | &nbsp;&nbsp;207 | &nbsp;&nbsp;58 | &nbsp;&nbsp;37 | &nbsp;&nbsp;2.29 | &nbsp;&nbsp;0.67 | &nbsp;&nbsp;54 | &nbsp;&nbsp;4.5 |
| &nbsp;&nbsp;21-PT-059 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120819 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.1251 | &nbsp;&nbsp;433 | &nbsp;&nbsp;20 | &nbsp;&nbsp;10.4 | &nbsp;&nbsp;2.3 | &nbsp;&nbsp;26 | &nbsp;&nbsp;3.6 | &nbsp;&nbsp;175 | &nbsp;&nbsp;1.21 | &nbsp;&nbsp;193 | &nbsp;&nbsp;52 | &nbsp;&nbsp;34 | &nbsp;&nbsp;3.32 | &nbsp;&nbsp;1.33 | &nbsp;&nbsp;99 | &nbsp;&nbsp;8.7 |
| &nbsp;&nbsp;21-PT-059 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120820 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0967 | &nbsp;&nbsp;339 | &nbsp;&nbsp;14 | &nbsp;&nbsp;9.2 | &nbsp;&nbsp;2.0 | &nbsp;&nbsp;19 | &nbsp;&nbsp;2.7 | &nbsp;&nbsp;134 | &nbsp;&nbsp;1.18 | &nbsp;&nbsp;150 | &nbsp;&nbsp;39 | &nbsp;&nbsp;27 | &nbsp;&nbsp;2.39 | &nbsp;&nbsp;1.24 | &nbsp;&nbsp;74 | &nbsp;&nbsp;7.8 |
| &nbsp;&nbsp;21-PT-059 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120821 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.1414 | &nbsp;&nbsp;482 | &nbsp;&nbsp;19 | &nbsp;&nbsp;11.1 | &nbsp;&nbsp;2.6 | &nbsp;&nbsp;28 | &nbsp;&nbsp;3.7 | &nbsp;&nbsp;205 | &nbsp;&nbsp;1.28 | &nbsp;&nbsp;228 | &nbsp;&nbsp;63 | &nbsp;&nbsp;40 | &nbsp;&nbsp;3.64 | &nbsp;&nbsp;1.49 | &nbsp;&nbsp;102 | &nbsp;&nbsp;9.9 |
| &nbsp;&nbsp;21-PT-059 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120822 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.1148 | &nbsp;&nbsp;382 | &nbsp;&nbsp;17 | &nbsp;&nbsp;9.0 | &nbsp;&nbsp;3.5 | &nbsp;&nbsp;24 | &nbsp;&nbsp;3.2 | &nbsp;&nbsp;167 | &nbsp;&nbsp;1.26 | &nbsp;&nbsp;190 | &nbsp;&nbsp;49 | &nbsp;&nbsp;35 | &nbsp;&nbsp;2.87 | &nbsp;&nbsp;1.18 | &nbsp;&nbsp;82 | &nbsp;&nbsp;8.2 |
| &nbsp;&nbsp;21-PT-059 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;7.62 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120823 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0938 | &nbsp;&nbsp;305 | &nbsp;&nbsp;15 | &nbsp;&nbsp;9.0 | &nbsp;&nbsp;2.3 | &nbsp;&nbsp;20 | &nbsp;&nbsp;3.0 | &nbsp;&nbsp;132 | &nbsp;&nbsp;1.11 | &nbsp;&nbsp;152 | &nbsp;&nbsp;39 | &nbsp;&nbsp;28 | &nbsp;&nbsp;2.70 | &nbsp;&nbsp;1.29 | &nbsp;&nbsp;79 | &nbsp;&nbsp;8.4 |
| &nbsp;&nbsp;21-PT-060 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120824 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.1023 | &nbsp;&nbsp;432 | &nbsp;&nbsp;13 | &nbsp;&nbsp;6.7 | &nbsp;&nbsp;2.2 | &nbsp;&nbsp;18 | &nbsp;&nbsp;2.2 | &nbsp;&nbsp;121 | &nbsp;&nbsp;0.73 | &nbsp;&nbsp;144 | &nbsp;&nbsp;37 | &nbsp;&nbsp;27 | &nbsp;&nbsp;2.12 | &nbsp;&nbsp;0.98 | &nbsp;&nbsp;58 | &nbsp;&nbsp;6.0 |
| &nbsp;&nbsp;21-PT-060 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120825 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.2349 | &nbsp;&nbsp;836 | &nbsp;&nbsp;22 | &nbsp;&nbsp;10.0 | &nbsp;&nbsp;5.0 | &nbsp;&nbsp;39 | &nbsp;&nbsp;3.7 | &nbsp;&nbsp;395 | &nbsp;&nbsp;1.27 | &nbsp;&nbsp;412 | &nbsp;&nbsp;112 | &nbsp;&nbsp;67 | &nbsp;&nbsp;4.18 | &nbsp;&nbsp;1.34 | &nbsp;&nbsp;86 | &nbsp;&nbsp;9.1 |
| &nbsp;&nbsp;21-PT-060 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120826 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.1686 | &nbsp;&nbsp;524 | &nbsp;&nbsp;24 | &nbsp;&nbsp;12.3 | &nbsp;&nbsp;5.1 | &nbsp;&nbsp;35 | &nbsp;&nbsp;4.3 | &nbsp;&nbsp;273 | &nbsp;&nbsp;1.63 | &nbsp;&nbsp;302 | &nbsp;&nbsp;78 | &nbsp;&nbsp;53 | &nbsp;&nbsp;4.47 | &nbsp;&nbsp;1.76 | &nbsp;&nbsp;105 | &nbsp;&nbsp;11.4 |
| &nbsp;&nbsp;21-PT-060 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120827 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.1330 | &nbsp;&nbsp;436 | &nbsp;&nbsp;19 | &nbsp;&nbsp;9.6 | &nbsp;&nbsp;4.0 | &nbsp;&nbsp;28 | &nbsp;&nbsp;3.5 | &nbsp;&nbsp;198 | &nbsp;&nbsp;1.34 | &nbsp;&nbsp;230 | &nbsp;&nbsp;58 | &nbsp;&nbsp;40 | &nbsp;&nbsp;3.69 | &nbsp;&nbsp;1.43 | &nbsp;&nbsp;89 | &nbsp;&nbsp;9.8 |
| &nbsp;&nbsp;21-PT-060 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;7.62 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120828 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.1306 | &nbsp;&nbsp;433 | &nbsp;&nbsp;19 | &nbsp;&nbsp;11.4 | &nbsp;&nbsp;3.5 | &nbsp;&nbsp;27 | &nbsp;&nbsp;4.0 | &nbsp;&nbsp;186 | &nbsp;&nbsp;1.64 | &nbsp;&nbsp;218 | &nbsp;&nbsp;57 | &nbsp;&nbsp;37 | &nbsp;&nbsp;3.50 | &nbsp;&nbsp;1.61 | &nbsp;&nbsp;96 | &nbsp;&nbsp;11.4 |
| &nbsp;&nbsp;21-PT-060 | &nbsp;&nbsp;7.62 | &nbsp;&nbsp;9.14 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120829 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.1525 | &nbsp;&nbsp;513 | &nbsp;&nbsp;20 | &nbsp;&nbsp;12.4 | &nbsp;&nbsp;4.3 | &nbsp;&nbsp;30 | &nbsp;&nbsp;4.2 | &nbsp;&nbsp;225 | &nbsp;&nbsp;1.57 | &nbsp;&nbsp;255 | &nbsp;&nbsp;66 | &nbsp;&nbsp;46 | &nbsp;&nbsp;4.03 | &nbsp;&nbsp;1.61 | &nbsp;&nbsp;102 | &nbsp;&nbsp;11.1 |
| &nbsp;&nbsp;21-PT-061 | &nbsp;&nbsp;0 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120830 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0534 | &nbsp;&nbsp;186 | &nbsp;&nbsp;9 | &nbsp;&nbsp;5.0 | &nbsp;&nbsp;1.5 | &nbsp;&nbsp;10 | &nbsp;&nbsp;1.7 | &nbsp;&nbsp;74 | &nbsp;&nbsp;0.51 | &nbsp;&nbsp;77 | &nbsp;&nbsp;22 | &nbsp;&nbsp;14 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0.60 | &nbsp;&nbsp;46 | &nbsp;&nbsp;4.2 |
| &nbsp;&nbsp;21-PT-061 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120831 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0531 | &nbsp;&nbsp;101 | &nbsp;&nbsp;11 | &nbsp;&nbsp;6.3 | &nbsp;&nbsp;2.3 | &nbsp;&nbsp;15 | &nbsp;&nbsp;2.3 | &nbsp;&nbsp;89 | &nbsp;&nbsp;0.77 | &nbsp;&nbsp;108 | &nbsp;&nbsp;29 | &nbsp;&nbsp;22 | &nbsp;&nbsp;2.06 | &nbsp;&nbsp;0.82 | &nbsp;&nbsp;56 | &nbsp;&nbsp;5.9 |
| &nbsp;&nbsp;21-PT-061 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120832 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.1455 | &nbsp;&nbsp;405 | &nbsp;&nbsp;30 | &nbsp;&nbsp;17.9 | &nbsp;&nbsp;4.5 | &nbsp;&nbsp;36 | &nbsp;&nbsp;5.6 | &nbsp;&nbsp;204 | &nbsp;&nbsp;2.38 | &nbsp;&nbsp;246 | &nbsp;&nbsp;62 | &nbsp;&nbsp;47 | &nbsp;&nbsp;5.26 | &nbsp;&nbsp;2.52 | &nbsp;&nbsp;149 | &nbsp;&nbsp;16.7 |
| &nbsp;&nbsp;21-PT-061 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;1 | &nbsp;&nbsp;E00120832DUP | &nbsp;&nbsp;Duplicate | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.1375 | &nbsp;&nbsp;371 | &nbsp;&nbsp;28 | &nbsp;&nbsp;16.1 | &nbsp;&nbsp;4.6 | &nbsp;&nbsp;34 | &nbsp;&nbsp;6.0 | &nbsp;&nbsp;199 | &nbsp;&nbsp;2.1 | &nbsp;&nbsp;239 | &nbsp;&nbsp;61 | &nbsp;&nbsp;48 | &nbsp;&nbsp;5.11 | &nbsp;&nbsp;2.40 | &nbsp;&nbsp;135 | &nbsp;&nbsp;14.4 |
| &nbsp;&nbsp;21-PT-065 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120783 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0560 | &nbsp;&nbsp;193 | &nbsp;&nbsp;8 | &nbsp;&nbsp;2.9 | &nbsp;&nbsp;1.2 | &nbsp;&nbsp;11 | &nbsp;&nbsp;1.3 | &nbsp;&nbsp;88 | &nbsp;&nbsp;0.38 | &nbsp;&nbsp;91 | &nbsp;&nbsp;25 | &nbsp;&nbsp;18 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0.42 | &nbsp;&nbsp;32 | &nbsp;&nbsp;2.2 |
| &nbsp;&nbsp;21-PT-065 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120784 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.1211 | &nbsp;&nbsp;430 | &nbsp;&nbsp;14 | &nbsp;&nbsp;7.0 | &nbsp;&nbsp;4.7 | &nbsp;&nbsp;24 | &nbsp;&nbsp;3.0 | &nbsp;&nbsp;181 | &nbsp;&nbsp;0.91 | &nbsp;&nbsp;210 | &nbsp;&nbsp;54 | &nbsp;&nbsp;38 | &nbsp;&nbsp;2.98 | &nbsp;&nbsp;1.00 | &nbsp;&nbsp;55 | &nbsp;&nbsp;6.0 |
| &nbsp;&nbsp;21-PT-065 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120785 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.1119 | &nbsp;&nbsp;289 | &nbsp;&nbsp;19 | &nbsp;&nbsp;9.1 | &nbsp;&nbsp;6.2 | &nbsp;&nbsp;28 | &nbsp;&nbsp;3.7 | &nbsp;&nbsp;187 | &nbsp;&nbsp;1.14 | &nbsp;&nbsp;218 | &nbsp;&nbsp;55 | &nbsp;&nbsp;41 | &nbsp;&nbsp;3.68 | &nbsp;&nbsp;1.18 | &nbsp;&nbsp;81 | &nbsp;&nbsp;7.7 |
| &nbsp;&nbsp;21-PT-065 | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120786 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0872 | &nbsp;&nbsp;297 | &nbsp;&nbsp;9 | &nbsp;&nbsp;4.1 | &nbsp;&nbsp;2.4 | &nbsp;&nbsp;18 | &nbsp;&nbsp;1.7 | &nbsp;&nbsp;149 | &nbsp;&nbsp;0.48 | &nbsp;&nbsp;149 | &nbsp;&nbsp;41 | &nbsp;&nbsp;26 | &nbsp;&nbsp;2.06 | &nbsp;&nbsp;0.52 | &nbsp;&nbsp;39 | &nbsp;&nbsp;3.6 |

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SLV0163 – Technical Report Summary Shiloh Project, Georgia 94 November 2025

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|:---|:---|
| **Technical Report Summary** | ![img77526612_55.jpg](img77526612_55.jpg) |

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| | | | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  |  |  | &nbsp;&nbsp;**Method** | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  | &nbsp;&nbsp;**ME-MS81h**  |
|  |  |  |  |  |  |  |  | &nbsp;&nbsp;**Analyte** | &nbsp;&nbsp;**Ce** | &nbsp;&nbsp;**Dy** | &nbsp;&nbsp;**Er** | &nbsp;&nbsp;**Eu** | &nbsp;&nbsp;**Gd** | &nbsp;&nbsp;**Ho** | &nbsp;&nbsp;**La** | &nbsp;&nbsp;**Lu** | &nbsp;&nbsp;**Nd** | &nbsp;&nbsp;**Pr** | &nbsp;&nbsp;**Sm** | &nbsp;&nbsp;**Tb** | &nbsp;&nbsp;**Tm** | &nbsp;&nbsp;**Y** | &nbsp;&nbsp;**Yb** |
|  |  |  |  |  |  |  |  | &nbsp;&nbsp;**Units** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** | &nbsp;&nbsp;**ppm** |
|  |  |  |  |  |  |  |  | &nbsp;&nbsp;**Detection Limit** | &nbsp;&nbsp;**3** | &nbsp;&nbsp;**0.3** | &nbsp;&nbsp;**0.2** | &nbsp;&nbsp;**0.2** | &nbsp;&nbsp;**0.3** | &nbsp;&nbsp;**0.05** | &nbsp;&nbsp;**3** | &nbsp;&nbsp;**0.05 / 0.5** | &nbsp;&nbsp;**0.5** | &nbsp;&nbsp;**0.2** | &nbsp;&nbsp;**0.2** | &nbsp;&nbsp;**0.05** | &nbsp;&nbsp;**0.05 / 0.3** | &nbsp;&nbsp;**3** | &nbsp;&nbsp;**0.2** |
|  |  |  |  |  |  |  |  | &nbsp;&nbsp;**Upper Limit** | &nbsp;&nbsp;**50000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**50000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**50000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**5000** | &nbsp;&nbsp;**50000** | &nbsp;&nbsp;**5000** |
| &nbsp;&nbsp;**Hole ID** | &nbsp;&nbsp;**From <br>(m)** | &nbsp;&nbsp;**To<br>(m)** | &nbsp;&nbsp;**Interval <br>(m)** | &nbsp;&nbsp;**Duplicate** | &nbsp;&nbsp;**Sample Number** | &nbsp;&nbsp;**Sample <br>Type** | &nbsp;&nbsp;**Sample <br>Details** | &nbsp;&nbsp;**TREO (%)** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** | &nbsp;&nbsp;**--** |
| &nbsp;&nbsp;21-PT-065 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;7.62 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120787 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0974 | &nbsp;&nbsp;323 | &nbsp;&nbsp;12 | &nbsp;&nbsp;7.1 | &nbsp;&nbsp;3.0 | &nbsp;&nbsp;18 | &nbsp;&nbsp;2.6 | &nbsp;&nbsp;154 | &nbsp;&nbsp;1.08 | &nbsp;&nbsp;168 | &nbsp;&nbsp;44 | &nbsp;&nbsp;27 | &nbsp;&nbsp;2.55 | &nbsp;&nbsp;1.03 | &nbsp;&nbsp;58 | &nbsp;&nbsp;7.2 |
| &nbsp;&nbsp;21-PT-065 | &nbsp;&nbsp;7.62 | &nbsp;&nbsp;9.14 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120788 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0660 | &nbsp;&nbsp;222 | &nbsp;&nbsp;9 | &nbsp;&nbsp;4.3 | &nbsp;&nbsp;1.7 | &nbsp;&nbsp;13 | &nbsp;&nbsp;1.7 | &nbsp;&nbsp;108 | &nbsp;&nbsp;0.44 | &nbsp;&nbsp;106 | &nbsp;&nbsp;29 | &nbsp;&nbsp;20 | &nbsp;&nbsp;1.80 | &nbsp;&nbsp;0.55 | &nbsp;&nbsp;41 | &nbsp;&nbsp;3.5 |
| &nbsp;&nbsp;21-PT-065 | &nbsp;&nbsp;9.14 | &nbsp;&nbsp;9.75 | &nbsp;&nbsp;0.61 | &nbsp;&nbsp;0 | &nbsp;&nbsp;E00120789 | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0329 | &nbsp;&nbsp;97 | &nbsp;&nbsp;7 | &nbsp;&nbsp;3.6 | &nbsp;&nbsp;1.2 | &nbsp;&nbsp;8 | &nbsp;&nbsp;1.5 | &nbsp;&nbsp;49 | &nbsp;&nbsp;0.54 | &nbsp;&nbsp;48 | &nbsp;&nbsp;13 | &nbsp;&nbsp;10 | &nbsp;&nbsp;1.27 | &nbsp;&nbsp;0.50 | &nbsp;&nbsp;36 | &nbsp;&nbsp;3.3 |
| &nbsp;&nbsp;Duplicate | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;1 | &nbsp;&nbsp;E00120098 | &nbsp;&nbsp;Duplicate | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.0678 | &nbsp;&nbsp;110 | &nbsp;&nbsp;18 | &nbsp;&nbsp;9.5 | &nbsp;&nbsp;3.3 | &nbsp;&nbsp;20 | &nbsp;&nbsp;2.9 | &nbsp;&nbsp;133 | &nbsp;&nbsp;1.14 | &nbsp;&nbsp;125 | &nbsp;&nbsp;31 | &nbsp;&nbsp;27 | &nbsp;&nbsp;3.51 | &nbsp;&nbsp;1.02 | &nbsp;&nbsp;82 | &nbsp;&nbsp;7.6 |
| &nbsp;&nbsp;Standard | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;3 | &nbsp;&nbsp;E00120600 | &nbsp;&nbsp;Standard | &nbsp;&nbsp;OREAS | &nbsp;&nbsp;10.6163 | &nbsp;&nbsp;44600 | &nbsp;&nbsp;223 | &nbsp;&nbsp;51.4 | &nbsp;&nbsp;294.0 | &nbsp;&nbsp;563 | &nbsp;&nbsp;28.5 | &nbsp;&nbsp;27500 | &nbsp;&nbsp;2.1 | &nbsp;&nbsp;12100 | &nbsp;&nbsp;3850 | &nbsp;&nbsp;1390 | &nbsp;&nbsp;63.60 | &nbsp;&nbsp;4.40 | &nbsp;&nbsp;-- | &nbsp;&nbsp;20.1 |
| &nbsp;&nbsp;Standard | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;3 | &nbsp;&nbsp;E00120060 | &nbsp;&nbsp;Standard | &nbsp;&nbsp;OREAS 460 | &nbsp;&nbsp;0.5210 | &nbsp;&nbsp;1815 | &nbsp;&nbsp;18 | &nbsp;&nbsp;6.3 | &nbsp;&nbsp;22.6 | &nbsp;&nbsp;54 | &nbsp;&nbsp;2.9 | &nbsp;&nbsp;1345 | &nbsp;&nbsp;0.5 | &nbsp;&nbsp;773 | &nbsp;&nbsp;240 | &nbsp;&nbsp;99 | &nbsp;&nbsp;4.85 | &nbsp;&nbsp;0.70 | &nbsp;&nbsp;62 | &nbsp;&nbsp;4.0 |
| &nbsp;&nbsp;Standard | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;3 | &nbsp;&nbsp;E00120120 | &nbsp;&nbsp;Standard | &nbsp;&nbsp;OREAS 460 | &nbsp;&nbsp;0.4991 | &nbsp;&nbsp;1725 | &nbsp;&nbsp;17 | &nbsp;&nbsp;5.3 | &nbsp;&nbsp;20.6 | &nbsp;&nbsp;52 | &nbsp;&nbsp;2.6 | &nbsp;&nbsp;1270 | &nbsp;&nbsp;0.51 | &nbsp;&nbsp;773 | &nbsp;&nbsp;228 | &nbsp;&nbsp;102 | &nbsp;&nbsp;4.48 | &nbsp;&nbsp;0.44 | &nbsp;&nbsp;57 | &nbsp;&nbsp;3.1 |
| &nbsp;&nbsp;Standard | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;3 | &nbsp;&nbsp;E00120150 | &nbsp;&nbsp;Standard | &nbsp;&nbsp;OREAS 460 | &nbsp;&nbsp;8.8473 | &nbsp;&nbsp;36600 | &nbsp;&nbsp;182 | &nbsp;&nbsp;44.0 | &nbsp;&nbsp;251.0 | &nbsp;&nbsp;564 | &nbsp;&nbsp;24.0 | &nbsp;&nbsp;21900 | &nbsp;&nbsp;1.58 | &nbsp;&nbsp;10600 | &nbsp;&nbsp;3620 | &nbsp;&nbsp;1210 | &nbsp;&nbsp;49.30 | &nbsp;&nbsp;3.64 | &nbsp;&nbsp;477 | &nbsp;&nbsp;17.5 |
| &nbsp;&nbsp;Standard | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;3 | &nbsp;&nbsp;E00120183 | &nbsp;&nbsp;Standard | &nbsp;&nbsp;OREAS 460 | &nbsp;&nbsp;0.0411 | &nbsp;&nbsp;97 | &nbsp;&nbsp;8 | &nbsp;&nbsp;2.7 | &nbsp;&nbsp;1.4 | &nbsp;&nbsp;11 | &nbsp;&nbsp;1.1 | &nbsp;&nbsp;79 | &nbsp;&nbsp;0.29 | &nbsp;&nbsp;81 | &nbsp;&nbsp;22 | &nbsp;&nbsp;16 | &nbsp;&nbsp;1.31 | &nbsp;&nbsp;0.38 | &nbsp;&nbsp;26 | &nbsp;&nbsp;2.5 |
| &nbsp;&nbsp;Standard | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;3 | &nbsp;&nbsp;E00120640 | &nbsp;&nbsp;Standard | &nbsp;&nbsp;OREAS 460 | &nbsp;&nbsp;0.5127 | &nbsp;&nbsp;1865 | &nbsp;&nbsp;19 | &nbsp;&nbsp;6.0 | &nbsp;&nbsp;22.0 | &nbsp;&nbsp;49 | &nbsp;&nbsp;2.9 | &nbsp;&nbsp;1260 | &nbsp;&nbsp;0.43 | &nbsp;&nbsp;749 | &nbsp;&nbsp;235 | &nbsp;&nbsp;103 | &nbsp;&nbsp;4.55 | &nbsp;&nbsp;0.62 | &nbsp;&nbsp;58 | &nbsp;&nbsp;3.2 |
| &nbsp;&nbsp;Standard | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;3 | &nbsp;&nbsp;E00120670 | &nbsp;&nbsp;Standard | &nbsp;&nbsp;OREAS 465 | &nbsp;&nbsp;9.6903 | &nbsp;&nbsp;40100 | &nbsp;&nbsp;219 | &nbsp;&nbsp;50.0 | &nbsp;&nbsp;288.0 | &nbsp;&nbsp;623 | &nbsp;&nbsp;26.8 | &nbsp;&nbsp;23200 | &nbsp;&nbsp;1.74 | &nbsp;&nbsp;12550 | &nbsp;&nbsp;3770 | &nbsp;&nbsp;1310 | &nbsp;&nbsp;58.20 | &nbsp;&nbsp;4.46 | &nbsp;&nbsp;527 | &nbsp;&nbsp;18.5 |
| &nbsp;&nbsp;Standard | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;3 | &nbsp;&nbsp;E00120700 | &nbsp;&nbsp;Standard | &nbsp;&nbsp;OREAS 465 | &nbsp;&nbsp;9.8000 | &nbsp;&nbsp;40400 | &nbsp;&nbsp;218 | &nbsp;&nbsp;48.9 | &nbsp;&nbsp;284.0 | &nbsp;&nbsp;622 | &nbsp;&nbsp;27.0 | &nbsp;&nbsp;23500 | &nbsp;&nbsp;1.79 | &nbsp;&nbsp;12800 | &nbsp;&nbsp;3840 | &nbsp;&nbsp;1335 | &nbsp;&nbsp;56.30 | &nbsp;&nbsp;4.26 | &nbsp;&nbsp;528 | &nbsp;&nbsp;18.8 |
| &nbsp;&nbsp;Standard | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;3 | &nbsp;&nbsp;E00120751 | &nbsp;&nbsp;Standard | &nbsp;&nbsp;OREAS 460 | &nbsp;&nbsp;0.5086 | &nbsp;&nbsp;1820 | &nbsp;&nbsp;18 | &nbsp;&nbsp;6.0 | &nbsp;&nbsp;21.9 | &nbsp;&nbsp;53 | &nbsp;&nbsp;2.9 | &nbsp;&nbsp;1230 | &nbsp;&nbsp;0.44 | &nbsp;&nbsp;776 | &nbsp;&nbsp;241 | &nbsp;&nbsp;103 | &nbsp;&nbsp;5.28 | &nbsp;&nbsp;0.66 | &nbsp;&nbsp;60 | &nbsp;&nbsp;3.9 |
| &nbsp;&nbsp;Standard | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;3 | &nbsp;&nbsp;E00120813 | &nbsp;&nbsp;Standard | &nbsp;&nbsp;OREAS 460 | &nbsp;&nbsp;0.5038 | &nbsp;&nbsp;1835 | &nbsp;&nbsp;18 | &nbsp;&nbsp;6.0 | &nbsp;&nbsp;22.1 | &nbsp;&nbsp;48 | &nbsp;&nbsp;2.8 | &nbsp;&nbsp;1235 | &nbsp;&nbsp;0.49 | &nbsp;&nbsp;737 | &nbsp;&nbsp;228 | &nbsp;&nbsp;103 | &nbsp;&nbsp;4.36 | &nbsp;&nbsp;0.68 | &nbsp;&nbsp;57 | &nbsp;&nbsp;3.5 |
| &nbsp;&nbsp;Standard | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;3 | &nbsp;&nbsp;E00120901 | &nbsp;&nbsp;Standard | &nbsp;&nbsp;OREAS 460 | &nbsp;&nbsp;0.5186 | &nbsp;&nbsp;1800 | &nbsp;&nbsp;20 | &nbsp;&nbsp;5.7 | &nbsp;&nbsp;22.2 | &nbsp;&nbsp;49 | &nbsp;&nbsp;3.0 | &nbsp;&nbsp;1360 | &nbsp;&nbsp;0.5 | &nbsp;&nbsp;778 | &nbsp;&nbsp;223 | &nbsp;&nbsp;103 | &nbsp;&nbsp;4.62 | &nbsp;&nbsp;0.72 | &nbsp;&nbsp;55 | &nbsp;&nbsp;3.6 |
| &nbsp;&nbsp;Standard | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;-- | &nbsp;&nbsp;3 | &nbsp;&nbsp;E00120980 | &nbsp;&nbsp;Standard | &nbsp;&nbsp;OREAS 460 | &nbsp;&nbsp;0.5311 | &nbsp;&nbsp;1915 | &nbsp;&nbsp;20 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;23.6 | &nbsp;&nbsp;53 | &nbsp;&nbsp;3.0 | &nbsp;&nbsp;1270 | &nbsp;&nbsp;0.49 | &nbsp;&nbsp;808 | &nbsp;&nbsp;251 | &nbsp;&nbsp;110 | &nbsp;&nbsp;5.10 | &nbsp;&nbsp;0.59 | &nbsp;&nbsp;64 | &nbsp;&nbsp;4.1 |

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**Notes:**

ppm - parts per million

Source: ALS Labs, September 2025.

SLV0163 – Technical Report Summary Shiloh Project, Georgia 95 November 2025

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| **Technical Report Summary** | ![img77526612_56.jpg](img77526612_56.jpg) |

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***7.2.1.2 Drilling 2022***

Sonic and DPT drilling operations were completed in 2022 to advance subsurface mineral characterization. Figure 32 presents an overview of the drill site locations for both methods. A total of 270 drillholes were completed, comprising 52 sonic holes including 46 at the Pig Trail target and 6 at Newbill — and 218 DPT drillholes, distributed as follows: 60 at Pig Trail, 23 at Blackberry, 73 at Dead Tree, 25 at Hunt Club, and 37 at Lazer Creek. Detailed drill collar maps are shown in Figures 32 to 36. The DPT drillholes are shown in green and sonic drillholes in blue on the following figures. Figure 32 to Figure 36 provides the 2022 drillhole locations and total depth. Of the 270 drillholes, the depth ranged from 0.7 m bgs to 56 m bgs with an average total depth across the drillholes of 9 m bgs.

A total of 1,556 samples were collected and shipped to ALS in Tucson, AZ for processing and Vancouver, BC for lithium borate fusion / ICP-MS and whole rock analysis. Table 7 presents the drillhole locations and total depth. Table 8 provides the 2022 drilling analytical results for Method ME-MS81/h. Parameters that are part of the TREO% calculation are shown. TREO% was calculated including oxides La2O3, Ce2O3, Pr2O3, Nd2O3, Sm₂O₃, Eu₂O₃, Gd₂O₃, Tb₂O₃, Dy₂O₃, Ho₂O₃, Er₂O₃, Tm₂O₃, Yb₂O₃, Lu₂O₃, and Y₂O₃. Where analytical results exceeded the upper method detection limit (e.g., reported as >5000 ppm), the upper method detection limit value was assigned for calculation purposes. This approach introduces a conservative estimate and may result in underreporting actual TREO% concentrations. The true values may be higher but cannot be accurately quantified within the validated range of the method. Accordingly, caution is advised when interpreting TREO values derived under these conditions.

SLV0163 – Technical Report Summary Shiloh Project, Georgia 96 November 2025

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| **Technical Report Summary** | ![img77526612_57.jpg](img77526612_57.jpg) |

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![img77526612_58.gif](img77526612_58.gif)

**Figure 32 Overview of Direct Push and Sonic Drill Locations 2022., (Source: Foothills Rare Earths, 2025e)**

SLV0163 – Technical Report Summary Shiloh Project, Georgia 97 November 2025

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| **Technical Report Summary** | ![img77526612_57.jpg](img77526612_57.jpg) |

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![img77526612_59.jpg](img77526612_59.jpg)

**Figure 33 Drill Collar Map of the Pig Trail (PT) Area – 2022., (Source: Foothills Rare Earths, 2025e)**

SLV0163 – Technical Report Summary Shiloh Project, Georgia 98 November 2025

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| **Technical Report Summary** | ![img77526612_57.jpg](img77526612_57.jpg) |

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![img77526612_60.jpg](img77526612_60.jpg)

**Figure 34 Drill Collar Map of the Blackberry (BB) and Dead Tree (DT) Areas 2022., (Source: Foothills Rare Earths, 2025e)**

SLV0163 – Technical Report Summary Shiloh Project, Georgia 99 November 2025

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| **Technical Report Summary** | ![img77526612_57.jpg](img77526612_57.jpg) |

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![img77526612_61.jpg](img77526612_61.jpg)

**Figure 35 Drill Collar Map of the Hunt Club Area – 2022., (Source: Foothills Rare Earths, 2025e)**

SLV0163 – Technical Report Summary Shiloh Project, Georgia 100 November 2025

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| **Technical Report Summary** | ![img77526612_57.jpg](img77526612_57.jpg) |

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![img77526612_62.jpg](img77526612_62.jpg)

**Figure 36 Drill Collar Map of the Lazer Creek Area – 2022., (Source: Foothills Rare Earths, 2025e)**

SLV0163 – Technical Report Summary Shiloh Project, Georgia 101 November 2025

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| **Technical Report Summary** | ![img77526612_63.jpg](img77526612_63.jpg) |

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**Table 7 Drillhole Locations and Total Depth 2022.**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Method** | &nbsp;&nbsp;**Project Area** | &nbsp;&nbsp;**Count** | &nbsp;&nbsp;**Latitude** | &nbsp;&nbsp;**Longitude** | &nbsp;&nbsp;**Hole ID** | &nbsp;&nbsp;**Total Depth (mbgs)** |
| &nbsp;&nbsp;Direct Push | &nbsp;&nbsp;Blackberry | &nbsp;&nbsp;n = 23 | &nbsp;&nbsp;32.7962 | &nbsp;&nbsp;-84.6792 | &nbsp;&nbsp;22-DBB-001 | &nbsp;&nbsp;8.69 |
| &nbsp;&nbsp;Direct Push | &nbsp;&nbsp;Blackberry | &nbsp;&nbsp;n = 23 | &nbsp;&nbsp;32.7963 | &nbsp;&nbsp;-84.6790 | &nbsp;&nbsp;22-DBB-002 | &nbsp;&nbsp;8.84 |
| &nbsp;&nbsp;Direct Push | &nbsp;&nbsp;Blackberry | &nbsp;&nbsp;n = 23 | &nbsp;&nbsp;32.7964 | &nbsp;&nbsp;-84.6788 | &nbsp;&nbsp;22-DBB-003 | &nbsp;&nbsp;9.75 |
| &nbsp;&nbsp;Direct Push | &nbsp;&nbsp;Blackberry | &nbsp;&nbsp;n = 23 | &nbsp;&nbsp;32.7965 | &nbsp;&nbsp;-84.6786 | &nbsp;&nbsp;22-DBB-004 | &nbsp;&nbsp;5.64 |
| &nbsp;&nbsp;Direct Push | &nbsp;&nbsp;Blackberry | &nbsp;&nbsp;n = 23 | &nbsp;&nbsp;32.7967 | &nbsp;&nbsp;-84.6784 | &nbsp;&nbsp;22-DBB-005 | &nbsp;&nbsp;6.86 |
| &nbsp;&nbsp;Direct Push | &nbsp;&nbsp;Blackberry | &nbsp;&nbsp;n = 23 | &nbsp;&nbsp;32.7967 | &nbsp;&nbsp;-84.6782 | &nbsp;&nbsp;22-DBB-006 | &nbsp;&nbsp;8.38 |
| &nbsp;&nbsp;Direct Push | &nbsp;&nbsp;Blackberry | &nbsp;&nbsp;n = 23 | &nbsp;&nbsp;32.7968 | &nbsp;&nbsp;-84.6780 | &nbsp;&nbsp;22-DBB-007 | &nbsp;&nbsp;5.18 |
| &nbsp;&nbsp;Direct Push | &nbsp;&nbsp;Blackberry | &nbsp;&nbsp;n = 23 | &nbsp;&nbsp;32.7970 | &nbsp;&nbsp;-84.6778 | &nbsp;&nbsp;22-DBB-008 | &nbsp;&nbsp;7.16 |
| &nbsp;&nbsp;Direct Push | &nbsp;&nbsp;Blackberry | &nbsp;&nbsp;n = 23 | &nbsp;&nbsp;32.7970 | &nbsp;&nbsp;-84.6776 | &nbsp;&nbsp;22-DBB-009 | &nbsp;&nbsp;5.18 |
| &nbsp;&nbsp;Direct Push | &nbsp;&nbsp;Blackberry | &nbsp;&nbsp;n = 23 | &nbsp;&nbsp;32.7969 | &nbsp;&nbsp;-84.6789 | &nbsp;&nbsp;22-DBB-010 | &nbsp;&nbsp;7.01 |
| &nbsp;&nbsp;Direct Push | &nbsp;&nbsp;Blackberry | &nbsp;&nbsp;n = 23 | &nbsp;&nbsp;32.7967 | &nbsp;&nbsp;-84.6790 | &nbsp;&nbsp;22-DBB-011 | &nbsp;&nbsp;8.23 |
| &nbsp;&nbsp;Direct Push | &nbsp;&nbsp;Blackberry | &nbsp;&nbsp;n = 23 | &nbsp;&nbsp;32.7966 | &nbsp;&nbsp;-84.6792 | &nbsp;&nbsp;22-DBB-012 | &nbsp;&nbsp;7.16 |
| &nbsp;&nbsp;Direct Push | &nbsp;&nbsp;Blackberry | &nbsp;&nbsp;n = 23 | &nbsp;&nbsp;32.7970 | &nbsp;&nbsp;-84.6802 | &nbsp;&nbsp;22-DBB-013 | &nbsp;&nbsp;7.32 |
| &nbsp;&nbsp;Direct Push | &nbsp;&nbsp;Blackberry | &nbsp;&nbsp;n = 23 | &nbsp;&nbsp;32.7971 | &nbsp;&nbsp;-84.6799 | &nbsp;&nbsp;22-DBB-014 | &nbsp;&nbsp;7.16 |
| &nbsp;&nbsp;Direct Push | &nbsp;&nbsp;Blackberry | &nbsp;&nbsp;n = 23 | &nbsp;&nbsp;32.7972 | &nbsp;&nbsp;-84.6795 | &nbsp;&nbsp;22-DBB-015 | &nbsp;&nbsp;3.66 |
| &nbsp;&nbsp;Direct Push | &nbsp;&nbsp;Blackberry | &nbsp;&nbsp;n = 23 | &nbsp;&nbsp;32.7974 | &nbsp;&nbsp;-84.6789 | &nbsp;&nbsp;22-DBB-016 | &nbsp;&nbsp;2.29 |
| &nbsp;&nbsp;Direct Push | &nbsp;&nbsp;Blackberry | &nbsp;&nbsp;n = 23 | &nbsp;&nbsp;32.7974 | &nbsp;&nbsp;-84.6789 | &nbsp;&nbsp;22-DBB-017 | &nbsp;&nbsp;6.40 |
| &nbsp;&nbsp;Direct Push | &nbsp;&nbsp;Blackberry | &nbsp;&nbsp;n = 23 | &nbsp;&nbsp;32.7971 | &nbsp;&nbsp;-84.6787 | &nbsp;&nbsp;22-DBB-018 | &nbsp;&nbsp;8.38 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Blackberry (Cont'd) | &nbsp;&nbsp;n = 23 (Cont'd) | &nbsp;&nbsp;32.7976 | &nbsp;&nbsp;-84.6785 | &nbsp;&nbsp;22-DBB-019 | &nbsp;&nbsp;3.66 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Blackberry (Cont'd) | &nbsp;&nbsp;n = 23 (Cont'd) | &nbsp;&nbsp;32.7982 | &nbsp;&nbsp;-84.6758 | &nbsp;&nbsp;22-DBB-020 | &nbsp;&nbsp;6.55 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Blackberry (Cont'd) | &nbsp;&nbsp;n = 23 (Cont'd) | &nbsp;&nbsp;32.7980 | &nbsp;&nbsp;-84.6762 | &nbsp;&nbsp;22-DBB-021 | &nbsp;&nbsp;4.63 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Blackberry (Cont'd) | &nbsp;&nbsp;n = 23 (Cont'd) | &nbsp;&nbsp;32.7978 | &nbsp;&nbsp;-84.6764 | &nbsp;&nbsp;22-DBB-022 | &nbsp;&nbsp;8.53 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Blackberry (Cont'd) | &nbsp;&nbsp;n = 23 (Cont'd) | &nbsp;&nbsp;32.7976 | &nbsp;&nbsp;-84.6769 | &nbsp;&nbsp;22-DBB-023 | &nbsp;&nbsp;5.79 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Dead Tree | &nbsp;&nbsp;n = 73 | &nbsp;&nbsp;32.7982 | &nbsp;&nbsp;-84.6824 | &nbsp;&nbsp;22-DDT-001 | &nbsp;&nbsp;8.84 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Dead Tree | &nbsp;&nbsp;n = 73 | &nbsp;&nbsp;32.7983 | &nbsp;&nbsp;-84.6822 | &nbsp;&nbsp;22-DDT-002 | &nbsp;&nbsp;10.52 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Dead Tree | &nbsp;&nbsp;n = 73 | &nbsp;&nbsp;32.7984 | &nbsp;&nbsp;-84.6820 | &nbsp;&nbsp;22-DDT-003 | &nbsp;&nbsp;8.44 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Dead Tree | &nbsp;&nbsp;n = 73 | &nbsp;&nbsp;32.7986 | &nbsp;&nbsp;-84.6818 | &nbsp;&nbsp;22-DDT-004 | &nbsp;&nbsp;9.14 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Dead Tree | &nbsp;&nbsp;n = 73 | &nbsp;&nbsp;32.7987 | &nbsp;&nbsp;-84.6816 | &nbsp;&nbsp;22-DDT-005 | &nbsp;&nbsp;7.32 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Dead Tree | &nbsp;&nbsp;n = 73 | &nbsp;&nbsp;32.7988 | &nbsp;&nbsp;-84.6815 | &nbsp;&nbsp;22-DDT-006 | &nbsp;&nbsp;8.23 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Dead Tree | &nbsp;&nbsp;n = 73 | &nbsp;&nbsp;32.7989 | &nbsp;&nbsp;-84.6814 | &nbsp;&nbsp;22-DDT-007 | &nbsp;&nbsp;5.49 |

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SLV0163 – Technical Report Summary Shiloh Project, Georgia 102 November 2025

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| **Technical Report Summary** | ![img77526612_63.jpg](img77526612_63.jpg) |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Method** | &nbsp;&nbsp;**Project Area** | &nbsp;&nbsp;**Count** | &nbsp;&nbsp;**Latitude** | &nbsp;&nbsp;**Longitude** | &nbsp;&nbsp;**Hole ID** | &nbsp;&nbsp;**Total Depth (mbgs)** |
|  |  |  | &nbsp;&nbsp;32.7990 | &nbsp;&nbsp;-84.6813 | &nbsp;&nbsp;22-DDT-008 | &nbsp;&nbsp;4.88 |
|  |  |  | &nbsp;&nbsp;32.7992 | &nbsp;&nbsp;-84.6818 | &nbsp;&nbsp;22-DDT-009 | &nbsp;&nbsp;8.53 |
|  |  |  | &nbsp;&nbsp;32.7993 | &nbsp;&nbsp;-84.6816 | &nbsp;&nbsp;22-DDT-010 | &nbsp;&nbsp;5.49 |
|  |  |  | &nbsp;&nbsp;32.7994 | &nbsp;&nbsp;-84.6815 | &nbsp;&nbsp;22-DDT-011 | &nbsp;&nbsp;3.96 |
|  |  |  | &nbsp;&nbsp;32.7993 | &nbsp;&nbsp;-84.6817 | &nbsp;&nbsp;22-DDT-012 | &nbsp;&nbsp;8.29 |
|  |  |  | &nbsp;&nbsp;32.7992 | &nbsp;&nbsp;-84.6819 | &nbsp;&nbsp;22-DDT-013 | &nbsp;&nbsp;8.69 |
|  |  |  | &nbsp;&nbsp;32.7991 | &nbsp;&nbsp;-84.6820 | &nbsp;&nbsp;22-DDT-014 | &nbsp;&nbsp;8.53 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Dead Tree (Cont'd) | &nbsp;&nbsp;n = 73 (Cont'd) | &nbsp;&nbsp;32.7990 | &nbsp;&nbsp;-84.6822 | &nbsp;&nbsp;22-DDT-015 | &nbsp;&nbsp;8.53 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Dead Tree (Cont'd) | &nbsp;&nbsp;n = 73 (Cont'd) | &nbsp;&nbsp;32.7989 | &nbsp;&nbsp;-84.6822 | &nbsp;&nbsp;22-DDT-016 | &nbsp;&nbsp;7.32 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Dead Tree (Cont'd) | &nbsp;&nbsp;n = 73 (Cont'd) | &nbsp;&nbsp;32.7970 | &nbsp;&nbsp;-84.6826 | &nbsp;&nbsp;22-DDT-017 | &nbsp;&nbsp;8.84 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Dead Tree (Cont'd) | &nbsp;&nbsp;n = 73 (Cont'd) | &nbsp;&nbsp;32.7970 | &nbsp;&nbsp;-84.6824 | &nbsp;&nbsp;22-DDT-018 | &nbsp;&nbsp;6.71 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Dead Tree (Cont'd) | &nbsp;&nbsp;n = 73 (Cont'd) | &nbsp;&nbsp;32.7971 | &nbsp;&nbsp;-84.6822 | &nbsp;&nbsp;22-DDT-019 | &nbsp;&nbsp;7.62 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Dead Tree (Cont'd) | &nbsp;&nbsp;n = 73 (Cont'd) | &nbsp;&nbsp;32.7972 | &nbsp;&nbsp;-84.6820 | &nbsp;&nbsp;22-DDT-020 | &nbsp;&nbsp;8.38 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Dead Tree (Cont'd) | &nbsp;&nbsp;n = 73 (Cont'd) | &nbsp;&nbsp;32.7974 | &nbsp;&nbsp;-84.6817 | &nbsp;&nbsp;22-DDT-021 | &nbsp;&nbsp;9.45 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Dead Tree (Cont'd) | &nbsp;&nbsp;n = 73 (Cont'd) | &nbsp;&nbsp;32.7975 | &nbsp;&nbsp;-84.6813 | &nbsp;&nbsp;22-DDT-022 | &nbsp;&nbsp;8.53 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Dead Tree (Cont'd) | &nbsp;&nbsp;n = 73 (Cont'd) | &nbsp;&nbsp;32.7977 | &nbsp;&nbsp;-84.6811 | &nbsp;&nbsp;22-DDT-023 | &nbsp;&nbsp;8.38 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Dead Tree (Cont'd) | &nbsp;&nbsp;n = 73 (Cont'd) | &nbsp;&nbsp;32.7980 | &nbsp;&nbsp;-84.6809 | &nbsp;&nbsp;22-DDT-024 | &nbsp;&nbsp;9.14 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Dead Tree (Cont'd) | &nbsp;&nbsp;n = 73 (Cont'd) | &nbsp;&nbsp;32.7983 | &nbsp;&nbsp;-84.6806 | &nbsp;&nbsp;22-DDT-025 | &nbsp;&nbsp;7.01 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Dead Tree (Cont'd) | &nbsp;&nbsp;n = 73 (Cont'd) | &nbsp;&nbsp;32.7985 | &nbsp;&nbsp;-84.6804 | &nbsp;&nbsp;22-DDT-026 | &nbsp;&nbsp;6.71 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Dead Tree (Cont'd) | &nbsp;&nbsp;n = 73 (Cont'd) | &nbsp;&nbsp;32.7987 | &nbsp;&nbsp;-84.6802 | &nbsp;&nbsp;22-DDT-027 | &nbsp;&nbsp;7.01 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Dead Tree (Cont'd) | &nbsp;&nbsp;n = 73 (Cont'd) | &nbsp;&nbsp;32.7989 | &nbsp;&nbsp;-84.6799 | &nbsp;&nbsp;22-DDT-028 | &nbsp;&nbsp;8.53 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Dead Tree (Cont'd) | &nbsp;&nbsp;n = 73 (Cont'd) | &nbsp;&nbsp;32.7992 | &nbsp;&nbsp;-84.6796 | &nbsp;&nbsp;22-DDT-029 | &nbsp;&nbsp;12.19 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Dead Tree (Cont'd) | &nbsp;&nbsp;n = 73 (Cont'd) | &nbsp;&nbsp;32.7994 | &nbsp;&nbsp;-84.6793 | &nbsp;&nbsp;22-DDT-030 | &nbsp;&nbsp;11.28 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Dead Tree (Cont'd) | &nbsp;&nbsp;n = 73 (Cont'd) | &nbsp;&nbsp;32.7996 | &nbsp;&nbsp;-84.6791 | &nbsp;&nbsp;22-DDT-031 | &nbsp;&nbsp;7.32 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Dead Tree (Cont'd) | &nbsp;&nbsp;n = 73 (Cont'd) | &nbsp;&nbsp;32.8005 | &nbsp;&nbsp;-84.6786 | &nbsp;&nbsp;22-DDT-032 | &nbsp;&nbsp;5.18 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Dead Tree (Cont'd) | &nbsp;&nbsp;n = 73 (Cont'd) | &nbsp;&nbsp;32.8009 | &nbsp;&nbsp;-84.6793 | &nbsp;&nbsp;22-DDT-033 | &nbsp;&nbsp;4.27 |

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SLV0163 – Technical Report Summary Shiloh Project, Georgia 103 November 2025

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| | |
|:---|:---|
| **Technical Report Summary** | ![img77526612_63.jpg](img77526612_63.jpg) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Method** | &nbsp;&nbsp;**Project Area** | &nbsp;&nbsp;**Count** | &nbsp;&nbsp;**Latitude** | &nbsp;&nbsp;**Longitude** | &nbsp;&nbsp;**Hole ID** | &nbsp;&nbsp;**Total Depth (mbgs)** |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Dead Tree (Cont'd) | &nbsp;&nbsp;n = 73 (Cont'd) | &nbsp;&nbsp;32.8006 | &nbsp;&nbsp;-84.6795 | &nbsp;&nbsp;22-DDT-034 | &nbsp;&nbsp;8.23 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Dead Tree (Cont'd) | &nbsp;&nbsp;n = 73 (Cont'd) | &nbsp;&nbsp;32.8005 | &nbsp;&nbsp;-84.6798 | &nbsp;&nbsp;22-DDT-035 | &nbsp;&nbsp;6.58 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Dead Tree (Cont'd) | &nbsp;&nbsp;n = 73 (Cont'd) | &nbsp;&nbsp;32.8003 | &nbsp;&nbsp;-84.6800 | &nbsp;&nbsp;22-DDT-036 | &nbsp;&nbsp;4.27 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Dead Tree (Cont'd) | &nbsp;&nbsp;n = 73 (Cont'd) | &nbsp;&nbsp;32.8000 | &nbsp;&nbsp;-84.6802 | &nbsp;&nbsp;22-DDT-037 | &nbsp;&nbsp;9.75 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Dead Tree (Cont'd) | &nbsp;&nbsp;n = 73 (Cont'd) | &nbsp;&nbsp;32.7997 | &nbsp;&nbsp;-84.6803 | &nbsp;&nbsp;22-DDT-038 | &nbsp;&nbsp;7.01 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Dead Tree (Cont'd) | &nbsp;&nbsp;n = 73 (Cont'd) | &nbsp;&nbsp;32.7995 | &nbsp;&nbsp;-84.6804 | &nbsp;&nbsp;22-DDT-039 | &nbsp;&nbsp;8.63 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Dead Tree (Cont'd) | &nbsp;&nbsp;n = 73 (Cont'd) | &nbsp;&nbsp;32.7993 | &nbsp;&nbsp;-84.6807 | &nbsp;&nbsp;22-DDT-040 | &nbsp;&nbsp;5.18 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Dead Tree (Cont'd) | &nbsp;&nbsp;n = 73 (Cont'd) | &nbsp;&nbsp;32.7992 | &nbsp;&nbsp;-84.6810 | &nbsp;&nbsp;22-DDT-041 | &nbsp;&nbsp;3.66 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Dead Tree (Cont'd) | &nbsp;&nbsp;n = 73 (Cont'd) | &nbsp;&nbsp;32.8010 | &nbsp;&nbsp;-84.6876 | &nbsp;&nbsp;22-DDT-042 | &nbsp;&nbsp;5.49 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Dead Tree (Cont'd) | &nbsp;&nbsp;n = 73 (Cont'd) | &nbsp;&nbsp;32.8013 | &nbsp;&nbsp;-84.6874 | &nbsp;&nbsp;22-DDT-043 | &nbsp;&nbsp;8.69 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Dead Tree (Cont'd) | &nbsp;&nbsp;n = 73 (Cont'd) | &nbsp;&nbsp;32.8016 | &nbsp;&nbsp;-84.6872 | &nbsp;&nbsp;22-DDT-044 | &nbsp;&nbsp;10.06 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Dead Tree (Cont'd) | &nbsp;&nbsp;n = 73 (Cont'd) | &nbsp;&nbsp;32.8020 | &nbsp;&nbsp;-84.6870 | &nbsp;&nbsp;22-DDT-045 | &nbsp;&nbsp;11.58 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Dead Tree (Cont'd) | &nbsp;&nbsp;n = 73 (Cont'd) | &nbsp;&nbsp;32.8023 | &nbsp;&nbsp;-84.6867 | &nbsp;&nbsp;22-DDT-046 | &nbsp;&nbsp;8.69 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Dead Tree (Cont'd) | &nbsp;&nbsp;n = 73 (Cont'd) | &nbsp;&nbsp;32.8026 | &nbsp;&nbsp;-84.6865 | &nbsp;&nbsp;22-DDT-047 | &nbsp;&nbsp;2.29 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Dead Tree (Cont'd) | &nbsp;&nbsp;n = 73 (Cont'd) | &nbsp;&nbsp;32.8007 | &nbsp;&nbsp;-84.6848 | &nbsp;&nbsp;22-DDT-048 | &nbsp;&nbsp;8.38 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Dead Tree (Cont'd) | &nbsp;&nbsp;n = 73 (Cont'd) | &nbsp;&nbsp;32.8011 | &nbsp;&nbsp;-84.6847 | &nbsp;&nbsp;22-DDT-049 | &nbsp;&nbsp;7.01 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Dead Tree (Cont'd) | &nbsp;&nbsp;n = 73 (Cont'd) | &nbsp;&nbsp;32.8013 | &nbsp;&nbsp;-84.6844 | &nbsp;&nbsp;22-DDT-050 | &nbsp;&nbsp;7.16 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Dead Tree (Cont'd) | &nbsp;&nbsp;n = 73 (Cont'd) | &nbsp;&nbsp;32.8016 | &nbsp;&nbsp;-84.6841 | &nbsp;&nbsp;22-DDT-051 | &nbsp;&nbsp;0.91 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Dead Tree (Cont'd) | &nbsp;&nbsp;n = 73 (Cont'd) | &nbsp;&nbsp;32.8016 | &nbsp;&nbsp;-84.6841 | &nbsp;&nbsp;22-DDT-052 | &nbsp;&nbsp;0.91 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Dead Tree<br>(Cont'd) | &nbsp;&nbsp;n = 73 (Cont'd) | &nbsp;&nbsp;32.8019 | &nbsp;&nbsp;-84.6836 | &nbsp;&nbsp;22-DDT-053 | &nbsp;&nbsp;0.76 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Dead Tree<br>(Cont'd) | &nbsp;&nbsp;n = 73 (Cont'd) | &nbsp;&nbsp;32.8004 | &nbsp;&nbsp;-84.6825 | &nbsp;&nbsp;22-DDT-054 | &nbsp;&nbsp;3.35 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Dead Tree<br>(Cont'd) | &nbsp;&nbsp;n = 73 (Cont'd) | &nbsp;&nbsp;32.8008 | &nbsp;&nbsp;-84.6824 | &nbsp;&nbsp;22-DDT-055 | &nbsp;&nbsp;56.39 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Dead Tree<br>(Cont'd) | &nbsp;&nbsp;n = 73 (Cont'd) | &nbsp;&nbsp;32.7995 | &nbsp;&nbsp;-84.6825 | &nbsp;&nbsp;22-DDT-056 | &nbsp;&nbsp;6.40 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Dead Tree<br>(Cont'd) | &nbsp;&nbsp;n = 73 (Cont'd) | &nbsp;&nbsp;32.7996 | &nbsp;&nbsp;-84.6824 | &nbsp;&nbsp;22-DDT-057 | &nbsp;&nbsp;7.01 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Dead Tree<br>(Cont'd) | &nbsp;&nbsp;n = 73 (Cont'd) | &nbsp;&nbsp;32.7998 | &nbsp;&nbsp;-84.6822 | &nbsp;&nbsp;22-DDT-058 | &nbsp;&nbsp;7.92 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Dead Tree<br>(Cont'd) | &nbsp;&nbsp;n = 73 (Cont'd) | &nbsp;&nbsp;32.7999 | &nbsp;&nbsp;-84.6819 | &nbsp;&nbsp;22-DDT-059 | &nbsp;&nbsp;5.64 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Dead Tree<br>(Cont'd) | &nbsp;&nbsp;n = 73 (Cont'd) | &nbsp;&nbsp;32.8001 | &nbsp;&nbsp;-84.6818 | &nbsp;&nbsp;22-DDT-060 | &nbsp;&nbsp;6.86 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Dead Tree<br>(Cont'd) | &nbsp;&nbsp;n = 73 (Cont'd) | &nbsp;&nbsp;32.8002 | &nbsp;&nbsp;-84.6817 | &nbsp;&nbsp;22-DDT-061 | &nbsp;&nbsp;2.59 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Dead Tree<br>(Cont'd) | &nbsp;&nbsp;n = 73 (Cont'd) | &nbsp;&nbsp;32.8002 | &nbsp;&nbsp;-84.6817 | &nbsp;&nbsp;22-DDT-062 | &nbsp;&nbsp;2.74 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Dead Tree<br>(Cont'd) | &nbsp;&nbsp;n = 73 (Cont'd) | &nbsp;&nbsp;32.8041 | &nbsp;&nbsp;-84.6888 | &nbsp;&nbsp;22-DDT-063 | &nbsp;&nbsp;3.35 |

---

SLV0163 – Technical Report Summary Shiloh Project, Georgia 104 November 2025

------

---

| | |
|:---|:---|
| **Technical Report Summary** | ![img77526612_63.jpg](img77526612_63.jpg) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Method** | &nbsp;&nbsp;**Project Area** | &nbsp;&nbsp;**Count** | &nbsp;&nbsp;**Latitude** | &nbsp;&nbsp;**Longitude** | &nbsp;&nbsp;**Hole ID** | &nbsp;&nbsp;**Total Depth (mbgs)** |
|  |  |  | &nbsp;&nbsp;32.8043 | &nbsp;&nbsp;-84.6887 | &nbsp;&nbsp;22-DDT-064 | &nbsp;&nbsp;3.96 |
|  |  |  | &nbsp;&nbsp;32.8046 | &nbsp;&nbsp;-84.6885 | &nbsp;&nbsp;22-DDT-065 | &nbsp;&nbsp;6.71 |
|  |  |  | &nbsp;&nbsp;32.8047 | &nbsp;&nbsp;-84.6882 | &nbsp;&nbsp;22-DDT-066 | &nbsp;&nbsp;5.33 |
|  |  |  | &nbsp;&nbsp;32.8028 | &nbsp;&nbsp;-84.6892 | &nbsp;&nbsp;22-DDT-067 | &nbsp;&nbsp;11.58 |
|  |  |  | &nbsp;&nbsp;32.8030 | &nbsp;&nbsp;-84.6890 | &nbsp;&nbsp;22-DDT-068 | &nbsp;&nbsp;5.49 |
|  |  |  | &nbsp;&nbsp;32.8031 | &nbsp;&nbsp;-84.6889 | &nbsp;&nbsp;22-DDT-069 | &nbsp;&nbsp;5.33 |
|  |  |  | &nbsp;&nbsp;32.8032 | &nbsp;&nbsp;-84.6888 | &nbsp;&nbsp;22-DDT-070 | &nbsp;&nbsp;7.01 |
|  |  |  | &nbsp;&nbsp;32.8033 | &nbsp;&nbsp;-84.6886 | &nbsp;&nbsp;22-DDT-071 | &nbsp;&nbsp;2.59 |
|  |  |  | &nbsp;&nbsp;32.8036 | &nbsp;&nbsp;-84.6884 | &nbsp;&nbsp;22-DDT-072 | &nbsp;&nbsp;8.38 |
|  |  |  | &nbsp;&nbsp;32.7991 | &nbsp;&nbsp;-84.6816 | &nbsp;&nbsp;22-DDT-073 | &nbsp;&nbsp;10.06 |
|  | &nbsp;&nbsp;Hunt Club (Camp) | &nbsp;&nbsp;n = 25 | &nbsp;&nbsp;32.8041 | &nbsp;&nbsp;-84.6825 | &nbsp;&nbsp;22-DHC-001 | &nbsp;&nbsp;7.92 |
|  | &nbsp;&nbsp;Hunt Club (Camp) | &nbsp;&nbsp;n = 25 | &nbsp;&nbsp;32.8043 | &nbsp;&nbsp;-84.6823 | &nbsp;&nbsp;22-DHC-002 | &nbsp;&nbsp;7.92 |
|  | &nbsp;&nbsp;Hunt Club (Camp) | &nbsp;&nbsp;n = 25 | &nbsp;&nbsp;32.8045 | &nbsp;&nbsp;-84.6821 | &nbsp;&nbsp;22-DHC-003 | &nbsp;&nbsp;8.53 |
|  | &nbsp;&nbsp;Hunt Club (Camp) | &nbsp;&nbsp;n = 25 | &nbsp;&nbsp;32.8047 | &nbsp;&nbsp;-84.6820 | &nbsp;&nbsp;22-DHC-004 | &nbsp;&nbsp;7.62 |
|  | &nbsp;&nbsp;Hunt Club (Camp) | &nbsp;&nbsp;n = 25 | &nbsp;&nbsp;32.8050 | &nbsp;&nbsp;-84.6818 | &nbsp;&nbsp;22-DHC-005 | &nbsp;&nbsp;9.14 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Hunt Club (Camp) (Cont'd) | &nbsp;&nbsp;n = 25 (Cont'd) | &nbsp;&nbsp;32.8052 | &nbsp;&nbsp;-84.6815 | &nbsp;&nbsp;22-DHC-006 | &nbsp;&nbsp;9.75 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Hunt Club (Camp) (Cont'd) | &nbsp;&nbsp;n = 25 (Cont'd) | &nbsp;&nbsp;32.8055 | &nbsp;&nbsp;-84.6812 | &nbsp;&nbsp;22-DHC-007 | &nbsp;&nbsp;11.13 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Hunt Club (Camp) (Cont'd) | &nbsp;&nbsp;n = 25 (Cont'd) | &nbsp;&nbsp;32.8058 | &nbsp;&nbsp;-84.6809 | &nbsp;&nbsp;22-DHC-008 | &nbsp;&nbsp;10.06 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Hunt Club (Camp) (Cont'd) | &nbsp;&nbsp;n = 25 (Cont'd) | &nbsp;&nbsp;32.8061 | &nbsp;&nbsp;-84.6806 | &nbsp;&nbsp;22-DHC-009 | &nbsp;&nbsp;12.95 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Hunt Club (Camp) (Cont'd) | &nbsp;&nbsp;n = 25 (Cont'd) | &nbsp;&nbsp;32.8119 | &nbsp;&nbsp;-84.6772 | &nbsp;&nbsp;22-DHC-010 | &nbsp;&nbsp;6.55 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Hunt Club (Camp) (Cont'd) | &nbsp;&nbsp;n = 25 (Cont'd) | &nbsp;&nbsp;32.8121 | &nbsp;&nbsp;-84.6770 | &nbsp;&nbsp;22-DHC-011 | &nbsp;&nbsp;9.45 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Hunt Club (Camp) (Cont'd) | &nbsp;&nbsp;n = 25 (Cont'd) | &nbsp;&nbsp;32.8116 | &nbsp;&nbsp;-84.6762 | &nbsp;&nbsp;22-DHC-019 | &nbsp;&nbsp;16.15 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Hunt Club (Camp) (Cont'd) | &nbsp;&nbsp;n = 25 (Cont'd) | &nbsp;&nbsp;32.8046 | &nbsp;&nbsp;-84.6849 | &nbsp;&nbsp;22-DHC-020 | &nbsp;&nbsp;8.23 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Hunt Club (Camp) (Cont'd) | &nbsp;&nbsp;n = 25 (Cont'd) | &nbsp;&nbsp;32.8045 | &nbsp;&nbsp;-84.6850 | &nbsp;&nbsp;22-DHC-021 | &nbsp;&nbsp;8.69 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Hunt Club (Camp) (Cont'd) | &nbsp;&nbsp;n = 25 (Cont'd) | &nbsp;&nbsp;32.8043 | &nbsp;&nbsp;-84.6852 | &nbsp;&nbsp;22-DHC-022 | &nbsp;&nbsp;6.86 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Hunt Club (Camp) (Cont'd) | &nbsp;&nbsp;n = 25 (Cont'd) | &nbsp;&nbsp;32.8042 | &nbsp;&nbsp;-84.6853 | &nbsp;&nbsp;22-DHC-023 | &nbsp;&nbsp;8.53 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Hunt Club (Camp) (Cont'd) | &nbsp;&nbsp;n = 25 (Cont'd) | &nbsp;&nbsp;32.8042 | &nbsp;&nbsp;-84.6855 | &nbsp;&nbsp;22-DHC-024 | &nbsp;&nbsp;2.13 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Hunt Club (Camp) (Cont'd) | &nbsp;&nbsp;n = 25 (Cont'd) | &nbsp;&nbsp;32.8042 | &nbsp;&nbsp;-84.6855 | &nbsp;&nbsp;22-DHC-025 | &nbsp;&nbsp;2.44 |

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SLV0163 – Technical Report Summary Shiloh Project, Georgia 105 November 2025

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| | |
|:---|:---|
| **Technical Report Summary** | ![img77526612_63.jpg](img77526612_63.jpg) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Method** | &nbsp;&nbsp;**Project Area** | &nbsp;&nbsp;**Count** | &nbsp;&nbsp;**Latitude** | &nbsp;&nbsp;**Longitude** | &nbsp;&nbsp;**Hole ID** | &nbsp;&nbsp;**Total Depth (mbgs)** |
|  | &nbsp;&nbsp;Hunt Club | &nbsp;&nbsp;n = 25 (Cont'd) | &nbsp;&nbsp;32.8122 | &nbsp;&nbsp;-84.6768 | &nbsp;&nbsp;22-DHC-012 | &nbsp;&nbsp;10.21 |
|  | &nbsp;&nbsp;Hunt Club | &nbsp;&nbsp;n = 25 (Cont'd) | &nbsp;&nbsp;32.8124 | &nbsp;&nbsp;-84.6767 | &nbsp;&nbsp;22-DHC-013 | &nbsp;&nbsp;12.65 |
|  | &nbsp;&nbsp;Hunt Club | &nbsp;&nbsp;n = 25 (Cont'd) | &nbsp;&nbsp;32.8126 | &nbsp;&nbsp;-84.6764 | &nbsp;&nbsp;22-DHC-014 | &nbsp;&nbsp;10.06 |
|  | &nbsp;&nbsp;Hunt Club | &nbsp;&nbsp;n = 25 (Cont'd) | &nbsp;&nbsp;32.8125 | &nbsp;&nbsp;-84.6749 | &nbsp;&nbsp;22-DHC-015 | &nbsp;&nbsp;8.23 |
|  | &nbsp;&nbsp;Hunt Club | &nbsp;&nbsp;n = 25 (Cont'd) | &nbsp;&nbsp;32.8123 | &nbsp;&nbsp;-84.6753 | &nbsp;&nbsp;22-DHC-016 | &nbsp;&nbsp;8.08 |
|  | &nbsp;&nbsp;Hunt Club | &nbsp;&nbsp;n = 25 (Cont'd) | &nbsp;&nbsp;32.8121 | &nbsp;&nbsp;-84.6755 | &nbsp;&nbsp;22-DHC-017 | &nbsp;&nbsp;8.84 |
|  | &nbsp;&nbsp;Hunt Club | &nbsp;&nbsp;n = 25 (Cont'd) | &nbsp;&nbsp;32.8119 | &nbsp;&nbsp;-84.6759 | &nbsp;&nbsp;22-DHC-018 | &nbsp;&nbsp;8.23 |
|  | &nbsp;&nbsp;Lazer Creek | &nbsp;&nbsp;n = 37 | &nbsp;&nbsp;32.8221 | &nbsp;&nbsp;-84.6592 | &nbsp;&nbsp;22-DLC-001 | &nbsp;&nbsp;3.96 |
|  | &nbsp;&nbsp;Lazer Creek | &nbsp;&nbsp;n = 37 | &nbsp;&nbsp;32.8223 | &nbsp;&nbsp;-84.6589 | &nbsp;&nbsp;22-DLC-002 | &nbsp;&nbsp;2.74 |
|  | &nbsp;&nbsp;Lazer Creek | &nbsp;&nbsp;n = 37 | &nbsp;&nbsp;32.8223 | &nbsp;&nbsp;-84.6589 | &nbsp;&nbsp;22-DLC-003 | &nbsp;&nbsp;2.74 |
|  | &nbsp;&nbsp;Lazer Creek | &nbsp;&nbsp;n = 37 | &nbsp;&nbsp;32.8226 | &nbsp;&nbsp;-84.6587 | &nbsp;&nbsp;22-DLC-004 | &nbsp;&nbsp;3.05 |
|  | &nbsp;&nbsp;Lazer Creek | &nbsp;&nbsp;n = 37 | &nbsp;&nbsp;32.8228 | &nbsp;&nbsp;-84.6584 | &nbsp;&nbsp;22-DLC-005 | &nbsp;&nbsp;1.22 |
|  | &nbsp;&nbsp;Lazer Creek | &nbsp;&nbsp;n = 37 | &nbsp;&nbsp;32.8230 | &nbsp;&nbsp;-84.6582 | &nbsp;&nbsp;22-DLC-006 | &nbsp;&nbsp;1.68 |
|  | &nbsp;&nbsp;Lazer Creek | &nbsp;&nbsp;n = 37 | &nbsp;&nbsp;32.8232 | &nbsp;&nbsp;-84.6580 | &nbsp;&nbsp;22-DLC-007 | &nbsp;&nbsp;8.23 |
|  | &nbsp;&nbsp;Lazer Creek | &nbsp;&nbsp;n = 37 | &nbsp;&nbsp;32.8233 | &nbsp;&nbsp;-84.6579 | &nbsp;&nbsp;22-DLC-008 | &nbsp;&nbsp;10.36 |
|  | &nbsp;&nbsp;Lazer Creek | &nbsp;&nbsp;n = 37 | &nbsp;&nbsp;32.8235 | &nbsp;&nbsp;-84.6580 | &nbsp;&nbsp;22-DLC-009 | &nbsp;&nbsp;11.43 |
|  | &nbsp;&nbsp;Lazer Creek | &nbsp;&nbsp;n = 37 | &nbsp;&nbsp;32.8234 | &nbsp;&nbsp;-84.6576 | &nbsp;&nbsp;22-DLC-010 | &nbsp;&nbsp;8.84 |
|  | &nbsp;&nbsp;Lazer Creek | &nbsp;&nbsp;n = 37 | &nbsp;&nbsp;32.8235 | &nbsp;&nbsp;-84.6573 | &nbsp;&nbsp;22-DLC-011 | &nbsp;&nbsp;7.77 |
|  | &nbsp;&nbsp;Lazer Creek | &nbsp;&nbsp;n = 37 | &nbsp;&nbsp;32.8238 | &nbsp;&nbsp;-84.6570 | &nbsp;&nbsp;22-DLC-012 | &nbsp;&nbsp;10.36 |
|  | &nbsp;&nbsp;Lazer Creek | &nbsp;&nbsp;n = 37 | &nbsp;&nbsp;32.8240 | &nbsp;&nbsp;-84.6569 | &nbsp;&nbsp;22-DLC-013 | &nbsp;&nbsp;8.23 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Lazer Creek (Cont'd) | &nbsp;&nbsp;n = 37 (Cont'd) | &nbsp;&nbsp;32.8244 | &nbsp;&nbsp;-84.6565 | &nbsp;&nbsp;22-DLC-014 | &nbsp;&nbsp;9.45 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Lazer Creek (Cont'd) | &nbsp;&nbsp;n = 37 (Cont'd) | &nbsp;&nbsp;32.8245 | &nbsp;&nbsp;-84.6563 | &nbsp;&nbsp;22-DLC-015 | &nbsp;&nbsp;5.03 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Lazer Creek (Cont'd) | &nbsp;&nbsp;n = 37 (Cont'd) | &nbsp;&nbsp;32.8228 | &nbsp;&nbsp;-84.6553 | &nbsp;&nbsp;22-DLC-016 | &nbsp;&nbsp;4.88 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Lazer Creek (Cont'd) | &nbsp;&nbsp;n = 37 (Cont'd) | &nbsp;&nbsp;32.8226 | &nbsp;&nbsp;-84.6553 | &nbsp;&nbsp;22-DLC-017 | &nbsp;&nbsp;9.30 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Lazer Creek (Cont'd) | &nbsp;&nbsp;n = 37 (Cont'd) | &nbsp;&nbsp;32.8224 | &nbsp;&nbsp;-84.6556 | &nbsp;&nbsp;22-DLC-018 | &nbsp;&nbsp;9.75 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Lazer Creek (Cont'd) | &nbsp;&nbsp;n = 37 (Cont'd) | &nbsp;&nbsp;32.8223 | &nbsp;&nbsp;-84.6557 | &nbsp;&nbsp;22-DLC-019 | &nbsp;&nbsp;9.60 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Lazer Creek (Cont'd) | &nbsp;&nbsp;n = 37 (Cont'd) | &nbsp;&nbsp;32.8221 | &nbsp;&nbsp;-84.6560 | &nbsp;&nbsp;22-DLC-020 | &nbsp;&nbsp;6.86 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Lazer Creek (Cont'd) | &nbsp;&nbsp;n = 37 (Cont'd) | &nbsp;&nbsp;32.8218 | &nbsp;&nbsp;-84.6561 | &nbsp;&nbsp;22-DLC-021 | &nbsp;&nbsp;4.88 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Lazer Creek (Cont'd) | &nbsp;&nbsp;n = 37 (Cont'd) | &nbsp;&nbsp;32.8217 | &nbsp;&nbsp;-84.6564 | &nbsp;&nbsp;22-DLC-022 | &nbsp;&nbsp;2.74 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Lazer Creek (Cont'd) | &nbsp;&nbsp;n = 37 (Cont'd) | &nbsp;&nbsp;32.8214 | &nbsp;&nbsp;-84.6567 | &nbsp;&nbsp;22-DLC-023 | &nbsp;&nbsp;7.62 |

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SLV0163 – Technical Report Summary Shiloh Project, Georgia 106 November 2025

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---

| | |
|:---|:---|
| **Technical Report Summary** | ![img77526612_63.jpg](img77526612_63.jpg) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Method** | &nbsp;&nbsp;**Project Area** | &nbsp;&nbsp;**Count** | &nbsp;&nbsp;**Latitude** | &nbsp;&nbsp;**Longitude** | &nbsp;&nbsp;**Hole ID** | &nbsp;&nbsp;**Total Depth (mbgs)** |
|  |  |  | &nbsp;&nbsp;32.8212 | &nbsp;&nbsp;-84.6570 | &nbsp;&nbsp;22-DLC-024 | &nbsp;&nbsp;3.66 |
|  |  |  | &nbsp;&nbsp;32.8209 | &nbsp;&nbsp;-84.6573 | &nbsp;&nbsp;22-DLC-025 | &nbsp;&nbsp;3.81 |
|  |  |  | &nbsp;&nbsp;32.8206 | &nbsp;&nbsp;-84.6576 | &nbsp;&nbsp;22-DLC-026 | &nbsp;&nbsp;7.77 |
|  |  |  | &nbsp;&nbsp;32.8204 | &nbsp;&nbsp;-84.6579 | &nbsp;&nbsp;22-DLC-027 | &nbsp;&nbsp;3.66 |
|  |  |  | &nbsp;&nbsp;32.8202 | &nbsp;&nbsp;-84.6582 | &nbsp;&nbsp;22-DLC-028 | &nbsp;&nbsp;4.88 |
|  |  |  | &nbsp;&nbsp;32.8209 | &nbsp;&nbsp;-84.6547 | &nbsp;&nbsp;22-DLC-029 | &nbsp;&nbsp;0.91 |
|  |  |  | &nbsp;&nbsp;32.8209 | &nbsp;&nbsp;-84.6546 | &nbsp;&nbsp;22-DLC-030 | &nbsp;&nbsp;5.03 |
|  |  |  | &nbsp;&nbsp;32.8203 | &nbsp;&nbsp;-84.6550 | &nbsp;&nbsp;22-DLC-031 | &nbsp;&nbsp;8.38 |
|  |  |  | &nbsp;&nbsp;32.8201 | &nbsp;&nbsp;-84.6552 | &nbsp;&nbsp;22-DLC-032 | &nbsp;&nbsp;10.06 |
|  |  |  | &nbsp;&nbsp;32.8199 | &nbsp;&nbsp;-84.6553 | &nbsp;&nbsp;22-DLC-033 | &nbsp;&nbsp;10.67 |
|  |  |  | &nbsp;&nbsp;32.8196 | &nbsp;&nbsp;-84.6554 | &nbsp;&nbsp;22-DLC-034 | &nbsp;&nbsp;9.14 |
|  |  |  | &nbsp;&nbsp;32.8194 | &nbsp;&nbsp;-84.6555 | &nbsp;&nbsp;22-DLC-035 | &nbsp;&nbsp;6.10 |
|  |  |  | &nbsp;&nbsp;32.8192 | &nbsp;&nbsp;-84.6557 | &nbsp;&nbsp;22-DLC-036 | &nbsp;&nbsp;7.77 |
|  |  |  | &nbsp;&nbsp;32.8189 | &nbsp;&nbsp;-84.6559 | &nbsp;&nbsp;22-DLC-037 | &nbsp;&nbsp;9.14 |
|  | &nbsp;&nbsp;Pig Trail | &nbsp;&nbsp;n = 60 | &nbsp;&nbsp;32.7881 | &nbsp;&nbsp;-84.6713 | &nbsp;&nbsp;22-DPT-001 | &nbsp;&nbsp;10.67 |
|  | &nbsp;&nbsp;Pig Trail | &nbsp;&nbsp;n = 60 | &nbsp;&nbsp;32.7885 | &nbsp;&nbsp;-84.6709 | &nbsp;&nbsp;22-DPT-002 | &nbsp;&nbsp;8.53 |
|  | &nbsp;&nbsp;Pig Trail | &nbsp;&nbsp;n = 60 | &nbsp;&nbsp;32.7888 | &nbsp;&nbsp;-84.6707 | &nbsp;&nbsp;22-DPT-003 | &nbsp;&nbsp;11.58 |
|  | &nbsp;&nbsp;Pig Trail | &nbsp;&nbsp;n = 60 | &nbsp;&nbsp;32.7894 | &nbsp;&nbsp;-84.6706 | &nbsp;&nbsp;22-DPT-004 | &nbsp;&nbsp;6.10 |
|  | &nbsp;&nbsp;Pig Trail | &nbsp;&nbsp;n = 60 | &nbsp;&nbsp;32.7896 | &nbsp;&nbsp;-84.6704 | &nbsp;&nbsp;22-DPT-005 | &nbsp;&nbsp;15.24 |
|  | &nbsp;&nbsp;Pig Trail | &nbsp;&nbsp;n = 60 | &nbsp;&nbsp;32.7897 | &nbsp;&nbsp;-84.6703 | &nbsp;&nbsp;22-DPT-006 | &nbsp;&nbsp;14.17 |
|  | &nbsp;&nbsp;Pig Trail | &nbsp;&nbsp;n = 60 | &nbsp;&nbsp;32.7900 | &nbsp;&nbsp;-84.6701 | &nbsp;&nbsp;22-DPT-007 | &nbsp;&nbsp;10.13 |
|  | &nbsp;&nbsp;Pig Trail | &nbsp;&nbsp;n = 60 | &nbsp;&nbsp;32.7934 | &nbsp;&nbsp;-84.6721 | &nbsp;&nbsp;22-DPT-018 | &nbsp;&nbsp;8.61 |
|  | &nbsp;&nbsp;Pig Trail | &nbsp;&nbsp;n = 60 | &nbsp;&nbsp;32.7933 | &nbsp;&nbsp;-84.6722 | &nbsp;&nbsp;22-DPT-019 | &nbsp;&nbsp;10.44 |
|  | &nbsp;&nbsp;Pig Trail | &nbsp;&nbsp;n = 60 | &nbsp;&nbsp;32.7931 | &nbsp;&nbsp;-84.6725 | &nbsp;&nbsp;22-DPT-020 | &nbsp;&nbsp;7.32 |
|  | &nbsp;&nbsp;Pig Trail | &nbsp;&nbsp;n = 60 | &nbsp;&nbsp;32.7929 | &nbsp;&nbsp;-84.6727 | &nbsp;&nbsp;22-DPT-021 | &nbsp;&nbsp;10.21 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Pig Trail | &nbsp;&nbsp;n = 60 | &nbsp;&nbsp;32.7928 | &nbsp;&nbsp;-84.6729 | &nbsp;&nbsp;22-DPT-022 | &nbsp;&nbsp;8.61 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Pig Trail | &nbsp;&nbsp;n = 60 | &nbsp;&nbsp;32.7929 | &nbsp;&nbsp;-84.6718 | &nbsp;&nbsp;22-DPT-023 | &nbsp;&nbsp;9.14 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Pig Trail | &nbsp;&nbsp;n = 60 | &nbsp;&nbsp;32.7927 | &nbsp;&nbsp;-84.6721 | &nbsp;&nbsp;22-DPT-024 | &nbsp;&nbsp;8.23 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Pig Trail | &nbsp;&nbsp;n = 60 | &nbsp;&nbsp;32.7925 | &nbsp;&nbsp;-84.6723 | &nbsp;&nbsp;22-DPT-025 | &nbsp;&nbsp;10.21 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Pig Trail | &nbsp;&nbsp;n = 60 | &nbsp;&nbsp;32.7923 | &nbsp;&nbsp;-84.6719 | &nbsp;&nbsp;22-DPT-026 | &nbsp;&nbsp;10.36 |

---

SLV0163 – Technical Report Summary Shiloh Project, Georgia 107 November 2025

------

---

| | |
|:---|:---|
| **Technical Report Summary** | ![img77526612_63.jpg](img77526612_63.jpg) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Method** | &nbsp;&nbsp;**Project Area** | &nbsp;&nbsp;**Count** | &nbsp;&nbsp;**Latitude** | &nbsp;&nbsp;**Longitude** | &nbsp;&nbsp;**Hole ID** | &nbsp;&nbsp;**Total Depth (mbgs)** |
|  |  |  | &nbsp;&nbsp;32.7924 | &nbsp;&nbsp;-84.6725 | &nbsp;&nbsp;22-DPT-027 | &nbsp;&nbsp;9.14 |
|  |  |  | &nbsp;&nbsp;32.7918 | &nbsp;&nbsp;-84.6730 | &nbsp;&nbsp;22-DPT-028 | &nbsp;&nbsp;8.23 |
|  |  |  | &nbsp;&nbsp;32.7920 | &nbsp;&nbsp;-84.6729 | &nbsp;&nbsp;22-DPT-029 | &nbsp;&nbsp;8.53 |
|  |  |  | &nbsp;&nbsp;32.7922 | &nbsp;&nbsp;-84.6728 | &nbsp;&nbsp;22-DPT-030 | &nbsp;&nbsp;8.53 |
|  |  |  | &nbsp;&nbsp;32.7930 | &nbsp;&nbsp;-84.6726 | &nbsp;&nbsp;22-DPT-031 | &nbsp;&nbsp;10.36 |
|  |  |  | &nbsp;&nbsp;32.7955 | &nbsp;&nbsp;-84.6748 | &nbsp;&nbsp;22-DPT-039 | &nbsp;&nbsp;13.41 |
|  |  |  | &nbsp;&nbsp;32.7954 | &nbsp;&nbsp;-84.6751 | &nbsp;&nbsp;22-DPT-040 | &nbsp;&nbsp;10.06 |
|  |  |  | &nbsp;&nbsp;32.7952 | &nbsp;&nbsp;-84.6754 | &nbsp;&nbsp;22-DPT-041 | &nbsp;&nbsp;6.86 |
|  |  |  | &nbsp;&nbsp;32.7951 | &nbsp;&nbsp;-84.6758 | &nbsp;&nbsp;22-DPT-042 | &nbsp;&nbsp;7.62 |
|  |  |  | &nbsp;&nbsp;32.7950 | &nbsp;&nbsp;-84.6761 | &nbsp;&nbsp;22-DPT-043 | &nbsp;&nbsp;6.86 |
|  |  |  | &nbsp;&nbsp;32.7949 | &nbsp;&nbsp;-84.6765 | &nbsp;&nbsp;22-DPT-044 | &nbsp;&nbsp;3.96 |
|  |  |  | &nbsp;&nbsp;32.7946 | &nbsp;&nbsp;-84.6768 | &nbsp;&nbsp;22-DPT-045 | &nbsp;&nbsp;6.10 |
|  |  |  | &nbsp;&nbsp;32.7944 | &nbsp;&nbsp;-84.6771 | &nbsp;&nbsp;22-DPT-046 | &nbsp;&nbsp;6.40 |
|  |  |  | &nbsp;&nbsp;32.7941 | &nbsp;&nbsp;-84.6773 | &nbsp;&nbsp;22-DPT-047 | &nbsp;&nbsp;6.86 |
|  |  |  | &nbsp;&nbsp;32.7940 | &nbsp;&nbsp;-84.6776 | &nbsp;&nbsp;22-DPT-048 | &nbsp;&nbsp;5.18 |
|  |  |  | &nbsp;&nbsp;32.7936 | &nbsp;&nbsp;-84.6773 | &nbsp;&nbsp;22-DPT-049 | &nbsp;&nbsp;8.53 |
|  |  |  | &nbsp;&nbsp;32.7882 | &nbsp;&nbsp;-84.6693 | &nbsp;&nbsp;22-DPT-050 | &nbsp;&nbsp;8.38 |
|  | &nbsp;&nbsp;Pig Trail (North) |  | &nbsp;&nbsp;32.7884 | &nbsp;&nbsp;-84.6691 | &nbsp;&nbsp;22-DPT-051 | &nbsp;&nbsp;7.16 |
|  | &nbsp;&nbsp;Pig Trail (North) |  | &nbsp;&nbsp;32.7888 | &nbsp;&nbsp;-84.6690 | &nbsp;&nbsp;22-DPT-052 | &nbsp;&nbsp;6.55 |
|  | &nbsp;&nbsp;Pig Trail (North) |  | &nbsp;&nbsp;32.7891 | &nbsp;&nbsp;-84.6684 | &nbsp;&nbsp;22-DPT-053 | &nbsp;&nbsp;4.11 |
|  | &nbsp;&nbsp;Pig Trail (North) |  | &nbsp;&nbsp;32.7890 | &nbsp;&nbsp;-84.6682 | &nbsp;&nbsp;22-DPT-054 | &nbsp;&nbsp;3.35 |
|  | &nbsp;&nbsp;Pig Trail (North) |  | &nbsp;&nbsp;32.7890 | &nbsp;&nbsp;-84.6682 | &nbsp;&nbsp;22-DPT-055 | &nbsp;&nbsp;8.08 |
|  | &nbsp;&nbsp;Pig Trail (North) |  | &nbsp;&nbsp;32.7945 | &nbsp;&nbsp;-84.6729 | &nbsp;&nbsp;22-DPT-056 | &nbsp;&nbsp;16.15 |
|  | &nbsp;&nbsp;Pig Trail (North) |  | &nbsp;&nbsp;32.7939 | &nbsp;&nbsp;-84.6736 | &nbsp;&nbsp;22-DPT-057 | &nbsp;&nbsp;11.58 |
|  | &nbsp;&nbsp;Pig Trail (North) |  | &nbsp;&nbsp;32.7935 | &nbsp;&nbsp;-84.6743 | &nbsp;&nbsp;22-DPT-058 | &nbsp;&nbsp;6.71 |
|  | &nbsp;&nbsp;Pig Trail (North) |  | &nbsp;&nbsp;32.7931 | &nbsp;&nbsp;-84.6750 | &nbsp;&nbsp;22-DPT-059 | &nbsp;&nbsp;12.19 |
|  | &nbsp;&nbsp;Pig Trail (North) |  | &nbsp;&nbsp;32.7924 | &nbsp;&nbsp;-84.6758 | &nbsp;&nbsp;22-DPT-060 | &nbsp;&nbsp;16.76 |
|  | &nbsp;&nbsp;Pig Trail (North) |  | &nbsp;&nbsp;32.7905 | &nbsp;&nbsp;-84.6777 | &nbsp;&nbsp;22-DPT-008 | &nbsp;&nbsp;4.27 |
|  | &nbsp;&nbsp;Pig Trail (North) |  | &nbsp;&nbsp;32.7910 | &nbsp;&nbsp;-84.6772 | &nbsp;&nbsp;22-DPT-009 | &nbsp;&nbsp;9.14 |

---

SLV0163 – Technical Report Summary Shiloh Project, Georgia 108 November 2025

------

---

| | |
|:---|:---|
| **Technical Report Summary** | ![img77526612_63.jpg](img77526612_63.jpg) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Method** | &nbsp;&nbsp;**Project Area** | &nbsp;&nbsp;**Count** | &nbsp;&nbsp;**Latitude** | &nbsp;&nbsp;**Longitude** | &nbsp;&nbsp;**Hole ID** | &nbsp;&nbsp;**Total Depth (mbgs)** |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Pig Trail (North) (Cont'd) | &nbsp;&nbsp;n = 60 (Cont'd) | &nbsp;&nbsp;32.7914 | &nbsp;&nbsp;-84.6771 | &nbsp;&nbsp;22-DPT-010 | &nbsp;&nbsp;6.40 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Pig Trail (North) (Cont'd) | &nbsp;&nbsp;n = 60 (Cont'd) | &nbsp;&nbsp;32.7918 | &nbsp;&nbsp;-84.6766 | &nbsp;&nbsp;22-DPT-011 | &nbsp;&nbsp;5.49 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Pig Trail (North) (Cont'd) | &nbsp;&nbsp;n = 60 (Cont'd) | &nbsp;&nbsp;32.7922 | &nbsp;&nbsp;-84.6760 | &nbsp;&nbsp;22-DPT-012 | &nbsp;&nbsp;10.21 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Pig Trail (North) (Cont'd) | &nbsp;&nbsp;n = 60 (Cont'd) | &nbsp;&nbsp;32.7927 | &nbsp;&nbsp;-84.6754 | &nbsp;&nbsp;22-DPT-013 | &nbsp;&nbsp;15.24 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Pig Trail (North) (Cont'd) | &nbsp;&nbsp;n = 60 (Cont'd) | &nbsp;&nbsp;32.7933 | &nbsp;&nbsp;-84.6745 | &nbsp;&nbsp;22-DPT-014 | &nbsp;&nbsp;9.83 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Pig Trail (North) (Cont'd) | &nbsp;&nbsp;n = 60 (Cont'd) | &nbsp;&nbsp;32.7938 | &nbsp;&nbsp;-84.6740 | &nbsp;&nbsp;22-DPT-015 | &nbsp;&nbsp;11.28 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Pig Trail (North) (Cont'd) | &nbsp;&nbsp;n = 60 (Cont'd) | &nbsp;&nbsp;32.7943 | &nbsp;&nbsp;-84.6733 | &nbsp;&nbsp;22-DPT-016 | &nbsp;&nbsp;10.06 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Pig Trail (North) (Cont'd) | &nbsp;&nbsp;n = 60 (Cont'd) | &nbsp;&nbsp;32.7947 | &nbsp;&nbsp;-84.6725 | &nbsp;&nbsp;22-DPT-017 | &nbsp;&nbsp;12.19 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Pig Trail (North) (Cont'd) | &nbsp;&nbsp;n = 60 (Cont'd) | &nbsp;&nbsp;32.7946 | &nbsp;&nbsp;-84.6743 | &nbsp;&nbsp;22-DPT-032 | &nbsp;&nbsp;10.36 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Pig Trail (North) (Cont'd) | &nbsp;&nbsp;n = 60 (Cont'd) | &nbsp;&nbsp;32.7944 | &nbsp;&nbsp;-84.6746 | &nbsp;&nbsp;22-DPT-033 | &nbsp;&nbsp;10.36 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Pig Trail (North) (Cont'd) | &nbsp;&nbsp;n = 60 (Cont'd) | &nbsp;&nbsp;32.7941 | &nbsp;&nbsp;-84.6751 | &nbsp;&nbsp;22-DPT-034 | &nbsp;&nbsp;7.32 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Pig Trail (North) (Cont'd) | &nbsp;&nbsp;n = 60 (Cont'd) | &nbsp;&nbsp;32.7937 | &nbsp;&nbsp;-84.6755 | &nbsp;&nbsp;22-DPT-035 | &nbsp;&nbsp;7.32 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Pig Trail (North) (Cont'd) | &nbsp;&nbsp;n = 60 (Cont'd) | &nbsp;&nbsp;32.7933 | &nbsp;&nbsp;-84.6762 | &nbsp;&nbsp;22-DPT-036 | &nbsp;&nbsp;8.46 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Pig Trail (North) (Cont'd) | &nbsp;&nbsp;n = 60 (Cont'd) | &nbsp;&nbsp;32.7928 | &nbsp;&nbsp;-84.6768 | &nbsp;&nbsp;22-DPT-037 | &nbsp;&nbsp;8.38 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Pig Trail (North) (Cont'd) | &nbsp;&nbsp;n = 60 (Cont'd) | &nbsp;&nbsp;32.7926 | &nbsp;&nbsp;-84.6773 | &nbsp;&nbsp;22-DPT-038 | &nbsp;&nbsp;13.41 |
| &nbsp;&nbsp;Sonic | &nbsp;&nbsp;Newbill | &nbsp;&nbsp;n = 6 | &nbsp;&nbsp;32.7894 | &nbsp;&nbsp;-84.6335 | &nbsp;&nbsp;22-SNB-010 | &nbsp;&nbsp;22.56 |
| &nbsp;&nbsp;Sonic | &nbsp;&nbsp;Newbill | &nbsp;&nbsp;n = 6 | &nbsp;&nbsp;32.7900 | &nbsp;&nbsp;-84.6336 | &nbsp;&nbsp;22-SNB-011 | &nbsp;&nbsp;24.99 |
| &nbsp;&nbsp;Sonic | &nbsp;&nbsp;Newbill | &nbsp;&nbsp;n = 6 | &nbsp;&nbsp;32.7910 | &nbsp;&nbsp;-84.6338 | &nbsp;&nbsp;22-SNB-012 | &nbsp;&nbsp;20.73 |
| &nbsp;&nbsp;Sonic | &nbsp;&nbsp;Newbill | &nbsp;&nbsp;n = 6 | &nbsp;&nbsp;32.7916 | &nbsp;&nbsp;-84.6338 | &nbsp;&nbsp;22-SNB-013 | &nbsp;&nbsp;20.57 |
| &nbsp;&nbsp;Sonic | &nbsp;&nbsp;Newbill | &nbsp;&nbsp;n = 6 | &nbsp;&nbsp;32.7952 | &nbsp;&nbsp;-84.6294 | &nbsp;&nbsp;22-SNB-014 | &nbsp;&nbsp;10.21 |
| &nbsp;&nbsp;Sonic | &nbsp;&nbsp;Newbill | &nbsp;&nbsp;n = 6 | &nbsp;&nbsp;32.7951 | &nbsp;&nbsp;-84.6289 | &nbsp;&nbsp;22-SNB-015 | &nbsp;&nbsp;12.65 |
| &nbsp;&nbsp;Sonic | &nbsp;&nbsp;Pig Trail | &nbsp;&nbsp;n = 46 | &nbsp;&nbsp;32.7881 | &nbsp;&nbsp;-84.6696 | &nbsp;&nbsp;22-SPT-010 | &nbsp;&nbsp;11.58 |
| &nbsp;&nbsp;Sonic | &nbsp;&nbsp;Pig Trail | &nbsp;&nbsp;n = 46 | &nbsp;&nbsp;32.7882 | &nbsp;&nbsp;-84.6692 | &nbsp;&nbsp;22-SPT-011 | &nbsp;&nbsp;17.68 |
| &nbsp;&nbsp;Sonic | &nbsp;&nbsp;Pig Trail | &nbsp;&nbsp;n = 46 | &nbsp;&nbsp;32.7884 | &nbsp;&nbsp;-84.6691 | &nbsp;&nbsp;22-SPT-012 | &nbsp;&nbsp;15.24 |
| &nbsp;&nbsp;Sonic | &nbsp;&nbsp;Pig Trail | &nbsp;&nbsp;n = 46 | &nbsp;&nbsp;32.7887 | &nbsp;&nbsp;-84.6690 | &nbsp;&nbsp;22-SPT-013 | &nbsp;&nbsp;9.14 |
| &nbsp;&nbsp;Sonic | &nbsp;&nbsp;Pig Trail | &nbsp;&nbsp;n = 46 | &nbsp;&nbsp;32.7889 | &nbsp;&nbsp;-84.6688 | &nbsp;&nbsp;22-SPT-014 | &nbsp;&nbsp;9.14 |
| &nbsp;&nbsp;Sonic | &nbsp;&nbsp;Pig Trail | &nbsp;&nbsp;n = 46 | &nbsp;&nbsp;32.7891 | &nbsp;&nbsp;-84.6684 | &nbsp;&nbsp;22-SPT-015 | &nbsp;&nbsp;11.13 |
| &nbsp;&nbsp;Sonic | &nbsp;&nbsp;Pig Trail | &nbsp;&nbsp;n = 46 | &nbsp;&nbsp;32.7895 | &nbsp;&nbsp;-84.6681 | &nbsp;&nbsp;22-SPT-016 | &nbsp;&nbsp;15.01 |
| &nbsp;&nbsp;Sonic | &nbsp;&nbsp;Pig Trail | &nbsp;&nbsp;n = 46 | &nbsp;&nbsp;32.7897 | &nbsp;&nbsp;-84.6680 | &nbsp;&nbsp;22-SPT-017 | &nbsp;&nbsp;11.96 |
| &nbsp;&nbsp;Sonic | &nbsp;&nbsp;Pig Trail | &nbsp;&nbsp;n = 46 | &nbsp;&nbsp;32.7899 | &nbsp;&nbsp;-84.6676 | &nbsp;&nbsp;22-SPT-018 | &nbsp;&nbsp;10.59 |
| &nbsp;&nbsp;Sonic | &nbsp;&nbsp;Pig Trail | &nbsp;&nbsp;n = 46 | &nbsp;&nbsp;32.7902 | &nbsp;&nbsp;-84.6676 | &nbsp;&nbsp;22-SPT-019 | &nbsp;&nbsp;11.96 |

---

SLV0163 – Technical Report Summary Shiloh Project, Georgia 109 November 2025

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---

| | |
|:---|:---|
| **Technical Report Summary** | ![img77526612_63.jpg](img77526612_63.jpg) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Method** | &nbsp;&nbsp;**Project Area** | &nbsp;&nbsp;**Count** | &nbsp;&nbsp;**Latitude** | &nbsp;&nbsp;**Longitude** | &nbsp;&nbsp;**Hole ID** | &nbsp;&nbsp;**Total Depth (mbgs)** |
|  |  |  | &nbsp;&nbsp;32.7904 | &nbsp;&nbsp;-84.6673 | &nbsp;&nbsp;22-SPT-020 | &nbsp;&nbsp;6.63 |
|  |  |  | &nbsp;&nbsp;32.8010 | &nbsp;&nbsp;-84.6876 | &nbsp;&nbsp;22-SPT-021 | &nbsp;&nbsp;11.58 |
|  |  |  | &nbsp;&nbsp;32.8016 | &nbsp;&nbsp;-84.6872 | &nbsp;&nbsp;22-SPT-022 | &nbsp;&nbsp;15.24 |
| &nbsp;&nbsp;Sonic (Cont'd) | &nbsp;&nbsp;Pig Trail (Cont'd) | &nbsp;&nbsp;n = 46 (Cont'd) | &nbsp;&nbsp;32.8020 | &nbsp;&nbsp;-84.6870 | &nbsp;&nbsp;22-SPT-023 | &nbsp;&nbsp;12.80 |
| &nbsp;&nbsp;Sonic (Cont'd) | &nbsp;&nbsp;Pig Trail (Cont'd) | &nbsp;&nbsp;n = 46 (Cont'd) | &nbsp;&nbsp;32.8023 | &nbsp;&nbsp;-84.6865 | &nbsp;&nbsp;22-SPT-024 | &nbsp;&nbsp;11.58 |
| &nbsp;&nbsp;Sonic (Cont'd) | &nbsp;&nbsp;Pig Trail (Cont'd) | &nbsp;&nbsp;n = 46 (Cont'd) | &nbsp;&nbsp;32.8063 | &nbsp;&nbsp;-84.6578 | &nbsp;&nbsp;22-SPT-025 | &nbsp;&nbsp;15.24 |
| &nbsp;&nbsp;Sonic (Cont'd) | &nbsp;&nbsp;Pig Trail (Cont'd) | &nbsp;&nbsp;n = 46 (Cont'd) | &nbsp;&nbsp;32.8076 | &nbsp;&nbsp;-84.6578 | &nbsp;&nbsp;22-SPT-026 | &nbsp;&nbsp;15.24 |
| &nbsp;&nbsp;Sonic (Cont'd) | &nbsp;&nbsp;Pig Trail (Cont'd) | &nbsp;&nbsp;n = 46 (Cont'd) | &nbsp;&nbsp;32.7885 | &nbsp;&nbsp;-84.6662 | &nbsp;&nbsp;22-SPT-027 | &nbsp;&nbsp;14.33 |
| &nbsp;&nbsp;Sonic (Cont'd) | &nbsp;&nbsp;Pig Trail (Cont'd) | &nbsp;&nbsp;n = 46 (Cont'd) | &nbsp;&nbsp;32.7885 | &nbsp;&nbsp;-84.6661 | &nbsp;&nbsp;22-SPT-028 | &nbsp;&nbsp;13.72 |
| &nbsp;&nbsp;Sonic (Cont'd) | &nbsp;&nbsp;Pig Trail (Cont'd) | &nbsp;&nbsp;n = 46 (Cont'd) | &nbsp;&nbsp;32.7886 | &nbsp;&nbsp;-84.6660 | &nbsp;&nbsp;22-SPT-029 | &nbsp;&nbsp;13.72 |
| &nbsp;&nbsp;Sonic (Cont'd) | &nbsp;&nbsp;Pig Trail (Cont'd) | &nbsp;&nbsp;n = 46 (Cont'd) | &nbsp;&nbsp;32.7886 | &nbsp;&nbsp;-84.6660 | &nbsp;&nbsp;22-SPT-030 | &nbsp;&nbsp;12.19 |
| &nbsp;&nbsp;Sonic (Cont'd) | &nbsp;&nbsp;Pig Trail (Cont'd) | &nbsp;&nbsp;n = 46 (Cont'd) | &nbsp;&nbsp;32.7886 | &nbsp;&nbsp;-84.6658 | &nbsp;&nbsp;22-SPT-031 | &nbsp;&nbsp;11.58 |
| &nbsp;&nbsp;Sonic (Cont'd) | &nbsp;&nbsp;Pig Trail (Cont'd) | &nbsp;&nbsp;n = 46 (Cont'd) | &nbsp;&nbsp;32.7885 | &nbsp;&nbsp;-84.6658 | &nbsp;&nbsp;22-SPT-032 | &nbsp;&nbsp;11.58 |
| &nbsp;&nbsp;Sonic (Cont'd) | &nbsp;&nbsp;Pig Trail (Cont'd) | &nbsp;&nbsp;n = 46 (Cont'd) | &nbsp;&nbsp;32.7885 | &nbsp;&nbsp;-84.6659 | &nbsp;&nbsp;22-SPT-033 | &nbsp;&nbsp;12.19 |
| &nbsp;&nbsp;Sonic (Cont'd) | &nbsp;&nbsp;Pig Trail (Cont'd) | &nbsp;&nbsp;n = 46 (Cont'd) | &nbsp;&nbsp;32.7884 | &nbsp;&nbsp;-84.6660 | &nbsp;&nbsp;22-SPT-034 | &nbsp;&nbsp;14.63 |
| &nbsp;&nbsp;Sonic (Cont'd) | &nbsp;&nbsp;Pig Trail (Cont'd) | &nbsp;&nbsp;n = 46 (Cont'd) | &nbsp;&nbsp;32.7887 | &nbsp;&nbsp;-84.6662 | &nbsp;&nbsp;22-SPT-035 | &nbsp;&nbsp;15.24 |
| &nbsp;&nbsp;Sonic (Cont'd) | &nbsp;&nbsp;Pig Trail (Cont'd) | &nbsp;&nbsp;n = 46 (Cont'd) | &nbsp;&nbsp;32.7879 | &nbsp;&nbsp;-84.6639 | &nbsp;&nbsp;22-SPT-036 | &nbsp;&nbsp;16.46 |
| &nbsp;&nbsp;Sonic (Cont'd) | &nbsp;&nbsp;Pig Trail (Cont'd) | &nbsp;&nbsp;n = 46 (Cont'd) | &nbsp;&nbsp;32.7879 | &nbsp;&nbsp;-84.6643 | &nbsp;&nbsp;22-SPT-037 | &nbsp;&nbsp;15.24 |
| &nbsp;&nbsp;Sonic (Cont'd) | &nbsp;&nbsp;Pig Trail (Cont'd) | &nbsp;&nbsp;n = 46 (Cont'd) | &nbsp;&nbsp;32.7879 | &nbsp;&nbsp;-84.6650 | &nbsp;&nbsp;22-SPT-038 | &nbsp;&nbsp;17.07 |
| &nbsp;&nbsp;Sonic (Cont'd) | &nbsp;&nbsp;Pig Trail (Cont'd) | &nbsp;&nbsp;n = 46 (Cont'd) | &nbsp;&nbsp;32.7880 | &nbsp;&nbsp;-84.6656 | &nbsp;&nbsp;22-SPT-039 | &nbsp;&nbsp;17.07 |
| &nbsp;&nbsp;Sonic (Cont'd) | &nbsp;&nbsp;Pig Trail (Cont'd) | &nbsp;&nbsp;n = 46 (Cont'd) | &nbsp;&nbsp;32.7880 | &nbsp;&nbsp;-84.6659 | &nbsp;&nbsp;22-SPT-040 | &nbsp;&nbsp;14.63 |
| &nbsp;&nbsp;Sonic (Cont'd) | &nbsp;&nbsp;Pig Trail (Cont'd) | &nbsp;&nbsp;n = 46 (Cont'd) | &nbsp;&nbsp;32.7891 | &nbsp;&nbsp;-84.6684 | &nbsp;&nbsp;22-SPT-041 | &nbsp;&nbsp;12.19 |
| &nbsp;&nbsp;Sonic (Cont'd) | &nbsp;&nbsp;Pig Trail (Cont'd) | &nbsp;&nbsp;n = 46 (Cont'd) | &nbsp;&nbsp;32.7892 | &nbsp;&nbsp;-84.6683 | &nbsp;&nbsp;22-SPT-042 | &nbsp;&nbsp;9.14 |
| &nbsp;&nbsp;Sonic (Cont'd) | &nbsp;&nbsp;Pig Trail (Cont'd) | &nbsp;&nbsp;n = 46 (Cont'd) | &nbsp;&nbsp;32.7890 | &nbsp;&nbsp;-84.6683 | &nbsp;&nbsp;22-SPT-043 | &nbsp;&nbsp;18.29 |
| &nbsp;&nbsp;Sonic (Cont'd) | &nbsp;&nbsp;Pig Trail (Cont'd) | &nbsp;&nbsp;n = 46 (Cont'd) | &nbsp;&nbsp;32.7891 | &nbsp;&nbsp;-84.6683 | &nbsp;&nbsp;22-SPT-044 | &nbsp;&nbsp;10.67 |
| &nbsp;&nbsp;Sonic (Cont'd) | &nbsp;&nbsp;Pig Trail (Cont'd) | &nbsp;&nbsp;n = 46 (Cont'd) | &nbsp;&nbsp;32.7891 | &nbsp;&nbsp;-84.6685 | &nbsp;&nbsp;22-SPT-045 | &nbsp;&nbsp;13.72 |
| &nbsp;&nbsp;Sonic (Cont'd) | &nbsp;&nbsp;Pig Trail (Cont'd) | &nbsp;&nbsp;n = 46 (Cont'd) | &nbsp;&nbsp;32.7890 | &nbsp;&nbsp;-84.6684 | &nbsp;&nbsp;22-SPT-046 | &nbsp;&nbsp;15.24 |
| &nbsp;&nbsp;Sonic (Cont'd) | &nbsp;&nbsp;Pig Trail (Cont'd) | &nbsp;&nbsp;n = 46 (Cont'd) | &nbsp;&nbsp;32.7889 | &nbsp;&nbsp;-84.6686 | &nbsp;&nbsp;22-SPT-047 | &nbsp;&nbsp;12.19 |
| &nbsp;&nbsp;Sonic (Cont'd) | &nbsp;&nbsp;Pig Trail (Cont'd) | &nbsp;&nbsp;n = 46 (Cont'd) | &nbsp;&nbsp;32.7888 | &nbsp;&nbsp;-84.6688 | &nbsp;&nbsp;22-SPT-048 | &nbsp;&nbsp;9.75 |
| &nbsp;&nbsp;Sonic (Cont'd) | &nbsp;&nbsp;Pig Trail (Cont'd) | &nbsp;&nbsp;n = 46 (Cont'd) | &nbsp;&nbsp;32.7886 | &nbsp;&nbsp;-84.6691 | &nbsp;&nbsp;22-SPT-049 | &nbsp;&nbsp;10.97 |
| &nbsp;&nbsp;Sonic (Cont'd) | &nbsp;&nbsp;Pig Trail (Cont'd) | &nbsp;&nbsp;n = 46 (Cont'd) | &nbsp;&nbsp;32.7884 | &nbsp;&nbsp;-84.6692 | &nbsp;&nbsp;22-SPT-050 | &nbsp;&nbsp;10.67 |

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SLV0163 – Technical Report Summary Shiloh Project, Georgia 110 November 2025

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| | |
|:---|:---|
| **Technical Report Summary** | ![img77526612_63.jpg](img77526612_63.jpg) |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Method** | &nbsp;&nbsp;**Project Area** | &nbsp;&nbsp;**Count** | &nbsp;&nbsp;**Latitude** | &nbsp;&nbsp;**Longitude** | &nbsp;&nbsp;**Hole ID** | &nbsp;&nbsp;**Total Depth (mbgs)** |
|  |  |  | &nbsp;&nbsp;32.7882 | &nbsp;&nbsp;-84.6695 | &nbsp;&nbsp;22-SPT-051 | &nbsp;&nbsp;12.19 |
|  |  |  | &nbsp;&nbsp;32.7898 | &nbsp;&nbsp;-84.6678 | &nbsp;&nbsp;22-SPT-052 | &nbsp;&nbsp;8.53 |
|  |  |  | &nbsp;&nbsp;32.7892 | &nbsp;&nbsp;-84.6680 | &nbsp;&nbsp;22-SPT-053 | &nbsp;&nbsp;15.24 |
|  |  |  | &nbsp;&nbsp;32.7892 | &nbsp;&nbsp;-84.6691 | &nbsp;&nbsp;22-SPT-054 | &nbsp;&nbsp;6.71 |
|  |  |  | &nbsp;&nbsp;32.7887 | &nbsp;&nbsp;-84.6694 | &nbsp;&nbsp;22-SPT-055 | &nbsp;&nbsp;10.67 |

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Source: Geosyntec, 2025

SLV0163 – Technical Report Summary Shiloh Project, Georgia 111 November 2025

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| | |
|:---|:---|
| **Technical Report Summary** | ![img77526612_64.jpg](img77526612_64.jpg) |

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ppm - parts per million <br> Source: ALS Labs, September 2025.

**Table 8 2022 Drilling Analytical Results**

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| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  |  | **Method** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** |
|  |  |  |  |  |  |  | **Analyte** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** |
|  |  |  |  |  |  |  | **Units** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** |
|  |  |  |  |  |  |  | **Detection <br>Limit** | **0.1** | **0.05** | **0.03** | **0.02** | **0.05** | **0.01** | **0.1** | **0.01** | **0.1** | **0.02** | **0.03** | **0.01** | **0.01** | **0.1** | **0.03** | **3** | **0.3** | **0.2** | **0.2** | **0.3** | **0.05** | **3** | **0.05** | **0.5** | **0.2** | **0.2** | **0.05** | **0.05** | **3** | **0.2** |
|  |  |  |  |  |  |  | **Upper <br>Limit** | **10000** | **1000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **10000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **50000** | **5000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** | **50000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** |
| **Hole ID** | **From <br>(m)** | **To <br>(m)** | **Interval <br>(m)** | **Drill Date** | **Sample <br>Type** | **Sample Details** | **TREO <br>(%)** | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DBB-001 | 0 | 1.52 | 1.52 | 6/9/2022 | -- | -- | 0.0347 | 113 | 6.4 | 2.8 | 0.55 | 7.94 | 1.06 | 52 | 0.25 | 49.30 | 13.60 | 10.05 | 1.21 | 0.38 | 34 | 2.07 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DBB-001 | 1.52 | 3.05 | 1.52 | 6/9/2022 | -- | -- | 0.0454 | 197 | 4.8 | 1.5 | 0.67 | 7.97 | 0.68 | 64 | 0.16 | 59.40 | 16.25 | 12.20 | 1.07 | 0.18 | 20 | 1.10 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DBB-001 | 3.05 | 4.57 | 1.52 | 6/9/2022 | -- | -- | 0.0495 | 156 | 7.2 | 2.3 | 1.14 | 11.20 | 1.04 | 81 | 0.22 | 88.00 | 23.10 | 17.00 | 1.51 | 0.32 | 30 | 1.72 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DBB-001 | 4.57 | 6.1 | 1.52 | 6/9/2022 | -- | -- | 0.0638 | 175 | 10.4 | 4.6 | 1.91 | 15.30 | 1.71 | 104 | 0.48 | 118.00 | 31.00 | 24.00 | 2.21 | 0.60 | 50 | 3.81 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DBB-001 | 6.1 | 7.62 | 1.52 | 6/9/2022 | -- | -- | 0.0530 | 139 | 13.0 | 5.7 | 1.57 | 15.30 | 2.15 | 76 | 0.59 | 74.20 | 20.70 | 17.60 | 2.52 | 0.78 | 75 | 4.83 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DBB-001 | 7.62 | 8.69 | 1.07 | 6/9/2022 | -- | -- | 0.0527 | 166 | 10.9 | 4.2 | 0.86 | 12.70 | 1.80 | 76 | 0.36 | 75.30 | 20.50 | 15.45 | 2.07 | 0.55 | 57 | 2.90 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DBB-001 | -- | -- | -- | 6/9/2022 | Standard | Oreas 463 | 2.0599 | 6230 | 70.0 | 16.4 | 113.50 | 233.00 | 8.28 | 4900 | 0.75 | 3770.00 | >1000 | 543.00 | 20.20 | 1.48 | 193 | 7.03 | 6520 |  | 16 | 117 | 253 | 8 | 5040 | 1 | 3760 | 1080 | 531 | 20 | 1 | 177 | 7 |
| 22-DBB-002 | 0 | 1.86 | 1.86 | 6/10/2022 | -- | -- | 0.0690 | 238 | 10.2 | 3.5 | 0.64 | 14.45 | 1.46 | 111 | 0.33 | 106.50 | 30.40 | 21.10 | 2.05 | 0.40 | 45 | 2.16 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DBB-002 | 1.86 | 3.05 | 1.19 | 6/10/2022 | -- | -- | 0.0564 | 215 | 9.0 | 3.0 | 0.72 | 11.35 | 1.40 | 79 | 0.25 | 75.40 | 21.40 | 15.30 | 1.74 | 0.39 | 43 | 2.25 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DBB-002 | 3.05 | 4.57 | 1.52 | 6/10/2022 | -- | -- | 0.0598 | 235 | 8.6 | 3.2 | 1.00 | 12.05 | 1.27 | 82 | 0.30 | 83.00 | 22.90 | 16.65 | 1.73 | 0.43 | 38 | 2.66 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DBB-002 | 4.57 | 6.1 | 1.52 | 6/10/2022 | -- | -- | 0.0670 | 148 | 17.4 | 8.3 | 1.97 | 21.60 | 2.96 | 97 | 0.85 | 106.50 | 27.70 | 23.80 | 3.29 | 1.13 | 99 | 6.87 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DBB-002 | 6.1 | 7.62 | 1.52 | 6/10/2022 | -- | -- | 0.0795 | 188 | 21.1 | 10.4 | 2.18 | 26.50 | 3.75 | 108 | 1.08 | 112.50 | 30.10 | 26.60 | 4.04 | 1.35 | 127 | 8.31 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DBB-002 | 7.62 | 8.84 | 1.22 | 6/10/2022 | -- | -- | 0.0610 | 161 | 15.8 | 7.2 | 1.39 | 17.60 | 2.69 | 83 | 0.73 | 82.70 | 22.80 | 18.40 | 2.91 | 0.91 | 92 | 5.63 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DBB-002 | 7.62 | 8.84 | 1.22 | 6/10/2022 | Duplicate | -- | 0.0565 | 153 | 15.2 | 6.6 | 1.25 | 15.90 | 2.41 | 78 | 0.61 | 75.70 | 20.80 | 17.65 | 2.75 | 0.83 | 82 | 4.95 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DBB-003 | 0 | 1.52 | 1.52 | 6/10/2022 | -- | -- | 0.0371 | 149 | 7.0 | 3.7 | 0.53 | 6.79 | 1.20 | 41 | 0.38 | 40.10 | 11.05 | 7.99 | 1.17 | 0.49 | 41 | 2.94 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DBB-003 | 1.52 | 3.05 | 1.52 | 6/10/2022 | -- | -- | 0.0540 | 226 | 7.1 | 3.3 | 0.74 | 9.17 | 1.18 | 66 | 0.26 | 70.90 | 19.60 | 14.30 | 1.37 | 0.38 | 37 | 2.32 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DBB-003 | 3.05 | 4.57 | 1.52 | 6/10/2022 | -- | -- | 0.0827 | 273 | 9.9 | 3.1 | 2.01 | 17.70 | 1.46 | 146 | 0.26 | 143.50 | 38.20 | 27.60 | 2.19 | 0.36 | 38 | 2.15 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DBB-003 | 4.57 | 6.1 | 1.52 | 6/10/2022 | -- | -- | 0.1499 | 504 | 21.7 | 10.7 | 4.06 | 29.80 | 4.14 | 226 | 1.27 | 245.00 | 60.70 | 45.70 | 3.99 | 1.40 | 107 | 8.73 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DBB-003 | 6.1 | 7.62 | 1.52 | 6/10/2022 | -- | -- | 0.1715 | 505 | 30.3 | 16.3 | 3.81 | 37.40 | 6.01 | 268 | 1.95 | 274.00 | 68.10 | 50.60 | 5.18 | 2.12 | 171 | 14.05 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DBB-003 | 7.62 | 9.14 | 1.52 | 6/10/2022 | -- | -- | 0.1808 | 562 | 32.2 | 16.5 | 3.47 | 42.50 | 6.19 | 258 | 2.09 | 284.00 | 70.20 | 57.20 | 6.01 | 2.12 | 177 | 14.05 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DBB-003 | 9.14 | 9.75 | 0.61 | 6/10/2022 | -- | -- | 0.0986 | 324 | 16.3 | 8.3 | 2.28 | 22.90 | 3.05 | 144 | 1.01 | 149.50 | 38.70 | 31.00 | 3.17 | 1.06 | 84 | 7.51 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DBB-004 | 0 | 1.52 | 1.52 | 6/10/2022 | -- | -- | 0.1173 | 523 | 10.2 | 5.7 | 2.23 | 13.25 | 1.92 | 169 | 0.67 | 146.50 | 41.50 | 24.80 | 1.86 | 0.73 | 53 | 4.97 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DBB-004 | 1.52 | 3.05 | 1.52 | 6/10/2022 | -- | -- | 0.2206 | 604 | 21.7 | 8.4 | 4.85 | 40.90 | 3.54 | 460 | 0.82 | 445.00 | 118.00 | 80.30 | 4.68 | 0.98 | 81 | 6.36 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DBB-004 | 3.05 | 3.96 | 0.91 | 6/10/2022 | -- | -- | 0.2217 | 575 | 27.3 | 10.9 | 4.64 | 48.90 | 4.67 | 442 | 1.10 | 451.00 | 114.00 | 83.30 | 5.74 | 1.30 | 111 | 7.80 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DBB-004 | 3.96 | 5.64 | 1.68 | 6/10/2022 | -- | -- | 0.0593 | 120 | 10.6 | 4.6 | 2.23 | 17.50 | 1.80 | 122 | 0.49 | 119.00 | 30.30 | 24.80 | 2.22 | 0.55 | 45 | 3.67 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DBB-004 | -- | -- | -- | 6/10/2022 | Blank | -- | 0.0036 | 10 | 0.8 | 0.5 | 0.21 | 1.31 | 0.15 | 5 | 0.02 | 5.80 | 1.19 | 1.31 | 0.17 | 0.05 | 4 | 0.27 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DBB-005 | 0 | 1.52 | 1.52 | 6/10/2022 | -- | -- | 0.0663 | 229 | 8.9 | 3.6 | 0.92 | 13.45 | 1.30 | 108 | 0.37 | 109.50 | 27.90 | 19.75 | 1.71 | 0.44 | 37 | 2.45 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DBB-005 | 1.52 | 3.05 | 1.52 | 6/10/2022 | -- | -- | 0.0637 | 232 | 8.2 | 3.3 | 1.11 | 12.70 | 1.38 | 103 | 0.31 | 95.70 | 24.60 | 18.55 | 1.70 | 0.39 | 37 | 2.44 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DBB-005 | 3.05 | 4.57 | 1.52 | 6/10/2022 | -- | -- | 0.0755 | 216 | 10.3 | 4.6 | 2.01 | 17.15 | 1.77 | 137 | 0.53 | 133.00 | 34.60 | 26.70 | 2.16 | 0.56 | 52 | 3.77 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |

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SLV0163 – Technical Report Summary Shiloh Project, Georgia 112 November 2025

------

---

| | |
|:---|:---|
| **Technical Report Summary** | ![img77526612_64.jpg](img77526612_64.jpg) |

---

---

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  |  | **Method** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** |
|  |  |  |  |  |  |  | **Analyte** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** |
|  |  |  |  |  |  |  | **Units** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** |
|  |  |  |  |  |  |  | **Detection <br>Limit** | **0.1** | **0.05** | **0.03** | **0.02** | **0.05** | **0.01** | **0.1** | **0.01** | **0.1** | **0.02** | **0.03** | **0.01** | **0.01** | **0.1** | **0.03** | **3** | **0.3** | **0.2** | **0.2** | **0.3** | **0.05** | **3** | **0.05** | **0.5** | **0.2** | **0.2** | **0.05** | **0.05** | **3** | **0.2** |
|  |  |  |  |  |  |  | **Upper <br>Limit** | **10000** | **1000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **10000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **50000** | **5000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** | **50000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** |
| **Hole ID** | **From <br>(m)** | **To <br>(m)** | **Interval <br>(m)** | **Drill Date** | **Sample <br>Type** | **Sample Details** | **TREO <br>(%)** | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DBB-005 | 4.57 | 6.1 | 1.52 | 6/10/2022 | -- | -- | 0.0702 | 220 | 9.8 | 5.0 | 1.37 | 16.35 | 1.90 | 120 | 0.55 | 108.50 | 28.90 | 22.80 | 2.17 | 0.59 | 55 | 4.06 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DBB-005 | 6.1 | 6.86 | 0.76 | 6/10/2022 | -- | -- | 0.0633 | 191 | 10.8 | 4.6 | 1.33 | 15.40 | 1.92 | 108 | 0.52 | 96.80 | 25.10 | 19.55 | 2.07 | 0.56 | 57 | 3.54 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DBB-006 | 0 | 1.52 | 1.52 | 6/10/2022 | -- | -- | 0.0720 | 257 | 9.8 | 4.3 | 0.92 | 14.95 | 1.57 | 116 | 0.38 | 109.00 | 28.90 | 20.00 | 1.76 | 0.51 | 45 | 2.85 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DBB-006 | 1.52 | 3.05 | 1.52 | 6/10/2022 | -- | -- | 0.0812 | 247 | 13.2 | 6.0 | 2.08 | 20.70 | 2.44 | 135 | 0.66 | 124.50 | 33.10 | 27.20 | 2.63 | 0.74 | 69 | 4.74 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DBB-006 | 1.52 | 3.05 | 1.52 | 6/10/2022 | Duplicate | -- | 0.0865 | 263 | 16.5 | 7.6 | 2.29 | 22.10 | 2.66 | 133 | 0.80 | 138.50 | 35.20 | 27.40 | 2.81 | 0.94 | 76 | 5.32 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DBB-006 | 3.05 | 4.57 | 1.52 | 6/10/2022 | -- | -- | 0.1153 | 235 | 31.1 | 16.0 | 4.65 | 40.10 | 5.90 | 178 | 1.98 | 178.00 | 45.70 | 42.70 | 5.75 | 2.13 | 173 | 14.05 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DBB-006 | 4.57 | 6.1 | 1.52 | 6/10/2022 | -- | -- | 0.0806 | 195 | 18.6 | 9.4 | 2.59 | 24.90 | 3.59 | 128 | 1.15 | 120.00 | 31.00 | 28.70 | 3.63 | 1.22 | 107 | 7.72 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DBB-006 | 6.1 | 7.62 | 1.52 | 6/10/2022 | -- | -- | 0.0846 | 253 | 14.6 | 7.2 | 2.13 | 21.00 | 2.76 | 141 | 0.79 | 124.00 | 33.40 | 25.60 | 2.93 | 0.89 | 82 | 6.04 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DBB-006 | 7.62 | 8.38 | 0.76 | 6/10/2022 | -- | -- | 0.0623 | 207 | 9.1 | 3.4 | 1.22 | 13.95 | 1.48 | 110 | 0.36 | 92.80 | 25.70 | 18.90 | 1.83 | 0.42 | 41 | 2.38 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DBB-007 | 0 | 1.52 | 1.52 | 6/10/2022 | -- | -- | 0.0710 | 144 | 15.7 | 7.5 | 3.50 | 21.70 | 2.86 | 125 | 0.95 | 132.50 | 32.80 | 29.70 | 2.94 | 0.97 | 76 | 6.27 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DBB-007 | 1.52 | 2.29 | 0.76 | 6/10/2022 | -- | -- | 0.0522 | 187 | 6.6 | 2.8 | 0.86 | 10.70 | 1.08 | 87 | 0.31 | 80.50 | 20.70 | 15.10 | 1.25 | 0.28 | 28 | 1.66 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DBB-007 | 2.29 | 3.81 | 1.52 | 6/10/2022 | -- | -- | 0.0441 | 158 | 5.5 | 2.2 | 0.98 | 9.09 | 0.87 | 76 | 0.25 | 64.30 | 17.40 | 12.70 | 1.19 | 0.25 | 25 | 1.72 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DBB-007 | 3.81 | 5.18 | 1.37 | 6/10/2022 | -- | -- | 0.0754 | 174 | 16.2 | 8.0 | 3.27 | 21.70 | 2.99 | 130 | 0.96 | 123.50 | 31.30 | 28.00 | 3.09 | 1.04 | 88 | 6.76 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DBB-008 | 0 | 1.52 | 1.52 | 6/10/2022 | -- | -- | 0.0268 | 90 | 4.9 | 2.3 | 0.94 | 6.64 | 0.85 | 40 | 0.26 | 39.90 | 10.10 | 7.64 | 0.88 | 0.30 | 21 | 1.86 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DBB-008 | 1.52 | 3.05 | 1.52 | 6/10/2022 | -- | -- | 0.0373 | 105 | 10.1 | 5.5 | 3.05 | 11.65 | 1.82 | 44 | 0.69 | 58.50 | 13.00 | 11.45 | 1.55 | 0.70 | 45 | 4.58 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DBB-008 | 3.05 | 4.57 | 1.52 | 6/10/2022 | -- | -- | 0.0325 | 97 | 8.2 | 4.7 | 3.11 | 9.98 | 1.64 | 36 | 0.63 | 46.00 | 10.60 | 11.65 | 1.44 | 0.62 | 39 | 4.20 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DBB-008 | 4.57 | 6.1 | 1.52 | 6/10/2022 | -- | -- | 0.0251 | 60 | 7.3 | 4.2 | 2.46 | 8.34 | 1.42 | 30 | 0.49 | 38.20 | 8.43 | 9.03 | 1.26 | 0.56 | 36 | 3.52 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DBB-008 | 6.1 | 7.16 | 1.07 | 6/10/2022 | -- | -- | 0.0180 | 42 | 6.1 | 3.7 | 2.03 | 7.04 | 1.21 | 18 | 0.41 | 25.30 | 5.43 | 6.53 | 0.94 | 0.46 | 31 | 2.72 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DBB-008 | -- | -- | -- | 6/10/2022 | Standard | Oreas 463 | 2.0278 | 6430 | 70.8 | 16.2 | 116.50 | 248.00 | 8.89 | 5270 | 0.74 | 3820.00 | >1000 | 579.00 | 20.30 | 1.44 | 198 | 6.56 | 6460 | 63 | 15 | 117 | 249 | 8 | 4950 | 1 | 3670 | 1060 | 522 | 20 | 1 | 178 | 7 |
| 22-DBB-009 | 0 | 1.52 | 1.52 | 6/11/2022 | -- | -- | 0.0369 | 111 | 7.2 | 3.9 | 0.86 | 8.21 | 1.45 | 58 | 0.49 | 50.00 | 13.55 | 10.50 | 1.34 | 0.49 | 42 | 3.45 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DBB-009 | 1.52 | 3.05 | 1.52 | 6/11/2022 | -- | -- | 0.0559 | 178 | 11.4 | 4.8 | 1.01 | 13.15 | 1.94 | 87 | 0.56 | 74.70 | 20.40 | 17.45 | 2.07 | 0.62 | 57 | 3.89 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DBB-009 | 3.05 | 4.57 | 1.52 | 6/11/2022 | -- | -- | 0.0424 | 124 | 9.2 | 5.0 | 0.96 | 10.20 | 1.76 | 65 | 0.73 | 57.30 | 15.20 | 13.05 | 1.59 | 0.69 | 49 | 5.07 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DBB-009 | 4.57 | 5.18 | 0.61 | 6/11/2022 | -- | -- | 0.0781 | 257 | 12.5 | 5.3 | 1.28 | 17.35 | 2.13 | 128 | 0.67 | 116.00 | 30.40 | 24.60 | 2.48 | 0.76 | 60 | 5.28 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DBB-010 | 0 | 1.52 | 1.52 | 6/11/2022 | -- | -- | 0.0681 | 256 | 9.6 | 4.3 | 0.99 | 12.75 | 1.71 | 101 | 0.47 | 97.90 | 26.30 | 18.20 | 1.87 | 0.59 | 44 | 3.40 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DBB-010 | 0 | 1.52 | 1.52 | 6/11/2022 | Duplicate | -- | 0.0667 | 247 | 10.1 | 4.3 | 1.03 | 13.55 | 1.70 | 99 | 0.46 | 93.30 | 26.10 | 19.75 | 1.96 | 0.59 | 45 | 3.36 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DBB-010 | 1.52 | 3.05 | 1.52 | 6/11/2022 | -- | -- | 0.0489 | 137 | 8.9 | 4.5 | 1.24 | 10.30 | 1.63 | 80 | 0.45 | 84.40 | 22.30 | 15.75 | 1.58 | 0.59 | 43 | 3.44 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DBB-010 | 3.05 | 4.57 | 1.52 | 6/11/2022 | -- | -- | 0.0715 | 89 | 17.1 | 9.0 | 2.60 | 21.70 | 3.32 | 137 | 0.90 | 158.50 | 40.70 | 31.90 | 3.03 | 1.25 | 83 | 6.77 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DBB-010 | 4.57 | 6.1 | 1.52 | 6/11/2022 | -- | -- | 0.0829 | 120 | 24.6 | 11.9 | 3.54 | 33.00 | 4.61 | 154 | 1.36 | 141.50 | 37.10 | 37.20 | 4.78 | 1.66 | 117 | 9.71 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DBB-010 | 6.1 | 7.01 | 0.91 | 6/11/2022 | -- | -- | 0.0969 | 176 | 31.6 | 14.5 | 3.61 | 39.00 | 5.85 | 164 | 1.70 | 134.00 | 36.50 | 33.70 | 6.05 | 2.01 | 157 | 12.20 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DBB-011 | 0 | 1.52 | 1.52 | 6/11/2022 | -- | -- | 0.0347 | 181 | 2.9 | 1.4 | 0.37 | 4.31 | 0.53 | 40 | 0.19 | 34.10 | 9.13 | 6.44 | 0.63 | 0.19 | 13 | 1.25 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DBB-011 | 1.52 | 3.05 | 1.52 | 6/11/2022 | -- | -- | 0.0495 | 279 | 3.2 | 1.4 | 0.56 | 5.16 | 0.59 | 49 | 0.16 | 45.60 | 12.65 | 8.55 | 0.75 | 0.20 | 14 | 1.04 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DBB-011 | 3.05 | 4.57 | 1.52 | 6/11/2022 | -- | -- | 0.0863 | 380 | 7.5 | 3.5 | 1.82 | 11.70 | 1.32 | 114 | 0.43 | 126.50 | 33.00 | 21.60 | 1.51 | 0.49 | 29 | 2.99 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DBB-011 | 4.57 | 6.1 | 1.52 | 6/11/2022 | -- | -- | 0.1412 | 501 | 19.8 | 9.4 | 3.93 | 26.60 | 3.66 | 197 | 1.22 | 232.00 | 58.80 | 43.20 | 3.76 | 1.39 | 91 | 8.33 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |

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SLV0163 – Technical Report Summary Shiloh Project, Georgia 113 November 2025

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| **Technical Report Summary** | ![img77526612_64.jpg](img77526612_64.jpg) |

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|  |  |  |  |  |  |  | **Method** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** |
|  |  |  |  |  |  |  | **Analyte** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** |
|  |  |  |  |  |  |  | **Units** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** |
|  |  |  |  |  |  |  | **Detection <br>Limit** | **0.1** | **0.05** | **0.03** | **0.02** | **0.05** | **0.01** | **0.1** | **0.01** | **0.1** | **0.02** | **0.03** | **0.01** | **0.01** | **0.1** | **0.03** | **3** | **0.3** | **0.2** | **0.2** | **0.3** | **0.05** | **3** | **0.05** | **0.5** | **0.2** | **0.2** | **0.05** | **0.05** | **3** | **0.2** |
|  |  |  |  |  |  |  | **Upper <br>Limit** | **10000** | **1000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **10000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **50000** | **5000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** | **50000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** |
| **Hole ID** | **From <br>(m)** | **To <br>(m)** | **Interval <br>(m)** | **Drill Date** | **Sample <br>Type** | **Sample Details** | **TREO <br>(%)** | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DBB-011 | 6.1 | 7.62 | 1.52 | 6/11/2022 | -- | -- | 0.1466 | 495 | 24.3 | 12.1 | 4.06 | 30.40 | 4.61 | 203 | 1.46 | 235.00 | 59.00 | 42.50 | 4.46 | 1.69 | 117 | 10.35 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DBB-011 | 7.62 | 8.23 | 0.61 | 6/11/2022 | -- | -- | 0.1665 | 553 | 21.3 | 9.4 | 3.20 | 32.10 | 3.81 | 284 | 0.99 | 277.00 | 73.20 | 48.00 | 4.20 | 1.27 | 98 | 7.24 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DBB-011 | -- | -- | -- | 6/11/2022 | Standard | Oreas 460 | 0.5316 | 1850 | 20.2 | 6.1 | 23.20 | 49.50 | 2.92 | 1360 | 0.53 | 808.00 | 238.00 | 110.50 | 5.08 | 0.71 | 60 | 3.82 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DBB-012 | 0 | 1.52 | 1.52 | 6/11/2022 | -- | -- | 0.0397 | 161 | 4.8 | 1.9 | 0.43 | 7.24 | 0.75 | 62 | 0.21 | 53.40 | 14.75 | 10.50 | 1.05 | 0.22 | 20 | 1.29 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DBB-012 | 1.52 | 3.05 | 1.52 | 6/11/2022 | -- | -- | 0.0508 | 254 | 4.2 | 1.5 | 0.52 | 6.88 | 0.62 | 65 | 0.14 | 56.20 | 15.50 | 10.55 | 0.90 | 0.20 | 16 | 0.98 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DBB-012 | 3.05 | 4.57 | 1.52 | 6/11/2022 | -- | -- | 0.0571 | 222 | 5.7 | 2.3 | 0.95 | 9.87 | 0.90 | 94 | 0.23 | 84.50 | 23.20 | 15.45 | 1.28 | 0.29 | 24 | 1.74 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DBB-012 | 4.57 | 6.1 | 1.52 | 6/11/2022 | -- | -- | 0.0750 | 206 | 12.0 | 5.0 | 2.01 | 18.15 | 2.03 | 138 | 0.53 | 133.50 | 36.20 | 27.00 | 2.57 | 0.68 | 51 | 3.77 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DBB-012 | 6.1 | 7.16 | 1.07 | 6/11/2022 | -- | -- | 0.0768 | 204 | 15.8 | 7.0 | 2.46 | 21.50 | 2.85 | 131 | 0.85 | 121.50 | 32.90 | 25.90 | 3.07 | 0.97 | 76 | 5.75 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-015 | 6.1 | 7.62 | 1.52 | 6/4/2022 | -- | -- | 0.0714 | 148 | 13.7 | 5.6 | 2.23 | 19.70 | 2.24 | 149 | 0.55 | 137.50 | 37.00 | 26.20 | 2.86 | 0.68 | 58 | 4.44 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-015 | 7.62 | 8.53 | 0.91 | 6/4/2022 | -- | -- | 0.0799 | 223 | 12.7 | 5.4 | 1.59 | 20.50 | 2.18 | 150 | 0.52 | 132.00 | 36.10 | 25.20 | 2.77 | 0.64 | 63 | 4.18 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-015 | -- | -- | -- | 6/4/2022 | Standard | Oreas 460 | 0.5300 | 1780 | 20.3 | 6.0 | 23.50 | 53.30 | 2.83 | 1385 | 0.42 | 831.00 | 248.00 | 105.50 | 5.23 | 0.64 | 60 | 3.58 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-016 | 0.15 | 1.52 | 1.37 | 6/4/2022 | -- | -- | 0.0644 | 241 | 7.1 | 2.3 | 0.55 | 14.05 | 1.06 | 103 | 0.20 | 98.30 | 27.90 | 19.80 | 1.78 | 0.31 | 30 | 1.68 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-016 | 1.52 | 3.05 | 1.52 | 6/4/2022 | -- | -- | 0.0568 | 244 | 6.4 | 2.4 | 0.73 | 10.95 | 1.08 | 82 | 0.28 | 71.30 | 20.30 | 13.65 | 1.36 | 0.31 | 27 | 1.90 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-016 | 3.05 | 4.57 | 1.52 | 6/4/2022 | -- | -- | 0.0766 | 211 | 10.9 | 4.3 | 2.13 | 18.70 | 1.68 | 142 | 0.49 | 145.50 | 39.80 | 27.50 | 2.42 | 0.50 | 42 | 3.30 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-016 | 4.57 | 6.1 | 1.52 | 6/4/2022 | -- | -- | 0.0898 | 187 | 18.6 | 8.2 | 2.92 | 26.40 | 3.39 | 162 | 0.95 | 176.50 | 45.30 | 33.70 | 3.80 | 1.10 | 86 | 7.25 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-016 | 6.1 | 7.32 | 1.22 | 6/4/2022 | -- | -- | 0.1414 | 318 | 27.6 | 13.8 | 4.15 | 42.30 | 5.08 | 245 | 1.46 | 260.00 | 68.70 | 50.30 | 5.64 | 1.82 | 144 | 11.30 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-017 | 0.61 | 1.52 | 0.91 | 6/4/2022 | -- | -- | 0.1148 | 413 | 12.9 | 6.5 | 0.74 | 19.40 | 2.35 | 191 | 0.62 | 179.50 | 49.60 | 28.20 | 2.60 | 0.82 | 65 | 4.76 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-017 | 1.52 | 3.05 | 1.52 | 6/4/2022 | -- | -- | 0.0985 | 432 | 12.8 | 7.8 | 0.80 | 11.95 | 2.70 | 127 | 0.87 | 110.00 | 31.20 | 15.65 | 2.12 | 1.06 | 74 | 6.54 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-017 | 3.05 | 4.57 | 1.52 | 6/4/2022 | -- | -- | 0.0388 | 90 | 9.6 | 4.2 | 1.02 | 10.95 | 1.60 | 62 | 0.34 | 66.50 | 17.65 | 13.45 | 1.83 | 0.47 | 46 | 3.09 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-017 | 3.05 | 4.57 | 1.52 | 6/4/2022 | Duplicate | -- | 0.0386 | 77 | 10.7 | 4.6 | 0.98 | 11.65 | 1.86 | 63 | 0.40 | 66.00 | 17.45 | 13.00 | 2.04 | 0.56 | 54 | 3.21 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-017 | 4.57 | 6.55 | 1.98 | 6/4/2022 | -- | -- | 0.0507 | 110 | 10.4 | 5.3 | 1.76 | 13.50 | 2.07 | 96 | 0.57 | 88.60 | 23.90 | 16.40 | 2.10 | 0.77 | 55 | 4.69 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-017 | 6.55 | 7.62 | 1.07 | 6/4/2022 | -- | -- | 0.0612 | 91 | 26.3 | 15.3 | 3.10 | 23.90 | 5.36 | 67 | 1.74 | 65.40 | 16.25 | 16.45 | 4.50 | 2.09 | 159 | 13.90 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-017 | 7.62 | 8.84 | 1.22 | 6/4/2022 | -- | -- | 0.0320 | 78 | 8.9 | 4.9 | 0.99 | 9.33 | 1.76 | 45 | 0.51 | 42.90 | 11.25 | 8.92 | 1.69 | 0.64 | 52 | 3.76 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-018 | 0 | 1.83 | 1.83 | 6/4/2022 | -- | -- | 0.0403 | 132 | 8.0 | 3.9 | 0.49 | 8.98 | 1.48 | 57 | 0.27 | 57.70 | 15.10 | 10.25 | 1.52 | 0.46 | 42 | 2.48 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-018 | 1.83 | 3.05 | 1.22 | 6/4/2022 | -- | -- | 0.0641 | 302 | 7.9 | 4.4 | 0.72 | 8.15 | 1.60 | 72 | 0.50 | 68.30 | 17.90 | 10.60 | 1.17 | 0.58 | 45 | 3.63 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-018 | 3.05 | 4.27 | 1.22 | 6/4/2022 | -- | -- | 0.0424 | 91 | 10.8 | 6.4 | 1.72 | 11.65 | 2.17 | 63 | 0.73 | 69.80 | 17.35 | 12.85 | 1.83 | 0.88 | 63 | 5.52 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-018 | 4.27 | 5.33 | 1.07 | 6/4/2022 | -- | -- | 0.2197 | 141 | 71.3 | 41.4 | 10.20 | 81.60 | 14.70 | 380 | 5.02 | 438.00 | 111.00 | 87.60 | 12.95 | 5.89 | 410 | 39.00 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-018 | 5.33 | 6.71 | 1.37 | 6/4/2022 | -- | -- | 0.0594 | 71 | 20.0 | 11.0 | 2.59 | 20.30 | 4.03 | 92 | 1.14 | 98.40 | 25.70 | 20.70 | 3.40 | 1.52 | 118 | 9.51 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-019 | 0 | 0.91 | 0.91 | 6/4/2022 | -- | -- | 0.0399 | 135 | 8.0 | 3.7 | 0.64 | 8.76 | 1.40 | 57 | 0.30 | 52.90 | 14.30 | 9.74 | 1.49 | 0.45 | 42 | 2.71 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-019 | 1.52 | 3.05 | 1.52 | 6/4/2022 | -- | -- | 0.0601 | 318 | 5.9 | 2.1 | 0.86 | 8.86 | 0.90 | 61 | 0.18 | 59.20 | 16.30 | 10.65 | 1.33 | 0.26 | 25 | 1.42 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-019 | 3.05 | 4.21 | 1.16 | 6/4/2022 | -- | -- | 0.0365 | 94 | 8.3 | 4.0 | 1.28 | 9.94 | 1.56 | 58 | 0.35 | 58.70 | 15.45 | 11.65 | 1.59 | 0.49 | 41 | 3.03 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-019 | 4.21 | 4.88 | 0.67 | 6/4/2022 | -- | -- | 0.1741 | 196 | 47.0 | 27.7 | 7.80 | 58.50 | 9.73 | 278 | 3.58 | 371.00 | 89.80 | 70.00 | 8.83 | 4.01 | 271 | 26.50 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-019 | 4.88 | 5.97 | 1.1 | 6/4/2022 | -- | -- | 0.1728 | 327 | 27.7 | 12.7 | 6.50 | 39.30 | 4.95 | 452 | 1.38 | 305.00 | 94.50 | 54.90 | 5.85 | 1.60 | 124 | 11.10 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |

---

SLV0163 – Technical Report Summary Shiloh Project, Georgia 114 November 2025

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| | |
|:---|:---|
| **Technical Report Summary** | ![img77526612_64.jpg](img77526612_64.jpg) |

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|  |  |  |  |  |  |  | **Method** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** |
|  |  |  |  |  |  |  | **Analyte** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** |
|  |  |  |  |  |  |  | **Units** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** |
|  |  |  |  |  |  |  | **Detection <br>Limit** | **0.1** | **0.05** | **0.03** | **0.02** | **0.05** | **0.01** | **0.1** | **0.01** | **0.1** | **0.02** | **0.03** | **0.01** | **0.01** | **0.1** | **0.03** | **3** | **0.3** | **0.2** | **0.2** | **0.3** | **0.05** | **3** | **0.05** | **0.5** | **0.2** | **0.2** | **0.05** | **0.05** | **3** | **0.2** |
|  |  |  |  |  |  |  | **Upper <br>Limit** | **10000** | **1000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **10000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **50000** | **5000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** | **50000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** |
| **Hole ID** | **From <br>(m)** | **To <br>(m)** | **Interval <br>(m)** | **Drill Date** | **Sample <br>Type** | **Sample Details** | **TREO <br>(%)** | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-019 | 5.97 | 7.62 | 1.65 | 6/4/2022 | -- | -- | 0.2193 | 603 | 44.7 | 24.8 | 6.38 | 51.90 | 8.83 | 303 | 2.83 | 359.00 | 91.40 | 68.30 | 8.38 | 3.16 | 260 | 20.00 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-019 | -- | -- | -- | 6/4/2022 | Standard | Oreas 463 | 2.1054 | 6480 | 70.6 | 15.9 | 122.50 | 253.00 | 8.43 | 5160 | 0.79 | 3800.00 | >1000 | 542.00 | 21.90 | 1.48 | 184 | 6.76 | 7000 | 73 | 16 | 115 | 257 | 8 | 5100 | 1 | 3570 | 1045 | 578 | 22 | 2 | 189 | 7 |
| 22-DDT-020 | 0 | 1.52 | 1.52 | 6/4/2022 | -- | -- | 0.0578 | 306 | 6.5 | 2.9 | 0.58 | 6.54 | 1.16 | 59 | 0.30 | 47.80 | 13.75 | 8.72 | 1.18 | 0.41 | 35 | 2.16 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-020 | 1.52 | 3.05 | 1.52 | 6/4/2022 | -- | -- | 0.0301 | 111 | 5.0 | 2.0 | 0.59 | 5.71 | 0.80 | 45 | 0.16 | 39.70 | 11.10 | 7.68 | 0.95 | 0.22 | 24 | 1.33 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-020 | 3.05 | 4.57 | 1.52 | 6/4/2022 | -- | -- | 0.0381 | 109 | 6.3 | 2.3 | 0.87 | 8.39 | 0.95 | 70 | 0.19 | 65.40 | 18.30 | 12.75 | 1.34 | 0.29 | 26 | 1.34 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-020 | 4.57 | 6.1 | 1.52 | 6/4/2022 | -- | -- | 0.0655 | 174 | 12.5 | 6.1 | 1.34 | 14.90 | 2.29 | 104 | 0.57 | 117.00 | 31.50 | 22.10 | 2.39 | 0.78 | 62 | 4.63 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-020 | 4.57 | 6.1 | 1.52 | 6/4/2022 | Duplicate | -- | 0.0692 | 173 | 13.0 | 6.5 | 1.45 | 16.05 | 2.35 | 113 | 0.65 | 127.00 | 34.20 | 23.80 | 2.57 | 0.83 | 68 | 4.97 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-020 | 6.1 | 6.71 | 0.61 | 6/4/2022 | -- | -- | 0.1220 | 136 | 22.8 | 12.1 | 6.10 | 31.50 | 4.25 | 238 | 1.40 | 329.00 | 79.70 | 52.40 | 4.49 | 1.67 | 107 | 10.85 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-020 | 6.71 | 8.38 | 1.68 | 6/4/2022 | -- | -- | 0.0386 | 65 | 7.9 | 3.6 | 1.83 | 10.80 | 1.42 | 75 | 0.46 | 80.80 | 21.10 | 14.95 | 1.54 | 0.51 | 39 | 3.14 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-021 | 0 | 1.52 | 1.52 | 6/5/2022 | -- | -- | 0.0503 | 185 | 6.6 | 2.8 | 0.88 | 8.75 | 1.08 | 84 | 0.27 | 73.10 | 20.50 | 11.90 | 1.37 | 0.37 | 29 | 2.13 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-021 | 1.52 | 3.05 | 1.52 | 6/5/2022 | -- | -- | 0.0478 | 135 | 8.1 | 3.4 | 1.04 | 10.30 | 1.37 | 80 | 0.31 | 86.10 | 22.50 | 15.90 | 1.61 | 0.43 | 37 | 2.44 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-021 | 3.05 | 4.57 | 1.52 | 6/5/2022 | -- | -- | 0.0471 | 70 | 7.4 | 3.4 | 1.50 | 9.02 | 1.31 | 85 | 0.23 | 133.50 | 32.00 | 19.70 | 1.35 | 0.41 | 33 | 2.43 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-021 | 4.57 | 6.1 | 1.52 | 6/5/2022 | -- | -- | 0.1013 | 129 | 20.2 | 8.3 | 2.67 | 22.80 | 3.35 | 184 | 0.71 | 275.00 | 65.30 | 44.10 | 3.61 | 0.99 | 94 | 5.64 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-021 | 6.1 | 7.62 | 1.52 | 6/5/2022 | -- | -- | 0.1139 | 132 | 20.4 | 9.2 | 4.03 | 31.30 | 3.52 | 230 | 0.94 | 302.00 | 75.40 | 53.80 | 4.11 | 1.18 | 93 | 7.10 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-021 | 7.62 | 9.45 | 1.83 | 6/5/2022 | -- | -- | 0.0568 | 50 | 14.3 | 8.1 | 2.68 | 18.10 | 2.71 | 107 | 0.91 | 128.00 | 32.30 | 25.50 | 2.61 | 1.09 | 80 | 6.67 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-022 | 0 | 1.52 | 1.52 | 6/5/2022 | -- | -- | 0.0404 | 177 | 4.5 | 1.9 | 0.43 | 6.35 | 0.68 | 56 | 0.23 | 49.90 | 13.40 | 10.20 | 0.87 | 0.25 | 20 | 1.83 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-022 | 1.52 | 3.05 | 1.52 | 6/5/2022 | -- | -- | 0.0374 | 151 | 4.2 | 1.7 | 0.75 | 7.66 | 0.74 | 54 | 0.19 | 52.20 | 14.25 | 10.45 | 0.99 | 0.25 | 19 | 1.36 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-022 | 3.05 | 4.57 | 1.52 | 6/5/2022 | -- | -- | 0.0612 | 158 | 11.4 | 5.0 | 1.85 | 16.05 | 1.96 | 102 | 0.51 | 111.50 | 29.00 | 23.40 | 2.43 | 0.64 | 52 | 4.16 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-022 | 4.57 | 6.1 | 1.52 | 6/5/2022 | -- | -- | 0.0820 | 143 | 21.6 | 10.0 | 3.20 | 27.50 | 3.82 | 146 | 0.97 | 147.50 | 39.00 | 32.60 | 4.02 | 1.22 | 107 | 7.53 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-022 | 6.1 | 7.62 | 1.52 | 6/5/2022 | -- | -- | 0.1057 | 109 | 28.7 | 14.9 | 5.23 | 39.40 | 5.30 | 208 | 1.66 | 211.00 | 55.00 | 49.60 | 5.54 | 1.89 | 147 | 12.00 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-022 | 7.62 | 8.53 | 0.91 | 6/5/2022 | -- | -- | 0.0607 | 61 | 19.7 | 10.0 | 3.26 | 25.30 | 3.63 | 120 | 1.18 | 103.00 | 27.30 | 25.80 | 3.68 | 1.34 | 98 | 8.88 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-022 | -- | -- | -- | 6/5/2022 | Blank | -- | 0.0035 | 8 | 0.7 | 0.4 | 0.29 | 1.12 | 0.13 | 5 | 0.03 | 6.40 | 1.58 | 1.34 | 0.13 | 0.04 | 4 | 0.31 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-023 | 0 | 1.52 | 1.52 | 6/5/2022 | -- | -- | 0.0354 | 132 | 4.7 | 1.8 | 0.64 | 7.05 | 0.73 | 58 | 0.16 | 49.30 | 14.05 | 9.61 | 1.01 | 0.24 | 21 | 1.15 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-023 | 1.52 | 3.05 | 1.52 | 6/5/2022 | -- | -- | 0.0446 | 192 | 4.6 | 2.0 | 0.67 | 7.59 | 0.73 | 66 | 0.27 | 56.40 | 16.10 | 10.50 | 1.06 | 0.31 | 20 | 1.97 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-023 | 3.05 | 4.57 | 1.52 | 6/5/2022 | -- | -- | 0.0606 | 188 | 9.4 | 4.7 | 1.46 | 13.65 | 1.65 | 106 | 0.43 | 94.50 | 26.50 | 18.20 | 1.94 | 0.54 | 46 | 3.38 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-023 | 4.57 | 6.1 | 1.52 | 6/5/2022 | -- | -- | 0.0687 | 169 | 13.2 | 6.1 | 2.21 | 19.05 | 2.39 | 126 | 0.74 | 114.50 | 31.30 | 23.60 | 2.83 | 0.84 | 66 | 5.29 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-023 | 4.57 | 6.1 | 1.52 | 6/5/2022 | Duplicate | -- | 0.0755 | 186 | 15.6 | 7.4 | 2.44 | 21.10 | 2.54 | 140 | 0.80 | 125.00 | 34.20 | 24.60 | 3.13 | 0.90 | 72 | 5.73 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-023 | 6.1 | 7.62 | 1.52 | 6/5/2022 | -- | -- | 0.0654 | 183 | 13.0 | 6.0 | 1.77 | 16.90 | 2.21 | 114 | 0.58 | 95.20 | 26.40 | 19.70 | 2.74 | 0.78 | 68 | 4.47 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-023 | 7.62 | 8.38 | 0.76 | 6/5/2022 | -- | -- | 0.0448 | 155 | 6.5 | 2.4 | 0.92 | 9.73 | 1.04 | 74 | 0.19 | 66.90 | 18.40 | 13.75 | 1.41 | 0.29 | 29 | 1.95 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-024 | 0 | 1.52 | 1.52 | 6/5/2022 | -- | -- | 0.0419 | 184 | 3.9 | 1.5 | 0.56 | 6.78 | 0.57 | 63 | 0.14 | 54.70 | 15.10 | 10.00 | 0.88 | 0.18 | 16 | 1.00 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-024 | 1.52 | 3.05 | 1.52 | 6/5/2022 | -- | -- | 0.0571 | 189 | 6.9 | 2.9 | 1.14 | 11.50 | 1.17 | 101 | 0.30 | 93.00 | 25.70 | 17.60 | 1.56 | 0.38 | 31 | 2.35 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-024 | 3.05 | 4.57 | 1.52 | 6/5/2022 | -- | -- | 0.0796 | 167 | 14.8 | 7.1 | 2.52 | 21.30 | 2.65 | 157 | 0.74 | 149.50 | 41.80 | 29.60 | 3.01 | 0.91 | 73 | 5.31 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-024 | 4.57 | 6.1 | 1.52 | 6/5/2022 | -- | -- | 0.0776 | 169 | 16.2 | 7.7 | 2.30 | 21.60 | 2.91 | 145 | 0.85 | 133.00 | 36.40 | 26.30 | 3.37 | 0.99 | 86 | 6.05 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |

---

SLV0163 – Technical Report Summary Shiloh Project, Georgia 115 November 2025

------

---

| | |
|:---|:---|
| **Technical Report Summary** | ![img77526612_64.jpg](img77526612_64.jpg) |

---

---

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  |  | **Method** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** |
|  |  |  |  |  |  |  | **Analyte** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** |
|  |  |  |  |  |  |  | **Units** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** |
|  |  |  |  |  |  |  | **Detection <br>Limit** | **0.1** | **0.05** | **0.03** | **0.02** | **0.05** | **0.01** | **0.1** | **0.01** | **0.1** | **0.02** | **0.03** | **0.01** | **0.01** | **0.1** | **0.03** | **3** | **0.3** | **0.2** | **0.2** | **0.3** | **0.05** | **3** | **0.05** | **0.5** | **0.2** | **0.2** | **0.05** | **0.05** | **3** | **0.2** |
|  |  |  |  |  |  |  | **Upper <br>Limit** | **10000** | **1000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **10000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **50000** | **5000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** | **50000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** |
| **Hole ID** | **From <br>(m)** | **To <br>(m)** | **Interval <br>(m)** | **Drill Date** | **Sample <br>Type** | **Sample Details** | **TREO <br>(%)** | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-024 | 6.1 | 7.62 | 1.52 | 6/5/2022 | -- | -- | 0.0504 | 168 | 6.2 | 2.7 | 1.12 | 10.60 | 1.08 | 91 | 0.30 | 76.20 | 21.80 | 15.00 | 1.39 | 0.37 | 31 | 1.97 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-024 | 7.62 | 9.14 | 1.52 | 6/5/2022 | -- | -- | 0.0497 | 171 | 5.9 | 2.3 | 0.92 | 10.45 | 0.94 | 90 | 0.24 | 76.20 | 21.10 | 14.50 | 1.42 | 0.27 | 26 | 1.82 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-025 | 0 | 1.52 | 1.52 | 6/6/2022 | -- | -- | 0.0526 | 209 | 6.1 | 1.9 | 0.61 | 10.10 | 0.86 | 84 | 0.18 | 73.10 | 20.40 | 13.95 | 1.37 | 0.20 | 25 | 1.41 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-025 | 1.52 | 3.05 | 1.52 | 6/6/2022 | -- | -- | 0.0711 | 230 | 8.2 | 3.2 | 1.50 | 14.40 | 1.24 | 135 | 0.27 | 119.50 | 33.40 | 21.70 | 1.85 | 0.41 | 33 | 2.31 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-025 | 3.05 | 4.57 | 1.52 | 6/6/2022 | -- | -- | 0.0711 | 209 | 11.4 | 5.1 | 2.10 | 16.45 | 1.80 | 131 | 0.48 | 117.50 | 32.00 | 22.20 | 2.28 | 0.58 | 50 | 3.69 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-025 | 4.57 | 6.1 | 1.52 | 6/6/2022 | -- | -- | 0.0660 | 230 | 10.1 | 3.4 | 1.32 | 14.60 | 1.48 | 113 | 0.35 | 96.70 | 27.10 | 18.40 | 2.06 | 0.44 | 40 | 2.45 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-025 | 6.1 | 7.01 | 0.91 | 6/6/2022 | -- | -- | 0.0495 | 147 | 12.5 | 5.6 | 0.79 | 11.90 | 2.16 | 72 | 0.48 | 64.60 | 17.70 | 14.00 | 2.10 | 0.69 | 63 | 4.08 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-025 | -- | -- | -- | 6/6/2022 | Standard | Oreas 460 | 0.5132 | 1695 | 18.8 | 6.0 | 22.30 | 47.30 | 2.58 | 1380 | 0.48 | 794.00 | 238.00 | 106.50 | 5.00 | 0.60 | 61 | 3.70 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-026 | 0 | 1.52 | 1.52 | 6/6/2022 | -- | -- | 0.0862 | 358 | 10.0 | 3.3 | 0.76 | 17.25 | 1.58 | 123 | 0.33 | 118.50 | 31.40 | 23.20 | 2.26 | 0.39 | 42 | 2.43 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-026 | 1.52 | 3.05 | 1.52 | 6/6/2022 | -- | -- | 0.0571 | 223 | 6.4 | 2.2 | 1.03 | 10.50 | 0.96 | 92 | 0.25 | 82.60 | 23.00 | 16.20 | 1.38 | 0.28 | 24 | 1.69 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-026 | 3.05 | 4.57 | 1.52 | 6/6/2022 | -- | -- | 0.0782 | 208 | 13.9 | 6.4 | 2.39 | 19.65 | 2.36 | 147 | 0.70 | 129.50 | 36.10 | 27.20 | 2.88 | 0.79 | 62 | 4.99 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-026 | 4.57 | 6.71 | 2.13 | 6/6/2022 | -- | -- | 0.0618 | 207 | 8.8 | 3.4 | 1.44 | 12.95 | 1.44 | 111 | 0.33 | 93.40 | 25.80 | 17.55 | 1.81 | 0.42 | 38 | 2.32 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-027 | 0 | 1.52 | 1.52 | 6/6/2022 | -- | -- | 0.0590 | 215 | 7.6 | 2.8 | 0.94 | 11.40 | 1.22 | 98 | 0.29 | 87.30 | 24.10 | 16.70 | 1.60 | 0.37 | 32 | 2.30 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-027 | 0 | 1.52 | 1.52 | 6/6/2022 | Duplicate | -- | 0.0586 | 211 | 8.1 | 3.3 | 0.90 | 11.55 | 1.25 | 96 | 0.34 | 86.20 | 23.70 | 16.45 | 1.58 | 0.38 | 35 | 2.50 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-027 | 1.52 | 3.05 | 1.52 | 6/6/2022 | -- | -- | 0.0584 | 208 | 9.6 | 3.8 | 1.01 | 12.20 | 1.48 | 90 | 0.36 | 83.80 | 22.90 | 17.10 | 1.81 | 0.47 | 41 | 2.81 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-027 | 3.05 | 4.57 | 1.52 | 6/6/2022 | -- | -- | 0.0749 | 220 | 10.9 | 3.8 | 1.83 | 16.65 | 1.68 | 139 | 0.42 | 131.50 | 35.70 | 26.70 | 2.29 | 0.46 | 43 | 3.13 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-027 | 4.57 | 6.1 | 1.52 | 6/6/2022 | -- | -- | 0.0684 | 188 | 12.5 | 5.1 | 2.10 | 17.05 | 2.02 | 125 | 0.50 | 113.50 | 31.60 | 23.90 | 2.34 | 0.64 | 53 | 3.78 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-027 | 6.1 | 7.01 | 0.91 | 6/6/2022 | -- | -- | 0.0628 | 206 | 10.7 | 4.4 | 1.29 | 15.50 | 1.82 | 105 | 0.40 | 89.70 | 25.50 | 18.20 | 2.20 | 0.58 | 49 | 3.37 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-028 | 0 | 1.52 | 1.52 | 6/6/2022 | -- | -- | 0.0625 | 228 | 7.3 | 2.9 | 1.25 | 11.70 | 1.21 | 110 | 0.29 | 91.90 | 26.00 | 16.40 | 1.49 | 0.38 | 31 | 2.40 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-028 | 1.52 | 3.05 | 1.52 | 6/6/2022 | -- | -- | 0.0604 | 217 | 7.7 | 3.0 | 1.31 | 12.55 | 1.26 | 103 | 0.29 | 89.40 | 24.50 | 17.25 | 1.63 | 0.35 | 32 | 2.30 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-028 | 3.05 | 4.57 | 1.52 | 6/6/2022 | -- | -- | 0.0495 | 162 | 8.4 | 3.8 | 1.57 | 11.20 | 1.38 | 82 | 0.42 | 74.50 | 20.20 | 14.55 | 1.51 | 0.49 | 36 | 2.66 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-028 | 4.57 | 5.3 | 0.73 | 6/6/2022 | -- | -- | 0.0415 | 126 | 9.4 | 4.1 | 2.30 | 11.10 | 1.61 | 59 | 0.49 | 62.40 | 15.20 | 12.85 | 1.65 | 0.59 | 41 | 3.61 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-028 | 5.3 | 6.1 | 0.79 | 6/6/2022 | -- | -- | 0.0436 | 120 | 11.0 | 5.5 | 2.90 | 12.90 | 2.11 | 59 | 0.67 | 64.70 | 16.00 | 14.80 | 1.90 | 0.72 | 53 | 4.76 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-028 | 6.1 | 7.62 | 1.52 | 6/6/2022 | -- | -- | 0.0370 | 85 | 12.1 | 6.5 | 3.52 | 12.95 | 2.33 | 42 | 0.78 | 53.00 | 11.85 | 12.60 | 2.09 | 0.97 | 61 | 5.87 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-028 | 7.62 | 8.53 | 0.91 | 6/6/2022 | -- | -- | 0.0342 | 77 | 11.1 | 6.0 | 3.25 | 11.60 | 2.22 | 38 | 0.72 | 48.40 | 10.90 | 11.20 | 1.89 | 0.83 | 60 | 4.91 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-028 | -- | -- | -- | 6/6/2022 | Blank | -- | 0.0036 | 9 | 0.8 | 0.4 | 0.20 | 1.00 | 0.18 | 6 | 0.03 | 5.70 | 1.24 | 1.16 | 0.13 | 0.03 | 4 | 0.31 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-029 | 0 | 1.52 | 1.52 | 6/7/2022 | -- | -- | 0.0182 | 65 | 5.2 | 3.2 | 1.20 | 4.47 | 1.02 | 17 | 0.51 | 20.10 | 4.99 | 4.76 | 0.81 | 0.50 | 23 | 3.42 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-029 | 1.52 | 3.05 | 1.52 | 6/7/2022 | -- | -- | 0.0200 | 72 | 5.7 | 3.7 | 1.67 | 5.26 | 1.16 | 15 | 0.56 | 23.90 | 5.64 | 6.82 | 0.91 | 0.53 | 23 | 3.67 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-029 | 3.05 | 4.57 | 1.52 | 6/7/2022 | -- | -- | 0.0458 | 131 | 13.0 | 7.8 | 4.11 | 14.30 | 2.55 | 50 | 0.97 | 66.60 | 15.35 | 14.35 | 2.16 | 0.92 | 58 | 6.80 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-029 | 4.57 | 6.1 | 1.52 | 6/7/2022 | -- | -- | 0.0621 | 147 | 19.1 | 10.4 | 5.39 | 20.30 | 3.88 | 78 | 1.19 | 93.50 | 22.00 | 20.20 | 3.28 | 1.27 | 91 | 8.92 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-029 | 6.1 | 7.62 | 1.52 | 6/7/2022 | -- | -- | 0.0547 | 133 | 17.0 | 9.4 | 4.81 | 18.05 | 3.41 | 64 | 1.13 | 80.10 | 18.50 | 18.25 | 2.81 | 1.28 | 82 | 8.12 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-029 | 7.62 | 9.14 | 1.52 | 6/7/2022 | -- | -- | 0.0560 | 142 | 16.5 | 8.3 | 4.84 | 17.70 | 3.17 | 69 | 1.05 | 83.70 | 19.80 | 18.40 | 2.71 | 1.16 | 77 | 7.89 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-029 | 9.14 | 10.67 | 1.52 | 6/7/2022 | -- | -- | 0.0667 | 133 | 24.5 | 12.8 | 6.35 | 26.10 | 4.64 | 67 | 1.48 | 92.40 | 20.20 | 23.20 | 4.02 | 1.62 | 133 | 10.60 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |

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SLV0163 – Technical Report Summary Shiloh Project, Georgia 116 November 2025

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| **Technical Report Summary** | ![img77526612_64.jpg](img77526612_64.jpg) |

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|  |  |  |  |  |  |  | **Method** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** |
|  |  |  |  |  |  |  | **Analyte** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** |
|  |  |  |  |  |  |  | **Units** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** |
|  |  |  |  |  |  |  | **Detection <br>Limit** | **0.1** | **0.05** | **0.03** | **0.02** | **0.05** | **0.01** | **0.1** | **0.01** | **0.1** | **0.02** | **0.03** | **0.01** | **0.01** | **0.1** | **0.03** | **3** | **0.3** | **0.2** | **0.2** | **0.3** | **0.05** | **3** | **0.05** | **0.5** | **0.2** | **0.2** | **0.05** | **0.05** | **3** | **0.2** |
|  |  |  |  |  |  |  | **Upper <br>Limit** | **10000** | **1000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **10000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **50000** | **5000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** | **50000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** |
| **Hole ID** | **From <br>(m)** | **To <br>(m)** | **Interval <br>(m)** | **Drill Date** | **Sample <br>Type** | **Sample Details** | **TREO <br>(%)** | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-029 | 9.14 | 10.67 | 1.52 | 6/7/2022 | Duplicate | -- | 0.0721 | 144 | 24.4 | 13.4 | 6.40 | 26.40 | 4.69 | 81 | 1.47 | 102.50 | 22.50 | 25.40 | 4.14 | 1.64 | 139 | 10.00 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-029 | 10.67 | 12.19 | 1.52 | 6/7/2022 | -- | -- | 0.0471 | 118 | 15.8 | 8.6 | 4.20 | 15.95 | 3.10 | 47 | 1.07 | 64.50 | 14.35 | 15.60 | 2.52 | 1.09 | 79 | 7.18 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-030 | 0 | 1.52 | 1.52 | 6/7/2022 | -- | -- | 0.0356 | 129 | 5.3 | 2.6 | 1.35 | 7.71 | 0.95 | 53 | 0.32 | 53.90 | 14.00 | 10.00 | 1.09 | 0.33 | 22 | 2.23 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-030 | 1.52 | 3.05 | 1.52 | 6/7/2022 | -- | -- | 0.0178 | 50 | 4.8 | 3.1 | 0.82 | 3.99 | 1.02 | 25 | 0.37 | 21.10 | 5.76 | 4.56 | 0.71 | 0.43 | 26 | 3.06 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-030 | 3.05 | 4.57 | 1.52 | 6/7/2022 | -- | -- | 0.0225 | 69 | 5.0 | 2.2 | 0.76 | 5.36 | 0.89 | 37 | 0.28 | 30.20 | 8.20 | 6.27 | 0.83 | 0.31 | 23 | 1.80 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-030 | 4.57 | 6.1 | 1.52 | 6/7/2022 | -- | -- | 0.0409 | 107 | 12.0 | 6.1 | 1.45 | 11.10 | 2.25 | 57 | 0.71 | 49.40 | 13.70 | 11.40 | 1.88 | 0.82 | 66 | 4.94 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-030 | 6.1 | 7.62 | 1.52 | 6/7/2022 | -- | -- | 0.0386 | 124 | 8.0 | 4.0 | 1.11 | 8.79 | 1.48 | 60 | 0.50 | 49.60 | 13.65 | 11.45 | 1.30 | 0.55 | 40 | 3.42 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-030 | 7.62 | 9.14 | 1.52 | 6/7/2022 | -- | -- | 0.0242 | 67 | 7.4 | 4.3 | 2.50 | 7.52 | 1.50 | 23 | 0.60 | 32.40 | 7.20 | 7.98 | 1.23 | 0.62 | 38 | 3.64 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-030 | 9.14 | 10.67 | 1.52 | 6/7/2022 | -- | -- | 0.0317 | 75 | 10.9 | 6.0 | 3.24 | 10.95 | 2.16 | 33 | 0.72 | 45.20 | 9.91 | 10.80 | 1.73 | 0.80 | 52 | 4.92 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-030 | 10.67 | 11.28 | 0.61 | 6/7/2022 | -- | -- | 0.0269 | 65 | 8.8 | 4.9 | 2.71 | 8.97 | 1.66 | 28 | 0.56 | 38.10 | 8.29 | 9.65 | 1.48 | 0.60 | 44 | 4.11 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-031 | 0 | 1.52 | 1.52 | 6/7/2022 | -- | -- | 0.0314 | 88 | 8.9 | 5.0 | 1.13 | 7.02 | 1.82 | 38 | 0.59 | 37.40 | 9.46 | 7.87 | 1.22 | 0.65 | 53 | 4.35 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-031 | 1.52 | 3.05 | 1.52 | 6/7/2022 | -- | -- | 0.0759 | 261 | 12.1 | 6.3 | 1.07 | 14.75 | 2.34 | 113 | 0.73 | 111.00 | 28.60 | 21.60 | 2.12 | 0.91 | 63 | 5.55 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-031 | 3.05 | 4.57 | 1.52 | 6/7/2022 | -- | -- | 0.0217 | 70 | 4.3 | 2.1 | 0.82 | 4.28 | 0.77 | 35 | 0.25 | 28.00 | 7.57 | 5.58 | 0.72 | 0.28 | 23 | 1.67 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-031 | 4.57 | 6.1 | 1.52 | 6/7/2022 | -- | -- | 0.0334 | 110 | 5.6 | 2.4 | 1.04 | 6.38 | 0.98 | 58 | 0.30 | 47.00 | 12.65 | 9.05 | 0.94 | 0.36 | 27 | 2.19 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-031 | 6.1 | 7.32 | 1.22 | 6/7/2022 | -- | -- | 0.0799 | 279 | 13.0 | 6.0 | 1.20 | 16.30 | 2.33 | 123 | 0.69 | 113.00 | 30.60 | 21.80 | 2.37 | 0.79 | 64 | 4.67 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-032 | 0 | 1.52 | 1.52 | 6/7/2022 | -- | -- | 0.0319 | 119 | 4.4 | 1.7 | 0.78 | 5.41 | 0.72 | 54 | 0.21 | 43.10 | 11.80 | 8.06 | 0.78 | 0.25 | 19 | 1.63 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-032 | 1.52 | 3.05 | 1.52 | 6/7/2022 | -- | -- | 0.0267 | 90 | 4.7 | 2.0 | 0.88 | 4.97 | 0.77 | 47 | 0.24 | 35.20 | 9.87 | 6.74 | 0.79 | 0.28 | 22 | 1.86 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-032 | 3.05 | 4.57 | 1.52 | 6/7/2022 | -- | -- | 0.0329 | 115 | 4.4 | 2.1 | 0.78 | 5.36 | 0.85 | 59 | 0.27 | 42.50 | 12.10 | 8.37 | 0.83 | 0.31 | 25 | 1.76 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-032 | 4.57 | 5.18 | 0.61 | 6/7/2022 | -- | -- | 0.0235 | 86 | 2.7 | 1.0 | 0.63 | 4.19 | 0.45 | 44 | 0.12 | 31.80 | 8.85 | 6.19 | 0.54 | 0.16 | 13 | 0.91 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-032 | 4.57 | 5.18 | 0.61 | 6/7/2022 | Duplicate | -- | 0.0194 | 70 | 2.7 | 1.0 | 0.57 | 3.40 | 0.40 | 35 | 0.14 | 25.50 | 7.29 | 5.25 | 0.51 | 0.14 | 13 | 0.84 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-033 | 0 | 1.52 | 1.52 | 6/7/2022 | -- | -- | 0.0332 | 111 | 5.8 | 3.3 | 0.81 | 6.39 | 1.20 | 52 | 0.49 | 42.10 | 11.30 | 8.33 | 0.96 | 0.51 | 34 | 2.92 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-033 | 1.52 | 2.87 | 1.34 | 6/7/2022 | -- | -- | 0.0497 | 177 | 7.0 | 3.7 | 0.69 | 8.58 | 1.34 | 80 | 0.46 | 66.80 | 17.80 | 11.95 | 1.25 | 0.52 | 41 | 3.16 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-033 | 2.87 | 4.27 | 1.4 | 6/7/2022 | -- | -- | 0.0275 | 92 | 4.6 | 2.3 | 0.82 | 5.47 | 0.81 | 46 | 0.28 | 35.70 | 9.84 | 7.05 | 0.83 | 0.32 | 25 | 1.80 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-034 | 0 | 1.07 | 1.07 | 6/8/2022 | -- | -- | 0.0433 | 154 | 6.6 | 3.6 | 1.36 | 8.50 | 1.32 | 67 | 0.46 | 58.30 | 15.40 | 11.60 | 1.21 | 0.47 | 36 | 3.00 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-034 | 1.52 | 3.05 | 1.52 | 6/8/2022 | -- | -- | 0.0546 | 189 | 8.7 | 5.1 | 1.44 | 10.55 | 1.83 | 79 | 0.78 | 76.90 | 19.20 | 14.40 | 1.47 | 0.84 | 49 | 5.04 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-034 | 3.05 | 4.57 | 1.52 | 6/8/2022 | -- | -- | 0.0288 | 65 | 7.4 | 3.8 | 1.64 | 7.54 | 1.48 | 49 | 0.54 | 41.40 | 11.10 | 8.77 | 1.18 | 0.60 | 41 | 3.60 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-034 | 4.57 | 6.1 | 1.52 | 6/8/2022 | -- | -- | 0.0337 | 95 | 8.4 | 4.8 | 1.28 | 6.87 | 1.67 | 52 | 0.57 | 38.00 | 10.15 | 7.44 | 1.25 | 0.72 | 52 | 4.27 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-034 | 6.1 | 7.62 | 1.52 | 6/8/2022 | -- | -- | 0.0331 | 101 | 7.8 | 3.6 | 1.02 | 6.92 | 1.48 | 52 | 0.40 | 37.40 | 10.40 | 7.80 | 1.27 | 0.51 | 45 | 2.97 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-034 | 7.62 | 8.23 | 0.61 | 6/8/2022 | -- | -- | 0.0212 | 72 | 3.6 | 1.5 | 0.87 | 4.17 | 0.62 | 38 | 0.15 | 26.50 | 7.43 | 4.92 | 0.66 | 0.23 | 18 | 1.00 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-035 | 0 | 1.52 | 1.52 | 6/8/2022 | -- | -- | 0.0317 | 111 | 5.3 | 3.3 | 0.99 | 6.07 | 1.14 | 47 | 0.36 | 40.20 | 10.75 | 8.35 | 0.87 | 0.47 | 30 | 2.84 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-035 | 1.52 | 3.05 | 1.52 | 6/8/2022 | -- | -- | 0.0444 | 172 | 5.6 | 2.5 | 0.93 | 7.82 | 0.97 | 67 | 0.40 | 60.20 | 15.95 | 11.50 | 1.01 | 0.41 | 29 | 2.65 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-035 | 3.05 | 4.57 | 1.52 | 6/8/2022 | -- | -- | 0.0334 | 114 | 4.6 | 2.5 | 1.07 | 5.92 | 0.89 | 56 | 0.37 | 47.70 | 12.55 | 8.75 | 0.88 | 0.41 | 25 | 2.55 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-035 | 4.57 | 6.1 | 1.52 | 6/8/2022 | -- | -- | 0.0450 | 155 | 6.6 | 3.3 | 1.21 | 8.67 | 1.16 | 71 | 0.39 | 65.80 | 17.60 | 13.65 | 1.20 | 0.49 | 34 | 2.91 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |

---

SLV0163 – Technical Report Summary Shiloh Project, Georgia 117 November 2025

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| | |
|:---|:---|
| **Technical Report Summary** | ![img77526612_64.jpg](img77526612_64.jpg) |

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|  |  |  |  |  |  |  | **Method** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** |
|  |  |  |  |  |  |  | **Analyte** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** |
|  |  |  |  |  |  |  | **Units** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** |
|  |  |  |  |  |  |  | **Detection <br>Limit** | **0.1** | **0.05** | **0.03** | **0.02** | **0.05** | **0.01** | **0.1** | **0.01** | **0.1** | **0.02** | **0.03** | **0.01** | **0.01** | **0.1** | **0.03** | **3** | **0.3** | **0.2** | **0.2** | **0.3** | **0.05** | **3** | **0.05** | **0.5** | **0.2** | **0.2** | **0.05** | **0.05** | **3** | **0.2** |
|  |  |  |  |  |  |  | **Upper <br>Limit** | **10000** | **1000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **10000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **50000** | **5000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** | **50000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** |
| **Hole ID** | **From <br>(m)** | **To <br>(m)** | **Interval <br>(m)** | **Drill Date** | **Sample <br>Type** | **Sample Details** | **TREO <br>(%)** | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-035 | 6.1 | 6.58 | 0.49 | 6/8/2022 | -- | -- | 0.0168 | 56 | 2.6 | 1.5 | 0.86 | 3.11 | 0.51 | 30 | 0.24 | 21.20 | 6.08 | 4.15 | 0.42 | 0.24 | 15 | 1.60 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-036 | 0 | 1.52 | 1.52 | 6/8/2022 | -- | -- | 0.0320 | 120 | 6.6 | 3.6 | 1.75 | 7.24 | 1.29 | 37 | 0.54 | 40.10 | 9.67 | 9.72 | 1.10 | 0.52 | 30 | 3.77 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-036 | 1.52 | 2.44 | 0.91 | 6/8/2022 | -- | -- | 0.0207 | 72 | 4.0 | 2.7 | 1.55 | 4.78 | 0.87 | 23 | 0.37 | 27.80 | 6.34 | 6.74 | 0.69 | 0.43 | 22 | 2.50 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-036 | 2.44 | 3.05 | 0.61 | 6/8/2022 | -- | -- | 0.0183 | 54 | 3.3 | 2.3 | 1.08 | 3.60 | 0.76 | 29 | 0.29 | 24.70 | 6.57 | 5.32 | 0.54 | 0.38 | 21 | 2.16 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-036 | 3.05 | 4.27 | 1.22 | 6/8/2022 | -- | -- | 0.0125 | 35 | 2.5 | 1.6 | 0.87 | 2.78 | 0.53 | 21 | 0.24 | 16.30 | 4.60 | 3.59 | 0.43 | 0.25 | 15 | 1.52 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-036 | 3.05 | 4.27 | 1.22 | 6/8/2022 | Duplicate | -- | 0.0119 | 33 | 2.2 | 1.3 | 0.90 | 2.53 | 0.42 | 21 | 0.17 | 16.20 | 4.35 | 3.75 | 0.39 | 0.19 | 13 | 1.24 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-037 | 0 | 1.52 | 1.52 | 6/9/2022 |  |  | 0.0246 | 103 | 5.1 | 3.1 | 1.42 | 5.05 | 1.03 | 23 | 0.49 | 27.20 | 6.43 | 6.78 | 0.82 | 0.48 | 21 | 3.26 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-037 | 1.52 | 3.05 | 1.52 | 6/9/2022 | -- | -- | 0.0459 | 168 | 10.1 | 5.8 | 3.75 | 11.85 | 2.13 | 46 | 0.92 | 62.30 | 14.30 | 14.85 | 1.73 | 0.91 | 41 | 6.01 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-037 | 3.05 | 4.57 | 1.52 | 6/9/2022 | -- | -- | 0.0710 | 158 | 19.6 | 10.3 | 6.40 | 22.70 | 3.89 | 98 | 1.49 | 115.00 | 26.30 | 26.30 | 3.32 | 1.52 | 98 | 9.37 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-037 | 4.57 | 6.1 | 1.52 | 6/9/2022 | -- | -- | 0.0301 | 84 | 9.0 | 4.9 | 2.56 | 9.67 | 1.89 | 28 | 0.66 | 36.70 | 8.14 | 9.44 | 1.53 | 0.76 | 52 | 4.72 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-037 | 6.1 | 8.23 | 2.13 | 6/9/2022 | -- | -- | 0.0484 | 85 | 15.0 | 8.7 | 4.70 | 17.20 | 3.18 | 57 | 1.04 | 70.30 | 15.30 | 16.30 | 2.54 | 1.26 | 102 | 6.92 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-037 | 8.23 | 9.75 | 1.52 | 6/9/2022 | -- | -- | 0.0267 | 79 | 5.2 | 2.8 | 1.47 | 6.12 | 0.99 | 43 | 0.33 | 36.70 | 9.57 | 7.50 | 0.88 | 0.40 | 30 | 2.18 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-038 | 0 | 1.52 | 1.52 | 6/9/2022 | -- | -- | 0.0246 | 99 | 5.2 | 3.0 | 1.68 | 5.12 | 1.03 | 25 | 0.56 | 30.50 | 7.55 | 7.22 | 0.90 | 0.46 | 18 | 3.79 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-038 | 1.52 | 3.05 | 1.52 | 6/9/2022 | -- | -- | 0.0380 | 119 | 10.2 | 5.6 | 3.51 | 11.30 | 1.84 | 37 | 0.80 | 57.80 | 13.10 | 13.80 | 1.76 | 0.80 | 41 | 5.65 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-038 | 3.05 | 4.57 | 1.52 | 6/9/2022 | -- | -- | 0.0574 | 114 | 18.8 | 10.6 | 5.55 | 20.70 | 3.64 | 64 | 1.24 | 88.00 | 20.90 | 20.90 | 3.20 | 1.40 | 102 | 9.33 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-038 | 4.57 | 6.1 | 1.52 | 6/9/2022 | -- | -- | 0.0536 | 112 | 17.2 | 9.8 | 5.44 | 19.30 | 3.25 | 54 | 1.23 | 79.50 | 17.45 | 19.00 | 2.95 | 1.18 | 101 | 8.09 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-038 | 6.1 | 7.01 | 0.91 | 6/9/2022 | -- | -- | 0.0434 | 99 | 13.8 | 7.1 | 4.03 | 15.15 | 2.54 | 45 | 0.94 | 65.70 | 14.55 | 15.75 | 2.37 | 1.05 | 73 | 6.49 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-038 | -- | -- | -- | 6/9/2022 | Blank | -- | 0.0038 | 9 | 0.9 | 0.5 | 0.27 | 1.25 | 0.19 | 5 | 0.05 | 5.90 | 1.47 | 1.43 | 0.17 | 0.04 | 5 | 0.40 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-039 | 0 | 1.52 | 1.52 | 6/9/2022 | -- | -- | 0.0348 | 120 | 6.5 | 3.3 | 1.48 | 7.64 | 1.16 | 45 | 0.44 | 51.60 | 12.95 | 10.10 | 1.21 | 0.46 | 30 | 3.27 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-039 | 1.52 | 3.05 | 1.52 | 6/9/2022 | -- | -- | 0.0268 | 106 | 5.4 | 3.2 | 1.71 | 6.23 | 1.00 | 24 | 0.45 | 37.20 | 8.51 | 7.95 | 0.95 | 0.46 | 22 | 3.26 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-039 | 3.05 | 4.57 | 1.52 | 6/9/2022 | -- | -- | 0.0410 | 133 | 10.3 | 5.9 | 3.66 | 12.10 | 1.84 | 39 | 0.80 | 62.70 | 13.70 | 13.80 | 1.81 | 0.78 | 44 | 5.55 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-039 | 4.57 | 6.1 | 1.52 | 6/9/2022 | -- | -- | 0.0356 | 79 | 11.4 | 5.9 | 3.79 | 13.10 | 2.00 | 38 | 0.83 | 56.50 | 12.85 | 13.55 | 1.92 | 0.84 | 55 | 5.88 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-039 | 6.1 | 7.62 | 1.52 | 6/9/2022 | -- | -- | 0.0220 | 48 | 7.9 | 4.6 | 2.65 | 7.97 | 1.47 | 21 | 0.57 | 32.10 | 7.33 | 8.19 | 1.27 | 0.58 | 38 | 3.98 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-039 | 7.62 | 8.63 | 1.01 | 6/9/2022 | -- | -- | 0.0345 | 72 | 10.9 | 6.0 | 3.32 | 11.70 | 2.07 | 38 | 0.80 | 52.10 | 11.90 | 11.50 | 1.86 | 0.85 | 62 | 5.03 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-040 | 0 | 1.52 | 1.52 | 6/9/2022 | -- | -- | 0.0555 | 195 | 8.2 | 3.2 | 1.29 | 11.70 | 1.20 | 86 | 0.35 | 84.80 | 23.30 | 16.75 | 1.69 | 0.41 | 35 | 2.69 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-040 | 0 | 1.52 | 1.52 | 6/9/2022 | Duplicate | -- | 0.0610 | 215 | 8.5 | 3.2 | 1.36 | 12.95 | 1.25 | 97 | 0.36 | 93.60 | 25.70 | 18.30 | 1.83 | 0.46 | 37 | 2.68 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-040 | 1.52 | 3.05 | 1.52 | 6/9/2022 | -- | -- | 0.0949 | 317 | 11.8 | 4.6 | 2.10 | 20.10 | 1.75 | 159 | 0.48 | 159.00 | 43.70 | 30.50 | 2.57 | 0.58 | 51 | 3.91 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-040 | 3.05 | 4.57 | 1.52 | 6/9/2022 | -- | -- | 0.0646 | 207 | 9.7 | 4.2 | 1.81 | 14.40 | 1.50 | 110 | 0.44 | 102.00 | 28.60 | 20.20 | 1.89 | 0.49 | 44 | 3.30 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-040 | 4.57 | 5.18 | 0.61 | 6/9/2022 | -- | -- | 0.0568 | 190 | 8.1 | 3.5 | 0.99 | 11.85 | 1.32 | 94 | 0.34 | 86.70 | 24.40 | 16.65 | 1.70 | 0.44 | 40 | 2.75 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-041 | 0.3 | 1.52 | 1.22 | 6/9/2022 | -- | -- | 0.0492 | 183 | 5.1 | 2.2 | 1.07 | 9.34 | 0.81 | 80 | 0.22 | 76.10 | 20.50 | 13.75 | 1.12 | 0.27 | 24 | 1.62 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-041 | 1.52 | 3.05 | 1.52 | 6/9/2022 | -- | -- | 0.0640 | 213 | 7.4 | 2.6 | 1.44 | 13.35 | 1.12 | 114 | 0.25 | 105.50 | 29.50 | 20.70 | 1.76 | 0.31 | 32 | 1.81 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-041 | 3.05 | 3.66 | 0.61 | 6/9/2022 | -- | -- | 0.0533 | 151 | 10.5 | 4.6 | 1.98 | 13.70 | 1.72 | 87 | 0.50 | 81.90 | 22.70 | 17.45 | 2.10 | 0.60 | 53 | 3.87 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-042 | 0 | 1.52 | 1.52 | 7/10/2022 | -- | -- | 0.0458 | 164 | 9.2 | 4.3 | 0.94 | 9.71 | 1.70 | 62 | 0.48 | 56.00 | 15.00 | 11.75 | 1.59 | 0.57 | 48 | 3.44 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |

---

SLV0163 – Technical Report Summary Shiloh Project, Georgia 118 November 2025

------

---

| | |
|:---|:---|
| **Technical Report Summary** | ![img77526612_64.jpg](img77526612_64.jpg) |

---

---

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  |  | **Method** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** |
|  |  |  |  |  |  |  | **Analyte** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** |
|  |  |  |  |  |  |  | **Units** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** |
|  |  |  |  |  |  |  | **Detection <br>Limit** | **0.1** | **0.05** | **0.03** | **0.02** | **0.05** | **0.01** | **0.1** | **0.01** | **0.1** | **0.02** | **0.03** | **0.01** | **0.01** | **0.1** | **0.03** | **3** | **0.3** | **0.2** | **0.2** | **0.3** | **0.05** | **3** | **0.05** | **0.5** | **0.2** | **0.2** | **0.05** | **0.05** | **3** | **0.2** |
|  |  |  |  |  |  |  | **Upper <br>Limit** | **10000** | **1000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **10000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **50000** | **5000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** | **50000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** |
| **Hole ID** | **From <br>(m)** | **To <br>(m)** | **Interval <br>(m)** | **Drill Date** | **Sample <br>Type** | **Sample Details** | **TREO <br>(%)** | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-042 | 1.52 | 3.05 | 1.52 | 7/10/2022 | -- | -- | 0.0341 | 100 | 9.5 | 4.7 | 1.96 | 9.57 | 1.77 | 39 | 0.67 | 47.30 | 11.50 | 9.96 | 1.46 | 0.72 | 45 | 4.37 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-042 | 3.05 | 4.57 | 1.52 | 7/10/2022 | -- | -- | 0.0454 | 138 | 9.5 | 3.9 | 1.66 | 12.40 | 1.61 | 70 | 0.44 | 64.10 | 17.55 | 13.30 | 1.83 | 0.49 | 47 | 2.91 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-042 | 4.57 | 5.49 | 0.91 | 7/10/2022 | -- | -- | 0.0425 | 119 | 11.0 | 4.6 | 1.41 | 11.55 | 1.93 | 61 | 0.36 | 52.00 | 14.45 | 11.35 | 1.94 | 0.52 | 65 | 2.78 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-043 | 0 | 1.52 | 1.52 | 7/11/2022 | -- | -- | 0.0625 | 223 | 10.7 | 3.7 | 1.05 | 13.10 | 1.53 | 94 | 0.42 | 91.80 | 23.30 | 17.80 | 1.76 | 0.46 | 45 | 3.21 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-043 | 1.52 | 2.13 | 0.61 | 7/11/2022 | -- | -- | 0.0548 | 193 | 10.6 | 5.0 | 0.72 | 10.80 | 1.73 | 73 | 0.37 | 72.40 | 19.30 | 14.40 | 1.73 | 0.61 | 57 | 3.48 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-043 | 2.13 | 3.05 | 0.91 | 7/11/2022 | -- | -- | 0.0560 | 203 | 8.5 | 3.5 | 1.35 | 11.65 | 1.39 | 86 | 0.30 | 82.40 | 21.90 | 15.10 | 1.52 | 0.34 | 38 | 1.91 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-043 | 3.05 | 4.57 | 1.52 | 7/11/2022 | -- | -- | 0.1114 | 255 | 24.1 | 11.7 | 4.15 | 31.80 | 4.09 | 182 | 1.30 | 203.00 | 49.90 | 39.20 | 4.02 | 1.58 | 123 | 9.81 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-043 | 4.57 | 6.1 | 1.52 | 7/11/2022 | -- | -- | 0.0643 | 146 | 18.0 | 9.0 | 1.99 | 19.55 | 3.05 | 96 | 0.92 | 92.00 | 23.30 | 19.60 | 3.01 | 1.15 | 103 | 6.79 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-043 | 6.1 | 7.62 | 1.52 | 7/11/2022 | -- | -- | 0.0440 | 114 | 15.2 | 7.0 | 1.05 | 12.05 | 2.50 | 54 | 0.66 | 52.30 | 13.85 | 10.70 | 2.20 | 0.88 | 79 | 5.24 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-043 | 7.62 | 8.69 | 1.07 | 7/11/2022 | -- | -- | 0.0635 | 200 | 14.3 | 5.6 | 1.11 | 16.90 | 2.10 | 92 | 0.45 | 88.00 | 23.10 | 18.50 | 2.56 | 0.67 | 69 | 3.37 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-044 | 0 | 1.52 | 1.52 | 7/11/2022 | -- | -- | 0.0298 | 115 | 6.7 | 2.9 | 0.50 | 6.03 | 1.12 | 34 | 0.25 | 32.90 | 8.35 | 6.46 | 0.98 | 0.32 | 35 | 2.08 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-044 | 1.52 | 3.05 | 1.52 | 7/11/2022 | -- | -- | 0.0502 | 192 | 6.8 | 2.9 | 0.74 | 9.40 | 1.09 | 77 | 0.24 | 70.50 | 18.65 | 13.55 | 1.36 | 0.30 | 31 | 2.11 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-044 | 1.52 | 3.05 | 1.52 | 7/11/2022 | -- | -- | 0.0519 | 200 | 7.3 | 2.5 | 0.79 | 10.35 | 1.05 | 80 | 0.23 | 72.50 | 19.30 | 13.70 | 1.24 | 0.33 | 30 | 2.27 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-044 | 3.05 | 4.57 | 1.52 | 7/11/2022 | -- | -- | 0.0603 | 193 | 7.3 | 2.8 | 1.27 | 11.90 | 0.96 | 116 | 0.27 | 102.50 | 28.30 | 17.65 | 1.38 | 0.32 | 29 | 2.00 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-044 | 4.57 | 6.1 | 1.52 | 7/11/2022 | -- | -- | 0.0677 | 126 | 18.7 | 8.5 | 3.33 | 22.70 | 3.12 | 109 | 1.00 | 120.50 | 29.60 | 25.70 | 3.05 | 1.12 | 93 | 7.50 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-044 | 6.1 | 7.62 | 1.52 | 7/11/2022 | -- | -- | 0.0603 | 151 | 18.6 | 7.5 | 1.70 | 18.85 | 2.87 | 84 | 0.68 | 80.00 | 22.20 | 19.20 | 2.99 | 0.93 | 94 | 5.40 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-044 | 7.62 | 9.14 | 1.52 | 7/11/2022 | -- | -- | 0.0476 | 128 | 13.7 | 6.5 | 1.03 | 12.45 | 2.41 | 64 | 0.61 | 58.40 | 16.10 | 14.40 | 2.36 | 0.82 | 76 | 4.78 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-044 | 9.14 | 10.06 | 0.91 | 7/11/2022 | -- | -- | 0.0457 | 112 | 14.0 | 7.3 | 2.62 | 14.25 | 2.75 | 52 | 0.84 | 61.70 | 15.60 | 15.40 | 2.29 | 1.02 | 77 | 5.89 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-045 | 0.91 | 1.52 | 0.61 | 7/11/2022 | -- | -- | 0.0349 | 127 | 6.9 | 4.0 | 0.78 | 6.47 | 1.34 | 45 | 0.32 | 40.30 | 11.65 | 8.28 | 1.06 | 0.49 | 40 | 2.71 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-045 | 1.52 | 3.05 | 1.52 | 7/11/2022 | -- | -- | 0.1012 | 145 | 20.9 | 10.2 | 4.79 | 30.60 | 3.55 | 197 | 1.14 | 222.00 | 59.30 | 47.60 | 3.92 | 1.30 | 103 | 8.67 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-045 | 3.05 | 4.57 | 1.52 | 7/11/2022 | -- | -- | 0.0839 | 205 | 18.3 | 7.3 | 2.82 | 22.10 | 2.80 | 148 | 0.85 | 139.00 | 38.10 | 30.40 | 3.16 | 0.98 | 87 | 5.92 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-045 | 4.57 | 6.1 | 1.52 | 7/11/2022 | -- | -- | 0.0599 | 167 | 10.3 | 4.4 | 1.88 | 15.40 | 1.77 | 106 | 0.46 | 98.20 | 27.10 | 20.50 | 2.03 | 0.54 | 50 | 3.43 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-045 | 6.1 | 7.62 | 1.52 | 7/11/2022 | -- | -- | 0.0392 | 93 | 11.0 | 5.4 | 2.68 | 13.25 | 2.01 | 45 | 0.62 | 62.50 | 15.15 | 15.85 | 1.91 | 0.70 | 57 | 4.97 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-045 | 7.62 | 9.14 | 1.52 | 7/11/2022 | -- | -- | 0.0355 | 87 | 10.5 | 5.7 | 3.32 | 11.60 | 2.01 | 39 | 0.78 | 50.80 | 12.30 | 12.50 | 1.76 | 0.76 | 57 | 5.08 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-045 | 9.14 | 10.67 | 1.52 | 7/11/2022 | -- | -- | 0.0313 | 72 | 10.0 | 5.6 | 2.85 | 10.10 | 1.88 | 34 | 0.69 | 43.00 | 10.60 | 10.25 | 1.64 | 0.72 | 56 | 4.82 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-045 | 10.67 | 11.58 | 0.91 | 7/11/2022 | -- | -- | 0.0278 | 61 | 9.5 | 5.7 | 2.38 | 9.34 | 1.84 | 31 | 0.70 | 37.30 | 8.38 | 9.22 | 1.49 | 0.68 | 51 | 4.61 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-045 | -- | -- | -- | 7/11/2022 | Standard | Oreas 460 | 0.5363 | 1825 | 20.4 | 6.3 | 22.40 | 50.20 | 2.95 | 1405 | 0.52 | 807.00 | 248.00 | 113.50 | 5.01 | 0.79 | 67 | 4.03 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-046 | 0 | 1.52 | 1.52 | 7/11/2022 | -- | -- | 0.0387 | 156 | 5.5 | 2.2 | 0.72 | 7.02 | 0.90 | 53 | 0.26 | 48.10 | 13.40 | 10.20 | 1.07 | 0.29 | 28 | 1.64 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-046 | 1.52 | 3.05 | 1.52 | 7/11/2022 | -- | -- | 0.0716 | 257 | 10.3 | 4.6 | 1.69 | 13.40 | 1.66 | 102 | 0.55 | 109.00 | 29.10 | 20.90 | 1.80 | 0.63 | 52 | 4.08 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-046 | 3.05 | 4.57 | 1.52 | 7/11/2022 | -- | -- | 0.0701 | 199 | 11.8 | 4.9 | 2.13 | 16.65 | 1.78 | 124 | 0.51 | 118.50 | 32.50 | 24.70 | 2.28 | 0.64 | 53 | 4.12 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-046 | 4.57 | 6.1 | 1.52 | 7/11/2022 | -- | -- | 0.0849 | 136 | 30.7 | 14.8 | 4.87 | 32.40 | 5.37 | 110 | 1.71 | 129.00 | 32.60 | 31.80 | 5.26 | 2.06 | 165 | 13.05 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-046 | 6.1 | 7.62 | 1.52 | 7/11/2022 | -- | -- | 0.0362 | 86 | 11.2 | 6.6 | 3.44 | 13.70 | 2.15 | 38 | 0.83 | 51.80 | 11.55 | 11.35 | 1.84 | 0.79 | 61 | 5.20 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-046 | 6.1 | 7.62 | 1.52 | 7/11/2022 | -- | -- | 0.0358 | 92 | 10.6 | 5.6 | 3.20 | 11.65 | 2.09 | 38 | 0.77 | 52.30 | 11.45 | 11.20 | 1.79 | 0.81 | 56 | 5.04 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |

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SLV0163 – Technical Report Summary Shiloh Project, Georgia 119 November 2025

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| **Technical Report Summary** | ![img77526612_64.jpg](img77526612_64.jpg) |

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|  |  |  |  |  |  |  | **Method** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** |
|  |  |  |  |  |  |  | **Analyte** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** |
|  |  |  |  |  |  |  | **Units** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** |
|  |  |  |  |  |  |  | **Detection <br>Limit** | **0.1** | **0.05** | **0.03** | **0.02** | **0.05** | **0.01** | **0.1** | **0.01** | **0.1** | **0.02** | **0.03** | **0.01** | **0.01** | **0.1** | **0.03** | **3** | **0.3** | **0.2** | **0.2** | **0.3** | **0.05** | **3** | **0.05** | **0.5** | **0.2** | **0.2** | **0.05** | **0.05** | **3** | **0.2** |
|  |  |  |  |  |  |  | **Upper <br>Limit** | **10000** | **1000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **10000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **50000** | **5000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** | **50000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** |
| **Hole ID** | **From <br>(m)** | **To <br>(m)** | **Interval <br>(m)** | **Drill Date** | **Sample <br>Type** | **Sample Details** | **TREO <br>(%)** | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-046 | 7.62 | 8.69 | 1.07 | 7/11/2022 | -- | -- | 0.0304 | 68 | 9.9 | 5.3 | 2.71 | 10.10 | 1.91 | 32 | 0.73 | 42.90 | 10.10 | 10.20 | 1.55 | 0.75 | 55 | 5.03 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-047 | 0 | 1.52 | 1.52 | 7/11/2022 | -- | -- | 0.0353 | 128 | 6.3 | 3.3 | 1.97 | 8.85 | 1.23 | 39 | 0.54 | 53.10 | 12.30 | 11.80 | 1.21 | 0.49 | 28 | 3.40 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-047 | 1.52 | 2.29 | 0.76 | 7/11/2022 | -- | -- | 0.0707 | 117 | 17.4 | 9.0 | 5.51 | 19.45 | 2.96 | 136 | 1.16 | 134.50 | 37.70 | 30.30 | 2.99 | 1.27 | 77 | 8.37 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-048 | 0 | 1.68 | 1.68 | 7/13/2022 | -- | -- | 0.0456 | 167 | 6.1 | 2.4 | 0.58 | 8.95 | 1.02 | 71 | 0.25 | 67.50 | 18.60 | 13.70 | 1.26 | 0.35 | 28 | 2.07 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-048 | 1.68 | 3.05 | 1.37 | 7/13/2022 | -- | -- | 0.0729 | 210 | 11.5 | 4.7 | 1.76 | 15.25 | 1.89 | 127 | 0.46 | 126.50 | 35.10 | 24.80 | 2.21 | 0.62 | 54 | 3.50 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-048 | 3.05 | 4.57 | 1.52 | 7/13/2022 | -- | -- | 0.0716 | 190 | 15.2 | 7.5 | 1.69 | 18.10 | 2.59 | 117 | 0.88 | 106.50 | 29.60 | 24.20 | 2.74 | 0.99 | 83 | 6.31 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-048 | 4.57 | 6.1 | 1.52 | 7/13/2022 | -- | -- | 0.0551 | 180 | 8.3 | 3.7 | 1.15 | 11.45 | 1.37 | 95 | 0.40 | 79.60 | 23.20 | 16.10 | 1.59 | 0.44 | 43 | 2.83 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-048 | 6.1 | 7.62 | 1.52 | 7/13/2022 | -- | -- | 0.0519 | 175 | 6.6 | 2.3 | 1.06 | 10.80 | 1.02 | 94 | 0.25 | 76.60 | 22.40 | 15.85 | 1.38 | 0.33 | 32 | 2.10 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-048 | 7.62 | 8.38 | 0.76 | 7/13/2022 | -- | -- | 0.0492 | 175 | 6.1 | 2.3 | 0.98 | 9.55 | 0.86 | 87 | 0.24 | 73.10 | 21.20 | 14.10 | 1.17 | 0.25 | 26 | 1.71 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-049 | 0 | 1.22 | 1.22 | 7/13/2022 | -- | -- | 0.0574 | 201 | 8.3 | 3.5 | 0.64 | 11.70 | 1.39 | 93 | 0.38 | 84.30 | 23.60 | 16.50 | 1.57 | 0.47 | 40 | 2.70 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-049 | 1.22 | 3.05 | 1.83 | 7/13/2022 | -- | -- | 0.0636 | 180 | 11.0 | 4.8 | 2.05 | 16.60 | 1.79 | 109 | 0.54 | 106.50 | 29.10 | 23.20 | 2.16 | 0.63 | 49 | 3.91 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-049 | 3.05 | 4.57 | 1.52 | 7/13/2022 | -- | -- | 0.0687 | 196 | 14.0 | 7.3 | 1.94 | 16.40 | 2.38 | 111 | 0.68 | 97.20 | 27.70 | 20.20 | 2.54 | 0.83 | 78 | 5.48 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-049 | 4.57 | 6.1 | 1.52 | 7/13/2022 | -- | -- | 0.0455 | 160 | 6.1 | 2.6 | 1.01 | 8.33 | 0.87 | 78 | 0.29 | 66.30 | 19.25 | 13.70 | 1.17 | 0.34 | 28 | 1.72 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-049 | 6.1 | 7.01 | 0.91 | 7/13/2022 | -- | -- | 0.0515 | 182 | 6.9 | 2.7 | 1.16 | 9.90 | 0.89 | 90 | 0.27 | 75.30 | 21.80 | 15.40 | 1.29 | 0.34 | 29 | 2.04 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-050 | 0 | 1.52 | 1.52 | 7/13/2022 | -- | -- | 0.0532 | 193 | 6.7 | 2.3 | 1.05 | 9.88 | 1.05 | 89 | 0.23 | 80.80 | 22.30 | 16.05 | 1.29 | 0.29 | 28 | 1.95 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-050 | 1.52 | 3.05 | 1.52 | 7/13/2022 | -- | -- | 0.0821 | 218 | 12.7 | 6.0 | 3.58 | 18.90 | 2.23 | 134 | 0.71 | 163.50 | 39.60 | 31.30 | 2.29 | 0.91 | 60 | 5.18 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-050 | 3.05 | 4.57 | 1.52 | 7/13/2022 | -- | -- | 0.0489 | 72 | 12.7 | 6.4 | 3.17 | 18.15 | 2.39 | 77 | 0.76 | 99.60 | 23.80 | 22.20 | 2.40 | 0.95 | 65 | 5.70 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-050 | 4.57 | 6.1 | 1.52 | 7/13/2022 | -- | -- | 0.0477 | 83 | 17.0 | 9.0 | 3.46 | 19.30 | 3.33 | 61 | 0.96 | 69.60 | 16.25 | 17.05 | 2.98 | 1.24 | 90 | 7.34 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-050 | 4.57 | 6.1 | 1.52 | 7/13/2022 | -- | -- | 0.0383 | 65 | 13.7 | 7.5 | 2.68 | 15.80 | 2.77 | 50 | 0.92 | 53.50 | 13.05 | 13.95 | 2.45 | 1.02 | 74 | 6.54 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-050 | 6.1 | 7.16 | 1.07 | 7/13/2022 | -- | -- | 0.0256 | 60 | 8.3 | 4.5 | 2.62 | 8.89 | 1.74 | 26 | 0.57 | 37.20 | 7.98 | 9.32 | 1.38 | 0.64 | 42 | 4.30 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-051 | 0 | 0.91 | 0.91 | 7/13/2022 | -- | -- | 0.0348 | 103 | 7.6 | 4.2 | 1.32 | 9.01 | 1.50 | 53 | 0.49 | 48.20 | 12.65 | 9.71 | 1.30 | 0.54 | 39 | 3.79 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-052 | 0 | 0.91 | 0.91 | 7/13/2022 | -- | -- | 0.0361 | 117 | 6.7 | 3.3 | 1.21 | 8.55 | 1.16 | 59 | 0.33 | 51.10 | 13.15 | 9.96 | 1.18 | 0.43 | 31 | 2.60 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-053 | 0 | 0.76 | 0.76 | 7/13/2022 | -- | -- | 0.0258 | 86 | 3.6 | 1.8 | 0.72 | 6.14 | 0.63 | 44 | 0.17 | 38.30 | 10.35 | 7.75 | 0.76 | 0.19 | 18 | 1.24 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-054 | 0 | 1.52 | 1.52 | 7/14/2022 | -- | -- | 0.0505 | 178 | 7.1 | 3.7 | 1.16 | 10.25 | 1.36 | 83 | 0.43 | 71.60 | 19.50 | 13.35 | 1.48 | 0.51 | 35 | 3.05 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-054 | 1.52 | 2.74 | 1.22 | 7/14/2022 | -- | -- | 0.0505 | 119 | 9.8 | 5.6 | 3.22 | 15.20 | 1.94 | 73 | 0.68 | 99.00 | 23.40 | 21.30 | 1.90 | 0.84 | 49 | 5.18 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-054 | 2.74 | 3.35 | 0.61 | 7/14/2022 | -- | -- | 0.0488 | 151 | 8.1 | 3.5 | 1.65 | 12.00 | 1.36 | 84 | 0.37 | 76.10 | 20.10 | 15.50 | 1.56 | 0.49 | 36 | 2.91 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-055 | 0 | 1.52 | 1.52 | 7/14/2022 | -- | -- | 0.0458 | 157 | 7.5 | 3.5 | 1.24 | 10.50 | 1.33 | 72 | 0.42 | 65.90 | 17.50 | 13.95 | 1.48 | 0.47 | 34 | 3.17 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-055 | 1.52 | 3.05 | 1.52 | 7/14/2022 | -- | -- | 0.0539 | 179 | 8.8 | 3.5 | 1.83 | 13.80 | 1.41 | 86 | 0.37 | 83.70 | 21.90 | 17.40 | 1.74 | 0.42 | 36 | 2.74 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-055 | 3.05 | 4.57 | 1.52 | 7/14/2022 | -- | -- | 0.0516 | 138 | 12.2 | 6.5 | 2.83 | 15.20 | 2.37 | 76 | 0.79 | 79.30 | 19.85 | 17.45 | 2.16 | 0.86 | 58 | 6.07 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-055 | 4.57 | 5.64 | 1.07 | 7/14/2022 | -- | -- | 0.0444 | 128 | 8.4 | 3.8 | 1.77 | 12.00 | 1.60 | 75 | 0.50 | 69.70 | 17.80 | 14.30 | 1.66 | 0.55 | 39 | 3.48 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-055 | -- | -- | -- | 7/14/2022 | Standard | -- | 2.0220 | 6320 | 69.5 | 16.7 | 122.00 | 252.00 | 9.24 | 5170 | 0.68 | 3730.00 | >1000 | 546.00 | 20.00 | 1.55 | 185 | 6.90 | 6400 | 69 | 15 | 111 | 231 | 8 | 4960 | 1 | 3710 | 1050 | 512 | 19 | 1 | 176 | 7 |
| 22-DDT-056 | 1.22 | 3.05 | 1.83 | 7/14/2022 | -- | -- | 0.0556 | 175 | 7.9 | 2.7 | 1.35 | 13.35 | 1.22 | 102 | 0.27 | 92.90 | 25.40 | 18.25 | 1.61 | 0.36 | 29 | 2.07 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-056 | 3.05 | 3.96 | 0.91 | 7/14/2022 | -- | -- | 0.0442 | 91 | 9.1 | 4.3 | 1.91 | 13.30 | 1.65 | 83 | 0.43 | 83.20 | 21.00 | 16.50 | 1.80 | 0.57 | 44 | 3.38 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |

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SLV0163 – Technical Report Summary Shiloh Project, Georgia 120 November 2025

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| | |
|:---|:---|
| **Technical Report Summary** | ![img77526612_64.jpg](img77526612_64.jpg) |

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|  |  |  |  |  |  |  | **Method** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** |
|  |  |  |  |  |  |  | **Analyte** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** |
|  |  |  |  |  |  |  | **Units** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** |
|  |  |  |  |  |  |  | **Detection <br>Limit** | **0.1** | **0.05** | **0.03** | **0.02** | **0.05** | **0.01** | **0.1** | **0.01** | **0.1** | **0.02** | **0.03** | **0.01** | **0.01** | **0.1** | **0.03** | **3** | **0.3** | **0.2** | **0.2** | **0.3** | **0.05** | **3** | **0.05** | **0.5** | **0.2** | **0.2** | **0.05** | **0.05** | **3** | **0.2** |
|  |  |  |  |  |  |  | **Upper <br>Limit** | **10000** | **1000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **10000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **50000** | **5000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** | **50000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** |
| **Hole ID** | **From <br>(m)** | **To <br>(m)** | **Interval <br>(m)** | **Drill Date** | **Sample <br>Type** | **Sample Details** | **TREO <br>(%)** | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-056 | 3.96 | 4.57 | 0.61 | 7/14/2022 | -- | -- | 0.0823 | 168 | 17.2 | 8.0 | 2.85 | 25.30 | 3.10 | 153 | 0.82 | 155.00 | 38.40 | 31.00 | 3.16 | 1.06 | 85 | 6.57 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-056 | 4.57 | 6.4 | 1.83 | 7/14/2022 | -- | -- | 0.0824 | 202 | 18.4 | 9.0 | 2.42 | 26.10 | 3.28 | 141 | 0.89 | 125.00 | 33.00 | 27.50 | 3.58 | 1.18 | 97 | 7.53 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-057 | 0 | 1.52 | 1.52 | 7/14/2022 | -- | -- | 0.0280 | 94 | 5.8 | 3.4 | 0.67 | 5.22 | 1.24 | 41 | 0.29 | 31.30 | 8.83 | 6.20 | 0.88 | 0.38 | 35 | 2.33 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-057 | 1.52 | 3.05 | 1.52 | 7/14/2022 | -- | -- | 0.0369 | 124 | 5.5 | 2.5 | 1.02 | 7.76 | 0.96 | 61 | 0.21 | 55.00 | 14.60 | 10.85 | 1.06 | 0.34 | 27 | 1.97 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-057 | 3.05 | 4.57 | 1.52 | 7/14/2022 | -- | -- | 0.0998 | 236 | 13.4 | 5.1 | 3.21 | 25.50 | 2.14 | 203 | 0.54 | 208.00 | 52.80 | 38.40 | 2.93 | 0.65 | 54 | 4.49 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-057 | 3.05 | 4.57 | 1.52 | 7/14/2022 | -- | -- | 0.0927 | 213 | 13.2 | 5.2 | 2.97 | 25.10 | 2.08 | 191 | 0.50 | 192.00 | 50.50 | 36.20 | 2.90 | 0.63 | 50 | 4.12 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-057 | 4.57 | 6.1 | 1.52 | 7/14/2022 | -- | -- | 0.0838 | 208 | 15.6 | 6.4 | 2.60 | 25.10 | 2.65 | 158 | 0.59 | 149.50 | 38.40 | 30.40 | 3.14 | 0.89 | 66 | 5.18 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-057 | 6.1 | 7.62 | 1.52 | 7/14/2022 | -- | -- | 0.0676 | 199 | 11.7 | 4.9 | 1.92 | 17.75 | 2.00 | 121 | 0.58 | 103.50 | 27.70 | 22.20 | 2.35 | 0.64 | 55 | 3.71 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-058 | 0 | 1.52 | 1.52 | 7/15/2022 | -- | -- | 0.0629 | 224 | 8.6 | 3.5 | 0.98 | 13.10 | 1.54 | 105 | 0.28 | 90.10 | 24.60 | 16.55 | 1.74 | 0.46 | 41 | 2.90 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-058 | 1.52 | 3.05 | 1.52 | 7/15/2022 | -- | -- | 0.0518 | 174 | 7.6 | 2.8 | 0.91 | 11.40 | 1.18 | 93 | 0.25 | 77.40 | 21.70 | 14.65 | 1.52 | 0.36 | 32 | 2.22 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-058 | 3.05 | 4.57 | 1.52 | 7/15/2022 | -- | -- | 0.0720 | 190 | 8.9 | 3.4 | 1.67 | 16.20 | 1.50 | 139 | 0.31 | 146.50 | 38.30 | 25.80 | 1.93 | 0.45 | 38 | 2.34 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-058 | 4.57 | 6.1 | 1.52 | 7/15/2022 | -- | -- | 0.0827 | 189 | 12.3 | 5.1 | 2.72 | 21.20 | 2.03 | 168 | 0.59 | 169.00 | 42.50 | 32.90 | 2.54 | 0.70 | 52 | 4.11 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-058 | 6.1 | 7.92 | 1.83 | 7/15/2022 | -- | -- | 0.0949 | 309 | 13.6 | 4.6 | 1.81 | 25.00 | 2.11 | 162 | 0.39 | 155.00 | 41.00 | 30.80 | 3.09 | 0.57 | 56 | 3.40 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-059 | 0 | 1.52 | 1.52 | 7/15/2022 | -- | -- | 0.0457 | 164 | 6.1 | 2.3 | 0.76 | 9.52 | 1.02 | 79 | 0.25 | 64.10 | 18.20 | 12.25 | 1.20 | 0.32 | 29 | 1.74 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-059 | 1.52 | 3.05 | 1.52 | 7/15/2022 | -- | -- | 0.0665 | 233 | 8.8 | 3.3 | 1.09 | 15.25 | 1.32 | 113 | 0.32 | 98.80 | 27.00 | 19.95 | 2.02 | 0.41 | 39 | 2.32 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-059 | 3.05 | 4.57 | 1.52 | 7/15/2022 | -- | -- | 0.0802 | 242 | 11.2 | 4.9 | 1.64 | 18.10 | 1.90 | 146 | 0.41 | 135.00 | 36.60 | 25.90 | 2.30 | 0.58 | 52 | 3.41 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-059 | 4.57 | 5.64 | 1.07 | 7/15/2022 | -- | -- | 0.0896 | 250 | 9.6 | 4.0 | 2.47 | 17.50 | 1.44 | 169 | 0.35 | 186.50 | 48.40 | 31.70 | 2.13 | 0.44 | 38 | 2.75 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-059 | -- | -- | -- | 7/15/2022 | Blank | -- | 0.0041 | 11 | 0.8 | 0.4 | 0.25 | 1.16 | 0.16 | 7 | 0.03 | 6.70 | 1.54 | 1.38 | 0.14 | 0.04 | 4 | 0.25 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-060 | 0 | 1.52 | 1.52 | 7/15/2022 | -- | -- | 0.0607 | 218 | 8.1 | 3.5 | 1.17 | 12.35 | 1.41 | 95 | 0.44 | 90.60 | 24.10 | 17.40 | 1.69 | 0.51 | 39 | 3.19 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-060 | 1.52 | 3.05 | 1.52 | 7/15/2022 | -- | -- | 0.0617 | 238 | 6.9 | 2.5 | 1.10 | 11.50 | 1.07 | 98 | 0.24 | 91.90 | 24.50 | 17.20 | 1.52 | 0.29 | 29 | 1.65 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-060 | 3.05 | 4.57 | 1.52 | 7/15/2022 | -- | -- | 0.0498 | 143 | 7.7 | 3.5 | 1.82 | 11.80 | 1.22 | 87 | 0.39 | 87.30 | 23.40 | 17.00 | 1.56 | 0.45 | 35 | 2.92 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-060 | 4.57 | 5.64 | 1.07 | 7/15/2022 | -- | -- | 0.0433 | 60 | 12.1 | 5.6 | 2.49 | 16.05 | 2.20 | 75 | 0.62 | 82.20 | 20.80 | 19.70 | 2.30 | 0.72 | 62 | 4.58 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-060 | 5.64 | 6.86 | 1.22 | 7/15/2022 | -- | -- | 0.0524 | 93 | 18.6 | 9.9 | 4.33 | 19.40 | 3.56 | 65 | 1.18 | 78.00 | 18.50 | 19.10 | 3.04 | 1.28 | 99 | 7.98 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-061 | 0 | 1.52 | 1.52 | 7/15/2022 | -- | -- | 0.0211 | 64 | 5.5 | 3.2 | 0.67 | 4.58 | 1.08 | 26 | 0.47 | 27.10 | 7.02 | 5.87 | 0.79 | 0.48 | 28 | 3.23 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-061 | 1.52 | 2.59 | 1.07 | 7/15/2022 | -- | -- | 0.0162 | 56 | 4.4 | 3.2 | 0.73 | 3.45 | 0.91 | 14 | 0.50 | 17.20 | 4.23 | 4.43 | 0.61 | 0.47 | 24 | 3.38 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-061 | 1.52 | 2.59 | 1.07 | 7/15/2022 | Duplicate | -- | 0.0173 | 67 | 4.0 | 2.7 | 0.74 | 3.54 | 0.76 | 16 | 0.45 | 19.70 | 4.77 | 5.07 | 0.61 | 0.39 | 19 | 2.77 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-062 | 0 | 1.52 | 1.52 | 7/15/2022 | -- | -- | 0.0152 | 48 | 3.7 | 2.4 | 0.64 | 3.51 | 0.77 | 18 | 0.44 | 19.80 | 5.09 | 4.65 | 0.57 | 0.37 | 18 | 2.53 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-062 | 1.52 | 2.74 | 1.22 | 7/15/2022 | -- | -- | 0.0510 | 114 | 14.9 | 7.7 | 3.78 | 18.30 | 2.72 | 59 | 1.07 | 84.40 | 19.00 | 22.80 | 2.65 | 1.12 | 72 | 7.63 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-063 | 0 | 0.91 | 0.91 | 7/17/2022 | -- | -- | 0.0450 | 143 | 9.1 | 5.6 | 0.85 | 9.43 | 1.74 | 64 | 0.66 | 60.60 | 16.25 | 12.65 | 1.52 | 0.78 | 50 | 4.64 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-063 | 1.52 | 2.13 | 0.61 | 7/17/2022 | -- | -- | 0.0385 | 132 | 6.1 | 2.9 | 0.63 | 7.88 | 1.02 | 58 | 0.33 | 59.60 | 15.60 | 11.15 | 1.10 | 0.37 | 29 | 2.15 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-063 | 2.13 | 3.35 | 1.22 | 7/17/2022 | -- | -- | 0.0579 | 174 | 11.8 | 6.5 | 2.01 | 13.30 | 2.19 | 76 | 0.86 | 86.20 | 21.30 | 17.80 | 1.92 | 0.93 | 70 | 5.84 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-064 | 0 | 1.07 | 1.07 | 7/17/2022 | -- | -- | 0.0498 | 172 | 8.3 | 4.4 | 1.26 | 9.97 | 1.59 | 71 | 0.46 | 71.20 | 18.60 | 14.70 | 1.50 | 0.64 | 44 | 3.64 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-064 | 1.52 | 2.59 | 1.07 | 7/17/2022 | -- | -- | 0.0590 | 154 | 14.1 | 10.1 | 1.60 | 14.05 | 3.07 | 83 | 1.55 | 81.70 | 20.90 | 17.40 | 2.22 | 1.59 | 83 | 11.30 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |

---

SLV0163 – Technical Report Summary Shiloh Project, Georgia 121 November 2025

------

---

| | |
|:---|:---|
| **Technical Report Summary** | ![img77526612_64.jpg](img77526612_64.jpg) |

---

---

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  |  | **Method** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** |
|  |  |  |  |  |  |  | **Analyte** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** |
|  |  |  |  |  |  |  | **Units** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** |
|  |  |  |  |  |  |  | **Detection <br>Limit** | **0.1** | **0.05** | **0.03** | **0.02** | **0.05** | **0.01** | **0.1** | **0.01** | **0.1** | **0.02** | **0.03** | **0.01** | **0.01** | **0.1** | **0.03** | **3** | **0.3** | **0.2** | **0.2** | **0.3** | **0.05** | **3** | **0.05** | **0.5** | **0.2** | **0.2** | **0.05** | **0.05** | **3** | **0.2** |
|  |  |  |  |  |  |  | **Upper <br>Limit** | **10000** | **1000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **10000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **50000** | **5000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** | **50000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** |
| **Hole ID** | **From <br>(m)** | **To <br>(m)** | **Interval <br>(m)** | **Drill Date** | **Sample <br>Type** | **Sample Details** | **TREO <br>(%)** | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-064 | 3.05 | 3.96 | 0.91 | 7/17/2022 | -- | -- | 0.0233 | 76 | 4.0 | 2.4 | 0.85 | 4.57 | 0.81 | 37 | 0.34 | 29.70 | 8.55 | 6.06 | 0.71 | 0.38 | 23 | 2.60 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-065 | 0 | 1.22 | 1.22 | 7/17/2022 | -- | -- | 0.0429 | 159 | 6.3 | 2.8 | 0.96 | 8.58 | 1.05 | 65 | 0.40 | 58.90 | 16.30 | 12.65 | 1.21 | 0.37 | 29 | 2.68 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-065 | 1.52 | 2.74 | 1.22 | 7/17/2022 | -- | -- | 0.0654 | 149 | 16.5 | 10.3 | 3.13 | 18.50 | 3.41 | 100 | 1.58 | 97.50 | 25.40 | 22.30 | 2.85 | 1.59 | 90 | 10.45 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-065 | 3.05 | 4.57 | 1.52 | 7/17/2022 | -- | -- | 0.0322 | 79 | 9.2 | 4.6 | 1.61 | 9.43 | 1.54 | 48 | 0.65 | 41.00 | 11.30 | 10.05 | 1.52 | 0.67 | 48 | 4.32 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-065 | 4.88 | 6.71 | 1.83 | 7/17/2022 | -- | -- | 0.0288 | 74 | 8.5 | 6.3 | 0.89 | 5.76 | 1.87 | 35 | 0.87 | 30.80 | 8.19 | 6.56 | 1.17 | 1.01 | 55 | 6.48 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-065 | -- | -- | -- | 7/17/2022 | Standard | -- | 0.5371 | 1900 | 20.3 | 6.1 | 22.60 | 50.20 | 2.87 | 1315 | 0.51 | 843.00 | 240.00 | 113.50 | 5.11 | 0.73 | 62 | 3.90 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-066 | 0 | 1.52 | 1.52 | 7/17/2022 | -- | -- | 0.0380 | 139 | 7.6 | 4.3 | 0.65 | 7.20 | 1.39 | 49 | 0.56 | 43.80 | 11.90 | 8.50 | 1.18 | 0.66 | 42 | 4.25 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-066 | 1.83 | 3.05 | 1.22 | 7/17/2022 | -- | -- | 0.0360 | 142 | 5.9 | 3.1 | 0.81 | 6.45 | 0.99 | 50 | 0.35 | 44.20 | 12.05 | 8.69 | 1.05 | 0.43 | 27 | 2.93 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-066 | 3.35 | 4.57 | 1.22 | 7/17/2022 | -- | -- | 0.0285 | 82 | 5.2 | 2.9 | 1.09 | 6.46 | 0.95 | 48 | 0.38 | 44.00 | 11.70 | 8.83 | 1.01 | 0.40 | 26 | 2.71 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-066 | 4.57 | 5.33 | 0.76 | 7/17/2022 | -- | -- | 0.0874 | 200 | 24.4 | 17.2 | 2.30 | 22.20 | 5.19 | 116 | 2.39 | 116.50 | 30.90 | 27.10 | 3.67 | 2.69 | 149 | 17.50 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-067 | 0 | 1.52 | 1.52 | 7/19/2022 | -- | -- | 0.0183 | 60 | 3.6 | 1.3 | 0.86 | 4.81 | 0.57 | 28 | 0.15 | 27.40 | 7.33 | 5.89 | 0.65 | 0.19 | 13 | 1.24 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-067 | 1.52 | 3.05 | 1.52 | 7/19/2022 | -- | -- | 0.0584 | 205 | 8.4 | 3.8 | 1.08 | 11.80 | 1.50 | 88 | 0.38 | 88.80 | 23.70 | 18.05 | 1.68 | 0.50 | 40 | 3.10 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-067 | 1.52 | 3.05 | 1.52 | 7/19/2022 | Duplicate | -- | 0.0745 | 270 | 9.5 | 3.8 | 1.27 | 13.70 | 1.51 | 118 | 0.38 | 117.00 | 31.20 | 21.80 | 1.86 | 0.55 | 41 | 3.22 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-067 | 3.05 | 4.57 | 1.52 | 7/19/2022 | -- | -- | 0.0509 | 169 | 8.8 | 4.6 | 1.13 | 10.45 | 1.57 | 79 | 0.49 | 74.60 | 19.30 | 14.50 | 1.58 | 0.59 | 43 | 3.55 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-067 | 4.57 | 6.1 | 1.52 | 7/19/2022 | -- | -- | 0.0583 | 184 | 11.9 | 6.5 | 1.31 | 13.80 | 2.23 | 82 | 0.77 | 82.60 | 21.30 | 17.50 | 2.05 | 0.87 | 61 | 5.53 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-067 | 6.1 | 7.62 | 1.52 | 7/19/2022 | -- | -- | 0.0529 | 166 | 10.7 | 5.7 | 1.35 | 13.20 | 1.92 | 75 | 0.75 | 73.90 | 19.65 | 16.60 | 2.01 | 0.75 | 56 | 5.02 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-067 | 7.62 | 9.14 | 1.52 | 7/19/2022 | -- | -- | 0.0366 | 119 | 6.3 | 3.1 | 1.01 | 8.11 | 1.12 | 56 | 0.37 | 52.90 | 14.05 | 11.10 | 1.24 | 0.45 | 33 | 2.77 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-067 | 9.14 | 10.67 | 1.52 | 7/19/2022 | -- | -- | 0.0371 | 129 | 5.6 | 2.9 | 0.80 | 6.90 | 1.06 | 57 | 0.40 | 52.40 | 14.30 | 10.05 | 1.00 | 0.40 | 31 | 2.47 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-067 | 10.67 | 11.58 | 0.91 | 7/19/2022 | -- | -- | 0.0323 | 107 | 5.5 | 2.5 | 0.69 | 7.30 | 0.85 | 53 | 0.29 | 47.70 | 12.30 | 8.96 | 0.98 | 0.32 | 26 | 2.12 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-068 | 0 | 1.52 | 1.52 | 7/19/2022 | -- | -- | 0.0473 | 157 | 9.3 | 4.6 | 0.83 | 10.35 | 1.67 | 72 | 0.51 | 64.20 | 17.00 | 11.55 | 1.57 | 0.62 | 46 | 4.13 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-068 | 1.52 | 3.05 | 1.52 | 7/19/2022 | -- | -- | 0.0825 | 306 | 10.9 | 4.5 | 1.14 | 16.60 | 1.71 | 134 | 0.50 | 122.00 | 31.80 | 20.90 | 2.12 | 0.62 | 46 | 3.70 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-068 | 3.05 | 4.57 | 1.52 | 7/19/2022 | -- | -- | 0.1004 | 352 | 14.0 | 4.5 | 1.04 | 24.10 | 1.94 | 165 | 0.46 | 160.00 | 41.50 | 30.70 | 2.96 | 0.53 | 53 | 3.44 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-068 | 4.57 | 5.33 | 0.76 | 7/19/2022 | -- | -- | 0.0310 | 96 | 5.0 | 2.3 | 0.91 | 7.23 | 0.88 | 54 | 0.25 | 50.10 | 13.10 | 8.98 | 0.94 | 0.36 | 21 | 2.07 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-068 | -- | -- | -- | 7/19/2022 | Standard | -- | 2.1077 | 6780 | 77.6 | 17.8 | 125.00 | 263.00 | 9.39 | 5250 | 0.83 | 3990.00 | >1000 | 519.00 | 21.40 | 1.59 | 185 | 7.68 | 6640 | 68 | 15 | 110 | 223 | 9 | 5100 | 1 | 3990 | 1090 | 549 | 19 | 1 | 182 | 6 |
| 22-DDT-038 | 6.1 | 7.01 | 0.91 | 6/9/2022 | -- | -- | 0.0434 | 99 | 13.8 | 7.1 | 4.03 | 15.15 | 2.54 | 45 | 0.94 | 65.70 | 14.55 | 15.75 | 2.37 | 1.05 | 73 | 6.49 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-038 | -- | -- | -- | 6/9/2022 | Blank | -- | 0.0038 | 9 | 0.9 | 0.5 | 0.27 | 1.25 | 0.19 | 5 | 0.05 | 5.90 | 1.47 | 1.43 | 0.17 | 0.04 | 5 | 0.40 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-039 | 0 | 1.52 | 1.52 | 6/9/2022 | -- | -- | 0.0348 | 120 | 6.5 | 3.3 | 1.48 | 7.64 | 1.16 | 45 | 0.44 | 51.60 | 12.95 | 10.10 | 1.21 | 0.46 | 30 | 3.27 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-039 | 1.52 | 3.05 | 1.52 | 6/9/2022 | -- | -- | 0.0268 | 106 | 5.4 | 3.2 | 1.71 | 6.23 | 1.00 | 24 | 0.45 | 37.20 | 8.51 | 7.95 | 0.95 | 0.46 | 22 | 3.26 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-039 | 3.05 | 4.57 | 1.52 | 6/9/2022 | -- | -- | 0.0410 | 133 | 10.3 | 5.9 | 3.66 | 12.10 | 1.84 | 39 | 0.80 | 62.70 | 13.70 | 13.80 | 1.81 | 0.78 | 44 | 5.55 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-039 | 4.57 | 6.1 | 1.52 | 6/9/2022 | -- | -- | 0.0356 | 79 | 11.4 | 5.9 | 3.79 | 13.10 | 2.00 | 38 | 0.83 | 56.50 | 12.85 | 13.55 | 1.92 | 0.84 | 55 | 5.88 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-039 | 6.1 | 7.62 | 1.52 | 6/9/2022 | -- | -- | 0.0220 | 48 | 7.9 | 4.6 | 2.65 | 7.97 | 1.47 | 21 | 0.57 | 32.10 | 7.33 | 8.19 | 1.27 | 0.58 | 38 | 3.98 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-039 | 7.62 | 8.63 | 1.01 | 6/9/2022 | -- | -- | 0.0345 | 72 | 10.9 | 6.0 | 3.32 | 11.70 | 2.07 | 38 | 0.80 | 52.10 | 11.90 | 11.50 | 1.86 | 0.85 | 62 | 5.03 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-040 | 0 | 1.52 | 1.52 | 6/9/2022 | -- | -- | 0.0555 | 195 | 8.2 | 3.2 | 1.29 | 11.70 | 1.20 | 86 | 0.35 | 84.80 | 23.30 | 16.75 | 1.69 | 0.41 | 35 | 2.69 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |

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SLV0163 – Technical Report Summary Shiloh Project, Georgia 122 November 2025

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| **Technical Report Summary** | ![img77526612_64.jpg](img77526612_64.jpg) |

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|  |  |  |  |  |  |  | **Method** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** |
|  |  |  |  |  |  |  | **Analyte** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** |
|  |  |  |  |  |  |  | **Units** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** |
|  |  |  |  |  |  |  | **Detection <br>Limit** | **0.1** | **0.05** | **0.03** | **0.02** | **0.05** | **0.01** | **0.1** | **0.01** | **0.1** | **0.02** | **0.03** | **0.01** | **0.01** | **0.1** | **0.03** | **3** | **0.3** | **0.2** | **0.2** | **0.3** | **0.05** | **3** | **0.05** | **0.5** | **0.2** | **0.2** | **0.05** | **0.05** | **3** | **0.2** |
|  |  |  |  |  |  |  | **Upper <br>Limit** | **10000** | **1000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **10000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **50000** | **5000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** | **50000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** |
| **Hole ID** | **From <br>(m)** | **To <br>(m)** | **Interval <br>(m)** | **Drill Date** | **Sample <br>Type** | **Sample Details** | **TREO <br>(%)** | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-040 | 0 | 1.52 | 1.52 | 6/9/2022 | Duplicate | -- | 0.0610 | 215 | 8.5 | 3.2 | 1.36 | 12.95 | 1.25 | 97 | 0.36 | 93.60 | 25.70 | 18.30 | 1.83 | 0.46 | 37 | 2.68 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-040 | 1.52 | 3.05 | 1.52 | 6/9/2022 | -- | -- | 0.0949 | 317 | 11.8 | 4.6 | 2.10 | 20.10 | 1.75 | 159 | 0.48 | 159.00 | 43.70 | 30.50 | 2.57 | 0.58 | 51 | 3.91 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-040 | 3.05 | 4.57 | 1.52 | 6/9/2022 | -- | -- | 0.0646 | 207 | 9.7 | 4.2 | 1.81 | 14.40 | 1.50 | 110 | 0.44 | 102.00 | 28.60 | 20.20 | 1.89 | 0.49 | 44 | 3.30 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-040 | 4.57 | 5.18 | 0.61 | 6/9/2022 | -- | -- | 0.0568 | 190 | 8.1 | 3.5 | 0.99 | 11.85 | 1.32 | 94 | 0.34 | 86.70 | 24.40 | 16.65 | 1.70 | 0.44 | 40 | 2.75 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-041 | 0.3 | 1.52 | 1.22 | 6/9/2022 | -- | -- | 0.0492 | 183 | 5.1 | 2.2 | 1.07 | 9.34 | 0.81 | 80 | 0.22 | 76.10 | 20.50 | 13.75 | 1.12 | 0.27 | 24 | 1.62 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-041 | 1.52 | 3.05 | 1.52 | 6/9/2022 | -- | -- | 0.0640 | 213 | 7.4 | 2.6 | 1.44 | 13.35 | 1.12 | 114 | 0.25 | 105.50 | 29.50 | 20.70 | 1.76 | 0.31 | 32 | 1.81 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-041 | 3.05 | 3.66 | 0.61 | 6/9/2022 | -- | -- | 0.0533 | 151 | 10.5 | 4.6 | 1.98 | 13.70 | 1.72 | 87 | 0.50 | 81.90 | 22.70 | 17.45 | 2.10 | 0.60 | 53 | 3.87 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-042 | 0 | 1.52 | 1.52 | 7/10/2022 | -- | -- | 0.0458 | 164 | 9.2 | 4.3 | 0.94 | 9.71 | 1.70 | 62 | 0.48 | 56.00 | 15.00 | 11.75 | 1.59 | 0.57 | 48 | 3.44 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-042 | 1.52 | 3.05 | 1.52 | 7/10/2022 | -- | -- | 0.0341 | 100 | 9.5 | 4.7 | 1.96 | 9.57 | 1.77 | 39 | 0.67 | 47.30 | 11.50 | 9.96 | 1.46 | 0.72 | 45 | 4.37 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-042 | 3.05 | 4.57 | 1.52 | 7/10/2022 | -- | -- | 0.0454 | 138 | 9.5 | 3.9 | 1.66 | 12.40 | 1.61 | 70 | 0.44 | 64.10 | 17.55 | 13.30 | 1.83 | 0.49 | 47 | 2.91 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-042 | 4.57 | 5.49 | 0.91 | 7/10/2022 | -- | -- | 0.0425 | 119 | 11.0 | 4.6 | 1.41 | 11.55 | 1.93 | 61 | 0.36 | 52.00 | 14.45 | 11.35 | 1.94 | 0.52 | 65 | 2.78 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-043 | 0 | 1.52 | 1.52 | 7/11/2022 | -- | -- | 0.0625 | 223 | 10.7 | 3.7 | 1.05 | 13.10 | 1.53 | 94 | 0.42 | 91.80 | 23.30 | 17.80 | 1.76 | 0.46 | 45 | 3.21 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-043 | 1.52 | 2.13 | 0.61 | 7/11/2022 | -- | -- | 0.0548 | 193 | 10.6 | 5.0 | 0.72 | 10.80 | 1.73 | 73 | 0.37 | 72.40 | 19.30 | 14.40 | 1.73 | 0.61 | 57 | 3.48 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-043 | 2.13 | 3.05 | 0.91 | 7/11/2022 | -- | -- | 0.0560 | 203 | 8.5 | 3.5 | 1.35 | 11.65 | 1.39 | 86 | 0.30 | 82.40 | 21.90 | 15.10 | 1.52 | 0.34 | 38 | 1.91 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-043 | 3.05 | 4.57 | 1.52 | 7/11/2022 | -- | -- | 0.1114 | 255 | 24.1 | 11.7 | 4.15 | 31.80 | 4.09 | 182 | 1.30 | 203.00 | 49.90 | 39.20 | 4.02 | 1.58 | 123 | 9.81 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-043 | 4.57 | 6.1 | 1.52 | 7/11/2022 | -- | -- | 0.0643 | 146 | 18.0 | 9.0 | 1.99 | 19.55 | 3.05 | 96 | 0.92 | 92.00 | 23.30 | 19.60 | 3.01 | 1.15 | 103 | 6.79 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-043 | 6.1 | 7.62 | 1.52 | 7/11/2022 | -- | -- | 0.0440 | 114 | 15.2 | 7.0 | 1.05 | 12.05 | 2.50 | 54 | 0.66 | 52.30 | 13.85 | 10.70 | 2.20 | 0.88 | 79 | 5.24 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-043 | 7.62 | 8.69 | 1.07 | 7/11/2022 | -- | -- | 0.0635 | 200 | 14.3 | 5.6 | 1.11 | 16.90 | 2.10 | 92 | 0.45 | 88.00 | 23.10 | 18.50 | 2.56 | 0.67 | 69 | 3.37 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-044 | 0 | 1.52 | 1.52 | 7/11/2022 | -- | -- | 0.0298 | 115 | 6.7 | 2.9 | 0.50 | 6.03 | 1.12 | 34 | 0.25 | 32.90 | 8.35 | 6.46 | 0.98 | 0.32 | 35 | 2.08 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-044 | 1.52 | 3.05 | 1.52 | 7/11/2022 | -- | -- | 0.0502 | 192 | 6.8 | 2.9 | 0.74 | 9.40 | 1.09 | 77 | 0.24 | 70.50 | 18.65 | 13.55 | 1.36 | 0.30 | 31 | 2.11 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-044 | 1.52 | 3.05 | 1.52 | 7/11/2022 | -- | -- | 0.0519 | 200 | 7.3 | 2.5 | 0.79 | 10.35 | 1.05 | 80 | 0.23 | 72.50 | 19.30 | 13.70 | 1.24 | 0.33 | 30 | 2.27 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-044 | 3.05 | 4.57 | 1.52 | 7/11/2022 | -- | -- | 0.0603 | 193 | 7.3 | 2.8 | 1.27 | 11.90 | 0.96 | 116 | 0.27 | 102.50 | 28.30 | 17.65 | 1.38 | 0.32 | 29 | 2.00 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-044 | 4.57 | 6.1 | 1.52 | 7/11/2022 | -- | -- | 0.0677 | 126 | 18.7 | 8.5 | 3.33 | 22.70 | 3.12 | 109 | 1.00 | 120.50 | 29.60 | 25.70 | 3.05 | 1.12 | 93 | 7.50 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-044 | 6.1 | 7.62 | 1.52 | 7/11/2022 | -- | -- | 0.0603 | 151 | 18.6 | 7.5 | 1.70 | 18.85 | 2.87 | 84 | 0.68 | 80.00 | 22.20 | 19.20 | 2.99 | 0.93 | 94 | 5.40 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-044 | 7.62 | 9.14 | 1.52 | 7/11/2022 | -- | -- | 0.0476 | 128 | 13.7 | 6.5 | 1.03 | 12.45 | 2.41 | 64 | 0.61 | 58.40 | 16.10 | 14.40 | 2.36 | 0.82 | 76 | 4.78 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-044 | 9.14 | 10.06 | 0.91 | 7/11/2022 | -- | -- | 0.0457 | 112 | 14.0 | 7.3 | 2.62 | 14.25 | 2.75 | 52 | 0.84 | 61.70 | 15.60 | 15.40 | 2.29 | 1.02 | 77 | 5.89 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-045 | 0.91 | 1.52 | 0.61 | 7/11/2022 | -- | -- | 0.0349 | 127 | 6.9 | 4.0 | 0.78 | 6.47 | 1.34 | 45 | 0.32 | 40.30 | 11.65 | 8.28 | 1.06 | 0.49 | 40 | 2.71 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-045 | 1.52 | 3.05 | 1.52 | 7/11/2022 | -- | -- | 0.1012 | 145 | 20.9 | 10.2 | 4.79 | 30.60 | 3.55 | 197 | 1.14 | 222.00 | 59.30 | 47.60 | 3.92 | 1.30 | 103 | 8.67 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-045 | 3.05 | 4.57 | 1.52 | 7/11/2022 | -- | -- | 0.0839 | 205 | 18.3 | 7.3 | 2.82 | 22.10 | 2.80 | 148 | 0.85 | 139.00 | 38.10 | 30.40 | 3.16 | 0.98 | 87 | 5.92 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-045 | 4.57 | 6.1 | 1.52 | 7/11/2022 | -- | -- | 0.0599 | 167 | 10.3 | 4.4 | 1.88 | 15.40 | 1.77 | 106 | 0.46 | 98.20 | 27.10 | 20.50 | 2.03 | 0.54 | 50 | 3.43 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-045 | 6.1 | 7.62 | 1.52 | 7/11/2022 | -- | -- | 0.0392 | 93 | 11.0 | 5.4 | 2.68 | 13.25 | 2.01 | 45 | 0.62 | 62.50 | 15.15 | 15.85 | 1.91 | 0.70 | 57 | 4.97 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-045 | 7.62 | 9.14 | 1.52 | 7/11/2022 | -- | -- | 0.0355 | 87 | 10.5 | 5.7 | 3.32 | 11.60 | 2.01 | 39 | 0.78 | 50.80 | 12.30 | 12.50 | 1.76 | 0.76 | 57 | 5.08 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-045 | 9.14 | 10.67 | 1.52 | 7/11/2022 | -- | -- | 0.0313 | 72 | 10.0 | 5.6 | 2.85 | 10.10 | 1.88 | 34 | 0.69 | 43.00 | 10.60 | 10.25 | 1.64 | 0.72 | 56 | 4.82 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |

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SLV0163 – Technical Report Summary Shiloh Project, Georgia 123 November 2025

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| | |
|:---|:---|
| **Technical Report Summary** | ![img77526612_64.jpg](img77526612_64.jpg) |

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|  |  |  |  |  |  |  | **Method** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** |
|  |  |  |  |  |  |  | **Analyte** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** |
|  |  |  |  |  |  |  | **Units** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** |
|  |  |  |  |  |  |  | **Detection <br>Limit** | **0.1** | **0.05** | **0.03** | **0.02** | **0.05** | **0.01** | **0.1** | **0.01** | **0.1** | **0.02** | **0.03** | **0.01** | **0.01** | **0.1** | **0.03** | **3** | **0.3** | **0.2** | **0.2** | **0.3** | **0.05** | **3** | **0.05** | **0.5** | **0.2** | **0.2** | **0.05** | **0.05** | **3** | **0.2** |
|  |  |  |  |  |  |  | **Upper <br>Limit** | **10000** | **1000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **10000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **50000** | **5000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** | **50000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** |
| **Hole ID** | **From <br>(m)** | **To <br>(m)** | **Interval <br>(m)** | **Drill Date** | **Sample <br>Type** | **Sample Details** | **TREO <br>(%)** | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-045 | 10.67 | 11.58 | 0.91 | 7/11/2022 | -- | -- | 0.0278 | 61 | 9.5 | 5.7 | 2.38 | 9.34 | 1.84 | 31 | 0.70 | 37.30 | 8.38 | 9.22 | 1.49 | 0.68 | 51 | 4.61 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-045 | -- | -- | -- | 7/11/2022 | Standard | Oreas 460 | 0.5363 | 1825 | 20.4 | 6.3 | 22.40 | 50.20 | 2.95 | 1405 | 0.52 | 807.00 | 248.00 | 113.50 | 5.01 | 0.79 | 67 | 4.03 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-046 | 0 | 1.52 | 1.52 | 7/11/2022 | -- | -- | 0.0387 | 156 | 5.5 | 2.2 | 0.72 | 7.02 | 0.90 | 53 | 0.26 | 48.10 | 13.40 | 10.20 | 1.07 | 0.29 | 28 | 1.64 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-046 | 1.52 | 3.05 | 1.52 | 7/11/2022 | -- | -- | 0.0716 | 257 | 10.3 | 4.6 | 1.69 | 13.40 | 1.66 | 102 | 0.55 | 109.00 | 29.10 | 20.90 | 1.80 | 0.63 | 52 | 4.08 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-046 | 3.05 | 4.57 | 1.52 | 7/11/2022 | -- | -- | 0.0701 | 199 | 11.8 | 4.9 | 2.13 | 16.65 | 1.78 | 124 | 0.51 | 118.50 | 32.50 | 24.70 | 2.28 | 0.64 | 53 | 4.12 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-046 | 4.57 | 6.1 | 1.52 | 7/11/2022 | -- | -- | 0.0849 | 136 | 30.7 | 14.8 | 4.87 | 32.40 | 5.37 | 110 | 1.71 | 129.00 | 32.60 | 31.80 | 5.26 | 2.06 | 165 | 13.05 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-046 | 6.1 | 7.62 | 1.52 | 7/11/2022 | -- | -- | 0.0362 | 86 | 11.2 | 6.6 | 3.44 | 13.70 | 2.15 | 38 | 0.83 | 51.80 | 11.55 | 11.35 | 1.84 | 0.79 | 61 | 5.20 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-046 | 6.1 | 7.62 | 1.52 | 7/11/2022 | -- | -- | 0.0358 | 92 | 10.6 | 5.6 | 3.20 | 11.65 | 2.09 | 38 | 0.77 | 52.30 | 11.45 | 11.20 | 1.79 | 0.81 | 56 | 5.04 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-046 | 7.62 | 8.69 | 1.07 | 7/11/2022 | -- | -- | 0.0304 | 68 | 9.9 | 5.3 | 2.71 | 10.10 | 1.91 | 32 | 0.73 | 42.90 | 10.10 | 10.20 | 1.55 | 0.75 | 55 | 5.03 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-047 | 0 | 1.52 | 1.52 | 7/11/2022 | -- | -- | 0.0353 | 128 | 6.3 | 3.3 | 1.97 | 8.85 | 1.23 | 39 | 0.54 | 53.10 | 12.30 | 11.80 | 1.21 | 0.49 | 28 | 3.40 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-047 | 1.52 | 2.29 | 0.76 | 7/11/2022 | -- | -- | 0.0707 | 117 | 17.4 | 9.0 | 5.51 | 19.45 | 2.96 | 136 | 1.16 | 134.50 | 37.70 | 30.30 | 2.99 | 1.27 | 77 | 8.37 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-048 | 0 | 1.68 | 1.68 | 7/13/2022 | -- | -- | 0.0456 | 167 | 6.1 | 2.4 | 0.58 | 8.95 | 1.02 | 71 | 0.25 | 67.50 | 18.60 | 13.70 | 1.26 | 0.35 | 28 | 2.07 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-048 | 1.68 | 3.05 | 1.37 | 7/13/2022 | -- | -- | 0.0729 | 210 | 11.5 | 4.7 | 1.76 | 15.25 | 1.89 | 127 | 0.46 | 126.50 | 35.10 | 24.80 | 2.21 | 0.62 | 54 | 3.50 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-048 | 3.05 | 4.57 | 1.52 | 7/13/2022 | -- | -- | 0.0716 | 190 | 15.2 | 7.5 | 1.69 | 18.10 | 2.59 | 117 | 0.88 | 106.50 | 29.60 | 24.20 | 2.74 | 0.99 | 83 | 6.31 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-048 | 4.57 | 6.1 | 1.52 | 7/13/2022 | -- | -- | 0.0551 | 180 | 8.3 | 3.7 | 1.15 | 11.45 | 1.37 | 95 | 0.40 | 79.60 | 23.20 | 16.10 | 1.59 | 0.44 | 43 | 2.83 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-048 | 6.1 | 7.62 | 1.52 | 7/13/2022 | -- | -- | 0.0519 | 175 | 6.6 | 2.3 | 1.06 | 10.80 | 1.02 | 94 | 0.25 | 76.60 | 22.40 | 15.85 | 1.38 | 0.33 | 32 | 2.10 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-048 | 7.62 | 8.38 | 0.76 | 7/13/2022 | -- | -- | 0.0492 | 175 | 6.1 | 2.3 | 0.98 | 9.55 | 0.86 | 87 | 0.24 | 73.10 | 21.20 | 14.10 | 1.17 | 0.25 | 26 | 1.71 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-049 | 0 | 1.22 | 1.22 | 7/13/2022 | -- | -- | 0.0574 | 201 | 8.3 | 3.5 | 0.64 | 11.70 | 1.39 | 93 | 0.38 | 84.30 | 23.60 | 16.50 | 1.57 | 0.47 | 40 | 2.70 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-049 | 1.22 | 3.05 | 1.83 | 7/13/2022 | -- | -- | 0.0636 | 180 | 11.0 | 4.8 | 2.05 | 16.60 | 1.79 | 109 | 0.54 | 106.50 | 29.10 | 23.20 | 2.16 | 0.63 | 49 | 3.91 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-049 | 3.05 | 4.57 | 1.52 | 7/13/2022 | -- | -- | 0.0687 | 196 | 14.0 | 7.3 | 1.94 | 16.40 | 2.38 | 111 | 0.68 | 97.20 | 27.70 | 20.20 | 2.54 | 0.83 | 78 | 5.48 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-049 | 4.57 | 6.1 | 1.52 | 7/13/2022 | -- | -- | 0.0455 | 160 | 6.1 | 2.6 | 1.01 | 8.33 | 0.87 | 78 | 0.29 | 66.30 | 19.25 | 13.70 | 1.17 | 0.34 | 28 | 1.72 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-049 | 6.1 | 7.01 | 0.91 | 7/13/2022 | -- | -- | 0.0515 | 182 | 6.9 | 2.7 | 1.16 | 9.90 | 0.89 | 90 | 0.27 | 75.30 | 21.80 | 15.40 | 1.29 | 0.34 | 29 | 2.04 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-050 | 0 | 1.52 | 1.52 | 7/13/2022 | -- | -- | 0.0532 | 193 | 6.7 | 2.3 | 1.05 | 9.88 | 1.05 | 89 | 0.23 | 80.80 | 22.30 | 16.05 | 1.29 | 0.29 | 28 | 1.95 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-050 | 1.52 | 3.05 | 1.52 | 7/13/2022 | -- | -- | 0.0821 | 218 | 12.7 | 6.0 | 3.58 | 18.90 | 2.23 | 134 | 0.71 | 163.50 | 39.60 | 31.30 | 2.29 | 0.91 | 60 | 5.18 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-050 | 3.05 | 4.57 | 1.52 | 7/13/2022 | -- | -- | 0.0489 | 72 | 12.7 | 6.4 | 3.17 | 18.15 | 2.39 | 77 | 0.76 | 99.60 | 23.80 | 22.20 | 2.40 | 0.95 | 65 | 5.70 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-050 | 4.57 | 6.1 | 1.52 | 7/13/2022 | -- | -- | 0.0477 | 83 | 17.0 | 9.0 | 3.46 | 19.30 | 3.33 | 61 | 0.96 | 69.60 | 16.25 | 17.05 | 2.98 | 1.24 | 90 | 7.34 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-050 | 4.57 | 6.1 | 1.52 | 7/13/2022 | -- | -- | 0.0383 | 65 | 13.7 | 7.5 | 2.68 | 15.80 | 2.77 | 50 | 0.92 | 53.50 | 13.05 | 13.95 | 2.45 | 1.02 | 74 | 6.54 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-050 | 6.1 | 7.16 | 1.07 | 7/13/2022 | -- | -- | 0.0256 | 60 | 8.3 | 4.5 | 2.62 | 8.89 | 1.74 | 26 | 0.57 | 37.20 | 7.98 | 9.32 | 1.38 | 0.64 | 42 | 4.30 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-027 | 0 | 1.52 | 1.52 | 6/6/2022 | -- | -- | 0.0590 | 215 | 7.6 | 2.8 | 0.94 | 11.40 | 1.22 | 98 | 0.29 | 87.30 | 24.10 | 16.70 | 1.60 | 0.37 | 32 | 2.30 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-027 | 0 | 1.52 | 1.52 | 6/6/2022 | Duplicate | -- | 0.0586 | 211 | 8.1 | 3.3 | 0.90 | 11.55 | 1.25 | 96 | 0.34 | 86.20 | 23.70 | 16.45 | 1.58 | 0.38 | 35 | 2.50 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-027 | 1.52 | 3.05 | 1.52 | 6/6/2022 | -- | -- | 0.0584 | 208 | 9.6 | 3.8 | 1.01 | 12.20 | 1.48 | 90 | 0.36 | 83.80 | 22.90 | 17.10 | 1.81 | 0.47 | 41 | 2.81 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-027 | 3.05 | 4.57 | 1.52 | 6/6/2022 | -- | -- | 0.0749 | 220 | 10.9 | 3.8 | 1.83 | 16.65 | 1.68 | 139 | 0.42 | 131.50 | 35.70 | 26.70 | 2.29 | 0.46 | 43 | 3.13 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-027 | 4.57 | 6.1 | 1.52 | 6/6/2022 | -- | -- | 0.0684 | 188 | 12.5 | 5.1 | 2.10 | 17.05 | 2.02 | 125 | 0.50 | 113.50 | 31.60 | 23.90 | 2.34 | 0.64 | 53 | 3.78 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |

---

SLV0163 – Technical Report Summary Shiloh Project, Georgia 124 November 2025

------

---

| | |
|:---|:---|
| **Technical Report Summary** | ![img77526612_64.jpg](img77526612_64.jpg) |

---

---

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  |  | **Method** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** |
|  |  |  |  |  |  |  | **Analyte** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** |
|  |  |  |  |  |  |  | **Units** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** |
|  |  |  |  |  |  |  | **Detection <br>Limit** | **0.1** | **0.05** | **0.03** | **0.02** | **0.05** | **0.01** | **0.1** | **0.01** | **0.1** | **0.02** | **0.03** | **0.01** | **0.01** | **0.1** | **0.03** | **3** | **0.3** | **0.2** | **0.2** | **0.3** | **0.05** | **3** | **0.05** | **0.5** | **0.2** | **0.2** | **0.05** | **0.05** | **3** | **0.2** |
|  |  |  |  |  |  |  | **Upper <br>Limit** | **10000** | **1000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **10000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **50000** | **5000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** | **50000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** |
| **Hole ID** | **From <br>(m)** | **To <br>(m)** | **Interval <br>(m)** | **Drill Date** | **Sample <br>Type** | **Sample Details** | **TREO <br>(%)** | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-027 | 6.1 | 7.01 | 0.91 | 6/6/2022 | -- | -- | 0.0628 | 206 | 10.7 | 4.4 | 1.29 | 15.50 | 1.82 | 105 | 0.40 | 89.70 | 25.50 | 18.20 | 2.20 | 0.58 | 49 | 3.37 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-028 | 0 | 1.52 | 1.52 | 6/6/2022 | -- | -- | 0.0625 | 228 | 7.3 | 2.9 | 1.25 | 11.70 | 1.21 | 110 | 0.29 | 91.90 | 26.00 | 16.40 | 1.49 | 0.38 | 31 | 2.40 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-028 | 1.52 | 3.05 | 1.52 | 6/6/2022 | -- | -- | 0.0604 | 217 | 7.7 | 3.0 | 1.31 | 12.55 | 1.26 | 103 | 0.29 | 89.40 | 24.50 | 17.25 | 1.63 | 0.35 | 32 | 2.30 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-028 | 3.05 | 4.57 | 1.52 | 6/6/2022 | -- | -- | 0.0495 | 162 | 8.4 | 3.8 | 1.57 | 11.20 | 1.38 | 82 | 0.42 | 74.50 | 20.20 | 14.55 | 1.51 | 0.49 | 36 | 2.66 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-028 | 4.57 | 5.3 | 0.73 | 6/6/2022 | -- | -- | 0.0415 | 126 | 9.4 | 4.1 | 2.30 | 11.10 | 1.61 | 59 | 0.49 | 62.40 | 15.20 | 12.85 | 1.65 | 0.59 | 41 | 3.61 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-028 | 5.3 | 6.1 | 0.79 | 6/6/2022 | -- | -- | 0.0436 | 120 | 11.0 | 5.5 | 2.90 | 12.90 | 2.11 | 59 | 0.67 | 64.70 | 16.00 | 14.80 | 1.90 | 0.72 | 53 | 4.76 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-028 | 6.1 | 7.62 | 1.52 | 6/6/2022 | -- | -- | 0.0370 | 85 | 12.1 | 6.5 | 3.52 | 12.95 | 2.33 | 42 | 0.78 | 53.00 | 11.85 | 12.60 | 2.09 | 0.97 | 61 | 5.87 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-028 | 7.62 | 8.53 | 0.91 | 6/6/2022 | -- | -- | 0.0342 | 77 | 11.1 | 6.0 | 3.25 | 11.60 | 2.22 | 38 | 0.72 | 48.40 | 10.90 | 11.20 | 1.89 | 0.83 | 60 | 4.91 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-028 | -- | -- | -- | 6/6/2022 | Blank | -- | 0.0036 | 9 | 0.8 | 0.4 | 0.20 | 1.00 | 0.18 | 6 | 0.03 | 5.70 | 1.24 | 1.16 | 0.13 | 0.03 | 4 | 0.31 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-029 | 0 | 1.52 | 1.52 | 6/7/2022 | -- | -- | 0.0182 | 65 | 5.2 | 3.2 | 1.20 | 4.47 | 1.02 | 17 | 0.51 | 20.10 | 4.99 | 4.76 | 0.81 | 0.50 | 23 | 3.42 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-029 | 1.52 | 3.05 | 1.52 | 6/7/2022 | -- | -- | 0.0200 | 72 | 5.7 | 3.7 | 1.67 | 5.26 | 1.16 | 15 | 0.56 | 23.90 | 5.64 | 6.82 | 0.91 | 0.53 | 23 | 3.67 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-029 | 3.05 | 4.57 | 1.52 | 6/7/2022 | -- | -- | 0.0458 | 131 | 13.0 | 7.8 | 4.11 | 14.30 | 2.55 | 50 | 0.97 | 66.60 | 15.35 | 14.35 | 2.16 | 0.92 | 58 | 6.80 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-029 | 4.57 | 6.1 | 1.52 | 6/7/2022 | -- | -- | 0.0621 | 147 | 19.1 | 10.4 | 5.39 | 20.30 | 3.88 | 78 | 1.19 | 93.50 | 22.00 | 20.20 | 3.28 | 1.27 | 91 | 8.92 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-029 | 6.1 | 7.62 | 1.52 | 6/7/2022 | -- | -- | 0.0547 | 133 | 17.0 | 9.4 | 4.81 | 18.05 | 3.41 | 64 | 1.13 | 80.10 | 18.50 | 18.25 | 2.81 | 1.28 | 82 | 8.12 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-029 | 7.62 | 9.14 | 1.52 | 6/7/2022 | -- | -- | 0.0560 | 142 | 16.5 | 8.3 | 4.84 | 17.70 | 3.17 | 69 | 1.05 | 83.70 | 19.80 | 18.40 | 2.71 | 1.16 | 77 | 7.89 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-029 | 9.14 | 10.67 | 1.52 | 6/7/2022 | -- | -- | 0.0667 | 133 | 24.5 | 12.8 | 6.35 | 26.10 | 4.64 | 67 | 1.48 | 92.40 | 20.20 | 23.20 | 4.02 | 1.62 | 133 | 10.60 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-029 | 9.14 | 10.67 | 1.52 | 6/7/2022 | Duplicate | -- | 0.0721 | 144 | 24.4 | 13.4 | 6.40 | 26.40 | 4.69 | 81 | 1.47 | 102.50 | 22.50 | 25.40 | 4.14 | 1.64 | 139 | 10.00 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-029 | 10.67 | 12.19 | 1.52 | 6/7/2022 | -- | -- | 0.0471 | 118 | 15.8 | 8.6 | 4.20 | 15.95 | 3.10 | 47 | 1.07 | 64.50 | 14.35 | 15.60 | 2.52 | 1.09 | 79 | 7.18 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-030 | 0 | 1.52 | 1.52 | 6/7/2022 | -- | -- | 0.0356 | 129 | 5.3 | 2.6 | 1.35 | 7.71 | 0.95 | 53 | 0.32 | 53.90 | 14.00 | 10.00 | 1.09 | 0.33 | 22 | 2.23 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-030 | 1.52 | 3.05 | 1.52 | 6/7/2022 | -- | -- | 0.0178 | 50 | 4.8 | 3.1 | 0.82 | 3.99 | 1.02 | 25 | 0.37 | 21.10 | 5.76 | 4.56 | 0.71 | 0.43 | 26 | 3.06 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-030 | 3.05 | 4.57 | 1.52 | 6/7/2022 | -- | -- | 0.0225 | 69 | 5.0 | 2.2 | 0.76 | 5.36 | 0.89 | 37 | 0.28 | 30.20 | 8.20 | 6.27 | 0.83 | 0.31 | 23 | 1.80 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-030 | 4.57 | 6.1 | 1.52 | 6/7/2022 | -- | -- | 0.0409 | 107 | 12.0 | 6.1 | 1.45 | 11.10 | 2.25 | 57 | 0.71 | 49.40 | 13.70 | 11.40 | 1.88 | 0.82 | 66 | 4.94 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-030 | 6.1 | 7.62 | 1.52 | 6/7/2022 | -- | -- | 0.0386 | 124 | 8.0 | 4.0 | 1.11 | 8.79 | 1.48 | 60 | 0.50 | 49.60 | 13.65 | 11.45 | 1.30 | 0.55 | 40 | 3.42 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-030 | 7.62 | 9.14 | 1.52 | 6/7/2022 | -- | -- | 0.0242 | 67 | 7.4 | 4.3 | 2.50 | 7.52 | 1.50 | 23 | 0.60 | 32.40 | 7.20 | 7.98 | 1.23 | 0.62 | 38 | 3.64 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-030 | 9.14 | 10.67 | 1.52 | 6/7/2022 | -- | -- | 0.0317 | 75 | 10.9 | 6.0 | 3.24 | 10.95 | 2.16 | 33 | 0.72 | 45.20 | 9.91 | 10.80 | 1.73 | 0.80 | 52 | 4.92 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-030 | 10.67 | 11.28 | 0.61 | 6/7/2022 | -- | -- | 0.0269 | 65 | 8.8 | 4.9 | 2.71 | 8.97 | 1.66 | 28 | 0.56 | 38.10 | 8.29 | 9.65 | 1.48 | 0.60 | 44 | 4.11 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-031 | 0 | 1.52 | 1.52 | 6/7/2022 | -- | -- | 0.0314 | 88 | 8.9 | 5.0 | 1.13 | 7.02 | 1.82 | 38 | 0.59 | 37.40 | 9.46 | 7.87 | 1.22 | 0.65 | 53 | 4.35 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-031 | 1.52 | 3.05 | 1.52 | 6/7/2022 | -- | -- | 0.0759 | 261 | 12.1 | 6.3 | 1.07 | 14.75 | 2.34 | 113 | 0.73 | 111.00 | 28.60 | 21.60 | 2.12 | 0.91 | 63 | 5.55 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-031 | 3.05 | 4.57 | 1.52 | 6/7/2022 | -- | -- | 0.0217 | 70 | 4.3 | 2.1 | 0.82 | 4.28 | 0.77 | 35 | 0.25 | 28.00 | 7.57 | 5.58 | 0.72 | 0.28 | 23 | 1.67 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-031 | 4.57 | 6.1 | 1.52 | 6/7/2022 | -- | -- | 0.0334 | 110 | 5.6 | 2.4 | 1.04 | 6.38 | 0.98 | 58 | 0.30 | 47.00 | 12.65 | 9.05 | 0.94 | 0.36 | 27 | 2.19 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-031 | 6.1 | 7.32 | 1.22 | 6/7/2022 | -- | -- | 0.0799 | 279 | 13.0 | 6.0 | 1.20 | 16.30 | 2.33 | 123 | 0.69 | 113.00 | 30.60 | 21.80 | 2.37 | 0.79 | 64 | 4.67 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-032 | 0 | 1.52 | 1.52 | 6/7/2022 | -- | -- | 0.0319 | 119 | 4.4 | 1.7 | 0.78 | 5.41 | 0.72 | 54 | 0.21 | 43.10 | 11.80 | 8.06 | 0.78 | 0.25 | 19 | 1.63 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-032 | 1.52 | 3.05 | 1.52 | 6/7/2022 | -- | -- | 0.0267 | 90 | 4.7 | 2.0 | 0.88 | 4.97 | 0.77 | 47 | 0.24 | 35.20 | 9.87 | 6.74 | 0.79 | 0.28 | 22 | 1.86 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |

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SLV0163 – Technical Report Summary Shiloh Project, Georgia 125 November 2025

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| **Technical Report Summary** | ![img77526612_64.jpg](img77526612_64.jpg) |

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|  |  |  |  |  |  |  | **Method** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** |
|  |  |  |  |  |  |  | **Analyte** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** |
|  |  |  |  |  |  |  | **Units** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** |
|  |  |  |  |  |  |  | **Detection <br>Limit** | **0.1** | **0.05** | **0.03** | **0.02** | **0.05** | **0.01** | **0.1** | **0.01** | **0.1** | **0.02** | **0.03** | **0.01** | **0.01** | **0.1** | **0.03** | **3** | **0.3** | **0.2** | **0.2** | **0.3** | **0.05** | **3** | **0.05** | **0.5** | **0.2** | **0.2** | **0.05** | **0.05** | **3** | **0.2** |
|  |  |  |  |  |  |  | **Upper <br>Limit** | **10000** | **1000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **10000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **50000** | **5000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** | **50000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** |
| **Hole ID** | **From <br>(m)** | **To <br>(m)** | **Interval <br>(m)** | **Drill Date** | **Sample <br>Type** | **Sample Details** | **TREO <br>(%)** | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-032 | 3.05 | 4.57 | 1.52 | 6/7/2022 | -- | -- | 0.0329 | 115 | 4.4 | 2.1 | 0.78 | 5.36 | 0.85 | 59 | 0.27 | 42.50 | 12.10 | 8.37 | 0.83 | 0.31 | 25 | 1.76 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-032 | 4.57 | 5.18 | 0.61 | 6/7/2022 | -- | -- | 0.0235 | 86 | 2.7 | 1.0 | 0.63 | 4.19 | 0.45 | 44 | 0.12 | 31.80 | 8.85 | 6.19 | 0.54 | 0.16 | 13 | 0.91 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-032 | 4.57 | 5.18 | 0.61 | 6/7/2022 | Duplicate | -- | 0.0194 | 70 | 2.7 | 1.0 | 0.57 | 3.40 | 0.40 | 35 | 0.14 | 25.50 | 7.29 | 5.25 | 0.51 | 0.14 | 13 | 0.84 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-033 | 0 | 1.52 | 1.52 | 6/7/2022 | -- | -- | 0.0332 | 111 | 5.8 | 3.3 | 0.81 | 6.39 | 1.20 | 52 | 0.49 | 42.10 | 11.30 | 8.33 | 0.96 | 0.51 | 34 | 2.92 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-033 | 1.52 | 2.87 | 1.34 | 6/7/2022 | -- | -- | 0.0497 | 177 | 7.0 | 3.7 | 0.69 | 8.58 | 1.34 | 80 | 0.46 | 66.80 | 17.80 | 11.95 | 1.25 | 0.52 | 41 | 3.16 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-033 | 2.87 | 4.27 | 1.4 | 6/7/2022 | -- | -- | 0.0275 | 92 | 4.6 | 2.3 | 0.82 | 5.47 | 0.81 | 46 | 0.28 | 35.70 | 9.84 | 7.05 | 0.83 | 0.32 | 25 | 1.80 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-034 | 0 | 1.07 | 1.07 | 6/8/2022 | -- | -- | 0.0433 | 154 | 6.6 | 3.6 | 1.36 | 8.50 | 1.32 | 67 | 0.46 | 58.30 | 15.40 | 11.60 | 1.21 | 0.47 | 36 | 3.00 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-034 | 1.52 | 3.05 | 1.52 | 6/8/2022 | -- | -- | 0.0546 | 189 | 8.7 | 5.1 | 1.44 | 10.55 | 1.83 | 79 | 0.78 | 76.90 | 19.20 | 14.40 | 1.47 | 0.84 | 49 | 5.04 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-034 | 3.05 | 4.57 | 1.52 | 6/8/2022 | -- | -- | 0.0288 | 65 | 7.4 | 3.8 | 1.64 | 7.54 | 1.48 | 49 | 0.54 | 41.40 | 11.10 | 8.77 | 1.18 | 0.60 | 41 | 3.60 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-034 | 4.57 | 6.1 | 1.52 | 6/8/2022 | -- | -- | 0.0337 | 95 | 8.4 | 4.8 | 1.28 | 6.87 | 1.67 | 52 | 0.57 | 38.00 | 10.15 | 7.44 | 1.25 | 0.72 | 52 | 4.27 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-034 | 6.1 | 7.62 | 1.52 | 6/8/2022 | -- | -- | 0.0331 | 101 | 7.8 | 3.6 | 1.02 | 6.92 | 1.48 | 52 | 0.40 | 37.40 | 10.40 | 7.80 | 1.27 | 0.51 | 45 | 2.97 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-034 | 7.62 | 8.23 | 0.61 | 6/8/2022 | -- | -- | 0.0212 | 72 | 3.6 | 1.5 | 0.87 | 4.17 | 0.62 | 38 | 0.15 | 26.50 | 7.43 | 4.92 | 0.66 | 0.23 | 18 | 1.00 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-035 | 0 | 1.52 | 1.52 | 6/8/2022 | -- | -- | 0.0317 | 111 | 5.3 | 3.3 | 0.99 | 6.07 | 1.14 | 47 | 0.36 | 40.20 | 10.75 | 8.35 | 0.87 | 0.47 | 30 | 2.84 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-035 | 1.52 | 3.05 | 1.52 | 6/8/2022 | -- | -- | 0.0444 | 172 | 5.6 | 2.5 | 0.93 | 7.82 | 0.97 | 67 | 0.40 | 60.20 | 15.95 | 11.50 | 1.01 | 0.41 | 29 | 2.65 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-035 | 3.05 | 4.57 | 1.52 | 6/8/2022 | -- | -- | 0.0334 | 114 | 4.6 | 2.5 | 1.07 | 5.92 | 0.89 | 56 | 0.37 | 47.70 | 12.55 | 8.75 | 0.88 | 0.41 | 25 | 2.55 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-035 | 4.57 | 6.1 | 1.52 | 6/8/2022 | -- | -- | 0.0450 | 155 | 6.6 | 3.3 | 1.21 | 8.67 | 1.16 | 71 | 0.39 | 65.80 | 17.60 | 13.65 | 1.20 | 0.49 | 34 | 2.91 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-035 | 6.1 | 6.58 | 0.49 | 6/8/2022 | -- | -- | 0.0168 | 56 | 2.6 | 1.5 | 0.86 | 3.11 | 0.51 | 30 | 0.24 | 21.20 | 6.08 | 4.15 | 0.42 | 0.24 | 15 | 1.60 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-036 | 0 | 1.52 | 1.52 | 6/8/2022 | -- | -- | 0.0320 | 120 | 6.6 | 3.6 | 1.75 | 7.24 | 1.29 | 37 | 0.54 | 40.10 | 9.67 | 9.72 | 1.10 | 0.52 | 30 | 3.77 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-036 | 1.52 | 2.44 | 0.91 | 6/8/2022 | -- | -- | 0.0207 | 72 | 4.0 | 2.7 | 1.55 | 4.78 | 0.87 | 23 | 0.37 | 27.80 | 6.34 | 6.74 | 0.69 | 0.43 | 22 | 2.50 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-036 | 2.44 | 3.05 | 0.61 | 6/8/2022 | -- | -- | 0.0183 | 54 | 3.3 | 2.3 | 1.08 | 3.60 | 0.76 | 29 | 0.29 | 24.70 | 6.57 | 5.32 | 0.54 | 0.38 | 21 | 2.16 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-036 | 3.05 | 4.27 | 1.22 | 6/8/2022 | -- | -- | 0.0125 | 35 | 2.5 | 1.6 | 0.87 | 2.78 | 0.53 | 21 | 0.24 | 16.30 | 4.60 | 3.59 | 0.43 | 0.25 | 15 | 1.52 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-036 | 3.05 | 4.27 | 1.22 | 6/8/2022 | Duplicate | -- | 0.0119 | 33 | 2.2 | 1.3 | 0.90 | 2.53 | 0.42 | 21 | 0.17 | 16.20 | 4.35 | 3.75 | 0.39 | 0.19 | 13 | 1.24 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-037 | 0 | 1.52 | 1.52 | 6/9/2022 |  |  | 0.0246 | 103 | 5.1 | 3.1 | 1.42 | 5.05 | 1.03 | 23 | 0.49 | 27.20 | 6.43 | 6.78 | 0.82 | 0.48 | 21 | 3.26 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-037 | 1.52 | 3.05 | 1.52 | 6/9/2022 | -- | -- | 0.0459 | 168 | 10.1 | 5.8 | 3.75 | 11.85 | 2.13 | 46 | 0.92 | 62.30 | 14.30 | 14.85 | 1.73 | 0.91 | 41 | 6.01 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-037 | 3.05 | 4.57 | 1.52 | 6/9/2022 | -- | -- | 0.0710 | 158 | 19.6 | 10.3 | 6.40 | 22.70 | 3.89 | 98 | 1.49 | 115.00 | 26.30 | 26.30 | 3.32 | 1.52 | 98 | 9.37 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-037 | 4.57 | 6.1 | 1.52 | 6/9/2022 | -- | -- | 0.0301 | 84 | 9.0 | 4.9 | 2.56 | 9.67 | 1.89 | 28 | 0.66 | 36.70 | 8.14 | 9.44 | 1.53 | 0.76 | 52 | 4.72 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-037 | 6.1 | 8.23 | 2.13 | 6/9/2022 | -- | -- | 0.0484 | 85 | 15.0 | 8.7 | 4.70 | 17.20 | 3.18 | 57 | 1.04 | 70.30 | 15.30 | 16.30 | 2.54 | 1.26 | 102 | 6.92 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-037 | 8.23 | 9.75 | 1.52 | 6/9/2022 | -- | -- | 0.0267 | 79 | 5.2 | 2.8 | 1.47 | 6.12 | 0.99 | 43 | 0.33 | 36.70 | 9.57 | 7.50 | 0.88 | 0.40 | 30 | 2.18 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-038 | 0 | 1.52 | 1.52 | 6/9/2022 | -- | -- | 0.0246 | 99 | 5.2 | 3.0 | 1.68 | 5.12 | 1.03 | 25 | 0.56 | 30.50 | 7.55 | 7.22 | 0.90 | 0.46 | 18 | 3.79 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-038 | 1.52 | 3.05 | 1.52 | 6/9/2022 | -- | -- | 0.0380 | 119 | 10.2 | 5.6 | 3.51 | 11.30 | 1.84 | 37 | 0.80 | 57.80 | 13.10 | 13.80 | 1.76 | 0.80 | 41 | 5.65 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-038 | 3.05 | 4.57 | 1.52 | 6/9/2022 | -- | -- | 0.0574 | 114 | 18.8 | 10.6 | 5.55 | 20.70 | 3.64 | 64 | 1.24 | 88.00 | 20.90 | 20.90 | 3.20 | 1.40 | 102 | 9.33 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-038 | 4.57 | 6.1 | 1.52 | 6/9/2022 | -- | -- | 0.0536 | 112 | 17.2 | 9.8 | 5.44 | 19.30 | 3.25 | 54 | 1.23 | 79.50 | 17.45 | 19.00 | 2.95 | 1.18 | 101 | 8.09 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-038 | 6.1 | 7.01 | 0.91 | 6/9/2022 | -- | -- | 0.0434 | 99 | 13.8 | 7.1 | 4.03 | 15.15 | 2.54 | 45 | 0.94 | 65.70 | 14.55 | 15.75 | 2.37 | 1.05 | 73 | 6.49 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |

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SLV0163 – Technical Report Summary Shiloh Project, Georgia 126 November 2025

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| | |
|:---|:---|
| **Technical Report Summary** | ![img77526612_64.jpg](img77526612_64.jpg) |

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|  |  |  |  |  |  |  | **Method** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** |
|  |  |  |  |  |  |  | **Analyte** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** |
|  |  |  |  |  |  |  | **Units** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** |
|  |  |  |  |  |  |  | **Detection <br>Limit** | **0.1** | **0.05** | **0.03** | **0.02** | **0.05** | **0.01** | **0.1** | **0.01** | **0.1** | **0.02** | **0.03** | **0.01** | **0.01** | **0.1** | **0.03** | **3** | **0.3** | **0.2** | **0.2** | **0.3** | **0.05** | **3** | **0.05** | **0.5** | **0.2** | **0.2** | **0.05** | **0.05** | **3** | **0.2** |
|  |  |  |  |  |  |  | **Upper <br>Limit** | **10000** | **1000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **10000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **50000** | **5000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** | **50000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** |
| **Hole ID** | **From <br>(m)** | **To <br>(m)** | **Interval <br>(m)** | **Drill Date** | **Sample <br>Type** | **Sample Details** | **TREO <br>(%)** | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-038 | -- | -- | -- | 6/9/2022 | Blank | -- | 0.0038 | 9 | 0.9 | 0.5 | 0.27 | 1.25 | 0.19 | 5 | 0.05 | 5.90 | 1.47 | 1.43 | 0.17 | 0.04 | 5 | 0.40 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-039 | 0 | 1.52 | 1.52 | 6/9/2022 | -- | -- | 0.0348 | 120 | 6.5 | 3.3 | 1.48 | 7.64 | 1.16 | 45 | 0.44 | 51.60 | 12.95 | 10.10 | 1.21 | 0.46 | 30 | 3.27 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-039 | 1.52 | 3.05 | 1.52 | 6/9/2022 | -- | -- | 0.0268 | 106 | 5.4 | 3.2 | 1.71 | 6.23 | 1.00 | 24 | 0.45 | 37.20 | 8.51 | 7.95 | 0.95 | 0.46 | 22 | 3.26 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-039 | 3.05 | 4.57 | 1.52 | 6/9/2022 | -- | -- | 0.0410 | 133 | 10.3 | 5.9 | 3.66 | 12.10 | 1.84 | 39 | 0.80 | 62.70 | 13.70 | 13.80 | 1.81 | 0.78 | 44 | 5.55 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-039 | 4.57 | 6.1 | 1.52 | 6/9/2022 | -- | -- | 0.0356 | 79 | 11.4 | 5.9 | 3.79 | 13.10 | 2.00 | 38 | 0.83 | 56.50 | 12.85 | 13.55 | 1.92 | 0.84 | 55 | 5.88 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-039 | 6.1 | 7.62 | 1.52 | 6/9/2022 | -- | -- | 0.0220 | 48 | 7.9 | 4.6 | 2.65 | 7.97 | 1.47 | 21 | 0.57 | 32.10 | 7.33 | 8.19 | 1.27 | 0.58 | 38 | 3.98 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-039 | 7.62 | 8.63 | 1.01 | 6/9/2022 | -- | -- | 0.0345 | 72 | 10.9 | 6.0 | 3.32 | 11.70 | 2.07 | 38 | 0.80 | 52.10 | 11.90 | 11.50 | 1.86 | 0.85 | 62 | 5.03 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-040 | 0 | 1.52 | 1.52 | 6/9/2022 | -- | -- | 0.0555 | 195 | 8.2 | 3.2 | 1.29 | 11.70 | 1.20 | 86 | 0.35 | 84.80 | 23.30 | 16.75 | 1.69 | 0.41 | 35 | 2.69 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-040 | 0 | 1.52 | 1.52 | 6/9/2022 | Duplicate | -- | 0.0610 | 215 | 8.5 | 3.2 | 1.36 | 12.95 | 1.25 | 97 | 0.36 | 93.60 | 25.70 | 18.30 | 1.83 | 0.46 | 37 | 2.68 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-040 | 1.52 | 3.05 | 1.52 | 6/9/2022 | -- | -- | 0.0949 | 317 | 11.8 | 4.6 | 2.10 | 20.10 | 1.75 | 159 | 0.48 | 159.00 | 43.70 | 30.50 | 2.57 | 0.58 | 51 | 3.91 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-040 | 3.05 | 4.57 | 1.52 | 6/9/2022 | -- | -- | 0.0646 | 207 | 9.7 | 4.2 | 1.81 | 14.40 | 1.50 | 110 | 0.44 | 102.00 | 28.60 | 20.20 | 1.89 | 0.49 | 44 | 3.30 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-040 | 4.57 | 5.18 | 0.61 | 6/9/2022 | -- | -- | 0.0568 | 190 | 8.1 | 3.5 | 0.99 | 11.85 | 1.32 | 94 | 0.34 | 86.70 | 24.40 | 16.65 | 1.70 | 0.44 | 40 | 2.75 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-041 | 0.3 | 1.52 | 1.22 | 6/9/2022 | -- | -- | 0.0492 | 183 | 5.1 | 2.2 | 1.07 | 9.34 | 0.81 | 80 | 0.22 | 76.10 | 20.50 | 13.75 | 1.12 | 0.27 | 24 | 1.62 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-041 | 1.52 | 3.05 | 1.52 | 6/9/2022 | -- | -- | 0.0640 | 213 | 7.4 | 2.6 | 1.44 | 13.35 | 1.12 | 114 | 0.25 | 105.50 | 29.50 | 20.70 | 1.76 | 0.31 | 32 | 1.81 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-041 | 3.05 | 3.66 | 0.61 | 6/9/2022 | -- | -- | 0.0533 | 151 | 10.5 | 4.6 | 1.98 | 13.70 | 1.72 | 87 | 0.50 | 81.90 | 22.70 | 17.45 | 2.10 | 0.60 | 53 | 3.87 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-042 | 0 | 1.52 | 1.52 | 7/10/2022 | -- | -- | 0.0458 | 164 | 9.2 | 4.3 | 0.94 | 9.71 | 1.70 | 62 | 0.48 | 56.00 | 15.00 | 11.75 | 1.59 | 0.57 | 48 | 3.44 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-042 | 1.52 | 3.05 | 1.52 | 7/10/2022 | -- | -- | 0.0341 | 100 | 9.5 | 4.7 | 1.96 | 9.57 | 1.77 | 39 | 0.67 | 47.30 | 11.50 | 9.96 | 1.46 | 0.72 | 45 | 4.37 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-042 | 3.05 | 4.57 | 1.52 | 7/10/2022 | -- | -- | 0.0454 | 138 | 9.5 | 3.9 | 1.66 | 12.40 | 1.61 | 70 | 0.44 | 64.10 | 17.55 | 13.30 | 1.83 | 0.49 | 47 | 2.91 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-042 | 4.57 | 5.49 | 0.91 | 7/10/2022 | -- | -- | 0.0425 | 119 | 11.0 | 4.6 | 1.41 | 11.55 | 1.93 | 61 | 0.36 | 52.00 | 14.45 | 11.35 | 1.94 | 0.52 | 65 | 2.78 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-043 | 0 | 1.52 | 1.52 | 7/11/2022 | -- | -- | 0.0625 | 223 | 10.7 | 3.7 | 1.05 | 13.10 | 1.53 | 94 | 0.42 | 91.80 | 23.30 | 17.80 | 1.76 | 0.46 | 45 | 3.21 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-043 | 1.52 | 2.13 | 0.61 | 7/11/2022 | -- | -- | 0.0548 | 193 | 10.6 | 5.0 | 0.72 | 10.80 | 1.73 | 73 | 0.37 | 72.40 | 19.30 | 14.40 | 1.73 | 0.61 | 57 | 3.48 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-043 | 2.13 | 3.05 | 0.91 | 7/11/2022 | -- | -- | 0.0560 | 203 | 8.5 | 3.5 | 1.35 | 11.65 | 1.39 | 86 | 0.30 | 82.40 | 21.90 | 15.10 | 1.52 | 0.34 | 38 | 1.91 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-043 | 3.05 | 4.57 | 1.52 | 7/11/2022 | -- | -- | 0.1114 | 255 | 24.1 | 11.7 | 4.15 | 31.80 | 4.09 | 182 | 1.30 | 203.00 | 49.90 | 39.20 | 4.02 | 1.58 | 123 | 9.81 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-043 | 4.57 | 6.1 | 1.52 | 7/11/2022 | -- | -- | 0.0643 | 146 | 18.0 | 9.0 | 1.99 | 19.55 | 3.05 | 96 | 0.92 | 92.00 | 23.30 | 19.60 | 3.01 | 1.15 | 103 | 6.79 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-043 | 6.1 | 7.62 | 1.52 | 7/11/2022 | -- | -- | 0.0440 | 114 | 15.2 | 7.0 | 1.05 | 12.05 | 2.50 | 54 | 0.66 | 52.30 | 13.85 | 10.70 | 2.20 | 0.88 | 79 | 5.24 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-043 | 7.62 | 8.69 | 1.07 | 7/11/2022 | -- | -- | 0.0635 | 200 | 14.3 | 5.6 | 1.11 | 16.90 | 2.10 | 92 | 0.45 | 88.00 | 23.10 | 18.50 | 2.56 | 0.67 | 69 | 3.37 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-044 | 0 | 1.52 | 1.52 | 7/11/2022 | -- | -- | 0.0298 | 115 | 6.7 | 2.9 | 0.50 | 6.03 | 1.12 | 34 | 0.25 | 32.90 | 8.35 | 6.46 | 0.98 | 0.32 | 35 | 2.08 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-044 | 1.52 | 3.05 | 1.52 | 7/11/2022 | -- | -- | 0.0502 | 192 | 6.8 | 2.9 | 0.74 | 9.40 | 1.09 | 77 | 0.24 | 70.50 | 18.65 | 13.55 | 1.36 | 0.30 | 31 | 2.11 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-044 | 1.52 | 3.05 | 1.52 | 7/11/2022 | -- | -- | 0.0519 | 200 | 7.3 | 2.5 | 0.79 | 10.35 | 1.05 | 80 | 0.23 | 72.50 | 19.30 | 13.70 | 1.24 | 0.33 | 30 | 2.27 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-044 | 3.05 | 4.57 | 1.52 | 7/11/2022 | -- | -- | 0.0603 | 193 | 7.3 | 2.8 | 1.27 | 11.90 | 0.96 | 116 | 0.27 | 102.50 | 28.30 | 17.65 | 1.38 | 0.32 | 29 | 2.00 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-044 | 4.57 | 6.1 | 1.52 | 7/11/2022 | -- | -- | 0.0677 | 126 | 18.7 | 8.5 | 3.33 | 22.70 | 3.12 | 109 | 1.00 | 120.50 | 29.60 | 25.70 | 3.05 | 1.12 | 93 | 7.50 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-044 | 6.1 | 7.62 | 1.52 | 7/11/2022 | -- | -- | 0.0603 | 151 | 18.6 | 7.5 | 1.70 | 18.85 | 2.87 | 84 | 0.68 | 80.00 | 22.20 | 19.20 | 2.99 | 0.93 | 94 | 5.40 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-044 | 7.62 | 9.14 | 1.52 | 7/11/2022 | -- | -- | 0.0476 | 128 | 13.7 | 6.5 | 1.03 | 12.45 | 2.41 | 64 | 0.61 | 58.40 | 16.10 | 14.40 | 2.36 | 0.82 | 76 | 4.78 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |

---

SLV0163 – Technical Report Summary Shiloh Project, Georgia 127 November 2025

------

---

| | |
|:---|:---|
| **Technical Report Summary** | ![img77526612_64.jpg](img77526612_64.jpg) |

---

---

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  |  | **Method** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** |
|  |  |  |  |  |  |  | **Analyte** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** |
|  |  |  |  |  |  |  | **Units** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** |
|  |  |  |  |  |  |  | **Detection <br>Limit** | **0.1** | **0.05** | **0.03** | **0.02** | **0.05** | **0.01** | **0.1** | **0.01** | **0.1** | **0.02** | **0.03** | **0.01** | **0.01** | **0.1** | **0.03** | **3** | **0.3** | **0.2** | **0.2** | **0.3** | **0.05** | **3** | **0.05** | **0.5** | **0.2** | **0.2** | **0.05** | **0.05** | **3** | **0.2** |
|  |  |  |  |  |  |  | **Upper <br>Limit** | **10000** | **1000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **10000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **50000** | **5000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** | **50000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** |
| **Hole ID** | **From <br>(m)** | **To <br>(m)** | **Interval <br>(m)** | **Drill Date** | **Sample <br>Type** | **Sample Details** | **TREO <br>(%)** | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-044 | 9.14 | 10.06 | 0.91 | 7/11/2022 | -- | -- | 0.0457 | 112 | 14.0 | 7.3 | 2.62 | 14.25 | 2.75 | 52 | 0.84 | 61.70 | 15.60 | 15.40 | 2.29 | 1.02 | 77 | 5.89 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-045 | 0.91 | 1.52 | 0.61 | 7/11/2022 | -- | -- | 0.0349 | 127 | 6.9 | 4.0 | 0.78 | 6.47 | 1.34 | 45 | 0.32 | 40.30 | 11.65 | 8.28 | 1.06 | 0.49 | 40 | 2.71 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-045 | 1.52 | 3.05 | 1.52 | 7/11/2022 | -- | -- | 0.1012 | 145 | 20.9 | 10.2 | 4.79 | 30.60 | 3.55 | 197 | 1.14 | 222.00 | 59.30 | 47.60 | 3.92 | 1.30 | 103 | 8.67 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-045 | 3.05 | 4.57 | 1.52 | 7/11/2022 | -- | -- | 0.0839 | 205 | 18.3 | 7.3 | 2.82 | 22.10 | 2.80 | 148 | 0.85 | 139.00 | 38.10 | 30.40 | 3.16 | 0.98 | 87 | 5.92 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-045 | 4.57 | 6.1 | 1.52 | 7/11/2022 | -- | -- | 0.0599 | 167 | 10.3 | 4.4 | 1.88 | 15.40 | 1.77 | 106 | 0.46 | 98.20 | 27.10 | 20.50 | 2.03 | 0.54 | 50 | 3.43 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-045 | 6.1 | 7.62 | 1.52 | 7/11/2022 | -- | -- | 0.0392 | 93 | 11.0 | 5.4 | 2.68 | 13.25 | 2.01 | 45 | 0.62 | 62.50 | 15.15 | 15.85 | 1.91 | 0.70 | 57 | 4.97 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-045 | 7.62 | 9.14 | 1.52 | 7/11/2022 | -- | -- | 0.0355 | 87 | 10.5 | 5.7 | 3.32 | 11.60 | 2.01 | 39 | 0.78 | 50.80 | 12.30 | 12.50 | 1.76 | 0.76 | 57 | 5.08 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-045 | 9.14 | 10.67 | 1.52 | 7/11/2022 | -- | -- | 0.0313 | 72 | 10.0 | 5.6 | 2.85 | 10.10 | 1.88 | 34 | 0.69 | 43.00 | 10.60 | 10.25 | 1.64 | 0.72 | 56 | 4.82 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-045 | 10.67 | 11.58 | 0.91 | 7/11/2022 | -- | -- | 0.0278 | 61 | 9.5 | 5.7 | 2.38 | 9.34 | 1.84 | 31 | 0.70 | 37.30 | 8.38 | 9.22 | 1.49 | 0.68 | 51 | 4.61 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-045 | -- | -- | -- | 7/11/2022 | Standard | Oreas 460 | 0.5363 | 1825 | 20.4 | 6.3 | 22.40 | 50.20 | 2.95 | 1405 | 0.52 | 807.00 | 248.00 | 113.50 | 5.01 | 0.79 | 67 | 4.03 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-046 | 0 | 1.52 | 1.52 | 7/11/2022 | -- | -- | 0.0387 | 156 | 5.5 | 2.2 | 0.72 | 7.02 | 0.90 | 53 | 0.26 | 48.10 | 13.40 | 10.20 | 1.07 | 0.29 | 28 | 1.64 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-046 | 1.52 | 3.05 | 1.52 | 7/11/2022 | -- | -- | 0.0716 | 257 | 10.3 | 4.6 | 1.69 | 13.40 | 1.66 | 102 | 0.55 | 109.00 | 29.10 | 20.90 | 1.80 | 0.63 | 52 | 4.08 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-046 | 3.05 | 4.57 | 1.52 | 7/11/2022 | -- | -- | 0.0701 | 199 | 11.8 | 4.9 | 2.13 | 16.65 | 1.78 | 124 | 0.51 | 118.50 | 32.50 | 24.70 | 2.28 | 0.64 | 53 | 4.12 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-046 | 4.57 | 6.1 | 1.52 | 7/11/2022 | -- | -- | 0.0849 | 136 | 30.7 | 14.8 | 4.87 | 32.40 | 5.37 | 110 | 1.71 | 129.00 | 32.60 | 31.80 | 5.26 | 2.06 | 165 | 13.05 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-046 | 6.1 | 7.62 | 1.52 | 7/11/2022 | -- | -- | 0.0362 | 86 | 11.2 | 6.6 | 3.44 | 13.70 | 2.15 | 38 | 0.83 | 51.80 | 11.55 | 11.35 | 1.84 | 0.79 | 61 | 5.20 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-046 | 6.1 | 7.62 | 1.52 | 7/11/2022 | -- | -- | 0.0358 | 92 | 10.6 | 5.6 | 3.20 | 11.65 | 2.09 | 38 | 0.77 | 52.30 | 11.45 | 11.20 | 1.79 | 0.81 | 56 | 5.04 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-046 | 7.62 | 8.69 | 1.07 | 7/11/2022 | -- | -- | 0.0304 | 68 | 9.9 | 5.3 | 2.71 | 10.10 | 1.91 | 32 | 0.73 | 42.90 | 10.10 | 10.20 | 1.55 | 0.75 | 55 | 5.03 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-047 | 0 | 1.52 | 1.52 | 7/11/2022 | -- | -- | 0.0353 | 128 | 6.3 | 3.3 | 1.97 | 8.85 | 1.23 | 39 | 0.54 | 53.10 | 12.30 | 11.80 | 1.21 | 0.49 | 28 | 3.40 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-047 | 1.52 | 2.29 | 0.76 | 7/11/2022 | -- | -- | 0.0707 | 117 | 17.4 | 9.0 | 5.51 | 19.45 | 2.96 | 136 | 1.16 | 134.50 | 37.70 | 30.30 | 2.99 | 1.27 | 77 | 8.37 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-048 | 0 | 1.68 | 1.68 | 7/13/2022 | -- | -- | 0.0456 | 167 | 6.1 | 2.4 | 0.58 | 8.95 | 1.02 | 71 | 0.25 | 67.50 | 18.60 | 13.70 | 1.26 | 0.35 | 28 | 2.07 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-048 | 1.68 | 3.05 | 1.37 | 7/13/2022 | -- | -- | 0.0729 | 210 | 11.5 | 4.7 | 1.76 | 15.25 | 1.89 | 127 | 0.46 | 126.50 | 35.10 | 24.80 | 2.21 | 0.62 | 54 | 3.50 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-048 | 3.05 | 4.57 | 1.52 | 7/13/2022 | -- | -- | 0.0716 | 190 | 15.2 | 7.5 | 1.69 | 18.10 | 2.59 | 117 | 0.88 | 106.50 | 29.60 | 24.20 | 2.74 | 0.99 | 83 | 6.31 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-048 | 4.57 | 6.1 | 1.52 | 7/13/2022 | -- | -- | 0.0551 | 180 | 8.3 | 3.7 | 1.15 | 11.45 | 1.37 | 95 | 0.40 | 79.60 | 23.20 | 16.10 | 1.59 | 0.44 | 43 | 2.83 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-048 | 6.1 | 7.62 | 1.52 | 7/13/2022 | -- | -- | 0.0519 | 175 | 6.6 | 2.3 | 1.06 | 10.80 | 1.02 | 94 | 0.25 | 76.60 | 22.40 | 15.85 | 1.38 | 0.33 | 32 | 2.10 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-048 | 7.62 | 8.38 | 0.76 | 7/13/2022 | -- | -- | 0.0492 | 175 | 6.1 | 2.3 | 0.98 | 9.55 | 0.86 | 87 | 0.24 | 73.10 | 21.20 | 14.10 | 1.17 | 0.25 | 26 | 1.71 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-049 | 0 | 1.22 | 1.22 | 7/13/2022 | -- | -- | 0.0574 | 201 | 8.3 | 3.5 | 0.64 | 11.70 | 1.39 | 93 | 0.38 | 84.30 | 23.60 | 16.50 | 1.57 | 0.47 | 40 | 2.70 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-049 | 1.22 | 3.05 | 1.83 | 7/13/2022 | -- | -- | 0.0636 | 180 | 11.0 | 4.8 | 2.05 | 16.60 | 1.79 | 109 | 0.54 | 106.50 | 29.10 | 23.20 | 2.16 | 0.63 | 49 | 3.91 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-049 | 3.05 | 4.57 | 1.52 | 7/13/2022 | -- | -- | 0.0687 | 196 | 14.0 | 7.3 | 1.94 | 16.40 | 2.38 | 111 | 0.68 | 97.20 | 27.70 | 20.20 | 2.54 | 0.83 | 78 | 5.48 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-049 | 4.57 | 6.1 | 1.52 | 7/13/2022 | -- | -- | 0.0455 | 160 | 6.1 | 2.6 | 1.01 | 8.33 | 0.87 | 78 | 0.29 | 66.30 | 19.25 | 13.70 | 1.17 | 0.34 | 28 | 1.72 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-049 | 6.1 | 7.01 | 0.91 | 7/13/2022 | -- | -- | 0.0515 | 182 | 6.9 | 2.7 | 1.16 | 9.90 | 0.89 | 90 | 0.27 | 75.30 | 21.80 | 15.40 | 1.29 | 0.34 | 29 | 2.04 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-050 | 0 | 1.52 | 1.52 | 7/13/2022 | -- | -- | 0.0532 | 193 | 6.7 | 2.3 | 1.05 | 9.88 | 1.05 | 89 | 0.23 | 80.80 | 22.30 | 16.05 | 1.29 | 0.29 | 28 | 1.95 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-050 | 1.52 | 3.05 | 1.52 | 7/13/2022 | -- | -- | 0.0821 | 218 | 12.7 | 6.0 | 3.58 | 18.90 | 2.23 | 134 | 0.71 | 163.50 | 39.60 | 31.30 | 2.29 | 0.91 | 60 | 5.18 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-050 | 3.05 | 4.57 | 1.52 | 7/13/2022 | -- | -- | 0.0489 | 72 | 12.7 | 6.4 | 3.17 | 18.15 | 2.39 | 77 | 0.76 | 99.60 | 23.80 | 22.20 | 2.40 | 0.95 | 65 | 5.70 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |

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SLV0163 – Technical Report Summary Shiloh Project, Georgia 128 November 2025

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| **Technical Report Summary** | ![img77526612_64.jpg](img77526612_64.jpg) |

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|  |  |  |  |  |  |  | **Method** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** |
|  |  |  |  |  |  |  | **Analyte** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** |
|  |  |  |  |  |  |  | **Units** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** |
|  |  |  |  |  |  |  | **Detection <br>Limit** | **0.1** | **0.05** | **0.03** | **0.02** | **0.05** | **0.01** | **0.1** | **0.01** | **0.1** | **0.02** | **0.03** | **0.01** | **0.01** | **0.1** | **0.03** | **3** | **0.3** | **0.2** | **0.2** | **0.3** | **0.05** | **3** | **0.05** | **0.5** | **0.2** | **0.2** | **0.05** | **0.05** | **3** | **0.2** |
|  |  |  |  |  |  |  | **Upper <br>Limit** | **10000** | **1000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **10000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **50000** | **5000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** | **50000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** |
| **Hole ID** | **From <br>(m)** | **To <br>(m)** | **Interval <br>(m)** | **Drill Date** | **Sample <br>Type** | **Sample Details** | **TREO <br>(%)** | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-050 | 4.57 | 6.1 | 1.52 | 7/13/2022 | -- | -- | 0.0477 | 83 | 17.0 | 9.0 | 3.46 | 19.30 | 3.33 | 61 | 0.96 | 69.60 | 16.25 | 17.05 | 2.98 | 1.24 | 90 | 7.34 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-050 | 4.57 | 6.1 | 1.52 | 7/13/2022 | -- | -- | 0.0383 | 65 | 13.7 | 7.5 | 2.68 | 15.80 | 2.77 | 50 | 0.92 | 53.50 | 13.05 | 13.95 | 2.45 | 1.02 | 74 | 6.54 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-050 | 6.1 | 7.16 | 1.07 | 7/13/2022 | -- | -- | 0.0256 | 60 | 8.3 | 4.5 | 2.62 | 8.89 | 1.74 | 26 | 0.57 | 37.20 | 7.98 | 9.32 | 1.38 | 0.64 | 42 | 4.30 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-051 | 0 | 0.91 | 0.91 | 7/13/2022 | -- | -- | 0.0348 | 103 | 7.6 | 4.2 | 1.32 | 9.01 | 1.50 | 53 | 0.49 | 48.20 | 12.65 | 9.71 | 1.30 | 0.54 | 39 | 3.79 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-052 | 0 | 0.91 | 0.91 | 7/13/2022 | -- | -- | 0.0361 | 117 | 6.7 | 3.3 | 1.21 | 8.55 | 1.16 | 59 | 0.33 | 51.10 | 13.15 | 9.96 | 1.18 | 0.43 | 31 | 2.60 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-053 | 0 | 0.76 | 0.76 | 7/13/2022 | -- | -- | 0.0258 | 86 | 3.6 | 1.8 | 0.72 | 6.14 | 0.63 | 44 | 0.17 | 38.30 | 10.35 | 7.75 | 0.76 | 0.19 | 18 | 1.24 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-054 | 0 | 1.52 | 1.52 | 7/14/2022 | -- | -- | 0.0505 | 178 | 7.1 | 3.7 | 1.16 | 10.25 | 1.36 | 83 | 0.43 | 71.60 | 19.50 | 13.35 | 1.48 | 0.51 | 35 | 3.05 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-054 | 1.52 | 2.74 | 1.22 | 7/14/2022 | -- | -- | 0.0505 | 119 | 9.8 | 5.6 | 3.22 | 15.20 | 1.94 | 73 | 0.68 | 99.00 | 23.40 | 21.30 | 1.90 | 0.84 | 49 | 5.18 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-054 | 2.74 | 3.35 | 0.61 | 7/14/2022 | -- | -- | 0.0488 | 151 | 8.1 | 3.5 | 1.65 | 12.00 | 1.36 | 84 | 0.37 | 76.10 | 20.10 | 15.50 | 1.56 | 0.49 | 36 | 2.91 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-055 | 0 | 1.52 | 1.52 | 7/14/2022 | -- | -- | 0.0458 | 157 | 7.5 | 3.5 | 1.24 | 10.50 | 1.33 | 72 | 0.42 | 65.90 | 17.50 | 13.95 | 1.48 | 0.47 | 34 | 3.17 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-055 | 1.52 | 3.05 | 1.52 | 7/14/2022 | -- | -- | 0.0539 | 179 | 8.8 | 3.5 | 1.83 | 13.80 | 1.41 | 86 | 0.37 | 83.70 | 21.90 | 17.40 | 1.74 | 0.42 | 36 | 2.74 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-055 | 3.05 | 4.57 | 1.52 | 7/14/2022 | -- | -- | 0.0516 | 138 | 12.2 | 6.5 | 2.83 | 15.20 | 2.37 | 76 | 0.79 | 79.30 | 19.85 | 17.45 | 2.16 | 0.86 | 58 | 6.07 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-055 | 4.57 | 5.64 | 1.07 | 7/14/2022 | -- | -- | 0.0444 | 128 | 8.4 | 3.8 | 1.77 | 12.00 | 1.60 | 75 | 0.50 | 69.70 | 17.80 | 14.30 | 1.66 | 0.55 | 39 | 3.48 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-055 | -- | -- | -- | 7/14/2022 | Standard | -- | 2.0220 | 6320 | 69.5 | 16.7 | 122.00 | 252.00 | 9.24 | 5170 | 0.68 | 3730.00 | >1000 | 546.00 | 20.00 | 1.55 | 185 | 6.90 | 6400 | 69 | 15 | 111 | 231 | 8 | 4960 | 1 | 3710 | 1050 | 512 | 19 | 1 | 176 | 7 |
| 22-DDT-056 | 1.22 | 3.05 | 1.83 | 7/14/2022 | -- | -- | 0.0556 | 175 | 7.9 | 2.7 | 1.35 | 13.35 | 1.22 | 102 | 0.27 | 92.90 | 25.40 | 18.25 | 1.61 | 0.36 | 29 | 2.07 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-056 | 3.05 | 3.96 | 0.91 | 7/14/2022 | -- | -- | 0.0442 | 91 | 9.1 | 4.3 | 1.91 | 13.30 | 1.65 | 83 | 0.43 | 83.20 | 21.00 | 16.50 | 1.80 | 0.57 | 44 | 3.38 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-056 | 3.96 | 4.57 | 0.61 | 7/14/2022 | -- | -- | 0.0823 | 168 | 17.2 | 8.0 | 2.85 | 25.30 | 3.10 | 153 | 0.82 | 155.00 | 38.40 | 31.00 | 3.16 | 1.06 | 85 | 6.57 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-056 | 4.57 | 6.4 | 1.83 | 7/14/2022 | -- | -- | 0.0824 | 202 | 18.4 | 9.0 | 2.42 | 26.10 | 3.28 | 141 | 0.89 | 125.00 | 33.00 | 27.50 | 3.58 | 1.18 | 97 | 7.53 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-057 | 0 | 1.52 | 1.52 | 7/14/2022 | -- | -- | 0.0280 | 94 | 5.8 | 3.4 | 0.67 | 5.22 | 1.24 | 41 | 0.29 | 31.30 | 8.83 | 6.20 | 0.88 | 0.38 | 35 | 2.33 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-057 | 1.52 | 3.05 | 1.52 | 7/14/2022 | -- | -- | 0.0369 | 124 | 5.5 | 2.5 | 1.02 | 7.76 | 0.96 | 61 | 0.21 | 55.00 | 14.60 | 10.85 | 1.06 | 0.34 | 27 | 1.97 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-057 | 3.05 | 4.57 | 1.52 | 7/14/2022 | -- | -- | 0.0998 | 236 | 13.4 | 5.1 | 3.21 | 25.50 | 2.14 | 203 | 0.54 | 208.00 | 52.80 | 38.40 | 2.93 | 0.65 | 54 | 4.49 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-057 | 3.05 | 4.57 | 1.52 | 7/14/2022 | -- | -- | 0.0927 | 213 | 13.2 | 5.2 | 2.97 | 25.10 | 2.08 | 191 | 0.50 | 192.00 | 50.50 | 36.20 | 2.90 | 0.63 | 50 | 4.12 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-057 | 4.57 | 6.1 | 1.52 | 7/14/2022 | -- | -- | 0.0838 | 208 | 15.6 | 6.4 | 2.60 | 25.10 | 2.65 | 158 | 0.59 | 149.50 | 38.40 | 30.40 | 3.14 | 0.89 | 66 | 5.18 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-057 | 6.1 | 7.62 | 1.52 | 7/14/2022 | -- | -- | 0.0676 | 199 | 11.7 | 4.9 | 1.92 | 17.75 | 2.00 | 121 | 0.58 | 103.50 | 27.70 | 22.20 | 2.35 | 0.64 | 55 | 3.71 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-058 | 0 | 1.52 | 1.52 | 7/15/2022 | -- | -- | 0.0629 | 224 | 8.6 | 3.5 | 0.98 | 13.10 | 1.54 | 105 | 0.28 | 90.10 | 24.60 | 16.55 | 1.74 | 0.46 | 41 | 2.90 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-058 | 1.52 | 3.05 | 1.52 | 7/15/2022 | -- | -- | 0.0518 | 174 | 7.6 | 2.8 | 0.91 | 11.40 | 1.18 | 93 | 0.25 | 77.40 | 21.70 | 14.65 | 1.52 | 0.36 | 32 | 2.22 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-058 | 3.05 | 4.57 | 1.52 | 7/15/2022 | -- | -- | 0.0720 | 190 | 8.9 | 3.4 | 1.67 | 16.20 | 1.50 | 139 | 0.31 | 146.50 | 38.30 | 25.80 | 1.93 | 0.45 | 38 | 2.34 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-058 | 4.57 | 6.1 | 1.52 | 7/15/2022 | -- | -- | 0.0827 | 189 | 12.3 | 5.1 | 2.72 | 21.20 | 2.03 | 168 | 0.59 | 169.00 | 42.50 | 32.90 | 2.54 | 0.70 | 52 | 4.11 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-058 | 6.1 | 7.92 | 1.83 | 7/15/2022 | -- | -- | 0.0949 | 309 | 13.6 | 4.6 | 1.81 | 25.00 | 2.11 | 162 | 0.39 | 155.00 | 41.00 | 30.80 | 3.09 | 0.57 | 56 | 3.40 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-059 | 0 | 1.52 | 1.52 | 7/15/2022 | -- | -- | 0.0457 | 164 | 6.1 | 2.3 | 0.76 | 9.52 | 1.02 | 79 | 0.25 | 64.10 | 18.20 | 12.25 | 1.20 | 0.32 | 29 | 1.74 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-059 | 1.52 | 3.05 | 1.52 | 7/15/2022 | -- | -- | 0.0665 | 233 | 8.8 | 3.3 | 1.09 | 15.25 | 1.32 | 113 | 0.32 | 98.80 | 27.00 | 19.95 | 2.02 | 0.41 | 39 | 2.32 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-059 | 3.05 | 4.57 | 1.52 | 7/15/2022 | -- | -- | 0.0802 | 242 | 11.2 | 4.9 | 1.64 | 18.10 | 1.90 | 146 | 0.41 | 135.00 | 36.60 | 25.90 | 2.30 | 0.58 | 52 | 3.41 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-059 | 4.57 | 5.64 | 1.07 | 7/15/2022 | -- | -- | 0.0896 | 250 | 9.6 | 4.0 | 2.47 | 17.50 | 1.44 | 169 | 0.35 | 186.50 | 48.40 | 31.70 | 2.13 | 0.44 | 38 | 2.75 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |

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SLV0163 – Technical Report Summary Shiloh Project, Georgia 129 November 2025

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| | |
|:---|:---|
| **Technical Report Summary** | ![img77526612_64.jpg](img77526612_64.jpg) |

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|  |  |  |  |  |  |  | **Method** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** |
|  |  |  |  |  |  |  | **Analyte** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** |
|  |  |  |  |  |  |  | **Units** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** |
|  |  |  |  |  |  |  | **Detection <br>Limit** | **0.1** | **0.05** | **0.03** | **0.02** | **0.05** | **0.01** | **0.1** | **0.01** | **0.1** | **0.02** | **0.03** | **0.01** | **0.01** | **0.1** | **0.03** | **3** | **0.3** | **0.2** | **0.2** | **0.3** | **0.05** | **3** | **0.05** | **0.5** | **0.2** | **0.2** | **0.05** | **0.05** | **3** | **0.2** |
|  |  |  |  |  |  |  | **Upper <br>Limit** | **10000** | **1000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **10000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **50000** | **5000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** | **50000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** |
| **Hole ID** | **From <br>(m)** | **To <br>(m)** | **Interval <br>(m)** | **Drill Date** | **Sample <br>Type** | **Sample Details** | **TREO <br>(%)** | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-059 | -- | -- | -- | 7/15/2022 | Blank | -- | 0.0041 | 11 | 0.8 | 0.4 | 0.25 | 1.16 | 0.16 | 7 | 0.03 | 6.70 | 1.54 | 1.38 | 0.14 | 0.04 | 4 | 0.25 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-060 | 0 | 1.52 | 1.52 | 7/15/2022 | -- | -- | 0.0607 | 218 | 8.1 | 3.5 | 1.17 | 12.35 | 1.41 | 95 | 0.44 | 90.60 | 24.10 | 17.40 | 1.69 | 0.51 | 39 | 3.19 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-060 | 1.52 | 3.05 | 1.52 | 7/15/2022 | -- | -- | 0.0617 | 238 | 6.9 | 2.5 | 1.10 | 11.50 | 1.07 | 98 | 0.24 | 91.90 | 24.50 | 17.20 | 1.52 | 0.29 | 29 | 1.65 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-060 | 3.05 | 4.57 | 1.52 | 7/15/2022 | -- | -- | 0.0498 | 143 | 7.7 | 3.5 | 1.82 | 11.80 | 1.22 | 87 | 0.39 | 87.30 | 23.40 | 17.00 | 1.56 | 0.45 | 35 | 2.92 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-060 | 4.57 | 5.64 | 1.07 | 7/15/2022 | -- | -- | 0.0433 | 60 | 12.1 | 5.6 | 2.49 | 16.05 | 2.20 | 75 | 0.62 | 82.20 | 20.80 | 19.70 | 2.30 | 0.72 | 62 | 4.58 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-060 | 5.64 | 6.86 | 1.22 | 7/15/2022 | -- | -- | 0.0524 | 93 | 18.6 | 9.9 | 4.33 | 19.40 | 3.56 | 65 | 1.18 | 78.00 | 18.50 | 19.10 | 3.04 | 1.28 | 99 | 7.98 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-061 | 0 | 1.52 | 1.52 | 7/15/2022 | -- | -- | 0.0211 | 64 | 5.5 | 3.2 | 0.67 | 4.58 | 1.08 | 26 | 0.47 | 27.10 | 7.02 | 5.87 | 0.79 | 0.48 | 28 | 3.23 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-061 | 1.52 | 2.59 | 1.07 | 7/15/2022 | -- | -- | 0.0162 | 56 | 4.4 | 3.2 | 0.73 | 3.45 | 0.91 | 14 | 0.50 | 17.20 | 4.23 | 4.43 | 0.61 | 0.47 | 24 | 3.38 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-061 | 1.52 | 2.59 | 1.07 | 7/15/2022 | Duplicate | -- | 0.0173 | 67 | 4.0 | 2.7 | 0.74 | 3.54 | 0.76 | 16 | 0.45 | 19.70 | 4.77 | 5.07 | 0.61 | 0.39 | 19 | 2.77 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-062 | 0 | 1.52 | 1.52 | 7/15/2022 | -- | -- | 0.0152 | 48 | 3.7 | 2.4 | 0.64 | 3.51 | 0.77 | 18 | 0.44 | 19.80 | 5.09 | 4.65 | 0.57 | 0.37 | 18 | 2.53 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-062 | 1.52 | 2.74 | 1.22 | 7/15/2022 | -- | -- | 0.0510 | 114 | 14.9 | 7.7 | 3.78 | 18.30 | 2.72 | 59 | 1.07 | 84.40 | 19.00 | 22.80 | 2.65 | 1.12 | 72 | 7.63 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-063 | 0 | 0.91 | 0.91 | 7/17/2022 | -- | -- | 0.0450 | 143 | 9.1 | 5.6 | 0.85 | 9.43 | 1.74 | 64 | 0.66 | 60.60 | 16.25 | 12.65 | 1.52 | 0.78 | 50 | 4.64 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-063 | 1.52 | 2.13 | 0.61 | 7/17/2022 | -- | -- | 0.0385 | 132 | 6.1 | 2.9 | 0.63 | 7.88 | 1.02 | 58 | 0.33 | 59.60 | 15.60 | 11.15 | 1.10 | 0.37 | 29 | 2.15 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-063 | 2.13 | 3.35 | 1.22 | 7/17/2022 | -- | -- | 0.0579 | 174 | 11.8 | 6.5 | 2.01 | 13.30 | 2.19 | 76 | 0.86 | 86.20 | 21.30 | 17.80 | 1.92 | 0.93 | 70 | 5.84 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-064 | 0 | 1.07 | 1.07 | 7/17/2022 | -- | -- | 0.0498 | 172 | 8.3 | 4.4 | 1.26 | 9.97 | 1.59 | 71 | 0.46 | 71.20 | 18.60 | 14.70 | 1.50 | 0.64 | 44 | 3.64 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-064 | 1.52 | 2.59 | 1.07 | 7/17/2022 | -- | -- | 0.0590 | 154 | 14.1 | 10.1 | 1.60 | 14.05 | 3.07 | 83 | 1.55 | 81.70 | 20.90 | 17.40 | 2.22 | 1.59 | 83 | 11.30 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-064 | 3.05 | 3.96 | 0.91 | 7/17/2022 | -- | -- | 0.0233 | 76 | 4.0 | 2.4 | 0.85 | 4.57 | 0.81 | 37 | 0.34 | 29.70 | 8.55 | 6.06 | 0.71 | 0.38 | 23 | 2.60 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-065 | 0 | 1.22 | 1.22 | 7/17/2022 | -- | -- | 0.0429 | 159 | 6.3 | 2.8 | 0.96 | 8.58 | 1.05 | 65 | 0.40 | 58.90 | 16.30 | 12.65 | 1.21 | 0.37 | 29 | 2.68 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-065 | 1.52 | 2.74 | 1.22 | 7/17/2022 | -- | -- | 0.0654 | 149 | 16.5 | 10.3 | 3.13 | 18.50 | 3.41 | 100 | 1.58 | 97.50 | 25.40 | 22.30 | 2.85 | 1.59 | 90 | 10.45 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-065 | 3.05 | 4.57 | 1.52 | 7/17/2022 | -- | -- | 0.0322 | 79 | 9.2 | 4.6 | 1.61 | 9.43 | 1.54 | 48 | 0.65 | 41.00 | 11.30 | 10.05 | 1.52 | 0.67 | 48 | 4.32 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-065 | 4.88 | 6.71 | 1.83 | 7/17/2022 | -- | -- | 0.0288 | 74 | 8.5 | 6.3 | 0.89 | 5.76 | 1.87 | 35 | 0.87 | 30.80 | 8.19 | 6.56 | 1.17 | 1.01 | 55 | 6.48 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-065 | -- | -- | -- | 7/17/2022 | Standard | -- | 0.5371 | 1900 | 20.3 | 6.1 | 22.60 | 50.20 | 2.87 | 1315 | 0.51 | 843.00 | 240.00 | 113.50 | 5.11 | 0.73 | 62 | 3.90 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-066 | 0 | 1.52 | 1.52 | 7/17/2022 | -- | -- | 0.0380 | 139 | 7.6 | 4.3 | 0.65 | 7.20 | 1.39 | 49 | 0.56 | 43.80 | 11.90 | 8.50 | 1.18 | 0.66 | 42 | 4.25 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-066 | 1.83 | 3.05 | 1.22 | 7/17/2022 | -- | -- | 0.0360 | 142 | 5.9 | 3.1 | 0.81 | 6.45 | 0.99 | 50 | 0.35 | 44.20 | 12.05 | 8.69 | 1.05 | 0.43 | 27 | 2.93 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-066 | 3.35 | 4.57 | 1.22 | 7/17/2022 | -- | -- | 0.0285 | 82 | 5.2 | 2.9 | 1.09 | 6.46 | 0.95 | 48 | 0.38 | 44.00 | 11.70 | 8.83 | 1.01 | 0.40 | 26 | 2.71 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-066 | 4.57 | 5.33 | 0.76 | 7/17/2022 | -- | -- | 0.0874 | 200 | 24.4 | 17.2 | 2.30 | 22.20 | 5.19 | 116 | 2.39 | 116.50 | 30.90 | 27.10 | 3.67 | 2.69 | 149 | 17.50 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-067 | 0 | 1.52 | 1.52 | 7/19/2022 | -- | -- | 0.0183 | 60 | 3.6 | 1.3 | 0.86 | 4.81 | 0.57 | 28 | 0.15 | 27.40 | 7.33 | 5.89 | 0.65 | 0.19 | 13 | 1.24 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-067 | 1.52 | 3.05 | 1.52 | 7/19/2022 | -- | -- | 0.0584 | 205 | 8.4 | 3.8 | 1.08 | 11.80 | 1.50 | 88 | 0.38 | 88.80 | 23.70 | 18.05 | 1.68 | 0.50 | 40 | 3.10 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-067 | 1.52 | 3.05 | 1.52 | 7/19/2022 | Duplicate | -- | 0.0745 | 270 | 9.5 | 3.8 | 1.27 | 13.70 | 1.51 | 118 | 0.38 | 117.00 | 31.20 | 21.80 | 1.86 | 0.55 | 41 | 3.22 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-067 | 3.05 | 4.57 | 1.52 | 7/19/2022 | -- | -- | 0.0509 | 169 | 8.8 | 4.6 | 1.13 | 10.45 | 1.57 | 79 | 0.49 | 74.60 | 19.30 | 14.50 | 1.58 | 0.59 | 43 | 3.55 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-067 | 4.57 | 6.1 | 1.52 | 7/19/2022 | -- | -- | 0.0583 | 184 | 11.9 | 6.5 | 1.31 | 13.80 | 2.23 | 82 | 0.77 | 82.60 | 21.30 | 17.50 | 2.05 | 0.87 | 61 | 5.53 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-067 | 6.1 | 7.62 | 1.52 | 7/19/2022 | -- | -- | 0.0529 | 166 | 10.7 | 5.7 | 1.35 | 13.20 | 1.92 | 75 | 0.75 | 73.90 | 19.65 | 16.60 | 2.01 | 0.75 | 56 | 5.02 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-067 | 7.62 | 9.14 | 1.52 | 7/19/2022 | -- | -- | 0.0366 | 119 | 6.3 | 3.1 | 1.01 | 8.11 | 1.12 | 56 | 0.37 | 52.90 | 14.05 | 11.10 | 1.24 | 0.45 | 33 | 2.77 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |

---

SLV0163 – Technical Report Summary Shiloh Project, Georgia 130 November 2025

------

---

| | |
|:---|:---|
| **Technical Report Summary** | ![img77526612_64.jpg](img77526612_64.jpg) |

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---

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  |  | **Method** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** |
|  |  |  |  |  |  |  | **Analyte** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** |
|  |  |  |  |  |  |  | **Units** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** |
|  |  |  |  |  |  |  | **Detection <br>Limit** | **0.1** | **0.05** | **0.03** | **0.02** | **0.05** | **0.01** | **0.1** | **0.01** | **0.1** | **0.02** | **0.03** | **0.01** | **0.01** | **0.1** | **0.03** | **3** | **0.3** | **0.2** | **0.2** | **0.3** | **0.05** | **3** | **0.05** | **0.5** | **0.2** | **0.2** | **0.05** | **0.05** | **3** | **0.2** |
|  |  |  |  |  |  |  | **Upper <br>Limit** | **10000** | **1000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **10000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **50000** | **5000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** | **50000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** |
| **Hole ID** | **From <br>(m)** | **To <br>(m)** | **Interval <br>(m)** | **Drill Date** | **Sample <br>Type** | **Sample Details** | **TREO <br>(%)** | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-067 | 9.14 | 10.67 | 1.52 | 7/19/2022 | -- | -- | 0.0371 | 129 | 5.6 | 2.9 | 0.80 | 6.90 | 1.06 | 57 | 0.40 | 52.40 | 14.30 | 10.05 | 1.00 | 0.40 | 31 | 2.47 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-067 | 10.67 | 11.58 | 0.91 | 7/19/2022 | -- | -- | 0.0323 | 107 | 5.5 | 2.5 | 0.69 | 7.30 | 0.85 | 53 | 0.29 | 47.70 | 12.30 | 8.96 | 0.98 | 0.32 | 26 | 2.12 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-068 | 0 | 1.52 | 1.52 | 7/19/2022 | -- | -- | 0.0473 | 157 | 9.3 | 4.6 | 0.83 | 10.35 | 1.67 | 72 | 0.51 | 64.20 | 17.00 | 11.55 | 1.57 | 0.62 | 46 | 4.13 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-068 | 1.52 | 3.05 | 1.52 | 7/19/2022 | -- | -- | 0.0825 | 306 | 10.9 | 4.5 | 1.14 | 16.60 | 1.71 | 134 | 0.50 | 122.00 | 31.80 | 20.90 | 2.12 | 0.62 | 46 | 3.70 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-068 | 3.05 | 4.57 | 1.52 | 7/19/2022 | -- | -- | 0.1004 | 352 | 14.0 | 4.5 | 1.04 | 24.10 | 1.94 | 165 | 0.46 | 160.00 | 41.50 | 30.70 | 2.96 | 0.53 | 53 | 3.44 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-068 | 4.57 | 5.33 | 0.76 | 7/19/2022 | -- | -- | 0.0310 | 96 | 5.0 | 2.3 | 0.91 | 7.23 | 0.88 | 54 | 0.25 | 50.10 | 13.10 | 8.98 | 0.94 | 0.36 | 21 | 2.07 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-068 | -- | -- | -- | 7/19/2022 | Standard | -- | 2.1077 | 6780 | 77.6 | 17.8 | 125.00 | 263.00 | 9.39 | 5250 | 0.83 | 3990.00 | >1000 | 519.00 | 21.40 | 1.59 | 185 | 7.68 | 6640 | 68 | 15 | 110 | 223 | 9 | 5100 | 1 | 3990 | 1090 | 549 | 19 | 1 | 182 | 6 |
| 22-DDT-038 | 6.1 | 7.01 | 0.91 | 6/9/2022 | -- | -- | 0.0434 | 99 | 13.8 | 7.1 | 4.03 | 15.15 | 2.54 | 45 | 0.94 | 65.70 | 14.55 | 15.75 | 2.37 | 1.05 | 73 | 6.49 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-038 | -- | -- | -- | 6/9/2022 | Blank | -- | 0.0038 | 9 | 0.9 | 0.5 | 0.27 | 1.25 | 0.19 | 5 | 0.05 | 5.90 | 1.47 | 1.43 | 0.17 | 0.04 | 5 | 0.40 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-039 | 0 | 1.52 | 1.52 | 6/9/2022 | -- | -- | 0.0348 | 120 | 6.5 | 3.3 | 1.48 | 7.64 | 1.16 | 45 | 0.44 | 51.60 | 12.95 | 10.10 | 1.21 | 0.46 | 30 | 3.27 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-039 | 1.52 | 3.05 | 1.52 | 6/9/2022 | -- | -- | 0.0268 | 106 | 5.4 | 3.2 | 1.71 | 6.23 | 1.00 | 24 | 0.45 | 37.20 | 8.51 | 7.95 | 0.95 | 0.46 | 22 | 3.26 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-039 | 3.05 | 4.57 | 1.52 | 6/9/2022 | -- | -- | 0.0410 | 133 | 10.3 | 5.9 | 3.66 | 12.10 | 1.84 | 39 | 0.80 | 62.70 | 13.70 | 13.80 | 1.81 | 0.78 | 44 | 5.55 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-039 | 4.57 | 6.1 | 1.52 | 6/9/2022 | -- | -- | 0.0356 | 79 | 11.4 | 5.9 | 3.79 | 13.10 | 2.00 | 38 | 0.83 | 56.50 | 12.85 | 13.55 | 1.92 | 0.84 | 55 | 5.88 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-039 | 6.1 | 7.62 | 1.52 | 6/9/2022 | -- | -- | 0.0220 | 48 | 7.9 | 4.6 | 2.65 | 7.97 | 1.47 | 21 | 0.57 | 32.10 | 7.33 | 8.19 | 1.27 | 0.58 | 38 | 3.98 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-039 | 7.62 | 8.63 | 1.01 | 6/9/2022 | -- | -- | 0.0345 | 72 | 10.9 | 6.0 | 3.32 | 11.70 | 2.07 | 38 | 0.80 | 52.10 | 11.90 | 11.50 | 1.86 | 0.85 | 62 | 5.03 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-040 | 0 | 1.52 | 1.52 | 6/9/2022 | -- | -- | 0.0555 | 195 | 8.2 | 3.2 | 1.29 | 11.70 | 1.20 | 86 | 0.35 | 84.80 | 23.30 | 16.75 | 1.69 | 0.41 | 35 | 2.69 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-040 | 0 | 1.52 | 1.52 | 6/9/2022 | Duplicate | -- | 0.0610 | 215 | 8.5 | 3.2 | 1.36 | 12.95 | 1.25 | 97 | 0.36 | 93.60 | 25.70 | 18.30 | 1.83 | 0.46 | 37 | 2.68 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-040 | 1.52 | 3.05 | 1.52 | 6/9/2022 | -- | -- | 0.0949 | 317 | 11.8 | 4.6 | 2.10 | 20.10 | 1.75 | 159 | 0.48 | 159.00 | 43.70 | 30.50 | 2.57 | 0.58 | 51 | 3.91 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-040 | 3.05 | 4.57 | 1.52 | 6/9/2022 | -- | -- | 0.0646 | 207 | 9.7 | 4.2 | 1.81 | 14.40 | 1.50 | 110 | 0.44 | 102.00 | 28.60 | 20.20 | 1.89 | 0.49 | 44 | 3.30 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-040 | 4.57 | 5.18 | 0.61 | 6/9/2022 | -- | -- | 0.0568 | 190 | 8.1 | 3.5 | 0.99 | 11.85 | 1.32 | 94 | 0.34 | 86.70 | 24.40 | 16.65 | 1.70 | 0.44 | 40 | 2.75 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-041 | 0.3 | 1.52 | 1.22 | 6/9/2022 | -- | -- | 0.0492 | 183 | 5.1 | 2.2 | 1.07 | 9.34 | 0.81 | 80 | 0.22 | 76.10 | 20.50 | 13.75 | 1.12 | 0.27 | 24 | 1.62 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-041 | 1.52 | 3.05 | 1.52 | 6/9/2022 | -- | -- | 0.0640 | 213 | 7.4 | 2.6 | 1.44 | 13.35 | 1.12 | 114 | 0.25 | 105.50 | 29.50 | 20.70 | 1.76 | 0.31 | 32 | 1.81 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-041 | 3.05 | 3.66 | 0.61 | 6/9/2022 | -- | -- | 0.0533 | 151 | 10.5 | 4.6 | 1.98 | 13.70 | 1.72 | 87 | 0.50 | 81.90 | 22.70 | 17.45 | 2.10 | 0.60 | 53 | 3.87 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-042 | 0 | 1.52 | 1.52 | 7/10/2022 | -- | -- | 0.0458 | 164 | 9.2 | 4.3 | 0.94 | 9.71 | 1.70 | 62 | 0.48 | 56.00 | 15.00 | 11.75 | 1.59 | 0.57 | 48 | 3.44 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-042 | 1.52 | 3.05 | 1.52 | 7/10/2022 | -- | -- | 0.0341 | 100 | 9.5 | 4.7 | 1.96 | 9.57 | 1.77 | 39 | 0.67 | 47.30 | 11.50 | 9.96 | 1.46 | 0.72 | 45 | 4.37 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-042 | 3.05 | 4.57 | 1.52 | 7/10/2022 | -- | -- | 0.0454 | 138 | 9.5 | 3.9 | 1.66 | 12.40 | 1.61 | 70 | 0.44 | 64.10 | 17.55 | 13.30 | 1.83 | 0.49 | 47 | 2.91 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-042 | 4.57 | 5.49 | 0.91 | 7/10/2022 | -- | -- | 0.0425 | 119 | 11.0 | 4.6 | 1.41 | 11.55 | 1.93 | 61 | 0.36 | 52.00 | 14.45 | 11.35 | 1.94 | 0.52 | 65 | 2.78 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-043 | 0 | 1.52 | 1.52 | 7/11/2022 | -- | -- | 0.0625 | 223 | 10.7 | 3.7 | 1.05 | 13.10 | 1.53 | 94 | 0.42 | 91.80 | 23.30 | 17.80 | 1.76 | 0.46 | 45 | 3.21 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-043 | 1.52 | 2.13 | 0.61 | 7/11/2022 | -- | -- | 0.0548 | 193 | 10.6 | 5.0 | 0.72 | 10.80 | 1.73 | 73 | 0.37 | 72.40 | 19.30 | 14.40 | 1.73 | 0.61 | 57 | 3.48 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-043 | 2.13 | 3.05 | 0.91 | 7/11/2022 | -- | -- | 0.0560 | 203 | 8.5 | 3.5 | 1.35 | 11.65 | 1.39 | 86 | 0.30 | 82.40 | 21.90 | 15.10 | 1.52 | 0.34 | 38 | 1.91 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-043 | 3.05 | 4.57 | 1.52 | 7/11/2022 | -- | -- | 0.1114 | 255 | 24.1 | 11.7 | 4.15 | 31.80 | 4.09 | 182 | 1.30 | 203.00 | 49.90 | 39.20 | 4.02 | 1.58 | 123 | 9.81 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-043 | 4.57 | 6.1 | 1.52 | 7/11/2022 | -- | -- | 0.0643 | 146 | 18.0 | 9.0 | 1.99 | 19.55 | 3.05 | 96 | 0.92 | 92.00 | 23.30 | 19.60 | 3.01 | 1.15 | 103 | 6.79 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-043 | 6.1 | 7.62 | 1.52 | 7/11/2022 | -- | -- | 0.0440 | 114 | 15.2 | 7.0 | 1.05 | 12.05 | 2.50 | 54 | 0.66 | 52.30 | 13.85 | 10.70 | 2.20 | 0.88 | 79 | 5.24 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |

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SLV0163 – Technical Report Summary Shiloh Project, Georgia 131 November 2025

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| **Technical Report Summary** | ![img77526612_64.jpg](img77526612_64.jpg) |

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|  |  |  |  |  |  |  | **Method** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** |
|  |  |  |  |  |  |  | **Analyte** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** |
|  |  |  |  |  |  |  | **Units** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** |
|  |  |  |  |  |  |  | **Detection <br>Limit** | **0.1** | **0.05** | **0.03** | **0.02** | **0.05** | **0.01** | **0.1** | **0.01** | **0.1** | **0.02** | **0.03** | **0.01** | **0.01** | **0.1** | **0.03** | **3** | **0.3** | **0.2** | **0.2** | **0.3** | **0.05** | **3** | **0.05** | **0.5** | **0.2** | **0.2** | **0.05** | **0.05** | **3** | **0.2** |
|  |  |  |  |  |  |  | **Upper <br>Limit** | **10000** | **1000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **10000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **50000** | **5000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** | **50000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** |
| **Hole ID** | **From <br>(m)** | **To <br>(m)** | **Interval <br>(m)** | **Drill Date** | **Sample <br>Type** | **Sample Details** | **TREO <br>(%)** | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-043 | 7.62 | 8.69 | 1.07 | 7/11/2022 | -- | -- | 0.0635 | 200 | 14.3 | 5.6 | 1.11 | 16.90 | 2.10 | 92 | 0.45 | 88.00 | 23.10 | 18.50 | 2.56 | 0.67 | 69 | 3.37 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-044 | 0 | 1.52 | 1.52 | 7/11/2022 | -- | -- | 0.0298 | 115 | 6.7 | 2.9 | 0.50 | 6.03 | 1.12 | 34 | 0.25 | 32.90 | 8.35 | 6.46 | 0.98 | 0.32 | 35 | 2.08 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-044 | 1.52 | 3.05 | 1.52 | 7/11/2022 | -- | -- | 0.0502 | 192 | 6.8 | 2.9 | 0.74 | 9.40 | 1.09 | 77 | 0.24 | 70.50 | 18.65 | 13.55 | 1.36 | 0.30 | 31 | 2.11 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-044 | 1.52 | 3.05 | 1.52 | 7/11/2022 | -- | -- | 0.0519 | 200 | 7.3 | 2.5 | 0.79 | 10.35 | 1.05 | 80 | 0.23 | 72.50 | 19.30 | 13.70 | 1.24 | 0.33 | 30 | 2.27 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-044 | 3.05 | 4.57 | 1.52 | 7/11/2022 | -- | -- | 0.0603 | 193 | 7.3 | 2.8 | 1.27 | 11.90 | 0.96 | 116 | 0.27 | 102.50 | 28.30 | 17.65 | 1.38 | 0.32 | 29 | 2.00 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-044 | 4.57 | 6.1 | 1.52 | 7/11/2022 | -- | -- | 0.0677 | 126 | 18.7 | 8.5 | 3.33 | 22.70 | 3.12 | 109 | 1.00 | 120.50 | 29.60 | 25.70 | 3.05 | 1.12 | 93 | 7.50 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-044 | 6.1 | 7.62 | 1.52 | 7/11/2022 | -- | -- | 0.0603 | 151 | 18.6 | 7.5 | 1.70 | 18.85 | 2.87 | 84 | 0.68 | 80.00 | 22.20 | 19.20 | 2.99 | 0.93 | 94 | 5.40 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-044 | 7.62 | 9.14 | 1.52 | 7/11/2022 | -- | -- | 0.0476 | 128 | 13.7 | 6.5 | 1.03 | 12.45 | 2.41 | 64 | 0.61 | 58.40 | 16.10 | 14.40 | 2.36 | 0.82 | 76 | 4.78 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-044 | 9.14 | 10.06 | 0.91 | 7/11/2022 | -- | -- | 0.0457 | 112 | 14.0 | 7.3 | 2.62 | 14.25 | 2.75 | 52 | 0.84 | 61.70 | 15.60 | 15.40 | 2.29 | 1.02 | 77 | 5.89 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-045 | 0.91 | 1.52 | 0.61 | 7/11/2022 | -- | -- | 0.0349 | 127 | 6.9 | 4.0 | 0.78 | 6.47 | 1.34 | 45 | 0.32 | 40.30 | 11.65 | 8.28 | 1.06 | 0.49 | 40 | 2.71 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-045 | 1.52 | 3.05 | 1.52 | 7/11/2022 | -- | -- | 0.1012 | 145 | 20.9 | 10.2 | 4.79 | 30.60 | 3.55 | 197 | 1.14 | 222.00 | 59.30 | 47.60 | 3.92 | 1.30 | 103 | 8.67 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-045 | 3.05 | 4.57 | 1.52 | 7/11/2022 | -- | -- | 0.0839 | 205 | 18.3 | 7.3 | 2.82 | 22.10 | 2.80 | 148 | 0.85 | 139.00 | 38.10 | 30.40 | 3.16 | 0.98 | 87 | 5.92 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-045 | 4.57 | 6.1 | 1.52 | 7/11/2022 | -- | -- | 0.0599 | 167 | 10.3 | 4.4 | 1.88 | 15.40 | 1.77 | 106 | 0.46 | 98.20 | 27.10 | 20.50 | 2.03 | 0.54 | 50 | 3.43 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-045 | 6.1 | 7.62 | 1.52 | 7/11/2022 | -- | -- | 0.0392 | 93 | 11.0 | 5.4 | 2.68 | 13.25 | 2.01 | 45 | 0.62 | 62.50 | 15.15 | 15.85 | 1.91 | 0.70 | 57 | 4.97 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-045 | 7.62 | 9.14 | 1.52 | 7/11/2022 | -- | -- | 0.0355 | 87 | 10.5 | 5.7 | 3.32 | 11.60 | 2.01 | 39 | 0.78 | 50.80 | 12.30 | 12.50 | 1.76 | 0.76 | 57 | 5.08 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-045 | 9.14 | 10.67 | 1.52 | 7/11/2022 | -- | -- | 0.0313 | 72 | 10.0 | 5.6 | 2.85 | 10.10 | 1.88 | 34 | 0.69 | 43.00 | 10.60 | 10.25 | 1.64 | 0.72 | 56 | 4.82 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-045 | 10.67 | 11.58 | 0.91 | 7/11/2022 | -- | -- | 0.0278 | 61 | 9.5 | 5.7 | 2.38 | 9.34 | 1.84 | 31 | 0.70 | 37.30 | 8.38 | 9.22 | 1.49 | 0.68 | 51 | 4.61 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-045 | -- | -- | -- | 7/11/2022 | Standard | Oreas 460 | 0.5363 | 1825 | 20.4 | 6.3 | 22.40 | 50.20 | 2.95 | 1405 | 0.52 | 807.00 | 248.00 | 113.50 | 5.01 | 0.79 | 67 | 4.03 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-046 | 0 | 1.52 | 1.52 | 7/11/2022 | -- | -- | 0.0387 | 156 | 5.5 | 2.2 | 0.72 | 7.02 | 0.90 | 53 | 0.26 | 48.10 | 13.40 | 10.20 | 1.07 | 0.29 | 28 | 1.64 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-046 | 1.52 | 3.05 | 1.52 | 7/11/2022 | -- | -- | 0.0716 | 257 | 10.3 | 4.6 | 1.69 | 13.40 | 1.66 | 102 | 0.55 | 109.00 | 29.10 | 20.90 | 1.80 | 0.63 | 52 | 4.08 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-046 | 3.05 | 4.57 | 1.52 | 7/11/2022 | -- | -- | 0.0701 | 199 | 11.8 | 4.9 | 2.13 | 16.65 | 1.78 | 124 | 0.51 | 118.50 | 32.50 | 24.70 | 2.28 | 0.64 | 53 | 4.12 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-046 | 4.57 | 6.1 | 1.52 | 7/11/2022 | -- | -- | 0.0849 | 136 | 30.7 | 14.8 | 4.87 | 32.40 | 5.37 | 110 | 1.71 | 129.00 | 32.60 | 31.80 | 5.26 | 2.06 | 165 | 13.05 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-046 | 6.1 | 7.62 | 1.52 | 7/11/2022 | -- | -- | 0.0362 | 86 | 11.2 | 6.6 | 3.44 | 13.70 | 2.15 | 38 | 0.83 | 51.80 | 11.55 | 11.35 | 1.84 | 0.79 | 61 | 5.20 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-046 | 6.1 | 7.62 | 1.52 | 7/11/2022 | -- | -- | 0.0358 | 92 | 10.6 | 5.6 | 3.20 | 11.65 | 2.09 | 38 | 0.77 | 52.30 | 11.45 | 11.20 | 1.79 | 0.81 | 56 | 5.04 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-046 | 7.62 | 8.69 | 1.07 | 7/11/2022 | -- | -- | 0.0304 | 68 | 9.9 | 5.3 | 2.71 | 10.10 | 1.91 | 32 | 0.73 | 42.90 | 10.10 | 10.20 | 1.55 | 0.75 | 55 | 5.03 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-047 | 0 | 1.52 | 1.52 | 7/11/2022 | -- | -- | 0.0353 | 128 | 6.3 | 3.3 | 1.97 | 8.85 | 1.23 | 39 | 0.54 | 53.10 | 12.30 | 11.80 | 1.21 | 0.49 | 28 | 3.40 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-047 | 1.52 | 2.29 | 0.76 | 7/11/2022 | -- | -- | 0.0707 | 117 | 17.4 | 9.0 | 5.51 | 19.45 | 2.96 | 136 | 1.16 | 134.50 | 37.70 | 30.30 | 2.99 | 1.27 | 77 | 8.37 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-048 | 0 | 1.68 | 1.68 | 7/13/2022 | -- | -- | 0.0456 | 167 | 6.1 | 2.4 | 0.58 | 8.95 | 1.02 | 71 | 0.25 | 67.50 | 18.60 | 13.70 | 1.26 | 0.35 | 28 | 2.07 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-048 | 1.68 | 3.05 | 1.37 | 7/13/2022 | -- | -- | 0.0729 | 210 | 11.5 | 4.7 | 1.76 | 15.25 | 1.89 | 127 | 0.46 | 126.50 | 35.10 | 24.80 | 2.21 | 0.62 | 54 | 3.50 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-048 | 3.05 | 4.57 | 1.52 | 7/13/2022 | -- | -- | 0.0716 | 190 | 15.2 | 7.5 | 1.69 | 18.10 | 2.59 | 117 | 0.88 | 106.50 | 29.60 | 24.20 | 2.74 | 0.99 | 83 | 6.31 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-048 | 4.57 | 6.1 | 1.52 | 7/13/2022 | -- | -- | 0.0551 | 180 | 8.3 | 3.7 | 1.15 | 11.45 | 1.37 | 95 | 0.40 | 79.60 | 23.20 | 16.10 | 1.59 | 0.44 | 43 | 2.83 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-048 | 6.1 | 7.62 | 1.52 | 7/13/2022 | -- | -- | 0.0519 | 175 | 6.6 | 2.3 | 1.06 | 10.80 | 1.02 | 94 | 0.25 | 76.60 | 22.40 | 15.85 | 1.38 | 0.33 | 32 | 2.10 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-048 | 7.62 | 8.38 | 0.76 | 7/13/2022 | -- | -- | 0.0492 | 175 | 6.1 | 2.3 | 0.98 | 9.55 | 0.86 | 87 | 0.24 | 73.10 | 21.20 | 14.10 | 1.17 | 0.25 | 26 | 1.71 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |

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SLV0163 – Technical Report Summary Shiloh Project, Georgia 132 November 2025

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| | |
|:---|:---|
| **Technical Report Summary** | ![img77526612_64.jpg](img77526612_64.jpg) |

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|  |  |  |  |  |  |  | **Method** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** |
|  |  |  |  |  |  |  | **Analyte** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** |
|  |  |  |  |  |  |  | **Units** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** |
|  |  |  |  |  |  |  | **Detection <br>Limit** | **0.1** | **0.05** | **0.03** | **0.02** | **0.05** | **0.01** | **0.1** | **0.01** | **0.1** | **0.02** | **0.03** | **0.01** | **0.01** | **0.1** | **0.03** | **3** | **0.3** | **0.2** | **0.2** | **0.3** | **0.05** | **3** | **0.05** | **0.5** | **0.2** | **0.2** | **0.05** | **0.05** | **3** | **0.2** |
|  |  |  |  |  |  |  | **Upper <br>Limit** | **10000** | **1000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **10000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **50000** | **5000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** | **50000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** |
| **Hole ID** | **From <br>(m)** | **To <br>(m)** | **Interval <br>(m)** | **Drill Date** | **Sample <br>Type** | **Sample Details** | **TREO <br>(%)** | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-049 | 0 | 1.22 | 1.22 | 7/13/2022 | -- | -- | 0.0574 | 201 | 8.3 | 3.5 | 0.64 | 11.70 | 1.39 | 93 | 0.38 | 84.30 | 23.60 | 16.50 | 1.57 | 0.47 | 40 | 2.70 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-049 | 1.22 | 3.05 | 1.83 | 7/13/2022 | -- | -- | 0.0636 | 180 | 11.0 | 4.8 | 2.05 | 16.60 | 1.79 | 109 | 0.54 | 106.50 | 29.10 | 23.20 | 2.16 | 0.63 | 49 | 3.91 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-049 | 3.05 | 4.57 | 1.52 | 7/13/2022 | -- | -- | 0.0687 | 196 | 14.0 | 7.3 | 1.94 | 16.40 | 2.38 | 111 | 0.68 | 97.20 | 27.70 | 20.20 | 2.54 | 0.83 | 78 | 5.48 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-049 | 4.57 | 6.1 | 1.52 | 7/13/2022 | -- | -- | 0.0455 | 160 | 6.1 | 2.6 | 1.01 | 8.33 | 0.87 | 78 | 0.29 | 66.30 | 19.25 | 13.70 | 1.17 | 0.34 | 28 | 1.72 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-049 | 6.1 | 7.01 | 0.91 | 7/13/2022 | -- | -- | 0.0515 | 182 | 6.9 | 2.7 | 1.16 | 9.90 | 0.89 | 90 | 0.27 | 75.30 | 21.80 | 15.40 | 1.29 | 0.34 | 29 | 2.04 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-050 | 0 | 1.52 | 1.52 | 7/13/2022 | -- | -- | 0.0532 | 193 | 6.7 | 2.3 | 1.05 | 9.88 | 1.05 | 89 | 0.23 | 80.80 | 22.30 | 16.05 | 1.29 | 0.29 | 28 | 1.95 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-050 | 1.52 | 3.05 | 1.52 | 7/13/2022 | -- | -- | 0.0821 | 218 | 12.7 | 6.0 | 3.58 | 18.90 | 2.23 | 134 | 0.71 | 163.50 | 39.60 | 31.30 | 2.29 | 0.91 | 60 | 5.18 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-050 | 3.05 | 4.57 | 1.52 | 7/13/2022 | -- | -- | 0.0489 | 72 | 12.7 | 6.4 | 3.17 | 18.15 | 2.39 | 77 | 0.76 | 99.60 | 23.80 | 22.20 | 2.40 | 0.95 | 65 | 5.70 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-050 | 4.57 | 6.1 | 1.52 | 7/13/2022 | -- | -- | 0.0477 | 83 | 17.0 | 9.0 | 3.46 | 19.30 | 3.33 | 61 | 0.96 | 69.60 | 16.25 | 17.05 | 2.98 | 1.24 | 90 | 7.34 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-050 | 4.57 | 6.1 | 1.52 | 7/13/2022 | -- | -- | 0.0383 | 65 | 13.7 | 7.5 | 2.68 | 15.80 | 2.77 | 50 | 0.92 | 53.50 | 13.05 | 13.95 | 2.45 | 1.02 | 74 | 6.54 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-050 | 6.1 | 7.16 | 1.07 | 7/13/2022 | -- | -- | 0.0256 | 60 | 8.3 | 4.5 | 2.62 | 8.89 | 1.74 | 26 | 0.57 | 37.20 | 7.98 | 9.32 | 1.38 | 0.64 | 42 | 4.30 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-027 | 0 | 1.52 | 1.52 | 6/6/2022 | -- | -- | 0.0590 | 215 | 7.6 | 2.8 | 0.94 | 11.40 | 1.22 | 98 | 0.29 | 87.30 | 24.10 | 16.70 | 1.60 | 0.37 | 32 | 2.30 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-027 | 0 | 1.52 | 1.52 | 6/6/2022 | Duplicate | -- | 0.0586 | 211 | 8.1 | 3.3 | 0.90 | 11.55 | 1.25 | 96 | 0.34 | 86.20 | 23.70 | 16.45 | 1.58 | 0.38 | 35 | 2.50 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-027 | 1.52 | 3.05 | 1.52 | 6/6/2022 | -- | -- | 0.0584 | 208 | 9.6 | 3.8 | 1.01 | 12.20 | 1.48 | 90 | 0.36 | 83.80 | 22.90 | 17.10 | 1.81 | 0.47 | 41 | 2.81 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-027 | 3.05 | 4.57 | 1.52 | 6/6/2022 | -- | -- | 0.0749 | 220 | 10.9 | 3.8 | 1.83 | 16.65 | 1.68 | 139 | 0.42 | 131.50 | 35.70 | 26.70 | 2.29 | 0.46 | 43 | 3.13 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-027 | 4.57 | 6.1 | 1.52 | 6/6/2022 | -- | -- | 0.0684 | 188 | 12.5 | 5.1 | 2.10 | 17.05 | 2.02 | 125 | 0.50 | 113.50 | 31.60 | 23.90 | 2.34 | 0.64 | 53 | 3.78 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-027 | 6.1 | 7.01 | 0.91 | 6/6/2022 | -- | -- | 0.0628 | 206 | 10.7 | 4.4 | 1.29 | 15.50 | 1.82 | 105 | 0.40 | 89.70 | 25.50 | 18.20 | 2.20 | 0.58 | 49 | 3.37 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-028 | 0 | 1.52 | 1.52 | 6/6/2022 | -- | -- | 0.0625 | 228 | 7.3 | 2.9 | 1.25 | 11.70 | 1.21 | 110 | 0.29 | 91.90 | 26.00 | 16.40 | 1.49 | 0.38 | 31 | 2.40 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-028 | 1.52 | 3.05 | 1.52 | 6/6/2022 | -- | -- | 0.0604 | 217 | 7.7 | 3.0 | 1.31 | 12.55 | 1.26 | 103 | 0.29 | 89.40 | 24.50 | 17.25 | 1.63 | 0.35 | 32 | 2.30 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-028 | 3.05 | 4.57 | 1.52 | 6/6/2022 | -- | -- | 0.0495 | 162 | 8.4 | 3.8 | 1.57 | 11.20 | 1.38 | 82 | 0.42 | 74.50 | 20.20 | 14.55 | 1.51 | 0.49 | 36 | 2.66 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-028 | 4.57 | 5.3 | 0.73 | 6/6/2022 | -- | -- | 0.0415 | 126 | 9.4 | 4.1 | 2.30 | 11.10 | 1.61 | 59 | 0.49 | 62.40 | 15.20 | 12.85 | 1.65 | 0.59 | 41 | 3.61 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-028 | 5.3 | 6.1 | 0.79 | 6/6/2022 | -- | -- | 0.0436 | 120 | 11.0 | 5.5 | 2.90 | 12.90 | 2.11 | 59 | 0.67 | 64.70 | 16.00 | 14.80 | 1.90 | 0.72 | 53 | 4.76 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-028 | 6.1 | 7.62 | 1.52 | 6/6/2022 | -- | -- | 0.0370 | 85 | 12.1 | 6.5 | 3.52 | 12.95 | 2.33 | 42 | 0.78 | 53.00 | 11.85 | 12.60 | 2.09 | 0.97 | 61 | 5.87 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-028 | 7.62 | 8.53 | 0.91 | 6/6/2022 | -- | -- | 0.0342 | 77 | 11.1 | 6.0 | 3.25 | 11.60 | 2.22 | 38 | 0.72 | 48.40 | 10.90 | 11.20 | 1.89 | 0.83 | 60 | 4.91 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-028 | -- | -- | -- | 6/6/2022 | Blank | -- | 0.0036 | 9 | 0.8 | 0.4 | 0.20 | 1.00 | 0.18 | 6 | 0.03 | 5.70 | 1.24 | 1.16 | 0.13 | 0.03 | 4 | 0.31 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-029 | 0 | 1.52 | 1.52 | 6/7/2022 | -- | -- | 0.0182 | 65 | 5.2 | 3.2 | 1.20 | 4.47 | 1.02 | 17 | 0.51 | 20.10 | 4.99 | 4.76 | 0.81 | 0.50 | 23 | 3.42 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-029 | 1.52 | 3.05 | 1.52 | 6/7/2022 | -- | -- | 0.0200 | 72 | 5.7 | 3.7 | 1.67 | 5.26 | 1.16 | 15 | 0.56 | 23.90 | 5.64 | 6.82 | 0.91 | 0.53 | 23 | 3.67 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-029 | 3.05 | 4.57 | 1.52 | 6/7/2022 | -- | -- | 0.0458 | 131 | 13.0 | 7.8 | 4.11 | 14.30 | 2.55 | 50 | 0.97 | 66.60 | 15.35 | 14.35 | 2.16 | 0.92 | 58 | 6.80 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-029 | 4.57 | 6.1 | 1.52 | 6/7/2022 | -- | -- | 0.0621 | 147 | 19.1 | 10.4 | 5.39 | 20.30 | 3.88 | 78 | 1.19 | 93.50 | 22.00 | 20.20 | 3.28 | 1.27 | 91 | 8.92 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-029 | 6.1 | 7.62 | 1.52 | 6/7/2022 | -- | -- | 0.0547 | 133 | 17.0 | 9.4 | 4.81 | 18.05 | 3.41 | 64 | 1.13 | 80.10 | 18.50 | 18.25 | 2.81 | 1.28 | 82 | 8.12 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-029 | 7.62 | 9.14 | 1.52 | 6/7/2022 | -- | -- | 0.0560 | 142 | 16.5 | 8.3 | 4.84 | 17.70 | 3.17 | 69 | 1.05 | 83.70 | 19.80 | 18.40 | 2.71 | 1.16 | 77 | 7.89 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-029 | 9.14 | 10.67 | 1.52 | 6/7/2022 | -- | -- | 0.0667 | 133 | 24.5 | 12.8 | 6.35 | 26.10 | 4.64 | 67 | 1.48 | 92.40 | 20.20 | 23.20 | 4.02 | 1.62 | 133 | 10.60 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-029 | 9.14 | 10.67 | 1.52 | 6/7/2022 | Duplicate | -- | 0.0721 | 144 | 24.4 | 13.4 | 6.40 | 26.40 | 4.69 | 81 | 1.47 | 102.50 | 22.50 | 25.40 | 4.14 | 1.64 | 139 | 10.00 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |

---

SLV0163 – Technical Report Summary Shiloh Project, Georgia 133 November 2025

------

---

| | |
|:---|:---|
| **Technical Report Summary** | ![img77526612_64.jpg](img77526612_64.jpg) |

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---

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  |  | **Method** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** |
|  |  |  |  |  |  |  | **Analyte** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** |
|  |  |  |  |  |  |  | **Units** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** |
|  |  |  |  |  |  |  | **Detection <br>Limit** | **0.1** | **0.05** | **0.03** | **0.02** | **0.05** | **0.01** | **0.1** | **0.01** | **0.1** | **0.02** | **0.03** | **0.01** | **0.01** | **0.1** | **0.03** | **3** | **0.3** | **0.2** | **0.2** | **0.3** | **0.05** | **3** | **0.05** | **0.5** | **0.2** | **0.2** | **0.05** | **0.05** | **3** | **0.2** |
|  |  |  |  |  |  |  | **Upper <br>Limit** | **10000** | **1000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **10000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **50000** | **5000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** | **50000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** |
| **Hole ID** | **From <br>(m)** | **To <br>(m)** | **Interval <br>(m)** | **Drill Date** | **Sample <br>Type** | **Sample Details** | **TREO <br>(%)** | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-029 | 10.67 | 12.19 | 1.52 | 6/7/2022 | -- | -- | 0.0471 | 118 | 15.8 | 8.6 | 4.20 | 15.95 | 3.10 | 47 | 1.07 | 64.50 | 14.35 | 15.60 | 2.52 | 1.09 | 79 | 7.18 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-030 | 0 | 1.52 | 1.52 | 6/7/2022 | -- | -- | 0.0356 | 129 | 5.3 | 2.6 | 1.35 | 7.71 | 0.95 | 53 | 0.32 | 53.90 | 14.00 | 10.00 | 1.09 | 0.33 | 22 | 2.23 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-030 | 1.52 | 3.05 | 1.52 | 6/7/2022 | -- | -- | 0.0178 | 50 | 4.8 | 3.1 | 0.82 | 3.99 | 1.02 | 25 | 0.37 | 21.10 | 5.76 | 4.56 | 0.71 | 0.43 | 26 | 3.06 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-030 | 3.05 | 4.57 | 1.52 | 6/7/2022 | -- | -- | 0.0225 | 69 | 5.0 | 2.2 | 0.76 | 5.36 | 0.89 | 37 | 0.28 | 30.20 | 8.20 | 6.27 | 0.83 | 0.31 | 23 | 1.80 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-030 | 4.57 | 6.1 | 1.52 | 6/7/2022 | -- | -- | 0.0409 | 107 | 12.0 | 6.1 | 1.45 | 11.10 | 2.25 | 57 | 0.71 | 49.40 | 13.70 | 11.40 | 1.88 | 0.82 | 66 | 4.94 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-030 | 6.1 | 7.62 | 1.52 | 6/7/2022 | -- | -- | 0.0386 | 124 | 8.0 | 4.0 | 1.11 | 8.79 | 1.48 | 60 | 0.50 | 49.60 | 13.65 | 11.45 | 1.30 | 0.55 | 40 | 3.42 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-030 | 7.62 | 9.14 | 1.52 | 6/7/2022 | -- | -- | 0.0242 | 67 | 7.4 | 4.3 | 2.50 | 7.52 | 1.50 | 23 | 0.60 | 32.40 | 7.20 | 7.98 | 1.23 | 0.62 | 38 | 3.64 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-030 | 9.14 | 10.67 | 1.52 | 6/7/2022 | -- | -- | 0.0317 | 75 | 10.9 | 6.0 | 3.24 | 10.95 | 2.16 | 33 | 0.72 | 45.20 | 9.91 | 10.80 | 1.73 | 0.80 | 52 | 4.92 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-030 | 10.67 | 11.28 | 0.61 | 6/7/2022 | -- | -- | 0.0269 | 65 | 8.8 | 4.9 | 2.71 | 8.97 | 1.66 | 28 | 0.56 | 38.10 | 8.29 | 9.65 | 1.48 | 0.60 | 44 | 4.11 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-031 | 0 | 1.52 | 1.52 | 6/7/2022 | -- | -- | 0.0314 | 88 | 8.9 | 5.0 | 1.13 | 7.02 | 1.82 | 38 | 0.59 | 37.40 | 9.46 | 7.87 | 1.22 | 0.65 | 53 | 4.35 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-031 | 1.52 | 3.05 | 1.52 | 6/7/2022 | -- | -- | 0.0759 | 261 | 12.1 | 6.3 | 1.07 | 14.75 | 2.34 | 113 | 0.73 | 111.00 | 28.60 | 21.60 | 2.12 | 0.91 | 63 | 5.55 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-031 | 3.05 | 4.57 | 1.52 | 6/7/2022 | -- | -- | 0.0217 | 70 | 4.3 | 2.1 | 0.82 | 4.28 | 0.77 | 35 | 0.25 | 28.00 | 7.57 | 5.58 | 0.72 | 0.28 | 23 | 1.67 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-031 | 4.57 | 6.1 | 1.52 | 6/7/2022 | -- | -- | 0.0334 | 110 | 5.6 | 2.4 | 1.04 | 6.38 | 0.98 | 58 | 0.30 | 47.00 | 12.65 | 9.05 | 0.94 | 0.36 | 27 | 2.19 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-031 | 6.1 | 7.32 | 1.22 | 6/7/2022 | -- | -- | 0.0799 | 279 | 13.0 | 6.0 | 1.20 | 16.30 | 2.33 | 123 | 0.69 | 113.00 | 30.60 | 21.80 | 2.37 | 0.79 | 64 | 4.67 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-032 | 0 | 1.52 | 1.52 | 6/7/2022 | -- | -- | 0.0319 | 119 | 4.4 | 1.7 | 0.78 | 5.41 | 0.72 | 54 | 0.21 | 43.10 | 11.80 | 8.06 | 0.78 | 0.25 | 19 | 1.63 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-032 | 1.52 | 3.05 | 1.52 | 6/7/2022 | -- | -- | 0.0267 | 90 | 4.7 | 2.0 | 0.88 | 4.97 | 0.77 | 47 | 0.24 | 35.20 | 9.87 | 6.74 | 0.79 | 0.28 | 22 | 1.86 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-032 | 3.05 | 4.57 | 1.52 | 6/7/2022 | -- | -- | 0.0329 | 115 | 4.4 | 2.1 | 0.78 | 5.36 | 0.85 | 59 | 0.27 | 42.50 | 12.10 | 8.37 | 0.83 | 0.31 | 25 | 1.76 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-032 | 4.57 | 5.18 | 0.61 | 6/7/2022 | -- | -- | 0.0235 | 86 | 2.7 | 1.0 | 0.63 | 4.19 | 0.45 | 44 | 0.12 | 31.80 | 8.85 | 6.19 | 0.54 | 0.16 | 13 | 0.91 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-032 | 4.57 | 5.18 | 0.61 | 6/7/2022 | Duplicate | -- | 0.0194 | 70 | 2.7 | 1.0 | 0.57 | 3.40 | 0.40 | 35 | 0.14 | 25.50 | 7.29 | 5.25 | 0.51 | 0.14 | 13 | 0.84 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-033 | 0 | 1.52 | 1.52 | 6/7/2022 | -- | -- | 0.0332 | 111 | 5.8 | 3.3 | 0.81 | 6.39 | 1.20 | 52 | 0.49 | 42.10 | 11.30 | 8.33 | 0.96 | 0.51 | 34 | 2.92 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-033 | 1.52 | 2.87 | 1.34 | 6/7/2022 | -- | -- | 0.0497 | 177 | 7.0 | 3.7 | 0.69 | 8.58 | 1.34 | 80 | 0.46 | 66.80 | 17.80 | 11.95 | 1.25 | 0.52 | 41 | 3.16 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-033 | 2.87 | 4.27 | 1.4 | 6/7/2022 | -- | -- | 0.0275 | 92 | 4.6 | 2.3 | 0.82 | 5.47 | 0.81 | 46 | 0.28 | 35.70 | 9.84 | 7.05 | 0.83 | 0.32 | 25 | 1.80 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-034 | 0 | 1.07 | 1.07 | 6/8/2022 | -- | -- | 0.0433 | 154 | 6.6 | 3.6 | 1.36 | 8.50 | 1.32 | 67 | 0.46 | 58.30 | 15.40 | 11.60 | 1.21 | 0.47 | 36 | 3.00 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-034 | 1.52 | 3.05 | 1.52 | 6/8/2022 | -- | -- | 0.0546 | 189 | 8.7 | 5.1 | 1.44 | 10.55 | 1.83 | 79 | 0.78 | 76.90 | 19.20 | 14.40 | 1.47 | 0.84 | 49 | 5.04 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-034 | 3.05 | 4.57 | 1.52 | 6/8/2022 | -- | -- | 0.0288 | 65 | 7.4 | 3.8 | 1.64 | 7.54 | 1.48 | 49 | 0.54 | 41.40 | 11.10 | 8.77 | 1.18 | 0.60 | 41 | 3.60 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-034 | 4.57 | 6.1 | 1.52 | 6/8/2022 | -- | -- | 0.0337 | 95 | 8.4 | 4.8 | 1.28 | 6.87 | 1.67 | 52 | 0.57 | 38.00 | 10.15 | 7.44 | 1.25 | 0.72 | 52 | 4.27 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-034 | 6.1 | 7.62 | 1.52 | 6/8/2022 | -- | -- | 0.0331 | 101 | 7.8 | 3.6 | 1.02 | 6.92 | 1.48 | 52 | 0.40 | 37.40 | 10.40 | 7.80 | 1.27 | 0.51 | 45 | 2.97 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-034 | 7.62 | 8.23 | 0.61 | 6/8/2022 | -- | -- | 0.0212 | 72 | 3.6 | 1.5 | 0.87 | 4.17 | 0.62 | 38 | 0.15 | 26.50 | 7.43 | 4.92 | 0.66 | 0.23 | 18 | 1.00 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-035 | 0 | 1.52 | 1.52 | 6/8/2022 | -- | -- | 0.0317 | 111 | 5.3 | 3.3 | 0.99 | 6.07 | 1.14 | 47 | 0.36 | 40.20 | 10.75 | 8.35 | 0.87 | 0.47 | 30 | 2.84 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-035 | 1.52 | 3.05 | 1.52 | 6/8/2022 | -- | -- | 0.0444 | 172 | 5.6 | 2.5 | 0.93 | 7.82 | 0.97 | 67 | 0.40 | 60.20 | 15.95 | 11.50 | 1.01 | 0.41 | 29 | 2.65 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-035 | 3.05 | 4.57 | 1.52 | 6/8/2022 | -- | -- | 0.0334 | 114 | 4.6 | 2.5 | 1.07 | 5.92 | 0.89 | 56 | 0.37 | 47.70 | 12.55 | 8.75 | 0.88 | 0.41 | 25 | 2.55 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-035 | 4.57 | 6.1 | 1.52 | 6/8/2022 | -- | -- | 0.0450 | 155 | 6.6 | 3.3 | 1.21 | 8.67 | 1.16 | 71 | 0.39 | 65.80 | 17.60 | 13.65 | 1.20 | 0.49 | 34 | 2.91 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-035 | 6.1 | 6.58 | 0.49 | 6/8/2022 | -- | -- | 0.0168 | 56 | 2.6 | 1.5 | 0.86 | 3.11 | 0.51 | 30 | 0.24 | 21.20 | 6.08 | 4.15 | 0.42 | 0.24 | 15 | 1.60 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |

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SLV0163 – Technical Report Summary Shiloh Project, Georgia 134 November 2025

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| **Technical Report Summary** | ![img77526612_64.jpg](img77526612_64.jpg) |

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|  |  |  |  |  |  |  | **Method** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** |
|  |  |  |  |  |  |  | **Analyte** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** |
|  |  |  |  |  |  |  | **Units** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** |
|  |  |  |  |  |  |  | **Detection <br>Limit** | **0.1** | **0.05** | **0.03** | **0.02** | **0.05** | **0.01** | **0.1** | **0.01** | **0.1** | **0.02** | **0.03** | **0.01** | **0.01** | **0.1** | **0.03** | **3** | **0.3** | **0.2** | **0.2** | **0.3** | **0.05** | **3** | **0.05** | **0.5** | **0.2** | **0.2** | **0.05** | **0.05** | **3** | **0.2** |
|  |  |  |  |  |  |  | **Upper <br>Limit** | **10000** | **1000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **10000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **50000** | **5000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** | **50000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** |
| **Hole ID** | **From <br>(m)** | **To <br>(m)** | **Interval <br>(m)** | **Drill Date** | **Sample <br>Type** | **Sample Details** | **TREO <br>(%)** | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-036 | 0 | 1.52 | 1.52 | 6/8/2022 | -- | -- | 0.0320 | 120 | 6.6 | 3.6 | 1.75 | 7.24 | 1.29 | 37 | 0.54 | 40.10 | 9.67 | 9.72 | 1.10 | 0.52 | 30 | 3.77 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-036 | 1.52 | 2.44 | 0.91 | 6/8/2022 | -- | -- | 0.0207 | 72 | 4.0 | 2.7 | 1.55 | 4.78 | 0.87 | 23 | 0.37 | 27.80 | 6.34 | 6.74 | 0.69 | 0.43 | 22 | 2.50 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-036 | 2.44 | 3.05 | 0.61 | 6/8/2022 | -- | -- | 0.0183 | 54 | 3.3 | 2.3 | 1.08 | 3.60 | 0.76 | 29 | 0.29 | 24.70 | 6.57 | 5.32 | 0.54 | 0.38 | 21 | 2.16 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-036 | 3.05 | 4.27 | 1.22 | 6/8/2022 | -- | -- | 0.0125 | 35 | 2.5 | 1.6 | 0.87 | 2.78 | 0.53 | 21 | 0.24 | 16.30 | 4.60 | 3.59 | 0.43 | 0.25 | 15 | 1.52 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-036 | 3.05 | 4.27 | 1.22 | 6/8/2022 | Duplicate | -- | 0.0119 | 33 | 2.2 | 1.3 | 0.90 | 2.53 | 0.42 | 21 | 0.17 | 16.20 | 4.35 | 3.75 | 0.39 | 0.19 | 13 | 1.24 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-037 | 0 | 1.52 | 1.52 | 6/9/2022 |  |  | 0.0246 | 103 | 5.1 | 3.1 | 1.42 | 5.05 | 1.03 | 23 | 0.49 | 27.20 | 6.43 | 6.78 | 0.82 | 0.48 | 21 | 3.26 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-037 | 1.52 | 3.05 | 1.52 | 6/9/2022 | -- | -- | 0.0459 | 168 | 10.1 | 5.8 | 3.75 | 11.85 | 2.13 | 46 | 0.92 | 62.30 | 14.30 | 14.85 | 1.73 | 0.91 | 41 | 6.01 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-037 | 3.05 | 4.57 | 1.52 | 6/9/2022 | -- | -- | 0.0710 | 158 | 19.6 | 10.3 | 6.40 | 22.70 | 3.89 | 98 | 1.49 | 115.00 | 26.30 | 26.30 | 3.32 | 1.52 | 98 | 9.37 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-037 | 4.57 | 6.1 | 1.52 | 6/9/2022 | -- | -- | 0.0301 | 84 | 9.0 | 4.9 | 2.56 | 9.67 | 1.89 | 28 | 0.66 | 36.70 | 8.14 | 9.44 | 1.53 | 0.76 | 52 | 4.72 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-037 | 6.1 | 8.23 | 2.13 | 6/9/2022 | -- | -- | 0.0484 | 85 | 15.0 | 8.7 | 4.70 | 17.20 | 3.18 | 57 | 1.04 | 70.30 | 15.30 | 16.30 | 2.54 | 1.26 | 102 | 6.92 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-037 | 8.23 | 9.75 | 1.52 | 6/9/2022 | -- | -- | 0.0267 | 79 | 5.2 | 2.8 | 1.47 | 6.12 | 0.99 | 43 | 0.33 | 36.70 | 9.57 | 7.50 | 0.88 | 0.40 | 30 | 2.18 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-038 | 0 | 1.52 | 1.52 | 6/9/2022 | -- | -- | 0.0246 | 99 | 5.2 | 3.0 | 1.68 | 5.12 | 1.03 | 25 | 0.56 | 30.50 | 7.55 | 7.22 | 0.90 | 0.46 | 18 | 3.79 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-038 | 1.52 | 3.05 | 1.52 | 6/9/2022 | -- | -- | 0.0380 | 119 | 10.2 | 5.6 | 3.51 | 11.30 | 1.84 | 37 | 0.80 | 57.80 | 13.10 | 13.80 | 1.76 | 0.80 | 41 | 5.65 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-038 | 3.05 | 4.57 | 1.52 | 6/9/2022 | -- | -- | 0.0574 | 114 | 18.8 | 10.6 | 5.55 | 20.70 | 3.64 | 64 | 1.24 | 88.00 | 20.90 | 20.90 | 3.20 | 1.40 | 102 | 9.33 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-038 | 4.57 | 6.1 | 1.52 | 6/9/2022 | -- | -- | 0.0536 | 112 | 17.2 | 9.8 | 5.44 | 19.30 | 3.25 | 54 | 1.23 | 79.50 | 17.45 | 19.00 | 2.95 | 1.18 | 101 | 8.09 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-038 | 6.1 | 7.01 | 0.91 | 6/9/2022 | -- | -- | 0.0434 | 99 | 13.8 | 7.1 | 4.03 | 15.15 | 2.54 | 45 | 0.94 | 65.70 | 14.55 | 15.75 | 2.37 | 1.05 | 73 | 6.49 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-038 | -- | -- | -- | 6/9/2022 | Blank | -- | 0.0038 | 9 | 0.9 | 0.5 | 0.27 | 1.25 | 0.19 | 5 | 0.05 | 5.90 | 1.47 | 1.43 | 0.17 | 0.04 | 5 | 0.40 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-039 | 0 | 1.52 | 1.52 | 6/9/2022 | -- | -- | 0.0348 | 120 | 6.5 | 3.3 | 1.48 | 7.64 | 1.16 | 45 | 0.44 | 51.60 | 12.95 | 10.10 | 1.21 | 0.46 | 30 | 3.27 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-039 | 1.52 | 3.05 | 1.52 | 6/9/2022 | -- | -- | 0.0268 | 106 | 5.4 | 3.2 | 1.71 | 6.23 | 1.00 | 24 | 0.45 | 37.20 | 8.51 | 7.95 | 0.95 | 0.46 | 22 | 3.26 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-039 | 3.05 | 4.57 | 1.52 | 6/9/2022 | -- | -- | 0.0410 | 133 | 10.3 | 5.9 | 3.66 | 12.10 | 1.84 | 39 | 0.80 | 62.70 | 13.70 | 13.80 | 1.81 | 0.78 | 44 | 5.55 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-039 | 4.57 | 6.1 | 1.52 | 6/9/2022 | -- | -- | 0.0356 | 79 | 11.4 | 5.9 | 3.79 | 13.10 | 2.00 | 38 | 0.83 | 56.50 | 12.85 | 13.55 | 1.92 | 0.84 | 55 | 5.88 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-039 | 6.1 | 7.62 | 1.52 | 6/9/2022 | -- | -- | 0.0220 | 48 | 7.9 | 4.6 | 2.65 | 7.97 | 1.47 | 21 | 0.57 | 32.10 | 7.33 | 8.19 | 1.27 | 0.58 | 38 | 3.98 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-039 | 7.62 | 8.63 | 1.01 | 6/9/2022 | -- | -- | 0.0345 | 72 | 10.9 | 6.0 | 3.32 | 11.70 | 2.07 | 38 | 0.80 | 52.10 | 11.90 | 11.50 | 1.86 | 0.85 | 62 | 5.03 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-040 | 0 | 1.52 | 1.52 | 6/9/2022 | -- | -- | 0.0555 | 195 | 8.2 | 3.2 | 1.29 | 11.70 | 1.20 | 86 | 0.35 | 84.80 | 23.30 | 16.75 | 1.69 | 0.41 | 35 | 2.69 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-040 | 0 | 1.52 | 1.52 | 6/9/2022 | Duplicate | -- | 0.0610 | 215 | 8.5 | 3.2 | 1.36 | 12.95 | 1.25 | 97 | 0.36 | 93.60 | 25.70 | 18.30 | 1.83 | 0.46 | 37 | 2.68 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-040 | 1.52 | 3.05 | 1.52 | 6/9/2022 | -- | -- | 0.0949 | 317 | 11.8 | 4.6 | 2.10 | 20.10 | 1.75 | 159 | 0.48 | 159.00 | 43.70 | 30.50 | 2.57 | 0.58 | 51 | 3.91 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-040 | 3.05 | 4.57 | 1.52 | 6/9/2022 | -- | -- | 0.0646 | 207 | 9.7 | 4.2 | 1.81 | 14.40 | 1.50 | 110 | 0.44 | 102.00 | 28.60 | 20.20 | 1.89 | 0.49 | 44 | 3.30 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-040 | 4.57 | 5.18 | 0.61 | 6/9/2022 | -- | -- | 0.0568 | 190 | 8.1 | 3.5 | 0.99 | 11.85 | 1.32 | 94 | 0.34 | 86.70 | 24.40 | 16.65 | 1.70 | 0.44 | 40 | 2.75 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-041 | 0.3 | 1.52 | 1.22 | 6/9/2022 | -- | -- | 0.0492 | 183 | 5.1 | 2.2 | 1.07 | 9.34 | 0.81 | 80 | 0.22 | 76.10 | 20.50 | 13.75 | 1.12 | 0.27 | 24 | 1.62 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-041 | 1.52 | 3.05 | 1.52 | 6/9/2022 | -- | -- | 0.0640 | 213 | 7.4 | 2.6 | 1.44 | 13.35 | 1.12 | 114 | 0.25 | 105.50 | 29.50 | 20.70 | 1.76 | 0.31 | 32 | 1.81 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-041 | 3.05 | 3.66 | 0.61 | 6/9/2022 | -- | -- | 0.0533 | 151 | 10.5 | 4.6 | 1.98 | 13.70 | 1.72 | 87 | 0.50 | 81.90 | 22.70 | 17.45 | 2.10 | 0.60 | 53 | 3.87 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-042 | 0 | 1.52 | 1.52 | 7/10/2022 | -- | -- | 0.0458 | 164 | 9.2 | 4.3 | 0.94 | 9.71 | 1.70 | 62 | 0.48 | 56.00 | 15.00 | 11.75 | 1.59 | 0.57 | 48 | 3.44 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-042 | 1.52 | 3.05 | 1.52 | 7/10/2022 | -- | -- | 0.0341 | 100 | 9.5 | 4.7 | 1.96 | 9.57 | 1.77 | 39 | 0.67 | 47.30 | 11.50 | 9.96 | 1.46 | 0.72 | 45 | 4.37 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |

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SLV0163 – Technical Report Summary Shiloh Project, Georgia 135 November 2025

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| | |
|:---|:---|
| **Technical Report Summary** | ![img77526612_64.jpg](img77526612_64.jpg) |

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|  |  |  |  |  |  |  | **Method** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** |
|  |  |  |  |  |  |  | **Analyte** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** |
|  |  |  |  |  |  |  | **Units** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** |
|  |  |  |  |  |  |  | **Detection <br>Limit** | **0.1** | **0.05** | **0.03** | **0.02** | **0.05** | **0.01** | **0.1** | **0.01** | **0.1** | **0.02** | **0.03** | **0.01** | **0.01** | **0.1** | **0.03** | **3** | **0.3** | **0.2** | **0.2** | **0.3** | **0.05** | **3** | **0.05** | **0.5** | **0.2** | **0.2** | **0.05** | **0.05** | **3** | **0.2** |
|  |  |  |  |  |  |  | **Upper <br>Limit** | **10000** | **1000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **10000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **50000** | **5000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** | **50000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** |
| **Hole ID** | **From <br>(m)** | **To <br>(m)** | **Interval <br>(m)** | **Drill Date** | **Sample <br>Type** | **Sample Details** | **TREO <br>(%)** | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-042 | 3.05 | 4.57 | 1.52 | 7/10/2022 | -- | -- | 0.0454 | 138 | 9.5 | 3.9 | 1.66 | 12.40 | 1.61 | 70 | 0.44 | 64.10 | 17.55 | 13.30 | 1.83 | 0.49 | 47 | 2.91 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-042 | 4.57 | 5.49 | 0.91 | 7/10/2022 | -- | -- | 0.0425 | 119 | 11.0 | 4.6 | 1.41 | 11.55 | 1.93 | 61 | 0.36 | 52.00 | 14.45 | 11.35 | 1.94 | 0.52 | 65 | 2.78 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-043 | 0 | 1.52 | 1.52 | 7/11/2022 | -- | -- | 0.0625 | 223 | 10.7 | 3.7 | 1.05 | 13.10 | 1.53 | 94 | 0.42 | 91.80 | 23.30 | 17.80 | 1.76 | 0.46 | 45 | 3.21 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-043 | 1.52 | 2.13 | 0.61 | 7/11/2022 | -- | -- | 0.0548 | 193 | 10.6 | 5.0 | 0.72 | 10.80 | 1.73 | 73 | 0.37 | 72.40 | 19.30 | 14.40 | 1.73 | 0.61 | 57 | 3.48 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-043 | 2.13 | 3.05 | 0.91 | 7/11/2022 | -- | -- | 0.0560 | 203 | 8.5 | 3.5 | 1.35 | 11.65 | 1.39 | 86 | 0.30 | 82.40 | 21.90 | 15.10 | 1.52 | 0.34 | 38 | 1.91 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-043 | 3.05 | 4.57 | 1.52 | 7/11/2022 | -- | -- | 0.1114 | 255 | 24.1 | 11.7 | 4.15 | 31.80 | 4.09 | 182 | 1.30 | 203.00 | 49.90 | 39.20 | 4.02 | 1.58 | 123 | 9.81 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-043 | 4.57 | 6.1 | 1.52 | 7/11/2022 | -- | -- | 0.0643 | 146 | 18.0 | 9.0 | 1.99 | 19.55 | 3.05 | 96 | 0.92 | 92.00 | 23.30 | 19.60 | 3.01 | 1.15 | 103 | 6.79 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-043 | 6.1 | 7.62 | 1.52 | 7/11/2022 | -- | -- | 0.0440 | 114 | 15.2 | 7.0 | 1.05 | 12.05 | 2.50 | 54 | 0.66 | 52.30 | 13.85 | 10.70 | 2.20 | 0.88 | 79 | 5.24 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-043 | 7.62 | 8.69 | 1.07 | 7/11/2022 | -- | -- | 0.0635 | 200 | 14.3 | 5.6 | 1.11 | 16.90 | 2.10 | 92 | 0.45 | 88.00 | 23.10 | 18.50 | 2.56 | 0.67 | 69 | 3.37 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-044 | 0 | 1.52 | 1.52 | 7/11/2022 | -- | -- | 0.0298 | 115 | 6.7 | 2.9 | 0.50 | 6.03 | 1.12 | 34 | 0.25 | 32.90 | 8.35 | 6.46 | 0.98 | 0.32 | 35 | 2.08 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-044 | 1.52 | 3.05 | 1.52 | 7/11/2022 | -- | -- | 0.0502 | 192 | 6.8 | 2.9 | 0.74 | 9.40 | 1.09 | 77 | 0.24 | 70.50 | 18.65 | 13.55 | 1.36 | 0.30 | 31 | 2.11 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-044 | 1.52 | 3.05 | 1.52 | 7/11/2022 | -- | -- | 0.0519 | 200 | 7.3 | 2.5 | 0.79 | 10.35 | 1.05 | 80 | 0.23 | 72.50 | 19.30 | 13.70 | 1.24 | 0.33 | 30 | 2.27 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-044 | 3.05 | 4.57 | 1.52 | 7/11/2022 | -- | -- | 0.0603 | 193 | 7.3 | 2.8 | 1.27 | 11.90 | 0.96 | 116 | 0.27 | 102.50 | 28.30 | 17.65 | 1.38 | 0.32 | 29 | 2.00 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-044 | 4.57 | 6.1 | 1.52 | 7/11/2022 | -- | -- | 0.0677 | 126 | 18.7 | 8.5 | 3.33 | 22.70 | 3.12 | 109 | 1.00 | 120.50 | 29.60 | 25.70 | 3.05 | 1.12 | 93 | 7.50 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-044 | 6.1 | 7.62 | 1.52 | 7/11/2022 | -- | -- | 0.0603 | 151 | 18.6 | 7.5 | 1.70 | 18.85 | 2.87 | 84 | 0.68 | 80.00 | 22.20 | 19.20 | 2.99 | 0.93 | 94 | 5.40 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-044 | 7.62 | 9.14 | 1.52 | 7/11/2022 | -- | -- | 0.0476 | 128 | 13.7 | 6.5 | 1.03 | 12.45 | 2.41 | 64 | 0.61 | 58.40 | 16.10 | 14.40 | 2.36 | 0.82 | 76 | 4.78 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-044 | 9.14 | 10.06 | 0.91 | 7/11/2022 | -- | -- | 0.0457 | 112 | 14.0 | 7.3 | 2.62 | 14.25 | 2.75 | 52 | 0.84 | 61.70 | 15.60 | 15.40 | 2.29 | 1.02 | 77 | 5.89 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-045 | 0.91 | 1.52 | 0.61 | 7/11/2022 | -- | -- | 0.0349 | 127 | 6.9 | 4.0 | 0.78 | 6.47 | 1.34 | 45 | 0.32 | 40.30 | 11.65 | 8.28 | 1.06 | 0.49 | 40 | 2.71 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-045 | 1.52 | 3.05 | 1.52 | 7/11/2022 | -- | -- | 0.1012 | 145 | 20.9 | 10.2 | 4.79 | 30.60 | 3.55 | 197 | 1.14 | 222.00 | 59.30 | 47.60 | 3.92 | 1.30 | 103 | 8.67 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-045 | 3.05 | 4.57 | 1.52 | 7/11/2022 | -- | -- | 0.0839 | 205 | 18.3 | 7.3 | 2.82 | 22.10 | 2.80 | 148 | 0.85 | 139.00 | 38.10 | 30.40 | 3.16 | 0.98 | 87 | 5.92 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-045 | 4.57 | 6.1 | 1.52 | 7/11/2022 | -- | -- | 0.0599 | 167 | 10.3 | 4.4 | 1.88 | 15.40 | 1.77 | 106 | 0.46 | 98.20 | 27.10 | 20.50 | 2.03 | 0.54 | 50 | 3.43 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-045 | 6.1 | 7.62 | 1.52 | 7/11/2022 | -- | -- | 0.0392 | 93 | 11.0 | 5.4 | 2.68 | 13.25 | 2.01 | 45 | 0.62 | 62.50 | 15.15 | 15.85 | 1.91 | 0.70 | 57 | 4.97 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-045 | 7.62 | 9.14 | 1.52 | 7/11/2022 | -- | -- | 0.0355 | 87 | 10.5 | 5.7 | 3.32 | 11.60 | 2.01 | 39 | 0.78 | 50.80 | 12.30 | 12.50 | 1.76 | 0.76 | 57 | 5.08 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-045 | 9.14 | 10.67 | 1.52 | 7/11/2022 | -- | -- | 0.0313 | 72 | 10.0 | 5.6 | 2.85 | 10.10 | 1.88 | 34 | 0.69 | 43.00 | 10.60 | 10.25 | 1.64 | 0.72 | 56 | 4.82 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-045 | 10.67 | 11.58 | 0.91 | 7/11/2022 | -- | -- | 0.0278 | 61 | 9.5 | 5.7 | 2.38 | 9.34 | 1.84 | 31 | 0.70 | 37.30 | 8.38 | 9.22 | 1.49 | 0.68 | 51 | 4.61 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-045 | -- | -- | -- | 7/11/2022 | Standard | Oreas 460 | 0.5363 | 1825 | 20.4 | 6.3 | 22.40 | 50.20 | 2.95 | 1405 | 0.52 | 807.00 | 248.00 | 113.50 | 5.01 | 0.79 | 67 | 4.03 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-046 | 0 | 1.52 | 1.52 | 7/11/2022 | -- | -- | 0.0387 | 156 | 5.5 | 2.2 | 0.72 | 7.02 | 0.90 | 53 | 0.26 | 48.10 | 13.40 | 10.20 | 1.07 | 0.29 | 28 | 1.64 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-046 | 1.52 | 3.05 | 1.52 | 7/11/2022 | -- | -- | 0.0716 | 257 | 10.3 | 4.6 | 1.69 | 13.40 | 1.66 | 102 | 0.55 | 109.00 | 29.10 | 20.90 | 1.80 | 0.63 | 52 | 4.08 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-046 | 3.05 | 4.57 | 1.52 | 7/11/2022 | -- | -- | 0.0701 | 199 | 11.8 | 4.9 | 2.13 | 16.65 | 1.78 | 124 | 0.51 | 118.50 | 32.50 | 24.70 | 2.28 | 0.64 | 53 | 4.12 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-046 | 4.57 | 6.1 | 1.52 | 7/11/2022 | -- | -- | 0.0849 | 136 | 30.7 | 14.8 | 4.87 | 32.40 | 5.37 | 110 | 1.71 | 129.00 | 32.60 | 31.80 | 5.26 | 2.06 | 165 | 13.05 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-046 | 6.1 | 7.62 | 1.52 | 7/11/2022 | -- | -- | 0.0362 | 86 | 11.2 | 6.6 | 3.44 | 13.70 | 2.15 | 38 | 0.83 | 51.80 | 11.55 | 11.35 | 1.84 | 0.79 | 61 | 5.20 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-046 | 6.1 | 7.62 | 1.52 | 7/11/2022 | -- | -- | 0.0358 | 92 | 10.6 | 5.6 | 3.20 | 11.65 | 2.09 | 38 | 0.77 | 52.30 | 11.45 | 11.20 | 1.79 | 0.81 | 56 | 5.04 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-046 | 7.62 | 8.69 | 1.07 | 7/11/2022 | -- | -- | 0.0304 | 68 | 9.9 | 5.3 | 2.71 | 10.10 | 1.91 | 32 | 0.73 | 42.90 | 10.10 | 10.20 | 1.55 | 0.75 | 55 | 5.03 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |

---

SLV0163 – Technical Report Summary Shiloh Project, Georgia 136 November 2025

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---

| | |
|:---|:---|
| **Technical Report Summary** | ![img77526612_64.jpg](img77526612_64.jpg) |

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---

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  |  | **Method** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** |
|  |  |  |  |  |  |  | **Analyte** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** |
|  |  |  |  |  |  |  | **Units** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** |
|  |  |  |  |  |  |  | **Detection <br>Limit** | **0.1** | **0.05** | **0.03** | **0.02** | **0.05** | **0.01** | **0.1** | **0.01** | **0.1** | **0.02** | **0.03** | **0.01** | **0.01** | **0.1** | **0.03** | **3** | **0.3** | **0.2** | **0.2** | **0.3** | **0.05** | **3** | **0.05** | **0.5** | **0.2** | **0.2** | **0.05** | **0.05** | **3** | **0.2** |
|  |  |  |  |  |  |  | **Upper <br>Limit** | **10000** | **1000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **10000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **50000** | **5000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** | **50000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** |
| **Hole ID** | **From <br>(m)** | **To <br>(m)** | **Interval <br>(m)** | **Drill Date** | **Sample <br>Type** | **Sample Details** | **TREO <br>(%)** | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-047 | 0 | 1.52 | 1.52 | 7/11/2022 | -- | -- | 0.0353 | 128 | 6.3 | 3.3 | 1.97 | 8.85 | 1.23 | 39 | 0.54 | 53.10 | 12.30 | 11.80 | 1.21 | 0.49 | 28 | 3.40 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-047 | 1.52 | 2.29 | 0.76 | 7/11/2022 | -- | -- | 0.0707 | 117 | 17.4 | 9.0 | 5.51 | 19.45 | 2.96 | 136 | 1.16 | 134.50 | 37.70 | 30.30 | 2.99 | 1.27 | 77 | 8.37 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-048 | 0 | 1.68 | 1.68 | 7/13/2022 | -- | -- | 0.0456 | 167 | 6.1 | 2.4 | 0.58 | 8.95 | 1.02 | 71 | 0.25 | 67.50 | 18.60 | 13.70 | 1.26 | 0.35 | 28 | 2.07 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-048 | 1.68 | 3.05 | 1.37 | 7/13/2022 | -- | -- | 0.0729 | 210 | 11.5 | 4.7 | 1.76 | 15.25 | 1.89 | 127 | 0.46 | 126.50 | 35.10 | 24.80 | 2.21 | 0.62 | 54 | 3.50 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-048 | 3.05 | 4.57 | 1.52 | 7/13/2022 | -- | -- | 0.0716 | 190 | 15.2 | 7.5 | 1.69 | 18.10 | 2.59 | 117 | 0.88 | 106.50 | 29.60 | 24.20 | 2.74 | 0.99 | 83 | 6.31 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-048 | 4.57 | 6.1 | 1.52 | 7/13/2022 | -- | -- | 0.0551 | 180 | 8.3 | 3.7 | 1.15 | 11.45 | 1.37 | 95 | 0.40 | 79.60 | 23.20 | 16.10 | 1.59 | 0.44 | 43 | 2.83 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-048 | 6.1 | 7.62 | 1.52 | 7/13/2022 | -- | -- | 0.0519 | 175 | 6.6 | 2.3 | 1.06 | 10.80 | 1.02 | 94 | 0.25 | 76.60 | 22.40 | 15.85 | 1.38 | 0.33 | 32 | 2.10 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-048 | 7.62 | 8.38 | 0.76 | 7/13/2022 | -- | -- | 0.0492 | 175 | 6.1 | 2.3 | 0.98 | 9.55 | 0.86 | 87 | 0.24 | 73.10 | 21.20 | 14.10 | 1.17 | 0.25 | 26 | 1.71 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-049 | 0 | 1.22 | 1.22 | 7/13/2022 | -- | -- | 0.0574 | 201 | 8.3 | 3.5 | 0.64 | 11.70 | 1.39 | 93 | 0.38 | 84.30 | 23.60 | 16.50 | 1.57 | 0.47 | 40 | 2.70 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-049 | 1.22 | 3.05 | 1.83 | 7/13/2022 | -- | -- | 0.0636 | 180 | 11.0 | 4.8 | 2.05 | 16.60 | 1.79 | 109 | 0.54 | 106.50 | 29.10 | 23.20 | 2.16 | 0.63 | 49 | 3.91 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-049 | 3.05 | 4.57 | 1.52 | 7/13/2022 | -- | -- | 0.0687 | 196 | 14.0 | 7.3 | 1.94 | 16.40 | 2.38 | 111 | 0.68 | 97.20 | 27.70 | 20.20 | 2.54 | 0.83 | 78 | 5.48 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-049 | 4.57 | 6.1 | 1.52 | 7/13/2022 | -- | -- | 0.0455 | 160 | 6.1 | 2.6 | 1.01 | 8.33 | 0.87 | 78 | 0.29 | 66.30 | 19.25 | 13.70 | 1.17 | 0.34 | 28 | 1.72 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-049 | 6.1 | 7.01 | 0.91 | 7/13/2022 | -- | -- | 0.0515 | 182 | 6.9 | 2.7 | 1.16 | 9.90 | 0.89 | 90 | 0.27 | 75.30 | 21.80 | 15.40 | 1.29 | 0.34 | 29 | 2.04 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-050 | 0 | 1.52 | 1.52 | 7/13/2022 | -- | -- | 0.0532 | 193 | 6.7 | 2.3 | 1.05 | 9.88 | 1.05 | 89 | 0.23 | 80.80 | 22.30 | 16.05 | 1.29 | 0.29 | 28 | 1.95 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-050 | 1.52 | 3.05 | 1.52 | 7/13/2022 | -- | -- | 0.0821 | 218 | 12.7 | 6.0 | 3.58 | 18.90 | 2.23 | 134 | 0.71 | 163.50 | 39.60 | 31.30 | 2.29 | 0.91 | 60 | 5.18 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-050 | 3.05 | 4.57 | 1.52 | 7/13/2022 | -- | -- | 0.0489 | 72 | 12.7 | 6.4 | 3.17 | 18.15 | 2.39 | 77 | 0.76 | 99.60 | 23.80 | 22.20 | 2.40 | 0.95 | 65 | 5.70 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-050 | 4.57 | 6.1 | 1.52 | 7/13/2022 | -- | -- | 0.0477 | 83 | 17.0 | 9.0 | 3.46 | 19.30 | 3.33 | 61 | 0.96 | 69.60 | 16.25 | 17.05 | 2.98 | 1.24 | 90 | 7.34 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-050 | 4.57 | 6.1 | 1.52 | 7/13/2022 | -- | -- | 0.0383 | 65 | 13.7 | 7.5 | 2.68 | 15.80 | 2.77 | 50 | 0.92 | 53.50 | 13.05 | 13.95 | 2.45 | 1.02 | 74 | 6.54 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-050 | 6.1 | 7.16 | 1.07 | 7/13/2022 | -- | -- | 0.0256 | 60 | 8.3 | 4.5 | 2.62 | 8.89 | 1.74 | 26 | 0.57 | 37.20 | 7.98 | 9.32 | 1.38 | 0.64 | 42 | 4.30 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-051 | 0 | 0.91 | 0.91 | 7/13/2022 | -- | -- | 0.0348 | 103 | 7.6 | 4.2 | 1.32 | 9.01 | 1.50 | 53 | 0.49 | 48.20 | 12.65 | 9.71 | 1.30 | 0.54 | 39 | 3.79 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-052 | 0 | 0.91 | 0.91 | 7/13/2022 | -- | -- | 0.0361 | 117 | 6.7 | 3.3 | 1.21 | 8.55 | 1.16 | 59 | 0.33 | 51.10 | 13.15 | 9.96 | 1.18 | 0.43 | 31 | 2.60 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-053 | 0 | 0.76 | 0.76 | 7/13/2022 | -- | -- | 0.0258 | 86 | 3.6 | 1.8 | 0.72 | 6.14 | 0.63 | 44 | 0.17 | 38.30 | 10.35 | 7.75 | 0.76 | 0.19 | 18 | 1.24 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-054 | 0 | 1.52 | 1.52 | 7/14/2022 | -- | -- | 0.0505 | 178 | 7.1 | 3.7 | 1.16 | 10.25 | 1.36 | 83 | 0.43 | 71.60 | 19.50 | 13.35 | 1.48 | 0.51 | 35 | 3.05 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-054 | 1.52 | 2.74 | 1.22 | 7/14/2022 | -- | -- | 0.0505 | 119 | 9.8 | 5.6 | 3.22 | 15.20 | 1.94 | 73 | 0.68 | 99.00 | 23.40 | 21.30 | 1.90 | 0.84 | 49 | 5.18 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-054 | 2.74 | 3.35 | 0.61 | 7/14/2022 | -- | -- | 0.0488 | 151 | 8.1 | 3.5 | 1.65 | 12.00 | 1.36 | 84 | 0.37 | 76.10 | 20.10 | 15.50 | 1.56 | 0.49 | 36 | 2.91 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-055 | 0 | 1.52 | 1.52 | 7/14/2022 | -- | -- | 0.0458 | 157 | 7.5 | 3.5 | 1.24 | 10.50 | 1.33 | 72 | 0.42 | 65.90 | 17.50 | 13.95 | 1.48 | 0.47 | 34 | 3.17 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-055 | 1.52 | 3.05 | 1.52 | 7/14/2022 | -- | -- | 0.0539 | 179 | 8.8 | 3.5 | 1.83 | 13.80 | 1.41 | 86 | 0.37 | 83.70 | 21.90 | 17.40 | 1.74 | 0.42 | 36 | 2.74 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-055 | 3.05 | 4.57 | 1.52 | 7/14/2022 | -- | -- | 0.0516 | 138 | 12.2 | 6.5 | 2.83 | 15.20 | 2.37 | 76 | 0.79 | 79.30 | 19.85 | 17.45 | 2.16 | 0.86 | 58 | 6.07 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-055 | 4.57 | 5.64 | 1.07 | 7/14/2022 | -- | -- | 0.0444 | 128 | 8.4 | 3.8 | 1.77 | 12.00 | 1.60 | 75 | 0.50 | 69.70 | 17.80 | 14.30 | 1.66 | 0.55 | 39 | 3.48 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-055 | -- | -- | -- | 7/14/2022 | Standard | -- | 2.0220 | 6320 | 69.5 | 16.7 | 122.00 | 252.00 | 9.24 | 5170 | 0.68 | 3730.00 | >1000 | 546.00 | 20.00 | 1.55 | 185 | 6.90 | 6400 | 69 | 15 | 111 | 231 | 8 | 4960 | 1 | 3710 | 1050 | 512 | 19 | 1 | 176 | 7 |
| 22-DDT-056 | 1.22 | 3.05 | 1.83 | 7/14/2022 | -- | -- | 0.0556 | 175 | 7.9 | 2.7 | 1.35 | 13.35 | 1.22 | 102 | 0.27 | 92.90 | 25.40 | 18.25 | 1.61 | 0.36 | 29 | 2.07 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-056 | 3.05 | 3.96 | 0.91 | 7/14/2022 | -- | -- | 0.0442 | 91 | 9.1 | 4.3 | 1.91 | 13.30 | 1.65 | 83 | 0.43 | 83.20 | 21.00 | 16.50 | 1.80 | 0.57 | 44 | 3.38 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-056 | 3.96 | 4.57 | 0.61 | 7/14/2022 | -- | -- | 0.0823 | 168 | 17.2 | 8.0 | 2.85 | 25.30 | 3.10 | 153 | 0.82 | 155.00 | 38.40 | 31.00 | 3.16 | 1.06 | 85 | 6.57 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |

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SLV0163 – Technical Report Summary Shiloh Project, Georgia 137 November 2025

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| **Technical Report Summary** | ![img77526612_64.jpg](img77526612_64.jpg) |

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|  |  |  |  |  |  |  | **Method** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** |
|  |  |  |  |  |  |  | **Analyte** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** |
|  |  |  |  |  |  |  | **Units** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** |
|  |  |  |  |  |  |  | **Detection <br>Limit** | **0.1** | **0.05** | **0.03** | **0.02** | **0.05** | **0.01** | **0.1** | **0.01** | **0.1** | **0.02** | **0.03** | **0.01** | **0.01** | **0.1** | **0.03** | **3** | **0.3** | **0.2** | **0.2** | **0.3** | **0.05** | **3** | **0.05** | **0.5** | **0.2** | **0.2** | **0.05** | **0.05** | **3** | **0.2** |
|  |  |  |  |  |  |  | **Upper <br>Limit** | **10000** | **1000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **10000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **50000** | **5000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** | **50000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** |
| **Hole ID** | **From <br>(m)** | **To <br>(m)** | **Interval <br>(m)** | **Drill Date** | **Sample <br>Type** | **Sample Details** | **TREO <br>(%)** | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-056 | 4.57 | 6.4 | 1.83 | 7/14/2022 | -- | -- | 0.0824 | 202 | 18.4 | 9.0 | 2.42 | 26.10 | 3.28 | 141 | 0.89 | 125.00 | 33.00 | 27.50 | 3.58 | 1.18 | 97 | 7.53 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-057 | 0 | 1.52 | 1.52 | 7/14/2022 | -- | -- | 0.0280 | 94 | 5.8 | 3.4 | 0.67 | 5.22 | 1.24 | 41 | 0.29 | 31.30 | 8.83 | 6.20 | 0.88 | 0.38 | 35 | 2.33 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-057 | 1.52 | 3.05 | 1.52 | 7/14/2022 | -- | -- | 0.0369 | 124 | 5.5 | 2.5 | 1.02 | 7.76 | 0.96 | 61 | 0.21 | 55.00 | 14.60 | 10.85 | 1.06 | 0.34 | 27 | 1.97 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-057 | 3.05 | 4.57 | 1.52 | 7/14/2022 | -- | -- | 0.0998 | 236 | 13.4 | 5.1 | 3.21 | 25.50 | 2.14 | 203 | 0.54 | 208.00 | 52.80 | 38.40 | 2.93 | 0.65 | 54 | 4.49 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-057 | 3.05 | 4.57 | 1.52 | 7/14/2022 | -- | -- | 0.0927 | 213 | 13.2 | 5.2 | 2.97 | 25.10 | 2.08 | 191 | 0.50 | 192.00 | 50.50 | 36.20 | 2.90 | 0.63 | 50 | 4.12 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-057 | 4.57 | 6.1 | 1.52 | 7/14/2022 | -- | -- | 0.0838 | 208 | 15.6 | 6.4 | 2.60 | 25.10 | 2.65 | 158 | 0.59 | 149.50 | 38.40 | 30.40 | 3.14 | 0.89 | 66 | 5.18 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-057 | 6.1 | 7.62 | 1.52 | 7/14/2022 | -- | -- | 0.0676 | 199 | 11.7 | 4.9 | 1.92 | 17.75 | 2.00 | 121 | 0.58 | 103.50 | 27.70 | 22.20 | 2.35 | 0.64 | 55 | 3.71 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-058 | 0 | 1.52 | 1.52 | 7/15/2022 | -- | -- | 0.0629 | 224 | 8.6 | 3.5 | 0.98 | 13.10 | 1.54 | 105 | 0.28 | 90.10 | 24.60 | 16.55 | 1.74 | 0.46 | 41 | 2.90 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-058 | 1.52 | 3.05 | 1.52 | 7/15/2022 | -- | -- | 0.0518 | 174 | 7.6 | 2.8 | 0.91 | 11.40 | 1.18 | 93 | 0.25 | 77.40 | 21.70 | 14.65 | 1.52 | 0.36 | 32 | 2.22 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-058 | 3.05 | 4.57 | 1.52 | 7/15/2022 | -- | -- | 0.0720 | 190 | 8.9 | 3.4 | 1.67 | 16.20 | 1.50 | 139 | 0.31 | 146.50 | 38.30 | 25.80 | 1.93 | 0.45 | 38 | 2.34 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-058 | 4.57 | 6.1 | 1.52 | 7/15/2022 | -- | -- | 0.0827 | 189 | 12.3 | 5.1 | 2.72 | 21.20 | 2.03 | 168 | 0.59 | 169.00 | 42.50 | 32.90 | 2.54 | 0.70 | 52 | 4.11 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-058 | 6.1 | 7.92 | 1.83 | 7/15/2022 | -- | -- | 0.0949 | 309 | 13.6 | 4.6 | 1.81 | 25.00 | 2.11 | 162 | 0.39 | 155.00 | 41.00 | 30.80 | 3.09 | 0.57 | 56 | 3.40 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-059 | 0 | 1.52 | 1.52 | 7/15/2022 | -- | -- | 0.0457 | 164 | 6.1 | 2.3 | 0.76 | 9.52 | 1.02 | 79 | 0.25 | 64.10 | 18.20 | 12.25 | 1.20 | 0.32 | 29 | 1.74 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-059 | 1.52 | 3.05 | 1.52 | 7/15/2022 | -- | -- | 0.0665 | 233 | 8.8 | 3.3 | 1.09 | 15.25 | 1.32 | 113 | 0.32 | 98.80 | 27.00 | 19.95 | 2.02 | 0.41 | 39 | 2.32 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-059 | 3.05 | 4.57 | 1.52 | 7/15/2022 | -- | -- | 0.0802 | 242 | 11.2 | 4.9 | 1.64 | 18.10 | 1.90 | 146 | 0.41 | 135.00 | 36.60 | 25.90 | 2.30 | 0.58 | 52 | 3.41 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-059 | 4.57 | 5.64 | 1.07 | 7/15/2022 | -- | -- | 0.0896 | 250 | 9.6 | 4.0 | 2.47 | 17.50 | 1.44 | 169 | 0.35 | 186.50 | 48.40 | 31.70 | 2.13 | 0.44 | 38 | 2.75 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-059 | -- | -- | -- | 7/15/2022 | Blank | -- | 0.0041 | 11 | 0.8 | 0.4 | 0.25 | 1.16 | 0.16 | 7 | 0.03 | 6.70 | 1.54 | 1.38 | 0.14 | 0.04 | 4 | 0.25 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-060 | 0 | 1.52 | 1.52 | 7/15/2022 | -- | -- | 0.0607 | 218 | 8.1 | 3.5 | 1.17 | 12.35 | 1.41 | 95 | 0.44 | 90.60 | 24.10 | 17.40 | 1.69 | 0.51 | 39 | 3.19 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-060 | 1.52 | 3.05 | 1.52 | 7/15/2022 | -- | -- | 0.0617 | 238 | 6.9 | 2.5 | 1.10 | 11.50 | 1.07 | 98 | 0.24 | 91.90 | 24.50 | 17.20 | 1.52 | 0.29 | 29 | 1.65 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-060 | 3.05 | 4.57 | 1.52 | 7/15/2022 | -- | -- | 0.0498 | 143 | 7.7 | 3.5 | 1.82 | 11.80 | 1.22 | 87 | 0.39 | 87.30 | 23.40 | 17.00 | 1.56 | 0.45 | 35 | 2.92 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-060 | 4.57 | 5.64 | 1.07 | 7/15/2022 | -- | -- | 0.0433 | 60 | 12.1 | 5.6 | 2.49 | 16.05 | 2.20 | 75 | 0.62 | 82.20 | 20.80 | 19.70 | 2.30 | 0.72 | 62 | 4.58 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-060 | 5.64 | 6.86 | 1.22 | 7/15/2022 | -- | -- | 0.0524 | 93 | 18.6 | 9.9 | 4.33 | 19.40 | 3.56 | 65 | 1.18 | 78.00 | 18.50 | 19.10 | 3.04 | 1.28 | 99 | 7.98 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-061 | 0 | 1.52 | 1.52 | 7/15/2022 | -- | -- | 0.0211 | 64 | 5.5 | 3.2 | 0.67 | 4.58 | 1.08 | 26 | 0.47 | 27.10 | 7.02 | 5.87 | 0.79 | 0.48 | 28 | 3.23 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-061 | 1.52 | 2.59 | 1.07 | 7/15/2022 | -- | -- | 0.0162 | 56 | 4.4 | 3.2 | 0.73 | 3.45 | 0.91 | 14 | 0.50 | 17.20 | 4.23 | 4.43 | 0.61 | 0.47 | 24 | 3.38 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-061 | 1.52 | 2.59 | 1.07 | 7/15/2022 | Duplicate | -- | 0.0173 | 67 | 4.0 | 2.7 | 0.74 | 3.54 | 0.76 | 16 | 0.45 | 19.70 | 4.77 | 5.07 | 0.61 | 0.39 | 19 | 2.77 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-062 | 0 | 1.52 | 1.52 | 7/15/2022 | -- | -- | 0.0152 | 48 | 3.7 | 2.4 | 0.64 | 3.51 | 0.77 | 18 | 0.44 | 19.80 | 5.09 | 4.65 | 0.57 | 0.37 | 18 | 2.53 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-062 | 1.52 | 2.74 | 1.22 | 7/15/2022 | -- | -- | 0.0510 | 114 | 14.9 | 7.7 | 3.78 | 18.30 | 2.72 | 59 | 1.07 | 84.40 | 19.00 | 22.80 | 2.65 | 1.12 | 72 | 7.63 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-063 | 0 | 0.91 | 0.91 | 7/17/2022 | -- | -- | 0.0450 | 143 | 9.1 | 5.6 | 0.85 | 9.43 | 1.74 | 64 | 0.66 | 60.60 | 16.25 | 12.65 | 1.52 | 0.78 | 50 | 4.64 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-063 | 1.52 | 2.13 | 0.61 | 7/17/2022 | -- | -- | 0.0385 | 132 | 6.1 | 2.9 | 0.63 | 7.88 | 1.02 | 58 | 0.33 | 59.60 | 15.60 | 11.15 | 1.10 | 0.37 | 29 | 2.15 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-063 | 2.13 | 3.35 | 1.22 | 7/17/2022 | -- | -- | 0.0579 | 174 | 11.8 | 6.5 | 2.01 | 13.30 | 2.19 | 76 | 0.86 | 86.20 | 21.30 | 17.80 | 1.92 | 0.93 | 70 | 5.84 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-064 | 0 | 1.07 | 1.07 | 7/17/2022 | -- | -- | 0.0498 | 172 | 8.3 | 4.4 | 1.26 | 9.97 | 1.59 | 71 | 0.46 | 71.20 | 18.60 | 14.70 | 1.50 | 0.64 | 44 | 3.64 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-064 | 1.52 | 2.59 | 1.07 | 7/17/2022 | -- | -- | 0.0590 | 154 | 14.1 | 10.1 | 1.60 | 14.05 | 3.07 | 83 | 1.55 | 81.70 | 20.90 | 17.40 | 2.22 | 1.59 | 83 | 11.30 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-064 | 3.05 | 3.96 | 0.91 | 7/17/2022 | -- | -- | 0.0233 | 76 | 4.0 | 2.4 | 0.85 | 4.57 | 0.81 | 37 | 0.34 | 29.70 | 8.55 | 6.06 | 0.71 | 0.38 | 23 | 2.60 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |

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SLV0163 – Technical Report Summary Shiloh Project, Georgia 138 November 2025

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| | |
|:---|:---|
| **Technical Report Summary** | ![img77526612_64.jpg](img77526612_64.jpg) |

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|  |  |  |  |  |  |  | **Method** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** |
|  |  |  |  |  |  |  | **Analyte** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** |
|  |  |  |  |  |  |  | **Units** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** |
|  |  |  |  |  |  |  | **Detection <br>Limit** | **0.1** | **0.05** | **0.03** | **0.02** | **0.05** | **0.01** | **0.1** | **0.01** | **0.1** | **0.02** | **0.03** | **0.01** | **0.01** | **0.1** | **0.03** | **3** | **0.3** | **0.2** | **0.2** | **0.3** | **0.05** | **3** | **0.05** | **0.5** | **0.2** | **0.2** | **0.05** | **0.05** | **3** | **0.2** |
|  |  |  |  |  |  |  | **Upper <br>Limit** | **10000** | **1000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **10000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **50000** | **5000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** | **50000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** |
| **Hole ID** | **From <br>(m)** | **To <br>(m)** | **Interval <br>(m)** | **Drill Date** | **Sample <br>Type** | **Sample Details** | **TREO <br>(%)** | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-065 | 0 | 1.22 | 1.22 | 7/17/2022 | -- | -- | 0.0429 | 159 | 6.3 | 2.8 | 0.96 | 8.58 | 1.05 | 65 | 0.40 | 58.90 | 16.30 | 12.65 | 1.21 | 0.37 | 29 | 2.68 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-065 | 1.52 | 2.74 | 1.22 | 7/17/2022 | -- | -- | 0.0654 | 149 | 16.5 | 10.3 | 3.13 | 18.50 | 3.41 | 100 | 1.58 | 97.50 | 25.40 | 22.30 | 2.85 | 1.59 | 90 | 10.45 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-065 | 3.05 | 4.57 | 1.52 | 7/17/2022 | -- | -- | 0.0322 | 79 | 9.2 | 4.6 | 1.61 | 9.43 | 1.54 | 48 | 0.65 | 41.00 | 11.30 | 10.05 | 1.52 | 0.67 | 48 | 4.32 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-065 | 4.88 | 6.71 | 1.83 | 7/17/2022 | -- | -- | 0.0288 | 74 | 8.5 | 6.3 | 0.89 | 5.76 | 1.87 | 35 | 0.87 | 30.80 | 8.19 | 6.56 | 1.17 | 1.01 | 55 | 6.48 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-065 | -- | -- | -- | 7/17/2022 | Standard | -- | 0.5371 | 1900 | 20.3 | 6.1 | 22.60 | 50.20 | 2.87 | 1315 | 0.51 | 843.00 | 240.00 | 113.50 | 5.11 | 0.73 | 62 | 3.90 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-066 | 0 | 1.52 | 1.52 | 7/17/2022 | -- | -- | 0.0380 | 139 | 7.6 | 4.3 | 0.65 | 7.20 | 1.39 | 49 | 0.56 | 43.80 | 11.90 | 8.50 | 1.18 | 0.66 | 42 | 4.25 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-066 | 1.83 | 3.05 | 1.22 | 7/17/2022 | -- | -- | 0.0360 | 142 | 5.9 | 3.1 | 0.81 | 6.45 | 0.99 | 50 | 0.35 | 44.20 | 12.05 | 8.69 | 1.05 | 0.43 | 27 | 2.93 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-066 | 3.35 | 4.57 | 1.22 | 7/17/2022 | -- | -- | 0.0285 | 82 | 5.2 | 2.9 | 1.09 | 6.46 | 0.95 | 48 | 0.38 | 44.00 | 11.70 | 8.83 | 1.01 | 0.40 | 26 | 2.71 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-066 | 4.57 | 5.33 | 0.76 | 7/17/2022 | -- | -- | 0.0874 | 200 | 24.4 | 17.2 | 2.30 | 22.20 | 5.19 | 116 | 2.39 | 116.50 | 30.90 | 27.10 | 3.67 | 2.69 | 149 | 17.50 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-067 | 0 | 1.52 | 1.52 | 7/19/2022 | -- | -- | 0.0183 | 60 | 3.6 | 1.3 | 0.86 | 4.81 | 0.57 | 28 | 0.15 | 27.40 | 7.33 | 5.89 | 0.65 | 0.19 | 13 | 1.24 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-067 | 1.52 | 3.05 | 1.52 | 7/19/2022 | -- | -- | 0.0584 | 205 | 8.4 | 3.8 | 1.08 | 11.80 | 1.50 | 88 | 0.38 | 88.80 | 23.70 | 18.05 | 1.68 | 0.50 | 40 | 3.10 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-067 | 1.52 | 3.05 | 1.52 | 7/19/2022 | Duplicate | -- | 0.0745 | 270 | 9.5 | 3.8 | 1.27 | 13.70 | 1.51 | 118 | 0.38 | 117.00 | 31.20 | 21.80 | 1.86 | 0.55 | 41 | 3.22 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-067 | 3.05 | 4.57 | 1.52 | 7/19/2022 | -- | -- | 0.0509 | 169 | 8.8 | 4.6 | 1.13 | 10.45 | 1.57 | 79 | 0.49 | 74.60 | 19.30 | 14.50 | 1.58 | 0.59 | 43 | 3.55 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-067 | 4.57 | 6.1 | 1.52 | 7/19/2022 | -- | -- | 0.0583 | 184 | 11.9 | 6.5 | 1.31 | 13.80 | 2.23 | 82 | 0.77 | 82.60 | 21.30 | 17.50 | 2.05 | 0.87 | 61 | 5.53 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-067 | 6.1 | 7.62 | 1.52 | 7/19/2022 | -- | -- | 0.0529 | 166 | 10.7 | 5.7 | 1.35 | 13.20 | 1.92 | 75 | 0.75 | 73.90 | 19.65 | 16.60 | 2.01 | 0.75 | 56 | 5.02 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-067 | 7.62 | 9.14 | 1.52 | 7/19/2022 | -- | -- | 0.0366 | 119 | 6.3 | 3.1 | 1.01 | 8.11 | 1.12 | 56 | 0.37 | 52.90 | 14.05 | 11.10 | 1.24 | 0.45 | 33 | 2.77 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-067 | 9.14 | 10.67 | 1.52 | 7/19/2022 | -- | -- | 0.0371 | 129 | 5.6 | 2.9 | 0.80 | 6.90 | 1.06 | 57 | 0.40 | 52.40 | 14.30 | 10.05 | 1.00 | 0.40 | 31 | 2.47 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-067 | 10.67 | 11.58 | 0.91 | 7/19/2022 | -- | -- | 0.0323 | 107 | 5.5 | 2.5 | 0.69 | 7.30 | 0.85 | 53 | 0.29 | 47.70 | 12.30 | 8.96 | 0.98 | 0.32 | 26 | 2.12 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-068 | 0 | 1.52 | 1.52 | 7/19/2022 | -- | -- | 0.0473 | 157 | 9.3 | 4.6 | 0.83 | 10.35 | 1.67 | 72 | 0.51 | 64.20 | 17.00 | 11.55 | 1.57 | 0.62 | 46 | 4.13 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-068 | 1.52 | 3.05 | 1.52 | 7/19/2022 | -- | -- | 0.0825 | 306 | 10.9 | 4.5 | 1.14 | 16.60 | 1.71 | 134 | 0.50 | 122.00 | 31.80 | 20.90 | 2.12 | 0.62 | 46 | 3.70 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-068 | 3.05 | 4.57 | 1.52 | 7/19/2022 | -- | -- | 0.1004 | 352 | 14.0 | 4.5 | 1.04 | 24.10 | 1.94 | 165 | 0.46 | 160.00 | 41.50 | 30.70 | 2.96 | 0.53 | 53 | 3.44 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-068 | 4.57 | 5.33 | 0.76 | 7/19/2022 | -- | -- | 0.0310 | 96 | 5.0 | 2.3 | 0.91 | 7.23 | 0.88 | 54 | 0.25 | 50.10 | 13.10 | 8.98 | 0.94 | 0.36 | 21 | 2.07 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-068 | -- | -- | -- | 7/19/2022 | Standard | -- | 2.1077 | 6780 | 77.6 | 17.8 | 125.00 | 263.00 | 9.39 | 5250 | 0.83 | 3990.00 | >1000 | 519.00 | 21.40 | 1.59 | 185 | 7.68 | 6640 | 68 | 15 | 110 | 223 | 9 | 5100 | 1 | 3990 | 1090 | 549 | 19 | 1 | 182 | 6 |
| 22-DDT-069 | 0 | 1.52 | 1.52 | 7/19/2022 | -- | -- | 0.0461 | 129 | 12.5 | 7.7 | 0.78 | 10.85 | 2.41 | 61 | 0.80 | 57.50 | 14.50 | 11.50 | 1.85 | 1.02 | 71 | 7.16 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-069 | 1.52 | 3.05 | 1.52 | 7/19/2022 | -- | -- | 0.0216 | 80 | 4.5 | 2.7 | 0.61 | 4.20 | 0.83 | 29 | 0.31 | 22.90 | 6.51 | 5.19 | 0.67 | 0.38 | 23 | 2.60 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-069 | 3.05 | 4.57 | 1.52 | 7/19/2022 | -- | -- | 0.0289 | 83 | 5.9 | 3.6 | 0.89 | 5.94 | 1.19 | 46 | 0.48 | 42.60 | 10.90 | 8.60 | 0.92 | 0.53 | 31 | 3.64 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-069 | 4.57 | 5.33 | 0.76 | 7/19/2022 | -- | -- | 0.0334 | 98 | 4.7 | 2.2 | 1.11 | 7.87 | 0.72 | 60 | 0.16 | 61.40 | 15.40 | 11.15 | 1.00 | 0.23 | 19 | 1.54 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-070 | 0 | 1.52 | 1.52 | 7/19/2022 | -- | -- | 0.0541 | 195 | 8.1 | 4.0 | 0.69 | 10.90 | 1.35 | 86 | 0.42 | 76.30 | 20.30 | 13.35 | 1.45 | 0.50 | 39 | 3.45 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-070 | 1.52 | 3.05 | 1.52 | 7/19/2022 | -- | -- | 0.0826 | 310 | 9.8 | 3.5 | 0.92 | 17.65 | 1.45 | 137 | 0.37 | 123.00 | 32.60 | 22.20 | 2.15 | 0.46 | 40 | 2.56 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-070 | 3.05 | 4.57 | 1.52 | 7/19/2022 | -- | -- | 0.0787 | 262 | 10.7 | 3.9 | 1.26 | 17.40 | 1.66 | 136 | 0.47 | 131.50 | 34.40 | 22.70 | 2.23 | 0.52 | 42 | 3.11 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-070 | 4.57 | 6.1 | 1.52 | 7/19/2022 | -- | -- | 0.1357 | 410 | 19.2 | 8.2 | 2.60 | 29.40 | 2.94 | 240 | 0.84 | 248.00 | 63.50 | 42.50 | 3.88 | 1.04 | 76 | 6.41 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-070 | 4.57 | 6.1 | 1.52 | 7/19/2022 | Duplicate | -- | 0.1338 | 414 | 17.2 | 6.9 | 2.74 | 28.80 | 2.62 | 240 | 0.67 | 247.00 | 63.00 | 41.40 | 3.62 | 0.90 | 65 | 5.74 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-070 | 6.1 | 7.01 | 0.91 | 7/19/2022 | -- | -- | 0.0809 | 222 | 18.2 | 8.3 | 2.14 | 23.30 | 3.08 | 118 | 0.96 | 137.00 | 32.00 | 26.10 | 3.22 | 1.18 | 82 | 7.62 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |

---

SLV0163 – Technical Report Summary Shiloh Project, Georgia 139 November 2025

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| | |
|:---|:---|
| **Technical Report Summary** | ![img77526612_64.jpg](img77526612_64.jpg) |

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---

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  |  | **Method** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** |
|  |  |  |  |  |  |  | **Analyte** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** |
|  |  |  |  |  |  |  | **Units** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** |
|  |  |  |  |  |  |  | **Detection <br>Limit** | **0.1** | **0.05** | **0.03** | **0.02** | **0.05** | **0.01** | **0.1** | **0.01** | **0.1** | **0.02** | **0.03** | **0.01** | **0.01** | **0.1** | **0.03** | **3** | **0.3** | **0.2** | **0.2** | **0.3** | **0.05** | **3** | **0.05** | **0.5** | **0.2** | **0.2** | **0.05** | **0.05** | **3** | **0.2** |
|  |  |  |  |  |  |  | **Upper <br>Limit** | **10000** | **1000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **10000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **50000** | **5000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** | **50000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** |
| **Hole ID** | **From <br>(m)** | **To <br>(m)** | **Interval <br>(m)** | **Drill Date** | **Sample <br>Type** | **Sample Details** | **TREO <br>(%)** | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-071 | 0 | 1.52 | 1.52 | 7/19/2022 | -- | -- | 0.0512 | 171 | 8.2 | 4.0 | 1.28 | 12.35 | 1.32 | 80 | 0.41 | 79.80 | 20.10 | 14.40 | 1.65 | 0.55 | 36 | 3.27 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-071 | 1.52 | 2.59 | 1.07 | 7/19/2022 | -- | -- | 0.0426 | 137 | 8.6 | 3.8 | 1.09 | 9.43 | 1.41 | 69 | 0.36 | 63.40 | 16.35 | 11.60 | 1.40 | 0.52 | 34 | 3.51 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-072 | 0 | 1.52 | 1.52 | 7/19/2022 | -- | -- | 0.0553 | 198 | 7.3 | 2.9 | 1.27 | 11.20 | 1.14 | 92 | 0.29 | 86.00 | 22.10 | 15.55 | 1.47 | 0.32 | 29 | 2.37 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-072 | 1.52 | 3.05 | 1.52 | 7/19/2022 | -- | -- | 0.0388 | 131 | 6.0 | 2.4 | 1.22 | 8.00 | 0.98 | 66 | 0.28 | 59.10 | 15.60 | 10.20 | 1.08 | 0.30 | 25 | 1.87 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-072 | 3.05 | 4.57 | 1.52 | 7/19/2022 | -- | -- | 0.0437 | 145 | 5.7 | 2.5 | 1.49 | 9.70 | 0.96 | 78 | 0.27 | 68.60 | 18.40 | 12.80 | 1.12 | 0.33 | 26 | 1.95 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-072 | 4.57 | 5.33 | 0.76 | 7/19/2022 | -- | -- | 0.0435 | 144 | 6.7 | 2.8 | 1.47 | 9.38 | 1.11 | 75 | 0.29 | 68.20 | 18.55 | 12.30 | 1.30 | 0.31 | 26 | 2.16 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-072 | 5.33 | 6.1 | 0.76 | 7/19/2022 | -- | -- | 0.0276 | 81 | 5.2 | 2.6 | 1.17 | 7.23 | 0.92 | 48 | 0.33 | 41.80 | 10.80 | 7.49 | 0.92 | 0.34 | 24 | 2.10 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-072 | 6.1 | 7.62 | 1.52 | 7/19/2022 | -- | -- | 0.0475 | 81 | 16.8 | 10.2 | 3.99 | 17.20 | 3.29 | 56 | 1.14 | 73.00 | 15.90 | 15.25 | 2.68 | 1.26 | 94 | 8.67 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-072 | 7.62 | 8.38 | 0.76 | 7/19/2022 | -- | -- | 0.0464 | 138 | 9.9 | 5.6 | 1.48 | 11.30 | 1.81 | 68 | 0.70 | 66.70 | 16.75 | 12.50 | 1.56 | 0.71 | 52 | 5.09 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-072 | -- | -- | -- | 7/19/2022 | Blank | -- | 0.0043 | 10 | 1.1 | 0.5 | 0.26 | 1.56 | 0.18 | 7 | 0.04 | 6.40 | 1.47 | 1.48 | 0.15 | 0.08 | 5 | 0.32 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-073 | 0 | 1.52 | 1.52 | 10/21/2022 | -- | -- | 0.0686 | 281 | 6.6 | 2.6 | 1.06 | 11.50 | 0.98 | 110 | 0.20 | 94.70 | 25.80 | 16.75 | 1.55 | 0.26 | 30 | 1.60 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-073 | 1.52 | 3.05 | 1.52 | 10/21/2022 | -- | -- | 0.7193 | 2830 | 38.0 | 9.5 | 5.64 | 102.50 | 4.68 | 1220 | 0.59 | 1270.00 | 329.00 | 201.00 | 9.99 | 0.96 | 113 | 5.68 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-073 | 3.05 | 4.57 | 1.52 | 10/21/2022 | -- | -- | 0.1143 | 232 | 13.3 | 5.3 | 3.48 | 25.10 | 2.01 | 240 | 0.55 | 276.00 | 69.40 | 46.10 | 2.83 | 0.59 | 53 | 4.02 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-073 | 4.57 | 6.1 | 1.52 | 10/21/2022 | -- | -- | 0.1061 | 228 | 16.0 | 7.6 | 3.27 | 27.00 | 2.73 | 207 | 0.73 | 225.00 | 55.60 | 41.30 | 3.32 | 0.87 | 78 | 5.70 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-073 | 6.1 | 7.62 | 1.52 | 10/21/2022 | -- | -- | 0.0713 | 196 | 14.2 | 6.5 | 1.83 | 19.30 | 2.64 | 118 | 0.61 | 109.00 | 28.20 | 22.70 | 2.76 | 0.75 | 76 | 5.40 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-073 | 7.62 | 9.14 | 1.52 | 10/21/2022 | -- | -- | 0.0541 | 182 | 8.9 | 3.6 | 0.99 | 11.65 | 1.41 | 87 | 0.29 | 79.60 | 21.20 | 15.85 | 1.69 | 0.40 | 43 | 2.59 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DDT-073 | 9.14 | 10.06 | 0.91 | 10/21/2022 | -- | -- | 0.0399 | 139 | 5.3 | 2.1 | 0.86 | 8.18 | 0.86 | 67 | 0.19 | 59.30 | 16.35 | 11.15 | 1.05 | 0.27 | 26 | 1.87 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-001 | 0 | 1.52 | 1.52 | 8/9/2022 | -- | -- | 0.0277 | 99 | 3.5 | 1.4 | 0.95 | 4.14 | 0.51 | 48 | 0.21 | 42.40 | 11.55 | 7.11 | 0.57 | 0.23 | 15 | 1.28 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-001 | 1.52 | 3.05 | 1.52 | 8/9/2022 | -- | -- | 0.0455 | 91 | 10.3 | 4.4 | 2.82 | 12.60 | 1.61 | 90 | 0.56 | 84.20 | 21.80 | 15.00 | 1.78 | 0.57 | 45 | 3.97 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-001 | 3.05 | 4.57 | 1.52 | 8/9/2022 | -- | -- | 0.0388 | 58 | 12.9 | 5.7 | 3.54 | 14.55 | 2.05 | 71 | 0.68 | 60.50 | 15.95 | 13.70 | 2.18 | 0.80 | 60 | 5.22 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-001 | 4.57 | 6.1 | 1.52 | 8/9/2022 | -- | -- | 0.0252 | 71 | 6.6 | 3.8 | 1.20 | 5.93 | 1.26 | 40 | 0.37 | 28.30 | 8.14 | 5.63 | 1.06 | 0.45 | 37 | 2.88 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-001 | 6.1 | 7.92 | 1.83 | 8/9/2022 | -- | -- | 0.0293 | 104 | 4.5 | 2.0 | 0.82 | 5.70 | 0.79 | 49 | 0.26 | 40.00 | 10.75 | 7.62 | 0.88 | 0.28 | 21 | 1.76 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-002 | 0 | 1.52 | 1.52 | 8/9/2022 | -- | -- | 0.0257 | 118 | 3.1 | 1.5 | 0.78 | 3.28 | 0.51 | 35 | 0.19 | 27.60 | 7.48 | 4.96 | 0.50 | 0.23 | 15 | 1.54 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-002 | 1.52 | 3.05 | 1.52 | 8/9/2022 | -- | -- | 0.0300 | 90 | 4.7 | 2.4 | 1.12 | 5.16 | 0.80 | 57 | 0.29 | 44.40 | 12.65 | 8.18 | 0.87 | 0.32 | 24 | 2.34 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-002 | 3.05 | 4.57 | 1.52 | 8/9/2022 | -- | -- | 0.0283 | 85 | 4.5 | 1.9 | 1.09 | 5.46 | 0.69 | 54 | 0.20 | 44.40 | 11.65 | 7.57 | 0.85 | 0.24 | 21 | 1.49 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-002 | 3.05 | 4.57 | 1.52 | 8/9/2022 | Duplicate | -- | 0.0299 | 92 | 5.0 | 1.8 | 1.18 | 5.98 | 0.72 | 58 | 0.21 | 45.30 | 12.75 | 7.84 | 0.91 | 0.26 | 21 | 1.48 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-002 | 4.57 | 6.1 | 1.52 | 8/9/2022 | -- | -- | 0.0247 | 70 | 4.8 | 2.1 | 1.24 | 5.95 | 0.79 | 44 | 0.24 | 37.10 | 9.75 | 6.99 | 0.91 | 0.23 | 23 | 1.60 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-002 | 6.1 | 7.92 | 1.83 | 8/9/2022 | -- | -- | 0.0942 | 336 | 11.0 | 4.4 | 1.50 | 16.10 | 1.74 | 156 | 0.48 | 152.50 | 39.20 | 24.20 | 1.97 | 0.58 | 52 | 3.83 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-003 | 0 | 1.52 | 1.52 | 8/9/2022 | -- | -- | 0.0501 | 193 | 6.8 | 3.3 | 1.11 | 8.58 | 1.27 | 78 | 0.46 | 66.80 | 18.00 | 11.40 | 1.18 | 0.46 | 33 | 3.03 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-003 | 1.52 | 3.05 | 1.52 | 8/9/2022 | -- | -- | 0.0512 | 174 | 8.1 | 4.5 | 1.07 | 9.01 | 1.48 | 83 | 0.54 | 71.90 | 19.90 | 12.70 | 1.28 | 0.60 | 43 | 4.10 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-003 | 3.05 | 4.57 | 1.52 | 8/9/2022 | -- | -- | 0.0318 | 99 | 5.9 | 2.5 | 0.90 | 7.12 | 1.00 | 54 | 0.29 | 44.80 | 12.40 | 8.82 | 1.05 | 0.35 | 29 | 2.30 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-003 | 4.57 | 6.1 | 1.52 | 8/9/2022 | -- | -- | 0.0684 | 252 | 7.7 | 3.4 | 1.10 | 10.70 | 1.23 | 118 | 0.29 | 106.50 | 28.20 | 15.30 | 1.39 | 0.40 | 34 | 2.39 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-003 | 6.1 | 7.62 | 1.52 | 8/9/2022 | -- | -- | 0.0263 | 92 | 3.6 | 1.6 | 0.76 | 5.22 | 0.59 | 48 | 0.14 | 35.80 | 9.95 | 6.24 | 0.75 | 0.18 | 17 | 1.30 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |

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SLV0163 – Technical Report Summary Shiloh Project, Georgia 140 November 2025

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| **Technical Report Summary** | ![img77526612_64.jpg](img77526612_64.jpg) |

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|  |  |  |  |  |  |  | **Method** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** |
|  |  |  |  |  |  |  | **Analyte** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** |
|  |  |  |  |  |  |  | **Units** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** |
|  |  |  |  |  |  |  | **Detection <br>Limit** | **0.1** | **0.05** | **0.03** | **0.02** | **0.05** | **0.01** | **0.1** | **0.01** | **0.1** | **0.02** | **0.03** | **0.01** | **0.01** | **0.1** | **0.03** | **3** | **0.3** | **0.2** | **0.2** | **0.3** | **0.05** | **3** | **0.05** | **0.5** | **0.2** | **0.2** | **0.05** | **0.05** | **3** | **0.2** |
|  |  |  |  |  |  |  | **Upper <br>Limit** | **10000** | **1000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **10000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **50000** | **5000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** | **50000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** |
| **Hole ID** | **From <br>(m)** | **To <br>(m)** | **Interval <br>(m)** | **Drill Date** | **Sample <br>Type** | **Sample Details** | **TREO <br>(%)** | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-003 | 7.62 | 8.53 | 0.91 | 8/9/2022 | -- | -- | 0.0237 | 76 | 4.6 | 1.9 | 0.66 | 5.24 | 0.71 | 42 | 0.30 | 30.50 | 8.62 | 5.19 | 0.71 | 0.33 | 22 | 2.10 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-004 | 0 | 1.52 | 1.52 | 8/9/2022 | -- | -- | 0.0345 | 135 | 5.5 | 3.1 | 1.50 | 6.71 | 1.10 | 42 | 0.47 | 42.50 | 11.20 | 7.89 | 0.98 | 0.45 | 31 | 3.01 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-004 | 1.52 | 3.05 | 1.52 | 8/9/2022 | -- | -- | 0.0698 | 264 | 9.7 | 3.7 | 1.79 | 13.50 | 1.38 | 110 | 0.39 | 100.50 | 28.00 | 18.80 | 1.89 | 0.46 | 37 | 3.01 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-004 | 3.05 | 4.57 | 1.52 | 8/9/2022 | -- | -- | 0.0333 | 99 | 7.8 | 3.3 | 1.40 | 9.48 | 1.21 | 54 | 0.46 | 47.60 | 12.30 | 10.00 | 1.40 | 0.45 | 31 | 2.90 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-004 | 4.57 | 6.1 | 1.52 | 8/9/2022 | -- | -- | 0.0370 | 124 | 7.3 | 2.8 | 0.95 | 9.22 | 1.01 | 60 | 0.30 | 51.30 | 13.60 | 10.10 | 1.32 | 0.36 | 30 | 2.27 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-004 | 6.1 | 7.62 | 1.52 | 8/9/2022 | -- | -- | 0.0810 | 274 | 14.6 | 7.9 | 1.66 | 15.10 | 2.62 | 114 | 1.05 | 108.50 | 29.40 | 19.75 | 2.49 | 1.14 | 87 | 7.79 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-004 | -- | -- | -- | 8/9/2022 | Standard | -- | 2.0586 | 6970 | 74.2 | 15.8 | 126.00 | 257.00 | 8.78 | 5120 | 0.82 | 4210.00 | >1000 | 582.00 | 21.50 | 1.50 | 204 | 6.99 | 6580 | 72 | 16 | 118 | 235 | 9 | 4990 | 1 | 3780 | 1015 | 547 | 20 | 1 | 191 | 7 |
| 22-DHC-005 | 0 | 1.52 | 1.52 | 8/9/2022 | -- | -- | 0.0377 | 113 | 6.8 | 5.0 | 0.99 | 5.67 | 1.46 | 66 | 0.71 | 47.40 | 13.75 | 7.35 | 0.98 | 0.81 | 44 | 5.00 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-005 | 1.52 | 3.05 | 1.52 | 8/9/2022 | -- | -- | 0.1002 | 415 | 10.4 | 4.1 | 3.08 | 14.70 | 1.55 | 163 | 0.51 | 135.00 | 38.00 | 24.70 | 2.01 | 0.52 | 38 | 3.25 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-005 | 3.05 | 4.57 | 1.52 | 8/9/2022 | -- | -- | 0.2140 | 451 | 29.1 | 9.5 | 10.40 | 43.80 | 3.81 | 536 | 0.91 | 440.00 | 124.50 | 72.30 | 5.70 | 1.20 | 88 | 7.62 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-005 | 4.57 | 6.1 | 1.52 | 8/9/2022 | -- | -- | 0.1284 | 276 | 18.9 | 5.2 | 7.46 | 30.00 | 2.27 | 321 | 0.42 | 264.00 | 73.70 | 47.50 | 3.85 | 0.58 | 41 | 3.64 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-005 | 6.1 | 7.62 | 1.52 | 8/9/2022 | -- | -- | 0.1246 | 391 | 20.3 | 8.5 | 5.48 | 29.00 | 3.17 | 200 | 1.00 | 209.00 | 52.90 | 37.20 | 3.79 | 1.14 | 90 | 6.99 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-005 | 6.1 | 7.62 | 1.52 | 8/9/2022 | Duplicate | -- | 0.1381 | 445 | 23.5 | 9.3 | 6.05 | 30.70 | 3.56 | 213 | 1.08 | 228.00 | 56.60 | 39.80 | 4.19 | 1.30 | 103 | 8.42 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-005 | 7.62 | 9.14 | 1.52 | 8/9/2022 | -- | -- | 0.4074 | 1260 | 60.6 | 30.1 | 19.35 | 80.40 | 10.65 | 664 | 3.53 | 692.00 | 173.50 | 107.00 | 10.80 | 4.15 | 318 | 25.30 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-006 | 0 | 1.98 | 1.98 | 8/9/2022 | -- | -- | 0.0613 | 216 | 6.9 | 3.4 | 2.37 | 9.28 | 1.19 | 108 | 0.40 | 97.10 | 26.10 | 14.30 | 1.26 | 0.49 | 32 | 2.77 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-006 | 1.98 | 3.05 | 1.07 | 8/9/2022 | -- | -- | 0.0746 | 255 | 12.1 | 7.0 | 2.29 | 13.00 | 2.30 | 112 | 0.97 | 107.50 | 28.80 | 18.50 | 1.96 | 1.00 | 65 | 6.27 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-006 | 3.05 | 4.57 | 1.52 | 8/9/2022 | -- | -- | 0.0642 | 172 | 11.7 | 5.7 | 2.62 | 13.75 | 2.02 | 125 | 0.65 | 106.00 | 29.40 | 18.85 | 1.97 | 0.74 | 52 | 4.63 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-006 | 4.57 | 6.1 | 1.52 | 8/9/2022 | -- | -- | 0.0555 | 133 | 9.5 | 4.3 | 2.36 | 12.25 | 1.49 | 114 | 0.46 | 104.50 | 28.40 | 18.20 | 1.62 | 0.60 | 39 | 3.65 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-006 | 6.1 | 7.62 | 1.52 | 8/9/2022 | -- | -- | 0.0313 | 90 | 6.3 | 2.8 | 1.49 | 7.77 | 1.01 | 54 | 0.32 | 49.00 | 12.55 | 9.24 | 1.09 | 0.40 | 27 | 2.62 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-006 | 7.62 | 9.14 | 1.52 | 8/9/2022 | -- | -- | 0.0291 | 87 | 6.5 | 3.2 | 1.32 | 8.03 | 1.13 | 47 | 0.36 | 39.70 | 10.15 | 8.21 | 1.18 | 0.42 | 29 | 2.56 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-006 | 9.14 | 9.75 | 0.61 | 8/9/2022 | -- | -- | 0.0193 | 61 | 3.7 | 2.4 | 0.74 | 3.83 | 0.73 | 31 | 0.34 | 23.70 | 6.63 | 4.29 | 0.57 | 0.34 | 22 | 2.30 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-007 | 0 | 1.07 | 1.07 | 8/10/2022 | -- | -- | 0.0285 | 92 | 5.1 | 3.1 | 0.64 | 5.01 | 1.01 | 49 | 0.38 | 36.60 | 10.20 | 6.23 | 0.77 | 0.46 | 29 | 2.84 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-007 | 1.07 | 3.05 | 1.98 | 8/10/2022 | -- | -- | 0.0345 | 157 | 4.6 | 2.9 | 0.65 | 3.93 | 0.90 | 47 | 0.38 | 30.90 | 9.12 | 5.46 | 0.68 | 0.44 | 27 | 2.55 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-007 | 3.05 | 4.57 | 1.52 | 8/10/2022 | -- | -- | 0.0443 | 152 | 7.1 | 4.6 | 1.12 | 6.82 | 1.42 | 72 | 0.58 | 56.90 | 15.45 | 9.21 | 1.11 | 0.65 | 42 | 4.32 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-007 | 4.57 | 6.1 | 1.52 | 8/10/2022 | -- | -- | 0.0389 | 93 | 5.5 | 2.7 | 1.48 | 7.22 | 0.92 | 81 | 0.33 | 75.40 | 20.30 | 13.00 | 0.99 | 0.37 | 26 | 2.33 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-007 | 6.1 | 7.62 | 1.52 | 8/10/2022 | -- | -- | 0.0493 | 100 | 9.4 | 4.6 | 2.06 | 11.90 | 1.60 | 100 | 0.55 | 96.70 | 25.70 | 17.05 | 1.68 | 0.65 | 43 | 3.71 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-007 | 7.62 | 9.14 | 1.52 | 8/10/2022 | -- | -- | 0.0438 | 106 | 8.9 | 5.0 | 1.67 | 10.60 | 1.65 | 80 | 0.57 | 69.80 | 18.30 | 13.35 | 1.56 | 0.66 | 50 | 4.00 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-007 | 9.14 | 11.13 | 1.98 | 8/10/2022 | -- | -- | 0.0396 | 117 | 9.0 | 5.5 | 1.17 | 8.81 | 1.84 | 58 | 0.66 | 49.90 | 13.05 | 9.56 | 1.39 | 0.72 | 54 | 4.68 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-007 | -- | -- | -- | 8/10/2022 | Blank | -- | 0.0034 | 9 | 0.8 | 0.4 | 0.29 | 1.04 | 0.15 | 5 | 0.04 | 5.60 | 1.20 | 1.27 | 0.13 | 0.05 | 5 | 0.29 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-008 | 0 | 1.52 | 1.52 | 8/10/2022 | -- | -- | 0.0295 | 118 | 4.4 | 2.3 | 0.52 | 4.86 | 0.80 | 45 | 0.24 | 33.90 | 9.54 | 6.27 | 0.73 | 0.29 | 22 | 1.72 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-008 | 1.52 | 3.05 | 1.52 | 8/10/2022 | -- | -- | 0.0498 | 200 | 7.3 | 4.0 | 0.75 | 8.08 | 1.35 | 69 | 0.40 | 60.50 | 16.05 | 10.45 | 1.19 | 0.49 | 40 | 2.91 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-008 | 3.05 | 4.57 | 1.52 | 8/10/2022 | -- | -- | 0.0506 | 167 | 7.1 | 3.0 | 1.07 | 8.84 | 1.14 | 91 | 0.33 | 79.90 | 22.20 | 13.55 | 1.17 | 0.39 | 31 | 2.26 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-008 | 3.05 | 4.57 | 1.52 | 8/10/2022 | Duplicate | -- | 0.0456 | 157 | 5.9 | 2.8 | 0.97 | 7.87 | 1.01 | 80 | 0.26 | 71.20 | 19.30 | 11.40 | 1.09 | 0.33 | 27 | 1.94 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |

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SLV0163 – Technical Report Summary Shiloh Project, Georgia 141 November 2025

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| **Technical Report Summary** | ![img77526612_64.jpg](img77526612_64.jpg) |

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|  |  |  |  |  |  |  | **Method** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** |
|  |  |  |  |  |  |  | **Analyte** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** |
|  |  |  |  |  |  |  | **Units** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** |
|  |  |  |  |  |  |  | **Detection <br>Limit** | **0.1** | **0.05** | **0.03** | **0.02** | **0.05** | **0.01** | **0.1** | **0.01** | **0.1** | **0.02** | **0.03** | **0.01** | **0.01** | **0.1** | **0.03** | **3** | **0.3** | **0.2** | **0.2** | **0.3** | **0.05** | **3** | **0.05** | **0.5** | **0.2** | **0.2** | **0.05** | **0.05** | **3** | **0.2** |
|  |  |  |  |  |  |  | **Upper <br>Limit** | **10000** | **1000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **10000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **50000** | **5000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** | **50000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** |
| **Hole ID** | **From <br>(m)** | **To <br>(m)** | **Interval <br>(m)** | **Drill Date** | **Sample <br>Type** | **Sample Details** | **TREO <br>(%)** | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-008 | 4.57 | 6.1 | 1.52 | 8/10/2022 | -- | -- | 0.0550 | 146 | 9.7 | 4.8 | 1.71 | 11.90 | 1.67 | 105 | 0.52 | 92.00 | 25.10 | 16.10 | 1.63 | 0.62 | 47 | 3.83 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-008 | 6.1 | 7.62 | 1.52 | 8/10/2022 | -- | -- | 0.0527 | 124 | 12.5 | 6.5 | 2.19 | 15.35 | 2.18 | 98 | 0.67 | 77.20 | 21.00 | 15.85 | 2.20 | 0.83 | 63 | 4.96 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-008 | 7.62 | 9.14 | 1.52 | 8/10/2022 | -- | -- | 0.0647 | 210 | 11.8 | 6.4 | 1.37 | 12.70 | 2.17 | 105 | 0.59 | 90.10 | 24.90 | 15.50 | 1.94 | 0.80 | 61 | 4.38 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-008 | 9.14 | 10.06 | 0.91 | 8/10/2022 | -- | -- | 0.0288 | 89 | 5.9 | 3.6 | 0.74 | 5.64 | 1.14 | 48 | 0.47 | 35.20 | 9.95 | 6.42 | 0.90 | 0.52 | 34 | 3.35 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-009 | 0 | 1.52 | 1.52 | 8/10/2022 | -- | -- | 0.0271 | 111 | 4.5 | 2.4 | 0.47 | 4.18 | 0.83 | 37 | 0.23 | 28.10 | 7.72 | 5.39 | 0.68 | 0.27 | 25 | 1.56 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-009 | 1.52 | 3.05 | 1.52 | 8/10/2022 | -- | -- | 0.0353 | 127 | 5.3 | 2.5 | 0.84 | 6.20 | 0.89 | 59 | 0.22 | 47.60 | 12.80 | 8.62 | 0.94 | 0.31 | 27 | 1.77 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-009 | 3.05 | 4.57 | 1.52 | 8/10/2022 | -- | -- | 0.0413 | 96 | 9.4 | 4.4 | 2.22 | 12.70 | 1.61 | 83 | 0.54 | 63.60 | 17.60 | 13.00 | 1.67 | 0.61 | 41 | 3.70 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-009 | 4.57 | 6.1 | 1.52 | 8/10/2022 | -- | -- | 0.0449 | 130 | 11.8 | 7.1 | 1.30 | 9.54 | 2.25 | 66 | 0.80 | 51.30 | 14.20 | 10.05 | 1.64 | 0.97 | 67 | 5.71 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-009 | 6.1 | 7.62 | 1.52 | 8/10/2022 | -- | -- | 0.0232 | 68 | 5.2 | 3.2 | 0.98 | 4.45 | 1.03 | 38 | 0.39 | 27.90 | 7.96 | 5.05 | 0.77 | 0.40 | 30 | 2.58 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-009 | 7.62 | 9.14 | 1.52 | 8/10/2022 | -- | -- | 0.0227 | 70 | 5.0 | 2.7 | 0.80 | 4.92 | 0.96 | 37 | 0.28 | 27.40 | 7.62 | 4.90 | 0.81 | 0.36 | 28 | 1.99 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-009 | 9.14 | 10.67 | 1.52 | 8/10/2022 | -- | -- | 0.0382 | 128 | 6.5 | 3.8 | 0.89 | 7.01 | 1.26 | 61 | 0.45 | 51.00 | 13.75 | 9.13 | 1.06 | 0.50 | 36 | 3.20 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-009 | 10.67 | 12.19 | 1.52 | 8/10/2022 | -- | -- | 0.0234 | 72 | 5.1 | 3.0 | 0.78 | 4.49 | 1.03 | 37 | 0.38 | 27.00 | 7.49 | 4.72 | 0.76 | 0.43 | 31 | 2.56 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-009 | 12.19 | 12.95 | 0.76 | 8/10/2022 | -- | -- | 0.0209 | 60 | 5.3 | 3.3 | 0.69 | 4.30 | 1.06 | 31 | 0.41 | 23.00 | 6.42 | 4.59 | 0.72 | 0.46 | 32 | 2.92 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-009 | -- | -- | -- | 8/10/2022 | Standard | Oreas 460 | 0.5535 | 1930 | 21.3 | 6.7 | 23.60 | 52.40 | 3.02 | 1395 | 0.47 | 862.00 | 246.00 | 112.50 | 5.11 | 0.71 | 63 | 3.74 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-010 | 0 | 1.52 | 1.52 | 8/10/2022 | -- | -- | 0.0909 | 313 | 17.3 | 10.3 | 2.76 | 21.10 | 3.29 | 128 | 1.06 | 127.00 | 32.60 | 25.00 | 2.85 | 1.37 | 78 | 8.37 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-010 | 1.52 | 3.05 | 1.52 | 8/10/2022 | -- | -- | 0.0942 | 241 | 20.4 | 9.0 | 3.73 | 28.60 | 3.46 | 156 | 1.10 | 173.50 | 41.80 | 37.00 | 4.08 | 1.29 | 72 | 8.12 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-010 | 3.05 | 4.57 | 1.52 | 8/10/2022 | -- | -- | 0.1113 | 311 | 31.9 | 18.4 | 2.57 | 31.30 | 6.62 | 140 | 2.08 | 143.50 | 34.70 | 30.80 | 5.10 | 2.58 | 165 | 14.50 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-010 | 4.57 | 6.55 | 1.98 | 8/10/2022 | -- | -- | 0.1402 | 408 | 35.4 | 19.2 | 3.59 | 40.60 | 6.76 | 196 | 2.69 | 186.00 | 46.30 | 38.90 | 6.29 | 2.91 | 177 | 17.35 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-011 | 0 | 1.52 | 1.52 | 8/10/2022 | -- | -- | 0.1011 | 350 | 22.2 | 14.5 | 1.98 | 20.40 | 4.84 | 118 | 1.75 | 118.00 | 29.80 | 22.80 | 3.44 | 2.16 | 133 | 12.35 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-011 | 0 | 1.52 | 1.52 | 8/10/2022 | Duplicate | -- | 0.0981 | 345 | 23.4 | 15.2 | 1.77 | 20.00 | 5.27 | 107 | 1.76 | 107.00 | 27.30 | 21.90 | 3.46 | 2.19 | 136 | 12.65 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-011 | 1.52 | 3.05 | 1.52 | 8/10/2022 | -- | -- | 0.1066 | 302 | 22.5 | 14.1 | 3.25 | 26.40 | 4.60 | 151 | 2.15 | 167.50 | 40.20 | 33.50 | 3.89 | 2.18 | 117 | 13.15 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-011 | 3.05 | 4.57 | 1.52 | 8/10/2022 | -- | -- | 0.1518 | 301 | 50.6 | 35.2 | 5.69 | 46.50 | 11.30 | 163 | 5.90 | 163.50 | 39.30 | 38.20 | 8.03 | 5.88 | 360 | 37.10 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-011 | 4.57 | 6.1 | 1.52 | 8/10/2022 | -- | -- | 0.1207 | 310 | 33.8 | 22.3 | 3.21 | 32.60 | 7.43 | 148 | 3.60 | 143.00 | 35.60 | 30.80 | 5.40 | 3.54 | 214 | 22.90 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-011 | 6.1 | 7.62 | 1.52 | 8/10/2022 | -- | -- | 0.0935 | 197 | 29.6 | 19.5 | 2.51 | 29.70 | 6.59 | 111 | 2.99 | 121.50 | 28.70 | 26.10 | 4.62 | 3.08 | 184 | 19.20 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-011 | 7.62 | 9.45 | 1.83 | 8/10/2022 | -- | -- | 0.1053 | 262 | 29.4 | 18.7 | 2.45 | 31.40 | 6.30 | 135 | 2.62 | 135.00 | 32.60 | 29.50 | 4.86 | 2.86 | 177 | 17.50 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-012 | 0 | 1.52 | 1.52 | 8/11/2022 | -- | -- | 0.0659 | 190 | 13.8 | 7.2 | 1.94 | 16.00 | 2.58 | 99 | 0.87 | 105.50 | 26.60 | 21.80 | 2.48 | 1.04 | 64 | 6.33 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-012 | 1.52 | 3.05 | 1.52 | 8/11/2022 | -- | -- | 0.0832 | 211 | 20.6 | 12.0 | 3.92 | 24.10 | 4.09 | 103 | 1.76 | 144.50 | 32.80 | 30.60 | 3.44 | 1.86 | 100 | 11.65 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-012 | 3.05 | 4.57 | 1.52 | 8/11/2022 | -- | -- | 0.1154 | 285 | 23.4 | 12.5 | 4.16 | 30.00 | 4.61 | 185 | 1.62 | 211.00 | 51.90 | 41.40 | 4.30 | 1.84 | 112 | 10.50 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-012 | 4.57 | 5.49 | 0.91 | 8/11/2022 | -- | -- | 0.1442 | 594 | 13.8 | 5.6 | 3.06 | 28.20 | 2.26 | 181 | 0.70 | 233.00 | 57.30 | 46.40 | 3.09 | 0.73 | 55 | 4.40 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-012 | 5.49 | 6.4 | 0.91 | 8/11/2022 | -- | -- | 0.0433 | 101 | 11.3 | 6.0 | 2.63 | 14.25 | 2.14 | 64 | 0.84 | 69.80 | 16.80 | 16.25 | 2.03 | 0.95 | 54 | 5.49 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-012 | 6.4 | 7.62 | 1.22 | 8/11/2022 | -- | -- | 0.0348 | 100 | 10.8 | 6.2 | 2.27 | 10.90 | 2.18 | 32 | 1.07 | 42.90 | 9.89 | 10.60 | 1.74 | 1.00 | 56 | 6.29 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-012 | 7.62 | 8.84 | 1.22 | 8/11/2022 | -- | -- | 0.0590 | 115 | 20.9 | 13.6 | 4.52 | 20.90 | 4.50 | 56 | 2.02 | 77.70 | 16.70 | 18.40 | 3.44 | 2.08 | 127 | 13.25 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-012 | 8.84 | 10.21 | 1.37 | 8/11/2022 | -- | -- | 0.1445 | 381 | 34.8 | 19.4 | 5.22 | 38.20 | 7.01 | 219 | 2.21 | 211.00 | 54.30 | 44.50 | 5.91 | 2.84 | 181 | 16.05 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |

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SLV0163 – Technical Report Summary Shiloh Project, Georgia 142 November 2025

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| | |
|:---|:---|
| **Technical Report Summary** | ![img77526612_64.jpg](img77526612_64.jpg) |

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|  |  |  |  |  |  |  | **Method** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** |
|  |  |  |  |  |  |  | **Analyte** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** |
|  |  |  |  |  |  |  | **Units** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** |
|  |  |  |  |  |  |  | **Detection <br>Limit** | **0.1** | **0.05** | **0.03** | **0.02** | **0.05** | **0.01** | **0.1** | **0.01** | **0.1** | **0.02** | **0.03** | **0.01** | **0.01** | **0.1** | **0.03** | **3** | **0.3** | **0.2** | **0.2** | **0.3** | **0.05** | **3** | **0.05** | **0.5** | **0.2** | **0.2** | **0.05** | **0.05** | **3** | **0.2** |
|  |  |  |  |  |  |  | **Upper <br>Limit** | **10000** | **1000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **10000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **50000** | **5000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** | **50000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** |
| **Hole ID** | **From <br>(m)** | **To <br>(m)** | **Interval <br>(m)** | **Drill Date** | **Sample <br>Type** | **Sample Details** | **TREO <br>(%)** | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-012 | -- | -- | -- | 8/11/2022 | Standard | Oreas 463 | 2.0151 | 6970 | 71.9 | 16.4 | 118.50 | 249.00 | 9.21 | 5100 | 0.88 | 3970.00 | >1000 | 577.00 | 20.90 | 1.70 | 191 | 7.27 | 6410 | 66 | 16 | 108 | 250 | 8 | 4930 | 1 | 3630 | 1050 | 531 | 19 | 1 | 184 | 7 |
| 22-DHC-013 | 0 | 1.52 | 1.52 | 8/11/2022 | -- | -- | 0.0881 | 361 | 17.8 | 9.8 | 1.45 | 17.25 | 3.50 | 94 | 1.09 | 93.00 | 24.30 | 19.20 | 2.88 | 1.40 | 92 | 7.44 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-013 | 1.52 | 3.05 | 1.52 | 8/11/2022 | -- | -- | 0.1578 | 381 | 33.1 | 18.2 | 3.78 | 38.10 | 6.61 | 225 | 2.22 | 307.00 | 73.30 | 58.50 | 5.68 | 2.61 | 167 | 15.25 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-013 | 3.05 | 4.57 | 1.52 | 8/11/2022 | -- | -- | 0.1798 | 310 | 37.0 | 18.5 | 6.72 | 57.10 | 6.63 | 357 | 2.55 | 388.00 | 95.20 | 81.00 | 7.20 | 2.81 | 142 | 16.80 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-013 | 4.57 | 5.49 | 0.91 | 8/11/2022 | -- | -- | 0.1622 | 284 | 45.7 | 22.0 | 7.44 | 64.20 | 8.04 | 314 | 3.11 | 275.00 | 69.80 | 66.10 | 8.82 | 3.38 | 182 | 20.70 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-013 | 5.49 | 6.71 | 1.22 | 8/11/2022 | -- | -- | 0.1298 | 135 | 54.9 | 27.5 | 8.62 | 63.10 | 10.50 | 200 | 3.32 | 184.00 | 44.30 | 46.20 | 10.05 | 3.94 | 276 | 22.70 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-013 | 5.49 | 6.71 | 1.22 | 8/11/2022 | Duplicate | -- | 0.1265 | 139 | 53.2 | 26.5 | 8.09 | 60.10 | 9.96 | 192 | 3.24 | 177.00 | 42.80 | 45.00 | 9.77 | 3.70 | 270 | 22.60 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-013 | 6.71 | 7.62 | 0.91 | 8/11/2022 |  | -- | 0.0494 | 101 | 15.7 | 8.8 | 4.26 | 17.60 | 3.18 | 64 | 1.11 | 74.80 | 17.30 | 17.35 | 2.73 | 1.28 | 81 | 7.50 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-013 | 7.62 | 9.14 | 1.52 | 8/11/2022 | -- | -- | 0.0340 | 102 | 9.6 | 5.1 | 3.22 | 10.40 | 1.83 | 36 | 0.75 | 48.70 | 11.30 | 11.50 | 1.59 | 0.79 | 41 | 4.95 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-013 | 9.14 | 10.67 | 1.52 | 8/11/2022 | -- | -- | 0.0384 | 110 | 10.6 | 5.8 | 3.77 | 12.60 | 2.12 | 41 | 0.84 | 59.80 | 13.40 | 14.30 | 1.94 | 0.84 | 44 | 5.49 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-013 | 10.67 | 12.65 | 1.98 | 8/11/2022 | -- | -- | 0.0373 | 84 | 12.0 | 6.4 | 3.75 | 13.00 | 2.40 | 40 | 0.83 | 56.40 | 12.40 | 13.25 | 2.02 | 0.93 | 62 | 5.84 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-014 | 0 | 1.52 | 1.52 | 8/11/2022 | -- | -- | 0.0893 | 414 | 11.6 | 7.0 | 1.65 | 12.05 | 2.37 | 111 | 0.92 | 91.10 | 24.90 | 16.50 | 1.99 | 1.06 | 57 | 6.32 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-014 | 1.52 | 3.05 | 1.52 | 8/11/2022 | -- | -- | 0.1182 | 217 | 24.0 | 14.4 | 4.36 | 33.00 | 4.88 | 194 | 2.44 | 259.00 | 62.00 | 48.80 | 4.35 | 2.34 | 118 | 15.55 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-014 | 3.05 | 3.81 | 0.76 | 8/11/2022 | -- | -- | 0.2060 | 368 | 46.7 | 28.0 | 7.60 | 62.70 | 9.56 | 341 | 4.48 | 411.00 | 99.10 | 81.50 | 8.45 | 4.46 | 243 | 28.80 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-014 | 3.81 | 4.57 | 0.76 | 8/11/2022 | -- | -- | 0.2245 | 405 | 62.9 | 30.0 | 7.36 | 80.60 | 11.65 | 401 | 3.65 | 396.00 | 96.10 | 84.20 | 11.70 | 4.30 | 281 | 24.50 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-014 | 4.57 | 6.1 | 1.52 | 8/11/2022 | -- | -- | 0.2050 | 491 | 62.6 | 35.4 | 6.62 | 69.70 | 12.50 | 249 | 5.08 | 296.00 | 69.80 | 67.50 | 11.05 | 5.55 | 315 | 33.70 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-014 | 6.1 | 7.62 | 1.52 | 8/11/2022 | -- | -- | 0.1344 | 158 | 56.7 | 30.7 | 6.20 | 66.90 | 11.00 | 170 | 3.99 | 215.00 | 47.40 | 53.10 | 10.45 | 4.54 | 269 | 27.60 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-014 | 7.62 | 9.14 | 1.52 | 8/11/2022 | -- | -- | 0.0820 | 134 | 34.5 | 20.1 | 3.44 | 34.90 | 7.06 | 98 | 2.77 | 93.80 | 21.40 | 22.60 | 5.58 | 2.89 | 188 | 18.20 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-014 | 9.14 | 10.06 | 0.91 | 8/11/2022 | -- | -- | 0.0526 | 98 | 18.2 | 9.8 | 2.74 | 21.90 | 3.70 | 70 | 1.35 | 73.20 | 16.45 | 17.40 | 3.22 | 1.44 | 96 | 8.72 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-014 | -- | -- | -- | 8/11/2022 | Blank | -- | 0.0036 | 8 | 1.0 | 0.5 | 0.25 | 1.30 | 0.18 | 5 | 0.04 | 6.30 | 1.33 | 1.44 | 0.19 | 0.06 | 5 | 0.29 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-015 | 0 | 1.52 | 1.52 | 8/11/2022 | -- | -- | 0.1342 | 363 | 24.0 | 11.9 | 3.41 | 35.00 | 4.37 | 223 | 1.60 | 248.00 | 61.20 | 49.30 | 4.61 | 1.77 | 98 | 11.45 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-015 | 1.52 | 3.05 | 1.52 | 8/11/2022 | -- | -- | 0.1263 | 221 | 38.6 | 23.9 | 4.62 | 46.90 | 7.94 | 187 | 3.64 | 213.00 | 51.40 | 50.40 | 6.73 | 3.77 | 184 | 24.00 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-015 | 3.05 | 4.57 | 1.52 | 8/11/2022 | -- | -- | 0.1215 | 213 | 51.7 | 33.7 | 3.51 | 41.40 | 11.45 | 118 | 4.72 | 119.00 | 28.60 | 29.30 | 7.85 | 5.13 | 316 | 31.80 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-015 | 4.57 | 6.1 | 1.52 | 8/11/2022 | -- | -- | 0.0902 | 224 | 30.4 | 20.7 | 2.36 | 23.90 | 6.95 | 91 | 2.95 | 102.50 | 25.60 | 22.90 | 4.41 | 3.21 | 177 | 20.30 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-015 | 6.1 | 8.23 | 2.13 | 8/11/2022 | -- | -- | 0.0780 | 181 | 22.4 | 15.7 | 2.18 | 20.90 | 5.13 | 103 | 2.20 | 108.50 | 27.40 | 23.70 | 3.49 | 2.42 | 125 | 15.70 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-016 | 0 | 1.52 | 1.52 | 8/11/2022 | -- | -- | 0.0970 | 363 | 19.7 | 10.1 | 1.65 | 21.60 | 3.80 | 124 | 1.14 | 117.50 | 30.60 | 25.10 | 3.40 | 1.35 | 92 | 7.91 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-016 | 0 | 1.52 | 1.52 | 8/11/2022 | Duplicate | -- | 0.0878 | 317 | 18.0 | 9.1 | 1.51 | 19.70 | 3.57 | 119 | 0.99 | 109.50 | 28.60 | 22.80 | 3.16 | 1.26 | 84 | 6.92 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-016 | 1.52 | 3.05 | 1.52 | 8/11/2022 | -- | -- | 0.1213 | 335 | 26.0 | 14.1 | 3.08 | 28.00 | 5.23 | 187 | 1.72 | 195.00 | 50.40 | 38.00 | 4.33 | 1.98 | 127 | 11.80 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-016 | 3.05 | 4.42 | 1.37 | 8/11/2022 | -- | -- | 0.1117 | 214 | 33.5 | 20.3 | 3.66 | 36.80 | 7.07 | 137 | 2.82 | 173.00 | 41.80 | 40.60 | 5.71 | 3.11 | 202 | 18.95 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-016 | 4.42 | 5.18 | 0.76 | 8/11/2022 | -- | -- | 0.1633 | 136 | 74.2 | 64.1 | 4.50 | 58.80 | 19.70 | 63 | 10.20 | 125.50 | 24.80 | 33.70 | 10.35 | 10.10 | 648 | 65.30 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-016 | 5.18 | 6.1 | 0.91 | 8/11/2022 | -- | -- | 0.1664 | 199 | 78.1 | 66.4 | 3.58 | 50.90 | 20.40 | 104 | 10.70 | 111.50 | 27.10 | 27.60 | 10.15 | 10.75 | 589 | 69.90 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-016 | 6.1 | 8.08 | 1.98 | 8/11/2022 | -- | -- | 0.1205 | 234 | 44.8 | 34.0 | 2.71 | 37.00 | 11.10 | 92 | 5.14 | 99.30 | 23.70 | 24.80 | 6.49 | 5.36 | 350 | 33.60 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-017 | 0 | 1.52 | 1.52 | 8/11/2022 | -- | -- | 0.1234 | 262 | 22.3 | 11.0 | 3.53 | 28.20 | 4.17 | 259 | 1.24 | 237.00 | 66.90 | 43.40 | 4.06 | 1.58 | 94 | 9.34 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |

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SLV0163 – Technical Report Summary Shiloh Project, Georgia 143 November 2025

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| **Technical Report Summary** | ![img77526612_64.jpg](img77526612_64.jpg) |

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|  |  |  |  |  |  |  | **Method** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** |
|  |  |  |  |  |  |  | **Analyte** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** |
|  |  |  |  |  |  |  | **Units** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** |
|  |  |  |  |  |  |  | **Detection <br>Limit** | **0.1** | **0.05** | **0.03** | **0.02** | **0.05** | **0.01** | **0.1** | **0.01** | **0.1** | **0.02** | **0.03** | **0.01** | **0.01** | **0.1** | **0.03** | **3** | **0.3** | **0.2** | **0.2** | **0.3** | **0.05** | **3** | **0.05** | **0.5** | **0.2** | **0.2** | **0.05** | **0.05** | **3** | **0.2** |
|  |  |  |  |  |  |  | **Upper <br>Limit** | **10000** | **1000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **10000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **50000** | **5000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** | **50000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** |
| **Hole ID** | **From <br>(m)** | **To <br>(m)** | **Interval <br>(m)** | **Drill Date** | **Sample <br>Type** | **Sample Details** | **TREO <br>(%)** | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-017 | 1.52 | 3.05 | 1.52 | 8/11/2022 | -- | -- | 0.1201 | 266 | 25.6 | 11.4 | 4.27 | 37.50 | 4.49 | 201 | 1.27 | 248.00 | 59.70 | 52.50 | 5.13 | 1.50 | 93 | 8.82 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-017 | 3.05 | 4.57 | 1.52 | 8/11/2022 | -- | -- | 0.0697 | 196 | 19.7 | 10.7 | 1.89 | 20.60 | 3.86 | 87 | 1.39 | 96.90 | 23.40 | 22.10 | 3.13 | 1.60 | 92 | 9.58 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-017 | 4.57 | 6.1 | 1.52 | 8/11/2022 | -- | -- | 0.0788 | 174 | 23.3 | 12.0 | 2.49 | 29.70 | 4.48 | 105 | 1.59 | 135.00 | 30.10 | 32.80 | 4.19 | 1.81 | 101 | 10.80 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-017 | 6.1 | 7.62 | 1.52 | 8/11/2022 | -- | -- | 0.0962 | 224 | 29.9 | 16.2 | 2.94 | 39.20 | 5.90 | 118 | 2.25 | 146.00 | 33.30 | 37.20 | 5.51 | 2.48 | 135 | 15.55 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-017 | 7.62 | 8.84 | 1.22 | 8/11/2022 | -- | -- | 0.0959 | 222 | 30.7 | 18.0 | 2.95 | 33.60 | 6.37 | 124 | 2.34 | 133.00 | 32.50 | 30.70 | 5.19 | 2.74 | 149 | 16.65 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-017 | -- | -- | -- | 8/11/2022 | Standard | -- | 2.0658 | 6340 | 72.0 | 16.0 | 115.00 | 247.00 | 9.17 | 4750 | 0.80 | 3770.00 | >1000 | 547.00 | 20.80 | 1.66 | 175 | 7.40 | 6620 | 70 | 17 | 115 | 259 | 9 | 5010 | 1 | 3710 | 1065 | 546 | 20 | 2 | 194 | 8 |
| 22-DHC-018 | 0 | 1.52 | 1.52 | 8/11/2022 | -- | -- | 0.0766 | 300 | 11.1 | 5.2 | 1.48 | 12.60 | 2.08 | 131 | 0.53 | 93.20 | 27.50 | 17.10 | 1.90 | 0.70 | 44 | 3.96 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-018 | 1.52 | 3.05 | 1.52 | 8/11/2022 | -- | -- | 0.0588 | 255 | 7.7 | 4.0 | 1.05 | 8.40 | 1.47 | 92 | 0.41 | 61.80 | 18.75 | 11.70 | 1.29 | 0.51 | 33 | 2.79 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-018 | 3.05 | 4.57 | 1.52 | 8/11/2022 | -- | -- | 0.0710 | 237 | 10.4 | 3.6 | 2.29 | 16.15 | 1.62 | 125 | 0.45 | 117.50 | 32.00 | 24.00 | 2.36 | 0.49 | 29 | 2.95 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-018 | 4.57 | 6.1 | 1.52 | 8/11/2022 | -- | -- | 0.1152 | 285 | 24.2 | 9.7 | 4.57 | 36.40 | 3.89 | 191 | 1.19 | 233.00 | 55.70 | 48.80 | 5.06 | 1.30 | 73 | 8.15 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-018 | 6.1 | 7.62 | 1.52 | 8/11/2022 | -- | -- | 0.1001 | 252 | 24.5 | 12.9 | 3.02 | 27.70 | 4.74 | 146 | 1.59 | 169.50 | 41.70 | 37.00 | 4.22 | 1.85 | 111 | 10.85 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-018 | 7.62 | 8.23 | 0.61 | 8/11/2022 | -- | -- | 0.1009 | 156 | 25.6 | 11.9 | 5.01 | 37.50 | 4.58 | 170 | 1.69 | 226.00 | 51.10 | 49.00 | 4.90 | 1.81 | 100 | 11.50 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-019 | 0 | 1.52 | 1.52 | 8/12/2022 | -- | -- | 0.1046 | 257 | 26.6 | 8.4 | 4.29 | 42.10 | 4.04 | 185 | 0.57 | 191.50 | 45.80 | 44.50 | 5.82 | 0.98 | 68 | 5.28 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-019 | 0 | 1.52 | 1.52 | 8/12/2022 | Duplicate | -- | 0.1045 | 267 | 24.5 | 7.7 | 3.86 | 39.50 | 3.69 | 184 | 0.56 | 193.50 | 45.90 | 44.30 | 5.18 | 0.88 | 64 | 4.86 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-019 | 1.52 | 3.05 | 1.52 | 8/12/2022 | -- | -- | 0.0636 | 188 | 15.3 | 7.0 | 2.64 | 19.80 | 2.76 | 87 | 0.84 | 103.00 | 24.00 | 24.30 | 2.87 | 1.04 | 55 | 6.49 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-019 | 3.05 | 4.57 | 1.52 | 8/12/2022 | -- | -- | 0.0793 | 146 | 21.5 | 10.6 | 5.44 | 29.10 | 3.91 | 103 | 1.68 | 183.50 | 40.50 | 40.80 | 3.94 | 1.69 | 71 | 11.60 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-019 | 4.57 | 6.1 | 1.52 | 8/12/2022 | -- | -- | 0.0881 | 111 | 29.1 | 15.1 | 8.34 | 35.50 | 5.63 | 116 | 2.16 | 186.00 | 40.40 | 42.00 | 4.89 | 2.21 | 133 | 14.10 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-019 | 6.1 | 7.62 | 1.52 | 8/12/2022 | -- | -- | 0.0620 | 96 | 21.4 | 11.8 | 5.82 | 24.70 | 4.22 | 69 | 1.57 | 106.50 | 23.10 | 25.70 | 3.60 | 1.75 | 117 | 9.95 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-019 | 7.62 | 9.14 | 1.52 | 8/12/2022 | -- | -- | 0.0480 | 104 | 15.7 | 8.5 | 4.37 | 17.05 | 3.11 | 48 | 1.15 | 71.10 | 15.25 | 17.55 | 2.65 | 1.26 | 87 | 7.67 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-019 | 9.14 | 10.67 | 1.52 | 8/12/2022 | -- | -- | 0.0460 | 88 | 15.6 | 8.5 | 4.40 | 16.05 | 3.16 | 50 | 1.04 | 69.70 | 14.85 | 16.40 | 2.56 | 1.24 | 89 | 7.44 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-019 | 10.67 | 12.19 | 1.52 | 8/12/2022 | -- | -- | 0.0491 | 122 | 13.4 | 7.4 | 4.15 | 14.85 | 2.70 | 57 | 1.08 | 74.60 | 16.55 | 16.75 | 2.26 | 1.07 | 74 | 6.90 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-019 | 12.19 | 13.72 | 1.52 | 8/12/2022 | -- | -- | 0.0447 | 118 | 12.5 | 7.1 | 3.78 | 12.80 | 2.59 | 50 | 0.98 | 64.10 | 14.65 | 14.80 | 1.94 | 1.04 | 67 | 6.64 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-019 | 13.72 | 15.24 | 1.52 | 8/12/2022 | -- | -- | 0.0329 | 66 | 10.4 | 6.3 | 2.71 | 10.55 | 2.22 | 43 | 1.01 | 44.20 | 10.10 | 10.35 | 1.70 | 1.02 | 61 | 6.89 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-019 | 15.24 | 16.15 | 0.91 | 8/12/2022 | -- | -- | 0.0691 | 176 | 16.6 | 8.6 | 3.67 | 21.20 | 3.08 | 102 | 1.44 | 105.00 | 26.10 | 22.10 | 2.97 | 1.32 | 86 | 8.87 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-019 | -- | -- | -- | 8/12/2022 | Blank | -- | 0.0036 | 8 | 0.9 | 0.4 | 0.23 | 1.21 | 0.16 | 5 | 0.05 | 5.70 | 1.28 | 1.48 | 0.16 | 0.04 | 5 | 0.31 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-020 | 0 | 1.52 | 1.52 | 8/13/2022 | -- | -- | 0.0343 | 170 | 3.6 | 1.6 | 1.03 | 4.59 | 0.60 | 40 | 0.23 | 33.50 | 9.33 | 5.94 | 0.68 | 0.24 | 19 | 1.46 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-020 | 1.52 | 3.05 | 1.52 | 8/13/2022 | -- | -- | 0.0414 | 94 | 9.6 | 4.7 | 1.62 | 9.74 | 1.66 | 74 | 0.64 | 63.40 | 17.85 | 12.60 | 1.49 | 0.70 | 54 | 4.33 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-020 | 3.05 | 4.57 | 1.52 | 8/13/2022 | -- | -- | 0.0350 | 79 | 8.1 | 3.9 | 1.51 | 8.10 | 1.40 | 65 | 0.42 | 53.90 | 14.50 | 10.70 | 1.34 | 0.52 | 45 | 3.26 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-020 | 4.57 | 6.1 | 1.52 | 8/13/2022 | -- | -- | 0.0452 | 102 | 9.2 | 4.8 | 1.85 | 10.30 | 1.74 | 85 | 0.63 | 74.30 | 19.55 | 13.90 | 1.60 | 0.67 | 54 | 4.04 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-020 | 6.1 | 8.23 | 2.13 | 8/13/2022 | -- | -- | 0.0237 | 69 | 5.4 | 3.2 | 0.99 | 4.48 | 1.03 | 38 | 0.45 | 26.40 | 7.76 | 5.03 | 0.90 | 0.47 | 34 | 2.83 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-021 | 0 | 1.52 | 1.52 | 8/13/2022 | -- | -- | 0.0300 | 101 | 5.1 | 2.6 | 0.65 | 4.76 | 0.96 | 52 | 0.31 | 36.00 | 10.10 | 6.63 | 0.82 | 0.37 | 31 | 2.16 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-021 | 1.52 | 3.05 | 1.52 | 8/13/2022 | -- | -- | 0.0401 | 153 | 4.9 | 1.8 | 0.96 | 7.56 | 0.76 | 66 | 0.18 | 55.90 | 15.15 | 10.75 | 1.10 | 0.23 | 23 | 1.42 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-021 | 3.05 | 4.57 | 1.52 | 8/13/2022 | -- | -- | 0.0414 | 146 | 4.3 | 1.3 | 1.29 | 7.62 | 0.59 | 76 | 0.17 | 65.40 | 17.90 | 11.30 | 0.95 | 0.16 | 18 | 1.19 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |

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SLV0163 – Technical Report Summary Shiloh Project, Georgia 144 November 2025

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| | |
|:---|:---|
| **Technical Report Summary** | ![img77526612_64.jpg](img77526612_64.jpg) |

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|  |  |  |  |  |  |  | **Method** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** |
|  |  |  |  |  |  |  | **Analyte** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** |
|  |  |  |  |  |  |  | **Units** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** |
|  |  |  |  |  |  |  | **Detection <br>Limit** | **0.1** | **0.05** | **0.03** | **0.02** | **0.05** | **0.01** | **0.1** | **0.01** | **0.1** | **0.02** | **0.03** | **0.01** | **0.01** | **0.1** | **0.03** | **3** | **0.3** | **0.2** | **0.2** | **0.3** | **0.05** | **3** | **0.05** | **0.5** | **0.2** | **0.2** | **0.05** | **0.05** | **3** | **0.2** |
|  |  |  |  |  |  |  | **Upper <br>Limit** | **10000** | **1000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **10000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **50000** | **5000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** | **50000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** |
| **Hole ID** | **From <br>(m)** | **To <br>(m)** | **Interval <br>(m)** | **Drill Date** | **Sample <br>Type** | **Sample Details** | **TREO <br>(%)** | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-021 | 3.05 | 4.57 | 1.52 | 8/13/2022 | Duplicate | -- | 0.0413 | 145 | 4.3 | 1.5 | 1.21 | 8.01 | 0.58 | 76 | 0.17 | 65.40 | 17.80 | 11.20 | 0.97 | 0.15 | 19 | 0.88 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-021 | 4.57 | 6.1 | 1.52 | 8/13/2022 | -- | -- | 0.0264 | 66 | 5.3 | 2.2 | 1.37 | 6.65 | 0.88 | 51 | 0.30 | 41.70 | 11.05 | 7.90 | 0.93 | 0.32 | 27 | 1.70 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-021 | 6.1 | 7.62 | 1.52 | 8/13/2022 | -- | -- | 0.0245 | 53 | 7.4 | 4.1 | 1.16 | 5.31 | 1.46 | 37 | 0.52 | 28.70 | 7.57 | 5.96 | 1.03 | 0.62 | 49 | 3.80 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-021 | 7.62 | 8.69 | 1.07 | 8/13/2022 | -- | -- | 0.0339 | 106 | 6.9 | 3.1 | 1.13 | 6.84 | 1.10 | 53 | 0.43 | 45.70 | 12.30 | 8.85 | 1.20 | 0.41 | 38 | 2.86 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-022 | 0 | 1.52 | 1.52 | 8/13/2022 | -- | -- | 0.0362 | 132 | 6.0 | 2.7 | 0.77 | 7.06 | 0.98 | 55 | 0.37 | 46.80 | 13.10 | 8.71 | 1.01 | 0.38 | 30 | 2.37 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-022 | 1.52 | 3.05 | 1.52 | 8/13/2022 | -- | -- | 0.0453 | 163 | 7.5 | 3.7 | 1.05 | 9.01 | 1.33 | 65 | 0.48 | 58.40 | 16.05 | 12.30 | 1.42 | 0.55 | 41 | 3.34 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-022 | 3.05 | 4.57 | 1.52 | 8/13/2022 | -- | -- | 0.0376 | 91 | 8.9 | 5.0 | 1.55 | 9.58 | 1.70 | 59 | 0.77 | 57.50 | 15.25 | 11.15 | 1.53 | 0.75 | 50 | 4.60 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-022 | 4.57 | 6.1 | 1.52 | 8/13/2022 | -- | -- | 0.0687 | 145 | 18.7 | 10.2 | 3.74 | 19.30 | 3.59 | 108 | 1.36 | 102.00 | 26.10 | 21.80 | 3.07 | 1.48 | 107 | 9.26 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-022 | 6.1 | 6.86 | 0.76 | 8/13/2022 | -- | -- | 0.0786 | 156 | 19.8 | 10.4 | 4.70 | 26.00 | 3.61 | 128 | 1.38 | 129.50 | 33.30 | 28.80 | 3.62 | 1.50 | 109 | 9.48 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-023 | 0 | 1.52 | 1.52 | 8/13/2022 | -- | -- | 0.0385 | 127 | 7.5 | 3.8 | 1.20 | 8.11 | 1.36 | 55 | 0.52 | 49.20 | 13.25 | 9.58 | 1.21 | 0.56 | 44 | 3.25 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-023 | 1.52 | 3.05 | 1.52 | 8/13/2022 | -- | -- | 0.0680 | 230 | 9.7 | 3.8 | 1.83 | 14.15 | 1.62 | 115 | 0.45 | 99.60 | 27.30 | 18.80 | 1.98 | 0.49 | 50 | 2.89 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-023 | 3.05 | 4.57 | 1.52 | 8/13/2022 | -- | -- | 0.0669 | 216 | 10.0 | 3.4 | 1.93 | 13.90 | 1.43 | 114 | 0.43 | 109.50 | 29.10 | 20.30 | 1.92 | 0.46 | 44 | 2.74 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-023 | 4.57 | 6.1 | 1.52 | 8/13/2022 | -- | -- | 0.0297 | 72 | 7.2 | 3.9 | 1.53 | 7.43 | 1.38 | 48 | 0.58 | 43.10 | 11.45 | 8.04 | 1.13 | 0.59 | 41 | 3.81 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-023 | 6.1 | 7.62 | 1.52 | 8/13/2022 | -- | -- | 0.0213 | 66 | 4.0 | 1.8 | 0.88 | 4.73 | 0.66 | 35 | 0.27 | 28.80 | 7.89 | 5.51 | 0.78 | 0.28 | 22 | 1.67 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-023 | 7.62 | 8.53 | 0.91 | 8/13/2022 | -- | -- | 0.0336 | 107 | 6.3 | 3.0 | 1.01 | 7.32 | 1.06 | 51 | 0.43 | 45.90 | 12.60 | 9.31 | 1.11 | 0.47 | 36 | 2.84 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-023 | -- | -- | -- | 8/13/2022 | Standard | Oreas 460 | 0.5988 | 2070 | 21.0 | 6.4 | 25.10 | 55.70 | 2.96 | 1510 | 0.46 | 948.00 | 270.00 | 122.00 | 5.53 | 0.71 | 70 | 3.99 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-024 | 0 | 2.13 | 2.13 | 8/13/2022 | -- | -- | 0.0371 | 107 | 8.0 | 4.4 | 1.54 | 8.68 | 1.57 | 53 | 0.55 | 52.80 | 13.90 | 10.75 | 1.40 | 0.64 | 46 | 4.02 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-025 | 0 | 1.52 | 1.52 | 8/13/2022 | -- | -- | 0.0345 | 103 | 7.4 | 4.2 | 1.22 | 8.05 | 1.48 | 48 | 0.48 | 46.00 | 12.65 | 9.55 | 1.40 | 0.55 | 44 | 3.34 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-025 | 1.52 | 2.44 | 0.91 | 8/13/2022 | -- | -- | 0.0291 | 92 | 4.9 | 2.4 | 1.10 | 6.24 | 0.89 | 48 | 0.25 | 42.90 | 11.65 | 8.42 | 0.95 | 0.30 | 25 | 1.86 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-001 | 0 | 1.52 | 1.52 | 8/14/2022 | -- | -- | 0.0704 | 361 | 5.5 | 2.8 | 0.82 | 7.81 | 0.96 | 84 | 0.36 | 72.50 | 20.20 | 11.10 | 1.06 | 0.36 | 28 | 2.25 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-001 | 0 | 1.52 | 1.52 | 8/14/2022 | Duplicate | -- | 0.0691 | 351 | 5.8 | 3.1 | 0.89 | 7.80 | 1.04 | 83 | 0.34 | 70.10 | 19.55 | 11.65 | 1.04 | 0.40 | 31 | 2.51 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-001 | 1.52 | 3.05 | 1.52 | 8/14/2022 | -- | -- | 0.0747 | 331 | 6.8 | 3.5 | 1.25 | 10.50 | 1.21 | 100 | 0.42 | 98.80 | 27.10 | 15.90 | 1.31 | 0.43 | 35 | 2.87 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-001 | 3.05 | 3.96 | 0.91 | 8/14/2022 | -- | -- | 0.0529 | 154 | 7.4 | 3.0 | 0.97 | 11.95 | 1.22 | 102 | 0.31 | 88.90 | 25.70 | 16.15 | 1.59 | 0.38 | 35 | 2.22 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-002 | 0 | 1.52 | 1.52 | 8/14/2022 | -- | -- | 0.0581 | 279 | 4.1 | 2.2 | 0.82 | 5.61 | 0.77 | 89 | 0.27 | 61.50 | 18.60 | 8.46 | 0.79 | 0.28 | 22 | 1.76 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-002 | 1.52 | 2.74 | 1.22 | 8/14/2022 | -- | -- | 0.0828 | 357 | 7.5 | 4.2 | 1.68 | 11.80 | 1.52 | 117 | 0.55 | 110.50 | 30.00 | 18.15 | 1.51 | 0.61 | 39 | 3.73 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-003 | 0 | 1.52 | 1.52 | 8/14/2022 | -- | -- | 0.0652 | 337 | 4.3 | 2.5 | 1.00 | 5.76 | 0.85 | 90 | 0.29 | 60.30 | 18.50 | 8.84 | 0.78 | 0.29 | 23 | 1.92 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-003 | 1.52 | 2.74 | 1.22 | 8/14/2022 | -- | -- | 0.1052 | 500 | 8.2 | 4.2 | 1.87 | 12.35 | 1.56 | 138 | 0.59 | 127.50 | 34.90 | 20.20 | 1.59 | 0.56 | 41 | 3.62 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-004 | 0 | 1.52 | 1.52 | 8/14/2022 | -- | -- | 0.1062 | 628 | 5.7 | 3.5 | 0.91 | 7.56 | 1.10 | 107 | 0.50 | 80.50 | 23.00 | 11.85 | 1.10 | 0.46 | 31 | 3.13 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-004 | 1.52 | 3.05 | 1.52 | 8/14/2022 | -- | -- | 0.0879 | 341 | 10.3 | 5.1 | 1.59 | 13.75 | 1.84 | 138 | 0.70 | 127.50 | 35.00 | 21.50 | 1.89 | 0.67 | 45 | 4.70 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-005 | 0 | 1.22 | 1.22 | 8/14/2022 | -- | -- | 0.0487 | 173 | 5.5 | 2.8 | 0.90 | 7.58 | 1.05 | 86 | 0.34 | 73.80 | 20.50 | 12.20 | 0.99 | 0.32 | 27 | 2.20 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-006 | 0 | 1.68 | 1.68 | 8/15/2022 | -- | -- | 0.1818 | 693 | 11.3 | 4.3 | 2.43 | 22.30 | 1.76 | 355 | 0.48 | 288.00 | 84.70 | 40.90 | 2.57 | 0.52 | 40 | 3.33 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-007 | 0 | 1.52 | 1.52 | 8/15/2022 | -- | -- | 0.0553 | 194 | 6.6 | 3.0 | 1.06 | 9.85 | 1.18 | 96 | 0.35 | 82.60 | 23.10 | 13.55 | 1.30 | 0.38 | 35 | 2.43 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-007 | 1.52 | 3.05 | 1.52 | 8/15/2022 | -- | -- | 0.1121 | 343 | 12.1 | 5.2 | 2.52 | 19.55 | 2.03 | 230 | 0.62 | 191.00 | 54.10 | 30.60 | 2.43 | 0.63 | 56 | 3.89 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |

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SLV0163 – Technical Report Summary Shiloh Project, Georgia 145 November 2025

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| **Technical Report Summary** | ![img77526612_64.jpg](img77526612_64.jpg) |

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|  |  |  |  |  |  |  | **Method** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** |
|  |  |  |  |  |  |  | **Analyte** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** |
|  |  |  |  |  |  |  | **Units** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** |
|  |  |  |  |  |  |  | **Detection <br>Limit** | **0.1** | **0.05** | **0.03** | **0.02** | **0.05** | **0.01** | **0.1** | **0.01** | **0.1** | **0.02** | **0.03** | **0.01** | **0.01** | **0.1** | **0.03** | **3** | **0.3** | **0.2** | **0.2** | **0.3** | **0.05** | **3** | **0.05** | **0.5** | **0.2** | **0.2** | **0.05** | **0.05** | **3** | **0.2** |
|  |  |  |  |  |  |  | **Upper <br>Limit** | **10000** | **1000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **10000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **50000** | **5000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** | **50000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** |
| **Hole ID** | **From <br>(m)** | **To <br>(m)** | **Interval <br>(m)** | **Drill Date** | **Sample <br>Type** | **Sample Details** | **TREO <br>(%)** | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-007 | 3.05 | 4.57 | 1.52 | 8/15/2022 | -- | -- | 0.0569 | 154 | 6.4 | 2.4 | 1.14 | 11.55 | 1.01 | 123 | 0.24 | 106.50 | 29.90 | 17.95 | 1.43 | 0.29 | 27 | 1.60 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-007 | 4.57 | 6.1 | 1.52 | 8/15/2022 | -- | -- | 0.1296 | 482 | 11.5 | 5.2 | 1.72 | 18.85 | 2.02 | 235 | 0.58 | 196.50 | 57.80 | 28.60 | 2.34 | 0.64 | 57 | 3.89 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-007 | 6.1 | 7.62 | 1.52 | 8/15/2022 | -- | -- | 0.0351 | 103 | 5.9 | 2.6 | 0.71 | 8.16 | 1.05 | 65 | 0.24 | 52.40 | 15.05 | 10.35 | 1.19 | 0.29 | 31 | 1.72 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-007 | 7.62 | 8.23 | 0.61 | 8/15/2022 | -- | -- | 0.0281 | 91 | 4.2 | 1.5 | 0.55 | 7.16 | 0.60 | 49 | 0.14 | 43.00 | 12.10 | 8.93 | 1.00 | 0.15 | 19 | 0.97 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-008 | 0 | 1.52 | 1.52 | 8/15/2022 | -- | -- | 0.2062 | 832 | 22.4 | 9.2 | 2.56 | 35.10 | 3.68 | 305 | 0.95 | 299.00 | 82.50 | 51.20 | 4.65 | 1.10 | 99 | 6.57 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-008 | 1.52 | 3.05 | 1.52 | 8/15/2022 | -- | -- | 0.0826 | 238 | 10.7 | 4.5 | 1.74 | 16.05 | 1.88 | 163 | 0.51 | 144.00 | 39.40 | 23.90 | 2.16 | 0.55 | 53 | 3.55 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-008 | 1.52 | 3.05 | 1.52 | 8/15/2022 | Duplicate | -- | 0.0879 | 262 | 10.7 | 5.1 | 1.93 | 16.00 | 1.97 | 171 | 0.59 | 152.00 | 41.80 | 24.50 | 2.09 | 0.67 | 53 | 4.10 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-008 | 3.05 | 4.57 | 1.52 | 8/15/2022 | -- | -- | 0.1524 | 570 | 12.9 | 5.2 | 2.36 | 21.70 | 2.16 | 276 | 0.53 | 238.00 | 68.00 | 33.50 | 2.78 | 0.64 | 61 | 3.61 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-008 | 4.57 | 6.1 | 1.52 | 8/15/2022 | -- | -- | 0.0503 | 118 | 6.7 | 3.7 | 1.20 | 10.15 | 1.35 | 114 | 0.42 | 87.70 | 25.50 | 14.30 | 1.33 | 0.47 | 39 | 2.96 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-008 | 6.1 | 7.62 | 1.52 | 8/15/2022 | -- | -- | 0.0562 | 217 | 6.5 | 3.2 | 1.05 | 10.15 | 1.11 | 87 | 0.41 | 78.20 | 22.30 | 13.90 | 1.39 | 0.39 | 33 | 2.74 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-008 | 7.62 | 9.14 | 1.52 | 8/15/2022 | -- | -- | 0.1190 | 462 | 8.7 | 3.6 | 1.58 | 14.75 | 1.46 | 219 | 0.37 | 179.00 | 51.80 | 25.50 | 1.87 | 0.44 | 42 | 2.46 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-008 | 9.14 | 10.36 | 1.22 | 8/15/2022 | -- | -- | 0.0296 | 93 | 3.2 | 1.1 | 0.86 | 5.87 | 0.52 | 61 | 0.11 | 47.60 | 13.55 | 8.38 | 0.71 | 0.13 | 15 | 0.81 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-009 | 0 | 1.52 | 1.52 | 8/15/2022 | -- | -- | 0.0820 | 332 | 9.1 | 4.3 | 1.36 | 13.90 | 1.59 | 125 | 0.49 | 109.50 | 30.60 | 17.70 | 1.81 | 0.50 | 46 | 3.23 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-009 | 1.52 | 3.05 | 1.52 | 8/15/2022 | -- | -- | 0.2716 | 1065 | 28.4 | 13.4 | 4.30 | 43.50 | 5.16 | 381 | 1.91 | 441.00 | 110.00 | 71.50 | 5.66 | 1.86 | 128 | 11.90 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-009 | 3.05 | 4.57 | 1.52 | 8/15/2022 | -- | -- | 0.4065 | 1265 | 47.8 | 21.8 | 6.80 | 71.60 | 8.44 | 791 | 2.45 | 695.00 | 190.00 | 104.50 | 9.05 | 2.68 | 226 | 16.15 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-009 | 4.57 | 6.1 | 1.52 | 8/15/2022 | -- | -- | 0.0457 | 98 | 6.4 | 3.0 | 1.00 | 9.85 | 1.15 | 111 | 0.35 | 83.40 | 23.30 | 13.25 | 1.34 | 0.40 | 34 | 2.46 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-009 | 6.1 | 7.62 | 1.52 | 8/15/2022 | -- | -- | 0.4912 | 2000 | 44.5 | 20.5 | 6.22 | 68.30 | 8.09 | 818 | 2.42 | 699.00 | 188.00 | 100.50 | 8.52 | 2.73 | 200 | 16.45 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-009 | 7.62 | 9.14 | 1.52 | 8/15/2022 | -- | -- | 0.6639 | 2890 | 33.5 | 14.0 | 4.57 | 64.10 | 5.81 | 1190 | 1.78 | 925.00 | 265.00 | 115.00 | 7.06 | 1.86 | 135 | 11.40 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-009 | 9.14 | 10.67 | 1.52 | 8/15/2022 | -- | -- | 0.0395 | 121 | 5.7 | 2.2 | 0.82 | 8.49 | 0.90 | 78 | 0.25 | 59.80 | 15.55 | 10.80 | 1.11 | 0.30 | 29 | 1.95 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-009 | 10.67 | 11.43 | 0.76 | 8/15/2022 | -- | -- | 0.0565 | 154 | 4.6 | 1.7 | 0.88 | 9.05 | 0.75 | 143 | 0.20 | 101.50 | 28.80 | 14.10 | 1.02 | 0.21 | 21 | 1.30 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-009 | -- | -- | -- | 8/15/2022 | Blank | -- | 0.0040 | 10 | 1.1 | 0.4 | 0.22 | 1.38 | 0.13 | 6 | 0.02 | 6.60 | 1.50 | 1.28 | 0.14 | 0.06 | 5 | 0.33 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-010 | 0 | 1.52 | 1.52 | 8/15/2022 | -- | -- | 0.0754 | 290 | 8.2 | 3.4 | 1.19 | 12.15 | 1.39 | 129 | 0.41 | 109.00 | 29.40 | 17.45 | 1.58 | 0.45 | 36 | 2.79 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-010 | 1.52 | 3.05 | 1.52 | 8/15/2022 | -- | -- | 0.3483 | 954 | 31.7 | 13.3 | 5.57 | 55.80 | 5.43 | 810 | 1.48 | 664.00 | 180.00 | 91.70 | 6.42 | 1.73 | 136 | 10.65 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-010 | 3.05 | 4.57 | 1.52 | 8/15/2022 | -- | -- | 0.4788 | 1560 | 54.0 | 23.5 | 7.00 | 82.70 | 9.48 | 890 | 2.85 | 831.00 | 226.00 | 125.00 | 10.50 | 3.14 | 232 | 18.80 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-010 | 4.57 | 6.1 | 1.52 | 8/15/2022 | -- | -- | 0.2536 | 1170 | 19.9 | 9.0 | 2.62 | 31.00 | 3.49 | 358 | 1.22 | 326.00 | 88.90 | 47.70 | 3.80 | 1.25 | 90 | 8.09 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-010 | 6.1 | 7.62 | 1.52 | 8/15/2022 | -- | -- | 0.0737 | 155 | 8.8 | 4.5 | 1.06 | 13.40 | 1.67 | 201 | 0.49 | 132.00 | 37.00 | 18.55 | 1.67 | 0.58 | 48 | 3.60 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-010 | 6.1 | 7.62 | 1.52 | 8/15/2022 | Duplicate | -- | 0.0635 | 136 | 7.5 | 3.3 | 1.10 | 12.00 | 1.33 | 175 | 0.40 | 114.00 | 31.70 | 15.55 | 1.44 | 0.46 | 38 | 2.72 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-010 | 7.62 | 8.84 | 1.22 | 8/15/2022 | -- | -- | 0.5743 | 2430 | 40.6 | 19.1 | 5.05 | 66.50 | 7.24 | 957 | 2.54 | 815.00 | 225.00 | 110.00 | 7.77 | 2.64 | 190 | 16.20 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-011 | 0 | 1.52 | 1.52 | 8/15/2022 | -- | -- | 0.3181 | 1080 | 24.3 | 10.0 | 4.42 | 43.70 | 4.08 | 649 | 1.24 | 552.00 | 154.00 | 77.20 | 4.95 | 1.41 | 97 | 8.65 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-011 | 1.52 | 3.05 | 1.52 | 8/15/2022 | -- | -- | 0.1133 | 192 | 18.4 | 8.5 | 2.60 | 28.60 | 3.30 | 257 | 1.08 | 249.00 | 64.30 | 38.60 | 3.69 | 1.20 | 88 | 7.35 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-011 | 3.05 | 4.57 | 1.52 | 8/15/2022 | -- | -- | 0.1067 | 264 | 16.2 | 7.8 | 1.71 | 22.10 | 3.08 | 229 | 0.98 | 182.50 | 49.40 | 27.10 | 3.02 | 1.01 | 91 | 6.31 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-011 | 4.57 | 6.1 | 1.52 | 8/15/2022 | -- | -- | 0.6023 | 2710 | 28.2 | 11.4 | 4.84 | 55.10 | 4.70 | 1010 | 1.50 | 834.00 | 238.00 | 105.50 | 6.08 | 1.56 | 118 | 9.31 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-011 | 6.1 | 7.77 | 1.68 | 8/15/2022 | -- | -- | 0.3709 | 1780 | 20.9 | 8.4 | 2.88 | 35.40 | 3.45 | 550 | 0.96 | 469.00 | 132.00 | 62.20 | 4.19 | 1.11 | 86 | 6.71 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |

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SLV0163 – Technical Report Summary Shiloh Project, Georgia 146 November 2025

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| | |
|:---|:---|
| **Technical Report Summary** | ![img77526612_64.jpg](img77526612_64.jpg) |

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|  |  |  |  |  |  |  | **Method** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** |
|  |  |  |  |  |  |  | **Analyte** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** |
|  |  |  |  |  |  |  | **Units** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** |
|  |  |  |  |  |  |  | **Detection <br>Limit** | **0.1** | **0.05** | **0.03** | **0.02** | **0.05** | **0.01** | **0.1** | **0.01** | **0.1** | **0.02** | **0.03** | **0.01** | **0.01** | **0.1** | **0.03** | **3** | **0.3** | **0.2** | **0.2** | **0.3** | **0.05** | **3** | **0.05** | **0.5** | **0.2** | **0.2** | **0.05** | **0.05** | **3** | **0.2** |
|  |  |  |  |  |  |  | **Upper <br>Limit** | **10000** | **1000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **10000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **50000** | **5000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** | **50000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** |
| **Hole ID** | **From <br>(m)** | **To <br>(m)** | **Interval <br>(m)** | **Drill Date** | **Sample <br>Type** | **Sample Details** | **TREO <br>(%)** | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-012 | 0 | 1.52 | 1.52 | 8/16/2022 | -- | -- | 0.0571 | 217 | 7.5 | 3.4 | 1.37 | 10.05 | 1.34 | 88 | 0.46 | 80.60 | 21.20 | 13.75 | 1.44 | 0.49 | 36 | 2.85 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-012 | 1.52 | 3.05 | 1.52 | 8/16/2022 | -- | -- | 0.0339 | 119 | 4.4 | 1.4 | 0.75 | 7.39 | 0.63 | 60 | 0.16 | 52.60 | 14.45 | 10.60 | 1.06 | 0.19 | 16 | 1.14 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-012 | 3.05 | 4.57 | 1.52 | 8/16/2022 | -- | -- | 0.0672 | 186 | 13.3 | 6.9 | 1.89 | 16.25 | 2.65 | 107 | 0.78 | 107.00 | 27.90 | 19.50 | 2.38 | 0.94 | 71 | 5.59 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-012 | 4.57 | 6.1 | 1.52 | 8/16/2022 | -- | -- | 0.0422 | 103 | 11.0 | 5.5 | 1.31 | 12.55 | 2.07 | 61 | 0.64 | 60.10 | 15.20 | 12.50 | 2.01 | 0.75 | 65 | 4.52 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-012 | 6.1 | 7.62 | 1.52 | 8/16/2022 | -- | -- | 0.0403 | 148 | 4.5 | 1.6 | 0.95 | 6.84 | 0.73 | 75 | 0.15 | 59.20 | 16.45 | 8.71 | 0.93 | 0.20 | 19 | 1.33 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-012 | 7.62 | 9.14 | 1.52 | 8/16/2022 | -- | -- | 0.1479 | 755 | 8.8 | 3.9 | 1.73 | 15.00 | 1.50 | 198 | 0.51 | 160.00 | 45.00 | 23.90 | 1.85 | 0.52 | 42 | 3.43 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-012 | 9.14 | 10.36 | 1.22 | 8/16/2022 | -- | -- | 0.5085 | 2690 | 28.8 | 12.6 | 3.48 | 46.10 | 5.00 | 594 | 1.58 | 572.00 | 162.50 | 82.50 | 5.79 | 1.70 | 120 | 10.45 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-012 | -- | -- | -- | 8/16/2022 | Standard | Oreas 463 | 2.0644 | 6680 | 70.6 | 15.5 | 114.00 | 236.00 | 8.73 | 4940 | 0.79 | 3890.00 | >1000 | 539.00 | 19.50 | 1.50 | 185 | 6.87 | 6600 | 67 | 16 | 114 | 258 | 9 | 5020 | 1 | 3700 | 1080 | 547 | 21 | 1 | 191 | 7 |
| 22-DLC-013 | 0 | 1.52 | 1.52 | 8/16/2022 | -- | -- | 0.0602 | 233 | 7.5 | 3.9 | 1.34 | 9.30 | 1.43 | 97 | 0.54 | 80.00 | 22.30 | 12.55 | 1.29 | 0.55 | 37 | 3.46 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-013 | 1.52 | 3.05 | 1.52 | 8/16/2022 | -- | -- | 0.1784 | 685 | 9.2 | 3.4 | 1.90 | 19.10 | 1.48 | 384 | 0.42 | 267.00 | 76.20 | 34.30 | 1.98 | 0.49 | 35 | 2.95 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-013 | 3.05 | 4.57 | 1.52 | 8/16/2022 | -- | -- | 1.5686 | 5430 | 77.1 | 23.9 | 9.28 | 184.50 | 11.30 | 3120 | 2.80 | 2950.00 | 834.00 | 365.00 | 18.55 | 3.03 | 242 | 18.20 | 5490 | 73 | 25 | 10 | 203 | 11 | 3250 | 3 | 2860 | 803 | 378 | 19 | 3 | 244 | 20 |
| 22-DLC-013 | 4.57 | 6.1 | 1.52 | 8/16/2022 | -- | -- | 0.6949 | 2420 | 42.3 | 17.3 | 6.95 | 88.10 | 6.93 | 1375 | 2.31 | 1255.00 | 359.00 | 161.50 | 9.13 | 2.42 | 166 | 15.55 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-013 | 6.1 | 8.23 | 2.13 | 8/16/2022 | -- | -- | 0.1131 | 220 | 15.6 | 8.3 | 2.28 | 21.70 | 3.07 | 303 | 1.16 | 206.00 | 56.40 | 28.40 | 2.72 | 1.23 | 83 | 7.71 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-013 | 6.1 | 8.23 | 2.13 | 8/16/2022 | Duplicate | -- | 0.1108 | 219 | 14.3 | 7.5 | 1.97 | 20.90 | 2.75 | 296 | 1.00 | 207.00 | 56.90 | 28.00 | 2.65 | 1.02 | 76 | 6.52 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-014 | 0 | 1.52 | 1.52 | 8/16/2022 | -- | -- | 0.0324 | 100 | 5.5 | 3.3 | 0.53 | 5.12 | 1.10 | 65 | 0.45 | 41.30 | 12.50 | 7.07 | 0.89 | 0.47 | 29 | 2.83 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-014 | 1.52 | 3.05 | 1.52 | 8/16/2022 | -- | -- | 0.0224 | 66 | 2.7 | 1.2 | 0.54 | 3.09 | 0.52 | 58 | 0.18 | 29.20 | 10.00 | 4.55 | 0.51 | 0.19 | 12 | 1.18 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-014 | 3.05 | 4.57 | 1.52 | 8/16/2022 | -- | -- | 0.0321 | 77 | 6.1 | 3.4 | 0.78 | 5.27 | 1.22 | 75 | 0.53 | 43.70 | 13.95 | 7.22 | 0.94 | 0.58 | 33 | 3.52 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-014 | 4.57 | 6.1 | 1.52 | 8/16/2022 | -- | -- | 0.0867 | 233 | 18.4 | 15.0 | 1.50 | 17.05 | 4.44 | 130 | 2.70 | 119.00 | 32.40 | 20.70 | 2.79 | 2.48 | 117 | 17.30 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-014 | 6.1 | 7.62 | 1.52 | 8/16/2022 | -- | -- | 0.0545 | 153 | 7.8 | 4.9 | 1.13 | 9.03 | 1.51 | 104 | 0.70 | 91.90 | 24.80 | 13.20 | 1.37 | 0.75 | 44 | 4.73 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-014 | 7.62 | 9.45 | 1.83 | 8/16/2022 | -- | -- | 0.0404 | 110 | 6.8 | 4.0 | 0.92 | 6.57 | 1.37 | 75 | 0.50 | 65.70 | 17.35 | 10.00 | 1.07 | 0.52 | 40 | 3.79 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-015 | 0 | 1.52 | 1.52 | 8/16/2022 | -- | -- | 0.0716 | 230 | 15.5 | 7.8 | 2.14 | 16.35 | 3.01 | 97 | 1.02 | 95.20 | 24.10 | 17.75 | 2.73 | 1.02 | 85 | 6.83 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-015 | 1.52 | 3.05 | 1.52 | 8/16/2022 | -- | -- | 0.0572 | 168 | 15.4 | 9.8 | 2.16 | 13.70 | 3.37 | 58 | 1.42 | 71.30 | 16.90 | 14.60 | 2.38 | 1.40 | 94 | 9.02 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-015 | 3.05 | 5.03 | 1.98 | 8/16/2022 | -- | -- | 0.1891 | 654 | 31.7 | 17.7 | 6.02 | 37.70 | 6.30 | 255 | 2.78 | 292.00 | 71.00 | 50.60 | 5.50 | 2.75 | 154 | 18.20 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-016 | 0 | 1.52 | 1.52 | 8/17/2022 | -- | -- | 0.0656 | 228 | 7.9 | 4.1 | 1.30 | 12.05 | 1.64 | 107 | 0.58 | 99.90 | 25.80 | 17.30 | 1.55 | 0.58 | 46 | 3.82 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-016 | 1.52 | 3.05 | 1.52 | 8/17/2022 | -- | -- | 0.0923 | 338 | 7.2 | 3.2 | 1.54 | 11.70 | 1.24 | 177 | 0.44 | 148.50 | 41.60 | 19.70 | 1.40 | 0.51 | 32 | 2.72 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-016 | 3.05 | 4.88 | 1.83 | 8/17/2022 | -- | -- | 0.1476 | 348 | 28.0 | 14.4 | 4.02 | 39.40 | 5.27 | 234 | 2.07 | 295.00 | 68.70 | 48.90 | 5.15 | 2.15 | 142 | 14.55 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-017 | 0 | 1.52 | 1.52 | 8/17/2022 | -- | -- | 0.0485 | 158 | 8.6 | 4.4 | 2.09 | 10.50 | 1.58 | 70 | 0.72 | 78.00 | 19.40 | 14.30 | 1.58 | 0.68 | 38 | 4.87 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-017 | 1.52 | 3.05 | 1.52 | 8/17/2022 | -- | -- | 0.1162 | 162 | 32.4 | 19.0 | 9.18 | 40.10 | 7.04 | 160 | 2.52 | 208.00 | 46.30 | 40.80 | 5.68 | 2.70 | 225 | 16.50 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-017 | 3.05 | 4.57 | 1.52 | 8/17/2022 | -- | -- | 0.0583 | 119 | 17.9 | 10.1 | 5.59 | 20.60 | 3.73 | 61 | 1.31 | 79.20 | 17.30 | 17.15 | 3.19 | 1.40 | 124 | 8.21 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-017 | 4.57 | 6.1 | 1.52 | 8/17/2022 | -- | -- | 0.0538 | 124 | 15.9 | 8.9 | 5.93 | 18.75 | 3.07 | 56 | 1.04 | 80.30 | 17.50 | 17.60 | 2.83 | 1.10 | 94 | 6.94 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-017 | 6.1 | 7.62 | 1.52 | 8/17/2022 | -- | -- | 0.0467 | 116 | 12.7 | 6.7 | 5.25 | 16.05 | 2.62 | 50 | 0.78 | 74.80 | 15.90 | 15.65 | 2.26 | 0.93 | 69 | 5.85 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-017 | 7.62 | 9.3 | 1.68 | 8/17/2022 | -- | -- | 0.0375 | 94 | 10.6 | 5.2 | 4.14 | 12.90 | 2.06 | 39 | 0.69 | 60.00 | 12.75 | 12.45 | 1.87 | 0.72 | 55 | 4.52 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-017 | 7.62 | 9.3 | 1.68 | 8/17/2022 | Duplicate | -- | 0.0384 | 96 | 10.6 | 5.4 | 4.32 | 13.65 | 2.11 | 41 | 0.68 | 60.40 | 12.70 | 13.60 | 1.85 | 0.73 | 57 | 4.64 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |

---

SLV0163 – Technical Report Summary Shiloh Project, Georgia 147 November 2025

------

---

| | |
|:---|:---|
| **Technical Report Summary** | ![img77526612_64.jpg](img77526612_64.jpg) |

---

---

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|  |  |  |  |  |  |  | **Method** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** |
|  |  |  |  |  |  |  | **Analyte** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** |
|  |  |  |  |  |  |  | **Units** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** |
|  |  |  |  |  |  |  | **Detection <br>Limit** | **0.1** | **0.05** | **0.03** | **0.02** | **0.05** | **0.01** | **0.1** | **0.01** | **0.1** | **0.02** | **0.03** | **0.01** | **0.01** | **0.1** | **0.03** | **3** | **0.3** | **0.2** | **0.2** | **0.3** | **0.05** | **3** | **0.05** | **0.5** | **0.2** | **0.2** | **0.05** | **0.05** | **3** | **0.2** |
|  |  |  |  |  |  |  | **Upper <br>Limit** | **10000** | **1000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **10000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **50000** | **5000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** | **50000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** |
| **Hole ID** | **From <br>(m)** | **To <br>(m)** | **Interval <br>(m)** | **Drill Date** | **Sample <br>Type** | **Sample Details** | **TREO <br>(%)** | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-018 | 0 | 1.52 | 1.52 | 8/17/2022 | -- | -- | 0.0506 | 207 | 5.6 | 2.4 | 0.90 | 8.87 | 1.00 | 77 | 0.30 | 67.60 | 17.80 | 11.20 | 1.22 | 0.38 | 27 | 2.56 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-018 | 1.52 | 3.05 | 1.52 | 8/17/2022 | -- | -- | 0.0493 | 156 | 6.3 | 2.5 | 1.14 | 9.40 | 0.97 | 96 | 0.27 | 82.20 | 22.60 | 14.00 | 1.32 | 0.30 | 25 | 1.78 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-018 | 3.05 | 4.57 | 1.52 | 8/17/2022 | -- | -- | 0.1121 | 344 | 9.7 | 4.1 | 2.77 | 18.35 | 1.68 | 237 | 0.50 | 206.00 | 56.00 | 29.20 | 2.19 | 0.60 | 40 | 3.90 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-018 | 4.57 | 6.1 | 1.52 | 8/17/2022 | -- | -- | 0.0676 | 136 | 11.1 | 5.2 | 3.13 | 19.80 | 2.01 | 151 | 0.78 | 132.50 | 34.80 | 24.60 | 2.38 | 0.77 | 47 | 4.44 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-018 | 6.1 | 7.62 | 1.52 | 8/17/2022 | -- | -- | 0.1256 | 350 | 21.1 | 10.2 | 4.79 | 34.60 | 3.84 | 233 | 1.38 | 199.50 | 52.90 | 38.40 | 4.25 | 1.44 | 103 | 8.98 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-018 | 7.62 | 9.75 | 2.13 | 8/17/2022 | -- | -- | 0.0375 | 121 | 6.6 | 2.7 | 0.86 | 9.54 | 1.10 | 60 | 0.32 | 55.10 | 14.90 | 11.30 | 1.27 | 0.34 | 32 | 1.98 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-019 | 0 | 1.52 | 1.52 | 8/17/2022 | -- | -- | 0.0451 | 168 | 5.3 | 1.9 | 0.60 | 9.50 | 0.81 | 75 | 0.21 | 68.90 | 18.30 | 12.80 | 1.14 | 0.23 | 21 | 1.55 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-019 | 1.52 | 3.05 | 1.52 | 8/17/2022 | -- | -- | 0.0527 | 162 | 6.7 | 2.6 | 0.99 | 10.30 | 1.08 | 98 | 0.31 | 95.10 | 25.20 | 16.05 | 1.37 | 0.33 | 27 | 1.96 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-019 | 3.05 | 4.57 | 1.52 | 8/17/2022 | -- | -- | 0.1737 | 498 | 18.9 | 8.7 | 4.57 | 31.50 | 3.41 | 373 | 1.12 | 313.00 | 83.80 | 46.60 | 4.00 | 1.16 | 83 | 7.60 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-019 | 4.57 | 6.1 | 1.52 | 8/17/2022 | -- | -- | 0.0802 | 161 | 20.2 | 9.9 | 3.05 | 28.30 | 3.82 | 155 | 1.26 | 121.50 | 32.20 | 24.50 | 4.05 | 1.34 | 104 | 8.16 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-019 | 6.1 | 7.62 | 1.52 | 8/17/2022 | -- | -- | 0.1700 | 608 | 22.5 | 11.0 | 2.53 | 29.70 | 4.24 | 285 | 1.20 | 238.00 | 65.30 | 35.40 | 4.25 | 1.48 | 126 | 8.98 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-019 | 7.62 | 9.6 | 1.98 | 8/17/2022 | -- | -- | 0.0476 | 147 | 10.3 | 5.3 | 0.87 | 10.60 | 1.97 | 75 | 0.61 | 61.10 | 16.75 | 11.95 | 1.76 | 0.70 | 55 | 4.16 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-019 | -- | -- | -- | 8/17/2022 | Standard | Oreas 460 | 0.5488 | 1905 | 19.8 | 5.6 | 22.60 | 48.50 | 2.74 | 1400 | 0.47 | 867.00 | 233.00 | 107.00 | 4.84 | 0.64 | 64 | 3.80 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-020 | 0 | 1.52 | 1.52 | 8/17/2022 | -- | -- | 0.0197 | 74 | 1.9 | 0.6 | 0.68 | 3.83 | 0.26 | 39 | 0.05 | 28.10 | 8.00 | 5.06 | 0.47 | 0.07 | 6 | 0.46 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-020 | 1.52 | 3.05 | 1.52 | 8/17/2022 | -- | -- | 0.0363 | 125 | 3.6 | 1.3 | 0.90 | 7.11 | 0.49 | 69 | 0.14 | 59.90 | 15.75 | 10.60 | 0.84 | 0.16 | 14 | 1.13 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-020 | 3.05 | 4.57 | 1.52 | 8/17/2022 | -- | -- | 0.1038 | 389 | 8.0 | 3.8 | 2.04 | 14.85 | 1.37 | 180 | 0.51 | 172.00 | 45.10 | 24.40 | 1.82 | 0.55 | 38 | 3.87 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-020 | 4.57 | 6.1 | 1.52 | 8/17/2022 | -- | -- | 0.0536 | 131 | 8.2 | 3.0 | 1.78 | 14.75 | 1.27 | 103 | 0.39 | 105.00 | 26.20 | 19.30 | 1.89 | 0.44 | 37 | 2.81 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-020 | 6.1 | 6.86 | 0.76 | 8/17/2022 | -- | -- | 0.0473 | 149 | 6.5 | 2.5 | 1.00 | 11.25 | 0.91 | 84 | 0.29 | 79.60 | 20.50 | 14.30 | 1.50 | 0.28 | 29 | 1.83 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-021 | 0 | 1.52 | 1.52 | 8/17/2022 | -- | -- | 0.0668 | 230 | 9.7 | 4.0 | 1.40 | 13.25 | 1.57 | 105 | 0.54 | 103.00 | 26.60 | 18.00 | 1.80 | 0.53 | 48 | 4.06 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-021 | 0 | 1.52 | 1.52 | 8/17/2022 | Duplicate | -- | 0.0683 | 235 | 9.2 | 3.9 | 1.52 | 14.20 | 1.54 | 110 | 0.37 | 108.50 | 27.60 | 17.85 | 1.92 | 0.49 | 46 | 3.08 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-021 | 1.52 | 3.05 | 1.52 | 8/17/2022 | -- | -- | 0.0130 | 47 | 1.9 | 0.7 | 0.72 | 2.37 | 0.28 | 25 | 0.06 | 17.10 | 4.71 | 2.89 | 0.40 | 0.07 | 8 | 0.44 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-021 | 3.05 | 4.88 | 1.83 | 8/17/2022 | -- | -- | 0.0177 | 28 | 4.3 | 1.5 | 1.06 | 3.99 | 0.71 | 41 | 0.15 | 32.40 | 8.79 | 5.11 | 0.69 | 0.21 | 21 | 1.10 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-022 | 0 | 1.52 | 1.52 | 8/17/2022 | -- | -- | 0.0251 | 76 | 3.4 | 1.3 | 0.92 | 4.63 | 0.49 | 54 | 0.15 | 39.10 | 11.30 | 6.42 | 0.71 | 0.14 | 14 | 1.15 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-022 | 1.52 | 2.74 | 1.22 | 8/17/2022 | -- | -- | 0.0501 | 163 | 7.4 | 2.4 | 0.90 | 12.10 | 1.15 | 82 | 0.20 | 81.90 | 21.20 | 16.55 | 1.62 | 0.30 | 34 | 1.62 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-023 | 0 | 2.13 | 2.13 | 8/17/2022 | -- | -- | 0.1191 | 683 | 6.6 | 2.7 | 1.34 | 10.30 | 1.08 | 123 | 0.32 | 107.00 | 28.50 | 16.40 | 1.40 | 0.34 | 31 | 2.48 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-023 | 2.13 | 3.05 | 0.91 | 8/17/2022 | -- | -- | 0.0223 | 69 | 2.0 | 1.0 | 0.84 | 3.76 | 0.38 | 45 | 0.13 | 38.70 | 10.30 | 5.60 | 0.52 | 0.11 | 11 | 0.93 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-023 | 3.05 | 4.57 | 1.52 | 8/17/2022 | -- | -- | 0.1309 | 487 | 9.8 | 4.1 | 2.54 | 17.10 | 1.62 | 244 | 0.54 | 211.00 | 56.90 | 29.00 | 2.12 | 0.59 | 45 | 4.07 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-023 | 4.57 | 5.64 | 1.07 | 8/17/2022 | -- | -- | 0.0307 | 100 | 3.1 | 1.1 | 0.85 | 5.64 | 0.46 | 61 | 0.13 | 51.50 | 13.60 | 8.42 | 0.72 | 0.13 | 14 | 0.94 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-023 | 5.64 | 7.62 | 1.98 | 8/17/2022 | -- | -- | 0.3454 | 1370 | 24.6 | 9.9 | 4.54 | 44.20 | 4.08 | 617 | 1.12 | 522.00 | 134.00 | 72.80 | 5.25 | 1.31 | 123 | 8.62 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-024 | 0 | 1.52 | 1.52 | 8/18/2022 | -- | -- | 0.0500 | 190 | 5.9 | 2.6 | 0.73 | 9.05 | 0.94 | 79 | 0.34 | 73.80 | 18.85 | 11.90 | 1.18 | 0.31 | 30 | 2.28 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-024 | 1.52 | 3.66 | 2.13 | 8/18/2022 | -- | -- | 0.0563 | 205 | 7.8 | 3.2 | 0.98 | 10.15 | 1.22 | 90 | 0.39 | 82.40 | 21.30 | 14.00 | 1.42 | 0.43 | 37 | 3.13 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-025 | 0 | 1.52 | 1.52 | 8/18/2022 | -- | -- | 0.0573 | 252 | 6.1 | 2.3 | 0.77 | 9.47 | 0.95 | 82 | 0.31 | 71.20 | 18.55 | 12.30 | 1.26 | 0.33 | 28 | 2.26 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-025 | 1.52 | 3.05 | 1.52 | 8/18/2022 | -- | -- | 0.0538 | 244 | 4.8 | 2.2 | 1.06 | 7.54 | 0.85 | 76 | 0.24 | 66.90 | 17.45 | 10.45 | 0.97 | 0.28 | 23 | 2.01 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |

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SLV0163 – Technical Report Summary Shiloh Project, Georgia 148 November 2025

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| **Technical Report Summary** | ![img77526612_64.jpg](img77526612_64.jpg) |

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|  |  |  |  |  |  |  | **Method** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** |
|  |  |  |  |  |  |  | **Analyte** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** |
|  |  |  |  |  |  |  | **Units** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** |
|  |  |  |  |  |  |  | **Detection <br>Limit** | **0.1** | **0.05** | **0.03** | **0.02** | **0.05** | **0.01** | **0.1** | **0.01** | **0.1** | **0.02** | **0.03** | **0.01** | **0.01** | **0.1** | **0.03** | **3** | **0.3** | **0.2** | **0.2** | **0.3** | **0.05** | **3** | **0.05** | **0.5** | **0.2** | **0.2** | **0.05** | **0.05** | **3** | **0.2** |
|  |  |  |  |  |  |  | **Upper <br>Limit** | **10000** | **1000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **10000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **50000** | **5000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** | **50000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** |
| **Hole ID** | **From <br>(m)** | **To <br>(m)** | **Interval <br>(m)** | **Drill Date** | **Sample <br>Type** | **Sample Details** | **TREO <br>(%)** | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-025 | 3.05 | 3.81 | 0.76 | 8/18/2022 | -- | -- | 0.0758 | 289 | 8.7 | 3.5 | 1.31 | 13.25 | 1.47 | 118 | 0.43 | 112.50 | 29.20 | 18.85 | 1.73 | 0.46 | 43 | 3.03 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-026 | 0 | 1.52 | 1.52 | 8/18/2022 | -- | -- | 0.0480 | 217 | 5.2 | 2.1 | 0.72 | 7.03 | 0.78 | 66 | 0.29 | 56.90 | 14.70 | 9.03 | 0.99 | 0.25 | 25 | 1.90 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-026 | 1.52 | 3.05 | 1.52 | 8/18/2022 | -- | -- | 0.0665 | 312 | 6.2 | 2.9 | 0.99 | 9.31 | 1.09 | 89 | 0.35 | 77.60 | 20.10 | 12.00 | 1.25 | 0.41 | 31 | 2.63 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-026 | 3.05 | 4.57 | 1.52 | 8/18/2022 | -- | -- | 0.0553 | 164 | 7.7 | 3.5 | 1.13 | 11.90 | 1.31 | 102 | 0.37 | 94.30 | 24.50 | 15.55 | 1.61 | 0.45 | 40 | 2.81 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-026 | 4.57 | 6.1 | 1.52 | 8/18/2022 | -- | -- | 0.0835 | 230 | 13.4 | 5.7 | 1.94 | 19.10 | 2.35 | 146 | 0.69 | 149.50 | 36.90 | 24.60 | 2.57 | 0.80 | 71 | 4.99 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-026 | 4.57 | 6.1 | 1.52 | 8/18/2022 | Duplicate | -- | 0.0878 | 237 | 14.7 | 6.1 | 1.98 | 20.10 | 2.39 | 157 | 0.61 | 157.50 | 39.40 | 26.90 | 2.72 | 0.76 | 73 | 4.94 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-026 | 6.1 | 7.77 | 1.68 | 8/18/2022 | -- | -- | 0.1918 | 309 | 53.5 | 25.7 | 5.76 | 68.40 | 9.71 | 293 | 2.83 | 347.00 | 76.70 | 66.10 | 9.77 | 3.38 | 324 | 21.00 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-027 | 0 | 1.52 | 1.52 | 8/18/2022 | -- | -- | 0.0458 | 182 | 5.8 | 2.9 | 0.66 | 7.12 | 1.06 | 70 | 0.35 | 57.10 | 15.35 | 9.62 | 1.08 | 0.38 | 33 | 2.55 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-027 | 1.52 | 3.05 | 1.52 | 8/18/2022 | -- | -- | 0.0460 | 177 | 5.2 | 2.4 | 0.84 | 7.91 | 0.92 | 75 | 0.35 | 62.20 | 16.75 | 9.84 | 1.02 | 0.34 | 29 | 2.21 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-027 | 3.05 | 3.66 | 0.61 | 8/18/2022 | -- | -- | 0.0454 | 162 | 7.1 | 3.3 | 1.01 | 9.03 | 1.24 | 66 | 0.42 | 64.40 | 16.10 | 11.25 | 1.22 | 0.42 | 39 | 3.28 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-028 | 0 | 3.51 | 3.51 | 8/18/2022 | -- | -- | 0.0580 | 202 | 7.5 | 3.6 | 1.13 | 10.10 | 1.28 | 95 | 0.46 | 88.20 | 23.20 | 15.80 | 1.51 | 0.47 | 40 | 3.15 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-028 | 3.51 | 4.88 | 1.37 | 8/18/2022 | -- | -- | 0.0310 | 72 | 8.9 | 5.0 | 2.86 | 10.15 | 1.71 | 34 | 0.64 | 49.70 | 10.45 | 11.70 | 1.62 | 0.63 | 49 | 3.92 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-029 | 0 | 0.91 | 0.91 | 8/19/2022 | -- | -- | 0.0198 | 58 | 3.0 | 1.2 | 0.89 | 4.77 | 0.44 | 36 | 0.13 | 34.90 | 8.84 | 6.95 | 0.66 | 0.13 | 12 | 0.82 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-030 | 0 | 1.52 | 1.52 | 8/19/2022 | -- | -- | 0.0215 | 62 | 3.6 | 1.5 | 0.77 | 5.53 | 0.61 | 39 | 0.13 | 35.20 | 9.06 | 6.99 | 0.75 | 0.18 | 16 | 1.15 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-030 | 1.52 | 3.05 | 1.52 | 8/19/2022 | -- | -- | 0.0132 | 37 | 2.1 | 0.6 | 0.71 | 3.41 | 0.28 | 26 | 0.07 | 22.30 | 6.19 | 4.91 | 0.47 | 0.08 | 7 | 0.49 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-030 | 3.05 | 5.03 | 1.98 | 8/19/2022 | -- | -- | 0.0309 | 92 | 4.2 | 1.7 | 1.25 | 7.14 | 0.69 | 55 | 0.18 | 55.20 | 14.45 | 10.85 | 0.96 | 0.22 | 18 | 1.32 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-030 | -- | -- | -- | 8/19/2022 | Blank | -- | 0.0039 | 10 | 0.9 | 0.4 | 0.29 | 1.17 | 0.14 | 6 | 0.04 | 6.50 | 1.53 | 1.29 | 0.15 | 0.04 | 4 | 0.24 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-031 | 0 | 0.91 | 0.91 | 8/19/2022 | -- | -- | 0.0544 | 188 | 7.5 | 2.6 | 0.85 | 11.65 | 1.11 | 95 | 0.25 | 82.80 | 23.10 | 16.30 | 1.64 | 0.35 | 31 | 2.14 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-031 | 1.52 | 3.05 | 1.52 | 8/19/2022 | -- | -- | 0.0813 | 331 | 8.6 | 3.2 | 0.92 | 14.05 | 1.36 | 128 | 0.37 | 110.50 | 31.10 | 19.70 | 1.92 | 0.45 | 39 | 2.43 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-031 | 3.05 | 4.57 | 1.52 | 8/19/2022 | -- | -- | 0.0607 | 195 | 9.1 | 3.9 | 1.45 | 12.80 | 1.55 | 104 | 0.43 | 95.80 | 26.00 | 18.35 | 1.84 | 0.50 | 42 | 3.01 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-031 | 4.57 | 6.1 | 1.52 | 8/19/2022 | -- | -- | 0.0581 | 173 | 9.2 | 3.3 | 1.75 | 13.85 | 1.40 | 103 | 0.41 | 98.80 | 26.20 | 18.95 | 1.90 | 0.46 | 39 | 2.68 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-031 | 6.1 | 7.62 | 1.52 | 8/19/2022 | -- | -- | 0.0825 | 262 | 11.6 | 4.7 | 2.40 | 18.35 | 1.83 | 143 | 0.56 | 134.50 | 35.80 | 26.10 | 2.41 | 0.64 | 55 | 3.57 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-031 | 7.62 | 8.38 | 0.76 | 8/19/2022 | -- | -- | 0.1229 | 401 | 18.5 | 9.0 | 3.17 | 27.20 | 3.46 | 191 | 1.10 | 193.00 | 50.00 | 36.20 | 3.61 | 1.26 | 98 | 7.51 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-032 | 0 | 1.52 | 1.52 | 8/19/2022 | -- | -- | 0.0685 | 252 | 7.3 | 2.1 | 1.12 | 12.85 | 1.03 | 121 | 0.23 | 107.50 | 29.40 | 20.20 | 1.79 | 0.26 | 25 | 1.68 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-032 | 1.52 | 3.05 | 1.52 | 8/19/2022 | -- | -- | 0.0845 | 322 | 11.0 | 4.2 | 1.39 | 14.85 | 1.68 | 138 | 0.46 | 120.50 | 33.50 | 21.50 | 2.32 | 0.57 | 44 | 3.33 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-032 | 1.52 | 3.05 | 1.52 | 8/19/2022 | Duplicate | -- | 0.0909 | 330 | 11.0 | 4.0 | 1.42 | 17.05 | 1.72 | 158 | 0.41 | 137.00 | 37.80 | 24.80 | 2.41 | 0.52 | 45 | 3.04 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-032 | 3.05 | 4.57 | 1.52 | 8/19/2022 | -- | -- | 0.0531 | 167 | 7.0 | 2.1 | 1.37 | 13.40 | 0.89 | 100 | 0.23 | 91.20 | 24.40 | 18.40 | 1.71 | 0.30 | 23 | 1.75 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-032 | 4.57 | 6.1 | 1.52 | 8/19/2022 | -- | -- | 0.0945 | 273 | 14.9 | 5.9 | 2.90 | 25.00 | 2.39 | 170 | 0.73 | 157.50 | 41.90 | 32.90 | 3.38 | 0.83 | 67 | 4.99 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-032 | 6.1 | 7.62 | 1.52 | 8/19/2022 | -- | -- | 0.1065 | 242 | 22.1 | 10.0 | 3.82 | 31.80 | 3.91 | 192 | 1.29 | 180.00 | 47.50 | 38.10 | 4.51 | 1.38 | 116 | 8.48 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-032 | 7.62 | 9.14 | 1.52 | 8/19/2022 | -- | -- | 0.0435 | 81 | 10.1 | 4.5 | 2.20 | 14.15 | 1.73 | 85 | 0.57 | 73.50 | 19.35 | 15.45 | 2.05 | 0.64 | 54 | 3.73 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-032 | 9.14 | 10.06 | 0.91 | 8/19/2022 | -- | -- | 0.0335 | 47 | 10.7 | 5.1 | 2.07 | 12.15 | 1.88 | 64 | 0.64 | 48.80 | 13.10 | 11.20 | 1.96 | 0.68 | 59 | 4.33 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-033 | 0 | 2.13 | 2.13 | 8/19/2022 | -- | -- | 0.0249 | 71 | 4.6 | 2.0 | 0.96 | 5.73 | 0.76 | 48 | 0.21 | 36.00 | 10.10 | 7.11 | 0.87 | 0.28 | 22 | 1.56 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-033 | 2.13 | 3.05 | 0.91 | 8/19/2022 | -- | -- | 0.1035 | 117 | 40.5 | 20.6 | 7.25 | 43.20 | 7.69 | 161 | 2.63 | 140.00 | 35.70 | 34.30 | 7.12 | 2.92 | 231 | 17.95 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |

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SLV0163 – Technical Report Summary Shiloh Project, Georgia 149 November 2025

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| | |
|:---|:---|
| **Technical Report Summary** | ![img77526612_64.jpg](img77526612_64.jpg) |

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|  |  |  |  |  |  |  | **Method** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** |
|  |  |  |  |  |  |  | **Analyte** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** |
|  |  |  |  |  |  |  | **Units** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** |
|  |  |  |  |  |  |  | **Detection <br>Limit** | **0.1** | **0.05** | **0.03** | **0.02** | **0.05** | **0.01** | **0.1** | **0.01** | **0.1** | **0.02** | **0.03** | **0.01** | **0.01** | **0.1** | **0.03** | **3** | **0.3** | **0.2** | **0.2** | **0.3** | **0.05** | **3** | **0.05** | **0.5** | **0.2** | **0.2** | **0.05** | **0.05** | **3** | **0.2** |
|  |  |  |  |  |  |  | **Upper <br>Limit** | **10000** | **1000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **10000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **50000** | **5000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** | **50000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** |
| **Hole ID** | **From <br>(m)** | **To <br>(m)** | **Interval <br>(m)** | **Drill Date** | **Sample <br>Type** | **Sample Details** | **TREO <br>(%)** | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-033 | 3.05 | 4.57 | 1.52 | 8/19/2022 | -- | -- | 0.1008 | 86 | 37.8 | 19.2 | 6.85 | 41.80 | 7.00 | 180 | 2.40 | 147.00 | 38.90 | 36.30 | 6.82 | 2.63 | 217 | 16.00 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-033 | 4.57 | 6.1 | 1.52 | 8/19/2022 | -- | -- | 0.1182 | 98 | 43.8 | 22.1 | 8.77 | 49.40 | 8.10 | 204 | 3.04 | 191.00 | 48.80 | 46.40 | 7.76 | 3.19 | 239 | 20.30 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-033 | 6.1 | 7.62 | 1.52 | 8/19/2022 | -- | -- | 0.1398 | 111 | 59.7 | 30.6 | 10.70 | 64.50 | 11.30 | 212 | 4.11 | 192.00 | 47.90 | 50.20 | 10.70 | 4.33 | 335 | 27.20 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-033 | 7.62 | 9.14 | 1.52 | 8/19/2022 | -- | -- | 0.0806 | 97 | 36.7 | 19.4 | 5.82 | 32.60 | 7.28 | 88 | 2.53 | 87.70 | 20.80 | 22.10 | 6.19 | 2.70 | 226 | 16.95 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-033 | 9.14 | 10.67 | 1.52 | 8/19/2022 | -- | -- | 0.0536 | 104 | 19.9 | 10.6 | 4.50 | 19.90 | 3.95 | 60 | 1.46 | 67.90 | 15.65 | 16.15 | 3.44 | 1.55 | 112 | 9.53 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-033 | -- | -- | -- | 8/19/2022 | Standard | Oreas 463 | 1.9811 | 6650 | 67.4 | 15.3 | 113.50 | 227.00 | 8.67 | 4950 | 0.78 | 3790.00 | >1000 | 538.00 | 19.70 | 1.41 | 182 | 6.49 | 6270 | 67 | 15 | 111 | 250 | 9 | 4930 | 1 | 3500 | 1040 | 514 | 20 | 1 | 185 | 7 |
| 22-DLC-034 | 0 | 2.13 | 2.13 | 8/20/2022 | -- | -- | 0.0169 | 50 | 3.5 | 1.5 | 0.74 | 4.18 | 0.66 | 27 | 0.23 | 24.30 | 6.50 | 5.29 | 0.65 | 0.22 | 17 | 1.40 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-034 | 2.13 | 3.05 | 0.91 | 8/20/2022 | -- | -- | 0.0615 | 189 | 12.8 | 4.6 | 1.39 | 16.65 | 2.04 | 92 | 0.58 | 92.60 | 24.40 | 20.50 | 2.52 | 0.62 | 59 | 3.79 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-034 | 3.05 | 4.57 | 1.52 | 8/20/2022 | -- | -- | 0.0670 | 221 | 9.9 | 3.9 | 1.45 | 16.35 | 1.58 | 107 | 0.52 | 103.00 | 27.70 | 22.10 | 2.20 | 0.50 | 49 | 3.21 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-034 | 4.57 | 6.1 | 1.52 | 8/20/2022 | -- | -- | 0.0636 | 212 | 11.4 | 5.1 | 0.73 | 14.20 | 1.96 | 97 | 0.63 | 89.00 | 24.40 | 18.40 | 2.07 | 0.74 | 58 | 4.42 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-034 | 6.1 | 7.62 | 1.52 | 8/20/2022 | -- | -- | 0.0358 | 129 | 4.6 | 1.2 | 0.60 | 8.54 | 0.62 | 60 | 0.11 | 55.20 | 14.95 | 11.60 | 1.10 | 0.13 | 17 | 0.64 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-034 | 7.62 | 9.14 | 1.52 | 8/20/2022 | -- | -- | 0.0194 | 62 | 4.4 | 1.5 | 0.56 | 4.93 | 0.65 | 31 | 0.12 | 25.60 | 6.93 | 6.11 | 0.87 | 0.17 | 19 | 0.92 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-034 | 7.62 | 9.14 | 1.52 | 8/20/2022 | Duplicate | -- | 0.0166 | 55 | 3.7 | 1.2 | 0.56 | 4.00 | 0.53 | 27 | 0.10 | 21.10 | 6.26 | 4.80 | 0.70 | 0.14 | 15 | 0.86 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-035 | 0 | 1.52 | 1.52 | 8/20/2022 | -- | -- | 0.0551 | 162 | 14.0 | 6.5 | 0.68 | 13.85 | 2.53 | 74 | 0.54 | 72.10 | 19.30 | 15.70 | 2.22 | 0.85 | 77 | 4.40 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-035 | 1.52 | 3.05 | 1.52 | 8/20/2022 | -- | -- | 0.0436 | 149 | 6.2 | 2.0 | 0.72 | 9.99 | 1.00 | 73 | 0.20 | 66.20 | 18.00 | 13.55 | 1.40 | 0.24 | 28 | 1.43 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-035 | 3.05 | 4.57 | 1.52 | 8/20/2022 | -- | -- | 0.0314 | 95 | 4.6 | 1.6 | 0.93 | 8.14 | 0.63 | 54 | 0.16 | 54.60 | 14.40 | 11.85 | 1.11 | 0.21 | 18 | 1.06 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-035 | 4.57 | 6.1 | 1.52 | 8/20/2022 | -- | -- | 0.0239 | 65 | 5.3 | 2.5 | 1.08 | 7.68 | 0.94 | 36 | 0.28 | 34.50 | 9.41 | 8.29 | 1.10 | 0.33 | 29 | 2.00 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-036 | 0 | 1.52 | 1.52 | 8/20/2022 | -- | -- | 0.0082 | 27 | 1.3 | 0.5 | 0.41 | 1.78 | 0.20 | 15 | 0.04 | 11.20 | 3.24 | 2.18 | 0.28 | 0.06 | 6 | 0.40 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-036 | 1.52 | 3.05 | 1.52 | 8/20/2022 | -- | -- | 0.0156 | 50 | 2.3 | 0.6 | 0.61 | 3.80 | 0.31 | 29 | 0.07 | 24.50 | 6.82 | 5.29 | 0.54 | 0.08 | 9 | 0.45 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-036 | 3.05 | 4.57 | 1.52 | 8/20/2022 | -- | -- | 0.0319 | 78 | 7.1 | 3.0 | 1.52 | 9.77 | 1.24 | 50 | 0.40 | 51.40 | 13.90 | 11.40 | 1.45 | 0.43 | 37 | 2.68 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-036 | 4.57 | 6.1 | 1.52 | 8/20/2022 | -- | -- | 0.0614 | 209 | 9.8 | 3.5 | 1.14 | 16.20 | 1.48 | 98 | 0.40 | 94.30 | 25.60 | 19.65 | 2.20 | 0.46 | 38 | 2.75 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-036 | 6.1 | 7.77 | 1.68 | 8/20/2022 | -- | -- | 0.0625 | 220 | 8.8 | 2.8 | 0.68 | 15.05 | 1.29 | 101 | 0.30 | 94.50 | 26.30 | 20.50 | 2.02 | 0.34 | 36 | 2.03 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-037 | 0 | 1.52 | 1.52 | 8/20/2022 | -- | -- | 0.0591 | 217 | 6.8 | 2.7 | 1.07 | 11.85 | 1.08 | 98 | 0.30 | 88.00 | 24.70 | 16.90 | 1.57 | 0.36 | 30 | 2.15 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-037 | 1.52 | 3.05 | 1.52 | 8/20/2022 | -- | -- | 0.0327 | 99 | 5.1 | 2.2 | 1.07 | 7.37 | 0.86 | 58 | 0.30 | 53.30 | 14.70 | 10.80 | 1.01 | 0.27 | 23 | 1.69 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-037 | 3.05 | 4.57 | 1.52 | 8/20/2022 | -- | -- | 0.0301 | 96 | 4.6 | 1.9 | 1.00 | 7.15 | 0.73 | 52 | 0.27 | 46.90 | 12.70 | 9.38 | 0.94 | 0.25 | 21 | 1.81 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-037 | 4.57 | 6.1 | 1.52 | 8/20/2022 | -- | -- | 0.0274 | 92 | 4.3 | 2.2 | 0.73 | 5.62 | 0.73 | 44 | 0.31 | 38.50 | 10.75 | 7.98 | 0.77 | 0.31 | 22 | 2.12 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-037 | 6.1 | 7.62 | 1.52 | 8/20/2022 | -- | -- | 0.0501 | 181 | 5.9 | 1.6 | 0.56 | 11.55 | 0.83 | 85 | 0.16 | 76.70 | 21.50 | 16.10 | 1.50 | 0.20 | 23 | 1.31 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-037 | 7.62 | 9.14 | 1.52 | 8/20/2022 | -- | -- | 0.0554 | 195 | 7.6 | 2.2 | 0.68 | 14.25 | 1.03 | 92 | 0.21 | 86.60 | 23.30 | 18.35 | 1.89 | 0.29 | 28 | 1.52 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-001 | 0 | 1.83 | 1.83 | 4/25/2022 | -- | -- | 0.0290 | 93 | 4.7 | 1.8 | 0.60 | 5.60 | 0.83 | 50 | 0.19 | 44.40 | 12.20 | 7.17 | 0.80 | 0.33 | 23 | 2.15 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-001 | 0 | 1.83 | 1.83 | 4/25/2022 | Duplicate | -- | 0.0299 | 96 | 5.1 | 2.2 | 0.61 | 5.91 | 0.86 | 49 | 0.29 | 44.00 | 12.60 | 8.06 | 0.83 | 0.35 | 26 | 2.05 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-001 | 1.83 | 3.05 | 1.22 | 4/25/2022 | -- | -- | 0.0096 | 25 | 1.6 | 0.7 | 0.54 | 1.53 | 0.25 | 23 | 0.11 | 13.40 | 4.62 | 2.29 | 0.24 | 0.12 | 7 | 0.81 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-001 | 3.05 | 4.57 | 1.52 | 4/25/2022 | -- | -- | 0.0827 | 168 | 21.4 | 13.0 | 4.10 | 21.80 | 4.46 | 106 | 1.89 | 150.00 | 36.10 | 30.60 | 3.25 | 2.07 | 124 | 12.35 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-001 | 4.57 | 6.1 | 1.52 | 4/25/2022 | -- | -- | 0.1224 | 127 | 42.6 | 26.8 | 8.58 | 41.30 | 8.57 | 143 | 4.29 | 239.00 | 52.90 | 53.50 | 6.31 | 4.34 | 244 | 27.50 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |

---

SLV0163 – Technical Report Summary Shiloh Project, Georgia 150 November 2025

------

---

| | |
|:---|:---|
| **Technical Report Summary** | ![img77526612_64.jpg](img77526612_64.jpg) |

---

---

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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|  |  |  |  |  |  |  | **Method** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** |
|  |  |  |  |  |  |  | **Analyte** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** |
|  |  |  |  |  |  |  | **Units** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** |
|  |  |  |  |  |  |  | **Detection <br>Limit** | **0.1** | **0.05** | **0.03** | **0.02** | **0.05** | **0.01** | **0.1** | **0.01** | **0.1** | **0.02** | **0.03** | **0.01** | **0.01** | **0.1** | **0.03** | **3** | **0.3** | **0.2** | **0.2** | **0.3** | **0.05** | **3** | **0.05** | **0.5** | **0.2** | **0.2** | **0.05** | **0.05** | **3** | **0.2** |
|  |  |  |  |  |  |  | **Upper <br>Limit** | **10000** | **1000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **10000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **50000** | **5000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** | **50000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** |
| **Hole ID** | **From <br>(m)** | **To <br>(m)** | **Interval <br>(m)** | **Drill Date** | **Sample <br>Type** | **Sample Details** | **TREO <br>(%)** | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-001 | 6.1 | 7.62 | 1.52 | 4/25/2022 | -- | -- | 0.0468 | 71 | 20.8 | 12.4 | 2.00 | 12.85 | 4.33 | 45 | 1.56 | 41.50 | 10.95 | 10.50 | 2.73 | 1.69 | 142 | 10.55 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-001 | 7.62 | 9.14 | 1.52 | 4/25/2022 | -- | -- | 0.0299 | 25 | 12.3 | 7.8 | 2.28 | 10.60 | 2.53 | 32 | 1.23 | 43.40 | 9.78 | 10.95 | 1.66 | 1.23 | 81 | 8.29 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-001 | 9.14 | 10.06 | 0.91 | 4/25/2022 | -- | -- | 0.0439 | 92 | 16.2 | 8.5 | 1.21 | 13.85 | 3.27 | 45 | 1.06 | 45.60 | 12.05 | 11.80 | 2.48 | 1.17 | 107 | 7.15 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-002 | 0 | 0.61 | 0.61 | 4/26/2022 | -- | -- | 0.0633 | 226 | 9.7 | 3.6 | 0.97 | 12.35 | 1.58 | 95 | 0.47 | 92.60 | 25.20 | 17.40 | 1.64 | 0.55 | 48 | 3.17 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-002 | 1.52 | 3.05 | 1.52 | 4/26/2022 | -- | -- | 0.0471 | 95 | 12.6 | 7.5 | 1.78 | 11.90 | 2.42 | 65 | 0.99 | 80.30 | 20.30 | 16.45 | 1.89 | 1.09 | 73 | 6.99 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-002 | 3.05 | 4.57 | 1.52 | 4/26/2022 | -- | -- | 0.0637 | 58 | 20.0 | 10.3 | 4.19 | 19.70 | 3.77 | 109 | 1.25 | 125.00 | 31.30 | 25.70 | 2.99 | 1.52 | 115 | 8.90 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-002 | 4.57 | 6.1 | 1.52 | 4/26/2022 | -- | -- | 0.0937 | 97 | 38.2 | 19.6 | 6.13 | 31.60 | 7.20 | 138 | 2.36 | 132.00 | 33.60 | 29.80 | 5.84 | 2.58 | 225 | 16.05 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-002 | 6.1 | 7.62 | 1.52 | 4/26/2022 | -- | -- | 0.1164 | 339 | 26.4 | 13.8 | 2.51 | 23.40 | 5.09 | 158 | 1.65 | 163.50 | 42.60 | 29.90 | 3.87 | 2.02 | 160 | 11.70 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-002 | 7.62 | 8.53 | 0.91 | 4/26/2022 | -- | -- | 0.0456 | 144 | 8.4 | 3.3 | 1.03 | 11.20 | 1.39 | 65 | 0.26 | 71.00 | 18.50 | 15.90 | 1.66 | 0.40 | 42 | 2.45 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-002 | -- | -- | -- | 4/26/2022 | Blank | -- | 0.0046 | 11 | 0.9 | 0.5 | 0.32 | 1.43 | 0.21 | 6 | 0.07 | 7.40 | 1.82 | 1.78 | 0.18 | 0.08 | 6 | 0.48 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-003 | 0 | 1.52 | 1.52 | 4/26/2022 | -- | -- | 0.0421 | 131 | 10.5 | 5.6 | 0.63 | 8.61 | 2.03 | 51 | 0.64 | 53.00 | 13.95 | 11.30 | 1.57 | 0.75 | 60 | 4.40 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-003 | 1.52 | 3.05 | 1.52 | 4/26/2022 | -- | -- | 0.0655 | 143 | 20.8 | 12.3 | 1.49 | 14.75 | 4.33 | 76 | 1.55 | 91.90 | 23.00 | 18.25 | 2.70 | 1.77 | 128 | 10.90 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-003 | 3.05 | 4.57 | 1.52 | 4/26/2022 | -- | -- | 0.0906 | 85 | 31.7 | 17.6 | 4.23 | 28.60 | 5.92 | 141 | 2.34 | 163.50 | 41.60 | 35.30 | 4.67 | 2.49 | 183 | 15.80 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-003 | 4.57 | 6.1 | 1.52 | 4/26/2022 | -- | -- | 0.1135 | 253 | 33.4 | 17.2 | 3.44 | 30.70 | 6.39 | 153 | 2.20 | 156.50 | 41.20 | 33.00 | 5.23 | 2.46 | 203 | 15.25 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-003 | 6.1 | 7.62 | 1.52 | 4/26/2022 | -- | -- | 0.0844 | 250 | 17.8 | 8.0 | 1.72 | 18.35 | 3.39 | 119 | 0.95 | 127.50 | 32.60 | 25.90 | 2.93 | 1.14 | 98 | 6.86 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-003 | 7.62 | 9.14 | 1.52 | 4/26/2022 | -- | -- | 0.0758 | 232 | 18.2 | 8.1 | 1.45 | 19.10 | 3.36 | 90 | 1.04 | 108.00 | 27.70 | 23.40 | 2.94 | 1.24 | 97 | 7.37 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-003 | 7.62 | 9.14 | 1.52 | 4/26/2022 | Duplicate | -- | 0.0883 | 280 | 18.7 | 8.9 | 1.64 | 21.60 | 3.16 | 112 | 1.05 | 133.00 | 33.80 | 29.10 | 3.26 | 1.20 | 94 | 7.19 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-003 | 9.14 | 10.36 | 1.22 | 4/26/2022 | -- | -- | 0.0635 | 170 | 17.0 | 8.2 | 2.62 | 17.25 | 3.08 | 76 | 1.04 | 95.60 | 22.90 | 20.50 | 2.71 | 1.23 | 92 | 6.86 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-003 | 10.36 | 11.58 | 1.22 | 4/26/2022 | -- | -- | 0.0787 | 242 | 17.0 | 7.1 | 2.45 | 18.50 | 2.96 | 104 | 0.82 | 126.00 | 31.70 | 24.90 | 2.75 | 1.02 | 81 | 6.03 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-004 | 0 | 0.91 | 0.91 | 4/26/2022 | -- | -- | 0.1844 | 663 | 29.3 | 13.1 | 5.32 | 35.00 | 5.39 | 268 | 1.49 | 289.00 | 78.90 | 49.60 | 5.23 | 1.84 | 113 | 10.55 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-004 | 1.52 | 2.74 | 1.22 | 4/26/2022 | -- | -- | 0.2508 | 708 | 43.6 | 19.2 | 6.75 | 56.30 | 7.59 | 382 | 1.91 | 485.00 | 127.00 | 86.40 | 8.05 | 2.53 | 183 | 14.25 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-004 | 3.05 | 3.96 | 0.91 | 4/26/2022 | -- | -- | 0.1585 | 392 | 32.1 | 16.8 | 4.94 | 40.20 | 6.22 | 232 | 2.03 | 304.00 | 76.60 | 56.90 | 5.80 | 2.30 | 159 | 13.55 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-004 | 4.57 | 5.49 | 0.91 | 4/26/2022 | -- | -- | 0.1553 | 493 | 26.7 | 12.4 | 4.12 | 35.60 | 4.90 | 222 | 1.35 | 270.00 | 69.10 | 48.90 | 4.97 | 1.71 | 116 | 9.26 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-005 | 0 | 1.22 | 1.22 | 4/26/2022 | -- | -- | 0.0406 | 134 | 7.0 | 3.1 | 0.77 | 7.79 | 1.31 | 63 | 0.37 | 61.90 | 17.25 | 11.15 | 1.15 | 0.45 | 33 | 2.46 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-005 | 1.52 | 2.74 | 1.22 | 4/26/2022 | -- | -- | 0.0587 | 202 | 9.3 | 4.4 | 1.40 | 12.15 | 1.73 | 79 | 0.52 | 95.80 | 25.00 | 17.05 | 1.74 | 0.64 | 44 | 3.87 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-005 | 3.05 | 4.27 | 1.22 | 4/26/2022 | -- | -- | 0.1274 | 213 | 35.4 | 22.5 | 6.10 | 40.70 | 7.59 | 160 | 3.28 | 249.00 | 59.10 | 51.00 | 6.03 | 3.45 | 198 | 21.20 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-005 | 4.57 | 6.1 | 1.52 | 4/26/2022 | -- | -- | 0.1417 | 242 | 47.7 | 33.1 | 5.58 | 46.00 | 10.80 | 143 | 4.43 | 194.50 | 48.10 | 44.00 | 7.58 | 4.88 | 324 | 31.70 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-005 | 6.1 | 7.62 | 1.52 | 4/26/2022 | -- | -- | 0.1117 | 340 | 23.6 | 12.4 | 1.66 | 26.40 | 4.56 | 142 | 1.20 | 169.00 | 45.90 | 33.20 | 4.31 | 1.60 | 131 | 9.29 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-005 | 7.62 | 9.14 | 1.52 | 4/26/2022 | -- | -- | 0.0334 | 88 | 10.8 | 5.9 | 0.82 | 7.15 | 2.06 | 41 | 0.53 | 40.00 | 11.25 | 8.41 | 1.45 | 0.78 | 60 | 4.32 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-005 | 9.14 | 10.67 | 1.52 | 4/26/2022 | -- | -- | 0.0211 | 46 | 8.9 | 4.8 | 0.72 | 4.58 | 1.79 | 22 | 0.52 | 19.40 | 5.57 | 4.41 | 1.20 | 0.68 | 52 | 3.80 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-005 | 10.67 | 12.19 | 1.52 | 4/26/2022 | -- | -- | 0.0827 | 270 | 13.8 | 6.2 | 1.31 | 19.55 | 2.42 | 111 | 0.69 | 136.50 | 36.60 | 27.60 | 2.70 | 0.85 | 68 | 4.77 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-005 | 12.19 | 13.41 | 1.22 | 4/26/2022 | -- | -- | 0.0462 | 146 | 10.0 | 5.2 | 1.43 | 9.28 | 1.98 | 62 | 0.51 | 66.30 | 18.65 | 11.80 | 1.62 | 0.72 | 51 | 4.11 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-005 | 13.72 | 14.63 | 0.91 | 4/26/2022 | -- | -- | 0.1200 | 372 | 24.1 | 13.7 | 2.63 | 25.50 | 4.63 | 158 | 1.66 | 186.50 | 49.10 | 34.80 | 4.03 | 1.84 | 127 | 11.00 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |

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SLV0163 – Technical Report Summary Shiloh Project, Georgia 151 November 2025

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| **Technical Report Summary** | ![img77526612_64.jpg](img77526612_64.jpg) |

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|  |  |  |  |  |  |  | **Method** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** |
|  |  |  |  |  |  |  | **Analyte** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** |
|  |  |  |  |  |  |  | **Units** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** |
|  |  |  |  |  |  |  | **Detection <br>Limit** | **0.1** | **0.05** | **0.03** | **0.02** | **0.05** | **0.01** | **0.1** | **0.01** | **0.1** | **0.02** | **0.03** | **0.01** | **0.01** | **0.1** | **0.03** | **3** | **0.3** | **0.2** | **0.2** | **0.3** | **0.05** | **3** | **0.05** | **0.5** | **0.2** | **0.2** | **0.05** | **0.05** | **3** | **0.2** |
|  |  |  |  |  |  |  | **Upper <br>Limit** | **10000** | **1000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **10000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **50000** | **5000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** | **50000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** |
| **Hole ID** | **From <br>(m)** | **To <br>(m)** | **Interval <br>(m)** | **Drill Date** | **Sample <br>Type** | **Sample Details** | **TREO <br>(%)** | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-005 | -- | -- | -- | 4/26/2022 | Standard | Oreas 460 | 0.5395 | 1865 | 20.6 | 6.0 | 23.10 | 48.70 | 2.79 | 1395 | 0.50 | 814.00 | 253.00 | 104.00 | 4.86 | 0.67 | 64 | 3.66 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-006 | 0 | 1.22 | 1.22 | 4/26/2022 | -- | -- | 0.0544 | 186 | 10.2 | 4.8 | 0.96 | 11.10 | 1.82 | 76 | 0.46 | 76.50 | 22.00 | 15.40 | 1.89 | 0.60 | 51 | 3.54 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-006 | 1.52 | 3.05 | 1.52 | 4/26/2022 | -- | -- | 0.0368 | 136 | 6.2 | 2.6 | 0.56 | 7.52 | 0.96 | 54 | 0.25 | 49.10 | 13.90 | 10.20 | 1.23 | 0.30 | 28 | 1.80 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-006 | 1.52 | 3.05 | 1.52 | 4/26/2022 | Duplicate | -- | 0.0370 | 134 | 7.2 | 2.5 | 0.60 | 8.06 | 1.14 | 52 | 0.22 | 48.80 | 14.05 | 9.49 | 1.29 | 0.37 | 32 | 2.10 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-006 | 3.05 | 4.27 | 1.22 | 4/26/2022 | -- | -- | 0.0398 | 122 | 6.7 | 2.4 | 0.74 | 8.44 | 1.05 | 68 | 0.31 | 65.30 | 18.85 | 13.30 | 1.23 | 0.36 | 28 | 1.93 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-006 | 4.57 | 6.1 | 1.52 | 4/26/2022 | -- | -- | 0.0525 | 118 | 10.2 | 5.4 | 1.54 | 12.45 | 2.04 | 85 | 0.75 | 96.80 | 26.60 | 18.55 | 1.89 | 0.80 | 59 | 4.91 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-006 | 6.1 | 7.62 | 1.52 | 4/26/2022 | -- | -- | 0.0734 | 144 | 17.6 | 12.2 | 2.24 | 18.90 | 4.01 | 99 | 1.79 | 113.50 | 29.10 | 23.70 | 2.87 | 1.78 | 135 | 11.15 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-006 | 7.62 | 9.14 | 1.52 | 4/26/2022 | -- | -- | 0.0483 | 119 | 13.1 | 8.8 | 1.13 | 11.40 | 2.81 | 60 | 1.15 | 54.60 | 16.00 | 12.20 | 2.06 | 1.27 | 95 | 7.54 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-006 | 9.14 | 10.67 | 1.52 | 4/26/2022 | -- | -- | 0.0417 | 134 | 8.0 | 4.0 | 0.66 | 8.84 | 1.40 | 63 | 0.41 | 56.30 | 16.30 | 12.20 | 1.38 | 0.54 | 44 | 2.91 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-006 | 10.67 | 12.19 | 1.52 | 4/26/2022 | -- | -- | 0.0394 | 132 | 7.0 | 2.6 | 0.75 | 8.08 | 1.19 | 62 | 0.30 | 55.30 | 15.90 | 10.65 | 1.27 | 0.37 | 35 | 2.25 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-006 | 12.19 | 13.41 | 1.22 | 4/26/2022 | -- | -- | 0.0592 | 203 | 10.5 | 4.0 | 1.00 | 13.20 | 1.80 | 86 | 0.40 | 87.90 | 24.90 | 16.90 | 1.88 | 0.51 | 48 | 2.94 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-006 | 13.72 | 14.17 | 0.46 | 4/26/2022 | -- | -- | 0.0656 | 233 | 9.8 | 4.0 | 1.21 | 13.65 | 1.49 | 100 | 0.37 | 100.50 | 27.90 | 19.60 | 1.86 | 0.52 | 41 | 2.91 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-007 | 0 | 1.52 | 1.52 | 4/27/2022 | -- | -- | 0.0613 | 326 | 5.8 | 3.3 | 0.52 | 6.95 | 1.27 | 57 | 0.32 | 57.20 | 15.65 | 9.77 | 1.07 | 0.44 | 33 | 2.69 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-007 | 1.83 | 3.05 | 1.22 | 4/27/2022 | -- | -- | 0.1252 | 456 | 9.8 | 4.0 | 1.13 | 18.65 | 1.70 | 201 | 0.62 | 227.00 | 63.20 | 34.80 | 1.97 | 0.65 | 43 | 3.81 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-016 | 6.1 | 8.08 | 1.98 | 8/11/2022 | -- | -- | 0.1205 | 234 | 44.8 | 34.0 | 2.71 | 37.00 | 11.10 | 92 | 5.14 | 99.30 | 23.70 | 24.80 | 6.49 | 5.36 | 350 | 33.60 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-017 | 0 | 1.52 | 1.52 | 8/11/2022 | -- | -- | 0.1234 | 262 | 22.3 | 11.0 | 3.53 | 28.20 | 4.17 | 259 | 1.24 | 237.00 | 66.90 | 43.40 | 4.06 | 1.58 | 94 | 9.34 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-017 | 1.52 | 3.05 | 1.52 | 8/11/2022 | -- | -- | 0.1201 | 266 | 25.6 | 11.4 | 4.27 | 37.50 | 4.49 | 201 | 1.27 | 248.00 | 59.70 | 52.50 | 5.13 | 1.50 | 93 | 8.82 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-017 | 3.05 | 4.57 | 1.52 | 8/11/2022 | -- | -- | 0.0697 | 196 | 19.7 | 10.7 | 1.89 | 20.60 | 3.86 | 87 | 1.39 | 96.90 | 23.40 | 22.10 | 3.13 | 1.60 | 92 | 9.58 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-017 | 4.57 | 6.1 | 1.52 | 8/11/2022 | -- | -- | 0.0788 | 174 | 23.3 | 12.0 | 2.49 | 29.70 | 4.48 | 105 | 1.59 | 135.00 | 30.10 | 32.80 | 4.19 | 1.81 | 101 | 10.80 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-017 | 6.1 | 7.62 | 1.52 | 8/11/2022 | -- | -- | 0.0962 | 224 | 29.9 | 16.2 | 2.94 | 39.20 | 5.90 | 118 | 2.25 | 146.00 | 33.30 | 37.20 | 5.51 | 2.48 | 135 | 15.55 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-017 | 7.62 | 8.84 | 1.22 | 8/11/2022 | -- | -- | 0.0959 | 222 | 30.7 | 18.0 | 2.95 | 33.60 | 6.37 | 124 | 2.34 | 133.00 | 32.50 | 30.70 | 5.19 | 2.74 | 149 | 16.65 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-017 | -- | -- | -- | 8/11/2022 | Standard | -- | 2.0658 | 6340 | 72.0 | 16.0 | 115.00 | 247.00 | 9.17 | 4750 | 0.80 | 3770.00 | >1000 | 547.00 | 20.80 | 1.66 | 175 | 7.40 | 6620 | 70 | 17 | 115 | 259 | 9 | 5010 | 1 | 3710 | 1065 | 546 | 20 | 2 | 194 | 8 |
| 22-DHC-018 | 0 | 1.52 | 1.52 | 8/11/2022 | -- | -- | 0.0766 | 300 | 11.1 | 5.2 | 1.48 | 12.60 | 2.08 | 131 | 0.53 | 93.20 | 27.50 | 17.10 | 1.90 | 0.70 | 44 | 3.96 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-018 | 1.52 | 3.05 | 1.52 | 8/11/2022 | -- | -- | 0.0588 | 255 | 7.7 | 4.0 | 1.05 | 8.40 | 1.47 | 92 | 0.41 | 61.80 | 18.75 | 11.70 | 1.29 | 0.51 | 33 | 2.79 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-018 | 3.05 | 4.57 | 1.52 | 8/11/2022 | -- | -- | 0.0710 | 237 | 10.4 | 3.6 | 2.29 | 16.15 | 1.62 | 125 | 0.45 | 117.50 | 32.00 | 24.00 | 2.36 | 0.49 | 29 | 2.95 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-018 | 4.57 | 6.1 | 1.52 | 8/11/2022 | -- | -- | 0.1152 | 285 | 24.2 | 9.7 | 4.57 | 36.40 | 3.89 | 191 | 1.19 | 233.00 | 55.70 | 48.80 | 5.06 | 1.30 | 73 | 8.15 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-018 | 6.1 | 7.62 | 1.52 | 8/11/2022 | -- | -- | 0.1001 | 252 | 24.5 | 12.9 | 3.02 | 27.70 | 4.74 | 146 | 1.59 | 169.50 | 41.70 | 37.00 | 4.22 | 1.85 | 111 | 10.85 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-018 | 7.62 | 8.23 | 0.61 | 8/11/2022 | -- | -- | 0.1009 | 156 | 25.6 | 11.9 | 5.01 | 37.50 | 4.58 | 170 | 1.69 | 226.00 | 51.10 | 49.00 | 4.90 | 1.81 | 100 | 11.50 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-019 | 0 | 1.52 | 1.52 | 8/12/2022 | -- | -- | 0.1046 | 257 | 26.6 | 8.4 | 4.29 | 42.10 | 4.04 | 185 | 0.57 | 191.50 | 45.80 | 44.50 | 5.82 | 0.98 | 68 | 5.28 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-019 | 0 | 1.52 | 1.52 | 8/12/2022 | Duplicate | -- | 0.1045 | 267 | 24.5 | 7.7 | 3.86 | 39.50 | 3.69 | 184 | 0.56 | 193.50 | 45.90 | 44.30 | 5.18 | 0.88 | 64 | 4.86 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-019 | 1.52 | 3.05 | 1.52 | 8/12/2022 | -- | -- | 0.0636 | 188 | 15.3 | 7.0 | 2.64 | 19.80 | 2.76 | 87 | 0.84 | 103.00 | 24.00 | 24.30 | 2.87 | 1.04 | 55 | 6.49 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-019 | 3.05 | 4.57 | 1.52 | 8/12/2022 | -- | -- | 0.0793 | 146 | 21.5 | 10.6 | 5.44 | 29.10 | 3.91 | 103 | 1.68 | 183.50 | 40.50 | 40.80 | 3.94 | 1.69 | 71 | 11.60 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-019 | 4.57 | 6.1 | 1.52 | 8/12/2022 | -- | -- | 0.0881 | 111 | 29.1 | 15.1 | 8.34 | 35.50 | 5.63 | 116 | 2.16 | 186.00 | 40.40 | 42.00 | 4.89 | 2.21 | 133 | 14.10 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |

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SLV0163 – Technical Report Summary Shiloh Project, Georgia 152 November 2025

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|:---|:---|
| **Technical Report Summary** | ![img77526612_64.jpg](img77526612_64.jpg) |

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|  |  |  |  |  |  |  | **Method** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** |
|  |  |  |  |  |  |  | **Analyte** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** |
|  |  |  |  |  |  |  | **Units** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** |
|  |  |  |  |  |  |  | **Detection <br>Limit** | **0.1** | **0.05** | **0.03** | **0.02** | **0.05** | **0.01** | **0.1** | **0.01** | **0.1** | **0.02** | **0.03** | **0.01** | **0.01** | **0.1** | **0.03** | **3** | **0.3** | **0.2** | **0.2** | **0.3** | **0.05** | **3** | **0.05** | **0.5** | **0.2** | **0.2** | **0.05** | **0.05** | **3** | **0.2** |
|  |  |  |  |  |  |  | **Upper <br>Limit** | **10000** | **1000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **10000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **50000** | **5000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** | **50000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** |
| **Hole ID** | **From <br>(m)** | **To <br>(m)** | **Interval <br>(m)** | **Drill Date** | **Sample <br>Type** | **Sample Details** | **TREO <br>(%)** | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-019 | 6.1 | 7.62 | 1.52 | 8/12/2022 | -- | -- | 0.0620 | 96 | 21.4 | 11.8 | 5.82 | 24.70 | 4.22 | 69 | 1.57 | 106.50 | 23.10 | 25.70 | 3.60 | 1.75 | 117 | 9.95 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-019 | 7.62 | 9.14 | 1.52 | 8/12/2022 | -- | -- | 0.0480 | 104 | 15.7 | 8.5 | 4.37 | 17.05 | 3.11 | 48 | 1.15 | 71.10 | 15.25 | 17.55 | 2.65 | 1.26 | 87 | 7.67 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-019 | 9.14 | 10.67 | 1.52 | 8/12/2022 | -- | -- | 0.0460 | 88 | 15.6 | 8.5 | 4.40 | 16.05 | 3.16 | 50 | 1.04 | 69.70 | 14.85 | 16.40 | 2.56 | 1.24 | 89 | 7.44 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-019 | 10.67 | 12.19 | 1.52 | 8/12/2022 | -- | -- | 0.0491 | 122 | 13.4 | 7.4 | 4.15 | 14.85 | 2.70 | 57 | 1.08 | 74.60 | 16.55 | 16.75 | 2.26 | 1.07 | 74 | 6.90 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-019 | 12.19 | 13.72 | 1.52 | 8/12/2022 | -- | -- | 0.0447 | 118 | 12.5 | 7.1 | 3.78 | 12.80 | 2.59 | 50 | 0.98 | 64.10 | 14.65 | 14.80 | 1.94 | 1.04 | 67 | 6.64 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-019 | 13.72 | 15.24 | 1.52 | 8/12/2022 | -- | -- | 0.0329 | 66 | 10.4 | 6.3 | 2.71 | 10.55 | 2.22 | 43 | 1.01 | 44.20 | 10.10 | 10.35 | 1.70 | 1.02 | 61 | 6.89 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-019 | 15.24 | 16.15 | 0.91 | 8/12/2022 | -- | -- | 0.0691 | 176 | 16.6 | 8.6 | 3.67 | 21.20 | 3.08 | 102 | 1.44 | 105.00 | 26.10 | 22.10 | 2.97 | 1.32 | 86 | 8.87 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-019 | -- | -- | -- | 8/12/2022 | Blank | -- | 0.0036 | 8 | 0.9 | 0.4 | 0.23 | 1.21 | 0.16 | 5 | 0.05 | 5.70 | 1.28 | 1.48 | 0.16 | 0.04 | 5 | 0.31 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-020 | 0 | 1.52 | 1.52 | 8/13/2022 | -- | -- | 0.0343 | 170 | 3.6 | 1.6 | 1.03 | 4.59 | 0.60 | 40 | 0.23 | 33.50 | 9.33 | 5.94 | 0.68 | 0.24 | 19 | 1.46 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-020 | 1.52 | 3.05 | 1.52 | 8/13/2022 | -- | -- | 0.0414 | 94 | 9.6 | 4.7 | 1.62 | 9.74 | 1.66 | 74 | 0.64 | 63.40 | 17.85 | 12.60 | 1.49 | 0.70 | 54 | 4.33 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-020 | 3.05 | 4.57 | 1.52 | 8/13/2022 | -- | -- | 0.0350 | 79 | 8.1 | 3.9 | 1.51 | 8.10 | 1.40 | 65 | 0.42 | 53.90 | 14.50 | 10.70 | 1.34 | 0.52 | 45 | 3.26 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-020 | 4.57 | 6.1 | 1.52 | 8/13/2022 | -- | -- | 0.0452 | 102 | 9.2 | 4.8 | 1.85 | 10.30 | 1.74 | 85 | 0.63 | 74.30 | 19.55 | 13.90 | 1.60 | 0.67 | 54 | 4.04 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-020 | 6.1 | 8.23 | 2.13 | 8/13/2022 | -- | -- | 0.0237 | 69 | 5.4 | 3.2 | 0.99 | 4.48 | 1.03 | 38 | 0.45 | 26.40 | 7.76 | 5.03 | 0.90 | 0.47 | 34 | 2.83 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-021 | 0 | 1.52 | 1.52 | 8/13/2022 | -- | -- | 0.0300 | 101 | 5.1 | 2.6 | 0.65 | 4.76 | 0.96 | 52 | 0.31 | 36.00 | 10.10 | 6.63 | 0.82 | 0.37 | 31 | 2.16 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-021 | 1.52 | 3.05 | 1.52 | 8/13/2022 | -- | -- | 0.0401 | 153 | 4.9 | 1.8 | 0.96 | 7.56 | 0.76 | 66 | 0.18 | 55.90 | 15.15 | 10.75 | 1.10 | 0.23 | 23 | 1.42 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-021 | 3.05 | 4.57 | 1.52 | 8/13/2022 | -- | -- | 0.0414 | 146 | 4.3 | 1.3 | 1.29 | 7.62 | 0.59 | 76 | 0.17 | 65.40 | 17.90 | 11.30 | 0.95 | 0.16 | 18 | 1.19 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-021 | 3.05 | 4.57 | 1.52 | 8/13/2022 | Duplicate | -- | 0.0413 | 145 | 4.3 | 1.5 | 1.21 | 8.01 | 0.58 | 76 | 0.17 | 65.40 | 17.80 | 11.20 | 0.97 | 0.15 | 19 | 0.88 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-021 | 4.57 | 6.1 | 1.52 | 8/13/2022 | -- | -- | 0.0264 | 66 | 5.3 | 2.2 | 1.37 | 6.65 | 0.88 | 51 | 0.30 | 41.70 | 11.05 | 7.90 | 0.93 | 0.32 | 27 | 1.70 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-021 | 6.1 | 7.62 | 1.52 | 8/13/2022 | -- | -- | 0.0245 | 53 | 7.4 | 4.1 | 1.16 | 5.31 | 1.46 | 37 | 0.52 | 28.70 | 7.57 | 5.96 | 1.03 | 0.62 | 49 | 3.80 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-021 | 7.62 | 8.69 | 1.07 | 8/13/2022 | -- | -- | 0.0339 | 106 | 6.9 | 3.1 | 1.13 | 6.84 | 1.10 | 53 | 0.43 | 45.70 | 12.30 | 8.85 | 1.20 | 0.41 | 38 | 2.86 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-022 | 0 | 1.52 | 1.52 | 8/13/2022 | -- | -- | 0.0362 | 132 | 6.0 | 2.7 | 0.77 | 7.06 | 0.98 | 55 | 0.37 | 46.80 | 13.10 | 8.71 | 1.01 | 0.38 | 30 | 2.37 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-022 | 1.52 | 3.05 | 1.52 | 8/13/2022 | -- | -- | 0.0453 | 163 | 7.5 | 3.7 | 1.05 | 9.01 | 1.33 | 65 | 0.48 | 58.40 | 16.05 | 12.30 | 1.42 | 0.55 | 41 | 3.34 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-022 | 3.05 | 4.57 | 1.52 | 8/13/2022 | -- | -- | 0.0376 | 91 | 8.9 | 5.0 | 1.55 | 9.58 | 1.70 | 59 | 0.77 | 57.50 | 15.25 | 11.15 | 1.53 | 0.75 | 50 | 4.60 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-022 | 4.57 | 6.1 | 1.52 | 8/13/2022 | -- | -- | 0.0687 | 145 | 18.7 | 10.2 | 3.74 | 19.30 | 3.59 | 108 | 1.36 | 102.00 | 26.10 | 21.80 | 3.07 | 1.48 | 107 | 9.26 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-022 | 6.1 | 6.86 | 0.76 | 8/13/2022 | -- | -- | 0.0786 | 156 | 19.8 | 10.4 | 4.70 | 26.00 | 3.61 | 128 | 1.38 | 129.50 | 33.30 | 28.80 | 3.62 | 1.50 | 109 | 9.48 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-023 | 0 | 1.52 | 1.52 | 8/13/2022 | -- | -- | 0.0385 | 127 | 7.5 | 3.8 | 1.20 | 8.11 | 1.36 | 55 | 0.52 | 49.20 | 13.25 | 9.58 | 1.21 | 0.56 | 44 | 3.25 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-023 | 1.52 | 3.05 | 1.52 | 8/13/2022 | -- | -- | 0.0680 | 230 | 9.7 | 3.8 | 1.83 | 14.15 | 1.62 | 115 | 0.45 | 99.60 | 27.30 | 18.80 | 1.98 | 0.49 | 50 | 2.89 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-023 | 3.05 | 4.57 | 1.52 | 8/13/2022 | -- | -- | 0.0669 | 216 | 10.0 | 3.4 | 1.93 | 13.90 | 1.43 | 114 | 0.43 | 109.50 | 29.10 | 20.30 | 1.92 | 0.46 | 44 | 2.74 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-023 | 4.57 | 6.1 | 1.52 | 8/13/2022 | -- | -- | 0.0297 | 72 | 7.2 | 3.9 | 1.53 | 7.43 | 1.38 | 48 | 0.58 | 43.10 | 11.45 | 8.04 | 1.13 | 0.59 | 41 | 3.81 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-023 | 6.1 | 7.62 | 1.52 | 8/13/2022 | -- | -- | 0.0213 | 66 | 4.0 | 1.8 | 0.88 | 4.73 | 0.66 | 35 | 0.27 | 28.80 | 7.89 | 5.51 | 0.78 | 0.28 | 22 | 1.67 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-023 | 7.62 | 8.53 | 0.91 | 8/13/2022 | -- | -- | 0.0336 | 107 | 6.3 | 3.0 | 1.01 | 7.32 | 1.06 | 51 | 0.43 | 45.90 | 12.60 | 9.31 | 1.11 | 0.47 | 36 | 2.84 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-023 | -- | -- | -- | 8/13/2022 | Standard | Oreas 460 | 0.5988 | 2070 | 21.0 | 6.4 | 25.10 | 55.70 | 2.96 | 1510 | 0.46 | 948.00 | 270.00 | 122.00 | 5.53 | 0.71 | 70 | 3.99 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-024 | 0 | 2.13 | 2.13 | 8/13/2022 | -- | -- | 0.0371 | 107 | 8.0 | 4.4 | 1.54 | 8.68 | 1.57 | 53 | 0.55 | 52.80 | 13.90 | 10.75 | 1.40 | 0.64 | 46 | 4.02 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |

---

SLV0163 – Technical Report Summary Shiloh Project, Georgia 153 November 2025

------

---

| | |
|:---|:---|
| **Technical Report Summary** | ![img77526612_64.jpg](img77526612_64.jpg) |

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|  |  |  |  |  |  |  | **Method** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** |
|  |  |  |  |  |  |  | **Analyte** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** |
|  |  |  |  |  |  |  | **Units** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** |
|  |  |  |  |  |  |  | **Detection <br>Limit** | **0.1** | **0.05** | **0.03** | **0.02** | **0.05** | **0.01** | **0.1** | **0.01** | **0.1** | **0.02** | **0.03** | **0.01** | **0.01** | **0.1** | **0.03** | **3** | **0.3** | **0.2** | **0.2** | **0.3** | **0.05** | **3** | **0.05** | **0.5** | **0.2** | **0.2** | **0.05** | **0.05** | **3** | **0.2** |
|  |  |  |  |  |  |  | **Upper <br>Limit** | **10000** | **1000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **10000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **50000** | **5000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** | **50000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** |
| **Hole ID** | **From <br>(m)** | **To <br>(m)** | **Interval <br>(m)** | **Drill Date** | **Sample <br>Type** | **Sample Details** | **TREO <br>(%)** | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-025 | 0 | 1.52 | 1.52 | 8/13/2022 | -- | -- | 0.0345 | 103 | 7.4 | 4.2 | 1.22 | 8.05 | 1.48 | 48 | 0.48 | 46.00 | 12.65 | 9.55 | 1.40 | 0.55 | 44 | 3.34 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DHC-025 | 1.52 | 2.44 | 0.91 | 8/13/2022 | -- | -- | 0.0291 | 92 | 4.9 | 2.4 | 1.10 | 6.24 | 0.89 | 48 | 0.25 | 42.90 | 11.65 | 8.42 | 0.95 | 0.30 | 25 | 1.86 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-001 | 0 | 1.52 | 1.52 | 8/14/2022 | -- | -- | 0.0704 | 361 | 5.5 | 2.8 | 0.82 | 7.81 | 0.96 | 84 | 0.36 | 72.50 | 20.20 | 11.10 | 1.06 | 0.36 | 28 | 2.25 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-001 | 0 | 1.52 | 1.52 | 8/14/2022 | Duplicate | -- | 0.0691 | 351 | 5.8 | 3.1 | 0.89 | 7.80 | 1.04 | 83 | 0.34 | 70.10 | 19.55 | 11.65 | 1.04 | 0.40 | 31 | 2.51 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-001 | 1.52 | 3.05 | 1.52 | 8/14/2022 | -- | -- | 0.0747 | 331 | 6.8 | 3.5 | 1.25 | 10.50 | 1.21 | 100 | 0.42 | 98.80 | 27.10 | 15.90 | 1.31 | 0.43 | 35 | 2.87 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-001 | 3.05 | 3.96 | 0.91 | 8/14/2022 | -- | -- | 0.0529 | 154 | 7.4 | 3.0 | 0.97 | 11.95 | 1.22 | 102 | 0.31 | 88.90 | 25.70 | 16.15 | 1.59 | 0.38 | 35 | 2.22 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-002 | 0 | 1.52 | 1.52 | 8/14/2022 | -- | -- | 0.0581 | 279 | 4.1 | 2.2 | 0.82 | 5.61 | 0.77 | 89 | 0.27 | 61.50 | 18.60 | 8.46 | 0.79 | 0.28 | 22 | 1.76 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-002 | 1.52 | 2.74 | 1.22 | 8/14/2022 | -- | -- | 0.0828 | 357 | 7.5 | 4.2 | 1.68 | 11.80 | 1.52 | 117 | 0.55 | 110.50 | 30.00 | 18.15 | 1.51 | 0.61 | 39 | 3.73 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-003 | 0 | 1.52 | 1.52 | 8/14/2022 | -- | -- | 0.0652 | 337 | 4.3 | 2.5 | 1.00 | 5.76 | 0.85 | 90 | 0.29 | 60.30 | 18.50 | 8.84 | 0.78 | 0.29 | 23 | 1.92 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-003 | 1.52 | 2.74 | 1.22 | 8/14/2022 | -- | -- | 0.1052 | 500 | 8.2 | 4.2 | 1.87 | 12.35 | 1.56 | 138 | 0.59 | 127.50 | 34.90 | 20.20 | 1.59 | 0.56 | 41 | 3.62 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-004 | 0 | 1.52 | 1.52 | 8/14/2022 | -- | -- | 0.1062 | 628 | 5.7 | 3.5 | 0.91 | 7.56 | 1.10 | 107 | 0.50 | 80.50 | 23.00 | 11.85 | 1.10 | 0.46 | 31 | 3.13 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-004 | 1.52 | 3.05 | 1.52 | 8/14/2022 | -- | -- | 0.0879 | 341 | 10.3 | 5.1 | 1.59 | 13.75 | 1.84 | 138 | 0.70 | 127.50 | 35.00 | 21.50 | 1.89 | 0.67 | 45 | 4.70 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-005 | 0 | 1.22 | 1.22 | 8/14/2022 | -- | -- | 0.0487 | 173 | 5.5 | 2.8 | 0.90 | 7.58 | 1.05 | 86 | 0.34 | 73.80 | 20.50 | 12.20 | 0.99 | 0.32 | 27 | 2.20 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-006 | 0 | 1.68 | 1.68 | 8/15/2022 | -- | -- | 0.1818 | 693 | 11.3 | 4.3 | 2.43 | 22.30 | 1.76 | 355 | 0.48 | 288.00 | 84.70 | 40.90 | 2.57 | 0.52 | 40 | 3.33 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-007 | 0 | 1.52 | 1.52 | 8/15/2022 | -- | -- | 0.0553 | 194 | 6.6 | 3.0 | 1.06 | 9.85 | 1.18 | 96 | 0.35 | 82.60 | 23.10 | 13.55 | 1.30 | 0.38 | 35 | 2.43 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-007 | 1.52 | 3.05 | 1.52 | 8/15/2022 | -- | -- | 0.1121 | 343 | 12.1 | 5.2 | 2.52 | 19.55 | 2.03 | 230 | 0.62 | 191.00 | 54.10 | 30.60 | 2.43 | 0.63 | 56 | 3.89 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-007 | 3.05 | 4.57 | 1.52 | 8/15/2022 | -- | -- | 0.0569 | 154 | 6.4 | 2.4 | 1.14 | 11.55 | 1.01 | 123 | 0.24 | 106.50 | 29.90 | 17.95 | 1.43 | 0.29 | 27 | 1.60 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-007 | 4.57 | 6.1 | 1.52 | 8/15/2022 | -- | -- | 0.1296 | 482 | 11.5 | 5.2 | 1.72 | 18.85 | 2.02 | 235 | 0.58 | 196.50 | 57.80 | 28.60 | 2.34 | 0.64 | 57 | 3.89 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-007 | 6.1 | 7.62 | 1.52 | 8/15/2022 | -- | -- | 0.0351 | 103 | 5.9 | 2.6 | 0.71 | 8.16 | 1.05 | 65 | 0.24 | 52.40 | 15.05 | 10.35 | 1.19 | 0.29 | 31 | 1.72 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-007 | 7.62 | 8.23 | 0.61 | 8/15/2022 | -- | -- | 0.0281 | 91 | 4.2 | 1.5 | 0.55 | 7.16 | 0.60 | 49 | 0.14 | 43.00 | 12.10 | 8.93 | 1.00 | 0.15 | 19 | 0.97 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-008 | 0 | 1.52 | 1.52 | 8/15/2022 | -- | -- | 0.2062 | 832 | 22.4 | 9.2 | 2.56 | 35.10 | 3.68 | 305 | 0.95 | 299.00 | 82.50 | 51.20 | 4.65 | 1.10 | 99 | 6.57 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-008 | 1.52 | 3.05 | 1.52 | 8/15/2022 | -- | -- | 0.0826 | 238 | 10.7 | 4.5 | 1.74 | 16.05 | 1.88 | 163 | 0.51 | 144.00 | 39.40 | 23.90 | 2.16 | 0.55 | 53 | 3.55 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-008 | 1.52 | 3.05 | 1.52 | 8/15/2022 | Duplicate | -- | 0.0879 | 262 | 10.7 | 5.1 | 1.93 | 16.00 | 1.97 | 171 | 0.59 | 152.00 | 41.80 | 24.50 | 2.09 | 0.67 | 53 | 4.10 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-008 | 3.05 | 4.57 | 1.52 | 8/15/2022 | -- | -- | 0.1524 | 570 | 12.9 | 5.2 | 2.36 | 21.70 | 2.16 | 276 | 0.53 | 238.00 | 68.00 | 33.50 | 2.78 | 0.64 | 61 | 3.61 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-008 | 4.57 | 6.1 | 1.52 | 8/15/2022 | -- | -- | 0.0503 | 118 | 6.7 | 3.7 | 1.20 | 10.15 | 1.35 | 114 | 0.42 | 87.70 | 25.50 | 14.30 | 1.33 | 0.47 | 39 | 2.96 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-008 | 6.1 | 7.62 | 1.52 | 8/15/2022 | -- | -- | 0.0562 | 217 | 6.5 | 3.2 | 1.05 | 10.15 | 1.11 | 87 | 0.41 | 78.20 | 22.30 | 13.90 | 1.39 | 0.39 | 33 | 2.74 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-008 | 7.62 | 9.14 | 1.52 | 8/15/2022 | -- | -- | 0.1190 | 462 | 8.7 | 3.6 | 1.58 | 14.75 | 1.46 | 219 | 0.37 | 179.00 | 51.80 | 25.50 | 1.87 | 0.44 | 42 | 2.46 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-008 | 9.14 | 10.36 | 1.22 | 8/15/2022 | -- | -- | 0.0296 | 93 | 3.2 | 1.1 | 0.86 | 5.87 | 0.52 | 61 | 0.11 | 47.60 | 13.55 | 8.38 | 0.71 | 0.13 | 15 | 0.81 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-009 | 0 | 1.52 | 1.52 | 8/15/2022 | -- | -- | 0.0820 | 332 | 9.1 | 4.3 | 1.36 | 13.90 | 1.59 | 125 | 0.49 | 109.50 | 30.60 | 17.70 | 1.81 | 0.50 | 46 | 3.23 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-009 | 1.52 | 3.05 | 1.52 | 8/15/2022 | -- | -- | 0.2716 | 1065 | 28.4 | 13.4 | 4.30 | 43.50 | 5.16 | 381 | 1.91 | 441.00 | 110.00 | 71.50 | 5.66 | 1.86 | 128 | 11.90 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-009 | 3.05 | 4.57 | 1.52 | 8/15/2022 | -- | -- | 0.4065 | 1265 | 47.8 | 21.8 | 6.80 | 71.60 | 8.44 | 791 | 2.45 | 695.00 | 190.00 | 104.50 | 9.05 | 2.68 | 226 | 16.15 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-009 | 4.57 | 6.1 | 1.52 | 8/15/2022 | -- | -- | 0.0457 | 98 | 6.4 | 3.0 | 1.00 | 9.85 | 1.15 | 111 | 0.35 | 83.40 | 23.30 | 13.25 | 1.34 | 0.40 | 34 | 2.46 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-009 | 6.1 | 7.62 | 1.52 | 8/15/2022 | -- | -- | 0.4912 | 2000 | 44.5 | 20.5 | 6.22 | 68.30 | 8.09 | 818 | 2.42 | 699.00 | 188.00 | 100.50 | 8.52 | 2.73 | 200 | 16.45 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |

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SLV0163 – Technical Report Summary Shiloh Project, Georgia 154 November 2025

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| **Technical Report Summary** | ![img77526612_64.jpg](img77526612_64.jpg) |

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|  |  |  |  |  |  |  | **Method** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** |
|  |  |  |  |  |  |  | **Analyte** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** |
|  |  |  |  |  |  |  | **Units** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** |
|  |  |  |  |  |  |  | **Detection <br>Limit** | **0.1** | **0.05** | **0.03** | **0.02** | **0.05** | **0.01** | **0.1** | **0.01** | **0.1** | **0.02** | **0.03** | **0.01** | **0.01** | **0.1** | **0.03** | **3** | **0.3** | **0.2** | **0.2** | **0.3** | **0.05** | **3** | **0.05** | **0.5** | **0.2** | **0.2** | **0.05** | **0.05** | **3** | **0.2** |
|  |  |  |  |  |  |  | **Upper <br>Limit** | **10000** | **1000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **10000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **50000** | **5000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** | **50000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** |
| **Hole ID** | **From <br>(m)** | **To <br>(m)** | **Interval <br>(m)** | **Drill Date** | **Sample <br>Type** | **Sample Details** | **TREO <br>(%)** | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-009 | 7.62 | 9.14 | 1.52 | 8/15/2022 | -- | -- | 0.6639 | 2890 | 33.5 | 14.0 | 4.57 | 64.10 | 5.81 | 1190 | 1.78 | 925.00 | 265.00 | 115.00 | 7.06 | 1.86 | 135 | 11.40 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-009 | 9.14 | 10.67 | 1.52 | 8/15/2022 | -- | -- | 0.0395 | 121 | 5.7 | 2.2 | 0.82 | 8.49 | 0.90 | 78 | 0.25 | 59.80 | 15.55 | 10.80 | 1.11 | 0.30 | 29 | 1.95 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-009 | 10.67 | 11.43 | 0.76 | 8/15/2022 | -- | -- | 0.0565 | 154 | 4.6 | 1.7 | 0.88 | 9.05 | 0.75 | 143 | 0.20 | 101.50 | 28.80 | 14.10 | 1.02 | 0.21 | 21 | 1.30 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-009 | -- | -- | -- | 8/15/2022 | Blank | -- | 0.0040 | 10 | 1.1 | 0.4 | 0.22 | 1.38 | 0.13 | 6 | 0.02 | 6.60 | 1.50 | 1.28 | 0.14 | 0.06 | 5 | 0.33 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-010 | 0 | 1.52 | 1.52 | 8/15/2022 | -- | -- | 0.0754 | 290 | 8.2 | 3.4 | 1.19 | 12.15 | 1.39 | 129 | 0.41 | 109.00 | 29.40 | 17.45 | 1.58 | 0.45 | 36 | 2.79 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-010 | 1.52 | 3.05 | 1.52 | 8/15/2022 | -- | -- | 0.3483 | 954 | 31.7 | 13.3 | 5.57 | 55.80 | 5.43 | 810 | 1.48 | 664.00 | 180.00 | 91.70 | 6.42 | 1.73 | 136 | 10.65 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-010 | 3.05 | 4.57 | 1.52 | 8/15/2022 | -- | -- | 0.4788 | 1560 | 54.0 | 23.5 | 7.00 | 82.70 | 9.48 | 890 | 2.85 | 831.00 | 226.00 | 125.00 | 10.50 | 3.14 | 232 | 18.80 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-010 | 4.57 | 6.1 | 1.52 | 8/15/2022 | -- | -- | 0.2536 | 1170 | 19.9 | 9.0 | 2.62 | 31.00 | 3.49 | 358 | 1.22 | 326.00 | 88.90 | 47.70 | 3.80 | 1.25 | 90 | 8.09 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-010 | 6.1 | 7.62 | 1.52 | 8/15/2022 | -- | -- | 0.0737 | 155 | 8.8 | 4.5 | 1.06 | 13.40 | 1.67 | 201 | 0.49 | 132.00 | 37.00 | 18.55 | 1.67 | 0.58 | 48 | 3.60 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-010 | 6.1 | 7.62 | 1.52 | 8/15/2022 | Duplicate | -- | 0.0635 | 136 | 7.5 | 3.3 | 1.10 | 12.00 | 1.33 | 175 | 0.40 | 114.00 | 31.70 | 15.55 | 1.44 | 0.46 | 38 | 2.72 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-010 | 7.62 | 8.84 | 1.22 | 8/15/2022 | -- | -- | 0.5743 | 2430 | 40.6 | 19.1 | 5.05 | 66.50 | 7.24 | 957 | 2.54 | 815.00 | 225.00 | 110.00 | 7.77 | 2.64 | 190 | 16.20 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-011 | 0 | 1.52 | 1.52 | 8/15/2022 | -- | -- | 0.3181 | 1080 | 24.3 | 10.0 | 4.42 | 43.70 | 4.08 | 649 | 1.24 | 552.00 | 154.00 | 77.20 | 4.95 | 1.41 | 97 | 8.65 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-011 | 1.52 | 3.05 | 1.52 | 8/15/2022 | -- | -- | 0.1133 | 192 | 18.4 | 8.5 | 2.60 | 28.60 | 3.30 | 257 | 1.08 | 249.00 | 64.30 | 38.60 | 3.69 | 1.20 | 88 | 7.35 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-011 | 3.05 | 4.57 | 1.52 | 8/15/2022 | -- | -- | 0.1067 | 264 | 16.2 | 7.8 | 1.71 | 22.10 | 3.08 | 229 | 0.98 | 182.50 | 49.40 | 27.10 | 3.02 | 1.01 | 91 | 6.31 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-011 | 4.57 | 6.1 | 1.52 | 8/15/2022 | -- | -- | 0.6023 | 2710 | 28.2 | 11.4 | 4.84 | 55.10 | 4.70 | 1010 | 1.50 | 834.00 | 238.00 | 105.50 | 6.08 | 1.56 | 118 | 9.31 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-011 | 6.1 | 7.77 | 1.68 | 8/15/2022 | -- | -- | 0.3709 | 1780 | 20.9 | 8.4 | 2.88 | 35.40 | 3.45 | 550 | 0.96 | 469.00 | 132.00 | 62.20 | 4.19 | 1.11 | 86 | 6.71 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-012 | 0 | 1.52 | 1.52 | 8/16/2022 | -- | -- | 0.0571 | 217 | 7.5 | 3.4 | 1.37 | 10.05 | 1.34 | 88 | 0.46 | 80.60 | 21.20 | 13.75 | 1.44 | 0.49 | 36 | 2.85 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-012 | 1.52 | 3.05 | 1.52 | 8/16/2022 | -- | -- | 0.0339 | 119 | 4.4 | 1.4 | 0.75 | 7.39 | 0.63 | 60 | 0.16 | 52.60 | 14.45 | 10.60 | 1.06 | 0.19 | 16 | 1.14 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-012 | 3.05 | 4.57 | 1.52 | 8/16/2022 | -- | -- | 0.0672 | 186 | 13.3 | 6.9 | 1.89 | 16.25 | 2.65 | 107 | 0.78 | 107.00 | 27.90 | 19.50 | 2.38 | 0.94 | 71 | 5.59 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-012 | 4.57 | 6.1 | 1.52 | 8/16/2022 | -- | -- | 0.0422 | 103 | 11.0 | 5.5 | 1.31 | 12.55 | 2.07 | 61 | 0.64 | 60.10 | 15.20 | 12.50 | 2.01 | 0.75 | 65 | 4.52 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-012 | 6.1 | 7.62 | 1.52 | 8/16/2022 | -- | -- | 0.0403 | 148 | 4.5 | 1.6 | 0.95 | 6.84 | 0.73 | 75 | 0.15 | 59.20 | 16.45 | 8.71 | 0.93 | 0.20 | 19 | 1.33 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-012 | 7.62 | 9.14 | 1.52 | 8/16/2022 | -- | -- | 0.1479 | 755 | 8.8 | 3.9 | 1.73 | 15.00 | 1.50 | 198 | 0.51 | 160.00 | 45.00 | 23.90 | 1.85 | 0.52 | 42 | 3.43 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-012 | 9.14 | 10.36 | 1.22 | 8/16/2022 | -- | -- | 0.5085 | 2690 | 28.8 | 12.6 | 3.48 | 46.10 | 5.00 | 594 | 1.58 | 572.00 | 162.50 | 82.50 | 5.79 | 1.70 | 120 | 10.45 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-012 | -- | -- | -- | 8/16/2022 | Standard | Oreas 463 | 2.0644 | 6680 | 70.6 | 15.5 | 114.00 | 236.00 | 8.73 | 4940 | 0.79 | 3890.00 | >1000 | 539.00 | 19.50 | 1.50 | 185 | 6.87 | 6600 | 67 | 16 | 114 | 258 | 9 | 5020 | 1 | 3700 | 1080 | 547 | 21 | 1 | 191 | 7 |
| 22-DLC-013 | 0 | 1.52 | 1.52 | 8/16/2022 | -- | -- | 0.0602 | 233 | 7.5 | 3.9 | 1.34 | 9.30 | 1.43 | 97 | 0.54 | 80.00 | 22.30 | 12.55 | 1.29 | 0.55 | 37 | 3.46 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-013 | 1.52 | 3.05 | 1.52 | 8/16/2022 | -- | -- | 0.1784 | 685 | 9.2 | 3.4 | 1.90 | 19.10 | 1.48 | 384 | 0.42 | 267.00 | 76.20 | 34.30 | 1.98 | 0.49 | 35 | 2.95 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-013 | 3.05 | 4.57 | 1.52 | 8/16/2022 | -- | -- | 1.5686 | 5430 | 77.1 | 23.9 | 9.28 | 184.50 | 11.30 | 3120 | 2.80 | 2950.00 | 834.00 | 365.00 | 18.55 | 3.03 | 242 | 18.20 | 5490 | 73 | 25 | 10 | 203 | 11 | 3250 | 3 | 2860 | 803 | 378 | 19 | 3 | 244 | 20 |
| 22-DLC-013 | 4.57 | 6.1 | 1.52 | 8/16/2022 | -- | -- | 0.6949 | 2420 | 42.3 | 17.3 | 6.95 | 88.10 | 6.93 | 1375 | 2.31 | 1255.00 | 359.00 | 161.50 | 9.13 | 2.42 | 166 | 15.55 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-013 | 6.1 | 8.23 | 2.13 | 8/16/2022 | -- | -- | 0.1131 | 220 | 15.6 | 8.3 | 2.28 | 21.70 | 3.07 | 303 | 1.16 | 206.00 | 56.40 | 28.40 | 2.72 | 1.23 | 83 | 7.71 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-013 | 6.1 | 8.23 | 2.13 | 8/16/2022 | Duplicate | -- | 0.1108 | 219 | 14.3 | 7.5 | 1.97 | 20.90 | 2.75 | 296 | 1.00 | 207.00 | 56.90 | 28.00 | 2.65 | 1.02 | 76 | 6.52 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-014 | 0 | 1.52 | 1.52 | 8/16/2022 | -- | -- | 0.0324 | 100 | 5.5 | 3.3 | 0.53 | 5.12 | 1.10 | 65 | 0.45 | 41.30 | 12.50 | 7.07 | 0.89 | 0.47 | 29 | 2.83 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-014 | 1.52 | 3.05 | 1.52 | 8/16/2022 | -- | -- | 0.0224 | 66 | 2.7 | 1.2 | 0.54 | 3.09 | 0.52 | 58 | 0.18 | 29.20 | 10.00 | 4.55 | 0.51 | 0.19 | 12 | 1.18 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-014 | 3.05 | 4.57 | 1.52 | 8/16/2022 | -- | -- | 0.0321 | 77 | 6.1 | 3.4 | 0.78 | 5.27 | 1.22 | 75 | 0.53 | 43.70 | 13.95 | 7.22 | 0.94 | 0.58 | 33 | 3.52 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |

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SLV0163 – Technical Report Summary Shiloh Project, Georgia 155 November 2025

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| | |
|:---|:---|
| **Technical Report Summary** | ![img77526612_64.jpg](img77526612_64.jpg) |

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|  |  |  |  |  |  |  | **Method** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** |
|  |  |  |  |  |  |  | **Analyte** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** |
|  |  |  |  |  |  |  | **Units** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** |
|  |  |  |  |  |  |  | **Detection <br>Limit** | **0.1** | **0.05** | **0.03** | **0.02** | **0.05** | **0.01** | **0.1** | **0.01** | **0.1** | **0.02** | **0.03** | **0.01** | **0.01** | **0.1** | **0.03** | **3** | **0.3** | **0.2** | **0.2** | **0.3** | **0.05** | **3** | **0.05** | **0.5** | **0.2** | **0.2** | **0.05** | **0.05** | **3** | **0.2** |
|  |  |  |  |  |  |  | **Upper <br>Limit** | **10000** | **1000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **10000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **50000** | **5000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** | **50000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** |
| **Hole ID** | **From <br>(m)** | **To <br>(m)** | **Interval <br>(m)** | **Drill Date** | **Sample <br>Type** | **Sample Details** | **TREO <br>(%)** | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-014 | 4.57 | 6.1 | 1.52 | 8/16/2022 | -- | -- | 0.0867 | 233 | 18.4 | 15.0 | 1.50 | 17.05 | 4.44 | 130 | 2.70 | 119.00 | 32.40 | 20.70 | 2.79 | 2.48 | 117 | 17.30 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-014 | 6.1 | 7.62 | 1.52 | 8/16/2022 | -- | -- | 0.0545 | 153 | 7.8 | 4.9 | 1.13 | 9.03 | 1.51 | 104 | 0.70 | 91.90 | 24.80 | 13.20 | 1.37 | 0.75 | 44 | 4.73 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-014 | 7.62 | 9.45 | 1.83 | 8/16/2022 | -- | -- | 0.0404 | 110 | 6.8 | 4.0 | 0.92 | 6.57 | 1.37 | 75 | 0.50 | 65.70 | 17.35 | 10.00 | 1.07 | 0.52 | 40 | 3.79 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-015 | 0 | 1.52 | 1.52 | 8/16/2022 | -- | -- | 0.0716 | 230 | 15.5 | 7.8 | 2.14 | 16.35 | 3.01 | 97 | 1.02 | 95.20 | 24.10 | 17.75 | 2.73 | 1.02 | 85 | 6.83 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-015 | 1.52 | 3.05 | 1.52 | 8/16/2022 | -- | -- | 0.0572 | 168 | 15.4 | 9.8 | 2.16 | 13.70 | 3.37 | 58 | 1.42 | 71.30 | 16.90 | 14.60 | 2.38 | 1.40 | 94 | 9.02 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-015 | 3.05 | 5.03 | 1.98 | 8/16/2022 | -- | -- | 0.1891 | 654 | 31.7 | 17.7 | 6.02 | 37.70 | 6.30 | 255 | 2.78 | 292.00 | 71.00 | 50.60 | 5.50 | 2.75 | 154 | 18.20 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-016 | 0 | 1.52 | 1.52 | 8/17/2022 | -- | -- | 0.0656 | 228 | 7.9 | 4.1 | 1.30 | 12.05 | 1.64 | 107 | 0.58 | 99.90 | 25.80 | 17.30 | 1.55 | 0.58 | 46 | 3.82 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-016 | 1.52 | 3.05 | 1.52 | 8/17/2022 | -- | -- | 0.0923 | 338 | 7.2 | 3.2 | 1.54 | 11.70 | 1.24 | 177 | 0.44 | 148.50 | 41.60 | 19.70 | 1.40 | 0.51 | 32 | 2.72 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-016 | 3.05 | 4.88 | 1.83 | 8/17/2022 | -- | -- | 0.1476 | 348 | 28.0 | 14.4 | 4.02 | 39.40 | 5.27 | 234 | 2.07 | 295.00 | 68.70 | 48.90 | 5.15 | 2.15 | 142 | 14.55 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-017 | 0 | 1.52 | 1.52 | 8/17/2022 | -- | -- | 0.0485 | 158 | 8.6 | 4.4 | 2.09 | 10.50 | 1.58 | 70 | 0.72 | 78.00 | 19.40 | 14.30 | 1.58 | 0.68 | 38 | 4.87 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-017 | 1.52 | 3.05 | 1.52 | 8/17/2022 | -- | -- | 0.1162 | 162 | 32.4 | 19.0 | 9.18 | 40.10 | 7.04 | 160 | 2.52 | 208.00 | 46.30 | 40.80 | 5.68 | 2.70 | 225 | 16.50 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-017 | 3.05 | 4.57 | 1.52 | 8/17/2022 | -- | -- | 0.0583 | 119 | 17.9 | 10.1 | 5.59 | 20.60 | 3.73 | 61 | 1.31 | 79.20 | 17.30 | 17.15 | 3.19 | 1.40 | 124 | 8.21 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-017 | 4.57 | 6.1 | 1.52 | 8/17/2022 | -- | -- | 0.0538 | 124 | 15.9 | 8.9 | 5.93 | 18.75 | 3.07 | 56 | 1.04 | 80.30 | 17.50 | 17.60 | 2.83 | 1.10 | 94 | 6.94 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-017 | 6.1 | 7.62 | 1.52 | 8/17/2022 | -- | -- | 0.0467 | 116 | 12.7 | 6.7 | 5.25 | 16.05 | 2.62 | 50 | 0.78 | 74.80 | 15.90 | 15.65 | 2.26 | 0.93 | 69 | 5.85 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-017 | 7.62 | 9.3 | 1.68 | 8/17/2022 | -- | -- | 0.0375 | 94 | 10.6 | 5.2 | 4.14 | 12.90 | 2.06 | 39 | 0.69 | 60.00 | 12.75 | 12.45 | 1.87 | 0.72 | 55 | 4.52 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-017 | 7.62 | 9.3 | 1.68 | 8/17/2022 | Duplicate | -- | 0.0384 | 96 | 10.6 | 5.4 | 4.32 | 13.65 | 2.11 | 41 | 0.68 | 60.40 | 12.70 | 13.60 | 1.85 | 0.73 | 57 | 4.64 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-018 | 0 | 1.52 | 1.52 | 8/17/2022 | -- | -- | 0.0506 | 207 | 5.6 | 2.4 | 0.90 | 8.87 | 1.00 | 77 | 0.30 | 67.60 | 17.80 | 11.20 | 1.22 | 0.38 | 27 | 2.56 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-018 | 1.52 | 3.05 | 1.52 | 8/17/2022 | -- | -- | 0.0493 | 156 | 6.3 | 2.5 | 1.14 | 9.40 | 0.97 | 96 | 0.27 | 82.20 | 22.60 | 14.00 | 1.32 | 0.30 | 25 | 1.78 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-018 | 3.05 | 4.57 | 1.52 | 8/17/2022 | -- | -- | 0.1121 | 344 | 9.7 | 4.1 | 2.77 | 18.35 | 1.68 | 237 | 0.50 | 206.00 | 56.00 | 29.20 | 2.19 | 0.60 | 40 | 3.90 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-018 | 4.57 | 6.1 | 1.52 | 8/17/2022 | -- | -- | 0.0676 | 136 | 11.1 | 5.2 | 3.13 | 19.80 | 2.01 | 151 | 0.78 | 132.50 | 34.80 | 24.60 | 2.38 | 0.77 | 47 | 4.44 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-018 | 6.1 | 7.62 | 1.52 | 8/17/2022 | -- | -- | 0.1256 | 350 | 21.1 | 10.2 | 4.79 | 34.60 | 3.84 | 233 | 1.38 | 199.50 | 52.90 | 38.40 | 4.25 | 1.44 | 103 | 8.98 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-018 | 7.62 | 9.75 | 2.13 | 8/17/2022 | -- | -- | 0.0375 | 121 | 6.6 | 2.7 | 0.86 | 9.54 | 1.10 | 60 | 0.32 | 55.10 | 14.90 | 11.30 | 1.27 | 0.34 | 32 | 1.98 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-019 | 0 | 1.52 | 1.52 | 8/17/2022 | -- | -- | 0.0451 | 168 | 5.3 | 1.9 | 0.60 | 9.50 | 0.81 | 75 | 0.21 | 68.90 | 18.30 | 12.80 | 1.14 | 0.23 | 21 | 1.55 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-019 | 1.52 | 3.05 | 1.52 | 8/17/2022 | -- | -- | 0.0527 | 162 | 6.7 | 2.6 | 0.99 | 10.30 | 1.08 | 98 | 0.31 | 95.10 | 25.20 | 16.05 | 1.37 | 0.33 | 27 | 1.96 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-019 | 3.05 | 4.57 | 1.52 | 8/17/2022 | -- | -- | 0.1737 | 498 | 18.9 | 8.7 | 4.57 | 31.50 | 3.41 | 373 | 1.12 | 313.00 | 83.80 | 46.60 | 4.00 | 1.16 | 83 | 7.60 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-019 | 4.57 | 6.1 | 1.52 | 8/17/2022 | -- | -- | 0.0802 | 161 | 20.2 | 9.9 | 3.05 | 28.30 | 3.82 | 155 | 1.26 | 121.50 | 32.20 | 24.50 | 4.05 | 1.34 | 104 | 8.16 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-019 | 6.1 | 7.62 | 1.52 | 8/17/2022 | -- | -- | 0.1700 | 608 | 22.5 | 11.0 | 2.53 | 29.70 | 4.24 | 285 | 1.20 | 238.00 | 65.30 | 35.40 | 4.25 | 1.48 | 126 | 8.98 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-019 | 7.62 | 9.6 | 1.98 | 8/17/2022 | -- | -- | 0.0476 | 147 | 10.3 | 5.3 | 0.87 | 10.60 | 1.97 | 75 | 0.61 | 61.10 | 16.75 | 11.95 | 1.76 | 0.70 | 55 | 4.16 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-019 | -- | -- | -- | 8/17/2022 | Standard | Oreas 460 | 0.5488 | 1905 | 19.8 | 5.6 | 22.60 | 48.50 | 2.74 | 1400 | 0.47 | 867.00 | 233.00 | 107.00 | 4.84 | 0.64 | 64 | 3.80 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-020 | 0 | 1.52 | 1.52 | 8/17/2022 | -- | -- | 0.0197 | 74 | 1.9 | 0.6 | 0.68 | 3.83 | 0.26 | 39 | 0.05 | 28.10 | 8.00 | 5.06 | 0.47 | 0.07 | 6 | 0.46 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-020 | 1.52 | 3.05 | 1.52 | 8/17/2022 | -- | -- | 0.0363 | 125 | 3.6 | 1.3 | 0.90 | 7.11 | 0.49 | 69 | 0.14 | 59.90 | 15.75 | 10.60 | 0.84 | 0.16 | 14 | 1.13 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-020 | 3.05 | 4.57 | 1.52 | 8/17/2022 | -- | -- | 0.1038 | 389 | 8.0 | 3.8 | 2.04 | 14.85 | 1.37 | 180 | 0.51 | 172.00 | 45.10 | 24.40 | 1.82 | 0.55 | 38 | 3.87 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-020 | 4.57 | 6.1 | 1.52 | 8/17/2022 | -- | -- | 0.0536 | 131 | 8.2 | 3.0 | 1.78 | 14.75 | 1.27 | 103 | 0.39 | 105.00 | 26.20 | 19.30 | 1.89 | 0.44 | 37 | 2.81 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |

---

SLV0163 – Technical Report Summary Shiloh Project, Georgia 156 November 2025

------

---

| | |
|:---|:---|
| **Technical Report Summary** | ![img77526612_64.jpg](img77526612_64.jpg) |

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|  |  |  |  |  |  |  | **Method** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** |
|  |  |  |  |  |  |  | **Analyte** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** |
|  |  |  |  |  |  |  | **Units** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** |
|  |  |  |  |  |  |  | **Detection <br>Limit** | **0.1** | **0.05** | **0.03** | **0.02** | **0.05** | **0.01** | **0.1** | **0.01** | **0.1** | **0.02** | **0.03** | **0.01** | **0.01** | **0.1** | **0.03** | **3** | **0.3** | **0.2** | **0.2** | **0.3** | **0.05** | **3** | **0.05** | **0.5** | **0.2** | **0.2** | **0.05** | **0.05** | **3** | **0.2** |
|  |  |  |  |  |  |  | **Upper <br>Limit** | **10000** | **1000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **10000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **50000** | **5000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** | **50000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** |
| **Hole ID** | **From <br>(m)** | **To <br>(m)** | **Interval <br>(m)** | **Drill Date** | **Sample <br>Type** | **Sample Details** | **TREO <br>(%)** | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-020 | 6.1 | 6.86 | 0.76 | 8/17/2022 | -- | -- | 0.0473 | 149 | 6.5 | 2.5 | 1.00 | 11.25 | 0.91 | 84 | 0.29 | 79.60 | 20.50 | 14.30 | 1.50 | 0.28 | 29 | 1.83 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-021 | 0 | 1.52 | 1.52 | 8/17/2022 | -- | -- | 0.0668 | 230 | 9.7 | 4.0 | 1.40 | 13.25 | 1.57 | 105 | 0.54 | 103.00 | 26.60 | 18.00 | 1.80 | 0.53 | 48 | 4.06 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-021 | 0 | 1.52 | 1.52 | 8/17/2022 | Duplicate | -- | 0.0683 | 235 | 9.2 | 3.9 | 1.52 | 14.20 | 1.54 | 110 | 0.37 | 108.50 | 27.60 | 17.85 | 1.92 | 0.49 | 46 | 3.08 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-021 | 1.52 | 3.05 | 1.52 | 8/17/2022 | -- | -- | 0.0130 | 47 | 1.9 | 0.7 | 0.72 | 2.37 | 0.28 | 25 | 0.06 | 17.10 | 4.71 | 2.89 | 0.40 | 0.07 | 8 | 0.44 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-021 | 3.05 | 4.88 | 1.83 | 8/17/2022 | -- | -- | 0.0177 | 28 | 4.3 | 1.5 | 1.06 | 3.99 | 0.71 | 41 | 0.15 | 32.40 | 8.79 | 5.11 | 0.69 | 0.21 | 21 | 1.10 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-022 | 0 | 1.52 | 1.52 | 8/17/2022 | -- | -- | 0.0251 | 76 | 3.4 | 1.3 | 0.92 | 4.63 | 0.49 | 54 | 0.15 | 39.10 | 11.30 | 6.42 | 0.71 | 0.14 | 14 | 1.15 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-022 | 1.52 | 2.74 | 1.22 | 8/17/2022 | -- | -- | 0.0501 | 163 | 7.4 | 2.4 | 0.90 | 12.10 | 1.15 | 82 | 0.20 | 81.90 | 21.20 | 16.55 | 1.62 | 0.30 | 34 | 1.62 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-023 | 0 | 2.13 | 2.13 | 8/17/2022 | -- | -- | 0.1191 | 683 | 6.6 | 2.7 | 1.34 | 10.30 | 1.08 | 123 | 0.32 | 107.00 | 28.50 | 16.40 | 1.40 | 0.34 | 31 | 2.48 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-023 | 2.13 | 3.05 | 0.91 | 8/17/2022 | -- | -- | 0.0223 | 69 | 2.0 | 1.0 | 0.84 | 3.76 | 0.38 | 45 | 0.13 | 38.70 | 10.30 | 5.60 | 0.52 | 0.11 | 11 | 0.93 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-023 | 3.05 | 4.57 | 1.52 | 8/17/2022 | -- | -- | 0.1309 | 487 | 9.8 | 4.1 | 2.54 | 17.10 | 1.62 | 244 | 0.54 | 211.00 | 56.90 | 29.00 | 2.12 | 0.59 | 45 | 4.07 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-023 | 4.57 | 5.64 | 1.07 | 8/17/2022 | -- | -- | 0.0307 | 100 | 3.1 | 1.1 | 0.85 | 5.64 | 0.46 | 61 | 0.13 | 51.50 | 13.60 | 8.42 | 0.72 | 0.13 | 14 | 0.94 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-023 | 5.64 | 7.62 | 1.98 | 8/17/2022 | -- | -- | 0.3454 | 1370 | 24.6 | 9.9 | 4.54 | 44.20 | 4.08 | 617 | 1.12 | 522.00 | 134.00 | 72.80 | 5.25 | 1.31 | 123 | 8.62 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-024 | 0 | 1.52 | 1.52 | 8/18/2022 | -- | -- | 0.0500 | 190 | 5.9 | 2.6 | 0.73 | 9.05 | 0.94 | 79 | 0.34 | 73.80 | 18.85 | 11.90 | 1.18 | 0.31 | 30 | 2.28 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-024 | 1.52 | 3.66 | 2.13 | 8/18/2022 | -- | -- | 0.0563 | 205 | 7.8 | 3.2 | 0.98 | 10.15 | 1.22 | 90 | 0.39 | 82.40 | 21.30 | 14.00 | 1.42 | 0.43 | 37 | 3.13 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-025 | 0 | 1.52 | 1.52 | 8/18/2022 | -- | -- | 0.0573 | 252 | 6.1 | 2.3 | 0.77 | 9.47 | 0.95 | 82 | 0.31 | 71.20 | 18.55 | 12.30 | 1.26 | 0.33 | 28 | 2.26 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-025 | 1.52 | 3.05 | 1.52 | 8/18/2022 | -- | -- | 0.0538 | 244 | 4.8 | 2.2 | 1.06 | 7.54 | 0.85 | 76 | 0.24 | 66.90 | 17.45 | 10.45 | 0.97 | 0.28 | 23 | 2.01 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-025 | 3.05 | 3.81 | 0.76 | 8/18/2022 | -- | -- | 0.0758 | 289 | 8.7 | 3.5 | 1.31 | 13.25 | 1.47 | 118 | 0.43 | 112.50 | 29.20 | 18.85 | 1.73 | 0.46 | 43 | 3.03 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-026 | 0 | 1.52 | 1.52 | 8/18/2022 | -- | -- | 0.0480 | 217 | 5.2 | 2.1 | 0.72 | 7.03 | 0.78 | 66 | 0.29 | 56.90 | 14.70 | 9.03 | 0.99 | 0.25 | 25 | 1.90 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-026 | 1.52 | 3.05 | 1.52 | 8/18/2022 | -- | -- | 0.0665 | 312 | 6.2 | 2.9 | 0.99 | 9.31 | 1.09 | 89 | 0.35 | 77.60 | 20.10 | 12.00 | 1.25 | 0.41 | 31 | 2.63 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-026 | 3.05 | 4.57 | 1.52 | 8/18/2022 | -- | -- | 0.0553 | 164 | 7.7 | 3.5 | 1.13 | 11.90 | 1.31 | 102 | 0.37 | 94.30 | 24.50 | 15.55 | 1.61 | 0.45 | 40 | 2.81 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-026 | 4.57 | 6.1 | 1.52 | 8/18/2022 | -- | -- | 0.0835 | 230 | 13.4 | 5.7 | 1.94 | 19.10 | 2.35 | 146 | 0.69 | 149.50 | 36.90 | 24.60 | 2.57 | 0.80 | 71 | 4.99 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-026 | 4.57 | 6.1 | 1.52 | 8/18/2022 | Duplicate | -- | 0.0878 | 237 | 14.7 | 6.1 | 1.98 | 20.10 | 2.39 | 157 | 0.61 | 157.50 | 39.40 | 26.90 | 2.72 | 0.76 | 73 | 4.94 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-026 | 6.1 | 7.77 | 1.68 | 8/18/2022 | -- | -- | 0.1918 | 309 | 53.5 | 25.7 | 5.76 | 68.40 | 9.71 | 293 | 2.83 | 347.00 | 76.70 | 66.10 | 9.77 | 3.38 | 324 | 21.00 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-027 | 0 | 1.52 | 1.52 | 8/18/2022 | -- | -- | 0.0458 | 182 | 5.8 | 2.9 | 0.66 | 7.12 | 1.06 | 70 | 0.35 | 57.10 | 15.35 | 9.62 | 1.08 | 0.38 | 33 | 2.55 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-027 | 1.52 | 3.05 | 1.52 | 8/18/2022 | -- | -- | 0.0460 | 177 | 5.2 | 2.4 | 0.84 | 7.91 | 0.92 | 75 | 0.35 | 62.20 | 16.75 | 9.84 | 1.02 | 0.34 | 29 | 2.21 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-027 | 3.05 | 3.66 | 0.61 | 8/18/2022 | -- | -- | 0.0454 | 162 | 7.1 | 3.3 | 1.01 | 9.03 | 1.24 | 66 | 0.42 | 64.40 | 16.10 | 11.25 | 1.22 | 0.42 | 39 | 3.28 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-028 | 0 | 3.51 | 3.51 | 8/18/2022 | -- | -- | 0.0580 | 202 | 7.5 | 3.6 | 1.13 | 10.10 | 1.28 | 95 | 0.46 | 88.20 | 23.20 | 15.80 | 1.51 | 0.47 | 40 | 3.15 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-028 | 3.51 | 4.88 | 1.37 | 8/18/2022 | -- | -- | 0.0310 | 72 | 8.9 | 5.0 | 2.86 | 10.15 | 1.71 | 34 | 0.64 | 49.70 | 10.45 | 11.70 | 1.62 | 0.63 | 49 | 3.92 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-029 | 0 | 0.91 | 0.91 | 8/19/2022 | -- | -- | 0.0198 | 58 | 3.0 | 1.2 | 0.89 | 4.77 | 0.44 | 36 | 0.13 | 34.90 | 8.84 | 6.95 | 0.66 | 0.13 | 12 | 0.82 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-030 | 0 | 1.52 | 1.52 | 8/19/2022 | -- | -- | 0.0215 | 62 | 3.6 | 1.5 | 0.77 | 5.53 | 0.61 | 39 | 0.13 | 35.20 | 9.06 | 6.99 | 0.75 | 0.18 | 16 | 1.15 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-030 | 1.52 | 3.05 | 1.52 | 8/19/2022 | -- | -- | 0.0132 | 37 | 2.1 | 0.6 | 0.71 | 3.41 | 0.28 | 26 | 0.07 | 22.30 | 6.19 | 4.91 | 0.47 | 0.08 | 7 | 0.49 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-030 | 3.05 | 5.03 | 1.98 | 8/19/2022 | -- | -- | 0.0309 | 92 | 4.2 | 1.7 | 1.25 | 7.14 | 0.69 | 55 | 0.18 | 55.20 | 14.45 | 10.85 | 0.96 | 0.22 | 18 | 1.32 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-030 | -- | -- | -- | 8/19/2022 | Blank | -- | 0.0039 | 10 | 0.9 | 0.4 | 0.29 | 1.17 | 0.14 | 6 | 0.04 | 6.50 | 1.53 | 1.29 | 0.15 | 0.04 | 4 | 0.24 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |

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SLV0163 – Technical Report Summary Shiloh Project, Georgia 157 November 2025

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| **Technical Report Summary** | ![img77526612_64.jpg](img77526612_64.jpg) |

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|  |  |  |  |  |  |  | **Method** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** |
|  |  |  |  |  |  |  | **Analyte** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** |
|  |  |  |  |  |  |  | **Units** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** |
|  |  |  |  |  |  |  | **Detection <br>Limit** | **0.1** | **0.05** | **0.03** | **0.02** | **0.05** | **0.01** | **0.1** | **0.01** | **0.1** | **0.02** | **0.03** | **0.01** | **0.01** | **0.1** | **0.03** | **3** | **0.3** | **0.2** | **0.2** | **0.3** | **0.05** | **3** | **0.05** | **0.5** | **0.2** | **0.2** | **0.05** | **0.05** | **3** | **0.2** |
|  |  |  |  |  |  |  | **Upper <br>Limit** | **10000** | **1000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **10000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **50000** | **5000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** | **50000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** |
| **Hole ID** | **From <br>(m)** | **To <br>(m)** | **Interval <br>(m)** | **Drill Date** | **Sample <br>Type** | **Sample Details** | **TREO <br>(%)** | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-031 | 0 | 0.91 | 0.91 | 8/19/2022 | -- | -- | 0.0544 | 188 | 7.5 | 2.6 | 0.85 | 11.65 | 1.11 | 95 | 0.25 | 82.80 | 23.10 | 16.30 | 1.64 | 0.35 | 31 | 2.14 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-031 | 1.52 | 3.05 | 1.52 | 8/19/2022 | -- | -- | 0.0813 | 331 | 8.6 | 3.2 | 0.92 | 14.05 | 1.36 | 128 | 0.37 | 110.50 | 31.10 | 19.70 | 1.92 | 0.45 | 39 | 2.43 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-031 | 3.05 | 4.57 | 1.52 | 8/19/2022 | -- | -- | 0.0607 | 195 | 9.1 | 3.9 | 1.45 | 12.80 | 1.55 | 104 | 0.43 | 95.80 | 26.00 | 18.35 | 1.84 | 0.50 | 42 | 3.01 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-031 | 4.57 | 6.1 | 1.52 | 8/19/2022 | -- | -- | 0.0581 | 173 | 9.2 | 3.3 | 1.75 | 13.85 | 1.40 | 103 | 0.41 | 98.80 | 26.20 | 18.95 | 1.90 | 0.46 | 39 | 2.68 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-031 | 6.1 | 7.62 | 1.52 | 8/19/2022 | -- | -- | 0.0825 | 262 | 11.6 | 4.7 | 2.40 | 18.35 | 1.83 | 143 | 0.56 | 134.50 | 35.80 | 26.10 | 2.41 | 0.64 | 55 | 3.57 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-031 | 7.62 | 8.38 | 0.76 | 8/19/2022 | -- | -- | 0.1229 | 401 | 18.5 | 9.0 | 3.17 | 27.20 | 3.46 | 191 | 1.10 | 193.00 | 50.00 | 36.20 | 3.61 | 1.26 | 98 | 7.51 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-032 | 0 | 1.52 | 1.52 | 8/19/2022 | -- | -- | 0.0685 | 252 | 7.3 | 2.1 | 1.12 | 12.85 | 1.03 | 121 | 0.23 | 107.50 | 29.40 | 20.20 | 1.79 | 0.26 | 25 | 1.68 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-032 | 1.52 | 3.05 | 1.52 | 8/19/2022 | -- | -- | 0.0845 | 322 | 11.0 | 4.2 | 1.39 | 14.85 | 1.68 | 138 | 0.46 | 120.50 | 33.50 | 21.50 | 2.32 | 0.57 | 44 | 3.33 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-032 | 1.52 | 3.05 | 1.52 | 8/19/2022 | Duplicate | -- | 0.0909 | 330 | 11.0 | 4.0 | 1.42 | 17.05 | 1.72 | 158 | 0.41 | 137.00 | 37.80 | 24.80 | 2.41 | 0.52 | 45 | 3.04 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-032 | 3.05 | 4.57 | 1.52 | 8/19/2022 | -- | -- | 0.0531 | 167 | 7.0 | 2.1 | 1.37 | 13.40 | 0.89 | 100 | 0.23 | 91.20 | 24.40 | 18.40 | 1.71 | 0.30 | 23 | 1.75 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-032 | 4.57 | 6.1 | 1.52 | 8/19/2022 | -- | -- | 0.0945 | 273 | 14.9 | 5.9 | 2.90 | 25.00 | 2.39 | 170 | 0.73 | 157.50 | 41.90 | 32.90 | 3.38 | 0.83 | 67 | 4.99 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-032 | 6.1 | 7.62 | 1.52 | 8/19/2022 | -- | -- | 0.1065 | 242 | 22.1 | 10.0 | 3.82 | 31.80 | 3.91 | 192 | 1.29 | 180.00 | 47.50 | 38.10 | 4.51 | 1.38 | 116 | 8.48 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-032 | 7.62 | 9.14 | 1.52 | 8/19/2022 | -- | -- | 0.0435 | 81 | 10.1 | 4.5 | 2.20 | 14.15 | 1.73 | 85 | 0.57 | 73.50 | 19.35 | 15.45 | 2.05 | 0.64 | 54 | 3.73 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-032 | 9.14 | 10.06 | 0.91 | 8/19/2022 | -- | -- | 0.0335 | 47 | 10.7 | 5.1 | 2.07 | 12.15 | 1.88 | 64 | 0.64 | 48.80 | 13.10 | 11.20 | 1.96 | 0.68 | 59 | 4.33 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-033 | 0 | 2.13 | 2.13 | 8/19/2022 | -- | -- | 0.0249 | 71 | 4.6 | 2.0 | 0.96 | 5.73 | 0.76 | 48 | 0.21 | 36.00 | 10.10 | 7.11 | 0.87 | 0.28 | 22 | 1.56 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-033 | 2.13 | 3.05 | 0.91 | 8/19/2022 | -- | -- | 0.1035 | 117 | 40.5 | 20.6 | 7.25 | 43.20 | 7.69 | 161 | 2.63 | 140.00 | 35.70 | 34.30 | 7.12 | 2.92 | 231 | 17.95 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-033 | 3.05 | 4.57 | 1.52 | 8/19/2022 | -- | -- | 0.1008 | 86 | 37.8 | 19.2 | 6.85 | 41.80 | 7.00 | 180 | 2.40 | 147.00 | 38.90 | 36.30 | 6.82 | 2.63 | 217 | 16.00 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-033 | 4.57 | 6.1 | 1.52 | 8/19/2022 | -- | -- | 0.1182 | 98 | 43.8 | 22.1 | 8.77 | 49.40 | 8.10 | 204 | 3.04 | 191.00 | 48.80 | 46.40 | 7.76 | 3.19 | 239 | 20.30 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-033 | 6.1 | 7.62 | 1.52 | 8/19/2022 | -- | -- | 0.1398 | 111 | 59.7 | 30.6 | 10.70 | 64.50 | 11.30 | 212 | 4.11 | 192.00 | 47.90 | 50.20 | 10.70 | 4.33 | 335 | 27.20 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-033 | 7.62 | 9.14 | 1.52 | 8/19/2022 | -- | -- | 0.0806 | 97 | 36.7 | 19.4 | 5.82 | 32.60 | 7.28 | 88 | 2.53 | 87.70 | 20.80 | 22.10 | 6.19 | 2.70 | 226 | 16.95 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-033 | 9.14 | 10.67 | 1.52 | 8/19/2022 | -- | -- | 0.0536 | 104 | 19.9 | 10.6 | 4.50 | 19.90 | 3.95 | 60 | 1.46 | 67.90 | 15.65 | 16.15 | 3.44 | 1.55 | 112 | 9.53 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-033 | -- | -- | -- | 8/19/2022 | Standard | Oreas 463 | 1.9811 | 6650 | 67.4 | 15.3 | 113.50 | 227.00 | 8.67 | 4950 | 0.78 | 3790.00 | >1000 | 538.00 | 19.70 | 1.41 | 182 | 6.49 | 6270 | 67 | 15 | 111 | 250 | 9 | 4930 | 1 | 3500 | 1040 | 514 | 20 | 1 | 185 | 7 |
| 22-DLC-034 | 0 | 2.13 | 2.13 | 8/20/2022 | -- | -- | 0.0169 | 50 | 3.5 | 1.5 | 0.74 | 4.18 | 0.66 | 27 | 0.23 | 24.30 | 6.50 | 5.29 | 0.65 | 0.22 | 17 | 1.40 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-034 | 2.13 | 3.05 | 0.91 | 8/20/2022 | -- | -- | 0.0615 | 189 | 12.8 | 4.6 | 1.39 | 16.65 | 2.04 | 92 | 0.58 | 92.60 | 24.40 | 20.50 | 2.52 | 0.62 | 59 | 3.79 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-034 | 3.05 | 4.57 | 1.52 | 8/20/2022 | -- | -- | 0.0670 | 221 | 9.9 | 3.9 | 1.45 | 16.35 | 1.58 | 107 | 0.52 | 103.00 | 27.70 | 22.10 | 2.20 | 0.50 | 49 | 3.21 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-034 | 4.57 | 6.1 | 1.52 | 8/20/2022 | -- | -- | 0.0636 | 212 | 11.4 | 5.1 | 0.73 | 14.20 | 1.96 | 97 | 0.63 | 89.00 | 24.40 | 18.40 | 2.07 | 0.74 | 58 | 4.42 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-034 | 6.1 | 7.62 | 1.52 | 8/20/2022 | -- | -- | 0.0358 | 129 | 4.6 | 1.2 | 0.60 | 8.54 | 0.62 | 60 | 0.11 | 55.20 | 14.95 | 11.60 | 1.10 | 0.13 | 17 | 0.64 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-034 | 7.62 | 9.14 | 1.52 | 8/20/2022 | -- | -- | 0.0194 | 62 | 4.4 | 1.5 | 0.56 | 4.93 | 0.65 | 31 | 0.12 | 25.60 | 6.93 | 6.11 | 0.87 | 0.17 | 19 | 0.92 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-034 | 7.62 | 9.14 | 1.52 | 8/20/2022 | Duplicate | -- | 0.0166 | 55 | 3.7 | 1.2 | 0.56 | 4.00 | 0.53 | 27 | 0.10 | 21.10 | 6.26 | 4.80 | 0.70 | 0.14 | 15 | 0.86 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-035 | 0 | 1.52 | 1.52 | 8/20/2022 | -- | -- | 0.0551 | 162 | 14.0 | 6.5 | 0.68 | 13.85 | 2.53 | 74 | 0.54 | 72.10 | 19.30 | 15.70 | 2.22 | 0.85 | 77 | 4.40 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-035 | 1.52 | 3.05 | 1.52 | 8/20/2022 | -- | -- | 0.0436 | 149 | 6.2 | 2.0 | 0.72 | 9.99 | 1.00 | 73 | 0.20 | 66.20 | 18.00 | 13.55 | 1.40 | 0.24 | 28 | 1.43 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-035 | 3.05 | 4.57 | 1.52 | 8/20/2022 | -- | -- | 0.0314 | 95 | 4.6 | 1.6 | 0.93 | 8.14 | 0.63 | 54 | 0.16 | 54.60 | 14.40 | 11.85 | 1.11 | 0.21 | 18 | 1.06 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-035 | 4.57 | 6.1 | 1.52 | 8/20/2022 | -- | -- | 0.0239 | 65 | 5.3 | 2.5 | 1.08 | 7.68 | 0.94 | 36 | 0.28 | 34.50 | 9.41 | 8.29 | 1.10 | 0.33 | 29 | 2.00 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |

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SLV0163 – Technical Report Summary Shiloh Project, Georgia 158 November 2025

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| | |
|:---|:---|
| **Technical Report Summary** | ![img77526612_64.jpg](img77526612_64.jpg) |

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|  |  |  |  |  |  |  | **Method** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** |
|  |  |  |  |  |  |  | **Analyte** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** |
|  |  |  |  |  |  |  | **Units** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** |
|  |  |  |  |  |  |  | **Detection <br>Limit** | **0.1** | **0.05** | **0.03** | **0.02** | **0.05** | **0.01** | **0.1** | **0.01** | **0.1** | **0.02** | **0.03** | **0.01** | **0.01** | **0.1** | **0.03** | **3** | **0.3** | **0.2** | **0.2** | **0.3** | **0.05** | **3** | **0.05** | **0.5** | **0.2** | **0.2** | **0.05** | **0.05** | **3** | **0.2** |
|  |  |  |  |  |  |  | **Upper <br>Limit** | **10000** | **1000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **10000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **50000** | **5000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** | **50000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** |
| **Hole ID** | **From <br>(m)** | **To <br>(m)** | **Interval <br>(m)** | **Drill Date** | **Sample <br>Type** | **Sample Details** | **TREO <br>(%)** | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-036 | 0 | 1.52 | 1.52 | 8/20/2022 | -- | -- | 0.0082 | 27 | 1.3 | 0.5 | 0.41 | 1.78 | 0.20 | 15 | 0.04 | 11.20 | 3.24 | 2.18 | 0.28 | 0.06 | 6 | 0.40 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-036 | 1.52 | 3.05 | 1.52 | 8/20/2022 | -- | -- | 0.0156 | 50 | 2.3 | 0.6 | 0.61 | 3.80 | 0.31 | 29 | 0.07 | 24.50 | 6.82 | 5.29 | 0.54 | 0.08 | 9 | 0.45 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-036 | 3.05 | 4.57 | 1.52 | 8/20/2022 | -- | -- | 0.0319 | 78 | 7.1 | 3.0 | 1.52 | 9.77 | 1.24 | 50 | 0.40 | 51.40 | 13.90 | 11.40 | 1.45 | 0.43 | 37 | 2.68 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-036 | 4.57 | 6.1 | 1.52 | 8/20/2022 | -- | -- | 0.0614 | 209 | 9.8 | 3.5 | 1.14 | 16.20 | 1.48 | 98 | 0.40 | 94.30 | 25.60 | 19.65 | 2.20 | 0.46 | 38 | 2.75 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-036 | 6.1 | 7.77 | 1.68 | 8/20/2022 | -- | -- | 0.0625 | 220 | 8.8 | 2.8 | 0.68 | 15.05 | 1.29 | 101 | 0.30 | 94.50 | 26.30 | 20.50 | 2.02 | 0.34 | 36 | 2.03 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-037 | 0 | 1.52 | 1.52 | 8/20/2022 | -- | -- | 0.0591 | 217 | 6.8 | 2.7 | 1.07 | 11.85 | 1.08 | 98 | 0.30 | 88.00 | 24.70 | 16.90 | 1.57 | 0.36 | 30 | 2.15 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-037 | 1.52 | 3.05 | 1.52 | 8/20/2022 | -- | -- | 0.0327 | 99 | 5.1 | 2.2 | 1.07 | 7.37 | 0.86 | 58 | 0.30 | 53.30 | 14.70 | 10.80 | 1.01 | 0.27 | 23 | 1.69 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-037 | 3.05 | 4.57 | 1.52 | 8/20/2022 | -- | -- | 0.0301 | 96 | 4.6 | 1.9 | 1.00 | 7.15 | 0.73 | 52 | 0.27 | 46.90 | 12.70 | 9.38 | 0.94 | 0.25 | 21 | 1.81 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-037 | 4.57 | 6.1 | 1.52 | 8/20/2022 | -- | -- | 0.0274 | 92 | 4.3 | 2.2 | 0.73 | 5.62 | 0.73 | 44 | 0.31 | 38.50 | 10.75 | 7.98 | 0.77 | 0.31 | 22 | 2.12 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-037 | 6.1 | 7.62 | 1.52 | 8/20/2022 | -- | -- | 0.0501 | 181 | 5.9 | 1.6 | 0.56 | 11.55 | 0.83 | 85 | 0.16 | 76.70 | 21.50 | 16.10 | 1.50 | 0.20 | 23 | 1.31 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-037 | 7.62 | 9.14 | 1.52 | 8/20/2022 | -- | -- | 0.0554 | 195 | 7.6 | 2.2 | 0.68 | 14.25 | 1.03 | 92 | 0.21 | 86.60 | 23.30 | 18.35 | 1.89 | 0.29 | 28 | 1.52 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-001 | 0 | 1.83 | 1.83 | 4/25/2022 | -- | -- | 0.0290 | 93 | 4.7 | 1.8 | 0.60 | 5.60 | 0.83 | 50 | 0.19 | 44.40 | 12.20 | 7.17 | 0.80 | 0.33 | 23 | 2.15 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-001 | 0 | 1.83 | 1.83 | 4/25/2022 | Duplicate | -- | 0.0299 | 96 | 5.1 | 2.2 | 0.61 | 5.91 | 0.86 | 49 | 0.29 | 44.00 | 12.60 | 8.06 | 0.83 | 0.35 | 26 | 2.05 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-001 | 1.83 | 3.05 | 1.22 | 4/25/2022 | -- | -- | 0.0096 | 25 | 1.6 | 0.7 | 0.54 | 1.53 | 0.25 | 23 | 0.11 | 13.40 | 4.62 | 2.29 | 0.24 | 0.12 | 7 | 0.81 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-001 | 3.05 | 4.57 | 1.52 | 4/25/2022 | -- | -- | 0.0827 | 168 | 21.4 | 13.0 | 4.10 | 21.80 | 4.46 | 106 | 1.89 | 150.00 | 36.10 | 30.60 | 3.25 | 2.07 | 124 | 12.35 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-001 | 4.57 | 6.1 | 1.52 | 4/25/2022 | -- | -- | 0.1224 | 127 | 42.6 | 26.8 | 8.58 | 41.30 | 8.57 | 143 | 4.29 | 239.00 | 52.90 | 53.50 | 6.31 | 4.34 | 244 | 27.50 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-001 | 6.1 | 7.62 | 1.52 | 4/25/2022 | -- | -- | 0.0468 | 71 | 20.8 | 12.4 | 2.00 | 12.85 | 4.33 | 45 | 1.56 | 41.50 | 10.95 | 10.50 | 2.73 | 1.69 | 142 | 10.55 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-001 | 7.62 | 9.14 | 1.52 | 4/25/2022 | -- | -- | 0.0299 | 25 | 12.3 | 7.8 | 2.28 | 10.60 | 2.53 | 32 | 1.23 | 43.40 | 9.78 | 10.95 | 1.66 | 1.23 | 81 | 8.29 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-001 | 9.14 | 10.06 | 0.91 | 4/25/2022 | -- | -- | 0.0439 | 92 | 16.2 | 8.5 | 1.21 | 13.85 | 3.27 | 45 | 1.06 | 45.60 | 12.05 | 11.80 | 2.48 | 1.17 | 107 | 7.15 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-002 | 0 | 0.61 | 0.61 | 4/26/2022 | -- | -- | 0.0633 | 226 | 9.7 | 3.6 | 0.97 | 12.35 | 1.58 | 95 | 0.47 | 92.60 | 25.20 | 17.40 | 1.64 | 0.55 | 48 | 3.17 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-002 | 1.52 | 3.05 | 1.52 | 4/26/2022 | -- | -- | 0.0471 | 95 | 12.6 | 7.5 | 1.78 | 11.90 | 2.42 | 65 | 0.99 | 80.30 | 20.30 | 16.45 | 1.89 | 1.09 | 73 | 6.99 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-002 | 3.05 | 4.57 | 1.52 | 4/26/2022 | -- | -- | 0.0637 | 58 | 20.0 | 10.3 | 4.19 | 19.70 | 3.77 | 109 | 1.25 | 125.00 | 31.30 | 25.70 | 2.99 | 1.52 | 115 | 8.90 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-002 | 4.57 | 6.1 | 1.52 | 4/26/2022 | -- | -- | 0.0937 | 97 | 38.2 | 19.6 | 6.13 | 31.60 | 7.20 | 138 | 2.36 | 132.00 | 33.60 | 29.80 | 5.84 | 2.58 | 225 | 16.05 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-002 | 6.1 | 7.62 | 1.52 | 4/26/2022 | -- | -- | 0.1164 | 339 | 26.4 | 13.8 | 2.51 | 23.40 | 5.09 | 158 | 1.65 | 163.50 | 42.60 | 29.90 | 3.87 | 2.02 | 160 | 11.70 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-002 | 7.62 | 8.53 | 0.91 | 4/26/2022 | -- | -- | 0.0456 | 144 | 8.4 | 3.3 | 1.03 | 11.20 | 1.39 | 65 | 0.26 | 71.00 | 18.50 | 15.90 | 1.66 | 0.40 | 42 | 2.45 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-002 | -- | -- | -- | 4/26/2022 | Blank | -- | 0.0046 | 11 | 0.9 | 0.5 | 0.32 | 1.43 | 0.21 | 6 | 0.07 | 7.40 | 1.82 | 1.78 | 0.18 | 0.08 | 6 | 0.48 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-003 | 0 | 1.52 | 1.52 | 4/26/2022 | -- | -- | 0.0421 | 131 | 10.5 | 5.6 | 0.63 | 8.61 | 2.03 | 51 | 0.64 | 53.00 | 13.95 | 11.30 | 1.57 | 0.75 | 60 | 4.40 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-003 | 1.52 | 3.05 | 1.52 | 4/26/2022 | -- | -- | 0.0655 | 143 | 20.8 | 12.3 | 1.49 | 14.75 | 4.33 | 76 | 1.55 | 91.90 | 23.00 | 18.25 | 2.70 | 1.77 | 128 | 10.90 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-003 | 3.05 | 4.57 | 1.52 | 4/26/2022 | -- | -- | 0.0906 | 85 | 31.7 | 17.6 | 4.23 | 28.60 | 5.92 | 141 | 2.34 | 163.50 | 41.60 | 35.30 | 4.67 | 2.49 | 183 | 15.80 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-003 | 4.57 | 6.1 | 1.52 | 4/26/2022 | -- | -- | 0.1135 | 253 | 33.4 | 17.2 | 3.44 | 30.70 | 6.39 | 153 | 2.20 | 156.50 | 41.20 | 33.00 | 5.23 | 2.46 | 203 | 15.25 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-003 | 6.1 | 7.62 | 1.52 | 4/26/2022 | -- | -- | 0.0844 | 250 | 17.8 | 8.0 | 1.72 | 18.35 | 3.39 | 119 | 0.95 | 127.50 | 32.60 | 25.90 | 2.93 | 1.14 | 98 | 6.86 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-003 | 7.62 | 9.14 | 1.52 | 4/26/2022 | -- | -- | 0.0758 | 232 | 18.2 | 8.1 | 1.45 | 19.10 | 3.36 | 90 | 1.04 | 108.00 | 27.70 | 23.40 | 2.94 | 1.24 | 97 | 7.37 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-003 | 7.62 | 9.14 | 1.52 | 4/26/2022 | Duplicate | -- | 0.0883 | 280 | 18.7 | 8.9 | 1.64 | 21.60 | 3.16 | 112 | 1.05 | 133.00 | 33.80 | 29.10 | 3.26 | 1.20 | 94 | 7.19 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |

---

SLV0163 – Technical Report Summary Shiloh Project, Georgia 159 November 2025

------

---

| | |
|:---|:---|
| **Technical Report Summary** | ![img77526612_64.jpg](img77526612_64.jpg) |

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|  |  |  |  |  |  |  | **Method** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** |
|  |  |  |  |  |  |  | **Analyte** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** |
|  |  |  |  |  |  |  | **Units** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** |
|  |  |  |  |  |  |  | **Detection <br>Limit** | **0.1** | **0.05** | **0.03** | **0.02** | **0.05** | **0.01** | **0.1** | **0.01** | **0.1** | **0.02** | **0.03** | **0.01** | **0.01** | **0.1** | **0.03** | **3** | **0.3** | **0.2** | **0.2** | **0.3** | **0.05** | **3** | **0.05** | **0.5** | **0.2** | **0.2** | **0.05** | **0.05** | **3** | **0.2** |
|  |  |  |  |  |  |  | **Upper <br>Limit** | **10000** | **1000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **10000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **50000** | **5000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** | **50000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** |
| **Hole ID** | **From <br>(m)** | **To <br>(m)** | **Interval <br>(m)** | **Drill Date** | **Sample <br>Type** | **Sample Details** | **TREO <br>(%)** | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-003 | 9.14 | 10.36 | 1.22 | 4/26/2022 | -- | -- | 0.0635 | 170 | 17.0 | 8.2 | 2.62 | 17.25 | 3.08 | 76 | 1.04 | 95.60 | 22.90 | 20.50 | 2.71 | 1.23 | 92 | 6.86 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-003 | 10.36 | 11.58 | 1.22 | 4/26/2022 | -- | -- | 0.0787 | 242 | 17.0 | 7.1 | 2.45 | 18.50 | 2.96 | 104 | 0.82 | 126.00 | 31.70 | 24.90 | 2.75 | 1.02 | 81 | 6.03 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-004 | 0 | 0.91 | 0.91 | 4/26/2022 | -- | -- | 0.1844 | 663 | 29.3 | 13.1 | 5.32 | 35.00 | 5.39 | 268 | 1.49 | 289.00 | 78.90 | 49.60 | 5.23 | 1.84 | 113 | 10.55 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-004 | 1.52 | 2.74 | 1.22 | 4/26/2022 | -- | -- | 0.2508 | 708 | 43.6 | 19.2 | 6.75 | 56.30 | 7.59 | 382 | 1.91 | 485.00 | 127.00 | 86.40 | 8.05 | 2.53 | 183 | 14.25 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-004 | 3.05 | 3.96 | 0.91 | 4/26/2022 | -- | -- | 0.1585 | 392 | 32.1 | 16.8 | 4.94 | 40.20 | 6.22 | 232 | 2.03 | 304.00 | 76.60 | 56.90 | 5.80 | 2.30 | 159 | 13.55 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-004 | 4.57 | 5.49 | 0.91 | 4/26/2022 | -- | -- | 0.1553 | 493 | 26.7 | 12.4 | 4.12 | 35.60 | 4.90 | 222 | 1.35 | 270.00 | 69.10 | 48.90 | 4.97 | 1.71 | 116 | 9.26 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-005 | 0 | 1.22 | 1.22 | 4/26/2022 | -- | -- | 0.0406 | 134 | 7.0 | 3.1 | 0.77 | 7.79 | 1.31 | 63 | 0.37 | 61.90 | 17.25 | 11.15 | 1.15 | 0.45 | 33 | 2.46 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-005 | 1.52 | 2.74 | 1.22 | 4/26/2022 | -- | -- | 0.0587 | 202 | 9.3 | 4.4 | 1.40 | 12.15 | 1.73 | 79 | 0.52 | 95.80 | 25.00 | 17.05 | 1.74 | 0.64 | 44 | 3.87 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-005 | 3.05 | 4.27 | 1.22 | 4/26/2022 | -- | -- | 0.1274 | 213 | 35.4 | 22.5 | 6.10 | 40.70 | 7.59 | 160 | 3.28 | 249.00 | 59.10 | 51.00 | 6.03 | 3.45 | 198 | 21.20 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-005 | 4.57 | 6.1 | 1.52 | 4/26/2022 | -- | -- | 0.1417 | 242 | 47.7 | 33.1 | 5.58 | 46.00 | 10.80 | 143 | 4.43 | 194.50 | 48.10 | 44.00 | 7.58 | 4.88 | 324 | 31.70 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-005 | 6.1 | 7.62 | 1.52 | 4/26/2022 | -- | -- | 0.1117 | 340 | 23.6 | 12.4 | 1.66 | 26.40 | 4.56 | 142 | 1.20 | 169.00 | 45.90 | 33.20 | 4.31 | 1.60 | 131 | 9.29 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-005 | 7.62 | 9.14 | 1.52 | 4/26/2022 | -- | -- | 0.0334 | 88 | 10.8 | 5.9 | 0.82 | 7.15 | 2.06 | 41 | 0.53 | 40.00 | 11.25 | 8.41 | 1.45 | 0.78 | 60 | 4.32 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-005 | 9.14 | 10.67 | 1.52 | 4/26/2022 | -- | -- | 0.0211 | 46 | 8.9 | 4.8 | 0.72 | 4.58 | 1.79 | 22 | 0.52 | 19.40 | 5.57 | 4.41 | 1.20 | 0.68 | 52 | 3.80 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-005 | 10.67 | 12.19 | 1.52 | 4/26/2022 | -- | -- | 0.0827 | 270 | 13.8 | 6.2 | 1.31 | 19.55 | 2.42 | 111 | 0.69 | 136.50 | 36.60 | 27.60 | 2.70 | 0.85 | 68 | 4.77 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-005 | 12.19 | 13.41 | 1.22 | 4/26/2022 | -- | -- | 0.0462 | 146 | 10.0 | 5.2 | 1.43 | 9.28 | 1.98 | 62 | 0.51 | 66.30 | 18.65 | 11.80 | 1.62 | 0.72 | 51 | 4.11 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-005 | 13.72 | 14.63 | 0.91 | 4/26/2022 | -- | -- | 0.1200 | 372 | 24.1 | 13.7 | 2.63 | 25.50 | 4.63 | 158 | 1.66 | 186.50 | 49.10 | 34.80 | 4.03 | 1.84 | 127 | 11.00 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-005 | -- | -- | -- | 4/26/2022 | Standard | Oreas 460 | 0.5395 | 1865 | 20.6 | 6.0 | 23.10 | 48.70 | 2.79 | 1395 | 0.50 | 814.00 | 253.00 | 104.00 | 4.86 | 0.67 | 64 | 3.66 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-006 | 0 | 1.22 | 1.22 | 4/26/2022 | -- | -- | 0.0544 | 186 | 10.2 | 4.8 | 0.96 | 11.10 | 1.82 | 76 | 0.46 | 76.50 | 22.00 | 15.40 | 1.89 | 0.60 | 51 | 3.54 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-006 | 1.52 | 3.05 | 1.52 | 4/26/2022 | -- | -- | 0.0368 | 136 | 6.2 | 2.6 | 0.56 | 7.52 | 0.96 | 54 | 0.25 | 49.10 | 13.90 | 10.20 | 1.23 | 0.30 | 28 | 1.80 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-006 | 1.52 | 3.05 | 1.52 | 4/26/2022 | Duplicate | -- | 0.0370 | 134 | 7.2 | 2.5 | 0.60 | 8.06 | 1.14 | 52 | 0.22 | 48.80 | 14.05 | 9.49 | 1.29 | 0.37 | 32 | 2.10 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-006 | 3.05 | 4.27 | 1.22 | 4/26/2022 | -- | -- | 0.0398 | 122 | 6.7 | 2.4 | 0.74 | 8.44 | 1.05 | 68 | 0.31 | 65.30 | 18.85 | 13.30 | 1.23 | 0.36 | 28 | 1.93 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-006 | 4.57 | 6.1 | 1.52 | 4/26/2022 | -- | -- | 0.0525 | 118 | 10.2 | 5.4 | 1.54 | 12.45 | 2.04 | 85 | 0.75 | 96.80 | 26.60 | 18.55 | 1.89 | 0.80 | 59 | 4.91 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-006 | 6.1 | 7.62 | 1.52 | 4/26/2022 | -- | -- | 0.0734 | 144 | 17.6 | 12.2 | 2.24 | 18.90 | 4.01 | 99 | 1.79 | 113.50 | 29.10 | 23.70 | 2.87 | 1.78 | 135 | 11.15 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-006 | 7.62 | 9.14 | 1.52 | 4/26/2022 | -- | -- | 0.0483 | 119 | 13.1 | 8.8 | 1.13 | 11.40 | 2.81 | 60 | 1.15 | 54.60 | 16.00 | 12.20 | 2.06 | 1.27 | 95 | 7.54 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-006 | 9.14 | 10.67 | 1.52 | 4/26/2022 | -- | -- | 0.0417 | 134 | 8.0 | 4.0 | 0.66 | 8.84 | 1.40 | 63 | 0.41 | 56.30 | 16.30 | 12.20 | 1.38 | 0.54 | 44 | 2.91 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-006 | 10.67 | 12.19 | 1.52 | 4/26/2022 | -- | -- | 0.0394 | 132 | 7.0 | 2.6 | 0.75 | 8.08 | 1.19 | 62 | 0.30 | 55.30 | 15.90 | 10.65 | 1.27 | 0.37 | 35 | 2.25 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-006 | 12.19 | 13.41 | 1.22 | 4/26/2022 | -- | -- | 0.0592 | 203 | 10.5 | 4.0 | 1.00 | 13.20 | 1.80 | 86 | 0.40 | 87.90 | 24.90 | 16.90 | 1.88 | 0.51 | 48 | 2.94 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-006 | 13.72 | 14.17 | 0.46 | 4/26/2022 | -- | -- | 0.0656 | 233 | 9.8 | 4.0 | 1.21 | 13.65 | 1.49 | 100 | 0.37 | 100.50 | 27.90 | 19.60 | 1.86 | 0.52 | 41 | 2.91 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-007 | 0 | 1.52 | 1.52 | 4/27/2022 | -- | -- | 0.0613 | 326 | 5.8 | 3.3 | 0.52 | 6.95 | 1.27 | 57 | 0.32 | 57.20 | 15.65 | 9.77 | 1.07 | 0.44 | 33 | 2.69 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-007 | 1.83 | 3.05 | 1.22 | 4/27/2022 | -- | -- | 0.1252 | 456 | 9.8 | 4.0 | 1.13 | 18.65 | 1.70 | 201 | 0.62 | 227.00 | 63.20 | 34.80 | 1.97 | 0.65 | 43 | 3.81 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-007 | 3.05 | 4.57 | 1.52 | 4/27/2022 | -- | -- | 0.0983 | 257 | 9.6 | 4.0 | 1.69 | 16.80 | 1.69 | 184 | 0.49 | 220.00 | 60.00 | 35.00 | 2.07 | 0.60 | 41 | 3.78 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-007 | 4.57 | 6.1 | 1.52 | 4/27/2022 | -- | -- | 0.1038 | 246 | 11.6 | 5.1 | 2.19 | 21.10 | 1.99 | 200 | 0.58 | 237.00 | 63.80 | 38.80 | 2.34 | 0.73 | 49 | 4.23 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-007 | 6.1 | 7.62 | 1.52 | 4/27/2022 | -- | -- | 0.0728 | 176 | 9.2 | 4.4 | 2.27 | 14.95 | 1.68 | 150 | 0.52 | 146.50 | 41.30 | 26.00 | 1.92 | 0.57 | 42 | 3.61 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |

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SLV0163 – Technical Report Summary Shiloh Project, Georgia 160 November 2025

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| **Technical Report Summary** | ![img77526612_64.jpg](img77526612_64.jpg) |

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|  |  |  |  |  |  |  | **Method** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** |
|  |  |  |  |  |  |  | **Analyte** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** |
|  |  |  |  |  |  |  | **Units** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** |
|  |  |  |  |  |  |  | **Detection <br>Limit** | **0.1** | **0.05** | **0.03** | **0.02** | **0.05** | **0.01** | **0.1** | **0.01** | **0.1** | **0.02** | **0.03** | **0.01** | **0.01** | **0.1** | **0.03** | **3** | **0.3** | **0.2** | **0.2** | **0.3** | **0.05** | **3** | **0.05** | **0.5** | **0.2** | **0.2** | **0.05** | **0.05** | **3** | **0.2** |
|  |  |  |  |  |  |  | **Upper <br>Limit** | **10000** | **1000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **10000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **50000** | **5000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** | **50000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** |
| **Hole ID** | **From <br>(m)** | **To <br>(m)** | **Interval <br>(m)** | **Drill Date** | **Sample <br>Type** | **Sample Details** | **TREO <br>(%)** | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-007 | 7.62 | 9.14 | 1.52 | 4/27/2022 | -- | -- | 0.1145 | 350 | 14.1 | 6.7 | 2.23 | 21.30 | 2.53 | 206 | 0.78 | 202.00 | 54.90 | 32.80 | 2.71 | 1.00 | 71 | 5.96 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-007 | 9.14 | 10.13 | 0.99 | 4/27/2022 | -- | -- | 0.0786 | 265 | 9.9 | 5.2 | 1.47 | 13.30 | 1.91 | 132 | 0.72 | 124.50 | 35.10 | 19.35 | 1.82 | 0.74 | 53 | 4.67 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-007 | -- | -- | -- | 4/27/2022 | Blank | -- | 0.0041 | 11 | 0.8 | 0.5 | 0.37 | 1.15 | 0.19 | 5 | 0.07 | 6.60 | 1.60 | 1.65 | 0.21 | 0.06 | 5 | 0.34 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-008 | 0 | 1.22 | 1.22 | 4/27/2022 | -- | -- | 0.0643 | 231 | 11.8 | 5.5 | 1.36 | 13.30 | 2.15 | 83 | 0.72 | 92.00 | 24.20 | 16.95 | 2.09 | 0.85 | 55 | 4.56 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-008 | 1.52 | 3.05 | 1.52 | 4/27/2022 | -- | -- | 0.0227 | 66 | 5.1 | 2.7 | 1.48 | 5.44 | 0.87 | 31 | 0.36 | 38.50 | 9.80 | 7.43 | 0.89 | 0.42 | 20 | 2.69 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-008 | 3.05 | 4.27 | 1.22 | 4/27/2022 | -- | -- | 0.0211 | 42 | 7.8 | 3.7 | 0.95 | 6.38 | 1.56 | 23 | 0.39 | 27.70 | 7.14 | 7.57 | 1.28 | 0.48 | 45 | 2.84 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-008 | 3.05 | 4.27 | 1.22 | 4/27/2022 | Duplicate | -- | 0.0202 | 47 | 6.9 | 2.9 | 0.87 | 6.00 | 1.14 | 25 | 0.26 | 27.70 | 7.87 | 7.21 | 1.12 | 0.40 | 34 | 2.09 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-009 | 0 | 0.91 | 0.91 | 4/27/2022 | -- | -- | 0.0575 | 222 | 9.4 | 4.7 | 1.39 | 10.55 | 1.80 | 71 | 0.63 | 75.60 | 21.30 | 15.30 | 1.63 | 0.67 | 48 | 4.33 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-009 | 1.52 | 3.05 | 1.52 | 4/27/2022 | -- | -- | 0.0660 | 215 | 12.8 | 6.8 | 1.06 | 12.80 | 2.53 | 89 | 0.86 | 91.50 | 26.30 | 17.90 | 2.19 | 0.94 | 73 | 5.69 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-009 | 3.05 | 4.57 | 1.52 | 4/27/2022 | -- | -- | 0.1077 | 285 | 21.4 | 12.3 | 2.05 | 22.60 | 4.28 | 156 | 1.66 | 176.00 | 49.30 | 33.80 | 3.51 | 1.73 | 131 | 10.95 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-009 | 4.57 | 6.1 | 1.52 | 4/27/2022 | -- | -- | 0.2955 | 524 | 83.9 | 50.3 | 10.90 | 84.70 | 17.30 | 458 | 6.47 | 435.00 | 121.50 | 91.50 | 13.70 | 7.16 | 538 | 44.30 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-009 | 6.1 | 7.01 | 0.91 | 4/27/2022 | -- | -- | 0.1397 | 304 | 37.6 | 22.9 | 4.81 | 37.60 | 7.83 | 200 | 2.83 | 190.00 | 52.90 | 41.00 | 6.37 | 3.18 | 245 | 20.20 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-009 | 7.01 | 7.92 | 0.91 | 4/27/2022 | -- | -- | 0.0980 | 130 | 38.1 | 24.0 | 6.57 | 35.00 | 8.25 | 111 | 3.06 | 110.50 | 29.40 | 28.30 | 6.20 | 3.44 | 263 | 21.70 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-009 | 7.92 | 9.14 | 1.22 | 4/27/2022 | -- | -- | 0.1263 | 180 | 44.7 | 26.4 | 9.20 | 41.60 | 9.34 | 165 | 3.34 | 166.00 | 43.90 | 39.80 | 7.14 | 3.73 | 295 | 23.60 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-010 | 0 | 1.52 | 1.52 | 4/27/2022 | -- | -- | 0.0351 | 98 | 7.6 | 4.1 | 0.95 | 7.03 | 1.40 | 54 | 0.46 | 49.80 | 14.75 | 10.05 | 1.22 | 0.57 | 44 | 3.37 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-010 | 1.52 | 3.05 | 1.52 | 4/27/2022 | -- | -- | 0.0405 | 137 | 6.4 | 3.2 | 1.12 | 6.53 | 1.30 | 68 | 0.33 | 54.40 | 16.75 | 10.05 | 1.06 | 0.43 | 36 | 2.59 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-010 | 3.05 | 4.57 | 1.52 | 4/27/2022 | -- | -- | 0.0734 | 203 | 13.5 | 6.9 | 1.99 | 14.40 | 2.68 | 116 | 0.85 | 120.00 | 33.50 | 21.80 | 2.18 | 1.10 | 78 | 6.28 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-010 | 4.57 | 6.4 | 1.83 | 4/27/2022 | -- | -- | 0.1773 | 509 | 28.9 | 16.4 | 5.84 | 40.00 | 5.91 | 265 | 1.98 | 301.00 | 79.80 | 56.80 | 5.22 | 2.41 | 171 | 13.95 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-010 | -- | -- | -- | 4/27/2022 | Standard | Oreas 463 | 2.0949 | 6540 | 70.7 | 16.8 | 118.50 | 246.00 | 8.86 | 5300 | 0.77 | 3790.00 | >1000 | 569.00 | 20.50 | 1.57 | 202 | 6.98 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-011 | 0 | 1.52 | 1.52 | 4/28/2022 | -- | -- | 0.0596 | 227 | 8.6 | 3.7 | 1.28 | 11.35 | 1.54 | 93 | 0.30 | 79.50 | 23.70 | 15.55 | 1.57 | 0.43 | 37 | 2.74 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-011 | 1.52 | 2.9 | 1.37 | 4/28/2022 | -- | -- | 0.0426 | 140 | 7.0 | 3.3 | 1.02 | 8.64 | 1.27 | 74 | 0.34 | 59.80 | 18.10 | 11.60 | 1.30 | 0.42 | 33 | 2.59 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-011 | 3.05 | 4.57 | 1.52 | 4/28/2022 | -- | -- | 0.0414 | 112 | 6.0 | 2.9 | 1.16 | 9.29 | 1.13 | 79 | 0.30 | 74.00 | 20.90 | 15.20 | 1.17 | 0.37 | 27 | 2.36 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-011 | 4.57 | 5.49 | 0.91 | 4/28/2022 | -- | -- | 0.0573 | 122 | 9.4 | 4.3 | 1.76 | 14.40 | 1.70 | 108 | 0.50 | 122.00 | 31.00 | 23.70 | 1.92 | 0.57 | 43 | 3.51 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-012 | 0 | 0.91 | 0.91 | 4/28/2022 | -- | -- | 0.0616 | 218 | 10.5 | 5.4 | 1.38 | 11.45 | 2.07 | 88 | 0.64 | 83.80 | 24.30 | 16.90 | 1.83 | 0.73 | 54 | 4.47 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-012 | 1.52 | 3.35 | 1.83 | 4/28/2022 | -- | -- | 0.0656 | 225 | 9.6 | 3.7 | 1.02 | 13.60 | 1.64 | 107 | 0.35 | 96.70 | 28.30 | 20.10 | 1.82 | 0.52 | 45 | 3.05 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-012 | 3.35 | 4.57 | 1.22 | 4/28/2022 | -- | -- | 0.1669 | 540 | 27.8 | 11.3 | 1.20 | 38.20 | 4.95 | 228 | 0.80 | 273.00 | 76.90 | 57.40 | 5.40 | 1.37 | 143 | 7.50 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-012 | 3.35 | 4.57 | 1.22 | 4/28/2022 | Duplicate | -- | 0.1448 | 447 | 28.2 | 12.2 | 1.22 | 33.40 | 5.09 | 193 | 0.90 | 229.00 | 64.20 | 48.30 | 5.13 | 1.48 | 150 | 7.65 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-012 | 4.57 | 5.64 | 1.07 | 4/28/2022 | -- | -- | 0.0565 | 118 | 16.4 | 7.5 | 1.32 | 14.80 | 3.02 | 76 | 0.56 | 86.10 | 24.40 | 19.50 | 2.85 | 0.89 | 100 | 4.92 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-012 | 5.64 | 7.62 | 1.98 | 4/28/2022 | -- | -- | 0.0621 | 139 | 11.8 | 6.2 | 1.92 | 17.20 | 2.32 | 107 | 0.94 | 110.00 | 30.40 | 22.00 | 2.17 | 0.91 | 70 | 5.79 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-012 | 7.62 | 9.14 | 1.52 | 4/28/2022 | -- | -- | 0.0267 | 42 | 10.4 | 7.1 | 2.00 | 9.96 | 2.21 | 23 | 1.00 | 28.30 | 7.15 | 8.30 | 1.63 | 1.05 | 72 | 6.96 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-012 | 9.14 | 10.21 | 1.07 | 4/28/2022 | -- | -- | 0.0147 | 38 | 4.3 | 2.5 | 1.57 | 4.53 | 0.89 | 18 | 0.32 | 18.80 | 5.05 | 5.60 | 0.69 | 0.36 | 21 | 2.53 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-013 | 0 | 1.52 | 1.52 | 4/29/2022 | -- | -- | 0.0566 | 215 | 7.3 | 2.6 | 0.78 | 11.10 | 1.17 | 88 | 0.25 | 80.30 | 23.30 | 16.25 | 1.57 | 0.34 | 33 | 1.83 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-013 | 1.83 | 3.05 | 1.22 | 4/29/2022 | -- | -- | 0.0448 | 146 | 6.8 | 3.5 | 1.80 | 9.35 | 1.20 | 65 | 0.46 | 75.70 | 20.50 | 15.25 | 1.28 | 0.47 | 30 | 3.24 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |

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SLV0163 – Technical Report Summary Shiloh Project, Georgia 161 November 2025

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| | |
|:---|:---|
| **Technical Report Summary** | ![img77526612_64.jpg](img77526612_64.jpg) |

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|  |  |  |  |  |  |  | **Method** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** |
|  |  |  |  |  |  |  | **Analyte** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** |
|  |  |  |  |  |  |  | **Units** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** |
|  |  |  |  |  |  |  | **Detection <br>Limit** | **0.1** | **0.05** | **0.03** | **0.02** | **0.05** | **0.01** | **0.1** | **0.01** | **0.1** | **0.02** | **0.03** | **0.01** | **0.01** | **0.1** | **0.03** | **3** | **0.3** | **0.2** | **0.2** | **0.3** | **0.05** | **3** | **0.05** | **0.5** | **0.2** | **0.2** | **0.05** | **0.05** | **3** | **0.2** |
|  |  |  |  |  |  |  | **Upper <br>Limit** | **10000** | **1000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **10000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **50000** | **5000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** | **50000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** |
| **Hole ID** | **From <br>(m)** | **To <br>(m)** | **Interval <br>(m)** | **Drill Date** | **Sample <br>Type** | **Sample Details** | **TREO <br>(%)** | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-013 | 3.05 | 4.57 | 1.52 | 4/29/2022 | -- | -- | 0.0490 | 95 | 10.7 | 6.2 | 2.74 | 14.00 | 2.19 | 80 | 0.85 | 99.30 | 26.40 | 20.40 | 1.96 | 0.82 | 50 | 5.94 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-013 | 5.18 | 6.1 | 0.91 | 4/29/2022 | -- | -- | 0.0295 | 41 | 8.7 | 5.1 | 1.37 | 8.47 | 1.66 | 48 | 0.59 | 47.70 | 13.35 | 10.45 | 1.48 | 0.72 | 56 | 4.63 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-013 | 6.1 | 7.62 | 1.52 | 4/29/2022 | -- | -- | 0.0378 | 65 | 11.1 | 6.2 | 3.08 | 12.80 | 2.29 | 54 | 0.79 | 62.20 | 15.60 | 14.15 | 2.01 | 0.83 | 64 | 5.61 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-013 | 7.62 | 9.14 | 1.52 | 4/29/2022 | -- | -- | 0.0317 | 73 | 10.4 | 6.1 | 3.40 | 10.65 | 2.11 | 32 | 0.86 | 42.40 | 10.50 | 11.30 | 1.78 | 0.79 | 57 | 4.94 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-013 | 9.14 | 10.67 | 1.52 | 4/29/2022 | -- | -- | 0.0262 | 56 | 9.0 | 5.2 | 2.86 | 9.44 | 1.76 | 28 | 0.59 | 36.80 | 9.14 | 9.98 | 1.51 | 0.62 | 45 | 4.05 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-013 | 10.67 | 12.19 | 1.52 | 4/29/2022 | -- | -- | 0.0366 | 60 | 13.0 | 7.5 | 4.49 | 14.40 | 2.79 | 38 | 0.87 | 53.40 | 12.65 | 14.25 | 2.22 | 0.99 | 78 | 6.22 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-013 | 12.19 | 13.72 | 1.52 | 4/29/2022 | -- | -- | 0.0379 | 85 | 12.3 | 6.7 | 4.11 | 13.30 | 2.57 | 40 | 0.78 | 52.50 | 12.80 | 13.30 | 2.01 | 0.96 | 67 | 5.91 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-013 | 13.72 | 15.24 | 1.52 | 4/29/2022 | -- | -- | 0.0338 | 81 | 10.1 | 5.5 | 3.55 | 12.10 | 2.11 | 36 | 0.74 | 49.70 | 11.30 | 10.65 | 1.87 | 0.77 | 54 | 5.20 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-013 | -- | -- | -- | 4/29/2022 | Standard | Oreas 460 | 0.5169 | 1740 | 19.7 | 6.0 | 21.90 | 49.20 | 2.77 | 1380 | 0.40 | 761.00 | 247.00 | 110.50 | 4.63 | 0.65 | 65 | 3.47 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-014 | 0 | 1.22 | 1.22 | 4/29/2022 | -- | -- | 0.0580 | 220 | 8.6 | 4.0 | 0.82 | 11.10 | 1.58 | 80 | 0.47 | 80.30 | 21.60 | 14.35 | 1.51 | 0.59 | 44 | 3.64 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-014 | 1.52 | 3.05 | 1.52 | 4/29/2022 | -- | -- | 0.0614 | 259 | 6.8 | 2.5 | 0.75 | 11.25 | 1.06 | 85 | 0.24 | 84.60 | 22.80 | 16.75 | 1.50 | 0.30 | 29 | 1.75 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-014 | 3.05 | 4.57 | 1.52 | 4/29/2022 | -- | -- | 0.0966 | 532 | 8.4 | 4.6 | 1.72 | 10.70 | 1.72 | 79 | 0.61 | 95.70 | 24.40 | 16.10 | 1.48 | 0.63 | 42 | 4.25 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-014 | 4.57 | 6.1 | 1.52 | 4/29/2022 | -- | -- | 0.1596 | 797 | 14.2 | 7.0 | 3.45 | 20.60 | 2.58 | 161 | 0.85 | 197.50 | 50.50 | 34.70 | 2.82 | 0.94 | 61 | 6.37 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-014 | 4.57 | 6.1 | 1.52 | 4/29/2022 | Duplicate | -- | 0.1434 | 661 | 13.9 | 6.6 | 3.46 | 21.10 | 2.57 | 160 | 0.86 | 198.50 | 50.60 | 32.60 | 2.83 | 0.88 | 60 | 6.22 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-014 | 6.1 | 7.62 | 1.52 | 4/29/2022 | -- | -- | 0.1225 | 404 | 18.3 | 9.1 | 4.02 | 25.10 | 3.44 | 173 | 1.28 | 212.00 | 53.40 | 37.40 | 3.59 | 1.30 | 87 | 8.77 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-014 | 7.77 | 8.53 | 0.76 | 4/29/2022 | -- | -- | 0.1239 | 433 | 19.5 | 11.2 | 3.57 | 24.50 | 4.00 | 163 | 1.38 | 190.50 | 49.40 | 34.10 | 3.49 | 1.64 | 103 | 10.40 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-014 | 8.53 | 9.83 | 1.3 | 4/29/2022 | -- | -- | 0.0440 | 114 | 8.9 | 5.2 | 1.28 | 10.25 | 1.85 | 75 | 0.63 | 65.30 | 18.20 | 11.70 | 1.54 | 0.73 | 53 | 4.67 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-015 | 0 | 1.52 | 1.52 | 4/29/2022 | -- | -- | 0.0513 | 181 | 6.8 | 3.1 | 1.02 | 9.17 | 1.27 | 91 | 0.37 | 70.80 | 20.90 | 12.70 | 1.22 | 0.43 | 33 | 2.81 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-015 | 1.52 | 3.05 | 1.52 | 4/29/2022 | -- | -- | 0.0471 | 201 | 4.5 | 1.6 | 0.57 | 7.42 | 0.72 | 75 | 0.17 | 59.50 | 17.85 | 10.75 | 1.03 | 0.22 | 20 | 1.37 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-015 | 3.05 | 4.57 | 1.52 | 4/29/2022 | -- | -- | 0.0480 | 112 | 17.1 | 8.7 | 0.68 | 10.80 | 3.68 | 54 | 0.57 | 44.30 | 12.75 | 9.81 | 2.53 | 1.04 | 118 | 5.24 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-015 | 4.57 | 6.1 | 1.52 | 4/29/2022 | -- | -- | 0.0705 | 253 | 8.9 | 3.1 | 1.22 | 14.55 | 1.40 | 114 | 0.32 | 111.50 | 30.40 | 21.30 | 1.91 | 0.39 | 36 | 2.58 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-015 | 6.1 | 7.62 | 1.52 | 4/29/2022 | -- | -- | 0.0769 | 238 | 9.4 | 3.6 | 2.13 | 17.10 | 1.57 | 140 | 0.34 | 136.00 | 38.00 | 24.50 | 2.21 | 0.41 | 40 | 2.55 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-015 | 7.62 | 9.14 | 1.52 | 4/29/2022 | -- | -- | 0.0711 | 197 | 12.8 | 4.6 | 1.87 | 19.80 | 2.02 | 128 | 0.42 | 118.50 | 33.10 | 22.60 | 2.76 | 0.54 | 57 | 3.36 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-015 | 9.14 | 10.67 | 1.52 | 4/29/2022 | -- | -- | 0.0597 | 208 | 8.2 | 2.8 | 1.10 | 13.50 | 1.26 | 101 | 0.22 | 90.60 | 25.50 | 16.50 | 1.90 | 0.33 | 36 | 1.77 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-015 | 10.67 | 11.28 | 0.61 | 4/29/2022 | -- | -- | 0.0566 | 200 | 7.0 | 2.2 | 1.02 | 12.05 | 1.08 | 98 | 0.20 | 85.30 | 24.30 | 15.90 | 1.52 | 0.25 | 31 | 1.58 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-015 | -- | -- | -- | 4/29/2022 | Blank | -- | 0.0043 | 11 | 1.1 | 0.5 | 0.41 | 1.38 | 0.21 | 6 | 0.05 | 7.00 | 1.63 | 1.37 | 0.17 | 0.05 | 6 | 0.38 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-016 | 0 | 1.52 | 1.52 | 4/29/2022 | -- | -- | 0.0381 | 127 | 6.2 | 3.0 | 2.55 | 7.91 | 1.13 | 57 | 0.54 | 62.10 | 16.30 | 12.20 | 1.18 | 0.47 | 24 | 3.26 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-016 | 1.52 | 3.05 | 1.52 | 4/29/2022 | -- | -- | 0.0370 | 105 | 6.5 | 3.1 | 3.39 | 9.52 | 1.13 | 62 | 0.51 | 68.60 | 17.70 | 13.90 | 1.33 | 0.47 | 18 | 3.94 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-016 | 3.05 | 4.57 | 1.52 | 4/29/2022 | -- | -- | 0.0551 | 132 | 15.7 | 8.6 | 5.44 | 19.00 | 3.16 | 70 | 1.27 | 95.80 | 22.10 | 20.30 | 2.86 | 1.29 | 61 | 8.51 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-016 | 4.57 | 6.1 | 1.52 | 4/29/2022 | -- | -- | 0.0667 | 128 | 21.5 | 12.1 | 6.78 | 26.10 | 4.41 | 82 | 1.43 | 106.00 | 24.20 | 22.90 | 3.90 | 1.56 | 113 | 10.20 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-016 | 6.1 | 7.62 | 1.52 | 4/29/2022 | -- | -- | 0.0565 | 124 | 18.9 | 10.8 | 5.22 | 22.10 | 4.08 | 51 | 1.37 | 71.90 | 16.45 | 17.40 | 3.38 | 1.40 | 118 | 8.92 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-016 | 7.62 | 9.14 | 1.52 | 4/29/2022 | -- | -- | 0.0465 | 111 | 13.5 | 7.4 | 4.26 | 16.45 | 2.88 | 49 | 0.91 | 69.00 | 15.55 | 15.50 | 2.45 | 1.03 | 77 | 6.28 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-016 | 9.14 | 10.06 | 0.91 | 4/29/2022 | -- | -- | 0.0399 | 100 | 12.2 | 6.6 | 3.79 | 14.15 | 2.53 | 40 | 0.84 | 56.60 | 12.80 | 12.35 | 2.17 | 0.87 | 67 | 5.89 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |

---

SLV0163 – Technical Report Summary Shiloh Project, Georgia 162 November 2025

------

---

| | |
|:---|:---|
| **Technical Report Summary** | ![img77526612_64.jpg](img77526612_64.jpg) |

---

---

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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|  |  |  |  |  |  |  | **Method** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** |
|  |  |  |  |  |  |  | **Analyte** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** |
|  |  |  |  |  |  |  | **Units** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** |
|  |  |  |  |  |  |  | **Detection <br>Limit** | **0.1** | **0.05** | **0.03** | **0.02** | **0.05** | **0.01** | **0.1** | **0.01** | **0.1** | **0.02** | **0.03** | **0.01** | **0.01** | **0.1** | **0.03** | **3** | **0.3** | **0.2** | **0.2** | **0.3** | **0.05** | **3** | **0.05** | **0.5** | **0.2** | **0.2** | **0.05** | **0.05** | **3** | **0.2** |
|  |  |  |  |  |  |  | **Upper <br>Limit** | **10000** | **1000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **10000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **50000** | **5000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** | **50000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** |
| **Hole ID** | **From <br>(m)** | **To <br>(m)** | **Interval <br>(m)** | **Drill Date** | **Sample <br>Type** | **Sample Details** | **TREO <br>(%)** | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-016 | 9.14 | 10.06 | 0.91 | 4/29/2022 | Duplicate | -- | 0.0411 | 103 | 12.2 | 6.4 | 3.69 | 14.10 | 2.46 | 41 | 0.91 | 60.50 | 12.95 | 13.65 | 2.18 | 0.95 | 67 | 5.99 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-017 | 0 | 1.52 | 1.52 | 4/29/2022 | -- | -- | 0.0418 | 159 | 8.8 | 4.8 | 2.78 | 10.50 | 1.74 | 39 | 0.78 | 56.30 | 13.50 | 12.05 | 1.60 | 0.72 | 38 | 5.21 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-017 | 1.52 | 3.05 | 1.52 | 4/29/2022 | -- | -- | 0.0126 | 43 | 4.1 | 2.3 | 1.06 | 3.48 | 0.78 | 12 | 0.38 | 14.40 | 3.53 | 3.78 | 0.57 | 0.35 | 14 | 2.78 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-017 | 3.05 | 4.57 | 1.52 | 4/29/2022 | -- | -- | 0.0189 | 77 | 4.9 | 3.0 | 1.41 | 4.90 | 1.00 | 14 | 0.52 | 20.30 | 4.52 | 4.95 | 0.80 | 0.45 | 19 | 3.29 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-017 | 4.57 | 6.1 | 1.52 | 4/29/2022 | -- | -- | 0.0424 | 92 | 14.5 | 8.1 | 4.39 | 16.40 | 3.03 | 38 | 1.14 | 60.00 | 13.10 | 14.05 | 2.46 | 1.17 | 81 | 7.64 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-017 | 6.1 | 7.62 | 1.52 | 4/29/2022 | -- | -- | 0.0726 | 146 | 25.5 | 14.6 | 7.39 | 29.10 | 5.49 | 62 | 1.92 | 99.20 | 21.70 | 22.50 | 4.49 | 1.96 | 156 | 12.15 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-017 | 7.62 | 9.14 | 1.52 | 4/29/2022 | -- | -- | 0.0575 | 97 | 21.8 | 12.7 | 6.14 | 24.80 | 4.77 | 48 | 1.72 | 76.70 | 16.50 | 18.55 | 3.93 | 1.75 | 136 | 11.05 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-017 | 9.14 | 10.67 | 1.52 | 4/29/2022 | -- | -- | 0.0777 | 131 | 29.0 | 17.2 | 6.83 | 32.00 | 6.42 | 75 | 2.27 | 89.10 | 20.10 | 21.20 | 4.82 | 2.32 | 198 | 14.85 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-017 | 10.67 | 12.19 | 1.52 | 4/29/2022 | -- | -- | 0.0696 | 107 | 23.7 | 12.7 | 7.25 | 28.80 | 4.98 | 83 | 1.49 | 109.50 | 25.00 | 24.20 | 4.29 | 1.73 | 142 | 10.45 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-018 | 0 | 1.52 | 1.52 | 5/1/2022 | -- | -- | 0.0257 | 94 | 4.5 | 2.2 | 1.06 | 5.32 | 0.92 | 37 | 0.39 | 34.30 | 9.44 | 6.54 | 0.74 | 0.39 | 20 | 2.69 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-018 | 1.52 | 3.05 | 1.52 | 5/1/2022 | -- | -- | 0.0360 | 193 | 5.4 | 3.0 | 1.58 | 5.57 | 1.06 | 28 | 0.54 | 30.40 | 7.80 | 6.49 | 0.84 | 0.47 | 20 | 3.38 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-018 | 3.05 | 4.57 | 1.52 | 5/1/2022 | -- | -- | 0.0747 | 195 | 16.0 | 8.2 | 6.17 | 19.95 | 2.95 | 109 | 1.10 | 145.00 | 34.90 | 30.00 | 2.86 | 1.18 | 55 | 7.94 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-018 | 4.57 | 6.1 | 1.52 | 5/1/2022 | -- | -- | 0.0653 | 146 | 19.2 | 10.7 | 6.44 | 22.30 | 3.95 | 75 | 1.54 | 114.50 | 25.80 | 25.00 | 3.28 | 1.54 | 87 | 10.50 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-018 | 6.1 | 7.62 | 1.52 | 5/1/2022 | -- | -- | 0.0476 | 116 | 14.4 | 8.1 | 4.23 | 16.35 | 2.87 | 52 | 1.06 | 71.00 | 15.90 | 17.55 | 2.42 | 1.03 | 73 | 6.93 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-018 | 7.62 | 8.61 | 0.99 | 5/1/2022 | -- | -- | 0.0415 | 104 | 12.4 | 7.1 | 3.72 | 14.10 | 2.45 | 42 | 0.86 | 61.00 | 13.40 | 14.20 | 2.06 | 0.92 | 67 | 5.97 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-018 | -- | -- | -- | 5/1/2022 | Standard | Oreas 463 | 2.0962 | 6740 | 69.1 | 15.9 | 117.50 | 251.00 | 8.78 | 5060 | 0.70 | 3900.00 | >1000 | 525.00 | 20.70 | 1.44 | 188 | 6.80 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-019 | 0 | 1.52 | 1.52 | 5/1/2022 | -- | -- | 0.0578 | 212 | 7.7 | 3.5 | 1.04 | 10.75 | 1.36 | 91 | 0.38 | 85.10 | 23.30 | 16.30 | 1.50 | 0.40 | 35 | 2.80 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-019 | 1.52 | 3.05 | 1.52 | 5/1/2022 | -- | -- | 0.0850 | 360 | 9.0 | 3.5 | 0.85 | 14.10 | 1.52 | 125 | 0.37 | 112.50 | 31.10 | 20.10 | 1.90 | 0.40 | 40 | 2.91 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-019 | 3.05 | 4.57 | 1.52 | 5/1/2022 | -- | -- | 0.0761 | 313 | 7.5 | 2.8 | 1.11 | 13.05 | 1.14 | 115 | 0.28 | 110.00 | 29.80 | 20.20 | 1.56 | 0.34 | 31 | 2.08 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-019 | 4.57 | 6.1 | 1.52 | 5/1/2022 | -- | -- | 0.0896 | 328 | 11.5 | 5.6 | 3.45 | 16.75 | 2.18 | 123 | 0.69 | 147.50 | 36.30 | 25.90 | 2.09 | 0.73 | 53 | 5.19 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-019 | 4.57 | 6.1 | 1.52 | 5/1/2022 | Duplicate |  | 0.0797 | 291 | 9.3 | 4.8 | 3.12 | 15.00 | 1.86 | 110 | 0.57 | 136.00 | 33.00 | 23.70 | 1.76 | 0.59 | 43 | 4.15 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-019 | 6.1 | 6.93 | 0.84 | 5/1/2022 | -- | -- | 0.0974 | 282 | 15.7 | 7.4 | 3.48 | 22.20 | 2.94 | 152 | 0.83 | 176.50 | 44.40 | 33.00 | 2.84 | 1.02 | 76 | 6.65 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-019 | 6.93 | 7.92 | 0.99 | 5/1/2022 | -- | -- | 0.0827 | 142 | 19.5 | 10.2 | 6.55 | 27.70 | 3.68 | 127 | 1.34 | 181.00 | 43.70 | 38.10 | 3.52 | 1.34 | 87 | 9.34 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-019 | 7.92 | 9.45 | 1.52 | 5/1/2022 | -- | -- | 0.0789 | 158 | 22.1 | 11.8 | 5.51 | 26.40 | 4.28 | 115 | 1.46 | 130.00 | 33.10 | 29.20 | 3.84 | 1.56 | 114 | 10.50 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-019 | 9.45 | 10.44 | 0.99 | 5/1/2022 | -- | -- | 0.0394 | 102 | 9.8 | 6.6 | 1.42 | 9.17 | 2.15 | 56 | 0.86 | 49.40 | 13.70 | 10.35 | 1.53 | 0.95 | 62 | 6.47 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-020 | 0 | 1.52 | 1.52 | 5/5/2022 | -- | -- | 0.0612 | 214 | 7.9 | 3.2 | 1.32 | 12.70 | 1.37 | 104 | 0.29 | 94.10 | 25.40 | 17.60 | 1.67 | 0.37 | 34 | 2.57 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-020 | 1.52 | 3.05 | 1.52 | 5/5/2022 | -- | -- | 0.0493 | 189 | 8.2 | 3.1 | 1.00 | 11.35 | 1.40 | 71 | 0.22 | 64.40 | 17.65 | 13.60 | 1.58 | 0.32 | 35 | 2.04 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-020 | 3.05 | 4.57 | 1.52 | 5/5/2022 | -- | -- | 0.0620 | 238 | 6.4 | 2.1 | 1.04 | 11.65 | 0.99 | 104 | 0.20 | 91.90 | 25.40 | 17.15 | 1.47 | 0.24 | 26 | 1.48 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-020 | 4.57 | 6.1 | 1.52 | 5/5/2022 | -- | -- | 0.0877 | 337 | 6.9 | 2.4 | 1.32 | 13.75 | 1.06 | 145 | 0.23 | 145.00 | 39.50 | 24.50 | 1.64 | 0.26 | 28 | 1.83 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-020 | 6.1 | 7.32 | 1.22 | 5/5/2022 | -- | -- | 0.1711 | 643 | 17.3 | 4.6 | 2.21 | 36.40 | 2.39 | 260 | 0.35 | 290.00 | 76.90 | 55.90 | 4.26 | 0.47 | 62 | 2.69 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-021 | 0 | 1.52 | 1.52 | 5/5/2022 | -- | -- | 0.0590 | 247 | 6.5 | 2.7 | 0.92 | 9.42 | 1.08 | 91 | 0.24 | 75.00 | 21.90 | 13.75 | 1.20 | 0.30 | 29 | 2.22 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-021 | 1.52 | 3.05 | 1.52 | 5/5/2022 | -- | -- | 0.0970 | 384 | 11.0 | 5.1 | 1.20 | 17.25 | 1.90 | 138 | 0.49 | 147.50 | 39.30 | 24.90 | 2.18 | 0.58 | 49 | 3.70 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-021 | 3.05 | 4.57 | 1.52 | 5/5/2022 | -- | -- | 0.0613 | 206 | 7.9 | 2.6 | 1.11 | 12.75 | 1.14 | 105 | 0.17 | 102.00 | 27.60 | 19.05 | 1.59 | 0.29 | 33 | 1.57 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |

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SLV0163 – Technical Report Summary Shiloh Project, Georgia 163 November 2025

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| **Technical Report Summary** | ![img77526612_64.jpg](img77526612_64.jpg) |

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|  |  |  |  |  |  |  | **Method** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** |
|  |  |  |  |  |  |  | **Analyte** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** |
|  |  |  |  |  |  |  | **Units** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** |
|  |  |  |  |  |  |  | **Detection <br>Limit** | **0.1** | **0.05** | **0.03** | **0.02** | **0.05** | **0.01** | **0.1** | **0.01** | **0.1** | **0.02** | **0.03** | **0.01** | **0.01** | **0.1** | **0.03** | **3** | **0.3** | **0.2** | **0.2** | **0.3** | **0.05** | **3** | **0.05** | **0.5** | **0.2** | **0.2** | **0.05** | **0.05** | **3** | **0.2** |
|  |  |  |  |  |  |  | **Upper <br>Limit** | **10000** | **1000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **10000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **50000** | **5000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** | **50000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** |
| **Hole ID** | **From <br>(m)** | **To <br>(m)** | **Interval <br>(m)** | **Drill Date** | **Sample <br>Type** | **Sample Details** | **TREO <br>(%)** | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-021 | 4.57 | 6.1 | 1.52 | 5/5/2022 | -- | -- | 0.0733 | 201 | 12.1 | 5.0 | 1.78 | 18.10 | 1.88 | 127 | 0.43 | 136.00 | 36.00 | 25.90 | 2.48 | 0.51 | 52 | 3.62 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-021 | 6.1 | 7.62 | 1.52 | 5/5/2022 | -- | -- | 0.0823 | 238 | 14.8 | 5.3 | 2.15 | 21.30 | 2.27 | 140 | 0.45 | 136.00 | 37.10 | 28.60 | 3.15 | 0.63 | 66 | 3.98 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-021 | 7.62 | 9.14 | 1.52 | 5/5/2022 | -- | -- | 0.0641 | 221 | 8.7 | 3.4 | 1.44 | 13.30 | 1.33 | 110 | 0.29 | 95.80 | 26.70 | 18.85 | 1.76 | 0.36 | 40 | 2.42 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-021 | 9.14 | 10.21 | 1.07 | 5/5/2022 | -- | -- | 0.0546 | 199 | 6.3 | 2.4 | 1.24 | 10.65 | 0.98 | 92 | 0.20 | 81.80 | 22.60 | 15.80 | 1.36 | 0.26 | 29 | 1.80 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-022 | 0 | 1.52 | 1.52 | 5/5/2022 | -- | -- | 0.0995 | 491 | 9.3 | 4.5 | 1.58 | 13.30 | 1.67 | 116 | 0.52 | 111.00 | 30.40 | 20.10 | 1.80 | 0.59 | 42 | 3.92 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-022 | 1.52 | 3.05 | 1.52 | 5/5/2022 | -- | -- | 0.1229 | 428 | 14.3 | 5.4 | 2.36 | 24.70 | 2.26 | 203 | 0.51 | 209.00 | 56.70 | 38.10 | 3.17 | 0.58 | 55 | 4.08 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-022 | 1.52 | 3.05 | 1.52 | 5/5/2022 | Duplicate | -- | 0.1100 | 389 | 12.6 | 4.6 | 2.10 | 22.10 | 1.92 | 182 | 0.35 | 185.00 | 49.80 | 33.40 | 2.80 | 0.53 | 48 | 3.32 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-022 | 3.05 | 4.57 | 1.52 | 5/5/2022 | -- | -- | 0.0972 | 279 | 14.9 | 5.9 | 2.57 | 24.50 | 2.37 | 157 | 0.58 | 186.00 | 47.40 | 36.80 | 3.14 | 0.69 | 62 | 4.47 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-022 | 4.57 | 6.1 | 1.52 | 5/5/2022 | -- | -- | 0.0966 | 277 | 16.9 | 7.6 | 2.40 | 23.50 | 3.00 | 149 | 0.73 | 173.50 | 43.90 | 32.30 | 3.08 | 0.89 | 81 | 5.69 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-022 | 6.1 | 7.62 | 1.52 | 5/5/2022 | -- | -- | 0.0813 | 261 | 11.0 | 4.3 | 1.96 | 17.45 | 1.78 | 141 | 0.46 | 137.00 | 36.80 | 26.10 | 2.37 | 0.53 | 47 | 3.40 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-022 | 7.62 | 8.61 | 0.99 | 5/5/2022 | -- | -- | 0.0776 | 260 | 12.0 | 5.0 | 1.64 | 17.45 | 2.02 | 121 | 0.45 | 120.00 | 32.20 | 23.70 | 2.37 | 0.61 | 57 | 3.70 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-023 | 0 | 1.52 | 1.52 | 5/5/2022 | -- | -- | 0.0457 | 215 | 4.5 | 2.5 | 0.48 | 6.14 | 0.83 | 58 | 0.20 | 51.80 | 14.00 | 8.73 | 0.80 | 0.26 | 23 | 1.84 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-023 | 1.52 | 3.05 | 1.52 | 5/5/2022 | -- | -- | 0.1063 | 581 | 7.1 | 3.5 | 1.44 | 11.55 | 1.38 | 107 | 0.35 | 108.00 | 27.90 | 17.25 | 1.34 | 0.41 | 35 | 2.96 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-023 | 3.05 | 4.57 | 1.52 | 5/5/2022 | -- | -- | 0.1254 | 499 | 15.6 | 7.3 | 2.82 | 21.70 | 2.78 | 174 | 0.84 | 183.50 | 49.80 | 32.20 | 2.97 | 0.98 | 69 | 5.82 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-023 | 4.57 | 6.1 | 1.52 | 5/5/2022 | -- | -- | 0.0617 | 190 | 8.6 | 4.3 | 2.22 | 12.00 | 1.61 | 117 | 0.55 | 100.50 | 29.10 | 17.75 | 1.77 | 0.58 | 36 | 3.52 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-023 | 6.1 | 7.62 | 1.52 | 5/5/2022 | -- | -- | 0.0526 | 105 | 12.1 | 6.2 | 3.61 | 15.25 | 2.39 | 86 | 0.81 | 101.50 | 26.10 | 19.95 | 2.35 | 0.84 | 58 | 5.65 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-023 | 7.62 | 9.14 | 1.52 | 5/5/2022 | -- | -- | 0.0473 | 90 | 17.7 | 10.1 | 4.92 | 19.35 | 3.50 | 47 | 1.28 | 73.20 | 17.10 | 17.95 | 3.22 | 1.44 | 83 | 8.76 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-023 | -- | -- | -- | 5/5/2022 | Standard | Oreas 460 | 0.5155 | 1765 | 18.7 | 5.8 | 23.00 | 46.20 | 2.74 | 1350 | 0.45 | 778.00 | 242.00 | 99.70 | 4.83 | 0.76 | 60 | 3.72 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-024 | 0 | 1.52 | 1.52 | 5/6/2022 | -- | -- | 0.0473 | 186 | 6.1 | 2.3 | 0.43 | 8.43 | 0.96 | 77 | 0.20 | 62.00 | 18.30 | 11.45 | 1.28 | 0.26 | 26 | 1.47 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-024 | 1.52 | 3.05 | 1.52 | 5/6/2022 | -- | -- | 0.0539 | 252 | 4.7 | 1.6 | 0.54 | 7.76 | 0.73 | 77 | 0.19 | 63.10 | 18.40 | 10.90 | 1.00 | 0.21 | 20 | 1.31 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-024 | 3.05 | 4.57 | 1.52 | 5/6/2022 | -- | -- | 0.0574 | 250 | 4.6 | 1.9 | 0.75 | 9.17 | 0.79 | 89 | 0.16 | 74.60 | 21.90 | 13.50 | 1.07 | 0.22 | 20 | 1.19 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-024 | 4.57 | 6.1 | 1.52 | 5/6/2022 | -- | -- | 0.0778 | 279 | 7.2 | 2.8 | 1.63 | 12.70 | 1.15 | 136 | 0.26 | 129.50 | 36.10 | 22.60 | 1.65 | 0.36 | 30 | 1.99 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-024 | 6.1 | 7.62 | 1.52 | 5/6/2022 | -- | -- | 0.0938 | 236 | 10.4 | 3.7 | 3.09 | 18.50 | 1.64 | 186 | 0.41 | 203.00 | 56.20 | 34.60 | 2.40 | 0.50 | 41 | 2.57 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-024 | 7.62 | 8.23 | 0.61 | 5/6/2022 | -- | -- | 0.0648 | 165 | 10.3 | 4.5 | 2.55 | 14.55 | 1.75 | 116 | 0.43 | 126.50 | 34.10 | 23.30 | 2.04 | 0.54 | 47 | 3.05 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-025 | 0.91 | 1.52 | 0.61 | 5/6/2022 | -- | -- | 0.0640 | 254 | 7.5 | 3.5 | 0.56 | 11.00 | 1.34 | 98 | 0.37 | 87.00 | 24.80 | 15.15 | 1.57 | 0.49 | 37 | 2.73 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-025 | 1.52 | 3.05 | 1.52 | 5/6/2022 | -- | -- | 0.1054 | 491 | 9.5 | 4.8 | 1.29 | 14.75 | 1.77 | 130 | 0.54 | 132.00 | 36.30 | 22.90 | 1.95 | 0.65 | 47 | 3.48 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-025 | 1.52 | 3.05 | 1.52 | 5/6/2022 | Duplicate | -- | 0.1021 | 471 | 9.5 | 5.0 | 1.29 | 14.00 | 1.81 | 128 | 0.63 | 126.00 | 34.90 | 22.20 | 1.88 | 0.70 | 49 | 3.96 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-025 | 3.05 | 4.57 | 1.52 | 5/6/2022 | -- | -- | 0.0614 | 224 | 7.0 | 3.2 | 1.07 | 11.50 | 1.25 | 100 | 0.34 | 95.10 | 26.60 | 17.05 | 1.50 | 0.40 | 32 | 2.28 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-025 | 4.57 | 6.1 | 1.52 | 5/6/2022 | -- | -- | 0.1100 | 407 | 10.7 | 4.6 | 1.82 | 18.00 | 1.83 | 171 | 0.48 | 187.00 | 50.60 | 31.40 | 2.21 | 0.62 | 46 | 3.61 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-025 | 6.1 | 7.16 | 1.07 | 5/6/2022 | -- | -- | 0.0828 | 206 | 9.1 | 2.9 | 2.01 | 16.05 | 1.33 | 154 | 0.28 | 191.50 | 51.00 | 32.30 | 2.06 | 0.40 | 35 | 2.22 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-025 | 7.16 | 8.38 | 1.22 | 5/6/2022 | -- | -- | 0.0690 | 160 | 10.0 | 3.4 | 2.24 | 15.95 | 1.59 | 132 | 0.34 | 151.00 | 41.40 | 26.20 | 2.15 | 0.45 | 38 | 2.57 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-025 | 8.38 | 10.21 | 1.83 | 5/6/2022 | -- | -- | 0.0869 | 185 | 18.0 | 7.4 | 3.22 | 25.50 | 3.00 | 163 | 0.78 | 162.50 | 44.90 | 32.40 | 3.61 | 0.95 | 82 | 5.89 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-026 | 0 | 1.52 | 1.52 | 5/6/2022 | -- | -- | 0.0561 | 310 | 5.3 | 3.8 | 0.70 | 5.79 | 1.28 | 50 | 0.48 | 43.30 | 12.10 | 7.78 | 1.02 | 0.53 | 32 | 3.01 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |

---

SLV0163 – Technical Report Summary Shiloh Project, Georgia 164 November 2025

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| | |
|:---|:---|
| **Technical Report Summary** | ![img77526612_64.jpg](img77526612_64.jpg) |

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|  |  |  |  |  |  |  | **Method** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** |
|  |  |  |  |  |  |  | **Analyte** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** |
|  |  |  |  |  |  |  | **Units** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** |
|  |  |  |  |  |  |  | **Detection <br>Limit** | **0.1** | **0.05** | **0.03** | **0.02** | **0.05** | **0.01** | **0.1** | **0.01** | **0.1** | **0.02** | **0.03** | **0.01** | **0.01** | **0.1** | **0.03** | **3** | **0.3** | **0.2** | **0.2** | **0.3** | **0.05** | **3** | **0.05** | **0.5** | **0.2** | **0.2** | **0.05** | **0.05** | **3** | **0.2** |
|  |  |  |  |  |  |  | **Upper <br>Limit** | **10000** | **1000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **10000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **50000** | **5000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** | **50000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** |
| **Hole ID** | **From <br>(m)** | **To <br>(m)** | **Interval <br>(m)** | **Drill Date** | **Sample <br>Type** | **Sample Details** | **TREO <br>(%)** | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-026 | 1.52 | 3.05 | 1.52 | 5/6/2022 | -- | -- | 0.0876 | 458 | 7.2 | 3.2 | 1.02 | 10.95 | 1.27 | 99 | 0.34 | 90.20 | 25.00 | 15.70 | 1.48 | 0.48 | 31 | 2.56 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-026 | 3.35 | 4.57 | 1.22 | 5/6/2022 | -- | -- | 0.0776 | 253 | 9.9 | 4.4 | 1.85 | 14.55 | 1.73 | 134 | 0.48 | 134.00 | 36.50 | 22.20 | 1.99 | 0.57 | 42 | 3.21 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-026 | 4.57 | 6.1 | 1.52 | 5/6/2022 | -- | -- | 0.1184 | 342 | 13.6 | 5.6 | 2.29 | 22.70 | 2.28 | 203 | 0.56 | 246.00 | 64.60 | 41.10 | 2.97 | 0.67 | 57 | 3.96 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-026 | 6.1 | 7.62 | 1.52 | 5/6/2022 | -- | -- | 0.0955 | 240 | 13.1 | 4.9 | 2.32 | 20.10 | 2.06 | 179 | 0.39 | 201.00 | 54.90 | 34.20 | 2.77 | 0.62 | 55 | 3.18 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-026 | 7.62 | 9.14 | 1.52 | 5/6/2022 | -- | -- | 0.0866 | 204 | 13.8 | 5.3 | 2.68 | 22.30 | 2.20 | 164 | 0.53 | 176.50 | 48.20 | 32.30 | 3.03 | 0.72 | 57 | 3.86 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-007 | 6.1 | 7.62 | 1.52 | 8/15/2022 | -- | -- | 0.0351 | 103 | 5.9 | 2.6 | 0.71 | 8.16 | 1.05 | 65 | 0.24 | 52.40 | 15.05 | 10.35 | 1.19 | 0.29 | 31 | 1.72 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-007 | 7.62 | 8.23 | 0.61 | 8/15/2022 | -- | -- | 0.0281 | 91 | 4.2 | 1.5 | 0.55 | 7.16 | 0.60 | 49 | 0.14 | 43.00 | 12.10 | 8.93 | 1.00 | 0.15 | 19 | 0.97 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-008 | 0 | 1.52 | 1.52 | 8/15/2022 | -- | -- | 0.2062 | 832 | 22.4 | 9.2 | 2.56 | 35.10 | 3.68 | 305 | 0.95 | 299.00 | 82.50 | 51.20 | 4.65 | 1.10 | 99 | 6.57 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-008 | 1.52 | 3.05 | 1.52 | 8/15/2022 | -- | -- | 0.0826 | 238 | 10.7 | 4.5 | 1.74 | 16.05 | 1.88 | 163 | 0.51 | 144.00 | 39.40 | 23.90 | 2.16 | 0.55 | 53 | 3.55 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-008 | 1.52 | 3.05 | 1.52 | 8/15/2022 | Duplicate | -- | 0.0879 | 262 | 10.7 | 5.1 | 1.93 | 16.00 | 1.97 | 171 | 0.59 | 152.00 | 41.80 | 24.50 | 2.09 | 0.67 | 53 | 4.10 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-008 | 3.05 | 4.57 | 1.52 | 8/15/2022 | -- | -- | 0.1524 | 570 | 12.9 | 5.2 | 2.36 | 21.70 | 2.16 | 276 | 0.53 | 238.00 | 68.00 | 33.50 | 2.78 | 0.64 | 61 | 3.61 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-008 | 4.57 | 6.1 | 1.52 | 8/15/2022 | -- | -- | 0.0503 | 118 | 6.7 | 3.7 | 1.20 | 10.15 | 1.35 | 114 | 0.42 | 87.70 | 25.50 | 14.30 | 1.33 | 0.47 | 39 | 2.96 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-008 | 6.1 | 7.62 | 1.52 | 8/15/2022 | -- | -- | 0.0562 | 217 | 6.5 | 3.2 | 1.05 | 10.15 | 1.11 | 87 | 0.41 | 78.20 | 22.30 | 13.90 | 1.39 | 0.39 | 33 | 2.74 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-008 | 7.62 | 9.14 | 1.52 | 8/15/2022 | -- | -- | 0.1190 | 462 | 8.7 | 3.6 | 1.58 | 14.75 | 1.46 | 219 | 0.37 | 179.00 | 51.80 | 25.50 | 1.87 | 0.44 | 42 | 2.46 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-008 | 9.14 | 10.36 | 1.22 | 8/15/2022 | -- | -- | 0.0296 | 93 | 3.2 | 1.1 | 0.86 | 5.87 | 0.52 | 61 | 0.11 | 47.60 | 13.55 | 8.38 | 0.71 | 0.13 | 15 | 0.81 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-009 | 0 | 1.52 | 1.52 | 8/15/2022 | -- | -- | 0.0820 | 332 | 9.1 | 4.3 | 1.36 | 13.90 | 1.59 | 125 | 0.49 | 109.50 | 30.60 | 17.70 | 1.81 | 0.50 | 46 | 3.23 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-009 | 1.52 | 3.05 | 1.52 | 8/15/2022 | -- | -- | 0.2716 | 1065 | 28.4 | 13.4 | 4.30 | 43.50 | 5.16 | 381 | 1.91 | 441.00 | 110.00 | 71.50 | 5.66 | 1.86 | 128 | 11.90 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-009 | 3.05 | 4.57 | 1.52 | 8/15/2022 | -- | -- | 0.4065 | 1265 | 47.8 | 21.8 | 6.80 | 71.60 | 8.44 | 791 | 2.45 | 695.00 | 190.00 | 104.50 | 9.05 | 2.68 | 226 | 16.15 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-009 | 4.57 | 6.1 | 1.52 | 8/15/2022 | -- | -- | 0.0457 | 98 | 6.4 | 3.0 | 1.00 | 9.85 | 1.15 | 111 | 0.35 | 83.40 | 23.30 | 13.25 | 1.34 | 0.40 | 34 | 2.46 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-009 | 6.1 | 7.62 | 1.52 | 8/15/2022 | -- | -- | 0.4912 | 2000 | 44.5 | 20.5 | 6.22 | 68.30 | 8.09 | 818 | 2.42 | 699.00 | 188.00 | 100.50 | 8.52 | 2.73 | 200 | 16.45 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-009 | 7.62 | 9.14 | 1.52 | 8/15/2022 | -- | -- | 0.6639 | 2890 | 33.5 | 14.0 | 4.57 | 64.10 | 5.81 | 1190 | 1.78 | 925.00 | 265.00 | 115.00 | 7.06 | 1.86 | 135 | 11.40 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-009 | 9.14 | 10.67 | 1.52 | 8/15/2022 | -- | -- | 0.0395 | 121 | 5.7 | 2.2 | 0.82 | 8.49 | 0.90 | 78 | 0.25 | 59.80 | 15.55 | 10.80 | 1.11 | 0.30 | 29 | 1.95 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-009 | 10.67 | 11.43 | 0.76 | 8/15/2022 | -- | -- | 0.0565 | 154 | 4.6 | 1.7 | 0.88 | 9.05 | 0.75 | 143 | 0.20 | 101.50 | 28.80 | 14.10 | 1.02 | 0.21 | 21 | 1.30 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-009 | -- | -- | -- | 8/15/2022 | Blank | -- | 0.0040 | 10 | 1.1 | 0.4 | 0.22 | 1.38 | 0.13 | 6 | 0.02 | 6.60 | 1.50 | 1.28 | 0.14 | 0.06 | 5 | 0.33 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-010 | 0 | 1.52 | 1.52 | 8/15/2022 | -- | -- | 0.0754 | 290 | 8.2 | 3.4 | 1.19 | 12.15 | 1.39 | 129 | 0.41 | 109.00 | 29.40 | 17.45 | 1.58 | 0.45 | 36 | 2.79 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-010 | 1.52 | 3.05 | 1.52 | 8/15/2022 | -- | -- | 0.3483 | 954 | 31.7 | 13.3 | 5.57 | 55.80 | 5.43 | 810 | 1.48 | 664.00 | 180.00 | 91.70 | 6.42 | 1.73 | 136 | 10.65 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-010 | 3.05 | 4.57 | 1.52 | 8/15/2022 | -- | -- | 0.4788 | 1560 | 54.0 | 23.5 | 7.00 | 82.70 | 9.48 | 890 | 2.85 | 831.00 | 226.00 | 125.00 | 10.50 | 3.14 | 232 | 18.80 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-010 | 4.57 | 6.1 | 1.52 | 8/15/2022 | -- | -- | 0.2536 | 1170 | 19.9 | 9.0 | 2.62 | 31.00 | 3.49 | 358 | 1.22 | 326.00 | 88.90 | 47.70 | 3.80 | 1.25 | 90 | 8.09 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-010 | 6.1 | 7.62 | 1.52 | 8/15/2022 | -- | -- | 0.0737 | 155 | 8.8 | 4.5 | 1.06 | 13.40 | 1.67 | 201 | 0.49 | 132.00 | 37.00 | 18.55 | 1.67 | 0.58 | 48 | 3.60 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-010 | 6.1 | 7.62 | 1.52 | 8/15/2022 | Duplicate | -- | 0.0635 | 136 | 7.5 | 3.3 | 1.10 | 12.00 | 1.33 | 175 | 0.40 | 114.00 | 31.70 | 15.55 | 1.44 | 0.46 | 38 | 2.72 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-010 | 7.62 | 8.84 | 1.22 | 8/15/2022 | -- | -- | 0.5743 | 2430 | 40.6 | 19.1 | 5.05 | 66.50 | 7.24 | 957 | 2.54 | 815.00 | 225.00 | 110.00 | 7.77 | 2.64 | 190 | 16.20 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-011 | 0 | 1.52 | 1.52 | 8/15/2022 | -- | -- | 0.3181 | 1080 | 24.3 | 10.0 | 4.42 | 43.70 | 4.08 | 649 | 1.24 | 552.00 | 154.00 | 77.20 | 4.95 | 1.41 | 97 | 8.65 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-011 | 1.52 | 3.05 | 1.52 | 8/15/2022 | -- | -- | 0.1133 | 192 | 18.4 | 8.5 | 2.60 | 28.60 | 3.30 | 257 | 1.08 | 249.00 | 64.30 | 38.60 | 3.69 | 1.20 | 88 | 7.35 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |

---

SLV0163 – Technical Report Summary Shiloh Project, Georgia 165 November 2025

------

---

| | |
|:---|:---|
| **Technical Report Summary** | ![img77526612_64.jpg](img77526612_64.jpg) |

---

---

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|  |  |  |  |  |  |  | **Method** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** |
|  |  |  |  |  |  |  | **Analyte** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** |
|  |  |  |  |  |  |  | **Units** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** |
|  |  |  |  |  |  |  | **Detection <br>Limit** | **0.1** | **0.05** | **0.03** | **0.02** | **0.05** | **0.01** | **0.1** | **0.01** | **0.1** | **0.02** | **0.03** | **0.01** | **0.01** | **0.1** | **0.03** | **3** | **0.3** | **0.2** | **0.2** | **0.3** | **0.05** | **3** | **0.05** | **0.5** | **0.2** | **0.2** | **0.05** | **0.05** | **3** | **0.2** |
|  |  |  |  |  |  |  | **Upper <br>Limit** | **10000** | **1000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **10000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **50000** | **5000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** | **50000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** |
| **Hole ID** | **From <br>(m)** | **To <br>(m)** | **Interval <br>(m)** | **Drill Date** | **Sample <br>Type** | **Sample Details** | **TREO <br>(%)** | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-011 | 3.05 | 4.57 | 1.52 | 8/15/2022 | -- | -- | 0.1067 | 264 | 16.2 | 7.8 | 1.71 | 22.10 | 3.08 | 229 | 0.98 | 182.50 | 49.40 | 27.10 | 3.02 | 1.01 | 91 | 6.31 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-011 | 4.57 | 6.1 | 1.52 | 8/15/2022 | -- | -- | 0.6023 | 2710 | 28.2 | 11.4 | 4.84 | 55.10 | 4.70 | 1010 | 1.50 | 834.00 | 238.00 | 105.50 | 6.08 | 1.56 | 118 | 9.31 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-011 | 6.1 | 7.77 | 1.68 | 8/15/2022 | -- | -- | 0.3709 | 1780 | 20.9 | 8.4 | 2.88 | 35.40 | 3.45 | 550 | 0.96 | 469.00 | 132.00 | 62.20 | 4.19 | 1.11 | 86 | 6.71 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-012 | 0 | 1.52 | 1.52 | 8/16/2022 | -- | -- | 0.0571 | 217 | 7.5 | 3.4 | 1.37 | 10.05 | 1.34 | 88 | 0.46 | 80.60 | 21.20 | 13.75 | 1.44 | 0.49 | 36 | 2.85 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-012 | 1.52 | 3.05 | 1.52 | 8/16/2022 | -- | -- | 0.0339 | 119 | 4.4 | 1.4 | 0.75 | 7.39 | 0.63 | 60 | 0.16 | 52.60 | 14.45 | 10.60 | 1.06 | 0.19 | 16 | 1.14 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-012 | 3.05 | 4.57 | 1.52 | 8/16/2022 | -- | -- | 0.0672 | 186 | 13.3 | 6.9 | 1.89 | 16.25 | 2.65 | 107 | 0.78 | 107.00 | 27.90 | 19.50 | 2.38 | 0.94 | 71 | 5.59 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-012 | 4.57 | 6.1 | 1.52 | 8/16/2022 | -- | -- | 0.0422 | 103 | 11.0 | 5.5 | 1.31 | 12.55 | 2.07 | 61 | 0.64 | 60.10 | 15.20 | 12.50 | 2.01 | 0.75 | 65 | 4.52 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-012 | 6.1 | 7.62 | 1.52 | 8/16/2022 | -- | -- | 0.0403 | 148 | 4.5 | 1.6 | 0.95 | 6.84 | 0.73 | 75 | 0.15 | 59.20 | 16.45 | 8.71 | 0.93 | 0.20 | 19 | 1.33 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-012 | 7.62 | 9.14 | 1.52 | 8/16/2022 | -- | -- | 0.1479 | 755 | 8.8 | 3.9 | 1.73 | 15.00 | 1.50 | 198 | 0.51 | 160.00 | 45.00 | 23.90 | 1.85 | 0.52 | 42 | 3.43 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-012 | 9.14 | 10.36 | 1.22 | 8/16/2022 | -- | -- | 0.5085 | 2690 | 28.8 | 12.6 | 3.48 | 46.10 | 5.00 | 594 | 1.58 | 572.00 | 162.50 | 82.50 | 5.79 | 1.70 | 120 | 10.45 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-012 | -- | -- | -- | 8/16/2022 | Standard | Oreas 463 | 2.0644 | 6680 | 70.6 | 15.5 | 114.00 | 236.00 | 8.73 | 4940 | 0.79 | 3890.00 | >1000 | 539.00 | 19.50 | 1.50 | 185 | 6.87 | 6600 | 67 | 16 | 114 | 258 | 9 | 5020 | 1 | 3700 | 1080 | 547 | 21 | 1 | 191 | 7 |
| 22-DLC-013 | 0 | 1.52 | 1.52 | 8/16/2022 | -- | -- | 0.0602 | 233 | 7.5 | 3.9 | 1.34 | 9.30 | 1.43 | 97 | 0.54 | 80.00 | 22.30 | 12.55 | 1.29 | 0.55 | 37 | 3.46 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-013 | 1.52 | 3.05 | 1.52 | 8/16/2022 | -- | -- | 0.1784 | 685 | 9.2 | 3.4 | 1.90 | 19.10 | 1.48 | 384 | 0.42 | 267.00 | 76.20 | 34.30 | 1.98 | 0.49 | 35 | 2.95 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-013 | 3.05 | 4.57 | 1.52 | 8/16/2022 | -- | -- | 1.5686 | 5430 | 77.1 | 23.9 | 9.28 | 184.50 | 11.30 | 3120 | 2.80 | 2950.00 | 834.00 | 365.00 | 18.55 | 3.03 | 242 | 18.20 | 5490 | 73 | 25 | 10 | 203 | 11 | 3250 | 3 | 2860 | 803 | 378 | 19 | 3 | 244 | 20 |
| 22-DLC-013 | 4.57 | 6.1 | 1.52 | 8/16/2022 | -- | -- | 0.6949 | 2420 | 42.3 | 17.3 | 6.95 | 88.10 | 6.93 | 1375 | 2.31 | 1255.00 | 359.00 | 161.50 | 9.13 | 2.42 | 166 | 15.55 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-013 | 6.1 | 8.23 | 2.13 | 8/16/2022 | -- | -- | 0.1131 | 220 | 15.6 | 8.3 | 2.28 | 21.70 | 3.07 | 303 | 1.16 | 206.00 | 56.40 | 28.40 | 2.72 | 1.23 | 83 | 7.71 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-013 | 6.1 | 8.23 | 2.13 | 8/16/2022 | Duplicate | -- | 0.1108 | 219 | 14.3 | 7.5 | 1.97 | 20.90 | 2.75 | 296 | 1.00 | 207.00 | 56.90 | 28.00 | 2.65 | 1.02 | 76 | 6.52 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-014 | 0 | 1.52 | 1.52 | 8/16/2022 | -- | -- | 0.0324 | 100 | 5.5 | 3.3 | 0.53 | 5.12 | 1.10 | 65 | 0.45 | 41.30 | 12.50 | 7.07 | 0.89 | 0.47 | 29 | 2.83 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-014 | 1.52 | 3.05 | 1.52 | 8/16/2022 | -- | -- | 0.0224 | 66 | 2.7 | 1.2 | 0.54 | 3.09 | 0.52 | 58 | 0.18 | 29.20 | 10.00 | 4.55 | 0.51 | 0.19 | 12 | 1.18 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-014 | 3.05 | 4.57 | 1.52 | 8/16/2022 | -- | -- | 0.0321 | 77 | 6.1 | 3.4 | 0.78 | 5.27 | 1.22 | 75 | 0.53 | 43.70 | 13.95 | 7.22 | 0.94 | 0.58 | 33 | 3.52 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-014 | 4.57 | 6.1 | 1.52 | 8/16/2022 | -- | -- | 0.0867 | 233 | 18.4 | 15.0 | 1.50 | 17.05 | 4.44 | 130 | 2.70 | 119.00 | 32.40 | 20.70 | 2.79 | 2.48 | 117 | 17.30 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-014 | 6.1 | 7.62 | 1.52 | 8/16/2022 | -- | -- | 0.0545 | 153 | 7.8 | 4.9 | 1.13 | 9.03 | 1.51 | 104 | 0.70 | 91.90 | 24.80 | 13.20 | 1.37 | 0.75 | 44 | 4.73 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-014 | 7.62 | 9.45 | 1.83 | 8/16/2022 | -- | -- | 0.0404 | 110 | 6.8 | 4.0 | 0.92 | 6.57 | 1.37 | 75 | 0.50 | 65.70 | 17.35 | 10.00 | 1.07 | 0.52 | 40 | 3.79 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-015 | 0 | 1.52 | 1.52 | 8/16/2022 | -- | -- | 0.0716 | 230 | 15.5 | 7.8 | 2.14 | 16.35 | 3.01 | 97 | 1.02 | 95.20 | 24.10 | 17.75 | 2.73 | 1.02 | 85 | 6.83 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-015 | 1.52 | 3.05 | 1.52 | 8/16/2022 | -- | -- | 0.0572 | 168 | 15.4 | 9.8 | 2.16 | 13.70 | 3.37 | 58 | 1.42 | 71.30 | 16.90 | 14.60 | 2.38 | 1.40 | 94 | 9.02 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-015 | 3.05 | 5.03 | 1.98 | 8/16/2022 | -- | -- | 0.1891 | 654 | 31.7 | 17.7 | 6.02 | 37.70 | 6.30 | 255 | 2.78 | 292.00 | 71.00 | 50.60 | 5.50 | 2.75 | 154 | 18.20 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-016 | 0 | 1.52 | 1.52 | 8/17/2022 | -- | -- | 0.0656 | 228 | 7.9 | 4.1 | 1.30 | 12.05 | 1.64 | 107 | 0.58 | 99.90 | 25.80 | 17.30 | 1.55 | 0.58 | 46 | 3.82 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-016 | 1.52 | 3.05 | 1.52 | 8/17/2022 | -- | -- | 0.0923 | 338 | 7.2 | 3.2 | 1.54 | 11.70 | 1.24 | 177 | 0.44 | 148.50 | 41.60 | 19.70 | 1.40 | 0.51 | 32 | 2.72 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-016 | 3.05 | 4.88 | 1.83 | 8/17/2022 | -- | -- | 0.1476 | 348 | 28.0 | 14.4 | 4.02 | 39.40 | 5.27 | 234 | 2.07 | 295.00 | 68.70 | 48.90 | 5.15 | 2.15 | 142 | 14.55 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-017 | 0 | 1.52 | 1.52 | 8/17/2022 | -- | -- | 0.0485 | 158 | 8.6 | 4.4 | 2.09 | 10.50 | 1.58 | 70 | 0.72 | 78.00 | 19.40 | 14.30 | 1.58 | 0.68 | 38 | 4.87 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-017 | 1.52 | 3.05 | 1.52 | 8/17/2022 | -- | -- | 0.1162 | 162 | 32.4 | 19.0 | 9.18 | 40.10 | 7.04 | 160 | 2.52 | 208.00 | 46.30 | 40.80 | 5.68 | 2.70 | 225 | 16.50 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-017 | 3.05 | 4.57 | 1.52 | 8/17/2022 | -- | -- | 0.0583 | 119 | 17.9 | 10.1 | 5.59 | 20.60 | 3.73 | 61 | 1.31 | 79.20 | 17.30 | 17.15 | 3.19 | 1.40 | 124 | 8.21 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-017 | 4.57 | 6.1 | 1.52 | 8/17/2022 | -- | -- | 0.0538 | 124 | 15.9 | 8.9 | 5.93 | 18.75 | 3.07 | 56 | 1.04 | 80.30 | 17.50 | 17.60 | 2.83 | 1.10 | 94 | 6.94 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |

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SLV0163 – Technical Report Summary Shiloh Project, Georgia 166 November 2025

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| **Technical Report Summary** | ![img77526612_64.jpg](img77526612_64.jpg) |

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|  |  |  |  |  |  |  | **Method** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** |
|  |  |  |  |  |  |  | **Analyte** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** |
|  |  |  |  |  |  |  | **Units** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** |
|  |  |  |  |  |  |  | **Detection <br>Limit** | **0.1** | **0.05** | **0.03** | **0.02** | **0.05** | **0.01** | **0.1** | **0.01** | **0.1** | **0.02** | **0.03** | **0.01** | **0.01** | **0.1** | **0.03** | **3** | **0.3** | **0.2** | **0.2** | **0.3** | **0.05** | **3** | **0.05** | **0.5** | **0.2** | **0.2** | **0.05** | **0.05** | **3** | **0.2** |
|  |  |  |  |  |  |  | **Upper <br>Limit** | **10000** | **1000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **10000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **50000** | **5000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** | **50000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** |
| **Hole ID** | **From <br>(m)** | **To <br>(m)** | **Interval <br>(m)** | **Drill Date** | **Sample <br>Type** | **Sample Details** | **TREO <br>(%)** | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-017 | 6.1 | 7.62 | 1.52 | 8/17/2022 | -- | -- | 0.0467 | 116 | 12.7 | 6.7 | 5.25 | 16.05 | 2.62 | 50 | 0.78 | 74.80 | 15.90 | 15.65 | 2.26 | 0.93 | 69 | 5.85 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-017 | 7.62 | 9.3 | 1.68 | 8/17/2022 | -- | -- | 0.0375 | 94 | 10.6 | 5.2 | 4.14 | 12.90 | 2.06 | 39 | 0.69 | 60.00 | 12.75 | 12.45 | 1.87 | 0.72 | 55 | 4.52 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-017 | 7.62 | 9.3 | 1.68 | 8/17/2022 | Duplicate | -- | 0.0384 | 96 | 10.6 | 5.4 | 4.32 | 13.65 | 2.11 | 41 | 0.68 | 60.40 | 12.70 | 13.60 | 1.85 | 0.73 | 57 | 4.64 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-018 | 0 | 1.52 | 1.52 | 8/17/2022 | -- | -- | 0.0506 | 207 | 5.6 | 2.4 | 0.90 | 8.87 | 1.00 | 77 | 0.30 | 67.60 | 17.80 | 11.20 | 1.22 | 0.38 | 27 | 2.56 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-018 | 1.52 | 3.05 | 1.52 | 8/17/2022 | -- | -- | 0.0493 | 156 | 6.3 | 2.5 | 1.14 | 9.40 | 0.97 | 96 | 0.27 | 82.20 | 22.60 | 14.00 | 1.32 | 0.30 | 25 | 1.78 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-018 | 3.05 | 4.57 | 1.52 | 8/17/2022 | -- | -- | 0.1121 | 344 | 9.7 | 4.1 | 2.77 | 18.35 | 1.68 | 237 | 0.50 | 206.00 | 56.00 | 29.20 | 2.19 | 0.60 | 40 | 3.90 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-018 | 4.57 | 6.1 | 1.52 | 8/17/2022 | -- | -- | 0.0676 | 136 | 11.1 | 5.2 | 3.13 | 19.80 | 2.01 | 151 | 0.78 | 132.50 | 34.80 | 24.60 | 2.38 | 0.77 | 47 | 4.44 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-018 | 6.1 | 7.62 | 1.52 | 8/17/2022 | -- | -- | 0.1256 | 350 | 21.1 | 10.2 | 4.79 | 34.60 | 3.84 | 233 | 1.38 | 199.50 | 52.90 | 38.40 | 4.25 | 1.44 | 103 | 8.98 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-018 | 7.62 | 9.75 | 2.13 | 8/17/2022 | -- | -- | 0.0375 | 121 | 6.6 | 2.7 | 0.86 | 9.54 | 1.10 | 60 | 0.32 | 55.10 | 14.90 | 11.30 | 1.27 | 0.34 | 32 | 1.98 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-019 | 0 | 1.52 | 1.52 | 8/17/2022 | -- | -- | 0.0451 | 168 | 5.3 | 1.9 | 0.60 | 9.50 | 0.81 | 75 | 0.21 | 68.90 | 18.30 | 12.80 | 1.14 | 0.23 | 21 | 1.55 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-019 | 1.52 | 3.05 | 1.52 | 8/17/2022 | -- | -- | 0.0527 | 162 | 6.7 | 2.6 | 0.99 | 10.30 | 1.08 | 98 | 0.31 | 95.10 | 25.20 | 16.05 | 1.37 | 0.33 | 27 | 1.96 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-019 | 3.05 | 4.57 | 1.52 | 8/17/2022 | -- | -- | 0.1737 | 498 | 18.9 | 8.7 | 4.57 | 31.50 | 3.41 | 373 | 1.12 | 313.00 | 83.80 | 46.60 | 4.00 | 1.16 | 83 | 7.60 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-019 | 4.57 | 6.1 | 1.52 | 8/17/2022 | -- | -- | 0.0802 | 161 | 20.2 | 9.9 | 3.05 | 28.30 | 3.82 | 155 | 1.26 | 121.50 | 32.20 | 24.50 | 4.05 | 1.34 | 104 | 8.16 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-019 | 6.1 | 7.62 | 1.52 | 8/17/2022 | -- | -- | 0.1700 | 608 | 22.5 | 11.0 | 2.53 | 29.70 | 4.24 | 285 | 1.20 | 238.00 | 65.30 | 35.40 | 4.25 | 1.48 | 126 | 8.98 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-019 | 7.62 | 9.6 | 1.98 | 8/17/2022 | -- | -- | 0.0476 | 147 | 10.3 | 5.3 | 0.87 | 10.60 | 1.97 | 75 | 0.61 | 61.10 | 16.75 | 11.95 | 1.76 | 0.70 | 55 | 4.16 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-019 | -- | -- | -- | 8/17/2022 | Standard | Oreas 460 | 0.5488 | 1905 | 19.8 | 5.6 | 22.60 | 48.50 | 2.74 | 1400 | 0.47 | 867.00 | 233.00 | 107.00 | 4.84 | 0.64 | 64 | 3.80 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-020 | 0 | 1.52 | 1.52 | 8/17/2022 | -- | -- | 0.0197 | 74 | 1.9 | 0.6 | 0.68 | 3.83 | 0.26 | 39 | 0.05 | 28.10 | 8.00 | 5.06 | 0.47 | 0.07 | 6 | 0.46 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-020 | 1.52 | 3.05 | 1.52 | 8/17/2022 | -- | -- | 0.0363 | 125 | 3.6 | 1.3 | 0.90 | 7.11 | 0.49 | 69 | 0.14 | 59.90 | 15.75 | 10.60 | 0.84 | 0.16 | 14 | 1.13 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-020 | 3.05 | 4.57 | 1.52 | 8/17/2022 | -- | -- | 0.1038 | 389 | 8.0 | 3.8 | 2.04 | 14.85 | 1.37 | 180 | 0.51 | 172.00 | 45.10 | 24.40 | 1.82 | 0.55 | 38 | 3.87 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-020 | 4.57 | 6.1 | 1.52 | 8/17/2022 | -- | -- | 0.0536 | 131 | 8.2 | 3.0 | 1.78 | 14.75 | 1.27 | 103 | 0.39 | 105.00 | 26.20 | 19.30 | 1.89 | 0.44 | 37 | 2.81 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-020 | 6.1 | 6.86 | 0.76 | 8/17/2022 | -- | -- | 0.0473 | 149 | 6.5 | 2.5 | 1.00 | 11.25 | 0.91 | 84 | 0.29 | 79.60 | 20.50 | 14.30 | 1.50 | 0.28 | 29 | 1.83 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-021 | 0 | 1.52 | 1.52 | 8/17/2022 | -- | -- | 0.0668 | 230 | 9.7 | 4.0 | 1.40 | 13.25 | 1.57 | 105 | 0.54 | 103.00 | 26.60 | 18.00 | 1.80 | 0.53 | 48 | 4.06 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-021 | 0 | 1.52 | 1.52 | 8/17/2022 | Duplicate | -- | 0.0683 | 235 | 9.2 | 3.9 | 1.52 | 14.20 | 1.54 | 110 | 0.37 | 108.50 | 27.60 | 17.85 | 1.92 | 0.49 | 46 | 3.08 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-021 | 1.52 | 3.05 | 1.52 | 8/17/2022 | -- | -- | 0.0130 | 47 | 1.9 | 0.7 | 0.72 | 2.37 | 0.28 | 25 | 0.06 | 17.10 | 4.71 | 2.89 | 0.40 | 0.07 | 8 | 0.44 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-021 | 3.05 | 4.88 | 1.83 | 8/17/2022 | -- | -- | 0.0177 | 28 | 4.3 | 1.5 | 1.06 | 3.99 | 0.71 | 41 | 0.15 | 32.40 | 8.79 | 5.11 | 0.69 | 0.21 | 21 | 1.10 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-022 | 0 | 1.52 | 1.52 | 8/17/2022 | -- | -- | 0.0251 | 76 | 3.4 | 1.3 | 0.92 | 4.63 | 0.49 | 54 | 0.15 | 39.10 | 11.30 | 6.42 | 0.71 | 0.14 | 14 | 1.15 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-022 | 1.52 | 2.74 | 1.22 | 8/17/2022 | -- | -- | 0.0501 | 163 | 7.4 | 2.4 | 0.90 | 12.10 | 1.15 | 82 | 0.20 | 81.90 | 21.20 | 16.55 | 1.62 | 0.30 | 34 | 1.62 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-023 | 0 | 2.13 | 2.13 | 8/17/2022 | -- | -- | 0.1191 | 683 | 6.6 | 2.7 | 1.34 | 10.30 | 1.08 | 123 | 0.32 | 107.00 | 28.50 | 16.40 | 1.40 | 0.34 | 31 | 2.48 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-023 | 2.13 | 3.05 | 0.91 | 8/17/2022 | -- | -- | 0.0223 | 69 | 2.0 | 1.0 | 0.84 | 3.76 | 0.38 | 45 | 0.13 | 38.70 | 10.30 | 5.60 | 0.52 | 0.11 | 11 | 0.93 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-023 | 3.05 | 4.57 | 1.52 | 8/17/2022 | -- | -- | 0.1309 | 487 | 9.8 | 4.1 | 2.54 | 17.10 | 1.62 | 244 | 0.54 | 211.00 | 56.90 | 29.00 | 2.12 | 0.59 | 45 | 4.07 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-023 | 4.57 | 5.64 | 1.07 | 8/17/2022 | -- | -- | 0.0307 | 100 | 3.1 | 1.1 | 0.85 | 5.64 | 0.46 | 61 | 0.13 | 51.50 | 13.60 | 8.42 | 0.72 | 0.13 | 14 | 0.94 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-023 | 5.64 | 7.62 | 1.98 | 8/17/2022 | -- | -- | 0.3454 | 1370 | 24.6 | 9.9 | 4.54 | 44.20 | 4.08 | 617 | 1.12 | 522.00 | 134.00 | 72.80 | 5.25 | 1.31 | 123 | 8.62 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-024 | 0 | 1.52 | 1.52 | 8/18/2022 | -- | -- | 0.0500 | 190 | 5.9 | 2.6 | 0.73 | 9.05 | 0.94 | 79 | 0.34 | 73.80 | 18.85 | 11.90 | 1.18 | 0.31 | 30 | 2.28 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |

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SLV0163 – Technical Report Summary Shiloh Project, Georgia 167 November 2025

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| | |
|:---|:---|
| **Technical Report Summary** | ![img77526612_64.jpg](img77526612_64.jpg) |

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|  |  |  |  |  |  |  | **Method** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** |
|  |  |  |  |  |  |  | **Analyte** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** |
|  |  |  |  |  |  |  | **Units** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** |
|  |  |  |  |  |  |  | **Detection <br>Limit** | **0.1** | **0.05** | **0.03** | **0.02** | **0.05** | **0.01** | **0.1** | **0.01** | **0.1** | **0.02** | **0.03** | **0.01** | **0.01** | **0.1** | **0.03** | **3** | **0.3** | **0.2** | **0.2** | **0.3** | **0.05** | **3** | **0.05** | **0.5** | **0.2** | **0.2** | **0.05** | **0.05** | **3** | **0.2** |
|  |  |  |  |  |  |  | **Upper <br>Limit** | **10000** | **1000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **10000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **50000** | **5000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** | **50000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** |
| **Hole ID** | **From <br>(m)** | **To <br>(m)** | **Interval <br>(m)** | **Drill Date** | **Sample <br>Type** | **Sample Details** | **TREO <br>(%)** | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-024 | 1.52 | 3.66 | 2.13 | 8/18/2022 | -- | -- | 0.0563 | 205 | 7.8 | 3.2 | 0.98 | 10.15 | 1.22 | 90 | 0.39 | 82.40 | 21.30 | 14.00 | 1.42 | 0.43 | 37 | 3.13 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-025 | 0 | 1.52 | 1.52 | 8/18/2022 | -- | -- | 0.0573 | 252 | 6.1 | 2.3 | 0.77 | 9.47 | 0.95 | 82 | 0.31 | 71.20 | 18.55 | 12.30 | 1.26 | 0.33 | 28 | 2.26 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-025 | 1.52 | 3.05 | 1.52 | 8/18/2022 | -- | -- | 0.0538 | 244 | 4.8 | 2.2 | 1.06 | 7.54 | 0.85 | 76 | 0.24 | 66.90 | 17.45 | 10.45 | 0.97 | 0.28 | 23 | 2.01 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-025 | 3.05 | 3.81 | 0.76 | 8/18/2022 | -- | -- | 0.0758 | 289 | 8.7 | 3.5 | 1.31 | 13.25 | 1.47 | 118 | 0.43 | 112.50 | 29.20 | 18.85 | 1.73 | 0.46 | 43 | 3.03 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-026 | 0 | 1.52 | 1.52 | 8/18/2022 | -- | -- | 0.0480 | 217 | 5.2 | 2.1 | 0.72 | 7.03 | 0.78 | 66 | 0.29 | 56.90 | 14.70 | 9.03 | 0.99 | 0.25 | 25 | 1.90 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-026 | 1.52 | 3.05 | 1.52 | 8/18/2022 | -- | -- | 0.0665 | 312 | 6.2 | 2.9 | 0.99 | 9.31 | 1.09 | 89 | 0.35 | 77.60 | 20.10 | 12.00 | 1.25 | 0.41 | 31 | 2.63 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-026 | 3.05 | 4.57 | 1.52 | 8/18/2022 | -- | -- | 0.0553 | 164 | 7.7 | 3.5 | 1.13 | 11.90 | 1.31 | 102 | 0.37 | 94.30 | 24.50 | 15.55 | 1.61 | 0.45 | 40 | 2.81 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-026 | 4.57 | 6.1 | 1.52 | 8/18/2022 | -- | -- | 0.0835 | 230 | 13.4 | 5.7 | 1.94 | 19.10 | 2.35 | 146 | 0.69 | 149.50 | 36.90 | 24.60 | 2.57 | 0.80 | 71 | 4.99 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-026 | 4.57 | 6.1 | 1.52 | 8/18/2022 | Duplicate | -- | 0.0878 | 237 | 14.7 | 6.1 | 1.98 | 20.10 | 2.39 | 157 | 0.61 | 157.50 | 39.40 | 26.90 | 2.72 | 0.76 | 73 | 4.94 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-026 | 6.1 | 7.77 | 1.68 | 8/18/2022 | -- | -- | 0.1918 | 309 | 53.5 | 25.7 | 5.76 | 68.40 | 9.71 | 293 | 2.83 | 347.00 | 76.70 | 66.10 | 9.77 | 3.38 | 324 | 21.00 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-027 | 0 | 1.52 | 1.52 | 8/18/2022 | -- | -- | 0.0458 | 182 | 5.8 | 2.9 | 0.66 | 7.12 | 1.06 | 70 | 0.35 | 57.10 | 15.35 | 9.62 | 1.08 | 0.38 | 33 | 2.55 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-027 | 1.52 | 3.05 | 1.52 | 8/18/2022 | -- | -- | 0.0460 | 177 | 5.2 | 2.4 | 0.84 | 7.91 | 0.92 | 75 | 0.35 | 62.20 | 16.75 | 9.84 | 1.02 | 0.34 | 29 | 2.21 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-027 | 3.05 | 3.66 | 0.61 | 8/18/2022 | -- | -- | 0.0454 | 162 | 7.1 | 3.3 | 1.01 | 9.03 | 1.24 | 66 | 0.42 | 64.40 | 16.10 | 11.25 | 1.22 | 0.42 | 39 | 3.28 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-028 | 0 | 3.51 | 3.51 | 8/18/2022 | -- | -- | 0.0580 | 202 | 7.5 | 3.6 | 1.13 | 10.10 | 1.28 | 95 | 0.46 | 88.20 | 23.20 | 15.80 | 1.51 | 0.47 | 40 | 3.15 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-028 | 3.51 | 4.88 | 1.37 | 8/18/2022 | -- | -- | 0.0310 | 72 | 8.9 | 5.0 | 2.86 | 10.15 | 1.71 | 34 | 0.64 | 49.70 | 10.45 | 11.70 | 1.62 | 0.63 | 49 | 3.92 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-029 | 0 | 0.91 | 0.91 | 8/19/2022 | -- | -- | 0.0198 | 58 | 3.0 | 1.2 | 0.89 | 4.77 | 0.44 | 36 | 0.13 | 34.90 | 8.84 | 6.95 | 0.66 | 0.13 | 12 | 0.82 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-030 | 0 | 1.52 | 1.52 | 8/19/2022 | -- | -- | 0.0215 | 62 | 3.6 | 1.5 | 0.77 | 5.53 | 0.61 | 39 | 0.13 | 35.20 | 9.06 | 6.99 | 0.75 | 0.18 | 16 | 1.15 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-030 | 1.52 | 3.05 | 1.52 | 8/19/2022 | -- | -- | 0.0132 | 37 | 2.1 | 0.6 | 0.71 | 3.41 | 0.28 | 26 | 0.07 | 22.30 | 6.19 | 4.91 | 0.47 | 0.08 | 7 | 0.49 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-030 | 3.05 | 5.03 | 1.98 | 8/19/2022 | -- | -- | 0.0309 | 92 | 4.2 | 1.7 | 1.25 | 7.14 | 0.69 | 55 | 0.18 | 55.20 | 14.45 | 10.85 | 0.96 | 0.22 | 18 | 1.32 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-030 | -- | -- | -- | 8/19/2022 | Blank | -- | 0.0039 | 10 | 0.9 | 0.4 | 0.29 | 1.17 | 0.14 | 6 | 0.04 | 6.50 | 1.53 | 1.29 | 0.15 | 0.04 | 4 | 0.24 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-031 | 0 | 0.91 | 0.91 | 8/19/2022 | -- | -- | 0.0544 | 188 | 7.5 | 2.6 | 0.85 | 11.65 | 1.11 | 95 | 0.25 | 82.80 | 23.10 | 16.30 | 1.64 | 0.35 | 31 | 2.14 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-031 | 1.52 | 3.05 | 1.52 | 8/19/2022 | -- | -- | 0.0813 | 331 | 8.6 | 3.2 | 0.92 | 14.05 | 1.36 | 128 | 0.37 | 110.50 | 31.10 | 19.70 | 1.92 | 0.45 | 39 | 2.43 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-031 | 3.05 | 4.57 | 1.52 | 8/19/2022 | -- | -- | 0.0607 | 195 | 9.1 | 3.9 | 1.45 | 12.80 | 1.55 | 104 | 0.43 | 95.80 | 26.00 | 18.35 | 1.84 | 0.50 | 42 | 3.01 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-031 | 4.57 | 6.1 | 1.52 | 8/19/2022 | -- | -- | 0.0581 | 173 | 9.2 | 3.3 | 1.75 | 13.85 | 1.40 | 103 | 0.41 | 98.80 | 26.20 | 18.95 | 1.90 | 0.46 | 39 | 2.68 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-031 | 6.1 | 7.62 | 1.52 | 8/19/2022 | -- | -- | 0.0825 | 262 | 11.6 | 4.7 | 2.40 | 18.35 | 1.83 | 143 | 0.56 | 134.50 | 35.80 | 26.10 | 2.41 | 0.64 | 55 | 3.57 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-031 | 7.62 | 8.38 | 0.76 | 8/19/2022 | -- | -- | 0.1229 | 401 | 18.5 | 9.0 | 3.17 | 27.20 | 3.46 | 191 | 1.10 | 193.00 | 50.00 | 36.20 | 3.61 | 1.26 | 98 | 7.51 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-032 | 0 | 1.52 | 1.52 | 8/19/2022 | -- | -- | 0.0685 | 252 | 7.3 | 2.1 | 1.12 | 12.85 | 1.03 | 121 | 0.23 | 107.50 | 29.40 | 20.20 | 1.79 | 0.26 | 25 | 1.68 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-032 | 1.52 | 3.05 | 1.52 | 8/19/2022 | -- | -- | 0.0845 | 322 | 11.0 | 4.2 | 1.39 | 14.85 | 1.68 | 138 | 0.46 | 120.50 | 33.50 | 21.50 | 2.32 | 0.57 | 44 | 3.33 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-032 | 1.52 | 3.05 | 1.52 | 8/19/2022 | Duplicate | -- | 0.0909 | 330 | 11.0 | 4.0 | 1.42 | 17.05 | 1.72 | 158 | 0.41 | 137.00 | 37.80 | 24.80 | 2.41 | 0.52 | 45 | 3.04 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-032 | 3.05 | 4.57 | 1.52 | 8/19/2022 | -- | -- | 0.0531 | 167 | 7.0 | 2.1 | 1.37 | 13.40 | 0.89 | 100 | 0.23 | 91.20 | 24.40 | 18.40 | 1.71 | 0.30 | 23 | 1.75 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-032 | 4.57 | 6.1 | 1.52 | 8/19/2022 | -- | -- | 0.0945 | 273 | 14.9 | 5.9 | 2.90 | 25.00 | 2.39 | 170 | 0.73 | 157.50 | 41.90 | 32.90 | 3.38 | 0.83 | 67 | 4.99 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-032 | 6.1 | 7.62 | 1.52 | 8/19/2022 | -- | -- | 0.1065 | 242 | 22.1 | 10.0 | 3.82 | 31.80 | 3.91 | 192 | 1.29 | 180.00 | 47.50 | 38.10 | 4.51 | 1.38 | 116 | 8.48 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-032 | 7.62 | 9.14 | 1.52 | 8/19/2022 | -- | -- | 0.0435 | 81 | 10.1 | 4.5 | 2.20 | 14.15 | 1.73 | 85 | 0.57 | 73.50 | 19.35 | 15.45 | 2.05 | 0.64 | 54 | 3.73 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |

---

SLV0163 – Technical Report Summary Shiloh Project, Georgia 168 November 2025

------

---

| | |
|:---|:---|
| **Technical Report Summary** | ![img77526612_64.jpg](img77526612_64.jpg) |

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|  |  |  |  |  |  |  | **Method** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** |
|  |  |  |  |  |  |  | **Analyte** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** |
|  |  |  |  |  |  |  | **Units** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** |
|  |  |  |  |  |  |  | **Detection <br>Limit** | **0.1** | **0.05** | **0.03** | **0.02** | **0.05** | **0.01** | **0.1** | **0.01** | **0.1** | **0.02** | **0.03** | **0.01** | **0.01** | **0.1** | **0.03** | **3** | **0.3** | **0.2** | **0.2** | **0.3** | **0.05** | **3** | **0.05** | **0.5** | **0.2** | **0.2** | **0.05** | **0.05** | **3** | **0.2** |
|  |  |  |  |  |  |  | **Upper <br>Limit** | **10000** | **1000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **10000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **50000** | **5000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** | **50000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** |
| **Hole ID** | **From <br>(m)** | **To <br>(m)** | **Interval <br>(m)** | **Drill Date** | **Sample <br>Type** | **Sample Details** | **TREO <br>(%)** | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-032 | 9.14 | 10.06 | 0.91 | 8/19/2022 | -- | -- | 0.0335 | 47 | 10.7 | 5.1 | 2.07 | 12.15 | 1.88 | 64 | 0.64 | 48.80 | 13.10 | 11.20 | 1.96 | 0.68 | 59 | 4.33 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-033 | 0 | 2.13 | 2.13 | 8/19/2022 | -- | -- | 0.0249 | 71 | 4.6 | 2.0 | 0.96 | 5.73 | 0.76 | 48 | 0.21 | 36.00 | 10.10 | 7.11 | 0.87 | 0.28 | 22 | 1.56 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-033 | 2.13 | 3.05 | 0.91 | 8/19/2022 | -- | -- | 0.1035 | 117 | 40.5 | 20.6 | 7.25 | 43.20 | 7.69 | 161 | 2.63 | 140.00 | 35.70 | 34.30 | 7.12 | 2.92 | 231 | 17.95 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-033 | 3.05 | 4.57 | 1.52 | 8/19/2022 | -- | -- | 0.1008 | 86 | 37.8 | 19.2 | 6.85 | 41.80 | 7.00 | 180 | 2.40 | 147.00 | 38.90 | 36.30 | 6.82 | 2.63 | 217 | 16.00 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-033 | 4.57 | 6.1 | 1.52 | 8/19/2022 | -- | -- | 0.1182 | 98 | 43.8 | 22.1 | 8.77 | 49.40 | 8.10 | 204 | 3.04 | 191.00 | 48.80 | 46.40 | 7.76 | 3.19 | 239 | 20.30 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-033 | 6.1 | 7.62 | 1.52 | 8/19/2022 | -- | -- | 0.1398 | 111 | 59.7 | 30.6 | 10.70 | 64.50 | 11.30 | 212 | 4.11 | 192.00 | 47.90 | 50.20 | 10.70 | 4.33 | 335 | 27.20 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-033 | 7.62 | 9.14 | 1.52 | 8/19/2022 | -- | -- | 0.0806 | 97 | 36.7 | 19.4 | 5.82 | 32.60 | 7.28 | 88 | 2.53 | 87.70 | 20.80 | 22.10 | 6.19 | 2.70 | 226 | 16.95 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-033 | 9.14 | 10.67 | 1.52 | 8/19/2022 | -- | -- | 0.0536 | 104 | 19.9 | 10.6 | 4.50 | 19.90 | 3.95 | 60 | 1.46 | 67.90 | 15.65 | 16.15 | 3.44 | 1.55 | 112 | 9.53 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-033 | -- | -- | -- | 8/19/2022 | Standard | Oreas 463 | 1.9811 | 6650 | 67.4 | 15.3 | 113.50 | 227.00 | 8.67 | 4950 | 0.78 | 3790.00 | >1000 | 538.00 | 19.70 | 1.41 | 182 | 6.49 | 6270 | 67 | 15 | 111 | 250 | 9 | 4930 | 1 | 3500 | 1040 | 514 | 20 | 1 | 185 | 7 |
| 22-DLC-034 | 0 | 2.13 | 2.13 | 8/20/2022 | -- | -- | 0.0169 | 50 | 3.5 | 1.5 | 0.74 | 4.18 | 0.66 | 27 | 0.23 | 24.30 | 6.50 | 5.29 | 0.65 | 0.22 | 17 | 1.40 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-034 | 2.13 | 3.05 | 0.91 | 8/20/2022 | -- | -- | 0.0615 | 189 | 12.8 | 4.6 | 1.39 | 16.65 | 2.04 | 92 | 0.58 | 92.60 | 24.40 | 20.50 | 2.52 | 0.62 | 59 | 3.79 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-034 | 3.05 | 4.57 | 1.52 | 8/20/2022 | -- | -- | 0.0670 | 221 | 9.9 | 3.9 | 1.45 | 16.35 | 1.58 | 107 | 0.52 | 103.00 | 27.70 | 22.10 | 2.20 | 0.50 | 49 | 3.21 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-034 | 4.57 | 6.1 | 1.52 | 8/20/2022 | -- | -- | 0.0636 | 212 | 11.4 | 5.1 | 0.73 | 14.20 | 1.96 | 97 | 0.63 | 89.00 | 24.40 | 18.40 | 2.07 | 0.74 | 58 | 4.42 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-034 | 6.1 | 7.62 | 1.52 | 8/20/2022 | -- | -- | 0.0358 | 129 | 4.6 | 1.2 | 0.60 | 8.54 | 0.62 | 60 | 0.11 | 55.20 | 14.95 | 11.60 | 1.10 | 0.13 | 17 | 0.64 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-034 | 7.62 | 9.14 | 1.52 | 8/20/2022 | -- | -- | 0.0194 | 62 | 4.4 | 1.5 | 0.56 | 4.93 | 0.65 | 31 | 0.12 | 25.60 | 6.93 | 6.11 | 0.87 | 0.17 | 19 | 0.92 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-034 | 7.62 | 9.14 | 1.52 | 8/20/2022 | Duplicate | -- | 0.0166 | 55 | 3.7 | 1.2 | 0.56 | 4.00 | 0.53 | 27 | 0.10 | 21.10 | 6.26 | 4.80 | 0.70 | 0.14 | 15 | 0.86 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-035 | 0 | 1.52 | 1.52 | 8/20/2022 | -- | -- | 0.0551 | 162 | 14.0 | 6.5 | 0.68 | 13.85 | 2.53 | 74 | 0.54 | 72.10 | 19.30 | 15.70 | 2.22 | 0.85 | 77 | 4.40 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-035 | 1.52 | 3.05 | 1.52 | 8/20/2022 | -- | -- | 0.0436 | 149 | 6.2 | 2.0 | 0.72 | 9.99 | 1.00 | 73 | 0.20 | 66.20 | 18.00 | 13.55 | 1.40 | 0.24 | 28 | 1.43 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-035 | 3.05 | 4.57 | 1.52 | 8/20/2022 | -- | -- | 0.0314 | 95 | 4.6 | 1.6 | 0.93 | 8.14 | 0.63 | 54 | 0.16 | 54.60 | 14.40 | 11.85 | 1.11 | 0.21 | 18 | 1.06 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-035 | 4.57 | 6.1 | 1.52 | 8/20/2022 | -- | -- | 0.0239 | 65 | 5.3 | 2.5 | 1.08 | 7.68 | 0.94 | 36 | 0.28 | 34.50 | 9.41 | 8.29 | 1.10 | 0.33 | 29 | 2.00 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-036 | 0 | 1.52 | 1.52 | 8/20/2022 | -- | -- | 0.0082 | 27 | 1.3 | 0.5 | 0.41 | 1.78 | 0.20 | 15 | 0.04 | 11.20 | 3.24 | 2.18 | 0.28 | 0.06 | 6 | 0.40 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-036 | 1.52 | 3.05 | 1.52 | 8/20/2022 | -- | -- | 0.0156 | 50 | 2.3 | 0.6 | 0.61 | 3.80 | 0.31 | 29 | 0.07 | 24.50 | 6.82 | 5.29 | 0.54 | 0.08 | 9 | 0.45 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-036 | 3.05 | 4.57 | 1.52 | 8/20/2022 | -- | -- | 0.0319 | 78 | 7.1 | 3.0 | 1.52 | 9.77 | 1.24 | 50 | 0.40 | 51.40 | 13.90 | 11.40 | 1.45 | 0.43 | 37 | 2.68 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-036 | 4.57 | 6.1 | 1.52 | 8/20/2022 | -- | -- | 0.0614 | 209 | 9.8 | 3.5 | 1.14 | 16.20 | 1.48 | 98 | 0.40 | 94.30 | 25.60 | 19.65 | 2.20 | 0.46 | 38 | 2.75 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-036 | 6.1 | 7.77 | 1.68 | 8/20/2022 | -- | -- | 0.0625 | 220 | 8.8 | 2.8 | 0.68 | 15.05 | 1.29 | 101 | 0.30 | 94.50 | 26.30 | 20.50 | 2.02 | 0.34 | 36 | 2.03 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-037 | 0 | 1.52 | 1.52 | 8/20/2022 | -- | -- | 0.0591 | 217 | 6.8 | 2.7 | 1.07 | 11.85 | 1.08 | 98 | 0.30 | 88.00 | 24.70 | 16.90 | 1.57 | 0.36 | 30 | 2.15 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-037 | 1.52 | 3.05 | 1.52 | 8/20/2022 | -- | -- | 0.0327 | 99 | 5.1 | 2.2 | 1.07 | 7.37 | 0.86 | 58 | 0.30 | 53.30 | 14.70 | 10.80 | 1.01 | 0.27 | 23 | 1.69 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-037 | 3.05 | 4.57 | 1.52 | 8/20/2022 | -- | -- | 0.0301 | 96 | 4.6 | 1.9 | 1.00 | 7.15 | 0.73 | 52 | 0.27 | 46.90 | 12.70 | 9.38 | 0.94 | 0.25 | 21 | 1.81 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-037 | 4.57 | 6.1 | 1.52 | 8/20/2022 | -- | -- | 0.0274 | 92 | 4.3 | 2.2 | 0.73 | 5.62 | 0.73 | 44 | 0.31 | 38.50 | 10.75 | 7.98 | 0.77 | 0.31 | 22 | 2.12 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-037 | 6.1 | 7.62 | 1.52 | 8/20/2022 | -- | -- | 0.0501 | 181 | 5.9 | 1.6 | 0.56 | 11.55 | 0.83 | 85 | 0.16 | 76.70 | 21.50 | 16.10 | 1.50 | 0.20 | 23 | 1.31 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DLC-037 | 7.62 | 9.14 | 1.52 | 8/20/2022 | -- | -- | 0.0554 | 195 | 7.6 | 2.2 | 0.68 | 14.25 | 1.03 | 92 | 0.21 | 86.60 | 23.30 | 18.35 | 1.89 | 0.29 | 28 | 1.52 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-001 | 0 | 1.83 | 1.83 | 4/25/2022 | -- | -- | 0.0290 | 93 | 4.7 | 1.8 | 0.60 | 5.60 | 0.83 | 50 | 0.19 | 44.40 | 12.20 | 7.17 | 0.80 | 0.33 | 23 | 2.15 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-001 | 0 | 1.83 | 1.83 | 4/25/2022 | Duplicate | -- | 0.0299 | 96 | 5.1 | 2.2 | 0.61 | 5.91 | 0.86 | 49 | 0.29 | 44.00 | 12.60 | 8.06 | 0.83 | 0.35 | 26 | 2.05 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |

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SLV0163 – Technical Report Summary Shiloh Project, Georgia 169 November 2025

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| **Technical Report Summary** | ![img77526612_64.jpg](img77526612_64.jpg) |

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|  |  |  |  |  |  |  | **Method** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** |
|  |  |  |  |  |  |  | **Analyte** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** |
|  |  |  |  |  |  |  | **Units** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** |
|  |  |  |  |  |  |  | **Detection <br>Limit** | **0.1** | **0.05** | **0.03** | **0.02** | **0.05** | **0.01** | **0.1** | **0.01** | **0.1** | **0.02** | **0.03** | **0.01** | **0.01** | **0.1** | **0.03** | **3** | **0.3** | **0.2** | **0.2** | **0.3** | **0.05** | **3** | **0.05** | **0.5** | **0.2** | **0.2** | **0.05** | **0.05** | **3** | **0.2** |
|  |  |  |  |  |  |  | **Upper <br>Limit** | **10000** | **1000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **10000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **50000** | **5000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** | **50000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** |
| **Hole ID** | **From <br>(m)** | **To <br>(m)** | **Interval <br>(m)** | **Drill Date** | **Sample <br>Type** | **Sample Details** | **TREO <br>(%)** | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-001 | 1.83 | 3.05 | 1.22 | 4/25/2022 | -- | -- | 0.0096 | 25 | 1.6 | 0.7 | 0.54 | 1.53 | 0.25 | 23 | 0.11 | 13.40 | 4.62 | 2.29 | 0.24 | 0.12 | 7 | 0.81 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-001 | 3.05 | 4.57 | 1.52 | 4/25/2022 | -- | -- | 0.0827 | 168 | 21.4 | 13.0 | 4.10 | 21.80 | 4.46 | 106 | 1.89 | 150.00 | 36.10 | 30.60 | 3.25 | 2.07 | 124 | 12.35 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-001 | 4.57 | 6.1 | 1.52 | 4/25/2022 | -- | -- | 0.1224 | 127 | 42.6 | 26.8 | 8.58 | 41.30 | 8.57 | 143 | 4.29 | 239.00 | 52.90 | 53.50 | 6.31 | 4.34 | 244 | 27.50 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-001 | 6.1 | 7.62 | 1.52 | 4/25/2022 | -- | -- | 0.0468 | 71 | 20.8 | 12.4 | 2.00 | 12.85 | 4.33 | 45 | 1.56 | 41.50 | 10.95 | 10.50 | 2.73 | 1.69 | 142 | 10.55 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-001 | 7.62 | 9.14 | 1.52 | 4/25/2022 | -- | -- | 0.0299 | 25 | 12.3 | 7.8 | 2.28 | 10.60 | 2.53 | 32 | 1.23 | 43.40 | 9.78 | 10.95 | 1.66 | 1.23 | 81 | 8.29 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-001 | 9.14 | 10.06 | 0.91 | 4/25/2022 | -- | -- | 0.0439 | 92 | 16.2 | 8.5 | 1.21 | 13.85 | 3.27 | 45 | 1.06 | 45.60 | 12.05 | 11.80 | 2.48 | 1.17 | 107 | 7.15 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-002 | 0 | 0.61 | 0.61 | 4/26/2022 | -- | -- | 0.0633 | 226 | 9.7 | 3.6 | 0.97 | 12.35 | 1.58 | 95 | 0.47 | 92.60 | 25.20 | 17.40 | 1.64 | 0.55 | 48 | 3.17 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-002 | 1.52 | 3.05 | 1.52 | 4/26/2022 | -- | -- | 0.0471 | 95 | 12.6 | 7.5 | 1.78 | 11.90 | 2.42 | 65 | 0.99 | 80.30 | 20.30 | 16.45 | 1.89 | 1.09 | 73 | 6.99 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-002 | 3.05 | 4.57 | 1.52 | 4/26/2022 | -- | -- | 0.0637 | 58 | 20.0 | 10.3 | 4.19 | 19.70 | 3.77 | 109 | 1.25 | 125.00 | 31.30 | 25.70 | 2.99 | 1.52 | 115 | 8.90 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-002 | 4.57 | 6.1 | 1.52 | 4/26/2022 | -- | -- | 0.0937 | 97 | 38.2 | 19.6 | 6.13 | 31.60 | 7.20 | 138 | 2.36 | 132.00 | 33.60 | 29.80 | 5.84 | 2.58 | 225 | 16.05 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-002 | 6.1 | 7.62 | 1.52 | 4/26/2022 | -- | -- | 0.1164 | 339 | 26.4 | 13.8 | 2.51 | 23.40 | 5.09 | 158 | 1.65 | 163.50 | 42.60 | 29.90 | 3.87 | 2.02 | 160 | 11.70 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-002 | 7.62 | 8.53 | 0.91 | 4/26/2022 | -- | -- | 0.0456 | 144 | 8.4 | 3.3 | 1.03 | 11.20 | 1.39 | 65 | 0.26 | 71.00 | 18.50 | 15.90 | 1.66 | 0.40 | 42 | 2.45 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-002 | -- | -- | -- | 4/26/2022 | Blank | -- | 0.0046 | 11 | 0.9 | 0.5 | 0.32 | 1.43 | 0.21 | 6 | 0.07 | 7.40 | 1.82 | 1.78 | 0.18 | 0.08 | 6 | 0.48 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-003 | 0 | 1.52 | 1.52 | 4/26/2022 | -- | -- | 0.0421 | 131 | 10.5 | 5.6 | 0.63 | 8.61 | 2.03 | 51 | 0.64 | 53.00 | 13.95 | 11.30 | 1.57 | 0.75 | 60 | 4.40 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-003 | 1.52 | 3.05 | 1.52 | 4/26/2022 | -- | -- | 0.0655 | 143 | 20.8 | 12.3 | 1.49 | 14.75 | 4.33 | 76 | 1.55 | 91.90 | 23.00 | 18.25 | 2.70 | 1.77 | 128 | 10.90 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-003 | 3.05 | 4.57 | 1.52 | 4/26/2022 | -- | -- | 0.0906 | 85 | 31.7 | 17.6 | 4.23 | 28.60 | 5.92 | 141 | 2.34 | 163.50 | 41.60 | 35.30 | 4.67 | 2.49 | 183 | 15.80 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-003 | 4.57 | 6.1 | 1.52 | 4/26/2022 | -- | -- | 0.1135 | 253 | 33.4 | 17.2 | 3.44 | 30.70 | 6.39 | 153 | 2.20 | 156.50 | 41.20 | 33.00 | 5.23 | 2.46 | 203 | 15.25 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-003 | 6.1 | 7.62 | 1.52 | 4/26/2022 | -- | -- | 0.0844 | 250 | 17.8 | 8.0 | 1.72 | 18.35 | 3.39 | 119 | 0.95 | 127.50 | 32.60 | 25.90 | 2.93 | 1.14 | 98 | 6.86 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-003 | 7.62 | 9.14 | 1.52 | 4/26/2022 | -- | -- | 0.0758 | 232 | 18.2 | 8.1 | 1.45 | 19.10 | 3.36 | 90 | 1.04 | 108.00 | 27.70 | 23.40 | 2.94 | 1.24 | 97 | 7.37 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-003 | 7.62 | 9.14 | 1.52 | 4/26/2022 | Duplicate | -- | 0.0883 | 280 | 18.7 | 8.9 | 1.64 | 21.60 | 3.16 | 112 | 1.05 | 133.00 | 33.80 | 29.10 | 3.26 | 1.20 | 94 | 7.19 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-003 | 9.14 | 10.36 | 1.22 | 4/26/2022 | -- | -- | 0.0635 | 170 | 17.0 | 8.2 | 2.62 | 17.25 | 3.08 | 76 | 1.04 | 95.60 | 22.90 | 20.50 | 2.71 | 1.23 | 92 | 6.86 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-003 | 10.36 | 11.58 | 1.22 | 4/26/2022 | -- | -- | 0.0787 | 242 | 17.0 | 7.1 | 2.45 | 18.50 | 2.96 | 104 | 0.82 | 126.00 | 31.70 | 24.90 | 2.75 | 1.02 | 81 | 6.03 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-004 | 0 | 0.91 | 0.91 | 4/26/2022 | -- | -- | 0.1844 | 663 | 29.3 | 13.1 | 5.32 | 35.00 | 5.39 | 268 | 1.49 | 289.00 | 78.90 | 49.60 | 5.23 | 1.84 | 113 | 10.55 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-004 | 1.52 | 2.74 | 1.22 | 4/26/2022 | -- | -- | 0.2508 | 708 | 43.6 | 19.2 | 6.75 | 56.30 | 7.59 | 382 | 1.91 | 485.00 | 127.00 | 86.40 | 8.05 | 2.53 | 183 | 14.25 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-004 | 3.05 | 3.96 | 0.91 | 4/26/2022 | -- | -- | 0.1585 | 392 | 32.1 | 16.8 | 4.94 | 40.20 | 6.22 | 232 | 2.03 | 304.00 | 76.60 | 56.90 | 5.80 | 2.30 | 159 | 13.55 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-004 | 4.57 | 5.49 | 0.91 | 4/26/2022 | -- | -- | 0.1553 | 493 | 26.7 | 12.4 | 4.12 | 35.60 | 4.90 | 222 | 1.35 | 270.00 | 69.10 | 48.90 | 4.97 | 1.71 | 116 | 9.26 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-005 | 0 | 1.22 | 1.22 | 4/26/2022 | -- | -- | 0.0406 | 134 | 7.0 | 3.1 | 0.77 | 7.79 | 1.31 | 63 | 0.37 | 61.90 | 17.25 | 11.15 | 1.15 | 0.45 | 33 | 2.46 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-005 | 1.52 | 2.74 | 1.22 | 4/26/2022 | -- | -- | 0.0587 | 202 | 9.3 | 4.4 | 1.40 | 12.15 | 1.73 | 79 | 0.52 | 95.80 | 25.00 | 17.05 | 1.74 | 0.64 | 44 | 3.87 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-005 | 3.05 | 4.27 | 1.22 | 4/26/2022 | -- | -- | 0.1274 | 213 | 35.4 | 22.5 | 6.10 | 40.70 | 7.59 | 160 | 3.28 | 249.00 | 59.10 | 51.00 | 6.03 | 3.45 | 198 | 21.20 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-005 | 4.57 | 6.1 | 1.52 | 4/26/2022 | -- | -- | 0.1417 | 242 | 47.7 | 33.1 | 5.58 | 46.00 | 10.80 | 143 | 4.43 | 194.50 | 48.10 | 44.00 | 7.58 | 4.88 | 324 | 31.70 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-005 | 6.1 | 7.62 | 1.52 | 4/26/2022 | -- | -- | 0.1117 | 340 | 23.6 | 12.4 | 1.66 | 26.40 | 4.56 | 142 | 1.20 | 169.00 | 45.90 | 33.20 | 4.31 | 1.60 | 131 | 9.29 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-005 | 7.62 | 9.14 | 1.52 | 4/26/2022 | -- | -- | 0.0334 | 88 | 10.8 | 5.9 | 0.82 | 7.15 | 2.06 | 41 | 0.53 | 40.00 | 11.25 | 8.41 | 1.45 | 0.78 | 60 | 4.32 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-005 | 9.14 | 10.67 | 1.52 | 4/26/2022 | -- | -- | 0.0211 | 46 | 8.9 | 4.8 | 0.72 | 4.58 | 1.79 | 22 | 0.52 | 19.40 | 5.57 | 4.41 | 1.20 | 0.68 | 52 | 3.80 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |

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SLV0163 – Technical Report Summary Shiloh Project, Georgia 170 November 2025

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| | |
|:---|:---|
| **Technical Report Summary** | ![img77526612_64.jpg](img77526612_64.jpg) |

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|  |  |  |  |  |  |  | **Method** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** |
|  |  |  |  |  |  |  | **Analyte** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** |
|  |  |  |  |  |  |  | **Units** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** |
|  |  |  |  |  |  |  | **Detection <br>Limit** | **0.1** | **0.05** | **0.03** | **0.02** | **0.05** | **0.01** | **0.1** | **0.01** | **0.1** | **0.02** | **0.03** | **0.01** | **0.01** | **0.1** | **0.03** | **3** | **0.3** | **0.2** | **0.2** | **0.3** | **0.05** | **3** | **0.05** | **0.5** | **0.2** | **0.2** | **0.05** | **0.05** | **3** | **0.2** |
|  |  |  |  |  |  |  | **Upper <br>Limit** | **10000** | **1000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **10000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **50000** | **5000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** | **50000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** |
| **Hole ID** | **From <br>(m)** | **To <br>(m)** | **Interval <br>(m)** | **Drill Date** | **Sample <br>Type** | **Sample Details** | **TREO <br>(%)** | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-005 | 10.67 | 12.19 | 1.52 | 4/26/2022 | -- | -- | 0.0827 | 270 | 13.8 | 6.2 | 1.31 | 19.55 | 2.42 | 111 | 0.69 | 136.50 | 36.60 | 27.60 | 2.70 | 0.85 | 68 | 4.77 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-005 | 12.19 | 13.41 | 1.22 | 4/26/2022 | -- | -- | 0.0462 | 146 | 10.0 | 5.2 | 1.43 | 9.28 | 1.98 | 62 | 0.51 | 66.30 | 18.65 | 11.80 | 1.62 | 0.72 | 51 | 4.11 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-005 | 13.72 | 14.63 | 0.91 | 4/26/2022 | -- | -- | 0.1200 | 372 | 24.1 | 13.7 | 2.63 | 25.50 | 4.63 | 158 | 1.66 | 186.50 | 49.10 | 34.80 | 4.03 | 1.84 | 127 | 11.00 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-005 | -- | -- | -- | 4/26/2022 | Standard | Oreas 460 | 0.5395 | 1865 | 20.6 | 6.0 | 23.10 | 48.70 | 2.79 | 1395 | 0.50 | 814.00 | 253.00 | 104.00 | 4.86 | 0.67 | 64 | 3.66 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-006 | 0 | 1.22 | 1.22 | 4/26/2022 | -- | -- | 0.0544 | 186 | 10.2 | 4.8 | 0.96 | 11.10 | 1.82 | 76 | 0.46 | 76.50 | 22.00 | 15.40 | 1.89 | 0.60 | 51 | 3.54 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-006 | 1.52 | 3.05 | 1.52 | 4/26/2022 | -- | -- | 0.0368 | 136 | 6.2 | 2.6 | 0.56 | 7.52 | 0.96 | 54 | 0.25 | 49.10 | 13.90 | 10.20 | 1.23 | 0.30 | 28 | 1.80 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-006 | 1.52 | 3.05 | 1.52 | 4/26/2022 | Duplicate | -- | 0.0370 | 134 | 7.2 | 2.5 | 0.60 | 8.06 | 1.14 | 52 | 0.22 | 48.80 | 14.05 | 9.49 | 1.29 | 0.37 | 32 | 2.10 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-006 | 3.05 | 4.27 | 1.22 | 4/26/2022 | -- | -- | 0.0398 | 122 | 6.7 | 2.4 | 0.74 | 8.44 | 1.05 | 68 | 0.31 | 65.30 | 18.85 | 13.30 | 1.23 | 0.36 | 28 | 1.93 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-006 | 4.57 | 6.1 | 1.52 | 4/26/2022 | -- | -- | 0.0525 | 118 | 10.2 | 5.4 | 1.54 | 12.45 | 2.04 | 85 | 0.75 | 96.80 | 26.60 | 18.55 | 1.89 | 0.80 | 59 | 4.91 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-006 | 6.1 | 7.62 | 1.52 | 4/26/2022 | -- | -- | 0.0734 | 144 | 17.6 | 12.2 | 2.24 | 18.90 | 4.01 | 99 | 1.79 | 113.50 | 29.10 | 23.70 | 2.87 | 1.78 | 135 | 11.15 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-006 | 7.62 | 9.14 | 1.52 | 4/26/2022 | -- | -- | 0.0483 | 119 | 13.1 | 8.8 | 1.13 | 11.40 | 2.81 | 60 | 1.15 | 54.60 | 16.00 | 12.20 | 2.06 | 1.27 | 95 | 7.54 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-006 | 9.14 | 10.67 | 1.52 | 4/26/2022 | -- | -- | 0.0417 | 134 | 8.0 | 4.0 | 0.66 | 8.84 | 1.40 | 63 | 0.41 | 56.30 | 16.30 | 12.20 | 1.38 | 0.54 | 44 | 2.91 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-006 | 10.67 | 12.19 | 1.52 | 4/26/2022 | -- | -- | 0.0394 | 132 | 7.0 | 2.6 | 0.75 | 8.08 | 1.19 | 62 | 0.30 | 55.30 | 15.90 | 10.65 | 1.27 | 0.37 | 35 | 2.25 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-006 | 12.19 | 13.41 | 1.22 | 4/26/2022 | -- | -- | 0.0592 | 203 | 10.5 | 4.0 | 1.00 | 13.20 | 1.80 | 86 | 0.40 | 87.90 | 24.90 | 16.90 | 1.88 | 0.51 | 48 | 2.94 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-006 | 13.72 | 14.17 | 0.46 | 4/26/2022 | -- | -- | 0.0656 | 233 | 9.8 | 4.0 | 1.21 | 13.65 | 1.49 | 100 | 0.37 | 100.50 | 27.90 | 19.60 | 1.86 | 0.52 | 41 | 2.91 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-007 | 0 | 1.52 | 1.52 | 4/27/2022 | -- | -- | 0.0613 | 326 | 5.8 | 3.3 | 0.52 | 6.95 | 1.27 | 57 | 0.32 | 57.20 | 15.65 | 9.77 | 1.07 | 0.44 | 33 | 2.69 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-007 | 1.83 | 3.05 | 1.22 | 4/27/2022 | -- | -- | 0.1252 | 456 | 9.8 | 4.0 | 1.13 | 18.65 | 1.70 | 201 | 0.62 | 227.00 | 63.20 | 34.80 | 1.97 | 0.65 | 43 | 3.81 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-007 | 3.05 | 4.57 | 1.52 | 4/27/2022 | -- | -- | 0.0983 | 257 | 9.6 | 4.0 | 1.69 | 16.80 | 1.69 | 184 | 0.49 | 220.00 | 60.00 | 35.00 | 2.07 | 0.60 | 41 | 3.78 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-007 | 4.57 | 6.1 | 1.52 | 4/27/2022 | -- | -- | 0.1038 | 246 | 11.6 | 5.1 | 2.19 | 21.10 | 1.99 | 200 | 0.58 | 237.00 | 63.80 | 38.80 | 2.34 | 0.73 | 49 | 4.23 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-007 | 6.1 | 7.62 | 1.52 | 4/27/2022 | -- | -- | 0.0728 | 176 | 9.2 | 4.4 | 2.27 | 14.95 | 1.68 | 150 | 0.52 | 146.50 | 41.30 | 26.00 | 1.92 | 0.57 | 42 | 3.61 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-007 | 7.62 | 9.14 | 1.52 | 4/27/2022 | -- | -- | 0.1145 | 350 | 14.1 | 6.7 | 2.23 | 21.30 | 2.53 | 206 | 0.78 | 202.00 | 54.90 | 32.80 | 2.71 | 1.00 | 71 | 5.96 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-007 | 9.14 | 10.13 | 0.99 | 4/27/2022 | -- | -- | 0.0786 | 265 | 9.9 | 5.2 | 1.47 | 13.30 | 1.91 | 132 | 0.72 | 124.50 | 35.10 | 19.35 | 1.82 | 0.74 | 53 | 4.67 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-007 | -- | -- | -- | 4/27/2022 | Blank | -- | 0.0041 | 11 | 0.8 | 0.5 | 0.37 | 1.15 | 0.19 | 5 | 0.07 | 6.60 | 1.60 | 1.65 | 0.21 | 0.06 | 5 | 0.34 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-008 | 0 | 1.22 | 1.22 | 4/27/2022 | -- | -- | 0.0643 | 231 | 11.8 | 5.5 | 1.36 | 13.30 | 2.15 | 83 | 0.72 | 92.00 | 24.20 | 16.95 | 2.09 | 0.85 | 55 | 4.56 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-008 | 1.52 | 3.05 | 1.52 | 4/27/2022 | -- | -- | 0.0227 | 66 | 5.1 | 2.7 | 1.48 | 5.44 | 0.87 | 31 | 0.36 | 38.50 | 9.80 | 7.43 | 0.89 | 0.42 | 20 | 2.69 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-008 | 3.05 | 4.27 | 1.22 | 4/27/2022 | -- | -- | 0.0211 | 42 | 7.8 | 3.7 | 0.95 | 6.38 | 1.56 | 23 | 0.39 | 27.70 | 7.14 | 7.57 | 1.28 | 0.48 | 45 | 2.84 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-008 | 3.05 | 4.27 | 1.22 | 4/27/2022 | Duplicate | -- | 0.0202 | 47 | 6.9 | 2.9 | 0.87 | 6.00 | 1.14 | 25 | 0.26 | 27.70 | 7.87 | 7.21 | 1.12 | 0.40 | 34 | 2.09 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-009 | 0 | 0.91 | 0.91 | 4/27/2022 | -- | -- | 0.0575 | 222 | 9.4 | 4.7 | 1.39 | 10.55 | 1.80 | 71 | 0.63 | 75.60 | 21.30 | 15.30 | 1.63 | 0.67 | 48 | 4.33 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-009 | 1.52 | 3.05 | 1.52 | 4/27/2022 | -- | -- | 0.0660 | 215 | 12.8 | 6.8 | 1.06 | 12.80 | 2.53 | 89 | 0.86 | 91.50 | 26.30 | 17.90 | 2.19 | 0.94 | 73 | 5.69 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-009 | 3.05 | 4.57 | 1.52 | 4/27/2022 | -- | -- | 0.1077 | 285 | 21.4 | 12.3 | 2.05 | 22.60 | 4.28 | 156 | 1.66 | 176.00 | 49.30 | 33.80 | 3.51 | 1.73 | 131 | 10.95 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-009 | 4.57 | 6.1 | 1.52 | 4/27/2022 | -- | -- | 0.2955 | 524 | 83.9 | 50.3 | 10.90 | 84.70 | 17.30 | 458 | 6.47 | 435.00 | 121.50 | 91.50 | 13.70 | 7.16 | 538 | 44.30 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-009 | 6.1 | 7.01 | 0.91 | 4/27/2022 | -- | -- | 0.1397 | 304 | 37.6 | 22.9 | 4.81 | 37.60 | 7.83 | 200 | 2.83 | 190.00 | 52.90 | 41.00 | 6.37 | 3.18 | 245 | 20.20 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-009 | 7.01 | 7.92 | 0.91 | 4/27/2022 | -- | -- | 0.0980 | 130 | 38.1 | 24.0 | 6.57 | 35.00 | 8.25 | 111 | 3.06 | 110.50 | 29.40 | 28.30 | 6.20 | 3.44 | 263 | 21.70 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |

---

SLV0163 – Technical Report Summary Shiloh Project, Georgia 171 November 2025

------

---

| | |
|:---|:---|
| **Technical Report Summary** | ![img77526612_64.jpg](img77526612_64.jpg) |

---

---

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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|  |  |  |  |  |  |  | **Method** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** |
|  |  |  |  |  |  |  | **Analyte** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** |
|  |  |  |  |  |  |  | **Units** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** |
|  |  |  |  |  |  |  | **Detection <br>Limit** | **0.1** | **0.05** | **0.03** | **0.02** | **0.05** | **0.01** | **0.1** | **0.01** | **0.1** | **0.02** | **0.03** | **0.01** | **0.01** | **0.1** | **0.03** | **3** | **0.3** | **0.2** | **0.2** | **0.3** | **0.05** | **3** | **0.05** | **0.5** | **0.2** | **0.2** | **0.05** | **0.05** | **3** | **0.2** |
|  |  |  |  |  |  |  | **Upper <br>Limit** | **10000** | **1000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **10000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **50000** | **5000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** | **50000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** |
| **Hole ID** | **From <br>(m)** | **To <br>(m)** | **Interval <br>(m)** | **Drill Date** | **Sample <br>Type** | **Sample Details** | **TREO <br>(%)** | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-009 | 7.92 | 9.14 | 1.22 | 4/27/2022 | -- | -- | 0.1263 | 180 | 44.7 | 26.4 | 9.20 | 41.60 | 9.34 | 165 | 3.34 | 166.00 | 43.90 | 39.80 | 7.14 | 3.73 | 295 | 23.60 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-010 | 0 | 1.52 | 1.52 | 4/27/2022 | -- | -- | 0.0351 | 98 | 7.6 | 4.1 | 0.95 | 7.03 | 1.40 | 54 | 0.46 | 49.80 | 14.75 | 10.05 | 1.22 | 0.57 | 44 | 3.37 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-010 | 1.52 | 3.05 | 1.52 | 4/27/2022 | -- | -- | 0.0405 | 137 | 6.4 | 3.2 | 1.12 | 6.53 | 1.30 | 68 | 0.33 | 54.40 | 16.75 | 10.05 | 1.06 | 0.43 | 36 | 2.59 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-010 | 3.05 | 4.57 | 1.52 | 4/27/2022 | -- | -- | 0.0734 | 203 | 13.5 | 6.9 | 1.99 | 14.40 | 2.68 | 116 | 0.85 | 120.00 | 33.50 | 21.80 | 2.18 | 1.10 | 78 | 6.28 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-010 | 4.57 | 6.4 | 1.83 | 4/27/2022 | -- | -- | 0.1773 | 509 | 28.9 | 16.4 | 5.84 | 40.00 | 5.91 | 265 | 1.98 | 301.00 | 79.80 | 56.80 | 5.22 | 2.41 | 171 | 13.95 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-010 | -- | -- | -- | 4/27/2022 | Standard | Oreas 463 | 2.0949 | 6540 | 70.7 | 16.8 | 118.50 | 246.00 | 8.86 | 5300 | 0.77 | 3790.00 | >1000 | 569.00 | 20.50 | 1.57 | 202 | 6.98 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-011 | 0 | 1.52 | 1.52 | 4/28/2022 | -- | -- | 0.0596 | 227 | 8.6 | 3.7 | 1.28 | 11.35 | 1.54 | 93 | 0.30 | 79.50 | 23.70 | 15.55 | 1.57 | 0.43 | 37 | 2.74 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-011 | 1.52 | 2.9 | 1.37 | 4/28/2022 | -- | -- | 0.0426 | 140 | 7.0 | 3.3 | 1.02 | 8.64 | 1.27 | 74 | 0.34 | 59.80 | 18.10 | 11.60 | 1.30 | 0.42 | 33 | 2.59 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-011 | 3.05 | 4.57 | 1.52 | 4/28/2022 | -- | -- | 0.0414 | 112 | 6.0 | 2.9 | 1.16 | 9.29 | 1.13 | 79 | 0.30 | 74.00 | 20.90 | 15.20 | 1.17 | 0.37 | 27 | 2.36 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-011 | 4.57 | 5.49 | 0.91 | 4/28/2022 | -- | -- | 0.0573 | 122 | 9.4 | 4.3 | 1.76 | 14.40 | 1.70 | 108 | 0.50 | 122.00 | 31.00 | 23.70 | 1.92 | 0.57 | 43 | 3.51 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-012 | 0 | 0.91 | 0.91 | 4/28/2022 | -- | -- | 0.0616 | 218 | 10.5 | 5.4 | 1.38 | 11.45 | 2.07 | 88 | 0.64 | 83.80 | 24.30 | 16.90 | 1.83 | 0.73 | 54 | 4.47 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-012 | 1.52 | 3.35 | 1.83 | 4/28/2022 | -- | -- | 0.0656 | 225 | 9.6 | 3.7 | 1.02 | 13.60 | 1.64 | 107 | 0.35 | 96.70 | 28.30 | 20.10 | 1.82 | 0.52 | 45 | 3.05 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-012 | 3.35 | 4.57 | 1.22 | 4/28/2022 | -- | -- | 0.1669 | 540 | 27.8 | 11.3 | 1.20 | 38.20 | 4.95 | 228 | 0.80 | 273.00 | 76.90 | 57.40 | 5.40 | 1.37 | 143 | 7.50 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-012 | 3.35 | 4.57 | 1.22 | 4/28/2022 | Duplicate | -- | 0.1448 | 447 | 28.2 | 12.2 | 1.22 | 33.40 | 5.09 | 193 | 0.90 | 229.00 | 64.20 | 48.30 | 5.13 | 1.48 | 150 | 7.65 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-012 | 4.57 | 5.64 | 1.07 | 4/28/2022 | -- | -- | 0.0565 | 118 | 16.4 | 7.5 | 1.32 | 14.80 | 3.02 | 76 | 0.56 | 86.10 | 24.40 | 19.50 | 2.85 | 0.89 | 100 | 4.92 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-012 | 5.64 | 7.62 | 1.98 | 4/28/2022 | -- | -- | 0.0621 | 139 | 11.8 | 6.2 | 1.92 | 17.20 | 2.32 | 107 | 0.94 | 110.00 | 30.40 | 22.00 | 2.17 | 0.91 | 70 | 5.79 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-012 | 7.62 | 9.14 | 1.52 | 4/28/2022 | -- | -- | 0.0267 | 42 | 10.4 | 7.1 | 2.00 | 9.96 | 2.21 | 23 | 1.00 | 28.30 | 7.15 | 8.30 | 1.63 | 1.05 | 72 | 6.96 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-012 | 9.14 | 10.21 | 1.07 | 4/28/2022 | -- | -- | 0.0147 | 38 | 4.3 | 2.5 | 1.57 | 4.53 | 0.89 | 18 | 0.32 | 18.80 | 5.05 | 5.60 | 0.69 | 0.36 | 21 | 2.53 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-013 | 0 | 1.52 | 1.52 | 4/29/2022 | -- | -- | 0.0566 | 215 | 7.3 | 2.6 | 0.78 | 11.10 | 1.17 | 88 | 0.25 | 80.30 | 23.30 | 16.25 | 1.57 | 0.34 | 33 | 1.83 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-013 | 1.83 | 3.05 | 1.22 | 4/29/2022 | -- | -- | 0.0448 | 146 | 6.8 | 3.5 | 1.80 | 9.35 | 1.20 | 65 | 0.46 | 75.70 | 20.50 | 15.25 | 1.28 | 0.47 | 30 | 3.24 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-013 | 3.05 | 4.57 | 1.52 | 4/29/2022 | -- | -- | 0.0490 | 95 | 10.7 | 6.2 | 2.74 | 14.00 | 2.19 | 80 | 0.85 | 99.30 | 26.40 | 20.40 | 1.96 | 0.82 | 50 | 5.94 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-013 | 5.18 | 6.1 | 0.91 | 4/29/2022 | -- | -- | 0.0295 | 41 | 8.7 | 5.1 | 1.37 | 8.47 | 1.66 | 48 | 0.59 | 47.70 | 13.35 | 10.45 | 1.48 | 0.72 | 56 | 4.63 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-013 | 6.1 | 7.62 | 1.52 | 4/29/2022 | -- | -- | 0.0378 | 65 | 11.1 | 6.2 | 3.08 | 12.80 | 2.29 | 54 | 0.79 | 62.20 | 15.60 | 14.15 | 2.01 | 0.83 | 64 | 5.61 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-013 | 7.62 | 9.14 | 1.52 | 4/29/2022 | -- | -- | 0.0317 | 73 | 10.4 | 6.1 | 3.40 | 10.65 | 2.11 | 32 | 0.86 | 42.40 | 10.50 | 11.30 | 1.78 | 0.79 | 57 | 4.94 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-013 | 9.14 | 10.67 | 1.52 | 4/29/2022 | -- | -- | 0.0262 | 56 | 9.0 | 5.2 | 2.86 | 9.44 | 1.76 | 28 | 0.59 | 36.80 | 9.14 | 9.98 | 1.51 | 0.62 | 45 | 4.05 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-013 | 10.67 | 12.19 | 1.52 | 4/29/2022 | -- | -- | 0.0366 | 60 | 13.0 | 7.5 | 4.49 | 14.40 | 2.79 | 38 | 0.87 | 53.40 | 12.65 | 14.25 | 2.22 | 0.99 | 78 | 6.22 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-013 | 12.19 | 13.72 | 1.52 | 4/29/2022 | -- | -- | 0.0379 | 85 | 12.3 | 6.7 | 4.11 | 13.30 | 2.57 | 40 | 0.78 | 52.50 | 12.80 | 13.30 | 2.01 | 0.96 | 67 | 5.91 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-013 | 13.72 | 15.24 | 1.52 | 4/29/2022 | -- | -- | 0.0338 | 81 | 10.1 | 5.5 | 3.55 | 12.10 | 2.11 | 36 | 0.74 | 49.70 | 11.30 | 10.65 | 1.87 | 0.77 | 54 | 5.20 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-013 | -- | -- | -- | 4/29/2022 | Standard | Oreas 460 | 0.5169 | 1740 | 19.7 | 6.0 | 21.90 | 49.20 | 2.77 | 1380 | 0.40 | 761.00 | 247.00 | 110.50 | 4.63 | 0.65 | 65 | 3.47 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-014 | 0 | 1.22 | 1.22 | 4/29/2022 | -- | -- | 0.0580 | 220 | 8.6 | 4.0 | 0.82 | 11.10 | 1.58 | 80 | 0.47 | 80.30 | 21.60 | 14.35 | 1.51 | 0.59 | 44 | 3.64 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-014 | 1.52 | 3.05 | 1.52 | 4/29/2022 | -- | -- | 0.0614 | 259 | 6.8 | 2.5 | 0.75 | 11.25 | 1.06 | 85 | 0.24 | 84.60 | 22.80 | 16.75 | 1.50 | 0.30 | 29 | 1.75 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-014 | 3.05 | 4.57 | 1.52 | 4/29/2022 | -- | -- | 0.0966 | 532 | 8.4 | 4.6 | 1.72 | 10.70 | 1.72 | 79 | 0.61 | 95.70 | 24.40 | 16.10 | 1.48 | 0.63 | 42 | 4.25 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-014 | 4.57 | 6.1 | 1.52 | 4/29/2022 | -- | -- | 0.1596 | 797 | 14.2 | 7.0 | 3.45 | 20.60 | 2.58 | 161 | 0.85 | 197.50 | 50.50 | 34.70 | 2.82 | 0.94 | 61 | 6.37 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |

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SLV0163 – Technical Report Summary Shiloh Project, Georgia 172 November 2025

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| **Technical Report Summary** | ![img77526612_64.jpg](img77526612_64.jpg) |

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|  |  |  |  |  |  |  | **Method** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** |
|  |  |  |  |  |  |  | **Analyte** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** |
|  |  |  |  |  |  |  | **Units** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** |
|  |  |  |  |  |  |  | **Detection <br>Limit** | **0.1** | **0.05** | **0.03** | **0.02** | **0.05** | **0.01** | **0.1** | **0.01** | **0.1** | **0.02** | **0.03** | **0.01** | **0.01** | **0.1** | **0.03** | **3** | **0.3** | **0.2** | **0.2** | **0.3** | **0.05** | **3** | **0.05** | **0.5** | **0.2** | **0.2** | **0.05** | **0.05** | **3** | **0.2** |
|  |  |  |  |  |  |  | **Upper <br>Limit** | **10000** | **1000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **10000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **50000** | **5000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** | **50000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** |
| **Hole ID** | **From <br>(m)** | **To <br>(m)** | **Interval <br>(m)** | **Drill Date** | **Sample <br>Type** | **Sample Details** | **TREO <br>(%)** | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-014 | 4.57 | 6.1 | 1.52 | 4/29/2022 | Duplicate | -- | 0.1434 | 661 | 13.9 | 6.6 | 3.46 | 21.10 | 2.57 | 160 | 0.86 | 198.50 | 50.60 | 32.60 | 2.83 | 0.88 | 60 | 6.22 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-014 | 6.1 | 7.62 | 1.52 | 4/29/2022 | -- | -- | 0.1225 | 404 | 18.3 | 9.1 | 4.02 | 25.10 | 3.44 | 173 | 1.28 | 212.00 | 53.40 | 37.40 | 3.59 | 1.30 | 87 | 8.77 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-014 | 7.77 | 8.53 | 0.76 | 4/29/2022 | -- | -- | 0.1239 | 433 | 19.5 | 11.2 | 3.57 | 24.50 | 4.00 | 163 | 1.38 | 190.50 | 49.40 | 34.10 | 3.49 | 1.64 | 103 | 10.40 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-014 | 8.53 | 9.83 | 1.3 | 4/29/2022 | -- | -- | 0.0440 | 114 | 8.9 | 5.2 | 1.28 | 10.25 | 1.85 | 75 | 0.63 | 65.30 | 18.20 | 11.70 | 1.54 | 0.73 | 53 | 4.67 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-015 | 0 | 1.52 | 1.52 | 4/29/2022 | -- | -- | 0.0513 | 181 | 6.8 | 3.1 | 1.02 | 9.17 | 1.27 | 91 | 0.37 | 70.80 | 20.90 | 12.70 | 1.22 | 0.43 | 33 | 2.81 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-015 | 1.52 | 3.05 | 1.52 | 4/29/2022 | -- | -- | 0.0471 | 201 | 4.5 | 1.6 | 0.57 | 7.42 | 0.72 | 75 | 0.17 | 59.50 | 17.85 | 10.75 | 1.03 | 0.22 | 20 | 1.37 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-015 | 3.05 | 4.57 | 1.52 | 4/29/2022 | -- | -- | 0.0480 | 112 | 17.1 | 8.7 | 0.68 | 10.80 | 3.68 | 54 | 0.57 | 44.30 | 12.75 | 9.81 | 2.53 | 1.04 | 118 | 5.24 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-015 | 4.57 | 6.1 | 1.52 | 4/29/2022 | -- | -- | 0.0705 | 253 | 8.9 | 3.1 | 1.22 | 14.55 | 1.40 | 114 | 0.32 | 111.50 | 30.40 | 21.30 | 1.91 | 0.39 | 36 | 2.58 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-015 | 6.1 | 7.62 | 1.52 | 4/29/2022 | -- | -- | 0.0769 | 238 | 9.4 | 3.6 | 2.13 | 17.10 | 1.57 | 140 | 0.34 | 136.00 | 38.00 | 24.50 | 2.21 | 0.41 | 40 | 2.55 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-015 | 7.62 | 9.14 | 1.52 | 4/29/2022 | -- | -- | 0.0711 | 197 | 12.8 | 4.6 | 1.87 | 19.80 | 2.02 | 128 | 0.42 | 118.50 | 33.10 | 22.60 | 2.76 | 0.54 | 57 | 3.36 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-015 | 9.14 | 10.67 | 1.52 | 4/29/2022 | -- | -- | 0.0597 | 208 | 8.2 | 2.8 | 1.10 | 13.50 | 1.26 | 101 | 0.22 | 90.60 | 25.50 | 16.50 | 1.90 | 0.33 | 36 | 1.77 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-015 | 10.67 | 11.28 | 0.61 | 4/29/2022 | -- | -- | 0.0566 | 200 | 7.0 | 2.2 | 1.02 | 12.05 | 1.08 | 98 | 0.20 | 85.30 | 24.30 | 15.90 | 1.52 | 0.25 | 31 | 1.58 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-015 | -- | -- | -- | 4/29/2022 | Blank | -- | 0.0043 | 11 | 1.1 | 0.5 | 0.41 | 1.38 | 0.21 | 6 | 0.05 | 7.00 | 1.63 | 1.37 | 0.17 | 0.05 | 6 | 0.38 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-016 | 0 | 1.52 | 1.52 | 4/29/2022 | -- | -- | 0.0381 | 127 | 6.2 | 3.0 | 2.55 | 7.91 | 1.13 | 57 | 0.54 | 62.10 | 16.30 | 12.20 | 1.18 | 0.47 | 24 | 3.26 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-016 | 1.52 | 3.05 | 1.52 | 4/29/2022 | -- | -- | 0.0370 | 105 | 6.5 | 3.1 | 3.39 | 9.52 | 1.13 | 62 | 0.51 | 68.60 | 17.70 | 13.90 | 1.33 | 0.47 | 18 | 3.94 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-016 | 3.05 | 4.57 | 1.52 | 4/29/2022 | -- | -- | 0.0551 | 132 | 15.7 | 8.6 | 5.44 | 19.00 | 3.16 | 70 | 1.27 | 95.80 | 22.10 | 20.30 | 2.86 | 1.29 | 61 | 8.51 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-016 | 4.57 | 6.1 | 1.52 | 4/29/2022 | -- | -- | 0.0667 | 128 | 21.5 | 12.1 | 6.78 | 26.10 | 4.41 | 82 | 1.43 | 106.00 | 24.20 | 22.90 | 3.90 | 1.56 | 113 | 10.20 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-016 | 6.1 | 7.62 | 1.52 | 4/29/2022 | -- | -- | 0.0565 | 124 | 18.9 | 10.8 | 5.22 | 22.10 | 4.08 | 51 | 1.37 | 71.90 | 16.45 | 17.40 | 3.38 | 1.40 | 118 | 8.92 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-016 | 7.62 | 9.14 | 1.52 | 4/29/2022 | -- | -- | 0.0465 | 111 | 13.5 | 7.4 | 4.26 | 16.45 | 2.88 | 49 | 0.91 | 69.00 | 15.55 | 15.50 | 2.45 | 1.03 | 77 | 6.28 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-016 | 9.14 | 10.06 | 0.91 | 4/29/2022 | -- | -- | 0.0399 | 100 | 12.2 | 6.6 | 3.79 | 14.15 | 2.53 | 40 | 0.84 | 56.60 | 12.80 | 12.35 | 2.17 | 0.87 | 67 | 5.89 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-016 | 9.14 | 10.06 | 0.91 | 4/29/2022 | Duplicate | -- | 0.0411 | 103 | 12.2 | 6.4 | 3.69 | 14.10 | 2.46 | 41 | 0.91 | 60.50 | 12.95 | 13.65 | 2.18 | 0.95 | 67 | 5.99 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-017 | 0 | 1.52 | 1.52 | 4/29/2022 | -- | -- | 0.0418 | 159 | 8.8 | 4.8 | 2.78 | 10.50 | 1.74 | 39 | 0.78 | 56.30 | 13.50 | 12.05 | 1.60 | 0.72 | 38 | 5.21 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-017 | 1.52 | 3.05 | 1.52 | 4/29/2022 | -- | -- | 0.0126 | 43 | 4.1 | 2.3 | 1.06 | 3.48 | 0.78 | 12 | 0.38 | 14.40 | 3.53 | 3.78 | 0.57 | 0.35 | 14 | 2.78 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-017 | 3.05 | 4.57 | 1.52 | 4/29/2022 | -- | -- | 0.0189 | 77 | 4.9 | 3.0 | 1.41 | 4.90 | 1.00 | 14 | 0.52 | 20.30 | 4.52 | 4.95 | 0.80 | 0.45 | 19 | 3.29 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-017 | 4.57 | 6.1 | 1.52 | 4/29/2022 | -- | -- | 0.0424 | 92 | 14.5 | 8.1 | 4.39 | 16.40 | 3.03 | 38 | 1.14 | 60.00 | 13.10 | 14.05 | 2.46 | 1.17 | 81 | 7.64 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-017 | 6.1 | 7.62 | 1.52 | 4/29/2022 | -- | -- | 0.0726 | 146 | 25.5 | 14.6 | 7.39 | 29.10 | 5.49 | 62 | 1.92 | 99.20 | 21.70 | 22.50 | 4.49 | 1.96 | 156 | 12.15 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-017 | 7.62 | 9.14 | 1.52 | 4/29/2022 | -- | -- | 0.0575 | 97 | 21.8 | 12.7 | 6.14 | 24.80 | 4.77 | 48 | 1.72 | 76.70 | 16.50 | 18.55 | 3.93 | 1.75 | 136 | 11.05 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-017 | 9.14 | 10.67 | 1.52 | 4/29/2022 | -- | -- | 0.0777 | 131 | 29.0 | 17.2 | 6.83 | 32.00 | 6.42 | 75 | 2.27 | 89.10 | 20.10 | 21.20 | 4.82 | 2.32 | 198 | 14.85 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-017 | 10.67 | 12.19 | 1.52 | 4/29/2022 | -- | -- | 0.0696 | 107 | 23.7 | 12.7 | 7.25 | 28.80 | 4.98 | 83 | 1.49 | 109.50 | 25.00 | 24.20 | 4.29 | 1.73 | 142 | 10.45 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-018 | 0 | 1.52 | 1.52 | 5/1/2022 | -- | -- | 0.0257 | 94 | 4.5 | 2.2 | 1.06 | 5.32 | 0.92 | 37 | 0.39 | 34.30 | 9.44 | 6.54 | 0.74 | 0.39 | 20 | 2.69 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-018 | 1.52 | 3.05 | 1.52 | 5/1/2022 | -- | -- | 0.0360 | 193 | 5.4 | 3.0 | 1.58 | 5.57 | 1.06 | 28 | 0.54 | 30.40 | 7.80 | 6.49 | 0.84 | 0.47 | 20 | 3.38 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-018 | 3.05 | 4.57 | 1.52 | 5/1/2022 | -- | -- | 0.0747 | 195 | 16.0 | 8.2 | 6.17 | 19.95 | 2.95 | 109 | 1.10 | 145.00 | 34.90 | 30.00 | 2.86 | 1.18 | 55 | 7.94 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-018 | 4.57 | 6.1 | 1.52 | 5/1/2022 | -- | -- | 0.0653 | 146 | 19.2 | 10.7 | 6.44 | 22.30 | 3.95 | 75 | 1.54 | 114.50 | 25.80 | 25.00 | 3.28 | 1.54 | 87 | 10.50 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |

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SLV0163 – Technical Report Summary Shiloh Project, Georgia 173 November 2025

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| | |
|:---|:---|
| **Technical Report Summary** | ![img77526612_64.jpg](img77526612_64.jpg) |

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|  |  |  |  |  |  |  | **Method** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** |
|  |  |  |  |  |  |  | **Analyte** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** |
|  |  |  |  |  |  |  | **Units** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** |
|  |  |  |  |  |  |  | **Detection <br>Limit** | **0.1** | **0.05** | **0.03** | **0.02** | **0.05** | **0.01** | **0.1** | **0.01** | **0.1** | **0.02** | **0.03** | **0.01** | **0.01** | **0.1** | **0.03** | **3** | **0.3** | **0.2** | **0.2** | **0.3** | **0.05** | **3** | **0.05** | **0.5** | **0.2** | **0.2** | **0.05** | **0.05** | **3** | **0.2** |
|  |  |  |  |  |  |  | **Upper <br>Limit** | **10000** | **1000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **10000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **50000** | **5000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** | **50000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** |
| **Hole ID** | **From <br>(m)** | **To <br>(m)** | **Interval <br>(m)** | **Drill Date** | **Sample <br>Type** | **Sample Details** | **TREO <br>(%)** | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-018 | 6.1 | 7.62 | 1.52 | 5/1/2022 | -- | -- | 0.0476 | 116 | 14.4 | 8.1 | 4.23 | 16.35 | 2.87 | 52 | 1.06 | 71.00 | 15.90 | 17.55 | 2.42 | 1.03 | 73 | 6.93 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-018 | 7.62 | 8.61 | 0.99 | 5/1/2022 | -- | -- | 0.0415 | 104 | 12.4 | 7.1 | 3.72 | 14.10 | 2.45 | 42 | 0.86 | 61.00 | 13.40 | 14.20 | 2.06 | 0.92 | 67 | 5.97 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-018 | -- | -- | -- | 5/1/2022 | Standard | Oreas 463 | 2.0962 | 6740 | 69.1 | 15.9 | 117.50 | 251.00 | 8.78 | 5060 | 0.70 | 3900.00 | >1000 | 525.00 | 20.70 | 1.44 | 188 | 6.80 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-019 | 0 | 1.52 | 1.52 | 5/1/2022 | -- | -- | 0.0578 | 212 | 7.7 | 3.5 | 1.04 | 10.75 | 1.36 | 91 | 0.38 | 85.10 | 23.30 | 16.30 | 1.50 | 0.40 | 35 | 2.80 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-019 | 1.52 | 3.05 | 1.52 | 5/1/2022 | -- | -- | 0.0850 | 360 | 9.0 | 3.5 | 0.85 | 14.10 | 1.52 | 125 | 0.37 | 112.50 | 31.10 | 20.10 | 1.90 | 0.40 | 40 | 2.91 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-019 | 3.05 | 4.57 | 1.52 | 5/1/2022 | -- | -- | 0.0761 | 313 | 7.5 | 2.8 | 1.11 | 13.05 | 1.14 | 115 | 0.28 | 110.00 | 29.80 | 20.20 | 1.56 | 0.34 | 31 | 2.08 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-019 | 4.57 | 6.1 | 1.52 | 5/1/2022 | -- | -- | 0.0896 | 328 | 11.5 | 5.6 | 3.45 | 16.75 | 2.18 | 123 | 0.69 | 147.50 | 36.30 | 25.90 | 2.09 | 0.73 | 53 | 5.19 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-019 | 4.57 | 6.1 | 1.52 | 5/1/2022 | Duplicate |  | 0.0797 | 291 | 9.3 | 4.8 | 3.12 | 15.00 | 1.86 | 110 | 0.57 | 136.00 | 33.00 | 23.70 | 1.76 | 0.59 | 43 | 4.15 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-019 | 6.1 | 6.93 | 0.84 | 5/1/2022 | -- | -- | 0.0974 | 282 | 15.7 | 7.4 | 3.48 | 22.20 | 2.94 | 152 | 0.83 | 176.50 | 44.40 | 33.00 | 2.84 | 1.02 | 76 | 6.65 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-019 | 6.93 | 7.92 | 0.99 | 5/1/2022 | -- | -- | 0.0827 | 142 | 19.5 | 10.2 | 6.55 | 27.70 | 3.68 | 127 | 1.34 | 181.00 | 43.70 | 38.10 | 3.52 | 1.34 | 87 | 9.34 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-019 | 7.92 | 9.45 | 1.52 | 5/1/2022 | -- | -- | 0.0789 | 158 | 22.1 | 11.8 | 5.51 | 26.40 | 4.28 | 115 | 1.46 | 130.00 | 33.10 | 29.20 | 3.84 | 1.56 | 114 | 10.50 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-019 | 9.45 | 10.44 | 0.99 | 5/1/2022 | -- | -- | 0.0394 | 102 | 9.8 | 6.6 | 1.42 | 9.17 | 2.15 | 56 | 0.86 | 49.40 | 13.70 | 10.35 | 1.53 | 0.95 | 62 | 6.47 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-020 | 0 | 1.52 | 1.52 | 5/5/2022 | -- | -- | 0.0612 | 214 | 7.9 | 3.2 | 1.32 | 12.70 | 1.37 | 104 | 0.29 | 94.10 | 25.40 | 17.60 | 1.67 | 0.37 | 34 | 2.57 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-020 | 1.52 | 3.05 | 1.52 | 5/5/2022 | -- | -- | 0.0493 | 189 | 8.2 | 3.1 | 1.00 | 11.35 | 1.40 | 71 | 0.22 | 64.40 | 17.65 | 13.60 | 1.58 | 0.32 | 35 | 2.04 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-020 | 3.05 | 4.57 | 1.52 | 5/5/2022 | -- | -- | 0.0620 | 238 | 6.4 | 2.1 | 1.04 | 11.65 | 0.99 | 104 | 0.20 | 91.90 | 25.40 | 17.15 | 1.47 | 0.24 | 26 | 1.48 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-020 | 4.57 | 6.1 | 1.52 | 5/5/2022 | -- | -- | 0.0877 | 337 | 6.9 | 2.4 | 1.32 | 13.75 | 1.06 | 145 | 0.23 | 145.00 | 39.50 | 24.50 | 1.64 | 0.26 | 28 | 1.83 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-020 | 6.1 | 7.32 | 1.22 | 5/5/2022 | -- | -- | 0.1711 | 643 | 17.3 | 4.6 | 2.21 | 36.40 | 2.39 | 260 | 0.35 | 290.00 | 76.90 | 55.90 | 4.26 | 0.47 | 62 | 2.69 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-021 | 0 | 1.52 | 1.52 | 5/5/2022 | -- | -- | 0.0590 | 247 | 6.5 | 2.7 | 0.92 | 9.42 | 1.08 | 91 | 0.24 | 75.00 | 21.90 | 13.75 | 1.20 | 0.30 | 29 | 2.22 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-021 | 1.52 | 3.05 | 1.52 | 5/5/2022 | -- | -- | 0.0970 | 384 | 11.0 | 5.1 | 1.20 | 17.25 | 1.90 | 138 | 0.49 | 147.50 | 39.30 | 24.90 | 2.18 | 0.58 | 49 | 3.70 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-021 | 3.05 | 4.57 | 1.52 | 5/5/2022 | -- | -- | 0.0613 | 206 | 7.9 | 2.6 | 1.11 | 12.75 | 1.14 | 105 | 0.17 | 102.00 | 27.60 | 19.05 | 1.59 | 0.29 | 33 | 1.57 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-021 | 4.57 | 6.1 | 1.52 | 5/5/2022 | -- | -- | 0.0733 | 201 | 12.1 | 5.0 | 1.78 | 18.10 | 1.88 | 127 | 0.43 | 136.00 | 36.00 | 25.90 | 2.48 | 0.51 | 52 | 3.62 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-021 | 6.1 | 7.62 | 1.52 | 5/5/2022 | -- | -- | 0.0823 | 238 | 14.8 | 5.3 | 2.15 | 21.30 | 2.27 | 140 | 0.45 | 136.00 | 37.10 | 28.60 | 3.15 | 0.63 | 66 | 3.98 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-021 | 7.62 | 9.14 | 1.52 | 5/5/2022 | -- | -- | 0.0641 | 221 | 8.7 | 3.4 | 1.44 | 13.30 | 1.33 | 110 | 0.29 | 95.80 | 26.70 | 18.85 | 1.76 | 0.36 | 40 | 2.42 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-021 | 9.14 | 10.21 | 1.07 | 5/5/2022 | -- | -- | 0.0546 | 199 | 6.3 | 2.4 | 1.24 | 10.65 | 0.98 | 92 | 0.20 | 81.80 | 22.60 | 15.80 | 1.36 | 0.26 | 29 | 1.80 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-022 | 0 | 1.52 | 1.52 | 5/5/2022 | -- | -- | 0.0995 | 491 | 9.3 | 4.5 | 1.58 | 13.30 | 1.67 | 116 | 0.52 | 111.00 | 30.40 | 20.10 | 1.80 | 0.59 | 42 | 3.92 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-022 | 1.52 | 3.05 | 1.52 | 5/5/2022 | -- | -- | 0.1229 | 428 | 14.3 | 5.4 | 2.36 | 24.70 | 2.26 | 203 | 0.51 | 209.00 | 56.70 | 38.10 | 3.17 | 0.58 | 55 | 4.08 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-022 | 1.52 | 3.05 | 1.52 | 5/5/2022 | Duplicate | -- | 0.1100 | 389 | 12.6 | 4.6 | 2.10 | 22.10 | 1.92 | 182 | 0.35 | 185.00 | 49.80 | 33.40 | 2.80 | 0.53 | 48 | 3.32 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-022 | 3.05 | 4.57 | 1.52 | 5/5/2022 | -- | -- | 0.0972 | 279 | 14.9 | 5.9 | 2.57 | 24.50 | 2.37 | 157 | 0.58 | 186.00 | 47.40 | 36.80 | 3.14 | 0.69 | 62 | 4.47 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-022 | 4.57 | 6.1 | 1.52 | 5/5/2022 | -- | -- | 0.0966 | 277 | 16.9 | 7.6 | 2.40 | 23.50 | 3.00 | 149 | 0.73 | 173.50 | 43.90 | 32.30 | 3.08 | 0.89 | 81 | 5.69 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-022 | 6.1 | 7.62 | 1.52 | 5/5/2022 | -- | -- | 0.0813 | 261 | 11.0 | 4.3 | 1.96 | 17.45 | 1.78 | 141 | 0.46 | 137.00 | 36.80 | 26.10 | 2.37 | 0.53 | 47 | 3.40 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-022 | 7.62 | 8.61 | 0.99 | 5/5/2022 | -- | -- | 0.0776 | 260 | 12.0 | 5.0 | 1.64 | 17.45 | 2.02 | 121 | 0.45 | 120.00 | 32.20 | 23.70 | 2.37 | 0.61 | 57 | 3.70 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-023 | 0 | 1.52 | 1.52 | 5/5/2022 | -- | -- | 0.0457 | 215 | 4.5 | 2.5 | 0.48 | 6.14 | 0.83 | 58 | 0.20 | 51.80 | 14.00 | 8.73 | 0.80 | 0.26 | 23 | 1.84 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-023 | 1.52 | 3.05 | 1.52 | 5/5/2022 | -- | -- | 0.1063 | 581 | 7.1 | 3.5 | 1.44 | 11.55 | 1.38 | 107 | 0.35 | 108.00 | 27.90 | 17.25 | 1.34 | 0.41 | 35 | 2.96 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |

---

SLV0163 – Technical Report Summary Shiloh Project, Georgia 174 November 2025

------

---

| | |
|:---|:---|
| **Technical Report Summary** | ![img77526612_64.jpg](img77526612_64.jpg) |

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---

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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|  |  |  |  |  |  |  | **Method** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** |
|  |  |  |  |  |  |  | **Analyte** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** |
|  |  |  |  |  |  |  | **Units** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** |
|  |  |  |  |  |  |  | **Detection <br>Limit** | **0.1** | **0.05** | **0.03** | **0.02** | **0.05** | **0.01** | **0.1** | **0.01** | **0.1** | **0.02** | **0.03** | **0.01** | **0.01** | **0.1** | **0.03** | **3** | **0.3** | **0.2** | **0.2** | **0.3** | **0.05** | **3** | **0.05** | **0.5** | **0.2** | **0.2** | **0.05** | **0.05** | **3** | **0.2** |
|  |  |  |  |  |  |  | **Upper <br>Limit** | **10000** | **1000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **10000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **50000** | **5000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** | **50000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** |
| **Hole ID** | **From <br>(m)** | **To <br>(m)** | **Interval <br>(m)** | **Drill Date** | **Sample <br>Type** | **Sample Details** | **TREO <br>(%)** | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-023 | 3.05 | 4.57 | 1.52 | 5/5/2022 | -- | -- | 0.1254 | 499 | 15.6 | 7.3 | 2.82 | 21.70 | 2.78 | 174 | 0.84 | 183.50 | 49.80 | 32.20 | 2.97 | 0.98 | 69 | 5.82 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-023 | 4.57 | 6.1 | 1.52 | 5/5/2022 | -- | -- | 0.0617 | 190 | 8.6 | 4.3 | 2.22 | 12.00 | 1.61 | 117 | 0.55 | 100.50 | 29.10 | 17.75 | 1.77 | 0.58 | 36 | 3.52 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-023 | 6.1 | 7.62 | 1.52 | 5/5/2022 | -- | -- | 0.0526 | 105 | 12.1 | 6.2 | 3.61 | 15.25 | 2.39 | 86 | 0.81 | 101.50 | 26.10 | 19.95 | 2.35 | 0.84 | 58 | 5.65 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-023 | 7.62 | 9.14 | 1.52 | 5/5/2022 | -- | -- | 0.0473 | 90 | 17.7 | 10.1 | 4.92 | 19.35 | 3.50 | 47 | 1.28 | 73.20 | 17.10 | 17.95 | 3.22 | 1.44 | 83 | 8.76 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-023 | -- | -- | -- | 5/5/2022 | Standard | Oreas 460 | 0.5155 | 1765 | 18.7 | 5.8 | 23.00 | 46.20 | 2.74 | 1350 | 0.45 | 778.00 | 242.00 | 99.70 | 4.83 | 0.76 | 60 | 3.72 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-024 | 0 | 1.52 | 1.52 | 5/6/2022 | -- | -- | 0.0473 | 186 | 6.1 | 2.3 | 0.43 | 8.43 | 0.96 | 77 | 0.20 | 62.00 | 18.30 | 11.45 | 1.28 | 0.26 | 26 | 1.47 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-024 | 1.52 | 3.05 | 1.52 | 5/6/2022 | -- | -- | 0.0539 | 252 | 4.7 | 1.6 | 0.54 | 7.76 | 0.73 | 77 | 0.19 | 63.10 | 18.40 | 10.90 | 1.00 | 0.21 | 20 | 1.31 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-024 | 3.05 | 4.57 | 1.52 | 5/6/2022 | -- | -- | 0.0574 | 250 | 4.6 | 1.9 | 0.75 | 9.17 | 0.79 | 89 | 0.16 | 74.60 | 21.90 | 13.50 | 1.07 | 0.22 | 20 | 1.19 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-024 | 4.57 | 6.1 | 1.52 | 5/6/2022 | -- | -- | 0.0778 | 279 | 7.2 | 2.8 | 1.63 | 12.70 | 1.15 | 136 | 0.26 | 129.50 | 36.10 | 22.60 | 1.65 | 0.36 | 30 | 1.99 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-024 | 6.1 | 7.62 | 1.52 | 5/6/2022 | -- | -- | 0.0938 | 236 | 10.4 | 3.7 | 3.09 | 18.50 | 1.64 | 186 | 0.41 | 203.00 | 56.20 | 34.60 | 2.40 | 0.50 | 41 | 2.57 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-024 | 7.62 | 8.23 | 0.61 | 5/6/2022 | -- | -- | 0.0648 | 165 | 10.3 | 4.5 | 2.55 | 14.55 | 1.75 | 116 | 0.43 | 126.50 | 34.10 | 23.30 | 2.04 | 0.54 | 47 | 3.05 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-025 | 0.91 | 1.52 | 0.61 | 5/6/2022 | -- | -- | 0.0640 | 254 | 7.5 | 3.5 | 0.56 | 11.00 | 1.34 | 98 | 0.37 | 87.00 | 24.80 | 15.15 | 1.57 | 0.49 | 37 | 2.73 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-025 | 1.52 | 3.05 | 1.52 | 5/6/2022 | -- | -- | 0.1054 | 491 | 9.5 | 4.8 | 1.29 | 14.75 | 1.77 | 130 | 0.54 | 132.00 | 36.30 | 22.90 | 1.95 | 0.65 | 47 | 3.48 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-025 | 1.52 | 3.05 | 1.52 | 5/6/2022 | Duplicate | -- | 0.1021 | 471 | 9.5 | 5.0 | 1.29 | 14.00 | 1.81 | 128 | 0.63 | 126.00 | 34.90 | 22.20 | 1.88 | 0.70 | 49 | 3.96 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-025 | 3.05 | 4.57 | 1.52 | 5/6/2022 | -- | -- | 0.0614 | 224 | 7.0 | 3.2 | 1.07 | 11.50 | 1.25 | 100 | 0.34 | 95.10 | 26.60 | 17.05 | 1.50 | 0.40 | 32 | 2.28 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-025 | 4.57 | 6.1 | 1.52 | 5/6/2022 | -- | -- | 0.1100 | 407 | 10.7 | 4.6 | 1.82 | 18.00 | 1.83 | 171 | 0.48 | 187.00 | 50.60 | 31.40 | 2.21 | 0.62 | 46 | 3.61 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-025 | 6.1 | 7.16 | 1.07 | 5/6/2022 | -- | -- | 0.0828 | 206 | 9.1 | 2.9 | 2.01 | 16.05 | 1.33 | 154 | 0.28 | 191.50 | 51.00 | 32.30 | 2.06 | 0.40 | 35 | 2.22 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-025 | 7.16 | 8.38 | 1.22 | 5/6/2022 | -- | -- | 0.0690 | 160 | 10.0 | 3.4 | 2.24 | 15.95 | 1.59 | 132 | 0.34 | 151.00 | 41.40 | 26.20 | 2.15 | 0.45 | 38 | 2.57 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-025 | 8.38 | 10.21 | 1.83 | 5/6/2022 | -- | -- | 0.0869 | 185 | 18.0 | 7.4 | 3.22 | 25.50 | 3.00 | 163 | 0.78 | 162.50 | 44.90 | 32.40 | 3.61 | 0.95 | 82 | 5.89 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-026 | 0 | 1.52 | 1.52 | 5/6/2022 | -- | -- | 0.0561 | 310 | 5.3 | 3.8 | 0.70 | 5.79 | 1.28 | 50 | 0.48 | 43.30 | 12.10 | 7.78 | 1.02 | 0.53 | 32 | 3.01 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-026 | 1.52 | 3.05 | 1.52 | 5/6/2022 | -- | -- | 0.0876 | 458 | 7.2 | 3.2 | 1.02 | 10.95 | 1.27 | 99 | 0.34 | 90.20 | 25.00 | 15.70 | 1.48 | 0.48 | 31 | 2.56 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-026 | 3.35 | 4.57 | 1.22 | 5/6/2022 | -- | -- | 0.0776 | 253 | 9.9 | 4.4 | 1.85 | 14.55 | 1.73 | 134 | 0.48 | 134.00 | 36.50 | 22.20 | 1.99 | 0.57 | 42 | 3.21 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-026 | 4.57 | 6.1 | 1.52 | 5/6/2022 | -- | -- | 0.1184 | 342 | 13.6 | 5.6 | 2.29 | 22.70 | 2.28 | 203 | 0.56 | 246.00 | 64.60 | 41.10 | 2.97 | 0.67 | 57 | 3.96 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-026 | 6.1 | 7.62 | 1.52 | 5/6/2022 | -- | -- | 0.0955 | 240 | 13.1 | 4.9 | 2.32 | 20.10 | 2.06 | 179 | 0.39 | 201.00 | 54.90 | 34.20 | 2.77 | 0.62 | 55 | 3.18 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-026 | 7.62 | 9.14 | 1.52 | 5/6/2022 | -- | -- | 0.0866 | 204 | 13.8 | 5.3 | 2.68 | 22.30 | 2.20 | 164 | 0.53 | 176.50 | 48.20 | 32.30 | 3.03 | 0.72 | 57 | 3.86 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-026 | 9.14 | 10.36 | 1.22 | 5/6/2022 | -- | -- | 0.0755 | 209 | 13.6 | 5.3 | 2.17 | 19.25 | 2.21 | 138 | 0.56 | 122.00 | 34.30 | 24.40 | 2.75 | 0.66 | 63 | 3.80 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-026 | -- | -- | -- | 5/6/2022 | Standard | Oreas 463 | 2.0575 | 6600 | 73.0 | 16.5 | 121.50 | 236.00 | 8.96 | 5090 | 0.84 | 3680.00 | >1000 | 528.00 | 21.60 | 1.68 | 189 | 6.61 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-027 | 0 | 1.52 | 1.52 | 5/7/2022 | -- | -- | 0.0596 | 245 | 6.8 | 3.3 | 0.95 | 9.62 | 1.21 | 93 | 0.33 | 76.90 | 22.50 | 14.15 | 1.35 | 0.40 | 29 | 2.35 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-027 | 1.83 | 3.05 | 1.22 | 5/7/2022 | -- | -- | 0.0472 | 175 | 6.1 | 2.3 | 0.99 | 8.89 | 1.04 | 78 | 0.21 | 69.10 | 20.20 | 13.35 | 1.24 | 0.28 | 24 | 1.70 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-027 | 3.05 | 4.57 | 1.52 | 5/7/2022 | -- | -- | 0.0823 | 227 | 12.2 | 4.6 | 2.04 | 18.90 | 2.03 | 148 | 0.46 | 155.00 | 42.60 | 29.30 | 2.55 | 0.65 | 51 | 3.52 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-027 | 4.57 | 6.1 | 1.52 | 5/7/2022 | -- | -- | 0.1555 | 402 | 34.8 | 17.9 | 4.44 | 39.60 | 6.76 | 240 | 1.99 | 245.00 | 65.80 | 45.90 | 6.36 | 2.44 | 189 | 14.20 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-027 | 6.1 | 7.62 | 1.52 | 5/7/2022 | -- | -- | 0.1426 | 387 | 30.9 | 15.4 | 5.07 | 39.40 | 5.74 | 215 | 1.70 | 231.00 | 62.10 | 45.60 | 5.80 | 2.08 | 149 | 12.50 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-027 | 7.62 | 9.14 | 1.52 | 5/7/2022 | -- | -- | 0.1005 | 236 | 19.9 | 8.3 | 3.85 | 29.50 | 3.34 | 176 | 0.87 | 191.00 | 51.90 | 38.80 | 4.07 | 1.08 | 82 | 6.41 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |

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SLV0163 – Technical Report Summary Shiloh Project, Georgia 175 November 2025

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| **Technical Report Summary** | ![img77526612_64.jpg](img77526612_64.jpg) |

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|  |  |  |  |  |  |  | **Method** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** |
|  |  |  |  |  |  |  | **Analyte** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** |
|  |  |  |  |  |  |  | **Units** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** |
|  |  |  |  |  |  |  | **Detection <br>Limit** | **0.1** | **0.05** | **0.03** | **0.02** | **0.05** | **0.01** | **0.1** | **0.01** | **0.1** | **0.02** | **0.03** | **0.01** | **0.01** | **0.1** | **0.03** | **3** | **0.3** | **0.2** | **0.2** | **0.3** | **0.05** | **3** | **0.05** | **0.5** | **0.2** | **0.2** | **0.05** | **0.05** | **3** | **0.2** |
|  |  |  |  |  |  |  | **Upper <br>Limit** | **10000** | **1000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **10000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **50000** | **5000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** | **50000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** |
| **Hole ID** | **From <br>(m)** | **To <br>(m)** | **Interval <br>(m)** | **Drill Date** | **Sample <br>Type** | **Sample Details** | **TREO <br>(%)** | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-027 | 7.62 | 9.14 | 1.52 | 5/7/2022 | Duplicate | -- | 0.1020 | 252 | 19.1 | 7.9 | 3.87 | 29.90 | 3.20 | 176 | 0.81 | 190.50 | 51.20 | 39.50 | 3.91 | 1.02 | 82 | 5.95 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-028 | 0 | 1.52 | 1.52 | 5/7/2022 | -- | -- | 0.0539 | 162 | 8.1 | 4.0 | 1.40 | 11.25 | 1.53 | 92 | 0.44 | 92.50 | 25.20 | 16.40 | 1.56 | 0.50 | 38 | 3.13 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-028 | 1.52 | 3.05 | 1.52 | 5/7/2022 | -- | -- | 0.0704 | 103 | 15.2 | 6.8 | 4.69 | 18.05 | 2.58 | 154 | 0.85 | 156.00 | 45.00 | 30.60 | 2.88 | 0.96 | 52 | 5.88 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-028 | 3.35 | 4.88 | 1.52 | 5/7/2022 | -- | -- | 0.0438 | 60 | 17.3 | 10.4 | 3.22 | 16.65 | 3.56 | 47 | 1.50 | 76.90 | 16.80 | 19.30 | 2.85 | 1.52 | 81 | 10.75 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-028 | 4.88 | 6.1 | 1.22 | 5/7/2022 | -- | -- | 0.0391 | 53 | 12.5 | 6.9 | 2.39 | 14.75 | 2.58 | 56 | 0.93 | 69.80 | 15.70 | 16.00 | 2.08 | 1.04 | 69 | 6.38 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-028 | 6.1 | 7.62 | 1.52 | 5/7/2022 | -- | -- | 0.0627 | 89 | 25.4 | 15.6 | 3.98 | 25.60 | 5.41 | 55 | 2.46 | 97.50 | 19.60 | 25.00 | 4.21 | 2.50 | 139 | 17.05 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-028 | 7.62 | 8.23 | 0.61 | 5/7/2022 | -- | -- | 0.0568 | 65 | 22.2 | 13.8 | 4.13 | 24.70 | 4.85 | 50 | 2.08 | 89.40 | 18.35 | 22.30 | 3.93 | 2.20 | 139 | 13.35 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-029 | 0 | 1.52 | 1.52 | 5/7/2022 | -- | -- | 0.0553 | 179 | 9.0 | 3.7 | 0.95 | 11.90 | 1.58 | 92 | 0.37 | 87.00 | 23.60 | 16.70 | 1.72 | 0.50 | 40 | 2.86 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-029 | 1.52 | 3.05 | 1.52 | 5/7/2022 | -- | -- | 0.0462 | 141 | 8.4 | 3.9 | 1.07 | 9.33 | 1.57 | 74 | 0.47 | 70.40 | 19.30 | 13.25 | 1.48 | 0.55 | 44 | 3.36 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-029 | 3.05 | 4.57 | 1.52 | 5/7/2022 | -- | -- | 0.0609 | 200 | 9.5 | 4.5 | 0.94 | 12.20 | 1.77 | 94 | 0.43 | 96.00 | 25.60 | 17.30 | 1.79 | 0.56 | 49 | 3.06 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-029 | 4.57 | 6.1 | 1.52 | 5/7/2022 | -- | -- | 0.0771 | 243 | 13.4 | 7.4 | 1.97 | 16.95 | 2.71 | 112 | 0.76 | 120.50 | 31.10 | 21.40 | 2.49 | 1.02 | 74 | 5.36 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-029 | 6.1 | 7.62 | 1.52 | 5/7/2022 | -- | -- | 0.1117 | 365 | 16.9 | 8.9 | 3.22 | 21.90 | 3.40 | 167 | 1.15 | 186.50 | 47.10 | 32.20 | 3.15 | 1.22 | 84 | 7.14 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-029 | 7.62 | 8.53 | 0.91 | 5/7/2022 | -- | -- | 0.0850 | 256 | 13.0 | 6.5 | 2.10 | 18.80 | 2.50 | 138 | 0.72 | 146.50 | 37.70 | 26.80 | 2.52 | 0.89 | 65 | 4.95 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-029 | -- | -- | -- | 5/7/2022 | Blank | -- | 0.0038 | 10 | 0.8 | 0.3 | 0.32 | 1.28 | 0.15 | 6 | 0.01 | 6.30 | 1.53 | 1.34 | 0.14 | 0.05 | 5 | 0.19 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-030 | 0 | 1.22 | 1.22 | 5/7/2022 | -- | -- | 0.0577 | 199 | 8.1 | 3.4 | 1.27 | 11.45 | 1.45 | 92 | 0.37 | 89.80 | 24.70 | 17.10 | 1.68 | 0.45 | 37 | 2.24 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-030 | 1.52 | 3.05 | 1.52 | 5/7/2022 | -- | -- | 0.0802 | 222 | 15.0 | 7.3 | 2.24 | 20.30 | 2.92 | 123 | 0.87 | 136.00 | 35.20 | 26.20 | 2.77 | 1.00 | 80 | 6.06 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-030 | 3.05 | 4.57 | 1.52 | 5/7/2022 | -- | -- | 0.1568 | 389 | 32.3 | 18.0 | 3.92 | 44.00 | 6.38 | 240 | 2.03 | 274.00 | 70.40 | 52.90 | 6.04 | 2.43 | 173 | 14.40 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-030 | 4.57 | 5.79 | 1.22 | 5/7/2022 | -- | -- | 0.0854 | 242 | 15.8 | 7.8 | 1.85 | 21.00 | 3.03 | 133 | 1.02 | 141.50 | 36.00 | 26.40 | 3.05 | 1.12 | 84 | 6.76 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-030 | 6.1 | 7.62 | 1.52 | 5/7/2022 | -- | -- | 0.1066 | 367 | 16.0 | 8.9 | 2.75 | 19.80 | 3.19 | 151 | 1.20 | 168.50 | 43.20 | 29.40 | 2.75 | 1.28 | 82 | 8.12 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-030 | 7.62 | 8.53 | 0.91 | 5/7/2022 | -- | -- | 0.1164 | 407 | 18.1 | 11.7 | 3.69 | 21.20 | 3.94 | 153 | 1.58 | 179.00 | 43.70 | 30.00 | 3.09 | 1.70 | 100 | 10.20 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-030 | 7.62 | 8.53 | 0.91 | 5/7/2022 | Duplicate | -- | 0.1081 | 402 | 16.1 | 10.7 | 3.10 | 18.10 | 3.61 | 134 | 1.37 | 156.00 | 38.40 | 26.50 | 2.70 | 1.60 | 94 | 9.61 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-031 | 0 | 1.52 | 1.52 | 5/7/2022 | -- | -- | 0.0555 | 203 | 7.2 | 2.9 | 0.89 | 11.15 | 1.20 | 88 | 0.28 | 82.50 | 22.40 | 15.45 | 1.48 | 0.37 | 34 | 2.05 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-031 | 1.52 | 3.05 | 1.52 | 5/7/2022 | -- | -- | 0.0497 | 204 | 5.8 | 2.0 | 0.78 | 8.75 | 0.95 | 72 | 0.19 | 69.30 | 18.35 | 13.00 | 1.20 | 0.27 | 25 | 1.27 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-031 | 3.05 | 4.57 | 1.52 | 5/7/2022 | -- | -- | 0.0759 | 252 | 14.1 | 5.4 | 1.31 | 17.10 | 2.45 | 113 | 0.42 | 113.00 | 30.00 | 22.00 | 2.61 | 0.60 | 67 | 2.78 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-031 | 4.57 | 6.1 | 1.52 | 5/7/2022 | -- | -- | 0.0821 | 211 | 14.9 | 5.7 | 2.28 | 21.40 | 2.51 | 145 | 0.49 | 150.50 | 39.10 | 29.30 | 3.16 | 0.63 | 68 | 3.75 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-031 | 6.1 | 7.62 | 1.52 | 5/7/2022 | -- | -- | 0.0849 | 230 | 14.5 | 5.3 | 2.75 | 21.80 | 2.44 | 153 | 0.49 | 150.00 | 40.10 | 28.80 | 3.11 | 0.64 | 65 | 3.96 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-031 | 7.62 | 9.14 | 1.52 | 5/7/2022 | -- | -- | 0.0646 | 157 | 13.5 | 4.9 | 2.22 | 17.30 | 2.27 | 116 | 0.43 | 113.50 | 29.60 | 23.00 | 2.59 | 0.59 | 62 | 3.51 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-031 | 9.14 | 10.36 | 1.22 | 5/7/2022 | -- | -- | 0.0523 | 144 | 11.1 | 4.2 | 1.28 | 13.05 | 1.94 | 87 | 0.41 | 78.70 | 21.80 | 16.60 | 2.05 | 0.52 | 58 | 2.90 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-032 | 0 | 1.22 | 1.22 | 5/8/2022 | -- | -- | 0.0205 | 71 | 4.8 | 2.7 | 1.28 | 5.11 | 0.97 | 23 | 0.47 | 28.00 | 6.66 | 6.13 | 0.87 | 0.47 | 20 | 3.17 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-032 | 1.52 | 3.05 | 1.52 | 5/8/2022 | -- | -- | 0.0628 | 175 | 14.2 | 7.2 | 4.83 | 17.40 | 2.61 | 90 | 0.95 | 107.50 | 26.60 | 22.80 | 2.71 | 1.02 | 54 | 6.52 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-032 | 3.05 | 4.57 | 1.52 | 5/8/2022 | -- | -- | 0.0733 | 119 | 28.1 | 14.9 | 7.12 | 30.90 | 5.64 | 71 | 1.83 | 118.00 | 24.70 | 28.40 | 4.97 | 2.12 | 149 | 11.90 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-032 | 4.57 | 6.1 | 1.52 | 5/8/2022 | -- | -- | 0.0602 | 125 | 20.2 | 11.5 | 5.38 | 21.80 | 4.26 | 58 | 1.40 | 86.20 | 18.60 | 19.75 | 3.20 | 1.55 | 121 | 8.76 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-032 | 6.1 | 7.62 | 1.52 | 5/8/2022 | -- | -- | 0.0520 | 132 | 16.1 | 9.1 | 4.57 | 17.15 | 3.21 | 53 | 1.09 | 73.90 | 16.50 | 16.75 | 2.63 | 1.21 | 85 | 6.94 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |

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SLV0163 – Technical Report Summary Shiloh Project, Georgia 176 November 2025

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| | |
|:---|:---|
| **Technical Report Summary** | ![img77526612_64.jpg](img77526612_64.jpg) |

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|  |  |  |  |  |  |  | **Method** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** |
|  |  |  |  |  |  |  | **Analyte** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** |
|  |  |  |  |  |  |  | **Units** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** |
|  |  |  |  |  |  |  | **Detection <br>Limit** | **0.1** | **0.05** | **0.03** | **0.02** | **0.05** | **0.01** | **0.1** | **0.01** | **0.1** | **0.02** | **0.03** | **0.01** | **0.01** | **0.1** | **0.03** | **3** | **0.3** | **0.2** | **0.2** | **0.3** | **0.05** | **3** | **0.05** | **0.5** | **0.2** | **0.2** | **0.05** | **0.05** | **3** | **0.2** |
|  |  |  |  |  |  |  | **Upper <br>Limit** | **10000** | **1000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **10000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **50000** | **5000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** | **50000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** |
| **Hole ID** | **From <br>(m)** | **To <br>(m)** | **Interval <br>(m)** | **Drill Date** | **Sample <br>Type** | **Sample Details** | **TREO <br>(%)** | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-032 | 7.62 | 9.14 | 1.52 | 5/8/2022 | -- | -- | 0.0475 | 112 | 15.0 | 8.2 | 4.34 | 16.00 | 3.12 | 49 | 1.01 | 66.10 | 15.00 | 15.30 | 2.52 | 1.10 | 85 | 6.85 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-032 | 9.14 | 10.36 | 1.22 | 5/8/2022 | -- | -- | 0.0469 | 111 | 14.1 | 7.4 | 4.43 | 15.85 | 2.80 | 50 | 0.88 | 70.00 | 15.75 | 15.55 | 2.42 | 1.08 | 78 | 6.03 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-032 | -- | -- | -- | 5/8/2022 | Standard | Oreas 460 | 0.5416 | 1850 | 20.4 | 6.1 | 23.50 | 50.30 | 3.03 | 1380 | 0.46 | 856.00 | 249.00 | 110.50 | 5.06 | 0.67 | 65 | 3.28 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-033 | 0 | 1.52 | 1.52 | 5/8/2022 | -- | -- | 0.0718 | 274 | 8.8 | 3.6 | 1.42 | 13.45 | 1.43 | 111 | 0.42 | 106.50 | 28.60 | 18.90 | 1.88 | 0.49 | 38 | 3.02 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-033 | 1.52 | 3.05 | 1.52 | 5/8/2022 | -- | -- | 0.0749 | 284 | 7.8 | 3.2 | 0.92 | 13.05 | 1.29 | 123 | 0.35 | 113.00 | 31.10 | 19.95 | 1.63 | 0.38 | 36 | 2.29 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-033 | 3.05 | 4.57 | 1.52 | 5/8/2022 | -- | -- | 0.0677 | 234 | 9.1 | 2.9 | 1.03 | 14.80 | 1.46 | 112 | 0.28 | 112.00 | 29.10 | 21.10 | 1.97 | 0.33 | 35 | 1.97 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-033 | 4.57 | 6.1 | 1.52 | 5/8/2022 | -- | -- | 0.0911 | 276 | 12.8 | 5.7 | 1.77 | 19.70 | 2.22 | 154 | 0.62 | 161.00 | 44.10 | 29.80 | 2.49 | 0.69 | 59 | 4.20 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-033 | 4.57 | 6.1 | 1.52 | 5/8/2022 | Duplicate | -- | 0.0731 | 219 | 9.7 | 3.4 | 1.64 | 17.45 | 1.56 | 123 | 0.43 | 137.50 | 34.90 | 24.90 | 2.14 | 0.46 | 43 | 2.86 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-033 | 6.1 | 7.62 | 1.52 | 5/8/2022 | -- | -- | 0.0907 | 247 | 12.4 | 4.4 | 3.18 | 21.90 | 1.92 | 167 | 0.45 | 179.00 | 45.60 | 33.20 | 2.67 | 0.59 | 50 | 3.34 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-033 | 7.62 | 9.14 | 1.52 | 5/8/2022 | -- | -- | 0.0870 | 272 | 11.7 | 4.7 | 3.15 | 20.50 | 1.86 | 148 | 0.50 | 153.50 | 38.70 | 28.80 | 2.54 | 0.60 | 51 | 4.03 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-033 | 9.14 | 10.36 | 1.22 | 5/8/2022 | -- | -- | 0.0689 | 203 | 12.0 | 5.8 | 1.87 | 16.15 | 2.09 | 111 | 0.66 | 112.00 | 28.80 | 21.70 | 2.32 | 0.84 | 61 | 5.32 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-034 | 0 | 1.22 | 1.22 | 5/8/2022 | -- | -- | 0.0487 | 190 | 6.0 | 2.2 | 0.76 | 9.75 | 1.00 | 70 | 0.22 | 71.00 | 18.85 | 14.20 | 1.22 | 0.29 | 27 | 1.69 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-034 | 1.83 | 3.05 | 1.22 | 5/8/2022 | -- | -- | 0.0495 | 183 | 6.8 | 3.2 | 0.79 | 10.05 | 1.18 | 72 | 0.28 | 73.00 | 19.30 | 13.55 | 1.41 | 0.41 | 34 | 2.53 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-034 | 3.05 | 4.57 | 1.52 | 5/8/2022 | -- | -- | 0.0644 | 215 | 8.6 | 3.8 | 1.34 | 12.55 | 1.50 | 106 | 0.41 | 105.00 | 28.40 | 18.55 | 1.74 | 0.49 | 41 | 3.03 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-034 | 4.57 | 6.1 | 1.52 | 5/8/2022 | -- | -- | 0.1477 | 436 | 25.2 | 13.7 | 4.57 | 33.40 | 5.00 | 220 | 1.81 | 255.00 | 62.50 | 44.90 | 4.54 | 1.93 | 133 | 12.40 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-034 | 6.1 | 7.16 | 1.07 | 5/8/2022 | -- | -- | 0.1274 | 442 | 21.5 | 11.1 | 3.84 | 26.70 | 4.07 | 170 | 1.39 | 190.00 | 47.20 | 34.50 | 3.92 | 1.56 | 114 | 9.82 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-035 | 0 | 1.52 | 1.52 | 5/8/2022 | -- | -- | 0.0239 | 104 | 3.4 | 1.7 | 0.52 | 3.67 | 0.56 | 30 | 0.20 | 26.50 | 7.18 | 5.09 | 0.62 | 0.21 | 19 | 1.46 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-035 | 1.52 | 3.05 | 1.52 | 5/8/2022 | -- | -- | 0.0347 | 110 | 7.6 | 3.7 | 0.82 | 6.94 | 1.39 | 45 | 0.30 | 46.70 | 11.75 | 9.15 | 1.23 | 0.46 | 45 | 2.56 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-035 | 3.05 | 4.57 | 1.52 | 5/8/2022 | -- | -- | 0.0562 | 156 | 6.9 | 2.7 | 1.74 | 11.70 | 1.08 | 103 | 0.31 | 113.50 | 29.20 | 19.95 | 1.40 | 0.34 | 29 | 2.18 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-035 | 4.57 | 6.1 | 1.52 | 5/8/2022 | -- | -- | 0.0726 | 181 | 11.8 | 5.3 | 2.57 | 20.10 | 2.02 | 129 | 0.55 | 138.50 | 35.20 | 28.80 | 2.46 | 0.73 | 55 | 4.52 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-035 | 6.1 | 7.32 | 1.22 | 5/8/2022 | -- | -- | 0.0696 | 190 | 14.3 | 6.1 | 2.14 | 19.25 | 2.49 | 114 | 0.72 | 108.50 | 28.60 | 22.30 | 2.78 | 0.81 | 73 | 5.16 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-035 | -- | -- | -- | 5/8/2022 | Blank | -- | 0.0040 | 10 | 0.9 | 0.3 | 0.30 | 1.20 | 0.15 | 6 | 0.03 | 6.90 | 1.52 | 1.20 | 0.17 | 0.05 | 5 | 0.30 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-036 | 0 | 1.52 | 1.52 | 5/8/2022 | -- | -- | 0.0627 | 232 | 9.7 | 4.9 | 1.02 | 11.90 | 1.72 | 87 | 0.53 | 89.30 | 23.20 | 15.40 | 1.80 | 0.64 | 49 | 3.76 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-036 | 1.52 | 3.05 | 1.52 | 5/8/2022 | -- | -- | 0.0544 | 205 | 8.1 | 3.4 | 1.15 | 10.40 | 1.45 | 76 | 0.35 | 80.80 | 20.40 | 14.00 | 1.44 | 0.49 | 36 | 3.25 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-036 | 3.05 | 4.57 | 1.52 | 5/8/2022 | -- | -- | 0.0734 | 230 | 8.8 | 3.8 | 1.71 | 14.90 | 1.40 | 122 | 0.46 | 139.50 | 35.40 | 23.80 | 1.84 | 0.50 | 38 | 2.99 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-036 | 4.57 | 6.1 | 1.52 | 5/8/2022 | -- | -- | 0.1134 | 179 | 19.8 | 9.6 | 4.37 | 32.30 | 3.40 | 210 | 1.23 | 278.00 | 68.00 | 49.80 | 4.09 | 1.32 | 95 | 8.49 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-036 | 6.1 | 7.62 | 1.52 | 5/8/2022 | -- | -- | 0.0814 | 184 | 16.6 | 7.6 | 2.63 | 23.80 | 2.81 | 139 | 0.98 | 149.00 | 37.00 | 29.90 | 3.19 | 1.10 | 86 | 6.91 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-036 | 6.1 | 7.62 | 1.52 | 5/8/2022 | Duplicate | -- | 0.0830 | 183 | 17.5 | 8.1 | 2.76 | 24.30 | 3.06 | 143 | 1.07 | 151.50 | 38.50 | 29.70 | 3.40 | 1.12 | 89 | 7.30 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-036 | 7.62 | 8.46 | 0.84 | 5/8/2022 | -- | -- | 0.0351 | 66 | 12.4 | 7.6 | 1.07 | 9.42 | 2.76 | 39 | 0.84 | 37.30 | 9.96 | 9.07 | 1.85 | 1.06 | 89 | 6.26 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-037 | 0 | 1.52 | 1.52 | 5/8/2022 | -- | -- | 0.0420 | 165 | 5.8 | 2.7 | 0.64 | 7.45 | 1.07 | 60 | 0.31 | 56.80 | 15.05 | 9.84 | 1.11 | 0.36 | 29 | 2.28 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-037 | 1.52 | 3.05 | 1.52 | 5/8/2022 | -- | -- | 0.0510 | 211 | 5.6 | 1.9 | 0.71 | 8.44 | 0.83 | 78 | 0.23 | 71.10 | 19.10 | 12.10 | 1.13 | 0.26 | 23 | 1.68 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-037 | 3.05 | 4.57 | 1.52 | 5/8/2022 | -- | -- | 0.0468 | 151 | 6.2 | 2.8 | 0.91 | 9.90 | 1.06 | 80 | 0.30 | 77.30 | 20.90 | 14.00 | 1.33 | 0.34 | 30 | 1.98 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-037 | 4.57 | 6.1 | 1.52 | 5/8/2022 | -- | -- | 0.0581 | 136 | 11.9 | 5.4 | 1.67 | 15.80 | 2.00 | 99 | 0.67 | 107.00 | 26.60 | 20.80 | 2.12 | 0.71 | 59 | 5.07 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |

---

SLV0163 – Technical Report Summary Shiloh Project, Georgia 177 November 2025

------

---

| | |
|:---|:---|
| **Technical Report Summary** | ![img77526612_64.jpg](img77526612_64.jpg) |

---

---

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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|  |  |  |  |  |  |  | **Method** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** |
|  |  |  |  |  |  |  | **Analyte** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** |
|  |  |  |  |  |  |  | **Units** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** |
|  |  |  |  |  |  |  | **Detection <br>Limit** | **0.1** | **0.05** | **0.03** | **0.02** | **0.05** | **0.01** | **0.1** | **0.01** | **0.1** | **0.02** | **0.03** | **0.01** | **0.01** | **0.1** | **0.03** | **3** | **0.3** | **0.2** | **0.2** | **0.3** | **0.05** | **3** | **0.05** | **0.5** | **0.2** | **0.2** | **0.05** | **0.05** | **3** | **0.2** |
|  |  |  |  |  |  |  | **Upper <br>Limit** | **10000** | **1000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **10000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **50000** | **5000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** | **50000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** |
| **Hole ID** | **From <br>(m)** | **To <br>(m)** | **Interval <br>(m)** | **Drill Date** | **Sample <br>Type** | **Sample Details** | **TREO <br>(%)** | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-037 | 6.1 | 7.62 | 1.52 | 5/8/2022 | -- | -- | 0.0463 | 75 | 15.1 | 8.5 | 1.54 | 15.95 | 2.94 | 63 | 1.14 | 70.20 | 17.25 | 16.45 | 2.54 | 1.22 | 90 | 7.96 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-037 | 7.62 | 8.38 | 0.76 | 5/8/2022 | -- | -- | 0.0478 | 123 | 12.7 | 6.2 | 1.14 | 13.90 | 2.16 | 68 | 0.78 | 63.80 | 16.95 | 13.85 | 2.25 | 0.87 | 73 | 5.19 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-038 | 0.76 | 1.52 | 0.76 | 5/8/2022 | -- | -- | 0.1114 | 605 | 8.4 | 4.2 | 1.61 | 11.25 | 1.60 | 105 | 0.53 | 123.50 | 30.80 | 19.05 | 1.60 | 0.55 | 33 | 3.75 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-038 | 1.52 | 3.05 | 1.52 | 5/8/2022 | -- | -- | 0.2440 | 593 | 34.7 | 15.2 | 6.69 | 53.10 | 5.84 | 408 | 1.70 | 569.00 | 135.50 | 95.60 | 6.61 | 1.99 | 138 | 12.75 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-038 | 3.05 | 4.57 | 1.52 | 5/8/2022 | -- | -- | 0.0852 | 139 | 15.0 | 5.7 | 2.24 | 21.10 | 2.43 | 179 | 0.67 | 203.00 | 54.80 | 34.30 | 2.96 | 0.84 | 59 | 5.26 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-038 | 4.57 | 6.1 | 1.52 | 5/8/2022 | -- | -- | 0.1322 | 221 | 28.3 | 13.5 | 4.00 | 40.30 | 5.05 | 229 | 1.73 | 294.00 | 70.30 | 56.20 | 5.25 | 1.94 | 139 | 11.45 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-038 | 6.1 | 7.01 | 0.91 | 5/8/2022 | -- | -- | 0.1859 | 488 | 52.1 | 34.4 | 4.40 | 48.70 | 11.15 | 193 | 5.09 | 219.00 | 53.50 | 44.10 | 8.25 | 5.14 | 361 | 34.70 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-038 | 7.01 | 8.31 | 1.3 | 5/8/2022 | -- | -- | 0.0670 | 117 | 20.9 | 14.7 | 1.37 | 16.45 | 4.64 | 85 | 2.17 | 81.70 | 20.70 | 15.55 | 3.01 | 2.02 | 161 | 14.45 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-038 | 8.31 | 9.98 | 1.68 | 5/8/2022 | -- | -- | 0.1161 | 303 | 23.5 | 18.1 | 4.16 | 24.50 | 6.08 | 149 | 3.10 | 161.50 | 38.30 | 29.70 | 3.64 | 2.99 | 192 | 19.30 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-038 | 9.98 | 11.66 | 1.68 | 5/8/2022 | -- | -- | 0.0420 | 122 | 7.1 | 4.9 | 1.19 | 7.56 | 1.77 | 63 | 0.77 | 62.30 | 15.50 | 11.10 | 1.20 | 0.77 | 52 | 4.83 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-038 | 11.66 | 13.41 | 1.75 | 5/8/2022 | -- | -- | 0.0216 | 58 | 4.6 | 3.4 | 0.58 | 4.53 | 1.13 | 30 | 0.56 | 27.20 | 6.78 | 5.75 | 0.79 | 0.55 | 35 | 3.44 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-038 | -- | -- | -- | 5/8/2022 | Standard | Oreas 463 | 2.1237 | 6750 | 72.7 | 16.3 | 117.00 | 247.00 | 8.83 | 5080 | 0.89 | 4050.00 | >1000 | 570.00 | 20.60 | 1.51 | 198 | 7.33 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-039 | 0 | 1.52 | 1.52 | 7/6/2022 | -- | -- | 0.0264 | 74 | 6.5 | 3.6 | 2.25 | 7.51 | 1.25 | 37 | 0.60 | 42.50 | 10.65 | 9.73 | 1.07 | 0.52 | 23 | 4.06 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-039 | 1.52 | 3.05 | 1.52 | 7/6/2022 | -- | -- | 0.0300 | 125 | 11.4 | 6.2 | 2.47 | 8.60 | 2.08 | 13 | 1.00 | 29.30 | 5.92 | 9.77 | 1.67 | 0.99 | 30 | 6.66 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-039 | 3.05 | 4.57 | 1.52 | 7/6/2022 | -- | -- | 0.0636 | 147 | 17.7 | 9.4 | 6.12 | 18.45 | 3.12 | 85 | 1.44 | 134.00 | 30.00 | 28.70 | 2.96 | 1.46 | 46 | 10.00 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-039 | 4.57 | 6.1 | 1.52 | 7/6/2022 | -- | -- | 0.1207 | 152 | 55.3 | 29.2 | 13.50 | 64.80 | 10.55 | 135 | 3.19 | 196.00 | 40.30 | 47.90 | 9.04 | 3.87 | 235 | 21.20 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-039 | 6.1 | 7.62 | 1.52 | 7/6/2022 | -- | -- | 0.1310 | 154 | 56.2 | 32.6 | 10.35 | 57.80 | 12.50 | 85 | 3.00 | 129.00 | 25.60 | 34.00 | 8.99 | 3.73 | 454 | 19.15 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-039 | 7.62 | 9.14 | 1.52 | 7/6/2022 | -- | -- | 0.1179 | 155 | 40.2 | 23.5 | 8.72 | 40.40 | 8.93 | 87 | 2.26 | 128.50 | 26.70 | 31.40 | 6.48 | 2.77 | 401 | 15.00 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-039 | 9.14 | 10.67 | 1.52 | 7/6/2022 | -- | -- | 0.0591 | 142 | 17.8 | 10.0 | 5.07 | 19.40 | 3.60 | 65 | 1.29 | 86.30 | 19.30 | 19.35 | 2.91 | 1.41 | 98 | 8.38 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-039 | 10.67 | 12.19 | 1.52 | 7/6/2022 | -- | -- | 0.0557 | 134 | 17.1 | 9.3 | 4.89 | 18.15 | 3.38 | 60 | 1.14 | 84.10 | 18.30 | 19.75 | 2.84 | 1.22 | 88 | 7.99 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-039 | 12.19 | 13.41 | 1.22 | 7/6/2022 | -- | -- | 0.0480 | 117 | 15.1 | 7.8 | 4.23 | 14.95 | 2.92 | 51 | 1.01 | 73.40 | 15.70 | 16.35 | 2.30 | 1.07 | 76 | 6.85 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-039 | -- | -- | -- | 7/6/2022 | Standard | -- | 0.5507 | 1900 | 20.6 | 6.0 | 22.90 | 50.20 | 2.86 | 1405 | 0.51 | 859.00 | 249.00 | 112.50 | 5.01 | 0.73 | 63 | 4.01 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-040 | 0 | 1.52 | 1.52 | 7/6/2022 | -- | -- | 0.0330 | 96 | 7.0 | 3.2 | 2.70 | 8.34 | 1.25 | 50 | 0.44 | 58.20 | 14.25 | 12.50 | 1.26 | 0.46 | 22 | 3.08 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-040 | 1.52 | 3.05 | 1.52 | 7/6/2022 | -- | -- | 0.0245 | 101 | 4.3 | 2.3 | 1.26 | 3.94 | 0.74 | 33 | 0.42 | 30.90 | 8.29 | 6.56 | 0.67 | 0.38 | 13 | 2.67 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-040 | 3.05 | 4.57 | 1.52 | 7/6/2022 | -- | -- | 0.0455 | 137 | 12.2 | 6.8 | 3.62 | 12.75 | 2.25 | 47 | 0.98 | 70.50 | 15.30 | 15.10 | 1.92 | 0.94 | 53 | 6.44 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-040 | 3.05 | 4.57 | 1.52 | 7/6/2022 | -- | -- | 0.0459 | 139 | 12.1 | 6.7 | 3.85 | 13.35 | 2.26 | 47 | 0.93 | 68.00 | 15.35 | 15.65 | 1.99 | 1.00 | 55 | 6.26 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-040 | 4.57 | 6.1 | 1.52 | 7/6/2022 | -- | -- | 0.0488 | 115 | 14.9 | 8.6 | 4.43 | 16.05 | 2.84 | 51 | 0.95 | 73.90 | 15.90 | 16.95 | 2.38 | 1.15 | 80 | 7.36 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-040 | 6.1 | 7.62 | 1.52 | 7/6/2022 | -- | -- | 0.0489 | 128 | 13.9 | 7.7 | 3.90 | 14.65 | 2.76 | 54 | 1.02 | 73.30 | 16.35 | 17.20 | 2.11 | 1.09 | 70 | 6.84 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-040 | 7.62 | 9.14 | 1.52 | 7/6/2022 | -- | -- | 0.0504 | 112 | 16.1 | 8.7 | 4.66 | 17.70 | 3.21 | 52 | 1.04 | 75.10 | 16.20 | 18.15 | 2.68 | 1.17 | 89 | 7.13 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-040 | 9.14 | 10.06 | 0.91 | 7/6/2022 | -- | -- | 0.0482 | 119 | 14.9 | 7.9 | 4.30 | 16.10 | 2.99 | 49 | 1.01 | 72.10 | 15.50 | 17.15 | 2.48 | 1.16 | 76 | 6.81 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-041 | 0 | 1.52 | 1.52 | 7/6/2022 | -- | -- | 0.0569 | 199 | 9.1 | 4.5 | 1.63 | 11.35 | 1.58 | 85 | 0.55 | 86.10 | 21.90 | 16.95 | 1.62 | 0.63 | 40 | 4.11 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-041 | 1.52 | 3.05 | 1.52 | 7/6/2022 | -- | -- | 0.0713 | 238 | 11.2 | 4.7 | 1.55 | 15.60 | 1.86 | 111 | 0.56 | 114.50 | 29.80 | 23.30 | 2.13 | 0.67 | 47 | 3.85 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-041 | 3.05 | 4.57 | 1.52 | 7/6/2022 | -- | -- | 0.0681 | 149 | 19.1 | 9.5 | 5.35 | 22.90 | 3.50 | 97 | 1.20 | 111.50 | 26.20 | 26.60 | 3.32 | 1.34 | 92 | 8.01 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |

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SLV0163 – Technical Report Summary Shiloh Project, Georgia 178 November 2025

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| **Technical Report Summary** | ![img77526612_64.jpg](img77526612_64.jpg) |

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|  |  |  |  |  |  |  | **Method** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** |
|  |  |  |  |  |  |  | **Analyte** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** |
|  |  |  |  |  |  |  | **Units** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** |
|  |  |  |  |  |  |  | **Detection <br>Limit** | **0.1** | **0.05** | **0.03** | **0.02** | **0.05** | **0.01** | **0.1** | **0.01** | **0.1** | **0.02** | **0.03** | **0.01** | **0.01** | **0.1** | **0.03** | **3** | **0.3** | **0.2** | **0.2** | **0.3** | **0.05** | **3** | **0.05** | **0.5** | **0.2** | **0.2** | **0.05** | **0.05** | **3** | **0.2** |
|  |  |  |  |  |  |  | **Upper <br>Limit** | **10000** | **1000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **10000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **50000** | **5000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** | **50000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** |
| **Hole ID** | **From <br>(m)** | **To <br>(m)** | **Interval <br>(m)** | **Drill Date** | **Sample <br>Type** | **Sample Details** | **TREO <br>(%)** | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-041 | 4.57 | 6.1 | 1.52 | 7/6/2022 | -- | -- | 0.0691 | 168 | 21.3 | 11.8 | 5.60 | 23.50 | 3.63 | 80 | 1.42 | 111.50 | 24.20 | 24.40 | 3.21 | 1.48 | 95 | 10.20 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-041 | 6.1 | 6.86 | 0.76 | 7/6/2022 | -- | -- | 0.0644 | 148 | 22.0 | 11.3 | 6.27 | 23.60 | 4.04 | 64 | 1.46 | 93.40 | 21.10 | 22.30 | 3.46 | 1.45 | 110 | 9.85 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-042 | 0 | 1.52 | 1.52 | 7/6/2022 | -- | -- | 0.0381 | 156 | 4.7 | 2.0 | 0.90 | 7.10 | 0.76 | 53 | 0.23 | 53.90 | 14.05 | 9.79 | 0.90 | 0.34 | 19 | 2.14 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-042 | 1.52 | 3.05 | 1.52 | 7/6/2022 | -- | -- | 0.0430 | 176 | 5.2 | 2.1 | 0.93 | 8.68 | 0.86 | 61 | 0.25 | 61.10 | 15.60 | 11.15 | 1.00 | 0.30 | 20 | 2.00 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-042 | 3.05 | 4.57 | 1.52 | 7/6/2022 | -- | -- | 0.0705 | 206 | 11.4 | 5.2 | 2.70 | 18.10 | 1.78 | 119 | 0.49 | 122.50 | 31.10 | 24.00 | 2.25 | 0.60 | 50 | 3.94 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-042 | 4.57 | 6.1 | 1.52 | 7/6/2022 | -- | -- | 0.0861 | 212 | 18.8 | 7.9 | 3.31 | 24.50 | 2.88 | 149 | 0.79 | 149.00 | 37.60 | 30.40 | 3.44 | 1.00 | 84 | 6.22 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-042 | 6.1 | 7.62 | 1.52 | 7/6/2022 | -- | -- | 0.0810 | 228 | 16.0 | 6.4 | 2.51 | 21.90 | 2.50 | 139 | 0.63 | 128.00 | 33.70 | 25.60 | 3.07 | 0.74 | 75 | 4.77 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-043 | 0 | 1.52 | 1.52 | 7/7/2022 | -- | -- | 0.0558 | 197 | 8.4 | 3.7 | 0.71 | 11.25 | 1.26 | 86 | 0.43 | 87.00 | 22.00 | 15.55 | 1.55 | 0.47 | 37 | 2.78 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-043 | 1.52 | 3.05 | 1.52 | 7/7/2022 | -- | -- | 0.0552 | 198 | 8.3 | 3.1 | 0.86 | 11.55 | 1.26 | 85 | 0.28 | 84.20 | 21.40 | 15.95 | 1.54 | 0.38 | 35 | 2.41 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-043 | 3.05 | 4.57 | 1.52 | 7/7/2022 | -- | -- | 0.0814 | 220 | 15.7 | 6.3 | 2.25 | 21.20 | 2.44 | 140 | 0.53 | 144.00 | 37.00 | 27.40 | 2.76 | 0.76 | 66 | 4.82 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-043 | 4.57 | 6.1 | 1.52 | 7/7/2022 | -- | -- | 0.0695 | 182 | 14.5 | 6.0 | 2.40 | 18.45 | 2.28 | 121 | 0.52 | 116.50 | 31.00 | 23.60 | 2.49 | 0.72 | 65 | 4.04 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-043 | 4.57 | 6.1 | 1.52 | 7/7/2022 | -- | -- | 0.0717 | 195 | 13.7 | 5.8 | 2.21 | 19.40 | 2.16 | 122 | 0.54 | 122.00 | 31.80 | 23.10 | 2.45 | 0.66 | 64 | 4.27 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-043 | 6.1 | 6.86 | 0.76 | 7/7/2022 | -- | -- | 0.0615 | 181 | 13.2 | 4.8 | 1.59 | 17.10 | 1.85 | 99 | 0.50 | 94.80 | 24.80 | 18.70 | 2.53 | 0.58 | 58 | 3.26 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-044 | 0 | 1.52 | 1.52 | 7/7/2022 | -- | -- | 0.0684 | 202 | 11.9 | 5.3 | 1.45 | 16.85 | 1.86 | 118 | 0.48 | 113.00 | 29.80 | 21.70 | 1.98 | 0.60 | 53 | 4.17 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-044 | 1.52 | 3.05 | 1.52 | 7/7/2022 | -- | -- | 0.1087 | 231 | 27.1 | 12.9 | 3.78 | 35.70 | 4.78 | 184 | 1.42 | 189.50 | 46.50 | 39.20 | 4.64 | 1.68 | 127 | 11.40 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-044 | 3.05 | 3.96 | 0.91 | 7/7/2022 | -- | -- | 0.0648 | 204 | 12.2 | 6.4 | 1.52 | 14.20 | 2.22 | 99 | 0.50 | 100.50 | 25.20 | 16.40 | 2.15 | 0.70 | 59 | 5.02 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-045 | 0 | 1.52 | 1.52 | 7/7/2022 | -- | -- | 0.0378 | 123 | 6.1 | 2.8 | 0.93 | 8.80 | 1.06 | 59 | 0.27 | 57.80 | 14.95 | 11.20 | 1.20 | 0.35 | 32 | 2.33 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-045 | 1.52 | 3.05 | 1.52 | 7/7/2022 | -- | -- | 0.0593 | 173 | 11.0 | 4.9 | 1.53 | 14.40 | 1.85 | 97 | 0.52 | 97.70 | 25.00 | 17.60 | 1.81 | 0.70 | 53 | 4.28 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-045 | 3.05 | 3.66 | 0.61 | 7/7/2022 | -- | -- | 0.0520 | 174 | 8.9 | 4.5 | 0.78 | 11.00 | 1.42 | 77 | 0.45 | 78.20 | 19.90 | 14.25 | 1.49 | 0.52 | 46 | 3.23 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-045 | 3.66 | 4.57 | 0.91 | 7/7/2022 | -- | -- | 0.0600 | 191 | 12.9 | 4.5 | 0.75 | 15.95 | 1.88 | 86 | 0.33 | 86.40 | 22.20 | 17.35 | 2.28 | 0.56 | 62 | 3.22 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-045 | 5.18 | 6.1 | 0.91 | 7/7/2022 | -- | -- | 0.0505 | 145 | 13.4 | 7.2 | 0.87 | 12.60 | 2.44 | 66 | 0.64 | 66.30 | 17.35 | 13.45 | 2.18 | 0.85 | 74 | 5.29 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-046 | 0 | 1.98 | 1.98 | 7/8/2022 | -- | -- | 0.0817 | 272 | 15.2 | 7.3 | 1.26 | 17.75 | 2.61 | 121 | 0.77 | 124.00 | 31.60 | 20.80 | 2.54 | 0.95 | 70 | 6.17 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-046 | 1.98 | 3.05 | 1.07 | 7/8/2022 | -- | -- | 0.0802 | 167 | 24.6 | 12.0 | 2.76 | 28.40 | 4.23 | 118 | 1.36 | 122.00 | 31.90 | 28.80 | 4.49 | 1.60 | 121 | 10.05 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-046 | 3.05 | 4.57 | 1.52 | 7/8/2022 | -- | -- | 0.0861 | 198 | 24.9 | 12.9 | 2.63 | 29.10 | 4.52 | 129 | 1.40 | 123.00 | 31.60 | 27.30 | 4.55 | 1.72 | 128 | 10.15 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-046 | 4.57 | 5.49 | 0.91 | 7/8/2022 | -- | -- | 0.0737 | 233 | 13.9 | 6.4 | 1.55 | 18.10 | 2.41 | 118 | 0.67 | 104.00 | 27.50 | 19.75 | 2.45 | 0.84 | 72 | 4.76 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-046 | 5.49 | 6.4 | 0.91 | 7/8/2022 | -- | -- | 0.0354 | 99 | 9.6 | 4.4 | 1.01 | 9.39 | 1.55 | 53 | 0.32 | 46.10 | 12.10 | 9.41 | 1.54 | 0.52 | 49 | 3.12 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-047 | 0 | 1.52 | 1.52 | 7/9/2022 | -- | -- | 0.0546 | 156 | 8.5 | 3.2 | 1.55 | 14.55 | 1.34 | 95 | 0.37 | 100.50 | 25.20 | 17.95 | 1.72 | 0.45 | 36 | 2.48 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-047 | 1.52 | 3.05 | 1.52 | 7/9/2022 | -- | -- | 0.0972 | 172 | 25.8 | 12.5 | 3.35 | 30.70 | 4.53 | 163 | 1.28 | 182.50 | 44.60 | 36.30 | 4.07 | 1.66 | 130 | 9.78 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-047 | 3.05 | 4.57 | 1.52 | 7/9/2022 | -- | -- | 0.0655 | 161 | 16.2 | 8.2 | 1.94 | 21.20 | 2.95 | 103 | 0.96 | 97.20 | 25.20 | 19.95 | 2.93 | 1.10 | 86 | 7.33 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-047 | 4.57 | 6.1 | 1.52 | 7/9/2022 | -- | -- | 0.0468 | 157 | 7.1 | 3.3 | 1.06 | 10.50 | 1.21 | 78 | 0.33 | 69.90 | 18.00 | 12.00 | 1.33 | 0.45 | 35 | 2.58 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-047 | 4.57 | 6.1 | 1.52 | 7/9/2022 | Duplicate | -- | 0.0481 | 160 | 7.6 | 3.4 | 1.14 | 10.20 | 1.23 | 80 | 0.34 | 69.90 | 18.95 | 12.85 | 1.36 | 0.43 | 39 | 2.61 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-047 | 6.1 | 6.86 | 0.76 | 7/9/2022 | -- | -- | 0.0473 | 161 | 6.7 | 2.6 | 1.17 | 9.84 | 1.03 | 81 | 0.29 | 71.10 | 18.70 | 13.65 | 1.32 | 0.36 | 32 | 2.04 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-048 | 0 | 1.52 | 1.52 | 7/9/2022 | -- | -- | 0.0542 | 198 | 8.3 | 3.9 | 0.89 | 10.00 | 1.50 | 82 | 0.45 | 74.40 | 19.20 | 13.15 | 1.40 | 0.49 | 44 | 2.89 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |

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SLV0163 – Technical Report Summary Shiloh Project, Georgia 179 November 2025

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| | |
|:---|:---|
| **Technical Report Summary** | ![img77526612_64.jpg](img77526612_64.jpg) |

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|  |  |  |  |  |  |  | **Method** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** |
|  |  |  |  |  |  |  | **Analyte** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** |
|  |  |  |  |  |  |  | **Units** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** |
|  |  |  |  |  |  |  | **Detection <br>Limit** | **0.1** | **0.05** | **0.03** | **0.02** | **0.05** | **0.01** | **0.1** | **0.01** | **0.1** | **0.02** | **0.03** | **0.01** | **0.01** | **0.1** | **0.03** | **3** | **0.3** | **0.2** | **0.2** | **0.3** | **0.05** | **3** | **0.05** | **0.5** | **0.2** | **0.2** | **0.05** | **0.05** | **3** | **0.2** |
|  |  |  |  |  |  |  | **Upper <br>Limit** | **10000** | **1000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **10000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **50000** | **5000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** | **50000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** |
| **Hole ID** | **From <br>(m)** | **To <br>(m)** | **Interval <br>(m)** | **Drill Date** | **Sample <br>Type** | **Sample Details** | **TREO <br>(%)** | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-048 | 1.52 | 3.05 | 1.52 | 7/9/2022 | -- | -- | 0.0701 | 179 | 7.8 | 3.2 | 1.59 | 12.80 | 1.24 | 128 | 0.39 | 159.50 | 39.50 | 25.10 | 1.48 | 0.39 | 35 | 2.66 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-048 | 3.05 | 4.57 | 1.52 | 7/9/2022 | -- | -- | 0.1061 | 175 | 17.8 | 9.8 | 3.49 | 25.70 | 3.11 | 178 | 1.22 | 268.00 | 62.60 | 45.90 | 3.19 | 1.36 | 96 | 8.99 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-048 | 4.57 | 5.18 | 0.61 | 7/9/2022 | -- | -- | 0.0778 | 143 | 22.5 | 11.6 | 2.51 | 25.90 | 4.03 | 111 | 1.44 | 127.50 | 31.40 | 28.40 | 3.78 | 1.61 | 130 | 10.85 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-049 | 0 | 1.52 | 1.52 | 7/9/2022 | -- | -- | 0.0386 | 114 | 12.4 | 5.3 | 0.56 | 7.22 | 2.11 | 45 | 0.41 | 40.60 | 10.75 | 8.42 | 1.51 | 0.59 | 72 | 3.43 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-049 | 1.52 | 3.05 | 1.52 | 7/9/2022 | -- | -- | 0.0519 | 137 | 11.9 | 4.0 | 1.01 | 11.90 | 1.82 | 83 | 0.30 | 88.20 | 22.90 | 14.45 | 1.86 | 0.46 | 58 | 2.76 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-049 | 3.05 | 4.57 | 1.52 | 7/9/2022 | -- | -- | 0.0993 | 179 | 13.8 | 5.5 | 2.59 | 22.70 | 2.27 | 198 | 0.63 | 249.00 | 61.90 | 40.10 | 2.69 | 0.82 | 61 | 5.43 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-049 | 4.57 | 6.1 | 1.52 | 7/9/2022 | -- | -- | 0.1239 | 219 | 32.6 | 17.5 | 3.64 | 41.70 | 5.86 | 191 | 2.01 | 229.00 | 56.90 | 45.10 | 5.92 | 2.40 | 179 | 15.50 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-049 | 6.1 | 7.62 | 1.52 | 7/9/2022 | -- | -- | 0.0992 | 160 | 36.6 | 22.0 | 2.66 | 31.30 | 7.43 | 111 | 2.87 | 112.00 | 28.10 | 23.40 | 5.35 | 3.04 | 263 | 19.80 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-049 | 7.62 | 8.53 | 0.91 | 7/9/2022 | -- | -- | 0.0509 | 158 | 9.5 | 4.6 | 0.82 | 11.25 | 1.61 | 75 | 0.58 | 72.20 | 18.90 | 13.10 | 1.69 | 0.62 | 58 | 4.21 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-049 | -- | -- | -- | 7/9/2022 | Standard | -- | 2.1205 | 6950 | 76.7 | 17.3 | 120.50 | 255.00 | 8.84 | 5400 | 0.83 | 4060.00 | >1000 | 550.00 | 20.50 | 1.58 | 206 | 8.01 | 6660 | 69 | 15 | 110 | 225 | 9 | 5170 | 1 | 3990 | 1095 | 556 | 20 | 1 | 185 | 6 |
| 22-DPT-050 | 0 | 1.52 | 1.52 | 10/18/2022 | -- | -- | 0.1079 | 345 | 20.5 | 8.8 | 1.72 | 25.10 | 3.60 | 144 | 0.77 | 175.50 | 43.30 | 33.20 | 3.87 | 1.15 | 103 | 6.11 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-050 | 1.52 | 3.05 | 1.52 | 10/18/2022 | -- | -- | 0.1470 | 452 | 28.6 | 13.7 | 2.57 | 33.20 | 5.40 | 196 | 1.58 | 239.00 | 59.00 | 45.10 | 5.03 | 1.94 | 151 | 11.50 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-050 | 3.05 | 4.57 | 1.52 | 10/18/2022 | -- | -- | 0.1159 | 344 | 24.7 | 11.9 | 2.18 | 29.20 | 4.60 | 151 | 1.43 | 182.50 | 45.40 | 36.60 | 4.29 | 1.80 | 131 | 11.00 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-050 | 3.05 | 4.57 | 1.52 | 10/18/2022 | Duplicate | -- | 0.1199 | 354 | 25.4 | 12.6 | 2.28 | 28.80 | 4.88 | 156 | 1.49 | 190.50 | 46.60 | 36.60 | 4.44 | 1.83 | 139 | 11.10 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-050 | 4.57 | 6.1 | 1.52 | 10/18/2022 | -- | -- | 0.0612 | 188 | 11.9 | 6.1 | 1.22 | 13.45 | 2.29 | 84 | 0.68 | 96.10 | 24.50 | 18.45 | 2.05 | 0.89 | 64 | 5.32 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-050 | 6.1 | 7.62 | 1.52 | 10/18/2022 | -- | -- | 0.0262 | 67 | 7.6 | 5.0 | 0.76 | 5.51 | 1.69 | 32 | 0.64 | 33.00 | 8.66 | 6.41 | 1.08 | 0.78 | 46 | 4.77 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-050 | 7.62 | 8.38 | 0.76 | 10/18/2022 | -- | -- | 0.0212 | 48 | 6.5 | 4.4 | 0.57 | 4.32 | 1.58 | 25 | 0.53 | 22.30 | 5.92 | 4.31 | 0.87 | 0.66 | 49 | 3.89 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-051 | 0 | 1.52 | 1.52 | 10/18/2022 | -- | -- | 0.0791 | 307 | 12.3 | 6.4 | 1.37 | 14.20 | 2.33 | 95 | 0.77 | 111.00 | 27.30 | 19.70 | 2.09 | 0.94 | 66 | 5.82 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-051 | 1.52 | 3.05 | 1.52 | 10/18/2022 | -- | -- | 0.0908 | 233 | 19.2 | 10.1 | 2.47 | 21.20 | 3.77 | 132 | 1.38 | 162.00 | 40.30 | 29.20 | 3.21 | 1.60 | 100 | 10.20 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-051 | 3.05 | 4.57 | 1.52 | 10/18/2022 | -- | -- | 0.1329 | 429 | 22.4 | 12.4 | 2.80 | 27.10 | 4.50 | 188 | 1.55 | 213.00 | 53.70 | 36.30 | 3.80 | 1.89 | 121 | 10.95 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-051 | 4.57 | 7.16 | 2.59 | 10/18/2022 | -- | -- | 0.0784 | 232 | 15.5 | 8.8 | 2.04 | 17.75 | 3.18 | 108 | 1.15 | 123.00 | 30.30 | 22.50 | 2.66 | 1.33 | 88 | 8.27 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-052 | 0 | 1.52 | 1.52 | 10/18/2022 | -- | -- | 0.1248 | 455 | 17.5 | 8.9 | 2.17 | 23.00 | 3.20 | 168 | 1.14 | 198.00 | 50.00 | 33.40 | 3.15 | 1.30 | 88 | 7.73 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-052 | 1.52 | 3.05 | 1.52 | 10/18/2022 | -- | -- | 0.1555 | 494 | 19.6 | 10.4 | 4.21 | 29.50 | 3.72 | 230 | 1.41 | 302.00 | 73.20 | 48.90 | 3.79 | 1.52 | 91 | 9.64 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-052 | 3.05 | 4.57 | 1.52 | 10/18/2022 | -- | -- | 0.1582 | 489 | 23.2 | 13.6 | 4.24 | 32.50 | 4.74 | 233 | 1.96 | 283.00 | 67.60 | 46.00 | 4.21 | 2.07 | 126 | 12.90 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-052 | 4.57 | 6.55 | 1.98 | 10/18/2022 | -- | -- | 0.1371 | 425 | 21.6 | 12.6 | 4.19 | 28.10 | 4.39 | 202 | 1.56 | 243.00 | 58.90 | 41.20 | 3.79 | 1.59 | 106 | 11.00 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-052 | -- | -- | -- | 10/18/2022 | Standard | Oreas 460 | 0.5234 | 1750 | 19.8 | 5.9 | 23.40 | 50.30 | 2.87 | 1345 | 0.47 | 847.00 | 247.00 | 105.50 | 4.82 | 0.71 | 62 | 3.66 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-053 | 0 | 1.52 | 1.52 | 10/18/2022 | -- | -- | 0.0798 | 399 | 9.3 | 5.8 | 1.37 | 10.60 | 1.82 | 73 | 0.87 | 80.40 | 20.40 | 14.95 | 1.48 | 0.95 | 52 | 5.59 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-053 | 1.52 | 4.11 | 2.59 | 10/18/2022 | -- | -- | 0.0834 | 249 | 12.3 | 4.3 | 1.67 | 18.00 | 1.90 | 143 | 0.59 | 154.50 | 39.70 | 28.50 | 2.51 | 0.65 | 50 | 3.91 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-054 | 0 | 1.52 | 1.52 | 10/18/2022 | -- | -- | 0.0451 | 174 | 6.9 | 2.8 | 0.84 | 7.45 | 1.11 | 65 | 0.37 | 63.40 | 16.50 | 11.75 | 1.14 | 0.35 | 30 | 2.54 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-054 | 1.52 | 3.35 | 1.83 | 10/18/2022 | -- | -- | 0.0494 | 148 | 8.1 | 3.1 | 1.52 | 11.00 | 1.23 | 86 | 0.35 | 87.10 | 22.80 | 16.50 | 1.55 | 0.36 | 30 | 2.47 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-055 | 0 | 1.52 | 1.52 | 10/18/2022 | -- | -- | 0.0424 | 171 | 5.3 | 2.5 | 1.06 | 6.48 | 0.89 | 63 | 0.30 | 59.20 | 15.75 | 11.05 | 0.93 | 0.31 | 22 | 1.96 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-055 | 1.52 | 3.05 | 1.52 | 10/18/2022 | -- | -- | 0.0328 | 129 | 4.1 | 1.6 | 0.96 | 5.74 | 0.64 | 50 | 0.17 | 47.80 | 12.40 | 8.49 | 0.75 | 0.20 | 17 | 1.20 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-055 | 3.05 | 4.57 | 1.52 | 10/18/2022 | -- | -- | 0.1299 | 388 | 18.8 | 7.4 | 2.38 | 28.80 | 3.02 | 206 | 1.04 | 251.00 | 60.60 | 45.80 | 3.69 | 0.97 | 81 | 6.19 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |

---

SLV0163 – Technical Report Summary Shiloh Project, Georgia 180 November 2025

------

---

| | |
|:---|:---|
| **Technical Report Summary** | ![img77526612_64.jpg](img77526612_64.jpg) |

---

---

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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|  |  |  |  |  |  |  | **Method** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** |
|  |  |  |  |  |  |  | **Analyte** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** |
|  |  |  |  |  |  |  | **Units** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** |
|  |  |  |  |  |  |  | **Detection <br>Limit** | **0.1** | **0.05** | **0.03** | **0.02** | **0.05** | **0.01** | **0.1** | **0.01** | **0.1** | **0.02** | **0.03** | **0.01** | **0.01** | **0.1** | **0.03** | **3** | **0.3** | **0.2** | **0.2** | **0.3** | **0.05** | **3** | **0.05** | **0.5** | **0.2** | **0.2** | **0.05** | **0.05** | **3** | **0.2** |
|  |  |  |  |  |  |  | **Upper <br>Limit** | **10000** | **1000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **10000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **50000** | **5000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** | **50000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** |
| **Hole ID** | **From <br>(m)** | **To <br>(m)** | **Interval <br>(m)** | **Drill Date** | **Sample <br>Type** | **Sample Details** | **TREO <br>(%)** | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-055 | 3.05 | 4.57 | 1.52 | 10/18/2022 | Duplicate | -- | 0.1226 | 367 | 18.4 | 7.9 | 2.44 | 27.80 | 2.89 | 193 | 0.93 | 226.00 | 57.20 | 44.60 | 3.68 | 1.02 | 83 | 6.46 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-055 | 4.57 | 6.1 | 1.52 | 10/18/2022 | -- | -- | 0.1124 | 289 | 22.4 | 10.7 | 2.50 | 31.10 | 3.80 | 177 | 1.34 | 203.00 | 48.70 | 41.90 | 4.26 | 1.41 | 109 | 8.61 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-055 | 6.1 | 8.08 | 1.98 | 10/18/2022 | -- | -- | 0.1601 | 485 | 21.8 | 11.6 | 1.76 | 30.60 | 4.00 | 257 | 1.70 | 283.00 | 73.50 | 49.20 | 3.96 | 1.74 | 124 | 11.10 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-056 | 0 | 1.52 | 1.52 | 10/19/2022 | -- | -- | 0.0256 | 95 | 5.9 | 3.5 | 1.61 | 6.26 | 1.11 | 26 | 0.57 | 32.70 | 7.89 | 7.37 | 1.01 | 0.49 | 24 | 3.75 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-056 | 1.52 | 3.05 | 1.52 | 10/19/2022 | -- | -- | 0.0212 | 92 | 5.0 | 3.1 | 1.63 | 4.82 | 0.90 | 17 | 0.54 | 22.30 | 5.08 | 5.68 | 0.78 | 0.52 | 18 | 3.29 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-056 | 3.05 | 4.57 | 1.52 | 10/19/2022 | -- | -- | 0.0336 | 136 | 7.2 | 4.0 | 2.34 | 6.97 | 1.23 | 35 | 0.70 | 43.30 | 10.20 | 10.40 | 1.15 | 0.57 | 22 | 4.50 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-056 | 4.57 | 6.1 | 1.52 | 10/19/2022 | -- | -- | 0.0585 | 149 | 12.8 | 6.0 | 5.13 | 14.65 | 2.06 | 94 | 1.10 | 112.50 | 27.00 | 23.10 | 2.25 | 0.93 | 42 | 6.56 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-056 | 6.1 | 7.62 | 1.52 | 10/19/2022 | -- | -- | 0.0719 | 132 | 23.5 | 11.5 | 7.87 | 27.30 | 4.26 | 96 | 1.66 | 127.50 | 27.30 | 27.90 | 3.82 | 1.65 | 106 | 10.25 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-056 | 7.62 | 9.14 | 1.52 | 10/19/2022 | -- | -- | 0.0662 | 127 | 24.5 | 13.1 | 6.97 | 27.50 | 4.75 | 63 | 1.72 | 89.20 | 18.15 | 21.90 | 3.97 | 1.74 | 143 | 9.82 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-056 | 9.14 | 10.67 | 1.52 | 10/19/2022 | -- | -- | 0.0498 | 122 | 15.9 | 8.4 | 4.86 | 17.70 | 3.07 | 51 | 1.10 | 66.50 | 14.40 | 15.60 | 2.69 | 1.12 | 88 | 7.69 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-056 | 10.67 | 12.19 | 1.52 | 10/19/2022 | -- | -- | 0.0508 | 137 | 13.9 | 7.4 | 4.46 | 15.40 | 2.56 | 64 | 1.03 | 73.90 | 17.05 | 15.70 | 2.24 | 0.95 | 68 | 6.29 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-056 | 12.19 | 13.72 | 1.52 | 10/19/2022 | -- | -- | 0.0519 | 123 | 16.9 | 8.3 | 5.27 | 17.85 | 3.08 | 56 | 1.08 | 73.10 | 16.25 | 18.45 | 2.71 | 1.10 | 87 | 7.26 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-056 | 13.72 | 15.24 | 1.52 | 10/19/2022 | -- | -- | 0.0478 | 114 | 14.2 | 6.7 | 4.77 | 16.25 | 2.42 | 59 | 0.92 | 77.00 | 16.40 | 16.35 | 2.32 | 0.96 | 67 | 6.08 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-056 | 15.24 | 16.15 | 0.91 | 10/19/2022 | -- | -- | 0.0440 | 123 | 14.5 | 7.7 | 4.00 | 15.55 | 2.66 | 40 | 1.11 | 55.70 | 11.80 | 13.90 | 2.36 | 0.95 | 71 | 7.03 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-056 | -- | -- | -- | 10/19/2022 | Standard | Oreas 463 | 2.1253 | 6710 | 75.9 | 15.8 | 126.00 | 258.00 | 8.72 | 5190 | 0.94 | 3970.00 | >1000 | 572.00 | 21.10 | 1.52 | 197 | 6.93 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-057 | 0 | 1.52 | 1.52 | 10/19/2022 | -- | -- | 0.0569 | 216 | 8.8 | 3.7 | 1.16 | 11.85 | 1.34 | 81 | 0.50 | 76.70 | 19.90 | 15.40 | 1.61 | 0.48 | 41 | 3.07 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-057 | 1.52 | 3.05 | 1.52 | 10/19/2022 | -- | -- | 0.0532 | 200 | 7.2 | 2.8 | 0.82 | 10.45 | 1.09 | 85 | 0.28 | 74.20 | 20.40 | 14.85 | 1.47 | 0.32 | 32 | 2.05 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-057 | 3.05 | 4.57 | 1.52 | 10/19/2022 | -- | -- | 0.0758 | 244 | 18.8 | 7.5 | 0.99 | 18.05 | 3.02 | 103 | 0.71 | 93.50 | 25.30 | 20.60 | 3.10 | 0.90 | 96 | 5.01 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-057 | 4.57 | 6.1 | 1.52 | 10/19/2022 | -- | -- | 0.0813 | 290 | 11.7 | 4.8 | 1.33 | 15.45 | 1.88 | 130 | 0.56 | 118.50 | 31.30 | 21.80 | 2.11 | 0.60 | 57 | 3.86 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-057 | 6.1 | 7.62 | 1.52 | 10/19/2022 | -- | -- | 0.1457 | 524 | 11.9 | 4.4 | 2.17 | 24.00 | 1.68 | 259 | 0.46 | 253.00 | 65.20 | 40.90 | 2.71 | 0.57 | 48 | 3.64 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-057 | 6.1 | 7.62 | 1.52 | 10/19/2022 | Duplicate | -- | 0.1990 | 743 | 14.1 | 4.4 | 2.43 | 30.00 | 1.99 | 358 | 0.55 | 340.00 | 89.90 | 53.20 | 3.16 | 0.60 | 52 | 3.55 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-057 | 7.62 | 9.14 | 1.52 | 10/19/2022 | -- | -- | 0.0807 | 255 | 10.0 | 3.4 | 2.12 | 17.80 | 1.46 | 148 | 0.35 | 141.50 | 36.50 | 26.10 | 2.25 | 0.43 | 40 | 2.67 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-057 | 9.14 | 10.67 | 1.52 | 10/19/2022 | -- | -- | 0.0613 | 182 | 10.8 | 4.1 | 1.97 | 14.70 | 1.67 | 104 | 0.43 | 101.00 | 25.60 | 20.50 | 2.18 | 0.50 | 48 | 3.05 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-057 | 10.67 | 11.58 | 0.91 | 10/19/2022 | -- | -- | 0.0669 | 217 | 11.7 | 4.5 | 1.16 | 15.70 | 1.83 | 107 | 0.53 | 97.90 | 26.00 | 21.30 | 2.33 | 0.55 | 57 | 3.14 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-058 | 0 | 1.52 | 1.52 | 10/19/2022 | -- | -- | 0.0417 | 139 | 7.2 | 2.8 | 0.52 | 8.52 | 1.06 | 67 | 0.31 | 62.10 | 16.05 | 12.20 | 1.26 | 0.41 | 34 | 2.31 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-058 | 1.52 | 3.05 | 1.52 | 10/19/2022 | -- | -- | 0.0711 | 264 | 8.4 | 2.6 | 1.22 | 14.35 | 1.10 | 122 | 0.23 | 106.00 | 29.00 | 22.00 | 1.88 | 0.29 | 31 | 1.76 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-058 | 3.05 | 4.57 | 1.52 | 10/19/2022 | -- | -- | 0.0724 | 260 | 8.9 | 3.1 | 1.28 | 15.20 | 1.30 | 118 | 0.36 | 116.00 | 30.00 | 23.00 | 1.93 | 0.40 | 35 | 2.37 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-058 | 4.57 | 5.94 | 1.37 | 10/19/2022 | -- | -- | 0.1128 | 366 | 16.2 | 6.9 | 3.19 | 23.50 | 2.74 | 186 | 0.58 | 195.50 | 50.10 | 33.70 | 3.03 | 0.78 | 67 | 5.06 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-058 | 5.94 | 6.71 | 0.76 | 10/19/2022 | -- | -- | 0.1341 | 403 | 23.8 | 13.1 | 5.23 | 31.10 | 4.66 | 196 | 1.51 | 230.00 | 54.70 | 40.80 | 4.20 | 1.70 | 117 | 11.80 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-059 | 0 | 1.52 | 1.52 | 10/20/2022 | -- | -- | 0.0523 | 188 | 7.8 | 3.5 | 0.74 | 10.50 | 1.34 | 81 | 0.39 | 72.60 | 21.50 | 14.50 | 1.38 | 0.48 | 38 | 2.92 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-059 | 1.52 | 3.05 | 1.52 | 10/20/2022 | -- | -- | 0.0531 | 220 | 6.1 | 3.4 | 0.80 | 8.90 | 1.14 | 75 | 0.33 | 70.00 | 18.60 | 12.65 | 1.22 | 0.39 | 30 | 2.81 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-059 | 3.05 | 4.88 | 1.83 | 10/20/2022 | -- | -- | 0.0561 | 207 | 8.6 | 3.5 | 1.11 | 11.45 | 1.39 | 80 | 0.30 | 83.10 | 21.80 | 15.90 | 1.56 | 0.42 | 38 | 2.82 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-059 | 4.88 | 6.1 | 1.22 | 10/20/2022 | -- | -- | 0.0535 | 151 | 7.6 | 3.5 | 1.87 | 11.60 | 1.21 | 90 | 0.38 | 107.00 | 26.20 | 18.45 | 1.38 | 0.44 | 32 | 3.05 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |

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SLV0163 – Technical Report Summary Shiloh Project, Georgia 181 November 2025

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| **Technical Report Summary** | ![img77526612_64.jpg](img77526612_64.jpg) |

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|  |  |  |  |  |  |  | **Method** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** |
|  |  |  |  |  |  |  | **Analyte** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** |
|  |  |  |  |  |  |  | **Units** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** |
|  |  |  |  |  |  |  | **Detection <br>Limit** | **0.1** | **0.05** | **0.03** | **0.02** | **0.05** | **0.01** | **0.1** | **0.01** | **0.1** | **0.02** | **0.03** | **0.01** | **0.01** | **0.1** | **0.03** | **3** | **0.3** | **0.2** | **0.2** | **0.3** | **0.05** | **3** | **0.05** | **0.5** | **0.2** | **0.2** | **0.05** | **0.05** | **3** | **0.2** |
|  |  |  |  |  |  |  | **Upper <br>Limit** | **10000** | **1000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **10000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **50000** | **5000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** | **50000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** |
| **Hole ID** | **From <br>(m)** | **To <br>(m)** | **Interval <br>(m)** | **Drill Date** | **Sample <br>Type** | **Sample Details** | **TREO <br>(%)** | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-059 | 6.1 | 7.62 | 1.52 | 10/20/2022 | -- | -- | 0.0654 | 199 | 10.3 | 4.6 | 1.36 | 15.00 | 1.80 | 107 | 0.33 | 110.50 | 27.90 | 20.30 | 1.97 | 0.48 | 52 | 2.97 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-059 | 7.62 | 9.14 | 1.52 | 10/20/2022 | -- | -- | 0.1061 | 367 | 14.7 | 6.3 | 2.41 | 21.80 | 2.41 | 160 | 0.59 | 176.50 | 45.60 | 30.80 | 2.86 | 0.71 | 66 | 5.06 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-059 | 9.14 | 10.67 | 1.52 | 10/20/2022 | -- | -- | 0.1142 | 404 | 15.2 | 7.5 | 2.88 | 22.20 | 2.75 | 168 | 0.83 | 187.00 | 47.70 | 31.70 | 3.06 | 0.91 | 72 | 5.94 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-059 | 10.67 | 12.19 | 1.52 | 10/20/2022 | -- | -- | 0.0897 | 324 | 11.3 | 4.9 | 1.46 | 18.50 | 1.76 | 140 | 0.38 | 142.50 | 37.40 | 25.80 | 2.42 | 0.51 | 50 | 3.42 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-059 | -- | -- | -- | 10/20/2022 | Blank | -- | 0.0038 | 10 | 0.9 | 0.4 | 0.29 | 1.20 | 0.16 | 5 | 0.04 | 6.10 | 1.50 | 1.27 | 0.15 | 0.05 | 5 | 0.24 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-060 | 0 | 1.52 | 1.52 | 10/20/2022 | -- | -- | 0.0578 | 232 | 7.3 | 3.6 | 0.79 | 10.25 | 1.32 | 80 | 0.36 | 81.40 | 21.40 | 14.85 | 1.37 | 0.39 | 33 | 2.89 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-060 | 1.52 | 3.05 | 1.52 | 10/20/2022 | -- | -- | 0.0872 | 317 | 9.0 | 4.0 | 1.47 | 15.10 | 1.51 | 138 | 0.45 | 148.50 | 37.90 | 24.20 | 1.85 | 0.53 | 39 | 3.60 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-060 | 1.52 | 3.05 | 1.52 | 10/20/2022 | Duplicate | -- | 0.0899 | 311 | 9.1 | 4.5 | 1.44 | 16.35 | 1.69 | 148 | 0.44 | 157.50 | 41.20 | 26.80 | 1.89 | 0.51 | 41 | 3.77 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-060 | 3.05 | 4.57 | 1.52 | 10/20/2022 | -- | -- | 0.1519 | 161 | 30.5 | 16.9 | 8.06 | 46.90 | 5.68 | 294 | 2.05 | 391.00 | 93.50 | 71.10 | 5.60 | 2.17 | 145 | 16.20 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-060 | 4.57 | 6.1 | 1.52 | 10/20/2022 | -- | -- | 0.1136 | 104 | 28.5 | 15.8 | 6.64 | 40.30 | 5.48 | 211 | 2.55 | 257.00 | 68.70 | 55.80 | 5.19 | 2.43 | 142 | 16.70 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-060 | 6.1 | 7.62 | 1.52 | 10/20/2022 | -- | -- | 0.0609 | 66 | 19.4 | 10.8 | 4.49 | 23.40 | 3.75 | 100 | 1.58 | 116.50 | 31.00 | 28.20 | 3.24 | 1.62 | 94 | 10.95 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-060 | 7.62 | 9.14 | 1.52 | 10/20/2022 | -- | -- | 0.0554 | 74 | 20.5 | 11.6 | 5.28 | 22.40 | 4.15 | 74 | 1.38 | 86.60 | 20.30 | 21.40 | 3.43 | 1.52 | 110 | 10.15 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-060 | 9.14 | 10.67 | 1.52 | 10/20/2022 | -- | -- | 0.0372 | 64 | 14.2 | 8.2 | 4.42 | 15.20 | 2.73 | 35 | 0.96 | 52.70 | 11.30 | 12.75 | 2.39 | 0.97 | 81 | 6.73 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-060 | 10.67 | 12.19 | 1.52 | 10/20/2022 | -- | -- | 0.0351 | 61 | 13.1 | 7.7 | 3.94 | 14.55 | 2.66 | 32 | 0.80 | 51.20 | 10.65 | 12.55 | 2.17 | 0.91 | 76 | 5.94 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-060 | 12.19 | 13.72 | 1.52 | 10/20/2022 | -- | -- | 0.0318 | 70 | 9.7 | 5.7 | 3.37 | 11.10 | 1.90 | 34 | 0.66 | 48.30 | 10.30 | 11.45 | 1.75 | 0.71 | 54 | 4.84 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-060 | 13.72 | 15.24 | 1.52 | 10/20/2022 | -- | -- | 0.0268 | 57 | 9.4 | 5.0 | 2.92 | 9.98 | 1.78 | 27 | 0.63 | 38.80 | 8.46 | 9.53 | 1.51 | 0.63 | 49 | 4.22 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-DPT-060 | 15.24 | 16.76 | 1.52 | 10/20/2022 | -- | -- | 0.0267 | 63 | 8.3 | 4.6 | 2.99 | 9.04 | 1.55 | 29 | 0.53 | 40.50 | 8.75 | 9.35 | 1.29 | 0.55 | 42 | 3.81 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SNB-010 | 17.37 | 18.29 | 0.91 | 1/18/2022 | -- | -- | 0.0656 | 217 | 10.4 | 5.4 | 1.04 | 12.05 | 1.96 | 109 | 0.61 | 93.50 | 27.40 | 17.80 | 1.88 | 0.76 | 54 | 4.77 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SNB-010 | 18.29 | 19.2 | 0.91 | 1/18/2022 | -- | -- | 0.0675 | 247 | 11.3 | 6.1 | 0.90 | 11.80 | 2.16 | 101 | 0.78 | 86.80 | 25.00 | 15.90 | 1.94 | 0.89 | 57 | 5.41 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SNB-010 | 19.2 | 20.12 | 0.91 | 1/18/2022 | -- | -- | 0.0826 | 240 | 18.5 | 8.8 | 1.17 | 17.95 | 3.48 | 129 | 0.86 | 108.50 | 30.20 | 21.30 | 3.06 | 1.20 | 108 | 6.57 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SNB-010 | 20.12 | 20.42 | 0.3 | 1/18/2022 | -- | -- | 0.1210 | 315 | 42.1 | 19.3 | 1.48 | 27.70 | 8.06 | 134 | 1.17 | 123.50 | 34.40 | 26.60 | 6.06 | 2.19 | 262 | 10.40 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SNB-010 | 20.42 | 21.34 | 0.91 | 1/18/2022 | -- | -- | 0.0444 | 136 | 11.7 | 5.9 | 0.98 | 8.76 | 2.29 | 58 | 0.49 | 53.30 | 15.05 | 10.00 | 1.74 | 0.71 | 67 | 3.93 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SNB-010 | 21.34 | 22.56 | 1.22 | 1/18/2022 | -- | -- | 0.0372 | 123 | 7.1 | 3.2 | 1.28 | 6.85 | 1.35 | 57 | 0.24 | 50.40 | 14.25 | 9.03 | 1.15 | 0.38 | 38 | 1.88 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SNB-010 | -- | -- | -- | 1/18/2022 | Standard | Oreas 460 | 0.5426 | 1840 | 20.6 | 6.1 | 21.90 | 48.90 | 2.94 | 1395 | 0.50 | 867.00 | 256.00 | 103.50 | 5.08 | 0.72 | 60 | 3.85 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SNB-011 | 0 | 0.91 | 0.91 | 1/19/2022 | -- | -- | 0.0938 | 332 | 13.4 | 7.5 | 2.95 | 18.45 | 2.63 | 140 | 1.00 | 146.00 | 37.50 | 25.90 | 2.53 | 1.03 | 60 | 6.73 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SNB-011 | 0.91 | 1.83 | 0.91 | 1/19/2022 | -- | -- | 0.1077 | 367 | 15.8 | 9.0 | 3.38 | 22.20 | 3.20 | 162 | 1.31 | 171.50 | 44.10 | 30.20 | 2.96 | 1.33 | 74 | 8.50 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SNB-011 | 1.83 | 3.05 | 1.22 | 1/19/2022 | -- | -- | 0.0939 | 299 | 15.2 | 8.4 | 3.04 | 19.90 | 2.91 | 146 | 1.15 | 156.00 | 39.90 | 27.30 | 2.66 | 1.19 | 69 | 7.52 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SNB-011 | 3.05 | 4.27 | 1.22 | 1/19/2022 | -- | -- | 0.0850 | 281 | 12.2 | 6.8 | 2.49 | 16.95 | 2.40 | 136 | 0.99 | 139.50 | 36.50 | 24.90 | 2.30 | 0.97 | 54 | 6.49 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SNB-011 | 4.27 | 5.33 | 1.07 | 1/19/2022 | -- | -- | 0.0916 | 241 | 18.2 | 9.6 | 2.53 | 23.80 | 3.45 | 148 | 1.23 | 146.00 | 39.10 | 30.00 | 3.30 | 1.35 | 100 | 8.52 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SNB-011 | 6.1 | 7.01 | 0.91 | 1/19/2022 | -- | -- | 0.0908 | 253 | 19.3 | 9.8 | 2.28 | 22.70 | 3.56 | 140 | 1.17 | 130.00 | 35.40 | 26.70 | 3.40 | 1.37 | 111 | 8.27 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SNB-011 | 7.01 | 8.08 | 1.07 | 1/19/2022 | -- | -- | 0.0671 | 245 | 8.7 | 3.6 | 1.21 | 13.15 | 1.40 | 111 | 0.39 | 95.00 | 27.00 | 18.20 | 1.84 | 0.49 | 40 | 2.83 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SNB-011 | 7.01 | 8.08 | 1.07 | 1/19/2022 | Duplicate | -- | 0.0581 | 218 | 7.6 | 3.3 | 1.18 | 10.85 | 1.26 | 91 | 0.34 | 80.80 | 23.40 | 16.25 | 1.61 | 0.42 | 36 | 2.62 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SNB-011 | 9.14 | 10.06 | 0.91 | 1/19/2022 | -- | -- | 0.0918 | 317 | 14.3 | 6.4 | 0.99 | 19.00 | 2.47 | 147 | 0.68 | 134.00 | 37.60 | 25.90 | 2.72 | 0.82 | 67 | 4.93 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |

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SLV0163 – Technical Report Summary Shiloh Project, Georgia 182 November 2025

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| | |
|:---|:---|
| **Technical Report Summary** | ![img77526612_64.jpg](img77526612_64.jpg) |

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|  |  |  |  |  |  |  | **Method** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** |
|  |  |  |  |  |  |  | **Analyte** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** |
|  |  |  |  |  |  |  | **Units** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** |
|  |  |  |  |  |  |  | **Detection <br>Limit** | **0.1** | **0.05** | **0.03** | **0.02** | **0.05** | **0.01** | **0.1** | **0.01** | **0.1** | **0.02** | **0.03** | **0.01** | **0.01** | **0.1** | **0.03** | **3** | **0.3** | **0.2** | **0.2** | **0.3** | **0.05** | **3** | **0.05** | **0.5** | **0.2** | **0.2** | **0.05** | **0.05** | **3** | **0.2** |
|  |  |  |  |  |  |  | **Upper <br>Limit** | **10000** | **1000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **10000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **50000** | **5000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** | **50000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** |
| **Hole ID** | **From <br>(m)** | **To <br>(m)** | **Interval <br>(m)** | **Drill Date** | **Sample <br>Type** | **Sample Details** | **TREO <br>(%)** | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SNB-011 | 10.06 | 10.97 | 0.91 | 1/19/2022 | -- | -- | 0.0401 | 137 | 6.9 | 3.5 | 0.72 | 8.39 | 1.32 | 63 | 0.45 | 53.30 | 15.20 | 10.75 | 1.24 | 0.48 | 36 | 3.12 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SNB-011 | 10.97 | 12.19 | 1.22 | 1/19/2022 | -- | -- | 0.0607 | 215 | 8.2 | 3.8 | 0.79 | 11.80 | 1.39 | 108 | 0.49 | 83.10 | 24.00 | 15.95 | 1.63 | 0.53 | 39 | 3.37 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SNB-011 | 12.19 | 13.41 | 1.22 | 1/19/2022 | -- | -- | 0.0814 | 296 | 9.0 | 3.3 | 0.94 | 15.35 | 1.41 | 144 | 0.36 | 122.50 | 35.00 | 22.00 | 1.97 | 0.42 | 39 | 2.66 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SNB-011 | 13.41 | 14.33 | 0.91 | 1/19/2022 | -- | -- | 0.1457 | 503 | 16.6 | 5.6 | 1.61 | 30.70 | 2.50 | 267 | 0.58 | 229.00 | 63.20 | 41.60 | 3.77 | 0.72 | 70 | 4.27 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SNB-011 | 14.33 | 14.97 | 0.64 | 1/19/2022 | -- | -- | 0.0917 | 326 | 11.0 | 4.3 | 1.13 | 17.85 | 1.79 | 165 | 0.46 | 133.00 | 38.00 | 24.90 | 2.33 | 0.55 | 51 | 3.39 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SNB-011 | 15.24 | 16.46 | 1.22 | 1/19/2022 | -- | -- | 0.0834 | 296 | 11.0 | 3.9 | 0.92 | 17.95 | 1.70 | 142 | 0.39 | 123.00 | 34.40 | 24.30 | 2.46 | 0.48 | 49 | 2.69 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SNB-011 | 16.46 | 17.68 | 1.22 | 1/19/2022 | -- | -- | 0.0426 | 146 | 7.1 | 3.3 | 0.98 | 9.45 | 1.29 | 64 | 0.32 | 60.30 | 16.85 | 12.00 | 1.33 | 0.43 | 36 | 2.48 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SNB-011 | 18.29 | 19.51 | 1.22 | 1/19/2022 | -- | -- | 0.0863 | 314 | 9.9 | 3.4 | 1.04 | 16.55 | 1.52 | 151 | 0.31 | 131.00 | 37.00 | 24.00 | 2.20 | 0.40 | 41 | 2.25 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SNB-011 | 19.51 | 20.42 | 0.91 | 1/19/2022 | -- | -- | 0.0650 | 237 | 8.9 | 3.5 | 1.14 | 13.00 | 1.44 | 113 | 0.34 | 87.60 | 25.30 | 16.55 | 1.79 | 0.42 | 41 | 2.49 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SNB-011 | 21.34 | 22.25 | 0.91 | 1/19/2022 | -- | -- | 0.0577 | 220 | 6.3 | 2.1 | 0.99 | 10.80 | 0.91 | 103 | 0.21 | 81.40 | 23.40 | 15.25 | 1.41 | 0.24 | 24 | 1.38 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SNB-011 | 22.25 | 23.16 | 0.91 | 1/19/2022 | -- | -- | 0.0602 | 225 | 7.3 | 2.8 | 0.78 | 11.05 | 1.18 | 107 | 0.30 | 83.10 | 23.90 | 15.35 | 1.53 | 0.35 | 31 | 1.93 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SNB-011 | 23.16 | 24.38 | 1.22 | 1/19/2022 | -- | -- | 0.0524 | 182 | 8.8 | 4.0 | 0.76 | 11.30 | 1.56 | 82 | 0.40 | 71.90 | 19.90 | 14.35 | 1.65 | 0.54 | 43 | 3.10 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SNB-011 | 24.38 | 24.99 | 0.61 | 1/19/2022 | -- | -- | 0.0523 | 192 | 6.3 | 3.0 | 0.70 | 9.07 | 1.23 | 83 | 0.32 | 78.90 | 21.80 | 13.70 | 1.22 | 0.40 | 31 | 2.35 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SNB-011 | -- | -- | -- | 1/19/2022 | Blank | -- | 0.0037 | 10 | 0.8 | 0.3 | 0.24 | 1.09 | 0.16 | 5 | 0.04 | 5.90 | 1.48 | 1.35 | 0.16 | 0.04 | 4 | 0.26 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SNB-012 | 0 | 0.91 | 0.91 | 1/19/2022 | -- | -- | 0.0906 | 323 | 14.8 | 7.7 | 1.52 | 17.30 | 2.83 | 129 | 0.98 | 121.00 | 33.70 | 23.40 | 2.56 | 1.13 | 83 | 6.72 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SNB-012 | 0.91 | 1.9 | 0.99 | 1/19/2022 | -- | -- | 0.0971 | 311 | 14.6 | 6.3 | 1.89 | 21.50 | 2.44 | 158 | 0.77 | 164.50 | 44.30 | 31.40 | 2.92 | 0.91 | 60 | 5.61 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SNB-012 | 3.05 | 3.35 | 0.3 | 1/19/2022 | -- | -- | 0.0654 | 177 | 16.1 | 9.4 | 1.16 | 15.75 | 3.38 | 88 | 1.22 | 76.10 | 20.90 | 15.70 | 2.68 | 1.35 | 114 | 8.19 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SNB-012 | 6.1 | 7.32 | 1.22 | 1/19/2022 | -- | -- | 0.0772 | 257 | 11.6 | 5.6 | 1.57 | 15.90 | 2.11 | 125 | 0.64 | 120.00 | 33.20 | 22.40 | 2.21 | 0.79 | 53 | 4.83 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SNB-012 | 6.1 | 7.32 | 1.22 | 1/19/2022 | Duplicate | -- | 0.0773 | 259 | 11.0 | 5.2 | 1.51 | 15.75 | 2.03 | 127 | 0.65 | 120.00 | 33.30 | 22.50 | 2.20 | 0.71 | 52 | 4.45 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SNB-012 | 7.32 | 8.23 | 0.91 | 1/19/2022 | -- | -- | 0.0598 | 224 | 7.3 | 3.1 | 1.07 | 11.05 | 1.26 | 96 | 0.33 | 86.40 | 24.30 | 16.35 | 1.55 | 0.42 | 33 | 2.63 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SNB-012 | 8.23 | 8.99 | 0.76 | 1/19/2022 | -- | -- | 0.0350 | 124 | 4.8 | 2.5 | 0.88 | 6.51 | 0.89 | 56 | 0.28 | 51.20 | 14.50 | 9.39 | 0.90 | 0.33 | 24 | 2.03 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SNB-012 | 9.14 | 10.06 | 0.91 | 1/19/2022 | -- | -- | 0.0479 | 169 | 7.6 | 3.6 | 0.65 | 10.25 | 1.33 | 76 | 0.49 | 63.70 | 18.30 | 13.15 | 1.51 | 0.52 | 38 | 3.11 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SNB-012 | 10.06 | 10.97 | 0.91 | 1/19/2022 | -- | -- | 0.0356 | 131 | 5.4 | 2.7 | 0.55 | 6.88 | 0.98 | 54 | 0.38 | 46.30 | 13.35 | 9.29 | 1.04 | 0.38 | 28 | 2.44 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SNB-012 | 10.97 | 12.12 | 1.14 | 1/19/2022 | -- | -- | 0.0308 | 99 | 5.8 | 3.7 | 0.64 | 6.01 | 1.20 | 47 | 0.55 | 38.00 | 11.10 | 7.58 | 1.00 | 0.55 | 36 | 3.65 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SNB-012 | 12.19 | 13.11 | 0.91 | 1/19/2022 | -- | -- | 0.0494 | 162 | 9.5 | 7.0 | 0.74 | 9.27 | 2.13 | 68 | 1.14 | 61.70 | 17.25 | 12.35 | 1.48 | 1.14 | 58 | 7.86 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SNB-012 | 13.11 | 14.02 | 0.91 | 1/19/2022 | -- | -- | 0.0672 | 246 | 8.9 | 5.3 | 0.90 | 11.95 | 1.74 | 104 | 0.79 | 94.30 | 26.90 | 18.05 | 1.71 | 0.79 | 45 | 5.26 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SNB-012 | 14.02 | 14.78 | 0.76 | 1/19/2022 | -- | -- | 0.0535 | 204 | 7.0 | 4.1 | 0.94 | 9.10 | 1.37 | 79 | 0.58 | 72.20 | 20.50 | 13.40 | 1.32 | 0.63 | 37 | 4.17 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SNB-012 | 15.24 | 16.15 | 0.91 | 1/19/2022 | -- | -- | 0.0211 | 68 | 3.5 | 1.7 | 0.60 | 4.42 | 0.62 | 37 | 0.23 | 28.40 | 8.29 | 5.74 | 0.67 | 0.24 | 18 | 1.63 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SNB-012 | 16.15 | 17.37 | 1.22 | 1/19/2022 | -- | -- | 0.0470 | 159 | 7.8 | 4.3 | 0.74 | 9.51 | 1.52 | 71 | 0.54 | 66.20 | 18.45 | 12.60 | 1.44 | 0.58 | 41 | 3.75 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SNB-012 | 17.37 | 18.29 | 0.91 | 1/19/2022 | -- | -- | 0.0253 | 83 | 4.8 | 2.5 | 0.53 | 5.70 | 0.89 | 40 | 0.31 | 32.30 | 9.28 | 6.69 | 0.89 | 0.34 | 25 | 2.16 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SNB-012 | 18.29 | 19.2 | 0.91 | 1/19/2022 | -- | -- | 0.0249 | 88 | 4.5 | 1.9 | 0.54 | 5.38 | 0.73 | 39 | 0.21 | 32.10 | 9.48 | 6.75 | 0.86 | 0.25 | 21 | 1.51 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SNB-012 | 19.2 | 20.12 | 0.91 | 1/19/2022 | -- | -- | 0.0247 | 81 | 5.0 | 2.2 | 0.54 | 5.57 | 0.86 | 40 | 0.26 | 31.10 | 9.08 | 6.60 | 0.90 | 0.30 | 25 | 1.80 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SNB-012 | 20.12 | 20.73 | 0.61 | 1/19/2022 | -- | -- | 0.0251 | 83 | 4.8 | 2.1 | 0.56 | 5.60 | 0.83 | 41 | 0.23 | 32.00 | 9.25 | 6.84 | 0.91 | 0.29 | 24 | 1.56 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |

---

SLV0163 – Technical Report Summary Shiloh Project, Georgia 183 November 2025

------

---

| | |
|:---|:---|
| **Technical Report Summary** | ![img77526612_64.jpg](img77526612_64.jpg) |

---

---

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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|  |  |  |  |  |  |  | **Method** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** |
|  |  |  |  |  |  |  | **Analyte** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** |
|  |  |  |  |  |  |  | **Units** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** |
|  |  |  |  |  |  |  | **Detection <br>Limit** | **0.1** | **0.05** | **0.03** | **0.02** | **0.05** | **0.01** | **0.1** | **0.01** | **0.1** | **0.02** | **0.03** | **0.01** | **0.01** | **0.1** | **0.03** | **3** | **0.3** | **0.2** | **0.2** | **0.3** | **0.05** | **3** | **0.05** | **0.5** | **0.2** | **0.2** | **0.05** | **0.05** | **3** | **0.2** |
|  |  |  |  |  |  |  | **Upper <br>Limit** | **10000** | **1000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **10000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **50000** | **5000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** | **50000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** |
| **Hole ID** | **From <br>(m)** | **To <br>(m)** | **Interval <br>(m)** | **Drill Date** | **Sample <br>Type** | **Sample Details** | **TREO <br>(%)** | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SNB-012 | -- | -- | -- | 1/19/2022 | Standard | Oreas 463 | 1.9961 | 6500 | 67.4 | 15.7 | 105.00 | 242.00 | 8.71 | 4780 | 0.73 | 3580.00 | 986.00 | 552.00 | 19.10 | 1.53 | 184 | 6.49 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SNB-013 | 0 | 0.91 | 0.91 | 1/19/2022 | -- | -- | 0.0582 | 223 | 6.5 | 2.9 | 1.10 | 10.20 | 1.12 | 98 | 0.37 | 83.50 | 23.40 | 15.35 | 1.37 | 0.38 | 26 | 2.56 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SNB-013 | 0.91 | 2.06 | 1.14 | 1/19/2022 | -- | -- | 0.0729 | 299 | 7.9 | 4.3 | 1.42 | 10.90 | 1.53 | 113 | 0.61 | 97.00 | 26.90 | 16.90 | 1.51 | 0.61 | 35 | 3.96 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SNB-013 | 3.05 | 3.51 | 0.46 | 1/19/2022 | -- | -- | 0.0633 | 246 | 7.1 | 3.0 | 1.14 | 11.45 | 1.24 | 104 | 0.42 | 89.10 | 24.90 | 17.00 | 1.51 | 0.42 | 29 | 2.77 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SNB-013 | 3.51 | 4.27 | 0.76 | 1/19/2022 | -- | -- | 0.0627 | 198 | 10.5 | 5.3 | 1.36 | 15.45 | 1.95 | 102 | 0.73 | 92.50 | 25.40 | 19.10 | 2.08 | 0.75 | 52 | 4.85 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SNB-013 | 3.51 | 4.27 | 0.76 | 1/19/2022 | Duplicate | -- | 0.0601 | 189 | 10.4 | 5.1 | 1.32 | 14.75 | 1.91 | 97 | 0.74 | 88.20 | 24.30 | 18.45 | 2.03 | 0.72 | 51 | 4.74 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SNB-013 | 6.1 | 6.71 | 0.61 | 1/19/2022 | -- | -- | 0.0797 | 207 | 19.5 | 11.8 | 1.94 | 23.30 | 4.02 | 106 | 1.69 | 105.00 | 27.80 | 23.20 | 3.49 | 1.76 | 125 | 11.05 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SNB-013 | 6.71 | 7.47 | 0.76 | 1/19/2022 | -- | -- | 0.0662 | 165 | 18.7 | 12.0 | 1.66 | 19.00 | 3.97 | 74 | 1.74 | 76.60 | 20.80 | 17.60 | 3.16 | 1.77 | 129 | 11.40 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SNB-013 | 9.14 | 10.06 | 0.91 | 1/19/2022 | -- | -- | 0.0484 | 165 | 8.0 | 4.0 | 0.91 | 10.70 | 1.42 | 75 | 0.53 | 66.50 | 18.90 | 13.45 | 1.58 | 0.58 | 41 | 3.79 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SNB-013 | 10.06 | 10.97 | 0.91 | 1/19/2022 | -- | -- | 0.0202 | 74 | 2.2 | 0.9 | 0.55 | 4.19 | 0.36 | 35 | 0.12 | 28.80 | 8.22 | 5.81 | 0.52 | 0.13 | 10 | 0.80 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SNB-013 | 10.97 | 12.04 | 1.07 | 1/19/2022 | -- | -- | 0.0325 | 120 | 4.2 | 1.8 | 0.57 | 6.51 | 0.68 | 48 | 0.21 | 48.80 | 13.50 | 9.63 | 0.90 | 0.25 | 19 | 1.52 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SNB-013 | 12.19 | 13.11 | 0.91 | 1/19/2022 | -- | -- | 0.0549 | 176 | 11.5 | 7.0 | 0.73 | 12.05 | 2.40 | 73 | 0.86 | 71.80 | 20.20 | 15.25 | 1.92 | 0.99 | 65 | 6.11 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SNB-013 | 13.11 | 13.72 | 0.61 | 1/19/2022 | -- | -- | 0.1354 | 302 | 46.5 | 36.9 | 1.43 | 30.50 | 11.20 | 131 | 5.15 | 121.00 | 33.60 | 29.50 | 6.20 | 5.53 | 337 | 35.50 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SNB-013 | 13.72 | 14.94 | 1.22 | 1/19/2022 | -- | -- | 0.0394 | 138 | 6.9 | 3.9 | 0.69 | 7.58 | 1.38 | 56 | 0.44 | 50.80 | 14.40 | 10.00 | 1.19 | 0.55 | 39 | 3.28 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SNB-013 | 15.24 | 16.15 | 0.91 | 1/19/2022 | -- | -- | 0.0456 | 172 | 5.1 | 2.4 | 0.79 | 8.26 | 0.89 | 69 | 0.31 | 68.70 | 19.65 | 13.10 | 1.06 | 0.34 | 25 | 2.08 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SNB-013 | 16.15 | 17.07 | 0.91 | 1/19/2022 | -- | -- | 0.0779 | 284 | 9.2 | 4.9 | 0.82 | 13.70 | 1.72 | 123 | 0.67 | 116.00 | 32.40 | 21.70 | 1.80 | 0.74 | 47 | 4.59 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SNB-013 | 17.07 | 17.91 | 0.84 | 1/19/2022 | -- | -- | 0.0920 | 342 | 10.0 | 4.3 | 0.85 | 17.20 | 1.70 | 145 | 0.50 | 144.00 | 40.00 | 27.30 | 2.17 | 0.59 | 45 | 3.45 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SNB-013 | 18.29 | 19.51 | 1.22 | 1/19/2022 | -- | -- | 0.0390 | 138 | 5.8 | 3.4 | 0.64 | 6.73 | 1.22 | 57 | 0.44 | 54.00 | 15.20 | 10.45 | 1.03 | 0.52 | 33 | 3.19 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SNB-013 | 19.51 | 20.57 | 1.07 | 1/19/2022 | -- | -- | 0.0999 | 371 | 11.0 | 4.8 | 0.86 | 18.70 | 1.86 | 154 | 0.55 | 158.50 | 43.40 | 30.40 | 2.35 | 0.66 | 48 | 4.01 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SNB-013 | -- | -- | -- | 1/19/2022 | Blank | -- | 0.0031 | 8 | 0.7 | 0.4 | 0.27 | 1.04 | 0.14 | 4 | 0.04 | 4.80 | 1.16 | 1.10 | 0.14 | 0.04 | 4 | 0.20 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SNB-014 | 0 | 0.91 | 0.91 | 1/20/2022 | -- | -- | 0.2009 | 690 | 23.8 | 9.9 | 3.25 | 37.80 | 3.99 | 343 | 0.98 | 322.00 | 95.50 | 56.80 | 4.95 | 1.24 | 109 | 7.04 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SNB-014 | 0.91 | 1.83 | 0.91 | 1/20/2022 | -- | -- | 0.0892 | 325 | 10.6 | 4.6 | 1.49 | 15.85 | 1.81 | 154 | 0.51 | 131.00 | 36.50 | 23.20 | 2.16 | 0.61 | 49 | 3.58 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SNB-014 | 1.83 | 2.39 | 0.56 | 1/20/2022 | -- | -- | 0.0383 | 147 | 4.2 | 2.0 | 2.54 | 5.06 | 0.76 | 70 | 0.23 | 46.50 | 13.75 | 7.39 | 0.76 | 0.29 | 23 | 1.64 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SNB-014 | 3.05 | 3.96 | 0.91 | 1/20/2022 | -- | -- | 0.0585 | 219 | 5.5 | 2.5 | 2.40 | 8.63 | 0.98 | 114 | 0.28 | 78.90 | 22.70 | 12.70 | 1.10 | 0.33 | 27 | 1.95 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SNB-014 | 3.96 | 5.33 | 1.37 | 1/20/2022 | -- | -- | 0.0472 | 179 | 3.1 | 1.3 | 3.11 | 5.96 | 0.56 | 100 | 0.17 | 64.20 | 19.00 | 9.79 | 0.68 | 0.19 | 15 | 1.06 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SNB-014 | 3.96 | 5.33 | 1.37 | 1/20/2022 | Duplicate | -- | 0.0437 | 174 | 2.8 | 1.1 | 2.72 | 4.97 | 0.47 | 86 | 0.14 | 59.20 | 17.55 | 8.95 | 0.59 | 0.16 | 12 | 0.94 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SNB-014 | 6.1 | 7.32 | 1.22 | 1/20/2022 | -- | -- | 0.0961 | 357 | 6.8 | 2.3 | 1.50 | 13.50 | 1.03 | 184 | 0.22 | 155.50 | 44.10 | 24.20 | 1.55 | 0.28 | 26 | 1.58 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SNB-014 | 9.14 | 10.21 | 1.07 | 1/20/2022 | -- | -- | 0.0319 | 127 | 3.0 | 1.0 | 0.81 | 4.67 | 0.48 | 60 | 0.09 | 41.00 | 12.40 | 7.11 | 0.65 | 0.12 | 13 | 0.67 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SNB-015 | 0 | 0.61 | 0.61 | 1/20/2022 | -- | -- | 0.0540 | 272 | 4.6 | 2.3 | 0.89 | 6.20 | 0.85 | 68 | 0.28 | 52.70 | 15.30 | 9.11 | 0.88 | 0.32 | 24 | 1.98 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SNB-015 | 0.61 | 1.52 | 0.91 | 1/20/2022 | -- | -- | 0.0704 | 244 | 6.6 | 3.0 | 1.80 | 10.55 | 1.20 | 128 | 0.40 | 119.00 | 32.80 | 20.10 | 1.33 | 0.43 | 29 | 2.68 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SNB-015 | 1.52 | 2.29 | 0.76 | 1/20/2022 | -- | -- | 0.0787 | 188 | 8.8 | 3.7 | 2.21 | 15.15 | 1.51 | 175 | 0.44 | 159.50 | 44.50 | 27.70 | 1.81 | 0.50 | 38 | 2.93 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SNB-015 | 3.05 | 4.42 | 1.37 | 1/20/2022 | -- | -- | 0.0682 | 172 | 8.4 | 3.4 | 2.13 | 13.65 | 1.45 | 150 | 0.40 | 130.50 | 37.00 | 23.60 | 1.77 | 0.46 | 34 | 2.82 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SNB-015 | 6.1 | 7.01 | 0.91 | 1/20/2022 | -- | -- | 0.0224 | 67 | 6.5 | 3.9 | 1.95 | 6.69 | 1.35 | 21 | 0.55 | 27.70 | 6.56 | 6.53 | 1.07 | 0.57 | 34 | 3.48 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |

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SLV0163 – Technical Report Summary Shiloh Project, Georgia 184 November 2025

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| **Technical Report Summary** | ![img77526612_64.jpg](img77526612_64.jpg) |

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|  |  |  |  |  |  |  | **Method** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** |
|  |  |  |  |  |  |  | **Analyte** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** |
|  |  |  |  |  |  |  | **Units** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** |
|  |  |  |  |  |  |  | **Detection <br>Limit** | **0.1** | **0.05** | **0.03** | **0.02** | **0.05** | **0.01** | **0.1** | **0.01** | **0.1** | **0.02** | **0.03** | **0.01** | **0.01** | **0.1** | **0.03** | **3** | **0.3** | **0.2** | **0.2** | **0.3** | **0.05** | **3** | **0.05** | **0.5** | **0.2** | **0.2** | **0.05** | **0.05** | **3** | **0.2** |
|  |  |  |  |  |  |  | **Upper <br>Limit** | **10000** | **1000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **10000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **50000** | **5000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** | **50000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** |
| **Hole ID** | **From <br>(m)** | **To <br>(m)** | **Interval <br>(m)** | **Drill Date** | **Sample <br>Type** | **Sample Details** | **TREO <br>(%)** | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SNB-015 | 7.01 | 7.92 | 0.91 | 1/20/2022 | -- | -- | 0.0202 | 62 | 5.8 | 3.2 | 1.89 | 6.09 | 1.17 | 19 | 0.46 | 27.00 | 6.29 | 6.47 | 0.96 | 0.47 | 28 | 3.01 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SNB-015 | 7.92 | 8.84 | 0.91 | 1/20/2022 | -- | -- | 0.0232 | 72 | 7.3 | 3.9 | 2.37 | 7.35 | 1.44 | 19 | 0.59 | 29.40 | 6.88 | 7.73 | 1.22 | 0.58 | 32 | 3.80 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SNB-015 | 9.14 | 9.75 | 0.61 | 1/20/2022 | -- | -- | 0.0298 | 59 | 10.9 | 6.1 | 3.25 | 11.10 | 2.24 | 27 | 0.79 | 40.10 | 8.95 | 10.10 | 1.75 | 0.81 | 63 | 5.14 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SNB-015 | 9.75 | 10.67 | 0.91 | 1/20/2022 | -- | -- | 0.0256 | 95 | 3.3 | 1.6 | 0.80 | 4.38 | 0.61 | 43 | 0.21 | 32.70 | 9.62 | 6.06 | 0.63 | 0.21 | 18 | 1.41 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SNB-015 | 10.67 | 11.58 | 0.91 | 1/20/2022 | -- | -- | 0.0224 | 79 | 3.0 | 1.3 | 0.80 | 4.22 | 0.50 | 41 | 0.15 | 29.80 | 8.76 | 5.52 | 0.59 | 0.16 | 15 | 0.91 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SNB-015 | 11.58 | 12.65 | 1.07 | 1/20/2022 | -- | -- | 0.2832 | 984 | 36.1 | 13.8 | 3.15 | 59.80 | 5.85 | 423 | 1.20 | 479.00 | 126.00 | 83.50 | 7.67 | 1.61 | 175 | 8.54 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SNB-015 | -- | -- | -- | 1/20/2022 | Standard | Oreas 460 | 0.5470 | 1915 | 19.3 | 5.9 | 21.30 | 44.80 | 2.72 | 1385 | 0.48 | 850.00 | 255.00 | 103.00 | 4.58 | 0.66 | 59 | 3.51 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-010 | 0 | 0.61 | 0.61 | 1/21/2022 | -- | -- | 0.1374 | 460 | 23.8 | 11.0 | 1.86 | 27.70 | 4.33 | 197 | 1.05 | 203.00 | 54.30 | 38.00 | 4.28 | 1.35 | 130 | 7.49 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-010 | 0.61 | 1.22 | 0.61 | 1/21/2022 | -- | -- | 0.0448 | 136 | 11.0 | 6.4 | 1.22 | 10.10 | 2.27 | 56 | 0.90 | 56.80 | 14.95 | 11.60 | 1.72 | 0.92 | 63 | 6.14 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-010 | 3.05 | 4.11 | 1.07 | 1/21/2022 | -- | -- | 0.0827 | 258 | 17.0 | 9.2 | 1.80 | 17.65 | 3.34 | 116 | 1.16 | 110.00 | 29.60 | 21.70 | 2.87 | 1.26 | 102 | 7.76 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-010 | 4.11 | 4.72 | 0.61 | 1/21/2022 | -- | -- | 0.0527 | 153 | 14.0 | 8.1 | 1.33 | 12.50 | 2.89 | 66 | 1.07 | 62.80 | 17.15 | 13.00 | 2.22 | 1.16 | 83 | 7.07 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-010 | 6.1 | 7.01 | 0.91 | 1/21/2022 | -- | -- | 0.0692 | 226 | 13.6 | 7.0 | 1.54 | 14.60 | 2.61 | 98 | 0.81 | 96.20 | 26.00 | 19.40 | 2.35 | 0.99 | 72 | 5.76 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-010 | 6.1 | 7.01 | 0.91 | 1/21/2022 | Duplicate | -- | 0.0647 | 214 | 12.5 | 6.1 | 1.46 | 13.40 | 2.36 | 94 | 0.74 | 90.30 | 24.50 | 17.60 | 2.16 | 0.86 | 63 | 5.19 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-010 | 7.01 | 8.23 | 1.22 | 1/21/2022 | -- | -- | 0.0284 | 85 | 7.2 | 4.1 | 0.79 | 5.86 | 1.45 | 37 | 0.53 | 33.90 | 9.52 | 6.66 | 1.09 | 0.60 | 43 | 3.74 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-010 | 8.23 | 9.07 | 0.84 | 1/21/2022 | -- | -- | 0.0171 | 44 | 6.0 | 3.5 | 0.55 | 2.93 | 1.28 | 19 | 0.32 | 14.20 | 4.68 | 2.59 | 0.78 | 0.43 | 39 | 2.52 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-010 | 9.14 | 10.36 | 1.22 | 1/21/2022 | -- | -- | 0.0317 | 95 | 6.6 | 3.7 | 1.47 | 8.09 | 1.28 | 43 | 0.51 | 44.30 | 11.70 | 9.71 | 1.16 | 0.54 | 37 | 3.37 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-010 | 10.36 | 10.97 | 0.61 | 1/21/2022 | -- | -- | 0.0450 | 131 | 11.8 | 6.9 | 1.64 | 10.65 | 2.39 | 58 | 0.93 | 52.40 | 13.95 | 11.30 | 1.78 | 0.98 | 71 | 6.28 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-010 | 10.97 | 11.58 | 0.61 | 1/21/2022 | -- | -- | 0.0279 | 79 | 7.0 | 4.5 | 1.13 | 6.65 | 1.49 | 39 | 0.67 | 33.10 | 9.07 | 6.67 | 1.09 | 0.67 | 41 | 4.22 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-011 | 0 | 0.91 | 0.91 | 1/21/2022 | -- | -- | 0.0869 | 275 | 17.2 | 8.6 | 1.59 | 20.20 | 3.27 | 120 | 0.92 | 123.50 | 32.60 | 25.20 | 2.94 | 1.14 | 97 | 6.56 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-011 | 0.91 | 1.68 | 0.76 | 1/21/2022 | -- | -- | 0.1276 | 441 | 19.4 | 8.8 | 1.86 | 26.80 | 3.47 | 183 | 1.09 | 191.50 | 51.30 | 37.30 | 3.57 | 1.21 | 105 | 7.39 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-011 | 3.05 | 4.11 | 1.07 | 1/21/2022 | -- | -- | 0.0820 | 247 | 17.3 | 9.0 | 1.82 | 19.05 | 3.26 | 111 | 1.16 | 115.50 | 30.60 | 24.00 | 2.94 | 1.23 | 102 | 7.76 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-011 | 4.11 | 4.57 | 0.46 | 1/21/2022 | -- | -- | 0.1245 | 411 | 22.0 | 9.8 | 1.94 | 29.20 | 3.89 | 174 | 1.02 | 183.50 | 49.00 | 37.80 | 4.20 | 1.29 | 120 | 7.35 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-011 | 6.1 | 7.32 | 1.22 | 1/21/2022 | -- | -- | 0.0385 | 114 | 9.7 | 5.7 | 1.04 | 8.39 | 1.95 | 48 | 0.63 | 48.10 | 13.05 | 10.00 | 1.42 | 0.79 | 58 | 4.60 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-011 | 7.32 | 8.38 | 1.07 | 1/21/2022 | -- | -- | 0.0183 | 34 | 8.3 | 4.9 | 0.64 | 3.86 | 1.76 | 17 | 0.50 | 13.50 | 3.87 | 3.21 | 0.96 | 0.69 | 55 | 4.04 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-011 | 9.14 | 10.06 | 0.91 | 1/21/2022 | -- | -- | 0.0192 | 41 | 7.9 | 4.4 | 0.56 | 4.81 | 1.64 | 19 | 0.42 | 16.60 | 4.71 | 4.19 | 1.02 | 0.57 | 50 | 3.37 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-011 | 10.06 | 11.28 | 1.22 | 1/21/2022 | -- | -- | 0.0573 | 187 | 12.0 | 5.8 | 1.16 | 13.35 | 2.24 | 75 | 0.62 | 78.90 | 21.30 | 16.75 | 2.00 | 0.77 | 64 | 4.63 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-011 | 11.28 | 12.04 | 0.76 | 1/21/2022 | -- | -- | 0.0809 | 277 | 13.6 | 6.3 | 1.52 | 17.95 | 2.43 | 117 | 0.75 | 118.50 | 32.00 | 23.70 | 2.53 | 0.85 | 68 | 5.12 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-011 | 12.19 | 13.41 | 1.22 | 1/21/2022 | -- | -- | 0.0636 | 206 | 13.9 | 6.7 | 1.34 | 14.65 | 2.61 | 82 | 0.71 | 86.60 | 23.60 | 18.25 | 2.24 | 0.88 | 74 | 5.27 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-011 | 13.41 | 14.33 | 0.91 | 1/21/2022 | -- | -- | 0.0417 | 123 | 9.7 | 6.0 | 1.74 | 9.95 | 2.11 | 53 | 0.96 | 51.90 | 13.75 | 11.00 | 1.51 | 0.94 | 60 | 6.07 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-011 | 14.33 | 15.09 | 0.76 | 1/21/2022 | -- | -- | 0.0754 | 251 | 11.9 | 7.0 | 2.03 | 15.00 | 2.44 | 115 | 1.03 | 108.50 | 28.70 | 19.75 | 1.98 | 1.05 | 68 | 6.74 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-011 | 15.24 | 16.46 | 1.22 | 1/21/2022 | -- | -- | 0.0427 | 142 | 8.1 | 4.5 | 1.34 | 9.52 | 1.57 | 59 | 0.66 | 58.80 | 15.85 | 11.70 | 1.37 | 0.66 | 43 | 4.37 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-011 | 15.24 | 16.46 | 1.22 | 1/21/2022 | Duplicate | -- | 0.0418 | 126 | 9.8 | 6.3 | 1.34 | 9.51 | 2.08 | 52 | 0.98 | 52.90 | 14.00 | 10.95 | 1.50 | 0.96 | 59 | 6.40 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-011 | 16.46 | 17.68 | 1.22 | 1/21/2022 | -- | -- | 0.0382 | 114 | 8.8 | 5.7 | 1.58 | 9.57 | 1.91 | 49 | 0.84 | 47.40 | 12.65 | 10.05 | 1.44 | 0.86 | 54 | 5.43 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |

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SLV0163 – Technical Report Summary Shiloh Project, Georgia 185 November 2025

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| | |
|:---|:---|
| **Technical Report Summary** | ![img77526612_64.jpg](img77526612_64.jpg) |

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|  |  |  |  |  |  |  | **Method** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** |
|  |  |  |  |  |  |  | **Analyte** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** |
|  |  |  |  |  |  |  | **Units** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** |
|  |  |  |  |  |  |  | **Detection <br>Limit** | **0.1** | **0.05** | **0.03** | **0.02** | **0.05** | **0.01** | **0.1** | **0.01** | **0.1** | **0.02** | **0.03** | **0.01** | **0.01** | **0.1** | **0.03** | **3** | **0.3** | **0.2** | **0.2** | **0.3** | **0.05** | **3** | **0.05** | **0.5** | **0.2** | **0.2** | **0.05** | **0.05** | **3** | **0.2** |
|  |  |  |  |  |  |  | **Upper <br>Limit** | **10000** | **1000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **10000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **50000** | **5000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** | **50000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** |
| **Hole ID** | **From <br>(m)** | **To <br>(m)** | **Interval <br>(m)** | **Drill Date** | **Sample <br>Type** | **Sample Details** | **TREO <br>(%)** | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-011 | -- | -- | -- | 1/21/2022 | Blank | -- | 0.0045 | 13 | 0.8 | 0.4 | 0.30 | 1.16 | 0.15 | 8 | 0.03 | 6.70 | 1.73 | 1.30 | 0.16 | 0.05 | 4 | 0.23 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-012 | 0 | 0.76 | 0.76 | 1/21/2022 | -- | -- | 0.0868 | 304 | 15.3 | 7.9 | 1.14 | 17.45 | 3.01 | 118 | 0.91 | 115.00 | 31.20 | 22.20 | 2.63 | 1.12 | 90 | 6.50 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-012 | 0.76 | 1.68 | 0.91 | 1/21/2022 | -- | -- | 0.1432 | 594 | 16.1 | 7.5 | 2.26 | 24.40 | 2.97 | 189 | 0.88 | 205.00 | 53.80 | 37.30 | 3.07 | 1.04 | 75 | 6.04 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-012 | 1.68 | 2.51 | 0.84 | 1/21/2022 | -- | -- | 0.0866 | 253 | 15.4 | 8.0 | 2.43 | 20.50 | 2.89 | 138 | 1.12 | 146.00 | 38.10 | 27.90 | 2.71 | 1.19 | 71 | 7.72 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-012 | 3.05 | 4.42 | 1.37 | 1/21/2022 | -- | -- | 0.1231 | 394 | 20.2 | 11.6 | 2.79 | 24.30 | 4.11 | 183 | 1.45 | 183.00 | 48.70 | 33.20 | 3.31 | 1.68 | 123 | 10.20 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-012 | 6.1 | 7.01 | 0.91 | 1/21/2022 | -- | -- | 0.1266 | 424 | 18.8 | 10.5 | 2.76 | 24.40 | 3.76 | 191 | 1.31 | 190.50 | 51.00 | 33.90 | 3.28 | 1.45 | 109 | 9.35 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-012 | 7.01 | 7.92 | 0.91 | 1/21/2022 | -- | -- | 0.1028 | 324 | 18.8 | 11.7 | 2.42 | 21.90 | 3.91 | 143 | 1.63 | 141.50 | 37.70 | 27.50 | 3.13 | 1.71 | 120 | 10.95 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-012 | 7.92 | 8.69 | 0.76 | 1/21/2022 | -- | -- | 0.0679 | 223 | 12.0 | 7.2 | 1.92 | 13.70 | 2.48 | 100 | 1.00 | 94.00 | 25.20 | 17.70 | 1.95 | 1.06 | 68 | 6.47 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-012 | 9.14 | 9.91 | 0.76 | 1/21/2022 | -- | -- | 0.0956 | 320 | 14.8 | 8.2 | 2.58 | 20.20 | 2.88 | 145 | 1.07 | 144.00 | 37.30 | 26.90 | 2.71 | 1.16 | 78 | 6.94 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-012 | 9.91 | 10.82 | 0.91 | 1/21/2022 | -- | -- | 0.1293 | 435 | 17.5 | 9.5 | 3.63 | 26.00 | 3.47 | 196 | 1.21 | 204.00 | 52.00 | 35.60 | 3.20 | 1.32 | 101 | 8.04 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-012 | 10.82 | 11.58 | 0.76 | 1/21/2022 | -- | -- | 0.1447 | 462 | 23.5 | 16.0 | 4.10 | 28.20 | 5.08 | 200 | 2.49 | 216.00 | 55.90 | 38.00 | 3.86 | 2.44 | 153 | 15.45 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-012 | 11.58 | 12.34 | 0.76 | 1/21/2022 | -- | -- | 0.1288 | 408 | 22.0 | 14.1 | 3.61 | 27.30 | 4.68 | 177 | 2.11 | 192.50 | 49.00 | 35.20 | 3.62 | 2.20 | 136 | 14.00 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-012 | 12.34 | 13.11 | 0.76 | 1/21/2022 | -- | -- | 0.1389 | 472 | 19.5 | 11.7 | 3.93 | 27.90 | 3.94 | 201 | 1.76 | 220.00 | 56.00 | 38.60 | 3.58 | 1.71 | 107 | 11.45 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-012 | 13.11 | 14.02 | 0.91 | 1/21/2022 | -- | -- | 0.0724 | 233 | 12.7 | 7.6 | 2.80 | 16.55 | 2.63 | 105 | 1.17 | 108.50 | 28.40 | 22.40 | 2.29 | 1.16 | 63 | 7.48 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-012 | 14.02 | 14.63 | 0.61 | 1/21/2022 | -- | -- | 0.1379 | 462 | 21.0 | 12.1 | 2.64 | 29.20 | 4.24 | 203 | 1.58 | 204.00 | 56.90 | 42.50 | 4.02 | 1.73 | 115 | 10.60 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-012 | 14.63 | 15.24 | 0.61 | 1/21/2022 | -- | -- | 0.1280 | 419 | 18.6 | 12.0 | 3.38 | 26.00 | 3.98 | 194 | 1.73 | 199.50 | 52.50 | 37.90 | 3.56 | 1.69 | 103 | 10.90 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-012 | -- | -- | -- | 1/21/2022 | Standard | Oreas 463 | 2.1428 | 7040 | 68.9 | 15.6 | 121.00 | 241.00 | 8.73 | 5160 | 0.76 | 3880.00 | >1000 | 542.00 | 19.00 | 1.58 | 196 | 7.13 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-013 | 0 | 1.14 | 1.14 | 1/21/2022 | -- | -- | 0.0824 | 321 | 12.7 | 8.1 | 1.68 | 13.75 | 2.78 | 105 | 1.00 | 102.50 | 27.60 | 19.50 | 2.20 | 1.12 | 74 | 7.05 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-013 | 1.14 | 2.29 | 1.14 | 1/21/2022 | -- | -- | 0.1364 | 419 | 20.1 | 11.7 | 4.33 | 29.20 | 4.03 | 215 | 1.72 | 229.00 | 60.70 | 43.90 | 3.89 | 1.75 | 104 | 11.25 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-013 | 1.14 | 2.29 | 1.14 | 1/21/2022 | Duplicate | -- | 0.1587 | 451 | 25.4 | 15.6 | 5.15 | 35.30 | 5.27 | 254 | 2.27 | 272.00 | 72.10 | 52.10 | 4.86 | 2.27 | 136 | 14.70 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-013 | 3.05 | 4.27 | 1.22 | 1/21/2022 | -- | -- | 0.1567 | 455 | 25.7 | 16.2 | 4.98 | 35.90 | 5.38 | 245 | 2.26 | 255.00 | 66.30 | 49.30 | 4.79 | 2.36 | 146 | 14.90 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-013 | 4.27 | 5.72 | 1.45 | 1/21/2022 | -- | -- | 0.1449 | 437 | 23.3 | 16.4 | 4.37 | 30.10 | 5.22 | 218 | 2.40 | 227.00 | 59.60 | 43.10 | 4.13 | 2.48 | 140 | 15.90 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-013 | 6.1 | 7.01 | 0.91 | 1/21/2022 | -- | -- | 0.1152 | 411 | 12.7 | 7.3 | 2.92 | 19.75 | 2.50 | 171 | 1.00 | 195.00 | 51.90 | 35.90 | 2.51 | 1.09 | 59 | 6.66 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-013 | 7.01 | 8.31 | 1.3 | 1/21/2022 | -- | -- | 0.1100 | 362 | 16.3 | 10.2 | 3.22 | 22.00 | 3.48 | 165 | 1.44 | 170.50 | 45.50 | 32.20 | 3.01 | 1.51 | 88 | 9.40 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-013 | 8.31 | 9.14 | 0.84 | 1/21/2022 | -- | -- | 0.0590 | 195 | 9.9 | 6.3 | 2.01 | 11.55 | 2.14 | 85 | 0.86 | 85.10 | 23.70 | 16.00 | 1.72 | 0.91 | 55 | 5.84 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-014 | 0 | 1.07 | 1.07 | 1/22/2022 | -- | -- | 0.1244 | 438 | 18.1 | 10.3 | 2.38 | 23.30 | 3.59 | 191 | 1.31 | 178.50 | 49.40 | 34.80 | 3.40 | 1.46 | 93 | 8.72 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-014 | 1.07 | 1.98 | 0.91 | 1/22/2022 | -- | -- | 0.1241 | 419 | 17.8 | 10.0 | 2.71 | 24.60 | 3.52 | 193 | 1.33 | 190.50 | 52.30 | 36.90 | 3.41 | 1.40 | 89 | 9.06 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-014 | 3.05 | 4.27 | 1.22 | 1/22/2022 | -- | -- | 0.1097 | 292 | 23.9 | 16.6 | 2.92 | 27.30 | 5.29 | 155 | 2.73 | 148.00 | 39.90 | 32.20 | 4.14 | 2.64 | 156 | 18.05 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-014 | 4.27 | 5.33 | 1.07 | 1/22/2022 | -- | -- | 0.2321 | 811 | 21.5 | 11.1 | 5.16 | 40.20 | 4.09 | 410 | 1.52 | 371.00 | 110.00 | 63.90 | 4.66 | 1.58 | 110 | 10.25 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-014 | 6.1 | 7.32 | 1.22 | 1/22/2022 | -- | -- | 0.1203 | 403 | 17.3 | 9.1 | 2.85 | 26.00 | 3.32 | 186 | 1.12 | 188.50 | 50.70 | 38.60 | 3.49 | 1.22 | 84 | 7.72 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-014 | 7.32 | 8.53 | 1.22 | 1/22/2022 | -- | -- | 0.1350 | 456 | 20.5 | 9.9 | 2.08 | 29.80 | 3.79 | 201 | 1.16 | 203.00 | 56.20 | 42.90 | 4.16 | 1.36 | 106 | 8.41 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-014 | -- | -- | -- | 1/22/2022 | Blank | -- | 0.0067 | 20 | 1.2 | 0.7 | 0.36 | 1.70 | 0.24 | 11 | 0.08 | 10.30 | 2.79 | 2.04 | 0.22 | 0.10 | 7 | 0.58 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-015 | 0 | 0.91 | 0.91 | 1/22/2022 | -- | -- | 0.0678 | 300 | 7.9 | 3.6 | 1.08 | 11.75 | 1.42 | 87 | 0.40 | 81.20 | 23.30 | 17.45 | 1.64 | 0.48 | 36 | 2.80 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |

---

SLV0163 – Technical Report Summary Shiloh Project, Georgia 186 November 2025

------

---

| | |
|:---|:---|
| **Technical Report Summary** | ![img77526612_64.jpg](img77526612_64.jpg) |

---

---

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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|  |  |  |  |  |  |  | **Method** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** |
|  |  |  |  |  |  |  | **Analyte** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** |
|  |  |  |  |  |  |  | **Units** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** |
|  |  |  |  |  |  |  | **Detection <br>Limit** | **0.1** | **0.05** | **0.03** | **0.02** | **0.05** | **0.01** | **0.1** | **0.01** | **0.1** | **0.02** | **0.03** | **0.01** | **0.01** | **0.1** | **0.03** | **3** | **0.3** | **0.2** | **0.2** | **0.3** | **0.05** | **3** | **0.05** | **0.5** | **0.2** | **0.2** | **0.05** | **0.05** | **3** | **0.2** |
|  |  |  |  |  |  |  | **Upper <br>Limit** | **10000** | **1000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **10000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **50000** | **5000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** | **50000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** |
| **Hole ID** | **From <br>(m)** | **To <br>(m)** | **Interval <br>(m)** | **Drill Date** | **Sample <br>Type** | **Sample Details** | **TREO <br>(%)** | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-015 | 0.91 | 2.13 | 1.22 | 1/22/2022 | -- | -- | 0.0649 | 267 | 8.2 | 3.7 | 1.04 | 12.40 | 1.47 | 90 | 0.35 | 85.60 | 24.80 | 18.65 | 1.78 | 0.45 | 35 | 2.64 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-015 | 3.05 | 4.11 | 1.07 | 1/22/2022 | -- | -- | 0.0890 | 248 | 13.8 | 6.2 | 1.59 | 19.20 | 2.46 | 166 | 0.66 | 154.00 | 44.30 | 31.60 | 2.78 | 0.84 | 60 | 4.89 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-015 | 4.11 | 5.33 | 1.22 | 1/22/2022 | -- | -- | 0.0381 | 118 | 7.4 | 2.9 | 0.96 | 10.65 | 1.20 | 61 | 0.33 | 58.50 | 16.80 | 13.80 | 1.58 | 0.41 | 28 | 2.39 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-015 | 6.1 | 7.24 | 1.14 | 1/22/2022 | -- | -- | 0.0657 | 213 | 10.0 | 5.0 | 1.32 | 13.05 | 1.84 | 121 | 0.60 | 91.20 | 26.40 | 17.40 | 2.04 | 0.70 | 50 | 4.24 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-015 | 7.24 | 7.85 | 0.61 | 1/22/2022 | -- | -- | 0.4949 | 1855 | 23.8 | 11.8 | 6.05 | 54.20 | 4.41 | 909 | 1.52 | 847.00 | 246.00 | 113.00 | 5.56 | 1.66 | 131 | 10.50 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-015 | 7.85 | 8.92 | 1.07 | 1/22/2022 | -- | -- | 0.1876 | 706 | 14.5 | 7.4 | 3.86 | 30.00 | 2.69 | 310 | 1.06 | 293.00 | 87.70 | 51.10 | 3.41 | 1.08 | 79 | 6.89 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-015 | 7.85 | 8.92 | 1.07 | 1/22/2022 | Duplicate | -- | 0.0866 | 269 | 14.7 | 6.8 | 1.66 | 22.00 | 2.63 | 137 | 0.77 | 133.50 | 37.50 | 30.00 | 3.07 | 0.94 | 71 | 5.44 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-015 | 9.14 | 10.06 | 0.91 | 1/22/2022 | -- | -- | 0.0715 | 213 | 13.6 | 6.5 | 1.72 | 19.45 | 2.44 | 112 | 0.76 | 108.00 | 30.10 | 25.10 | 2.84 | 0.89 | 65 | 5.51 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-015 | 10.06 | 11.13 | 1.07 | 1/22/2022 | -- | -- | 0.0533 | 150 | 12.3 | 6.7 | 1.46 | 14.75 | 2.40 | 75 | 0.78 | 73.20 | 20.50 | 16.65 | 2.38 | 0.91 | 69 | 5.64 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-016 | 0 | 0.84 | 0.84 | 1/23/2022 | -- | -- | 0.0495 | 169 | 8.5 | 3.6 | 1.04 | 12.95 | 1.44 | 75 | 0.36 | 68.30 | 19.85 | 16.05 | 1.92 | 0.47 | 39 | 2.67 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-016 | 0.84 | 1.98 | 1.14 | 1/23/2022 | -- | -- | 0.0405 | 133 | 7.9 | 4.0 | 1.82 | 10.70 | 1.46 | 58 | 0.45 | 56.00 | 15.55 | 13.05 | 1.62 | 0.55 | 37 | 3.29 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-016 | 3.05 | 4.27 | 1.22 | 1/23/2022 | -- | -- | 0.0344 | 111 | 7.0 | 3.6 | 1.78 | 9.07 | 1.32 | 48 | 0.45 | 46.70 | 12.90 | 11.00 | 1.34 | 0.50 | 35 | 3.02 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-016 | 4.27 | 5.41 | 1.14 | 1/23/2022 | -- | -- | 0.0632 | 228 | 9.9 | 3.9 | 0.91 | 13.70 | 1.65 | 99 | 0.36 | 85.50 | 24.60 | 18.45 | 2.10 | 0.48 | 45 | 2.71 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-016 | 6.1 | 6.71 | 0.61 | 1/23/2022 | -- | -- | 0.0682 | 156 | 10.9 | 4.9 | 1.79 | 16.25 | 1.96 | 131 | 0.54 | 135.50 | 36.70 | 26.70 | 2.28 | 0.67 | 51 | 4.00 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-016 | 6.71 | 7.54 | 0.84 | 1/23/2022 | -- | -- | 0.0818 | 175 | 14.9 | 7.2 | 2.41 | 22.40 | 2.72 | 154 | 0.87 | 156.50 | 42.80 | 33.40 | 3.10 | 1.00 | 73 | 6.12 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-016 | 9.14 | 10.21 | 1.07 | 1/23/2022 | -- | -- | 0.2181 | 526 | 44.8 | 25.7 | 7.72 | 58.00 | 9.18 | 346 | 3.22 | 352.00 | 101.50 | 73.30 | 8.54 | 3.66 | 263 | 22.40 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-016 | -- | -- | -- | 1/23/2022 | Standard | Oreas 460 | 0.0063 | 15 | 1.2 | 0.6 | 0.34 | 1.68 | 0.21 | 11 | 0.06 | 11.10 | 2.96 | 2.35 | 0.23 | 0.09 | 6 | 0.48 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-019 | -- | -- | -- | 1/24/2022 | Standard | Oreas 463 | 2.1337 | 6770 | 75.5 | 17.2 | 115.50 | 243.00 | 9.46 | 5230 | 0.81 | 3930.00 | >1000 | 599.00 | 21.20 | 1.68 | 203 | 7.25 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-027 | 7.62 | 9.14 | 1.52 | 3/29/2022 | -- | -- | 0.0421 | 128 | 8.8 | 5.5 | 1.10 | 9.07 | 1.87 | 56 | 0.78 | 54.10 | 14.35 | 10.55 | 1.40 | 0.84 | 58 | 5.40 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-027 | 12.19 | 13.41 | 1.22 | 3/29/2022 | -- | -- | 0.1300 | 422 | 16.5 | 8.0 | 4.36 | 27.90 | 3.05 | 200 | 0.99 | 234.00 | 54.50 | 38.50 | 3.24 | 1.16 | 84 | 7.44 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-027 | 13.41 | 14.33 | 0.91 | 3/29/2022 | -- | -- | 0.1166 | 399 | 15.3 | 8.2 | 2.75 | 21.60 | 2.99 | 178 | 1.10 | 193.00 | 46.50 | 33.10 | 2.72 | 1.20 | 78 | 7.95 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-027 | -- | -- | -- | 3/29/2022 | Standard | Oreas 463 | 0.0872 | 158 | 7.9 | 4.7 | 0.97 | 8.53 | 1.63 | 50 | 0.74 | 59.50 | 15.10 | 11.30 | 1.30 | 0.72 | 44 | 5.03 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-027 | -- | -- | -- | 3/29/2022 | Standard | Oreas 463 | 4.0111 | 6410 | 68.8 | 16.2 | 119.00 | 239.00 | 8.55 | 4890 | 0.75 | 3690.00 | 960.00 | 525.00 | 19.35 | 1.49 | 176 | 7.17 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-028 | 0 | 1.52 | 1.52 | 3/29/2022 | -- | -- | 0.0865 | 315 | 10.3 | 4.6 | 1.94 | 14.50 | 1.81 | 139 | 0.51 | 140.50 | 35.30 | 24.20 | 1.99 | 0.63 | 43 | 3.87 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-028 | 1.52 | 2.13 | 0.61 | 3/29/2022 | -- | -- | 0.1013 | 393 | 9.8 | 4.8 | 2.95 | 16.65 | 1.72 | 139 | 0.64 | 176.50 | 41.60 | 29.80 | 1.90 | 0.68 | 40 | 4.79 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-028 | 3.05 | 4.27 | 1.22 | 3/29/2022 | -- | -- | 0.1562 | 424 | 25.4 | 15.2 | 6.36 | 34.10 | 5.14 | 242 | 2.05 | 294.00 | 69.60 | 50.60 | 4.44 | 2.11 | 138 | 13.35 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-028 | 6.1 | 7.62 | 1.52 | 3/29/2022 | -- | -- | 0.1534 | 435 | 25.1 | 15.3 | 6.01 | 34.60 | 5.18 | 225 | 2.04 | 277.00 | 65.20 | 49.50 | 4.44 | 2.22 | 141 | 14.15 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-028 | 7.62 | 9.14 | 1.52 | 3/29/2022 | -- | -- | 0.1556 | 505 | 22.4 | 12.0 | 4.51 | 32.20 | 4.31 | 219 | 1.51 | 270.00 | 63.80 | 46.30 | 4.03 | 1.70 | 124 | 10.60 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-028 | 9.14 | 10.67 | 1.52 | 3/29/2022 | -- | -- | 0.0942 | 283 | 19.3 | 9.8 | 1.84 | 22.30 | 3.60 | 129 | 1.05 | 146.50 | 35.20 | 28.90 | 3.20 | 1.29 | 105 | 8.12 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-028 | 10.67 | 12.19 | 1.52 | 3/29/2022 | -- | -- | 0.0946 | 326 | 12.9 | 7.5 | 1.96 | 17.70 | 2.58 | 135 | 0.90 | 153.00 | 37.50 | 27.50 | 2.25 | 1.08 | 71 | 6.48 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-028 | 12.19 | 13.72 | 1.52 | 3/29/2022 | -- | -- | 0.0831 | 260 | 11.3 | 6.7 | 2.50 | 16.00 | 2.28 | 124 | 0.86 | 148.50 | 35.40 | 25.80 | 2.05 | 0.87 | 64 | 6.26 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-029 | 0 | 1.52 | 1.52 | 3/29/2022 | -- | -- | 0.0938 | 317 | 14.3 | 6.4 | 1.94 | 19.35 | 2.57 | 145 | 0.72 | 156.00 | 38.90 | 28.10 | 2.62 | 0.83 | 59 | 5.19 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-029 | 1.52 | 2.13 | 0.61 | 3/29/2022 | -- | -- | 0.0246 | 75 | 4.4 | 1.9 | 0.99 | 5.52 | 0.76 | 38 | 0.15 | 40.70 | 10.35 | 8.35 | 0.81 | 0.24 | 20 | 1.44 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |

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SLV0163 – Technical Report Summary Shiloh Project, Georgia 187 November 2025

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| **Technical Report Summary** | ![img77526612_64.jpg](img77526612_64.jpg) |

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|  |  |  |  |  |  |  | **Method** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** |
|  |  |  |  |  |  |  | **Analyte** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** |
|  |  |  |  |  |  |  | **Units** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** |
|  |  |  |  |  |  |  | **Detection <br>Limit** | **0.1** | **0.05** | **0.03** | **0.02** | **0.05** | **0.01** | **0.1** | **0.01** | **0.1** | **0.02** | **0.03** | **0.01** | **0.01** | **0.1** | **0.03** | **3** | **0.3** | **0.2** | **0.2** | **0.3** | **0.05** | **3** | **0.05** | **0.5** | **0.2** | **0.2** | **0.05** | **0.05** | **3** | **0.2** |
|  |  |  |  |  |  |  | **Upper <br>Limit** | **10000** | **1000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **10000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **50000** | **5000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** | **50000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** |
| **Hole ID** | **From <br>(m)** | **To <br>(m)** | **Interval <br>(m)** | **Drill Date** | **Sample <br>Type** | **Sample Details** | **TREO <br>(%)** | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-029 | 3.05 | 4.57 | 1.52 | 3/29/2022 | -- | -- | 0.0613 | 164 | 13.3 | 6.9 | 2.19 | 16.05 | 2.48 | 81 | 0.86 | 107.00 | 23.50 | 22.10 | 2.32 | 1.04 | 70 | 6.07 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-029 | 4.57 | 6.1 | 1.52 | 3/29/2022 | -- | -- | 0.0623 | 133 | 18.7 | 7.5 | 3.44 | 26.00 | 3.03 | 84 | 0.72 | 120.50 | 24.60 | 28.40 | 3.57 | 0.91 | 68 | 5.23 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-029 | 6.1 | 7.62 | 1.52 | 3/29/2022 | -- | -- | 0.0469 | 150 | 7.2 | 3.2 | 1.46 | 10.20 | 1.19 | 76 | 0.37 | 78.30 | 19.30 | 14.40 | 1.38 | 0.46 | 33 | 2.84 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-029 | 7.62 | 9.14 | 1.52 | 3/29/2022 | -- | -- | 0.1159 | 392 | 15.6 | 8.0 | 3.88 | 23.10 | 2.92 | 171 | 0.93 | 203.00 | 47.00 | 33.20 | 2.80 | 1.08 | 75 | 7.13 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-029 | 9.14 | 10.67 | 1.52 | 3/29/2022 | -- | -- | 0.1401 | 467 | 24.1 | 14.0 | 3.89 | 29.80 | 4.76 | 174 | 1.71 | 215.00 | 49.70 | 40.50 | 4.12 | 2.03 | 145 | 12.30 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-029 | 10.67 | 12.19 | 1.52 | 3/29/2022 | -- | -- | 0.0817 | 247 | 17.8 | 10.5 | 1.23 | 15.75 | 3.70 | 100 | 1.15 | 115.50 | 29.30 | 21.10 | 2.63 | 1.46 | 114 | 9.32 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-029 | 12.19 | 13.72 | 1.52 | 3/29/2022 | -- | -- | 0.0178 | 64 | 0.6 | 0.3 | 4.01 | 1.63 | 0.12 | 42 | 0.05 | 24.30 | 6.99 | 3.18 | 0.14 | 0.05 | 4 | 0.30 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-029 | -- | -- | -- | 3/29/2022 | Blank | -- | 0.0043 | 11 | 1.0 | 0.5 | 0.35 | 1.36 | 0.17 | 6 | 0.04 | 7.20 | 1.43 | 1.40 | 0.16 | 0.09 | 6 | 0.48 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-030 | 0 | 1.52 | 1.52 | 3/30/2022 | -- | -- | 0.1038 | 360 | 13.3 | 6.4 | 2.40 | 20.20 | 2.41 | 164 | 0.65 | 173.00 | 42.30 | 31.40 | 2.69 | 0.85 | 59 | 5.05 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-030 | 3.05 | 3.66 | 0.61 | 3/30/2022 | -- | -- | 0.0561 | 167 | 8.6 | 3.2 | 2.01 | 14.65 | 1.42 | 90 | 0.38 | 110.00 | 25.20 | 20.40 | 1.76 | 0.46 | 30 | 3.00 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-030 | 6.1 | 7.01 | 0.91 | 3/30/2022 | -- | -- | 0.1406 | 516 | 17.5 | 8.7 | 3.99 | 27.90 | 3.24 | 197 | 1.04 | 232.00 | 55.30 | 41.50 | 3.45 | 1.20 | 80 | 7.34 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-030 | 6.1 | 7.01 | 0.91 | 3/30/2022 | Duplicate | -- | 0.1488 | 557 | 19.2 | 8.5 | 4.02 | 28.80 | 3.24 | 209 | 1.12 | 234.00 | 61.30 | 39.30 | 3.74 | 1.11 | 88 | 7.73 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-030 | 7.01 | 7.92 | 0.91 | 3/30/2022 | -- | -- | 0.1390 | 463 | 20.3 | 8.7 | 2.80 | 31.20 | 3.28 | 223 | 0.95 | 223.00 | 60.30 | 38.70 | 3.95 | 1.15 | 94 | 7.17 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-030 | 9.14 | 9.45 | 0.3 | 3/30/2022 | -- | -- | 0.1093 | 406 | 17.8 | 9.2 | 2.96 | 21.50 | 3.41 | 130 | 1.19 | 161.00 | 42.00 | 26.70 | 3.13 | 1.31 | 93 | 8.56 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-030 | 9.45 | 10.97 | 1.52 | 3/30/2022 | -- | -- | 0.0693 | 230 | 11.9 | 4.9 | 1.83 | 16.70 | 1.88 | 104 | 0.53 | 110.00 | 29.60 | 19.95 | 2.21 | 0.63 | 51 | 3.76 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-030 | 10.97 | 12.19 | 1.22 | 3/30/2022 | -- | -- | 0.0258 | 94 | 1.3 | 0.6 | 3.97 | 3.07 | 0.23 | 56 | 0.07 | 36.30 | 10.60 | 4.83 | 0.32 | 0.07 | 8 | 0.54 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-031 | 0 | 1.52 | 1.52 | 3/30/2022 | -- | -- | 0.0563 | 191 | 7.7 | 2.8 | 1.22 | 10.90 | 1.27 | 95 | 0.28 | 88.60 | 25.60 | 15.65 | 1.44 | 0.36 | 34 | 2.49 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-031 | 3.05 | 3.66 | 0.61 | 3/30/2022 | -- | -- | 0.0525 | 153 | 9.0 | 4.0 | 1.48 | 13.55 | 1.56 | 79 | 0.51 | 93.30 | 23.70 | 17.25 | 1.78 | 0.57 | 44 | 3.63 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-031 | 4.57 | 6.1 | 1.52 | 3/30/2022 | -- | -- | 0.0988 | 339 | 14.3 | 7.5 | 2.71 | 20.20 | 2.79 | 141 | 1.10 | 160.50 | 42.10 | 26.40 | 2.60 | 1.16 | 71 | 8.14 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-031 | 6.1 | 7.62 | 1.52 | 3/30/2022 | -- | -- | 0.0681 | 209 | 13.0 | 7.0 | 1.84 | 15.95 | 2.43 | 98 | 0.91 | 99.90 | 27.40 | 18.40 | 2.10 | 0.96 | 74 | 6.23 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-031 | 9.14 | 10.36 | 1.22 | 3/30/2022 | -- | -- | 0.0372 | 121 | 6.8 | 4.0 | 0.82 | 7.55 | 1.41 | 52 | 0.55 | 47.60 | 13.60 | 8.44 | 1.16 | 0.61 | 45 | 3.97 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-031 | 10.36 | 11.58 | 1.22 | 3/30/2022 | -- | -- | 0.1590 | 497 | 24.3 | 10.3 | 4.87 | 38.00 | 4.13 | 273 | 1.06 | 262.00 | 68.90 | 44.70 | 4.69 | 1.28 | 110 | 7.98 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-032 | -- | -- | -- | 3/30/2022 | Duplicate | -- | 0.0597 | 191 | 11.2 | 5.4 | 1.04 | 13.35 | 2.02 | 86 | 0.68 | 87.20 | 24.00 | 15.90 | 1.84 | 0.75 | 61 | 5.04 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-032 | 0 | 0.91 | 0.91 | 3/30/2022 | -- | -- | 0.0907 | 302 | 13.8 | 5.5 | 2.75 | 20.90 | 2.20 | 135 | 0.63 | 156.50 | 41.50 | 28.40 | 2.67 | 0.74 | 54 | 4.67 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-032 | 1.52 | 3.05 | 1.52 | 3/30/2022 | -- | -- | 0.1909 | 463 | 36.4 | 13.2 | 7.61 | 59.30 | 5.60 | 340 | 1.30 | 386.00 | 102.00 | 70.80 | 7.33 | 1.68 | 120 | 10.25 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-032 | 3.05 | 4.57 | 1.52 | 3/30/2022 | -- | -- | 0.1385 | 258 | 50.0 | 17.2 | 8.84 | 72.00 | 7.53 | 171 | 1.34 | 292.00 | 61.50 | 66.80 | 9.33 | 1.94 | 146 | 12.25 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-032 | 4.57 | 6.1 | 1.52 | 3/30/2022 | -- | -- | 0.0413 | 119 | 9.8 | 5.5 | 0.88 | 10.70 | 1.91 | 57 | 0.71 | 51.80 | 14.55 | 10.95 | 1.62 | 0.72 | 59 | 5.22 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-032 | 6.1 | 7.62 | 1.52 | 3/30/2022 | -- | -- | 0.0491 | 150 | 9.7 | 5.6 | 1.18 | 11.45 | 1.92 | 72 | 0.73 | 62.40 | 17.80 | 11.90 | 1.70 | 0.82 | 63 | 5.70 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-032 | 7.62 | 9.14 | 1.52 | 3/30/2022 | -- | -- | 0.1275 | 354 | 35.4 | 14.4 | 2.87 | 41.40 | 5.75 | 151 | 1.28 | 193.50 | 48.20 | 42.90 | 6.64 | 1.67 | 168 | 10.55 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-032 | 9.14 | 10.36 | 1.22 | 3/30/2022 | -- | -- | 0.0770 | 264 | 11.6 | 5.8 | 1.48 | 16.15 | 2.01 | 111 | 0.70 | 124.00 | 33.50 | 22.50 | 2.11 | 0.76 | 54 | 4.92 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-032 | 10.36 | 11.58 | 1.22 | 3/30/2022 | -- | -- | 0.0597 | 188 | 10.9 | 5.4 | 1.26 | 13.30 | 1.98 | 89 | 0.66 | 87.90 | 24.30 | 16.90 | 1.86 | 0.77 | 59 | 4.71 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-033 | 0 | 0.76 | 0.76 | 3/31/2022 | -- | -- | 0.1085 | 357 | 12.9 | 5.6 | 2.51 | 20.90 | 2.09 | 193 | 0.67 | 182.00 | 52.20 | 30.40 | 2.64 | 0.76 | 56 | 5.06 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-033 | 1.52 | 1.98 | 0.46 | 3/31/2022 | -- | -- | 0.1891 | 441 | 13.9 | 4.2 | 4.46 | 27.80 | 1.88 | 518 | 0.32 | 380.00 | 125.50 | 52.30 | 3.13 | 0.52 | 38 | 3.21 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |

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SLV0163 – Technical Report Summary Shiloh Project, Georgia 188 November 2025

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| | |
|:---|:---|
| **Technical Report Summary** | ![img77526612_64.jpg](img77526612_64.jpg) |

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|  |  |  |  |  |  |  | **Method** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** |
|  |  |  |  |  |  |  | **Analyte** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** |
|  |  |  |  |  |  |  | **Units** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** |
|  |  |  |  |  |  |  | **Detection <br>Limit** | **0.1** | **0.05** | **0.03** | **0.02** | **0.05** | **0.01** | **0.1** | **0.01** | **0.1** | **0.02** | **0.03** | **0.01** | **0.01** | **0.1** | **0.03** | **3** | **0.3** | **0.2** | **0.2** | **0.3** | **0.05** | **3** | **0.05** | **0.5** | **0.2** | **0.2** | **0.05** | **0.05** | **3** | **0.2** |
|  |  |  |  |  |  |  | **Upper <br>Limit** | **10000** | **1000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **10000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **50000** | **5000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** | **50000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** |
| **Hole ID** | **From <br>(m)** | **To <br>(m)** | **Interval <br>(m)** | **Drill Date** | **Sample <br>Type** | **Sample Details** | **TREO <br>(%)** | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-033 | 3.05 | 3.81 | 0.76 | 3/31/2022 | -- | -- | 0.1806 | 474 | 28.4 | 9.8 | 6.00 | 45.40 | 4.31 | 325 | 1.00 | 374.00 | 95.20 | 62.50 | 5.57 | 1.23 | 98 | 7.46 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-033 | 4.57 | 5.03 | 0.46 | 3/31/2022 | -- | -- | 0.1801 | 703 | 22.1 | 8.6 | 4.11 | 36.20 | 3.57 | 234 | 0.96 | 295.00 | 76.50 | 52.00 | 4.33 | 1.16 | 85 | 7.46 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-033 | 6.1 | 7.62 | 1.52 | 3/31/2022 | -- | -- | 0.0829 | 258 | 12.8 | 5.2 | 2.97 | 19.75 | 2.00 | 131 | 0.60 | 151.00 | 38.20 | 26.00 | 2.48 | 0.70 | 51 | 4.34 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-033 | 7.62 | 9.14 | 1.52 | 3/31/2022 | -- | -- | 0.0408 | 139 | 6.8 | 2.7 | 0.81 | 9.09 | 1.06 | 66 | 0.29 | 56.60 | 16.10 | 11.25 | 1.18 | 0.37 | 32 | 2.53 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-033 | 9.14 | 10.67 | 1.52 | 3/31/2022 | -- | -- | 0.0353 | 113 | 7.7 | 3.7 | 0.65 | 7.67 | 1.34 | 53 | 0.35 | 42.10 | 12.40 | 7.97 | 1.28 | 0.44 | 44 | 2.82 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-033 | 10.67 | 12.19 | 1.52 | 3/31/2022 | -- | -- | 0.0277 | 96 | 4.5 | 1.8 | 0.65 | 5.80 | 0.78 | 45 | 0.22 | 36.80 | 10.75 | 7.04 | 0.74 | 0.24 | 24 | 1.54 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-034 | 0 | 1.52 | 1.52 | 3/31/2022 | -- | -- | 0.0675 | 253 | 10.0 | 4.7 | 2.66 | 13.50 | 1.78 | 91 | 0.61 | 99.10 | 26.30 | 17.80 | 1.80 | 0.61 | 46 | 4.73 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-034 | 1.52 | 2.44 | 0.91 | 3/31/2022 | -- | -- | 0.0793 | 254 | 11.9 | 4.6 | 3.00 | 17.85 | 1.91 | 138 | 0.43 | 129.50 | 36.40 | 23.50 | 2.36 | 0.57 | 47 | 3.52 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-034 | 3.05 | 3.96 | 0.91 | 3/31/2022 | -- | -- | 0.0985 | 250 | 17.0 | 7.9 | 4.22 | 25.90 | 2.85 | 166 | 0.98 | 192.50 | 49.20 | 35.40 | 3.05 | 1.02 | 74 | 6.89 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-034 | 3.96 | 4.57 | 0.61 | 3/31/2022 | -- | -- | 0.1032 | 249 | 21.0 | 10.4 | 3.47 | 27.10 | 3.76 | 171 | 1.30 | 186.50 | 49.50 | 32.60 | 3.42 | 1.54 | 105 | 9.74 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-034 | 6.1 | 7.62 | 1.52 | 3/31/2022 | -- | -- | 0.1113 | 312 | 20.4 | 11.0 | 3.19 | 28.60 | 3.80 | 172 | 1.30 | 181.00 | 48.30 | 32.40 | 3.63 | 1.50 | 114 | 9.69 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-034 | 7.62 | 9.14 | 1.52 | 3/31/2022 | -- | -- | 0.1032 | 368 | 11.6 | 5.3 | 1.57 | 18.15 | 2.04 | 173 | 0.58 | 162.00 | 45.50 | 25.40 | 2.27 | 0.72 | 57 | 4.83 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-034 | 9.14 | 10.36 | 1.22 | 3/31/2022 | -- | -- | 0.1284 | 468 | 13.3 | 6.1 | 2.71 | 22.30 | 2.18 | 202 | 0.76 | 216.00 | 57.50 | 32.70 | 2.50 | 0.86 | 61 | 5.36 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-034 | 10.36 | 11.58 | 1.22 | 3/31/2022 | -- | -- | 0.2054 | 745 | 19.0 | 9.1 | 4.70 | 33.70 | 3.52 | 319 | 1.08 | 367.00 | 91.40 | 55.00 | 3.88 | 1.14 | 88 | 7.57 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-034 | 11.58 | 12.8 | 1.22 | 3/31/2022 | -- | -- | 0.1037 | 342 | 17.3 | 9.8 | 2.88 | 20.00 | 3.56 | 137 | 1.29 | 166.50 | 39.80 | 29.30 | 3.01 | 1.33 | 97 | 8.49 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-034 | 12.8 | 14.02 | 1.22 | 3/31/2022 | -- | -- | 0.1397 | 490 | 16.5 | 8.4 | 4.64 | 24.70 | 3.08 | 198 | 1.18 | 246.00 | 59.00 | 38.10 | 3.18 | 1.19 | 87 | 7.27 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-034 | 12.8 | 14.02 | 1.22 | 3/31/2022 | Duplicate | -- | 0.1384 | 483 | 16.8 | 8.7 | 4.68 | 24.80 | 3.24 | 194 | 1.11 | 245.00 | 57.70 | 38.60 | 3.35 | 1.23 | 87 | 7.86 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-034 | 14.02 | 14.63 | 0.61 | 3/31/2022 | -- | -- | 0.1081 | 324 | 21.4 | 10.5 | 4.33 | 21.70 | 3.90 | 139 | 1.30 | 187.00 | 43.10 | 32.10 | 3.36 | 1.31 | 114 | 8.51 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-034 | -- | -- | -- | 3/31/2022 | Standard | Oreas 463 | 2.0194 | 6710 | 71.3 | 15.7 | 110.50 | 249.00 | 8.33 | 4860 | 0.78 | 3530.00 | 973.00 | 503.00 | 19.80 | 1.44 | 188 | 6.64 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-035 | 0 | 1.52 | 1.52 | 4/1/2022 | -- | -- | 0.1248 | 514 | 12.9 | 5.9 | 2.85 | 17.60 | 2.24 | 173 | 0.64 | 192.50 | 48.50 | 30.60 | 2.47 | 0.75 | 55 | 4.56 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-035 | 1.52 | 3.05 | 1.52 | 4/1/2022 | -- | -- | 0.2106 | 666 | 22.2 | 9.6 | 6.33 | 39.00 | 3.66 | 346 | 1.26 | 425.00 | 103.50 | 68.20 | 4.65 | 1.29 | 89 | 8.27 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-035 | 3.05 | 3.96 | 0.91 | 4/1/2022 | -- | -- | 0.1907 | 553 | 28.6 | 14.7 | 6.38 | 41.30 | 5.24 | 274 | 1.86 | 378.00 | 89.30 | 65.90 | 5.38 | 2.02 | 142 | 13.05 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-035 | 3.96 | 4.88 | 0.91 | 4/1/2022 | -- | -- | 0.1072 | 275 | 22.1 | 11.3 | 3.28 | 26.20 | 4.19 | 153 | 1.39 | 186.00 | 46.00 | 34.00 | 3.74 | 1.60 | 129 | 9.87 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-035 | 6.1 | 6.86 | 0.76 | 4/1/2022 | -- | -- | 3.7675 | >10000 | 121.5 | 22.5 | 7.98 | 519.00 | 13.20 | 9390 | 1.33 | 9710.00 | >1000 | >1000 | 40.30 | 2.04 | 349 | 10.65 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-035 | 6.86 | 7.62 | 0.76 | 4/1/2022 | -- | -- | 2.4611 | 10000 | 66.0 | 18.5 | 4.29 | 242.00 | 8.70 | 4340 | 1.60 | 4510.00 | >1000 | 555.00 | 19.60 | 2.07 | 238 | 12.60 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-035 | 7.62 | 9.14 | 1.52 | 4/1/2022 | -- | -- | 0.5302 | 2070 | 23.9 | 9.3 | 1.92 | 58.00 | 3.82 | 922 | 1.08 | 944.00 | 248.00 | 124.00 | 5.78 | 1.16 | 104 | 7.17 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-035 | 9.14 | 10.67 | 1.52 | 4/1/2022 | -- | -- | 0.0899 | 305 | 13.6 | 8.0 | 1.15 | 15.25 | 2.79 | 129 | 0.93 | 141.00 | 36.40 | 23.50 | 2.26 | 1.08 | 77 | 6.94 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-035 | 10.67 | 12.19 | 1.52 | 4/1/2022 | -- | -- | 0.0277 | 72 | 8.5 | 5.0 | 0.75 | 5.18 | 1.81 | 34 | 0.49 | 29.60 | 8.05 | 5.69 | 1.16 | 0.62 | 56 | 3.80 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-035 | 12.19 | 12.5 | 0.3 | 4/1/2022 | -- | -- | 0.1543 | 612 | 9.6 | 3.8 | 1.18 | 18.90 | 1.54 | 249 | 0.31 | 261.00 | 68.10 | 37.90 | 2.14 | 0.47 | 47 | 2.80 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-035 | 13.11 | 14.02 | 0.91 | 4/1/2022 | -- | -- | 0.0723 | 261 | 7.3 | 2.9 | 1.12 | 12.60 | 1.07 | 113 | 0.35 | 125.50 | 32.90 | 20.80 | 1.46 | 0.40 | 33 | 2.35 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-035 | -- | -- | -- | 4/1/2022 | Blank | -- | 0.0052 | 15 | 0.8 | 0.5 | 0.31 | 1.36 | 0.17 | 7 | 0.07 | 9.00 | 2.01 | 1.55 | 0.16 | 0.06 | 6 | 0.45 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-036 | 0 | 0.91 | 0.91 | 4/1/2022 | -- | -- | 0.0431 | 134 | 9.5 | 4.6 | 0.78 | 8.96 | 1.66 | 63 | 0.48 | 60.50 | 16.35 | 11.50 | 1.45 | 0.56 | 48 | 3.52 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-036 | 1.52 | 2.13 | 0.61 | 4/1/2022 | -- | -- | 0.0394 | 135 | 7.9 | 4.0 | 0.72 | 7.70 | 1.38 | 53 | 0.40 | 53.10 | 14.25 | 10.75 | 1.15 | 0.49 | 42 | 3.23 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |

---

SLV0163 – Technical Report Summary Shiloh Project, Georgia 189 November 2025

------

---

| | |
|:---|:---|
| **Technical Report Summary** | ![img77526612_64.jpg](img77526612_64.jpg) |

---

---

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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|  |  |  |  |  |  |  | **Method** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** |
|  |  |  |  |  |  |  | **Analyte** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** |
|  |  |  |  |  |  |  | **Units** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** |
|  |  |  |  |  |  |  | **Detection <br>Limit** | **0.1** | **0.05** | **0.03** | **0.02** | **0.05** | **0.01** | **0.1** | **0.01** | **0.1** | **0.02** | **0.03** | **0.01** | **0.01** | **0.1** | **0.03** | **3** | **0.3** | **0.2** | **0.2** | **0.3** | **0.05** | **3** | **0.05** | **0.5** | **0.2** | **0.2** | **0.05** | **0.05** | **3** | **0.2** |
|  |  |  |  |  |  |  | **Upper <br>Limit** | **10000** | **1000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **10000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **50000** | **5000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** | **50000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** |
| **Hole ID** | **From <br>(m)** | **To <br>(m)** | **Interval <br>(m)** | **Drill Date** | **Sample <br>Type** | **Sample Details** | **TREO <br>(%)** | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-036 | 3.05 | 4.27 | 1.22 | 4/1/2022 | -- | -- | 0.0500 | 138 | 13.3 | 7.3 | 0.97 | 10.80 | 2.43 | 62 | 0.65 | 68.30 | 18.00 | 14.45 | 1.73 | 0.96 | 78 | 5.56 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-036 | 6.1 | 7.62 | 1.52 | 4/1/2022 | -- | -- | 0.0516 | 130 | 11.5 | 5.1 | 1.24 | 11.60 | 1.94 | 77 | 0.45 | 94.90 | 23.90 | 18.35 | 1.72 | 0.62 | 56 | 4.42 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-036 | 7.62 | 9.14 | 1.52 | 4/1/2022 | -- | -- | 0.1023 | 216 | 17.8 | 7.8 | 2.99 | 26.00 | 3.00 | 165 | 0.75 | 239.00 | 55.90 | 42.10 | 3.48 | 0.91 | 84 | 5.10 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-036 | 9.14 | 10.67 | 1.52 | 4/1/2022 | -- | -- | 0.2267 | 640 | 45.9 | 25.9 | 6.76 | 51.90 | 8.91 | 291 | 3.18 | 356.00 | 85.40 | 66.50 | 7.73 | 3.47 | 301 | 21.90 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-036 | 9.14 | 10.67 | 1.52 | 4/1/2022 | Duplicate | -- | 0.1996 | 553 | 40.8 | 23.9 | 6.18 | 47.00 | 8.40 | 253 | 2.99 | 317.00 | 74.60 | 58.70 | 7.07 | 3.20 | 270 | 20.50 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-036 | 10.67 | 12.19 | 1.52 | 4/1/2022 | -- | -- | 0.1613 | 509 | 28.2 | 14.8 | 4.07 | 34.80 | 5.41 | 215 | 1.59 | 257.00 | 62.10 | 46.20 | 5.13 | 1.92 | 171 | 10.90 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-036 | 12.19 | 13.72 | 1.52 | 4/1/2022 | -- | -- | 0.0548 | 128 | 16.4 | 12.5 | 5.29 | 14.70 | 3.83 | 37 | 1.87 | 64.80 | 13.00 | 15.45 | 2.54 | 1.79 | 130 | 12.30 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-036 | 13.72 | 15.24 | 1.52 | 4/1/2022 | -- | -- | 0.0442 | 101 | 12.1 | 6.3 | 6.08 | 15.15 | 2.42 | 42 | 0.73 | 74.90 | 15.15 | 16.50 | 2.09 | 0.80 | 73 | 5.10 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-036 | 15.24 | 15.85 | 0.61 | 4/1/2022 | -- | -- | 0.0383 | 99 | 9.8 | 5.1 | 5.09 | 12.65 | 1.99 | 37 | 0.53 | 64.60 | 13.45 | 13.90 | 1.76 | 0.65 | 54 | 3.98 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-037 | 0 | 1.52 | 1.52 | 4/1/2022 | -- | -- | 0.0678 | 207 | 12.2 | 5.7 | 1.32 | 13.65 | 2.03 | 109 | 0.48 | 108.00 | 28.10 | 20.80 | 1.89 | 0.69 | 60 | 4.35 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-037 | 1.52 | 2.13 | 0.61 | 4/1/2022 | -- | -- | 0.1453 | 549 | 15.9 | 6.4 | 1.44 | 26.60 | 2.80 | 210 | 0.63 | 240.00 | 62.40 | 42.80 | 3.24 | 0.80 | 70 | 5.00 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-037 | 3.05 | 3.96 | 0.91 | 4/1/2022 | -- | -- | 0.1120 | 329 | 17.9 | 9.2 | 2.08 | 21.30 | 3.46 | 164 | 0.96 | 207.00 | 51.70 | 34.80 | 3.10 | 1.25 | 98 | 7.17 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-037 | 6.1 | 6.71 | 0.61 | 4/1/2022 | -- | -- | 0.2214 | 627 | 26.2 | 11.6 | 5.43 | 40.90 | 4.65 | 347 | 1.15 | 499.00 | 117.50 | 77.60 | 5.18 | 1.49 | 112 | 8.88 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-037 | 6.71 | 7.62 | 0.91 | 4/1/2022 | -- | -- | 0.1484 | 426 | 19.9 | 8.4 | 3.30 | 32.00 | 3.29 | 233 | 0.98 | 316.00 | 76.60 | 51.90 | 4.02 | 1.03 | 81 | 6.47 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-037 | 7.62 | 8.23 | 0.61 | 4/1/2022 | -- | -- | 0.2268 | 464 | 42.5 | 20.2 | 8.13 | 61.10 | 7.61 | 360 | 2.46 | 516.00 | 120.00 | 95.10 | 8.20 | 2.73 | 200 | 17.30 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-037 | 9.14 | 10.67 | 1.52 | 4/1/2022 | -- | -- | 0.1820 | 370 | 37.6 | 19.8 | 7.47 | 50.60 | 6.85 | 277 | 2.45 | 391.00 | 92.30 | 73.00 | 6.90 | 2.65 | 188 | 17.85 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-037 | 10.67 | 12.19 | 1.52 | 4/1/2022 | -- | -- | 0.1429 | 432 | 25.5 | 13.7 | 5.04 | 32.30 | 5.08 | 194 | 1.80 | 235.00 | 56.20 | 43.40 | 4.68 | 1.95 | 148 | 12.50 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-037 | 12.19 | 13.72 | 1.52 | 4/1/2022 | -- | -- | 0.0850 | 109 | 31.9 | 22.1 | 5.88 | 29.90 | 7.46 | 56 | 2.96 | 95.20 | 19.15 | 23.20 | 4.99 | 3.17 | 277 | 18.35 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-037 | 13.72 | 14.63 | 0.91 | 4/1/2022 | -- | -- | 0.0607 | 167 | 11.5 | 6.4 | 1.64 | 14.00 | 2.27 | 91 | 0.65 | 96.00 | 23.80 | 17.85 | 2.06 | 0.81 | 74 | 5.10 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-037 | -- | -- | -- | 4/1/2022 | Standard | Oreas 460 | 0.5549 | 1945 | 19.9 | 6.0 | 23.50 | 49.10 | 2.86 | 1380 | 0.50 | 876.00 | 249.00 | 112.00 | 4.82 | 0.68 | 64 | 3.85 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-038 | 0 | 1.52 | 1.52 | 4/2/2022 | -- | -- | 0.0631 | 274 | 8.1 | 4.5 | 1.13 | 9.22 | 1.69 | 75 | 0.51 | 77.10 | 20.00 | 12.80 | 1.41 | 0.57 | 46 | 3.68 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-038 | 1.52 | 2.44 | 0.91 | 4/2/2022 | -- | -- | 0.0794 | 395 | 7.3 | 3.7 | 1.43 | 10.30 | 1.34 | 82 | 0.42 | 96.50 | 24.60 | 17.10 | 1.43 | 0.44 | 32 | 2.80 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-038 | 3.05 | 4.27 | 1.22 | 4/2/2022 | -- | -- | 0.2450 | 661 | 22.0 | 8.9 | 6.40 | 42.70 | 3.80 | 449 | 1.10 | 565.00 | 138.00 | 84.50 | 4.73 | 1.18 | 93 | 7.63 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-038 | 4.27 | 5.18 | 0.91 | 4/2/2022 | -- | -- | 0.2562 | 473 | 28.9 | 14.9 | 8.98 | 53.60 | 5.27 | 513 | 2.19 | 654.00 | 161.00 | 106.50 | 5.90 | 2.13 | 138 | 14.80 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-038 | 4.27 | 5.18 | 0.91 | 4/2/2022 | Duplicate | -- | 0.2536 | 444 | 30.3 | 15.7 | 9.93 | 55.60 | 5.61 | 505 | 2.30 | 664.00 | 159.50 | 106.50 | 6.06 | 2.24 | 138 | 15.65 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-038 | 6.1 | 7.16 | 1.07 | 4/2/2022 | -- | -- | 0.2211 | 369 | 39.6 | 21.0 | 10.40 | 61.60 | 6.84 | 408 | 3.05 | 527.00 | 127.50 | 96.30 | 6.60 | 2.82 | 179 | 20.20 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-038 | 7.16 | 8.23 | 1.07 | 4/2/2022 | -- | -- | 0.2140 | 426 | 49.3 | 29.0 | 8.21 | 61.60 | 10.15 | 357 | 4.28 | 356.00 | 94.60 | 67.90 | 8.76 | 4.29 | 303 | 27.30 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-038 | 9.14 | 10.06 | 0.91 | 4/2/2022 | -- | -- | 0.1406 | 442 | 19.2 | 12.3 | 4.01 | 26.30 | 4.04 | 205 | 1.79 | 242.00 | 59.90 | 39.80 | 3.34 | 1.74 | 120 | 12.05 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-038 | 10.06 | 11.43 | 1.37 | 4/2/2022 | -- | -- | 0.1639 | 575 | 18.0 | 10.4 | 4.06 | 26.80 | 3.56 | 250 | 1.49 | 274.00 | 68.80 | 43.10 | 3.37 | 1.51 | 104 | 9.83 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-038 | 11.43 | 12.19 | 0.76 | 4/2/2022 | -- | -- | 0.1609 | 549 | 20.7 | 9.7 | 3.05 | 28.80 | 3.81 | 254 | 1.05 | 268.00 | 69.40 | 43.10 | 3.88 | 1.34 | 104 | 8.28 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-038 | 12.19 | 13.41 | 1.22 | 4/2/2022 | -- | -- | 0.0433 | 118 | 9.9 | 5.3 | 1.15 | 8.70 | 1.94 | 60 | 0.57 | 60.60 | 16.20 | 11.85 | 1.52 | 0.68 | 66 | 4.02 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-038 | 13.41 | 14.02 | 0.61 | 4/2/2022 | -- | -- | 0.0560 | 139 | 14.8 | 9.9 | 1.42 | 12.90 | 3.32 | 67 | 1.61 | 71.60 | 17.75 | 14.65 | 2.22 | 1.56 | 104 | 10.25 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-038 | 14.02 | 14.94 | 0.91 | 4/2/2022 | -- | -- | 0.0824 | 247 | 14.9 | 7.8 | 2.14 | 17.90 | 2.88 | 121 | 0.84 | 135.00 | 33.20 | 24.40 | 2.61 | 1.06 | 82 | 6.33 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |

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SLV0163 – Technical Report Summary Shiloh Project, Georgia 190 November 2025

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| **Technical Report Summary** | ![img77526612_64.jpg](img77526612_64.jpg) |

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|  |  |  |  |  |  |  | **Method** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** |
|  |  |  |  |  |  |  | **Analyte** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** |
|  |  |  |  |  |  |  | **Units** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** |
|  |  |  |  |  |  |  | **Detection <br>Limit** | **0.1** | **0.05** | **0.03** | **0.02** | **0.05** | **0.01** | **0.1** | **0.01** | **0.1** | **0.02** | **0.03** | **0.01** | **0.01** | **0.1** | **0.03** | **3** | **0.3** | **0.2** | **0.2** | **0.3** | **0.05** | **3** | **0.05** | **0.5** | **0.2** | **0.2** | **0.05** | **0.05** | **3** | **0.2** |
|  |  |  |  |  |  |  | **Upper <br>Limit** | **10000** | **1000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **10000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **50000** | **5000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** | **50000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** |
| **Hole ID** | **From <br>(m)** | **To <br>(m)** | **Interval <br>(m)** | **Drill Date** | **Sample <br>Type** | **Sample Details** | **TREO <br>(%)** | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-038 | 15.24 | 16.31 | 1.07 | 4/2/2022 | -- | -- | 0.0797 | 258 | 11.8 | 5.9 | 1.36 | 15.60 | 2.27 | 121 | 0.79 | 127.00 | 33.90 | 23.10 | 2.24 | 0.91 | 67 | 6.02 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-038 | 16.31 | 17.07 | 0.76 | 4/2/2022 | -- | -- | 0.0602 | 195 | 9.0 | 4.1 | 1.18 | 12.25 | 1.61 | 91 | 0.51 | 97.40 | 25.60 | 18.60 | 1.73 | 0.58 | 49 | 3.67 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-038 | -- | -- | -- | 4/2/2022 | Blank | -- | 0.0074 | 18 | 1.3 | 0.6 | 0.41 | 1.62 | 0.27 | 16 | 0.09 | 10.80 | 2.48 | 1.87 | 0.23 | 0.09 | 9 | 0.50 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-039 | 0 | 1.22 | 1.22 | 4/2/2022 | -- | -- | 0.0670 | 326 | 8.4 | 4.7 | 1.02 | 8.78 | 1.67 | 66 | 0.55 | 66.10 | 17.50 | 12.60 | 1.38 | 0.64 | 49 | 3.96 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-039 | 1.52 | 2.44 | 0.91 | 4/2/2022 | -- | -- | 0.0862 | 557 | 6.3 | 3.5 | 0.95 | 6.86 | 1.28 | 49 | 0.47 | 48.60 | 12.95 | 8.38 | 1.09 | 0.50 | 34 | 3.27 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-039 | 3.05 | 3.35 | 0.3 | 4/2/2022 | -- | -- | 0.1320 | 893 | 8.0 | 5.5 | 1.14 | 8.24 | 1.87 | 55 | 0.80 | 66.10 | 15.90 | 11.70 | 1.25 | 0.83 | 50 | 5.16 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-039 | 3.35 | 3.96 | 0.61 | 4/2/2022 | -- | -- | 0.1199 | 429 | 15.0 | 8.6 | 2.03 | 20.40 | 3.03 | 163 | 1.11 | 198.00 | 49.30 | 33.40 | 2.83 | 1.20 | 84 | 8.10 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-039 | 6.1 | 7.16 | 1.07 | 4/2/2022 | -- | -- | 0.0881 | 243 | 14.5 | 8.1 | 2.25 | 18.20 | 2.91 | 130 | 1.22 | 167.00 | 41.20 | 29.70 | 2.56 | 1.17 | 78 | 7.84 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-039 | 7.16 | 8.23 | 1.07 | 4/2/2022 | -- | -- | 0.1544 | 190 | 26.3 | 14.0 | 6.40 | 38.80 | 5.00 | 297 | 2.01 | 412.00 | 101.00 | 68.80 | 4.83 | 2.08 | 130 | 14.20 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-039 | 8.23 | 8.53 | 0.3 | 4/2/2022 | -- | -- | 0.0829 | 135 | 14.6 | 7.9 | 3.07 | 18.20 | 2.64 | 190 | 1.10 | 164.50 | 46.80 | 27.30 | 2.61 | 1.03 | 81 | 7.18 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-039 | 9.14 | 9.75 | 0.61 | 4/2/2022 | -- | -- | 0.0950 | 174 | 22.9 | 13.9 | 3.82 | 26.30 | 4.85 | 151 | 1.75 | 159.00 | 41.40 | 30.00 | 4.10 | 1.92 | 155 | 11.95 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-039 | 9.14 | 9.75 | 0.61 | 4/2/2022 | Duplicate | -- | 0.0774 | 129 | 19.5 | 11.8 | 3.34 | 20.80 | 3.87 | 129 | 1.53 | 130.00 | 33.70 | 26.20 | 3.31 | 1.66 | 130 | 9.75 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-039 | 9.75 | 11.43 | 1.68 | 4/2/2022 | -- | -- | 0.1313 | 382 | 21.1 | 11.9 | 4.29 | 28.40 | 4.40 | 191 | 1.57 | 220.00 | 53.70 | 38.10 | 3.88 | 1.66 | 140 | 10.95 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-039 | 12.19 | 13.41 | 1.22 | 4/2/2022 | -- | -- | 0.0259 | 84 | 4.2 | 1.8 | 0.69 | 5.55 | 0.73 | 43 | 0.19 | 36.80 | 10.60 | 7.47 | 0.83 | 0.21 | 22 | 1.43 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-039 | 13.41 | 14.78 | 1.37 | 4/2/2022 | -- | -- | 0.0541 | 163 | 9.7 | 6.2 | 0.97 | 10.05 | 2.10 | 75 | 0.82 | 81.90 | 20.80 | 15.30 | 1.57 | 0.94 | 63 | 5.93 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-039 | 15.24 | 16.15 | 0.91 | 4/2/2022 | -- | -- | 0.0535 | 164 | 8.5 | 4.2 | 1.25 | 10.80 | 1.66 | 80 | 0.48 | 90.70 | 23.50 | 16.00 | 1.60 | 0.57 | 48 | 3.73 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-039 | 16.15 | 17.07 | 0.91 | 4/2/2022 | -- | -- | 0.0933 | 291 | 12.1 | 5.2 | 2.64 | 19.15 | 2.22 | 149 | 0.63 | 169.00 | 42.20 | 28.50 | 2.52 | 0.70 | 64 | 4.23 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-040 | 0 | 1.22 | 1.22 | 4/2/2022 | -- | -- | 0.0402 | 128 | 8.1 | 4.2 | 1.21 | 8.91 | 1.59 | 55 | 0.52 | 55.20 | 14.20 | 11.40 | 1.38 | 0.58 | 47 | 3.57 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-040 | 1.52 | 2.13 | 0.61 | 4/2/2022 | -- | -- | 0.0473 | 175 | 7.7 | 3.0 | 1.37 | 10.15 | 1.14 | 70 | 0.44 | 68.40 | 17.40 | 12.60 | 1.48 | 0.41 | 31 | 3.00 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-040 | 3.05 | 3.96 | 0.91 | 4/2/2022 | -- | -- | 0.0331 | 91 | 7.5 | 3.7 | 0.91 | 7.64 | 1.44 | 52 | 0.37 | 47.80 | 11.95 | 8.81 | 1.22 | 0.43 | 42 | 2.80 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-040 | 6.1 | 7.01 | 0.91 | 4/2/2022 | -- | -- | 0.0511 | 151 | 10.3 | 4.7 | 1.41 | 11.80 | 1.75 | 75 | 0.44 | 83.10 | 21.20 | 16.80 | 1.73 | 0.55 | 51 | 3.65 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-040 | 7.01 | 7.92 | 0.91 | 4/2/2022 | -- | -- | 0.1401 | 342 | 26.1 | 13.4 | 4.86 | 34.00 | 4.26 | 228 | 1.51 | 279.00 | 67.40 | 51.90 | 4.25 | 1.54 | 121 | 11.00 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-040 | 9.14 | 10.21 | 1.07 | 4/2/2022 | -- | -- | 0.1102 | 330 | 19.8 | 11.9 | 4.10 | 24.50 | 3.54 | 149 | 1.65 | 186.50 | 43.60 | 35.40 | 3.08 | 1.54 | 110 | 10.70 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-040 | 10.21 | 11.28 | 1.07 | 4/2/2022 | -- | -- | 0.0956 | 296 | 17.1 | 9.4 | 2.78 | 20.80 | 2.99 | 131 | 1.21 | 157.00 | 37.90 | 29.20 | 2.64 | 1.29 | 93 | 8.48 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-040 | 12.19 | 12.5 | 0.3 | 4/2/2022 | -- | -- | 0.1680 | 569 | 28.9 | 14.2 | 3.88 | 35.80 | 4.92 | 225 | 1.33 | 267.00 | 64.10 | 51.60 | 4.61 | 1.75 | 144 | 10.40 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-040 | 12.5 | 13.56 | 1.07 | 4/2/2022 | -- | -- | 0.0606 | 168 | 15.0 | 7.1 | 3.63 | 16.40 | 2.51 | 75 | 0.83 | 94.20 | 22.30 | 19.85 | 2.32 | 0.94 | 79 | 5.87 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-040 | 13.56 | 14.33 | 0.76 | 4/2/2022 | -- | -- | 0.0140 | 36 | 4.1 | 2.4 | 0.52 | 2.90 | 0.79 | 18 | 0.28 | 15.40 | 4.26 | 2.87 | 0.53 | 0.34 | 27 | 2.33 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-040 | -- | -- | -- | 4/2/2022 | Standard | Oreas 463 | 2.1562 | 6960 | 74.5 | 17.2 | 120.50 | 249.00 | 8.49 | 5140 | 0.76 | 4050.00 | >1000 | 568.00 | 19.60 | 1.49 | 200 | 7.55 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-041 | 0 | 1.52 | 1.52 | 4/2/2022 | -- | -- | 0.0767 | 383 | 8.6 | 4.5 | 1.36 | 10.05 | 1.47 | 76 | 0.65 | 82.10 | 21.00 | 14.30 | 1.29 | 0.69 | 43 | 4.19 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-041 | 1.52 | 2.13 | 0.61 | 4/2/2022 | -- | -- | 0.0651 | 230 | 8.7 | 2.8 | 1.18 | 13.50 | 1.13 | 99 | 0.30 | 110.50 | 28.80 | 22.50 | 1.60 | 0.31 | 32 | 1.93 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-041 | 3.05 | 3.96 | 0.91 | 4/2/2022 | -- | -- | 0.1124 | 302 | 17.8 | 7.8 | 2.01 | 27.00 | 2.70 | 191 | 0.80 | 217.00 | 56.50 | 43.40 | 3.34 | 0.90 | 79 | 5.68 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-041 | 3.05 | 3.96 | 0.91 | 4/2/2022 | Duplicate | -- | 0.1078 | 288 | 18.7 | 6.9 | 2.15 | 26.00 | 2.63 | 187 | 0.73 | 208.00 | 54.30 | 42.10 | 3.30 | 0.86 | 72 | 5.40 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-041 | 6.1 | 7.01 | 0.91 | 4/2/2022 | -- | -- | 0.0366 | 115 | 7.2 | 3.4 | 0.85 | 9.18 | 1.10 | 55 | 0.45 | 53.00 | 13.90 | 11.00 | 1.31 | 0.39 | 36 | 3.02 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |

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SLV0163 – Technical Report Summary Shiloh Project, Georgia 191 November 2025

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| | |
|:---|:---|
| **Technical Report Summary** | ![img77526612_64.jpg](img77526612_64.jpg) |

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|  |  |  |  |  |  |  | **Method** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** |
|  |  |  |  |  |  |  | **Analyte** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** |
|  |  |  |  |  |  |  | **Units** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** |
|  |  |  |  |  |  |  | **Detection <br>Limit** | **0.1** | **0.05** | **0.03** | **0.02** | **0.05** | **0.01** | **0.1** | **0.01** | **0.1** | **0.02** | **0.03** | **0.01** | **0.01** | **0.1** | **0.03** | **3** | **0.3** | **0.2** | **0.2** | **0.3** | **0.05** | **3** | **0.05** | **0.5** | **0.2** | **0.2** | **0.05** | **0.05** | **3** | **0.2** |
|  |  |  |  |  |  |  | **Upper <br>Limit** | **10000** | **1000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **10000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **50000** | **5000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** | **50000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** |
| **Hole ID** | **From <br>(m)** | **To <br>(m)** | **Interval <br>(m)** | **Drill Date** | **Sample <br>Type** | **Sample Details** | **TREO <br>(%)** | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-041 | 7.62 | 8.69 | 1.07 | 4/2/2022 | -- | -- | 0.3003 | 1195 | 15.1 | 6.9 | 4.48 | 34.00 | 2.25 | 514 | 0.89 | 504.00 | 132.50 | 70.40 | 3.21 | 0.86 | 72 | 6.29 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-041 | 8.69 | 9.91 | 1.22 | 4/2/2022 | -- | -- | 0.1507 | 581 | 14.4 | 5.8 | 3.76 | 28.90 | 2.16 | 210 | 0.61 | 257.00 | 61.80 | 47.90 | 2.98 | 0.71 | 62 | 4.88 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-041 | 9.91 | 11.13 | 1.22 | 4/2/2022 | -- | -- | 0.2671 | 997 | 30.4 | 13.0 | 4.84 | 55.20 | 4.47 | 366 | 1.54 | 449.00 | 107.00 | 84.30 | 5.97 | 1.58 | 142 | 10.80 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-041 | 11.13 | 12.19 | 1.07 | 4/2/2022 | -- | -- | 0.0396 | 133 | 5.2 | 2.6 | 1.11 | 6.56 | 0.97 | 73 | 0.33 | 58.40 | 16.50 | 9.48 | 0.93 | 0.39 | 27 | 2.24 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-042 | 0 | 1.07 | 1.07 | 4/3/2022 | -- | -- | 0.0594 | 248 | 6.8 | 3.2 | 1.04 | 9.77 | 1.23 | 80 | 0.40 | 82.10 | 22.90 | 14.05 | 1.38 | 0.46 | 31 | 2.78 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-042 | 1.52 | 2.13 | 0.61 | 4/3/2022 | -- | -- | 0.0667 | 329 | 6.3 | 3.1 | 1.81 | 8.65 | 1.09 | 76 | 0.45 | 77.60 | 20.70 | 13.35 | 1.23 | 0.44 | 25 | 2.93 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-042 | 3.05 | 3.96 | 0.91 | 4/3/2022 | -- | -- | 0.1346 | 512 | 14.1 | 6.7 | 3.26 | 22.00 | 2.58 | 196 | 0.86 | 222.00 | 61.20 | 36.30 | 2.77 | 0.94 | 60 | 5.92 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-042 | 6.1 | 7.47 | 1.37 | 4/3/2022 | -- | -- | 0.0521 | 171 | 7.9 | 4.1 | 1.06 | 10.60 | 1.64 | 82 | 0.54 | 78.50 | 21.70 | 14.55 | 1.53 | 0.57 | 43 | 3.72 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-042 | 7.47 | 8.23 | 0.76 | 4/3/2022 | -- | -- | 0.0628 | 220 | 8.3 | 4.4 | 1.56 | 11.00 | 1.66 | 94 | 0.64 | 98.70 | 26.30 | 16.05 | 1.49 | 0.66 | 45 | 4.05 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-042 | -- | -- | -- | 4/3/2022 | Standard | Oreas 460 | 0.5339 | 1810 | 19.4 | 6.0 | 23.60 | 51.00 | 2.89 | 1360 | 0.53 | 842.00 | 259.00 | 109.50 | 5.08 | 0.68 | 65 | 3.56 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-043 | 0 | 1.52 | 1.52 | 4/3/2022 | -- | -- | 0.0566 | 197 | 7.9 | 3.5 | 1.26 | 10.80 | 1.32 | 88 | 0.41 | 92.00 | 25.50 | 15.80 | 1.48 | 0.47 | 34 | 2.71 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-043 | 1.52 | 2.44 | 0.91 | 4/3/2022 | -- | -- | 0.0265 | 59 | 6.8 | 2.1 | 1.62 | 9.11 | 0.92 | 41 | 0.11 | 61.50 | 14.65 | 13.25 | 1.14 | 0.23 | 13 | 1.27 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-043 | 3.05 | 3.66 | 0.61 | 4/3/2022 | -- | -- | 0.0954 | 280 | 13.8 | 6.2 | 2.40 | 20.60 | 2.41 | 158 | 0.82 | 179.00 | 47.30 | 29.20 | 2.66 | 0.96 | 62 | 5.80 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-043 | 4.57 | 6.1 | 1.52 | 4/3/2022 | -- | -- | 0.1705 | 536 | 24.6 | 13.5 | 3.46 | 33.80 | 4.96 | 249 | 1.76 | 300.00 | 77.20 | 49.70 | 4.47 | 2.07 | 135 | 12.10 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-043 | 6.1 | 7.62 | 1.52 | 4/3/2022 | -- | -- | 0.1227 | 393 | 19.4 | 9.3 | 2.21 | 25.90 | 3.69 | 180 | 1.31 | 199.50 | 53.30 | 36.70 | 3.71 | 1.47 | 104 | 8.79 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-043 | 7.62 | 9.14 | 1.52 | 4/3/2022 | -- | -- | 0.0564 | 179 | 9.8 | 5.1 | 1.04 | 12.00 | 1.90 | 81 | 0.64 | 85.80 | 24.20 | 16.00 | 1.76 | 0.79 | 54 | 4.51 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-043 | 9.14 | 10.67 | 1.52 | 4/3/2022 | -- | -- | 0.0401 | 123 | 8.8 | 4.4 | 0.73 | 9.86 | 1.54 | 55 | 0.54 | 56.80 | 16.15 | 12.30 | 1.58 | 0.63 | 45 | 3.83 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-043 | 10.67 | 12.19 | 1.52 | 4/3/2022 | -- | -- | 0.0448 | 155 | 6.4 | 2.6 | 0.88 | 9.63 | 1.07 | 74 | 0.32 | 65.50 | 18.95 | 12.50 | 1.32 | 0.38 | 31 | 2.29 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-043 | 10.67 | 12.19 | 1.52 | 4/3/2022 | Duplicate | -- | 0.0472 | 164 | 6.9 | 3.0 | 0.72 | 9.48 | 1.19 | 77 | 0.38 | 69.10 | 19.75 | 12.65 | 1.34 | 0.43 | 34 | 2.41 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-043 | 12.19 | 12.95 | 0.76 | 4/3/2022 | -- | -- | 0.6499 | 2380 | 33.7 | 10.2 | 6.76 | 99.20 | 4.78 | 1100 | 0.85 | 1255.00 | 337.00 | 178.50 | 9.14 | 1.15 | 125 | 6.22 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-043 | 12.95 | 13.72 | 0.76 | 4/3/2022 | -- | -- | 1.1149 | 4450 | 39.3 | 8.2 | 4.03 | 147.50 | 4.76 | 1860 | 0.58 | 2030.00 | 556.00 | 286.00 | 12.20 | 0.80 | 119 | 3.93 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-043 | 13.72 | 14.48 | 0.76 | 4/3/2022 | -- | -- | 0.5713 | 2210 | 20.8 | 4.2 | 5.35 | 76.50 | 2.49 | 994 | 0.24 | 1050.00 | 292.00 | 150.50 | 6.30 | 0.39 | 64 | 1.88 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-043 | 14.48 | 14.94 | 0.46 | 4/3/2022 | -- | -- | 1.1183 | 4280 | 50.1 | 9.4 | 4.38 | 168.50 | 6.14 | 1895 | 0.45 | 2080.00 | 569.00 | 320.00 | 14.85 | 0.89 | 148 | 3.43 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-043 | 15.24 | 16.76 | 1.52 | 4/3/2022 | -- | -- | 0.1138 | 406 | 13.8 | 6.8 | 2.41 | 20.50 | 2.28 | 173 | 0.81 | 186.00 | 49.80 | 30.30 | 2.51 | 0.98 | 67 | 6.01 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-043 | 17.68 | 18.29 | 0.61 | 4/3/2022 | -- | -- | 0.0606 | 215 | 8.3 | 3.2 | 1.15 | 12.90 | 1.30 | 87 | 0.30 | 97.50 | 26.30 | 18.40 | 1.72 | 0.41 | 39 | 2.48 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-044 | 0 | 1.22 | 1.22 | 4/3/2022 | -- | -- | 0.0475 | 188 | 8.2 | 4.2 | 0.81 | 7.74 | 1.36 | 59 | 0.52 | 59.50 | 15.85 | 10.95 | 1.25 | 0.57 | 42 | 3.38 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-044 | 1.52 | 1.98 | 0.46 | 4/3/2022 | -- | -- | 0.0502 | 195 | 9.2 | 4.4 | 0.72 | 10.15 | 1.62 | 63 | 0.42 | 58.50 | 16.65 | 11.40 | 1.56 | 0.54 | 49 | 3.49 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-044 | 3.05 | 3.66 | 0.61 | 4/3/2022 | -- | -- | 0.0609 | 171 | 9.8 | 3.7 | 1.08 | 14.20 | 1.38 | 111 | 0.38 | 108.00 | 30.20 | 21.00 | 1.89 | 0.45 | 41 | 2.76 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-044 | 4.57 | 5.64 | 1.07 | 4/3/2022 | -- | -- | 0.0937 | 317 | 13.5 | 6.3 | 1.93 | 18.15 | 2.25 | 149 | 0.76 | 149.00 | 41.00 | 24.90 | 2.44 | 0.90 | 64 | 5.57 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-044 | 6.1 | 7.32 | 1.22 | 4/3/2022 | -- | -- | 0.1507 | 514 | 21.1 | 10.1 | 3.82 | 31.40 | 3.66 | 221 | 1.32 | 249.00 | 64.60 | 43.50 | 4.13 | 1.37 | 103 | 9.22 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-044 | 7.32 | 8.53 | 1.22 | 4/3/2022 | -- | -- | 0.0505 | 170 | 7.2 | 3.6 | 1.05 | 10.30 | 1.24 | 78 | 0.53 | 76.70 | 21.10 | 13.70 | 1.39 | 0.50 | 40 | 3.36 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-044 | 9.14 | 10.36 | 1.22 | 4/3/2022 | -- | -- | 0.0600 | 200 | 8.9 | 4.7 | 1.21 | 12.05 | 1.58 | 89 | 0.57 | 94.30 | 25.10 | 16.25 | 1.66 | 0.69 | 49 | 4.57 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-044 | -- | -- | -- | 4/3/2022 | Blank | -- | 0.0037 | 10 | 1.0 | 0.4 | 0.33 | 1.08 | 0.13 | 5 | 0.04 | 5.80 | 1.41 | 1.18 | 0.12 | 0.05 | 4 | 0.30 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |

---

SLV0163 – Technical Report Summary Shiloh Project, Georgia 192 November 2025

------

---

| | |
|:---|:---|
| **Technical Report Summary** | ![img77526612_64.jpg](img77526612_64.jpg) |

---

---

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|  |  |  |  |  |  |  | **Method** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** |
|  |  |  |  |  |  |  | **Analyte** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** |
|  |  |  |  |  |  |  | **Units** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** |
|  |  |  |  |  |  |  | **Detection <br>Limit** | **0.1** | **0.05** | **0.03** | **0.02** | **0.05** | **0.01** | **0.1** | **0.01** | **0.1** | **0.02** | **0.03** | **0.01** | **0.01** | **0.1** | **0.03** | **3** | **0.3** | **0.2** | **0.2** | **0.3** | **0.05** | **3** | **0.05** | **0.5** | **0.2** | **0.2** | **0.05** | **0.05** | **3** | **0.2** |
|  |  |  |  |  |  |  | **Upper <br>Limit** | **10000** | **1000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **10000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **50000** | **5000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** | **50000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** |
| **Hole ID** | **From <br>(m)** | **To <br>(m)** | **Interval <br>(m)** | **Drill Date** | **Sample <br>Type** | **Sample Details** | **TREO <br>(%)** | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-045 | 0 | 0.91 | 0.91 | 4/4/2022 | -- | -- | 0.0787 | 312 | 10.7 | 5.4 | 1.43 | 13.80 | 1.95 | 105 | 0.65 | 106.50 | 29.00 | 19.10 | 1.91 | 0.75 | 56 | 4.91 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-045 | 1.52 | 1.83 | 0.3 | 4/4/2022 | -- | -- | 0.0238 | 114 | 2.4 | 0.8 | 1.13 | 3.86 | 0.32 | 30 | 0.05 | 28.60 | 8.03 | 5.35 | 0.52 | 0.09 | 8 | 0.42 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-045 | 3.05 | 3.35 | 0.3 | 4/4/2022 | -- | -- | 0.0738 | 207 | 12.9 | 5.5 | 1.66 | 16.55 | 2.02 | 124 | 0.68 | 133.00 | 36.30 | 23.50 | 2.30 | 0.76 | 56 | 4.99 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-045 | 6.1 | 7.62 | 1.52 | 4/4/2022 | -- | -- | 0.0682 | 177 | 15.2 | 7.7 | 1.45 | 17.40 | 2.59 | 101 | 0.90 | 110.00 | 30.00 | 21.50 | 2.54 | 1.03 | 82 | 6.69 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-045 | 9.14 | 10.67 | 1.52 | 4/4/2022 | -- | -- | 0.0439 | 144 | 8.3 | 5.1 | 0.85 | 9.23 | 1.58 | 60 | 0.62 | 60.80 | 16.60 | 11.90 | 1.42 | 0.71 | 47 | 5.12 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-045 | 9.14 | 10.67 | 1.52 | 4/4/2022 | Duplicate | -- | 0.0419 | 139 | 7.7 | 4.1 | 0.84 | 8.66 | 1.44 | 58 | 0.56 | 59.40 | 16.20 | 12.05 | 1.33 | 0.62 | 41 | 4.26 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-045 | 10.67 | 12.19 | 1.52 | 4/4/2022 | -- | -- | 0.0765 | 309 | 9.0 | 4.6 | 0.88 | 11.85 | 1.52 | 102 | 0.50 | 107.00 | 30.20 | 19.00 | 1.62 | 0.59 | 50 | 3.74 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-045 | 12.19 | 13.72 | 1.52 | 4/4/2022 | -- | -- | 0.0890 | 302 | 12.7 | 6.0 | 2.92 | 17.05 | 2.21 | 133 | 0.79 | 147.00 | 38.30 | 24.60 | 2.26 | 0.88 | 61 | 5.73 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-046 | 0 | 1.52 | 1.52 | 4/4/2022 | -- | -- | 0.0422 | 169 | 4.8 | 2.3 | 0.69 | 7.04 | 0.85 | 64 | 0.23 | 56.30 | 16.40 | 10.20 | 1.01 | 0.31 | 24 | 1.97 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-046 | 1.52 | 2.13 | 0.61 | 4/4/2022 | -- | -- | 0.0331 | 144 | 4.4 | 1.7 | 0.52 | 5.78 | 0.63 | 45 | 0.21 | 39.00 | 11.20 | 7.68 | 0.81 | 0.23 | 19 | 1.30 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-046 | 3.05 | 3.66 | 0.61 | 4/4/2022 | -- | -- | 0.0350 | 119 | 4.6 | 1.7 | 0.80 | 6.54 | 0.63 | 61 | 0.19 | 56.10 | 16.05 | 9.85 | 0.87 | 0.21 | 18 | 1.44 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-046 | 4.57 | 5.49 | 0.91 | 4/4/2022 | -- | -- | 0.0449 | 120 | 9.4 | 4.4 | 1.15 | 11.80 | 1.55 | 74 | 0.50 | 73.70 | 19.95 | 14.20 | 1.59 | 0.58 | 44 | 3.85 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-046 | 6.1 | 7.47 | 1.37 | 4/4/2022 | -- | -- | 0.0554 | 174 | 9.3 | 4.2 | 1.29 | 12.45 | 1.52 | 86 | 0.46 | 88.30 | 24.70 | 17.00 | 1.69 | 0.55 | 45 | 3.66 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-046 | 7.47 | 8.53 | 1.07 | 4/4/2022 | -- | -- | 0.1661 | 547 | 23.2 | 11.3 | 3.69 | 33.50 | 4.19 | 268 | 1.19 | 268.00 | 71.10 | 44.00 | 4.36 | 1.48 | 121 | 9.15 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-046 | 9.14 | 10.06 | 0.91 | 4/4/2022 | -- | -- | 0.0592 | 196 | 9.9 | 4.5 | 1.08 | 13.00 | 1.62 | 88 | 0.48 | 90.30 | 24.80 | 17.95 | 1.80 | 0.60 | 49 | 3.75 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-046 | 10.06 | 10.67 | 0.61 | 4/4/2022 | -- | -- | 0.0382 | 109 | 11.6 | 5.4 | 0.58 | 9.48 | 1.90 | 44 | 0.71 | 43.90 | 12.70 | 9.81 | 1.73 | 0.75 | 66 | 5.13 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-046 | 13.41 | 15.24 | 1.83 | 4/4/2022 | -- | -- | 0.0711 | 233 | 13.4 | 6.4 | 1.41 | 16.15 | 2.33 | 100 | 0.76 | 105.00 | 28.20 | 20.00 | 2.26 | 0.90 | 69 | 5.41 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-046 | -- | -- | -- | 4/4/2022 | Standard | Oreas 460 | 0.5697 | 2030 | 20.3 | 6.1 | 22.90 | 50.90 | 2.62 | 1455 | 0.49 | 832.00 | 256.00 | 109.50 | 4.81 | 0.69 | 68 | 3.85 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-047 | 0 | 0.91 | 0.91 | 4/4/2022 | -- | -- | 0.1394 | 514 | 21.7 | 8.3 | 1.93 | 30.30 | 3.15 | 185 | 0.92 | 214.00 | 57.70 | 41.30 | 4.02 | 1.10 | 95 | 6.58 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-047 | 1.52 | 1.83 | 0.3 | 4/4/2022 | -- | -- | 0.0450 | 146 | 7.3 | 2.8 | 1.35 | 9.87 | 1.12 | 75 | 0.29 | 73.10 | 20.90 | 13.55 | 1.35 | 0.37 | 27 | 2.37 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-047 | 3.05 | 4.27 | 1.22 | 4/4/2022 | -- | -- | 0.0376 | 98 | 6.7 | 2.9 | 1.17 | 8.54 | 1.05 | 67 | 0.37 | 70.30 | 19.65 | 13.05 | 1.20 | 0.41 | 27 | 2.45 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-047 | 4.57 | 6.1 | 1.52 | 4/4/2022 | -- | -- | 0.0306 | 102 | 5.2 | 2.2 | 0.73 | 7.03 | 0.81 | 48 | 0.25 | 44.40 | 12.80 | 9.03 | 0.93 | 0.30 | 25 | 1.99 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-047 | 6.1 | 7.77 | 1.68 | 4/4/2022 | -- | -- | 0.0341 | 119 | 5.8 | 2.4 | 0.86 | 7.70 | 0.87 | 54 | 0.25 | 47.30 | 13.55 | 9.07 | 1.00 | 0.34 | 26 | 2.10 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-047 | 7.77 | 8.38 | 0.61 | 4/4/2022 | -- | -- | 0.1811 | 606 | 34.1 | 15.8 | 2.24 | 40.50 | 5.72 | 241 | 1.74 | 266.00 | 71.70 | 52.40 | 6.04 | 2.19 | 177 | 12.85 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-047 | 8.38 | 8.84 | 0.46 | 4/4/2022 | -- | -- | 0.0640 | 220 | 11.4 | 5.1 | 0.82 | 14.05 | 1.92 | 87 | 0.52 | 91.00 | 25.40 | 18.50 | 1.97 | 0.73 | 60 | 4.80 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-047 | 8.38 | 8.84 | 0.46 | 4/4/2022 | Duplicate | -- | 0.0685 | 234 | 10.1 | 5.1 | 0.84 | 15.80 | 1.91 | 101 | 0.66 | 106.00 | 28.50 | 22.10 | 2.12 | 0.67 | 49 | 4.40 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-047 | 9.14 | 10.97 | 1.83 | 4/4/2022 | -- | -- | 0.0133 | 35 | 4.0 | 2.4 | 0.42 | 2.82 | 0.81 | 17 | 0.26 | 13.80 | 3.95 | 2.72 | 0.56 | 0.38 | 25 | 1.95 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-047 | 10.97 | 11.58 | 0.61 | 4/4/2022 | -- | -- | 0.0097 | 29 | 2.5 | 1.2 | 0.40 | 2.11 | 0.47 | 14 | 0.12 | 11.60 | 3.30 | 2.21 | 0.36 | 0.15 | 14 | 0.97 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-048 | 0 | 0.91 | 0.91 | 4/6/2022 | -- | -- | 0.0798 | 302 | 9.6 | 4.0 | 1.30 | 15.00 | 1.57 | 118 | 0.40 | 124.50 | 32.90 | 21.20 | 1.95 | 0.49 | 43 | 3.26 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-048 | 0.91 | 1.98 | 1.07 | 4/6/2022 | -- | -- | 0.0755 | 209 | 16.5 | 7.9 | 1.65 | 18.45 | 3.13 | 106 | 0.91 | 123.50 | 31.30 | 24.10 | 2.92 | 1.11 | 86 | 6.61 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-048 | 3.05 | 3.66 | 0.61 | 4/6/2022 | -- | -- | 0.1602 | 440 | 29.8 | 17.2 | 5.24 | 38.30 | 5.92 | 244 | 2.53 | 277.00 | 69.90 | 48.80 | 5.26 | 2.58 | 156 | 16.30 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-048 | 4.57 | 5.64 | 1.07 | 4/6/2022 | -- | -- | 0.1309 | 415 | 20.6 | 11.3 | 4.03 | 27.20 | 4.08 | 196 | 1.53 | 222.00 | 54.50 | 37.30 | 3.65 | 1.64 | 103 | 9.97 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-048 | 6.1 | 7.32 | 1.22 | 4/6/2022 | -- | -- | 0.0354 | 104 | 8.2 | 5.3 | 0.88 | 7.22 | 1.78 | 47 | 0.65 | 47.90 | 12.80 | 9.23 | 1.21 | 0.87 | 47 | 5.04 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |

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SLV0163 – Technical Report Summary Shiloh Project, Georgia 193 November 2025

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| **Technical Report Summary** | ![img77526612_64.jpg](img77526612_64.jpg) |

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|  |  |  |  |  |  |  | **Method** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** |
|  |  |  |  |  |  |  | **Analyte** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** |
|  |  |  |  |  |  |  | **Units** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** |
|  |  |  |  |  |  |  | **Detection <br>Limit** | **0.1** | **0.05** | **0.03** | **0.02** | **0.05** | **0.01** | **0.1** | **0.01** | **0.1** | **0.02** | **0.03** | **0.01** | **0.01** | **0.1** | **0.03** | **3** | **0.3** | **0.2** | **0.2** | **0.3** | **0.05** | **3** | **0.05** | **0.5** | **0.2** | **0.2** | **0.05** | **0.05** | **3** | **0.2** |
|  |  |  |  |  |  |  | **Upper <br>Limit** | **10000** | **1000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **10000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **50000** | **5000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** | **50000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** |
| **Hole ID** | **From <br>(m)** | **To <br>(m)** | **Interval <br>(m)** | **Drill Date** | **Sample <br>Type** | **Sample Details** | **TREO <br>(%)** | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-048 | 7.32 | 8.53 | 1.22 | 4/6/2022 | -- | -- | 0.0552 | 180 | 8.9 | 4.9 | 1.34 | 10.35 | 1.84 | 81 | 0.70 | 85.90 | 22.90 | 15.45 | 1.43 | 0.77 | 48 | 4.98 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-048 | 9.14 | 9.75 | 0.61 | 4/6/2022 | -- | -- | 0.0303 | 76 | 9.4 | 5.4 | 2.58 | 10.65 | 1.90 | 28 | 0.71 | 42.80 | 9.15 | 9.39 | 1.55 | 0.71 | 53 | 4.79 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-049 | 0 | 1.52 | 1.52 | 4/6/2022 | -- | -- | 0.0878 | 298 | 15.5 | 7.7 | 1.72 | 19.05 | 3.04 | 123 | 0.84 | 130.00 | 34.20 | 23.30 | 2.79 | 1.06 | 79 | 6.03 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-049 | 1.52 | 2.13 | 0.61 | 4/6/2022 | -- | -- | 0.1189 | 396 | 19.4 | 8.0 | 1.38 | 23.20 | 3.37 | 177 | 0.79 | 192.50 | 49.20 | 34.40 | 3.38 | 1.08 | 94 | 6.27 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-049 | 3.05 | 3.66 | 0.61 | 4/6/2022 | -- | -- | 0.1169 | 387 | 16.5 | 8.5 | 2.06 | 22.60 | 3.10 | 178 | 1.05 | 194.00 | 49.60 | 33.70 | 2.98 | 1.15 | 86 | 6.95 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-049 | 3.66 | 4.11 | 0.46 | 4/6/2022 | -- | -- | 0.1449 | 458 | 19.9 | 9.4 | 4.83 | 30.10 | 3.66 | 229 | 1.29 | 261.00 | 63.90 | 42.60 | 3.88 | 1.32 | 95 | 8.74 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-049 | 4.57 | 5.49 | 0.91 | 4/6/2022 | -- | -- | 0.1310 | 408 | 19.7 | 9.6 | 4.26 | 28.60 | 3.63 | 203 | 1.23 | 233.00 | 57.20 | 37.90 | 3.61 | 1.32 | 93 | 8.70 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-049 | 5.49 | 6.1 | 0.61 | 4/6/2022 | -- | -- | 0.1227 | 394 | 17.9 | 9.3 | 3.85 | 25.70 | 3.55 | 185 | 1.23 | 212.00 | 51.80 | 35.10 | 3.18 | 1.38 | 91 | 8.64 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-049 | 6.1 | 7.32 | 1.22 | 4/6/2022 | -- | -- | 0.1530 | 495 | 20.9 | 11.7 | 3.89 | 29.60 | 4.28 | 231 | 1.48 | 262.00 | 65.50 | 43.40 | 3.83 | 1.68 | 116 | 10.20 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-049 | 9.14 | 10.36 | 1.22 | 4/6/2022 | -- | -- | 0.0546 | 144 | 14.7 | 7.6 | 3.49 | 17.45 | 2.87 | 65 | 1.02 | 80.00 | 18.15 | 17.05 | 2.59 | 1.05 | 80 | 6.32 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-049 | -- | -- | -- | 4/6/2022 | Blank | -- | 0.0043 | 11 | 0.9 | 0.4 | 0.35 | 1.40 | 0.15 | 6 | 0.06 | 7.10 | 1.64 | 1.40 | 0.17 | 0.07 | 5 | 0.33 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-050 | 0 | 1.22 | 1.22 | 4/6/2022 | -- | -- | 0.0458 | 143 | 10.5 | 5.8 | 1.06 | 9.73 | 2.05 | 60 | 0.66 | 63.00 | 16.00 | 11.35 | 1.65 | 0.76 | 58 | 4.67 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-050 | 0 | 1.22 | 1.22 | 4/6/2022 | Duplicate | -- | 0.0551 | 182 | 10.9 | 5.0 | 0.95 | 12.10 | 1.99 | 75 | 0.58 | 79.80 | 20.70 | 15.25 | 1.87 | 0.64 | 56 | 4.20 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-050 | 1.52 | 2.13 | 0.61 | 4/6/2022 | -- | -- | 0.1326 | 436 | 21.5 | 9.5 | 2.26 | 28.80 | 3.80 | 194 | 1.13 | 218.00 | 57.00 | 40.10 | 3.82 | 1.32 | 102 | 7.62 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-050 | 3.05 | 3.81 | 0.76 | 4/6/2022 | -- | -- | 0.0921 | 265 | 18.6 | 9.3 | 2.31 | 22.30 | 3.55 | 132 | 1.13 | 150.50 | 38.30 | 28.90 | 3.31 | 1.30 | 96 | 8.49 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-050 | 4.57 | 5.79 | 1.22 | 4/6/2022 | -- | -- | 0.1524 | 504 | 22.2 | 11.8 | 2.72 | 29.70 | 4.38 | 234 | 1.37 | 248.00 | 64.00 | 41.90 | 3.97 | 1.61 | 115 | 9.87 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-050 | 7.62 | 8.99 | 1.37 | 4/6/2022 | -- | -- | 0.0791 | 240 | 16.2 | 9.1 | 2.31 | 19.00 | 3.31 | 108 | 1.23 | 117.50 | 30.90 | 22.30 | 2.82 | 1.33 | 88 | 7.96 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-050 | 9.14 | 10.36 | 1.22 | 4/6/2022 | -- | -- | 0.0800 | 242 | 14.5 | 9.0 | 2.57 | 17.20 | 3.15 | 112 | 1.26 | 126.50 | 30.90 | 21.90 | 2.57 | 1.29 | 85 | 7.96 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-051 | 0 | 1.22 | 1.22 | 4/6/2022 | -- | -- | 0.0256 | 77 | 5.8 | 2.6 | 0.69 | 6.33 | 1.04 | 38 | 0.28 | 36.30 | 9.32 | 7.65 | 1.00 | 0.34 | 29 | 2.22 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-051 | 1.52 | 2.29 | 0.76 | 4/6/2022 | -- | -- | 0.0211 | 66 | 4.5 | 2.2 | 0.54 | 4.53 | 0.81 | 30 | 0.26 | 31.10 | 7.99 | 5.89 | 0.72 | 0.32 | 23 | 1.88 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-051 | 3.05 | 3.96 | 0.91 | 4/6/2022 | -- | -- | 0.1461 | 442 | 26.8 | 13.5 | 2.92 | 32.20 | 4.94 | 216 | 1.72 | 243.00 | 62.70 | 41.80 | 4.64 | 1.93 | 133 | 11.95 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-051 | 4.57 | 5.64 | 1.07 | 4/6/2022 | -- | -- | 0.1521 | 459 | 30.7 | 15.3 | 2.94 | 33.90 | 5.93 | 211 | 1.78 | 235.00 | 60.10 | 43.80 | 5.23 | 2.18 | 168 | 12.95 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-051 | 6.1 | 7.01 | 0.91 | 4/6/2022 | -- | -- | 0.0414 | 112 | 10.3 | 7.5 | 1.34 | 9.37 | 2.32 | 55 | 1.09 | 49.00 | 13.00 | 10.30 | 1.53 | 1.14 | 68 | 7.66 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-051 | 7.62 | 8.08 | 0.46 | 4/6/2022 | -- | -- | 0.0328 | 90 | 7.8 | 5.3 | 1.15 | 7.63 | 1.69 | 46 | 0.78 | 43.10 | 11.00 | 7.69 | 1.20 | 0.82 | 48 | 5.15 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-051 | 9.14 | 10.21 | 1.07 | 4/6/2022 | -- | -- | 0.1446 | 470 | 25.2 | 12.6 | 2.61 | 30.40 | 4.73 | 207 | 1.57 | 230.00 | 59.60 | 42.40 | 4.20 | 1.68 | 125 | 10.30 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-051 | 10.21 | 11.13 | 0.91 | 4/6/2022 | -- | -- | 0.1804 | 600 | 27.7 | 12.7 | 2.38 | 38.40 | 5.01 | 262 | 1.47 | 302.00 | 77.80 | 54.80 | 5.15 | 1.71 | 132 | 9.95 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-051 | -- | -- | -- | 4/6/2022 | Standard | Oreas 460 | 0.5203 | 1755 | 19.7 | 6.0 | 23.00 | 49.20 | 2.81 | 1345 | 0.47 | 823.00 | 242.00 | 105.50 | 4.88 | 0.65 | 61 | 3.56 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-052 | 0 | 1.52 | 1.52 | 4/7/2022 | -- | -- | 0.0965 | 348 | 13.7 | 8.0 | 1.50 | 16.45 | 2.67 | 135 | 0.90 | 146.00 | 36.00 | 22.50 | 2.38 | 1.03 | 79 | 6.53 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-052 | 1.52 | 2.44 | 0.91 | 4/7/2022 | -- | -- | 0.0731 | 254 | 11.1 | 4.5 | 1.26 | 13.20 | 1.79 | 114 | 0.53 | 111.50 | 30.50 | 20.20 | 1.96 | 0.66 | 52 | 3.86 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-052 | 3.05 | 4.57 | 1.52 | 4/7/2022 | -- | -- | 0.0595 | 163 | 10.6 | 4.9 | 1.60 | 13.55 | 1.84 | 102 | 0.66 | 98.50 | 26.50 | 19.60 | 1.96 | 0.75 | 55 | 4.24 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-052 | 4.57 | 5.49 | 0.91 | 4/7/2022 | -- | -- | 0.0593 | 163 | 13.1 | 6.5 | 1.66 | 14.30 | 2.40 | 93 | 0.79 | 85.60 | 24.00 | 18.10 | 2.26 | 0.91 | 71 | 5.67 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-052 | 5.49 | 6.1 | 0.61 | 4/7/2022 | -- | -- | 0.0387 | 81 | 15.4 | 9.1 | 2.42 | 12.15 | 3.14 | 33 | 1.20 | 38.40 | 9.07 | 10.80 | 2.26 | 1.34 | 96 | 8.70 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-052 | 5.49 | 6.1 | 0.61 | 4/7/2022 | Duplicate | -- | 0.0383 | 80 | 15.4 | 9.1 | 2.44 | 12.20 | 3.08 | 32 | 1.24 | 38.40 | 9.17 | 10.35 | 2.20 | 1.32 | 95 | 8.88 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |

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SLV0163 – Technical Report Summary Shiloh Project, Georgia 194 November 2025

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|:---|:---|
| **Technical Report Summary** | ![img77526612_64.jpg](img77526612_64.jpg) |

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| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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|  |  |  |  |  |  |  | **Method** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** |
|  |  |  |  |  |  |  | **Analyte** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** |
|  |  |  |  |  |  |  | **Units** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** |
|  |  |  |  |  |  |  | **Detection <br>Limit** | **0.1** | **0.05** | **0.03** | **0.02** | **0.05** | **0.01** | **0.1** | **0.01** | **0.1** | **0.02** | **0.03** | **0.01** | **0.01** | **0.1** | **0.03** | **3** | **0.3** | **0.2** | **0.2** | **0.3** | **0.05** | **3** | **0.05** | **0.5** | **0.2** | **0.2** | **0.05** | **0.05** | **3** | **0.2** |
|  |  |  |  |  |  |  | **Upper <br>Limit** | **10000** | **1000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **10000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **50000** | **5000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** | **50000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** |
| **Hole ID** | **From <br>(m)** | **To <br>(m)** | **Interval <br>(m)** | **Drill Date** | **Sample <br>Type** | **Sample Details** | **TREO <br>(%)** | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-052 | 6.1 | 7.32 | 1.22 | 4/7/2022 | -- | -- | 0.0282 | 91 | 5.6 | 2.4 | 0.88 | 6.48 | 0.95 | 43 | 0.23 | 40.30 | 10.75 | 8.44 | 1.02 | 0.32 | 26 | 1.92 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-053 | 0 | 1.22 | 1.22 | 4/7/2022 | -- | -- | 0.0584 | 171 | 16.6 | 7.3 | 0.91 | 12.10 | 2.98 | 74 | 0.62 | 70.50 | 19.75 | 15.15 | 2.39 | 0.95 | 94 | 4.90 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-053 | 3.05 | 3.66 | 0.61 | 4/7/2022 | -- | -- | 0.0448 | 100 | 10.4 | 4.9 | 1.52 | 10.80 | 1.86 | 73 | 0.57 | 78.90 | 20.30 | 15.70 | 1.73 | 0.71 | 54 | 4.51 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-053 | 6.1 | 7.62 | 1.52 | 4/7/2022 | -- | -- | 0.0424 | 69 | 13.6 | 7.7 | 1.72 | 13.55 | 2.56 | 55 | 1.02 | 70.10 | 16.55 | 15.50 | 2.13 | 1.16 | 80 | 7.18 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-053 | 7.62 | 9.14 | 1.52 | 4/7/2022 | -- | -- | 0.0278 | 77 | 6.3 | 3.8 | 0.68 | 6.16 | 1.20 | 38 | 0.52 | 36.10 | 9.82 | 7.54 | 1.02 | 0.61 | 42 | 3.82 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-053 | 9.14 | 10.67 | 1.52 | 4/7/2022 | -- | -- | 0.0164 | 50 | 3.3 | 2.0 | 0.60 | 2.64 | 0.71 | 26 | 0.29 | 18.40 | 5.56 | 3.81 | 0.49 | 0.31 | 22 | 2.09 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-053 | 10.67 | 12.19 | 1.52 | 4/7/2022 | -- | -- | 0.0659 | 200 | 14.2 | 8.2 | 0.85 | 12.40 | 2.93 | 85 | 0.96 | 92.10 | 24.30 | 18.05 | 2.18 | 1.22 | 87 | 7.83 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-053 | 12.19 | 13.72 | 1.52 | 4/7/2022 | -- | -- | 0.0253 | 69 | 7.9 | 4.0 | 0.81 | 5.94 | 1.48 | 33 | 0.34 | 28.00 | 7.92 | 6.59 | 1.12 | 0.55 | 44 | 2.87 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-053 | 13.72 | 14.63 | 0.91 | 4/7/2022 | -- | -- | 0.0467 | 144 | 11.4 | 4.3 | 0.75 | 12.85 | 1.70 | 62 | 0.37 | 64.90 | 17.60 | 16.35 | 2.21 | 0.53 | 54 | 3.11 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-054 | 0 | 1.52 | 1.52 | 4/7/2022 | -- | -- | 0.0854 | 274 | 16.1 | 7.8 | 1.56 | 17.00 | 2.97 | 122 | 0.95 | 130.00 | 33.90 | 24.30 | 2.73 | 1.05 | 84 | 6.97 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-054 | 3.05 | 4.57 | 1.52 | 4/7/2022 | -- | -- | 0.0331 | 97 | 8.3 | 4.4 | 0.71 | 6.41 | 1.51 | 45 | 0.50 | 42.40 | 11.60 | 8.41 | 1.20 | 0.59 | 47 | 3.48 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-055 | 0 | 1.22 | 1.22 | 4/7/2022 | -- | -- | 0.1562 | 514 | 23.7 | 12.3 | 4.59 | 29.80 | 4.40 | 221 | 1.78 | 270.00 | 65.90 | 47.20 | 3.93 | 1.79 | 115 | 11.85 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-055 | 1.52 | 2.44 | 0.91 | 4/7/2022 | -- | -- | 0.2063 | 704 | 26.4 | 12.4 | 4.35 | 36.50 | 4.81 | 317 | 1.53 | 360.00 | 93.20 | 58.40 | 4.81 | 1.88 | 119 | 11.25 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-055 | 3.05 | 4.11 | 1.07 | 4/7/2022 | -- | -- | 0.1419 | 449 | 23.8 | 12.4 | 4.09 | 27.70 | 4.44 | 203 | 1.68 | 241.00 | 59.10 | 45.10 | 4.02 | 1.89 | 117 | 11.40 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-055 | 6.1 | 7.01 | 0.91 | 4/7/2022 | -- | -- | 0.1333 | 443 | 21.2 | 11.6 | 2.93 | 24.50 | 4.08 | 191 | 1.74 | 211.00 | 54.70 | 37.50 | 3.51 | 1.86 | 111 | 12.05 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-055 | 7.01 | 8.23 | 1.22 | 4/7/2022 | -- | -- | 0.1338 | 430 | 21.2 | 12.2 | 3.75 | 25.40 | 4.20 | 194 | 1.75 | 223.00 | 54.80 | 38.10 | 3.58 | 1.82 | 111 | 11.55 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 22-SPT-055 | 9.14 | 10.67 | 1.52 | 4/7/2022 | -- | -- | 0.2029 | 647 | 28.8 | 14.1 | 5.21 | 41.00 | 5.44 | 329 | 1.48 | 326.00 | 80.70 | 53.70 | 5.29 | 1.91 | 172 | 10.50 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Blank | -- | -- | -- | -- | Blank | -- | 0.0044 | 12 | 0.9 | 0.4 | 0.33 | 1.43 | 0.15 | 6 | <0.01 | 7.30 | 1.70 | 1.34 | 0.17 | 0.02 | 5 | 0.34 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Blank | -- | -- | -- | -- | Blank | -- | 0.0033 | 8 | 0.7 | 0.3 | 0.29 | 1.05 | 0.15 | 5 | 0.04 | 5.80 | 1.25 | 1.15 | 0.13 | 0.03 | 4 | 0.20 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Blank | -- | -- | -- | -- | Blank | -- | 0.0056 | 16 | 1.3 | 0.6 | 0.36 | 1.65 | 0.17 | 9 | 0.05 | 9.00 | 2.09 | 1.86 | 0.22 | 0.03 | 6 | 0.44 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Blank | -- | -- | -- | -- | Blank | -- | 0.0036 | 9 | 0.8 | 0.3 | 0.29 | 1.02 | 0.15 | 5 | 0.05 | 6.30 | 1.37 | 1.36 | 0.16 | 0.05 | 4 | 0.25 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Blank | -- | -- | -- | -- | Blank | -- | 0.0048 | 13 | 0.9 | 0.4 | 0.35 | 1.30 | 0.16 | 8 | 0.05 | 7.80 | 1.76 | 1.39 | 0.16 | 0.05 | 6 | 0.29 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Blank | -- | -- | -- | -- | Blank | -- | 0.0042 | 11 | 0.8 | 0.4 | 0.26 | 1.11 | 0.14 | 6 | 0.04 | 7.00 | 1.60 | 1.46 | 0.14 | 0.05 | 5 | 0.32 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Standard | -- | -- | -- | -- | Standard | Oreas 460 | 0.5623 | 1950 | 21.4 | 6.1 | 23.80 | 49.20 | 2.87 | 1420 | 0.51 | 875.00 | 262.00 | 115.00 | 4.95 | 0.72 | 65 | 3.87 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Standard | -- | -- | -- | -- | Standard | Oreas 463 | 2.0279 | 7030 | 71.1 | 16.0 | 115.00 | 239.00 | 8.95 | 5140 | 0.76 | 3770.00 | >1000 | 559.00 | 20.20 | 1.57 | 184 | 6.73 | 6170 | 69 | 16 | 114 | 240 | 9 | 5050 | 1 | 3820 | 1060 | 553 | 21 | 2 | 189 | 7 |
| Standard | -- | -- | -- | -- | Standard | Oreas 460 | 0.5536 | 1935 | 20.4 | 6.1 | 22.70 | 48.80 | 2.93 | 1450 | 0.48 | 812.00 | 236.00 | 113.50 | 4.73 | 0.75 | 68 | 3.81 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Standard | -- | -- | -- | -- | Standard | -- | 0.5447 | 1925 | 21.1 | 6.4 | 24.20 | 54.60 | 2.91 | 1380 | 0.47 | 825.00 | 231.00 | 106.50 | 4.84 | 0.69 | 64 | 3.91 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Standard | -- | -- | -- | -- | Standard | Oreas 463 | 1.8311 | 5660 | 60.9 | 13.9 | 102.00 | 208.00 | 7.64 | 4510 | 0.64 | 3460.00 | 945.00 | 467.00 | 17.60 | 1.29 | 179 | 5.74 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Standard | -- | -- | -- | -- | Standard | Oreas 463 | 2.0439 | 7130 | 75.4 | 16.2 | 124.00 | 249.00 | 8.82 | 5280 | 0.83 | 4350.00 | >1000 | 563.00 | 21.50 | 1.61 | 211 | 7.58 | 6590 | 67 | 16 | 110 | 255 | 9 | 5000 | 1 | 3660 | 990 | 546 | 20 | 1 | 187 | 6 |
| Standard | -- | -- | -- | -- | Standard | Oreas 463 | 2.1308 | 6800 | 76.3 | 17.2 | 125.50 | 256.00 | 9.45 | 5080 | 0.78 | 4050.00 | >1000 | 562.00 | 21.40 | 1.46 | 194 | 6.93 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |

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**Notes:**

< - value is at the detection lower limit.

> - value is at the detection upper limit.

ppm - parts per million

Source: ALS Labs, September 2025.

SLV0163 – Technical Report Summary Shiloh Project, Georgia 195 November 2025

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| **Technical Report Summary** | ![img77526612_65.jpg](img77526612_65.jpg) |

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***7.2.1.3 Drilling 2025***

Two drilling programs were completed on the Shiloh Project in January and May 2025, at the Pig Trail and Newbill areas (Figure 37). The drilling program comprised of 13 diamond boreholes totaling 908 m and the subsequent DPT program comprised 88 DPT with 2-inch diameter drillholes, totaling 541.6 m. Individual close up drill maps are shown in Figure 37 to Figure 39;5 diamond drillholes and 34 DPT drillholes at the Pig Trail area, and 8 diamond drillholes and 54 DPT drillholes at the Newbill area. The DPT boreholes are shown in green and diamond boreholes in red.

Diamond drilling used HQ core diameter of 10 – 23.5 m for the surface saprolite material until the drill intersected sufficient bedrock to stabilize the hole, at which point the drilling switched to NQ. At Pig Trail, the spacing of the diamond drill holes began at 15 m spacing for the first three holes (25-DDPT-001, 002, 003), followed by two 8.5 m spaced holes closer to the target anomaly (holes 25-DDPT-004 and 005). At Newbill, the first diamond hole 25-DDNB-001 was located 8 m east from the second diamond drill hole. All subsequent diamond holes at Newbill were drilled from the same pad as hole 25-DDNB-002. For the direct push program initial holes were spaced 5 m apart. If mineralization was intersected hole spacing decreased to 1 m and remained at 1 to 2 m until out of mineralization.

Table 9 provides a summary of 2025 drillhole locations and total depth. Of the 101 drillholes, the depth ranged from 1 m bgs to 112 m bgs with an average total depth across the drillholes of 14 m bgs. A total of 952 samples were collected and shipped to ALS in Reno, Navada for processing and Vancouver, BC for analysis by XRF. Table 10 provides the 2025 drilling analytical results for Method ME-MS81/h. Parameters that are part of the TREO% calculation are shown. TREO was calculated including oxides La2O3, Ce2O3, Pr2O3, Nd2O3, Sm₂O₃, Eu₂O₃, Gd₂O₃, Tb₂O₃, Dy₂O₃, Ho₂O₃, Er₂O₃, Tm₂O₃, Yb₂O₃, Lu₂O₃, and Y₂O₃. Where analytical results exceeded the upper method detection limit (e.g., reported as >5000 ppm), the upper method detection limit value was assigned for calculation purposes. This approach introduces a conservative estimate and may result in underreporting of actual TREO% concentrations. The true values may be higher but cannot be accurately quantified within the validated range of the method. Accordingly, caution is advised when interpreting TREO values derived under these conditions.

SLV0163 – Technical Report Summary Shiloh Project, Georgia 196 November 2025

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| **Technical Report Summary** | ![img77526612_66.jpg](img77526612_66.jpg) |

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![img77526612_67.jpg](img77526612_67.jpg)

**Figure 37 Overview Map of Drilling Activities – 2025, (Source: Foothills Rare Earths, 2025e).**

SLV0163 – Technical Report Summary Shiloh Project, Georgia 197 November 2025

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| **Technical Report Summary** | ![img77526612_66.jpg](img77526612_66.jpg) |

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![img77526612_68.jpg](img77526612_68.jpg)

**Figure 38 Drilling Activities at the Pig Trail Area., (Source: Foothills Rare Earths, 2025e)**

SLV0163 – Technical Report Summary Shiloh Project, Georgia 198 November 2025

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| **Technical Report Summary** | ![img77526612_66.jpg](img77526612_66.jpg) |

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![img77526612_69.gif](img77526612_69.gif)

**Figure 39 Drilling Activities at the Newbill Area., (Source: Foothills Rare Earths, 2025e)**

SLV0163 – Technical Report Summary Shiloh Project, Georgia 199 November 2025

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| | |
|:---|:---|
| **Technical Report Summary** | ![img77526612_70.jpg](img77526612_70.jpg) |

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**Table 9 Drillhole Locations and Total Depth 2025**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Drill Method** | &nbsp;&nbsp;**Project Area** | &nbsp;&nbsp;**Count** | &nbsp;&nbsp;**Latitude**  | &nbsp;&nbsp;**Longitude**  | &nbsp;&nbsp;**Hole ID** | &nbsp;&nbsp;**Total Depth (mbgs)** |
| &nbsp;&nbsp;Diamond Drill | &nbsp;&nbsp;Newbill | &nbsp;&nbsp;n = 8 | &nbsp;&nbsp;32.7951 | &nbsp;&nbsp;-84.6290 | &nbsp;&nbsp;25-DDNB-001 | &nbsp;&nbsp;101.00 |
| &nbsp;&nbsp;Diamond Drill | &nbsp;&nbsp;Newbill | &nbsp;&nbsp;n = 8 | &nbsp;&nbsp;32.7951 | &nbsp;&nbsp;-84.6291 | &nbsp;&nbsp;25-DDNB-002 | &nbsp;&nbsp;88.00 |
| &nbsp;&nbsp;Diamond Drill | &nbsp;&nbsp;Newbill | &nbsp;&nbsp;n = 8 | &nbsp;&nbsp;32.7951 | &nbsp;&nbsp;-84.6291 | &nbsp;&nbsp;25-DDNB-003 | &nbsp;&nbsp;49.00 |
| &nbsp;&nbsp;Diamond Drill | &nbsp;&nbsp;Newbill | &nbsp;&nbsp;n = 8 | &nbsp;&nbsp;32.7951 | &nbsp;&nbsp;-84.6291 | &nbsp;&nbsp;25-DDNB-004 | &nbsp;&nbsp;39.00 |
| &nbsp;&nbsp;Diamond Drill | &nbsp;&nbsp;Newbill | &nbsp;&nbsp;n = 8 | &nbsp;&nbsp;32.7951 | &nbsp;&nbsp;-84.6291 | &nbsp;&nbsp;25-DDNB-005 | &nbsp;&nbsp;31.50 |
| &nbsp;&nbsp;Diamond Drill | &nbsp;&nbsp;Newbill | &nbsp;&nbsp;n = 8 | &nbsp;&nbsp;32.7951 | &nbsp;&nbsp;-84.6291 | &nbsp;&nbsp;25-DDNB-006 | &nbsp;&nbsp;31.00 |
| &nbsp;&nbsp;Diamond Drill | &nbsp;&nbsp;Newbill | &nbsp;&nbsp;n = 8 | &nbsp;&nbsp;32.7951 | &nbsp;&nbsp;-84.6291 | &nbsp;&nbsp;25-DDNB-007 | &nbsp;&nbsp;31.00 |
| &nbsp;&nbsp;Diamond Drill | &nbsp;&nbsp;Newbill | &nbsp;&nbsp;n = 8 | &nbsp;&nbsp;32.7951 | &nbsp;&nbsp;-84.6291 | &nbsp;&nbsp;25-DDNB-008 | &nbsp;&nbsp;30.50 |
| &nbsp;&nbsp;Diamond Drill | &nbsp;&nbsp;Pig Trail | &nbsp;&nbsp;n = 5 | &nbsp;&nbsp;32.7883 | &nbsp;&nbsp;-84.6662 | &nbsp;&nbsp;25-DDPT-001 | &nbsp;&nbsp;91.00 |
| &nbsp;&nbsp;Diamond Drill | &nbsp;&nbsp;Pig Trail | &nbsp;&nbsp;n = 5 | &nbsp;&nbsp;32.7884 | &nbsp;&nbsp;-84.6660 | &nbsp;&nbsp;25-DDPT-002 | &nbsp;&nbsp;100.00 |
| &nbsp;&nbsp;Diamond Drill | &nbsp;&nbsp;Pig Trail | &nbsp;&nbsp;n = 5 | &nbsp;&nbsp;32.7884 | &nbsp;&nbsp;-84.6659 | &nbsp;&nbsp;25-DDPT-003 | &nbsp;&nbsp;100.00 |
| &nbsp;&nbsp;Diamond Drill | &nbsp;&nbsp;Pig Trail | &nbsp;&nbsp;n = 5 | &nbsp;&nbsp;32.7886 | &nbsp;&nbsp;-84.6661 | &nbsp;&nbsp;25-DDPT-004 | &nbsp;&nbsp;102.00 |
| &nbsp;&nbsp;Diamond Drill | &nbsp;&nbsp;Pig Trail | &nbsp;&nbsp;n = 5 | &nbsp;&nbsp;32.7885 | &nbsp;&nbsp;-84.6662 | &nbsp;&nbsp;25-DDPT-005 | &nbsp;&nbsp;114.00 |
| &nbsp;&nbsp;Direct Push | &nbsp;&nbsp;Newbill | &nbsp;&nbsp;n = 54 | &nbsp;&nbsp;32.7954 | &nbsp;&nbsp;-84.6291 | &nbsp;&nbsp;25-DPNB-001 | &nbsp;&nbsp;4.50 |
| &nbsp;&nbsp;Direct Push | &nbsp;&nbsp;Newbill | &nbsp;&nbsp;n = 54 | &nbsp;&nbsp;32.7953 | &nbsp;&nbsp;-84.6291 | &nbsp;&nbsp;25-DPNB-002 | &nbsp;&nbsp;5.16 |
| &nbsp;&nbsp;Direct Push | &nbsp;&nbsp;Newbill | &nbsp;&nbsp;n = 54 | &nbsp;&nbsp;32.7953 | &nbsp;&nbsp;-84.6292 | &nbsp;&nbsp;25-DPNB-003 | &nbsp;&nbsp;4.44 |
| &nbsp;&nbsp;Direct Push | &nbsp;&nbsp;Newbill | &nbsp;&nbsp;n = 54 | &nbsp;&nbsp;32.7953 | &nbsp;&nbsp;-84.6292 | &nbsp;&nbsp;25-DPNB-004 | &nbsp;&nbsp;3.17 |
| &nbsp;&nbsp;Direct Push | &nbsp;&nbsp;Newbill | &nbsp;&nbsp;n = 54 | &nbsp;&nbsp;32.7953 | &nbsp;&nbsp;-84.6292 | &nbsp;&nbsp;25-DPNB-005 | &nbsp;&nbsp;3.32 |
| &nbsp;&nbsp;Direct Push | &nbsp;&nbsp;Newbill | &nbsp;&nbsp;n = 54 | &nbsp;&nbsp;32.7953 | &nbsp;&nbsp;-84.6292 | &nbsp;&nbsp;25-DPNB-006 | &nbsp;&nbsp;2.06 |
| &nbsp;&nbsp;Direct Push | &nbsp;&nbsp;Newbill | &nbsp;&nbsp;n = 54 | &nbsp;&nbsp;32.7953 | &nbsp;&nbsp;-84.6292 | &nbsp;&nbsp;25-DPNB-007 | &nbsp;&nbsp;1.10 |
| &nbsp;&nbsp;Direct Push | &nbsp;&nbsp;Newbill | &nbsp;&nbsp;n = 54 | &nbsp;&nbsp;32.7952 | &nbsp;&nbsp;-84.6293 | &nbsp;&nbsp;25-DPNB-008 | &nbsp;&nbsp;3.15 |
| &nbsp;&nbsp;Direct Push | &nbsp;&nbsp;Newbill | &nbsp;&nbsp;n = 54 | &nbsp;&nbsp;32.7953 | &nbsp;&nbsp;-84.6290 | &nbsp;&nbsp;25-DPNB-009 | &nbsp;&nbsp;5.56 |
| &nbsp;&nbsp;Direct Push | &nbsp;&nbsp;Newbill | &nbsp;&nbsp;n = 54 | &nbsp;&nbsp;32.7952 | &nbsp;&nbsp;-84.6291 | &nbsp;&nbsp;25-DPNB-010 | &nbsp;&nbsp;5.79 |
| &nbsp;&nbsp;Direct Push | &nbsp;&nbsp;Newbill | &nbsp;&nbsp;n = 54 | &nbsp;&nbsp;32.7952 | &nbsp;&nbsp;-84.6291 | &nbsp;&nbsp;25-DPNB-011 | &nbsp;&nbsp;5.24 |
| &nbsp;&nbsp;Direct Push | &nbsp;&nbsp;Newbill | &nbsp;&nbsp;n = 54 | &nbsp;&nbsp;32.7952 | &nbsp;&nbsp;-84.6291 | &nbsp;&nbsp;25-DPNB-012 | &nbsp;&nbsp;5.53 |
| &nbsp;&nbsp;Direct Push | &nbsp;&nbsp;Newbill | &nbsp;&nbsp;n = 54 | &nbsp;&nbsp;32.7952 | &nbsp;&nbsp;-84.6291 | &nbsp;&nbsp;25-DPNB-013 | &nbsp;&nbsp;5.87 |
| &nbsp;&nbsp;Direct Push | &nbsp;&nbsp;Newbill | &nbsp;&nbsp;n = 54 | &nbsp;&nbsp;32.7952 | &nbsp;&nbsp;-84.6291 | &nbsp;&nbsp;25-DPNB-014 | &nbsp;&nbsp;5.21 |
| &nbsp;&nbsp;Direct Push | &nbsp;&nbsp;Newbill | &nbsp;&nbsp;n = 54 | &nbsp;&nbsp;32.7952 | &nbsp;&nbsp;-84.6291 | &nbsp;&nbsp;25-DPNB-015 | &nbsp;&nbsp;5.30 |
| &nbsp;&nbsp;Direct Push | &nbsp;&nbsp;Newbill | &nbsp;&nbsp;n = 54 | &nbsp;&nbsp;32.7952 | &nbsp;&nbsp;-84.6291 | &nbsp;&nbsp;25-DPNB-016 | &nbsp;&nbsp;5.36 |
| &nbsp;&nbsp;Direct Push | &nbsp;&nbsp;Newbill | &nbsp;&nbsp;n = 54 | &nbsp;&nbsp;32.7952 | &nbsp;&nbsp;-84.6291 | &nbsp;&nbsp;25-DPNB-017 | &nbsp;&nbsp;5.59 |
| &nbsp;&nbsp;Direct Push | &nbsp;&nbsp;Newbill | &nbsp;&nbsp;n = 54 | &nbsp;&nbsp;32.7952 | &nbsp;&nbsp;-84.6292 | &nbsp;&nbsp;25-DPNB-018 | &nbsp;&nbsp;5.49 |
| &nbsp;&nbsp;Direct Push | &nbsp;&nbsp;Newbill | &nbsp;&nbsp;n = 54 | &nbsp;&nbsp;32.7952 | &nbsp;&nbsp;-84.6292 | &nbsp;&nbsp;25-DPNB-019 | &nbsp;&nbsp;5.61 |
| &nbsp;&nbsp;Direct Push | &nbsp;&nbsp;Newbill | &nbsp;&nbsp;n = 54 | &nbsp;&nbsp;32.7952 | &nbsp;&nbsp;-84.6292 | &nbsp;&nbsp;25-DPNB-020 | &nbsp;&nbsp;5.54 |
| &nbsp;&nbsp;Direct Push | &nbsp;&nbsp;Newbill | &nbsp;&nbsp;n = 54 | &nbsp;&nbsp;32.7952 | &nbsp;&nbsp;-84.6292 | &nbsp;&nbsp;25-DPNB-021 | &nbsp;&nbsp;5.41 |

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SLV0163 – Technical Report Summary Shiloh Project, Georgia 200 November 2025

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| | |
|:---|:---|
| **Technical Report Summary** | ![img77526612_70.jpg](img77526612_70.jpg) |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Drill Method** | &nbsp;&nbsp;**Project Area** | &nbsp;&nbsp;**Count** | &nbsp;&nbsp;**Latitude**  | &nbsp;&nbsp;**Longitude** | &nbsp;&nbsp;**Hole ID** | &nbsp;&nbsp;**Total Depth (mbgs)** |
|  |  |  | &nbsp;&nbsp;32.7952 | &nbsp;&nbsp;-84.6292 | &nbsp;&nbsp;25-DPNB-022 | &nbsp;&nbsp;5.11 |
| &nbsp;&nbsp;Direct Push<br>(Cont'd) | &nbsp;&nbsp;Newbill (Cont'd) | &nbsp;&nbsp;n = 54 (Cont'd) | &nbsp;&nbsp;32.7952 | &nbsp;&nbsp;-84.6290 | &nbsp;&nbsp;25-DPNB-023 | &nbsp;&nbsp;6.68 |
| &nbsp;&nbsp;Direct Push<br>(Cont'd) | &nbsp;&nbsp;Newbill (Cont'd) | &nbsp;&nbsp;n = 54 (Cont'd) | &nbsp;&nbsp;32.7952 | &nbsp;&nbsp;-84.6291 | &nbsp;&nbsp;25-DPNB-024 | &nbsp;&nbsp;7.19 |
| &nbsp;&nbsp;Direct Push<br>(Cont'd) | &nbsp;&nbsp;Newbill (Cont'd) | &nbsp;&nbsp;n = 54 (Cont'd) | &nbsp;&nbsp;32.7952 | &nbsp;&nbsp;-84.6291 | &nbsp;&nbsp;25-DPNB-025 | &nbsp;&nbsp;6.81 |
| &nbsp;&nbsp;Direct Push<br>(Cont'd) | &nbsp;&nbsp;Newbill (Cont'd) | &nbsp;&nbsp;n = 54 (Cont'd) | &nbsp;&nbsp;32.7952 | &nbsp;&nbsp;-84.6291 | &nbsp;&nbsp;25-DPNB-026 | &nbsp;&nbsp;6.89 |
| &nbsp;&nbsp;Direct Push<br>(Cont'd) | &nbsp;&nbsp;Newbill (Cont'd) | &nbsp;&nbsp;n = 54 (Cont'd) | &nbsp;&nbsp;32.7952 | &nbsp;&nbsp;-84.6291 | &nbsp;&nbsp;25-DPNB-027 | &nbsp;&nbsp;5.49 |
| &nbsp;&nbsp;Direct Push<br>(Cont'd) | &nbsp;&nbsp;Newbill (Cont'd) | &nbsp;&nbsp;n = 54 (Cont'd) | &nbsp;&nbsp;32.7952 | &nbsp;&nbsp;-84.6291 | &nbsp;&nbsp;25-DPNB-028 | &nbsp;&nbsp;7.16 |
| &nbsp;&nbsp;Direct Push<br>(Cont'd) | &nbsp;&nbsp;Newbill (Cont'd) | &nbsp;&nbsp;n = 54 (Cont'd) | &nbsp;&nbsp;32.7952 | &nbsp;&nbsp;-84.6291 | &nbsp;&nbsp;25-DPNB-029 | &nbsp;&nbsp;7.27 |
| &nbsp;&nbsp;Direct Push<br>(Cont'd) | &nbsp;&nbsp;Newbill (Cont'd) | &nbsp;&nbsp;n = 54 (Cont'd) | &nbsp;&nbsp;32.7952 | &nbsp;&nbsp;-84.6291 | &nbsp;&nbsp;25-DPNB-030 | &nbsp;&nbsp;6.36 |
| &nbsp;&nbsp;Direct Push<br>(Cont'd) | &nbsp;&nbsp;Newbill (Cont'd) | &nbsp;&nbsp;n = 54 (Cont'd) | &nbsp;&nbsp;32.7953 | &nbsp;&nbsp;-84.6292 | &nbsp;&nbsp;25-DPNB-031 | &nbsp;&nbsp;3.20 |
| &nbsp;&nbsp;Direct Push<br>(Cont'd) | &nbsp;&nbsp;Newbill (Cont'd) | &nbsp;&nbsp;n = 54 (Cont'd) | &nbsp;&nbsp;32.7953 | &nbsp;&nbsp;-84.6292 | &nbsp;&nbsp;25-DPNB-032 | &nbsp;&nbsp;3.55 |
| &nbsp;&nbsp;Direct Push<br>(Cont'd) | &nbsp;&nbsp;Newbill (Cont'd) | &nbsp;&nbsp;n = 54 (Cont'd) | &nbsp;&nbsp;32.7953 | &nbsp;&nbsp;-84.6292 | &nbsp;&nbsp;25-DPNB-033 | &nbsp;&nbsp;3.68 |
| &nbsp;&nbsp;Direct Push<br>(Cont'd) | &nbsp;&nbsp;Newbill (Cont'd) | &nbsp;&nbsp;n = 54 (Cont'd) | &nbsp;&nbsp;32.7953 | &nbsp;&nbsp;-84.6291 | &nbsp;&nbsp;25-DPNB-034 | &nbsp;&nbsp;3.86 |
| &nbsp;&nbsp;Direct Push<br>(Cont'd) | &nbsp;&nbsp;Newbill (Cont'd) | &nbsp;&nbsp;n = 54 (Cont'd) | &nbsp;&nbsp;32.7952 | &nbsp;&nbsp;-84.6291 | &nbsp;&nbsp;25-DPNB-035 | &nbsp;&nbsp;3.81 |
| &nbsp;&nbsp;Direct Push<br>(Cont'd) | &nbsp;&nbsp;Newbill (Cont'd) | &nbsp;&nbsp;n = 54 (Cont'd) | &nbsp;&nbsp;32.7952 | &nbsp;&nbsp;-84.6291 | &nbsp;&nbsp;25-DPNB-036 | &nbsp;&nbsp;4.01 |
| &nbsp;&nbsp;Direct Push<br>(Cont'd) | &nbsp;&nbsp;Newbill (Cont'd) | &nbsp;&nbsp;n = 54 (Cont'd) | &nbsp;&nbsp;32.7952 | &nbsp;&nbsp;-84.6291 | &nbsp;&nbsp;25-DPNB-037 | &nbsp;&nbsp;4.72 |
| &nbsp;&nbsp;Direct Push<br>(Cont'd) | &nbsp;&nbsp;Newbill (Cont'd) | &nbsp;&nbsp;n = 54 (Cont'd) | &nbsp;&nbsp;32.7952 | &nbsp;&nbsp;-84.6291 | &nbsp;&nbsp;25-DPNB-038 | &nbsp;&nbsp;6.30 |
| &nbsp;&nbsp;Direct Push<br>(Cont'd) | &nbsp;&nbsp;Newbill (Cont'd) | &nbsp;&nbsp;n = 54 (Cont'd) | &nbsp;&nbsp;32.7952 | &nbsp;&nbsp;-84.6291 | &nbsp;&nbsp;25-DPNB-039 | &nbsp;&nbsp;6.22 |
| &nbsp;&nbsp;Direct Push<br>(Cont'd) | &nbsp;&nbsp;Newbill (Cont'd) | &nbsp;&nbsp;n = 54 (Cont'd) | &nbsp;&nbsp;32.7952 | &nbsp;&nbsp;-84.6291 | &nbsp;&nbsp;25-DPNB-040 | &nbsp;&nbsp;7.32 |
| &nbsp;&nbsp;Direct Push<br>(Cont'd) | &nbsp;&nbsp;Newbill (Cont'd) | &nbsp;&nbsp;n = 54 (Cont'd) | &nbsp;&nbsp;32.7952 | &nbsp;&nbsp;-84.6291 | &nbsp;&nbsp;25-DPNB-041 | &nbsp;&nbsp;6.61 |
| &nbsp;&nbsp;Direct Push<br>(Cont'd) | &nbsp;&nbsp;Newbill (Cont'd) | &nbsp;&nbsp;n = 54 (Cont'd) | &nbsp;&nbsp;32.7952 | &nbsp;&nbsp;-84.6291 | &nbsp;&nbsp;25-DPNB-042 | &nbsp;&nbsp;4.04 |
| &nbsp;&nbsp;Direct Push<br>(Cont'd) | &nbsp;&nbsp;Newbill (Cont'd) | &nbsp;&nbsp;n = 54 (Cont'd) | &nbsp;&nbsp;32.7952 | &nbsp;&nbsp;-84.6291 | &nbsp;&nbsp;25-DPNB-043 | &nbsp;&nbsp;7.09 |
| &nbsp;&nbsp;Direct Push<br>(Cont'd) | &nbsp;&nbsp;Newbill (Cont'd) | &nbsp;&nbsp;n = 54 (Cont'd) | &nbsp;&nbsp;32.7952 | &nbsp;&nbsp;-84.6291 | &nbsp;&nbsp;25-DPNB-044 | &nbsp;&nbsp;5.66 |
| &nbsp;&nbsp;Direct Push<br>(Cont'd) | &nbsp;&nbsp;Newbill (Cont'd) | &nbsp;&nbsp;n = 54 (Cont'd) | &nbsp;&nbsp;32.7952 | &nbsp;&nbsp;-84.6291 | &nbsp;&nbsp;25-DPNB-045 | &nbsp;&nbsp;5.36 |
| &nbsp;&nbsp;Direct Push<br>(Cont'd) | &nbsp;&nbsp;Newbill (Cont'd) | &nbsp;&nbsp;n = 54 (Cont'd) | &nbsp;&nbsp;32.7952 | &nbsp;&nbsp;-84.6291 | &nbsp;&nbsp;25-DPNB-046 | &nbsp;&nbsp;4.57 |
| &nbsp;&nbsp;Direct Push<br>(Cont'd) | &nbsp;&nbsp;Newbill (Cont'd) | &nbsp;&nbsp;n = 54 (Cont'd) | &nbsp;&nbsp;32.7952 | &nbsp;&nbsp;-84.6291 | &nbsp;&nbsp;25-DPNB-047 | &nbsp;&nbsp;4.72 |
| &nbsp;&nbsp;Direct Push<br>(Cont'd) | &nbsp;&nbsp;Newbill (Cont'd) | &nbsp;&nbsp;n = 54 (Cont'd) | &nbsp;&nbsp;32.7952 | &nbsp;&nbsp;-84.6291 | &nbsp;&nbsp;25-DPNB-048 | &nbsp;&nbsp;4.90 |
| &nbsp;&nbsp;Direct Push<br>(Cont'd) | &nbsp;&nbsp;Newbill (Cont'd) | &nbsp;&nbsp;n = 54 (Cont'd) | &nbsp;&nbsp;32.7952 | &nbsp;&nbsp;-84.6292 | &nbsp;&nbsp;25-DPNB-049 | &nbsp;&nbsp;4.77 |
| &nbsp;&nbsp;Direct Push<br>(Cont'd) | &nbsp;&nbsp;Newbill (Cont'd) | &nbsp;&nbsp;n = 54 (Cont'd) | &nbsp;&nbsp;32.7952 | &nbsp;&nbsp;-84.6291 | &nbsp;&nbsp;25-DPNB-050 | &nbsp;&nbsp;5.31 |
| &nbsp;&nbsp;Direct Push<br>(Cont'd) | &nbsp;&nbsp;Newbill (Cont'd) | &nbsp;&nbsp;n = 54 (Cont'd) | &nbsp;&nbsp;32.7952 | &nbsp;&nbsp;-84.6291 | &nbsp;&nbsp;25-DPNB-051 | &nbsp;&nbsp;6.83 |
| &nbsp;&nbsp;Direct Push<br>(Cont'd) | &nbsp;&nbsp;Newbill (Cont'd) | &nbsp;&nbsp;n = 54 (Cont'd) | &nbsp;&nbsp;32.7952 | &nbsp;&nbsp;-84.6291 | &nbsp;&nbsp;25-DPNB-052 | &nbsp;&nbsp;6.81 |
| &nbsp;&nbsp;Direct Push<br>(Cont'd) | &nbsp;&nbsp;Newbill (Cont'd) | &nbsp;&nbsp;n = 54 (Cont'd) | &nbsp;&nbsp;32.7952 | &nbsp;&nbsp;-84.6291 | &nbsp;&nbsp;25-DPNB-053 | &nbsp;&nbsp;6.86 |
| &nbsp;&nbsp;Direct Push<br>(Cont'd) | &nbsp;&nbsp;Newbill (Cont'd) | &nbsp;&nbsp;n = 54 (Cont'd) | &nbsp;&nbsp;32.7952 | &nbsp;&nbsp;-84.6290 | &nbsp;&nbsp;25-DPNB-054 | &nbsp;&nbsp;7.34 |
| &nbsp;&nbsp;Direct Push<br>(Cont'd) | &nbsp;&nbsp;Pig Trail | &nbsp;&nbsp;n = 34 | &nbsp;&nbsp;32.7901 | &nbsp;&nbsp;-84.6731 | &nbsp;&nbsp;25-DPPT-001 | &nbsp;&nbsp;8.46 |
| &nbsp;&nbsp;Direct Push<br>(Cont'd) | &nbsp;&nbsp;Pig Trail | &nbsp;&nbsp;n = 34 | &nbsp;&nbsp;32.7901 | &nbsp;&nbsp;-84.6732 | &nbsp;&nbsp;25-DPPT-002 | &nbsp;&nbsp;10.67 |
| &nbsp;&nbsp;Direct Push<br>(Cont'd) | &nbsp;&nbsp;Pig Trail | &nbsp;&nbsp;n = 34 | &nbsp;&nbsp;32.7901 | &nbsp;&nbsp;-84.6732 | &nbsp;&nbsp;25-DPPT-003 | &nbsp;&nbsp;7.62 |

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SLV0163 – Technical Report Summary Shiloh Project, Georgia 201 November 2025

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| | |
|:---|:---|
| **Technical Report Summary** | ![img77526612_70.jpg](img77526612_70.jpg) |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Drill Method** | &nbsp;&nbsp;**Project Area** | &nbsp;&nbsp;**Count** | &nbsp;&nbsp;**Latitude**  | &nbsp;&nbsp;**Longitude** | &nbsp;&nbsp;**Hole ID** | &nbsp;&nbsp;**Total Depth (mbgs)** |
|  |  |  | &nbsp;&nbsp;32.7901 | &nbsp;&nbsp;-84.6732 | &nbsp;&nbsp;25-DPPT-004 | &nbsp;&nbsp;7.62 |
|  |  |  | &nbsp;&nbsp;32.7901 | &nbsp;&nbsp;-84.6732 | &nbsp;&nbsp;25-DPPT-005 | &nbsp;&nbsp;7.62 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Pig Trail (Cont'd) | &nbsp;&nbsp;n = 34 | &nbsp;&nbsp;32.7901 | &nbsp;&nbsp;-84.6732 | &nbsp;&nbsp;25-DPPT-006 | &nbsp;&nbsp;7.62 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Pig Trail (Cont'd) | &nbsp;&nbsp;n = 34 | &nbsp;&nbsp;32.7901 | &nbsp;&nbsp;-84.6733 | &nbsp;&nbsp;25-DPPT-007 | &nbsp;&nbsp;7.62 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Pig Trail (Cont'd) | &nbsp;&nbsp;n = 34 | &nbsp;&nbsp;32.7901 | &nbsp;&nbsp;-84.6733 | &nbsp;&nbsp;25-DPPT-008 | &nbsp;&nbsp;7.62 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Pig Trail (Cont'd) | &nbsp;&nbsp;n = 34 | &nbsp;&nbsp;32.7900 | &nbsp;&nbsp;-84.6733 | &nbsp;&nbsp;25-DPPT-009 | &nbsp;&nbsp;7.62 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Pig Trail (Cont'd) | &nbsp;&nbsp;n = 34 | &nbsp;&nbsp;32.7900 | &nbsp;&nbsp;-84.6733 | &nbsp;&nbsp;25-DPPT-010 | &nbsp;&nbsp;7.62 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Pig Trail (Cont'd) | &nbsp;&nbsp;n = 34 | &nbsp;&nbsp;32.7900 | &nbsp;&nbsp;-84.6732 | &nbsp;&nbsp;25-DPPT-011 | &nbsp;&nbsp;7.62 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Pig Trail (Cont'd) | &nbsp;&nbsp;n = 34 | &nbsp;&nbsp;32.7900 | &nbsp;&nbsp;-84.6732 | &nbsp;&nbsp;25-DPPT-012 | &nbsp;&nbsp;7.62 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Pig Trail (Cont'd) | &nbsp;&nbsp;n = 34 | &nbsp;&nbsp;32.7900 | &nbsp;&nbsp;-84.6732 | &nbsp;&nbsp;25-DPPT-013 | &nbsp;&nbsp;7.62 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Pig Trail (Cont'd) | &nbsp;&nbsp;n = 34 | &nbsp;&nbsp;32.7900 | &nbsp;&nbsp;-84.6732 | &nbsp;&nbsp;25-DPPT-014 | &nbsp;&nbsp;7.62 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Pig Trail (Cont'd) | &nbsp;&nbsp;n = 34 | &nbsp;&nbsp;32.7900 | &nbsp;&nbsp;-84.6732 | &nbsp;&nbsp;25-DPPT-015 | &nbsp;&nbsp;7.62 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Pig Trail (Cont'd) | &nbsp;&nbsp;n = 34 | &nbsp;&nbsp;32.7900 | &nbsp;&nbsp;-84.6731 | &nbsp;&nbsp;25-DPPT-016 | &nbsp;&nbsp;7.62 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Pig Trail (Cont'd) | &nbsp;&nbsp;n = 34 | &nbsp;&nbsp;32.7900 | &nbsp;&nbsp;-84.6731 | &nbsp;&nbsp;25-DPPT-017 | &nbsp;&nbsp;7.62 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Pig Trail (Cont'd) | &nbsp;&nbsp;n = 34 | &nbsp;&nbsp;32.7900 | &nbsp;&nbsp;-84.6732 | &nbsp;&nbsp;25-DPPT-018 | &nbsp;&nbsp;7.62 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Pig Trail (Cont'd) | &nbsp;&nbsp;n = 34 | &nbsp;&nbsp;32.7900 | &nbsp;&nbsp;-84.6732 | &nbsp;&nbsp;25-DPPT-019 | &nbsp;&nbsp;7.62 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Pig Trail (Cont'd) | &nbsp;&nbsp;n = 34 | &nbsp;&nbsp;32.7900 | &nbsp;&nbsp;-84.6732 | &nbsp;&nbsp;25-DPPT-020 | &nbsp;&nbsp;7.62 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Pig Trail (Cont'd) | &nbsp;&nbsp;n = 34 | &nbsp;&nbsp;32.7900 | &nbsp;&nbsp;-84.6732 | &nbsp;&nbsp;25-DPPT-021 | &nbsp;&nbsp;7.62 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Pig Trail (Cont'd) | &nbsp;&nbsp;n = 34 | &nbsp;&nbsp;32.7900 | &nbsp;&nbsp;-84.6733 | &nbsp;&nbsp;25-DPPT-022 | &nbsp;&nbsp;7.62 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Pig Trail (Cont'd) | &nbsp;&nbsp;n = 34 | &nbsp;&nbsp;32.7901 | &nbsp;&nbsp;-84.6732 | &nbsp;&nbsp;25-DPPT-023 | &nbsp;&nbsp;7.62 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Pig Trail (Cont'd) | &nbsp;&nbsp;n = 34 | &nbsp;&nbsp;32.7888 | &nbsp;&nbsp;-84.6662 | &nbsp;&nbsp;25-DPPT-024 | &nbsp;&nbsp;6.38 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Pig Trail (Cont'd) | &nbsp;&nbsp;n = 34 | &nbsp;&nbsp;32.7888 | &nbsp;&nbsp;-84.6662 | &nbsp;&nbsp;25-DPPT-025 | &nbsp;&nbsp;6.86 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Pig Trail (Cont'd) | &nbsp;&nbsp;n = 34 | &nbsp;&nbsp;32.7888 | &nbsp;&nbsp;-84.6662 | &nbsp;&nbsp;25-DPPT-026 | &nbsp;&nbsp;7.26 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Pig Trail (Cont'd) | &nbsp;&nbsp;n = 34 | &nbsp;&nbsp;32.7888 | &nbsp;&nbsp;-84.6662 | &nbsp;&nbsp;25-DPPT-027 | &nbsp;&nbsp;6.96 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Pig Trail (Cont'd) | &nbsp;&nbsp;n = 34 | &nbsp;&nbsp;32.7888 | &nbsp;&nbsp;-84.6663 | &nbsp;&nbsp;25-DPPT-028 | &nbsp;&nbsp;7.62 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Pig Trail (Cont'd) | &nbsp;&nbsp;n = 34 | &nbsp;&nbsp;32.7888 | &nbsp;&nbsp;-84.6663 | &nbsp;&nbsp;25-DPPT-029 | &nbsp;&nbsp;7.62 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Pig Trail (Cont'd) | &nbsp;&nbsp;n = 34 | &nbsp;&nbsp;32.7888 | &nbsp;&nbsp;-84.6663 | &nbsp;&nbsp;25-DPPT-030 | &nbsp;&nbsp;6.53 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Pig Trail (Cont'd) | &nbsp;&nbsp;n = 34 | &nbsp;&nbsp;32.7887 | &nbsp;&nbsp;-84.6663 | &nbsp;&nbsp;25-DPPT-031 | &nbsp;&nbsp;7.62 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Pig Trail (Cont'd) | &nbsp;&nbsp;n = 34 | &nbsp;&nbsp;32.7887 | &nbsp;&nbsp;-84.6663 | &nbsp;&nbsp;25-DPPT-032 | &nbsp;&nbsp;7.62 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Pig Trail (Cont'd) | &nbsp;&nbsp;n = 34 | &nbsp;&nbsp;32.7888 | &nbsp;&nbsp;-84.6662 | &nbsp;&nbsp;25-DPPT-033 | &nbsp;&nbsp;5.49 |
| &nbsp;&nbsp;Direct Push (Cont'd) | &nbsp;&nbsp;Pig Trail (Cont'd) | &nbsp;&nbsp;n = 34 | &nbsp;&nbsp;32.7888 | &nbsp;&nbsp;-84.6662 | &nbsp;&nbsp;25-DPPT-034 | &nbsp;&nbsp;7.62 |

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Source: Geosyntec, 2025

SLV0163 – Technical Report Summary Shiloh Project, Georgia 202 November 2025

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| **Technical Report Summary** | ![img77526612_71.jpg](img77526612_71.jpg) |

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**Table 10 2025 Drilling Analytical Results**

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  |  | **Method** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** |
|  |  |  |  |  |  |  | **Analyte** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** |
|  |  |  |  |  |  |  | **Units** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** |
|  |  |  |  |  |  |  | **Detection <br>Limit** | **0** | **0.1** | **0.0** | **0.02** | **0.05** | **0.01** | **0.1** | **0.01** | **0.1** | **0.02** | **0.03** | **0.01** | **0.01** | **0.1** | **0.03** | **3** | **0.3** | **0.2** | **0.2** | **0.3** | **0.05** | **3** | **0.05** | **0.5** | **0.2** | **0.2** | **0.05** | **0.05** | **3** | **0.2** |
|  |  |  |  |  |  |  | **Upper <br>Limit** | **10000** | **1000.0** | **1000.0** | **1000** | **1000** | **1000** | **10000** | **1000** | **10000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **50000** | **5000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** | **50000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** |
| **Hole ID** | **From <br>(m)** | **To <br>(m)** | **Interval (m)** | **Drill Date** | **Sample <br>Type** | **Sample <br>Details** | **TREO<br>(%)** | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-001 | 0 | 2 | 2 | 1/29/2025 | -- | -- | 0.0408 | 109 | 6.6 | 2.8 | 1.82 | 10.0 | 1.0 | 71 | 0.4 | 78 | 20 | 16 | 1.2 | 0.4 | 27 | 2.61 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-001 | 2 | 3.5 | 1.5 | 1/29/2025 | -- | -- | 0.0470 | 121 | 6.8 | 2.6 | 2.03 | 11.9 | 1.1 | 91 | 0.3 | 92 | 25 | 19 | 1.3 | 0.4 | 24 | 2.35 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-001 | 6.5 | 8 | 1.5 | 1/29/2025 | -- | -- | 0.2992 | 1070 | 34.6 | 11.4 | 2.42 | 66.2 | 5.0 | 497 | 0.8 | 489 | 121 | 98 | 7.5 | 1.3 | 138 | 6.82 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-001 | 8 | 9.16 | 1.16 | 1/29/2025 | -- | -- | 0.5025 | 1755 | 67.3 | 18.9 | 1.57 | 132.5 | 9.2 | 774 | 1.1 | 848 | 205 | 184 | 15.1 | 1.9 | 255 | 9.53 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-001 | 8 | 9.16 | 1.16 | 1/29/2025 | Duplicate | 8-9.16 | 1.1183 | 4180 | 98.9 | 25.3 | 2.22 | 222.0 | 12.7 | 1900 | 1.3 | 2120 | 540 | 342 | 23.8 | 2.4 | 339 | 11.80 | 4180 | 99 | 27 | 2 | 227 | 14 | 1860 | 1 | 1910 | 485 | 337 | 25 | 3 | 352 | 12 |
| 25-DDNB-001 | 9.16 | 10 | 0.84 | 1/29/2025 | -- | -- | 0.0224 | 75 | 3.3 | 1.9 | 0.81 | 3.7 | 0.7 | 41 | 0.2 | 28 | 8 | 5 | 0.5 | 0.3 | 20 | 1.76 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-001 | 10 | 11 | 1 | 1/29/2025 | -- | -- | 0.0117 | 39 | 1.9 | 1.0 | 0.60 | 2.0 | 0.4 | 22 | 0.1 | 14 | 4 | 3 | 0.3 | 0.2 | 10 | 1.02 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-001 | 11 | 12 | 1 | 1/29/2025 | -- | -- | 0.4880 | 1990 | 19.4 | 4.7 | 1.14 | 53.9 | 2.5 | 1005 | 0.2 | 713 | 200 | 106 | 5.1 | 0.5 | 62 | 2.19 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-001 | 12.07 | 13.12 | 1.05 | 1/29/2025 | -- | -- | 0.3525 | 1390 | 18.4 | 4.1 | 2.53 | 53.2 | 2.2 | 640 | 0.3 | 582 | 152 | 100 | 5.0 | 0.4 | 57 | 2.30 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-001 | 13.12 | 14 | 0.88 | 1/29/2025 | -- | -- | 0.0308 | 109 | 4.0 | 1.4 | 0.89 | 5.9 | 0.6 | 56 | 0.1 | 45 | 13 | 9 | 0.8 | 0.2 | 17 | 0.95 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-001 | 14 | 15 | 1 | 1/29/2025 | -- | -- | 0.0303 | 105 | 4.6 | 1.7 | 0.69 | 5.9 | 0.7 | 55 | 0.2 | 41 | 12 | 9 | 0.8 | 0.2 | 20 | 1.40 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-001 | 15 | 16 | 1 | 1/29/2025 | -- | -- | 0.0289 | 103 | 3.4 | 1.4 | 0.76 | 5.2 | 0.5 | 55 | 0.1 | 39 | 11 | 8 | 0.7 | 0.2 | 16 | 1.14 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-001 | 16 | 17 | 1 | 1/29/2025 | -- | -- | 0.0573 | 217 | 3.9 | 1.0 | 1.15 | 8.7 | 0.5 | 105 | 0.1 | 95 | 26 | 16 | 1.0 | 0.1 | 14 | 0.65 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-001 | 17 | 18 | 1 | 1/29/2025 | -- | -- | 0.0399 | 141 | 5.0 | 1.3 | 0.91 | 9.3 | 0.7 | 69 | 0.1 | 61 | 17 | 14 | 1.1 | 0.2 | 20 | 0.96 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-001 | 18 | 19 | 1 | 1/29/2025 | -- | -- | 0.0268 | 88 | 4.5 | 2.6 | 0.74 | 4.8 | 0.8 | 47 | 0.3 | 33 | 10 | 7 | 0.7 | 0.3 | 24 | 2.31 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-001 | 19 | 20 | 1 | 1/29/2025 | -- | -- | 0.0297 | 102 | 4.4 | 2.0 | 0.73 | 5.4 | 0.7 | 54 | 0.3 | 39 | 11 | 8 | 0.8 | 0.3 | 22 | 1.86 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-001 | 20 | 21 | 1 | 1/29/2025 | -- | -- | 0.0209 | 72 | 3.1 | 1.2 | 0.67 | 3.9 | 0.5 | 38 | 0.1 | 28 | 8 | 6 | 0.6 | 0.1 | 14 | 0.89 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-001 | 21 | 22 | 1 | 1/29/2025 | -- | -- | 0.0319 | 112 | 4.5 | 1.4 | 0.69 | 6.4 | 0.7 | 58 | 0.1 | 45 | 13 | 9 | 0.9 | 0.2 | 19 | 1.20 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-001 | 22 | 23 | 1 | 1/29/2025 | -- | -- | 0.0344 | 121 | 4.5 | 1.5 | 0.83 | 6.8 | 0.7 | 63 | 0.1 | 49 | 14 | 10 | 0.9 | 0.2 | 19 | 1.14 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-001 | 23 | 25 | 2 | 1/29/2025 | -- | -- | 0.0335 | 117 | 4.4 | 1.7 | 0.84 | 6.6 | 0.7 | 61 | 0.2 | 47 | 13 | 10 | 0.9 | 0.2 | 20 | 1.50 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-001 | 25 | 27 | 2 | 1/29/2025 | -- | -- | 0.0258 | 85 | 4.2 | 2.3 | 0.84 | 5.2 | 0.8 | 44 | 0.3 | 35 | 10 | 7 | 0.7 | 0.3 | 23 | 2.18 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-001 | 27 | 29 | 2 | 1/29/2025 | -- | -- | 0.0346 | 110 | 6.6 | 3.8 | 0.80 | 7.4 | 1.2 | 56 | 0.5 | 44 | 12 | 9 | 1.1 | 0.5 | 38 | 3.28 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-001 | 29 | 31 | 2 | 1/29/2025 | -- | -- | 0.0883 | 304 | 12.9 | 7.5 | 0.95 | 18.0 | 2.4 | 135 | 1.0 | 134 | 36 | 24 | 2.4 | 1.0 | 65 | 7.28 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-001 | 31 | 33 | 2 | 1/29/2025 | -- | -- | 0.0279 | 98 | 3.7 | 1.5 | 0.87 | 5.0 | 0.6 | 53 | 0.2 | 38 | 11 | 7 | 0.7 | 0.2 | 17 | 1.32 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-001 | 33 | 35 | 2 | 1/29/2025 | -- | -- | 0.0262 | 82 | 5.1 | 3.1 | 0.75 | 5.0 | 1.0 | 43 | 0.4 | 32 | 9 | 6 | 0.8 | 0.4 | 29 | 2.94 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-001 | 35 | 37 | 2 | 1/29/2025 | -- | -- | 0.0327 | 115 | 4.2 | 2.0 | 0.92 | 5.7 | 0.8 | 62 | 0.2 | 43 | 12 | 7 | 0.8 | 0.3 | 22 | 1.84 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-001 | 37 | 39 | 2 | 1/29/2025 | -- | -- | 0.0555 | 200 | 6.2 | 2.7 | 1.01 | 9.4 | 1.0 | 102 | 0.3 | 80 | 23 | 13 | 1.3 | 0.3 | 30 | 2.09 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-001 | 39 | 41 | 2 | 1/29/2025 | -- | -- | 0.0288 | 88 | 6.3 | 4.4 | 0.94 | 4.7 | 1.3 | 45 | 0.6 | 31 | 9 | 6 | 0.9 | 0.6 | 40 | 3.81 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-001 | 41 | 43 | 2 | 1/29/2025 | -- | -- | 0.0313 | 113 | 3.4 | 1.5 | 0.93 | 5.1 | 0.6 | 60 | 0.2 | 44 | 13 | 7 | 0.7 | 0.2 | 15 | 1.10 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-001 | 41 | 43 | 2 | 1/29/2025 | Duplicate | 41-43m | 0.0303 | 112 | 3.2 | 1.3 | 0.84 | 5.0 | 0.5 | 59 | 0.1 | 41 | 12 | 7 | 0.7 | 0.1 | 14 | 0.96 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-001 | 43 | 45 | 2 | 1/29/2025 | -- | -- | 0.0442 | 141 | 8.0 | 3.5 | 2.17 | 11.4 | 1.4 | 65 | 0.4 | 70 | 18 | 14 | 1.5 | 0.4 | 37 | 2.55 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-001 | 45 | 48 | 3 | 1/29/2025 | -- | -- | 0.0494 | 139 | 11.9 | 6.0 | 2.64 | 14.8 | 2.2 | 61 | 0.6 | 76 | 18 | 17 | 2.1 | 0.7 | 62 | 4.71 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-001 | 48 | 51 | 3 | 1/29/2025 | -- | -- | 0.0605 | 196 | 9.9 | 4.5 | 2.41 | 14.3 | 1.7 | 88 | 0.5 | 98 | 25 | 20 | 1.9 | 0.5 | 48 | 3.42 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-001 | 51 | 54 | 3 | 1/29/2025 | -- | -- | 0.0413 | 129 | 7.5 | 3.6 | 2.44 | 10.9 | 1.3 | 59 | 0.3 | 66 | 17 | 14 | 1.5 | 0.4 | 36 | 2.42 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-001 | 54 | 57 | 3 | 1/29/2025 | -- | -- | 0.1014 | 360 | 13.6 | 6.1 | 1.62 | 21.2 | 2.2 | 146 | 0.6 | 167 | 42 | 31 | 2.7 | 0.7 | 64 | 4.49 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-001 | 57 | 60 | 3 | 1/29/2025 | -- | -- | 0.0341 | 93 | 8.8 | 3.9 | 2.48 | 11.3 | 1.6 | 41 | 0.4 | 52 | 12 | 13 | 1.7 | 0.5 | 45 | 2.59 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-001 | 60 | 63 | 3 | 1/29/2025 | -- | -- | 0.0354 | 98 | 9.0 | 4.1 | 2.53 | 11.2 | 1.5 | 44 | 0.4 | 55 | 13 | 12 | 1.7 | 0.5 | 44 | 2.54 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-001 | 63 | 66 | 3 | 1/29/2025 | -- | -- | 0.0391 | 108 | 10.2 | 4.4 | 2.42 | 12.6 | 1.7 | 48 | 0.4 | 61 | 14 | 14 | 1.9 | 0.5 | 49 | 2.73 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-001 | 66 | 69 | 3 | 1/29/2025 | -- | -- | 0.0393 | 113 | 8.9 | 3.9 | 2.91 | 12.5 | 1.5 | 50 | 0.4 | 64 | 15 | 14 | 1.8 | 0.4 | 43 | 2.63 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-001 | 69 | 72 | 3 | 1/29/2025 | -- | -- | 0.0380 | 110 | 8.4 | 3.7 | 2.65 | 11.3 | 1.4 | 50 | 0.3 | 61 | 15 | 13 | 1.6 | 0.4 | 41 | 2.54 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-001 | 72 | 75 | 3 | 1/29/2025 | -- | -- | 0.0338 | 105 | 6.8 | 2.9 | 1.80 | 8.9 | 1.1 | 51 | 0.3 | 50 | 13 | 10 | 1.3 | 0.3 | 32 | 2.16 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-001 | 75 | 78 | 3 | 1/29/2025 | -- | -- | 0.0343 | 107 | 6.4 | 4.2 | 1.07 | 5.8 | 1.3 | 56 | 0.5 | 42 | 12 | 8 | 1.1 | 0.6 | 42 | 3.86 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-001 | 78 | 81 | 3 | 1/29/2025 | -- | -- | 0.0365 | 111 | 7.6 | 4.1 | 1.01 | 8.5 | 1.5 | 55 | 0.5 | 48 | 13 | 10 | 1.4 | 0.5 | 44 | 3.45 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-001 | 81 | 84 | 3 | 1/29/2025 | -- | -- | 0.0226 | 61 | 5.8 | 4.5 | 0.83 | 4.1 | 1.3 | 33 | 0.5 | 24 | 7 | 4 | 0.8 | 0.7 | 39 | 4.04 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-001 | 84 | 87 | 3 | 1/29/2025 | -- | -- | 0.0243 | 68 | 5.7 | 4.4 | 1.26 | 4.6 | 1.2 | 37 | 0.6 | 27 | 8 | 5 | 0.8 | 0.6 | 37 | 4.08 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-001 | 87 | 90 | 3 | 1/29/2025 | -- | -- | 0.0306 | 90 | 6.6 | 4.7 | 1.08 | 5.8 | 1.4 | 47 | 0.7 | 37 | 10 | 7 | 1.0 | 0.7 | 41 | 4.57 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-001 | 90 | 93 | 3 | 1/29/2025 | -- | -- | 0.0241 | 73 | 5.0 | 2.6 | 1.40 | 5.8 | 0.9 | 38 | 0.3 | 32 | 9 | 7 | 0.9 | 0.3 | 26 | 2.17 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-001 | 93 | 96 | 3 | 1/29/2025 | -- | -- | 0.0289 | 71 | 8.4 | 4.8 | 2.66 | 9.8 | 1.7 | 31 | 0.7 | 42 | 10 | 10 | 1.4 | 0.7 | 46 | 4.22 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-001 | 96 | 99 | 3 | 1/29/2025 | -- | -- | 0.0391 | 99 | 11.1 | 6.0 | 3.43 | 12.8 | 2.2 | 44 | 0.8 | 58 | 13 | 13 | 1.9 | 0.8 | 59 | 5.21 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-001 | 99 | 101 | 2 | 1/29/2025 | -- | -- | 0.0306 | 76 | 9.0 | 5.1 | 2.90 | 10.0 | 1.7 | 34 | 0.7 | 45 | 10 | 11 | 1.6 | 0.6 | 47 | 4.40 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-001 | -- | -- | -- | 1/29/2025 | Blank | Marble | 0.0069 | 20 | 1.2 | 0.5 | 0.58 | 1.9 | 0.2 | 11 | 0.1 | 11 | 3 | 3 | 0.2 | 0.1 | 6 | 0.36 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-001 | -- | -- | -- | 1/29/2025 | Blank | Marble | 0.0064 | 18 | 1.4 | 0.7 | 0.51 | 1.7 | 0.2 | 9 | 0.1 | 10 | 2 | 2 | 0.3 | 0.1 | 7 | 0.49 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-001 | -- | -- | -- | 1/29/2025 | Standard | OREAS 460 | 0.5361 | 1835 | 18.7 | 6.1 | 22.70 | 49.6 | 2.6 | 1380 | 0.5 | 821 | 262 | 109 | 4.7 | 0.6 | 61 | 3.56 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-002 | 0 | 2 | 2 | 1/31/2025 | -- | -- | 0.0425 | 157 | 5.6 | 2.7 | 1.22 | 7.9 | 1.0 | 69 | 0.3 | 59 | 17 | 10 | 1.1 | 0.4 | 27 | 2.18 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-002 | 2 | 3.5 | 1.5 | 1/31/2025 | -- | -- | 0.4182 | 1605 | 32.0 | 10.5 | 2.97 | 67.0 | 4.7 | 741 | 1.0 | 667 | 197 | 107 | 7.7 | 1.2 | 116 | 6.44 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-002 | 5 | 9 | 4 | 1/31/2025 | -- | -- | 0.7868 | 2880 | 70.3 | 22.4 | 2.82 | 138.0 | 10.6 | 1365 | 1.5 | 1310 | 372 | 207 | 15.8 | 2.3 | 295 | 11.10 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-002 | 9 | 10 | 1 | 1/31/2025 | -- | -- | 0.0219 | 80 | 2.8 | 1.2 | 0.70 | 4.0 | 0.5 | 40 | 0.1 | 29 | 9 | 5 | 0.5 | 0.2 | 13 | 0.83 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-002 | 10 | 11 | 1 | 1/31/2025 | -- | -- | 0.0224 | 80 | 2.8 | 1.4 | 0.73 | 3.7 | 0.5 | 42 | 0.2 | 29 | 9 | 5 | 0.6 | 0.2 | 15 | 1.06 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-002 | 11 | 12 | 1 | 1/31/2025 | -- | -- | 0.0166 | 62 | 1.7 | 0.7 | 0.83 | 2.4 | 0.3 | 34 | 0.1 | 21 | 6 | 3 | 0.3 | 0.1 | 8 | 0.54 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-002 | 12 | 13 | 1 | 1/31/2025 | -- | -- | 0.0546 | 214 | 3.8 | 1.5 | 1.46 | 7.9 | 0.6 | 97 | 0.2 | 83 | 23 | 14 | 1.0 | 0.2 | 17 | 0.96 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-002 | 13 | 14 | 1 | 1/31/2025 | -- | -- | 0.1839 | 688 | 11.7 | 3.7 | 3.79 | 27.4 | 1.7 | 327 | 0.4 | 317 | 84 | 54 | 2.9 | 0.5 | 44 | 2.50 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-002 | 14 | 15 | 1 | 1/31/2025 | -- | -- | 0.0717 | 280 | 5.4 | 1.8 | 2.30 | 10.9 | 0.8 | 119 | 0.2 | 116 | 32 | 20 | 1.3 | 0.2 | 22 | 1.34 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-002 | 15 | 16 | 1 | 1/31/2025 | -- | -- | 0.0297 | 108 | 2.4 | 1.4 | 2.38 | 3.7 | 0.5 | 60 | 0.2 | 40 | 12 | 6 | 0.5 | 0.2 | 14 | 1.30 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-002 | 16 | 17.05 | 1.05 | 1/31/2025 | -- | -- | 0.0297 | 114 | 2.1 | 0.7 | 1.40 | 4.0 | 0.3 | 59 | 0.1 | 42 | 13 | 7 | 0.5 | 0.1 | 9 | 0.59 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-002 | 17.05 | 17.33 | 0.28 | 1/31/2025 | -- | -- | 0.9832 | 3820 | 34.7 | 6.6 | 4.27 | 115.0 | 4.0 | 1745 | 0.4 | 1715 | 484 | 230 | 10.7 | 0.6 | 99 | 2.76 | 3940 | 34 | 7 | 5 | 126 | 4 | 1770 | 0 | 1685 | 481 | 237 | 11 | 1 | 94 | 3 |
| 25-DDNB-002 | 17.33 | 17.9 | 0.57 | 1/31/2025 | -- | -- | 0.0993 | 380 | 4.6 | 1.2 | 1.54 | 13.0 | 0.6 | 195 | 0.1 | 164 | 47 | 24 | 1.3 | 0.1 | 16 | 0.65 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-002 | 17.9 | 18.54 | 0.64 | 1/31/2025 | -- | -- | 2.9606 | >10000 | 260.0 | 75.6 | 10.00 | 589.0 | 37.7 | 5070 | 4.8 | 5270 | >1000 | 858 | 62.5 | 7.6 | 977 | 35.70 | 11100 | 221 | 69 | 9 | 524 | 32 | 4820 | 4 | 5280 | 1390 | 824 | 56 | 7 | 876 | 34 |
| 25-DDNB-002 | 18.54 | 20 | 1.46 | 1/31/2025 | -- | -- | 0.0325 | 129 | 4.0 | 1.3 | 0.81 | 5.7 | 0.6 | 54 | 0.1 | 44 | 13 | 8 | 0.8 | 0.1 | 15 | 0.94 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-002 | 20 | 20.95 | 0.95 | 1/31/2025 | -- | -- | 0.1861 | 645 | 25.9 | 8.4 | 1.70 | 47.4 | 4.0 | 263 | 0.6 | 326 | 82 | 63 | 5.8 | 0.9 | 106 | 4.52 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-002 | 20.95 | 21.32 | 0.37 | 1/31/2025 | -- | -- | 2.3693 | 8600 | 287.0 | 86.4 | 10.95 | 607.0 | 42.2 | 3530 | 5.3 | 4610 | >1000 | 817 | 66.2 | 8.9 | 1120 | 41.40 | 8390 | 252 | 83 | 10 | 565 | 38 | 3320 | 5 | 4540 | 1110 | 774 | 63 | 8 | 990 | 40 |
| 25-DDNB-002 | 21.32 | 22 | 0.68 | 1/31/2025 | -- | -- | 0.1804 | 635 | 22.2 | 7.3 | 1.52 | 40.1 | 3.4 | 282 | 0.5 | 306 | 80 | 57 | 4.9 | 0.8 | 92 | 3.97 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-002 | 22 | 23 | 1 | 1/31/2025 | -- | -- | 0.0387 | 140 | 5.0 | 1.9 | 0.79 | 7.3 | 0.8 | 72 | 0.2 | 51 | 15 | 10 | 1.0 | 0.2 | 23 | 1.21 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-002 | 23 | 24 | 1 | 1/31/2025 | -- | -- | 0.0347 | 119 | 5.5 | 2.7 | 0.80 | 6.1 | 1.0 | 61 | 0.3 | 45 | 13 | 8 | 1.0 | 0.3 | 29 | 1.94 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-002 | 24 | 25 | 1 | 1/31/2025 | -- | -- | 0.0226 | 82 | 2.7 | 1.0 | 0.69 | 3.4 | 0.4 | 43 | 0.1 | 31 | 9 | 5 | 0.5 | 0.1 | 12 | 0.75 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |

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SLV0163 – Technical Report Summary Shiloh Project, Georgia 203 November 2025

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| **Technical Report Summary** | ![img77526612_71.jpg](img77526612_71.jpg) |

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|  |  |  |  |  |  |  | **Method** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** |
|  |  |  |  |  |  |  | **Analyte** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** |
|  |  |  |  |  |  |  | **Units** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** |
|  |  |  |  |  |  |  | **Detection <br>Limit** | **0** | **0.1** | **0.0** | **0.02** | **0.05** | **0.01** | **0.1** | **0.01** | **0.1** | **0.02** | **0.03** | **0.01** | **0.01** | **0.1** | **0.03** | **3** | **0.3** | **0.2** | **0.2** | **0.3** | **0.05** | **3** | **0.05** | **0.5** | **0.2** | **0.2** | **0.05** | **0.05** | **3** | **0.2** |
|  |  |  |  |  |  |  | **Upper <br>Limit** | **10000** | **1000.0** | **1000.0** | **1000** | **1000** | **1000** | **10000** | **1000** | **10000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **50000** | **5000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** | **50000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** |
| **Hole ID** | **From <br>(m)** | **To <br>(m)** | **Interval (m)** | **Drill Date** | **Sample <br>Type** | **Sample <br>Details** | **TREO<br>(%)** | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-002 | 24 | 25 | 1 | 1/31/2025 | Duplicate | 24-25m | 0.0212 | 73 | 3.1 | 1.5 | 0.68 | 3.3 | 0.6 | 40 | 0.2 | 27 | 8 | 5 | 0.5 | 0.2 | 17 | 1.18 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-002 | 25 | 27 | 2 | 1/31/2025 | -- | -- | 0.0221 | 79 | 2.5 | 1.0 | 0.76 | 3.9 | 0.4 | 42 | 0.1 | 30 | 9 | 6 | 0.6 | 0.1 | 13 | 0.68 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-002 | 27 | 29 | 2 | 1/31/2025 | -- | -- | 0.0247 | 84 | 3.4 | 2.0 | 0.67 | 4.0 | 0.7 | 46 | 0.3 | 32 | 9 | 6 | 0.6 | 0.3 | 19 | 1.97 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-002 | 29 | 31 | 2 | 1/31/2025 | -- | -- | 0.0295 | 99 | 4.0 | 2.4 | 0.73 | 4.7 | 0.8 | 54 | 0.4 | 39 | 11 | 7 | 0.7 | 0.4 | 23 | 2.38 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-002 | 31 | 33 | 2 | 1/31/2025 | -- | -- | 0.0410 | 148 | 4.4 | 2.1 | 0.82 | 6.4 | 0.7 | 74 | 0.3 | 60 | 17 | 10 | 0.9 | 0.3 | 22 | 1.67 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-002 | 33 | 35 | 2 | 1/31/2025 | -- | -- | 0.0237 | 79 | 3.4 | 2.1 | 0.70 | 3.4 | 0.7 | 45 | 0.4 | 29 | 9 | 5 | 0.6 | 0.4 | 21 | 2.27 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-002 | 35 | 37 | 2 | 1/31/2025 | -- | -- | 0.0248 | 88 | 2.9 | 1.1 | 0.59 | 3.7 | 0.5 | 50 | 0.1 | 33 | 10 | 6 | 0.6 | 0.1 | 14 | 0.84 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-002 | 37 | 39 | 2 | 1/31/2025 | -- | -- | 0.0460 | 175 | 4.7 | 2.3 | 0.83 | 6.5 | 0.8 | 83 | 0.3 | 63 | 18 | 10 | 0.9 | 0.3 | 23 | 2.17 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-002 | 39 | 41 | 2 | 1/31/2025 | -- | -- | 0.0276 | 93 | 4.0 | 2.2 | 0.76 | 4.2 | 0.8 | 52 | 0.3 | 36 | 10 | 6 | 0.6 | 0.3 | 22 | 1.96 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-002 | 41 | 43 | 2 | 1/31/2025 | -- | -- | 0.0395 | 137 | 5.5 | 1.8 | 0.93 | 7.1 | 0.9 | 72 | 0.2 | 56 | 16 | 10 | 1.1 | 0.3 | 27 | 1.20 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-002 | 43 | 45 | 2 | 1/31/2025 | -- | -- | 0.0251 | 80 | 5.0 | 1.8 | 0.77 | 5.7 | 0.8 | 42 | 0.2 | 34 | 9 | 7 | 1.0 | 0.2 | 25 | 1.35 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-002 | 45 | 48 | 3 | 1/31/2025 | -- | -- | 0.0389 | 118 | 7.6 | 3.1 | 2.16 | 9.5 | 1.4 | 57 | 0.3 | 62 | 16 | 13 | 1.4 | 0.4 | 36 | 2.41 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-002 | 48 | 51 | 3 | 1/31/2025 | -- | -- | 0.0549 | 168 | 11.1 | 5.6 | 2.54 | 13.6 | 2.1 | 73 | 0.6 | 87 | 22 | 18 | 2.0 | 0.7 | 57 | 4.22 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-002 | 51 | 54 | 3 | 1/31/2025 | -- | -- | 0.0661 | 216 | 10.6 | 4.9 | 2.05 | 14.6 | 2.0 | 94 | 0.6 | 108 | 28 | 21 | 2.0 | 0.7 | 53 | 4.02 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-002 | 54 | 57 | 3 | 1/31/2025 | -- | -- | 0.0521 | 169 | 8.8 | 3.8 | 2.35 | 12.0 | 1.6 | 75 | 0.4 | 85 | 21 | 16 | 1.6 | 0.5 | 43 | 2.84 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-002 | 57 | 60 | 3 | 1/31/2025 | -- | -- | 0.0377 | 110 | 7.8 | 3.6 | 2.57 | 10.1 | 1.4 | 50 | 0.4 | 63 | 15 | 13 | 1.4 | 0.4 | 38 | 2.53 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-002 | 60 | 63 | 3 | 1/31/2025 | -- | -- | 0.0398 | 112 | 9.3 | 4.1 | 2.34 | 11.1 | 1.7 | 52 | 0.4 | 63 | 15 | 14 | 1.7 | 0.5 | 47 | 2.77 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-002 | 60 | 63 | 3 | 1/31/2025 | Duplicate | 60-63m | 0.0365 | 103 | 8.9 | 3.7 | 2.18 | 10.4 | 1.5 | 48 | 0.3 | 58 | 14 | 12 | 1.6 | 0.5 | 43 | 2.60 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-002 | 63 | 66 | 3 | 1/31/2025 | -- | -- | 0.0382 | 112 | 7.9 | 3.4 | 2.43 | 10.4 | 1.5 | 52 | 0.4 | 64 | 16 | 13 | 1.5 | 0.4 | 38 | 2.39 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-002 | 66 | 69 | 3 | 1/31/2025 | -- | -- | 0.0317 | 92 | 6.6 | 3.0 | 2.49 | 8.7 | 1.2 | 42 | 0.3 | 54 | 13 | 11 | 1.2 | 0.4 | 32 | 1.97 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-002 | 69 | 72 | 3 | 1/31/2025 | -- | -- | 0.0205 | 50 | 5.7 | 3.1 | 1.91 | 6.5 | 1.1 | 24 | 0.4 | 31 | 7 | 7 | 1.0 | 0.5 | 31 | 2.57 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-002 | 72 | 75 | 3 | 1/31/2025 | -- | -- | 0.0113 | 21 | 4.4 | 2.8 | 1.13 | 3.9 | 1.0 | 10 | 0.4 | 13 | 3 | 4 | 0.7 | 0.4 | 27 | 2.61 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-002 | 75 | 78 | 3 | 1/31/2025 | -- | -- | 0.0184 | 44 | 5.8 | 3.5 | 1.23 | 5.2 | 1.2 | 22 | 0.5 | 22 | 6 | 5 | 0.9 | 0.5 | 34 | 3.09 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-002 | 78 | 81 | 3 | 1/31/2025 | -- | -- | 0.0277 | 93 | 4.2 | 2.3 | 1.01 | 4.8 | 0.8 | 49 | 0.3 | 37 | 11 | 7 | 0.7 | 0.3 | 23 | 1.90 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-002 | 81 | 84 | 3 | 1/31/2025 | -- | -- | 0.0325 | 83 | 9.4 | 6.4 | 0.85 | 6.0 | 2.1 | 45 | 0.8 | 35 | 10 | 7 | 1.2 | 0.9 | 62 | 5.51 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-002 | 84 | 88 | 4 | 1/31/2025 | -- | -- | 0.0250 | 73 | 5.4 | 3.8 | 0.89 | 3.8 | 1.2 | 41 | 0.6 | 28 | 8 | 5 | 0.7 | 0.6 | 36 | 3.87 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-002 | -- | -- | -- | 1/31/2025 | Blank | Marble | 0.0068 | 21 | 1.2 | 0.6 | 0.43 | 1.7 | 0.2 | 10 | 0.1 | 10 | 3 | 2 | 0.2 | 0.1 | 7 | 0.54 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-002 | -- | -- | -- | 1/31/2025 | Blank | Marble | 0.0049 | 13 | 1.2 | 0.6 | 0.37 | 1.4 | 0.2 | 7 | 0.1 | 8 | 2 | 2 | 0.2 | 0.1 | 7 | 0.57 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-002 | -- | -- | -- | 1/31/2025 | Standard | OREAS 463 | 2.0889 | 6780 | 77.0 | 17.2 | 121.00 | 251.0 | 9.4 | 5040 | 0.9 | 3730 | >1000 | 548 | 22.4 | 1.6 | 194 | 6.82 | 6800 | 67 | 16 | 111 | 245 | 9 | 4950 | 1 | 3850 | 1050 | 539 | 20 | 2 | 178 | 7 |
| 25-DDNB-003 | 0 | 3 | 3 | 2/2/2025 | -- | -- | 0.0361 | 130 | 4.3 | 1.9 | 1.05 | 6.7 | 0.8 | 61 | 0.3 | 54 | 15 | 10 | 0.9 | 0.3 | 21 | 1.50 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-003 | 3 | 4.5 | 1.5 | 2/2/2025 | -- | -- | 0.0926 | 266 | 16.4 | 8.7 | 2.07 | 19.6 | 3.2 | 158 | 1.2 | 140 | 38 | 26 | 2.9 | 1.3 | 94 | 7.55 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-003 | 4.5 | 6 | 1.5 | 2/2/2025 | -- | -- | 0.3761 | 1390 | 30.7 | 11.7 | 2.33 | 61.3 | 5.0 | 689 | 1.1 | 603 | 162 | 101 | 7.1 | 1.4 | 133 | 7.82 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-003 | 6 | 7.5 | 1.5 | 2/2/2025 | -- | -- | 0.6169 | 2340 | 48.1 | 15.2 | 2.43 | 98.2 | 7.3 | 1085 | 1.0 | 996 | 288 | 162 | 11.2 | 1.6 | 195 | 7.89 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-003 | 7.5 | 9 | 1.5 | 2/2/2025 | -- | -- | 0.0290 | 98 | 4.1 | 2.3 | 0.84 | 4.6 | 0.8 | 53 | 0.3 | 37 | 11 | 7 | 0.7 | 0.3 | 24 | 1.96 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-003 | 9 | 10 | 1 | 2/2/2025 | -- | -- | 0.0486 | 186 | 5.0 | 1.6 | 0.84 | 9.2 | 0.7 | 80 | 0.1 | 74 | 20 | 14 | 1.2 | 0.2 | 20 | 1.10 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-003 | 10 | 11 | 1 | 2/2/2025 | -- | -- | 0.0266 | 98 | 2.8 | 1.2 | 0.82 | 4.0 | 0.5 | 54 | 0.1 | 34 | 10 | 6 | 0.6 | 0.2 | 13 | 0.73 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-003 | 11 | 12 | 1 | 2/2/2025 | -- | -- | 0.1273 | 500 | 7.7 | 2.2 | 2.03 | 19.4 | 1.0 | 211 | 0.2 | 217 | 58 | 37 | 1.9 | 0.2 | 27 | 1.12 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-003 | 12 | 13 | 1 | 2/2/2025 | -- | -- | 0.1473 | 561 | 9.9 | 3.2 | 3.46 | 23.0 | 1.5 | 254 | 0.3 | 246 | 65 | 43 | 2.5 | 0.4 | 40 | 2.11 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-003 | 13 | 14 | 1 | 2/2/2025 | -- | -- | 0.0531 | 194 | 5.3 | 2.0 | 1.80 | 9.2 | 0.8 | 92 | 0.2 | 83 | 23 | 15 | 1.1 | 0.3 | 23 | 1.53 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-003 | 14 | 15 | 1 | 2/2/2025 | -- | -- | 0.0302 | 111 | 3.1 | 1.4 | 1.19 | 4.4 | 0.6 | 57 | 0.2 | 43 | 12 | 7 | 0.6 | 0.2 | 15 | 1.20 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-003 | 15 | 15.65 | 0.65 | 2/2/2025 | -- | -- | 0.0311 | 121 | 1.6 | 0.6 | 1.43 | 3.5 | 0.3 | 63 | 0.1 | 46 | 14 | 7 | 0.4 | 0.1 | 7 | 0.47 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-003 | 15.65 | 16 | 0.35 | 2/2/2025 | -- | -- | 0.8471 | 3210 | 45.9 | 12.9 | 3.95 | 117.5 | 6.5 | 1425 | 1.1 | 1515 | 402 | 222 | 12.0 | 1.4 | 171 | 7.40 | 3210 | 50 | 15 | 4 | 139 | 7 | 1505 | 1 | 1475 | 401 | 223 | 13 | 2 | 176 | 8 |
| 25-DDNB-003 | 16 | 17 | 1 | 2/2/2025 | -- | -- | 0.1594 | 642 | 7.9 | 2.1 | 1.40 | 20.7 | 1.1 | 292 | 0.2 | 254 | 71 | 38 | 2.1 | 0.2 | 27 | 1.20 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-003 | 17 | 18 | 1 | 2/2/2025 | -- | -- | 0.0335 | 126 | 3.1 | 1.0 | 0.77 | 5.4 | 0.4 | 63 | 0.1 | 49 | 14 | 9 | 0.7 | 0.1 | 12 | 0.54 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-003 | 18 | 19 | 1 | 2/2/2025 | -- | -- | 0.0284 | 105 | 3.3 | 1.1 | 0.82 | 5.0 | 0.5 | 53 | 0.1 | 39 | 12 | 7 | 0.7 | 0.1 | 14 | 0.64 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-003 | 19 | 19.92 | 0.92 | 2/2/2025 | -- | -- | 0.0312 | 109 | 4.5 | 2.1 | 0.80 | 5.6 | 0.9 | 56 | 0.2 | 39 | 12 | 8 | 0.8 | 0.3 | 25 | 1.43 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-003 | 19.92 | 20.88 | 0.96 | 2/2/2025 | -- | -- | 1.2746 | 5140 | 72.4 | 19.0 | 4.49 | 179.0 | 9.9 | 2440 | 1.1 | 2210 | 618 | 303 | 18.5 | 1.8 | 253 | 8.19 | 5070 | 66 | 19 | 4 | 182 | 9 | 2320 | 1 | 2050 | 597 | 303 | 18 | 2 | 228 | 8 |
| 25-DDNB-003 | 20.88 | 22 | 1.12 | 2/2/2025 | -- | -- | 0.0387 | 140 | 4.2 | 1.8 | 0.82 | 6.9 | 0.8 | 67 | 0.2 | 56 | 16 | 11 | 0.9 | 0.2 | 21 | 1.56 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-003 | 22 | 23 | 1 | 2/2/2025 | -- | -- | 0.0252 | 91 | 3.4 | 1.4 | 0.71 | 4.2 | 0.6 | 47 | 0.2 | 32 | 10 | 6 | 0.7 | 0.2 | 16 | 0.99 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-003 | 23 | 24 | 1 | 2/2/2025 | -- | -- | 0.0430 | 156 | 4.3 | 2.0 | 0.81 | 7.3 | 0.8 | 75 | 0.2 | 67 | 18 | 12 | 0.9 | 0.2 | 22 | 1.30 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-003 | 24 | 25 | 1 | 2/2/2025 | -- | -- | 0.0210 | 75 | 3.0 | 1.2 | 0.68 | 3.6 | 0.5 | 39 | 0.1 | 26 | 8 | 5 | 0.5 | 0.2 | 15 | 0.83 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-003 | 25 | 26 | 1 | 2/2/2025 | -- | -- | 0.0214 | 73 | 3.2 | 1.4 | 0.73 | 3.8 | 0.5 | 40 | 0.1 | 28 | 8 | 5 | 0.6 | 0.2 | 16 | 0.85 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-003 | 26 | 27 | 1 | 2/2/2025 | -- | -- | 0.0275 | 88 | 4.8 | 2.9 | 0.72 | 4.9 | 1.0 | 48 | 0.5 | 34 | 10 | 6 | 0.8 | 0.5 | 28 | 3.15 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-003 | 27 | 29 | 2 | 2/2/2025 | -- | -- | 0.0390 | 132 | 5.8 | 2.7 | 0.74 | 7.0 | 1.1 | 68 | 0.3 | 53 | 15 | 10 | 1.1 | 0.4 | 32 | 2.25 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-003 | 29 | 31 | 2 | 2/2/2025 | -- | -- | 0.0410 | 155 | 3.6 | 1.4 | 0.80 | 6.2 | 0.6 | 75 | 0.2 | 62 | 17 | 10 | 0.8 | 0.2 | 16 | 1.05 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-003 | 31 | 33 | 2 | 2/2/2025 | -- | -- | 0.0280 | 94 | 4.2 | 2.1 | 0.72 | 4.7 | 0.8 | 52 | 0.2 | 36 | 11 | 7 | 0.8 | 0.3 | 24 | 1.62 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-003 | 33 | 35 | 2 | 2/2/2025 | -- | -- | 0.0339 | 104 | 6.9 | 3.7 | 0.75 | 6.8 | 1.4 | 54 | 0.5 | 43 | 12 | 8 | 1.1 | 0.5 | 40 | 3.25 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-003 | 35 | 37 | 2 | 2/2/2025 | -- | -- | 0.0508 | 195 | 3.9 | 1.8 | 0.97 | 6.1 | 0.7 | 100 | 0.2 | 71 | 21 | 10 | 0.8 | 0.2 | 19 | 1.49 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-003 | 37 | 39 | 2 | 2/2/2025 | -- | -- | 0.0268 | 91 | 3.9 | 2.0 | 0.89 | 3.9 | 0.8 | 51 | 0.2 | 33 | 10 | 6 | 0.6 | 0.3 | 22 | 1.78 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-003 | 39 | 41 | 2 | 2/2/2025 | -- | -- | 0.0354 | 124 | 5.1 | 2.3 | 0.89 | 6.3 | 0.9 | 59 | 0.3 | 50 | 14 | 9 | 1.0 | 0.3 | 26 | 1.89 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-003 | 41 | 43 | 2 | 2/2/2025 | -- | -- | 0.0310 | 111 | 4.0 | 1.4 | 1.01 | 5.5 | 0.6 | 54 | 0.2 | 46 | 13 | 9 | 0.8 | 0.2 | 18 | 1.04 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-003 | 43 | 44 | 1 | 2/2/2025 | Standard | OREAS 460 | 0.5402 | 1860 | 18.3 | 5.7 | 21.00 | 46.1 | 2.6 | 1340 | 0.5 | 876 | 266 | 108 | 4.5 | 0.7 | 59 | 3.47 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-003 | 44 | 45 | 1 | 2/2/2025 | -- | -- | 0.0441 | 135 | 8.6 | 3.8 | 2.61 | 11.6 | 1.5 | 58 | 0.4 | 73 | 18 | 15 | 1.6 | 0.5 | 42 | 2.90 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-003 | 45 | 47 | 2 | 2/2/2025 | -- | -- | 0.0383 | 115 | 7.9 | 3.6 | 2.36 | 10.6 | 1.4 | 50 | 0.4 | 63 | 15 | 13 | 1.5 | 0.4 | 39 | 2.68 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-003 | 47 | 49 | 2 | 2/2/2025 | -- | -- | 0.0756 | 260 | 10.9 | 4.8 | 2.31 | 16.7 | 1.9 | 105 | 0.5 | 127 | 32 | 24 | 2.2 | 0.6 | 52 | 3.40 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-003 | -- | -- | -- | 2/2/2025 | Blank | Marble | 0.0061 | 17 | 1.2 | 0.7 | 0.47 | 1.7 | 0.2 | 9 | 0.1 | 9 | 2 | 2 | 0.2 | 0.1 | 7 | 0.67 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-003 | -- | -- | -- | 2/2/2025 | Blank | Marble | 0.0238 | 67 | 5.7 | 3.1 | 1.11 | 6.0 | 1.1 | 33 | 0.4 | 34 | 9 | 7 | 0.9 | 0.5 | 30 | 2.85 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-003 | -- | -- | -- | 2/2/2025 | Standard | OREAS 465 | 9.5073 | >10000 | 238.0 | 54.2 | 305.00 | 648.0 | 30.4 | >10000 | 2.2 | >10000 | >1000 | >1000 | 64.3 | 4.8 | 582 | 18.70 | 39700 | 208 | 51 | 277 | 594 | 27 | 23200 | 2 | 11450 | 3740 | 1340 | 59 | 4 | 510 | 18 |
| 25-DDNB-004 | 0 | 4.5 | 4.5 | 2/3/2025 | -- | -- | 0.0799 | 319 | 7.8 | 3.3 | 1.30 | 11.6 | 1.4 | 140 | 0.4 | 107 | 31 | 17 | 1.5 | 0.5 | 36 | 2.69 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-004 | 4.5 | 6 | 1.5 | 2/3/2025 | -- | -- | 0.7680 | 2940 | 56.0 | 17.1 | 4.68 | 117.0 | 8.1 | 1365 | 1.3 | 1260 | 360 | 188 | 13.2 | 1.9 | 208 | 9.51 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-004 | 6 | 8 | 2 | 2/3/2025 | -- | -- | 4.3140 | >10000 | 228.0 | 60.4 | 9.12 | 578.0 | 31.4 | 8580 | 3.5 | 6880 | >1000 | 954 | 58.9 | 5.9 | 778 | 27.00 | 17200 | 199 | 57 | 9 | 538 | 28 | 8200 | 3 | 6910 | 1940 | 934 | 53 | 5 | 714 | 26 |
| 25-DDNB-004 | 8 | 9 | 1 | 2/3/2025 | -- | -- | 0.0278 | 94 | 4.2 | 2.2 | 0.99 | 4.3 | 0.8 | 54 | 0.2 | 32 | 10 | 5 | 0.7 | 0.3 | 25 | 1.63 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-004 | 9 | 10.5 | 1.5 | 2/3/2025 | -- | -- | 0.0622 | 236 | 5.7 | 2.0 | 1.05 | 10.5 | 0.9 | 105 | 0.2 | 97 | 28 | 16 | 1.3 | 0.3 | 25 | 1.40 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-004 | 10.5 | 12 | 1.5 | 2/3/2025 | -- | -- | 0.1268 | 494 | 8.4 | 2.6 | 0.96 | 23.1 | 1.2 | 199 | 0.3 | 217 | 59 | 39 | 2.4 | 0.3 | 33 | 1.80 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-004 | 12 | 13.5 | 1.5 | 2/3/2025 | -- | -- | 0.0181 | 65 | 2.1 | 0.9 | 0.75 | 2.8 | 0.3 | 36 | 0.1 | 23 | 7 | 4 | 0.4 | 0.1 | 11 | 0.67 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-004 | 13.5 | 14.24 | 0.74 | 2/3/2025 | -- | -- | 0.0173 | 71 | 1.7 | 0.7 | 0.78 | 2.2 | 0.3 | 31 | 0.2 | 20 | 6 | 4 | 0.4 | 0.2 | 8 | 0.63 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-004 | 15 | 17 | 2 | 2/3/2025 | -- | -- | 0.1601 | 523 | 9.7 | 2.6 | 2.19 | 26.9 | 1.4 | 330 | 0.3 | 298 | 83 | 49 | 2.7 | 0.3 | 36 | 1.76 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |

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SLV0163 – Technical Report Summary Shiloh Project, Georgia 204 November 2025

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| **Technical Report Summary** | ![img77526612_71.jpg](img77526612_71.jpg) |

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|  |  |  |  |  |  |  | **Method** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** |
|  |  |  |  |  |  |  | **Analyte** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** |
|  |  |  |  |  |  |  | **Units** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** |
|  |  |  |  |  |  |  | **Detection <br>Limit** | **0** | **0.1** | **0.0** | **0.02** | **0.05** | **0.01** | **0.1** | **0.01** | **0.1** | **0.02** | **0.03** | **0.01** | **0.01** | **0.1** | **0.03** | **3** | **0.3** | **0.2** | **0.2** | **0.3** | **0.05** | **3** | **0.05** | **0.5** | **0.2** | **0.2** | **0.05** | **0.05** | **3** | **0.2** |
|  |  |  |  |  |  |  | **Upper <br>Limit** | **10000** | **1000.0** | **1000.0** | **1000** | **1000** | **1000** | **10000** | **1000** | **10000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **50000** | **5000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** | **50000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** |
| **Hole ID** | **From <br>(m)** | **To <br>(m)** | **Interval (m)** | **Drill Date** | **Sample <br>Type** | **Sample <br>Details** | **TREO<br>(%)** | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-004 | 17 | 19 | 2 | 2/3/2025 | -- | -- | 0.0515 | 231 | 3.5 | 1.0 | 1.68 | 7.0 | 0.5 | 71 | 0.2 | 75 | 21 | 13 | 0.9 | 0.2 | 12 | 0.89 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-004 | 19 | 21 | 2 | 2/3/2025 | -- | -- | 0.0245 | 101 | 1.7 | 0.7 | 1.46 | 3.1 | 0.3 | 45 | 0.1 | 33 | 10 | 5 | 0.4 | 0.1 | 7 | 0.56 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-004 | 21 | 23 | 2 | 2/3/2025 | -- | -- | 0.0585 | 226 | 6.5 | 2.3 | 0.85 | 10.5 | 1.0 | 101 | 0.3 | 81 | 24 | 15 | 1.5 | 0.3 | 27 | 1.80 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-004 | 23 | 25 | 2 | 2/3/2025 | -- | -- | 0.0326 | 120 | 4.1 | 1.3 | 0.71 | 6.1 | 0.6 | 62 | 0.1 | 43 | 13 | 8 | 0.8 | 0.2 | 17 | 0.77 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-004 | 25 | 27 | 2 | 2/3/2025 | -- | -- | 0.0353 | 132 | 4.3 | 1.4 | 0.84 | 6.1 | 0.7 | 65 | 0.1 | 47 | 14 | 9 | 0.9 | 0.2 | 17 | 0.97 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-004 | 25 | 27 | 2 | 2/3/2025 | Duplicate | 25-27m | 0.0336 | 124 | 4.2 | 1.7 | 0.74 | 6.2 | 0.7 | 61 | 0.2 | 44 | 13 | 9 | 0.9 | 0.2 | 20 | 1.27 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-004 | 27 | 29 | 2 | 2/3/2025 | -- | -- | 0.0395 | 134 | 6.1 | 2.8 | 0.82 | 7.2 | 1.1 | 68 | 0.3 | 54 | 15 | 11 | 1.0 | 0.4 | 32 | 2.35 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-004 | 29 | 31 | 2 | 2/3/2025 | -- | -- | 0.0355 | 122 | 5.3 | 2.5 | 0.81 | 6.9 | 0.9 | 62 | 0.3 | 47 | 14 | 10 | 0.9 | 0.3 | 27 | 2.18 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-004 | 31 | 33 | 2 | 2/3/2025 | -- | -- | 0.0284 | 102 | 4.0 | 1.7 | 0.70 | 5.3 | 0.6 | 50 | 0.2 | 38 | 11 | 8 | 0.7 | 0.2 | 18 | 1.41 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-004 | 33 | 35 | 2 | 2/3/2025 | -- | -- | 0.0237 | 84 | 3.3 | 1.6 | 0.64 | 4.0 | 0.6 | 44 | 0.3 | 30 | 9 | 6 | 0.6 | 0.2 | 15 | 1.76 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-004 | 35 | 37 | 2 | 2/3/2025 | -- | -- | 0.0295 | 105 | 3.9 | 1.7 | 0.71 | 4.9 | 0.6 | 55 | 0.2 | 39 | 11 | 8 | 0.7 | 0.2 | 18 | 1.49 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-004 | 37 | 39 | 2 | 2/3/2025 | -- | -- | 0.0265 | 94 | 3.4 | 1.4 | 0.65 | 4.6 | 0.5 | 51 | 0.1 | 35 | 10 | 7 | 0.7 | 0.2 | 16 | 1.03 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-004 | -- | -- | -- | 2/3/2025 | Blank | Marble | 0.0049 | 13 | 1.3 | 0.9 | 0.32 | 1.4 | 0.3 | 6 | 0.1 | 7 | 2 | 1 | 0.2 | 0.1 | 8 | 0.83 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-005 | 0 | 1.5 | 1.5 | 2/4/2025 | -- | -- | 0.0430 | 156 | 5.8 | 2.6 | 1.33 | 8.1 | 1.1 | 69 | 0.4 | 62 | 17 | 12 | 1.0 | 0.4 | 28 | 2.30 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-005 | 1.5 | 3 | 1.5 | 2/4/2025 | -- | -- | 0.0337 | 139 | 3.5 | 1.3 | 0.96 | 6.2 | 0.6 | 52 | 0.2 | 46 | 13 | 9 | 0.8 | 0.2 | 14 | 0.93 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-005 | 3 | 4.5 | 1.5 | 2/4/2025 | -- | -- | 0.0296 | 98 | 4.7 | 2.2 | 1.07 | 6.3 | 0.8 | 48 | 0.3 | 44 | 12 | 9 | 0.9 | 0.3 | 22 | 1.86 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-005 | 4.5 | 6 | 1.5 | 2/4/2025 | -- | -- | 0.0374 | 110 | 6.1 | 3.4 | 1.39 | 7.7 | 1.2 | 69 | 0.5 | 53 | 15 | 10 | 1.1 | 0.5 | 36 | 3.17 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-005 | 6 | 7.5 | 1.5 | 2/4/2025 | -- | -- | 0.0293 | 95 | 4.6 | 2.8 | 0.93 | 5.0 | 1.0 | 52 | 0.4 | 37 | 11 | 7 | 0.8 | 0.4 | 29 | 2.70 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-005 | 7.5 | 9 | 1.5 | 2/4/2025 | -- | -- | 0.1022 | 380 | 10.5 | 3.9 | 1.07 | 19.0 | 1.7 | 173 | 0.4 | 159 | 42 | 28 | 2.3 | 0.5 | 47 | 2.62 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-005 | 9 | 9.8 | 0.8 | 2/4/2025 | -- | -- | 1.1741 | 4360 | 106.5 | 32.7 | 3.87 | 214.0 | 15.6 | 1955 | 2.3 | 2000 | 524 | 341 | 24.2 | 3.6 | 407 | 17.70 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-005 | 9.8 | 10.5 | 0.7 | 2/4/2025 | -- | -- | 0.1991 | 766 | 14.4 | 4.3 | 1.15 | 31.4 | 2.1 | 360 | 0.4 | 316 | 87 | 53 | 3.6 | 0.5 | 55 | 2.66 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-005 | 10.5 | 12 | 1.5 | 2/4/2025 | -- | -- | 0.0323 | 115 | 4.3 | 1.8 | 0.94 | 5.5 | 0.8 | 56 | 0.3 | 44 | 13 | 9 | 0.9 | 0.3 | 21 | 1.63 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-005 | 12 | 13 | 1 | 2/4/2025 | -- | -- | 0.0154 | 57 | 1.6 | 0.6 | 0.66 | 2.8 | 0.3 | 30 | 0.1 | 20 | 6 | 4 | 0.4 | 0.1 | 7 | 0.57 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-005 | 13 | 14 | 1 | 2/4/2025 | -- | -- | 0.0462 | 179 | 4.2 | 1.9 | 0.85 | 7.3 | 0.7 | 81 | 0.2 | 64 | 19 | 12 | 1.0 | 0.2 | 21 | 1.41 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-005 | 14 | 15 | 1 | 2/4/2025 | -- | -- | 0.0293 | 95 | 4.3 | 2.0 | 0.93 | 5.5 | 0.8 | 53 | 0.2 | 42 | 12 | 8 | 0.8 | 0.3 | 22 | 1.48 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-005 | 15 | 16 | 1 | 2/4/2025 | -- | -- | 0.0272 | 93 | 3.8 | 2.1 | 0.85 | 5.1 | 0.7 | 48 | 0.3 | 34 | 10 | 7 | 0.7 | 0.3 | 22 | 1.82 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-005 | 16 | 17 | 1 | 2/4/2025 | -- | -- | 0.0131 | 45 | 2.1 | 0.8 | 0.72 | 2.4 | 0.4 | 25 | 0.1 | 16 | 5 | 3 | 0.4 | 0.1 | 10 | 0.65 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-005 | 17 | 18 | 1 | 2/4/2025 | -- | -- | 0.0266 | 97 | 3.1 | 1.4 | 0.78 | 4.5 | 0.5 | 50 | 0.2 | 34 | 10 | 7 | 0.7 | 0.2 | 15 | 1.14 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-005 | 18 | 19 | 1 | 2/4/2025 | -- | -- | 0.0160 | 54 | 2.1 | 0.9 | 0.78 | 2.5 | 0.4 | 32 | 0.1 | 21 | 7 | 4 | 0.4 | 0.1 | 10 | 0.94 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-005 | 19 | 19.43 | 0.43 | 2/4/2025 | -- | -- | 1.1312 | 4400 | 44.4 | 9.4 | 3.83 | 143.0 | 5.3 | 1925 | 0.5 | 1935 | 536 | 260 | 13.2 | 0.8 | 129 | 3.54 | 4530 | 42 | 10 | 4 | 156 | 5 | 1990 | 1 | 1950 | 548 | 282 | 14 | 1 | 124 | 4 |
| 25-DDNB-005 | 19.43 | 20 | 0.57 | 2/4/2025 | -- | -- | 0.0193 | 63 | 3.4 | 2.3 | 0.78 | 3.2 | 0.8 | 33 | 0.3 | 22 | 7 | 4 | 0.6 | 0.3 | 21 | 2.06 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-005 | 20 | 21 | 1 | 2/4/2025 | -- | -- | 0.0205 | 76 | 2.6 | 1.0 | 0.78 | 3.2 | 0.4 | 39 | 0.1 | 27 | 8 | 5 | 0.5 | 0.1 | 12 | 0.60 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-005 | 21 | 22 | 1 | 2/4/2025 | -- | -- | 0.0269 | 101 | 2.8 | 0.9 | 0.74 | 4.7 | 0.4 | 51 | 0.1 | 37 | 11 | 7 | 0.7 | 0.1 | 11 | 0.52 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-005 | 22 | 23 | 1 | 2/4/2025 | -- | -- | 0.0147 | 48 | 3.1 | 1.6 | 0.64 | 2.6 | 0.6 | 25 | 0.2 | 17 | 5 | 4 | 0.5 | 0.2 | 16 | 1.24 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-005 | 23 | 24 | 1 | 2/4/2025 | -- | -- | 0.0194 | 64 | 3.6 | 1.9 | 0.72 | 3.7 | 0.7 | 33 | 0.2 | 23 | 7 | 5 | 0.6 | 0.2 | 20 | 1.57 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-005 | 24 | 26 | 2 | 2/4/2025 | -- | -- | 0.0297 | 95 | 5.6 | 3.9 | 0.87 | 4.5 | 1.3 | 46 | 0.5 | 36 | 10 | 7 | 0.8 | 0.6 | 35 | 3.58 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-005 | 26 | 28 | 2 | 2/4/2025 | -- | -- | 0.0381 | 130 | 4.1 | 2.0 | 0.82 | 6.1 | 0.7 | 73 | 0.2 | 58 | 17 | 9 | 0.8 | 0.3 | 21 | 1.52 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-005 | 28 | 30 | 2 | 2/4/2025 | -- | -- | 0.0341 | 121 | 4.2 | 1.4 | 0.71 | 6.4 | 0.6 | 65 | 0.1 | 48 | 14 | 8 | 0.9 | 0.2 | 19 | 0.98 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-005 | 30 | 31.5 | 1.5 | 2/4/2025 | -- | -- | 0.0356 | 125 | 4.8 | 1.8 | 0.72 | 6.8 | 0.7 | 66 | 0.2 | 50 | 15 | 9 | 1.0 | 0.2 | 21 | 1.16 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-005 | -- | -- | -- | 2/4/2025 | Blank | Marble | 0.0052 | 14 | 1.2 | 0.6 | 0.51 | 1.6 | 0.2 | 7 | 0.1 | 8 | 2 | 2 | 0.2 | 0.1 | 7 | 0.52 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-005 | -- | -- | -- | 2/4/2025 | Blank | Marble | 0.0054 | 15 | 1.3 | 0.8 | 0.45 | 1.4 | 0.3 | 7 | 0.1 | 8 | 2 | 2 | 0.2 | 0.1 | 7 | 0.64 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-005 | -- | -- | -- | 2/4/2025 | Standard | OREAS 463 | 1.9594 | 6340 | 71.8 | 16.1 | 115.50 | 233.0 | 8.8 | 4740 | 0.8 | 3490 | 975 | 537 | 20.8 | 1.6 | 179 | 6.76 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-006 | 0 | 2.5 | 2.5 | 2/5/2025 | -- | -- | 0.0425 | 159 | 5.8 | 2.6 | 1.20 | 8.3 | 1.0 | 66 | 0.3 | 61 | 16 | 11 | 1.1 | 0.3 | 26 | 2.10 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-006 | 2.5 | 4 | 1.5 | 2/5/2025 | -- | -- | 0.0262 | 104 | 3.4 | 1.8 | 0.80 | 4.3 | 0.6 | 40 | 0.3 | 33 | 9 | 6 | 0.6 | 0.3 | 17 | 1.62 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-006 | 4 | 5.5 | 1.5 | 2/5/2025 | -- | -- | 0.0367 | 105 | 5.7 | 2.6 | 1.38 | 8.1 | 1.0 | 69 | 0.4 | 61 | 17 | 11 | 1.1 | 0.4 | 27 | 2.52 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-006 | 5.5 | 8.5 | 3 | 2/5/2025 | -- | -- | 0.0530 | 186 | 6.0 | 2.5 | 0.85 | 10.3 | 1.0 | 93 | 0.3 | 83 | 22 | 15 | 1.2 | 0.3 | 28 | 2.04 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-006 | 5.5 | 8.5 | 3 | 2/5/2025 | Duplicate | 5.5-8.5m | 0.0600 | 219 | 6.3 | 2.7 | 0.93 | 11.3 | 1.0 | 104 | 0.3 | 92 | 24 | 15 | 1.4 | 0.3 | 29 | 2.08 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-006 | 8.5 | 10 | 1.5 | 2/5/2025 | -- | -- | 0.0631 | 237 | 5.1 | 2.0 | 1.10 | 11.0 | 0.8 | 117 | 0.2 | 96 | 25 | 15 | 1.2 | 0.2 | 24 | 1.28 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-006 | 10 | 11 | 1 | 2/5/2025 | -- | -- | 0.1844 | 701 | 15.0 | 5.1 | 1.26 | 29.7 | 2.3 | 328 | 0.4 | 292 | 79 | 49 | 3.3 | 0.6 | 62 | 3.29 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-006 | 11 | 12 | 1 | 2/5/2025 | -- | -- | 0.0180 | 57 | 3.5 | 2.0 | 0.66 | 3.1 | 0.7 | 30 | 0.3 | 21 | 6 | 4 | 0.6 | 0.3 | 22 | 2.14 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-006 | 12 | 13 | 1 | 2/5/2025 | -- | -- | 0.0219 | 69 | 4.1 | 2.4 | 0.83 | 3.8 | 0.9 | 37 | 0.3 | 27 | 8 | 5 | 0.7 | 0.3 | 24 | 2.45 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-006 | 13 | 14 | 1 | 2/5/2025 | -- | -- | 0.0419 | 161 | 4.2 | 1.9 | 0.89 | 6.6 | 0.7 | 70 | 0.3 | 62 | 18 | 11 | 0.8 | 0.3 | 19 | 1.56 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-006 | 14 | 15 | 1 | 2/5/2025 | -- | -- | 0.0686 | 283 | 5.3 | 2.2 | 1.16 | 9.8 | 0.9 | 103 | 0.3 | 109 | 30 | 18 | 1.1 | 0.3 | 20 | 1.64 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-006 | 15 | 17 | 2 | 2/5/2025 | -- | -- | 0.0269 | 94 | 3.5 | 1.9 | 0.82 | 4.6 | 0.7 | 44 | 0.3 | 40 | 11 | 7 | 0.7 | 0.2 | 18 | 1.66 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-006 | 17 | 19 | 2 | 2/5/2025 | -- | -- | 0.0289 | 97 | 5.1 | 2.7 | 0.74 | 5.4 | 1.0 | 50 | 0.3 | 35 | 10 | 7 | 0.9 | 0.4 | 27 | 2.49 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-006 | 19 | 21 | 2 | 2/5/2025 | -- | -- | 0.0334 | 126 | 2.7 | 0.9 | 1.12 | 5.5 | 0.4 | 60 | 0.1 | 53 | 15 | 9 | 0.6 | 0.1 | 10 | 0.66 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-006 | 21 | 23 | 2 | 2/5/2025 | -- | -- | 0.0205 | 71 | 2.8 | 1.2 | 0.72 | 3.6 | 0.5 | 36 | 0.2 | 29 | 8 | 5 | 0.5 | 0.2 | 15 | 1.00 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-006 | 23 | 25 | 2 | 2/5/2025 | -- | -- | 0.0337 | 120 | 4.4 | 2.1 | 0.71 | 5.5 | 0.8 | 58 | 0.2 | 50 | 14 | 8 | 0.8 | 0.2 | 22 | 1.60 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-006 | 25 | 27 | 2 | 2/5/2025 | -- | -- | 0.0408 | 155 | 3.7 | 1.3 | 1.00 | 6.3 | 0.6 | 77 | 0.2 | 60 | 17 | 10 | 0.8 | 0.2 | 15 | 1.18 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-006 | 27 | 29 | 2 | 2/5/2025 | -- | -- | 0.0357 | 130 | 4.6 | 1.8 | 0.82 | 6.3 | 0.7 | 66 | 0.2 | 48 | 14 | 9 | 0.9 | 0.2 | 21 | 1.34 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-006 | 29 | 31 | 2 | 2/5/2025 | -- | -- | 0.0350 | 125 | 5.5 | 2.3 | 0.79 | 7.3 | 1.0 | 59 | 0.3 | 46 | 13 | 9 | 1.1 | 0.3 | 26 | 1.75 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-006 | -- | -- | -- | 2/5/2025 | Blank | Marble | 0.0056 | 17 | 1.0 | 0.5 | 0.42 | 1.4 | 0.2 | 9 | 0.1 | 9 | 2 | 2 | 0.2 | 0.1 | 5 | 0.35 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-007 | 0 | 1.5 | 1.5 | 2/6/2025 | -- | -- | 0.0432 | 163 | 5.8 | 3.0 | 1.13 | 7.5 | 1.1 | 67 | 0.4 | 57 | 16 | 11 | 1.1 | 0.4 | 30 | 2.56 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-007 | 1.5 | 2.5 | 1 | 2/6/2025 | -- | -- | 0.0281 | 111 | 3.9 | 1.8 | 0.89 | 4.8 | 0.7 | 42 | 0.3 | 35 | 10 | 7 | 0.7 | 0.3 | 20 | 1.62 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-007 | 2.5 | 4 | 1.5 | 2/6/2025 | -- | -- | 0.2306 | 833 | 21.6 | 8.2 | 2.65 | 40.9 | 3.6 | 414 | 0.9 | 367 | 101 | 65 | 4.8 | 1.1 | 94 | 6.04 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-007 | 4 | 5.5 | 1.5 | 2/6/2025 | -- | -- | 0.3582 | 1285 | 35.1 | 15.2 | 2.17 | 65.0 | 6.1 | 603 | 1.6 | 577 | 157 | 102 | 7.9 | 1.9 | 180 | 10.70 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-007 | 5.5 | 7 | 1.5 | 2/6/2025 | -- | -- | 0.0293 | 105 | 3.8 | 1.7 | 0.88 | 5.1 | 0.7 | 53 | 0.2 | 39 | 11 | 8 | 0.7 | 0.3 | 19 | 1.41 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-007 | 7 | 8.5 | 1.5 | 2/6/2025 | -- | -- | 0.5059 | 1960 | 26.6 | 4.1 | 1.45 | 92.3 | 2.7 | 826 | 0.2 | 927 | 257 | 150 | 9.0 | 0.3 | 66 | 1.44 | 1975 | 24 | 4 | 1 | 97 | 2 | 832 | 0 | 916 | 240 | 158 | 9 | 0 | 61 | 1 |
| 25-DDNB-007 | 8.5 | 10 | 1.5 | 2/6/2025 | -- | -- | 0.0198 | 72 | 2.3 | 0.9 | 0.59 | 3.2 | 0.4 | 37 | 0.1 | 27 | 8 | 5 | 0.4 | 0.1 | 10 | 0.73 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-007 | 10 | 11 | 1 | 2/6/2025 | -- | -- | 0.1256 | 499 | 8.0 | 2.5 | 1.80 | 18.2 | 1.2 | 216 | 0.2 | 200 | 55 | 34 | 2.0 | 0.3 | 31 | 1.71 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-007 | 11 | 12 | 1 | 2/6/2025 | -- | -- | 0.1425 | 546 | 9.8 | 2.9 | 3.00 | 24.1 | 1.4 | 237 | 0.3 | 243 | 64 | 44 | 2.6 | 0.3 | 36 | 1.82 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-007 | 12 | 13 | 1 | 2/6/2025 | -- | -- | 0.1585 | 612 | 10.2 | 3.1 | 3.80 | 24.1 | 1.5 | 270 | 0.4 | 266 | 72 | 47 | 2.5 | 0.4 | 38 | 2.32 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-007 | 13 | 14 | 1 | 2/6/2025 | -- | -- | 0.0694 | 275 | 5.2 | 1.8 | 2.73 | 11.2 | 0.8 | 111 | 0.2 | 110 | 30 | 19 | 1.3 | 0.2 | 22 | 1.36 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-007 | 14 | 14.75 | 0.75 | 2/6/2025 | -- | -- | 0.0222 | 77 | 1.5 | 0.6 | 1.31 | 3.1 | 0.2 | 48 | 0.1 | 35 | 10 | 5 | 0.4 | 0.1 | 7 | 0.48 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-007 | 14.75 | 15.44 | 0.69 | 2/6/2025 | -- | -- | 0.0571 | 238 | 2.4 | 0.7 | 1.12 | 6.2 | 0.3 | 109 | 0.1 | 84 | 25 | 11 | 0.7 | 0.1 | 9 | 0.41 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-007 | 15.44 | 15.84 | 0.4 | 2/6/2025 | -- | -- | 3.3141 | >10000 | 117.0 | 21.8 | 6.43 | 402.0 | 13.4 | 5940 | 0.9 | 5710 | >1000 | 757 | 36.6 | 1.8 | 320 | 6.29 | 13200 | 110 | 22 | 7 | 432 | 13 | 5860 | 1 | 5900 | 1635 | 785 | 37 | 2 | 297 | 7 |
| 25-DDNB-007 | 15.84 | 17 | 1.16 | 2/6/2025 | -- | -- | 0.3252 | 1310 | 12.4 | 2.6 | 1.66 | 40.0 | 1.5 | 607 | 0.2 | 533 | 154 | 73 | 3.8 | 0.3 | 36 | 1.08 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |

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SLV0163 – Technical Report Summary Shiloh Project, Georgia 205 November 2025

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| **Technical Report Summary** | ![img77526612_71.jpg](img77526612_71.jpg) |

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|  |  |  |  |  |  |  | **Method** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** |
|  |  |  |  |  |  |  | **Analyte** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** |
|  |  |  |  |  |  |  | **Units** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** |
|  |  |  |  |  |  |  | **Detection <br>Limit** | **0** | **0.1** | **0.0** | **0.02** | **0.05** | **0.01** | **0.1** | **0.01** | **0.1** | **0.02** | **0.03** | **0.01** | **0.01** | **0.1** | **0.03** | **3** | **0.3** | **0.2** | **0.2** | **0.3** | **0.05** | **3** | **0.05** | **0.5** | **0.2** | **0.2** | **0.05** | **0.05** | **3** | **0.2** |
|  |  |  |  |  |  |  | **Upper <br>Limit** | **10000** | **1000.0** | **1000.0** | **1000** | **1000** | **1000** | **10000** | **1000** | **10000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **50000** | **5000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** | **50000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** |
| **Hole ID** | **From <br>(m)** | **To <br>(m)** | **Interval (m)** | **Drill Date** | **Sample <br>Type** | **Sample <br>Details** | **TREO<br>(%)** | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-007 | 17 | 18 | 1 | 2/6/2025 | -- | -- | 0.0319 | 128 | 3.3 | 1.1 | 0.63 | 5.0 | 0.5 | 55 | 0.1 | 44 | 13 | 7 | 0.7 | 0.1 | 13 | 0.76 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-007 | 18 | 19 | 1 | 2/6/2025 | -- | -- | 0.0270 | 99 | 3.3 | 0.9 | 0.81 | 4.4 | 0.5 | 54 | 0.1 | 35 | 11 | 6 | 0.7 | 0.1 | 14 | 0.75 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-007 | 19 | 20 | 1 | 2/6/2025 | -- | -- | 0.0544 | 211 | 4.8 | 2.3 | 1.44 | 8.1 | 0.9 | 91 | 0.2 | 81 | 22 | 14 | 1.0 | 0.3 | 24 | 1.96 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-007 | 20 | 20.43 | 0.43 | 2/6/2025 | -- | -- | 0.0228 | 89 | 2.6 | 0.9 | 0.83 | 3.9 | 0.4 | 39 | 0.1 | 31 | 9 | 6 | 0.5 | 0.1 | 11 | 0.54 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-007 | 20.43 | 20.77 | 0.34 | 2/6/2025 | -- | -- | 0.8255 | 3450 | 52.2 | 14.0 | 4.31 | 132.0 | 7.0 | 1570 | 0.9 | 1565 | 424 | 234 | 13.6 | 1.4 | 183 | 7.36 | 3170 | 46 | 14 | 4 | 134 | 7 | 1470 | 1 | 1415 | 388 | 205 | 13 | 1 | 169 | 7 |
| 25-DDNB-007 | 20.77 | 22 | 1.23 | 2/6/2025 | -- | -- | 0.0597 | 220 | 4.0 | 1.4 | 1.10 | 7.9 | 0.6 | 117 | 0.1 | 95 | 27 | 15 | 0.9 | 0.2 | 18 | 1.11 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-007 | 22 | 23 | 1 | 2/6/2025 | -- | -- | 0.0254 | 73 | 5.1 | 3.3 | 0.76 | 4.6 | 1.1 | 44 | 0.4 | 30 | 9 | 6 | 0.8 | 0.4 | 33 | 2.97 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-007 | 22 | 23 | 1 | 2/6/2025 | Duplicate | 22-23m | 0.0218 | 63 | 4.8 | 2.9 | 0.69 | 3.9 | 1.0 | 36 | 0.3 | 24 | 7 | 5 | 0.7 | 0.4 | 32 | 2.46 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-007 | 23 | 25 | 2 | 2/6/2025 | -- | -- | 0.0380 | 138 | 4.3 | 1.7 | 0.89 | 6.9 | 0.7 | 68 | 0.2 | 55 | 16 | 10 | 0.9 | 0.2 | 20 | 1.17 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-007 | 25 | 27 | 2 | 2/6/2025 | -- | -- | 0.0291 | 104 | 3.6 | 1.7 | 0.84 | 5.2 | 0.6 | 56 | 0.2 | 38 | 11 | 7 | 0.7 | 0.2 | 17 | 1.57 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-007 | 27 | 29 | 2 | 2/6/2025 | -- | -- | 0.0300 | 101 | 4.4 | 2.5 | 0.71 | 5.1 | 0.8 | 55 | 0.3 | 39 | 11 | 8 | 0.8 | 0.4 | 25 | 2.46 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-007 | 29 | 31 | 2 | 2/6/2025 | -- | -- | 0.0412 | 141 | 5.4 | 2.8 | 0.94 | 6.8 | 1.0 | 75 | 0.3 | 58 | 16 | 9 | 1.0 | 0.4 | 30 | 2.41 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-007 | -- | -- | -- | 2/6/2025 | Blank | Marble | 0.0063 | 20 | 1.0 | 0.5 | 0.55 | 1.7 | 0.2 | 9 | 0.1 | 10 | 3 | 2 | 0.2 | 0.1 | 6 | 0.34 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-007 | -- | -- | -- | 2/6/2025 | Standard | OREAS 460 | 0.5351 | 1865 | 20.4 | 6.0 | 22.90 | 50.9 | 2.9 | 1370 | 0.5 | 791 | 256 | 111 | 5.2 | 0.7 | 62 | 3.73 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-008 | 0 | 2 | 2 | 2/6/2025 | -- | -- | 0.0553 | 197 | 7.8 | 4.0 | 1.40 | 10.6 | 1.5 | 84 | 0.5 | 79 | 21 | 14 | 1.5 | 0.6 | 42 | 3.94 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-008 | 2 | 3.5 | 1.5 | 2/6/2025 | -- | -- | 0.2655 | 1025 | 20.1 | 7.0 | 2.01 | 39.3 | 3.0 | 462 | 0.6 | 427 | 118 | 69 | 4.5 | 0.8 | 81 | 4.83 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-008 | 3.5 | 5 | 1.5 | 2/6/2025 | -- | -- | 0.8073 | 2850 | 73.9 | 27.2 | 5.06 | 150.0 | 11.8 | 1385 | 2.2 | 1405 | 368 | 230 | 16.8 | 3.0 | 333 | 16.20 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-008 | 5 | 6.5 | 1.5 | 2/6/2025 | -- | -- | 0.1642 | 611 | 13.6 | 4.9 | 1.46 | 27.3 | 2.1 | 295 | 0.4 | 263 | 73 | 43 | 3.0 | 0.6 | 58 | 3.11 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-008 | 6.5 | 9.5 | 3 | 2/6/2025 | -- | -- | 0.0239 | 83 | 3.6 | 1.4 | 0.85 | 4.6 | 0.6 | 44 | 0.1 | 30 | 9 | 6 | 0.6 | 0.2 | 18 | 0.98 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-008 | 9.5 | 11 | 1.5 | 2/6/2025 | -- | -- | 0.0159 | 57 | 1.9 | 0.9 | 0.63 | 2.5 | 0.3 | 31 | 0.1 | 21 | 6 | 4 | 0.3 | 0.1 | 9 | 0.64 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-008 | 11 | 12 | 1 | 2/6/2025 | -- | -- | 0.1786 | 662 | 12.7 | 3.7 | 2.82 | 31.0 | 1.8 | 303 | 0.4 | 312 | 83 | 55 | 3.3 | 0.4 | 51 | 2.49 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-008 | 12 | 13 | 1 | 2/6/2025 | -- | -- | 0.1948 | 727 | 12.7 | 3.8 | 3.67 | 32.3 | 1.7 | 335 | 0.4 | 343 | 92 | 58 | 3.3 | 0.4 | 47 | 2.31 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-008 | 13 | 14 | 1 | 2/6/2025 | -- | -- | 0.1342 | 506 | 9.0 | 2.6 | 3.84 | 21.7 | 1.3 | 231 | 0.2 | 229 | 61 | 39 | 2.2 | 0.3 | 35 | 1.79 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-008 | 14 | 15.5 | 1.5 | 2/6/2025 | -- | -- | 0.0702 | 274 | 5.0 | 1.5 | 2.11 | 10.9 | 0.7 | 116 | 0.2 | 117 | 32 | 19 | 1.2 | 0.2 | 18 | 1.33 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-008 | 15.5 | 16.87 | 1.37 | 2/6/2025 | -- | -- | 0.0361 | 141 | 2.2 | 0.8 | 1.48 | 4.6 | 0.4 | 68 | 0.1 | 55 | 16 | 8 | 0.5 | 0.1 | 9 | 0.62 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-008 | 16.87 | 17.39 | 0.52 | 2/6/2025 | -- | -- | 0.8325 | 3310 | 31.9 | 6.0 | 4.23 | 105.0 | 3.6 | 1545 | 0.3 | 1475 | 421 | 198 | 9.7 | 0.5 | 89 | 2.25 | 3300 | 29 | 6 | 4 | 110 | 3 | 1535 | 0 | 1435 | 389 | 203 | 10 | 0 | 83 | 2 |
| 25-DDNB-008 | 17.39 | 17.8 | 0.41 | 2/6/2025 | -- | -- | 1.1350 | 4480 | 44.9 | 8.9 | 3.24 | 141.5 | 5.2 | 2020 | 0.5 | 2030 | 560 | 265 | 13.5 | 0.7 | 130 | 3.18 | 4470 | 43 | 9 | 3 | 150 | 5 | 2070 | 0 | 1955 | 573 | 276 | 13 | 1 | 122 | 3 |
| 25-DDNB-008 | 17.8 | 19 | 1.2 | 2/6/2025 | -- | -- | 0.0398 | 154 | 3.7 | 1.0 | 0.86 | 6.2 | 0.5 | 75 | 0.1 | 56 | 16 | 9 | 0.9 | 0.1 | 14 | 0.67 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-008 | 19 | 20 | 1 | 2/6/2025 | -- | -- | 0.0373 | 168 | 3.3 | 1.1 | 1.07 | 4.8 | 0.5 | 57 | 0.1 | 45 | 13 | 8 | 0.7 | 0.2 | 14 | 0.80 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-008 | 20 | 21 | 1 | 2/6/2025 | -- | -- | 0.0264 | 97 | 3.0 | 1.2 | 0.79 | 4.3 | 0.5 | 50 | 0.1 | 35 | 10 | 6 | 0.6 | 0.2 | 15 | 0.98 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-008 | 21 | 21.35 | 0.35 | 2/6/2025 | -- | -- | 0.0726 | 262 | 5.3 | 1.6 | 0.91 | 12.5 | 0.8 | 126 | 0.1 | 130 | 34 | 23 | 1.3 | 0.2 | 21 | 0.90 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-008 | 21.35 | 22.18 | 0.83 | 2/6/2025 | -- | -- | 1.1097 | 4230 | 84.6 | 25.2 | 5.02 | 193.5 | 11.9 | 1870 | 1.5 | 1970 | 527 | 319 | 20.7 | 2.5 | 321 | 12.25 | 4140 | 79 | 25 | 5 | 207 | 12 | 1870 | 1 | 1955 | 524 | 297 | 21 | 2 | 312 | 13 |
| 25-DDNB-008 | 22.18 | 23 | 0.82 | 2/6/2025 | -- | -- | 0.0522 | 195 | 4.6 | 2.2 | 1.52 | 7.0 | 0.8 | 100 | 0.3 | 74 | 22 | 11 | 0.9 | 0.3 | 23 | 1.84 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-008 | 23 | 24 | 1 | 2/6/2025 | -- | -- | 0.0242 | 85 | 3.3 | 1.5 | 0.69 | 4.1 | 0.6 | 45 | 0.2 | 31 | 9 | 6 | 0.6 | 0.2 | 17 | 1.28 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-008 | 24 | 26 | 2 | 2/6/2025 | -- | -- | 0.0351 | 125 | 4.2 | 2.2 | 0.73 | 6.1 | 0.8 | 61 | 0.3 | 48 | 14 | 9 | 0.9 | 0.3 | 23 | 1.85 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-008 | 26 | 28 | 2 | 2/6/2025 | -- | -- | 0.0248 | 90 | 3.1 | 1.1 | 0.72 | 4.3 | 0.5 | 48 | 0.1 | 32 | 9 | 6 | 0.6 | 0.1 | 15 | 0.91 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-008 | 28 | 30.5 | 2.5 | 2/6/2025 | -- | -- | 0.0257 | 88 | 3.9 | 2.0 | 0.72 | 4.6 | 0.7 | 47 | 0.2 | 31 | 9 | 6 | 0.7 | 0.3 | 21 | 1.74 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-008 | -- | -- | -- | 2/6/2025 | Blank | Marble | 0.0053 | 14 | 1.2 | 0.8 | 0.37 | 1.4 | 0.2 | 7 | 0.1 | 8 | 2 | 2 | 0.2 | 0.1 | 7 | 0.77 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-008 | -- | -- | -- | 2/6/2025 | Blank | Marble | 0.0066 | 17 | 1.6 | 0.8 | 0.46 | 2.0 | 0.3 | 9 | 0.1 | 10 | 2 | 2 | 0.3 | 0.1 | 9 | 0.74 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDNB-008 | -- | -- | -- | 2/6/2025 | Standard | OREAS 463 | 2.1098 | 6820 | 75.6 | 17.1 | 116.50 | 244.0 | 9.4 | 5080 | 0.9 | 3720 | >1000 | 524 | 22.0 | 1.6 | 191 | 6.79 | 6830 | 69 | 17 | 117 | 255 | 9 | 5010 | 1 | 3900 | 1065 | 540 | 22 | 2 | 178 | 7 |
| 25-DDPT-001 | 0 | 5 | 5 | 1/15/2025 | -- | -- | 0.0814 | 191 | 16.4 | 11.2 | 3.21 | 21.3 | 3.7 | 117 | 1.6 | 145 | 35 | 28 | 3.0 | 1.5 | 101 | 10.80 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-001 | 5 | 7 | 2 | 1/15/2025 | -- | -- | 0.0648 | 155 | 15.6 | 10.7 | 2.59 | 17.7 | 3.3 | 85 | 1.5 | 96 | 24 | 20 | 2.6 | 1.5 | 102 | 10.10 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-001 | 7 | 8 | 1 | 1/15/2025 | -- | -- | 0.0874 | 294 | 14.6 | 7.3 | 0.90 | 20.1 | 2.7 | 117 | 0.8 | 134 | 35 | 29 | 2.9 | 0.9 | 78 | 5.96 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-001 | 8 | 9 | 1 | 1/15/2025 | -- | -- | 0.1424 | 479 | 22.5 | 11.1 | 2.89 | 29.2 | 3.8 | 214 | 1.2 | 223 | 58 | 41 | 4.2 | 1.3 | 110 | 8.55 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-001 | 9 | 10 | 1 | 1/15/2025 | -- | -- | 0.0605 | 219 | 8.0 | 3.6 | 0.93 | 11.4 | 1.3 | 98 | 0.4 | 89 | 25 | 17 | 1.6 | 0.4 | 37 | 2.65 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-001 | 10 | 11 | 1 | 1/15/2025 | -- | -- | 0.0983 | 321 | 17.5 | 9.0 | 1.49 | 22.4 | 3.1 | 138 | 1.0 | 148 | 39 | 30 | 3.3 | 1.1 | 92 | 7.25 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-001 | 11 | 12 | 1 | 1/15/2025 | -- | -- | 0.1310 | 445 | 19.3 | 9.4 | 3.33 | 27.1 | 3.3 | 198 | 1.0 | 212 | 53 | 38 | 3.6 | 1.1 | 92 | 7.26 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-001 | 12 | 13 | 1 | 1/15/2025 | -- | -- | 0.0734 | 257 | 9.7 | 5.2 | 1.69 | 13.3 | 1.7 | 113 | 0.7 | 118 | 31 | 21 | 1.8 | 0.7 | 45 | 4.41 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-001 | 13 | 14 | 1 | 1/15/2025 | -- | -- | 0.0911 | 342 | 9.0 | 4.2 | 1.25 | 15.2 | 1.4 | 147 | 0.5 | 145 | 39 | 25 | 1.8 | 0.5 | 42 | 2.83 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-001 | 14 | 15 | 1 | 1/15/2025 | -- | -- | 0.0338 | 115 | 4.9 | 2.3 | 0.78 | 6.8 | 0.8 | 57 | 0.3 | 48 | 14 | 10 | 1.0 | 0.3 | 24 | 1.88 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-001 | 15 | 16 | 1 | 1/15/2025 | -- | -- | 0.0269 | 91 | 3.9 | 2.0 | 0.58 | 5.7 | 0.7 | 44 | 0.3 | 38 | 11 | 8 | 0.8 | 0.2 | 21 | 1.60 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-001 | 16 | 17 | 1 | 1/15/2025 | -- | -- | 0.0324 | 113 | 4.5 | 2.1 | 0.66 | 5.5 | 0.8 | 53 | 0.3 | 48 | 13 | 9 | 0.8 | 0.3 | 23 | 1.86 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-001 | 17 | 18 | 1 | 1/15/2025 | -- | -- | 0.0581 | 201 | 8.4 | 4.6 | 1.01 | 11.5 | 1.5 | 86 | 0.6 | 92 | 25 | 17 | 1.6 | 0.6 | 40 | 4.23 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-001 | 18 | 19 | 1 | 1/15/2025 | -- | -- | 0.0498 | 157 | 7.5 | 3.9 | 0.97 | 10.0 | 1.3 | 83 | 0.5 | 78 | 22 | 15 | 1.4 | 0.6 | 39 | 3.43 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-001 | 19 | 20 | 1 | 1/15/2025 | -- | -- | 0.0594 | 186 | 9.9 | 6.3 | 1.34 | 11.7 | 1.9 | 86 | 0.9 | 96 | 26 | 17 | 1.7 | 0.9 | 54 | 5.69 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-001 | 20 | 21 | 1 | 1/15/2025 | -- | -- | 0.0426 | 138 | 6.7 | 4.5 | 1.14 | 8.9 | 1.3 | 65 | 0.6 | 64 | 17 | 12 | 1.2 | 0.6 | 38 | 4.29 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-001 | 21 | 22 | 1 | 1/15/2025 | -- | -- | 0.0160 | 54 | 1.8 | 0.9 | 2.61 | 2.6 | 0.3 | 35 | 0.1 | 20 | 6 | 4 | 0.3 | 0.1 | 8 | 0.70 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-001 | 22 | 23 | 1 | 1/15/2025 | -- | -- | 0.0714 | 238 | 10.4 | 5.4 | 3.72 | 14.8 | 1.9 | 106 | 0.6 | 121 | 30 | 21 | 1.8 | 0.7 | 48 | 4.48 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-001 | 23 | 24 | 1 | 1/15/2025 | -- | -- | 0.1238 | 427 | 15.7 | 8.1 | 3.19 | 23.2 | 2.7 | 183 | 0.9 | 213 | 53 | 38 | 2.9 | 1.0 | 76 | 6.19 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-001 | 24 | 25 | 1 | 1/15/2025 | -- | -- | 0.0496 | 153 | 10.0 | 8.1 | 1.09 | 8.9 | 2.3 | 65 | 1.2 | 67 | 18 | 12 | 1.4 | 1.2 | 61 | 8.58 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-001 | 25 | 26 | 1 | 1/15/2025 | -- | -- | 0.0612 | 209 | 8.8 | 4.7 | 0.91 | 11.4 | 1.6 | 90 | 0.5 | 98 | 26 | 18 | 1.6 | 0.6 | 45 | 3.94 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-001 | 26 | 27 | 1 | 1/15/2025 | -- | -- | 0.0912 | 338 | 9.0 | 3.3 | 1.32 | 16.8 | 1.3 | 140 | 0.3 | 155 | 41 | 30 | 2.0 | 0.3 | 37 | 2.11 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-001 | 27 | 28 | 1 | 1/15/2025 | -- | -- | 0.0156 | 47 | 3.6 | 1.8 | 0.67 | 3.8 | 0.6 | 22 | 0.2 | 21 | 6 | 5 | 0.6 | 0.2 | 19 | 1.14 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-001 | 28 | 29 | 1 | 1/15/2025 | -- | -- | 0.0320 | 98 | 7.0 | 3.4 | 0.83 | 7.2 | 1.2 | 46 | 0.3 | 45 | 12 | 9 | 1.2 | 0.4 | 37 | 2.32 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-001 | 29 | 30 | 1 | 1/15/2025 | -- | -- | 0.0185 | 54 | 4.5 | 2.4 | 0.77 | 4.3 | 0.8 | 25 | 0.2 | 25 | 7 | 6 | 0.8 | 0.3 | 24 | 1.65 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-001 | 30 | 31 | 1 | 1/15/2025 | -- | -- | 0.0293 | 79 | 8.7 | 5.0 | 0.90 | 6.2 | 1.7 | 36 | 0.5 | 37 | 10 | 8 | 1.3 | 0.6 | 49 | 3.57 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-001 | 31 | 32 | 1 | 1/15/2025 | -- | -- | 0.0289 | 75 | 8.7 | 5.2 | 0.78 | 6.3 | 1.7 | 33 | 0.5 | 36 | 10 | 8 | 1.3 | 0.7 | 52 | 4.24 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-001 | 32 | 33 | 1 | 1/15/2025 | -- | -- | 0.0330 | 81 | 10.8 | 6.5 | 0.72 | 7.7 | 2.1 | 37 | 0.8 | 38 | 10 | 9 | 1.5 | 0.9 | 66 | 5.67 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-001 | 33 | 34 | 1 | 1/15/2025 | -- | -- | 0.0398 | 127 | 8.4 | 3.0 | 0.71 | 10.1 | 1.2 | 59 | 0.2 | 57 | 15 | 12 | 1.6 | 0.3 | 39 | 1.68 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-001 | 34 | 35 | 1 | 1/15/2025 | -- | -- | 0.0513 | 153 | 12.3 | 6.9 | 0.84 | 12.0 | 2.2 | 68 | 0.8 | 70 | 19 | 15 | 2.0 | 1.0 | 65 | 6.09 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-001 | 35 | 36 | 1 | 1/15/2025 | -- | -- | 0.1000 | 345 | 13.9 | 7.9 | 1.79 | 18.4 | 2.6 | 146 | 1.1 | 159 | 42 | 28 | 2.5 | 1.1 | 74 | 7.08 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-001 | 36 | 37 | 1 | 1/15/2025 | -- | -- | 0.0471 | 164 | 6.5 | 2.9 | 1.14 | 9.6 | 1.0 | 76 | 0.3 | 73 | 20 | 14 | 1.3 | 0.3 | 28 | 2.05 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-001 | 37 | 38 | 1 | 1/15/2025 | -- | -- | 0.0659 | 237 | 7.8 | 4.0 | 1.35 | 12.5 | 1.3 | 102 | 0.4 | 105 | 28 | 19 | 1.6 | 0.5 | 37 | 3.34 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-001 | 38 | 39 | 1 | 1/15/2025 | -- | -- | 0.0938 | 316 | 14.9 | 10.9 | 1.33 | 16.1 | 3.0 | 137 | 1.8 | 134 | 37 | 24 | 2.4 | 1.6 | 85 | 11.60 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-001 | 39 | 40 | 1 | 1/15/2025 | -- | -- | 0.0638 | 216 | 10.5 | 6.0 | 0.89 | 13.4 | 2.0 | 93 | 0.8 | 92 | 26 | 18 | 2.0 | 0.8 | 55 | 5.14 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-001 | 40 | 41 | 1 | 1/15/2025 | -- | -- | 0.0994 | 350 | 14.9 | 8.7 | 1.11 | 18.3 | 2.9 | 134 | 1.2 | 154 | 40 | 28 | 2.6 | 1.3 | 80 | 9.03 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-001 | 41 | 42 | 1 | 1/15/2025 | -- | -- | 0.0466 | 147 | 9.3 | 5.9 | 1.05 | 8.8 | 1.9 | 62 | 0.8 | 69 | 18 | 13 | 1.4 | 0.8 | 51 | 5.74 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |

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SLV0163 – Technical Report Summary Shiloh Project, Georgia 206 November 2025

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| **Technical Report Summary** | ![img77526612_71.jpg](img77526612_71.jpg) |

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|  |  |  |  |  |  |  | **Method** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** |
|  |  |  |  |  |  |  | **Analyte** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** |
|  |  |  |  |  |  |  | **Units** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** |
|  |  |  |  |  |  |  | **Detection <br>Limit** | **0** | **0.1** | **0.0** | **0.02** | **0.05** | **0.01** | **0.1** | **0.01** | **0.1** | **0.02** | **0.03** | **0.01** | **0.01** | **0.1** | **0.03** | **3** | **0.3** | **0.2** | **0.2** | **0.3** | **0.05** | **3** | **0.05** | **0.5** | **0.2** | **0.2** | **0.05** | **0.05** | **3** | **0.2** |
|  |  |  |  |  |  |  | **Upper <br>Limit** | **10000** | **1000.0** | **1000.0** | **1000** | **1000** | **1000** | **10000** | **1000** | **10000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **50000** | **5000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** | **50000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** |
| **Hole ID** | **From <br>(m)** | **To <br>(m)** | **Interval (m)** | **Drill Date** | **Sample <br>Type** | **Sample <br>Details** | **TREO<br>(%)** | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-001 | 41 | 42 | 1 | 1/15/2025 | Duplicate | 41-42m | 0.0460 | 142 | 9.5 | 5.9 | 1.02 | 9.1 | 2.0 | 60 | 0.8 | 67 | 17 | 13 | 1.4 | 0.9 | 55 | 5.84 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-001 | 42 | 43 | 1 | 1/15/2025 | -- | -- | 0.0580 | 196 | 9.2 | 4.7 | 1.22 | 10.9 | 1.7 | 84 | 0.6 | 91 | 23 | 17 | 1.6 | 0.6 | 47 | 4.34 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-001 | 43 | 44 | 1 | 1/15/2025 | -- | -- | 0.1098 | 371 | 18.0 | 8.9 | 2.64 | 22.6 | 3.2 | 151 | 1.0 | 179 | 43 | 31 | 3.2 | 1.1 | 89 | 7.34 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-001 | 44 | 45 | 1 | 1/15/2025 | -- | -- | 0.0795 | 291 | 10.2 | 4.5 | 1.56 | 15.5 | 1.7 | 112 | 0.5 | 129 | 33 | 24 | 1.9 | 0.6 | 48 | 3.89 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-001 | 45 | 46 | 1 | 1/15/2025 | -- | -- | 0.1239 | 421 | 19.4 | 9.8 | 3.01 | 24.1 | 3.6 | 170 | 1.3 | 204 | 49 | 35 | 3.3 | 1.4 | 98 | 8.62 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-001 | 46 | 48 | 2 | 1/15/2025 | -- | -- | 0.0630 | 198 | 11.9 | 5.7 | 2.48 | 14.9 | 2.1 | 83 | 0.8 | 105 | 25 | 19 | 2.1 | 0.8 | 59 | 4.99 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-001 | 48 | 50 | 2 | 1/15/2025 | -- | -- | 0.0461 | 163 | 6.6 | 2.4 | 0.77 | 9.8 | 1.0 | 74 | 0.3 | 69 | 19 | 13 | 1.3 | 0.3 | 29 | 2.01 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-001 | 50 | 52 | 2 | 1/15/2025 | -- | -- | 0.0375 | 126 | 7.1 | 2.4 | 0.68 | 8.0 | 1.1 | 58 | 0.2 | 54 | 14 | 10 | 1.2 | 0.3 | 34 | 1.60 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-001 | 51 | 52 | 1 | 1/15/2025 | -- | -- | 0.1158 | 443 | 10.7 | 4.3 | 1.50 | 20.1 | 1.7 | 178 | 0.5 | 192 | 49 | 33 | 2.4 | 0.6 | 47 | 3.40 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-001 | 52 | 53 | 1 | 1/15/2025 | -- | -- | 0.0692 | 266 | 6.6 | 2.7 | 1.50 | 10.6 | 1.1 | 110 | 0.3 | 110 | 29 | 18 | 1.3 | 0.3 | 30 | 2.51 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-001 | 52 | 54 | 2 | 1/15/2025 | -- | -- | 0.0531 | 183 | 8.5 | 3.7 | 0.78 | 10.8 | 1.4 | 77 | 0.4 | 82 | 22 | 15 | 1.6 | 0.5 | 41 | 2.87 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-001 | 53 | 54 | 1 | 1/15/2025 | -- | -- | 0.0607 | 214 | 8.8 | 4.2 | 1.08 | 11.4 | 1.5 | 90 | 0.5 | 94 | 24 | 17 | 1.6 | 0.6 | 44 | 3.85 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-001 | 54 | 55 | 1 | 1/15/2025 | -- | -- | 0.0475 | 163 | 7.2 | 3.1 | 0.87 | 9.7 | 1.2 | 72 | 0.3 | 73 | 19 | 15 | 1.4 | 0.4 | 36 | 2.42 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-001 | 54 | 56 | 2 | 1/15/2025 | -- | -- | 0.0792 | 304 | 7.9 | 3.0 | 1.23 | 14.1 | 1.2 | 122 | 0.4 | 127 | 33 | 23 | 1.7 | 0.4 | 34 | 2.50 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-001 | 55 | 56 | 1 | 1/15/2025 | -- | -- | 0.0768 | 288 | 9.0 | 4.4 | 0.97 | 12.6 | 1.6 | 121 | 0.5 | 115 | 31 | 19 | 1.6 | 0.6 | 45 | 3.46 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-001 | 56 | 57 | 1 | 1/15/2025 | -- | -- | 0.0413 | 146 | 5.4 | 2.3 | 0.85 | 7.9 | 0.9 | 67 | 0.3 | 63 | 17 | 12 | 1.1 | 0.3 | 26 | 2.06 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-001 | 57 | 58 | 1 | 1/15/2025 | -- | -- | 0.0499 | 169 | 8.8 | 3.6 | 0.76 | 10.5 | 1.5 | 75 | 0.4 | 73 | 19 | 14 | 1.6 | 0.5 | 43 | 2.82 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-001 | 58 | 60 | 2 | 1/15/2025 | -- | -- | 0.0524 | 182 | 7.9 | 3.9 | 0.94 | 10.1 | 1.4 | 80 | 0.4 | 80 | 21 | 14 | 1.4 | 0.5 | 38 | 3.19 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-001 | 60 | 62 | 2 | 1/15/2025 | -- | -- | 0.0461 | 165 | 6.2 | 2.2 | 0.73 | 9.2 | 1.0 | 75 | 0.2 | 71 | 19 | 13 | 1.2 | 0.3 | 27 | 1.61 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-001 | 62 | 64 | 2 | 1/15/2025 | -- | -- | 0.0439 | 157 | 5.6 | 2.4 | 0.89 | 8.7 | 0.9 | 72 | 0.3 | 65 | 18 | 12 | 1.1 | 0.3 | 26 | 1.73 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-001 | 64 | 66 | 2 | 1/15/2025 | -- | -- | 0.0924 | 332 | 12.4 | 6.1 | 2.06 | 17.2 | 2.3 | 134 | 0.8 | 150 | 37 | 26 | 2.2 | 0.8 | 58 | 5.57 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-001 | 66 | 68 | 2 | 1/15/2025 | -- | -- | 0.1341 | 459 | 18.9 | 11.3 | 4.48 | 25.2 | 3.7 | 191 | 1.6 | 225 | 55 | 37 | 3.1 | 1.5 | 94 | 10.40 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-001 | 68 | 70 | 2 | 1/15/2025 | -- | -- | 0.0544 | 190 | 7.1 | 3.4 | 1.28 | 10.2 | 1.2 | 86 | 0.5 | 86 | 22 | 16 | 1.3 | 0.4 | 35 | 2.83 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-001 | 70 | 72 | 2 | 1/15/2025 | -- | -- | 0.0470 | 166 | 6.3 | 2.6 | 0.99 | 9.6 | 1.0 | 74 | 0.3 | 72 | 19 | 14 | 1.2 | 0.3 | 30 | 1.98 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-001 | 72 | 74 | 2 | 1/15/2025 | -- | -- | 0.0453 | 159 | 6.6 | 2.6 | 0.83 | 9.2 | 1.0 | 72 | 0.3 | 67 | 18 | 13 | 1.3 | 0.3 | 32 | 1.86 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-001 | 74 | 76 | 2 | 1/15/2025 | -- | -- | 0.0480 | 161 | 8.6 | 3.8 | 0.67 | 9.7 | 1.5 | 73 | 0.4 | 68 | 19 | 13 | 1.5 | 0.5 | 44 | 3.06 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-001 | 76 | 78 | 2 | 1/15/2025 | -- | -- | 0.0759 | 273 | 11.1 | 5.1 | 1.26 | 14.1 | 1.9 | 115 | 0.6 | 113 | 30 | 21 | 1.9 | 0.7 | 53 | 4.27 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-001 | 78 | 80 | 2 | 1/15/2025 | -- | -- | 0.0539 | 191 | 7.0 | 2.7 | 0.93 | 11.1 | 1.2 | 85 | 0.3 | 84 | 22 | 16 | 1.4 | 0.4 | 33 | 2.38 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-001 | 80 | 82 | 2 | 1/15/2025 | -- | -- | 0.0477 | 164 | 8.0 | 3.2 | 0.72 | 10.1 | 1.3 | 74 | 0.3 | 69 | 19 | 14 | 1.5 | 0.4 | 38 | 2.22 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-001 | 82 | 84 | 2 | 1/15/2025 | -- | -- | 0.0405 | 140 | 6.0 | 2.2 | 0.74 | 8.9 | 0.9 | 67 | 0.2 | 61 | 17 | 13 | 1.2 | 0.3 | 26 | 1.82 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-001 | 84 | 86 | 2 | 1/15/2025 | -- | -- | 0.0385 | 130 | 6.2 | 2.2 | 0.76 | 9.1 | 0.9 | 62 | 0.2 | 58 | 16 | 13 | 1.2 | 0.3 | 27 | 1.78 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-001 | 86 | 88 | 2 | 1/15/2025 | -- | -- | 0.0399 | 139 | 5.1 | 2.0 | 0.81 | 8.6 | 0.8 | 67 | 0.2 | 60 | 17 | 13 | 1.1 | 0.3 | 23 | 1.57 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-001 | 88 | 90 | 2 | 1/15/2025 | -- | -- | 0.0460 | 159 | 6.1 | 2.3 | 0.90 | 9.4 | 1.0 | 76 | 0.3 | 74 | 18 | 14 | 1.2 | 0.3 | 27 | 1.69 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-001 | 90 | 91 | 1 | 1/15/2025 | -- | -- | 0.0598 | 219 | 6.9 | 3.3 | 0.97 | 10.9 | 1.2 | 94 | 0.5 | 95 | 23 | 17 | 1.4 | 0.5 | 32 | 3.05 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-001 | -- | -- | -- | 1/15/2025 | Blank | Marble | 0.0058 | 15 | 1.5 | 0.9 | 0.46 | 1.6 | 0.3 | 7 | 0.1 | 9 | 2 | 2 | 0.3 | 0.1 | 8 | 0.70 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-001 | -- | -- | -- | 1/15/2025 | Blank | Marble | 0.0072 | 19 | 1.8 | 0.9 | 0.67 | 2.0 | 0.3 | 9 | 0.1 | 12 | 3 | 2 | 0.3 | 0.1 | 9 | 0.58 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-001 | -- | -- | -- | 1/15/2025 | Blank | Marble | 0.0044 | 11 | 1.1 | 0.7 | 0.38 | 1.5 | 0.2 | 5 | 0.1 | 6 | 2 | 2 | 0.2 | 0.1 | 7 | 0.56 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-001 | -- | -- | -- | 1/15/2025 | Blank | Marble | 0.0054 | 15 | 1.0 | 0.5 | 0.42 | 1.5 | 0.2 | 8 | 0.1 | 9 | 2 | 2 | 0.2 | 0.1 | 6 | 0.57 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-001 | -- | -- | -- | 1/15/2025 | Standard | OREAS 463 | 1.9363 | 6680 | 71.0 | 16.7 | 114.00 | 241.0 | 8.3 | 5170 | 0.7 | 3950 | >1000 | 572 | 19.9 | 1.5 | 189 | 7.06 | 6300 | 60 | 14 | 110 | 221 | 8 | 4630 | 1 | 3510 | 982 | 504 | 20 | 2 | 171 | 6 |
| 25-DDPT-001 | -- | -- | -- | 1/15/2025 | Standard | OREAS 460 | 0.5664 | 1980 | 20.5 | 6.1 | 23.20 | 50.2 | 2.9 | 1435 | 0.5 | 866 | 269 | 110 | 4.8 | 0.7 | 63 | 3.79 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-002 | 0 | 3.5 | 3.5 | 1/17/2025 | -- | -- | 0.0794 | 269 | 14.2 | 5.7 | 4.00 | 19.6 | 2.5 | 120 | 0.6 | 123 | 32 | 24 | 2.7 | 0.7 | 54 | 3.91 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-002 | 3.5 | 5 | 1.5 | 1/17/2025 | -- | -- | 0.1452 | 381 | 27.8 | 14.9 | 4.25 | 38.6 | 5.4 | 221 | 1.8 | 260 | 66 | 51 | 5.2 | 2.0 | 141 | 12.05 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-002 | 5 | 6 | 1 | 1/17/2025 | -- | -- | 0.0763 | 189 | 17.4 | 10.1 | 2.53 | 21.2 | 3.5 | 116 | 1.3 | 119 | 31 | 25 | 3.0 | 1.4 | 97 | 8.39 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-002 | 5 | 6 | 1 | 1/17/2025 | Duplicate | 5-6m | 0.0750 | 186 | 17.2 | 9.9 | 2.58 | 21.2 | 3.3 | 116 | 1.3 | 115 | 30 | 24 | 3.1 | 1.3 | 95 | 8.19 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-002 | 6 | 7 | 1 | 1/17/2025 | -- | -- | 0.0849 | 280 | 14.0 | 7.2 | 1.62 | 19.2 | 2.7 | 124 | 0.9 | 128 | 34 | 25 | 2.7 | 1.0 | 75 | 5.84 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-002 | 7 | 8 | 1 | 1/17/2025 | -- | -- | 0.2340 | 917 | 17.6 | 8.6 | 2.07 | 31.1 | 3.1 | 380 | 1.0 | 377 | 105 | 58 | 3.6 | 1.2 | 82 | 7.16 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-002 | 8 | 9 | 1 | 1/17/2025 | -- | -- | 0.1069 | 430 | 12.2 | 6.7 | 3.02 | 17.3 | 2.4 | 131 | 0.9 | 166 | 42 | 30 | 2.3 | 1.0 | 59 | 5.84 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-002 | 9 | 10 | 1 | 1/17/2025 | -- | -- | 0.1310 | 502 | 14.1 | 7.5 | 3.44 | 21.8 | 2.8 | 184 | 0.9 | 213 | 55 | 36 | 2.8 | 1.0 | 66 | 6.14 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-002 | 10 | 11 | 1 | 1/17/2025 | -- | -- | 0.1303 | 463 | 18.3 | 9.8 | 3.93 | 25.5 | 3.6 | 172 | 1.1 | 217 | 54 | 39 | 3.5 | 1.3 | 89 | 7.55 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-002 | 11 | 12 | 1 | 1/17/2025 | -- | -- | 0.1635 | 601 | 22.2 | 12.8 | 2.91 | 28.2 | 4.6 | 226 | 1.7 | 252 | 67 | 44 | 3.8 | 1.9 | 111 | 11.30 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-002 | 12 | 13 | 1 | 1/17/2025 | -- | -- | 0.0808 | 254 | 18.0 | 10.3 | 2.32 | 19.5 | 3.7 | 96 | 1.2 | 121 | 30 | 25 | 3.0 | 1.4 | 91 | 8.52 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-002 | 13 | 14 | 1 | 1/17/2025 | -- | -- | 0.1048 | 346 | 16.4 | 8.6 | 3.73 | 22.4 | 3.2 | 145 | 1.2 | 178 | 44 | 31 | 3.0 | 1.2 | 80 | 7.70 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-002 | 14 | 15 | 1 | 1/17/2025 | -- | -- | 0.1138 | 414 | 14.4 | 7.4 | 3.62 | 21.4 | 2.8 | 158 | 0.9 | 187 | 47 | 33 | 2.7 | 1.0 | 69 | 6.22 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-002 | 15 | 16 | 1 | 1/17/2025 | -- | -- | 0.1139 | 464 | 9.9 | 4.4 | 4.08 | 18.5 | 1.8 | 171 | 0.6 | 174 | 44 | 29 | 2.2 | 0.6 | 42 | 3.96 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-002 | 16 | 17 | 1 | 1/17/2025 | -- | -- | 0.0891 | 324 | 12.4 | 6.2 | 3.11 | 17.2 | 2.3 | 118 | 0.7 | 146 | 37 | 26 | 2.3 | 0.8 | 58 | 4.75 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-002 | 17 | 18 | 1 | 1/17/2025 | -- | -- | 0.1059 | 343 | 16.7 | 9.4 | 2.69 | 20.8 | 3.4 | 146 | 1.1 | 180 | 47 | 33 | 3.0 | 1.3 | 86 | 7.32 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-002 | 18 | 19 | 1 | 1/17/2025 | -- | -- | 0.1071 | 364 | 15.5 | 9.0 | 2.70 | 20.1 | 3.2 | 149 | 1.2 | 179 | 46 | 32 | 2.8 | 1.3 | 77 | 8.22 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-002 | 19 | 20 | 1 | 1/17/2025 | -- | -- | 0.0548 | 179 | 9.3 | 5.5 | 1.38 | 10.9 | 2.0 | 73 | 0.7 | 88 | 23 | 17 | 1.6 | 0.8 | 48 | 4.77 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-002 | 20 | 20.75 | 0.75 | 1/17/2025 | -- | -- | 0.0357 | 114 | 6.8 | 3.6 | 1.44 | 6.9 | 1.3 | 54 | 0.4 | 50 | 14 | 9 | 1.2 | 0.5 | 37 | 2.63 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-002 | 20.75 | 21.25 | 0.5 | 1/17/2025 | -- | -- | 0.6055 | 2430 | 15.1 | 3.2 | 2.71 | 61.3 | 1.7 | 1090 | 0.3 | 1060 | 310 | 136 | 5.1 | 0.3 | 42 | 1.92 | 2500 | 13 | 3 | 3 | 61 | 2 | 1100 | 0 | 1025 | 283 | 138 | 5 | 0 | 38 | 2 |
| 25-DDPT-002 | 21.25 | 22 | 0.75 | 1/17/2025 | -- | -- | 0.0367 | 121 | 6.0 | 3.4 | 0.81 | 6.3 | 1.3 | 56 | 0.5 | 55 | 15 | 9 | 1.0 | 0.5 | 34 | 3.11 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-002 | 22 | 23 | 1 | 1/17/2025 | -- | -- | 0.0482 | 144 | 11.3 | 8.1 | 0.96 | 7.6 | 2.7 | 60 | 1.0 | 61 | 18 | 11 | 1.5 | 1.1 | 72 | 7.26 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-002 | 23 | 24 | 1 | 1/17/2025 | -- | -- | 0.0373 | 126 | 6.8 | 3.6 | 1.08 | 7.1 | 1.4 | 56 | 0.4 | 51 | 14 | 10 | 1.1 | 0.5 | 35 | 2.86 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-002 | 24 | 25 | 1 | 1/17/2025 | -- | -- | 0.0338 | 119 | 5.5 | 3.0 | 1.05 | 6.1 | 1.2 | 51 | 0.3 | 46 | 13 | 9 | 0.9 | 0.4 | 29 | 2.32 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-002 | 25 | 26 | 1 | 1/17/2025 | -- | -- | 0.0191 | 52 | 6.3 | 2.9 | 0.61 | 4.8 | 1.2 | 23 | 0.2 | 22 | 6 | 5 | 0.9 | 0.3 | 35 | 1.70 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-002 | 26 | 28 | 2 | 1/17/2025 | -- | -- | 0.0356 | 108 | 8.5 | 3.7 | 0.73 | 7.8 | 1.5 | 48 | 0.3 | 53 | 13 | 10 | 1.3 | 0.4 | 43 | 2.56 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-002 | 28 | 30 | 2 | 1/17/2025 | -- | -- | 0.0837 | 302 | 11.0 | 6.3 | 2.25 | 15.5 | 2.1 | 112 | 0.8 | 142 | 33 | 24 | 1.9 | 0.9 | 53 | 5.47 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-002 | 30 | 32 | 2 | 1/17/2025 | -- | -- | 0.0914 | 308 | 14.1 | 7.7 | 2.99 | 18.7 | 2.8 | 121 | 1.0 | 158 | 38 | 28 | 2.5 | 1.0 | 68 | 6.84 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-002 | 32 | 34 | 2 | 1/17/2025 | -- | -- | 0.0964 | 350 | 11.7 | 6.4 | 2.33 | 17.4 | 2.3 | 140 | 0.9 | 158 | 41 | 27 | 2.2 | 0.9 | 55 | 6.02 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-002 | 34 | 36 | 2 | 1/17/2025 | -- | -- | 0.0536 | 165 | 12.4 | 6.1 | 0.85 | 11.8 | 2.4 | 71 | 0.6 | 75 | 20 | 16 | 2.0 | 0.8 | 65 | 5.06 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-002 | 36 | 38 | 2 | 1/17/2025 | -- | -- | 0.0677 | 235 | 10.9 | 5.8 | 1.22 | 12.8 | 2.1 | 100 | 0.7 | 100 | 27 | 18 | 1.9 | 0.8 | 54 | 5.43 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-002 | 38 | 40 | 2 | 1/17/2025 | -- | -- | 0.0963 | 348 | 12.1 | 5.7 | 2.68 | 18.9 | 2.2 | 142 | 0.6 | 158 | 40 | 28 | 2.3 | 0.7 | 54 | 4.51 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-002 | 40 | 42 | 2 | 1/17/2025 | -- | -- | 0.0939 | 321 | 14.4 | 8.0 | 2.83 | 18.8 | 2.8 | 132 | 1.1 | 151 | 38 | 27 | 2.6 | 1.1 | 71 | 7.57 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-002 | 42 | 44 | 2 | 1/17/2025 | -- | -- | 0.0381 | 137 | 4.8 | 1.9 | 0.75 | 7.9 | 0.8 | 63 | 0.2 | 57 | 16 | 11 | 1.1 | 0.2 | 21 | 1.31 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-002 | 44 | 46 | 2 | 1/17/2025 | -- | -- | 0.0409 | 138 | 6.8 | 2.8 | 1.32 | 10.1 | 1.1 | 60 | 0.3 | 63 | 17 | 13 | 1.4 | 0.4 | 30 | 2.44 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-002 | 46 | 48 | 2 | 1/17/2025 | -- | -- | 0.0287 | 95 | 5.5 | 2.3 | 0.64 | 6.7 | 0.9 | 43 | 0.2 | 41 | 11 | 9 | 1.1 | 0.2 | 26 | 1.58 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-002 | 48 | 50 | 2 | 1/17/2025 | -- | -- | 0.0275 | 85 | 6.7 | 2.8 | 0.51 | 6.2 | 1.1 | 38 | 0.3 | 36 | 10 | 8 | 1.1 | 0.3 | 34 | 2.08 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |

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SLV0163 – Technical Report Summary Shiloh Project, Georgia 207 November 2025

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| **Technical Report Summary** | ![img77526612_71.jpg](img77526612_71.jpg) |

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|  |  |  |  |  |  |  | **Method** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** |
|  |  |  |  |  |  |  | **Analyte** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** |
|  |  |  |  |  |  |  | **Units** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** |
|  |  |  |  |  |  |  | **Detection <br>Limit** | **0** | **0.1** | **0.0** | **0.02** | **0.05** | **0.01** | **0.1** | **0.01** | **0.1** | **0.02** | **0.03** | **0.01** | **0.01** | **0.1** | **0.03** | **3** | **0.3** | **0.2** | **0.2** | **0.3** | **0.05** | **3** | **0.05** | **0.5** | **0.2** | **0.2** | **0.05** | **0.05** | **3** | **0.2** |
|  |  |  |  |  |  |  | **Upper <br>Limit** | **10000** | **1000.0** | **1000.0** | **1000** | **1000** | **1000** | **10000** | **1000** | **10000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **50000** | **5000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** | **50000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** |
| **Hole ID** | **From <br>(m)** | **To <br>(m)** | **Interval (m)** | **Drill Date** | **Sample <br>Type** | **Sample <br>Details** | **TREO<br>(%)** | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-002 | 50 | 52 | 2 | 1/17/2025 | -- | -- | 0.0364 | 130 | 4.7 | 1.9 | 0.65 | 6.9 | 0.8 | 61 | 0.2 | 53 | 15 | 10 | 0.9 | 0.3 | 23 | 1.40 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-002 | 52 | 54 | 2 | 1/17/2025 | -- | -- | 0.0399 | 137 | 6.3 | 2.6 | 0.62 | 8.2 | 1.0 | 64 | 0.3 | 57 | 16 | 11 | 1.2 | 0.4 | 32 | 1.94 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-002 | 54 | 56 | 2 | 1/17/2025 | -- | -- | 0.0466 | 160 | 7.5 | 3.2 | 0.70 | 9.6 | 1.2 | 72 | 0.3 | 68 | 19 | 14 | 1.4 | 0.4 | 37 | 2.35 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-002 | 54 | 56 | 2 | 1/17/2025 | Duplicate | 54-56m | 0.0459 | 157 | 7.3 | 3.6 | 0.70 | 9.1 | 1.3 | 71 | 0.3 | 65 | 18 | 13 | 1.4 | 0.5 | 38 | 2.53 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-002 | 56 | 58 | 2 | 1/17/2025 | -- | -- | 0.0523 | 187 | 7.2 | 3.2 | 0.79 | 9.3 | 1.2 | 86 | 0.3 | 76 | 21 | 14 | 1.4 | 0.4 | 35 | 2.15 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-002 | 58 | 60 | 2 | 1/17/2025 | -- | -- | 0.0360 | 126 | 5.8 | 1.9 | 0.52 | 7.3 | 0.8 | 59 | 0.2 | 52 | 14 | 11 | 1.1 | 0.2 | 26 | 1.39 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-002 | 60 | 62 | 2 | 1/17/2025 | -- | -- | 0.0400 | 141 | 5.7 | 2.4 | 0.79 | 7.2 | 0.9 | 65 | 0.3 | 58 | 16 | 11 | 1.0 | 0.3 | 28 | 1.86 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-002 | 62 | 64 | 2 | 1/17/2025 | -- | -- | 0.1045 | 359 | 14.7 | 9.0 | 3.13 | 18.7 | 2.8 | 150 | 1.1 | 169 | 42 | 29 | 2.5 | 1.3 | 79 | 7.80 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-002 | 64 | 66 | 2 | 1/17/2025 | -- | -- | 0.0682 | 243 | 9.7 | 5.3 | 1.45 | 12.6 | 1.8 | 100 | 0.6 | 102 | 27 | 19 | 1.8 | 0.7 | 50 | 4.44 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-002 | 66 | 68 | 2 | 1/17/2025 | -- | -- | 0.0544 | 194 | 7.0 | 3.6 | 0.76 | 8.9 | 1.3 | 88 | 0.4 | 82 | 22 | 14 | 1.3 | 0.5 | 37 | 3.01 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-002 | 68 | 70 | 2 | 1/17/2025 | -- | -- | 0.0470 | 168 | 6.5 | 2.3 | 0.79 | 9.4 | 0.9 | 78 | 0.2 | 69 | 19 | 14 | 1.3 | 0.3 | 28 | 1.46 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-002 | 70 | 71 | 1 | 1/17/2025 | -- | -- | 0.0457 | 147 | 10.6 | 3.6 | 0.59 | 10.8 | 1.6 | 66 | 0.2 | 59 | 17 | 14 | 1.9 | 0.4 | 53 | 1.96 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-002 | 71 | 72 | 1 | 1/17/2025 | -- | -- | 0.0557 | 166 | 14.0 | 6.2 | 0.62 | 13.8 | 2.4 | 74 | 0.5 | 72 | 20 | 17 | 2.4 | 0.8 | 78 | 4.09 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-002 | 72 | 74 | 2 | 1/17/2025 | -- | -- | 0.0279 | 95 | 4.3 | 1.9 | 0.78 | 5.6 | 0.7 | 42 | 0.2 | 43 | 11 | 9 | 0.7 | 0.2 | 21 | 1.33 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-002 | 74 | 76 | 2 | 1/17/2025 | -- | -- | 0.0463 | 162 | 7.1 | 3.0 | 0.81 | 9.5 | 1.1 | 73 | 0.3 | 68 | 19 | 14 | 1.3 | 0.4 | 33 | 2.02 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-002 | 76 | 78 | 2 | 1/17/2025 | -- | -- | 0.0633 | 225 | 10.4 | 4.0 | 0.76 | 13.7 | 1.6 | 94 | 0.4 | 91 | 25 | 20 | 2.0 | 0.5 | 47 | 3.03 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-002 | 78 | 80 | 2 | 1/17/2025 | -- | -- | 0.0411 | 147 | 5.3 | 2.0 | 0.77 | 7.7 | 0.8 | 68 | 0.2 | 60 | 17 | 13 | 1.1 | 0.3 | 25 | 1.48 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-002 | 80 | 82 | 2 | 1/17/2025 | -- | -- | 0.0400 | 140 | 6.0 | 2.4 | 0.75 | 8.5 | 1.0 | 64 | 0.2 | 58 | 16 | 12 | 1.2 | 0.3 | 28 | 1.56 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-002 | 82 | 84 | 2 | 1/17/2025 | -- | -- | 0.0395 | 140 | 5.6 | 2.3 | 0.78 | 7.5 | 0.9 | 64 | 0.2 | 58 | 16 | 12 | 1.1 | 0.3 | 26 | 1.63 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-002 | 84 | 86 | 2 | 1/17/2025 | -- | -- | 0.0529 | 190 | 5.8 | 2.5 | 0.92 | 9.4 | 1.0 | 88 | 0.3 | 81 | 22 | 16 | 1.3 | 0.3 | 31 | 1.84 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-002 | 86 | 88 | 2 | 1/17/2025 | -- | -- | 0.0919 | 342 | 11.2 | 5.6 | 1.11 | 15.9 | 1.9 | 139 | 0.8 | 138 | 37 | 26 | 2.1 | 0.8 | 55 | 5.15 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-002 | 88 | 90 | 2 | 1/17/2025 | -- | -- | 0.0377 | 105 | 8.2 | 4.5 | 2.70 | 10.9 | 1.6 | 46 | 0.7 | 64 | 14 | 13 | 1.6 | 0.6 | 43 | 4.03 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-002 | 90 | 92 | 2 | 1/17/2025 | -- | -- | 0.0601 | 197 | 9.1 | 4.5 | 2.18 | 12.9 | 1.7 | 87 | 0.6 | 104 | 24 | 18 | 1.8 | 0.6 | 44 | 3.63 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-002 | 92 | 94 | 2 | 1/17/2025 | -- | -- | 0.0744 | 263 | 9.7 | 4.6 | 1.48 | 14.6 | 1.8 | 110 | 0.5 | 122 | 29 | 21 | 2.0 | 0.6 | 49 | 3.61 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-002 | 94 | 96 | 2 | 1/17/2025 | -- | -- | 0.0189 | 43 | 6.0 | 3.4 | 2.17 | 6.6 | 1.2 | 18 | 0.5 | 29 | 6 | 7 | 1.1 | 0.5 | 32 | 2.71 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-002 | 96 | 98 | 2 | 1/17/2025 | -- | -- | 0.0192 | 44 | 6.1 | 3.5 | 2.15 | 6.5 | 1.2 | 19 | 0.5 | 29 | 6 | 7 | 1.1 | 0.5 | 33 | 2.99 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-002 | 98 | 100 | 2 | 1/17/2025 | -- | -- | 0.0979 | 347 | 11.9 | 7.0 | 2.26 | 16.9 | 2.4 | 142 | 1.0 | 162 | 40 | 26 | 2.3 | 1.0 | 65 | 6.42 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-002 | -- | -- | -- | 1/17/2025 | Blank | Marble | 0.0041 | 12 | 0.9 | 0.4 | 0.34 | 1.2 | 0.2 | 5 | 0.1 | 6 | 2 | 1 | 0.2 | 0.1 | 5 | 0.40 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-002 | -- | -- | -- | 1/17/2025 | Blank | Marble | 0.0067 | 19 | 1.5 | 0.8 | 0.47 | 1.9 | 0.3 | 9 | 0.1 | 10 | 3 | 2 | 0.3 | 0.1 | 8 | 0.67 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-002 | -- | -- | -- | 1/17/2025 | Blank | Marble | 0.0038 | 9 | 0.9 | 0.6 | 0.28 | 1.2 | 0.2 | 5 | 0.1 | 6 | 1 | 1 | 0.2 | 0.1 | 6 | 0.51 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-002 | -- | -- | -- | 1/17/2025 | Standard | OREAS 463 | 1.9765 | 6410 | 69.0 | 16.4 | 108.00 | 233.0 | 8.7 | 4790 | 0.8 | 3510 | 991 | 539 | 20.1 | 1.6 | 178 | 6.54 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-002 | -- | -- | -- | 1/17/2025 | Standard | OREAS 460 | 0.5297 | 1835 | 18.9 | 5.6 | 22.10 | 49.7 | 2.6 | 1305 | 0.4 | 853 | 253 | 109 | 4.8 | 0.6 | 59 | 3.51 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-003 | 0 | 3.5 | 3.5 | 1/19/2025 | -- | -- | 0.0528 | 229 | 5.8 | 2.8 | 1.10 | 7.9 | 1.1 | 70 | 0.4 | 69 | 19 | 13 | 1.1 | 0.3 | 27 | 2.51 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-003 | 3.5 | 5 | 1.5 | 1/19/2025 | -- | -- | 0.0881 | 405 | 6.5 | 3.4 | 1.80 | 10.4 | 1.2 | 122 | 0.4 | 119 | 33 | 21 | 1.4 | 0.4 | 24 | 3.10 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-003 | 5 | 7 | 2 | 1/19/2025 | -- | -- | 0.1679 | 463 | 24.0 | 10.4 | 4.58 | 40.9 | 4.0 | 268 | 1.2 | 351 | 84 | 68 | 5.3 | 1.3 | 96 | 8.96 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-003 | 7 | 8 | 1 | 1/19/2025 | -- | -- | 0.1568 | 476 | 26.5 | 12.9 | 5.45 | 40.8 | 4.9 | 206 | 1.6 | 293 | 68 | 58 | 5.4 | 1.6 | 121 | 11.05 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-003 | 8 | 9 | 1 | 1/19/2025 | -- | -- | 0.0946 | 327 | 14.5 | 8.9 | 2.94 | 19.7 | 3.0 | 111 | 1.2 | 158 | 38 | 29 | 2.7 | 1.2 | 79 | 8.78 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-003 | 9 | 10 | 1 | 1/19/2025 | -- | -- | 0.0733 | 237 | 12.0 | 7.2 | 1.64 | 14.4 | 2.5 | 99 | 0.9 | 119 | 30 | 22 | 2.1 | 1.0 | 67 | 6.32 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-003 | 10 | 11 | 1 | 1/19/2025 | -- | -- | 0.0365 | 105 | 6.9 | 3.2 | 1.15 | 10.3 | 1.2 | 56 | 0.3 | 62 | 16 | 13 | 1.4 | 0.4 | 31 | 2.48 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-003 | 11 | 12 | 1 | 1/19/2025 | -- | -- | 0.0528 | 174 | 7.9 | 5.2 | 0.75 | 10.0 | 1.7 | 79 | 0.6 | 74 | 20 | 14 | 1.4 | 0.7 | 54 | 4.33 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-003 | 12 | 13 | 1 | 1/19/2025 | -- | -- | 0.0512 | 163 | 8.6 | 5.2 | 0.81 | 9.1 | 1.8 | 77 | 0.6 | 73 | 20 | 13 | 1.5 | 0.7 | 55 | 4.46 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-003 | 13 | 14 | 1 | 1/19/2025 | -- | -- | 0.0288 | 99 | 3.9 | 2.0 | 0.65 | 5.6 | 0.7 | 48 | 0.2 | 41 | 11 | 8 | 0.8 | 0.2 | 22 | 1.76 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-003 | 14 | 15 | 1 | 1/19/2025 | -- | -- | 0.0342 | 118 | 4.5 | 2.1 | 0.64 | 7.2 | 0.8 | 56 | 0.2 | 51 | 14 | 10 | 0.9 | 0.3 | 23 | 1.62 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-003 | 15 | 16 | 1 | 1/19/2025 | -- | -- | 0.1267 | 451 | 19.6 | 9.4 | 2.81 | 27.4 | 3.4 | 162 | 1.0 | 205 | 51 | 41 | 3.8 | 1.1 | 92 | 7.13 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-003 | 16 | 17 | 1 | 1/19/2025 | -- | -- | 0.1018 | 372 | 11.7 | 5.6 | 2.71 | 19.3 | 2.1 | 145 | 0.7 | 171 | 43 | 31 | 2.4 | 0.7 | 56 | 4.44 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-003 | 16 | 17 | 1 | 1/19/2025 | Duplicate | 16-17m | 0.1141 | 376 | 14.4 | 7.0 | 3.15 | 22.6 | 2.6 | 174 | 0.9 | 204 | 51 | 37 | 2.9 | 0.9 | 68 | 6.06 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-003 | 17 | 18 | 1 | 1/19/2025 | -- | -- | 0.0900 | 332 | 10.3 | 5.4 | 1.27 | 16.6 | 2.0 | 126 | 0.6 | 148 | 39 | 28 | 2.1 | 0.7 | 50 | 4.67 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-003 | 18 | 18.5 | 0.5 | 1/19/2025 | -- | -- | 0.0673 | 221 | 12.6 | 8.6 | 1.13 | 12.1 | 2.8 | 87 | 1.1 | 95 | 25 | 18 | 2.0 | 1.1 | 74 | 7.79 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-003 | 18.5 | 19 | 0.5 | 1/19/2025 | -- | -- | 0.0581 | 187 | 7.7 | 4.3 | 1.55 | 10.8 | 1.5 | 90 | 0.5 | 101 | 27 | 18 | 1.4 | 0.6 | 39 | 3.80 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-003 | 19 | 20 | 1 | 1/19/2025 | -- | -- | 0.0529 | 192 | 7.2 | 3.9 | 1.54 | 10.4 | 1.4 | 70 | 0.4 | 84 | 21 | 16 | 1.4 | 0.5 | 37 | 3.20 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-003 | 20 | 21 | 1 | 1/19/2025 | -- | -- | 0.0890 | 307 | 12.7 | 7.0 | 1.08 | 15.6 | 2.5 | 126 | 0.8 | 145 | 39 | 26 | 2.3 | 0.9 | 66 | 5.74 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-003 | 21 | 22 | 1 | 1/19/2025 | -- | -- | 0.1026 | 348 | 11.3 | 6.6 | 1.91 | 17.2 | 2.3 | 169 | 0.9 | 174 | 46 | 29 | 2.2 | 0.9 | 59 | 6.30 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-003 | 22 | 23 | 1 | 1/19/2025 | -- | -- | 0.0907 | 291 | 14.2 | 11.1 | 2.68 | 15.8 | 3.5 | 115 | 1.8 | 149 | 37 | 26 | 2.4 | 1.6 | 87 | 11.60 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-003 | 23 | 24 | 1 | 1/19/2025 | -- | -- | 0.0135 | 42 | 1.5 | 0.8 | 2.97 | 2.0 | 0.3 | 30 | 0.1 | 18 | 5 | 3 | 0.3 | 0.1 | 9 | 0.62 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-003 | 24 | 26 | 2 | 1/19/2025 | -- | -- | 0.0499 | 163 | 8.4 | 4.5 | 0.92 | 9.8 | 1.7 | 71 | 0.6 | 76 | 20 | 15 | 1.5 | 0.6 | 47 | 4.14 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-003 | 26 | 28 | 2 | 1/19/2025 | -- | -- | 0.0848 | 299 | 10.2 | 5.4 | 2.59 | 14.9 | 1.8 | 120 | 0.7 | 153 | 34 | 25 | 1.8 | 0.7 | 49 | 4.48 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-003 | 28 | 30 | 2 | 1/19/2025 | -- | -- | 0.1147 | 391 | 14.2 | 6.7 | 4.28 | 21.8 | 2.6 | 176 | 0.8 | 201 | 49 | 31 | 2.9 | 0.9 | 68 | 5.20 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-003 | 30 | 32 | 2 | 1/19/2025 | -- | -- | 0.1161 | 402 | 14.1 | 6.9 | 4.21 | 23.5 | 2.5 | 163 | 0.8 | 214 | 48 | 36 | 2.8 | 0.8 | 65 | 4.77 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-003 | 32 | 34 | 2 | 1/19/2025 | -- | -- | 0.1119 | 382 | 13.8 | 6.9 | 4.18 | 22.5 | 2.6 | 155 | 0.9 | 209 | 46 | 34 | 2.8 | 0.9 | 66 | 5.28 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-003 | 34 | 36 | 2 | 1/19/2025 | -- | -- | 0.1053 | 353 | 13.6 | 7.1 | 3.99 | 21.5 | 2.6 | 149 | 0.9 | 191 | 43 | 32 | 2.7 | 0.9 | 69 | 5.57 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-003 | 36 | 38 | 2 | 1/19/2025 | -- | -- | 0.0597 | 193 | 11.0 | 4.5 | 1.12 | 14.2 | 1.8 | 86 | 0.4 | 95 | 23 | 19 | 2.1 | 0.6 | 51 | 3.27 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-003 | 38 | 40 | 2 | 1/19/2025 | -- | -- | 0.0323 | 105 | 5.6 | 2.4 | 0.75 | 7.5 | 1.0 | 48 | 0.3 | 50 | 12 | 10 | 1.1 | 0.3 | 27 | 1.82 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-003 | 40 | 42 | 2 | 1/19/2025 | -- | -- | 0.0489 | 168 | 6.8 | 2.3 | 0.90 | 12.1 | 1.0 | 74 | 0.2 | 82 | 20 | 17 | 1.6 | 0.3 | 28 | 1.53 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-003 | 42 | 44 | 2 | 1/19/2025 | -- | -- | 0.0351 | 123 | 4.7 | 2.0 | 0.74 | 7.4 | 0.8 | 56 | 0.2 | 54 | 14 | 10 | 1.0 | 0.3 | 22 | 1.40 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-003 | 44 | 46 | 2 | 1/19/2025 | -- | -- | 0.0381 | 134 | 4.4 | 1.9 | 0.82 | 7.5 | 0.7 | 64 | 0.2 | 62 | 15 | 11 | 1.0 | 0.2 | 21 | 1.46 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-003 | 46 | 48 | 2 | 1/19/2025 | -- | -- | 0.0327 | 106 | 6.1 | 2.4 | 0.63 | 7.6 | 1.0 | 50 | 0.2 | 50 | 13 | 10 | 1.2 | 0.3 | 29 | 1.48 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-003 | 48 | 50.5 | 2.5 | 1/19/2025 | -- | -- | 0.0350 | 111 | 6.6 | 2.6 | 0.80 | 9.1 | 1.1 | 51 | 0.3 | 53 | 13 | 12 | 1.4 | 0.4 | 34 | 1.90 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-003 | 50.5 | 51.5 | 1 | 1/19/2025 | -- | -- | 0.0433 | 112 | 13.3 | 7.3 | 0.55 | 10.8 | 2.7 | 49 | 0.8 | 54 | 14 | 12 | 2.1 | 0.9 | 80 | 5.56 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-003 | 51.5 | 53 | 1.5 | 1/19/2025 | -- | -- | 0.0206 | 58 | 5.8 | 2.7 | 0.60 | 4.5 | 1.1 | 28 | 0.3 | 26 | 7 | 6 | 0.9 | 0.3 | 32 | 1.72 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-003 | 53 | 55 | 2 | 1/19/2025 | -- | -- | 0.0481 | 166 | 6.6 | 2.7 | 0.92 | 10.3 | 1.1 | 75 | 0.3 | 78 | 20 | 15 | 1.4 | 0.3 | 31 | 1.78 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-003 | 55 | 57 | 2 | 1/19/2025 | -- | -- | 0.0592 | 197 | 9.1 | 4.4 | 1.38 | 13.1 | 1.5 | 87 | 0.6 | 97 | 24 | 18 | 1.7 | 0.6 | 44 | 3.58 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-003 | 57 | 58.25 | 1.25 | 1/19/2025 | -- | -- | 0.0472 | 164 | 6.1 | 2.2 | 1.04 | 10.6 | 0.9 | 73 | 0.2 | 79 | 20 | 16 | 1.4 | 0.3 | 26 | 1.30 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-003 | 58.25 | 59 | 0.75 | 1/19/2025 | -- | -- | 0.0163 | 46 | 4.9 | 2.0 | 0.64 | 4.6 | 0.8 | 21 | 0.1 | 22 | 6 | 5 | 0.9 | 0.2 | 24 | 0.96 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-003 | 59 | 61 | 2 | 1/19/2025 | -- | -- | 0.0143 | 40 | 3.8 | 2.0 | 0.57 | 3.3 | 0.7 | 19 | 0.2 | 17 | 4 | 4 | 0.6 | 0.3 | 23 | 1.50 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-003 | 61 | 62.25 | 1.25 | 1/19/2025 | -- | -- | 0.0351 | 110 | 8.0 | 3.4 | 0.59 | 8.7 | 1.3 | 48 | 0.3 | 48 | 13 | 11 | 1.4 | 0.4 | 42 | 2.14 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-003 | 62.25 | 63 | 0.75 | 1/19/2025 | -- | -- | 0.0549 | 161 | 13.9 | 6.1 | 0.66 | 14.6 | 2.4 | 71 | 0.5 | 73 | 20 | 18 | 2.5 | 0.8 | 77 | 3.85 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-003 | 63 | 65 | 2 | 1/19/2025 | -- | -- | 0.0297 | 92 | 6.6 | 3.1 | 0.58 | 6.3 | 1.2 | 41 | 0.3 | 40 | 11 | 9 | 1.1 | 0.4 | 36 | 1.94 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |

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SLV0163 – Technical Report Summary Shiloh Project, Georgia 208 November 2025

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| **Technical Report Summary** | ![img77526612_71.jpg](img77526612_71.jpg) |

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|  |  |  |  |  |  |  | **Method** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** |
|  |  |  |  |  |  |  | **Analyte** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** |
|  |  |  |  |  |  |  | **Units** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** |
|  |  |  |  |  |  |  | **Detection <br>Limit** | **0** | **0.1** | **0.0** | **0.02** | **0.05** | **0.01** | **0.1** | **0.01** | **0.1** | **0.02** | **0.03** | **0.01** | **0.01** | **0.1** | **0.03** | **3** | **0.3** | **0.2** | **0.2** | **0.3** | **0.05** | **3** | **0.05** | **0.5** | **0.2** | **0.2** | **0.05** | **0.05** | **3** | **0.2** |
|  |  |  |  |  |  |  | **Upper <br>Limit** | **10000** | **1000.0** | **1000.0** | **1000** | **1000** | **1000** | **10000** | **1000** | **10000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **50000** | **5000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** | **50000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** |
| **Hole ID** | **From <br>(m)** | **To <br>(m)** | **Interval (m)** | **Drill Date** | **Sample <br>Type** | **Sample <br>Details** | **TREO<br>(%)** | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-003 | 65 | 67 | 2 | 1/19/2025 | -- | -- | 0.0215 | 69 | 4.2 | 1.8 | 0.62 | 4.8 | 0.8 | 32 | 0.2 | 29 | 8 | 6 | 0.7 | 0.2 | 23 | 1.25 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-003 | 67 | 69 | 2 | 1/19/2025 | -- | -- | 0.0438 | 157 | 5.8 | 2.5 | 0.81 | 8.2 | 0.9 | 73 | 0.3 | 63 | 18 | 13 | 1.1 | 0.3 | 27 | 1.73 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-003 | 69 | 71 | 2 | 1/19/2025 | -- | -- | 0.0448 | 159 | 5.9 | 2.4 | 0.91 | 8.3 | 0.9 | 73 | 0.2 | 68 | 18 | 14 | 1.1 | 0.3 | 28 | 1.68 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-003 | 71 | 73 | 2 | 1/19/2025 | -- | -- | 0.0441 | 158 | 5.9 | 2.5 | 0.72 | 8.6 | 0.9 | 73 | 0.3 | 64 | 18 | 13 | 1.2 | 0.3 | 28 | 1.71 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-003 | 73 | 75 | 2 | 1/19/2025 | -- | -- | 0.0596 | 208 | 8.8 | 3.5 | 0.97 | 12.6 | 1.4 | 91 | 0.4 | 92 | 24 | 19 | 1.7 | 0.5 | 41 | 2.53 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-003 | 73 | 75 | 2 | 1/19/2025 | Duplicate | 73-75m | 0.0622 | 225 | 8.8 | 3.6 | 1.05 | 12.6 | 1.5 | 93 | 0.4 | 93 | 25 | 20 | 1.7 | 0.4 | 41 | 2.62 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-003 | 75 | 77 | 2 | 1/19/2025 | -- | -- | 0.0395 | 134 | 6.7 | 3.2 | 0.73 | 8.3 | 1.2 | 60 | 0.3 | 55 | 16 | 12 | 1.3 | 0.4 | 34 | 2.32 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-003 | 77 | 79 | 2 | 1/19/2025 | -- | -- | 0.0453 | 160 | 6.3 | 2.5 | 0.74 | 8.9 | 1.0 | 74 | 0.3 | 65 | 18 | 14 | 1.2 | 0.4 | 30 | 2.10 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-003 | 79 | 81 | 2 | 1/19/2025 | -- | -- | 0.0424 | 152 | 5.8 | 2.0 | 0.74 | 8.4 | 0.9 | 70 | 0.2 | 62 | 17 | 13 | 1.2 | 0.3 | 26 | 1.28 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-003 | 81 | 83 | 2 | 1/19/2025 | -- | -- | 0.0432 | 150 | 6.2 | 2.3 | 0.85 | 9.2 | 0.9 | 70 | 0.2 | 69 | 17 | 13 | 1.2 | 0.3 | 26 | 1.48 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-003 | 83 | 85 | 2 | 1/19/2025 | -- | -- | 0.0830 | 285 | 10.5 | 5.6 | 2.73 | 17.6 | 1.9 | 119 | 0.8 | 147 | 34 | 25 | 2.1 | 0.7 | 50 | 4.68 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-003 | 85 | 87 | 2 | 1/19/2025 | -- | -- | 0.0413 | 116 | 8.8 | 4.7 | 2.77 | 11.5 | 1.7 | 51 | 0.6 | 72 | 15 | 14 | 1.7 | 0.6 | 46 | 3.64 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-003 | 87 | 89 | 2 | 1/19/2025 | -- | -- | 0.0257 | 61 | 7.7 | 4.3 | 2.69 | 9.1 | 1.6 | 26 | 0.5 | 40 | 8 | 9 | 1.4 | 0.6 | 41 | 3.62 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-003 | 89 | 91 | 2 | 1/19/2025 | -- | -- | 0.0257 | 61 | 7.4 | 4.4 | 2.64 | 8.9 | 1.5 | 26 | 0.5 | 40 | 8 | 10 | 1.4 | 0.6 | 42 | 3.48 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-003 | 91 | 93 | 2 | 1/19/2025 | -- | -- | 0.0247 | 60 | 7.4 | 4.6 | 2.44 | 8.5 | 1.6 | 26 | 0.6 | 36 | 8 | 9 | 1.4 | 0.6 | 39 | 3.69 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-003 | 93 | 95 | 2 | 1/19/2025 | -- | -- | 0.0273 | 66 | 8.5 | 5.1 | 2.69 | 9.6 | 1.7 | 29 | 0.6 | 39 | 9 | 9 | 1.5 | 0.7 | 44 | 4.47 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-003 | 95 | 97 | 2 | 1/19/2025 | -- | -- | 0.0151 | 34 | 5.1 | 3.2 | 1.49 | 5.2 | 1.0 | 15 | 0.4 | 21 | 5 | 5 | 0.9 | 0.4 | 28 | 2.81 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-003 | 97 | 99 | 2 | 1/19/2025 | -- | -- | 0.0169 | 38 | 5.7 | 3.2 | 1.94 | 6.1 | 1.1 | 16 | 0.5 | 24 | 5 | 6 | 1.0 | 0.4 | 30 | 2.80 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-003 | 99 | 100 | 1 | 1/19/2025 | -- | -- | 0.0158 | 36 | 5.0 | 3.0 | 1.82 | 6.0 | 1.0 | 16 | 0.3 | 23 | 5 | 6 | 0.9 | 0.4 | 27 | 2.65 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-003 | -- | -- | -- | 1/19/2025 | Blank | Marble | 0.0070 | 19 | 1.6 | 1.0 | 0.48 | 2.1 | 0.3 | 9 | 0.1 | 11 | 3 | 3 | 0.3 | 0.1 | 9 | 0.75 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-003 | -- | -- | -- | 1/19/2025 | Blank | Marble | 0.0080 | 24 | 1.3 | 0.9 | 0.51 | 1.9 | 0.3 | 12 | 0.1 | 12 | 3 | 3 | 0.3 | 0.1 | 8 | 0.89 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-003 | -- | -- | -- | 1/19/2025 | Blank | Marble | 0.0045 | 11 | 1.0 | 0.4 | 0.46 | 1.3 | 0.2 | 6 | 0.1 | 8 | 2 | 2 | 0.2 | 0.1 | 5 | 0.32 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-003 | -- | -- | -- | 1/19/2025 | Blank | Marble | 0.0046 | 13 | 1.0 | 0.5 | 0.44 | 1.2 | 0.2 | 6 | 0.1 | 7 | 2 | 2 | 0.2 | 0.1 | 5 | 0.50 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-003 | -- | -- | -- | 1/19/2025 | Standard | OREAS 463 | 2.0565 | 6850 | 68.6 | 15.8 | 118.50 | 243.0 | 8.5 | 5050 | 0.8 | 4230 | >1000 | 584 | 20.6 | 1.4 | 188 | 6.51 | 6400 | 63 | 16 | 110 | 247 | 8 | 5100 | 1 | 3840 | 1060 | 509 | 20 | 2 | 184 | 7 |
| 25-DDPT-004 | 0 | 3.5 | 3.5 | 1/22/2025 | -- | -- | 0.1099 | 444 | 12.1 | 5.3 | 2.98 | 18.8 | 2.1 | 154 | 0.6 | 173 | 45 | 32 | 2.4 | 0.7 | 40 | 4.18 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-004 | 3.5 | 6.5 | 3 | 1/22/2025 | -- | -- | 0.2105 | 598 | 30.3 | 13.3 | 5.49 | 48.0 | 5.3 | 359 | 1.5 | 407 | 105 | 78 | 6.2 | 1.8 | 122 | 10.75 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-004 | 6.5 | 8 | 1.5 | 1/22/2025 | -- | -- | 0.1050 | 297 | 20.9 | 10.4 | 2.73 | 29.8 | 4.0 | 149 | 1.2 | 180 | 46 | 37 | 4.1 | 1.4 | 100 | 8.41 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-004 | 8 | 9.5 | 1.5 | 1/22/2025 | -- | -- | 0.1354 | 407 | 29.8 | 18.5 | 3.46 | 33.0 | 6.4 | 162 | 2.3 | 195 | 50 | 38 | 4.9 | 2.5 | 178 | 15.05 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-004 | 9.5 | 11 | 1.5 | 1/22/2025 | -- | -- | 0.1999 | 514 | 33.2 | 19.8 | 5.06 | 44.9 | 7.1 | 347 | 2.4 | 339 | 86 | 59 | 5.8 | 2.7 | 211 | 16.30 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-004 | 11 | 12.5 | 1.5 | 1/22/2025 | -- | -- | 0.0856 | 296 | 13.1 | 7.7 | 2.10 | 15.6 | 2.8 | 111 | 1.0 | 128 | 34 | 23 | 2.3 | 1.1 | 81 | 6.80 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-004 | 12.5 | 13.25 | 0.75 | 1/22/2025 | -- | -- | 0.0500 | 154 | 10.4 | 6.0 | 1.07 | 10.8 | 2.2 | 67 | 0.6 | 70 | 19 | 14 | 1.7 | 0.8 | 62 | 4.60 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-004 | 13.25 | 13.75 | 0.5 | 1/22/2025 | -- | -- | 0.0595 | 191 | 11.7 | 7.0 | 1.70 | 10.8 | 2.5 | 81 | 0.9 | 79 | 23 | 14 | 1.8 | 1.0 | 72 | 6.14 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-004 | 13.75 | 14.5 | 0.75 | 1/22/2025 | -- | -- | 3.3566 | >10000 | 89.7 | 15.7 | 6.56 | 363.0 | 9.5 | 5850 | 1.0 | 5750 | >1000 | 770 | 30.5 | 1.5 | 226 | 6.65 | 13700 | 79 | 15 | 6 | 362 | 9 | 5790 | 1 | 6050 | 1645 | 774 | 29 | 1 | 208 | 6 |
| 25-DDPT-004 | 14.5 | 15.5 | 1 | 1/22/2025 | -- | -- | 5.7056 | >10000 | 166.5 | 25.8 | 6.76 | 703.0 | 17.2 | >10000 | 1.2 | 9860 | >1000 | >1000 | 56.8 | 2.0 | 394 | 7.42 | 23000 | 151 | 24 | 7 | 693 | 16 | 10050 | 1 | 10200 | 2800 | 1365 | 55 | 2 | 371 | 7 |
| 25-DDPT-004 | 15.5 | 16.5 | 1 | 1/22/2025 | -- | -- | 0.1303 | 478 | 12.3 | 6.6 | 1.15 | 18.1 | 2.4 | 226 | 1.0 | 202 | 58 | 31 | 2.3 | 1.0 | 63 | 6.57 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-004 | 16.5 | 17.5 | 1 | 1/22/2025 | -- | -- | 0.4785 | 1920 | 24.5 | 11.4 | 1.14 | 55.5 | 4.3 | 815 | 1.4 | 781 | 231 | 107 | 5.6 | 1.6 | 113 | 9.32 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-004 | 17.5 | 18.5 | 1 | 1/22/2025 | -- | -- | 0.0570 | 175 | 12.6 | 7.3 | 0.95 | 10.8 | 2.6 | 79 | 0.9 | 73 | 21 | 14 | 2.0 | 1.0 | 75 | 6.27 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-004 | 18.5 | 19.5 | 1 | 1/22/2025 | -- | -- | 0.0295 | 80 | 9.2 | 4.4 | 0.64 | 7.7 | 1.8 | 35 | 0.4 | 35 | 10 | 9 | 1.5 | 0.6 | 50 | 2.90 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-004 | 19.5 | 20.5 | 1 | 1/22/2025 | -- | -- | 0.0474 | 162 | 8.4 | 3.4 | 0.72 | 10.4 | 1.4 | 64 | 0.3 | 74 | 20 | 15 | 1.6 | 0.5 | 38 | 2.44 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-004 | 20.5 | 21.5 | 1 | 1/22/2025 | -- | -- | 0.0137 | 43 | 3.2 | 1.3 | 0.59 | 3.2 | 0.6 | 19 | 0.1 | 18 | 5 | 4 | 0.5 | 0.2 | 16 | 0.81 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-004 | 21.5 | 22.5 | 1 | 1/22/2025 | -- | -- | 0.0219 | 73 | 4.2 | 2.1 | 0.59 | 4.5 | 0.8 | 33 | 0.1 | 29 | 8 | 6 | 0.7 | 0.2 | 22 | 1.20 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-004 | 22.5 | 23.5 | 1 | 1/22/2025 | -- | -- | 0.0326 | 103 | 7.6 | 2.6 | 0.72 | 7.9 | 1.2 | 48 | 0.2 | 45 | 12 | 10 | 1.4 | 0.3 | 36 | 1.51 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-004 | 23.5 | 24 | 0.5 | 1/22/2025 | -- | -- | 0.0183 | 48 | 6.2 | 3.0 | 0.61 | 4.3 | 1.2 | 22 | 0.2 | 19 | 6 | 5 | 0.9 | 0.4 | 36 | 1.86 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-004 | 24 | 25 | 1 | 1/22/2025 | -- | -- | 0.0165 | 43 | 6.1 | 2.2 | 0.65 | 4.5 | 1.0 | 19 | 0.2 | 17 | 5 | 4 | 0.9 | 0.3 | 33 | 1.25 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-004 | 25 | 26 | 1 | 1/22/2025 | -- | -- | 0.0222 | 60 | 7.0 | 3.0 | 0.47 | 5.6 | 1.3 | 27 | 0.3 | 26 | 7 | 6 | 1.1 | 0.3 | 40 | 1.96 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-004 | 26 | 27 | 1 | 1/22/2025 | -- | -- | 0.0296 | 82 | 7.3 | 4.4 | 0.74 | 6.6 | 1.6 | 36 | 0.5 | 41 | 11 | 9 | 1.1 | 0.6 | 44 | 4.15 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-004 | 26 | 27 | 1 | 1/22/2025 | Duplicate | 26-27m | 0.0298 | 83 | 7.3 | 4.6 | 0.66 | 6.5 | 1.5 | 37 | 0.5 | 41 | 11 | 8 | 1.1 | 0.6 | 45 | 3.85 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-004 | 27 | 28 | 1 | 1/22/2025 | -- | -- | 0.1038 | 354 | 15.3 | 13.6 | 1.07 | 16.5 | 3.8 | 136 | 2.3 | 152 | 40 | 28 | 2.4 | 2.1 | 99 | 15.50 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-004 | 28 | 29 | 1 | 1/22/2025 | -- | -- | 0.0661 | 239 | 6.1 | 2.3 | 1.30 | 11.8 | 1.0 | 103 | 0.3 | 119 | 32 | 22 | 1.4 | 0.3 | 24 | 1.74 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-004 | 29 | 30 | 1 | 1/22/2025 | -- | -- | 0.0611 | 188 | 10.4 | 5.0 | 1.31 | 14.2 | 1.9 | 94 | 0.5 | 98 | 25 | 19 | 2.1 | 0.6 | 54 | 3.51 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-004 | -- | -- | -- | 1/22/2025 | Blank | Marble | 0.0080 | 19 | 2.4 | 1.6 | 0.56 | 2.3 | 0.5 | 9 | 0.2 | 10 | 3 | 2 | 0.4 | 0.2 | 15 | 1.54 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-004 | -- | -- | -- | 1/22/2025 | Standard | OREAS 463 | 2.0601 | 6820 | 78.0 | 17.2 | 122.50 | 256.0 | 9.6 | 5160 | 0.9 | 3740 | >1000 | 550 | 22.8 | 1.7 | 197 | 6.65 | 6690 | 64 | 16 | 110 | 242 | 8 | 4850 | 1 | 3840 | 1035 | 535 | 20 | 1 | 178 | 7 |
| 25-DDPT-004 | -- | -- | -- | 1/22/2025 | Standard | OREAS 460 | 0.5263 | 1860 | 20.1 | 6.2 | 21.70 | 49.3 | 2.9 | 1330 | 0.5 | 776 | 248 | 110 | 5.0 | 0.7 | 59 | 3.71 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-005 | 0 | 2 | 2 | 1/26/2025 | -- | -- | 0.0702 | 237 | 11.6 | 5.9 | 1.61 | 14.1 | 2.1 | 106 | 0.7 | 108 | 29 | 20 | 2.0 | 0.8 | 53 | 4.56 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-005 | 2 | 3.5 | 1.5 | 1/26/2025 | -- | -- | 0.0597 | 237 | 7.7 | 3.6 | 1.24 | 10.4 | 1.4 | 86 | 0.4 | 83 | 22 | 15 | 1.4 | 0.5 | 34 | 2.89 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-005 | 3.5 | 5 | 1.5 | 1/26/2025 | -- | -- | 0.0602 | 209 | 8.1 | 3.5 | 1.44 | 12.1 | 1.3 | 96 | 0.4 | 98 | 27 | 18 | 1.6 | 0.4 | 32 | 2.79 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-005 | 5 | 6 | 1 | 1/26/2025 | -- | -- | 0.2315 | 774 | 30.2 | 16.5 | 5.42 | 44.8 | 5.9 | 363 | 2.1 | 381 | 101 | 67 | 5.7 | 2.3 | 155 | 14.25 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-005 | 6 | 7 | 1 | 1/26/2025 | -- | -- | 0.1259 | 490 | 16.1 | 8.7 | 3.68 | 22.1 | 3.1 | 160 | 1.1 | 194 | 50 | 34 | 3.0 | 1.2 | 77 | 7.41 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-005 | 7 | 8 | 1 | 1/26/2025 | -- | -- | 0.1649 | 506 | 28.1 | 18.0 | 4.81 | 34.7 | 6.1 | 214 | 2.6 | 257 | 63 | 45 | 4.8 | 2.6 | 192 | 16.50 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-005 | 8 | 9 | 1 | 1/26/2025 | -- | -- | 0.1310 | 459 | 18.9 | 12.2 | 4.33 | 24.8 | 4.0 | 167 | 1.6 | 197 | 50 | 34 | 3.4 | 1.6 | 123 | 10.80 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-005 | 9 | 10 | 1 | 1/26/2025 | -- | -- | 0.1553 | 594 | 19.0 | 10.0 | 4.27 | 29.1 | 3.7 | 205 | 1.3 | 241 | 61 | 42 | 3.7 | 1.3 | 97 | 8.38 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-005 | 10 | 11 | 1 | 1/26/2025 | -- | -- | 0.0955 | 277 | 14.4 | 7.3 | 3.00 | 20.6 | 2.8 | 153 | 0.9 | 172 | 43 | 31 | 2.8 | 1.0 | 76 | 6.33 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-005 | 11 | 12 | 1 | 1/26/2025 | -- | -- | 0.0366 | 127 | 5.4 | 2.5 | 0.80 | 7.2 | 0.9 | 58 | 0.3 | 52 | 15 | 10 | 1.0 | 0.4 | 28 | 2.17 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-005 | 12 | 13 | 1 | 1/26/2025 | -- | -- | 0.0874 | 276 | 13.0 | 7.5 | 2.02 | 17.1 | 2.7 | 138 | 1.0 | 140 | 36 | 25 | 2.3 | 1.0 | 75 | 6.47 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-005 | 13 | 14 | 1 | 1/26/2025 | -- | -- | 0.0325 | 116 | 4.2 | 1.9 | 0.78 | 6.4 | 0.7 | 55 | 0.2 | 48 | 14 | 9 | 0.8 | 0.2 | 18 | 1.54 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-005 | 14 | 15 | 1 | 1/26/2025 | -- | -- | 0.0251 | 89 | 3.0 | 1.4 | 2.67 | 4.0 | 0.5 | 46 | 0.2 | 36 | 10 | 6 | 0.5 | 0.2 | 14 | 1.28 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-005 | 15 | 15.5 | 0.5 | 1/26/2025 | -- | -- | 9.6247 | >10000 | 263.0 | 39.4 | 10.10 | >1000 | 26.8 | >10000 | 1.3 | >10000 | >1000 | >1000 | 88.8 | 2.8 | 654 | 9.47 | 38900 | 265 | 41 | 11 | 1190 | 27 | 16950 | 1 | 16950 | 4820 | 2330 | 90 | 3 | 635 | 10 |
| 25-DDPT-005 | 15.5 | 16 | 0.5 | 1/26/2025 | -- | -- | 0.0462 | 158 | 6.8 | 3.3 | 1.15 | 9.1 | 1.3 | 73 | 0.4 | 67 | 19 | 13 | 1.3 | 0.5 | 37 | 2.78 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-005 | 16 | 16.5 | 0.5 | 1/26/2025 | -- | -- | 1.2886 | 5190 | 40.0 | 7.7 | 2.46 | 153.0 | 4.4 | 2180 | 0.5 | 2290 | 641 | 327 | 13.1 | 0.7 | 113 | 3.42 | 5180 | 41 | 8 | 3 | 169 | 4 | 2220 | 0 | 2270 | 657 | 324 | 13 | 1 | 113 | 3 |
| 25-DDPT-005 | 16.5 | 17 | 0.5 | 1/26/2025 | -- | -- | 0.0255 | 78 | 5.5 | 2.9 | 0.74 | 4.9 | 1.1 | 38 | 0.3 | 34 | 10 | 7 | 0.9 | 0.4 | 30 | 2.59 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-005 | 17 | 18 | 1 | 1/26/2025 | -- | -- | 0.1334 | 509 | 10.3 | 5.4 | 0.91 | 17.8 | 1.8 | 220 | 0.7 | 219 | 62 | 33 | 2.1 | 0.8 | 50 | 4.72 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-005 | 18 | 19 | 1 | 1/26/2025 | -- | -- | 0.0413 | 117 | 10.8 | 6.9 | 0.78 | 8.5 | 2.4 | 51 | 0.8 | 50 | 14 | 10 | 1.5 | 0.9 | 68 | 5.71 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-005 | 19 | 20 | 1 | 1/26/2025 | -- | -- | 0.0282 | 75 | 8.5 | 4.9 | 0.71 | 6.5 | 1.7 | 33 | 0.5 | 33 | 9 | 7 | 1.2 | 0.7 | 51 | 4.04 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-005 | 20 | 21 | 1 | 1/26/2025 | -- | -- | 0.0239 | 68 | 7.1 | 3.3 | 0.76 | 6.2 | 1.3 | 30 | 0.3 | 29 | 8 | 7 | 1.2 | 0.4 | 37 | 2.54 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-005 | 21 | 22 | 1 | 1/26/2025 | -- | -- | 0.0183 | 62 | 3.3 | 1.1 | 0.65 | 4.2 | 0.5 | 29 | 0.1 | 25 | 7 | 5 | 0.6 | 0.1 | 15 | 0.58 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-005 | 22 | 23 | 1 | 1/26/2025 | -- | -- | 0.1528 | 557 | 21.6 | 8.7 | 0.85 | 30.8 | 3.5 | 212 | 0.8 | 242 | 67 | 47 | 4.2 | 1.0 | 97 | 5.87 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-005 | 23 | 24 | 1 | 1/26/2025 | -- | -- | 0.0272 | 76 | 8.0 | 3.9 | 0.66 | 6.1 | 1.6 | 35 | 0.4 | 30 | 9 | 7 | 1.2 | 0.5 | 47 | 3.05 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |

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SLV0163 – Technical Report Summary Shiloh Project, Georgia 209 November 2025

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| **Technical Report Summary** | ![img77526612_71.jpg](img77526612_71.jpg) |

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|  |  |  |  |  |  |  | **Method** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** |
|  |  |  |  |  |  |  | **Analyte** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** |
|  |  |  |  |  |  |  | **Units** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** |
|  |  |  |  |  |  |  | **Detection <br>Limit** | **0** | **0.1** | **0.0** | **0.02** | **0.05** | **0.01** | **0.1** | **0.01** | **0.1** | **0.02** | **0.03** | **0.01** | **0.01** | **0.1** | **0.03** | **3** | **0.3** | **0.2** | **0.2** | **0.3** | **0.05** | **3** | **0.05** | **0.5** | **0.2** | **0.2** | **0.05** | **0.05** | **3** | **0.2** |
|  |  |  |  |  |  |  | **Upper <br>Limit** | **10000** | **1000.0** | **1000.0** | **1000** | **1000** | **1000** | **10000** | **1000** | **10000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **50000** | **5000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** | **50000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** |
| **Hole ID** | **From <br>(m)** | **To <br>(m)** | **Interval (m)** | **Drill Date** | **Sample <br>Type** | **Sample <br>Details** | **TREO<br>(%)** | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-005 | 24 | 26 | 2 | 1/26/2025 | -- | -- | 0.0505 | 178 | 6.9 | 2.9 | 1.11 | 10.7 | 1.2 | 77 | 0.3 | 78 | 22 | 15 | 1.6 | 0.4 | 32 | 2.20 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-005 | 26 | 28 | 2 | 1/26/2025 | -- | -- | 0.0858 | 318 | 11.3 | 6.3 | 1.28 | 13.1 | 2.2 | 124 | 1.0 | 127 | 36 | 21 | 2.0 | 1.0 | 59 | 6.52 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-005 | 28 | 30 | 2 | 1/26/2025 | -- | -- | 0.0616 | 217 | 9.7 | 6.1 | 1.23 | 9.9 | 2.0 | 87 | 0.9 | 86 | 24 | 14 | 1.6 | 0.9 | 56 | 6.41 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-005 | -- | -- | -- | 1/26/2025 | Blank | Marble | 0.0055 | 16 | 1.1 | 0.6 | 0.44 | 1.3 | 0.2 | 8 | 0.1 | 8 | 2 | 2 | 0.2 | 0.1 | 6 | 0.48 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-005 | -- | -- | -- | 1/26/2025 | Blank | Marble | 0.0070 | 20 | 1.5 | 0.9 | 0.50 | 1.8 | 0.3 | 10 | 0.1 | 10 | 3 | 2 | 0.3 | 0.1 | 8 | 0.69 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DDPT-005 | -- | -- | -- | 1/26/2025 | Standard | OREAS 463 | 9.4563 | >10000 | 230.0 | 52.9 | 294.00 | 630.0 | 30.1 | >10000 | 2.2 | >10000 | >1000 | >1000 | 61.3 | 4.6 | 569 | 19.10 | 39400 | 218 | 52 | 285 | 621 | 28 | 23200 | 2 | 11300 | 3710 | 1325 | 59 | 4 | 523 | 18 |
| 25-DPNB-001 | 0 | 1.52 | 1.52 | 5/5/2025 | -- | -- | 0.0509 | 173 | 7.6 | 3.4 | 1.94 | 11.1 | 1.3 | 80 | 0.4 | 84 | 22 | 16 | 1.5 | 0.5 | 29 | 2.92 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-001 | 1.52 | 3.35 | 1.83 | 5/5/2025 | -- | -- | 0.0848 | 175 | 15.3 | 6.3 | 4.19 | 23.7 | 2.4 | 152 | 0.7 | 196 | 51 | 37 | 3.1 | 0.8 | 51 | 5.32 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-001 | 3.35 | 4.5 | 1.14 | 5/5/2025 | -- | -- | 0.1299 | 258 | 23.0 | 8.4 | 6.52 | 38.7 | 3.4 | 228 | 0.9 | 314 | 78 | 60 | 4.8 | 1.0 | 75 | 6.01 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-002 | 0 | 1.52 | 1.52 | 5/5/2025 | -- | -- | 0.0749 | 178 | 17.6 | 9.9 | 2.75 | 20.3 | 3.5 | 112 | 1.1 | 132 | 33 | 24 | 3.0 | 1.3 | 89 | 8.16 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-002 | 1.52 | 3.81 | 2.29 | 5/5/2025 | -- | -- | 0.1928 | 550 | 43.4 | 19.2 | 4.09 | 68.1 | 7.6 | 214 | 1.6 | 341 | 76 | 74 | 8.3 | 2.1 | 212 | 11.55 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-002 | 3.81 | 5.16 | 1.35 | 5/5/2025 | -- | -- | 0.1873 | 586 | 36.0 | 15.4 | 2.50 | 59.0 | 6.2 | 224 | 1.3 | 330 | 76 | 71 | 7.5 | 1.8 | 164 | 9.75 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-003 | 0 | 1.52 | 1.52 | 5/5/2025 | -- | -- | 0.0712 | 204 | 12.0 | 5.2 | 2.35 | 18.9 | 2.0 | 116 | 0.6 | 134 | 33 | 25 | 2.4 | 0.7 | 46 | 3.92 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-003 | 1.52 | 2.67 | 1.14 | 5/5/2025 | -- | -- | 0.0673 | 109 | 10.1 | 5.3 | 2.14 | 13.6 | 1.9 | 132 | 0.8 | 170 | 44 | 28 | 1.8 | 0.8 | 49 | 5.42 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-003 | 2.67 | 3.96 | 1.3 | 5/5/2025 | -- | -- | 0.0397 | 112 | 7.7 | 3.2 | 1.57 | 10.5 | 1.3 | 69 | 0.4 | 70 | 16 | 14 | 1.5 | 0.4 | 27 | 2.70 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-003 | 3.96 | 4.44 | 0.48 | 5/5/2025 | -- | -- | 0.1863 | 316 | 34.4 | 12.9 | 5.53 | 62.3 | 5.3 | 356 | 1.1 | 453 | 105 | 86 | 7.2 | 1.4 | 131 | 8.07 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-003 | -- | -- | -- | 5/5/2025 | Blank | Marble | 0.0054 | 14 | 1.2 | 0.6 | 0.53 | 1.7 | 0.2 | 7 | 0.1 | 9 | 2 | 2 | 0.2 | 0.1 | 6 | 0.47 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-004 | 0 | 1.52 | 1.52 | 5/5/2025 | -- | -- | 0.0657 | 186 | 10.0 | 4.3 | 1.96 | 16.1 | 1.7 | 113 | 0.5 | 126 | 32 | 23 | 2.0 | 0.6 | 40 | 3.50 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-004 | 1.52 | 3.17 | 1.65 | 5/5/2025 | -- | -- | 0.0460 | 115 | 6.1 | 2.4 | 1.40 | 9.8 | 1.0 | 92 | 0.3 | 96 | 25 | 16 | 1.2 | 0.3 | 23 | 2.00 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-005 | 0 | 1.52 | 1.52 | 5/5/2025 | -- | -- | 0.0685 | 188 | 8.1 | 3.5 | 1.49 | 12.9 | 1.3 | 138 | 0.4 | 133 | 37 | 21 | 1.6 | 0.4 | 35 | 2.75 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-005 | 1.52 | 3.32 | 1.8 | 5/5/2025 | -- | -- | 0.0728 | 173 | 9.8 | 4.1 | 2.06 | 16.4 | 1.6 | 154 | 0.4 | 148 | 40 | 26 | 2.0 | 0.5 | 41 | 2.93 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-006 | 0 | 0.76 | 0.76 | 5/6/2025 | -- | -- | 0.1853 | 653 | 19.2 | 7.6 | 1.98 | 34.6 | 3.1 | 329 | 0.7 | 307 | 80 | 51 | 4.2 | 0.9 | 80 | 5.29 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-006 | 0.76 | 2.06 | 1.3 | 5/6/2025 | -- | -- | 0.0849 | 189 | 13.8 | 6.3 | 2.07 | 21.0 | 2.3 | 164 | 0.6 | 178 | 47 | 31 | 2.6 | 0.8 | 60 | 4.73 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-007 | 0 | 1.1 | 1.1 | 5/6/2025 | -- | -- | 0.2616 | 1005 | 16.8 | 6.0 | 1.82 | 35.8 | 2.6 | 507 | 0.5 | 409 | 114 | 59 | 3.8 | 0.7 | 66 | 3.73 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-008 | 0 | 0.91 | 0.91 | 5/6/2025 | -- | -- | 0.4670 | 1805 | 27.5 | 8.7 | 2.58 | 64.0 | 4.0 | 894 | 0.7 | 753 | 207 | 108 | 6.5 | 0.9 | 98 | 5.02 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-008 | 0.91 | 1.98 | 1.07 | 5/6/2025 | -- | -- | 1.3110 | 5170 | 56.3 | 16.4 | 3.27 | 147.0 | 7.9 | 2490 | 1.0 | 2150 | 606 | 268 | 14.3 | 1.6 | 186 | 7.79 | 5120 | 55 | 16 | 3 | 141 | 8 | 2630 | 1 | 2140 | 600 | 257 | 14 | 1 | 196 | 8 |
| 25-DPNB-008 | 1.98 | 3.15 | 1.17 | 5/6/2025 | -- | -- | 0.2009 | 750 | 14.0 | 5.6 | 2.02 | 27.2 | 2.3 | 398 | 0.5 | 312 | 88 | 44 | 3.1 | 0.6 | 61 | 3.51 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-008 | -- | -- | -- | 5/6/2025 | Standard | OREAS 463 | 1.9508 | 6300 | 66.8 | 16.0 | 108.50 | 227.0 | 8.3 | 4620 | 0.8 | 3660 | 967 | 496 | 19.1 | 1.4 | 166 | 6.57 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-009 | 0 | 1.22 | 1.22 | 5/6/2025 | -- | -- | 0.0601 | 273 | 7.3 | 4.0 | 1.75 | 9.3 | 1.4 | 66 | 0.6 | 78 | 20 | 15 | 1.3 | 0.6 | 30 | 4.11 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-009 | 1.22 | 2.5 | 1.28 | 5/6/2025 | -- | -- | 0.0937 | 172 | 17.9 | 9.5 | 5.25 | 25.0 | 3.2 | 156 | 1.2 | 230 | 56 | 43 | 3.3 | 1.3 | 65 | 9.38 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-009 | 2.5 | 3.99 | 1.49 | 5/6/2025 | -- | -- | 0.1103 | 114 | 24.6 | 10.8 | 8.05 | 37.5 | 4.1 | 207 | 1.2 | 296 | 71 | 58 | 4.8 | 1.4 | 90 | 9.54 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-009 | 3.99 | 5.56 | 1.57 | 5/6/2025 | -- | -- | 0.1319 | 316 | 27.4 | 14.2 | 5.12 | 38.9 | 5.1 | 196 | 1.7 | 245 | 58 | 48 | 5.2 | 1.8 | 144 | 11.80 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-010 | 0 | 1.52 | 1.52 | 5/6/2025 | -- | -- | 0.0898 | 294 | 16.4 | 8.0 | 3.38 | 23.1 | 2.9 | 111 | 1.0 | 158 | 38 | 32 | 3.0 | 1.1 | 65 | 7.28 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-010 | 1.52 | 3.05 | 1.52 | 5/6/2025 | -- | -- | 0.0712 | 146 | 16.5 | 7.7 | 2.96 | 24.4 | 2.9 | 109 | 0.8 | 140 | 33 | 29 | 3.1 | 1.0 | 82 | 5.74 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-010 | 3.05 | 4.57 | 1.52 | 5/6/2025 | -- | -- | 0.1554 | 424 | 34.6 | 17.3 | 3.38 | 49.8 | 6.6 | 156 | 1.5 | 248 | 55 | 53 | 6.4 | 2.0 | 243 | 10.25 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-010 | 4.57 | 5.06 | 0.49 | 5/6/2025 | -- | -- | 0.2107 | 640 | 38.3 | 15.4 | 3.34 | 64.4 | 6.2 | 256 | 1.1 | 388 | 88 | 79 | 8.0 | 1.6 | 190 | 8.20 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-010 | 5.06 | 5.79 | 0.73 | 5/6/2025 | -- | -- | 0.7335 | 2850 | 39.6 | 11.7 | 2.84 | 91.6 | 5.7 | 1345 | 0.7 | 1235 | 337 | 167 | 9.7 | 1.1 | 155 | 5.43 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-010 | -- | -- | -- | 5/6/2025 | Blank | Marble | 0.0047 | 12 | 1.1 | 0.6 | 0.35 | 1.5 | 0.2 | 6 | 0.1 | 7 | 2 | 2 | 0.2 | 0.1 | 6 | 0.35 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-011 | 0 | 1.52 | 1.52 | 5/6/2025 | -- | -- | 0.3145 | 870 | 46.0 | 17.1 | 8.57 | 82.1 | 7.0 | 536 | 1.7 | 646 | 158 | 120 | 9.8 | 2.1 | 162 | 12.35 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-011 | 1.52 | 3.05 | 1.52 | 5/6/2025 | -- | -- | 0.2311 | 678 | 41.6 | 16.3 | 5.05 | 70.8 | 6.7 | 314 | 1.4 | 444 | 102 | 94 | 8.7 | 1.9 | 170 | 10.35 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-011 | 3.9 | 4.57 | 0.67 | 5/6/2025 | -- | -- | 0.1526 | 468 | 33.4 | 13.7 | 2.99 | 50.0 | 5.6 | 177 | 1.1 | 263 | 59 | 57 | 6.5 | 1.5 | 148 | 8.64 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-011 | 4.57 | 5.24 | 0.67 | 5/6/2025 | -- | -- | 14.0032 | >10000 | 662.0 | 147.0 | 21.10 | >1000 | 82.7 | >10000 | 6.0 | >10000 | >1000 | >1000 | 182.5 | 12.9 | 1945 | 48.80 | >50000 | 608 | 138 | 20 | 1775 | 77 | 31800 | 5 | 24700 | >5000 | 3210 | 161 | 12 | 1980 | 49 |
| 25-DPNB-012 | 3.05 | 3.96 | 0.91 | 5/6/2025 | -- | -- | 0.2645 | 809 | 52.4 | 21.4 | 4.08 | 79.2 | 9.3 | 344 | 1.8 | 443 | 108 | 94 | 10.7 | 2.7 | 251 | 13.60 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-012 | 3.96 | 4.57 | 0.61 | 5/6/2025 | -- | -- | 1.0441 | 3740 | 103.0 | 37.4 | 3.54 | 192.0 | 16.7 | 1755 | 2.7 | 1790 | 483 | 282 | 22.9 | 4.2 | 440 | 20.80 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-012 | 4.57 | 4.87 | 0.3 | 5/6/2025 | -- | -- | 18.6577 | >10000 | >1000 | 258.0 | 34.90 | >1000 | 151.5 | >10000 | 9.7 | >10000 | >1000 | >1000 | 315.0 | 21.7 | 3440 | 82.50 | >50000 | 1090 | 234 | 33 | 2980 | 130 | >50000 | 9 | 41000 | >5000 | >5000 | 298 | 20 | 3380 | 80 |
| 25-DPNB-012 | 4.87 | 5.53 | 0.66 | 5/6/2025 | -- | -- | 2.1762 | 8720 | 85.9 | 20.8 | 3.84 | 237.0 | 11.4 | 4260 | 1.0 | 3510 | >1000 | 452 | 23.5 | 1.9 | 267 | 7.88 | 8730 | 82 | 19 | 4 | 228 | 10 | 4330 | 1 | 3450 | 1020 | 411 | 22 | 2 | 262 | 8 |
| 25-DPNB-013 | 0 | 1.52 | 1.52 | 5/6/2025 | -- | -- | 0.1779 | 549 | 26.1 | 11.6 | 5.00 | 39.8 | 4.5 | 281 | 1.6 | 335 | 87 | 63 | 5.3 | 1.6 | 94 | 10.80 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-013 | 0 | 1.52 | 1.52 | 5/6/2025 | Duplicate | 0-5m | 0.1689 | 515 | 26.3 | 11.7 | 5.22 | 40.5 | 4.5 | 261 | 1.6 | 320 | 82 | 61 | 5.4 | 1.7 | 91 | 11.20 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-013 | 2.29 | 3.05 | 0.76 | 5/6/2025 | -- | -- | 0.3053 | 603 | 103.0 | 47.1 | 9.85 | 136.5 | 19.3 | 301 | 4.6 | 522 | 111 | 124 | 19.4 | 5.8 | 534 | 31.60 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-013 | 3.05 | 4.75 | 1.71 | 5/6/2025 | -- | -- | 0.2613 | 802 | 49.6 | 18.3 | 3.79 | 82.8 | 8.2 | 345 | 1.6 | 459 | 110 | 98 | 10.6 | 2.1 | 217 | 11.35 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-013 | 4.75 | 5.03 | 0.27 | 5/6/2025 | -- | -- | 6.5375 | >10000 | 265.0 | 66.0 | 9.46 | 730.0 | 36.1 | >10000 | 2.8 | >10000 | >1000 | >1000 | 71.3 | 5.9 | 892 | 23.00 | 26900 | 264 | 63 | 10 | 703 | 34 | 12800 | 3 | 9870 | 2970 | 1235 | 68 | 5 | 856 | 23 |
| 25-DPNB-013 | 5.03 | 5.85 | 0.82 | 5/6/2025 | -- | -- | 0.4445 | 1730 | 24.2 | 6.8 | 2.20 | 58.2 | 3.5 | 866 | 0.4 | 700 | 204 | 101 | 6.3 | 0.7 | 86 | 3.29 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-014 | 0 | 1.52 | 1.52 | 5/6/2025 | -- | -- | 0.3961 | 1260 | 59.4 | 21.8 | 6.27 | 105.0 | 9.6 | 597 | 2.0 | 733 | 181 | 143 | 12.8 | 2.6 | 224 | 14.10 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-014 | 1.52 | 3.05 | 1.52 | 5/6/2025 | -- | -- | 0.6073 | 1855 | 116.0 | 39.1 | 6.60 | 196.5 | 18.4 | 761 | 2.9 | 1130 | 282 | 240 | 24.9 | 4.4 | 462 | 22.00 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-014 | 3.05 | 3.81 | 0.76 | 5/6/2025 | -- | -- | 0.1454 | 429 | 34.1 | 15.1 | 1.86 | 46.4 | 6.1 | 172 | 1.4 | 231 | 55 | 51 | 6.5 | 1.9 | 170 | 10.45 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-014 | 3.81 | 4.57 | 0.76 | 5/6/2025 | -- | -- | 3.1822 | >10000 | 183.0 | 53.9 | 6.36 | 428.0 | 26.5 | 6120 | 3.0 | 5120 | >1000 | 723 | 45.7 | 5.2 | 716 | 22.90 | 12250 | 183 | 52 | 6 | 427 | 26 | 6250 | 3 | 5080 | 1445 | 661 | 43 | 5 | 691 | 24 |
| 25-DPNB-014 | 4.57 | 5.21 | 0.64 | 5/6/2025 | -- | -- | 8.1332 | >10000 | 315.0 | 74.1 | 11.25 | 944.0 | 41.4 | >10000 | 3.0 | >10000 | >1000 | >1000 | 87.2 | 6.5 | 1035 | 24.20 | 32800 | 307 | 69 | 11 | 907 | 38 | 16300 | 3 | 12550 | 3780 | 1570 | 82 | 6 | 985 | 24 |
| 25-DPNB-014 | -- | -- | -- | 5/6/2025 | Blank | Marble | 0.0087 | 25 | 2.0 | 1.2 | 0.38 | 2.3 | 0.4 | 12 | 0.2 | 13 | 3 | 2 | 0.3 | 0.2 | 11 | 1.12 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-015 | 0 | 1.52 | 1.52 | 5/6/2025 | -- | -- | 0.2908 | 794 | 53.1 | 17.0 | 6.95 | 95.6 | 8.2 | 434 | 1.5 | 597 | 143 | 124 | 12.0 | 2.0 | 176 | 10.40 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-015 | 1.52 | 3.05 | 1.52 | 5/6/2025 | -- | -- | 0.5212 | 1635 | 94.5 | 32.2 | 4.59 | 166.0 | 14.8 | 658 | 2.4 | 971 | 238 | 212 | 20.9 | 3.7 | 361 | 17.75 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-015 | 3.05 | 3.89 | 0.84 | 5/6/2025 | -- | -- | 0.0934 | 321 | 10.8 | 4.4 | 1.08 | 18.7 | 1.8 | 180 | 0.4 | 135 | 37 | 23 | 2.3 | 0.5 | 57 | 2.73 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-015 | 3.89 | 4.34 | 0.46 | 5/6/2025 | -- | -- | 5.3037 | >10000 | 262.0 | 71.6 | 9.06 | 693.0 | 37.0 | >10000 | 3.6 | 8180 | >1000 | >1000 | 67.7 | 6.9 | 986 | 28.90 | 20900 | 264 | 69 | 9 | 652 | 36 | 10550 | 3 | 8260 | 2400 | 1060 | 65 | 6 | 952 | 28 |
| 25-DPNB-015 | 4.34 | 5.3 | 0.96 | 5/6/2025 | -- | -- | 0.2364 | 891 | 14.7 | 5.1 | 1.58 | 31.2 | 2.3 | 477 | 0.5 | 365 | 105 | 53 | 3.4 | 0.6 | 62 | 3.13 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-016 | 0 | 1.52 | 1.52 | 5/7/2025 | -- | -- | 0.1445 | 445 | 27.1 | 10.2 | 3.85 | 45.5 | 4.3 | 185 | 1.0 | 275 | 65 | 59 | 5.8 | 1.3 | 94 | 7.06 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-016 | 1.52 | 2.59 | 1.07 | 5/7/2025 | -- | -- | 0.5313 | 1690 | 88.7 | 29.3 | 4.91 | 160.5 | 13.7 | 696 | 2.2 | 1005 | 249 | 213 | 19.6 | 3.3 | 329 | 16.25 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-016 | 2.59 | 3.73 | 1.14 | 5/7/2025 | -- | -- | 0.1126 | 420 | 10.8 | 3.7 | 1.51 | 19.8 | 1.7 | 212 | 0.3 | 164 | 46 | 27 | 2.3 | 0.5 | 47 | 2.20 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-016 | 3.73 | 4.27 | 0.53 | 5/7/2025 | -- | -- | 13.2277 | >10000 | 583.0 | 134.5 | 17.50 | >1000 | 73.6 | >10000 | 5.0 | >10000 | >1000 | >1000 | 159.0 | 11.7 | 1800 | 44.00 | >50000 | 579 | 137 | 18 | 1600 | 74 | 28500 | 5 | 21900 | >5000 | 2890 | 148 | 12 | 1990 | 47 |
| 25-DPNB-016 | 4.27 | 4.98 | 0.71 | 5/7/2025 | -- | -- | 1.7019 | 6590 | 77.2 | 20.0 | 3.94 | 202.0 | 10.5 | 3440 | 1.0 | 2850 | 820 | 376 | 20.7 | 1.9 | 258 | 8.26 | 6590 | 75 | 18 | 4 | 198 | 10 | 3420 | 1 | 2760 | 824 | 344 | 19 | 2 | 254 | 8 |
| 25-DPNB-016 | 4.98 | 5.36 | 0.38 | 5/7/2025 | -- | -- | 0.3460 | 1085 | 25.4 | 8.6 | 2.26 | 58.5 | 3.9 | 749 | 0.8 | 630 | 175 | 97 | 6.2 | 1.0 | 103 | 5.69 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-016 | -- | -- | -- | 5/7/2025 | Standard | OREAS 465 | 9.1125 | >10000 | 228.0 | 53.6 | 284.00 | 635.0 | 29.6 | >10000 | 2.3 | >10000 | >1000 | >1000 | 63.0 | 4.8 | 544 | 18.70 | 37900 | 212 | 47 | 259 | 552 | 26 | 22600 | 2 | 10850 | 3570 | 1210 | 55 | 4 | 502 | 18 |
| 25-DPNB-017 | 0 | 1.98 | 1.98 | 5/7/2025 | -- | -- | 0.3828 | 1230 | 62.9 | 20.8 | 5.14 | 110.5 | 9.7 | 543 | 1.6 | 706 | 171 | 146 | 13.9 | 2.4 | 224 | 12.10 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-017 | 1.98 | 2.74 | 0.76 | 5/7/2025 | -- | -- | 0.0779 | 262 | 14.1 | 5.8 | 1.14 | 20.4 | 2.5 | 113 | 0.5 | 116 | 30 | 24 | 2.8 | 0.7 | 64 | 4.11 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-017 | 2.74 | 3.51 | 0.76 | 5/7/2025 | -- | -- | 0.0491 | 157 | 7.9 | 3.5 | 0.92 | 11.8 | 1.4 | 78 | 0.3 | 69 | 19 | 14 | 1.6 | 0.4 | 49 | 2.10 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-017 | 3.51 | 4.37 | 0.86 | 5/7/2025 | -- | -- | 13.1633 | >10000 | 597.0 | 132.5 | 17.55 | >1000 | 73.8 | >10000 | 5.3 | >10000 | >1000 | >1000 | 161.5 | 11.6 | 1810 | 44.70 | >50000 | 577 | 132 | 18 | 1655 | 73 | 28200 | 5 | 21700 | >5000 | 2880 | 149 | 11 | 1910 | 46 |
| 25-DPNB-017 | 4.37 | 4.88 | 0.51 | 5/7/2025 | -- | -- | 0.2144 | 820 | 11.7 | 4.1 | 1.05 | 25.2 | 1.8 | 445 | 0.4 | 320 | 94 | 46 | 2.8 | 0.5 | 54 | 2.45 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-017 | 4.88 | 5.59 | 0.71 | 5/7/2025 | -- | -- | 0.4161 | 1575 | 27.9 | 8.4 | 2.90 | 68.3 | 4.0 | 740 | 0.7 | 692 | 194 | 110 | 7.1 | 0.9 | 113 | 4.91 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-017 | -- | -- | -- | 5/7/2025 | Blank | Marble | 0.0127 | 44 | 1.6 | 0.8 | 0.43 | 2.5 | 0.3 | 21 | 0.1 | 20 | 5 | 3 | 0.3 | 0.1 | 9 | 0.69 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |

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SLV0163 – Technical Report Summary Shiloh Project, Georgia 210 November 2025

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| **Technical Report Summary** | ![img77526612_71.jpg](img77526612_71.jpg) |

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|  |  |  |  |  |  |  | **Method** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** |
|  |  |  |  |  |  |  | **Analyte** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** |
|  |  |  |  |  |  |  | **Units** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** |
|  |  |  |  |  |  |  | **Detection <br>Limit** | **0** | **0.1** | **0.0** | **0.02** | **0.05** | **0.01** | **0.1** | **0.01** | **0.1** | **0.02** | **0.03** | **0.01** | **0.01** | **0.1** | **0.03** | **3** | **0.3** | **0.2** | **0.2** | **0.3** | **0.05** | **3** | **0.05** | **0.5** | **0.2** | **0.2** | **0.05** | **0.05** | **3** | **0.2** |
|  |  |  |  |  |  |  | **Upper <br>Limit** | **10000** | **1000.0** | **1000.0** | **1000** | **1000** | **1000** | **10000** | **1000** | **10000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **50000** | **5000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** | **50000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** |
| **Hole ID** | **From <br>(m)** | **To <br>(m)** | **Interval (m)** | **Drill Date** | **Sample <br>Type** | **Sample <br>Details** | **TREO<br>(%)** | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-018 | 0 | 1.52 | 1.52 | 5/7/2025 | -- | -- | 0.7764 | 2480 | 112.0 | 36.0 | 8.41 | 218.0 | 16.9 | 1090 | 2.9 | 1520 | 365 | 278 | 25.7 | 4.1 | 431 | 20.70 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-018 | 1.52 | 3.05 | 1.52 | 5/7/2025 | -- | -- | 0.0836 | 287 | 12.1 | 5.3 | 1.23 | 19.1 | 2.1 | 136 | 0.4 | 121 | 33 | 21 | 2.4 | 0.6 | 65 | 3.36 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-018 | 3.05 | 3.45 | 0.41 | 5/7/2025 | -- | -- | 0.0474 | 169 | 5.5 | 2.4 | 0.84 | 8.4 | 1.0 | 86 | 0.3 | 65 | 19 | 11 | 1.1 | 0.3 | 32 | 1.69 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-018 | 3.45 | 3.66 | 0.2 | 5/7/2025 | -- | -- | 5.8685 | >10000 | 217.0 | 50.2 | 8.65 | 657.0 | 28.7 | >10000 | 2.2 | 9210 | >1000 | >1000 | 59.4 | 4.4 | 776 | 16.95 | 23800 | 227 | 54 | 8 | 647 | 28 | 11650 | 2 | 9050 | 2670 | 1145 | 63 | 4 | 729 | 18 |
| 25-DPNB-018 | 4.57 | 5.49 | 0.91 | 5/7/2025 | -- | -- | 0.5017 | 1960 | 22.4 | 5.6 | 2.17 | 62.7 | 3.0 | 982 | 0.4 | 802 | 241 | 111 | 6.1 | 0.5 | 81 | 2.59 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-019 | 0 | 1.52 | 1.52 | 5/7/2025 | -- | -- | 2.2960 | >10000 | 119.0 | 32.0 | 5.63 | 301.0 | 16.9 | 4960 | 1.8 | 4050 | >1000 | 527 | 30.6 | 3.1 | 446 | 14.00 | 9200 | 116 | 33 | 5 | 285 | 15 | 4360 | 2 | 3620 | 1045 | 467 | 30 | 3 | 398 | 14 |
| 25-DPNB-019 | 1.52 | 3.35 | 1.83 | 5/7/2025 | -- | -- | 1.2808 | 4900 | 85.6 | 26.1 | 4.94 | 187.0 | 12.8 | 2380 | 1.8 | 2110 | 596 | 294 | 20.5 | 2.8 | 347 | 13.25 | 4880 | 90 | 28 | 5 | 192 | 13 | 2330 | 2 | 2100 | 601 | 295 | 22 | 3 | 347 | 15 |
| 25-DPNB-019 | 4.08 | 4.57 | 0.49 | 5/7/2025 | -- | -- | 0.7604 | 2820 | 33.7 | 9.6 | 1.94 | 86.6 | 4.8 | 1625 | 0.7 | 1240 | 362 | 151 | 8.5 | 1.0 | 139 | 4.71 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-019 | 4.57 | 5.61 | 1.04 | 5/7/2025 | -- | -- | 0.1650 | 583 | 11.7 | 3.6 | 1.80 | 28.0 | 1.6 | 325 | 0.4 | 277 | 74 | 44 | 3.0 | 0.4 | 51 | 2.34 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-019 | 4.57 | 5.61 | 1.04 | 5/7/2025 | Duplicate | 15-18.4m | 0.2193 | 775 | 15.4 | 4.5 | 2.04 | 38.2 | 2.2 | 427 | 0.5 | 373 | 101 | 58 | 4.0 | 0.5 | 66 | 2.79 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-020 | 0 | 1.52 | 1.52 | 5/7/2025 | -- | -- | 1.3376 | 5360 | 72.3 | 20.5 | 3.96 | 175.5 | 10.4 | 2660 | 1.2 | 2240 | 638 | 291 | 18.1 | 1.9 | 267 | 9.22 | 5270 | 72 | 20 | 4 | 173 | 10 | 2550 | 1 | 2120 | 626 | 288 | 18 | 2 | 251 | 9 |
| 25-DPNB-020 | 1.52 | 3.05 | 1.52 | 5/7/2025 | -- | -- | 0.0390 | 82 | 9.2 | 4.0 | 1.54 | 13.2 | 1.7 | 58 | 0.4 | 74 | 17 | 15 | 1.7 | 0.5 | 50 | 2.65 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-020 | 3.05 | 4.57 | 1.52 | 5/7/2025 | -- | -- | 0.3453 | 1365 | 17.4 | 5.5 | 1.17 | 40.2 | 2.6 | 701 | 0.4 | 510 | 150 | 68 | 4.2 | 0.6 | 77 | 3.05 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-020 | 4.57 | 5.54 | 0.96 | 5/7/2025 | -- | -- | 0.1856 | 717 | 13.1 | 4.5 | 1.60 | 29.2 | 2.0 | 326 | 0.5 | 295 | 80 | 47 | 3.2 | 0.6 | 59 | 3.22 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-021 | 0 | 1.52 | 1.52 | 5/7/2025 | -- | -- | 0.1616 | 590 | 13.9 | 5.2 | 1.88 | 27.0 | 2.3 | 305 | 0.5 | 256 | 71 | 39 | 3.1 | 0.7 | 58 | 3.46 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-021 | 1.52 | 3.05 | 1.52 | 5/7/2025 | -- | -- | 0.0381 | 97 | 7.2 | 2.8 | 1.18 | 11.5 | 1.2 | 59 | 0.4 | 74 | 18 | 16 | 1.4 | 0.4 | 32 | 2.43 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-021 | 3.05 | 3.73 | 0.69 | 5/7/2025 | -- | -- | 6.5199 | >10000 | 243.0 | 61.5 | 10.80 | 707.0 | 32.7 | >10000 | 3.3 | >10000 | >1000 | >1000 | 65.1 | 5.8 | 908 | 25.70 | 27500 | 264 | 67 | 11 | 714 | 33 | 11950 | 3 | 9940 | 2900 | 1295 | 72 | 6 | 871 | 27 |
| 25-DPNB-021 | 3.73 | 4.22 | 0.48 | 5/7/2025 | -- | -- | 0.1129 | 393 | 9.6 | 3.6 | 0.99 | 17.5 | 1.6 | 233 | 0.3 | 174 | 50 | 26 | 2.1 | 0.4 | 48 | 2.30 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-021 | 4.22 | 4.88 | 0.66 | 5/7/2025 | -- | -- | 0.7264 | 2640 | 41.3 | 10.9 | 4.14 | 113.5 | 5.5 | 1305 | 0.9 | 1325 | 364 | 190 | 11.1 | 1.2 | 153 | 5.69 | 2720 | 44 | 12 | 4 | 116 | 5 | 1315 | 1 | 1260 | 357 | 194 | 12 | 1 | 152 | 6 |
| 25-DPNB-021 | 4.88 | 5.41 | 0.53 | 5/7/2025 | -- | -- | 0.4874 | 1965 | 25.6 | 6.7 | 3.62 | 70.5 | 3.4 | 836 | 0.5 | 797 | 228 | 120 | 7.0 | 0.7 | 91 | 3.84 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-021 | -- | -- | -- | 5/7/2025 | Blank | Marble | 0.0117 | 40 | 1.5 | 0.7 | 0.48 | 2.1 | 0.3 | 19 | 0.1 | 18 | 5 | 3 | 0.3 | 0.1 | 8 | 0.62 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-022 | 0 | 1.52 | 1.52 | 5/7/2025 | -- | -- | 0.0988 | 346 | 12.8 | 5.0 | 1.81 | 20.7 | 2.2 | 159 | 0.6 | 159 | 42 | 28 | 2.7 | 0.6 | 57 | 3.83 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-022 | 1.52 | 3.05 | 1.52 | 5/7/2025 | -- | -- | 0.0410 | 84 | 9.5 | 4.3 | 1.41 | 14.3 | 1.8 | 59 | 0.5 | 82 | 19 | 18 | 1.8 | 0.6 | 48 | 3.11 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-022 | 3.05 | 3.69 | 0.64 | 5/7/2025 | -- | -- | 0.0409 | 137 | 5.2 | 2.5 | 0.70 | 6.9 | 1.0 | 77 | 0.3 | 56 | 16 | 8 | 1.0 | 0.3 | 33 | 1.67 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-022 | 3.69 | 3.96 | 0.27 | 5/7/2025 | -- | -- | 13.1910 | >10000 | 563.0 | 118.5 | 20.10 | >1000 | 68.0 | >10000 | 4.3 | >10000 | >1000 | >1000 | 153.5 | 9.8 | 1790 | 37.40 | >50000 | 566 | 130 | 20 | 1625 | 69 | 27800 | 5 | 22400 | >5000 | 2990 | 157 | 10 | 1795 | 41 |
| 25-DPNB-022 | 3.96 | 5.11 | 1.14 | 5/7/2025 | -- | -- | 0.5026 | 1920 | 27.0 | 7.5 | 3.30 | 72.9 | 3.8 | 912 | 0.7 | 843 | 247 | 127 | 7.1 | 0.9 | 112 | 4.40 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-023 | 0 | 1.52 | 1.52 | 5/8/2025 | -- | -- | 0.6040 | 1910 | 82.9 | 26.7 | 7.60 | 154.5 | 12.3 | 840 | 2.4 | 1260 | 304 | 229 | 18.6 | 3.2 | 277 | 18.40 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-023 | 1.52 | 3.05 | 1.52 | 5/8/2025 | -- | -- | 0.1253 | 238 | 27.2 | 13.1 | 7.27 | 41.2 | 4.9 | 196 | 1.7 | 268 | 64 | 54 | 5.4 | 1.8 | 129 | 11.85 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-023 | 3.05 | 4.57 | 1.52 | 5/8/2025 | -- | -- | 0.1591 | 402 | 41.2 | 17.6 | 5.78 | 58.8 | 7.3 | 184 | 1.8 | 277 | 63 | 68 | 8.3 | 2.2 | 197 | 12.40 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-023 | 4.57 | 6.1 | 1.52 | 5/8/2025 | -- | -- | 0.3802 | 1280 | 56.9 | 21.1 | 3.09 | 99.3 | 9.5 | 541 | 1.6 | 640 | 158 | 137 | 12.7 | 2.4 | 258 | 12.30 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-023 | 6.1 | 6.68 | 0.59 | 5/8/2025 | -- | -- | 0.4740 | 1990 | 20.9 | 5.5 | 1.83 | 52.2 | 3.0 | 880 | 0.4 | 699 | 217 | 96 | 5.5 | 0.5 | 71 | 2.53 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-023 | -- | -- | -- | 5/8/2025 | Standard | OREAS 463 | 2.0024 | 6710 | 70.6 | 16.0 | 120.50 | 242.0 | 8.8 | 5150 | 0.8 | 3790 | >1000 | 527 | 20.4 | 1.6 | 192 | 6.84 | 6470 | 72 | 17 | 113 | 239 | 8 | 4820 | 1 | 3630 | 1020 | 504 | 21 | 2 | 181 | 7 |
| 25-DPNB-024 | 0 | 1.52 | 1.52 | 5/8/2025 | -- | -- | 0.0901 | 252 | 13.5 | 6.5 | 3.71 | 20.4 | 2.4 | 138 | 0.9 | 185 | 46 | 34 | 2.7 | 0.9 | 55 | 6.22 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-024 | 1.52 | 3.05 | 1.52 | 5/8/2025 | -- | -- | 0.1422 | 302 | 31.3 | 15.2 | 6.75 | 46.9 | 5.8 | 224 | 2.0 | 286 | 70 | 58 | 6.2 | 2.1 | 138 | 13.20 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-024 | 3.05 | 4.57 | 1.52 | 5/8/2025 | -- | -- | 0.0939 | 271 | 21.4 | 8.5 | 2.47 | 32.5 | 3.6 | 109 | 0.8 | 162 | 38 | 36 | 4.2 | 1.0 | 101 | 5.44 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-024 | 4.57 | 5.18 | 0.61 | 5/8/2025 | -- | -- | 0.3500 | 1010 | 72.8 | 27.1 | 4.49 | 120.0 | 12.0 | 416 | 2.0 | 645 | 149 | 143 | 15.3 | 3.1 | 334 | 15.30 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-024 | 5.18 | 6.1 | 0.91 | 5/8/2025 | -- | -- | 0.2523 | 783 | 46.6 | 17.3 | 2.57 | 75.2 | 7.6 | 324 | 1.4 | 459 | 110 | 94 | 9.7 | 2.1 | 200 | 10.65 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-024 | 6.1 | 7.19 | 1.1 | 5/8/2025 | -- | -- | 0.2658 | 1015 | 13.9 | 4.4 | 1.45 | 31.9 | 2.1 | 558 | 0.4 | 401 | 120 | 55 | 3.4 | 0.5 | 57 | 2.61 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-025 | 0 | 1.52 | 1.52 | 5/8/2025 | -- | -- | 0.1434 | 405 | 20.2 | 9.6 | 5.06 | 32.5 | 3.7 | 239 | 1.2 | 278 | 71 | 51 | 4.1 | 1.3 | 90 | 8.37 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-025 | 1.52 | 3.05 | 1.52 | 5/8/2025 | -- | -- | 0.2388 | 691 | 42.7 | 17.9 | 5.54 | 70.1 | 7.5 | 343 | 1.9 | 430 | 107 | 88 | 9.0 | 2.3 | 200 | 12.90 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-025 | 3.05 | 4.88 | 1.83 | 5/8/2025 | -- | -- | 0.4767 | 1415 | 86.0 | 29.9 | 4.24 | 154.0 | 13.9 | 580 | 2.2 | 950 | 219 | 193 | 18.9 | 3.3 | 365 | 16.80 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-025 | 4.88 | 5.49 | 0.61 | 5/8/2025 | -- | -- | 0.1648 | 556 | 23.6 | 7.7 | 2.32 | 43.3 | 3.6 | 242 | 0.5 | 290 | 73 | 57 | 5.3 | 0.8 | 93 | 4.41 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-025 | 5.49 | 5.82 | 0.34 | 5/8/2025 | -- | -- | 0.1603 | 590 | 10.1 | 3.6 | 1.58 | 21.5 | 1.7 | 341 | 0.3 | 240 | 70 | 33 | 2.3 | 0.4 | 49 | 1.92 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-025 | 5.82 | 5.97 | 0.15 | 5/8/2025 | -- | -- | 20.0080 | >10000 | >1000 | 307.0 | 43.40 | >1000 | 183.5 | >10000 | 11.6 | >10000 | >1000 | >1000 | 367.0 | 26.9 | 4310 | 101.00 | >50000 | 1435 | 320 | 42 | 3870 | 165 | >50000 | 12 | >50000 | >5000 | >5000 | 399 | 26 | 4390 | 104 |
| 25-DPNB-025 | 5.97 | 6.35 | 0.38 | 5/8/2025 | -- | -- | 2.1960 | 8840 | 86.1 | 21.2 | 3.98 | 239.0 | 11.7 | 4660 | 0.9 | 3610 | >1000 | 445 | 23.2 | 1.9 | 297 | 7.41 | 8750 | 88 | 21 | 4 | 239 | 11 | 4430 | 1 | 3450 | 1005 | 421 | 24 | 2 | 291 | 8 |
| 25-DPNB-025 | 6.35 | 6.81 | 0.46 | 5/8/2025 | -- | -- | 2.7880 | >10000 | 115.0 | 28.1 | 5.74 | 320.0 | 15.2 | 6230 | 1.4 | 4900 | >1000 | 614 | 30.9 | 2.6 | 368 | 11.25 | 10250 | 116 | 28 | 6 | 318 | 14 | 5940 | 1 | 4750 | 1405 | 570 | 32 | 3 | 357 | 11 |
| 25-DPNB-026 | 0 | 1.52 | 1.52 | 5/8/2025 | -- | -- | 0.1215 | 274 | 27.2 | 13.6 | 5.50 | 37.6 | 5.1 | 180 | 1.8 | 239 | 59 | 48 | 5.1 | 1.9 | 122 | 12.10 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-026 | 0 | 1.52 | 1.52 | 5/8/2025 | Duplicate | 0-5m | 0.1361 | 346 | 26.6 | 13.4 | 5.43 | 38.3 | 4.9 | 206 | 1.6 | 256 | 64 | 50 | 5.0 | 1.7 | 125 | 11.15 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-026 | 1.52 | 3.05 | 1.52 | 5/8/2025 | -- | -- | 0.2047 | 597 | 35.5 | 15.1 | 5.28 | 56.7 | 6.1 | 315 | 1.4 | 352 | 90 | 68 | 7.5 | 1.8 | 176 | 9.61 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-026 | 3.05 | 4.57 | 1.52 | 5/8/2025 | -- | -- | 0.4262 | 1300 | 80.5 | 29.2 | 4.38 | 134.0 | 13.2 | 526 | 2.0 | 761 | 192 | 158 | 17.4 | 3.2 | 380 | 16.65 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-026 | 4.57 | 5.33 | 0.76 | 5/8/2025 | -- | -- | 0.1771 | 561 | 32.4 | 11.8 | 1.84 | 53.6 | 5.3 | 234 | 0.9 | 302 | 73 | 62 | 6.9 | 1.3 | 151 | 7.11 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-026 | 5.33 | 5.76 | 0.43 | 5/8/2025 | -- | -- | 1.2276 | 5310 | 55.7 | 15.2 | 2.68 | 140.0 | 8.0 | 2630 | 0.6 | 2050 | 603 | 248 | 14.5 | 1.3 | 224 | 5.60 | 4910 | 55 | 15 | 2 | 142 | 7 | 2420 | 1 | 1895 | 571 | 237 | 14 | 1 | 200 | 5 |
| 25-DPNB-026 | 5.76 | 6.1 | 0.34 | 5/8/2025 | -- | -- | 17.6493 | >10000 | 938.0 | 210.0 | 29.80 | >1000 | 123.5 | >10000 | 7.4 | >10000 | >1000 | >1000 | 254.0 | 17.6 | 3040 | 67.70 | >50000 | 967 | 220 | 28 | 2630 | 114 | 47500 | 8 | 36100 | >5000 | 4720 | 271 | 18 | 3000 | 71 |
| 25-DPNB-026 | 6.1 | 6.46 | 0.37 | 5/8/2025 | -- | -- | 3.1426 | >10000 | 127.0 | 30.2 | 6.05 | 354.0 | 16.8 | 6340 | 1.3 | 4940 | >1000 | 614 | 34.4 | 2.7 | 427 | 11.30 | 12350 | 130 | 31 | 6 | 356 | 16 | 6260 | 1 | 5070 | 1500 | 641 | 36 | 3 | 415 | 12 |
| 25-DPNB-026 | 6.46 | 6.89 | 0.42 | 5/8/2025 | -- | -- | 8.1644 | >10000 | 293.0 | 68.6 | 11.25 | 886.0 | 38.2 | >10000 | 2.6 | >10000 | >1000 | >1000 | 84.3 | 5.8 | 1010 | 23.00 | 34700 | 299 | 69 | 11 | 889 | 36 | 15200 | 3 | 12250 | 3650 | 1575 | 84 | 6 | 907 | 24 |
| 25-DPNB-027 | 0 | 1.52 | 1.52 | 5/8/2025 | -- | -- | 0.1999 | 587 | 33.7 | 15.5 | 6.58 | 50.3 | 6.2 | 309 | 1.7 | 344 | 88 | 63 | 6.8 | 2.1 | 171 | 12.45 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-027 | 1.52 | 3.05 | 1.52 | 5/8/2025 | -- | -- | 0.2023 | 608 | 36.5 | 13.5 | 5.42 | 57.3 | 5.9 | 305 | 1.1 | 346 | 88 | 68 | 7.6 | 1.6 | 165 | 8.70 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-027 | 3.05 | 4.57 | 1.52 | 5/8/2025 | -- | -- | 0.3154 | 1020 | 52.0 | 18.7 | 3.67 | 90.9 | 8.5 | 426 | 1.4 | 551 | 134 | 110 | 11.3 | 2.1 | 239 | 11.30 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-027 | 4.57 | 5.18 | 0.61 | 5/8/2025 | -- | -- | 0.0674 | 226 | 8.9 | 4.4 | 1.04 | 10.8 | 1.8 | 133 | 0.4 | 79 | 23 | 12 | 1.5 | 0.5 | 66 | 3.04 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-027 | 5.18 | 5.49 | 0.3 | 5/8/2025 | -- | -- | 19.0813 | >10000 | >1000 | 252.0 | 34.70 | >1000 | 151.5 | >10000 | 9.5 | >10000 | >1000 | >1000 | 297.0 | 21.7 | 3820 | 86.60 | >50000 | 1205 | 276 | 35 | 3280 | 142 | >50000 | 11 | 43600 | >5000 | >5000 | 338 | 23 | 3850 | 93 |
| 25-DPNB-027 | -- | -- | -- | 5/8/2025 | Blank | Marble | 0.0059 | 18 | 1.2 | 0.6 | 0.31 | 1.4 | 0.2 | 9 | 0.1 | 9 | 2 | 2 | 0.2 | 0.1 | 6 | 0.51 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-028 | 0 | 1.52 | 1.52 | 5/8/2025 | -- | -- | 0.2293 | 677 | 38.3 | 16.4 | 5.87 | 60.5 | 6.6 | 353 | 1.7 | 405 | 103 | 78 | 8.0 | 2.1 | 181 | 12.30 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-028 | 1.52 | 3.05 | 1.52 | 5/8/2025 | -- | -- | 0.2716 | 817 | 47.6 | 18.6 | 6.14 | 78.6 | 8.1 | 388 | 1.5 | 465 | 117 | 93 | 10.0 | 2.1 | 241 | 11.45 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-028 | 3.05 | 4.27 | 1.22 | 5/8/2025 | -- | -- | 0.4252 | 1320 | 78.2 | 28.7 | 4.39 | 131.0 | 12.7 | 529 | 2.0 | 759 | 191 | 160 | 16.6 | 3.2 | 358 | 16.45 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-028 | 4.27 | 5.67 | 1.4 | 5/8/2025 | -- | -- | 0.1600 | 646 | 9.6 | 3.7 | 1.08 | 18.6 | 1.7 | 318 | 0.3 | 216 | 65 | 30 | 2.1 | 0.4 | 49 | 2.28 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-028 | 5.67 | 6.1 | 0.43 | 5/8/2025 | -- | -- | 18.7860 | >10000 | >1000 | 230.0 | 34.00 | >1000 | 143.5 | >10000 | 7.8 | >10000 | >1000 | >1000 | 292.0 | 19.2 | 3400 | 72.90 | >50000 | 1110 | 243 | 33 | 3040 | 128 | >50000 | 8 | 42000 | >5000 | >5000 | 311 | 19 | 3390 | 73 |
| 25-DPNB-028 | 6.1 | 6.55 | 0.46 | 5/8/2025 | -- | -- | 1.3796 | 5580 | 51.9 | 12.8 | 2.65 | 140.0 | 6.9 | 2680 | 0.5 | 2190 | 633 | 261 | 14.3 | 1.1 | 177 | 4.43 | 5580 | 56 | 14 | 3 | 155 | 7 | 2690 | 1 | 2150 | 654 | 269 | 16 | 1 | 177 | 5 |
| 25-DPNB-028 | 6.55 | 7.16 | 0.61 | 5/8/2025 | -- | -- | 1.3367 | 5680 | 58.3 | 15.1 | 3.32 | 149.5 | 8.0 | 2720 | 0.8 | 2250 | 652 | 276 | 15.4 | 1.4 | 199 | 6.68 | 5360 | 58 | 15 | 3 | 153 | 7 | 2550 | 1 | 2140 | 636 | 273 | 15 | 1 | 191 | 6 |
| 25-DPNB-028 | -- | -- | -- | 5/8/2025 | Standard | OREAS 465 | 9.8059 | >10000 | 231.0 | 54.6 | 297.00 | 651.0 | 29.3 | >10000 | 2.2 | >10000 | >1000 | >1000 | 60.9 | 4.7 | 577 | 19.10 | 40100 | 211 | 52 | 295 | 613 | 29 | 25100 | 2 | 11300 | 3970 | 1410 | 61 | 5 | 558 | 19 |
| 25-DPNB-029 | 0 | 1.52 | 1.52 | 5/9/2025 | -- | -- | 0.2113 | 612 | 35.4 | 16.0 | 5.42 | 53.4 | 6.3 | 335 | 1.6 | 362 | 93 | 67 | 7.0 | 2.0 | 186 | 11.90 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-029 | 1.52 | 3.05 | 1.52 | 5/9/2025 | -- | -- | 0.2070 | 601 | 43.9 | 17.8 | 4.51 | 67.2 | 7.7 | 247 | 1.5 | 353 | 82 | 76 | 9.0 | 2.1 | 230 | 10.85 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-029 | 3.05 | 3.9 | 0.85 | 5/9/2025 | -- | -- | 0.6220 | 1855 | 119.5 | 45.4 | 4.72 | 191.5 | 20.1 | 682 | 3.2 | 1180 | 273 | 231 | 25.2 | 5.1 | 612 | 26.30 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-029 | 3.9 | 4.57 | 0.67 | 5/9/2025 | -- | -- | 0.0594 | 204 | 9.1 | 5.0 | 0.90 | 11.2 | 1.9 | 92 | 0.5 | 73 | 21 | 12 | 1.7 | 0.6 | 66 | 3.42 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-029 | 4.57 | 5.5 | 0.93 | 5/9/2025 | -- | -- | 0.0598 | 226 | 6.2 | 2.8 | 0.86 | 9.4 | 1.2 | 108 | 0.3 | 78 | 23 | 13 | 1.2 | 0.3 | 36 | 2.01 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-029 | 5.5 | 5.88 | 0.38 | 5/9/2025 | -- | -- | 15.3073 | >10000 | 703.0 | 146.5 | 21.30 | >1000 | 84.5 | >10000 | 4.4 | >10000 | >1000 | >1000 | 195.5 | 11.9 | 2280 | 43.00 | >50000 | 712 | 163 | 22 | 2150 | 87 | 37100 | 5 | 28900 | >5000 | 3910 | 207 | 13 | 2350 | 47 |
| 25-DPNB-029 | 5.88 | 6.31 | 0.43 | 5/9/2025 | -- | -- | 16.0913 | >10000 | 841.0 | 179.5 | 24.70 | >1000 | 109.5 | >10000 | 6.3 | >10000 | >1000 | >1000 | 228.0 | 15.2 | 2700 | 58.70 | >50000 | 814 | 191 | 24 | 2390 | 99 | 40100 | 7 | 31500 | >5000 | 4300 | 244 | 16 | 2610 | 62 |
| 25-DPNB-029 | 6.31 | 6.83 | 0.52 | 5/9/2025 | -- | -- | 0.7607 | 3000 | 32.5 | 9.1 | 1.94 | 80.1 | 4.6 | 1530 | 0.5 | 1195 | 352 | 143 | 8.3 | 0.9 | 130 | 4.06 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |

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SLV0163 – Technical Report Summary Shiloh Project, Georgia 211 November 2025

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| **Technical Report Summary** | ![img77526612_71.jpg](img77526612_71.jpg) |

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|  |  |  |  |  |  |  | **Method** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** |
|  |  |  |  |  |  |  | **Analyte** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** |
|  |  |  |  |  |  |  | **Units** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** |
|  |  |  |  |  |  |  | **Detection <br>Limit** | **0** | **0.1** | **0.0** | **0.02** | **0.05** | **0.01** | **0.1** | **0.01** | **0.1** | **0.02** | **0.03** | **0.01** | **0.01** | **0.1** | **0.03** | **3** | **0.3** | **0.2** | **0.2** | **0.3** | **0.05** | **3** | **0.05** | **0.5** | **0.2** | **0.2** | **0.05** | **0.05** | **3** | **0.2** |
|  |  |  |  |  |  |  | **Upper <br>Limit** | **10000** | **1000.0** | **1000.0** | **1000** | **1000** | **1000** | **10000** | **1000** | **10000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **50000** | **5000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** | **50000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** |
| **Hole ID** | **From <br>(m)** | **To <br>(m)** | **Interval (m)** | **Drill Date** | **Sample <br>Type** | **Sample <br>Details** | **TREO<br>(%)** | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-029 | 6.83 | 7.27 | 0.44 | 5/9/2025 | -- | -- | 0.3669 | 1450 | 19.3 | 5.1 | 2.34 | 50.5 | 2.6 | 645 | 0.4 | 604 | 179 | 92 | 5.2 | 0.5 | 73 | 2.71 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-029 | -- | -- | -- | 5/9/2025 | Blank | Marble | 0.0189 | 70 | 1.7 | 0.8 | 0.43 | 2.8 | 0.3 | 34 | 0.1 | 28 | 8 | 4 | 0.4 | 0.1 | 9 | 0.66 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-030 | 0 | 1.52 | 1.52 | 5/9/2025 | -- | -- | 0.2809 | 867 | 39.8 | 15.7 | 5.91 | 65.6 | 6.7 | 494 | 1.6 | 488 | 128 | 88 | 8.3 | 2.0 | 168 | 11.80 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-030 | 1.52 | 3.05 | 1.52 | 5/9/2025 | -- | -- | 0.2248 | 619 | 53.3 | 23.4 | 4.30 | 72.8 | 9.6 | 255 | 1.9 | 353 | 82 | 78 | 10.3 | 2.7 | 319 | 14.30 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-030 | 3.05 | 3.87 | 0.82 | 5/9/2025 | -- | -- | 0.1460 | 495 | 17.6 | 7.0 | 2.50 | 30.6 | 2.9 | 244 | 0.7 | 250 | 67 | 45 | 3.7 | 0.9 | 72 | 4.96 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-030 | 3.87 | 4.57 | 0.7 | 5/9/2025 | -- | -- | 1.1633 | 4710 | 44.3 | 11.9 | 1.94 | 114.0 | 6.2 | 2230 | 0.7 | 1855 | 531 | 235 | 12.0 | 1.1 | 171 | 4.90 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-030 | 4.57 | 5.18 | 0.61 | 5/9/2025 | -- | -- | 0.0313 | 98 | 5.6 | 3.7 | 0.75 | 5.3 | 1.2 | 51 | 0.5 | 36 | 10 | 7 | 0.9 | 0.5 | 41 | 3.09 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-030 | 5.18 | 6.1 | 0.91 | 5/9/2025 | -- | -- | 0.0493 | 155 | 8.9 | 4.4 | 0.97 | 10.6 | 1.8 | 77 | 0.5 | 60 | 17 | 12 | 1.6 | 0.6 | 63 | 3.15 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-030 | 6.1 | 6.36 | 0.26 | 5/9/2025 | -- | -- | 0.0671 | 215 | 11.1 | 5.1 | 0.95 | 15.6 | 2.0 | 100 | 0.5 | 99 | 26 | 21 | 2.1 | 0.6 | 68 | 3.23 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-031 | 0 | 1.52 | 1.52 | 5/9/2025 | -- | -- | 0.4703 | 1430 | 87.1 | 32.6 | 3.66 | 149.0 | 14.8 | 552 | 2.4 | 875 | 197 | 200 | 19.0 | 3.7 | 408 | 18.50 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-031 | 0 | 1.52 | 1.52 | 5/9/2025 | Duplicate | 0-5m | 0.1037 | 326 | 13.5 | 5.6 | 2.13 | 22.5 | 2.4 | 174 | 0.6 | 186 | 48 | 36 | 2.9 | 0.7 | 60 | 4.03 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-031 | 1.52 | 3.2 | 1.68 | 5/9/2025 | -- | -- | 0.0569 | 138 | 7.0 | 3.0 | 1.48 | 11.1 | 1.2 | 127 | 0.4 | 112 | 31 | 20 | 1.4 | 0.4 | 30 | 2.32 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-032 | 0 | 1.52 | 1.52 | 5/9/2025 | -- | -- | 0.5546 | 2130 | 33.4 | 10.8 | 3.06 | 72.2 | 5.2 | 1070 | 0.8 | 871 | 256 | 130 | 8.0 | 1.2 | 133 | 6.18 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-032 | 1.52 | 2.74 | 1.22 | 5/9/2025 | -- | -- | 0.0490 | 148 | 7.3 | 3.4 | 1.15 | 10.3 | 1.3 | 87 | 0.4 | 84 | 22 | 15 | 1.4 | 0.4 | 33 | 2.58 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-032 | 2.74 | 3.55 | 0.81 | 5/9/2025 | -- | -- | 0.0512 | 138 | 6.7 | 2.5 | 1.15 | 10.3 | 1.1 | 109 | 0.3 | 94 | 26 | 17 | 1.4 | 0.3 | 27 | 1.76 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-033 | 0 | 0.85 | 0.85 | 5/9/2025 | -- | -- | 1.4418 | 5840 | 113.0 | 36.5 | 8.16 | 235.0 | 17.6 | 2730 | 2.4 | 2730 | 733 | 407 | 26.6 | 3.8 | 438 | 18.30 | 5450 | 110 | 35 | 8 | 225 | 17 | 2530 | 2 | 2420 | 683 | 360 | 26 | 3 | 407 | 19 |
| 25-DPNB-033 | 0.85 | 1.52 | 0.67 | 5/9/2025 | -- | -- | 9.0687 | >10000 | 360.0 | 93.6 | 13.35 | >1000 | 50.4 | >10000 | 4.2 | >10000 | >1000 | >1000 | 96.6 | 8.6 | 1305 | 34.20 | 36500 | 352 | 92 | 14 | 948 | 50 | 17600 | 4 | 14600 | 4060 | 1815 | 96 | 8 | 1235 | 35 |
| 25-DPNB-033 | 1.52 | 2.44 | 0.91 | 5/9/2025 | -- | -- | 0.2430 | 939 | 12.4 | 4.5 | 1.35 | 27.6 | 2.0 | 500 | 0.3 | 367 | 105 | 53 | 3.1 | 0.5 | 55 | 2.53 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-033 | 2.44 | 3.68 | 1.24 | 5/9/2025 | -- | -- | 0.0435 | 136 | 6.4 | 3.3 | 0.92 | 8.5 | 1.2 | 81 | 0.4 | 63 | 18 | 12 | 1.2 | 0.4 | 36 | 2.45 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-034 | 0 | 1.37 | 1.37 | 5/9/2025 | -- | -- | 0.8420 | 3080 | 66.7 | 23.6 | 4.42 | 133.0 | 10.9 | 1475 | 1.7 | 1455 | 378 | 219 | 15.6 | 2.7 | 297 | 13.15 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-034 | 1.37 | 1.74 | 0.37 | 5/9/2025 | -- | -- | 2.7860 | >10000 | 170.5 | 50.9 | 8.38 | 385.0 | 25.0 | 5270 | 3.4 | 4540 | >1000 | 627 | 42.5 | 5.4 | 676 | 25.80 | 10600 | 156 | 47 | 8 | 392 | 24 | 5580 | 3 | 4430 | 1245 | 612 | 39 | 5 | 601 | 25 |
| 25-DPNB-034 | 1.74 | 2.01 | 0.27 | 5/9/2025 | -- | -- | 5.6649 | >10000 | 241.0 | 66.7 | 9.61 | 630.0 | 34.3 | >10000 | 3.5 | 8760 | >1000 | >1000 | 63.0 | 6.5 | 951 | 27.40 | 23200 | 218 | 60 | 9 | 611 | 32 | 11550 | 3 | 8200 | 2460 | 1065 | 58 | 6 | 844 | 27 |
| 25-DPNB-034 | 2.01 | 2.32 | 0.3 | 5/9/2025 | -- | -- | 0.2805 | 1130 | 13.6 | 4.4 | 1.14 | 29.3 | 2.1 | 551 | 0.4 | 414 | 124 | 55 | 3.4 | 0.5 | 61 | 2.53 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-034 | 2.32 | 3.86 | 1.54 | 5/9/2025 | -- | -- | 0.5984 | 2390 | 27.0 | 8.4 | 1.61 | 62.7 | 3.9 | 1160 | 0.6 | 935 | 280 | 116 | 6.8 | 0.9 | 110 | 4.13 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-034 | -- | -- | -- | 5/9/2025 | Blank | Marble | 0.0307 | 121 | 2.2 | 0.9 | 0.50 | 3.9 | 0.4 | 53 | 0.1 | 47 | 14 | 7 | 0.5 | 0.1 | 10 | 0.72 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-035 | 2.99 | 3.31 | 0.32 | 5/9/2025 | -- | -- | 0.1599 | 598 | 13.2 | 5.6 | 1.35 | 21.6 | 2.4 | 308 | 0.5 | 229 | 67 | 33 | 2.8 | 0.7 | 74 | 3.49 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-036 | 3.2 | 3.51 | 0.3 | 5/9/2025 | -- | -- | 3.6827 | >10000 | 166.0 | 45.9 | 7.74 | 432.0 | 23.4 | 7080 | 2.6 | 6010 | >1000 | 795 | 43.8 | 4.5 | 634 | 19.90 | 14850 | 151 | 41 | 7 | 425 | 22 | 7250 | 2 | 5640 | 1670 | 761 | 40 | 4 | 550 | 18 |
| 25-DPNB-036 | 3.51 | 4.01 | 0.51 | 5/9/2025 | -- | -- | 6.9159 | >10000 | 253.0 | 63.1 | 10.05 | 721.0 | 33.9 | >10000 | 3.2 | >10000 | >1000 | >1000 | 70.1 | 5.9 | 960 | 23.70 | 27600 | 244 | 61 | 10 | 750 | 35 | 14700 | 3 | 10250 | 3040 | 1345 | 67 | 6 | 895 | 25 |
| 25-DPNB-037 | 0 | 1.52 | 1.52 | 5/9/2025 | -- | -- | 0.9115 | 3470 | 68.3 | 23.4 | 5.09 | 134.5 | 10.7 | 1605 | 2.0 | 1485 | 418 | 213 | 15.9 | 2.8 | 301 | 13.75 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-037 | 1.52 | 3.05 | 1.52 | 5/9/2025 | -- | -- | 0.4982 | 1520 | 96.6 | 34.4 | 5.42 | 157.5 | 15.7 | 595 | 2.7 | 926 | 228 | 189 | 20.8 | 4.0 | 415 | 20.20 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-037 | 3.05 | 3.66 | 0.61 | 5/9/2025 | -- | -- | 0.9284 | 3590 | 66.8 | 21.5 | 2.88 | 134.0 | 10.1 | 1645 | 1.4 | 1495 | 424 | 210 | 15.7 | 2.4 | 284 | 10.90 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-037 | 3.66 | 4.11 | 0.46 | 5/9/2025 | -- | -- | 7.8645 | >10000 | 384.0 | 105.0 | 13.80 | 977.0 | 54.1 | >10000 | 5.7 | >10000 | >1000 | >1000 | 105.5 | 10.4 | 1465 | 45.10 | 30900 | 360 | 100 | 14 | 1020 | 54 | 16000 | 6 | 12000 | 3480 | 1650 | 94 | 10 | 1375 | 45 |
| 25-DPNB-037 | 4.11 | 4.72 | 0.61 | 5/9/2025 | -- | -- | 6.8566 | >10000 | 241.0 | 57.0 | 9.38 | 707.0 | 31.8 | >10000 | 2.5 | >10000 | >1000 | >1000 | 67.8 | 5.2 | 826 | 19.70 | 27900 | 228 | 54 | 9 | 718 | 32 | 14200 | 2 | 10150 | 3030 | 1335 | 64 | 5 | 784 | 20 |
| 25-DPNB-037 | -- | -- | -- | 5/9/2025 | Standard | OREAS 463 | 2.1336 | 6760 | 70.7 | 16.5 | 117.00 | 235.0 | 8.9 | 4900 | 0.9 | 3660 | >1000 | 507 | 21.2 | 1.6 | 188 | 6.83 | 6880 | 67 | 15 | 113 | 248 | 9 | 5420 | 1 | 3710 | 1035 | 521 | 20 | 2 | 177 | 7 |
| 25-DPNB-038 | 0 | 1.52 | 1.52 | 5/9/2025 | -- | -- | 0.2704 | 735 | 50.0 | 17.8 | 7.88 | 83.6 | 7.9 | 423 | 1.9 | 524 | 129 | 102 | 10.8 | 2.2 | 192 | 12.05 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-038 | 1.52 | 3.05 | 1.52 | 5/9/2025 | -- | -- | 0.1158 | 333 | 26.6 | 11.0 | 3.72 | 35.7 | 4.7 | 135 | 1.0 | 186 | 44 | 39 | 5.1 | 1.3 | 146 | 6.73 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-038 | 3.05 | 3.86 | 0.81 | 5/9/2025 | -- | -- | 1.0640 | 3430 | 172.0 | 59.6 | 6.62 | 311.0 | 27.1 | 1305 | 4.5 | 1990 | 487 | 397 | 39.0 | 6.8 | 773 | 33.70 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-038 | 3.86 | 4.63 | 0.78 | 5/9/2025 | -- | -- | 0.0731 | 271 | 8.3 | 3.3 | 1.33 | 12.4 | 1.5 | 130 | 0.3 | 101 | 29 | 16 | 1.7 | 0.4 | 44 | 2.09 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-038 | 4.63 | 5.46 | 0.82 | 5/9/2025 | -- | -- | 4.6090 | >10000 | 186.0 | 50.4 | 7.24 | 504.0 | 26.0 | 8290 | 2.7 | 6840 | >1000 | 935 | 50.3 | 4.9 | 728 | 21.10 | 18850 | 181 | 49 | 7 | 524 | 27 | 9120 | 3 | 6860 | 2030 | 924 | 48 | 5 | 688 | 20 |
| 25-DPNB-038 | 5.46 | 5.85 | 0.4 | 5/9/2025 | -- | -- | 0.8801 | 3430 | 35.1 | 9.7 | 2.30 | 92.6 | 4.8 | 1775 | 0.6 | 1425 | 417 | 169 | 9.3 | 0.9 | 136 | 4.25 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-038 | 5.85 | 6.3 | 0.45 | 5/9/2025 | -- | -- | 0.2044 | 378 | 45.2 | 23.1 | 9.15 | 66.6 | 8.8 | 317 | 2.8 | 426 | 98 | 87 | 8.8 | 3.1 | 239 | 18.55 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-038 | -- | -- | -- | 5/9/2025 | Blank | Marble | 0.0106 | 35 | 1.6 | 0.9 | 0.49 | 2.2 | 0.3 | 17 | 0.1 | 16 | 4 | 3 | 0.3 | 0.1 | 9 | 0.78 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-039 | 0 | 1.52 | 1.52 | 5/10/2025 | -- | -- | 0.2419 | 948 | 14.6 | 5.7 | 1.58 | 29.2 | 2.4 | 481 | 0.6 | 354 | 98 | 52 | 3.3 | 0.7 | 69 | 3.68 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-039 | 1.52 | 3.05 | 1.52 | 5/10/2025 | -- | -- | 0.1970 | 583 | 36.3 | 15.2 | 4.84 | 59.7 | 6.2 | 244 | 1.4 | 364 | 84 | 79 | 7.7 | 1.8 | 175 | 9.94 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-039 | 3.05 | 4.57 | 1.52 | 5/10/2025 | -- | -- | 0.0952 | 280 | 21.3 | 8.9 | 3.11 | 31.1 | 3.8 | 104 | 0.8 | 157 | 35 | 37 | 4.3 | 1.1 | 113 | 5.81 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-039 | 4.57 | 5.03 | 0.46 | 5/10/2025 | -- | -- | 0.9859 | 3010 | 171.0 | 58.9 | 5.37 | 310.0 | 27.3 | 1115 | 4.0 | 1950 | 438 | 417 | 38.4 | 6.3 | 792 | 30.80 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-039 | 5.03 | 5.49 | 0.46 | 5/10/2025 | -- | -- | 0.0699 | 214 | 13.0 | 6.2 | 1.11 | 17.4 | 2.5 | 98 | 0.7 | 105 | 27 | 21 | 2.5 | 0.8 | 79 | 4.44 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-039 | 5.49 | 5.97 | 0.49 | 5/10/2025 | -- | -- | 0.1429 | 466 | 8.9 | 3.2 | 1.10 | 19.3 | 1.5 | 344 | 0.3 | 221 | 62 | 33 | 2.2 | 0.4 | 53 | 1.79 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-039 | 5.97 | 6.22 | 0.24 | 5/10/2025 | -- | -- | 19.0081 | >10000 | >1000 | 230.0 | 31.20 | >1000 | 143.0 | >10000 | 8.8 | >10000 | >1000 | >1000 | 298.0 | 19.8 | 3370 | 75.20 | >50000 | 993 | 236 | 32 | 3010 | 133 | >50000 | 9 | 44100 | >5000 | >5000 | 299 | 20 | 3350 | 78 |
| 25-DPNB-040 | 0 | 1.52 | 1.52 | 5/11/2025 | -- | -- | 0.1984 | 510 | 32.6 | 15.3 | 6.64 | 52.6 | 6.0 | 315 | 2.0 | 399 | 94 | 78 | 6.6 | 2.2 | 152 | 13.95 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-040 | 0 | 1.52 | 1.52 | 5/11/2025 | Duplicate | 0-5m | 0.2058 | 535 | 32.9 | 15.6 | 6.70 | 52.8 | 6.0 | 323 | 2.1 | 419 | 99 | 83 | 6.8 | 2.2 | 152 | 13.80 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-040 | 1.52 | 3.05 | 1.52 | 5/11/2025 | -- | -- | 0.1217 | 324 | 26.0 | 12.4 | 4.59 | 36.6 | 4.9 | 158 | 1.4 | 203 | 49 | 41 | 5.1 | 1.7 | 152 | 9.38 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-040 | 3.05 | 4.57 | 1.52 | 5/11/2025 | -- | -- | 0.1359 | 432 | 24.0 | 9.3 | 2.84 | 38.7 | 4.0 | 169 | 0.9 | 244 | 59 | 51 | 5.2 | 1.2 | 108 | 6.17 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-040 | 4.57 | 5.67 | 1.1 | 5/11/2025 | -- | -- | 0.0728 | 218 | 16.1 | 6.9 | 2.96 | 23.2 | 2.9 | 79 | 0.7 | 121 | 28 | 26 | 3.3 | 0.9 | 84 | 4.94 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-040 | 5.67 | 5.97 | 0.3 | 5/11/2025 | -- | -- | 1.0283 | 3060 | 202.0 | 71.9 | 5.19 | 353.0 | 32.7 | 1110 | 5.1 | 1955 | 453 | 408 | 43.7 | 8.1 | 976 | 38.50 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-040 | 5.97 | 7.32 | 1.34 | 5/11/2025 | -- | -- | 0.1055 | 372 | 13.1 | 5.3 | 1.15 | 21.6 | 2.2 | 168 | 0.6 | 166 | 44 | 29 | 2.8 | 0.7 | 68 | 3.92 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-041 | 0 | 1.52 | 1.52 | 5/11/2025 | -- | -- | 0.3011 | 954 | 42.6 | 17.6 | 5.38 | 73.3 | 7.2 | 462 | 2.1 | 543 | 138 | 100 | 9.2 | 2.4 | 191 | 13.60 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-041 | 1.52 | 3.05 | 1.52 | 5/11/2025 | -- | -- | 0.8623 | 2750 | 132.0 | 46.9 | 7.91 | 239.0 | 21.0 | 1095 | 3.9 | 1650 | 398 | 315 | 29.8 | 5.5 | 608 | 27.10 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-041 | 3.05 | 4.57 | 1.52 | 5/11/2025 | -- | -- | 0.0574 | 200 | 8.1 | 3.2 | 0.98 | 12.5 | 1.4 | 88 | 0.3 | 87 | 23 | 16 | 1.7 | 0.4 | 43 | 2.12 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-041 | 4.57 | 5.79 | 1.22 | 5/11/2025 | -- | -- | 0.0427 | 131 | 8.4 | 4.2 | 0.86 | 10.2 | 1.7 | 65 | 0.5 | 52 | 14 | 10 | 1.5 | 0.5 | 59 | 2.77 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-041 | 5.79 | 6.23 | 0.44 | 5/11/2025 | -- | -- | 0.0405 | 133 | 5.1 | 2.4 | 0.72 | 6.8 | 1.0 | 80 | 0.3 | 53 | 16 | 9 | 1.0 | 0.3 | 33 | 2.13 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-041 | 6.23 | 6.32 | 0.09 | 5/11/2025 | -- | -- | 14.2051 | >10000 | 663.0 | 150.0 | 19.35 | >1000 | 82.9 | >10000 | 6.5 | >10000 | >1000 | >1000 | 186.5 | 13.6 | 2150 | 52.70 | >50000 | 580 | 138 | 19 | 1855 | 80 | 33900 | 6 | 24100 | >5000 | 3320 | 161 | 13 | 2030 | 50 |
| 25-DPNB-041 | 6.32 | 6.61 | 0.28 | 5/11/2025 | -- | -- | 0.5498 | 2200 | 21.5 | 5.6 | 1.27 | 57.2 | 2.9 | 1085 | 0.3 | 874 | 255 | 106 | 5.9 | 0.5 | 76 | 2.21 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-041 | -- | -- | -- | 5/11/2025 | Blank | Marble | 0.0060 | 16 | 1.3 | 0.6 | 0.44 | 1.7 | 0.3 | 8 | 0.1 | 10 | 2 | 2 | 0.3 | 0.1 | 8 | 0.52 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-042 | 0 | 1.52 | 1.52 | 5/11/2025 | -- | -- | 2.4981 | 8910 | 108.5 | 31.6 | 6.42 | 261.0 | 15.5 | 4210 | 2.3 | 3490 | >1000 | 455 | 27.8 | 3.4 | 394 | 17.00 | 9830 | 111 | 33 | 7 | 298 | 17 | 5080 | 3 | 3840 | 1115 | 512 | 28 | 4 | 422 | 18 |
| 25-DPNB-042 | 1.52 | 3.05 | 1.52 | 5/11/2025 | -- | -- | 0.0499 | 157 | 8.5 | 3.8 | 1.18 | 11.2 | 1.6 | 78 | 0.5 | 74 | 19 | 14 | 1.5 | 0.6 | 49 | 3.08 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-042 | 3.05 | 4.04 | 0.99 | 5/11/2025 | -- | -- | 0.0318 | 109 | 4.4 | 2.2 | 0.81 | 5.4 | 0.9 | 56 | 0.3 | 43 | 12 | 7 | 0.7 | 0.3 | 26 | 1.91 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-043 | 0 | 1.52 | 1.52 | 5/11/2025 | -- | -- | 0.5381 | 1985 | 42.2 | 13.3 | 2.91 | 84.7 | 6.3 | 952 | 1.3 | 934 | 248 | 139 | 9.5 | 1.7 | 159 | 8.93 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-043 | 1.52 | 3.05 | 1.52 | 5/11/2025 | -- | -- | 0.0563 | 144 | 12.6 | 5.5 | 1.83 | 17.3 | 2.2 | 83 | 0.6 | 99 | 23 | 21 | 2.3 | 0.8 | 59 | 4.31 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-043 | 3.05 | 4.57 | 1.52 | 5/11/2025 | -- | -- | 0.0205 | 68 | 3.3 | 1.5 | 0.80 | 4.5 | 0.6 | 34 | 0.2 | 28 | 8 | 6 | 0.6 | 0.2 | 17 | 1.10 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-043 | 4.57 | 5.49 | 0.91 | 5/11/2025 | -- | -- | 0.0222 | 68 | 3.9 | 2.4 | 0.90 | 3.8 | 0.8 | 38 | 0.4 | 27 | 8 | 5 | 0.6 | 0.3 | 27 | 2.21 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-043 | 5.49 | 5.94 | 0.46 | 5/11/2025 | -- | -- | 0.0340 | 89 | 4.2 | 2.2 | 0.93 | 5.6 | 0.8 | 79 | 0.3 | 57 | 16 | 8 | 0.8 | 0.3 | 23 | 1.86 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-043 | 5.94 | 6.22 | 0.27 | 5/11/2025 | -- | -- | 2.5678 | >10000 | 108.5 | 27.3 | 6.20 | 276.0 | 14.6 | 5040 | 1.7 | 4160 | >1000 | 539 | 27.4 | 2.9 | 379 | 13.05 | 10600 | 106 | 28 | 5 | 273 | 13 | 4780 | 2 | 4020 | 1205 | 520 | 27 | 3 | 326 | 13 |
| 25-DPNB-043 | 6.22 | 7.09 | 0.87 | 5/11/2025 | -- | -- | 0.0862 | 343 | 6.3 | 1.9 | 1.31 | 13.0 | 0.9 | 148 | 0.2 | 136 | 36 | 22 | 1.4 | 0.2 | 24 | 1.28 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-043 | -- | -- | -- | 5/11/2025 | Standard | OREAS 460 | 9.3631 | >10000 | 227.0 | 50.9 | 321.00 | 599.0 | 29.1 | >10000 | 2.3 | >10000 | >1000 | >1000 | 58.0 | 4.8 | 584 | 19.70 | 38400 | 222 | 51 | 260 | 563 | 26 | 22800 | 2 | 11800 | 3920 | 1330 | 57 | 4 | 497 | 20 |
| 25-DPNB-044 | 4.27 | 4.88 | 0.61 | 5/11/2025 | -- | -- | 0.0414 | 155 | 4.0 | 2.0 | 0.97 | 5.4 | 0.7 | 80 | 0.3 | 56 | 16 | 9 | 0.7 | 0.3 | 21 | 1.71 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-044 | 4.88 | 5.66 | 0.79 | 5/11/2025 | -- | -- | 0.0352 | 108 | 7.2 | 4.0 | 0.78 | 6.7 | 1.5 | 57 | 0.6 | 42 | 12 | 8 | 1.1 | 0.6 | 44 | 4.29 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |

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SLV0163 – Technical Report Summary Shiloh Project, Georgia 212 November 2025

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| **Technical Report Summary** | ![img77526612_71.jpg](img77526612_71.jpg) |

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|  |  |  |  |  |  |  | **Method** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** |
|  |  |  |  |  |  |  | **Analyte** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** |
|  |  |  |  |  |  |  | **Units** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** |
|  |  |  |  |  |  |  | **Detection <br>Limit** | **0** | **0.1** | **0.0** | **0.02** | **0.05** | **0.01** | **0.1** | **0.01** | **0.1** | **0.02** | **0.03** | **0.01** | **0.01** | **0.1** | **0.03** | **3** | **0.3** | **0.2** | **0.2** | **0.3** | **0.05** | **3** | **0.05** | **0.5** | **0.2** | **0.2** | **0.05** | **0.05** | **3** | **0.2** |
|  |  |  |  |  |  |  | **Upper <br>Limit** | **10000** | **1000.0** | **1000.0** | **1000** | **1000** | **1000** | **10000** | **1000** | **10000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **50000** | **5000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** | **50000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** |
| **Hole ID** | **From <br>(m)** | **To <br>(m)** | **Interval (m)** | **Drill Date** | **Sample <br>Type** | **Sample <br>Details** | **TREO<br>(%)** | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-045 | 3.72 | 3.96 | 0.24 | 5/11/2025 | -- | -- | 0.0832 | 247 | 16.5 | 7.7 | 1.91 | 21.8 | 3.2 | 112 | 0.8 | 129 | 31 | 25 | 3.1 | 1.0 | 100 | 5.39 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-045 | 3.96 | 4.36 | 0.4 | 5/11/2025 | -- | -- | 12.7247 | >10000 | 693.0 | 175.0 | 21.10 | >1000 | 96.9 | >10000 | 9.3 | >10000 | >1000 | >1000 | 166.5 | 17.7 | 2390 | 75.90 | 49700 | 667 | 181 | 19 | 1615 | 86 | 24700 | 10 | 21200 | >5000 | 2850 | 163 | 17 | 2300 | 77 |
| 25-DPNB-045 | 4.36 | 5.36 | 1 | 5/11/2025 | -- | -- | 0.0897 | 344 | 7.2 | 3.1 | 1.16 | 12.8 | 1.2 | 161 | 0.3 | 134 | 38 | 21 | 1.6 | 0.4 | 37 | 2.10 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-045 | -- | -- | -- | 5/11/2025 | Blank | Marble | 0.0128 | 43 | 1.6 | 0.8 | 0.49 | 2.5 | 0.3 | 21 | 0.1 | 21 | 5 | 3 | 0.3 | 0.1 | 9 | 0.58 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-046 | 3.75 | 4.39 | 0.64 | 5/11/2025 | -- | -- | 10.0420 | >10000 | 479.0 | 105.5 | 17.35 | >1000 | 59.8 | >10000 | 4.6 | >10000 | >1000 | >1000 | 122.0 | 9.8 | 1540 | 39.20 | 39700 | 427 | 103 | 15 | 1125 | 51 | 19200 | 5 | 16800 | 4730 | 2130 | 109 | 9 | 1290 | 37 |
| 25-DPNB-046 | 4.39 | 4.57 | 0.18 | 5/11/2025 | -- | -- | 0.0625 | 241 | 4.5 | 1.7 | 0.83 | 8.0 | 0.8 | 124 | 0.2 | 89 | 26 | 13 | 1.0 | 0.2 | 21 | 1.15 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-047 | 2.41 | 3.05 | 0.64 | 5/11/2025 | -- | -- | 0.2734 | 870 | 48.5 | 15.9 | 3.06 | 79.4 | 7.6 | 365 | 1.2 | 502 | 115 | 102 | 9.9 | 1.9 | 195 | 9.32 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-047 | 3.05 | 3.69 | 0.64 | 5/11/2025 | -- | -- | 0.2886 | 898 | 37.2 | 14.0 | 1.88 | 63.8 | 6.2 | 506 | 1.2 | 515 | 128 | 90 | 7.5 | 1.7 | 176 | 8.66 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-047 | 3.69 | 4.21 | 0.52 | 5/11/2025 | -- | -- | 9.6495 | >10000 | 407.0 | 92.1 | 14.50 | >1000 | 51.6 | >10000 | 4.1 | >10000 | >1000 | >1000 | 105.5 | 8.6 | 1360 | 34.60 | 38100 | 418 | 98 | 14 | 1095 | 50 | 18300 | 5 | 16100 | 4690 | 2090 | 108 | 9 | 1265 | 36 |
| 25-DPNB-047 | 4.21 | 4.72 | 0.52 | 5/11/2025 | -- | -- | 1.8876 | 8770 | 86.8 | 21.5 | 4.89 | 226.0 | 11.7 | 4200 | 1.2 | 3630 | 1000 | 462 | 22.1 | 2.1 | 305 | 9.80 | 7420 | 88 | 20 | 4 | 244 | 11 | 3660 | 1 | 3030 | 936 | 385 | 23 | 2 | 277 | 10 |
| 25-DPNB-048 | 4.57 | 4.9 | 0.33 | 5/12/2025 | -- | -- | 0.0984 | 383 | 7.8 | 3.0 | 1.07 | 13.4 | 1.3 | 171 | 0.4 | 150 | 42 | 23 | 1.7 | 0.4 | 38 | 2.58 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-049 | 4.57 | 4.77 | 0.2 | 5/12/2025 | -- | -- | 0.0841 | 283 | 7.4 | 2.7 | 1.12 | 12.7 | 1.2 | 178 | 0.3 | 136 | 37 | 21 | 1.5 | 0.4 | 33 | 2.00 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-050 | 0 | 1.52 | 1.52 | 5/12/2025 | -- | -- | 0.2124 | 772 | 21.5 | 8.4 | 3.16 | 35.5 | 3.6 | 358 | 1.0 | 355 | 90 | 58 | 4.4 | 1.2 | 90 | 7.17 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-050 | 0 | 1.52 | 1.52 | 5/12/2025 | Duplicate | 0-5m | 0.2124 | 736 | 24.1 | 9.5 | 3.52 | 39.8 | 4.0 | 353 | 1.2 | 367 | 92 | 62 | 4.9 | 1.3 | 102 | 8.20 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-050 | 1.52 | 3.05 | 1.52 | 5/12/2025 | -- | -- | 0.2598 | 654 | 49.6 | 21.9 | 7.64 | 76.4 | 8.8 | 376 | 2.7 | 514 | 118 | 100 | 9.5 | 3.0 | 245 | 18.25 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-050 | 3.05 | 4.27 | 1.22 | 5/12/2025 | -- | -- | 0.3201 | 891 | 67.6 | 27.0 | 5.39 | 101.0 | 11.8 | 372 | 2.4 | 564 | 128 | 121 | 13.1 | 3.2 | 384 | 17.35 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-050 | 4.27 | 4.72 | 0.46 | 5/12/2025 | -- | -- | 1.2332 | 4140 | 152.5 | 43.1 | 7.60 | 308.0 | 21.8 | 1655 | 3.0 | 2490 | 570 | 470 | 34.8 | 4.8 | 580 | 23.90 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-050 | 4.72 | 4.91 | 0.18 | 5/12/2025 | -- | -- | 0.9466 | 3030 | 157.0 | 52.0 | 4.48 | 264.0 | 24.8 | 1225 | 3.8 | 1790 | 411 | 347 | 32.5 | 5.9 | 669 | 29.60 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-050 | 4.91 | 5.31 | 0.4 | 5/12/2025 | -- | -- | 0.1141 | 401 | 13.0 | 5.3 | 1.58 | 22.4 | 2.2 | 185 | 0.7 | 194 | 47 | 34 | 2.7 | 0.7 | 58 | 4.41 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-051 | 0 | 1.52 | 1.52 | 5/12/2025 | -- | -- | 0.1493 | 329 | 29.8 | 13.7 | 6.74 | 44.2 | 5.3 | 226 | 1.9 | 321 | 72 | 62 | 5.5 | 2.0 | 136 | 12.90 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-051 | 1.52 | 3.05 | 1.52 | 5/12/2025 | -- | -- | 0.1274 | 330 | 28.5 | 13.6 | 5.07 | 38.4 | 5.3 | 162 | 1.7 | 217 | 49 | 44 | 5.1 | 1.8 | 166 | 10.25 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-051 | 3.05 | 4.57 | 1.52 | 5/12/2025 | -- | -- | 0.3125 | 986 | 48.1 | 15.6 | 4.72 | 85.2 | 7.4 | 409 | 1.3 | 621 | 145 | 123 | 10.3 | 1.9 | 191 | 9.88 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-051 | 4.57 | 5.15 | 0.58 | 5/12/2025 | -- | -- | 0.3279 | 936 | 68.9 | 26.4 | 3.87 | 111.0 | 11.6 | 349 | 2.1 | 628 | 144 | 140 | 14.2 | 3.2 | 327 | 15.70 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-051 | 5.15 | 5.3 | 0.15 | 5/12/2025 | -- | -- | 0.8450 | 2600 | 158.0 | 57.7 | 4.59 | 265.0 | 25.7 | 975 | 4.4 | 1585 | 366 | 342 | 33.4 | 6.8 | 717 | 33.80 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-051 | 5.3 | 6.1 | 0.79 | 5/12/2025 | -- | -- | 0.0475 | 153 | 9.1 | 4.8 | 0.88 | 11.0 | 1.8 | 68 | 0.6 | 64 | 17 | 13 | 1.6 | 0.7 | 53 | 4.23 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-051 | 6.1 | 6.83 | 0.74 | 5/12/2025 | -- | -- | 0.0410 | 139 | 6.7 | 3.0 | 0.82 | 8.6 | 1.2 | 65 | 0.3 | 57 | 16 | 12 | 1.3 | 0.4 | 35 | 2.28 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-051 | -- | -- | -- | 5/12/2025 | Blank | Marble | 0.0148 | 44 | 2.8 | 1.3 | 0.84 | 4.2 | 0.5 | 19 | 0.2 | 25 | 6 | 6 | 0.6 | 0.2 | 14 | 1.06 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-052 | 0 | 1.52 | 1.52 | 5/12/2025 | -- | -- | 0.1458 | 361 | 24.2 | 10.8 | 5.83 | 39.2 | 4.2 | 230 | 1.5 | 311 | 76 | 63 | 4.9 | 1.5 | 97 | 9.99 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-052 | 1.52 | 3.05 | 1.52 | 5/12/2025 | -- | -- | 0.1579 | 363 | 39.7 | 19.4 | 6.09 | 55.4 | 7.4 | 202 | 2.4 | 274 | 64 | 64 | 7.6 | 2.7 | 212 | 15.40 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-052 | 3.05 | 4.57 | 1.52 | 5/12/2025 | -- | -- | 0.2453 | 762 | 45.3 | 16.4 | 3.90 | 76.0 | 7.3 | 309 | 1.4 | 448 | 107 | 101 | 9.7 | 2.0 | 186 | 10.55 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-052 | 4.57 | 5.79 | 1.22 | 5/12/2025 | -- | -- | 0.0476 | 135 | 11.5 | 5.1 | 2.77 | 15.6 | 2.1 | 55 | 0.6 | 78 | 18 | 19 | 2.2 | 0.7 | 54 | 3.90 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-052 | 5.79 | 6.1 | 0.3 | 5/12/2025 | -- | -- | 0.0796 | 227 | 19.4 | 7.9 | 2.46 | 27.9 | 3.3 | 83 | 0.8 | 136 | 31 | 32 | 3.8 | 1.0 | 93 | 5.66 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-052 | 6.1 | 6.31 | 0.21 | 5/12/2025 | -- | -- | 0.3896 | 1135 | 80.7 | 29.1 | 3.58 | 139.5 | 13.2 | 411 | 2.1 | 756 | 166 | 173 | 17.5 | 3.4 | 360 | 16.30 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-052 | 6.31 | 6.52 | 0.21 | 5/12/2025 | -- | -- | 0.9100 | 2650 | 189.5 | 66.1 | 5.30 | 331.0 | 30.6 | 969 | 4.9 | 1750 | 401 | 410 | 40.8 | 7.8 | 829 | 38.10 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-052 | 6.52 | 6.81 | 0.28 | 5/12/2025 | -- | -- | 0.4873 | 1430 | 99.8 | 35.7 | 3.17 | 168.5 | 16.3 | 538 | 2.8 | 925 | 213 | 211 | 21.4 | 4.3 | 445 | 21.50 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-052 | -- | -- | -- | 5/12/2025 | Standard | OREAS 463 | 1.8617 | 6010 | 67.8 | 15.5 | 109.50 | 221.0 | 8.6 | 4370 | 0.8 | 3430 | 940 | 528 | 19.2 | 1.6 | 173 | 6.70 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-053 | 0 | 0.91 | 0.91 | 5/12/2025 | -- | -- | 0.0781 | 213 | 12.0 | 5.0 | 2.62 | 19.2 | 2.0 | 128 | 0.7 | 155 | 39 | 32 | 2.5 | 0.7 | 49 | 4.67 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-053 | 0.91 | 1.52 | 0.61 | 5/12/2025 | -- | -- | 0.2290 | 347 | 45.4 | 20.4 | 13.50 | 75.2 | 7.7 | 364 | 2.9 | 606 | 144 | 121 | 9.1 | 3.0 | 171 | 19.15 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-053 | 1.52 | 3.05 | 1.52 | 5/12/2025 | -- | -- | 0.1165 | 242 | 30.3 | 15.5 | 5.68 | 41.0 | 5.9 | 163 | 2.1 | 202 | 47 | 45 | 5.6 | 2.3 | 163 | 13.50 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-053 | 3.05 | 4.57 | 1.52 | 5/12/2025 | -- | -- | 0.1462 | 399 | 30.6 | 12.9 | 3.16 | 46.2 | 5.5 | 185 | 1.2 | 245 | 59 | 55 | 6.2 | 1.6 | 179 | 8.18 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-053 | 4.57 | 6.1 | 1.52 | 5/12/2025 | -- | -- | 0.0633 | 172 | 17.7 | 7.2 | 3.27 | 21.6 | 3.1 | 71 | 0.7 | 99 | 23 | 24 | 3.3 | 0.9 | 84 | 4.82 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-053 | 6.1 | 6.5 | 0.41 | 5/12/2025 | -- | -- | 0.0749 | 210 | 20.0 | 7.4 | 2.80 | 27.0 | 3.4 | 84 | 0.6 | 122 | 29 | 29 | 4.0 | 0.9 | 90 | 4.30 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-053 | 6.5 | 6.86 | 0.36 | 5/12/2025 | -- | -- | 0.7214 | 2100 | 151.5 | 53.2 | 4.78 | 260.0 | 24.3 | 759 | 3.9 | 1395 | 313 | 321 | 32.6 | 6.2 | 667 | 30.60 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-053 | -- | -- | -- | 5/12/2025 | Blank | Marble | 0.0083 | 24 | 1.6 | 0.6 | 0.48 | 2.5 | 0.3 | 11 | 0.1 | 15 | 4 | 3 | 0.3 | 0.1 | 7 | 0.41 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-054 | 0 | 1.52 | 1.52 | 5/12/2025 | -- | -- | 0.0732 | 208 | 12.3 | 5.8 | 3.11 | 18.2 | 2.2 | 111 | 0.8 | 135 | 35 | 27 | 2.4 | 0.9 | 56 | 5.27 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-054 | 1.52 | 3.05 | 1.52 | 5/12/2025 | -- | -- | 0.1304 | 239 | 33.1 | 16.2 | 6.74 | 46.7 | 6.1 | 190 | 2.2 | 259 | 62 | 57 | 6.1 | 2.3 | 164 | 14.10 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-054 | 3.05 | 4.57 | 1.52 | 5/12/2025 | -- | -- | 0.1232 | 292 | 33.4 | 16.5 | 3.44 | 43.4 | 6.5 | 146 | 1.8 | 183 | 43 | 43 | 6.2 | 2.2 | 206 | 11.75 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-054 | 4.57 | 6.1 | 1.52 | 5/12/2025 | -- | -- | 0.2033 | 640 | 38.2 | 14.5 | 4.63 | 61.6 | 6.4 | 249 | 1.3 | 354 | 83 | 78 | 8.0 | 1.7 | 177 | 9.02 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-054 | 6.1 | 6.68 | 0.58 | 5/12/2025 | -- | -- | 0.0825 | 245 | 18.4 | 7.3 | 3.06 | 28.5 | 3.1 | 88 | 0.7 | 146 | 33 | 35 | 3.7 | 0.9 | 82 | 4.99 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPNB-054 | 6.68 | 7.34 | 0.66 | 5/12/2025 | -- | -- | 0.7351 | 2150 | 151.5 | 55.7 | 5.53 | 257.0 | 24.7 | 779 | 4.3 | 1430 | 323 | 319 | 32.4 | 6.5 | 668 | 32.80 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-001 | 0 | 1.52 | 1.52 | 5/13/2025 | -- | -- | 0.6099 | 2320 | 46.2 | 13.2 | 3.21 | 101.5 | 6.5 | 1030 | 1.1 | 1040 | 283 | 170 | 11.2 | 1.5 | 167 | 8.40 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-001 | 1.52 | 3.05 | 1.52 | 5/13/2025 | -- | -- | 0.2146 | 645 | 30.3 | 12.8 | 3.26 | 49.3 | 5.1 | 353 | 1.6 | 392 | 105 | 77 | 6.2 | 1.8 | 132 | 11.15 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-001 | 3.05 | 4.57 | 1.52 | 5/13/2025 | -- | -- | 0.0493 | 136 | 9.8 | 4.7 | 1.70 | 12.6 | 1.8 | 76 | 0.5 | 79 | 21 | 15 | 1.9 | 0.6 | 54 | 3.88 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-001 | 3.05 | 4.57 | 1.52 | 5/13/2025 | Duplicate | 10-15m | 0.0460 | 125 | 10.0 | 4.3 | 1.73 | 12.2 | 1.7 | 70 | 0.5 | 75 | 19 | 15 | 1.9 | 0.6 | 50 | 3.40 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-001 | 4.57 | 6.1 | 1.52 | 5/13/2025 | -- | -- | 0.0351 | 102 | 7.7 | 4.3 | 1.13 | 8.0 | 1.6 | 47 | 0.5 | 50 | 14 | 10 | 1.3 | 0.6 | 45 | 3.46 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-001 | 6.1 | 7.62 | 1.52 | 5/13/2025 | -- | -- | 0.0319 | 97 | 6.5 | 3.0 | 1.40 | 7.0 | 1.2 | 46 | 0.4 | 48 | 13 | 9 | 1.2 | 0.4 | 34 | 2.63 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-001 | 7.62 | 8.46 | 0.84 | 5/13/2025 | -- | -- | 0.0424 | 116 | 10.8 | 6.7 | 1.58 | 10.2 | 2.4 | 53 | 1.0 | 55 | 14 | 11 | 1.7 | 1.1 | 67 | 7.01 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-002 | 0 | 1.46 | 1.46 | 5/13/2025 | -- | -- | 0.6761 | 2540 | 56.7 | 19.8 | 4.51 | 103.5 | 8.6 | 1160 | 2.0 | 1120 | 316 | 175 | 13.7 | 2.5 | 226 | 14.00 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-002 | 1.46 | 3.05 | 1.58 | 5/13/2025 | -- | -- | 0.0817 | 236 | 14.1 | 5.9 | 2.24 | 19.3 | 2.4 | 142 | 0.6 | 134 | 37 | 26 | 2.7 | 0.8 | 66 | 4.45 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-002 | 3.05 | 3.81 | 0.76 | 5/13/2025 | -- | -- | 0.0393 | 114 | 8.8 | 4.3 | 1.80 | 8.7 | 1.7 | 58 | 0.5 | 56 | 15 | 12 | 1.5 | 0.6 | 46 | 3.36 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-002 | 3.81 | 4.57 | 0.76 | 5/13/2025 | -- | -- | 0.2953 | 942 | 53.7 | 27.4 | 3.77 | 55.7 | 10.2 | 427 | 3.1 | 454 | 122 | 85 | 9.3 | 3.8 | 285 | 22.30 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-002 | 4.57 | 6.1 | 1.52 | 5/13/2025 | -- | -- | 0.4161 | 1260 | 78.2 | 39.2 | 5.93 | 87.0 | 14.4 | 654 | 4.8 | 648 | 174 | 117 | 14.0 | 5.4 | 394 | 32.80 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-002 | 6.1 | 7.62 | 1.52 | 5/13/2025 | -- | -- | 0.1803 | 636 | 31.8 | 19.9 | 3.46 | 30.1 | 6.7 | 231 | 2.8 | 259 | 69 | 48 | 5.1 | 3.0 | 165 | 18.90 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-002 | 7.62 | 9.14 | 1.52 | 5/13/2025 | -- | -- | 0.1679 | 538 | 29.9 | 16.2 | 3.81 | 33.7 | 5.8 | 239 | 2.0 | 259 | 68 | 50 | 5.4 | 2.2 | 158 | 13.85 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-002 | 9.14 | 10.67 | 1.52 | 5/13/2025 | -- | -- | 0.1678 | 544 | 26.6 | 13.4 | 3.01 | 35.1 | 4.9 | 251 | 1.8 | 260 | 68 | 52 | 5.1 | 1.9 | 145 | 11.90 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-002 | -- | -- | -- | 5/13/2025 | Blank | Marble | 0.0128 | 40 | 2.2 | 1.0 | 0.93 | 2.8 | 0.4 | 20 | 0.1 | 19 | 5 | 4 | 0.4 | 0.1 | 11 | 0.87 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-003 | 0 | 1.07 | 1.07 | 5/13/2025 | -- | -- | 0.3782 | 1450 | 39.1 | 16.0 | 3.80 | 59.9 | 6.5 | 622 | 1.8 | 563 | 165 | 96 | 8.4 | 2.0 | 175 | 12.40 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-003 | 1.07 | 2.62 | 1.55 | 5/13/2025 | -- | -- | 0.0794 | 220 | 15.3 | 6.3 | 2.49 | 17.0 | 2.5 | 136 | 0.7 | 130 | 35 | 25 | 2.8 | 0.8 | 75 | 4.89 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-003 | 2.62 | 3.75 | 1.13 | 5/13/2025 | -- | -- | 0.2819 | 832 | 61.1 | 29.3 | 4.65 | 60.1 | 11.2 | 403 | 3.1 | 420 | 108 | 79 | 10.4 | 3.9 | 337 | 22.50 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-003 | 3.75 | 5.55 | 1.8 | 5/13/2025 | -- | -- | 0.1916 | 631 | 31.2 | 16.2 | 4.16 | 33.5 | 5.9 | 281 | 1.9 | 302 | 79 | 54 | 5.5 | 2.3 | 164 | 14.00 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-003 | 5.55 | 6.52 | 0.98 | 5/13/2025 | -- | -- | 0.5003 | 1640 | 82.4 | 36.9 | 6.31 | 107.5 | 14.6 | 763 | 4.6 | 821 | 215 | 146 | 15.9 | 5.0 | 362 | 31.50 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-003 | 6.52 | 7.62 | 1.1 | 5/13/2025 | -- | -- | 0.2584 | 862 | 35.9 | 16.8 | 4.93 | 51.2 | 6.5 | 420 | 2.0 | 423 | 110 | 74 | 7.1 | 2.4 | 168 | 13.75 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-004 | 0 | 1.01 | 1.01 | 5/13/2025 | -- | -- | 0.4080 | 1495 | 39.4 | 14.9 | 3.57 | 62.4 | 6.2 | 713 | 1.6 | 649 | 195 | 107 | 8.3 | 1.9 | 168 | 11.15 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-004 | 1.01 | 1.52 | 0.52 | 5/13/2025 | -- | -- | 0.1426 | 404 | 20.2 | 9.0 | 2.37 | 27.1 | 3.5 | 264 | 1.1 | 265 | 67 | 45 | 3.8 | 1.3 | 91 | 7.66 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-004 | 1.52 | 2.74 | 1.22 | 5/13/2025 | -- | -- | 0.2515 | 764 | 44.8 | 19.1 | 4.36 | 56.4 | 7.7 | 389 | 2.2 | 431 | 104 | 81 | 8.4 | 2.6 | 206 | 15.55 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-004 | 2.74 | 4.57 | 1.83 | 5/13/2025 | -- | -- | 0.2063 | 661 | 35.6 | 16.0 | 3.21 | 43.2 | 6.3 | 296 | 1.7 | 331 | 87 | 67 | 6.7 | 2.2 | 181 | 12.05 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-004 | 4.57 | 6.1 | 1.52 | 5/13/2025 | -- | -- | 0.2119 | 736 | 25.0 | 12.1 | 4.62 | 34.7 | 4.6 | 346 | 1.5 | 348 | 92 | 58 | 5.0 | 1.7 | 123 | 10.30 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |

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SLV0163 – Technical Report Summary Shiloh Project, Georgia 213 November 2025

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| **Technical Report Summary** | ![img77526612_71.jpg](img77526612_71.jpg) |

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|  |  |  |  |  |  |  | **Method** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** |
|  |  |  |  |  |  |  | **Analyte** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** |
|  |  |  |  |  |  |  | **Units** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** |
|  |  |  |  |  |  |  | **Detection <br>Limit** | **0** | **0.1** | **0.0** | **0.02** | **0.05** | **0.01** | **0.1** | **0.01** | **0.1** | **0.02** | **0.03** | **0.01** | **0.01** | **0.1** | **0.03** | **3** | **0.3** | **0.2** | **0.2** | **0.3** | **0.05** | **3** | **0.05** | **0.5** | **0.2** | **0.2** | **0.05** | **0.05** | **3** | **0.2** |
|  |  |  |  |  |  |  | **Upper <br>Limit** | **10000** | **1000.0** | **1000.0** | **1000** | **1000** | **1000** | **10000** | **1000** | **10000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **50000** | **5000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** | **50000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** |
| **Hole ID** | **From <br>(m)** | **To <br>(m)** | **Interval (m)** | **Drill Date** | **Sample <br>Type** | **Sample <br>Details** | **TREO<br>(%)** | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-004 | 6.1 | 7.62 | 1.52 | 5/13/2025 | -- | -- | 0.1686 | 599 | 20.9 | 10.7 | 3.59 | 27.3 | 3.8 | 261 | 1.3 | 268 | 71 | 47 | 4.0 | 1.5 | 106 | 9.19 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-004 | -- | -- | -- | 5/13/2025 | Standard | OREAS 465 | 9.6588 | >10000 | 226.0 | 52.9 | 301.00 | 581.0 | 29.0 | >10000 | 2.2 | >10000 | >1000 | >1000 | 64.8 | 4.7 | 599 | 18.50 | 39600 | 222 | 52 | 283 | 577 | 28 | 24300 | 2 | 11800 | 3650 | 1355 | 61 | 5 | 521 | 19 |
| 25-DPPT-005 | 0 | 1.52 | 1.52 | 5/13/2025 | -- | -- | 0.3470 | 1485 | 25.4 | 9.3 | 2.07 | 43.3 | 4.0 | 570 | 0.9 | 478 | 138 | 76 | 5.9 | 1.2 | 112 | 6.46 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-005 | 1.52 | 3.05 | 1.52 | 5/13/2025 | -- | -- | 0.8209 | 3160 | 70.3 | 25.0 | 5.82 | 115.5 | 11.1 | 1415 | 2.3 | 1290 | 374 | 201 | 15.7 | 3.1 | 290 | 16.65 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-005 | 3.05 | 4.57 | 1.52 | 5/13/2025 | -- | -- | 0.1780 | 539 | 37.4 | 17.9 | 3.83 | 39.4 | 6.8 | 253 | 2.0 | 267 | 69 | 54 | 6.7 | 2.3 | 195 | 13.90 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-005 | 4.57 | 6.1 | 1.52 | 5/13/2025 | -- | -- | 0.2836 | 905 | 47.8 | 24.3 | 4.49 | 55.9 | 9.0 | 430 | 3.2 | 469 | 122 | 83 | 8.6 | 3.5 | 221 | 22.10 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-005 | 6.1 | 7.62 | 1.52 | 5/13/2025 | -- | -- | 0.1531 | 528 | 19.4 | 11.3 | 3.43 | 24.6 | 4.0 | 226 | 1.6 | 249 | 66 | 43 | 3.7 | 1.7 | 108 | 11.10 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-005 | -- | -- | -- | 5/13/2025 | Blank | Marble | 0.0121 | 38 | 2.0 | 0.9 | 0.93 | 2.7 | 0.4 | 20 | 0.1 | 18 | 5 | 4 | 0.4 | 0.1 | 10 | 0.76 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-006 | 0 | 1.95 | 1.95 | 5/13/2025 | -- | -- | 0.2965 | 1130 | 26.4 | 11.0 | 2.27 | 41.4 | 4.4 | 519 | 1.3 | 448 | 127 | 72 | 5.4 | 1.6 | 126 | 9.49 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-006 | 1.95 | 3.34 | 1.39 | 5/13/2025 | -- | -- | 0.3005 | 1085 | 32.2 | 13.0 | 2.79 | 48.2 | 5.4 | 527 | 1.5 | 461 | 130 | 78 | 6.9 | 1.8 | 154 | 10.20 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-006 | 3.34 | 3.45 | 0.12 | 5/13/2025 | -- | -- | 0.1577 | 454 | 40.3 | 21.0 | 3.27 | 39.2 | 7.7 | 192 | 2.5 | 213 | 55 | 48 | 7.0 | 3.0 | 228 | 17.50 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-006 | 3.45 | 4.57 | 1.12 | 5/13/2025 | -- | -- | 0.4143 | 1550 | 36.7 | 12.8 | 2.98 | 63.0 | 5.6 | 739 | 1.1 | 646 | 193 | 107 | 8.6 | 1.6 | 155 | 8.04 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-006 | 4.57 | 6.1 | 1.52 | 5/13/2025 | -- | -- | 0.1821 | 562 | 38.4 | 20.1 | 4.10 | 38.6 | 7.6 | 241 | 2.4 | 255 | 67 | 51 | 6.5 | 2.8 | 227 | 16.80 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-006 | 6.1 | 7.62 | 1.52 | 5/13/2025 | -- | -- | 0.1432 | 501 | 20.0 | 9.9 | 3.44 | 24.7 | 3.7 | 209 | 1.4 | 231 | 60 | 41 | 3.7 | 1.5 | 97 | 9.24 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-007 | 0 | 1.22 | 1.22 | 5/13/2025 | -- | -- | 0.2446 | 1010 | 22.3 | 9.8 | 1.58 | 32.6 | 3.9 | 402 | 0.9 | 335 | 95 | 51 | 4.4 | 1.2 | 107 | 6.59 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-007 | 1.22 | 1.75 | 0.53 | 5/13/2025 | -- | -- | 0.1379 | 516 | 19.3 | 8.8 | 2.23 | 24.4 | 3.5 | 214 | 0.8 | 192 | 54 | 34 | 3.6 | 1.1 | 92 | 6.10 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-007 | 1.22 | 1.75 | 0.53 | 5/13/2025 | Duplicate | 4-5.75m | 0.1172 | 430 | 16.0 | 7.1 | 1.93 | 20.5 | 2.8 | 191 | 0.7 | 169 | 47 | 28 | 3.0 | 0.9 | 74 | 4.90 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-007 | 1.75 | 4.05 | 2.3 | 5/13/2025 | -- | -- | 0.2506 | 875 | 30.8 | 15.5 | 2.76 | 43.8 | 5.7 | 446 | 1.8 | 366 | 102 | 58 | 5.9 | 2.0 | 162 | 12.55 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-007 | 4.05 | 4.57 | 0.52 | 5/13/2025 | -- | -- | 0.0848 | 247 | 20.2 | 11.8 | 1.82 | 20.5 | 4.2 | 102 | 1.5 | 117 | 31 | 24 | 3.4 | 1.6 | 121 | 10.25 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-007 | 4.57 | 6.1 | 1.52 | 5/13/2025 | -- | -- | 0.1838 | 594 | 34.8 | 16.9 | 3.82 | 40.5 | 6.5 | 256 | 1.8 | 284 | 74 | 53 | 6.2 | 2.2 | 173 | 12.80 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-007 | 6.1 | 7.62 | 1.52 | 5/13/2025 | -- | -- | 0.1567 | 539 | 22.4 | 11.1 | 3.97 | 29.7 | 4.2 | 238 | 1.4 | 257 | 67 | 42 | 4.1 | 1.5 | 102 | 9.34 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-008 | 0 | 1.22 | 1.22 | 5/13/2025 | -- | -- | 0.1975 | 864 | 17.7 | 7.3 | 1.42 | 26.6 | 3.0 | 304 | 0.7 | 256 | 74 | 39 | 3.6 | 0.9 | 79 | 5.32 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-008 | 1.22 | 1.83 | 0.61 | 5/13/2025 | -- | -- | 1.7344 | 6690 | 104.5 | 29.7 | 6.40 | 223.0 | 15.1 | 3160 | 1.7 | 2710 | 780 | 369 | 25.2 | 2.9 | 367 | 14.00 | 6600 | 121 | 31 | 7 | 259 | 16 | 3320 | 2 | 2820 | 802 | 395 | 28 | 3 | 376 | 18 |
| 25-DPPT-008 | 1.83 | 3.05 | 1.22 | 5/13/2025 | -- | -- | 0.1376 | 435 | 22.7 | 11.6 | 2.24 | 29.0 | 4.4 | 237 | 1.4 | 198 | 54 | 35 | 4.2 | 1.5 | 122 | 9.09 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-008 | 3.05 | 4.57 | 1.52 | 5/13/2025 | -- | -- | 0.1213 | 392 | 23.6 | 11.2 | 2.21 | 27.4 | 4.4 | 171 | 1.2 | 179 | 48 | 35 | 4.3 | 1.4 | 120 | 8.09 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-008 | 4.57 | 6.1 | 1.52 | 5/13/2025 | -- | -- | 0.1706 | 563 | 29.8 | 13.3 | 4.45 | 37.9 | 5.3 | 257 | 1.5 | 268 | 69 | 46 | 5.5 | 1.7 | 135 | 10.35 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-008 | 6.1 | 7.62 | 1.52 | 5/13/2025 | -- | -- | 0.1472 | 513 | 20.4 | 10.1 | 3.74 | 26.4 | 3.8 | 221 | 1.3 | 242 | 63 | 40 | 3.7 | 1.4 | 93 | 8.99 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-008 | -- | -- | -- | 5/13/2025 | Blank | Marble | 0.0097 | 29 | 1.9 | 1.0 | 0.54 | 2.5 | 0.4 | 14 | 0.1 | 15 | 4 | 3 | 0.3 | 0.1 | 10 | 0.79 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-009 | 0 | 1.52 | 1.52 | 5/14/2025 | -- | -- | 0.6564 | 2580 | 47.0 | 15.1 | 2.62 | 90.6 | 7.1 | 1165 | 1.1 | 1045 | 296 | 147 | 10.9 | 1.6 | 180 | 8.17 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-009 | 1.52 | 3.05 | 1.52 | 5/14/2025 | -- | -- | 0.5113 | 1960 | 36.3 | 10.9 | 2.77 | 70.4 | 5.2 | 947 | 0.7 | 826 | 238 | 116 | 8.3 | 1.1 | 133 | 5.46 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-009 | 3.05 | 4.57 | 1.52 | 5/14/2025 | -- | -- | 0.5601 | 2090 | 50.6 | 20.1 | 4.69 | 88.7 | 8.2 | 976 | 2.1 | 903 | 258 | 135 | 10.9 | 2.4 | 208 | 14.75 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-009 | 4.57 | 6.1 | 1.52 | 5/14/2025 | -- | -- | 0.1043 | 354 | 16.9 | 7.1 | 1.54 | 23.7 | 2.9 | 154 | 0.7 | 161 | 43 | 31 | 3.4 | 0.9 | 81 | 5.00 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-009 | 6.1 | 7.62 | 1.52 | 5/14/2025 | -- | -- | 0.0303 | 89 | 7.9 | 3.8 | 0.85 | 7.0 | 1.4 | 40 | 0.4 | 39 | 11 | 8 | 1.3 | 0.5 | 43 | 2.91 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-010 | 0 | 1.89 | 1.89 | 5/14/2025 | -- | -- | 0.5276 | 2090 | 38.1 | 11.9 | 2.62 | 74.8 | 5.7 | 935 | 0.9 | 820 | 240 | 118 | 8.9 | 1.3 | 145 | 6.53 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-010 | 1.89 | 2.58 | 0.69 | 5/14/2025 | -- | -- | 0.1121 | 381 | 15.5 | 6.1 | 1.66 | 19.2 | 2.6 | 203 | 0.5 | 170 | 48 | 27 | 2.9 | 0.7 | 71 | 4.02 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-010 | 2.58 | 3.14 | 0.56 | 5/14/2025 | -- | -- | 0.5094 | 1885 | 48.1 | 19.3 | 5.72 | 86.4 | 8.0 | 856 | 2.1 | 837 | 230 | 125 | 10.6 | 2.4 | 210 | 13.70 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-010 | 3.14 | 4.57 | 1.43 | 5/14/2025 | -- | -- | 0.0988 | 352 | 12.0 | 5.8 | 1.66 | 15.5 | 2.2 | 153 | 0.7 | 154 | 42 | 28 | 2.3 | 0.8 | 65 | 5.24 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-010 | 4.57 | 6.1 | 1.52 | 5/14/2025 | -- | -- | 0.0669 | 218 | 12.9 | 6.0 | 1.21 | 14.8 | 2.4 | 90 | 0.7 | 96 | 26 | 21 | 2.3 | 0.8 | 71 | 4.83 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-010 | 6.1 | 7.62 | 1.52 | 5/14/2025 | -- | -- | 0.0502 | 161 | 11.1 | 5.1 | 0.97 | 11.1 | 2.0 | 61 | 0.5 | 68 | 18 | 16 | 1.9 | 0.7 | 63 | 4.12 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-010 | -- | -- | -- | 5/14/2025 | Standard | OREAS 463 | 1.8723 | 6550 | 72.1 | 16.4 | 120.50 | 235.0 | 8.9 | 4870 | 0.8 | 3590 | >1000 | 504 | 20.5 | 1.5 | 186 | 6.69 | 5920 | 74 | 15 | 111 | 242 | 8 | 4510 | 1 | 3410 | 1010 | 488 | 21 | 1 | 173 | 7 |
| 25-DPPT-011 | 0 | 1.28 | 1.28 | 5/14/2025 | -- | -- | 0.5413 | 2160 | 35.2 | 11.3 | 2.16 | 70.4 | 5.2 | 945 | 0.9 | 849 | 245 | 132 | 8.5 | 1.3 | 144 | 6.89 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-011 | 1.28 | 2.07 | 0.79 | 5/14/2025 | -- | -- | 0.2023 | 740 | 17.0 | 6.7 | 2.57 | 29.9 | 2.7 | 367 | 0.7 | 329 | 90 | 57 | 3.9 | 0.8 | 71 | 5.35 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-011 | 2.07 | 2.19 | 0.12 | 5/14/2025 | -- | -- | 3.1121 | >10000 | 181.0 | 49.4 | 9.05 | 422.0 | 25.2 | 5930 | 2.7 | 5100 | >1000 | 829 | 44.9 | 4.9 | 636 | 22.50 | 12350 | 178 | 47 | 9 | 397 | 24 | 5850 | 3 | 4950 | 1420 | 671 | 44 | 5 | 588 | 21 |
| 25-DPPT-011 | 2.19 | 2.41 | 0.21 | 5/14/2025 | -- | -- | 0.4269 | 1545 | 37.2 | 14.4 | 4.59 | 70.2 | 5.9 | 704 | 1.8 | 741 | 204 | 127 | 8.5 | 1.9 | 160 | 12.05 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-011 | 2.41 | 2.8 | 0.4 | 5/14/2025 | -- | -- | 0.1661 | 520 | 23.4 | 11.1 | 3.52 | 34.1 | 4.2 | 298 | 1.4 | 257 | 68 | 50 | 4.7 | 1.4 | 125 | 9.55 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-011 | 2.8 | 3.47 | 0.67 | 5/14/2025 | -- | -- | 0.1421 | 438 | 22.1 | 11.2 | 2.55 | 29.4 | 4.2 | 237 | 1.4 | 219 | 58 | 44 | 4.2 | 1.5 | 123 | 9.97 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-011 | 3.47 | 4.57 | 1.1 | 5/14/2025 | -- | -- | 0.1009 | 325 | 15.6 | 7.9 | 2.05 | 19.7 | 3.0 | 161 | 0.9 | 152 | 41 | 30 | 2.9 | 1.1 | 88 | 6.73 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-011 | 4.57 | 6.1 | 1.52 | 5/14/2025 | -- | -- | 0.0303 | 94 | 6.2 | 2.9 | 0.99 | 6.5 | 1.1 | 43 | 0.3 | 42 | 11 | 9 | 1.1 | 0.4 | 34 | 2.42 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-011 | 6.1 | 7.62 | 1.52 | 5/14/2025 | -- | -- | 0.0336 | 86 | 10.9 | 5.7 | 0.73 | 7.9 | 2.2 | 37 | 0.6 | 38 | 10 | 9 | 1.6 | 0.7 | 67 | 4.45 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-011 | -- | -- | -- | 5/14/2025 | Blank | Marble | 0.0096 | 29 | 1.7 | 0.8 | 0.47 | 2.4 | 0.3 | 14 | 0.1 | 15 | 4 | 3 | 0.3 | 0.1 | 9 | 0.73 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-012 | 0 | 1.51 | 1.51 | 5/14/2025 | -- | -- | 0.7725 | 2990 | 52.1 | 17.4 | 3.46 | 104.0 | 7.8 | 1355 | 1.5 | 1270 | 356 | 196 | 12.3 | 2.0 | 209 | 11.15 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-012 | 1.51 | 2.01 | 0.5 | 5/14/2025 | -- | -- | 3.9458 | >10000 | 201.0 | 48.6 | 9.26 | 535.0 | 26.7 | 7180 | 2.3 | 6230 | >1000 | >1000 | 53.2 | 4.5 | 692 | 19.85 | 15550 | 211 | 52 | 10 | 549 | 28 | 7420 | 2 | 6400 | 1790 | 892 | 55 | 5 | 689 | 21 |
| 25-DPPT-012 | 2.01 | 3.72 | 1.71 | 5/14/2025 | -- | -- | 0.1761 | 601 | 21.5 | 9.8 | 2.80 | 32.9 | 3.7 | 305 | 1.2 | 271 | 73 | 51 | 4.3 | 1.4 | 110 | 8.53 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-012 | 3.72 | 4.57 | 0.85 | 5/14/2025 | -- | -- | 0.0736 | 242 | 12.1 | 5.3 | 1.41 | 15.6 | 2.1 | 112 | 0.5 | 111 | 30 | 23 | 2.3 | 0.7 | 64 | 4.17 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-012 | 4.57 | 6.1 | 1.52 | 5/14/2025 | -- | -- | 0.0590 | 189 | 11.5 | 5.6 | 1.35 | 12.7 | 2.2 | 77 | 0.6 | 83 | 22 | 18 | 2.1 | 0.7 | 69 | 4.30 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-012 | 6.1 | 7.62 | 1.52 | 5/14/2025 | -- | -- | 0.0416 | 136 | 8.0 | 4.0 | 0.93 | 8.2 | 1.5 | 56 | 0.4 | 57 | 15 | 12 | 1.4 | 0.5 | 48 | 3.21 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-012 | 6.1 | 7.62 | 1.52 | 5/14/2025 | Duplicate | 20-25m | 0.0389 | 115 | 9.3 | 4.6 | 0.94 | 8.4 | 1.8 | 49 | 0.5 | 51 | 14 | 11 | 1.6 | 0.6 | 57 | 3.61 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-013 | 0 | 1.49 | 1.49 | 5/14/2025 | -- | -- | 0.4924 | 1920 | 34.3 | 11.7 | 2.03 | 66.3 | 5.2 | 864 | 0.9 | 790 | 223 | 121 | 8.0 | 1.3 | 143 | 7.45 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-013 | 1.49 | 1.65 | 0.15 | 5/14/2025 | -- | -- | 6.6712 | >10000 | 428.0 | 106.0 | 15.55 | 964.0 | 55.2 | >10000 | 5.4 | >10000 | >1000 | >1000 | 109.5 | 10.1 | 1395 | 44.90 | 26400 | 378 | 98 | 15 | 933 | 50 | 12500 | 5 | 10650 | 3020 | 1525 | 95 | 9 | 1210 | 41 |
| 25-DPPT-013 | 1.65 | 2.47 | 0.82 | 5/14/2025 | -- | -- | 0.2946 | 1000 | 30.1 | 12.1 | 4.00 | 54.5 | 4.9 | 525 | 1.3 | 493 | 144 | 91 | 6.7 | 1.5 | 132 | 9.47 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-013 | 2.47 | 3.05 | 0.58 | 5/14/2025 | -- | -- | 0.2736 | 884 | 32.7 | 13.6 | 4.09 | 54.3 | 5.5 | 503 | 1.6 | 444 | 127 | 82 | 6.8 | 1.8 | 156 | 11.15 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-013 | 3.05 | 4.57 | 1.52 | 5/14/2025 | -- | -- | 0.0787 | 205 | 17.0 | 9.1 | 2.07 | 19.5 | 3.3 | 126 | 1.2 | 116 | 30 | 24 | 3.0 | 1.3 | 101 | 8.32 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-013 | 4.57 | 6.1 | 1.52 | 5/14/2025 | -- | -- | 0.0475 | 141 | 10.2 | 5.6 | 1.17 | 10.8 | 2.0 | 65 | 0.6 | 63 | 17 | 14 | 1.8 | 0.8 | 63 | 5.08 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-013 | 6.1 | 7.62 | 1.52 | 5/14/2025 | -- | -- | 0.0705 | 257 | 9.5 | 3.7 | 1.37 | 14.1 | 1.5 | 99 | 0.4 | 110 | 30 | 24 | 1.9 | 0.5 | 45 | 2.84 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-014 | 0 | 1.07 | 1.07 | 5/14/2025 | -- | -- | 0.4685 | 1815 | 34.5 | 11.7 | 2.40 | 67.4 | 5.3 | 811 | 1.1 | 755 | 214 | 119 | 7.8 | 1.4 | 141 | 7.86 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-014 | 0.91 | 1.52 | 0.61 | 5/14/2025 | -- | -- | 12.7769 | >10000 | 770.0 | 183.5 | 22.20 | >1000 | 106.5 | >10000 | 8.1 | >10000 | >1000 | >1000 | 201.0 | 16.5 | 2490 | 70.40 | >50000 | 764 | 185 | 23 | 1780 | 98 | 24500 | 8 | 21000 | >5000 | 3050 | 199 | 17 | 2340 | 70 |
| 25-DPPT-014 | 1.52 | 2.29 | 0.76 | 5/14/2025 | -- | -- | 1.2337 | 4480 | 75.8 | 21.3 | 6.97 | 181.5 | 10.3 | 2090 | 1.9 | 2050 | 572 | 319 | 19.6 | 2.5 | 279 | 13.90 | 4680 | 77 | 22 | 7 | 206 | 11 | 2170 | 2 | 2130 | 586 | 329 | 20 | 3 | 270 | 14 |
| 25-DPPT-014 | 2.29 | 3.05 | 0.76 | 5/14/2025 | -- | -- | 0.2064 | 511 | 32.5 | 15.3 | 4.01 | 46.4 | 5.8 | 399 | 1.9 | 373 | 107 | 65 | 6.3 | 2.1 | 170 | 13.25 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-014 | 3.05 | 4.57 | 1.52 | 5/14/2025 | -- | -- | 0.1231 | 355 | 22.1 | 10.7 | 2.36 | 25.9 | 4.0 | 219 | 1.3 | 183 | 51 | 33 | 3.9 | 1.5 | 123 | 8.81 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-014 | 4.57 | 6.1 | 1.52 | 5/14/2025 | -- | -- | 0.0493 | 144 | 11.4 | 6.1 | 1.30 | 12.2 | 2.2 | 65 | 0.8 | 67 | 18 | 14 | 1.9 | 0.9 | 67 | 5.62 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-014 | 6.1 | 7.62 | 1.52 | 5/14/2025 | -- | -- | 0.0405 | 131 | 7.9 | 3.5 | 1.23 | 9.7 | 1.4 | 58 | 0.4 | 56 | 15 | 11 | 1.5 | 0.5 | 43 | 2.91 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-014 | -- | -- | -- | 5/14/2025 | Blank | Marble | 0.0362 | 142 | 2.9 | 1.1 | 0.65 | 5.7 | 0.5 | 61 | 0.1 | 55 | 15 | 10 | 0.7 | 0.1 | 14 | 0.75 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-015 | 0 | 1.22 | 1.22 | 5/14/2025 | -- | -- | 0.4015 | 1520 | 29.4 | 10.8 | 2.32 | 55.7 | 4.6 | 713 | 1.0 | 661 | 187 | 93 | 6.6 | 1.3 | 129 | 7.73 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-015 | 1.22 | 1.52 | 0.3 | 5/14/2025 | -- | -- | 2.5558 | >10000 | 148.0 | 38.8 | 8.95 | 365.0 | 19.8 | 4700 | 2.4 | 4230 | >1000 | 660 | 37.8 | 4.1 | 529 | 19.70 | 10000 | 137 | 36 | 8 | 370 | 19 | 4710 | 2 | 4170 | 1185 | 611 | 37 | 4 | 499 | 19 |
| 25-DPPT-015 | 1.52 | 2.29 | 0.76 | 5/14/2025 | -- | -- | 0.3354 | 1060 | 33.8 | 13.5 | 4.16 | 57.8 | 5.5 | 578 | 1.6 | 651 | 181 | 103 | 7.2 | 1.8 | 148 | 11.20 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-015 | 2.29 | 3.05 | 0.76 | 5/14/2025 | -- | -- | 0.1370 | 318 | 25.2 | 11.7 | 3.01 | 31.7 | 4.5 | 259 | 1.4 | 246 | 66 | 44 | 4.6 | 1.6 | 134 | 10.20 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-015 | 3.05 | 4.57 | 1.52 | 5/14/2025 | -- | -- | 0.1007 | 296 | 17.4 | 8.5 | 2.27 | 21.6 | 3.2 | 174 | 1.1 | 152 | 42 | 29 | 3.2 | 1.2 | 96 | 7.77 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |

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SLV0163 – Technical Report Summary Shiloh Project, Georgia 214 November 2025

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| **Technical Report Summary** | ![img77526612_71.jpg](img77526612_71.jpg) |

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|  |  |  |  |  |  |  | **Method** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** |
|  |  |  |  |  |  |  | **Analyte** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** |
|  |  |  |  |  |  |  | **Units** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** |
|  |  |  |  |  |  |  | **Detection <br>Limit** | **0** | **0.1** | **0.0** | **0.02** | **0.05** | **0.01** | **0.1** | **0.01** | **0.1** | **0.02** | **0.03** | **0.01** | **0.01** | **0.1** | **0.03** | **3** | **0.3** | **0.2** | **0.2** | **0.3** | **0.05** | **3** | **0.05** | **0.5** | **0.2** | **0.2** | **0.05** | **0.05** | **3** | **0.2** |
|  |  |  |  |  |  |  | **Upper <br>Limit** | **10000** | **1000.0** | **1000.0** | **1000** | **1000** | **1000** | **10000** | **1000** | **10000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **50000** | **5000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** | **50000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** |
| **Hole ID** | **From <br>(m)** | **To <br>(m)** | **Interval (m)** | **Drill Date** | **Sample <br>Type** | **Sample <br>Details** | **TREO<br>(%)** | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-015 | 4.57 | 6.1 | 1.52 | 5/14/2025 | -- | -- | 0.0529 | 152 | 11.9 | 6.7 | 1.82 | 13.0 | 2.3 | 73 | 0.9 | 71 | 19 | 15 | 2.1 | 0.9 | 72 | 6.09 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-015 | 6.1 | 7.62 | 1.52 | 5/14/2025 | -- | -- | 0.0471 | 138 | 12.4 | 5.7 | 1.33 | 12.0 | 2.3 | 61 | 0.7 | 57 | 15 | 12 | 2.1 | 0.8 | 72 | 4.75 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-015 | -- | -- | -- | 5/14/2025 | Standard | OREAS 460 | 9.5991 | >10000 | 222.0 | 52.2 | 320.00 | 603.0 | 28.5 | >10000 | 2.1 | >10000 | >1000 | >1000 | 64.9 | 4.7 | 600 | 19.15 | 40100 | 205 | 50 | 272 | 611 | 28 | 23900 | 2 | 11100 | 3680 | 1380 | 60 | 5 | 550 | 18 |
| 25-DPPT-016 | 0 | 0.91 | 0.91 | 5/15/2025 | -- | -- | 0.3566 | 1365 | 27.5 | 9.9 | 2.30 | 48.9 | 4.3 | 627 | 0.8 | 570 | 164 | 83 | 6.0 | 1.2 | 123 | 6.65 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-016 | 0.91 | 1.52 | 0.61 | 5/15/2025 | -- | -- | 0.1139 | 261 | 21.3 | 8.9 | 2.08 | 25.8 | 3.5 | 207 | 0.9 | 219 | 58 | 39 | 3.9 | 1.1 | 108 | 7.02 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-016 | 1.52 | 2.13 | 0.61 | 5/15/2025 | -- | -- | 0.0842 | 154 | 14.9 | 6.9 | 1.81 | 19.7 | 2.7 | 171 | 0.8 | 176 | 47 | 31 | 2.7 | 0.9 | 80 | 5.82 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-016 | 2.13 | 3.05 | 0.91 | 5/15/2025 | -- | -- | 0.1600 | 407 | 27.3 | 11.7 | 2.68 | 39.0 | 4.6 | 294 | 1.3 | 284 | 77 | 55 | 5.4 | 1.5 | 139 | 9.13 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-016 | 3.05 | 4.15 | 1.1 | 5/15/2025 | -- | -- | 0.1069 | 318 | 20.4 | 7.1 | 2.12 | 27.1 | 3.2 | 174 | 0.6 | 165 | 45 | 35 | 4.0 | 0.9 | 100 | 4.69 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-016 | 4.15 | 5.09 | 0.94 | 5/15/2025 | -- | -- | 0.0703 | 213 | 14.3 | 7.4 | 1.71 | 15.4 | 2.8 | 108 | 0.9 | 94 | 26 | 18 | 2.4 | 1.0 | 85 | 6.37 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-016 | 5.09 | 6.1 | 1.01 | 5/15/2025 | -- | -- | 0.0539 | 150 | 14.8 | 7.2 | 1.57 | 14.4 | 2.7 | 66 | 0.9 | 68 | 18 | 15 | 2.4 | 1.1 | 87 | 6.43 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-016 | 6.1 | 7.62 | 1.52 | 5/15/2025 | -- | -- | 0.0410 | 130 | 8.4 | 4.0 | 1.68 | 10.4 | 1.5 | 56 | 0.5 | 58 | 15 | 12 | 1.5 | 0.6 | 45 | 3.39 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-016 | -- | -- | -- | 5/15/2025 | Blank | Marble | 0.0080 | 23 | 1.6 | 0.9 | 0.47 | 2.0 | 0.3 | 12 | 0.1 | 12 | 3 | 2 | 0.3 | 0.1 | 9 | 0.81 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-017 | 0 | 1.04 | 1.04 | 5/15/2025 | -- | -- | 0.3539 | 1375 | 28.0 | 9.9 | 2.03 | 50.0 | 4.4 | 609 | 0.9 | 558 | 159 | 83 | 6.0 | 1.2 | 124 | 6.78 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-017 | 1.04 | 1.52 | 0.49 | 5/15/2025 | -- | -- | 0.0489 | 178 | 8.4 | 3.8 | 1.07 | 8.3 | 1.5 | 63 | 0.4 | 70 | 19 | 13 | 1.4 | 0.5 | 43 | 3.24 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-017 | 1.52 | 2.74 | 1.22 | 5/15/2025 | -- | -- | 0.0850 | 194 | 16.8 | 7.4 | 1.65 | 18.9 | 2.9 | 149 | 0.8 | 160 | 43 | 30 | 2.9 | 1.0 | 86 | 5.88 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-017 | 2.74 | 3.72 | 0.98 | 5/15/2025 | -- | -- | 0.0794 | 133 | 17.4 | 8.4 | 2.39 | 21.8 | 3.1 | 156 | 1.1 | 158 | 42 | 30 | 3.1 | 1.2 | 88 | 7.55 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-017 | 3.72 | 4.75 | 1.04 | 5/15/2025 | -- | -- | 0.0867 | 253 | 17.2 | 7.7 | 1.85 | 21.5 | 3.0 | 136 | 0.9 | 131 | 35 | 27 | 3.2 | 1.0 | 90 | 6.39 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-017 | 4.75 | 6.1 | 1.34 | 5/15/2025 | -- | -- | 0.0513 | 135 | 14.6 | 8.6 | 1.66 | 13.1 | 3.0 | 59 | 1.1 | 61 | 16 | 13 | 2.3 | 1.3 | 94 | 8.01 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-017 | 6.1 | 7.62 | 1.52 | 5/15/2025 | -- | -- | 0.0718 | 256 | 9.6 | 4.1 | 1.25 | 14.0 | 1.6 | 117 | 0.5 | 104 | 28 | 19 | 1.9 | 0.6 | 49 | 3.67 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-017 | 6.1 | 7.62 | 1.52 | 5/15/2025 | Duplicate | 20-25m | 0.0767 | 273 | 10.0 | 4.1 | 1.40 | 15.0 | 1.7 | 129 | 0.5 | 111 | 31 | 21 | 2.0 | 0.6 | 49 | 3.47 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-018 | 0 | 1.01 | 1.01 | 5/15/2025 | -- | -- | 0.3442 | 1320 | 28.1 | 10.7 | 2.11 | 50.0 | 4.6 | 595 | 1.0 | 547 | 152 | 81 | 6.0 | 1.3 | 128 | 7.29 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-018 | 1.01 | 1.52 | 0.52 | 5/15/2025 | -- | -- | 0.0487 | 204 | 6.5 | 2.9 | 0.87 | 7.7 | 1.1 | 63 | 0.3 | 62 | 18 | 11 | 1.1 | 0.4 | 32 | 2.33 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-018 | 1.52 | 2.29 | 0.76 | 5/15/2025 | -- | -- | 0.0419 | 111 | 10.4 | 5.2 | 0.94 | 8.8 | 2.0 | 57 | 0.5 | 63 | 17 | 12 | 1.6 | 0.7 | 59 | 4.18 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-018 | 2.29 | 3.05 | 0.76 | 5/15/2025 | -- | -- | 0.0883 | 199 | 15.0 | 6.3 | 2.04 | 20.4 | 2.5 | 167 | 0.7 | 181 | 48 | 33 | 2.8 | 0.9 | 67 | 5.28 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-018 | 3.05 | 4.57 | 1.52 | 5/15/2025 | -- | -- | 0.0922 | 214 | 19.3 | 9.1 | 2.41 | 23.5 | 3.5 | 160 | 1.2 | 157 | 42 | 32 | 3.5 | 1.3 | 105 | 8.06 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-018 | 4.57 | 6.1 | 1.52 | 5/15/2025 | -- | -- | 0.1019 | 334 | 15.7 | 5.9 | 1.61 | 22.5 | 2.5 | 169 | 0.6 | 156 | 43 | 30 | 3.2 | 0.8 | 77 | 4.31 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-018 | 6.1 | 7.62 | 1.52 | 5/15/2025 | -- | -- | 0.0409 | 124 | 9.0 | 4.6 | 1.37 | 10.1 | 1.7 | 58 | 0.6 | 54 | 15 | 11 | 1.6 | 0.7 | 50 | 4.11 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-019 | 0 | 1.52 | 1.52 | 5/15/2025 | -- | -- | 0.7246 | 2710 | 49.1 | 14.6 | 2.85 | 97.8 | 7.0 | 1350 | 1.1 | 1225 | 343 | 169 | 11.2 | 1.6 | 189 | 7.95 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-019 | 1.52 | 2.1 | 0.58 | 5/15/2025 | -- | -- | 0.0511 | 160 | 10.8 | 5.1 | 0.89 | 9.9 | 2.0 | 67 | 0.5 | 76 | 20 | 14 | 1.7 | 0.6 | 61 | 3.68 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-019 | 2.1 | 2.87 | 0.76 | 5/15/2025 | -- | -- | 0.0358 | 72 | 9.8 | 5.0 | 1.04 | 8.3 | 1.9 | 54 | 0.5 | 57 | 15 | 11 | 1.5 | 0.7 | 60 | 3.64 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-019 | 2.87 | 3.17 | 0.3 | 5/15/2025 | -- | -- | 2.6675 | 9760 | 156.0 | 40.3 | 6.78 | 370.0 | 21.2 | 5070 | 1.9 | 4350 | >1000 | 627 | 38.5 | 3.9 | 595 | 16.25 | 10500 | 151 | 39 | 7 | 385 | 21 | 5120 | 2 | 4110 | 1200 | 597 | 40 | 4 | 563 | 17 |
| 25-DPPT-019 | 3.17 | 4.57 | 1.4 | 5/15/2025 | -- | -- | 0.1038 | 275 | 17.5 | 7.4 | 1.90 | 24.6 | 3.0 | 178 | 0.8 | 193 | 51 | 37 | 3.4 | 1.0 | 83 | 5.98 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-019 | 4.57 | 6.1 | 1.52 | 5/15/2025 | -- | -- | 0.0801 | 233 | 16.8 | 7.2 | 1.94 | 20.3 | 2.8 | 125 | 0.9 | 118 | 32 | 24 | 3.1 | 0.9 | 86 | 5.82 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-019 | 6.1 | 7.62 | 1.52 | 5/15/2025 | -- | -- | 0.0480 | 146 | 10.1 | 4.7 | 1.05 | 12.0 | 1.8 | 68 | 0.6 | 69 | 18 | 15 | 1.8 | 0.7 | 55 | 4.04 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-019 | -- | -- | -- | 5/15/2025 | Blank | Marble | 0.0082 | 24 | 1.4 | 0.8 | 0.46 | 2.0 | 0.3 | 12 | 0.1 | 13 | 3 | 2 | 0.3 | 0.1 | 8 | 0.69 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-020 | 0 | 1.52 | 1.52 | 5/15/2025 | -- | -- | 0.1177 | 440 | 12.1 | 4.7 | 1.04 | 17.6 | 1.9 | 205 | 0.5 | 179 | 50 | 28 | 2.4 | 0.6 | 57 | 3.20 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-020 | 1.52 | 3.05 | 1.52 | 5/15/2025 | -- | -- | 0.0239 | 47 | 5.9 | 3.2 | 1.06 | 5.3 | 1.2 | 42 | 0.4 | 39 | 11 | 7 | 0.9 | 0.4 | 35 | 2.80 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-020 | 3.05 | 4.57 | 1.52 | 5/15/2025 | -- | -- | 0.0577 | 128 | 12.8 | 6.3 | 1.94 | 15.1 | 2.3 | 97 | 0.8 | 99 | 26 | 19 | 2.2 | 0.9 | 71 | 5.59 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-020 | 4.57 | 6.1 | 1.52 | 5/15/2025 | -- | -- | 0.0740 | 223 | 15.0 | 6.6 | 1.64 | 17.8 | 2.6 | 112 | 0.8 | 105 | 29 | 21 | 2.8 | 0.9 | 83 | 5.49 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-020 | 6.1 | 7.62 | 1.52 | 5/15/2025 | -- | -- | 0.0457 | 143 | 9.4 | 4.1 | 1.13 | 11.5 | 1.7 | 65 | 0.5 | 65 | 17 | 13 | 1.7 | 0.5 | 50 | 3.32 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-020 | -- | -- | -- | 5/15/2025 | Standard | OREAS 463 | 0.0042 | 10 | 1.1 | 0.5 | 0.34 | 1.4 | 0.2 | 5 | 0.1 | 7 | 2 | 2 | 0.2 | 0.1 | 6 | 0.42 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-021 | 0 | 1.52 | 1.52 | 5/15/2025 | -- | -- | 0.3931 | 1490 | 27.6 | 9.2 | 1.70 | 52.7 | 4.2 | 719 | 0.7 | 644 | 183 | 89 | 6.2 | 1.0 | 118 | 5.52 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-021 | 1.52 | 3.05 | 1.52 | 5/15/2025 | -- | -- | 0.0686 | 233 | 8.3 | 2.8 | 1.14 | 12.5 | 1.3 | 129 | 0.3 | 107 | 29 | 18 | 1.7 | 0.4 | 37 | 1.89 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-021 | 3.05 | 4.57 | 1.52 | 5/15/2025 | -- | -- | 0.1392 | 473 | 13.4 | 4.9 | 2.27 | 22.4 | 2.1 | 278 | 0.5 | 222 | 62 | 36 | 2.9 | 0.6 | 62 | 3.61 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-021 | 4.57 | 6.1 | 1.52 | 5/15/2025 | -- | -- | 0.1225 | 348 | 25.0 | 11.7 | 2.65 | 29.5 | 4.4 | 191 | 1.4 | 183 | 49 | 36 | 4.5 | 1.6 | 140 | 9.73 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-021 | 6.1 | 7.62 | 1.52 | 5/15/2025 | -- | -- | 0.0526 | 166 | 10.2 | 5.4 | 1.06 | 10.8 | 1.9 | 73 | 0.6 | 75 | 21 | 14 | 1.8 | 0.7 | 59 | 4.39 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-022 | 0 | 1.52 | 1.52 | 5/15/2025 | -- | -- | 0.5044 | 1920 | 34.3 | 10.7 | 2.04 | 67.7 | 5.0 | 924 | 0.9 | 835 | 235 | 114 | 7.8 | 1.3 | 137 | 6.52 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-022 | 1.52 | 3.05 | 1.52 | 5/15/2025 | -- | -- | 0.0560 | 193 | 8.3 | 2.8 | 1.10 | 12.3 | 1.2 | 83 | 0.3 | 92 | 25 | 19 | 1.7 | 0.4 | 35 | 2.04 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-022 | 3.05 | 4.57 | 1.52 | 5/15/2025 | -- | -- | 0.3225 | 1110 | 30.3 | 10.8 | 3.67 | 52.8 | 4.7 | 601 | 1.1 | 547 | 156 | 83 | 6.6 | 1.4 | 131 | 7.87 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-022 | 4.57 | 6.1 | 1.52 | 5/15/2025 | -- | -- | 0.0841 | 249 | 17.1 | 7.7 | 1.79 | 19.4 | 3.0 | 132 | 0.9 | 121 | 33 | 23 | 3.1 | 1.1 | 94 | 6.35 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-022 | 6.1 | 7.62 | 1.52 | 5/15/2025 | -- | -- | 0.0402 | 130 | 7.4 | 2.9 | 0.84 | 8.8 | 1.2 | 57 | 0.3 | 61 | 17 | 12 | 1.4 | 0.4 | 38 | 2.09 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-022 | -- | -- | -- | 5/15/2025 | Blank | Marble | 0.0071 | 21 | 1.2 | 0.6 | 0.41 | 1.8 | 0.2 | 11 | 0.1 | 11 | 3 | 2 | 0.2 | 0.1 | 7 | 0.48 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-023 | 0 | 1.52 | 1.52 | 5/15/2025 | -- | -- | 0.2708 | 1040 | 22.6 | 8.1 | 2.02 | 39.6 | 3.6 | 475 | 0.7 | 418 | 126 | 64 | 4.9 | 1.0 | 97 | 5.48 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-023 | 1.52 | 3.05 | 1.52 | 5/15/2025 | -- | -- | 0.3778 | 1260 | 42.9 | 19.3 | 5.36 | 65.1 | 7.4 | 628 | 2.2 | 667 | 184 | 104 | 8.3 | 2.7 | 203 | 15.75 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-023 | 3.05 | 4.57 | 1.52 | 5/15/2025 | -- | -- | 0.0620 | 191 | 11.2 | 5.6 | 1.59 | 11.7 | 2.1 | 94 | 0.6 | 96 | 26 | 16 | 1.9 | 0.8 | 63 | 4.42 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-023 | 4.57 | 6.1 | 1.52 | 5/15/2025 | -- | -- | 0.0546 | 165 | 12.5 | 6.2 | 1.10 | 11.7 | 2.4 | 69 | 0.7 | 77 | 20 | 15 | 2.0 | 0.9 | 73 | 5.00 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-023 | 6.1 | 7.62 | 1.52 | 5/15/2025 | -- | -- | 0.0598 | 207 | 8.3 | 3.6 | 1.02 | 10.3 | 1.4 | 90 | 0.4 | 95 | 26 | 16 | 1.5 | 0.5 | 45 | 2.89 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-024 | 1.04 | 2.26 | 1.22 | 5/16/2025 | -- | -- | 0.0180 | 51 | 2.1 | 0.8 | 4.54 | 2.5 | 0.4 | 49 | 0.1 | 24 | 7 | 4 | 0.4 | 0.1 | 8 | 0.49 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-024 | 2.26 | 3.05 | 0.79 | 5/16/2025 | -- | -- | 0.0339 | 93 | 5.0 | 2.2 | 1.72 | 6.0 | 0.9 | 63 | 0.3 | 62 | 17 | 10 | 0.9 | 0.3 | 24 | 1.81 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-024 | 2.26 | 3.05 | 0.79 | 5/16/2025 | Duplicate | 7.4-10m | 0.0342 | 105 | 5.1 | 2.3 | 1.83 | 6.2 | 0.9 | 58 | 0.3 | 61 | 16 | 10 | 0.9 | 0.3 | 23 | 1.85 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-024 | 3.05 | 3.78 | 0.73 | 5/16/2025 | -- | -- | 0.0809 | 195 | 17.7 | 8.2 | 2.04 | 20.2 | 3.2 | 121 | 0.8 | 149 | 37 | 28 | 3.1 | 1.1 | 94 | 5.98 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-024 | 3.78 | 4.27 | 0.49 | 5/16/2025 | -- | -- | 0.0622 | 135 | 15.7 | 7.7 | 1.75 | 16.4 | 2.9 | 85 | 0.7 | 116 | 28 | 22 | 2.6 | 1.0 | 86 | 5.51 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-024 | 4.27 | 5.32 | 1.05 | 5/16/2025 | -- | -- | 2.0548 | 7600 | 84.0 | 31.2 | 6.95 | 252.0 | 12.6 | 3030 | 3.5 | 3670 | 941 | 482 | 21.8 | 4.0 | 342 | 24.30 | 8090 | 80 | 30 | 7 | 257 | 13 | 3490 | 4 | 3690 | 991 | 506 | 22 | 4 | 332 | 25 |
| 25-DPPT-024 | 5.32 | 6.38 | 1.06 | 5/16/2025 | -- | -- | 0.0847 | 233 | 23.2 | 14.4 | 1.32 | 20.2 | 4.8 | 89 | 1.7 | 113 | 28 | 21 | 3.5 | 2.0 | 146 | 11.75 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-025 | 0 | 1.68 | 1.68 | 5/16/2025 | -- | -- | 0.0953 | 496 | 8.6 | 3.9 | 2.09 | 12.0 | 1.5 | 92 | 0.5 | 113 | 28 | 18 | 1.6 | 0.5 | 31 | 3.29 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-025 | 1.68 | 3.05 | 1.37 | 5/16/2025 | -- | -- | 0.0161 | 46 | 1.8 | 0.7 | 4.35 | 2.2 | 0.3 | 43 | 0.1 | 22 | 7 | 3 | 0.3 | 0.1 | 6 | 0.41 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-025 | 3.05 | 4.57 | 1.52 | 5/16/2025 | -- | -- | 0.0441 | 96 | 9.5 | 4.1 | 1.67 | 11.6 | 1.6 | 69 | 0.5 | 88 | 22 | 16 | 1.8 | 0.5 | 49 | 3.36 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-025 | 4.57 | 6.1 | 1.52 | 5/16/2025 | -- | -- | 0.1858 | 668 | 17.2 | 8.0 | 1.75 | 29.0 | 3.0 | 296 | 0.8 | 327 | 85 | 48 | 3.4 | 1.1 | 88 | 6.13 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-025 | 6.1 | 6.86 | 0.76 | 5/16/2025 | -- | -- | 0.0501 | 142 | 13.6 | 6.9 | 0.91 | 11.7 | 2.6 | 57 | 0.7 | 64 | 16 | 12 | 2.1 | 0.9 | 87 | 5.10 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-025 | -- | -- | -- | 5/16/2025 | Blank | Marble | 0.0057 | 15 | 1.2 | 0.8 | 0.49 | 1.6 | 0.3 | 7 | 0.2 | 9 | 2 | 2 | 0.2 | 0.1 | 8 | 0.89 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-026 | 0.46 | 1.22 | 0.76 | 5/16/2025 | -- | -- | 0.0935 | 483 | 9.3 | 4.6 | 1.90 | 11.3 | 1.7 | 91 | 0.5 | 105 | 27 | 17 | 1.7 | 0.6 | 39 | 3.73 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-026 | 1.22 | 2.13 | 0.91 | 5/16/2025 | -- | -- | 0.0518 | 165 | 8.0 | 3.8 | 1.60 | 9.6 | 1.5 | 81 | 0.4 | 91 | 24 | 15 | 1.4 | 0.5 | 36 | 3.00 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-026 | 2.13 | 2.83 | 0.7 | 5/16/2025 | -- | -- | 0.1139 | 250 | 20.6 | 9.4 | 3.77 | 27.7 | 3.5 | 190 | 1.1 | 250 | 59 | 43 | 3.9 | 1.2 | 96 | 7.51 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-026 | 2.83 | 3.9 | 1.07 | 5/16/2025 | -- | -- | 0.0220 | 46 | 2.7 | 1.1 | 4.57 | 4.1 | 0.5 | 56 | 0.1 | 43 | 11 | 6 | 0.5 | 0.1 | 10 | 0.76 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-026 | 3.9 | 4.57 | 0.67 | 5/16/2025 | -- | -- | 0.0323 | 50 | 7.3 | 3.6 | 1.57 | 9.7 | 1.3 | 56 | 0.4 | 72 | 17 | 13 | 1.4 | 0.5 | 38 | 2.97 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-026 | 4.57 | 6 | 1.43 | 5/16/2025 | -- | -- | 0.0573 | 147 | 15.9 | 8.2 | 1.23 | 14.9 | 3.0 | 66 | 0.8 | 85 | 21 | 17 | 2.6 | 1.1 | 94 | 5.87 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-026 | 6 | 6.46 | 0.46 | 5/16/2025 | -- | -- | 0.9795 | 4140 | 53.0 | 22.5 | 4.68 | 122.0 | 8.6 | 1505 | 2.6 | 1805 | 466 | 231 | 12.4 | 2.9 | 261 | 17.35 | 3990 | 47 | 21 | 5 | 120 | 8 | 1575 | 3 | 1630 | 453 | 224 | 11 | 3 | 247 | 17 |

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SLV0163 – Technical Report Summary Shiloh Project, Georgia 215 November 2025

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| **Technical Report Summary** | ![img77526612_71.jpg](img77526612_71.jpg) |

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|  |  |  |  |  |  |  | **Method** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** | **ME-MS81h** |
|  |  |  |  |  |  |  | **Analyte** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** | **Ce** | **Dy** | **Er** | **Eu** | **Gd** | **Ho** | **La** | **Lu** | **Nd** | **Pr** | **Sm** | **Tb** | **Tm** | **Y** | **Yb** |
|  |  |  |  |  |  |  | **Units** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** | **ppm** |
|  |  |  |  |  |  |  | **Detection <br>Limit** | **0** | **0.1** | **0.0** | **0.02** | **0.05** | **0.01** | **0.1** | **0.01** | **0.1** | **0.02** | **0.03** | **0.01** | **0.01** | **0.1** | **0.03** | **3** | **0.3** | **0.2** | **0.2** | **0.3** | **0.05** | **3** | **0.05** | **0.5** | **0.2** | **0.2** | **0.05** | **0.05** | **3** | **0.2** |
|  |  |  |  |  |  |  | **Upper <br>Limit** | **10000** | **1000.0** | **1000.0** | **1000** | **1000** | **1000** | **10000** | **1000** | **10000** | **1000** | **1000** | **1000** | **1000** | **10000** | **1000** | **50000** | **5000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** | **50000** | **5000** | **5000** | **5000** | **5000** | **50000** | **5000** |
| **Hole ID** | **From <br>(m)** | **To <br>(m)** | **Interval (m)** | **Drill Date** | **Sample <br>Type** | **Sample <br>Details** | **TREO<br>(%)** | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-026 | 6.46 | 7.26 | 0.8 | 5/16/2025 | -- | -- | 0.0822 | 262 | 15.3 | 7.0 | 1.03 | 14.6 | 2.8 | 127 | 0.7 | 120 | 31 | 18 | 2.5 | 0.9 | 89 | 5.11 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-027 | 0.4 | 1.52 | 1.13 | 5/16/2025 | -- | -- | 0.1547 | 768 | 12.9 | 6.0 | 3.07 | 19.7 | 2.3 | 167 | 0.7 | 201 | 49 | 31 | 2.5 | 0.8 | 50 | 4.98 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-027 | 1.52 | 2.56 | 1.04 | 5/16/2025 | -- | -- | 0.0850 | 273 | 11.3 | 5.4 | 2.48 | 15.5 | 2.0 | 136 | 0.6 | 155 | 39 | 25 | 2.0 | 0.7 | 51 | 4.40 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-027 | 2.56 | 3.6 | 1.04 | 5/16/2025 | -- | -- | 0.1131 | 276 | 19.1 | 9.0 | 3.47 | 27.6 | 3.3 | 185 | 1.0 | 234 | 56 | 40 | 3.6 | 1.2 | 93 | 7.21 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-027 | 3.6 | 4.21 | 0.61 | 5/16/2025 | -- | -- | 0.0329 | 80 | 4.3 | 2.2 | 4.38 | 6.5 | 0.8 | 72 | 0.3 | 61 | 16 | 9 | 0.8 | 0.3 | 21 | 1.73 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-027 | 4.21 | 4.79 | 0.58 | 5/16/2025 | -- | -- | 4.8889 | >10000 | 136.0 | 31.3 | 8.94 | 529.0 | 15.8 | 7850 | 2.5 | 8820 | >1000 | >1000 | 42.7 | 3.3 | 418 | 16.15 | 19950 | 131 | 30 | 9 | 542 | 16 | 8770 | 2 | 8380 | 2360 | 1105 | 43 | 3 | 398 | 17 |
| 25-DPPT-027 | 4.79 | 5.78 | 0.99 | 5/16/2025 | -- | -- | 0.0435 | 125 | 9.2 | 5.3 | 1.01 | 9.1 | 1.9 | 56 | 0.6 | 64 | 16 | 11 | 1.5 | 0.7 | 62 | 4.44 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-027 | 5.78 | 6.34 | 0.56 | 5/16/2025 | -- | -- | 0.3819 | 1480 | 55.1 | 37.7 | 1.65 | 56.9 | 12.0 | 408 | 5.0 | 574 | 148 | 85 | 8.8 | 5.5 | 327 | 35.50 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-027 | 6.34 | 6.58 | 0.24 | 5/16/2025 | -- | -- | 2.2532 | 7780 | 116.5 | 66.3 | 7.77 | 276.0 | 21.9 | 3530 | 9.8 | 4010 | >1000 | 495 | 25.5 | 9.7 | 649 | 61.40 | 8300 | 114 | 64 | 8 | 287 | 22 | 4030 | 10 | 4000 | 1090 | 527 | 26 | 10 | 659 | 64 |
| 25-DPPT-027 | 6.58 | 6.96 | 0.37 | 5/16/2025 | -- | -- | 0.3110 | 1180 | 20.7 | 9.4 | 1.90 | 38.0 | 3.6 | 515 | 1.0 | 553 | 149 | 67 | 4.4 | 1.3 | 100 | 7.16 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-027 | -- | -- | -- | 5/16/2025 | Standard | OREAS 460 | 9.4541 | >10000 | 219.0 | 53.0 | 306.00 | 614.0 | 28.2 | >10000 | 2.1 | >10000 | >1000 | >1000 | 66.0 | 4.7 | 568 | 18.25 | 39500 | 205 | 48 | 271 | 611 | 27 | 23600 | 2 | 10850 | 3630 | 1345 | 58 | 4 | 551 | 18 |
| 25-DPPT-028 | 0.18 | 1.83 | 1.65 | 5/16/2025 | -- | -- | 0.1726 | 555 | 19.1 | 7.7 | 5.07 | 32.2 | 3.1 | 282 | 0.9 | 342 | 85 | 53 | 3.9 | 1.0 | 74 | 6.08 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-028 | 1.83 | 3.05 | 1.22 | 5/16/2025 | -- | -- | 0.1477 | 369 | 23.1 | 10.1 | 4.29 | 35.0 | 4.0 | 254 | 1.2 | 311 | 76 | 52 | 4.5 | 1.3 | 103 | 7.88 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-028 | 3.05 | 4.18 | 1.13 | 5/16/2025 | -- | -- | 0.1151 | 250 | 24.4 | 13.1 | 4.21 | 29.9 | 4.8 | 180 | 1.6 | 217 | 52 | 38 | 4.2 | 1.8 | 142 | 10.95 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-028 | 4.18 | 4.48 | 0.3 | 5/16/2025 | -- | -- | 7.9074 | >10000 | 213.0 | 42.5 | 12.95 | 901.0 | 23.3 | >10000 | 3.0 | >10000 | >1000 | >1000 | 77.7 | 4.1 | 606 | 19.10 | 32200 | 200 | 40 | 13 | 915 | 23 | 14150 | 3 | 13550 | 3840 | 1925 | 69 | 4 | 592 | 19 |
| 25-DPPT-028 | 4.48 | 5.36 | 0.88 | 5/16/2025 | -- | -- | 0.2325 | 846 | 18.7 | 9.5 | 2.13 | 33.3 | 3.5 | 382 | 1.1 | 398 | 114 | 55 | 3.8 | 1.3 | 104 | 7.83 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-028 | 5.36 | 5.73 | 0.37 | 5/16/2025 | -- | -- | 4.0104 | >10000 | 124.0 | 34.2 | 7.56 | 475.0 | 15.8 | 7870 | 3.3 | 7770 | >1000 | >1000 | 37.3 | 4.0 | 442 | 21.80 | 16350 | 109 | 30 | 7 | 432 | 15 | 7200 | 3 | 6830 | 1935 | 895 | 34 | 4 | 385 | 20 |
| 25-DPPT-028 | 5.73 | 6.86 | 1.13 | 5/16/2025 | -- | -- | 0.1127 | 388 | 12.9 | 7.5 | 1.04 | 18.1 | 2.5 | 194 | 1.0 | 170 | 46 | 27 | 2.4 | 1.0 | 80 | 6.66 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-028 | 6.86 | 7.62 | 0.76 | 5/16/2025 | -- | -- | 0.5459 | 1980 | 46.3 | 26.7 | 2.07 | 69.0 | 9.2 | 894 | 3.7 | 941 | 253 | 120 | 8.5 | 3.9 | 264 | 25.50 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-028 | -- | -- | -- | 5/16/2025 | Blank | Marble | 0.0098 | 26 | 2.3 | 1.5 | 0.55 | 2.5 | 0.5 | 12 | 0.2 | 14 | 3 | 3 | 0.4 | 0.2 | 15 | 1.40 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-029 | 0.3 | 1.52 | 1.22 | 5/16/2025 | -- | -- | 0.0644 | 273 | 6.4 | 3.0 | 1.48 | 9.1 | 1.1 | 89 | 0.3 | 92 | 25 | 15 | 1.3 | 0.4 | 29 | 2.37 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-029 | 1.52 | 3.05 | 1.52 | 5/16/2025 | -- | -- | 0.1316 | 441 | 17.2 | 8.0 | 3.47 | 24.3 | 3.1 | 205 | 0.9 | 221 | 57 | 37 | 3.2 | 1.1 | 90 | 6.40 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-029 | 1.52 | 3.05 | 1.52 | 5/16/2025 | Duplicate | 5-10m | 0.1085 | 343 | 14.0 | 6.4 | 3.10 | 20.5 | 2.5 | 182 | 0.8 | 192 | 49 | 32 | 2.7 | 0.9 | 70 | 5.48 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-029 | 3.05 | 4.57 | 1.52 | 5/16/2025 | -- | -- | 0.1051 | 279 | 21.3 | 11.4 | 2.66 | 25.7 | 4.1 | 159 | 1.3 | 171 | 43 | 31 | 3.8 | 1.5 | 127 | 8.82 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-029 | 4.57 | 6.1 | 1.52 | 5/16/2025 | -- | -- | 0.2647 | 1020 | 16.6 | 8.2 | 2.19 | 31.4 | 3.0 | 452 | 1.0 | 427 | 128 | 57 | 3.5 | 1.1 | 97 | 6.62 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-029 | 6.1 | 6.83 | 0.73 | 5/16/2025 | -- | -- | 0.0460 | 154 | 7.8 | 4.6 | 0.96 | 7.2 | 1.6 | 72 | 0.6 | 58 | 16 | 9 | 1.2 | 0.6 | 52 | 3.86 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-029 | 6.83 | 7.62 | 0.79 | 5/16/2025 | -- | -- | 3.3141 | >10000 | 95.8 | 24.7 | 5.99 | 368.0 | 12.0 | 5940 | 2.2 | 5940 | >1000 | 793 | 29.1 | 2.9 | 324 | 15.40 | 13500 | 93 | 24 | 6 | 373 | 12 | 5900 | 2 | 5680 | 1610 | 752 | 29 | 3 | 304 | 16 |
| 25-DPPT-030 | 0.7 | 1.71 | 1.01 | 5/17/2025 | -- | -- | 0.0658 | 269 | 7.7 | 3.4 | 1.32 | 10.2 | 1.4 | 93 | 0.4 | 92 | 25 | 15 | 1.4 | 0.5 | 36 | 2.74 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-030 | 1.71 | 3.05 | 1.34 | 5/17/2025 | -- | -- | 0.0713 | 218 | 8.4 | 3.6 | 1.53 | 12.9 | 1.4 | 138 | 0.4 | 124 | 34 | 20 | 1.6 | 0.5 | 40 | 2.97 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-030 | 3.05 | 4.57 | 1.52 | 5/17/2025 | -- | -- | 0.1062 | 310 | 19.5 | 11.3 | 2.56 | 22.7 | 3.9 | 154 | 1.5 | 159 | 41 | 28 | 3.3 | 1.6 | 130 | 10.00 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-030 | 4.57 | 5.49 | 0.91 | 5/17/2025 | -- | -- | 0.0571 | 149 | 14.6 | 9.2 | 2.12 | 12.2 | 3.2 | 69 | 1.2 | 68 | 18 | 13 | 2.2 | 1.3 | 110 | 8.01 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-030 | 5.49 | 6.53 | 1.04 | 5/17/2025 | -- | -- | 0.2182 | 845 | 13.3 | 6.3 | 1.56 | 24.8 | 2.4 | 378 | 0.7 | 351 | 105 | 47 | 2.8 | 0.9 | 76 | 5.19 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-030 | -- | -- | -- | 5/17/2025 | Blank | Marble | 0.0076 | 21 | 1.5 | 1.0 | 0.51 | 1.7 | 0.3 | 10 | 0.1 | 11 | 3 | 2 | 0.3 | 0.1 | 10 | 1.00 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-031 | 0.85 | 2.1 | 1.25 | 5/17/2025 | -- | -- | 0.0632 | 251 | 7.5 | 3.2 | 1.50 | 9.7 | 1.3 | 90 | 0.3 | 95 | 25 | 16 | 1.4 | 0.4 | 33 | 2.49 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-031 | 2.1 | 3.05 | 0.94 | 5/17/2025 | -- | -- | 0.1225 | 354 | 18.9 | 9.9 | 2.60 | 24.7 | 3.6 | 197 | 1.2 | 213 | 55 | 37 | 3.5 | 1.4 | 109 | 8.69 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-031 | 3.05 | 4.57 | 1.52 | 5/17/2025 | -- | -- | 0.1067 | 314 | 17.9 | 9.7 | 2.43 | 22.4 | 3.4 | 165 | 1.2 | 171 | 45 | 31 | 3.1 | 1.4 | 110 | 8.39 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-031 | 4.57 | 5.39 | 0.82 | 5/17/2025 | -- | -- | 0.1229 | 362 | 24.7 | 14.1 | 2.22 | 24.9 | 5.0 | 169 | 1.7 | 172 | 45 | 30 | 3.9 | 2.0 | 171 | 11.20 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-031 | 5.39 | 6.1 | 0.7 | 5/17/2025 | -- | -- | 0.0961 | 342 | 10.5 | 6.5 | 2.31 | 12.6 | 2.3 | 159 | 0.8 | 141 | 39 | 20 | 1.7 | 0.9 | 73 | 5.66 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-031 | 6.1 | 7.62 | 1.52 | 5/17/2025 | -- | -- | 0.0333 | 95 | 7.9 | 4.8 | 0.86 | 6.2 | 1.7 | 45 | 0.6 | 40 | 11 | 7 | 1.1 | 0.7 | 55 | 3.92 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-032 | 0.49 | 1.86 | 1.37 | 5/17/2025 | -- | -- | 0.0894 | 368 | 9.8 | 4.8 | 1.88 | 13.3 | 1.8 | 128 | 0.6 | 126 | 33 | 21 | 1.9 | 0.7 | 46 | 4.15 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-032 | 1.86 | 3.05 | 1.19 | 5/17/2025 | -- | -- | 0.1183 | 363 | 15.4 | 8.1 | 3.13 | 20.9 | 2.9 | 206 | 1.0 | 204 | 54 | 33 | 2.7 | 1.1 | 83 | 7.06 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-032 | 3.05 | 4.57 | 1.52 | 5/17/2025 | -- | -- | 0.0683 | 181 | 12.5 | 7.1 | 1.93 | 15.8 | 2.5 | 104 | 1.0 | 112 | 29 | 20 | 2.2 | 1.0 | 82 | 6.29 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-032 | 4.57 | 6.1 | 1.52 | 5/17/2025 | -- | -- | 0.0997 | 293 | 19.2 | 11.4 | 2.18 | 20.1 | 4.0 | 134 | 1.3 | 144 | 37 | 26 | 3.1 | 1.6 | 136 | 9.58 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-032 | 6.1 | 6.46 | 0.37 | 5/17/2025 | -- | -- | 0.0315 | 80 | 6.0 | 4.7 | 3.21 | 5.6 | 1.5 | 53 | 0.7 | 33 | 9 | 5 | 0.9 | 0.7 | 58 | 4.23 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-032 | 6.46 | 6.71 | 0.24 | 5/17/2025 | -- | -- | 2.6133 | >10000 | 76.7 | 17.1 | 8.04 | 301.0 | 9.1 | 4570 | 1.2 | 4540 | >1000 | 632 | 24.0 | 1.8 | 250 | 8.31 | 10650 | 75 | 16 | 8 | 313 | 9 | 4620 | 1 | 4500 | 1245 | 608 | 24 | 2 | 239 | 9 |
| 25-DPPT-032 | 6.71 | 7.62 | 0.91 | 5/17/2025 | -- | -- | 0.0425 | 141 | 7.2 | 4.3 | 0.82 | 6.6 | 1.6 | 62 | 0.5 | 57 | 16 | 9 | 1.1 | 0.6 | 49 | 3.68 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-032 | -- | -- | -- | 5/17/2025 | Standard | OREAS 463 | 2.0420 | 6880 | 70.2 | 16.4 | 113.00 | 231.0 | 8.6 | 5040 | 0.8 | 3750 | >1000 | 514 | 19.4 | 1.6 | 191 | 6.75 | 6700 | 67 | 15 | 112 | 247 | 9 | 4980 | 1 | 3590 | 996 | 515 | 20 | 2 | 182 | 7 |
| 25-DPPT-033 | 0.43 | 1.52 | 1.1 | 5/17/2025 | -- | -- | 0.0750 | 341 | 7.9 | 3.4 | 1.32 | 10.0 | 1.4 | 98 | 0.3 | 94 | 26 | 16 | 1.5 | 0.5 | 35 | 2.66 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-033 | 1.52 | 2.5 | 0.98 | 5/17/2025 | -- | -- | 0.1311 | 441 | 15.4 | 7.1 | 3.40 | 21.5 | 2.7 | 206 | 0.9 | 238 | 60 | 38 | 2.8 | 1.0 | 71 | 6.09 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-033 | 2.5 | 3.9 | 1.4 | 5/17/2025 | -- | -- | 0.0327 | 67 | 4.0 | 1.7 | 4.98 | 6.2 | 0.7 | 81 | 0.2 | 66 | 18 | 10 | 0.8 | 0.2 | 17 | 1.32 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-033 | 3.9 | 5.49 | 1.58 | 5/17/2025 | -- | -- | 0.0734 | 178 | 17.1 | 8.3 | 2.02 | 19.4 | 3.1 | 102 | 0.9 | 123 | 31 | 25 | 3.0 | 1.2 | 100 | 7.00 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-034 | 0.4 | 1.52 | 1.13 | 5/18/2025 | -- | -- | 0.1384 | 512 | 14.8 | 6.3 | 3.28 | 22.3 | 2.3 | 217 | 0.8 | 237 | 61 | 40 | 2.9 | 0.8 | 55 | 4.99 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-034 | 1.52 | 3.05 | 1.52 | 5/18/2025 | -- | -- | 0.1351 | 326 | 20.2 | 8.1 | 3.83 | 30.6 | 3.2 | 240 | 0.9 | 299 | 74 | 53 | 4.0 | 1.1 | 80 | 6.38 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-034 | 3.05 | 4.57 | 1.52 | 5/18/2025 | -- | -- | 0.0668 | 150 | 11.4 | 5.7 | 3.93 | 16.0 | 2.1 | 122 | 0.7 | 134 | 33 | 24 | 2.1 | 0.8 | 57 | 4.97 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-034 | 4.57 | 5.49 | 0.91 | 5/18/2025 | -- | -- | 0.0302 | 40 | 9.2 | 6.1 | 1.46 | 10.2 | 2.0 | 38 | 0.9 | 51 | 12 | 11 | 1.5 | 0.9 | 64 | 5.55 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-034 | 5.49 | 6.1 | 0.61 | 5/18/2025 | -- | -- | 0.0668 | 176 | 18.1 | 10.3 | 1.58 | 17.7 | 3.6 | 76 | 1.3 | 91 | 23 | 21 | 2.9 | 1.5 | 111 | 9.09 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-034 | 6.1 | 6.61 | 0.52 | 5/18/2025 | -- | -- | 0.4667 | 1750 | 25.3 | 12.9 | 2.27 | 54.5 | 4.6 | 781 | 1.5 | 842 | 227 | 113 | 5.4 | 1.7 | 147 | 10.55 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-034 | 7.07 | 7.62 | 0.55 | 5/18/2025 | -- | -- | 0.0739 | 262 | 7.9 | 3.8 | 0.79 | 11.5 | 1.5 | 121 | 0.4 | 120 | 32 | 19 | 1.5 | 0.5 | 45 | 2.94 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-034 | -- | -- | -- | 5/18/2025 | Blank | Marble | 0.0072 | 21 | 1.4 | 0.7 | 0.44 | 1.7 | 0.3 | 10 | 0.1 | 11 | 3 | 2 | 0.2 | 0.1 | 8 | 0.67 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| 25-DPPT-034 | -- | -- | -- | 5/18/2025 | Standard | OREAS 460 | 0.5561 | 1915 | 21.3 | 6.6 | 22.10 | 50.6 | 3.0 | 1395 | 0.5 | 885 | 262 | 113 | 5.2 | 0.7 | 64 | 3.97 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Blank | -- | -- | -- | -- | Blank | Marble | 0.0040 | 11 | 0.9 | 0.4 | 0.27 | 1.2 | 0.2 | 6 | 0.1 | 7 | 2 | 1 | 0.2 | 0.1 | 5 | 0.42 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |

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**Notes:**

< - value is at the detection lower limit.

> - value is at the detection upper limit.

ppm - parts per million

Source: ALS Labs, September 2025.

SLV0163 – Technical Report Summary Shiloh Project, Georgia 216 November 2025

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**7.2.2 Drilling Methods**

DPT, sonic and diamond drilling methods were used as part of the Shiloh Project between 2021 and 2025. A summary of the drill methods is provided below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Direct Push (DPT)** – a subsurface investigation method that utilizes hydraulic pressure to advance sampling tools into the ground without the use of rotary drilling. It is particularly effective in unconsolidated or weathered geological materials. The drill rig used is compact and track-mounted, allowing for maneuverability around vegetation and other surface obstacles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Sonic Drilling** – a rotary-vibratory drill capable of high drilling speeds as well as continuous coring that uses an adjustable high-frequency mechanical vibration to take continuous core samples of overburden soils and most hard rocks (EPA, 2020).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Diamond Drilling** – rotary drilling that uses a diamond studded drill bit to drill through and collect samples of sub-surface rock. The drill extracts a solid core from the subsurface.

**7.2.3 Core Logging**

***7.2.3.1 Drill Core Logging 2021 - 2022***

Saprolite drill core recovered for both direct-push and sonic drill consists of soft clay-dominated material that can be easily cut with simple hand tools. The recovered core from each drill run was laid out next to each previous sample and split along the core axis for the entire sample length with the use of a machete. The core was measured and the type of material (soil, clay, saprolite, saprock, rock), the color, and the protolith (felsic gneiss, biotite schist, etc.) logged and recorded in an Excel spreadsheet at the drill site. The presence of mineralization was determined by handheld scintillometer and the entire core string divided into sample intervals that were determined by lithologic and mineralization contacts.

***7.2.3.2 Drill Core Logging 2025***

Diamond drilling collected core samples from the surface saprolite and underlying bedrock. For the logging and core description, the core length was measured from the drillers blocks that mark each drill run. Core recovery percentage was determined and Rock Quality Designation (RQD) assigned. Lithology was determined and recorded along with rock descriptions in an Excel file. The presence of mineralization is determined by handheld scintillometer, supported by XRF analysis, and the entire core length divided into sample intervals that are determined by lithologic and mineralization contacts.

Saprolite drill core recovered from Direct-Push consists of soft clay-dominated material that can be easily cut with simple hand tools. The recovered core from each drill run is laid out next to each previous sample and split along the core axis for the entire sample length with a machete. The core was measured and the type of material (soil, clay, saprolite, saprock, rock), the color, and the protolith (felsic gneiss, biotite schist, etc.) logged and recorded in an Excel spreadsheet at the drill site. The presence of mineralization is determined by handheld scintillometer and the entire core string divided into sample intervals that are determined by lithologic and mineralization contacts.

SLV0163 – Technical Report Summary Shiloh Project, Georgia 217 November 2025

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**7.2.3.3 *Radiological Risk Evaluation***

In 2025, Foothills implemented a radiological monitoring program that utilizes dosimetry badges during fieldwork and core logging activities to assess potential radiological exposure risks. GeosyntecThe QP has not reviewed the specific protocols, procedures, or data associated with this monitoring program

**7.2.4 Core Recovery** 

***7.2.4.1 Core Recovery - Direct Push*** 

The direct-push drilling method is used to sample soft, near-surface soils, clays, and the underlying deeply weathered saprolite. This technique typically yields close to 100% recovery of the intersected material. However, the actual length of core recovered is often slightly less than the drilled interval. This discrepancy is primarily due to compression of the soft, semi-consolidated saprolite under the downward force of the drill. Despite this compression, it is standard practice to assume 100% core recovery, as the entire volume of material is generally retained within the plastic sample sleeve.

***7.2.4.2 Core Recovery - Sonic Drilling***

Accurately estimating core recovery from sonic drilling is inherently challenging due to the nature of the sampling method. The recovered interval is collected within a long, flexible plastic sleeve, which can result in compression or elongation of soft saprolitic material during extraction and subsequent handling prior to splitting, logging, and sampling. Despite these limitations, the large core diameter (approximately 4 inches) facilitates the collection of substantial sample volumes and reduces the likelihood of obstruction by drill cuttings or debris. For reporting purposes, core recovery was assumed to be 100%, with recovered lengths considered equivalent to drilled lengths, except in cases where a clear deficit in material indicated bit blockage and associated core loss.

***7.2.4.3 Core Recovery - Diamond Drilling***

Core recovery percentages for the diamond drilling program were calculated by comparing the length of core recovered to the actual length drilled. Measurements were taken between core blocks placed in the core boxes, which marked the top and bottom of each core run. These blocks were typically spaced every 1.5 to 3 m. % recovery was calculated using the formula: % Recovery = (Length of Recovered Core / Length Drilled) x 100.

**7.2.5 Collar Surveys**

For the 2021 drilling campaign, collar locations were surveyed with a handheld Garmin GPS. For closely spaced holes <10 m, collar locations were measured relative to adjacent holes with tape and compass.

For the 2022 drilling campaign, collar locations were surveyed with a Juniper Systems GEODE GNS3S GPS receiver, which is capable of +/- 1.5 m accuracy. For closely spaced holes <10 m, collar locations were measured-in relative to adjacent holes with tape and compass. Apparent

SLV0163 – Technical Report Summary Shiloh Project, Georgia 218 November 2025

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thickness verse true thickness of units was not calculated during this early stage of exploration in 2022, however, regional and local geologic mapping conducted throughout the 2022 season indicated the dip of lithologic units and the parallel mineralization is gently dipping (<30 degrees [°]) to the south. With an average dip of 30°, true thickness could be as much as 87% of the apparent thickness intersected in the vertical drillholes.

For the 2025 drilling campaign, collar locations for both diamond and DPT were surveyed with a Juniper Systems GEODE GNS3S GPS receiver, which is capable of +/- 1.5-m accuracy. For closely spaced holes <10 m, collar locations were measured-in relative to adjacent holes with tape and compass.

**7.2.6 Down Hole Surveys**

Before 2025, DPT and sonic rigs were set up to drill vertical holes and checked by the drill operator with a level but were not down hole surveyed for orientation. All DPT and sonic holes are therefore inferred to be vertical holes with a dip (plunge) of -90.

Starting in 2025, drillhole surveying was completed on all diamond drillholes with use of a Reflex EZ-Trac downhole tool by the drill operator. The DPT drill rig was consistently set up to drill vertical holes and checked by the drill operator with a level. All DPT holes are inferred to be vertical holes with a dip (plunge) of -90.

**7.2.7 Drilled Versus True Thickness**

Drilled thickness verses true thickness of units was not calculated during this stage of exploration, however, regional and local geologic mapping conducted throughout 2022/2023 indicate the dip of lithologic units and the parallel mineralization is gently dipping (< 30°) to the south. With an average dip of 30, true thickness will range as much as 87% of the apparent thickness intersected in the vertical drillholes. In the inclined diamond drillholes, true thicknesses are inferred to be closer to drilled thickness as these holes were drilled close to perpendicular to the mineralization.

**7.2.8 Drillhole Spacing**

From 2021 to 2024, drill collar spacings ranged from 4 to 10 m, with spacings of up to 20 m across lower-level anomalies and spacing down to 2 m over targets where mineralization had been intersected in the previous hole.

Beginning in 2025, diamond drill collar spacings ranged from 1 to 25 m, with spacings of up to 25 m to test low level anomalies and spacing down to less than 1.0 m over targets where mineralization had been intersected in the previous hole. The DPT drilling collar spacing was a minimum of 5.0 m, with spacing down to 1 m where mineralization was detected in previous holes.

SLV0163 – Technical Report Summary Shiloh Project, Georgia 219 November 2025

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From 2021 to 2024, drill collar spacings ranged from 4 to 10 m, with spacings of up to 20 m across lower-level anomalies and spacing down to 2 m over targets where mineralization had been intersected in the previous hole.

7.3 Hydrogeology

Shiloh is located in the Piedmont physiographic province of west-central Georgia, characterized by crystalline-rock aquifers and moderate topographic relief. The hydrogeology of the region is influenced by the underlying metamorphic and igneous bedrock, which governs groundwater occurrence and movement.

The primary aquifer system in the Shiloh area is the Crystalline-Rock Aquifer, which is typical of the Piedmont region. Groundwater in this system is stored and transmitted through fractures, joints, and weathered zones in the bedrock. These aquifers are generally low yielding but can provide sufficient water for domestic and small-scale agricultural use (Georgia Water Planning, 2025).

A surficial Aquifer System is present in some areas, consisting of unconsolidated sediments overlying the bedrock. These are typically shallow and vulnerable to contamination.

Recharge occurs primarily through precipitation infiltration, especially in areas with permeable soils and fractured bedrock. Groundwater flow is generally localized, following the topography and structural features of the bedrock. Flow directions are often toward nearby streams and rivers, contributing to baseflow in surface water systems.

7.4 Geotechnical

No geotechnical information collected.

SLV0163 – Technical Report Summary Shiloh Project, Georgia 220 November 2025

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8. Sample Preparation, Analysis and Security

8.1 Sampling Methods

For direct-push and sonic drilling conducted in 2021, 2022, and 2025, the core was halved using a knife. Standard sample intervals for 1.85-inch tubing ranged from 0.3 m to 7.55 m. Sampling was conducted respecting lithological boundaries; samples were taken to, but not across, major contacts. For direct push the entire core was put into sample bags for sampling. For sonic core, ½ to ¼ of the split length of core interval was put into sample bags. The QAQC duplicate samples were completed on-site, while blanks and CRM standards were inserted later at the warehouse during sample organization shortly before shipping to the assay lab.

For the 2025 diamond drill program, saprolite was cut along the core axis with a knife and ½ of the core placed in a sample bag for assaying, the other ½ remained in the core box for future reference. The core was cut in ¼ for duplicate samples for QAQC, leaving ¼ in the core box for reference. Blanks and standards were included in the sampling procedure at this time.

Samples were numbered sequentially with no duplicates or missing numbers. One non-sequential tag was used to correct a sampling error. Quadruple tag books with six-digit alphanumeric codes were used: one tag was placed in the sample bag, and another was affixed to the core box at the corresponding interval. Samples were packed in pre-numbered bags matching the sample tag ID.

8.2 Sample Security Methods (Chain of Custody)

The direct -push, sonic, and diamond drill samples were shipped to respective laboratories directly from the core shack by project geologists in sealed sample bags and placed inside supersacks on pallets. For expedited delivery, some samples were sent directly to the shipping center using a reputable carrier with tracking capabilities to maintain a chain of custody (COC). Each bag was sealed with a red Uline security strap bearing a unique ID. Prior to shipment, containers were locked in an on-site warehouse. Upon receipt, the laboratory noted the integrity of the Uline seals. These practices are consistent with industry standards.

8.3 Bulk Density Testing

Foothills conducted (October 2022) preliminary studies on 20 samples for bulk densities on saprolite material from direct-push drill samples. Samples were isolated, left in the acetate sleeve and depths recorded. Samples were shipped to TTL incorporated in Albany, GA. The specific gravity of the samples was determined by the water displacement method (ASTM D 854). The specific gravity average for the 20 samples was 2.693

SLV0163 – Technical Report Summary Shiloh Project, Georgia 221 November 2025

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8.4 Analytical and Test Laboratories

Samples from the Shiloh Project were analyzed at several accredited laboratories during the 2021, 2022, and 2025 exploration programs. In 2021, direct-push and sonic drill samples were processed and analyzed at SGS Canada Inc. in Burnaby, British Columbia, using preparation codes CRU-31 and PUL-31, which are ISO/IEC 17025 certified procedures for crushing and pulverizing. Analytical work at SGS employed the GE_IMS/ICP 40Q12 method (four-acid digestion with ICP-MS), also ISO/IEC 17025 certified, and GE_FUZ/IMS 90A50 (sodium peroxide fusion with ICP-MS finish) for over-limit samples.

From July 2021 onward, and throughout 2022 and 2025, ALS USA Inc. laboratories in Tucson, Arizona, Reno, Nevada, and Vancouver, British Columbia, conducted sample preparation and analysis. ALS utilized CRU-31 and PUL-31 for sample preparation, and ME-MS81 (lithium borate fusion with ICP-MS finish) and ME-ICP06 (Inductively coupled plasma atomic emission spectroscopy [ICP-AES] for whole rock analysis), all ISO/IEC 17025 certified. For samples exceeding detection limits, ALS applied ME-MS81h (peroxide fusion with ICP-ES finish), and in 2025, ME-XRF30 (fusion XRF) was used for high-concentration samples, though ME-XRF30 is not ISO/IEC 17025:2017 certified.

8.5 Drilling Sample Preparation

**8.5.1 Exploration Drilling – 2021**

In 2021, DPT and sonic drill samples were shipped to SGS in Burnaby, BC. Sample preparation followed codes CRU-31 and PUL-31, which involve crushing to 70% passing <2 millimeters (mm) and pulverizing 250 g to 85% passing <75 micrometers (μm).

Analytical procedures used code GE_IMS/ICP 40Q12, a four-acid followed by combined ICP-MS analysis. This method provides detection ranges of 0.5-1,000 parts per million (ppm) for Ce and a lower limit of 5 ppm for Nd.

For samples exceeding the standard detection limits, over-limits analysis was conducted using method GE_FUZ/IMS 90A50, which applied sodium peroxide fusion with ICP-MS finish. This method covers a range of 50-150,000 ppm for Ce and 50-50,000 ppm for Nd.

The QA/QC samples were submitted to the laboratory with labels identifying them as standards, duplicates, and blanks. Consequently, these samples were not submitted as blind controls.

In June of 2021, Foothills transitioned to ALS USA for analytical services. From July 2021 onward, the analytical procedures followed those described in the subsequent 2022 section.

**8.5.2 Exploration Drilling – 2022**

In 2022, DPT and sonic drill samples were shipped to ALS USA Inc., in Tucson, Arizona for processing and Vancouver, BC for analysis. Sample preparation followed codes CRU-31 and PUL-31, which involve crushing 70% passing <2 mm and pulverizing 250 g to 85% passing <75 μm. Analysis procedures used code ME-MS81, which applies lithium borate fusion with ICP-MS finish. This method provides detection ranges of 0.1-10,000 ppm for both Ce and Nd. It was paired with ME-ICP06 (ICP-AES) for whole rock analysis.

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For samples exceeding the detection limits, over-limit analysis was conducted using method ME-MS81h, which uses peroxide fusion with an ICP- ES finish. This method offers detection ranges of 3-50,000 ppm for Ce and 0.5-50,000 ppm for Nd. The laboratory was instructed to apply the over-limit method to all samples exceeding the limit of detection for any rare-earth element.

**8.5.3 Exploration Drilling – 2025**

In 2025, DPT and diamond drill samples were shipped to ALS laboratories in Reno, Nevada for sample processing, and to Vancouver, BC for analysis.

Sample preparation followed codes CRU-31 and PUL-31, which involve crushing 70% passing <2 mm and pulverizing 250 g to 85% passing <75 μm. Analysis procedures used code ME-MS81, which applies lithium borate fusion with ICP-MS finish. This method provides detection ranges of 0.1-10,000 ppm for both Ce and Nd. It was paired with ME-ICP06 (ICP-AES) for whole rock analysis.

The standard over-range method ME-MS81h was insufficient for 12 samples due to elevated concentrations of REE. In these cases, the laboratory applied ME-XRF30, a fusion XRF method with detection ranges of 0.01–50% for CeO₂ and 0.01–10% for Nd₂O₃. The lab was instructed to implement ME-XRF30 for any samples exceeding the detection limits of ME-MS81h. It is noted that ME-XRF30 is not ISO/IEC 17025:2017 certified.

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8.6 Sample Analysis

Figure 40 below displays a histogram of TREO concentration across all drilling samples verified for laboratory analysis between 2021 and 2025. Of the 3,056 drilling samples evaluated, 100 contained TREO concentrations of at least 1%, including 68 samples between 1% and 5% and 32 samples at 5% or greater. Sixteen samples with TREO concentrations of at least 10% were distributed between Pig Trail (1 sample) and Newbill (15 samples), potentially indicating high-grade pockets. These high-grade samples occurred at depths ranging from 3.5 to 6.3 m bgs at Newbill and 0.9 to 1.5 m bgs at Pig Trail.

![img77526612_73.jpg](img77526612_73.jpg)

**Figure 40 Distribution of TREO Concentration (%) for Analyzed Samples, 2021, 2022 and 2025. (Source: Geosyntec, 2025)**

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**Table 11 Statistics for Analyzed Samples above Low-Grade Cutoff (TREO ≥2%), 2021, 2022 and 2025)**

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| &nbsp;&nbsp;**Property** | &nbsp;&nbsp;**Dead Tree** | &nbsp;&nbsp;**Newbill** | &nbsp;&nbsp;**Pig Trail** | &nbsp;&nbsp;**Pig Trail** | &nbsp;&nbsp;**Pig Trail** |
| &nbsp;&nbsp;**Year** | &nbsp;&nbsp;2022 | &nbsp;&nbsp;2025 | &nbsp;&nbsp;2021 | &nbsp;&nbsp;2022 | &nbsp;&nbsp;2025 |
| &nbsp;&nbsp;**Sample Count** | &nbsp;&nbsp;1 | &nbsp;&nbsp;42 | &nbsp;&nbsp;4 | &nbsp;&nbsp;2 | &nbsp;&nbsp;16 |
| &nbsp;&nbsp;**TREO % (min)** | &nbsp;&nbsp;2.26 | &nbsp;&nbsp;2.18 | &nbsp;&nbsp;2.06 | &nbsp;&nbsp;2.46 | &nbsp;&nbsp;2.05 |
| &nbsp;&nbsp;**TREO % (max)** | &nbsp;&nbsp;2.26 | &nbsp;&nbsp;20.01 | &nbsp;&nbsp;3.41 | &nbsp;&nbsp;3.77 | &nbsp;&nbsp;12.78 |
| &nbsp;&nbsp;**TREO % (avg)** | &nbsp;&nbsp;2.26 | &nbsp;&nbsp;8.73 | &nbsp;&nbsp;2.58 | &nbsp;&nbsp;3.11 | &nbsp;&nbsp;4.84 |
| &nbsp;&nbsp;**Interval Avg (m)** | &nbsp;&nbsp;0.38 | &nbsp;&nbsp;0.54 | &nbsp;&nbsp;0.8 | &nbsp;&nbsp;0.76 | &nbsp;&nbsp;0.49 |
| &nbsp;&nbsp;**Depth Min (m)** | &nbsp;&nbsp;6.02 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;0.91 |
| &nbsp;&nbsp;**Depth Max (m)** | &nbsp;&nbsp;6.40 | &nbsp;&nbsp;21.32 | &nbsp;&nbsp;7.62 | &nbsp;&nbsp;7.62 | &nbsp;&nbsp;15.5 |
| &nbsp;&nbsp;**Depth Avg (m)** | &nbsp;&nbsp;6.21 | &nbsp;&nbsp;5.51 | &nbsp;&nbsp;3.94 | &nbsp;&nbsp;6.86 | &nbsp;&nbsp;5.93 |

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Source: SGS & ALS Labs, September 2025.

Of the 3,056 drilling samples collected in 2021, 2022 and 2025 and verified for laboratory analysis, 65 samples exceeded the low-grade zone cutoff (TREO ≥ 2%). As shown in Table 11, these higher-grade samples were distributed across three properties: Dead Tree, one sample at an average depth of 6.2 m bgs; Newbill, forty-two samples averaging 5.5 m bgs; and Pig Trail, twenty-two samples with an average depth of 5.7 m bgs. Among these, Newbill samples show the highest TREO average of approximately 9% and maximum value near 20%. TREO% was calculated including oxides La2O3, Ce2O3, Pr2O3, Nd2O3, Sm₂O₃, Eu₂O₃, Gd₂O₃, Tb₂O₃, Dy₂O₃, Ho₂O₃, Er₂O₃, Tm₂O₃, Yb₂O₃, Lu₂O₃, and Y₂O₃. Where analytical results exceeded the upper method detection limit (e.g., reported as >5000 ppm), the upper method detection limit value was assigned for calculation purposes. This approach introduces a conservative estimate and may result in underreporting of actual TREO% concentrations. The true values may be higher but cannot be accurately quantified within the validated range of the method. Accordingly, caution is advised when interpreting TREO values derived under these conditions.

8.7 Quality Assurance and Quality Control 2021, 2022, and 2025

A total of approximately 87 assay samples were submitted to SGS in 2021 and approximately 2,969 assay samples were submitted to ALS Laboratories between 2021 and 2025. Foothills inserted CRM, blanks, and duplicates (DUP) into the batches of samples to be submitted for analyses using the following procedures (Foothills Rare Earths, 2025c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•CRMs were purchased commercially in bulk from Ore Research & Exploration (OREAS) sourced from the Lynas Corporation's Mount Weld Project (the 'Central Lanthanide Deposit) which is located south of Laverton in Western Australia. Three separate CRMs were used to represent low-grade, medium-grade, and high-grade mineralization as follows TREO 0.53% (OREAS 460), TREO 2.08% (OREAS 463), and TREO 9.88% (OREAS 465). The selected CRMs aligned with the expected grade range for the Shiloh Project.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Blanks comprised locally obtained coarsely crushed 0.5-1 kg white marble chips purchased in bulk at Home Depot. The brand of chips remained consistent for the 2025 program.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•DUPs comprised of field material collected as follows: for direct push, sample duplicates were obtained from half core- splits of the parent core sample. For sonic core, sample duplicates were obtained from half to a quarter split- of the parent core sample. For diamond drilling, sample duplicates were obtained from a quarter-split of the parent core sample.

A summary of QA/QC sample count analyzed as part of the 2021, 2022, and 2025 exploration program is provided in Table 12 below.

**Table 12 Summary of QA/QC Samples Collected 2021, 2022, and 2025**

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| &nbsp;&nbsp;**Year** | &nbsp;&nbsp;**CRM** | &nbsp;&nbsp;**DUP** | &nbsp;&nbsp;**Blanks** | &nbsp;&nbsp;**Total QA/QC Samples** | &nbsp;&nbsp;**Total Collected Assay Samples** |
| &nbsp;&nbsp;**2021** | &nbsp;&nbsp;12 | &nbsp;&nbsp;16 | &nbsp;&nbsp;10 | &nbsp;&nbsp;38 | &nbsp;&nbsp;548 |
| &nbsp;&nbsp;**2022** | &nbsp;&nbsp;52 | &nbsp;&nbsp;78 | &nbsp;&nbsp;35 | &nbsp;&nbsp;165 | &nbsp;&nbsp;1556 |
| &nbsp;&nbsp;**2025** | &nbsp;&nbsp;29 | &nbsp;&nbsp;25 | &nbsp;&nbsp;53 | &nbsp;&nbsp;107 | &nbsp;&nbsp;952 |
| &nbsp;&nbsp;**SUM TOTAL** | &nbsp;&nbsp;**93** | &nbsp;&nbsp;**119** | &nbsp;&nbsp;**98** | &nbsp;&nbsp;**310** | &nbsp;&nbsp;**3056** |

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Source: Foothills Rare Earths, 2025c.

The QA/QC samples were collectively inserted at an overall rate of approximately 7% (n=38) in 2021, 11% (n = 165) in 2022, and 11% (n = 107) in 2025 per sample. The 2021, 2022, and 2025 analytical TREO results are provided in Table 6, Table 8, and **Error! Reference source not found.**, respectively.

**8.7.1 Certified Reference Material**

ALS laboratory accuracy was monitored by FREs insertion of commercial CRMs into the sample stream. In 2021, 2022, and 2025, the frequency of CRM insertion was approximately 2% (n=12), 3% (n = 52), and 3% (n = 29), respectively. Industry common practice is to alternate blanks and CRMs at a rate of 1 in 10 samples (10%).

Foothills screened the CRMs using statistical criteria to assess analytical accuracy. Standard deviation (SD) was used to define confidence intervals around certified values and determine pass/fail criteria. Specifically, the ±3 SD range served as a threshold for evaluating method performance. During screening, the CRM samples were analyzed under the same conditions as the other Project samples, for method ME-MS81/h multi-element geochemical analysis technique using lithium borate fusion followed by ICP-MS**.** The result measured value was compared to the CRM value in elemental form. If the deviation fell within the ±3 SD range, the result was considered acceptable designated as 'pass'. Values outside the ±3 SD range suggest potential issues with the method, instrumentation, or sample handling, and were designated as 'fail'. The use of the ±3 SD threshold provided a statistically robust approach for identifying outliers in the analytical results.

The Foothills CRM review focused on analytes Ce, La, Nd, and Pr for each CRM. Figures 41 through Figures 43 present the lithium borate fusion / ICP-MS analytical results for the select parameters for each CRM, including median of the results, the respective CRM value, ±1 SD and ±3 SD.

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![img77526612_75.jpg](img77526612_75.jpg)

**Figure 41 OREAS 460 (Source: Geosyntec, 2025)**

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![img77526612_76.jpg](img77526612_76.jpg)

**Figure 42 OREAS 463 (Source: Geosyntec, 2025)**

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![img77526612_77.jpg](img77526612_77.jpg)

**Figure 43 OREAS 465 (Source: Geosyntec, 2025)**

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Overall, the CRMs (OREAS 460, 463 and 465) performance indicates that results generally fell within the ±3 SD range. Up to 15 CRMs representing 16% of the total 93 CRMs were outside the ±3 SD range and were categorized by Foothills as "fails". The impacts of the failures are not considered material to the overall analytical program.

**8.7.2 Blanks**

Contamination control and sample preparation assessment was evaluated through the insertion of blank material consisting of marble chips. In 2021, 2022, and 2025, the frequency of blank insertion was approximately 2% (n=10), 2% (n = 35), and 6% (n = 53), respectively. A high-level summary of the key parameters is provided below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Ce concentrations ranged from 8 ppm to 142 ppm, with an average of 21 ppm. The method detection limit ranged from 0.1 ppm to 3 ppm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Lanthanum (La) concentrations ranged from 4 ppm to 61 ppm, with an average of 10 ppm. The method detection limit ranged from 0.1 ppm to 3 ppm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Nd concentrations ranged from 5 ppm to 55 ppm, with an average of 11 ppm. The method detection limit ranged from 0.1 ppm to 0.5 ppm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Pr concentrations ranged from 1 ppm to 15 ppm, with an average of 3 ppm. The method detection limit ranged from 0.02 ppm to 0.2 ppm.

While a blank control sample is typically expected to contain negligible or nondetectable concentrations of the target analytes, the use of marble chips as blank material may yield detectable levels of REEs. This is considered acceptable due to the natural geochemical composition of marble which can contain trace amounts of REEs. Overall, there is no indication of significant contamination during sample preparation.

**8.7.3 Duplicates**

Duplicate samples were routinely submitted as part of the QA/QC protocol to evaluate analytical precision and reproducibility. A total of 119 field duplicates were inserted out of total sample count of 3,056 assay samples, at a frequency of 4%. Three duplicate samples could not be matched to an assay sample and were excluded from duplicate pair analysis. Foothill's goal is to increase the duplication rate as the 2025 program progresses.

Analytical results from duplicate pairs (n = 119) were assessed for Ce, Nd, La and Pr using statistical measures, including mean, standard deviation, and relative percent difference (RPD), for a total of 464 duplicate pair analyte tests. RPD values for the key analytes fell under 20%, except for 46 tests that ranged from 20.1% to 130%. RPD values indicate strong agreement between original and duplicate measurements. This level of precision is considered acceptable for the analytical methods employed.

Figure 44 provides a scatter plot comparing 2021, 2022 and 2025 original and duplicate values for Ce, Nd, La and Pr, including outlier values. The plots demonstrated a high linear correlation, with a minimum R² value of 0.9212. No systematic bias was observed in the duplicate dataset, and the outliers are not considered material to the overall analytical program.

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![img77526612_80.jpg](img77526612_80.jpg)

**Figure 44 Scatter Plots, 2021, 2022, and 2025 Parent and Duplicate Results for Ce, Nd, La and Pr., (Source: Geosyntec, 2025)**

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8.8 Database

The Foothills REE exploration database supporting this TRS includes digital records of drillhole collar coordinates, downhole survey data, core recovery metrics, assay results, and QA/QC records from direct push, sonic, and diamond drilling campaigns conducted between 2021 and 2025. The data were compiled in standardized formats and maintained in secure electronic repositories.

Foothills utilize a version-controlled, limited access, and offline Microsoft Access database to manage all critical data. This structure enables cross-referencing across drilling, sampling, and sample ID datasets. The mapping and sampling activities are georeferenced using UTM Zone 16N system (NAD83, EPSG:26916) allowing spatial consistency across datasets.

8.9 Geosyntec's Opinion on Sample Preparation, Security and Analytical Procedures

Based on a review of sampling, analytical, and QA/QC procedures, it is Geosyntec's opinion that the Foothills REE Project's sample preparation, security, and analytical protocols meet industry standards for early-stage exploration projects.

Direct push, sonic, and diamond drilling programs conducted in 2021, 2022 and 2025 followed protocols for core handling and sample integrity. Core was split or quartered according to method and lithology, with intervals determined by geological contacts. Sample tags were sequentially assigned, and the use of prenumbered bags and security straps, as well as locked storage prior to shipment.

Samples were processed at ISO/IEC 17025-accredited laboratories (SGS Canada and ALS USA Inc.), using certified preparation and analytical methods. These included four-acid digestion with ICP-MS, lithium borate fusion with ICP-MS, and, for overlimit samples, sodium peroxide fusion or fusion XRF. The laboratories' procedures provided reliable detection limits and were appropriate for the range of REE concentrations encountered in the project's saprolite and bedrock samples.

Foothills QA/QC program included inserting CRMs, blanks, and field duplicates into the sample stream at rates of approximately 10–11% in 2022 and 2025. CRMs were sourced from OREAS and selected to match the expected grade ranges of project samples. Blanks consisted of locally sourced marble chips, and duplicates were generated from split core or sample intervals. Analytical accuracy was monitored using ±3 standard deviation thresholds for CRM results, and precision was assessed via RPD in duplicates. The majority of CRM and duplicate results fell within acceptable ranges, with outliers investigated and found not to materially impact the overall dataset. The use of marble as blank material was deemed acceptable, given its trace REE content matches crustal abundance and the absence of significant contamination.

The QA/QC program and the analytical data generated from the 2021, 2022 and2025 drilling campaigns are considered appropriate for the purposes of geological interpretation, mineralization assessment, and preliminary mineral delineation, subject to additional work. The data quality provides a foundation for continued exploration.

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9. Data Verification

9.1 Internal data Verification

Drillhole data was provided to Geosyntec in a Microsoft Access (MS Access) database, along with summary tables and map images depicting the geologic and geophysical data collected for the site. Map images were georeferenced, and the locations depicted were transcribed to provide supplemental drillhole locations. These data were incorporated into the MS Access database provided to Geosyntec, creating a single authoritative source of drillhole data for validation. MS Access, a relational database software, is well-suited for storing and organizing various types of drilling and exploration data. It supports linking tables (e.g., drillhole collars, assays, lithology) with referential integrity and allows for seamless exports to geological modeling software for further analysis and visualization.

Geosyntec performed the following initial data review steps using MS Access:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Duplicate entry reconciliation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Lithologic description consolidation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Unit normalization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Logical integrity of drillhole deviation rates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Completeness check of drillhole locations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Detection of data entries exceeding the recorded hole depth; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Identification (ID) of overlapping intervals within the data tables.

Additional data review was performed using Leapfrog® (Seequent, 2025), a geological modelling and visualization software that is an industry standard tool used for visual and statistical evaluation and modelling of subsurface data. The visual data review steps were as follows:

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Three dimensional (3D) visualizations of the drillhole dataset, along with geologic and geophysical survey result maps, were prepared and examined for spatial anomalies (i.e., drillhole collar and downhole data plotting correctly, geographically and in relation to the exploration target areas). An example visualization from the 3D Leapfrog model is shown in Figure 45.

![img77526612_82.jpg](img77526612_82.jpg)

**Figure 45 Example 3D Visualization Showing Geophysical Survey and Drillhole Assay Results. (Source: Geosyntec, 2025)**

Geological interpretations (lithology logged in drillholes) were compared across adjacent drillholes and trenches, as well as geologic and geophysical survey maps, and assessed for geologic consistency.

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Upon completion of the visual verification, statistical analysis was performed in Leapfrog® to evaluate the correlation of the datasets. An example of a statistical evaluation plot is presented in Figure 46.

![img77526612_83.jpg](img77526612_83.jpg)

**Figure 46 Box Plot Showing Thorium Assay Results by Lithology, as Logged in Drillholes., (Source: Geosyntec, 2025)**

9.2 Data Verification by Geosyntec

Geosyntec personnel completed a site inspection on May 8–9, 2025, which included reviewing exploration drill sites, observing active drilling operations, and evaluating core logging, sampling protocols, and data practices. The inspection also involved verifying historical drill collars, observing infield XRF analysis, and assessing the condition and organization of core storage facilities. Geosyntec has not reviewed analytical results from SEM's historical exploration efforts over the period of 2011 through 2014.

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During the visit, Geosyntec examined the project's electronic assay and drilling database and discussed QA/QC procedures with key project personnel. Geosyntec found that Foothills maintained well-organized geological records and adhered to comprehensive field procedures. Geosyntec review included both direct on-site inspection and remote monitoring of exploration activities, noting that the data collection and management practices were appropriate for the purposes of this TRS, as a foundation for continued exploration.

9.3 Geosyntec's Opinion on Data Adequacy

Geosyntec has reviewed the 2021, 2022, and 2025 exploration data supporting the disclosure of REE mineralization for the Project area.

Drillhole data from this period have been reviewed for spatial accuracy, sample integrity, and analytical reliability. The database has been reviewed for completeness, consistency, and relational integrity using MS Access and Leapfrog software tools.

Based on this review, Geosyntecdeems that the 2021, 2022 and 2025 data are appropriate for the current stage of exploration.

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10. Mineral Processing and Metallurgical Testing

The following sections summarize the early-stage laboratory metallurgical testing performed on REE samples from the Shiloh Project in order to develop an early appreciation of mineralization amenity to beneficiation. Accredited laboratories conducted initial assessments of mineral content, leaching, and concentration methods such as gravity separation, magnetic separation and flotation. Results indicate that rare earth minerals are present and can be concentrated, though further testing is required to optimize REE recovery and outline potential processing flowsheets for these minerals.

10.1 Test Laboratories

There is no international standard of accreditation provided for metallurgical testing laboratories or metallurgical testing techniques.

The independent laboratories used include:

&nbsp;&nbsp;&nbsp;&nbsp;1. Saskatchewan Research Counsil (SRC) located in Saskatoon, SK, Canada

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. QEMSCAN and mineral recovery

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. ISO/IEC 17025:2017 accreditation for the applied chemical analytical techniques

&nbsp;&nbsp;&nbsp;&nbsp;2. Eriez Magnetics Central Laboratory located in Erie, PA

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Mineral Processing

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. ISO/IEC 17025 accreditation for the applied chemical analytical techniques

10.2 Metallurgical Testing

**10.2.1 Preliminary Mineralogical and Ammonium Sulphate Leach Testing**

Preliminary metallurgical testing was performed by SRC to assess the recovery of REE from ionic clay samples provided by Foothills (Guo, 2022). Three samples (E575636, E575712, and E575732) were individually crushed, homogenized, and analyzed by ICP-MS. The TREO content ranged from 0.26% to 5.67%, with the highest concentration in sample E575636. The REE distribution was dominated by LREE (LREE: 91.0–94.6% REO) and medium REE (MREE: 4.1–4.3% REO). XRD analysis identified quartz, kaolinite, and anorthite as the major mineral phases, with minor albite and biotite. REE-bearing minerals were not directly identified, but monazite is inferred to be the primary host. Three saprolitic samples from the Pig Trail sonic drilling were submitted for the testing. Details of the samples are in Table 13.

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**Table 13 Details for Samples Used in the Preliminary Ionic Clay Testing**

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| **Sample<br>No.** | **Sonic Drillhole_ID** | **From_m** | **To_m** | **Description** | **ALS TREO%** | **SRC TREO%** |
| E575636 | 22-SPT-035 | 6.096 | 6.858 | Saprolitic brown biotite qtz Fspar gneiss | 3.767 | 5.66 |
| E575732 | 22-SPT-043 | 12.95 | 13.72 | Saprolitic felsic gneiss | 1.115 | 0.63 |
| E575712 | 22-SPT-041 | 7.62 | 8.69 | Saprolitic felsic gneiss | 0.300 | 0.26 |

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Source: Foothills Rare Earths, 2025a

Mineralogical details of the three saprolitic samples from the Pig Trail sonic drilling campaign are shown in Table 14.

**Table 14 Primary Mineralogy Determined by XRD Analysis**

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| **Sample No.** | **Quartz_%** | **Biotite_%** | **Kaolinite_%** | **Albite_%** | **Anorthite_%** |
| E575636 | 62.4 | 6.9 | 10.7 | 8.3 | 11.7 |
| E575712 | 31.9 | 6.2 | 27.9 | 10.6 | 23.3 |
| E575732 | 58.6 | 5.4 | 14.7 | - | 21.3 |

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Source: Foothills Rare Earths, 2025a

Ammonium sulphate leaching tests were conducted at room temperature (20.7°C) for 24 hours using a 3.0 wt.% solution, pH 4.0, and an agitation rate of 120 rpm. The liquid-to-solid ratio was 3:1. REE recovery was low for all samples, with TREO recoveries of 0.1%, 0.2%, and 0.7% for E575636, E575712, and E575732, respectively.

Given the poor TREO metallurgical response to ammonium sulphate leaching, with REE distributions not typical of rare earth ionic clay mineralization and more indicative of a monazite host, SRC recommend conducting further testing to produce a monazite concentrate.

**10.2.2 Monazite Concentration Testing**

Preliminary mineral concentration studies were completed on the same samples used in the preliminary metallurgical sampling obtained from sonic drill core from the Pig Trail Area drilling. The objective of this preliminary study was to identify more amenable approaches to monazite concentration as the basis for a possible process flowsheet option in low-grade, free dig saprolite/material. One mid- to high-grade range sample (E575636) was included in this study. These samples consisted of saprolitic material and are summarized in Table 15. A summary of the monazite concentration studies including wet & dry magnetic separation; gravity; and flotation, undertaken by Eriez and SRC are summarized in Table 16.

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**Table 15 Details for Samples Used in the Preliminary Mineral Processing Studies**

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| **Sample <br>No.** | **Sonic <br>Drillhole_ID** | **From_m** | **To_m** | **Description** | **ALS TREO%** | **SRC TREO%** |
| E575638 | 22-SPT-035 | 7.62 | 9.14 | Saprolitic Grey felsic gneiss | 0.530 | 0.57 |
| E575636 | 22-SPT-035 | 6.096 | 6.858 | Saprolitic brown biotite qtz Fspar<br>gneiss | 3.767 | 5.66 |
| E575732 | 22-SPT-043 | 12.95 | 13.72 | Saprolitic felsic gneiss | 1.115 | 0.63 |
| E575712 | 22-SPT-041 | 7.62 | 8.69 | Saprolitic felsic<br>gneiss | 0.300 | 0.26 |

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Source: Foothills Rare Earths, 2025

**Table 16 Details for the Preliminary Mineral Processing Studies**

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| &nbsp;&nbsp;**Met Test** | &nbsp;&nbsp;**Samples** | &nbsp;&nbsp;**Work Completed** | &nbsp;&nbsp;**Test Outcome** |
| &nbsp;&nbsp;Eriez | &nbsp;&nbsp;E575638:<br> 0.57% TREO | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Completed Mag. Sep test (Dry and Wet Sep) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The sample has a good response to Mag. Sep<br> The REE distribution is similar to the high-grade E575636 (i.e. 65% REE in 1000-150 microns)<br> The REE recovery is the highest at 5000G and 7000G, 76-77% Recovery |
| &nbsp;&nbsp;SRC | &nbsp;&nbsp;E575636:<br> 5.66% TREO<br>E575732:<br> 0.76% TREO<br>E575712:<br> 0.26% TREO | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Completed Pre- Concentration using Gravity Sep (HLS) for +0.3mm and Mag Sep (LIMS) for +0.15- 0.3mm size fractions, for QEMSCAN test<br> Completed Flotation Tests for two lower grade sample<br> Completed all the REE assay<br> E575712: Tested Mag Sep, Gravity Sep, flotation, etc., to see what grade could be reached | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; REE are recoverable for all the three samples, potentially a combination of Mag Sep, Grav. Sep and flotation<br> Expect good recovery and grade for high-grade sample<br> Monazite is the main REE mineral with a trace level of bastnaesite<br> E575712: Results of froth flotation show that TREO grade can be increased from 0.26% to 9.84%<br> More test work is recommended regarding monazite flotation; the types and dosage of reagents should be systemically investigated |

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Source: Foothills Rare Earths, 2022

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10.3 Magnetic Separation

Additional testing was conducted by Eriez Magnetics Central Test Laboratory on monazite material samples provided by Foothills (Sample Log #563088, MTR #22-094). The objective was to concentrate monazite using magnetic separation techniques (Schwartz, 2022).

The mineralized material, composed of silica, feldspar, mica, biotite, iron oxides, and monazite, was received as damp granular to fine particulate material with approximately 10% moisture by weight. The sample was wet screened at 1-mm to remove oversized particles. Wet screening, which uses water to assist particle separation, was employed to improve throughput and prevent screen clogging. The plus 1 mm fraction was processed using a Rare Earth Magnetic Roll Separator (RE-Roll, Model 65-1) at 160 feet per minute to collect magnetic particles. The minus 1-mm fraction was further screened at 150, 75, 45, and 20 microns for particle size distribution.

Subsequent processing of the minus 1-mm feed was performed using a Wet High Intensity Magnetic Separator (WHIMS, Model SSS-I-145) at field intensities ranging from 1,000 to 11,000 Gauss (Table 17). Magnetic and non-magnetic fractions were collected, dried, and weighed to determine mass yields. The optimal field intensity for monazite concentration was not determined in this test; further analysis of separated fractions was recommended to establish ideal conditions. Representative magnetic and non-magnetic fractions were then sent for QEMSCAN analysis.

Additional batches were processed at 11,000 Gauss to produce sufficient material for particle size analysis. The magnetic fraction at 11,000 Gauss was screened into multiple size fractions for further characterization (Figure 47).

Results indicate that magnetic separation yields increase with field intensity, with the highest magnetic yield observed at 11,000 Gauss. However, the final determination of the most effective separation conditions would require further analysis of the processed fractions as recommended by Eriez Magnetics.

Eriez's work concluded the sample responded well to magnetic separation with REE recoveries around 76% for the 5000G and 77% for the 7000G WHIMS field setting using sub-1,000-micron size fraction. Figure 47 details reported weight, grade and metal distribution by sieve size. Figure 48 is a flow sheet diagram summarizing Eriez's study.

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![img77526612_85.jpg](img77526612_85.jpg)

**Figure 47 Summary of Magnetic Separation Test work by Magnetic Flux Density (gauss), (Source: Foothills Rare Earths, 2022)**

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**Table 17 E575638 Grade Distribution by Sieve Size**

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| **Eriez - E575638** | **Eriez - E575638** | **Feed** | **Feed** | **Feed** |
| Mag Sep | Particle Size (microns) | Wt Dist. (%) | TREO % | REE Dist. (%) |
| Dry Process (6'' RE Roll, 12k-15k Gauss) | 1000+ | 7.1% | 0.13 | 1% |
| Wet Process, WHIMS, 11k Gauss | **1000-150** | **39.4%** | **1.39** | **65%** |
| Wet Process, WHIMS, 11k Gauss | 150-75 | 12.8% | 0.82 | 12% |
| Wet Process, WHIMS, 11k Gauss | 75-45 | 7.1% | 0.58 | 5% |
| Wet Process, WHIMS, 11k Gauss | 45-20 | 8.7% | 0.45 | 5% |
| Wet Process, WHIMS, 11k Gauss | <20 | 24.9% | 0.42 | 12% |
| **Total** | **Calculated Head** | **100%** | **0.85** | **100%** |
|  | **Assayed Head (SRC)** |  | **0.39** |  |
|  | **Assayed Head (ALS)** |  | **0.53** |  |
| Source: Schwarts, 2022. | Source: Schwarts, 2022. | Source: Schwarts, 2022. | Source: Schwarts, 2022. | Source: Schwarts, 2022. |

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SLV0163 – Technical Report Summary Shiloh Project, Georgia 242 November 2025

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![img77526612_87.jpg](img77526612_87.jpg)

**Figure 48 Flowsheet for Wet High Intensity Magnetic Separator Results. (Source: Schwartz, K. C., & Jiang, X. 2022)**

10.4 SRC Gravity and Flotation Testing

SRC evaluated three samples E575636, E575732, and E575712. Sample E575636 is a mid to high-grade range TREO sample (5.67%) where both E575732 and E575712 are low-grade range TREO samples (0.76% and 0.26% respectively).

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10.5 Sieve Size by Size Assay Analysis

Table 18 summarizes the outcome of the SRC sieve size by size assay analysis, concluding that TREO is richer in the coarser fractions for the high-grade sample (E575636), with lower Fe2O3 concentration than the other lower grade samples. This conclusion suggests that different processing methods may be required for high- and low-grade- mineralization.

**Table 18 Sieve Size by Size Assay Analysis**

![img77526612_88.gif](img77526612_88.gif)

Source: Foothills Rare Earth, 2025

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10.6 Heavy Liquid Separation (HLS)

SRC undertook a series of HLS tests to determine the amenability of gravity separation to the courser size fractions (Sizes 1 & 2), along with Low Intensity Magnetic Separation (LIMS) for the 0.15 – 0.3 mm (Size 3) fraction. Schematics illustrating the outcomes for the 3 samples are presented in Figure 49.

![img77526612_89.jpg](img77526612_89.jpg)<br>![img77526612_90.jpg](img77526612_90.jpg)<br>![img77526612_91.jpg](img77526612_91.jpg)

**Figure 49 HLS and LIMS Test Outcomes for Samples E575636, E575732 and E575712., (Source: Foothills Rare Earths, 2022)**

In conclusion, the monazite in the high-grade range sample responded very well to HLS and LIMS test work. The midrange E575732 can successfully benefit by gravity separation with a good recovery of the finer fraction by LIMS. The low grade E575712 sample recovery may benefit from further liberation to the smaller <0.15 mm fraction.

SLV0163 – Technical Report Summary Shiloh Project, Georgia 245 November 2025

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**10.7 Summary of Other Metallurgical Test Work**

Additional testing by SRC focused on the low-grade monazite sample E575712 (Xia, 2022). Sample E575712 consisted of approximately 6.5 kilograms (kg) of dry monazite material, with an initial grade of 0.26% TREO. Modal mineralogy identified the sample as primarily composed of silicates, including quartz, mica, biotite, kaolinite, feldspar, and zircon, with 3% iron oxides (including ilmenite, goethite, and iron-rich clays), and additional gangue minerals such as calcite, dolomite, apatite, and rutile.

The test program included wet low and high intensity magnetic separation and dry magnetic separation on various size fractions using laboratory scale separators. Gravity concentration was performed using a Knelson concentrator on mill discharge samples. Monazite flotation tests were conducted on three classified size fractions, using sodium silicate as a depressant and oleic acid as a collector. Feed samples for flotation included slimes (<0.045 mm), subsamples from magnetic separation, and sinks from HLS.

Wet magnetic separation increased the TREO grade from 0.26% to 0.5–0.6%, but the final magnetics reached only approximately 0.7% TREO. Dry magnetic separation reduced material handling by about 50% but did not produce a high-grade range monazite concentrate. Gravity separation did not result in significant REE concentration; however, TiO₂ and Zr were recoverable in heavier streams. When gravity and magnetic separation methods were combined, no advantage in monazite concentration was observed. Froth flotation demonstrated that monazite could be upgraded from 0.26% to 9.84% TREO in the finest fraction (<0.045 mm). However, pre-concentrated REE-rich subsamples from HLS and magnetic separation did not yield higher-grade TREO concentrates. The report recommends additional test work, particularly regarding reagent types and dosages, to further optimize flotation performance.

Wet and dry magnetic separation methods were found to be limited for monazite concentration. Gravity separation was more effective for TiO₂ and Zr recovery, but not for REEs. Froth flotation demonstrated promise for monazite recovery, especially in fine fractions. It is recommended that further systematic flotation tests be conducted, focusing on reagent optimization and pretreated REE-rich samples.

10.8 QEMSCAN

QEMSCAN, also completed at SRC, noted that the primary REE mineral for the three samples submitted was monazite with only trace amounts of bastnaesite (Wudrick, 2022). Mineral liberation, (the volume of the target mineral encapsulated within a host particle) results show that the mid to high-grade range sample E575636 had good liberation, with 65% of the REE mineral grains reported as "liberated." In contrast, the other two low grade samples had poor liberation with the majority of the REE mineral grains reporting to the lowest category of 030% liberated.

As a result of the above studies, it was recommended to perform additional flotation tests using a range of grinding sizes, variable dosage of flotation reagents, and reverse floatation. The objective of this testing would be to produce the highest monazite concentrate and to identify a mineral processing flowsheet for the low-grade range material.

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10.9 Recovery Estimates

Metallurgical test work results are preliminary, and insufficient sampling and test work has been completed to estimate recovery.

10.10 Metallurgical Variability

Metallurgical test work results are preliminary, and insufficient sampling and test work has been completed to understand metallurgical variability.

10.11 Deleterious Elements

Metallurgical test work results are preliminary, and insufficient sampling and test work has been completed to understand what elements may be deleterious in any future process flowsheet or REE concentrate.

10.12 Geosyntec's Opinion on Data Adequacy

The testing program was conducted by two ISO/IEC 17025-accredited laboratories: Saskatchewan Research Council (SRC) and Eriez Magnetics Central Laboratory. The combined test work included mineralogical characterization, leaching, magnetic separation, gravity separation, and flotation studies.

The preliminary metallurgical testing by SRC on three saprolitic samples (E575636, E575712, and E575732) noted the presence of REEs, with TREO grades ranging from 0.26% to 5.66%. Mineralogical analysis identified monazite as the primary REE-bearing mineral, supported by QEMSCAN data showing good liberation in the mid- to high-grade sample E575636 (65% liberated monazite grains). The low-grade samples exhibited poor liberation, with most REE grains reporting to the 0–30% liberated category.

Ammonium sulphate leaching tests yielded low recoveries (≤0.7% TREO), indicating that the material is not amenable to ionic clay-style mineral processing. However, mineral concentration studies demonstrated promising results: Magnetic separation tests by Eriez achieved REE recoveries of up to 76% at 5000 Gauss and 77% 7000 Gauss using the sub-1,000- µm size fraction. Froth flotation tests conducted by SRC on sample E575712 increased TREO grade from 0.26% to 9.84%, demonstrating the potential for up-grading of a lower-grade material.

The testing program meets industry standards for preliminary mineralogical processing evaluation. The data supports the evaluation of the potential for magnetic separation and flotation as key components of a future processing flowsheet. The results provide a reasonable basis for continued test work.

SLV0163 – Technical Report Summary Shiloh Project, Georgia 247 November 2025

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10.13 Recommendations

Future research should consider flotation tests to optimize reagent types and dosages, including reverse flotation and grinding size variation, to improve monazite recovery from low-grade saprolitic material. Development and validation of a mineral processing flowsheet that integrates magnetic separation and flotation for both mid- and low-grade range materials is recommended, including pilot-scale testing to assess scalability.

Detailed mineralogical and chemical characterization of monazite concentrates produced from optimized flotation should be performed to assess downstream processing compatibility. Additional testing should be conducted to evaluate metallurgical variability.

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11. Mineral Resource Estimates

This is an early-stage exploration project, and a Mineral Resource Estimate has not been estimated.

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12. Mineral Reserve Estimates

This is an early-stage exploration project. This chapter is not relevant to this Report.

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13. Mining Methods

This is an early-stage exploration project. This chapter is not relevant to this Report.

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14. Processing and Recovery Methods

This is an early-stage exploration project. This chapter is not relevant to this Report.

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15. Infrastructure

This is an early-stage exploration project. This chapter is not relevant to this Report.

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16. Market Studies

This is an early-stage exploration project. This chapter is not relevant to this Report.

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17. Environmental Studies, Permitting, And Plans, Negotiations, Or Agreements With Local Individuals Or Groups

This is an early-stage exploration project. This chapter is not relevant to this Report.

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18. Capital And Operating Costs

This is an early-stage exploration project. This chapter is not relevant to this Report.

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19. Economic Analysis

This is an early-stage exploration project. This chapter is not relevant to this Report.

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20. Adjacent Properties

This chapter is not relevant to this Report.

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21. Other relevant data and information

This chapter is not relevant to this Report.

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22. Interpretation and conclusions

22.1 Interpretation And Conclusions - Foothills and Geosyntec

**22.1.1 Foothills** 

Based on the exploration activities conducted in 2021, 2022 and 2025, the Foothills REE Project in Shiloh, Georgia, demonstrates geological, mineralogical, and structural characteristics consistent with a Structurally Controlled Metamorphic-Hydrothermal REE Vein/Disseminated Deposit. The mineralization is hosted within foliated felsic gneiss and saprolitic material derived from Grenville-age metamorphic rocks, both mineralized with REEs predominantly occurring as monazite.

The mineralized zones exhibit strong structural control, with REE enrichment localized along foliation planes, shear zones, and brecciated contacts. Iron and manganese staining, quartz veining, and breccia textures further support a hydrothermal origin for the mineralizing fluids. These features are consistent across multiple trenches and drillholes, particularly at the Newbill and Pig Trail areas, where high-grade range intercepts exceeding 10% TREO have been reviewed through direct-push, sonic and diamond drilling.

The mineralization style, host lithology, and structural features align with industry-recognized deposit models under Regulation S-K 1300. Mineralization is interpreted to have formed through structurally focused hydrothermal processes, possibly during or following regional metamorphism, with REE-bearing fluids precipitating monazite within zones of enhanced permeability and deformation.

The QA/QC check included review of Foothills QA/QC approach, mainly application of CRMs, blanks and field duplicates. Early stage mineralogical and bench-scale metallurgical test work assessed amenability to beneficiation techniques, including ammonium sulphate leaching, gravity separation, magnetic separation, and flotation. While ammonium sulphate leach recovery was low and REE distributions were not typical of rare earth ionic clay mineralization, results are more indicative of a monazite host. Gravity, magnetic, and flotation methods yield more promising outcomes. Additional test work is required to confirm and optimize the process flowsheet approach and assess scalability.

The Shiloh Project presents an exploration-stage asset with REE mineralization, favorable structural controls, and a path toward resource delineation. In the current stage of exploration, no mineral resources or reserves have been established, and economic potential has not been demonstrated. The interpretations and conclusions are based on early-stage data and subjects to change as further drilling, metallurgical testing, and geologic modeling are undertaken. Geosyntec cautions that the project remains in the exploration phase, and there are inherent risks of non-discovery, metallurgical complexity, and economic uncertainty that may materially affect future development potential.

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**22.1.2 Geosyntec interpretation and conclusions** 

Geosyntec has reviewed the environmental, social, and permitting information presented in Section 21. Based on my site inspection conducted on May 8–9, 2025, and review of supporting documentation, Foothills Rare Earths, LLC has implemented appropriate environmental safeguards and permitting strategies for the current stage of exploration.

The BMPs in place are consistent with industry standards and demonstrate a proactive approach to minimizing environmental impact. The permitting framework is well understood, and Foothills has taken steps to ensure compliance with applicable Georgia regulations. The absence of reported violations or fines supports the conclusion that exploration activities are being conducted responsibly.

Social engagement efforts, while informal, appear sufficient for the current phase. The company's attention to community concerns and its use of low-impact exploration methods reflect a commitment to maintaining a positive relationship with local stakeholders.

In Geosyntec's opinion, the environmental, social, and permitting considerations described herein are adequate to support continued exploration at the Shiloh Project. Foothills is well-positioned to navigate future permitting requirements for exploration stage activities.

22.2 Risks and Opportunities

**22.2.1 Risk of Non-Discovery**

While the Foothills REE Project in Shiloh, Georgia exhibits multiple indicators of REE mineralization—including structurally controlled monazite within foliated gneiss, high-grade trench intercepts, and consistent mineralogical confirmation—the project remains at the exploration stage, and no mineral resource has yet been delineated.

**22.2.2 Geological Continuity**

Although mineralization has been observed across multiple trenches and drillholes, the lateral and vertical continuity of REE-bearing zones has not been sufficiently established. The mineralization identified to-date may represent discontinuous mineralization or isolated high-grade zones.

**22.2.3 Grade Continuity** 

High-grade intercepts have been reported, but the overall grade distribution and continuity remain uncertain.

**22.2.4 Structural Complexity**

The mineralization is interpreted to be structurally controlled. Features such as shear zones, brecciation, and foliation-parallel veining may result in irregular geometries that complicate continuity interpretations and assumptions.

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**22.2.5 Metallurgical Variability**

While monazite is confirmed as the dominant REE host at Shiloh, metallurgical testing is still at a very early stage. The economic viability of REE recovery for any REE deposit depends on the ability to process and extract REEs efficiently and cost-effectively. Unfavorable mineral associations or refractory behavior can render project non viable.

**22.2.6 Regulatory and Environmental Constraints**

The project is in a region with potential permitting and environmental sensitivities. Geosyntec concurs with Foothills plan for early engagement with regulatory authorities.

**22.2.7 Weyerhaeuser** 

Tenure risks include the requirement to maintain continuous activity under the Weyerhaeuser lease, as well as the logistical challenges of coordinating any future mining operations with timber operations on the same tracts. Environmental liabilities remain a long-term exposure, particularly with respect to wetlands, streams, and groundwater resources, where unanticipated impacts could lead to costly mitigation or enforcement actions.

Foothills is subject to material financial obligations under its lease with Weyerhaeuser, including annual rental payments, production royalties and coordination with ongoing timber operations. The Newbill option introduces additional royalty exposure. Reclamation bonding requirements further increase Foothills' financial commitments and must be maintained to retain title.

**22.2.8 Risk Summary**

Continued exploration, including infill drilling, metallurgical testing, and geologic modelling will be essential to mitigate these risks and advance the project.

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23. Recommendations

The following section outlines a series of strategic recommendations aimed at advancing the exploration and development of the Foothills REE project. These recommendations are designed to optimize resource delineation, enhance metallurgical processes, and ensure the long-term sustainability of the project. Each recommendation is accompanied by an instruction summary and an estimated budget figure to facilitate effective implementation. By adhering to these guidelines, the project team will advance their understanding of mineralization, improve recovery methods, and secure the necessary resources for potential development activities.

23.1 Continue Drilling to Delineate Mineralization

To further delineate the mineralization, it is essential to continue both direct push and diamond drilling programs. This involves drilling at various depths and locations to gather core samples, which will be analyzed to determine the extent and grade of mineralization. The drilling should be planned based on the geological model and previous drilling results to ensure comprehensive coverage of the target area.

An extensive field exploration and drilling program is recommended to comprehensively delineate mineralization across the project area. This program, with an estimated scope of 20,000 to 40,000 meters and employs multiple exploration techniques to maximize discovery potential and resource definition. The program should continue to integrate surface prospecting, geochemical sampling, and various drilling methodologies to develop a thorough understanding of the rare earth mineralization system.

Following surface evaluation, direct-push drilling should be deployed with dedicated geological teams once exploration agreements or lease options are established with landowners. This drilling technique offers rapid, cost-effective evaluation of shallow saprolitic mineralization and will provide essential information on grade distribution and thickness variations within the weathered profile. Diamond drilling should be utilized for deeper targets requiring detailed geological information, particularly in areas where bedrock-hosted mineralization is anticipated. The drilling program will require development of a robust technical team comprising both full-time employees and contract geologists to ensure adequate coverage and maintain operational momentum throughout the campaign.

Estimated Budget: $5,000,000

23.2 Expand Metallurgical Testing and Process Development

Metallurgical testing is crucial to optimize the recovery methods for the extracted minerals. This involves conducting laboratory tests to determine the most efficient processing techniques. Detailed mineralogical and chemical characterization of monazite concentrates produced from optimized flotation should be performed to assess downstream processing compatibility. Additional testing should be conducted across the target deposits to evaluate metallurgical variability. The tests should include flotation, leaching, and other relevant methods to maximize the recovery rate. The results will help in designing the processing plant and improving the overall efficiency of the project.

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The metallurgical development program should begin with definition of mining concepts to process both saprolitic materials and bedrock ore to effectively concentrate monazite. This will require deployment of experienced mining engineering personnel to develop optimized mining and processing strategies that account for the different physical and chemical characteristics of these material types. The mining engineers will be responsible for evaluating various mining scenarios, establishing ore handling procedures, and determining optimal feed blending strategies to maintain consistent mill feed characteristics.

Concurrent with mining concept development, detailed metallurgical test parameters should be defined to support development of a pilot study for processing monazite concentrate derived from both saprolite and bedrock sources. This work will require deployment of a specialized metallurgical engineering team with experience in rare earth processing. The team will be responsible for developing a full mineral processing flow sheet that integrates crushing, grinding, gravity separation, magnetic separation, and flotation technologies to achieve optimal monazite recovery. The metallurgical program should include evaluation of reagent schemes, grind size optimization, and process water chemistry to establish operating parameters that maximize recovery while minimizing operating costs. Pilot plant testing will provide critical scale-up data and validate process performance under continuous operating conditions, ultimately supporting feasibility study development and project financing efforts.

Estimated Budget: $1.500,000

23.3 Land Acquisition

Acquiring additional land within the project area is vital for supporting long-term exploration and development activities. This involves identifying and negotiating with landowners to secure land parcels critical for the project's long-term success and continuing Foothill's strategic advantage seeking favorable terms with regional landowners. The acquisition process should consider the strategic importance of the land for potential expansion and infrastructure development.

A strategic land acquisition program with a budget allocation of $5 million is recommended to support the project's long-term development objectives. This program should focus on securing control over prospective ground adjacent to known mineralization and establishing a contiguous land position that will facilitate additional exploration. The acquisition strategy should be implemented through a tiered approach that maximizes flexibility while minimizing upfront capital commitments.

The initial phase should prioritize securing access agreements for prospecting on neighboring properties. These agreements will provide cost-effective entry to evaluate mineralization potential before committing substantial capital. Following positive prospecting results, the company should pursue options to either lease or purchase private lands that demonstrate favorable geological characteristics. This phased approach allows for risk mitigation while ensuring the company maintains the ability to expand its resource base as project understanding develops. Priority should be given to properties that offer strategic value through either high-grade mineralization potential or favorable positioning for infrastructure development.

SLV0163 – Technical Report Summary Shiloh Project, Georgia 264 November 2025

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Land Acquisition Strategy Budget: $5,000,000

23.4 Refined Mineralization Targets

Refining mineralization targets involve analyzing geophysical data and structural trends to identify potential mineralization zones. This includes interpreting magnetic, gravity, and electromagnetic survey data to pinpoint anomalies that may indicate the presence of minerals. The refined targets will guide the drilling program and improve the chances of discovering new resources.

Field activities should commence with deployment of experienced field geologists to conduct detailed prospecting across the expanded property position secured through access agreements. This surface evaluation program should include comprehensive radiological ground grid mapping to identify areas of elevated radioactivity associated with monazite mineralization. Concurrently with radiological surveys, soil and saprolite sampling may be utilized using five-foot hand augers to evaluate near-surface mineralization. All samples should undergo GPS location survey with scintillometer and portable XRF analysis for rapid field screening, followed by laboratory assay confirmation of geologist selected samples to ensure data quality and accuracy. This surface sampling program will provide critical information for targeting subsequent drilling activities and understanding mineralization distribution patterns.

The technical program should begin with deployment of specialized personnel with expertise in drilling database modeling and three-dimensional subsurface modeling and interpretation. These specialists will be responsible for integrating all geological and geophysical data into comprehensive three-dimensional models that guide exploration decisions. Additionally, technical personnel specializing in geochemical analysis, resource modeling, and rare earth deposit interpretation should be engaged to ensure proper characterization of the mineralization system and accurate resource estimation. Their expertise will be critical in understanding the complex geochemical signatures associated with rare earth mineralization and developing predictive models for exploration targeting.

The geophysical survey program should deploy multiple complementary methods to maximize subsurface information gathering. Induced polarization surveys should be conducted to identify disseminated mineralization and alteration zones that may be associated with rare earth enrichment. High-resolution magnetic surveys may help delineate structural controls, lithological boundaries, and intrusive bodies that may influence mineralization distribution. Resistivity surveys may be particularly valuable in mapping the thickness and extent of the saprolite profile, identifying zones of deep weathering that may host economic concentrations of monazite. Ground gravity surveys should be implemented to provide additional constraints on bedrock geometry and identify structural features that may control mineralization. The integration of these multiple geophysical datasets will provide a comprehensive understanding of the geological architecture and significantly enhance exploration targeting effectiveness.

Estimated Budget: $2,000,000

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23.5 Quality Assurance / Quality Control

Foothills to attempt to obtain information on the SEM 2011-2014 program including QAQC and sample security data where available.

23.6 Conclusion

The Shiloh Project represents a significant exploration opportunity in the rare earth element (REE) sector. The exploration activities completed, including radiometric surveys, drilling programs, and preliminary metallurgical test work, have indicated the presence of widespread and high-grade range REE mineralization, primarily in the form of monazite. The geological setting, FRE's favorable land position, and the increasing market demand for REEs provide a solid foundation for the additional work that is recommended to be conducted in the Project area.

The programs recommended in this section represent a comprehensive and systematic approach to advancing the Shiloh Project toward development readiness. The total investment of $13.5 million allocated across land acquisition ($5 million), exploration drilling ($5 million), geophysical surveys ($2 million), and metallurgical testing ($1.5 million) reflects the scale of effort required to properly evaluate and develop this significant rare earth opportunity. Successful execution of this program will position Foothills Rare Earths LLC to make informed development decisions based on robust technical data and demonstrated processing capabilities. The integrated approach ensures that all critical aspects of project development proceed in parallel, minimizing timeline to potential production while maintaining appropriate technical rigor throughout the evaluation process.

SLV0163 – Technical Report Summary Shiloh Project, Georgia 266 November 2025

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24. References

ALS Labs (September 2025).

Cook, R.B., et al., (1992), Rare earth element mineralization in the Pine Mountain Window, Georgia: Geological Society of America Abstracts with Programs

Cook, R. B. (2012). Results of Phase I Trenching – Newbill Property, Talbot County, Georgia. Unpublished internal report. Southeast Metals. August 22, 2012.

Cook, R. B., & Troensegaard, K. (2013). Results of Phase II Trenching and Associated Data Package. Unpublished technical report, Southeast Metals LLC.

Cook, R. B., & Troensegaard, K. (2014). Results of Phase I Trenching and Associated Data Package – Pipeline and Pig Trail Areas, Harris and Talbot Counties, Georgia.

Crickmay, G.W., and Hewett, D.F., (1937). Geology of the Warms Springs, Georgia, 1:62500, (Map and Report) Water Supply Paper 819

EPA, (2020). Standard Operating Procedures SOP No. ERT-PROC-2048-20. https://response.epa.gov/site/download.ashx?counter=369339.

Foothills Rare Earths. (2025a) Field observations and geological notes on the Shiloh Project, Talbot County, Georgia. Unpublished internal communication, Foothills Rare Earths. Foothills Rare Earths. (2025b). Land summary for Foothills DSS KM Draft V4_ [Internal technical report]. Foothills Rare Earths LLC. Foothills Rare Earths. (2025c). Quality Assurance Quality Control Interview. Unpublished internal communication. September 11, 2025.nFoothills Rare Earths. (2025d). Drill Core Recovery and Stratigraphic_ [Internal communication]. Foothills Rare Earths LLC. Foothills Rare Earths. (2025e). Internal Figures [Unpublished Internal Document]

Foothills Rare Earths. (2022). FRE Me Test Update [Unpublished Internal Document].

Georgia Department of Community Affairs. (2025). Site Development Initiative. https://dca.georgia.gov/financing-tools/infrastructure/onegeorgia-authority/equity-fund/site-development-initiative

Georgia Department of Transportation. (2020). Georgia Statewide Freight and Logistics Plan. https://www.dot.ga.gov/investsmart/freight/georgiafreight/task%203_georgia%20rail%20freight%20modal%20profile.pdf

Georgia Environmental Protection Division. (2024). Surface Mining and Water Withdrawal Permitting. https://epd.georgia.gov/about-us/land-protection-branch/surface-mining

Georgia Water Planning. (2025). Regional Water Plans. Georgia Environmental Protection Division. https://waterplanning.georgia.gov/regional-water-planning

Geotech Ltd. (2021, June). Helistinger report on a helicopterborne gammaray and aeromagnetic geophysical survey: Shiloh Block, Columbus, GA (Project GL210034).

SLV0163 – Technical Report Summary Shiloh Project, Georgia 267 November 2025

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Guo, B. (2022, July 11). Preliminary Metallurgical Testing on REE Recovery from Ionic Clay: Foothills Rare Earths LLC (SRC Publication No. 13019-11C22). Saskatchewan Research Council. 13019-11C22

HHNT. (2025). Project Shiloh Mine Permitting Methods and Strategy (Full). HHNT Project No. 6714-010.

Leatherman, L. (n.d.). Newbill Phase II Trenching [Unpublished internal report]. Southeast Metals LLC.

Leatherman, L. (2014, August 5). Results of Phase I Trenching – Pipeline and Pig Trail Areas, Harris and Talbot Counties, Georgia [Unpublished internal report]. Southeast Metals LLC.

Macrotrends. (2025). Atlanta metro area population 1950-2025. Macrotrends. https://www.macrotrends.net/datasets/global-metrics/cities/22922/atlanta/population

National Weather Service. (n.d.). Monthly climate summaries for central Georgia [Weather report]. Retrieved from https://www.weather.gov/ffc/clisumlst

Official Code of Georgia Annotated. (2025). Title 12, Chapter 4, Article 2, Part 3: Surface Mining (§§ 12-4-70 – 12-4-84).

Schwartz, K. C., & Jiang, X. (2022, August 12). Foothills Rare Earth LLC Report MTR 22-094: Beneficiation of Monazite Ore Through Magnetic Separation. Eriez Magnetics Central Test Laboratory. Foothills Rare Earth LLC Report MTR 22-094

Sears, J.W., Cook, R.B., Gilbert, O.E., Carrington, T.J. and Schamel, S., (1981). Stratigraphy and Structure of the Pine Mountain Window of Georgia and Alabama in: Georgia Geological Survey Information Circular 54-A edited by Perry Wigley.

Sears, J.W., Cook, R.B., (1984). An overview of the Grenville basement complex of the Pine Mountain window, Alabama and Georgia in: GSA Special Paper 194 edited by M. J. Bartholomew, p 281 to 287

SGS Laboratories (2025)

Strata-G, LLC (2012). Evaluation of Potential Radiological Risks Associated with Certain Ore Fields of Monazite. December 26, 2012. Prepared for Southeast Metals, Inc.

Steltenpohl M.G., Hatcher R.D., Jr., Mueller P.A., Heatherington A.L., Wooden J.L. (2010). Geologic history of the Pine Mountain window, Alabama and Georgia: Insights from a new geologic map and UPb isotopic dates. In; From Rodinia to Pangea: The Lithotectonic Record of the Appalachian Region. Editor(s) Richard P. Tollo; Mervin J. Bartholomew; James P. Hibbard; Paul M. Karabinos. Geological Society of America; Memoir 206.

TTL, Inc. (2023, January 12). Shiloh Project – Specific Gravity of Soils (TTL Project No. 22-06-03952.00). Prepared by Thomas S. Moore, E.I.T., Project Manager.

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United States Geological Survey (USGS), (2023). Map of Georgia Ecological Regions

Weather Atlas. (n.d.). Georgia climate and weather averages. Retrieved from https://www.weather-atlas.com/

Wudrick, M. (2022, September). QEMSCAN Analysis. Saskatchewan Research Council, Mining and Energy. SRC Publication No. 12772214C22.

Xia, L. (2022, October). Magnetic Separation and Monazite Flotation. Saskatchewan Research Council, Mineral Processing. SRC Publication No. 15325-3C22. Prepared for Foothills Rare Earth LLC (US).

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| **Technical Report Summary** | ![img77526612_86.jpg](img77526612_86.jpg) |

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25. Reliance On Information Provided By The Registrant

25.1 Introduction

Geosyntec fully relied on the registrant for the information used in the areas noted in the following sub-sections. Geosyntec considers it reasonable to rely on the registrant for the information identified in those sub-sections, for the following reasons:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The registrant and third-party consultants providing services to the registrant, employ qualified professionals with expertise in geology, mineral exploration, mining rights, permitting, and environmental management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The registrant employs specialist staff who have experience in industrial minerals and REE deposits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The registrant has engaged independent specialists in rare earth markets and legal matters to provide background information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The registrant has employed industry professionals or retained third-party consultants with expertise in the areas listed in the following sub-sections.

25.2 Markets

Geosyntec fully relied on the registrant for the information used in the areas noted in the following sub-sections. Geosyntec considers it reasonable to rely on the registrant for the information identified in those sub-sections, for the following reasons:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The registrant and third-party consultants providing services to the registrant, employ qualified professionals with expertise in geology, mineral exploration, mining rights, permitting, and environmental management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The registrant employs specialist staff who have experience in industrial minerals and REE deposits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The registrant has engaged independent specialists in rare earth markets and legal matters to provide background information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The registrant has employed industry professionals or retained third-party consultants with expertise in the areas listed in the following sub-sections.

25.3 Legal Matters

Geosyntec fully relied on the registrant for the information used in the areas noted in the following sub-sections. Geosyntec considers it reasonable to rely on the registrant for the information identified in those sub-sections, for the following reasons:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The registrant and third-party consultants providing services to the registrant, employ qualified professionals with expertise in geology, mineral exploration, mining rights, permitting, and environmental management;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The registrant employs specialist staff who have experience in industrial minerals and REE deposits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The registrant has engaged independent specialists in rare earth markets and legal matters to provide background information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The registrant has employed industry professionals or retained third-party consultants with expertise in the areas listed in the following sub-sections.

25.4 Environmental Matters

Information relating to exploration programs meeting applicable state and local environmental regulations was obtained from the registrant.

This information is used in support of the environmental considerations information in Section 3.

25.5 Stakeholder Accommodations

Information relating to social considerations and the extent of stakeholder consultation was obtained from the registrant.

This information is used in support of the social considerations information in Section 3.

25.6 Governmental Factors

Information relating to violations and fines was obtained from the registrant.

This information is used in support of information on encumbrances in Section 3.

26.0 Date and Signature Page

This report titled "**Technical Report Summary, Shiloh Project, Georgia**" is current as at November 7, 2025, and was prepared and signed by:

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|  | **(Signed) *Geosyntec Consultants, Inc***. |
| Signature Location: Las Vegas, NV | Geosyntec Consultants, Inc. |
| Signature Date: November 12, 2025 |  |

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SLV0163 – Technical Report Summary Shiloh Project, Georgia 271 November 2025

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## Exhibit 96.2

**Exhibit 96.2**

![img78450133_0.gif](img78450133_0.gif)

**Constellation Project<br>Minas Gerais, Brazil**

**Technical Report Summary**

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| &nbsp;&nbsp;**Report prepared for:** | &nbsp;&nbsp;**Rare Earths Americas, Inc.**  |
| &nbsp;&nbsp;**Qualified Persons:** | &nbsp;&nbsp;**McGarry Geoconsulting Corp.** |
|  | &nbsp;&nbsp;**Karst Geo Solutions LLC** |
| &nbsp;&nbsp;**Report Effective Date:** | &nbsp;&nbsp;31 October 2025  |
| &nbsp;&nbsp;**Updated Report Date:** | &nbsp;&nbsp;25 March 2026 |

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![img78450133_1.jpg](img78450133_1.jpg)

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| ![img78450133_2.jpg](img78450133_2.jpg) | www.rareearthsamericas.com |
|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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**Contents**

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| | | |
|:---|:---|:---|
| **1.0** | **EXECUTIVE SUMMARY** | **1-1** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 | Introduction | 1-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 | Terms of Reference | 1-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 | Property Setting | 1-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 | Ownership | 1-2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5 | Mineral Tenure, Surface Rights, Water Rights, Royalties and Agreements | 1-2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6 | Environmental, Permitting and Social Considerations | 1-3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7 | Geology and Mineralization | 1-4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.8 | History | 1-6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.9 | Exploration | 1-7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | Drilling and Sampling | 1-7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11 | Data Verification | 1-9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12 | Metallurgical Testwork | 1-10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12.1 | &nbsp;&nbsp;&nbsp;&nbsp;Ionic Adsorption Clay Processing | 1-10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12.2 | &nbsp;&nbsp;&nbsp;&nbsp;Metallurgical Testwork | 1-10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 | Mineral Resource Estimation | 1-11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13.1 | &nbsp;&nbsp;&nbsp;&nbsp;Estimation Methodology | 1-11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13.2 | &nbsp;&nbsp;&nbsp;&nbsp;Market Assessment | 1-13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13.3 | &nbsp;&nbsp;&nbsp;&nbsp;Mineral Resource Statement | 1-14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 | Risks and Opportunities | 1-15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14.1 | &nbsp;&nbsp;&nbsp;&nbsp;Exploration and Geology Risks | 1-15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14.2 | &nbsp;&nbsp;&nbsp;&nbsp;Mineral Resource Estimate Risks | 1-16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14.3 | &nbsp;&nbsp;&nbsp;&nbsp;Environmental, Social and Permitting Risks | 1-16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15 | Opportunities | 1-17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15.1 | &nbsp;&nbsp;&nbsp;&nbsp;Exploration and Geology Opportunities | 1-17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15.2 | &nbsp;&nbsp;&nbsp;&nbsp;Mineral Resource Opportunities | 1-17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16 | Conclusions | 1-17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17 | Recommendations | 1-18 |
| **2.0** | **INTRODUCTION** | **2-1** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 | Introduction | 2-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 | Terms of Reference | 2-2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.1 | &nbsp;&nbsp;&nbsp;&nbsp;Report Purpose | 2-2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.2 | &nbsp;&nbsp;&nbsp;&nbsp;Terms of Reference | 2-2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 | Qualified Persons | 2-2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 | Site Visits and Scope of Personal Inspection | 2-3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4.1 | &nbsp;&nbsp;&nbsp;&nbsp;McGarry Geoconsulting Corp. | 2-3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4.2 | &nbsp;&nbsp;&nbsp;&nbsp;Karst Geo Solutions | 2-3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 | Report Date | 2-3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 | Information Sources and References | 2-3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 | Previous Technical Report Summaries | 2-3 |
| **3.0** | **PROPERTY DESCRIPTION** | **3-1** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 | Introduction | 3-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 | Property and Title in Minas Gerais | 3-1 |

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Date: 25 March 2026 ii

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| ![img78450133_2.jpg](img78450133_2.jpg) | www.rareearthsamericas.com |
|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.1 | &nbsp;&nbsp;&nbsp;&nbsp;Overview | 3-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.2 | &nbsp;&nbsp;&nbsp;&nbsp;Mineral Title | 3-2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.3 | &nbsp;&nbsp;&nbsp;&nbsp;Surface Rights | 3-3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.4 | &nbsp;&nbsp;&nbsp;&nbsp;Water Rights | 3-3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.5 | &nbsp;&nbsp;&nbsp;&nbsp;Government Mining Taxes, Levies or Royalties | 3-4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 | Ownership | 3-5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.1 | &nbsp;&nbsp;&nbsp;&nbsp;Mineração Andradense Ltda | 3-5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.2 | &nbsp;&nbsp;&nbsp;&nbsp;JJBF Ltda | 3-6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.3 | &nbsp;&nbsp;&nbsp;&nbsp;Terra Goyana | 3-6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 | Mineral Title | 3-6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 | Surface Rights | 3-7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6 | Water Rights | 3-10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7 | Royalties | 3-11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8 | Encumbrances | 3-11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9 | Environmental Considerations | 3-12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9.1 | &nbsp;&nbsp;&nbsp;&nbsp;Environmental Liabilities | 3-12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10 | Permitting Considerations | 3-13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10.1 | &nbsp;&nbsp;&nbsp;&nbsp;Permitting Requirements | 3-13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10.2 | &nbsp;&nbsp;&nbsp;&nbsp;Permitting Timelines | 3-14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10.3 | &nbsp;&nbsp;&nbsp;&nbsp;Permit Conditions | 3-15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10.4 | &nbsp;&nbsp;&nbsp;&nbsp;Violations and Fines | 3-16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.11 | Social Considerations | 3-16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12 | Significant Factors and Risks That May Affect Access, Title or Work Programs | 3-16 |
| **4.0** | **ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY** | **4-1** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 | Physiography | 4-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.1 | &nbsp;&nbsp;&nbsp;&nbsp;Elevation | 4-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.2 | &nbsp;&nbsp;&nbsp;&nbsp;Topography | 4-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.3 | &nbsp;&nbsp;&nbsp;&nbsp;Vegetation | 4-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 | Accessibility | 4-3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 | Climate | 4-3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3.1 | &nbsp;&nbsp;&nbsp;&nbsp;Length of Operating Season | 4-3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 | Infrastructure | 4-3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4.1 | &nbsp;&nbsp;&nbsp;&nbsp;Water | 4-4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4.2 | &nbsp;&nbsp;&nbsp;&nbsp;Electricity and Power | 4-4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4.3 | &nbsp;&nbsp;&nbsp;&nbsp;Personnel | 4-4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4.4 | &nbsp;&nbsp;&nbsp;&nbsp;Supplies | 4-4 |
| **5.0** | **HISTORY** | **5-1** |
| **6.0** | **GEOLOGICAL SETTING, MINERALIZATION, AND DEPOSIT** | **6-1** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 | Deposit Type | 6-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 | Regional Geology | 6-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 | Local Geology | 6-2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3.1 | &nbsp;&nbsp;&nbsp;&nbsp;Poços de Caldas Alkaline Complex | 6-2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3.2 | &nbsp;&nbsp;&nbsp;&nbsp;Regolith Profile | 6-4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 | Deposit Geology | 6-5 |

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Date: 25 March 2026 iii

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| ![img78450133_2.jpg](img78450133_2.jpg) | www.rareearthsamericas.com |
|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4.1 | &nbsp;&nbsp;&nbsp;&nbsp;Pio Cipó Deposit | 6-5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4.2 | &nbsp;&nbsp;&nbsp;&nbsp;Pedra Preta Deposit | 6-7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4.3 | &nbsp;&nbsp;&nbsp;&nbsp;Varginha Deposit | 6-8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4.4 | &nbsp;&nbsp;&nbsp;&nbsp;Roseira Deposit | 6-10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4.5 | &nbsp;&nbsp;&nbsp;&nbsp;Mato Queimado Deposit | 6-11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4.6 | &nbsp;&nbsp;&nbsp;&nbsp;Clube da Uva Deposit | 6-13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4.7 | &nbsp;&nbsp;&nbsp;&nbsp;Andradas Deposit | 6-14 |
| **7.0** | **EXPLORATION** | **7-1** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 | Exploration | 7-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.1 | &nbsp;&nbsp;&nbsp;&nbsp;Grids and Surveys | 7-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.2 | &nbsp;&nbsp;&nbsp;&nbsp;Geological Mapping | 7-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.3 | &nbsp;&nbsp;&nbsp;&nbsp;Geochemistry | 7-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.4 | &nbsp;&nbsp;&nbsp;&nbsp;Qualified Person's Interpretation of the Exploration Information | 7-3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.5 | &nbsp;&nbsp;&nbsp;&nbsp;Exploration Potential | 7-4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 | Drilling | 7-5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2.1 | &nbsp;&nbsp;&nbsp;&nbsp;Overview | 7-5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2.2 | &nbsp;&nbsp;&nbsp;&nbsp;Drill Methods | 7-10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2.3 | &nbsp;&nbsp;&nbsp;&nbsp;Logging | 7-11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2.4 | &nbsp;&nbsp;&nbsp;&nbsp;Recovery | 7-12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2.5 | &nbsp;&nbsp;&nbsp;&nbsp;Collar Surveys | 7-12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2.6 | &nbsp;&nbsp;&nbsp;&nbsp;Down Hole Surveys | 7-12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2.7 | &nbsp;&nbsp;&nbsp;&nbsp;Drilled Versus True Thickness | 7-12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2.8 | &nbsp;&nbsp;&nbsp;&nbsp;Drill Hole Spacing | 7-12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2.9 | &nbsp;&nbsp;&nbsp;&nbsp;Comment on Material Results and Interpretation | 7-13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 | Hydrogeology | 7-13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 | Geotechnical | 7-14 |
| **8.0** | **SAMPLE PREPARATION, ANALYSES, AND SECURITY** | **8-1** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 | Sampling Methods | 8-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.1 | &nbsp;&nbsp;&nbsp;&nbsp;Auger | 8-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.2 | &nbsp;&nbsp;&nbsp;&nbsp;Sonic | 8-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.3 | &nbsp;&nbsp;&nbsp;&nbsp;Grab Samples | 8-2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 | Sample Security Methods | 8-2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 | Density Determinations | 8-2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4 | Analytical and Test Laboratories | 8-3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5 | Sample Preparation | 8-3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6 | Analysis | 8-4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.7 | Quality Assurance and Quality Control | 8-5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.7.1 | &nbsp;&nbsp;&nbsp;&nbsp;Overview | 8-5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.7.2 | &nbsp;&nbsp;&nbsp;&nbsp;Certified Reference Materials | 8-5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Blanks | &nbsp;&nbsp;&nbsp;&nbsp;Blanks | 8-10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.7.3 | &nbsp;&nbsp;&nbsp;&nbsp;Field Duplicates | 8-14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.8 | Database | 8-18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.9 | Qualified Person's Opinion on Sample Preparation, Security, and Analytical Procedures | 8-18 |
| **9.0** | **DATA VERIFICATION** | **9-1** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 | Internal Data Verification | 9-1 |

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Date: 25 March 2026 iv

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| ![img78450133_2.jpg](img78450133_2.jpg) | www.rareearthsamericas.com |
|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1.1 | &nbsp;&nbsp;&nbsp;&nbsp;Exploration Data | 9-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1.2 | &nbsp;&nbsp;&nbsp;&nbsp;Twin Holes | 9-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 | Data Verification by Qualified Persons | 9-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2.1 | &nbsp;&nbsp;&nbsp;&nbsp;Karst Geosolutions | 9-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2.2 | &nbsp;&nbsp;&nbsp;&nbsp;McGarry Geoconsulting | 9-2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3 | Qualified Person's Opinion on Data Adequacy | 9-2 |
| **10.0** | **MINERAL PROCESSING AND METALLURGICAL TESTING** | **10-1** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 | Introduction | 10-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 | Proposed Processing Method | 10-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3 | Test Laboratories | 10-2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4 | Metallurgical Testwork | 10-3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5 | Rare Earth Element Extraction Estimates | 10-4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.6 | Metallurgical Variability | 10-6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.7 | Deleterious Elements | 10-6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.8 | Qualified Person's Opinion on Data Adequacy | 10-7 |
| **11.0** | **MINERAL RESOURCE ESTIMATES** | **11-1** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1 | Introduction | 11-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2 | Unsampled Intervals | 11-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3 | Drill Hole Coding | 11-2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4 | Univariate Statistics | 11-2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4.1 | &nbsp;&nbsp;&nbsp;&nbsp;Assay Summary Statistics | 11-4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.5 | Geological Models | 11-7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.6 | Block Models | 11-8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.7 | Density Assignment | 11-8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.8 | Grade Capping/Outlier Restrictions | 11-9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.9 | Composites | 11-9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.10 | Variography | 11-10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.11 | Estimation/interpolation Methods | 11-11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.12 | Validation | 11-12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.12.1 | &nbsp;&nbsp;&nbsp;&nbsp;Visual Validation | 11-12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.12.2 | &nbsp;&nbsp;&nbsp;&nbsp;Comparison of Means | 11-15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.12.3 | &nbsp;&nbsp;&nbsp;&nbsp;Swath Plots | 11-16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.13 | Confidence Classification of Mineral Resource Estimate | 11-17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.13.1 | &nbsp;&nbsp;&nbsp;&nbsp;Mineral Resource Confidence Classification | 11-17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.14 | Reasonable Prospects of Economic Extraction | 11-21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.14.1 | &nbsp;&nbsp;&nbsp;&nbsp;Initial Assessment Assumptions | 11-21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.14.2 | &nbsp;&nbsp;&nbsp;&nbsp;Constraining Potentially Mineable Shape Input Assumptions | 11-24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.14.3 | &nbsp;&nbsp;&nbsp;&nbsp;Market and Commodity Price Forecasts | 11-24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.14.4 | &nbsp;&nbsp;&nbsp;&nbsp;Pit Shell | 11-28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.14.5 | &nbsp;&nbsp;&nbsp;&nbsp;Cut-off | 11-29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.14.6 | &nbsp;&nbsp;&nbsp;&nbsp;QP Statement | 11-29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.15 | Mineral Resource Statement | 11-30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.16 | Uncertainties (Factors) That May Affect the Mineral Resource Estimate | 11-32 |
| **12.0** | **MINERAL RESERVE ESTIMATES** | **12-1** |
| **13.0** | **MINING METHODS** | **13-1** |

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Date: 25 March 2026 v

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| ![img78450133_2.jpg](img78450133_2.jpg) | www.rareearthsamericas.com |
|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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| | | |
|:---|:---|:---|
| **14.0** | **RECOVERY METHODS** | **14-1** |
| **15.0** | **INFRASTRUCTURE** | **15-1** |
| **16.0** | **MARKET STUDIES AND CONTRACTS** | **16-1** |
| **17.0** | **ENVIRONMENTAL STUDIES, PERMITTING, AND PLANS, NEGOTIATIONS, OR AGREEMENTS WITH LOCAL INDIVIDUALS OR GROUPS** | **17-1** |
| **18.0** | **CAPITAL AND OPERATING COSTS** | **18-1** |
| **19.0** | **ECONOMIC ANALYSIS** | **19-1** |
| **20.0** | **ADJACENT PROPERTIES** | **20-1** |
| **21.0** | **OTHER RELEVANT DATA AND INFORMATION** | **21-1** |
| **22.0** | **INTERPRETATION AND CONCLUSIONS** | **22-1** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.1 | Introduction | 22-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.2 | Property Setting | 22-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.3 | Ownership | 22-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.4 | Mineral Tenure, Surface Rights, Water Rights, Royalties and Agreements | 22-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.5 | Geology and Mineralization | 22-2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.6 | History | 22-3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.7 | Exploration, Drilling, and Sampling | 22-3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.8 | Data Verification | 22-4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.9 | Metallurgical Testwork | 22-4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.10 | Mineral Resource Estimates | 22-5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.11 | Risks | 22-6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.11.1 | &nbsp;&nbsp;&nbsp;&nbsp;Exploration and Geology Risks | 22-6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.11.2 | &nbsp;&nbsp;&nbsp;&nbsp;Mineral Resource Estimate Risks | 22-6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.11.3 | &nbsp;&nbsp;&nbsp;&nbsp;Environmental, Social and Permitting Risks | 22-7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.12 | Opportunities | 22-7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.12.1 | &nbsp;&nbsp;&nbsp;&nbsp;Exploration and Geology Opportunities | 22-7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.13 | Mineral Resource Opportunities | 22-8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.14 | Conclusions | 22-8 |
| **23.0** | **RECOMMENDATIONS** | **23-1** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.1 | Introduction | 23-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.2 | Phase A | 23-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.3 | Phase B | 23-2 |
| **24.0** | **REFERENCES** | **24-1** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.1 | Bibliography | 24-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.2 | Abbreviations | 24-2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.3 | Glossary of Terms | 24-4 |
| **25.0** | **RELIANCE ON INFORMATION PROVIDED BY THE REGISTRANT** | **25-1** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.1 | Introduction | 25-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.2 | Mineral Processing | 25-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.3 | Markets | 25-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.4 | Legal Matters | 25-2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.5 | Environmental Matters | 25-2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.6 | Stakeholder Accommodations | 25-2 |
| **26.0** | **26.0 Date and Signature Page** | **26-1** |

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Date: 25 March 2026 vi

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| ![img78450133_2.jpg](img78450133_2.jpg) | www.rareearthsamericas.com |
|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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**Tables**

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| | | |
|:---|:---|:---|
| Table 1-1: | Constellation Project Mineral Resource Estimate | 1-14 |
| Table 2-1: | QP Responsibilities | 2-2 |
| Table 3-1: | Mineral Title Summary Table] | 3-8 |
| Table 3-2: | Application and Permit Requirements | 3-15 |
| Table 4-1  | Description of Vegetation | 4-2 |
| Table 6-1: | Stratigraphic Column Through Weathering Profile | 6-4 |
| Table 7-1: | 2023 Summary of Surface Samples | 7-2 |
| Table 7-2: | Project Drill Summary Table | 7-5 |
| Table 7-3: | Drill Holes Used for Mineral Resource Estimation | 7-7 |
| Table 7-4: | Summary of Drilling on Regional Tenements | 7-9 |
| Table 7-5: | Summary Exploration Results for Drilling on Regional Tenements | 7-9 |
| Table 7-6: | Summary of Water-Related Drilling Stoppages | 7-14 |
| Table 8-1: | Density Determinations | 8-3 |
| Table 8-2: | Elemental Detection Limits, SGS Geosol and ALS Lima | 8-4 |
| Table 8-3: | SGS IMS95A Results, OREAS 30a | 8-6 |
| Table 8-4: | SGS IMS95A Results, OREAS 100a | 8-6 |
| Table 8-5: | SGS IMS95A Results, OREAS 460 | 8-7 |
| Table 8-6: | SGS IMS95A Results, OREAS 463 | 8-7 |
| Table 8-7: | ALS ME-MS81 Results, OREAS 30a | 8-10 |
| Table 8-8: | ALS ME-MS81 Results, OREAS 100a | 8-11 |
| Table 8-9: | ALS ME-MS81 Results: OREAS 460 | 8-11 |
| Table 10-1: | Mean Leach Sample Recoveries by Deposit | 10-4 |
| Table 10-2: | Mean Block Model Recovery Estimates | 10-5 |
| Table 10-3: | Deleterious Element U and Th in Pregnant Leach Solution in Bench-Scale Tests | 10-6 |
| Table 11-1: | Model Domain Extents | 11-1 |
| Table 11-2: | Composite Statistics for Rare Earth Element Grades, Estimation Domains | 11-3 |
| Table 11-3: | Composite Statistics for Rare Earth Element Reporting Groups and Deleterious Element Grades | 11-4 |
| Table 11-4: | Summary Statistics, Rare Earth Element Assays | 11-5 |
| Table 11-5: | Summary Statistics, Rare Earth Element Reporting Groups and Potentially Deleterious Elements | 11-5 |
| Table 11-6: | Correlation Matrix, Rare Earth Element Assays | 11-7 |
| Table 11-7: | Block Model Extents | 11-8 |
| Table 11-8: | Search Parameters | 11-11 |
| Table 11-9: | Search Ranges and Clamping Restrictions | 11-12 |
| Table 11-10: | Comparison of Means for Pedra Preta, Roseira, and Varginha Estimation Domains | 11-15 |
| Table 11-11: | Sources of Mineral Resource Uncertainty | 11-18 |
| Table 11-12: | Initial Assessment Assumptions | 11-21 |
| Table 11-13: | Rare-Earth Elements Prices and Average Basket Price Calculation | 11-27 |
| Table 11-14. | Whittle Resource Constraining Pit Shell Parameters | 11-28 |
| Table 11-15: | Constellation Project – Summary of Rare Earth Mineral Resources at October 31, 2025 Based on basket value of US$44.4/kg of recovered rare earth oxide | 11-30 |

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Date: 25 March 2026 vii

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| ![img78450133_2.jpg](img78450133_2.jpg) | www.rareearthsamericas.com |
|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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|:---|:---|:---|
| Table 11-16: | Constellation Project Block Model Report – All Rare Earth Oxides | 11-31 |
| Table 23-1: | Budget for Phase A Work Program | 23-2 |
| Table 23-2: | Budget for Phase B Work Program | 23-3 |

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**Figures**

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| | | |
|:---|:---|:---|
| Figure 2-1: | Project Location Plan | 2-1 |
| Figure 3-1: | Mineral Title Location Plan | 3-10 |
| Figure 6-1: | Geology Plan, Poços de Caldas Alkaline Complex | 6-3 |
| Figure 6-2: | Example Strip Log Stratigraphy | 6-5 |
| Figure 6-3: | Pio Cipó Example Geological Cross-Section | 6-6 |
| Figure 6-4: | Pedra Preta Example Geological Cross-Section | 6-7 |
| Figure 6-5: | Varginha Example Geological Cross-Section | 6-9 |
| Figure 6-6: | Roseira Example Geological Cross-Section | 6-10 |
| Figure 6-7: | Mato Queimado Example Geological Cross-Section | 6-12 |
| Figure 6-8: | Clube da Uva Example Geological Cross-Section | 6-13 |
| Figure 6-9: | Andradas Example Geological Cross-Section | 6-15 |
| Figure 7-1: | Map Showing Location of Surface Samples | 7-3 |
| Figure 7-2: | Drill Collar Location Plan for Tenements with Mineral Resources | 7-6 |
| Figure 8-1: | SGS Geosol Example CRM Control Plot, OREAS 100a | 8-8 |
| Figure 8-2: | ALS Example CRM Control Plot OREAS 100a | 8-12 |
| Figure 8-3: | SGS Control Plot Blanks | 8-13 |
| Figure 8-4: | ALS Control Plot Blanks | 8-15 |
| Figure 8-5: | SGS Geosol Field Duplicate Scatter Plots | 8-16 |
| Figure 8-6: | ALS Lima Field Duplicate Scatter Plots | 8-17 |
| Figure 10-1: | Collar Locations, Metallurgical Testwork Samples | 10-3 |
| Figure 10-2: | Summary of Leach Test Results for Above Mineral Resource Estimate Threshold Samples | 10-5 |
| Figure 11-1: | TREO, HREO, Nd2O3, Pr6O11, Dy2O3 and Tb4O7 Assay Log Histograms | 11-6 |
| Figure 11-2: | Log Probability Plot, Sample Lengths | 11-10 |
| Figure 11-3: | Plan View of Largest Constellation Block Models Colored by Total Rare Earth Oxide Grade | 11-13 |
| Figure 11-4: | Cross Section Views of the Block Model Colored by Total Rare Earth Oxide–CeO2 Grade | 11-14 |
| Figure 11-5: | Swath Plots of Pedra Preta Composite Nd2O3 Values Versus IDW And OK Block Grade Estimates | 11-16 |
| Figure 11-6: | Swath Plots Of Roseira Composite Nd2O3 Values Versus IDW and OK Block Grade Estimates | 11-16 |
| Figure 11-7: | Swath Plots of Varginha Composite Nd2O3 Values Versus IDW and OK Block Grade Estimates | 11-17 |
| Figure 11-8: | Classified Block Distances from Drill Hole | 11-20 |
| Figure 11-9: | Forecast Global NdPr Oxide Production and Demand | 11-25 |
| Figure 11-10: | Forecast Global Dysprosium Oxide Production and Demand | 11-25 |
| Figure 20-1: | Location of Rare Earth America Constellation Project and Adjacent Properties | 20-1 |

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| ![img78450133_2.jpg](img78450133_2.jpg) | www.rareearthsamericas.com |
|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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1.0 EXECUTIVE SUMMARY

1.1 Introduction

This technical report summary (the Report) was prepared by McGarry Geoconsulting Corp. and Karst Geo Solutions, LLC for Rare Earths Americas, Inc. (Rare Earths Americas) on the Constellation Project (the Project) located in Minas Gerais and São Paulo States, Brazil.

1.2 Terms of Reference

The Report was prepared to support the initial registration statement filed by Rare Earth Americas and is included as an exhibit to Form S-1, initially filed on November 12, 2025, pursuant to Regulation S-K 1300.

The Report provides initial disclosure of mineral resource estimates for rare earth element mineral deposits at seven areas within the Constellation Project: Pio Cipó, Pedra Preta, Mato Queimado, Roseira, Clube da Uva, Varginha, and Andradas.

Unless otherwise indicated, the metric system is used in this report for mineral resources. Mineral resources are reported using the definitions in Regulation S–K 1300 (SK1300), under Item 1300. Monetary values use the United States (US) dollar unless otherwise indicated. The Brazilian currency is the real (BRL). The Report uses United States English.

1.3 Property Setting

The Project is located approximately 190 km north of São Paulo in southern Minas Gerais, within the Poços de Caldas alkaline complex. The Project consists of non-contiguous tenement blocks situated in the southern part of Minas Gerais State and in neighboring São Paulo State, which together comprise the Constellation Project.

Elevations in the Project area range from 1,000–1,600 meters above sea level (masl), characterized by undulating hills incised by perennial streams.

The Project is well served by infrastructure. Federal highway BR-381 lies within 50 km of the concession blocks and provides direct access to major industrial centers in São Paulo and the Port of Santos, the largest port in Latin America, approximately 250 km away, and the Cubatão Petrochemical Complex, a potential source of processing reagents 338 km away. Regional access is provided by paved state highways MG-267 and MG-459, and local paved and unpaved agricultural roads allow entry to concession areas.

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|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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The climate in the Project area is tropical savanna. Field exploration operations can be conducted throughout the year. It is expected that any future mining activity in the Project area would be year-round.

Poços de Caldas, with a population of about 168,640 and offers amenities to support mineral exploration, including: food, accommodation, fuel, automotive services, and medical facilities.

The Poços de Caldas district is well supported by regional energy infrastructure. All tenements hosting mineral resources are either traversed by, or situated within 4 km of, a 138 kV electrical transmission line, allowing connection to grid power.

Nearby reservoirs, including Represa do Cipó (32 Mm³) and Represa Bortolan (7 Mm³), provide accessible water sources within 5–10 km of the tenements. Sites such as Pio Cipó and Varginha offer potential locations for processing facilities with short pipeline connections to these reservoirs.

All the current manual labor requirements for the Project, which consist of exploration activities, are met by personnel from nearby communities. Recruitment from outside the area may be required to secure experienced and competent senior personnel for mining operations.

1.4 Ownership

The Project is held through a combination of direct ownership and option agreements. Rare Earths Americas holds 21 concessions, including six mining concessions and 15 exploration permits. Of these, 13 concessions are directly owned by Rare Earths Americas or affiliates, and eight are subject to option agreements with Brazilian companies including Mineração Andradense Ltda, JJBF Ltda, and Terra Goyana Mineração Ltda.

Private option agreements between Rare Earth America's wholly owned subsidiary Alpha Minerals Brazil Participações Ltda (Alpha Minerals) and the respective landowners grant Rare Earth Americas the exclusive right to access, enter and occupy each property for the purpose of mineral exploration and, upon exercise of the option, to obtain mineral rights for each property.

1.5 Mineral Tenure, Surface Rights, Water Rights, Royalties and Agreements

Rare Earth Americas controls 21 granted mineral titles registered with Brazil's National Mining Agency (ANM) that cover a total area of approximately 59.5 km². The concessions granted are granted for a range of commodities as defined under the Mining Code. The ANM process permits the holder to adjust the commodity title prior to the granting of a mining concession, provided the holder demonstrates technical justification through exploration results. Although a number of concessions were originally granted for bauxite and clay, the company will apply for an amendment to include rare earth elements as economically exploitable substances through the submission of an Economic Utilization Plan.

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|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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The Project includes seven mineral resource deposit areas within the following concessions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•818865/1971 hosts the Pio Cipó deposit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•813944/1971 hosts the Pedra Preta deposit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•808966/1968 hosts the Varginha deposit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•800572/1969 hosts the Roseira deposit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•830914/2013 hosts the Mato Queimado deposit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•804059/1971 hosts the Clube da Uva deposit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•833020/2022 hosts the Andradas deposit;

To date Rare Earth Americas has secured verbal agreements and signed consent declarations from landowners permitting exploration and drilling activities at the Constellation Project. However, the company does not currently hold formal surface access agreements for activities beyond exploration and drilling. Negotiations for such agreements have not yet commenced. Rare Earth Americas intends to initiate formal discussions regarding broader surface rights as the project progresses.

Rare Earth Americas has not obtained any permits or agreements to extract water for exploration at the Constellation Project. Exploration to date has not required water use. Future diamond core drilling may require water, which is expected to be commercially supplied via tankers or obtained under agreement for temporary extraction from local sources. Any future mining and processing operations will require a dedicated water supply, expected to be sourced through commercial supply from nearby storage facilities and/or through permitted surface or groundwater extraction.

The Project is subject to the Financial Compensation for the Exploration of Mineral Resources (Compensação Financeira por Exploração Mineral - CFEM), which is a royalty to be paid to the Federal Government at rates that can vary from 1–3.5%, depending on the substance. The CFEM rate for mining rare earth elements is 2%. In addition, the project is subject to a private 5% net revenue royalty over 39.4% of the reported mineral resources within the Roseira, Clube da Uva, and Varginha tenements. A further private 2.5% gross revenue royalty applies to 4.7% of the reported mineral resources within the Andradas tenement.

1.6 Environmental, Permitting and Social Considerations

Current activities at the Project are limited to mineral exploration. In the state of Minas Gerais, environmental oversight is administered by the Secretaria de Estado de Meio Ambiente e Desenvolvimento Sustentável (SEMAD), while in São Paulo, the corresponding authority is the Secretaria de Meio Ambiente, Infraestrutura e Logística (SEMIL). These agencies are responsible for monitoring compliance with state environmental regulations, including the rehabilitation of disturbed areas such as drill pads, sumps, and access roads. To date, all exploration works undertaken by Rare Earths Americas have been executed in compliance with applicable state and federal regulations, and disturbed areas are progressively rehabilitated as programs advance.

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|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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No formal environmental baseline studies were conducted on the Project at the Report date.

All exploration activities to the Report date were conducted in accordance with applicable federal and state regulations. The next permit milestones will include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•For the six mining concessions that grant title on substances other than rare earths, Rare Earths Americas will communicate the discovery of rare earth elements to ANM once their economic significance is confirmed through an Economic Utilization Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•For the 15 concessions with granted Exploration Permits, Rare Earth Americas must conduct exploration and submit a Final Exploration Report to ANM.

Acceptance of the Final Exploration Report marks the formal conclusion of the exploration phase. Once accepted, ANM may authorize the initiation of the mining concession application process. Authorization remains pending for all concessions.

For the 15 concessions with granted Exploration Permits, Rare Earth Americas is undertaking the work necessary to support the preparation of Final Exploration Reports which are due between 2026 and 2027.

Rare Earth Americas have not formally consulted with local communities during the exploration campaigns. The company's interactions were limited to rural landowners, solely for the purpose of facilitating access for exploration activities.

1.7 Geology and Mineralization

The Constellation Project hosts rare earth element mineralization in the form of ionically adsorbed rare earth elements bound to clay minerals within the regolith developed over the regional Poços de Caldas alkaline complex. Although ionic adsorption clay deposits are not currently classified within the USGS mineral deposit model series, the deposit type is well defined in the geological literature.

The bedrock source of rare earth elements at the Project is the Poços de Caldas alkaline complex,. This large circular to elliptical intrusive complex formed during Neocretaceous–Eocene magmatism, which produced widespread alkaline rock occurrences across southern, southeastern, and central–western Brazil.

The complex is dominated by felsic alkaline volcanic rocks, particularly phonolites, with the most rare earth element (REE)-enriched varieties being the agpaitic (peralkaline) phonolites. Associated lithologies include subvolcanic and plutonic equivalents such as tinguaites and nepheline syenites, and alkaline mafic and ultramafic rocks, including circumferential and radial dykes that define the main circular structure.

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|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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REE mineralization is lithologically associated with phonolites and their volcaniclastic products, as well as related subvolcanic and intrusive rocks. Primary REE minerals include bastnäsite (fluorocarbonate), monazite (phosphate), and eudialyte (silicate). Subsequent weathering and secondary processes released REEs into the regolith, where they became adsorbed onto clay minerals.

The bedrock geology is largely concealed beneath a deep regolith and soil cover. Exposures of bedrock are rare and primarily restricted to anthropogenic and natural excavations, including road cuts and drainage channels. Due to poor exposure, mapping and effective remote sensing of bedrock at the deposit scale can be challenging.

The weathering profile can be divided into a rare earth element-leached zone in the upper part of the profile and a rare earth element accumulation zone with more ion-exchangeable rare earth elements in the lower part of the profile. Rare Earths Americas have used a weathering intensity proxy for the identification of ionically absorbed to clay rare earth element enrichment within the Project area. This is defined geochemically using the "chemical index of alteration", a recognized measure for chemical weathering during the production of clastic sediments, being the degradation of feldspars and the formation of clay minerals during weathering.

The Pio Cipó deposit extends 3,500 m north–south and 3,638 m east–west, covering 4.75 km² with an average depth of 18 m. Saprolite is variable, averaging 10.1–18.7 m thick from 2.8 m depth and reaching 30 m in the southwest. The regolith shows a thin ionic clay profile, with leached horizons to ~3 m and a discontinuous accumulation zone. Grades above 1,000 ppm total rare earth oxides (TREO) occur in the north and southeast, with neodymium praseodymium (NdPr):TREO ratios up to 30%. Auger drilling is incomplete, with most holes ending in mineralization.

The Pedra Preta deposit extends 2,550 m north–south and 2,279 m east–west, covering 3.83 km² with an average depth of 24 m. Saprolite is the dominant unit, averaging 19 m thick from 4.6 m depth and exceeding 41 m in the central portion of the deposit. Ionic clay mineralization is widespread, with TREO grades above 1,000 ppm and locally over 3,000 ppm in central and southern areas. The regolith is well defined, with leached upper horizons and an NdPr-enriched accumulation zone (NdPr:TREO to 30%). Sonic drilling confirms the mineralization presence, with grades and NdPr proportion declining below ~30 m.

The Varginha deposit extends 2,780 m north–south and 2,007 m east–west, covering 3.35 km² with an average depth of 20 m. Saprolite is well developed, averaging 14–19 m thick from 3.3 m depth and up to 36.6 m. Ionic clay mineralization exceeds 1,000 ppm TREO across the regolith, with >3,000 ppm in elevated pediment zones that trend north south. The profile shows leached horizons above a thick NdPr-enriched accumulation zone extending from ~5 m to drill-tested depths. Mineralization is thinner and lower grade in drainage basins, where auger holes often end in mineralization.

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|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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The Roseira deposit extends 1,640 m north–south and 1,771 m east–west, covering 1.72 km² with an average depth of 24 m. Saprolite is extensive, averaging 18–23 m thick from 3.6 m depth and reaching 33.7 m. Ionic clay mineralization is widespread, exceeding 1,000 ppm TREO and locally 3,000 ppm TREO in central and southwestern zones. The profile is well defined, with leached upper horizons retaining cerium and an NdPr-enriched accumulation zone to ~15 m depth with NdPr:TREO ratios of ~20%. Grades and NdPr proportion decrease toward the base of the weathering profile.

The Mato Queimado deposit extends 1,270 m north–south and 2,228 m east–west, covering 1.35 km² with an average depth of 14 m. Saprolite averages 8–15 m thick from 2.1 m depth, with a maximum of 31.7 m. Ionic clay mineralization exceeds 1,000 ppm TREO across the deposit and locally surpasses 3,000 ppm in slope and pediment zones either side of a drainage channel that runs across the tenement area from west to east. Lower grades occur in the eroded channel and on hill crests where saprolite is less developed. Auger drilling is shallow, with many holes ending in mineralization.

The Clube da Uva deposit extends 490 m north–south and 778 m east–west, covering 0.4 km² with an average depth of 21 m. Saprolite occurs from 2.2 m depth, averaging 15–22 m thick and reaching 31.6 m. Mineralization above 1,000 ppm TREO is present throughout, with up to 4,000 ppm in the northeast. The ionic clay profile is poorly defined due to limited drilling, but NdPr:TREO ratios rise from ~2% in the mottled zone to 20% at the base of the profile.

The Andradas deposit extends 1,070 m north–south and 2,178 m east–west, covering 1.09 km² with an average depth of 26 m. Saprolite is well developed, averaging 20–24 m thick from 4.1 m depth and reaching 36.5 m. Ionic clay mineralization is concentrated in the east, with grades consistently above 1,000 ppm TREO and locally >2,000 ppm near surface. A saprolite accumulation zone is enriched in NdPr, with NdPr:TREO ratios exceeding 20%.

The extent of the mineral resource models is predominantly limited by the availability of exploration data and by tenement boundaries. Although individual rare earth element-bearing horizons may pinch out, many deposit areas are open at depth and also have potential for the delineation of well mineralized ionic adsorption clay zones, highly enriched in rare earth elements. Auger holes have limited depth penetration and drill holes typically provide only a partial profile of mineralized saprolite. There is potential to extend the mineralization model deeper with core drilling.

1.8 History

There is no known previous exploration for rare earth elements in the Project area prior to Rare Earths Americas' interest in the Project. In 2023, Alpha Minerals Brazil Participações Ltda, a wholly-owned subsidiary of Rare Earths Americas, completed a countrywide prospectivity review that identified the Poços de Caldas alkaline complex as a highly prospective setting for rare earth element mineralization, with favorable geology and documented occurrences of ionic adsorption clay mineralization in the overlying regolith. Based on these results, Alpha Minerals initiated a strategic program to secure mineral rights in the region through the staking of new exploration concessions and the negotiation of option agreements with existing rights holders.

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|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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These agreements included the acquisition of mineral rights over the Roseira, Clube da Uva, and Varginha properties from Mineração Andradense Ltda; the Pedra Preta property from JJBF Ltda; and the Pio Cipó and Mato Queimado properties from Terra Goyana Mineração Ltda. Collectively, these agreements secured control of the principal rare earth prospects within the Constellation Project area.

Rare Earths Americas was created as the holding company for the Project in January 2023, with Alpha Minerals becoming a wholly-owned subsidiary.

1.9 Exploration

Exploration grids used to position drill holes are orientated to the geographic projection system SIRGAS 2000 Universal Transverse Mercator zone 23 south. A topographic digital terrain model is used to locate drill collars and for the topographic surface constraining the mineral resource estimates.

During initial reconnaissance and prospecting in 2023, Rare Earth Americas collected 29 surface samples from limited regolith and bedrock exposures across the Constellation Project tenements for geochemical analysis. Surface grab sampling has not yet materially influenced targeting, though future follow-up may demonstrate correlations with broader mineralized zones and validate the method.

1.10 Drilling and Sampling

Drilling consists of 37 sonic drill holes (1,103 m) and 277 auger holes (3,225 m). The mineral resource estimate was based on all drilling data completed to July 26, 2024. The database close-out date reflects the date of the last assay information and is July 26, 2024.

Drill companies and methods included Alpha Minerals Brazil Participações Ltd., a wholly-owned subsidiary of Rare Earth Americas, who used a hand-held petrol-powered auger, and Brazil Royalty Corp. Participações e Investimentos Ltda (an affiliate company of Rare Earth Americas with overlapping ownership to Alpha Minerals), who used an Eijkelkamp Compact RotoSonic V rig for sonic drilling.

Auger holes were geologically logged in the field, and a representative fraction was retained in a chip tray for reference. Auger samples were photographed. Sonic core holes were transported from the drill site to logging facilities in covered boxes. The sonic drill core was measured to assess recovery, then geologically logged and photographed wet in core boxes immediately before sampling.

For both auger and sonic holes, logging included qualitative determinations of primary and secondary lithology units, weathering profile units (mottled zone, lateritic zone, saprock, saprolite, etc.), as well as the color and textural characteristics of the rock.

Recovered auger sample material and sonic drill core, was measured, and recovery expressed as a percentage recorded in the database. Recovery rates for auger and sonic drilling in regolith averages 95%. Areas of poor recovery (<85%) were limited to shallow unconsolidated cover. No systematic relationship between recovery and grade was observed, and no evidence of bias due to preferential loss of coarse or fine material was detected.

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|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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Drill collars were located using a handheld global positioning system (GPS) instrument. The accuracy of the locations is sufficient to support the inferred mineral resource confidence classification. No down hole surveys were completed on any of the drill holes due to their shallow depths.

The mineralization is interpreted to be flat in the weathered profile, so the drilling is vertically perpendicular to mineralization and drilled mineralization thickness is interpreted to correspond to true thickness. Any variations to rare earth element distribution within the horizontal layering were not defined.

Drilling was conducted on a grid pattern at spacings of approximately 240 m. The distribution is sufficient to establish the degree of geological and grade continuity appropriate for an inferred mineral resource confidence classification.

Based on the available data, drilling and logging are adequate to support mineral resource estimation.

Auger, sonic and drill core sub-samples submitted for assaying had an average weight of 1 kg. Grab samples had an average weight of 1 kg. For all sample types, field duplicates were completed at a frequency of 1:20 samples. Collected auger sample interval lengths were 1 m, with some variation depending on sample recovery and geological unit boundaries. Sonic drill core samples were split to obtain quarter core sub-samples for assaying. Core sample intervals were typically 1 m in length, with a minimum of 0.55 m and a maximum of 2.0 m, taking into account lithological boundaries.

Sample collection, preparation, and transportation was managed by Rare Earths Americas. Chain-of-custody procedures consist of sample submittal forms sent to the laboratory with sample shipments to make certain that all samples are received by the laboratory.

Density measurements were completed on 225 fragments of sonic drill core, typically about 10 cm in length and 300 cm<sup>3</sup> in volume, collected from across deposit. The water displacement method was used for density measurement. Simple averages generated for each material type were assigned to mineral resource models for each deposit.

SGS Geosol in Vespasiano, Minas Gerais, Brazil (SGS Geosol) has been the primary assay laboratory for the Project since mineral exploration sampling commenced in June 2023. SGS Geosol is independent of Rare Earths Americas and holds ISO 9001 certification and 17025 accreditations for selected analytical techniques. Approximately 74% of the exploration drilling assays (3,009 samples) in the database were generated by SGS Geosol. In early 2024, Rare Earths Americas began periodically sending drill samples for preparation to ALS Belo Horizonte, Brazil (ALS Belo Horizonte) and with assaying completed at the ALS Lima facility in Peru (ALS Lima). ALS Belo Horizonte and ALS Lima are independent of Rare Earths Americas, and both hold ISO 17025 accreditations for selected analytical techniques, and ISO 9001 certification. Approximately 26% of the assays (1,049 samples) in the database were generated by ALS Lima.

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|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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Sample preparation methods included drying, crushing to 75% passing 3 mm, and pulverizing to 95% passing 75 µm (SGS Geosol) or 85% passing 75 µm (ALS Belo Horizonte). SGS Geosol used a lithium borate fusion followed by inductively-coupled plasma mass spectrometry (ICP-MS) determination for a multi-element suite. ALS Lima used lithium borate fusion followed by an ICP-MS determination (ALS code ME-MS81), to generate a multi-element suite. Both methods provide a total rare earth element analysis, and values for the potentially deleterious elements uranium and thorium. At both laboratories, the assay technique used for major oxides and components was lithium borate fusion followed by ICP optical emission spectroscopy (OES) analysis.

All exploration conducted was accompanied by a quality assurance and quality control (QA/QC) program, which included the systematic insertion of certified reference materials (CRMs), blank material, and the collection of field duplicate samples along with the exploration samples. QA/QC sample results were monitored by the exploration team independently from the analytical laboratories and were periodically reviewed by McGarry Geoconsulting. The results of the QA/QC samples summitted by Rare Earth Americas during exploration do not indicate significant issues with the analytical data. The performance of CRM, blanks and field duplicates indicate satisfactory performance of field sampling protocols and assay laboratories in providing acceptable levels of precision and accuracy.

1.11 Data Verification

Rare Earth Americas maintains all exploration data in a secure, web-based database that incorporates automated validation protocols. The system performs continuous checks for overlapping from–to intervals within assay and geological tables and enforces standardization of lithology, alteration, and assay codes through defined pick lists to ensure consistency in data entry.

Karst Geosolutions concluded, following a site visit, that the majority of the data, drilling, and geological records were well maintained by Rare Earths Americas personnel and comprehensive field procedures were developed.

McGarry Geoconsulting conducted independent validation checks, including: verification of collar coordinates against survey control, review of downhole survey data for consistency, and validation of assay tables for overlapping intervals or values beyond recorded hole depths. The database supplied by Rare Earth Americas was cross-checked against original laboratory certificates and field logs on a representative basis to confirm data integrity. Any discrepancies identified during this process were resolved in collaboration with Rare Earth Americas' geology team prior to resource estimation. McGarry Geoconsulting is satisfied that the data has been appropriately verified and is adequate to support the mineral resource estimates presented in this Report.

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|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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1.12 Metallurgical Testwork

**1.12.1 Ionic Adsorption Clay Processing**

The processing of ionic adsorption clay rare earth mineralization is an emerging technology that differs significantly from traditional hard rock rare earth extraction methods. Ionic adsorption clay deposits typically host rare earth elements loosely bound to clay particles near the surface. These rare earth elements are not locked within minerals but are instead adsorbed onto the surface of clay minerals, which allows for relatively simple extraction techniques.

The proposed processing route is based on ion-exchange leaching using ammonium sulphate ((NH₄)₂SO₄) solution under acidic conditions (target pH ≈ 2). The acidity enhances ion mobility and exchange efficiency, facilitating the desorption of rare earth elements from the clay matrix. The process takes advantage of the electrostatic nature of rare earth element adsorption onto clays, replacing the rare earth element³⁺ ions with NH₄⁺ ions from solution. This reaction occurs readily under ambient pressure and temperature, provided that solution chemistry (pH, ionic strength, contact time) is properly controlled.

The resulting slurry is then subjected to solid-liquid separation, typically through pressure or vacuum filtration, to produce a pregnant leach solution enriched in rare earth elements. This pregnant leach solution is subsequently processed through chemical precipitation, where specific reagents—commonly oxalic acid or sodium carbonate—are added to selectively remove the dissolved rare earth elements from solution. The precipitated material, known as mixed rare earth concentrate, contains the suite of rare earth elements present in the deposit, except for cerium, which is only minimally recovered in this process due to its prevalent oxidized state. Depending on market requirements and product specifications, the mixed rare earth concentrate may undergo further purification and upgrading stages.

Globally, only a limited number of ionic adsorption clay projects are in production outside of China. The technology remains relatively new, with few operations having progressed to commercial-scale development. In Brazil, the Serra Verde Project, operated by Serra Verde Pesquisa e Mineração Ltda., is currently the only known ionic adsorption clay operation in production, highlighting the early stage of adoption of this processing method within the country.

The technology in use at the Serra Verde operation is considered suitable for application at the Project.

**1.12.2 Metallurgical Testwork**

ALS Lima carried out bench-scale ammonium sulphate ionic exchange tests using a 0.5 molar (M) ammonium sulfate solution (0.5 moles of solute per liter of solution; ALS code ME-MS19) on 30 g sample aliquots. The samples were agitated in ammonium sulphate solution for 20 minutes and then filtered.

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In total, 89% of drill holes were subject to 3,374 ammonium sulphate leach tests during 2024, of which 2,107 are within modelled saprolite estimation domains.

The average TREO-cerium oxide (CeO₂) extraction into leach solution across all deposit areas is 33.7%, with comparable extractions observed for the economically significant magnet rare earths neodymium and praseodymium. Recoveries for dysprosium and terbium were lower at 19% at 22% respectively. Leach extraction varies both between, and within, deposit areas.

Of the samples submitted, 818 samples (42%) contained saprolite with total rare earth oxide concentrations greater than a threshold of >270 ppm TREO–CeO2 extracted into the leach solution. This threshold was applied to determine reasonable prospects for economic extraction during mineral resource estimation.

Cerium was excluded from the threshold because it does not readily leach under the mild acid conditions typical of ionic clay processing. As a result, its extraction does not contribute to leach solution grades and is therefore not considered in determining economic cut-off parameters. For samples above the selected threshold and representative of the mineral resource, the mean leach extraction for rare earth elements was 51.7%, with comparable extractions observed for the economically significant magnet rare earths neodymium and praseodymium. Recoveries for dysprosium and terbium were lower at 32% at 37% respectively.

The leaching results were comparable to those published for ionic adsorption clay projects on adjacent properties and infer that the ionic clay rare earth mineralization is amenable to ionic exchange leaching at standard temperatures, pH, and atmospheric pressure.

The sample distribution covered the defined saprolite mineralization domain used in estimation, ensuring that the extraction data were representative of the mineral resource estimates.

For ionic adsorption clay deposits in general, the most common deleterious elements are thorium and uranium due to their impact on product radioactivity, and iron and aluminum due to their influence on reagent consumption and pregnant leach solution chemistry. Bench-scale leach tests indicated that both elements are largely immobile under the selected ion-exchange leaching conditions, with generally low levels detected in the pregnant leach solution.

1.13 Mineral Resource Estimation

**1.13.1 Estimation Methodology**

Geological and block modelling was undertaken Leapfrog version 2025.1 with the Edge extension. Statistical analysis was carried out using Snowden Supervisor software version 8.6.

The Constellation Project contains seven deposit domains used for the mineral resource estimation. The deposit areas are defined by property boundaries. The base of saprolite and base of the mottled zone were modelled as offset topography surfaces. The base of saprolite was modelled using manually

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digitized control points. The resultant wireframes followed the trend of the topography model and have a 50 m<sup>2</sup> resolution. The saprolite geology model was used to control the floor of the estimate extent. The base of mottled zone was a ceiling. A single mineralization domain is generated for each deposit area. Continuity of mineralization was limited by erosional incisions, or barren underlying rock types. The estimate boundary was extrapolated from the nearest drill hole by 100 m on average and occasionally up to 370 m.

For resource estimation, drill hole data were grouped into domains to support statistical and geostatistical analysis. Smaller deposits with limited drilling were combined with nearby, better-informed domains to allow consistent estimation. Three estimation domains were defined: Pedra Preta (including Pio Cipó and Mato Queimado), Roseira (including Clube da Uva), and Varginha (including Andradas).

High grade assays were not capped but retained for grade interpolation using a "clamping" method. McGarry Geoconsulting selected a nominated distance equal to the first search pass radius. Beyond this distance, samples were capped to a nominated 95<sup>th</sup> percentile from the population statistics.

Compositing was based on the maximum composite length as defined by the dominant sample length of 1 m.

Semi-variogram models were developed for TREO–CeO2 across the Pedra Preta, Roseira, and Varginha estimation domain groups. Experimental semi-variograms were generated, transformed, and assessed for anisotropy before being modelled using two nested spherical structures in addition to a nugget effect.

Mineral resources were estimated using ordinary kriging (OK) into block models created in Leapfrog 2025.1 using the Edge Extension. Fifteen rare earth element grades (La, Ce, Pr, Nd, Sm, Eu, Gd, Tb, Dy, Ho, Er, Tm, Yb, Lu and Y) and deleterious elements uranium and thorium were estimated independently in a univariate sense using the same parameters. The consistent estimation approach was selected to ensure block compositional grade proportions honored those of the input samples. The estimation was in a 5 x 5 x 5 discretization of the block and in the parent cell.

Up to three search passes were used if block was not estimated in the first pass. The first search distance was equal to the variogram range; subsequent searches were undertaken using two and four times this distance with successive searches using more relaxed parameters for selection of input composite data.

Validation of block model grade estimates was completed by visual checks on screen, statistical comparison of composite and block grades, and generation of swath plots.

Mineral resources were classified based on drill spacing and the estimator's judgment with respect to the proximity of resource blocks to sample locations and confidence with respect to the geological continuity of the saprolite horizons and grade estimates, quality control results, search and interpolation parameters and an analysis of available density information.

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|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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Mineral resource estimation is supported by an Initial Assessment. A conceptual open-pit shell was used to constrain the estimate. The shell was defined using a mining cost of US$1.98/t, a processing cost of US$9.39/t, appropriate recovery and dilution factors, and the basket value estimated for each block. A maximum pit slope of 35° was used and the extent of the shell was limited to within the boundary of each tenement.

A marginal reporting cut-off of 1,000 ppm TREO was selected. This threshold is consistent with cut-off grades applied at comparable ionic clay-hosted rare earth deposits developed by open-pit mining and supports a reasonable expectation of economic extraction.

**1.13.2 Market Assessment**

The Project is expected to produce a mixed rare earth carbonate, an intermediate product used in the manufacture of refined, separated rare earth oxides. These oxides are specialty chemicals, not exchange-traded commodities, and are typically priced in US dollars per kilogram. Pricing is negotiated through private contracts and reflects product purity, oxide composition, delivery terms, and prevailing demand. Payability represents the proportion of contained rare earth elements value (based on spot oxide prices) that is realized upon sale of mixed rare earth carbonate. It depends on the concentration of high-value elements, total rare earth oxide grade, impurity levels, and offtake processing costs. Rare Earth Americas intends to produce a high-quality mixed rare earth carbonate with low impurities and elevated magnet rare earth elements. This Report assumes a payability of 70% relative to the spot value of contained separated oxides.

Rare earth elements are sold as neodymium and praseodymium are the most valuable rare earth elements in rare earth mines due to their relatively high price and large market. Rare earth mineral production is geographically constrained, with about two-thirds of global production occurring in China and another 20% in the U.S. and Australia. The processing of rare earth elements is further constrained, with most processing occurring in China and some elements exclusively being processed in China. With a small market and geographically constrained production, prices for rare earth elements can be volatile.

The expected increase in demand, and high price volatility, means that commodity pricing for rare earth studies is predominantly based forecasts made by expert research companies such as Adamas Intelligence. Rare Earth Americas have used the average rare earth oxide price over a 10-year period up to 2040 forecast by Adamas Intelligence in their Q1 2025 Rare Earth Pricing Quarterly Outlook. This period is selected to align with potential timeframes for construction of all infrastructure and mining of the deposit. Prices include 13% value-added tax; forecast prices are in Real 2025 US dollars.

For each block, a "basket value" was calculated as the sum of the forecast prices for individual recovered rare earth oxides, adjusted by their typical proportion in the recovered TREO mix and a payability assumption of 70%. The average basket price was estimated at US$44.4 per kilogram of recovered TREO. This block-level basket value served as an input into a Lerchs–Grossmann optimization process, which was used to define a resource-constraining shell for mineral resource reporting and evaluation of reasonable prospects of economic extraction.

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**1.13.3 Mineral Resource Statement**

Mineral resources are reported using the mineral resource definitions set out in SK1300. The reference point for the estimate is in situ. The estimate is current as at 31 October 2025.

The third-party firm responsible for the estimate is McGarry Geoconsulting, Corp.

**Table 1-1: Constellation Project Mineral Resource Estimate** 

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| **Category** | **Cut-Off**<br>**Grade** | **Deposit** | **Tonnes** | **TREO**  | **Nd2O3 +**<br>**Pr6O11**  | **Dy2O3 +**<br>**Tb4O7** |
|  | **(ppm TREO)** |  | **(Mt)** | **(ppm)** | **(ppm)** | **(ppm)** |
| <br>**Inferred** | <br>1000 | &nbsp;&nbsp;&nbsp;Pio Cipó | 70.2 | 2976 | 722 | 35.6 |
| <br>**Inferred** | <br>1000 | &nbsp;&nbsp;&nbsp;Pedra Preta | 60.7 | 3101 | 664 | 32.8 |
| <br>**Inferred** | <br>1000 | &nbsp;&nbsp;&nbsp;Varginha | 53.0 | 2157 | 350 | 16.9 |
| <br>**Inferred** | <br>1000 | &nbsp;&nbsp;&nbsp;Roseira | 42.3 | 2508 | 518 | 18.6 |
| <br>**Inferred** | <br>1000 | &nbsp;&nbsp;&nbsp;Mato Queimado  | 17.7 | 2027 | 483 | 26.0 |
| <br>**Inferred** | <br>1000 | &nbsp;&nbsp;&nbsp;Clube da Uva | 9.6 | 2508 | 375 | 17.0 |
| <br>**Inferred** | <br>1000 | &nbsp;&nbsp;&nbsp;Andradas | 12.6 | 1928 | 513 | 28.1 |
| <br>**Inferred** | <br>1000 | &nbsp;&nbsp;&nbsp;**Total** | **266.2** | **2637** | **564** | **26.9** |

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Notes to accompany mineral resource table:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Mineral resources are reported in situ, using the definitions in S-K 1300, and are current as at 31 October 2025. Mineral resources are not mineral reserves and do not have demonstrated economic viability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.The third-party firm responsible for the estimates is McGarry Geoconsulting Corp.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Tonnes are dry metric tonnes, and contained metal figures are derived arithmetically from in situ tonnage and grade (i.e., not adjusted for mining dilution or losses).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Mineral resources are constrained within an optimized Whittle pit shell generated using a mining cost of US$1.98/t, a processing cost of US$7.65/t, a general and administration cost of US$1.74/ t and mining and process recovery factors of 95% and 38%, respectively. A maximum pit slope of 35° is used and the extent of the shell is limited to within the boundary of each tenement. Block values were calculated from Adamas Intelligence forecast rare earth oxide prices for 2030–2040 with an assumed 70% payability, corresponding to a basket value of US$44.4/kg of recovered rare earth oxide.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.Mineral resources are reported above a marginal cut-off of 1,000 ppm TREO, which is based on the parameters used for pit optimization in note 4. Costs related to waste mining, transportation, and capital expenditures are excluded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.Average recovery represents the weighted mean of block model rare earth element leach extraction estimates, excluding cerium, based on test results on representative exploration samples.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.The Roseira, Varginha and Clube da Uva deposits are subject to a private royalty equal to 5% of net revenue from concession production in favor of Mineração Andradense Ltda. The Andradas deposit is subject to a private royalty equal to 2.5% of gross revenue from concession production in favor of Brazil Royalty Corp Participações e Investimentos Ltda

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.Total rare earth oxides (TREO ppm) = La2O3 + CeO2 + Pr6O11 + Nd2O3 + Sm2O3 + Eu2O3 + Gd2O3 + Tb4O7 + Dy2O3 + Ho2O3 + Er2O3 + Tm2O3 + Yb2O3 + Y2O3 + Lu2O3; NdPr = Nd2O3 + Pr6O11; DyTb = Tb4O7 + Dy2O3

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.Total rare earth oxides (TREO ppm) are inclusive of, not separate to, NdPr ppm and DyTb ppm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.Numbers have been rounded. Totals may not sum due to rounding.

**Factors That May Affect the Mineral Resource Estimate** 

Factors which may affect the mineral resource estimates include the following.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Metal price and exchange rate assumptions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Changes to the assumptions used to generate cut-off grades;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Changes in local interpretations of mineralization geometry and continuity of mineralized zones;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Changes to geological and mineralization shape;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Changes to geological and grade continuity assumptions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Density and domain assignments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Changes to geotechnical, mining, and metallurgical recovery assumptions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Changes to the input and design parameter assumptions that pertain to mining assumptions used to constrain the estimates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Assumptions as to the continued ability to access the site, complete proposed exploration programs, and maintain the social license to operate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•There are no other environmental, legal, title, taxation, socioeconomic, marketing, political or other relevant factors known to McGarry Geoconsulting that would materially affect the estimation of mineral resources that are not discussed in this Report.

1.14 Risks and Opportunities

1.14.1 Exploration and Geology Risks

The following risks were identified:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Geological continuity: drilling is widely spaced. There is a risk that infill drilling could demonstrate mineralization to be less continuous and more variable than currently modelled, impacting resource classification and tonnage;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Depth of mineralization: deeper sonic drilling may determine that mineralized saprolite that is shallower than currently projected beneath auger drilling, which could alter the interpreted thickness and geometry of mineralized horizons.

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**1.14.2 Mineral Resource Estimate Risks**

The following risks, in addition to those identified in Chapter 1.13.4, were also identified:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Survey accuracy: current drill collar positions are based on handheld global positioning system (GPS) instrument values and projected onto a 30 m digital terrain model;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Bulk density: bulk densities used for resource estimation are based on limited data; there is a risk that true in-situ densities are lower than estimated, which would affect tonnage and contained metal calculations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Metallurgical variability: while bench-scale leach testing supports recoverable rare earth elements, additional bulk composite and variability testwork are required to confirm recoveries across all regolith domains and to fully characterize the deportment of deleterious elements such as thorium and uranium;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Product specification: the current mineral resource model assumes production of a mixed rare earth carbonate. Any change to the processing route or product specification could affect revenue forecasts and cut-off grade determinations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Economic sensitivity: the assessment of reasonable prospects of economic extraction is sensitive to the assumptions on REE prices and potential operating costs, which should be refined with additional work;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Hydrogeological factors: Groundwater inflow within the regolith profile may affect both mining method selection and metallurgical recovery. Hydrogeological characterization is recommended.

**1.14.3 Environmental, Social and Permitting Risks**

The following risks were identified:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Permitting and environmental approvals: Development is contingent on securing environmental permits and land-use approvals. Identification of environmental constraints could limit resource development at the Project. For the Pio Cipó and Varginha deposits, the proximity to large water storage facilities may require additional permitting and water protection measures, which could affect mine planning and development timelines. In addition, transmission lines crossing the Pio Cipó deposit may impose localized constraints on mine design and require setbacks or infrastructure management measures. Changes to regulatory requirements or delays in permitting could impact project timelines or restrict development options;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Land tenure and surface rights: The project is dependent on maintaining current mineral rights and securing necessary surface access agreements. Any disputes or delays in renewing licenses or negotiating access could affect exploration and future development;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Environmental liabilities: Localized liabilities may be present within the Roseira and Pedra Preta permits, where small-scale historical bulk sampling and mining conducted by the underlying titleholders created surface disturbances with little evidence of remediation. These properties, along with areas of active agriculture, forestry, and ranching across the Project, warrant further review through baseline studies should Rare Earth Americas exercise its options and advance the Project.

1.15 Opportunities

**1.15.1 Exploration and Geology Opportunities**

The Constellation Project is in a geological and mining jurisdiction that was previously underexplored for rare earth elements. Rare Earth Americas are building an extensive and well-informed database of information which will provides an opportunity to assess the optimal exploration targeting strategy and exploration potential for the Project.

The drilling and sampling completed to date indicate the presence of additional rare earth element mineralization outside the currently defined resource areas. These results highlight the potential for resource expansion through further auger, sonic and core drilling, as well as systematic follow-up of untested and partially tested targets within the project area.

**1.15.2 Mineral Resource Opportunities**

Opportunities exist to increase the known mineralization extent by additional work including infill and extensional drilling at depth.

**1.16 Conclusions**

Drilling has consistently intersected significant rare earth element-bearing saprolite, frequently exhibiting magnet rare earth oxide (MREO) enrichment with depth.

The data verification programs undertaken on the data collected from the Project support the geological interpretations and the analytical and database quality, and therefore the data can be used for mineral resource estimation.

The metallurgical dataset is considered adequate to support the current mineral resource estimate. The bench-scale leach tests replicate the proposed ammonium sulphate ion-exchange process and are relevant to the ionic clay deposit class. The systematic sampling captures both lateral and vertical variability, and the recoveries allow an inference of bulk-scale behavior at the current resource development stage.

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In the opinion of the Qualified Person, all material issues relating to the relevant technical and economic factors that may influence the prospect of eventual economic extraction at the Project can reasonably be resolved with further work. While certain factors, such as leaching performance at bulk sample scale, the quality of a potential mixed rare earth carbonate product, the geotechnical characterization of proposed infrastructure sites, and the permitting framework, require additional data and assessment, none are currently identified as fatal flaws.

Additional work is warranted, and a two-phase work program is recommended (see Chapter 1.17).

1.17 Recommendations

The Constellation Project hosts rare earth element mineral resource that warrants further exploration and evaluation. A two-phase work program is recommended. Phase A will focus on generating additional exploration data and materials, while Phase B will address targeted testwork and technical analysis.

Phase A aims to improve understanding of the controls on mineralization and to delineate additional prospective zones in regional exploration concessions. Infill drilling and technical studies will be undertaken to potentially upgrade mineral resources from the inferred to higher-confidence mineral resource classifications. Phase A is estimated to require a budget of US$3.34 million to complete.

Results from Phase A exploration will provide representative drill samples for metallurgical testing and will provide a basis for an updated appraisal of the deposits. If results are positive the Project will advance to Phase B, which will involve the analysis of key modifying factors, including mining and processing considerations, to update the Initial Assessment and mineral resource estimates. Phase B is estimated to require a budget of US$1.15 million.

Collectively, Phase A and Phase B will require an overall budget of US$4.49 million

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2.0 INTRODUCTION

2.1 Introduction

This technical report summary (the Report) was prepared for Rare Earths Americas, Inc. (Rare Earths Americas) on the Constellation ionic adsorption clay project (the Project) in Southern Minas Gerais, Brazil. The Project location is shown in Figure 2-1.

**Figure 2-1: Project Location Plan**

![img78450133_3.jpg](img78450133_3.jpg)

Note: Figure prepared by Rare Earths Americas, 2025.

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2.2 Terms of Reference

**2.2.1 Report Purpose**

The Report was prepared to support the initial registration statement filed by Rare Earth Americas and is included as an exhibit to Form S-1, initially filed on November 12, 2025, pursuant to Regulation S-K 1300.

The Report provides initial disclosure of mineral resource estimates for rare earth element mineral deposits on seven properties within the Constellation Project: Pio Cipó, Pedra Preta, Roseira, Varginha, Mato Queimado, Clube da Uva and Andradas. These nearby but non-contiguous deposits are located on tenements in distributed across an area 20 km east–west by 20 km north–south and collectively contain the mineral resources estimated for the Project.

**2.2.2 Terms of Reference**

Unless otherwise indicated, the metric system is used in this report for mineral resources. Mineral resources are reported using the definitions in Regulation S–K 1300 (SK1300), under Item 1300. Monetary values use the United States (US) dollar unless otherwise indicated. The Brazilian currency is the real (BRL). The Report uses United States English.

2.3 Qualified Persons

This Report was prepared by the following third-party firms which are acting as the Qualified Persons (QPs) for the Report:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•McGarry Geoconsulting Corp.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Karst Geo Solutions, LLC.

The QP responsibilities for Report chapters and sub-sections are set out in Table 2-1.

**Table 2-1: QP Responsibilities**

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| **QP** | **Responsibility** |
| McGarry Geoconsulting Corp. | Chapters: 3 to 6, 10 to 21, and 23, 24 and 25 <br>Sections: 1.1 to 1.8, 1.11 to 1.17, 2.1, 2.2, 2.3, 2.4.1, 2.5, 2.6, 2.7, 8.7, 8.8, 9.1,9.2.2 and 22.1 to 22.6, and 22.8 to 22.12. |
| Karst Geo Solutions | Chapters 7, 12 to 21, and 24<br>Sections: 1.1, 1.2, 1.9, 1.10, 2.1, 2.2, 2.3, 2.4.2, 8.1 to 8.6, 8.9, 9.2.1, 22.7 |

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2.4 Site Visits and Scope of Personal Inspection

**2.4.1 McGarry Geoconsulting Corp.**

McGarry Geoconsulting visited the Project area on August 17 and 18, 2025. During that visit, McGarry Geoconsulting reviewed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Site geology;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Access road and internal tenure road suitability for exploration purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Topography in and around the mineral resource estimate area for potential suitability for infrastructure location;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Settlements in proximity to the mineral resource areas.

**2.4.2 Karst Geo Solutions**

Karst Geo Solutions visited the Project area from 29–30 June, 2024. During that visit, Karst Geo Solutions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Inspected operating drill rigs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Verified the location of selected drill collars;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Reviewed current drilling and sampling procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Inspected site geological data collection systems (mapping, logging etc.);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Reviewed sample storage facilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Reviewed site geology;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Discussed quality assurance with geological personnel employed by Rare Earth Americas' wholly owned subsidiary Alpha Minerals Brazil Participações Ltda (Alpha Minerals).

2.5 Report Date

The Report is current as at October 31, 2025.

2.6 Information Sources and References

The reports and documents listed in Chapter 24 and Chapter 25 of this Report were used to support Report preparation.

Rare Earths Americas personnel and consultants retained by Rare Earths Americas provided input to McGarry Geoconsulting and Karst Geo Solutions in their areas of expertise on request.

2.7 Previous Technical Report Summaries

Rare Earths Americas has not previously filed a technical report summary on the Project.

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3.0 PROPERTY DESCRIPTION

3.1 Introduction

The Project is located approximately 190 km north of São Paulo, Brazil's largest city.

The Project consists of non-contiguous tenement blocks situated in the southern part of Minas Gerais State and in neighboring São Paulo State, which together comprise the Constellation Project.

This Report discloses mineral resources for deposits on seven nearby but non-contiguous tenements in Minas Gerais which have a combined area of approximately 14.4 km<sup>2</sup>. Tenements are distributed across an area 20 km east–west by 20 km north–south. The centroid of this area is located at approximately 46°32' W and 21°55'S (342,000E, 7,576,800N SIRGAS 2000 UTM Zone 23S).

Deposit centroids include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Pio Cipó: 21°50'46.69″S, 46°36'29.52″W (333,800E, 7,583,300N);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Pedra Preta: 21°53'48.20″S, 46°32'9.72″W (341,300E, 7,577,800N);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Varginha: 21°58'55.76″S, 46°31'8.46″W (343,200E, 7,568,400N);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Roseira: 21°59'20.44″S, 46°33'36.96″W (338,900E, 7,567,600N);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Mato Queimado: 21°51'19.04″S, 46°27'53.46″W (348,600E, 7,582,500N);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Clube da Uva: 21°57'30.09″S, 46°35'44.90″W (335,200E, 7,570,900N);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Andradas: 22°2'17.37″S, 46°32'13.00″W (341,400E, 7,562,200N).

3.2 Property and Title in Minas Gerais

**3.2.1 Overview**

Under Brazilian laws, the Federal Government owns all mineral resources. Under Article 176 of the Brazilian Constitution, all mineral deposits (jazidas) belong to the Federal Government, whether or not the deposits are in active production. Mineral rights are distinct from surface rights.

Mining is regulated by Decree-Law 227, 1967 (the Mining Code), Mining Regulations that came into force in December 2017, and other regulations issued by the National Mining Agency (ANM), formerly known as National Department of Mining Production (DNPM).

Brazil also has legislation and legal guarantees related to the exploitation and use of water rights.

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**3.2.2 Mineral Title**

The Brazilian legal system for obtaining and maintaining mining rights and access to mineralized real estate properties is regulated by the Federal Constitution (article 176), by the Mining Code (Decree-Law no. 227/1967), by the regulation of the Mining Code (Decree No. 9.406/2018) and by ANM legislation.

The mineral title acquisition process begins with an Application for Exploration Permit. In Brazil, mineral titles are administered through an online GIS-based cadastral system known as SIGMINE (Sistema de Gestão de Informações Minerárias or Mining Information Management System). All exploration license applications are submitted electronically by selecting predefined grid polygons on the digital map, which establishes priority on a first-come, first-served basis. Physical ground staking is not required.

Once an application is accepted, an exploration permit (Alvará de Pesquisa) is issued, granting the holder exclusive rights to conduct exploration within the defined area, subject to reporting and compliance requirements set by the National Mining Agency (ANM). The grant is published in the Federal Gazette.

The exploration permit, which has a 3 to 6 year term, allows the license holder to conduct exploration activities. At the end of the permit term, the license holder must provide an Exploration Technical Report (Relatório Final de Pequisa) to the ANM. On December 30, 2022, Law No. 14514/2022 was published, extending the term of the exploration permit to 4–8 years; however, no regulations to accompany the law had been promulgated at the Report date.

The requirements for applying for a renewal of exploration permits are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Submit the application within 60 days of the expiry of the exploration permit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Submit a report describing the exploration activities that have been carried out;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Submit a technical justification for continuing the exploration activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Pay the fee required by the Brazilian National Mining Agency to analyze the renewal application, currently set at BRL 1,358.58 (USD 244) per tenement.

If the extension request is granted, the renewal will take place according to the term requested by the holder of the mining right, which can be between 1–4 years. The term of the exploration permit can be renewed more than once under specific situations that are established in the Brazilian mining code.

If no application is made to extend the license tenure, or convert it to a 'mining permit', the tenure expires.

Following a positive review of the Final Exploration Report, the license holder then has a year in which to apply for a mining concession over any discovered deposit. A mining concession application must include an Economic Exploitation Plan (Plano de Aproveitamento Econômico or PAE), which must be prepared by a legally qualified professional. Once the PAE is presented, the ANM requires an installation license (Licença de Instalação or LI) that is granted by an environmental licensing agency. If the license has not been issued yet, the holder must update ANM with the progress of the environmental licensing process by providing reports every 180 days. Once the LI is granted, it will be lodged with the Agency

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and, if the PAE is approved, a mining concession will be granted; the grant is published in the Federal Gazette. To start operations, an environmental operation license (Licença de Operação) is also required.

Mining activities must start within six months of the mining concession grant and annual production reports must be provided to the ANM. Assuming all other conditions are met, a mining concession remains valid until the deposit is depleted. Mining operations must be in accordance with the Economic Exploitation Plan approved by ANM. If additional minerals are discovered, ANM must be notified of the discovery, and the mining concession license must be amended to include the new list of minerals before those minerals can be commercially produced and sold.

**3.2.3 Surface Rights**

Surface rights in Brazil are separate from mineral rights. Under Article 176 of the Federal Constitution and Article 6 of the Brazilian Mining Code (Decree-Law No. 227/1967), mineral resources are the property of the Union, while surface land remains under private or public ownership. Mineral rights holders are granted the right to access and use areas required for exploration and mining operations, subject to regulatory approval.

According to Articles 27 and 64 of the Mining Code, mining right holders may obtain rights of way and easements over public and private lands necessary for the exercise of their mining activities. These rights may include temporary occupation or permanent access, as required by the project.

In most cases, the mining rights holder enters into a private agreement with the surface landowner, which includes a negotiated compensation fee for land use or disturbance. However, where no agreement can be reached, Article 27 allows the mining rights holder to apply to a local court to obtain judicial access. The court may authorize access and establish the compensation amount to be paid to the surface owner, often with input from independent appraisers.

**3.2.4 Water Rights**

All waters are in the public domain, and are separated into:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Federal waters: lakes, rivers and any water courses on lands under Federal authority; those that flow through more than one State; those that serve as a frontier with another country, or flow into or originate in another other country; as well as marginal lands and beaches;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•State waters: Groundwater and rivers located entirely within the territory of a single State, unless otherwise classified as a Federal water.

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|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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Law 9,433 of 1997 established the National Water Resources Policy, created the National Water Resources Management System, and defined a catchment (river) basin as the unit for water resource planning. The law includes the principle of multiple water uses, thereby putting all user categories on an equal footing for access to water resources.

The organizational framework administering water includes the National Water Resources Council, State Water Resources Councils, River Basin Committees, State Water Resources Management Institutions, and Water Agencies.

In 2003, to facilitate the management of Brazilian water resources, the country was divided into 12 hydrographic regions; however, these do not coincide with the 27 state political divisions. The National Water Resources Council is responsible for resolving disputes over use of water for basins at the Federal level, and for establishing guidelines necessary to implement the institutional framework and instruments contained in the National Water Resources Policy. The State Water Resources Councils are responsible for basins at the State level. The State Water Resources Management Institutions are responsible for implementing the guidelines set by the State Water Resources Councils. The River Basin Committees and Water Agencies cover the actual water regions, which may be part of more than one State.

**3.2.5 Government Mining Taxes, Levies or Royalties**

**Federal Government** 

All mining permits in Brazil are subject to state and landowner royalties, pursuant to article 20, § 1, of the Constitution and article 11, "b", of the Mining Code. In Brazil, the Financial Compensation for the Exploration of Mineral Resources (Compensação Financeira por Exploração Mineral or CFEM) is a royalty to be paid to the Federal Government at rates that can vary from 1–3.5%, depending on the substance. The CFEM rates for mining rare earth elements are 2%.

Under the CFEM terms, the royalty is expected to be paid:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•On the first sale of the mineral product; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•When there is mineralogical mischaracterization or in the industrialization of the substance, which is considered "consume" of the product by the holder of the mining tenement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•When the products are exported, whichever occurs first.

The basis for calculating the CFEM varies, depending on the event that causes the payment of the royalty.

Landowner royalties could be subject of a transaction, however, if there is no agreement to access the land or the contract does not specify the royalties, article 11, §1, of the Mining Code sets forth that the royalties will correspond to half of the amount paid as the CFEM.

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| ![img78450133_2.jpg](img78450133_2.jpg) | www.rareearthsamericas.com |
|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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**State Government**

Mining permits in the State of Minas Gerais are subject to a separate inspection fee, the Taxa de Fiscalização de Recursos Minerais (State Inspection Fee), pursuant to State Law No. 19.976/2011 and regulated by Decree No. 45.936/2012. The State Inspection Fee is intended to cover the cost of oversight and monitoring of mineral resource activities within the state.

The State Inspection Fee is calculated based on the tonnage of material extracted. The rate is fixed at 1 UFEMG per tonne of mineral substance (where the UFEMG is the Fiscal Unit of Minas Gerais, and is currently set at BRL 5.53 (US$1.00) for the 2025 fiscal year). The State Inspection Fee applies to all entities engaged in mineral extraction, research, and processing within Minas Gerais.

All concessions that currently host mineral resources are in the State of Minas Gerais. Exploration concessions 820611/2022, 820610/2022 and 832149/2022 are located in in the state of São Paulo and are subject to the Taxa de Controle, Acompanhamento e Fiscalização das Atividades de Pesquisa, Lavra, Exploração e Aproveitamento de Recursos Minerais (Fee for Control, Monitoring and Inspection of Research, Mining, Exploration and Use of Mineral Resources or TFRM), established by State Law No. 13.577/2009. The TFRM is levied on each tonne of mineral extracted within São Paulo, with rates adjusted annually by the State Treasury.

3.3 Ownership

The Project that is the subject of this Report comprise 21 concession areas totaling 5,948 hectares (see also Chapter 3.4) of which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•8 concession areas totaling 1,423 hectares that are claims on mineral title through option with existing title holder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•13 concession areas containing 4,525 hectares that are owned by Rare Earth Americas through its subsidiaries and affiliates.

Private option agreements between Rare Earth America's wholly-owned subsidiary Alpha Minerals Brazil Participações Ltda (Alpha Minerals) and the respective landowners grant Rare Earth Americas the exclusive right to access, enter and occupy each property for the purpose of mineral exploration and, upon exercise of the option, to obtain mineral rights for each property. A summary of the option agreements is given in the following sub-sections.

**3.3.1 Mineração Andradense Ltda**

Alpha Minerals entered into an agreement with Mineração Andradense Ltda on August 17, 2023, covering tenements 800.572/1969, 808.966/1968, and 804.059/1971. A down payment of R$150,000 (R$50,000 per concession) equal to US $30,120 was paid on 17 August 2023 (when the exchange rate was approximately US $1 = R$4.98). Upon lease authorization by ANM, the lessee must pay US$1,000,000 for each concession it elects to lease. From the start of mining, the lessor will receive variable monthly remuneration equal to 5% of net revenue from concession production.

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| ![img78450133_2.jpg](img78450133_2.jpg) | www.rareearthsamericas.com |
|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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**3.3.2 JJBF Ltda**

Alpha Minerals entered into an agreement with JJBF Ltd. in December 2024 covering tenement 813.944/1971. If the call option is exercised, Alpha Minerals will pay US$15,000,000 in three stages linked to Rare Earth Americas' public placement: US$1,000,000 in cash plus US$4,000,000 in Rare Earth America shares on the placement date, US$5,000,000 in shares within 12 months, and US$5,000,000 in shares within 24 months. If the placement does not occur by 31 December 2025, the option may be extended for 12 months by mutual agreement upon payment of US$100,000.

**3.3.3 Terra Goyana**

Alpha Minerals signed an agreement with Terra Goyana in February 2024 covering tenements 832.149/2022 and 832.150/2022 (Terra Goyana), 818.865/1971 (Bautek), 830.914/2013 (Edem), 806.199/1973 (Sintertec), and research permit application 832.221/2021 (Bautek). The agreement is valid through 20 February 2026. An option premium of US$1,000,000 is payable by 30 June 2025 or upon exercise notification, whichever comes first, with payment negotiated to be made by 31 July 2025. The exercise price is US$5,160,000, payable in shares or cash at Alpha's discretion within 30 days of exercise notice. If a Liquidity Event (such as Rare Earth Americas becoming a public company) does not occur by 30 June 2026, the option term may be extended for up to two additional periods of 4.5 months each, subject to a supplementary premium of US$300,000 per extension. No royalties apply under this agreement.

3.4 Mineral Title

Rare Earth Americas controls 21 granted mineral titles registered with Brazil's National Mining Agency that cover a total area of approximately 59.5 km².

There are six mining concessions, and 15 exploration permits. These are listed in Table 3-1 and shown on Figure 3-1. Information on reporting, payments to retain, other obligations are provided in Table 3-1 or as footnotes to that table.

For the properties hosting the mineral resource estimates in this report, Rare Earth Americas controls 100% of the mineral rights per one or more of the agreement scenarios described in Section 3.3. The Project includes seven mineral resource deposit areas within the following concessions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•818865/1971 hosts the Pio Cipó deposit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•813944/1971 hosts the Pedra Preta deposit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•808966/1968 hosts the Varginha deposit;

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| ![img78450133_2.jpg](img78450133_2.jpg) | www.rareearthsamericas.com |
|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•800572/1969 hosts the Roseira deposit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•830914/2013 hosts the Mato Queimado deposit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•804059/1971 hosts the Clube da Uva deposit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•833020/2022 hosts the Andradas deposit.

The concessions listed in Table 3-1 are granted for a range of commodities as defined under the Mining Code. The ANM process permits the holder to adjust the commodity title prior to the granting of a mining concession, provided the holder demonstrates technical justification through exploration results.

In addition to the titles listed in Table 3-1, Rare Earth Americas holds title to 19 concessions in non-contiguous blocks distributed across the broader region. Collectively, these concessions cover 18.9 km² and to date have not been the subject of significant mineral exploration work. No formal assessment of their exploration potential has been made and they are not included in the Project area that is the subject of this Report.

3.4.1 Third Party Mineral Rights

Concession 808.966/1968 which hosts the Varginha deposit is partially overlapped by an exploration license application and a mining license application both made by Varginha Mineração Ltda, as well as an exploration concession held by Indústrias Nucleares do Brasil related to a historical uranium exploration project. These overlaps are not considered material, as the concession dates from 1968 and, under the Brazilian mining priority system, has priority over subsequent overlapping rights, which are subordinate and cannot prevail.

3.5 Surface Rights

To the Report date, Rare Earth Americas has secured verbal agreements and signed consent declarations from landowners that allow for exploration and drilling activities within the Constellation Project area. However, Rare Earth Americas does not currently hold formal surface access agreements for activities beyond exploration and drilling. Negotiations for such agreements have not yet commenced. Rare Earth Americas intends to initiate formal discussions regarding broader surface rights as the Project progresses.

All concessions hosting mineral resources listed in Table 3-1 have sufficient area to accommodate mining activities. In addition, there is sufficient space within the existing Pio Cipó tenement, outside the defined mineral resource area, to host the infrastructure required for any potential processing operation.

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| ![img78450133_2.jpg](img78450133_2.jpg) | www.rareearthsamericas.com |
|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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**Table 3-1: Mineral Title Summary Table]**

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| **Concession** | **Type** | **Area <br>(ha)** | **Annual Fee**<br>**BRL/ha** | **Annual Fee**<br>**USD/ha** | **Holder** | **State** | **Substance** | **Grant Date**<br>**DD-MM-YYYY** | **Renewal Date**<br>**DD-MM-YYYY** | **FER Due Date**<br>**DD-MM-YYYY** | **Footnote Reference** |
| **Concessions Hosting Mineral Resources**  | **Concessions Hosting Mineral Resources**  | **Concessions Hosting Mineral Resources**  | **Concessions Hosting Mineral Resources**  | **Concessions Hosting Mineral Resources**  | **Concessions Hosting Mineral Resources**  | **Concessions Hosting Mineral Resources**  | **Concessions Hosting Mineral Resources**  | **Concessions Hosting Mineral Resources**  | **Concessions Hosting Mineral Resources**  | **Concessions Hosting Mineral Resources**  | **Concessions Hosting Mineral Resources**  |
| 833.020/2022 Andradas | Exploration Permit | 91.3 | R$433 | $82.20 | Alpha Minerals Brazil Participações Ltda | Minas Gerais | Rare Earths | 07/02/2023 | 09/12/2025 | 7/02/2026 | 1 |
| 830.914/2013 Mato Queimado | Mining Concession | 120.0 | R$0 | $0.00 | Edem Empresa De Desenvolvimento Em Mineração | Minas Gerais | Bauxite | 27/06/2023 | N/A | N/A |  |
| 800.572/1969 Roseira | Mining Concession | 160.6 | R$0 | $0.00 | Mineração Andradense Ltda | Minas Gerais | Bauxite, <br>Clay, Leucite | 03/09/1980 | N/A | N/A | 2 |
| 813.944/1971 Pedra Preta | Mining Concession | 298.9 | R$0 | $0.00 | JJBF Ltda | Minas Gerais | Bauxite | 23/10/1997 | N/A | N/A |  |
| 804.059/1971 Clube da Uva | Mining Concession | 37.5 | R$0 | $0.00 | Mineração Andradense Ltda | Minas Gerais | Clay | 22/12/1978 | N/A | N/A | 2 |
| 818.865/1971 Pio Cipó | Mining Concession | 411.1 | R$0 | $0.00 | Bautek Minerais Industriais | Minas Gerais | Bauxite, <br>Clay | 20/06/2005 | N/A | N/A |  |
| 808.966/1968 Varginha | Mining Concession | 322.3 | R$0 | $0.00 | Mineração Andradense Ltda | Minas Gerais | Clay, <br>Leucite | 12/06/1980 | N/A | N/A | 2 |
| **Other Concessions** | **Other Concessions** | **Other Concessions** | **Other Concessions** | **Other Concessions** | **Other Concessions** | **Other Concessions** | **Other Concessions** | **Other Concessions** | **Other Concessions** | **Other Concessions** | **Other Concessions** |
| 833.021/2022 | Exploration Permit | 145.0 | R$687 | $130.50 | Alpha Minerals Brazil Participações Ltda | Minas Gerais | Rare Earths | 7/02/2023 | 9/12/2025 | 7/02/2026 | 1 |
| 820612/2022 | Exploration permit | 228.3 | R$1,082 | $205.43 | Alpha Minerals Brazil Participações Ltda | São Paulo | Rare Earths | 21/03/2023 | 20/01/2026 | 21/03/2026 | 1 |
| 820.611/2022 | Exploration permit | 295.6 | R$1,401 | $266.04 | Alpha Minerals Brazil Participações Ltda | São Paulo | Rare Earths | 21/03/2023 | 20/01/2026 | 21/03/2026 | 1 |
| 820.610/2022 | Exploration permit | 106.3 | R$504 | $95.65 | Alpha Minerals Brazil Participações Ltda | São Paulo | Rare Earths | 21/03/2023 | 20/01/2026 | 21/03/2026 | 1 |

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|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Concession** | **Type** | **Area <br>(ha)** | **Annual Fee**<br>**BRL/ha** | **Annual Fee**<br>**USD/ha** | **Holder** | **State** | **Substance** | **Grant Date**<br>**DD-MM-YYYY** | **Renewal Date**<br>**DD-MM-YYYY** | **FER Due Date**<br>**DD-MM-YYYY** | **Footnote Reference** |
| 833.019/2022 | Exploration permit | 438.8 | R$2,080 | $394.88 | Alpha Minerals Brazil Participações Ltda | Minas Gerais | Rare Earths | 23/03/2023 | 24/03/2026 | 23/03/2026 | 1 |
| 833.018/2022 | Exploration permit | 155.1 | R$735 | $139.55 | Brazil Royalty Corp. Participações E Investimentos Ltda | Minas Gerais | Rare Earths | 17/04/2023 | 16/02/2026 | 17/04/2026 | 13 |
| 833.015/2022 | Exploration permit | 175.2 | R$830 | $157.68 | Alpha Minerals Brazil Participações Ltda | Minas Gerais | Rare Earths | 23/03/2023 | 22/01/2026 | 23/03/2026 | 1 |
| 833.014/2022 | Exploration permit | 525.2 | R$2,490 | $472.72 | Alpha Minerals Brazil Participações Ltda | Minas Gerais | Rare Earths | 23/03/2023 | 22/01/2026 | 23/03/2026 | 1 |
| 833.013/2022 | Exploration permit | 335.9 | R$1,592 | $302.29 | Alpha Minerals Brazil Participações Ltda | Minas Gerais | Rare Earths | 23/03/2023 | 22/01/2026 | 23/03/2026 | 1 |
| 833.012/2022 | Exploration permit | 1060.4 | R$5,026 | $954.34 | Alpha Minerals Brazil Participações Ltda | Minas Gerais | Rare Earths | 23/03/2023 | 22/01/2026 | 23/03/2026 | 1 |
| 832.965/2022 | Exploration permit | 932.8 | R$4,421 | $839.50 | Alpha Minerals Brazil Participações Ltda | Minas Gerais | Rare Earths | 27/02/2023 | 29/12/2025 | 27/02/2026 | 1 |
| 830301/2024 | Exploration permit | 35.3 | R$167 | $31.79 | Brazil Royalty Corp. Participações E Investimentos Ltda | Minas Gerais | Rare Earths | 11/07/2024 | 12/05/2027 | 11/07/2027 | 13 |
| 832.150/2022 | Exploration permit | 61.1 | R$0 | $0.00 | Terra Goyana Mineradora Ltda | Minas Gerais | Ilmenite | 23/05/2023 | 24/03/2026 | 23/05/2026 | 1 |
| 832.149/2022 | Exploration permit | 12.1 | R$0 | $0.00 | Terra Goyana Mineradora Ltda | Minas Gerais | Ilmenite | 1/11/2023 | 2/09/2026 | 1/11/2026 | 1 |

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Notes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Tenement is subject to a private royalty equal to 2.5% of gross revenue from concession production in favor of Brazil Royalty Corp Participações e Investimentos Ltda.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Tenement is subject to a private royalty equal to 5% of net revenue from concession production in favour of Mineração Andradense Ltda.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.A request to transfer concession to Alpha Minerals has been filed with ANM.

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| ![img78450133_2.jpg](img78450133_2.jpg) | www.rareearthsamericas.com |
|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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**Figure 3-1: Mineral Title Location Plan**

![img78450133_4.jpg](img78450133_4.jpg)

Note: Figure prepared by Rare Earths Americas, 2025.

At this stage, any additional land required outside the current mineral title package is expected to be limited in extent and could be purchased or leased within the local district. The area surrounding the Constellation Project is largely rural and industrial, comprising privately held pastoral and agricultural land, and land availability is not currently considered by Rare Earths America to be a constraint.

3.6 Water Rights

Rare Earth Americas has not obtained any permits or agreements to extract water for exploration at the Constellation Project. Exploration to the Report date has not required water use. Future core drilling may require water, which could be commercially supplied via tankers or obtained under an agreement for temporary extraction from local sources.

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|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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Any future mining and processing operations will require a dedicated water supply. This could be sourced through commercial supply from nearby storage facilities and/or through permitted surface or groundwater extraction.

3.7 Royalties

All project concessions are subject to the CFEM (see Chapter 3.2.4.) and the State Inspection Fee. In addition, the following concessions amounting to 40% of disclosed mineral resource tonnes are subject to a private royalty equal to 5% of net revenue from concession production in favor of Mineração Andradense Ltda:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•800.572/1969 hosting the Roseira deposit,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•808.966/1968 hosting the Varginha deposit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•804.059/1971 hosting the Clube da Uva deposit.

A further private royalty equal to 2.5% of gross revenue from concession production in favor of Brazil Royalty Corp Participações e Investimentos Ltda. applies to concession:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•833.020/2022 hosting the Andradas deposit.

3.8 Encumbrances

Rare Earth Americas have advised McGarry Geoconsulting that it is not aware of any restrictions, liabilities, or claims affecting the Constellation Project mineral titles. To the company's knowledge, there are no material environmental protections, community access rights, or other encumbrances that would materially impact exploration or potential development activities, aside from localized infrastructure considerations described in Section 3.8.1 below.

A portion of regional exploration tenement 833012/2022, which does not host mineral resources, is intersected by a Municipal Environmental Protection Area. While designation does not constitute a title encumbrance and mining within such areas is not prohibited, activities in such areas are subject to additional environmental licensing and permitting requirements. These requirements are not considered material for the Constellation Project at this time.

3.8.1 Power Transmission Lines

Tenement 818.865/1971, which hosts the Pio Cipó deposit, is bisected by transmission lines that pass in a north south direction across the central portion of the deposit and fall within 250m wide corridor that covers approximately 4% of the reported mineral resource tonnes for the deposit. In addition, two regional exploration tenements 820612/2022 and 832.965/2022, which do not host mineral resources, are partially intersected by transmission lines.

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|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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The presence of the transmission lines does not affect the good standing of the REA tenements, however, exploration and mining activities within the affected area may be restricted to prevent damage to the infrastructure.

The ANM may require a reduction or modification of the mineral rights to remove interference where it is demonstrated that exploration or mining activities are incompatible with the operation and maintenance of the infrastructure, and that the public interest is better served by maintaining the transmission lines.

3.9 Environmental Considerations

Current activities at the Project are limited to mineral exploration. In Minas Gerais, the Secretaria de Estado de Meio Ambiente e Desenvolvimento Sustentável (the State Secretariat for Environment and Sustainable Development) is the designated authority responsible for monitoring environmental compliance, including the rehabilitation of drill pads and other surface disturbances resulting from exploration activities.

All exploration work undertaken to date, including auger drill pad construction and access road development, has been conducted in accordance with applicable state and local environmental regulations.

Rare Earth Americas acknowledges that any future advancement beyond the exploration stage will be subject to additional environmental permitting at both the state and federal levels. This will include requirements for environmental impact assessments, stakeholder engagement, and site rehabilitation plans.

**3.9.1 Environmental Liabilities**

Within the Roseira permit, trial mining of bauxite was conducted by the underlying titleholder over an area of approximately 0.1 km². No obvious remediation or rehabilitation was observed during site inspections, and the disturbance remains visible. The affected ground consists of shallow excavation pits and limited waste piles, which may represent a localized environmental liability.

Within the Preta Preta permit, limited mining of clay was conducted by the underlying titleholder over an area of approximately 0.05 km². The affected ground consists of shallow excavation pits and trenches, some of which are flooded, as well as small waste piles and stockpiles. These may represent a localized environmental liability.

Both the Roseira and Pedra Preta properties are currently held by Rare Earth Americas under option, and any outstanding environmental liabilities related to historical activities warrant review, should the option be exercised.

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|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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Agriculture, forestry, and ranching occur across the Project area, most intensively on the Roseira, Varginha, and Pio Cipó properties. Rare Earth Americas should determine whether environmental baseline studies are required to identify potential liabilities associated with these activities.

To the extent known to McGarry Geoconsulting, there are no environmental liabilities on the Project other than those discussed above.

3.10 Permitting Considerations

**3.10.1 Permitting Requirements** 

**Current Permit Status**

The Project is currently at the exploration stage. All exploration activities to the Report date were conducted in accordance with applicable federal and state regulations. The Project is located in the state of Minas Gerais, Brazil, and is subject to oversight by both ANM, the federal mining authority, and the Secretaria de Estado de Meio Ambiente e Desenvolvimento Sustentável (State Secretariat for the Environment and Sustainable Development or SEMAD), which is responsible for environmental permitting at the state level.

**Next Permitting Milestones**

In Brazil, mineral rights are granted on a per-substance basis. For the six tenements with mining concessions originally issued for other minerals, Brazilian law requires that any newly-identified substances be formally reported to the ANM. Under Law No. 13,575/2017 and Decree No. 9,406/2018, concession holders may continue research within granted areas to expand mineral reserves or identify new economic substances without requesting a new exploration permit.

The next permitting milestones will include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•For the six tenements with mining concessions, communicate the discovery of the new substance as soon as technical work demonstrates its occurrence and indicates potential economic interest:

oSubmit a Final Exploration Report with result;

oPresent a specific Economic Utilization Plan for rare earth elements;

oIf approved, ANM will recognize the new reserves and extend the existing mining concessions to include the additional substances as economically exploitable within the same tenements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•For the 15 exploration permits, Rare Earth Americas must submit a Final Exploration Report to ANM. Acceptance of the Final Exploration Report would formally conclude the exploration phase and authorize the commencement of the process to obtain a mining concession.

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**Future Permitting Milestones**

Following acceptance of the Final Exploration Report, Rare Earth Americas will prepare and submit an Economic Development Plan. The Economic Development Plan, which will be supported by a scoping study, must demonstrate the technical and economic viability of the proposed mining operation to ANM. Approval of the Economic Development Plan by ANM is required prior to the issuance of a mining concession.

In parallel with the ANM process, Rare Earth Americas will initiate the environmental licensing process with SEMAD. This process typically consists of three stages:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•a Preliminary License (Licença Prévia), which assesses a project's environmental feasibility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•an Installation License (Licença de Instalação), which authorizes the commencement of construction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•an Operation License (Licença de Operação), which allows for the commencement of mining operations.

Each license is granted following the submission and review of the required environmental impact assessments and supporting documentation.

**3.10.2 Permitting Timelines**

For the six tenements with mining concessions, Rare Earth Americas intends to communicate the discovery of rare earth elements to the ANM once their economic significance has been confirmed through a scoping study. Completion of the study will require an additional phase of drilling, currently planned for 2026/2027.

The results of this program would support the preparation and submission of a Final Exploration Report in about 2027/2028. Following ANM approval of the Final Exploration Report, Rare Earth Americas would have 12 months to submit a specific Economic Utilization Plan for rare earth elements.

If the Economic Utilization Plan is accepted, the existing mining concessions could be amended to include rare earth elements as economically exploitable substances by approximately 2028. In parallel, any inclusion of rare earth elements within the concessions will require review and, if necessary, amendment of the current environmental operating license (Licença de Operação) to incorporate the new mineral and related processing activities.

For the 15 tenements with granted exploration permits, Rare Earth Americas is undertaking the work necessary to support the preparation of Final Exploration Reports which are due at various dates in 2026 and 2027.

All permitting efforts will be aligned with the advancement of the Project toward more detailed studies.

Date: 25 March 2026 Page 3-14

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| ![img78450133_2.jpg](img78450133_2.jpg) | www.rareearthsamericas.com |
|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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**3.10.3 Permit Conditions**

For all permits, the applicant must be legally established in Brazil and in good standing with the relevant authorization authorities. Table 3-2 summarizes application and permit requirements.

**Table 3-2: Application and Permit Requirements** 

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|:---|:---|
| &nbsp;&nbsp;**Permit** | &nbsp;&nbsp;**Requirement** |
| &nbsp;&nbsp;Approval of the Research Authorization | &nbsp;&nbsp;Requires submission of exploration permit application and technical exploration plan detailing objectives, methods, and timelines. The proposed activities must be compatible with land use and environmental constraints. |
| &nbsp;&nbsp;Final Exploration Report | &nbsp;&nbsp;Must be submitted within the granted Research Authorization period and must provide a verifiable summary of exploration activities, results, geological interpretations, and conclusions on economic potential. Fieldwork must comply with environmental and land access regulations. Where applicable, the report should include a statement of Mineral Resources classified according to recognized national or international standards. If economically viable mineralization is identified, the Final Exploration Report should be followed a mining concession application with an Economic Development Plan. |
| &nbsp;&nbsp;Economic Development Plan | &nbsp;&nbsp;Must include a Mineral Resource or Mineral Reserve estimate supported by appropriate technical data and classified according to recognized national or international standards. The submission must include a clear and economically viable mining plan, processing plan and development timeline, all defined at a minimum of Scoping Study level. The proposed operation must also be compatible with environmental regulations, with relevant environmental licensing procedures either underway or completed to a sufficient degree to demonstrate feasibility. |
| &nbsp;&nbsp;Preliminary Environmental License | &nbsp;&nbsp;**T**he applicant must submit a formal request along with supporting documentation. For projects with potentially significant environmental impacts, an Environmental Impact Study and a Public Summary document must be submitted and may be subject to public hearings. The project must also be compatible with local land use and zoning laws and must not conflict with protected areas or indigenous lands without appropriate authorizations. SEMAD conducts a technical review of all submitted materials, and the Preliminary Environmental License is granted if the project is deemed environmentally viable. The Preliminary Environmental License does not authorize construction but allows the project to proceed to the next licensing stage. |

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Date: 25 March 2026 Page 3-15

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| ![img78450133_2.jpg](img78450133_2.jpg) | www.rareearthsamericas.com |
|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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**3.10.4 Violations and Fines**

There are no current material violations or fines as understood in the United States mining regulatory context that apply to the Project.

3.11 Social Considerations

No stakeholder consultations have been undertaken to date in relation to the Constellation Project.

3.12 Significant Factors and Risks That May Affect Access, Title or Work Programs

To the extent known to McGarry Geoconsulting, there are no other significant factors and risks that may affect access, title, or the right or ability to perform work on the Project that are not discussed in this Report.

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| ![img78450133_2.jpg](img78450133_2.jpg) | www.rareearthsamericas.com |
|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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4.0 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY

4.1 Physiography

The Poços de Caldas region is characterized by an elevated plateau with steep escarpments and a roughly circular morphology of approximately 35 km in diameter. This elevated structure is the surface expression of the Poços de Caldas alkaline complex, one of the world's largest alkaline intrusions.

**4.1.1 Elevation**

The plateau reaches elevations of 1,300 to 1,600 meters above sea level (masl), contrasting sharply with the surrounding lower relief terrain (around 800–1,000 masl).

The permits that host mineral resource estimates range in elevation from 1,250 masl to 1350 masl. The highest elevations occur on the Pedra Preta tenement at the center of the Poços de Caldas alkaline complex where they reach 1450 masl. The lowest elevation of 950 masl occurs on the Andradas tenement where a valley intersects the southern rim of the Poços de Caldas alkaline complex.

**4.1.2 Topography**

On the Pio Cipó, Roseira, Varginha tenements, topography is gently undulating with hills bisected by subdued radial and dendric drainage, with changes in elevation limited to 100 m or less.

The Pedra Preta tenements, at the centre of the complex, occur on a broad, elevated crest extending to a maximum elevation of 1,450 masl, which is 100 m higher than the surrounding north–northwest orientated drainage channels.

The Andradas tenements on the southern rim of the Poços de Caldas alkaline complex are characterised by a roughly east–west ridgeline that is intersected by a radial drainage depression resulting in a steep elevation difference of approximately 400 m across the tenement areas.

**4.1.3 Vegetation**

The Poços de Caldas Plateau lies in a transition zone between the seasonal semi-deciduous forests of the Atlantic Forest biome and the High-altitude grassland savanna formations of the Cerrado biome.

Most of the tenement areas have been altered by agricultural activities. The Poços de Caldas basin supports a diverse range of farming activities, including temporary crops such as beans, onions, potatoes, soybeans, corn, and various horticultural products, as well as permanent crops such as olive trees. The region also contains planted forest areas, primarily composed of eucalyptus plantations.

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| ![img78450133_2.jpg](img78450133_2.jpg) | www.rareearthsamericas.com |
|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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A summary of the main vegetation types is given in Table 4-1 for tenements hosting mineral resources at the Constellation Project.

**Table 4-1 Description of Vegetation** 

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|:---|:---|
| &nbsp;&nbsp;**Deposit**  | &nbsp;&nbsp;**Description of Vegetation** |
| &nbsp;&nbsp;Pio Cipó | &nbsp;&nbsp;The vegetation cover in this area is primarily associated with temporary crop cultivation (such as potatoes and onions) and eucalyptus plantations. The native vegetation fragments are small (e.g <3%) and are associated with seasonal semi-deciduous forest. |
| &nbsp;&nbsp;Pedra Preta | &nbsp;&nbsp;A large portion of this area is covered by eucalyptus plantations. However, there are some native vegetation fragments present, associated with seasonal semi-deciduous forest remnants which cover approximately 20–30%% of the tenement. |
| &nbsp;&nbsp;Varginha | &nbsp;&nbsp;The tenement is almost entirely covered by arable areas used for temporary crops such as corn, soybeans, and horticultural produce (in the southwestern portion).<br>The northern portion of the tenement is primarily dedicated livestock grazing.<br>A small pine plantation is also present at the south of the tenement. Vegetation found along drainage channel margins belongs to the seasonal semi-deciduous Atlantic Forest biome and accounts for <3% of the tenement area. |
| &nbsp;&nbsp;Roseira | &nbsp;&nbsp;The tenement is predominantly covered by temporary crops (such as potatoes, soybeans, and corn), as well as livestock areas (pastures). To the north there are eucalyptus plantations. The vegetation found along drainage channel margins belongs to the seasonal semi-deciduous Atlantic Forest biome and accounts for ~5% of the tenement area. |
| &nbsp;&nbsp;Mato Queimado | &nbsp;&nbsp;The vegetation cover within this area consists of eucalyptus plantations (regularly planted in rows), pasture areas used for livestock farming, and native forest (seasonal semi-deciduous forest) associated with the drainage zone.  |
| &nbsp;&nbsp;Clube da Uva | &nbsp;&nbsp;The vegetation cover within this area consists of eucalyptus plantations and pasture areas used for livestock grazing. Native forest (seasonal semi-deciduous forest) is associated with the drainage zone. In the eastern portion of the tenement a small enclave of Atlantic Forest biome and accounts for ~5% of the tenement area. |
| &nbsp;&nbsp;Andradas | &nbsp;&nbsp;These tenement areas are located in the Serra de Andradas, a higher-altitude region. The vegetation covering the entirety of this tenement represents fragments of the mixed ombrophylous (thriving in heavy rainfall areas) forest. |

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Overall, the vegetation cover across the Project area has been extensively modified by agricultural and plantation use. Protected native forest biomes are limited in extent, and the current land use is compatible with the current stage of mineral project development.

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| ![img78450133_2.jpg](img78450133_2.jpg) | www.rareearthsamericas.com |
|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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4.2 Accessibility

All of the mineral titles are situated within 50 km of federal highway BR-381, which links the industrial hubs of São Paulo (270 km by road) and Belo Horizonte (460 km by road), providing access to regional infrastructure.

The various tenements can be reached from BR-381 via federal highway BR-459, which is located 10–15 km to the east of the Project center, or from BR-146, situated 5 km to the west of the Project center. From these highways, access within the concessions is facilitated by local all-weather roads.

The Project is in close proximity to transcontinental road and rail networks, as well as international maritime links.

The closest major airport is the Guarulhos–Governador André Franco Montoro International Airport in São Paulo.

4.3 Climate

The climate in the Project area is tropical savanna, classified as 'Aw' under the Köppen climate classification system.

The average annual temperature is about 22.3°C. The highest average temperatures are observed in March, reaching around 23.9°C. July is the coldest month, with temperatures averaging 20.2°C.

The annual precipitation in the area averages 633 mm. Rainfall is irregularly distributed, with most of the rain occurring from October–April.

**4.3.1 Length of Operating Season**

Field exploration operations can be conducted throughout the year except for short periods of intense rainfall during the summer season, which may affect drilling capabilities.

Mining operations in the region, supported by the necessary infrastructure, operate year-round. It is expected that any future mining activity in the Project area would be year-round.

4.4 Infrastructure

The Project is surrounded by small cities and towns. Poços de Caldas, the nearest municipality, has a population of approximately 168,640 and offers amenities to support mineral exploration, including: food, accommodation, fuel, automotive services, and medical facilities.

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| ![img78450133_2.jpg](img78450133_2.jpg) | www.rareearthsamericas.com |
|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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The Project is within general proximity of the Port of Santos, situated 365 km from the Project area, which could be used to support the transport of freight, heavy machinery, and mineral products to and from the Project area for any future mining operation.

The Cubatão Petrochemical Complex is 338 km from the Project site and is a source of ammonium sulphate and sulfuric acid supply.

**4.4.1 Water**

Water for future operations could be sourced from several nearby storage facilities. The mineral tenements are generally located within 5–10 km of major reservoirs, including Represa do Cipó, with a storage capacity of approximately 32 Mm<sup>3</sup>, and Represa Bortolan, with approximately 7 Mm<sup>3</sup>, as well as numerous smaller reservoirs and waterways distributed across the district. Mineral tenures such as Pio Cipó and Varginha, which could provide suitable space for locating processing facilities, are adjacent to these reservoirs and could be supplied via short pipeline connections.

**4.4.2 Electricity and Power**

The Poços de Caldas district is well served by numerous high-capacity power lines and natural gas pipelines, providing potential energy sources for future mining operations. All tenements hosting mineral resources are either crossed by, or located within approximately 4 km of, a 138 kV electrical transmission lines, enabling straightforward connection to regional power infrastructure. A major natural gas pipeline runs approximately 60 km east of the district, offering an additional energy source for potential processing facilities.

**4.4.3 Personnel**

All of the current manual labor requirements for the Project, which consist of exploration activities, are met by personnel from nearby communities.

Recruitment from outside the area may be required to secure experienced and competent senior personnel for mining operations.

**4.4.4 Supplies**

São Paulo has a population of approximately 12.3 million and can provide equipment, supplies, and manpower required for any future mining operations.

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| ![img78450133_2.jpg](img78450133_2.jpg) | www.rareearthsamericas.com |
|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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5.0 HISTORY

There is no known previous exploration for rare earth elements in the Project area prior to Rare Earths Americas' interest in the Project.

In 2023, Alpha Minerals Brazil Participações Ltda, (Alpha Minerals) a wholly-owned subsidiary of Rare Earth Americas, undertook a countrywide mineral prospectivity review targeting rare earth elements. The review identified the Poços de Caldas alkaline intrusion as a highly prospective geological setting, with favorable bedrock mineralization and documented occurrences of ionic adsorption clay mineralization developed in the overlying regolith. Based on these results, Alpha Minerals initiated a strategic program to secure mineral rights in the region.

Rare Earth Americas was created as the holding company for the Project in January 2023 with Alpha Minerals becoming a wholly-owned subsidiary of Rare Earth Americas.

Securing mineral rights was achieved through the staking of exploration claims and through option agreements with existing mineral rights holders:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Alpha Minerals staked five exploration tenements granted by ANM between February and March 2023;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Brazil Royalty Corp. Participações e Investimentos Ltda (an affiliate company of Rare Earth Americas with overlapping ownership to Alpha Minerals) staked two exploration concession granted by ANM between April 2023 and July 2024. A request to transfer these concessions to Alpha mineral on December 10, 2024;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•On 17 August 2023, Alpha Minerals entered into an option agreement with Mineração Andradense Ltda for mineral rights covering the Roseira (800.572/1969), Clube da Uva (804.059/1971), and Varginha (808.966/1968) deposit areas (see Chapter 3.3);

Auger drilling commenced at the Project on the Roseira and Clube da Uva properties in June 2023;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•On 25 September 2023, Alpha Minerals entered into an option agreement with JJBF Ltda for mineral rights at the Pedra Preta deposit (813.944/1971). This agreement was subsequently renegotiated on 30 December 2024 (see Chapter 3.3);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•On 24 February 2024, Alpha Minerals entered into an option agreement with Terra Goyana Mineração Ltda covering the Pio Cipó (818.865/1971) and Mato Queimado (830.914/2013) tenements, along with two additional properties. This agreement was renegotiated on 22 February 2025 (see Chapter 3.3);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•In July 2024 exploration at the Project ceased due to the exhaustion of the then-budgeted exploration funds.

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| ![img78450133_2.jpg](img78450133_2.jpg) | www.rareearthsamericas.com |
|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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6.0 GEOLOGICAL SETTING, MINERALIZATION, AND DEPOSIT

6.1 Deposit Type

The Constellation Project hosts rare earth element mineralization in the form of ionically adsorbed rare earth elements bound to clay minerals within the regolith developed over the regional Poços de Caldas alkaline complex. Although ionic adsorption clay deposits are not currently classified within the USGS Mineral Deposit Model series , the deposit type is well defined in the geological literature.

The bedrock source of rare earth elements at the Project is the Poços de Caldas alkaline complex, which is described by USGS Deposit Model 10 - *Carbonatite and alkaline intrusion-related rare earth element deposits* (Verplanck and Van Gosen, 2011).

Residual deposits of rare earth element-bearing clays, termed ion-adsorption clays, are associated with weathered rare earth element-enriched granites.

During weathering, water and other agents break down the granitic host and minerals releasing rare earth elements as trivalent ions into solution. These fluids then migrate downwards through the regolith and rare earth element ions may become adsorbed within the interlayer spaces of clay minerals, such as kaolinite, halloysite, smectite or illite. The Project has areas that are prospective for such clay-hosted rare earth element mineralization, and some of the tested clays display an ionic character.

The weathered, rare earth element-rich zones typically range from 3–10 m thick and can be divided into four layers based on mineralogy:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•An upper layer dominated by soil (0–2 m in thickness);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•A strongly weathered zone enriched in rare earth element (5–10 m),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•A semi-weathered layer (3–5 m);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•A weakly weathered zone with the same minerals as the original rock (Castor and Hedrick, 2006; Kanazawa and Kamitani, 2006).

6.2 Regional Geology

The Poços de Caldas alkaline complex, located in southeastern Brazil, represents one of the largest alkaline intrusions in the world, covering an area of approximately 800 km².

Formed during the Late Cretaceous, the complex is part of the larger Paraná–Etendeka igneous province, which is associated with the rifting and break-up of the Gondwana supercontinent and the opening of the South Atlantic Ocean. The complex and contains a series of alkaline rock occurrences associated with Neocretaceous–Eocene magmatism that occurred across the south, southeast, and central–west regions of Brazil (Ulbrich et al., 2005; Almeida et al., 2012). In areas of tectonic reactivation, typically along zones of weakness in the Precambrian basement, this magmatism resulted in the formation of circular to elliptical intrusive bodies.

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| ![img78450133_2.jpg](img78450133_2.jpg) | www.rareearthsamericas.com |
|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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The alkaline rock occurrences, primarily situated near the Paraná Basin, mainly consist of intrusive bodies such as dykes and sills and extrusive formations including lava flows and associated volcaniclastic deposits. Rocks undersaturated to unsaturated in silica with high potassium content with compositions ranging from felsic to mafic and ultramafic, including syenites, nephelinolites, gabbro, peridotites, kamafugites, and carbonatites.

The Poços de Caldas alkaline complex has been subject to deep weathering and the formation of lateritic duricrusts with deep regolith profiles. Intense deuteric, hydrothermal, and weathering processes have resulted in widespread mineralization within the complex, primarily of bauxite, as well as uranium, molybdenum, zirconium, potassium, and clay minerals (Takehara et al., 2015).

Bedrock weathering has produced a well-developed regolith with an average thickness of 35 m, enhancing the potential for secondary rare earth element mineralization in saprolite (ionic clay). Based on this prospectivity, and because of rare earth discoveries on adjacent properties (see Section 20). Rare Earth Americas acquired the mineral tenures detailed in this Report.

6.3 Local Geology

**6.3.1 Poços de Caldas Alkaline Complex** 

The Poços de Caldas alkaline complex is characterized by an elevated topography, resulting from the erosion of softer materials surrounding the more resistant alkaline rocks, which produces a distinctive circular structure roughly 30 km in diameter.

The complex is composed predominantly of (Figure 6-1):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Felsic alkaline volcanic rocks, particularly phonolites. Geochemically, the most rare earth element-enriched phonolitic rocks appear to be the more agpaitic (peralkaline) varieties (Gomes et al., 2023);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Subvolcanic and plutonic equivalents such as tinguaites and nepheline-syenites;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Alkaline mafic and ultramafic rocks, including circumferential and radial dykes, which delineate the main circular structure.

Rare earth element deposits are lithological associated with phonolites and their volcaniclastic products, as well as their subvolcanic and intrusive equivalents. Primary rare earth element minerals include bastnasite (fluorocarbonate), monazite (phosphate), and eudialyte (silicate), with secondary processes leading to the release and adsorption of rare earth element ions onto clay minerals.

Within the Poços de Caldas alkaline complex, there is evidence of hydrothermal fluid percolation associated with alkaline magmatism, and higher total rare earth oxide grades are associated with hydrothermal alteration of brittle structures.

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| ![img78450133_2.jpg](img78450133_2.jpg) | www.rareearthsamericas.com |
|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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**Figure 6-1: Geology Plan, Poços de Caldas Alkaline Complex**

![img78450133_5.gif](img78450133_5.gif)

Note: Note: Figure prepared by Rare Earths Americas, 2025. Black outlines show mineral concessions held by Rare Earths Americas.

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| ![img78450133_2.jpg](img78450133_2.jpg) | www.rareearthsamericas.com |
|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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**6.3.2 Regolith Profile**

The weathering profile can be divided into an rare earth element-leached zone in the upper part of the profile and an rare earth element accumulation zone with more ion-exchangeable rare earth elements in the lower part of the profile.

Rare Earths Americas have used a weathering intensity proxy for the identification of ionically absorbed to clay rare earth element enrichment within the Project area. This is defined geochemically using the "chemical index of alteration" defined by Goldberg and Humayun (2010) and Nesbit and Young (1982). The chemical index of alteration is a recognised measure for chemical weathering during the production of clastic sediments, being the degradation of feldspars and the formation of clay minerals during weathering.

The chemical index of alteration is denoted with the following ratio:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•CIA = (Al2O3/Al2O3+ CaO\*+Na2O+K2O) × 100.

The weathering profile in the Project area is summarized by stratigraphic unit in Table 6-1.

**Table 6-1: Stratigraphic Column Through Weathering Profile**

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| &nbsp;&nbsp;**Profile Element** | &nbsp;&nbsp;**Note** |
| &nbsp;&nbsp;Mottled zone | &nbsp;&nbsp;CIA >95% indicates an extremely weathered mottled zone, averaging a depth of 5.5 m. Here, REE-bearing minerals dissolve in acidic soil water, transporting REEs downward as aqueous complexes or REE<sup>3+</sup>, creating a REE-leached zone with low REE grades |
| &nbsp;&nbsp;Saprolite  | &nbsp;&nbsp;CIA 65–95%, which has been drilled to an average depth of 14 m but typically extends to an average depth of 25 m in sonic drilling. In this zone, REE-bearing fluids mix with less acidic groundwater, causing REEs to become immobilized by adsorption to ionic clay or incorporation into secondary minerals |
| &nbsp;&nbsp;Saprolite accumulation zone  | &nbsp;&nbsp;Heavy rare earth oxide enrichment with depth. |
| &nbsp;&nbsp;Saprock | &nbsp;&nbsp;CIA 50–65% indicates saprock. The base of the saprock has not been tested, so its thickness is unknown |
| &nbsp;&nbsp;Fresh rock  | &nbsp;&nbsp;CIA <50% indicates fresh rock |

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Note: CIA = chemical index of alteration; REE = rare earth element(s).

Figure 6-2 is a stratigraphic profile that shows an example of the strip log stratigraphy from a selected drill hole plotted against the chemical index of alteration schematic ionic adsorption clay model. The vertically orientated 15.35 m long auger drill hole is located at 348,743 mE, 7,582,384 mN (SIRGAS Projection UTM Zone23S) at the Mato Queimado deposit and is representative of the typical regolith stratigraphy at the Constellation Project.

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| ![img78450133_2.jpg](img78450133_2.jpg) | www.rareearthsamericas.com |
|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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**Figure 6-2: Example Strip Log Stratigraphy**![img78450133_6.jpg](img78450133_6.jpg)

Note: Figure prepared by Rare Earths Americas, 2024. Drill Hole STPC0195 (right) and Schematic Ionic Adsorption Clay Model (left)

6.4 Deposit Geology

**6.4.1 Pio Cipó Deposit**

**Deposit Dimensions**

The Pio Cipó deposit extends approximately 3,500 m north–south and 3,638 m east–west, with a surface area of 4.75 km². The average depth of the deposit is approximately 18 m.

**Bedrock Geology**

The bedrock is composed predominantly of intrusive syenitic rocks, which represent the main protolith and occupy the majority of the deposit area. Subvolcanic to shallow intrusive tinguaites are present in the western portion of the deposit. No mapped structures have been identified in the area.

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|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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**Regolith and Weathering**

The weathering profile includes soil, laterite, mottled zone, and saprolite horizons (Figure 6-3). Soil thickness ranges from 0.4–1.2 m, averaging 0.94 m. A thin laterite horizon is logged across the deposit, with thicknesses ranging from 0.9–4.3 m and averaging 0.89 m. The mottled zone is discontinuous, with typical thicknesses between 1.1–2.5 m and an average of 1.88 m. Saprolite is of variable thickness and has been intersected to depths of up to 30 m below surface in the southwestern portion. It occurs at an average depth of 2.83 m, with typical thicknesses between 10.1–18.7 m, and is modelled to a maximum of 37.3 m.

**Figure 6-3: Pio Cipó Example Geological Cross-Section**![img78450133_7.jpg](img78450133_7.jpg)

Note: Figure prepared by McGarry Geoconsulting, 2025. Figure shows Pio Cipó regolith units and drill samples coloured by total rare earth oxide–CeO2 grade.

**Mineralization**

Ionic clay mineralization is encountered throughout the entire deposit, with significant rare earth grades exceeding 1,000 ppm total rare earth oxide (TREO) observed in the northern third and southeastern portions of the deposit.

The regolith exhibits a thin ionic clay rare earth profile with leached upper horizons to depths of approximately 3 m, which transitions downward into a discontinuous rare earth accumulation zone, with neodymium–praseodymium (NdPr):TREO ratios commonly reaching up to 30% close to surface. The rare earth profile is only partially tested by auger drilling at the deposit and most holes end in mineralization.

An example cross-section through the mineralization was provided in Figure 6-3.

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| ![img78450133_2.jpg](img78450133_2.jpg) | www.rareearthsamericas.com |
|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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**6.4.2 Pedra Preta Deposit**

**Deposit Dimensions**

The Pedra Preta deposit has a defined north–south extent of approximately 2,550 m and an east–west extent of 2,279 m, covering a surface area of 3.83 km². The average depth of the deposit is approximately 24 m.

**Bedrock Geology**

The deposit is hosted predominantly in intrusive syenitic rocks, which represent the main protolith and underlie the majority of the deposit area. A secondary lithological unit comprising subvolcanic to shallow intrusive tinguaites occurs as a narrow protrusion along the eastern margin of the deposit. No significant structural features or fault systems have been mapped within the Pedra Preta area.

**Regolith and Weathering**

The regolith profile at Pedra Preta is well preserved, exhibiting a complete and laterally extensive weathering sequence that includes soil, laterite, mottled zone, and saprolite horizons (Figure 6-4).

**Figure 6-4: Pedra Preta Example Geological Cross-Section**

![img78450133_8.jpg](img78450133_8.jpg)

Note: Figure prepared by McGarry Geoconsulting, 2025. Figure shows Pedra Preta regolith units and drill samples coloured by total rare earth oxide–CeO2 grade.

Date: 25 March 2026 Page 6-7

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| ![img78450133_2.jpg](img78450133_2.jpg) | www.rareearthsamericas.com |
|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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The soil horizon is thin, with a typical thickness range of 0.5–1.6 m and an average thickness of 1.15 m. It is discontinuously distributed across the tenement area. Lateritic development is most pronounced in the northern third and southeastern areas of the deposit, where laterite thickness ranges from 0.6–4.1 m, averaging 0.81 m.

The mottled zone is well developed across the entire property and is typically 1.7–4.6 m thick, with an average of 3.40 m. It is locally shallower in areas of surface erosion and drainage concentration.

The saprolite horizon is the most extensive weathered unit and hosts the majority of the rare earth mineralization. It occurs at an average depth of 4.55 m below surface, with typical thicknesses ranging from 14–23.2 m. The average modelled thickness is 19.18 m, and maximum thickness exceeds 41 m in the central portion of the deposit, where the deepest development of weathering has been interpreted.

**Mineralization**

Ionic clay mineralization is encountered throughout the entire deposit, with significant rare earth grades exceeding 1,000 ppm TREO observed consistently across the regolith profile from surface. The highest concentrations are found in well-developed saprolite zones, particularly in the central and southern parts of the deposit, where grades exceed 3,000 ppm TREO.

The regolith exhibits a well-defined ionic clay rare earth profile. The upper horizons are leached, retaining high residual cerium, which transitions downward into a distinct rare earth accumulation zone within the saprolite to an average depth of 5 m. This accumulation zone is enriched in neodymium and praseodymium, with NdPr:TREO ratios commonly reaching up to 30% at depths approaching 10 m.

The rare earth profile is fully tested by sonic drilling. Significant NdPr mineralization is present throughout the regolith; however, both TREO grades and the proportion of NdPr begin to decline toward the base of the profile from around 30 m depth.

An example cross-section through the mineralization was provided in Figure 6-4.

**6.4.3 Varginha Deposit**

**Deposit Dimensions**

The Varginha deposit has an area of 3.35 km² and extends 2,780 m north–south and 2,007 m east–west. The average deposit depth is approximately 20 m.

**Bedrock Geology**

The deposit is underlain by subvolcanic to shallow intrusive tinguaites across the entire area. No mapped structural features are recorded within the deposit.

Date: 25 March 2026 Page 6-8

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| ![img78450133_2.jpg](img78450133_2.jpg) | www.rareearthsamericas.com |
|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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**Regolith and Weathering**

The weathering profile is continuous and includes all major horizons (Figure 6-5).

Soil thickness ranges from 0.3–1.1 m, averaging 0.88 m. Laterite horizons are discontinuous and thin, developed primarily in the northwest and central portions of the deposit, with thicknesses between 0.2–2.9 m and an average of 0.33 m. The mottled zone ranges from 1.0–3.4 m thick, averaging 2.39 m, and is present across the tenement. The saprolite horizon is well developed and has been tested through sonic drilling to depths of 36 m below surface. It occurs at an average depth of 3.28 m, with typical thicknesses between 14.1–18.8 m, and reaches a maximum of 36.61 m.

**Figure 6-5: Varginha Example Geological Cross-Section**![img78450133_9.jpg](img78450133_9.jpg)

Note: Figure prepared by McGarry Geoconsulting, 2025. Figure shows Varginha regolith units and drill samples coloured by total rare earth oxide–CeO2 grade.

**Mineralization**

Ionic clay mineralization is encountered across the entire deposit, with significant rare earth grades exceeding 1,000 ppm TREO observed consistently across the regolith profile. The highest rare earth concentrations exceeding 3,000 ppm TREO, and thicknesses are found in elevated pediment zones that trend north south, with numerous east-west orientated spurs. The regolith exhibits a well-defined ionic clay rare earth profile. The leached upper horizons transition downward into a thick rare earth accumulation zone in saprolite that is enriched in neodymium and praseodymium beyond a depth of ~5 m to a maximum drill tested depth of 36 m.

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| ![img78450133_2.jpg](img78450133_2.jpg) | www.rareearthsamericas.com |
|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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The pediment surrounds shallow dendric drainage basins associated with lower-grade mineralization close to surface. In these areas water ingress limits the depth of drilling ionic clay rare earth profile is only partially tested to depths of 10 m or less.

The rare earth profile is only partially tested by auger drilling at the deposit and most auger holes end in mineralization.

**6.4.4 Roseira Deposit**

**Deposit Dimensions**

The Roseira deposit spans 1.72 km², with an approximate north–south extent of 1,640 m and an east–west extent of 1,771 m. The average depth of the deposit is approximately 24 m.

**Bedrock Geology**

The bedrock geology is dominated by subvolcanic to shallow intrusive tinguaites. Syenitic rocks occur as a secondary lithology in the northeastern half of the deposit. No major structures have been identified in the area.

**Regolith and Weathering**

The weathering profile is well developed (Figure 6-6).

**Figure 6-6: Roseira Example Geological Cross-Section**![img78450133_10.jpg](img78450133_10.jpg)

Note: Figure prepared by McGarry Geoconsulting, 2025. Figure shows Roseira regolith units and drill samples coloured by total rare earth oxide–CeO2 grade.

Date: 25 March 2026 Page 6-10

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| ![img78450133_2.jpg](img78450133_2.jpg) | www.rareearthsamericas.com |
|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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Soil thickness ranges from 0.5–1.6 m, with an average of 1.15 m. Laterite is limited to two small occurrences of less than 200 m², with thicknesses ranging from 0.2–1.6 m and an average of 0.27 m. The mottled zone is best developed in areas of elevated topography, where it reaches up to 10 m in thickness. Across the deposit, the zone typically ranges from 1.2–3.3 m thick, averaging 2.43 m. Saprolite is well developed and has been confirmed through sonic drilling to depths of up to 40 m below surface. It lies at an average depth of 3.59 m and displays typical thicknesses between 18.3–23.4 m, with a maximum thickness of 33.74 m.

**Mineralization**

Ionic clay mineralization is encountered across deposit, with significant rare earth grades exceeding 1,000 ppm TREO observed consistently across the regolith profile. The highest concentrations are found in well-developed saprolite zones in the central and southern west parts of the deposit where grades exceed 3,000 ppm TREO.

The regolith exhibits a well-defined ionic clay rare earth profile, particularly in sonic hole SSPC001 The upper horizons are leached, retaining high residual cerium, which transitions downward into a distinct rare earth accumulation zone within the saprolite a an average depth of 5 m. This accumulation zone is enriched in neodymium and praseodymium, with NdPr:TREO ratios commonly reaching up to 20% to depths of 15 m. Significant NdPr mineralization is present throughout the regolith; however, both TREO grades and the proportion of NdPr begin to decline toward the base of the profile at an average depth of 24 m.

An example cross-section through the mineralization was provided in Figure 6-6.

**6.4.5 Mato Queimado Deposit**

**Deposit Dimensions**

The Mato Queimado deposit covers an area of 1.35 km² and extends approximately 1,270 m north–south and 2,228 m east–west. The average deposit depth is 14 m.

**Bedrock Geology**

The bedrock consists entirely of subvolcanic to shallow intrusive tinguaites. Hydrothermally altered rocks occur as a secondary lithology in a zone in the southern part of the deposit. The area is structurally complex, being bisected by two northeast-trending faults.

**Regolith and Weathering**

The weathering profile includes a moderately developed regolith sequence (Figure 6-7). Soil is 0.6–1.8 m thick, averaging 1.31 m. Laterite is patchy and discontinuous, with a thickness range of 0.8–3.4 m and an average of 0.86 m. The mottled zone is thin and ranges from 0.2–1.1 m in thickness, with an average of 0.74 m.

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| ![img78450133_2.jpg](img78450133_2.jpg) | www.rareearthsamericas.com |
|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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**Figure 6-7: Mato Queimado Example Geological Cross-Section**![img78450133_11.jpg](img78450133_11.jpg)

Note: Figure prepared by McGarry Geoconsulting, 2025. Figure shows Mato Queimado regolith units and drill samples coloured by total rare earth oxide–CeO2 grade.

Saprolite has been tested by drilling to depths of 20 m below surface, especially in the central and eastern portions of the deposit. It occurs at an average depth of 2.05 m, has a typical thickness of 8.4–15 m, and reaches a maximum thickness of 31.72 m.

**Mineralization**

Ionic clay mineralization is encountered across the entire deposit, with significant rare earth grades exceeding 1,000 ppm TREO observed consistently across the regolith profile from surface. The regolith exhibits a well-defined ionic clay rare earth profile. The leached upper horizons transitions downward into a thin rare earth accumulation zone in saprolite that is enriched in neodymium and praseodymium beyond a depth of 2 m to a maximum drill tested depth of 15 m.

The highest rare earth concentrations exceeding 3,000 ppm TREO, and thicknesses are found in slope and pediment zones either side of a drainage channel that runs across the tenement area from west to east. Within the eroded channel, and along the crest of surrounding hills, the mineralization is lower grade, and saprolite horizons are less developed.

The rare earth profile is only partially tested by auger drilling at the deposit and most auger holes end in mineralization.

An example cross-section through the mineralization was provided in Figure 6-7.

Date: 25 March 2026 Page 6-12

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| ![img78450133_2.jpg](img78450133_2.jpg) | www.rareearthsamericas.com |
|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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**6.4.6 Clube da Uva Deposit**

**Deposit Dimensions**

The Clube da Uva deposit occupies a compact area of 0.4 km², with a north–south extent of 490 m and an east–west extent of 778 m. The average deposit depth is 21 m.

**Bedrock Geology**

The geology is composed of hydrothermally altered phonolitic rocks. No structural features have been mapped in the deposit area.

**Regolith and Weathering**

The weathering profile includes a moderately developed regolith sequence (Figure 6-8).

Soil is present with a thickness range of 0.6–1.5 m and an average of 1.13 m. Laterite is absent from the regolith profile. The mottled zone is thin, ranging from 0.3–1.6 m thick, with an average of 1.03 m. It is discontinuously distributed across the tenement area. Saprolite has been confirmed by limited auger drilling, which reached depths of 11.5 m below surface. Saprolite occurs at an average depth of 2.16 m and shows typical thicknesses between 15.2–22.2 m, with a maximum of 31.61 m.

**Figure 6-8: Clube da Uva Example Geological Cross-Section**

![img78450133_12.jpg](img78450133_12.jpg)

Note: Figure prepared by McGarry Geoconsulting, 2025. Figure shows Clube da Uva regolith units and drill samples coloured by total rare earth oxide–CeO2 grade.

Date: 25 March 2026 Page 6-13

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| ![img78450133_2.jpg](img78450133_2.jpg) | www.rareearthsamericas.com |
|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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**Mineralization**

Mineralisation exceeding 1,000 ppm TREO is present within a thin regolith horizon across the Clube da Uva tenement. In the northeast corner, grades reach up to 4,000 ppm TREO within 5 m of surface. The rare earth profile at the deposit remains only partially defined due to limited shallow auger drilling. Although the ionic clay rare earth element distribution is not well constrained, drilling at hole STPC0003 (335508mE / 7570840mN - refer to Figure 6-8) reveals a cerium-enriched, NdPr-depleted mottled zone to a depth of 7 m. Below this, NdPr:TREO ratios increase significantly from approximately 2% to 20% at the end of the hole (11.5 m depth).

An example cross-section through the mineralization was provided in Figure 6-8.

**6.4.7 Andradas Deposit**

**Deposit Dimensions**

The Andradas deposit covers a surface area of 1.09 km² and extends approximately 1,070 m north–south and 2,178 m east–west. The average depth of the deposit is approximately 26 m.

**Bedrock Geology**

The bedrock comprises volcanic phonolitic rocks associated with mineralization. A secondary lithology consisting of Botucatu Formation aeolian sandstones occurs in the central portion of the deposit and is associated with lower rare earth grades. No mapped structures have been identified.

**Regolith and Weathering**

The weathering profile at Andradas includes all major regolith horizons (Figure 6-9).

Soil thickness ranges from 0.9–2.6 m, with an average thickness of 1.97 m. Laterite is absent. The mottled zone is thickest along a northeast-trending ridge along the caldera edge, with thicknesses ranging from 0.5–3.5 m and an average of 2.16 m. Saprolite is well developed across the deposit and has been tested to depths of 20 m below surface. It occurs at an average depth of 4.13 m, with typical thicknesses between 20.5–23.7 m, and a maximum thickness of 36.52 m.

Date: 25 March 2026 Page 6-14

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| ![img78450133_2.jpg](img78450133_2.jpg) | www.rareearthsamericas.com |
|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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**Figure 6-9: Andradas Example Geological Cross-Section**

![img78450133_13.jpg](img78450133_13.jpg)

Note: Figure prepared by McGarry Geoconsulting, 2025. Figure shows Andrada regolith units and drill samples coloured by total rare earth oxide–CeO2 grade.

**Mineralization**

Ionic clay mineralization is confined to the eastern portion of the tenement, where rare earth grades exceeding 1,000 ppm TREO are consistently observed throughout the regolith profile from surface. Thin soil and mottled horizons extend to an average depth of 4 m, exhibiting limited leaching and elevated NdPr:TREO ratios exceeding 20%.

Surface grades above 2,000 ppm TREO are recorded in multiple drill holes. A variable rare earth element accumulation zone within saprolite, enriched in neodymium and praseodymium, was intersected in hole STPC0095 (341786mE / 7562131mN - refer to Figure 6-9). This interval included a high-grade TREO-Ce horizon extending from 4–15 m depth.

An example cross-section through the mineralization was provided in Figure 6-9.

Date: 25 March 2026 Page 6-15

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| ![img78450133_2.jpg](img78450133_2.jpg) | www.rareearthsamericas.com |
|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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7.0 EXPLORATION

7.1 Exploration

**7.1.1 Grids and Surveys**

Exploration girds used to position drill holes are orientated to the geographic projection system SIRGAS 2000 Universal Transverse Mercator zone 23 South.

The geological modelling used a topographic digital terrain model derived from radar interferometry data obtained from the Shuttle Radar Tomography Mission (SRTM) during February, 2000. The SRTM 1-arc second (~30 m) digital elevation model used in the Project area has a typical vertical accuracy of ±10 m (90% confidence) and a horizontal accuracy of approximately ±20 m. Surveyed drill collar coordinates showed minor variations when compared to the topographic surface. To address these differences, all collars were adjusted and projected onto the digital terrain model surface.

It is recommended that collar locations be surveyed using a method with higher accuracy than the current hand-held methods, such as differential global positioning system survey. In addition, a higher resolution topography survey should be undertaken to generate a digital terrain model that aligns with projected collar positions surveyed by differential global positioning system (GPS) instrument. A more accurate survey that captures topographic features in greater detail would benefit future engineering studies and bulk sample excavation designs.

**7.1.2 Geological Mapping**

The bedrock geology is largely concealed beneath a deep regolith and soil cover. Exposures of weathered protolith are rare and primarily restricted to anthropogenic and natural excavations, including road cuts and drainage channels. Geological investigations have concentrated on these limited outcrops to validate published regional geological maps. To date, Rare Earth Americas has not produced any new geological mapping for the tenement areas.

**7.1.3 Geochemistry**

During initial reconnaissance and prospecting in 2023, Rare Earth Americas collected 29 surface samples from limited regolith and bedrock exposures across the Constellation Project tenements for geochemical analysis (Table 7-1; Figure 7-1).

Date: 25 March 2026 Page 7-1

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| ![img78450133_2.jpg](img78450133_2.jpg) | www.rareearthsamericas.com |
|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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Grab samples were collected from saprolite, saprock and float using a rock hammer to obtain representative fragments with an average weight of 1 kg. Rock fragments were placed in pre-numbered sample bags in the field and then transported to Rare Earth Americas' exploration facility for shipment to the laboratory sample preparation and analysis. Grab samples were collected from individual point locations and do not represent continuous sampling along the mineralized system.

**Table 7-1: 2023 Summary of Surface Samples**

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|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name** | &nbsp;&nbsp;**Tenement** | &nbsp;&nbsp;**Count**  | &nbsp;&nbsp;**TREO (ppm)** | &nbsp;&nbsp;**TREO (ppm)** | &nbsp;&nbsp;**TREO (ppm)** |
| &nbsp;&nbsp;**Name** | &nbsp;&nbsp;**Tenement** | &nbsp;&nbsp;**Count**  | &nbsp;&nbsp;**Min**  | &nbsp;&nbsp;**Average**  | &nbsp;&nbsp;**Max**  |
| &nbsp;&nbsp;**Poços de Caldas - Tenements Hosting Mineral Resources** | &nbsp;&nbsp;**Poços de Caldas - Tenements Hosting Mineral Resources** | &nbsp;&nbsp;**Poços de Caldas - Tenements Hosting Mineral Resources** | &nbsp;&nbsp;**Poços de Caldas - Tenements Hosting Mineral Resources** | &nbsp;&nbsp;**Poços de Caldas - Tenements Hosting Mineral Resources** | &nbsp;&nbsp;**Poços de Caldas - Tenements Hosting Mineral Resources** |
| &nbsp;&nbsp;Pedra Preta | &nbsp;&nbsp;813944/1971 | &nbsp;&nbsp;2 | &nbsp;&nbsp;2127 | &nbsp;&nbsp;2369 | &nbsp;&nbsp;2610 |
| &nbsp;&nbsp;Pio Cipó | &nbsp;&nbsp;818865/1971 | &nbsp;&nbsp;2 | &nbsp;&nbsp;1203 | &nbsp;&nbsp;1394 | &nbsp;&nbsp;1586 |
| &nbsp;&nbsp;Roseira | &nbsp;&nbsp;800572/1969 | &nbsp;&nbsp;3 | &nbsp;&nbsp;397 | &nbsp;&nbsp;1474 | &nbsp;&nbsp;3545 |
| &nbsp;&nbsp;Clube da Uva | &nbsp;&nbsp;804059/1971 | &nbsp;&nbsp;1 | &nbsp;&nbsp;693 | &nbsp;&nbsp;693 | &nbsp;&nbsp;693 |
| &nbsp;&nbsp;Andradas | &nbsp;&nbsp;833020/2022 | &nbsp;&nbsp;3 | &nbsp;&nbsp;211 | &nbsp;&nbsp;1318 | &nbsp;&nbsp;2208 |
| &nbsp;&nbsp;**Poços de Caldas** | &nbsp;&nbsp;**Poços de Caldas** | &nbsp;&nbsp;**Poços de Caldas** | &nbsp;&nbsp;**Poços de Caldas** | &nbsp;&nbsp;**Poços de Caldas** | &nbsp;&nbsp;**Poços de Caldas** |
| &nbsp;&nbsp;833018/2022 | &nbsp;&nbsp;833018/2022 | &nbsp;&nbsp;8 | &nbsp;&nbsp;143 | &nbsp;&nbsp;1464 | &nbsp;&nbsp;3314 |
| &nbsp;&nbsp;833012/2022 | &nbsp;&nbsp;833012/2022 | &nbsp;&nbsp;4 | &nbsp;&nbsp;81 | &nbsp;&nbsp;738 | &nbsp;&nbsp;1953 |
| &nbsp;&nbsp;831260/2024 | &nbsp;&nbsp;831260/2024 | &nbsp;&nbsp;1 | &nbsp;&nbsp;499 | &nbsp;&nbsp;499 | &nbsp;&nbsp;499 |
| &nbsp;&nbsp;820610/2022 | &nbsp;&nbsp;820610/2022 | &nbsp;&nbsp;2 | &nbsp;&nbsp;372 | &nbsp;&nbsp;530 | &nbsp;&nbsp;688 |
| &nbsp;&nbsp;832965/2022 | &nbsp;&nbsp;832965/2022 | &nbsp;&nbsp;3 | &nbsp;&nbsp;176 | &nbsp;&nbsp;590 | &nbsp;&nbsp;957 |

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Date: 25 March 2026 Page 7-2

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| ![img78450133_2.jpg](img78450133_2.jpg) | www.rareearthsamericas.com |
|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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**Figure 7-1: Map Showing Location of Surface Samples**

![img78450133_14.jpg](img78450133_14.jpg)

Note: Figure prepared by Rare Earths Americas, 2025.

**7.1.4 Qualified Person's Interpretation of the Exploration Information**

Exploration information obtained by Rare Earth Americas is predominantly derived from auger holes drilled on a regular grid across the exploration tenements. This method provides an efficient means of defining regolith horizons and identifying rare earth enrichment within the saprolite, which at in the Project area typically begins at depths of around 5 m.

Significant results from widely-spaced auger drilling are subsequently followed up with tighter infill drill grids, enabling Rare Earth Americas to vector zones of higher rare earth enrichment. This technique has generated the majority of the data used to delineate and estimate mineral resources.

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| ![img78450133_2.jpg](img78450133_2.jpg) | www.rareearthsamericas.com |
|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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Auger drilling is limited in penetration, reaching a maximum of approximately 30 m, and commonly 10–15 m where refusal is encountered due to hard ground or groundwater. This depth constraint results in only partial characterization of the regolith profile and may leave deeper mineralized zones untested.

The exploration programs completed by Rare Earth Americas to date are appropriate for the style of mineralization; however, alternative methods such as sonic or air core drilling could provide more comprehensive regolith profiles and improve the assessment of deeper mineralization.

To date surface grab sampling has not yet materially influenced targeting, though future follow-up may demonstrate correlations with broader mineralized zones and validate the method.

**7.1.5 Exploration Potential**

Further exploration potential is limited for most tenements within the Poços de Caldas caldera that have been well tested by auger drilling. Outside the caldera, exploration is either at an early stage or has not yet commenced, so the potential of these areas remains undefined. However, several zones do show potential:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Grab sampling on peripheral licenses, including tenement 833.018/2022, has returned rare earth enriched saprolite, with anomalous TREO values also recorded northwest of the caldera. These results (detailed in Section 7.1.3) highlight the opportunity for continued reconnaissance on outlying tenements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Auger drilling is the most effective method for assessing tenement prospectivity. High initial auger assays (>1,000 ppm TREO), such as in tenement 832150/2022 (see Section 7.2.1), indicate potential outside current resource areas;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Sonic drilling, which fully tests the regolith to bedrock, has only been carried out at Pedra Preta, Roseira, and Varginha. As most tenements have only been partially tested with shallow auger holes, there is potential to extend mineralization at depth and define higher grade zones beneath existing drilling.

Date: 25 March 2026 Page 7-4

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| ![img78450133_2.jpg](img78450133_2.jpg) | www.rareearthsamericas.com |
|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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7.2 Drilling

**7.2.1 Overview**

All drilling was completed on behalf of Rare Earths Americas, and consisted of auger and sonic core drilling.

**Drilling on Property**

The database used in mineral resource estimation was closed as at August 26, 2024.

All drilling in the Project area totaled 314 drill holes for 4,327 m. This included 277 auger holes (3,225 m) and 37 sonic drill holes (1,103 m). A drill summary table for the Project is provided in Table 7-2 and the collar locations are shown in Figure 7-2.

**Table 7-2: Project Drill Summary Table**

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|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Type** | &nbsp;&nbsp;**Count** | &nbsp;&nbsp;**Average<br>Depth (m)** | &nbsp;&nbsp;**Maximum**<br>**Depth (m)** | &nbsp;&nbsp;**Drilled**<br>**Meters** | &nbsp;&nbsp;**Assayed**<br>**Metres** |
| &nbsp;&nbsp;Sonic | &nbsp;&nbsp;37 | &nbsp;&nbsp;29.8 | &nbsp;&nbsp;50.3 | &nbsp;&nbsp;1103 | &nbsp;&nbsp;1096 |
| &nbsp;&nbsp;Auger | &nbsp;&nbsp;277 | &nbsp;&nbsp;11.6 | &nbsp;&nbsp;30.0 | &nbsp;&nbsp;3225 | &nbsp;&nbsp;2962 |
| &nbsp;&nbsp;***Total*** | &nbsp;&nbsp;***314*** | &nbsp;&nbsp;***13.8*** | &nbsp;&nbsp;***50.3*** | &nbsp;&nbsp;***4327*** | &nbsp;&nbsp;***3488*** |

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Date: 25 March 2026 Page 7-5

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| ![img78450133_2.jpg](img78450133_2.jpg) | www.rareearthsamericas.com |
|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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**Figure 7-2: Drill Collar Location Plan for Tenements with Mineral Resources**

![img78450133_15.jpg](img78450133_15.jpg)

Note: Figure prepared by Rare Earths Americas, 2025.

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| ![img78450133_2.jpg](img78450133_2.jpg) | www.rareearthsamericas.com |
|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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**Drilling Used in Estimation**

The mineral resource estimate was based on all drilling data completed at the deposits up to the completion of the final auger hole on July 26, 2024. No drilling was conducted after this date.

Results from the final batch of assays were received on August 26, 2024. This date represents the data cutoff date for mineral resource estimate. No new drilling results or assay data have were received after this date.

**Drilling Methods**

Between June 2022 and July 2024, Rare Earths Americas conducted:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•216 auger drillholes, totaling 2,434 m of drilling, of which assay data is available for 214 holes amounting to 2,393 m. All holes were drilled vertically.

Additionally, a roto-sonic drill rig (Eijkelkamp Compact RotoSonic V) was employed to drill:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•37 sonic holes amounting to 1,103 m of drilling of which assay data are available for each hole and totaling 1,096 m of drilling. All holes were drilled vertically.

As at August 26, 2024, drill data cut-off date for estimation purposes, lithology data were available for all drill holes.

A drill summary table is provided in Table 7-3 for each mineral resource area and the collar locations was shown in Figure 7-2.

**Table 7-3: Drill Holes Used for Mineral Resource Estimation**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Type** | &nbsp;&nbsp;**Count** | &nbsp;&nbsp;**Average<br>Depth (m)** | &nbsp;&nbsp;**Maximum**<br>**Depth (m)** | &nbsp;&nbsp;**Drilled**<br>**Meters** | &nbsp;&nbsp;**Assayed**<br>**Metres** |
| &nbsp;&nbsp;Pedra Preta | &nbsp;&nbsp;Sonic | &nbsp;&nbsp;15 | &nbsp;&nbsp;32.5 | &nbsp;&nbsp;50.3 | &nbsp;&nbsp;487 | &nbsp;&nbsp;485 |
| &nbsp;&nbsp;Pedra Preta | &nbsp;&nbsp;Auger | &nbsp;&nbsp;47 | &nbsp;&nbsp;14.8 | &nbsp;&nbsp;23.9 | &nbsp;&nbsp;697 | &nbsp;&nbsp;697 |
| &nbsp;&nbsp;Roseira | &nbsp;&nbsp;Sonic | &nbsp;&nbsp;8 | &nbsp;&nbsp;29.8 | &nbsp;&nbsp;50.0 | &nbsp;&nbsp;239 | &nbsp;&nbsp;236 |
| &nbsp;&nbsp;Roseira | &nbsp;&nbsp;Auger | &nbsp;&nbsp;30 | &nbsp;&nbsp;10.3 | &nbsp;&nbsp;20.0 | &nbsp;&nbsp;309 | &nbsp;&nbsp;308 |
| &nbsp;&nbsp;Varginha | &nbsp;&nbsp;Sonic | &nbsp;&nbsp;14 | &nbsp;&nbsp;26.9 | &nbsp;&nbsp;36.0 | &nbsp;&nbsp;377 | &nbsp;&nbsp;375 |
| &nbsp;&nbsp;Varginha | &nbsp;&nbsp;Auger | &nbsp;&nbsp;57 | &nbsp;&nbsp;9.8 | &nbsp;&nbsp;20.0 | &nbsp;&nbsp;561 | &nbsp;&nbsp;543 |
| &nbsp;&nbsp;Pio Cipó | &nbsp;&nbsp;Auger | &nbsp;&nbsp;44 | &nbsp;&nbsp;10.5 | &nbsp;&nbsp;29.7 | &nbsp;&nbsp;463 | &nbsp;&nbsp;462 |
| &nbsp;&nbsp;Mato Queimado | &nbsp;&nbsp;Auger | &nbsp;&nbsp;21 | &nbsp;&nbsp;10.9 | &nbsp;&nbsp;21.2 | &nbsp;&nbsp;229 | &nbsp;&nbsp;229 |
| &nbsp;&nbsp;Clube da Uva | &nbsp;&nbsp;Auger | &nbsp;&nbsp;5 | &nbsp;&nbsp;6.3 | &nbsp;&nbsp;11.5 | &nbsp;&nbsp;31 | &nbsp;&nbsp;31 |
| &nbsp;&nbsp;Andradas | &nbsp;&nbsp;Auger | &nbsp;&nbsp;12 | &nbsp;&nbsp;12.0 | &nbsp;&nbsp;20.0 | &nbsp;&nbsp;144 | &nbsp;&nbsp;123 |
| &nbsp;&nbsp;***Total*** | &nbsp;&nbsp;***Sonic*** | &nbsp;&nbsp;***37*** | &nbsp;&nbsp;***29.8*** | &nbsp;&nbsp;***50.3*** | &nbsp;&nbsp;***1103*** | &nbsp;&nbsp;***1096*** |
| &nbsp;&nbsp;***Total*** | &nbsp;&nbsp;***Auger*** | &nbsp;&nbsp;***216*** | &nbsp;&nbsp;***11.3*** | &nbsp;&nbsp;***29.7*** | &nbsp;&nbsp;***2434*** | &nbsp;&nbsp;***2392*** |

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Date: 25 March 2026 Page 7-7

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| ![img78450133_2.jpg](img78450133_2.jpg) | www.rareearthsamericas.com |
|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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**Drilling Excluded for Estimation Purposes**

The following auger holes on the Pedra Preta, Roseira and Varginha tenements were not used for estimation because they were located in very close proximity to subsequent sonic holes: STPC0014, STPC0017, STPC0025, STPC0029, STPC0032, STPC0035, STPC0041, STPC0042, STPC0047, STPC0068, STPC0073, STPC0085, STPC0111, STPC0132.

Removing overlapping holes prevents clustering bias, avoids double-counting of mineralized volumes, and ensures that the grade estimation reflects true data spacing and spatial continuity. This approach maintains the integrity of the resource model and aligns with industry reporting standards.

**Drilling Since Database Cut-off Date**

No drilling has been completed since the resource estimation cut-off date;

**Drilling on Regional Tenements**

Exploration auger drilling was conducted on five tenements (Table 7-4) which have not had mineral resource estimates completed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Tenements 820611/2022 and 820610/2022, located in the southwestern portion of the Poços de Caldas alkaline complex in the state of São Paulo, have been the focus of most of the drilling. Assay results from 820610/2022 and the western half of 820611/2022 are generally marginal. However, three auger holes completed in the southwestern part of the tenement (STPC0256, STPC0258, and STPC0264; see Table 7-5) returned grades ranging from 1,222 ppm TREO to 18,222 ppm TREO;

The area surrounding these holes contains eight additional auger holes completed at the very end of the program that were sampled but not assayed. These samples warrant immediate analysis, followed by step-out drilling to evaluate the potential for delineating additional resources at the Project;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Tenement 833012/2022, at the northern edge of the Poços de Caldas alkaline complex, was tested with limited auger drilling that intersected thin horizons of weakly-enriched saprolite. These were deemed not to have reasonable prospects for economic extraction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Tenement 832150/2022, in the center of the complex approximately 1.7 km southwest of the Pedra Preta tenement, was tested with five drill holes. As at the database cut-off date, only one drill hole, STPC0245 (see Table 7-5), returned assay values indicating 30 m of rare earth element enriched regolith with significant rare earth element mineralization ranging from 1,575ppm TREO to 13,710ppm TREO with an average grade of 4,282ppm TREO;

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| ![img78450133_2.jpg](img78450133_2.jpg) | www.rareearthsamericas.com |
|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Tenement 832149/2022, located at the northwest of the complex approximately 3.8 km west of the Pio Cipó tenement in the state of São Paulo, was tested with five drill holes. As at the database cut-off date, only one drill hole, STPC0240 (see Table 7-5), returned assay values indicating 7 m of rare earth element enriched regolith with grades ranging from 1,517 ppm TREO to 10,679 ppm TREO, averaging 4,623 ppm TREO.

**Table 7-4: Summary of Drilling on Regional Tenements**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Regional Tenement** | &nbsp;&nbsp;**Type** | &nbsp;&nbsp;**Count** | &nbsp;&nbsp;**Average <br>Depth (m)** | &nbsp;&nbsp;**Maximum Depth (m)** | &nbsp;&nbsp;**Drilled Meters** | &nbsp;&nbsp;**Assayed Metres** |
| &nbsp;&nbsp;820610/2022 | &nbsp;&nbsp;Auger | &nbsp;&nbsp;3 | &nbsp;&nbsp;13.9 | &nbsp;&nbsp;20.0 | &nbsp;&nbsp;42 | &nbsp;&nbsp;42 |
| &nbsp;&nbsp;832150/2022 | &nbsp;&nbsp;Auger | &nbsp;&nbsp;5 | &nbsp;&nbsp;21.6 | &nbsp;&nbsp;30.0 | &nbsp;&nbsp;108 | &nbsp;&nbsp;82 |
| &nbsp;&nbsp;833012/2022 | &nbsp;&nbsp;Auger | &nbsp;&nbsp;7 | &nbsp;&nbsp;15.3 | &nbsp;&nbsp;22.9 | &nbsp;&nbsp;107 | &nbsp;&nbsp;57 |
| &nbsp;&nbsp;832149/2022 | &nbsp;&nbsp;Auger | &nbsp;&nbsp;5 | &nbsp;&nbsp;11.9 | &nbsp;&nbsp;16.7 | &nbsp;&nbsp;59 | &nbsp;&nbsp;59 |
| &nbsp;&nbsp;820611/2022 | &nbsp;&nbsp;Auger | &nbsp;&nbsp;41 | &nbsp;&nbsp;11.6 | &nbsp;&nbsp;24.0 | &nbsp;&nbsp;475 | &nbsp;&nbsp;312 |
|  | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**61** | &nbsp;&nbsp;**13.0** | &nbsp;&nbsp;**30.0** | &nbsp;&nbsp;**791** | &nbsp;&nbsp;**551** |

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**Table 7-5: Summary Exploration Results for Drilling on Regional Tenements**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Regional Tenement** | &nbsp;&nbsp;**Auger Hole** | &nbsp;&nbsp;**Easting** | &nbsp;&nbsp;**Northing** | &nbsp;&nbsp;**Depth (m)** | &nbsp;&nbsp;**TREO ppm** | &nbsp;&nbsp;**TREO ppm** | &nbsp;&nbsp;**TREO ppm** |
| &nbsp;&nbsp;**Regional Tenement** | &nbsp;&nbsp;**Auger Hole** | &nbsp;&nbsp;**Easting** | &nbsp;&nbsp;**Northing** | &nbsp;&nbsp;**Depth (m)** | &nbsp;&nbsp;**Minimum** | &nbsp;&nbsp;**Average** | &nbsp;&nbsp;**Maximum** |
| &nbsp;&nbsp;820610/2022 | &nbsp;&nbsp;STPC0080 | &nbsp;&nbsp;4201704 | &nbsp;&nbsp;98420959 | &nbsp;&nbsp;11 | &nbsp;&nbsp;693 | &nbsp;&nbsp;1010 | &nbsp;&nbsp;1512 |
| &nbsp;&nbsp;820610/2022 | &nbsp;&nbsp;STPC0084 | &nbsp;&nbsp;6792681 | &nbsp;&nbsp;158982894 | &nbsp;&nbsp;20 | &nbsp;&nbsp;373 | &nbsp;&nbsp;748 | &nbsp;&nbsp;1171 |
| &nbsp;&nbsp;820610/2022 | &nbsp;&nbsp;STPC0086 | &nbsp;&nbsp;3881424 | &nbsp;&nbsp;90849984 | &nbsp;&nbsp;10 | &nbsp;&nbsp;589 | &nbsp;&nbsp;1054 | &nbsp;&nbsp;1847 |
| &nbsp;&nbsp;832150/2022 | &nbsp;&nbsp;STPC0245 | &nbsp;&nbsp;10517091 | &nbsp;&nbsp;234876832 | &nbsp;&nbsp;30 | &nbsp;&nbsp;1575 | &nbsp;&nbsp;4282 | &nbsp;&nbsp;13710 |
| &nbsp;&nbsp;832150/2022 | &nbsp;&nbsp;STPC0249 | &nbsp;&nbsp;6785260 | &nbsp;&nbsp;151527140 | &nbsp;&nbsp;18 | &nbsp;&nbsp;967 | &nbsp;&nbsp;2598 | &nbsp;&nbsp;5869 |
| &nbsp;&nbsp;832150/2022 | &nbsp;&nbsp;STPC0261 | &nbsp;&nbsp;8812440 | &nbsp;&nbsp;196993654 | &nbsp;&nbsp;25 | &nbsp;&nbsp;1222 | &nbsp;&nbsp;1892 | &nbsp;&nbsp;2790 |
| &nbsp;&nbsp;832150/2022 | &nbsp;&nbsp;STPC0263 | &nbsp;&nbsp;3386150 | &nbsp;&nbsp;75767300 | &nbsp;&nbsp;9 | &nbsp;&nbsp;1100 | &nbsp;&nbsp;3216 | &nbsp;&nbsp;5736 |
| &nbsp;&nbsp;833012/2022 | &nbsp;&nbsp;STPC0162 | &nbsp;&nbsp;6262668 | &nbsp;&nbsp;136744182 | &nbsp;&nbsp;17 | &nbsp;&nbsp;212 | &nbsp;&nbsp;471 | &nbsp;&nbsp;875 |
| &nbsp;&nbsp;833012/2022 | &nbsp;&nbsp;STPC0166 | &nbsp;&nbsp;7306677 | &nbsp;&nbsp;159528033 | &nbsp;&nbsp;20 | &nbsp;&nbsp;263 | &nbsp;&nbsp;919 | &nbsp;&nbsp;3235 |
| &nbsp;&nbsp;833012/2022 | &nbsp;&nbsp;STPC0169 | &nbsp;&nbsp;4875136 | &nbsp;&nbsp;106351994 | &nbsp;&nbsp;13 | &nbsp;&nbsp;344 | &nbsp;&nbsp;835 | &nbsp;&nbsp;1299 |
| &nbsp;&nbsp;833012/2022 | &nbsp;&nbsp;STPC0173 | &nbsp;&nbsp;3128796 | &nbsp;&nbsp;68369049 | &nbsp;&nbsp;8 | &nbsp;&nbsp;792 | &nbsp;&nbsp;1143 | &nbsp;&nbsp;1826 |
| &nbsp;&nbsp;832149/2022 | &nbsp;&nbsp;STPC0233 | &nbsp;&nbsp;5906088 | &nbsp;&nbsp;136467864 | &nbsp;&nbsp;17 | &nbsp;&nbsp;758 | &nbsp;&nbsp;1085 | &nbsp;&nbsp;1961 |
| &nbsp;&nbsp;832149/2022 | &nbsp;&nbsp;STPC0237 | &nbsp;&nbsp;4925325 | &nbsp;&nbsp;113720700 | &nbsp;&nbsp;14 | &nbsp;&nbsp;677 | &nbsp;&nbsp;1133 | &nbsp;&nbsp;1500 |
| &nbsp;&nbsp;832149/2022 | &nbsp;&nbsp;STPC0238 | &nbsp;&nbsp;3934512 | &nbsp;&nbsp;90980424 | &nbsp;&nbsp;10 | &nbsp;&nbsp;1416 | &nbsp;&nbsp;1690 | &nbsp;&nbsp;1902 |
| &nbsp;&nbsp;832149/2022 | &nbsp;&nbsp;STPC0240 | &nbsp;&nbsp;2950614 | &nbsp;&nbsp;68236722 | &nbsp;&nbsp;7 | &nbsp;&nbsp;1517 | &nbsp;&nbsp;4623 | &nbsp;&nbsp;10679 |
| &nbsp;&nbsp;832149/2022 | &nbsp;&nbsp;STPC0241 | &nbsp;&nbsp;3940476 | &nbsp;&nbsp;90980172 | &nbsp;&nbsp;11 | &nbsp;&nbsp;1003 | &nbsp;&nbsp;1357 | &nbsp;&nbsp;1673 |
| &nbsp;&nbsp;820611/2022 | &nbsp;&nbsp;STPC0088 | &nbsp;&nbsp;5509513 | &nbsp;&nbsp;128703311 | &nbsp;&nbsp;16 | &nbsp;&nbsp;852 | &nbsp;&nbsp;1316 | &nbsp;&nbsp;1744 |
| &nbsp;&nbsp;820611/2022 | &nbsp;&nbsp;STPC0091 | &nbsp;&nbsp;3562372 | &nbsp;&nbsp;83278547 | &nbsp;&nbsp;10 | &nbsp;&nbsp;515 | &nbsp;&nbsp;614 | &nbsp;&nbsp;751 |
| &nbsp;&nbsp;820611/2022 | &nbsp;&nbsp;STPC0093 | &nbsp;&nbsp;6800871 | &nbsp;&nbsp;158981235 | &nbsp;&nbsp;20 | &nbsp;&nbsp;547 | &nbsp;&nbsp;955 | &nbsp;&nbsp;1661 |
| &nbsp;&nbsp;820611/2022 | &nbsp;&nbsp;STPC0096 | &nbsp;&nbsp;2594624 | &nbsp;&nbsp;60564376 | &nbsp;&nbsp;7 | &nbsp;&nbsp;731 | &nbsp;&nbsp;1370 | &nbsp;&nbsp;1882 |
| &nbsp;&nbsp;820611/2022 | &nbsp;&nbsp;STPC0097 | &nbsp;&nbsp;6805806 | &nbsp;&nbsp;158981529 | &nbsp;&nbsp;20 | &nbsp;&nbsp;327 | &nbsp;&nbsp;802 | &nbsp;&nbsp;1367 |

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Date: 25 March 2026 Page 7-9

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| ![img78450133_2.jpg](img78450133_2.jpg) | www.rareearthsamericas.com |
|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Regional Tenement** | &nbsp;&nbsp;**Auger Hole** | &nbsp;&nbsp;**Easting** | &nbsp;&nbsp;**Northing** | &nbsp;&nbsp;**Depth (m)** | &nbsp;&nbsp;**TREO ppm** | &nbsp;&nbsp;**TREO ppm** | &nbsp;&nbsp;**TREO ppm** |
| &nbsp;&nbsp;**Regional Tenement** | &nbsp;&nbsp;**Auger Hole** | &nbsp;&nbsp;**Easting** | &nbsp;&nbsp;**Northing** | &nbsp;&nbsp;**Depth (m)** | &nbsp;&nbsp;**Minimum** | &nbsp;&nbsp;**Average** | &nbsp;&nbsp;**Maximum** |
|  | &nbsp;&nbsp;STPC0146 | &nbsp;&nbsp;4213183 | &nbsp;&nbsp;98413900 | &nbsp;&nbsp;12 | &nbsp;&nbsp;180 | &nbsp;&nbsp;335 | &nbsp;&nbsp;498 |
|  | &nbsp;&nbsp;STPC0149 | &nbsp;&nbsp;3567641 | &nbsp;&nbsp;83278591 | &nbsp;&nbsp;10 | &nbsp;&nbsp;960 | &nbsp;&nbsp;1179 | &nbsp;&nbsp;1533 |
|  | &nbsp;&nbsp;STPC0151 | &nbsp;&nbsp;3886344 | &nbsp;&nbsp;90843324 | &nbsp;&nbsp;11 | &nbsp;&nbsp;190 | &nbsp;&nbsp;619 | &nbsp;&nbsp;1197 |
|  | &nbsp;&nbsp;STPC0154 | &nbsp;&nbsp;6162308 | &nbsp;&nbsp;143835833 | &nbsp;&nbsp;17 | &nbsp;&nbsp;827 | &nbsp;&nbsp;1170 | &nbsp;&nbsp;1541 |
|  | &nbsp;&nbsp;STPC0156 | &nbsp;&nbsp;4218448 | &nbsp;&nbsp;98413926 | &nbsp;&nbsp;12 | &nbsp;&nbsp;766 | &nbsp;&nbsp;1014 | &nbsp;&nbsp;1229 |
|  | &nbsp;&nbsp;STPC0158 | &nbsp;&nbsp;4225611 | &nbsp;&nbsp;98407712 | &nbsp;&nbsp;12 | &nbsp;&nbsp;1267 | &nbsp;&nbsp;1419 | &nbsp;&nbsp;1630 |
|  | &nbsp;&nbsp;STPC0160 | &nbsp;&nbsp;6821010 | &nbsp;&nbsp;158976363 | &nbsp;&nbsp;20 | &nbsp;&nbsp;1032 | &nbsp;&nbsp;1680 | &nbsp;&nbsp;2779 |
|  | &nbsp;&nbsp;STPC0163 | &nbsp;&nbsp;1626460 | &nbsp;&nbsp;37851735 | &nbsp;&nbsp;4 | &nbsp;&nbsp;584 | &nbsp;&nbsp;774 | &nbsp;&nbsp;1035 |
|  | &nbsp;&nbsp;STPC0164 | &nbsp;&nbsp;4879380 | &nbsp;&nbsp;113558145 | &nbsp;&nbsp;14 | &nbsp;&nbsp;357 | &nbsp;&nbsp;612 | &nbsp;&nbsp;1145 |
|  | &nbsp;&nbsp;STPC0167 | &nbsp;&nbsp;3578267 | &nbsp;&nbsp;83268735 | &nbsp;&nbsp;10 | &nbsp;&nbsp;1182 | &nbsp;&nbsp;1551 | &nbsp;&nbsp;2040 |
|  | &nbsp;&nbsp;STPC0242 | &nbsp;&nbsp;4879380 | &nbsp;&nbsp;113565030 | &nbsp;&nbsp;13 | &nbsp;&nbsp;215 | &nbsp;&nbsp;1178 | &nbsp;&nbsp;1942 |
|  | &nbsp;&nbsp;STPC0243 | &nbsp;&nbsp;5846544 | &nbsp;&nbsp;136279692 | &nbsp;&nbsp;17 | &nbsp;&nbsp;252 | &nbsp;&nbsp;843 | &nbsp;&nbsp;1698 |
|  | &nbsp;&nbsp;STPC0247 | &nbsp;&nbsp;2275504 | &nbsp;&nbsp;52997322 | &nbsp;&nbsp;6 | &nbsp;&nbsp;120 | &nbsp;&nbsp;159 | &nbsp;&nbsp;194 |
|  | &nbsp;&nbsp;STPC0248 | &nbsp;&nbsp;1301308 | &nbsp;&nbsp;30283132 | &nbsp;&nbsp;3 | &nbsp;&nbsp;239 | &nbsp;&nbsp;300 | &nbsp;&nbsp;472 |
|  | &nbsp;&nbsp;STPC0252 | &nbsp;&nbsp;1302156 | &nbsp;&nbsp;30283032 | &nbsp;&nbsp;2 | &nbsp;&nbsp;593 | &nbsp;&nbsp;824 | &nbsp;&nbsp;1010 |
|  | &nbsp;&nbsp;STPC0253 | &nbsp;&nbsp;1954656 | &nbsp;&nbsp;45424542 | &nbsp;&nbsp;4 | &nbsp;&nbsp;346 | &nbsp;&nbsp;720 | &nbsp;&nbsp;1184 |
|  | &nbsp;&nbsp;STPC0254 | &nbsp;&nbsp;1303056 | &nbsp;&nbsp;30282224 | &nbsp;&nbsp;3 | &nbsp;&nbsp;1194 | &nbsp;&nbsp;1296 | &nbsp;&nbsp;1504 |
|  | &nbsp;&nbsp;STPC0255 | &nbsp;&nbsp;3572921 | &nbsp;&nbsp;83278569 | &nbsp;&nbsp;10 | &nbsp;&nbsp;795 | &nbsp;&nbsp;1055 | &nbsp;&nbsp;1426 |
|  | &nbsp;&nbsp;STPC0256 | &nbsp;&nbsp;6194266 | &nbsp;&nbsp;143831083 | &nbsp;&nbsp;18 | &nbsp;&nbsp;1222 | &nbsp;&nbsp;2715 | &nbsp;&nbsp;8552 |
|  | &nbsp;&nbsp;STPC0258 | &nbsp;&nbsp;2280411 | &nbsp;&nbsp;52990462 | &nbsp;&nbsp;6 | &nbsp;&nbsp;1596 | &nbsp;&nbsp;2601 | &nbsp;&nbsp;5222 |
|  | &nbsp;&nbsp;STPC0260 | &nbsp;&nbsp;3257970 | &nbsp;&nbsp;75702940 | &nbsp;&nbsp;9 | &nbsp;&nbsp;389 | &nbsp;&nbsp;1201 | &nbsp;&nbsp;2139 |
|  | &nbsp;&nbsp;STPC0262 | &nbsp;&nbsp;4555180 | &nbsp;&nbsp;105980882 | &nbsp;&nbsp;13 | &nbsp;&nbsp;662 | &nbsp;&nbsp;1036 | &nbsp;&nbsp;1442 |
|  | &nbsp;&nbsp;STPC0264 | &nbsp;&nbsp;4564112 | &nbsp;&nbsp;105984158 | &nbsp;&nbsp;13 | &nbsp;&nbsp;1458 | &nbsp;&nbsp;3350 | &nbsp;&nbsp;18222 |

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**7.2.2 Drill Methods**

No exploration drilling for rare earths was conducted on the property prior to Rare Earths Americas' interest in the Project.

**Auger**

Auger drilling was conducted using a 0.05 m diameter x 0.4 m long clay soil auger bucket with 0.5 m to 1 m long rods rotated by a gasoline engine with hand-holds.

The auger bucket was advanced by adding rods until either groundwater was reached (which degrades sample quality) or refusal due to rock or hard saprolite.

Auger drilling has a maximum operational depth limit of 30 m, with the average hole depth being 16 m.

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|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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Each bucket generates approximately 1.5 kg of sample material, which was recovered directly from the auger bucket, placed onto a white polypropylene tarp to align with its likely in-situ position, geologically logged in the field, and a representative fraction was retained in a chip tray for reference.

Each auger sample was photographed in its natural condition before transport to the exploration facility, with the photograph showing auger hole number and drill run lengths.

**Sonic**

Sonic drilling using a 2 m long single wall barrel to obtain a 7.6 cm diameter core or a 2 m long double wall core barrel to obtain a 6.8 cm diameter core. The drill string was advanced until encountering rock, hard boulders, or operational limits.

When encountering the water table or poor recovery, an outer casing was used, and water was used as a drilling fluid to aid in extracting material from the core barrel. The maximum operational depth limit of the sonic drill rig was 60 m, with an average hole depth of 27 m.

Drill core was collected directly from the core barrel, placed in pre-labelled core trays, and run interval depths were recorded. The core was then transported to the exploration facility for further processing. The core was transported from the drill site to logging facilities in covered boxes with utmost care. At the logging facility, broken core was re-aligned to its original position as closely as possible.

The sonic drill core was measured to assess recovery, then geologically logged and photographed wet in core boxes immediately before sampling. Core photos showed sample numbers and drill run lengths. All drill core was logged at exploration facilities by logging geologists.

**7.2.3 Logging**

For both auger and sonic drill holes, logging included qualitative determinations of primary and secondary lithology units, weathering profile units (mottled zone, lateritic zone, saprock, saprolite, etc.), as well as the color and textural characteristics of the soil and rock.

GPS coordinates and geological logging data for all drill holes were captured in a Microsoft Excel spreadsheet and uploaded to the Project database. These data were collected in sufficient detail to support mineral resource estimation.

McGarry Geoconsulting notes that the regolith domains are assigned using a chemical index of alteration (refer to Chapter 6.3.2). However, the relationship between calculated chemical index of alteration, weathering intensity, and rare earth element accumulation may vary between different locations and bedrock types. In addition to visual inspection of the core, additional physical and geochemical parameters should be used to ensure correct determination regolith domains.

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| ![img78450133_2.jpg](img78450133_2.jpg) | www.rareearthsamericas.com |
|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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**7.2.4 Recovery**

Auger samples were checked by the technician at the rig to ensure they represented the interval drilled. Fallen material was removed before sample collection.

If poor recovery was encountered during sonic drilling, the, drill speed was decreased. Persistent poor recovery at the beginning of a hole resulted in redrilling at a nearby location. Casing was used to minimize fallback.

Recovered sonic core was measured, with recovery data expressed as a percentage and recorded in the database. Recovery rates for auger and sonic drilling in regolith is 95%.

There was no observed relationship between sample recovery and grade or sample bias due to preferential loss or gain of fine or coarse material.

**7.2.5 Collar Surveys**

Drill collars were located using a handheld GPS with ±3–5 m horizontal accuracy (95% confidence) in open sky conditions. The datum used was SIRGAS 2000 UTM 23S. The digital elevation model used has a has a typical vertical accuracy of ±10 m (90% confidence) The accuracy of the locations is sufficient for mineral resource estimates at the inferred confidence classification assigned in Chapter 11.

**7.2.6 Down Hole Surveys**

No down hole surveys were completed on holes due to their shallow depths. While several sonic holes have depths up to 50 m, the vertical holes are expected to have limited deviation of the drill hole trace.

**7.2.7 Drilled Versus True Thickness** 

All intercepts reported are down hole lengths.

The mineralization is interpreted to be flat in the weathered profile, so the drilling is vertically perpendicular to mineralization and drilled mineralization thickness is interpreted to correspond to true thickness. The selected vertical drill orientation is applicable to the horizontal regolith mineralization.

**7.2.8 Drill Hole Spacing**

The ion-adsorption clay mineralization formed by deep and widespread weathering of the regional-scale rare earth element-enriched alkaline complex. This process results in laterally extensive rare earth element-enriched horizons within in regolith saprolite horizons. The continuity of saprolite, and rare earth enrichment within it, can be established at a low resolution with widely spaced drilling. Auger drill holes

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|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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are predominantly drilled on a grid at 240 m spacings. The distribution is sufficient to establish the degree of geological and grade continuity appropriate for the inferred confidence classification.

Sonic holes were completed on portions of the Roseira, Varginha, and Pedra Preta deposits at spacings ranging from 300 to 500 m. These holes provide deeper penetration and higher quality sample recovery, allowing confirmation of the vertical profile of mineralization and the collection of undisturbed samples for bulk density tests.

**7.2.9 Comment on Material Results and Interpretation**

Drilling, collar surveying and geological logging were completed in accordance with industry-standard practices for ionic adsorption clay projects. Drill collars were positioned using handheld GPS (SIRGAS 2000 UTM 23S). No downhole surveys were conducted due to the shallow nature of the drilling, with auger and sonic holes drilled to depths of <50 m. The short vertical orientation of holes are expected to result in minimal deviation, resulting in low positional uncertainty.

Drill recovery was consistently high for both auger and sonic drilling. Recovery was measured systematically and recorded in the database. No relationship was observed between recovery and grade, and there is no indication of sample bias due to gain or loss of specific size fractions. The drilling methods, recovery rates, and logging procedures are considered sufficient to support mineral resource estimation.

The geological model is consistent with a regolith-hosted rare earth deposit, where mineralization occurs as ion-adsorbed clays within the weathered profile. The typical profile includes a leached upper soil and mottled zone, underlain by a saprolite horizon that hosts the majority of rare earth element enrichment. Mineralization is laterally continuous and flat-lying, with vertical drilling producing intercepts that closely approximate true thickness.

Drilling has consistently intersected significant rare earth element-bearing saprolite, frequently exhibiting enrichment of rare earth oxides, including neodymium, praseodymium, dysprosium and terbium with depth.

Drill hole spacing is at approximately 240 m, sufficient to support an inferred mineral resource confidence classification.

Based on the available data, drilling and logging are adequate to support mineral resource estimation. Outside of the mineral resource deposit areas, auger drilling on three exploration concessions have returned significant rare earth element grades in regolith that warrant follow up.

7.3 Hydrogeology

Detailed hydrological investigations have not yet commenced for this early-stage project.

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| ![img78450133_2.jpg](img78450133_2.jpg) | www.rareearthsamericas.com |
|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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Auger drilling recorded depths at which drilling was halted due to water inflow into the drill holes. Those data are summarized in Table 7-6 for each deposit area. In general, water-related stoppages occur in proximity to drainage channels and lakes. For tenements where water stoppages are frequent, the depths are typically around 10 m and may be indicative of local groundwater conditions. The mineral resource model and associated constraining pit shells often extend well below these recorded depths, highlighting the requirement for dedicated hydrological characterization work as the Project advances.

7.4 Geotechnical

Geotechnical investigations have not commenced.

Core recovery data collected as part of drill hole logging indicated that there was no observed relationship between sample recovery and grade or sample bias due to preferential loss or gain of fine or coarse material (refer to Chapter 7.2.4.)

**Table 7-6: Summary of Water-Related Drilling Stoppages** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Target** | &nbsp;&nbsp;**Water Stoppage <br>Count** | &nbsp;&nbsp;**Holes Stopped (%)** | &nbsp;&nbsp;**Mean Stoppage Depth (m)** | &nbsp;&nbsp;**Comments** |
| &nbsp;&nbsp;Andradas | &nbsp;&nbsp;1 | &nbsp;&nbsp;13 | &nbsp;&nbsp;4.3 | &nbsp;&nbsp;Water in Auger drilling limited to a single hole at the easter edge of the tenement, |
| &nbsp;&nbsp;Clube da Uva | &nbsp;&nbsp;1 | &nbsp;&nbsp;20 | &nbsp;&nbsp;6.0 | &nbsp;&nbsp;Water in Auger drilling limited to a single hole at the southwest corner of the tenement |
| &nbsp;&nbsp;Mato Queimado | &nbsp;&nbsp;3 | &nbsp;&nbsp;14 | &nbsp;&nbsp;17.2 | &nbsp;&nbsp;Water stoppages occur in the eastern portion of the tenement surrounding a drainage channel |
| &nbsp;&nbsp;Pedra Preta | &nbsp;&nbsp;15 | &nbsp;&nbsp;24 | &nbsp;&nbsp;10.4 | &nbsp;&nbsp;Water stoppages predominantly occur along the eastern edge of the tenement, in proximity to a drainage channel that borders the tenement to the east. |
| &nbsp;&nbsp;Pio Cipó | &nbsp;&nbsp;25 | &nbsp;&nbsp;57 | &nbsp;&nbsp;8.8 | &nbsp;&nbsp;Water stoppages occur frequently throughout the tenement, which is bisected by subdued dendric drainage channels. |
| &nbsp;&nbsp;Roseira | &nbsp;&nbsp;18 | &nbsp;&nbsp;47 | &nbsp;&nbsp;10.8 | &nbsp;&nbsp;Water stoppages occur frequently in the western portion of the tenement which is bisected by subdued dendric drainage channels and at the southern edge  |
| &nbsp;&nbsp;Varginha | &nbsp;&nbsp;34 | &nbsp;&nbsp;48 | &nbsp;&nbsp;9.1 | &nbsp;&nbsp;Water stoppages occur frequently at the northern portion of the tenement, which is surrounded by a dammed lake and is bisected by numerous drainage channels. Water stoppage is less frequent in the south of the permit  |

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Date: 25 March 2026 Page 7-14

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| ![img78450133_2.jpg](img78450133_2.jpg) | www.rareearthsamericas.com |
|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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8.0 SAMPLE PREPARATION, ANALYSES, AND SECURITY

8.1 Sampling Methods

Auger and sonic sub-samples submitted for assaying had average weight of 0.8 kg and 1.1kg respectively. Grab samples had an average weight of 1kg. For all sample types, field duplicates were completed at a frequency of 1:20 samples.

**8.1.1 Auger**

Collected sample interval lengths were 1 m, with some variation depending on sample recovery and geological unit boundaries.

Auger samples were sieved through a 10 x 10 mm screen. The oversized material was mechanically pulverized and re-combined with the undersized material on a plastic tarpaulin. The sample was homogenized by working it back and forth on the tarpaulin and then split using the cone and quarter method to produce sub-samples for assaying and archiving. The split for assay was placed in pre-numbered sample bags for shipment to the laboratory, while the remaining portion was bagged and stored onsite in a secure warehouse.

Samples were processed with natural moisture content, and those too wet for effective screening were air-dried naturally prior to processing.

To minimize cross-contamination, sampling tools were cleaned using water and compressed air between samples. Any plastic sheeting or tarpaulins used in sample collection and preparation were replaced between samples.

**8.1.2 Sonic**

Core from sonic drilling was split to obtain quarter core sub-samples for assaying. Core sample intervals were typically 1 m in length, with a minimum of 0.55 m and a maximum of 2.0 m, taking into account lithological boundaries. The right side of the core was consistently sampled, and the bottom half retained in the core tray for archiving. The core was split into two quarter-core samples using a knife. One quarter-core sample was designated for assay testing, while the other was preserved as an archive sample. The quarter-core sample allocated for assay was placed in pre-numbered sample bags and prepared for shipment to the laboratory for analysis. The remaining half of the core was retained in the core tray for reference. These core samples were stored in a secure warehouse.

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| ![img78450133_2.jpg](img78450133_2.jpg) | www.rareearthsamericas.com |
|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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**8.1.3 Grab Samples**

Grab samples are collected from on outcropping material using a rock hammer to obtain fragments of material for analysis. Grab samples represent single location points and do not represent a continuous sample along any length of the mineralized system. After collection in the field grab samples were placed in sealed plastic bags labelled with the sample IDs inside and transported to a secure warehouse.

8.2 Sample Security Methods

Sample chain of custody is wholly managed by Rare Earths Americas.

After collection, exploration samples were bagged in sealed plastic bags, placed into polyweave sacks, labelled with the sample numbers, and transported to the company's warehouse.

A local courier transported the samples to the analytical laboratory. A copy of all waybills related to the sample forwarding is secured from the expediter. An electronic copy of each submission is forwarded to the laboratory to advise them of the incoming sample shipment.

Once the samples arrived at the laboratory, the company was notified by laboratory manager and any non-compliance was reported. The laboratory checked the packages and at the Report date, have not notified the company of any sample-related security issues.

8.3 Density Determinations

Specific gravity measurements were completed on 163 fragments of sonic drill core, typically about 10 cm in length and 300 cm<sup>3</sup> in volume, collected from across deposit. The water displacement method was used for measurement.

A representative sample was selected from the drill core and dried in an oven for 24 hours at 60ºC. The sample was weighed both before and after drying so that the moisture content of the samples could be calculated.

The dry bulk density of the sample was be determined using the displacement method once the sample was dry. Porous regolith samples were tightly covered in plastic wrap prior to immersion in water to prevent the sample disintegrating in water. Care was taken to avoid trapping air spaces between the plastic wrap and the sample. The temperature of the water was measured to determine its density for use in the following equation:

![img78450133_16.jpg](img78450133_16.jpg)

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| ![img78450133_2.jpg](img78450133_2.jpg) | www.rareearthsamericas.com |
|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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All measurements were completed by Rare Earths Americas personnel, and are summarized in Table 8-1. Simple averages generated for each material type were assigned to mineral resource models for each deposit.

**Table 8-1: Density Determinations**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Material** | &nbsp;&nbsp;**Count** | &nbsp;&nbsp;**Average<br>Moisture <br>(%)** | &nbsp;&nbsp;**Dry Bulk Density**  | &nbsp;&nbsp;**Dry Bulk Density**  | &nbsp;&nbsp;**Dry Bulk Density**  |
| &nbsp;&nbsp;**Material** | &nbsp;&nbsp;**Count** | &nbsp;&nbsp;**Average<br>Moisture <br>(%)** | &nbsp;&nbsp;**Minimum** | &nbsp;&nbsp;**Maximum** | &nbsp;&nbsp;**Average** |
| &nbsp;&nbsp;Soil | &nbsp;&nbsp;14 | &nbsp;&nbsp;26 | &nbsp;&nbsp;1.18 | &nbsp;&nbsp;1.57 | &nbsp;&nbsp;1.42 |
| &nbsp;&nbsp;Laterite | &nbsp;&nbsp;12 | &nbsp;&nbsp;22 | &nbsp;&nbsp;1.28 | &nbsp;&nbsp;1.63 | &nbsp;&nbsp;1.39 |
| &nbsp;&nbsp;Mottled zone | &nbsp;&nbsp;57 | &nbsp;&nbsp;30 | &nbsp;&nbsp;1.05 | &nbsp;&nbsp;1.59 | &nbsp;&nbsp;1.32 |
| &nbsp;&nbsp;Saprolite | &nbsp;&nbsp;111 | &nbsp;&nbsp;23 | &nbsp;&nbsp;1.01 | &nbsp;&nbsp;2.32 | &nbsp;&nbsp;1.48 |
| &nbsp;&nbsp;Saprock | &nbsp;&nbsp;31 | &nbsp;&nbsp;7 | &nbsp;&nbsp;1.30 | &nbsp;&nbsp;2.46 | &nbsp;&nbsp;2.03 |

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8.4 Analytical and Test Laboratories

SGS Geosol in Vespasiano, Minas Gerais, Brazil (SGS Geosol) has been the primary assay laboratory for the Project since exploration commenced in June 2023. SGS Geosol is independent of Rare Earths Americas and holds ISO 17025 accreditation, demonstrating competence of testing and calibration across its geochemical laboratory services covering analytical methods for soil and rock samples. SGS Geosol also has ISO 9001 certification of its quality management system for analytical chemistry. Approximately 74% of the exploration drilling assays assays (3,009 samples) in the database were generated by SGS Geosol.

In early 2024, Rare Earths Americas began periodically sending drill samples for preparation at ALS Belo Horizonte, Brazil (ALS Belo Horizonte) and assaying at the Lima facility in Peru (ALS Lima). ALS Belo Horizonte and ALS Lima are independent of Rare Earths Americas and both hold ISO 17025 accreditations and ISO 9001 certification. Approximately 26% of the exploration drilling assays (1,049samples) in the database were generated by ALS Lima.

8.5 Sample Preparation

At SGS Geosol, samples were initially dried at 105ºC for 24 hours. Samples were crushed to 75% passing 3 mm and the sample weight was recorded. The sample was reduced on a rotary splitter and then 250–300 g of the sample was pulverized to 95% passing 75 µm. A 50 g aliquot was assayed. Residual pulp material was returned to Rare Earths Americas.

ALS Belo Horizonte prepared samples in the same manner as at SGS Geosol, with the exception of the pulverization step, where 250–300g of the sample was pulverized to 85% passing 75 µm. Residual pulp material was returned to Rare Earths Americas.

Date: 25 March 2026 Page 8-3

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| ![img78450133_2.jpg](img78450133_2.jpg) | www.rareearthsamericas.com |
|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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8.6 Analysis

SGS Geosol used a lithium borate fusion followed by inductively-coupled plasma mass spectrometry (ICP-MS) determination for a multi-element suite (SGS Geosol code IMS95A). This method provides a total rare earth element analysis, and values for the potentially deleterious elements uranium and thorium to the lower limits of detection presented in Table 8-2.

The assay technique used for major oxides and components was lithium borate fusion followed by inductively-coupled plasma (ICP) optical emission spectroscopy (OES) analysis (SGS Geosol code ICP95A). ALS Lima used lithium borate fusion followed by a ICP mass spectrometry (MS) determination (ALS code ME-MS81), to generate a multi-element suite. This method provides a total rare earth element analysis, and values for the potentially deleterious elements uranium and thorium to the lower limits of detection (refer to Table 8-2). The assay technique used for major oxides and components was lithium borate fusion followed by ICP-OES (ALS code ME-ICP06).

**Table 8-2: Elemental Detection Limits, SGS Geosol and ALS Lima**

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Element** | &nbsp;&nbsp;**SGS Geosol (ppm)** | &nbsp;&nbsp;**ALS Lima (ppm)** |
| &nbsp;&nbsp;La | &nbsp;&nbsp;0.10 | &nbsp;&nbsp;0.1 |
| &nbsp;&nbsp;Ce | &nbsp;&nbsp;0.10 | &nbsp;&nbsp;0.1 |
| &nbsp;&nbsp;Pr | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;0.02 |
| &nbsp;&nbsp;Nd | &nbsp;&nbsp;0.10 | &nbsp;&nbsp;0.1 |
| &nbsp;&nbsp;Sm | &nbsp;&nbsp;0.10 | &nbsp;&nbsp;0.03 |
| &nbsp;&nbsp;Eu | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;0.02 |
| &nbsp;&nbsp;Gd | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;0.05 |
| &nbsp;&nbsp;Tb | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;0.05 |
| &nbsp;&nbsp;Dy | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;0.05 |
| &nbsp;&nbsp;Ho | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;0.05 |
| &nbsp;&nbsp;Er | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;0.03 |
| &nbsp;&nbsp;Tm | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;0.01 |
| &nbsp;&nbsp;Yb | &nbsp;&nbsp;0.10 | &nbsp;&nbsp;0.03 |
| &nbsp;&nbsp;Lu | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;0.01 |
| &nbsp;&nbsp;Y | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;0.05 |
| &nbsp;&nbsp;U | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;0.05 |
| &nbsp;&nbsp;Th | &nbsp;&nbsp;0.10 | &nbsp;&nbsp;0.05 |

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Date: 25 March 2026 Page 8-4

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| ![img78450133_2.jpg](img78450133_2.jpg) | www.rareearthsamericas.com |
|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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8.7 Quality Assurance and Quality Control

**8.7.1 Overview**

All exploration was accompanied by a quality assurance and quality control (QA/QC) program implemented by Rare Earths Americas geologists following guidelines provided by Dr. Dennis Arne (Arne, 2023). This program included the systematic insertion of certified reference materials (CRMs), blank materials, and the collection of field duplicate samples.

For resource development drilling, QA/QC samples were inserted in the following proportions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•A CRM was inserted after every 20<sup>th</sup> sample;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Blank material was inserted after every 40<sup>th</sup> sample;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Duplicate samples of quarter core were inserted after every 20<sup>th</sup> sample.

QA/QC sample results were monitored by the exploration team independently from the analytical laboratories and were periodically reviewed by McGarry Geoconsulting.

**8.7.2 Certified Reference Materials**

CRMs were supplied by Ore Research & Exploration Pty Ltd of Perth, Australia (OREAS). The selection of a suitable CRM was dependent on the type of material being sampled. Lower-grade CRMs were used for ionic-clay mineralization. OREAS 460 was used where previous analyses had indicated the presence of very high rare earth element levels. The CRMs were submitted as "blind" control samples not identifiable by the laboratory.

**CRM Results SGS Geosol IMS95A**

For SGS method IMS95A, rare earth elements and yttrium, and potentially deleterious elements thorium and uranium, CRM assay results are tabulated by CRM type in Table 8-3 to Table 8-6. Example control plots for OREAS 100a are shown in Figure 8-1.

Date: 25 March 2026 Page 8-5

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| ![img78450133_2.jpg](img78450133_2.jpg) | www.rareearthsamericas.com |
|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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**Table 8-3: SGS IMS95A Results, OREAS 30a**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Element** | **CRM Grade <br>(ppm)** | **CRM <br>Standard Deviation** | **Assay Average <br>(ppm)** | **Average Bias <br>(%)** |
| &nbsp;&nbsp;La | &nbsp;&nbsp;28.9 | &nbsp;&nbsp;1.8 | &nbsp;&nbsp;30.6 | &nbsp;&nbsp;6 |
| &nbsp;&nbsp;Ce | &nbsp;&nbsp;58.0 | &nbsp;&nbsp;3.2 | &nbsp;&nbsp;59.0 | &nbsp;&nbsp;2 |
| &nbsp;&nbsp;Pr | &nbsp;&nbsp;7.1 | &nbsp;&nbsp;0.6 | &nbsp;&nbsp;7.0 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;Nd | &nbsp;&nbsp;27.4 | &nbsp;&nbsp;1.6 | &nbsp;&nbsp;28.1 | &nbsp;&nbsp;3 |
| &nbsp;&nbsp;Sm | &nbsp;&nbsp;5.7 | &nbsp;&nbsp;0.4 | &nbsp;&nbsp;5.9 | &nbsp;&nbsp;3 |
| &nbsp;&nbsp;Eu | &nbsp;&nbsp;1.8 | &nbsp;&nbsp;0.1 | &nbsp;&nbsp;1.8 | &nbsp;&nbsp;5 |
| &nbsp;&nbsp;Gd | &nbsp;&nbsp;5.2 | &nbsp;&nbsp;0.2 | &nbsp;&nbsp;5.4 | &nbsp;&nbsp;4 |
| &nbsp;&nbsp;Tb | &nbsp;&nbsp;0.8 | &nbsp;&nbsp;0.1 | &nbsp;&nbsp;0.7 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;Dy | &nbsp;&nbsp;4.2 | &nbsp;&nbsp;0.2 | &nbsp;&nbsp;4.3 | &nbsp;&nbsp;3 |
| &nbsp;&nbsp;Ho | &nbsp;&nbsp;0.7 | &nbsp;&nbsp;0.1 | &nbsp;&nbsp;0.8 | &nbsp;&nbsp;6 |
| &nbsp;&nbsp;Er | &nbsp;&nbsp;1.9 | &nbsp;&nbsp;0.2 | &nbsp;&nbsp;2.0 | &nbsp;&nbsp;6 |
| &nbsp;&nbsp;Yb | &nbsp;&nbsp;1.5 | &nbsp;&nbsp;0.1 | &nbsp;&nbsp;1.6 | &nbsp;&nbsp;4 |
| &nbsp;&nbsp;Lu | &nbsp;&nbsp;0.2 | &nbsp;&nbsp;0.0 | &nbsp;&nbsp;0.2 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;Y | &nbsp;&nbsp;19.4 | &nbsp;&nbsp;1.1 | &nbsp;&nbsp;20.0 | &nbsp;&nbsp;3 |
| &nbsp;&nbsp;Th | &nbsp;&nbsp;3.7 | &nbsp;&nbsp;0.3 | &nbsp;&nbsp;5.3 | &nbsp;&nbsp;44 |
| &nbsp;&nbsp;U | &nbsp;&nbsp;1.4 | &nbsp;&nbsp;0.1 | &nbsp;&nbsp;1.4 | &nbsp;&nbsp;6 |
| ***Total rare earth element*** | ***163.0*** | ***Number of CRMs*** | &nbsp;&nbsp;***68*** |  |

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Note: La = lanthanum, Ce = cerium, Pr = praseodymium, Nd = neodymium, Sm = samarium, Eu = europium, Gd = gadolinium, Tb = terbium, Dy = dysprosium, Ho = holmium, Er = erbium, Yb = ytterbium, Lu = lutetium, Y = yttrium, Th = thorium, U = uranium.

**Table 8-4: SGS IMS95A Results, OREAS 100a**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Element** | **CRM Grade <br>(ppm)** | **CRM <br>Standard Deviation** | **Assay Average <br>(ppm)** | **Average Bias <br>(%)** |
| &nbsp;&nbsp;La | &nbsp;&nbsp;260.0 | &nbsp;&nbsp;13.0 | &nbsp;&nbsp;255.9 | &nbsp;&nbsp;-2 |
| &nbsp;&nbsp;Ce | &nbsp;&nbsp;463.0 | &nbsp;&nbsp;29.0 | &nbsp;&nbsp;473.3 | &nbsp;&nbsp;2 |
| &nbsp;&nbsp;Pr | &nbsp;&nbsp;47.1 | &nbsp;&nbsp;4.0 | &nbsp;&nbsp;45.0 | &nbsp;&nbsp;-4 |
| &nbsp;&nbsp;Nd | &nbsp;&nbsp;152.0 | &nbsp;&nbsp;14.0 | &nbsp;&nbsp;147.1 | &nbsp;&nbsp;-3 |
| &nbsp;&nbsp;Sm | &nbsp;&nbsp;23.6 | &nbsp;&nbsp;0.7 | &nbsp;&nbsp;24.0 | &nbsp;&nbsp;2 |
| &nbsp;&nbsp;Eu | &nbsp;&nbsp;3.7 | &nbsp;&nbsp;0.4 | &nbsp;&nbsp;3.6 | &nbsp;&nbsp;-4 |
| &nbsp;&nbsp;Gd | &nbsp;&nbsp;23.6 | &nbsp;&nbsp;2.2 | &nbsp;&nbsp;21.2 | &nbsp;&nbsp;-10 |
| &nbsp;&nbsp;Tb | &nbsp;&nbsp;3.8 | &nbsp;&nbsp;0.3 | &nbsp;&nbsp;3.5 | &nbsp;&nbsp;-9 |
| &nbsp;&nbsp;Dy | &nbsp;&nbsp;23.2 | &nbsp;&nbsp;0.9 | &nbsp;&nbsp;23.1 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;Ho | &nbsp;&nbsp;4.8 | &nbsp;&nbsp;0.2 | &nbsp;&nbsp;4.8 | &nbsp;&nbsp;-1 |
| &nbsp;&nbsp;Er | &nbsp;&nbsp;14.9 | &nbsp;&nbsp;0.9 | &nbsp;&nbsp;15.0 | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;Yb | &nbsp;&nbsp;14.9 | &nbsp;&nbsp;0.5 | &nbsp;&nbsp;15.1 | &nbsp;&nbsp;2 |
| &nbsp;&nbsp;Lu | &nbsp;&nbsp;2.3 | &nbsp;&nbsp;0.2 | &nbsp;&nbsp;2.1 | &nbsp;&nbsp;-5 |
| &nbsp;&nbsp;Y | &nbsp;&nbsp;142.0 | &nbsp;&nbsp;6.0 | &nbsp;&nbsp;134.0 | &nbsp;&nbsp;-6 |
| &nbsp;&nbsp;Th | &nbsp;&nbsp;51.6 | &nbsp;&nbsp;4.3 | &nbsp;&nbsp;49.9 | &nbsp;&nbsp;-3 |
| &nbsp;&nbsp;U | &nbsp;&nbsp;135.0 | &nbsp;&nbsp;11.0 | &nbsp;&nbsp;134.8 | &nbsp;&nbsp;0 |
| ***Total rare earth element*** | ***1181.2*** | ***Number of CRMs*** | &nbsp;&nbsp;***70*** |  |

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Date: 25 March 2026 Page 8-6

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| ![img78450133_2.jpg](img78450133_2.jpg) | www.rareearthsamericas.com |
|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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**Table 8-5: SGS IMS95A Results, OREAS 460**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Element** | **CRM Grade <br>(ppm)** | **CRM <br>Standard Deviation** | **Assay Average <br>(ppm)** | **Average Bias <br>(%)** |
| &nbsp;&nbsp;La | &nbsp;&nbsp;1369.3 | &nbsp;&nbsp;75.1 | &nbsp;&nbsp;1349.2 | &nbsp;&nbsp;-1 |
| &nbsp;&nbsp;Ce | &nbsp;&nbsp;1798.2 | &nbsp;&nbsp;72.2 | &nbsp;&nbsp;1805.4 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;Pr | &nbsp;&nbsp;243.7 | &nbsp;&nbsp;8.5 | &nbsp;&nbsp;233.0 | &nbsp;&nbsp;-4 |
| &nbsp;&nbsp;Nd | &nbsp;&nbsp;781.3 | &nbsp;&nbsp;46.7 | &nbsp;&nbsp;779.0 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;Sm | &nbsp;&nbsp;107.4 | &nbsp;&nbsp;3.4 | &nbsp;&nbsp;103.8 | &nbsp;&nbsp;-3 |
| &nbsp;&nbsp;Eu | &nbsp;&nbsp;22.7 | &nbsp;&nbsp;1.0 | &nbsp;&nbsp;22.1 | &nbsp;&nbsp;-3 |
| &nbsp;&nbsp;Gd | &nbsp;&nbsp;50.1 | &nbsp;&nbsp;3.0 | &nbsp;&nbsp;49.0 | &nbsp;&nbsp;-2 |
| &nbsp;&nbsp;Tb | &nbsp;&nbsp;4.8 | &nbsp;&nbsp;0.2 | &nbsp;&nbsp;4.6 | &nbsp;&nbsp;-5 |
| &nbsp;&nbsp;Dy | &nbsp;&nbsp;19.8 | &nbsp;&nbsp;0.8 | &nbsp;&nbsp;19.5 | &nbsp;&nbsp;-2 |
| &nbsp;&nbsp;Ho | &nbsp;&nbsp;2.8 | &nbsp;&nbsp;0.2 | &nbsp;&nbsp;2.7 | &nbsp;&nbsp;-3 |
| &nbsp;&nbsp;Er | &nbsp;&nbsp;6.0 | &nbsp;&nbsp;0.3 | &nbsp;&nbsp;5.8 | &nbsp;&nbsp;-3 |
| &nbsp;&nbsp;Yb | &nbsp;&nbsp;3.9 | &nbsp;&nbsp;0.3 | &nbsp;&nbsp;3.7 | &nbsp;&nbsp;-4 |
| &nbsp;&nbsp;Lu | &nbsp;&nbsp;0.5 | &nbsp;&nbsp;0.0 | &nbsp;&nbsp;0.5 | &nbsp;&nbsp;-9 |
| &nbsp;&nbsp;Y | &nbsp;&nbsp;59.7 | &nbsp;&nbsp;2.6 | &nbsp;&nbsp;59.0 | &nbsp;&nbsp;-1 |
| &nbsp;&nbsp;Th | &nbsp;&nbsp;115.9 | &nbsp;&nbsp;3.3 | &nbsp;&nbsp;111.8 | &nbsp;&nbsp;-4 |
| &nbsp;&nbsp;U | &nbsp;&nbsp;4.2 | &nbsp;&nbsp;0.2 | &nbsp;&nbsp;4.2 | &nbsp;&nbsp;-1 |
| ***Total rare earth element*** | ***4470*** | ***Number of CRMs*** | &nbsp;&nbsp;***36*** |  |

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**Table 8-6: SGS IMS95A Results, OREAS 463**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Element** | **CRM Grade <br>(ppm)** | **CRM <br>Standard Deviation** | **Assay Average <br>(ppm)** | **Average Bias <br>(%)** |
| &nbsp;&nbsp;La | &nbsp;&nbsp;4965.7 | &nbsp;&nbsp;139.3 | &nbsp;&nbsp;4969.6 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;Ce | &nbsp;&nbsp;6590.7 | &nbsp;&nbsp;154.4 | &nbsp;&nbsp;6594.2 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;Pr | &nbsp;&nbsp;1003.6 | &nbsp;&nbsp;43.0 | &nbsp;&nbsp;999.2 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;Nd | &nbsp;&nbsp;3682.3 | &nbsp;&nbsp;184.5 | &nbsp;&nbsp;3740.8 | &nbsp;&nbsp;2 |
| &nbsp;&nbsp;Sm | &nbsp;&nbsp;537.7 | &nbsp;&nbsp;10.8 | &nbsp;&nbsp;533.4 | &nbsp;&nbsp;-1 |
| &nbsp;&nbsp;Eu | &nbsp;&nbsp;115.1 | &nbsp;&nbsp;4.4 | &nbsp;&nbsp;116.4 | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;Gd | &nbsp;&nbsp;241.0 | &nbsp;&nbsp;13.2 | &nbsp;&nbsp;246.6 | &nbsp;&nbsp;2 |
| &nbsp;&nbsp;Tb | &nbsp;&nbsp;20.3 | &nbsp;&nbsp;1.0 | &nbsp;&nbsp;19.9 | &nbsp;&nbsp;-2 |
| &nbsp;&nbsp;Dy | &nbsp;&nbsp;70.5 | &nbsp;&nbsp;3.3 | &nbsp;&nbsp;71.5 | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;Ho | &nbsp;&nbsp;8.7 | &nbsp;&nbsp;0.6 | &nbsp;&nbsp;8.5 | &nbsp;&nbsp;-2 |
| &nbsp;&nbsp;Er | &nbsp;&nbsp;16.0 | &nbsp;&nbsp;1.1 | &nbsp;&nbsp;16.0 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;Yb | &nbsp;&nbsp;7.0 | &nbsp;&nbsp;0.4 | &nbsp;&nbsp;7.3 | &nbsp;&nbsp;4 |
| &nbsp;&nbsp;Lu | &nbsp;&nbsp;0.8 | &nbsp;&nbsp;0.0 | &nbsp;&nbsp;0.8 | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;Y | &nbsp;&nbsp;180.2 | &nbsp;&nbsp;8.1 | &nbsp;&nbsp;182.1 | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;Th | &nbsp;&nbsp;292.2 | &nbsp;&nbsp;11.1 | &nbsp;&nbsp;299.8 | &nbsp;&nbsp;3 |
| &nbsp;&nbsp;U | &nbsp;&nbsp;7.9 | &nbsp;&nbsp;0.3 | &nbsp;&nbsp;7.9 | &nbsp;&nbsp;1 |
| ***Total rare earth element*** | ***17440*** | ***Number of CRMs*** | &nbsp;&nbsp;***7.0*** |  |

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| ![img78450133_2.jpg](img78450133_2.jpg) | www.rareearthsamericas.com |
|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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**Figure 8-1: SGS Geosol Example CRM Control Plot, OREAS 100a**

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|:---|:---|
| ![img78450133_17.gif](img78450133_17.gif) | ![img78450133_18.gif](img78450133_18.gif) |
| ![img78450133_19.gif](img78450133_19.gif) | ![img78450133_20.gif](img78450133_20.gif) |

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Note: Figure prepared by McGarry Geoconsulting, 2025. Pr = praseodymium, Nd = neodymium, La = lanthanum, Ce = cerium, Dy = dysprosium, Gd = gadolinium, Th = thorium, U = uranium; SD = standard deviation; Z-score = a statistical measurement of a score's relationship to the mean in a group of scores;

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| ![img78450133_2.jpg](img78450133_2.jpg) | www.rareearthsamericas.com |
|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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The data were reviewed for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Commercially significant elements neodymium, praseodymium, dysprosium and terbium;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Cerium and lanthanum, which make up the largest proportion of reported total rare earth oxide grades;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Deleterious elements thorium and uranium.

The most important CRMs were OREAS 100a, 460 and 463 which have total rare earth element grades above the mineral resource estimate reporting cut off, ranging from of 1,032–17,440 ppm. For all CRM used, sufficient analyses were completed to allow for observation of trends in the accuracy and precision of analytical measurements. The number of analyses ranged from seven for CRM OREAS 463 to 70 for CRM 100a.

Overall, CRMs performed satisfactorily with most results within ±2 standard deviation control limits. Out of control limit results (i.e. > ±2 standard deviations) were more frequent for low-grade CRM 30a. CRM results for thorium indicated a poor level of precision.

For CRMs OREAS 100a and 460, there was a trend to under reporting of rare earth element grades, especially for praseodymium, terbium and gadolinium. For all rare earth elements, the modal amount of bias in assay data relative to the CRM was -4%. A negative bias of up to -10% was noted for CRM OREAS100 gadolinium analyses. The CRM has a certified grade of 23.6 ppm Tb and average assayed value of 21.2 ppm Gd.

**CRM Results ALS Lima ME-MS81**

For ALS method ME-MS81, rare earth elements and yttrium, and potentially deleterious elements thorium and uranium, CRM assay results are tabulated by CRM type in Table 8-7 to Table 8-9. Example control plots for CRM OREAS 100a are shown in Figure 8-2.

Overall CRMs performed very well, with the majority of results within the ±2 standard deviation control limits. Across all CRMs, the rare earth and deleterious elements did not have consistent positive or negative biases, and assay values were typically within a ±4% of certified grades.

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| ![img78450133_2.jpg](img78450133_2.jpg) | www.rareearthsamericas.com |
|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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**Blanks**

Quartz sand was used as coarse blank material submitted with the core samples. An upper control line was set at a value of 10 times the lower limit of detection for the method used for analysis.

**Blank SGS Geosol IMS95A**

A total of 372 blank analyses were completed.

For abundant elements of interest such as cerium, lanthanum, neodymium, and thorium, the lower limit of detection was 0.1 ppm and the control line was set at 1 ppm. For less abundant elements of interest such as praseodymium, dysprosium, terbium and uranium, the lower limit of detection was 0.05 ppm and the control line was set at 0.5 ppm.

An example of the blank control charts is shown in Figure 8-3.

**Table 8-7: ALS ME-MS81 Results, OREAS 30a**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Element** | **CRM Grade <br>(ppm)** | **CRM <br>Standard Deviation** | **Assay Average <br>(ppm)** | **Average Bias <br>(%)** |
| &nbsp;&nbsp;La | &nbsp;&nbsp;28.9 | &nbsp;&nbsp;1.8 | &nbsp;&nbsp;29.8 | &nbsp;&nbsp;3 |
| &nbsp;&nbsp;Ce | &nbsp;&nbsp;58.0 | &nbsp;&nbsp;3.2 | &nbsp;&nbsp;59.9 | &nbsp;&nbsp;3 |
| &nbsp;&nbsp;Pr | &nbsp;&nbsp;7.1 | &nbsp;&nbsp;0.6 | &nbsp;&nbsp;7.3 | &nbsp;&nbsp;3 |
| &nbsp;&nbsp;Nd | &nbsp;&nbsp;27.4 | &nbsp;&nbsp;1.6 | &nbsp;&nbsp;28.7 | &nbsp;&nbsp;5 |
| &nbsp;&nbsp;Sm | &nbsp;&nbsp;5.7 | &nbsp;&nbsp;0.4 | &nbsp;&nbsp;6.0 | &nbsp;&nbsp;5 |
| &nbsp;&nbsp;Eu | &nbsp;&nbsp;1.8 | &nbsp;&nbsp;0.1 | &nbsp;&nbsp;1.9 | &nbsp;&nbsp;7 |
| &nbsp;&nbsp;Gd | &nbsp;&nbsp;5.2 | &nbsp;&nbsp;0.2 | &nbsp;&nbsp;5.4 | &nbsp;&nbsp;3 |
| &nbsp;&nbsp;Tb | &nbsp;&nbsp;0.8 | &nbsp;&nbsp;0.1 | &nbsp;&nbsp;0.8 | &nbsp;&nbsp;3 |
| &nbsp;&nbsp;Dy | &nbsp;&nbsp;4.2 | &nbsp;&nbsp;0.2 | &nbsp;&nbsp;4.1 | &nbsp;&nbsp;-1 |
| &nbsp;&nbsp;Ho | &nbsp;&nbsp;0.7 | &nbsp;&nbsp;0.1 | &nbsp;&nbsp;0.8 | &nbsp;&nbsp;6 |
| &nbsp;&nbsp;Er | &nbsp;&nbsp;1.9 | &nbsp;&nbsp;0.2 | &nbsp;&nbsp;2.0 | &nbsp;&nbsp;4 |
| &nbsp;&nbsp;Yb | &nbsp;&nbsp;1.5 | &nbsp;&nbsp;0.1 | &nbsp;&nbsp;1.6 | &nbsp;&nbsp;2 |
| &nbsp;&nbsp;Lu | &nbsp;&nbsp;0.2 | &nbsp;&nbsp;0.0 | &nbsp;&nbsp;0.2 | &nbsp;&nbsp;-1 |
| &nbsp;&nbsp;Y | &nbsp;&nbsp;19.4 | &nbsp;&nbsp;1.1 | &nbsp;&nbsp;20.0 | &nbsp;&nbsp;3 |
| &nbsp;&nbsp;Th | &nbsp;&nbsp;3.7 | &nbsp;&nbsp;0.3 | &nbsp;&nbsp;3.8 | &nbsp;&nbsp;3 |
| &nbsp;&nbsp;U | &nbsp;&nbsp;1.4 | &nbsp;&nbsp;0.1 | &nbsp;&nbsp;1.4 | &nbsp;&nbsp;1 |
| ***Total rare earth element*** | ***163*** | ***Number of CRMs*** | &nbsp;&nbsp;***24*** |  |

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Note: La = lanthanum, Ce = cerium, Pr = praseodymium, Nd = neodymium, Sm = samarium, Eu = europium, Gd = gadolinium, Tb = terbium, Dy = dysprosium, Ho = holmium, Er = erbium, Yb = ytterbium, Lu = lutetium, Y = yttrium, Th = thorium, U = uranium.

Date: 25 March 2026 Page 8-10

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| ![img78450133_2.jpg](img78450133_2.jpg) | www.rareearthsamericas.com |
|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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**Table 8-8: ALS ME-MS81 Results, OREAS 100a**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Element** | **CRM Grade <br>(ppm)** | **CRM <br>Standard Deviation** | **Assay Average <br>(ppm)** | **Average Bias <br>(%)** |
| &nbsp;&nbsp;La | &nbsp;&nbsp;260.0 | &nbsp;&nbsp;13.0 | &nbsp;&nbsp;256.3 | &nbsp;&nbsp;3 |
| &nbsp;&nbsp;Ce | &nbsp;&nbsp;463.0 | &nbsp;&nbsp;29.0 | &nbsp;&nbsp;460.4 | &nbsp;&nbsp;4 |
| &nbsp;&nbsp;Pr | &nbsp;&nbsp;47.1 | &nbsp;&nbsp;4.0 | &nbsp;&nbsp;46.1 | &nbsp;&nbsp;2 |
| &nbsp;&nbsp;Nd | &nbsp;&nbsp;152.0 | &nbsp;&nbsp;14.0 | &nbsp;&nbsp;149.6 | &nbsp;&nbsp;2 |
| &nbsp;&nbsp;Sm | &nbsp;&nbsp;23.6 | &nbsp;&nbsp;0.7 | &nbsp;&nbsp;24.1 | &nbsp;&nbsp;7 |
| &nbsp;&nbsp;Eu | &nbsp;&nbsp;3.7 | &nbsp;&nbsp;0.4 | &nbsp;&nbsp;3.4 | &nbsp;&nbsp;-3 |
| &nbsp;&nbsp;Gd | &nbsp;&nbsp;23.6 | &nbsp;&nbsp;2.2 | &nbsp;&nbsp;20.2 | &nbsp;&nbsp;-11 |
| &nbsp;&nbsp;Tb | &nbsp;&nbsp;3.8 | &nbsp;&nbsp;0.3 | &nbsp;&nbsp;3.5 | &nbsp;&nbsp;-4 |
| &nbsp;&nbsp;Dy | &nbsp;&nbsp;23.2 | &nbsp;&nbsp;0.9 | &nbsp;&nbsp;22.2 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;Ho | &nbsp;&nbsp;4.8 | &nbsp;&nbsp;0.2 | &nbsp;&nbsp;4.8 | &nbsp;&nbsp;3 |
| &nbsp;&nbsp;Er | &nbsp;&nbsp;14.9 | &nbsp;&nbsp;0.9 | &nbsp;&nbsp;14.7 | &nbsp;&nbsp;3 |
| &nbsp;&nbsp;Yb | &nbsp;&nbsp;14.9 | &nbsp;&nbsp;0.5 | &nbsp;&nbsp;14.8 | &nbsp;&nbsp;3 |
| &nbsp;&nbsp;Lu | &nbsp;&nbsp;2.3 | &nbsp;&nbsp;0.2 | &nbsp;&nbsp;2.1 | &nbsp;&nbsp;-3 |
| &nbsp;&nbsp;Y | &nbsp;&nbsp;142.0 | &nbsp;&nbsp;6.0 | &nbsp;&nbsp;135.1 | &nbsp;&nbsp;-1 |
| &nbsp;&nbsp;Th | &nbsp;&nbsp;51.6 | &nbsp;&nbsp;4.3 | &nbsp;&nbsp;49.0 | &nbsp;&nbsp;-1 |
| &nbsp;&nbsp;U | &nbsp;&nbsp;135.0 | &nbsp;&nbsp;11.0 | &nbsp;&nbsp;129.1 | &nbsp;&nbsp;0 |
| ***Total rare earth element*** | ***1179*** | ***Number of CRMs*** | &nbsp;&nbsp;***25*** |  |

---

**Table 8-9: ALS ME-MS81 Results: OREAS 460**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Element** | **CRM Grade <br>(ppm)** | **CRM <br>Standard Deviation** | **Assay Average <br>(ppm)** | **Average Bias <br>(%)** |
| &nbsp;&nbsp;La | &nbsp;&nbsp;1369.3 | &nbsp;&nbsp;75.1 | &nbsp;&nbsp;1380.6 | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;Ce | &nbsp;&nbsp;1798.2 | &nbsp;&nbsp;72.2 | &nbsp;&nbsp;1880.9 | &nbsp;&nbsp;5 |
| &nbsp;&nbsp;Pr | &nbsp;&nbsp;243.7 | &nbsp;&nbsp;8.5 | &nbsp;&nbsp;246.3 | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;Nd | &nbsp;&nbsp;781.3 | &nbsp;&nbsp;46.7 | &nbsp;&nbsp;830.8 | &nbsp;&nbsp;6 |
| &nbsp;&nbsp;Sm | &nbsp;&nbsp;107.4 | &nbsp;&nbsp;3.4 | &nbsp;&nbsp;108.3 | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;Eu | &nbsp;&nbsp;22.7 | &nbsp;&nbsp;1.0 | &nbsp;&nbsp;22.7 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;Gd | &nbsp;&nbsp;50.1 | &nbsp;&nbsp;3.0 | &nbsp;&nbsp;49.8 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;Tb | &nbsp;&nbsp;4.8 | &nbsp;&nbsp;0.2 | &nbsp;&nbsp;5.1 | &nbsp;&nbsp;6 |
| &nbsp;&nbsp;Dy | &nbsp;&nbsp;19.8 | &nbsp;&nbsp;0.8 | &nbsp;&nbsp;20.4 | &nbsp;&nbsp;3 |
| &nbsp;&nbsp;Ho | &nbsp;&nbsp;2.8 | &nbsp;&nbsp;0.2 | &nbsp;&nbsp;2.8 | &nbsp;&nbsp;2 |
| &nbsp;&nbsp;Er | &nbsp;&nbsp;6.0 | &nbsp;&nbsp;0.3 | &nbsp;&nbsp;6.3 | &nbsp;&nbsp;4 |
| &nbsp;&nbsp;Yb | &nbsp;&nbsp;3.9 | &nbsp;&nbsp;0.3 | &nbsp;&nbsp;3.8 | &nbsp;&nbsp;-4 |
| &nbsp;&nbsp;Lu | &nbsp;&nbsp;0.5 | &nbsp;&nbsp;0.0 | &nbsp;&nbsp;0.5 | &nbsp;&nbsp;3 |
| &nbsp;&nbsp;Y | &nbsp;&nbsp;59.7 | &nbsp;&nbsp;2.6 | &nbsp;&nbsp;61.8 | &nbsp;&nbsp;4 |
| &nbsp;&nbsp;Th | &nbsp;&nbsp;115.9 | &nbsp;&nbsp;3.3 | &nbsp;&nbsp;115.4 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;U | &nbsp;&nbsp;4.2 | &nbsp;&nbsp;0.2 | &nbsp;&nbsp;4.2 | &nbsp;&nbsp;0 |
| ***Total rare earth element*** | ***4470*** | ***Number of CRMs*** | &nbsp;&nbsp;***16*** |  |

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Date: 25 March 2026 Page 8-11

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| ![img78450133_2.jpg](img78450133_2.jpg) | www.rareearthsamericas.com |
|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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**Figure 8-2: ALS Example CRM Control Plot OREAS 100a**

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|:---|:---|
| ![img78450133_21.gif](img78450133_21.gif) | ![img78450133_22.gif](img78450133_22.gif) |
| ![img78450133_23.gif](img78450133_23.gif) | ![img78450133_24.gif](img78450133_24.gif) |

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Note: Figure prepared by McGarry Geoconsulting, 2025. Pr = praseodymium, Nd = neodymium, La = lanthanum, Ce = cerium, Dy = dysprosium, Gd = gadolinium, Th = thorium, U = uranium; SD = standard deviation; Z-score = a statistical measurement of a score's relationship to the mean in a group of scores;

Date: 25 March 2026 Page 8-12

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| ![img78450133_2.jpg](img78450133_2.jpg) | www.rareearthsamericas.com |
|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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**Figure 8-3: SGS Control Plot Blanks**

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|:---|:---|
| ![img78450133_25.gif](img78450133_25.gif) | ![img78450133_26.gif](img78450133_26.gif) |
| ![img78450133_27.gif](img78450133_27.gif) | ![img78450133_28.gif](img78450133_28.gif) |

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Note: Figure prepared by McGarry Geoconsulting, 2025. Pr = praseodymium, Nd = neodymium, La = lanthanum, Ce = cerium, Dy = dysprosium, Gd = gadolinium, Th = thorium, U = uranium.

Date: 25 March 2026 Page 8-13

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| ![img78450133_2.jpg](img78450133_2.jpg) | www.rareearthsamericas.com |
|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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The majority of blank analyses for potentially commercially significant elements neodymium, praseodymium, dysprosium and terbium are below the corresponding control line.

For abundant elements cerium, lanthanum and thorium, a large proportion of blank analyses exceed the control limit by a small amount with nearly all (i.e. >98%) assays were below a 10 ppm limit. The correlation between element abundance and blank control failure suggests minor cross contamination, or carry over of elements, from exploration samples. The amount of carryover is not significant relative to the mineral resource cut-off grade.

**Blank ALS Lima ME-MS81**

A total of 26 blank analyses were completed. Blank control charts are shown in Figure 8-4.

For commercially significant elements neodymium, praseodymium, dysprosium and terbium assays are below the corresponding control line.

For abundant elements cerium and lanthanum, a large proportion of blank analyses exceed the control limit by a small amount with nearly all (i.e. >98%) assays are below a 10 ppm limit.

**8.7.3 Field Duplicates**

Sampling precision was monitored by submitting samples for repeat analysis.

**Field Duplicates SGS Geosol IMS95A**

A total of 112 duplicate analyses were completed by SGS Geosol. Scatter plots for each element are shown in Figure 8-5.

There is a strong linear relationship between the original and duplicate values. Coefficient of determination (R<sup>2</sup>) values are typically >0.98 indicating a strong positive correlation between original and duplicate values.

**Field Duplicates ALS Lima**

A total of 66 duplicate analyses were completed by ALS Lima. Scatter plots for each element are shown in Figure 8-6.

There is a strong linear relationship between the original and duplicate values. Coefficient of determination (R2) values are typically >0.99 indicating a indicates a strong positive correlation between original and duplicate values.

Date: 25 March 2026 Page 8-14

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| ![img78450133_2.jpg](img78450133_2.jpg) | www.rareearthsamericas.com |
|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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**Figure 8-4: ALS Control Plot Blanks**

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|:---|:---|
| ![img78450133_29.gif](img78450133_29.gif) | ![img78450133_30.gif](img78450133_30.gif) |
| ![img78450133_31.gif](img78450133_31.gif) | ![img78450133_32.gif](img78450133_32.gif) |

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Note: Figure prepared by McGarry Geoconsulting, 2025. Pr = praseodymium, Nd = neodymium, La = lanthanum, Ce = cerium, Dy = dysprosium, Gd = gadolinium, Th = thorium, U = uranium.

Date: 25 March 2026 Page 8-15

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| ![img78450133_2.jpg](img78450133_2.jpg) | www.rareearthsamericas.com |
|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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**Figure 8-5: SGS Geosol Field Duplicate Scatter Plots**

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|:---|:---|
| ![img78450133_33.gif](img78450133_33.gif) | ![img78450133_34.gif](img78450133_34.gif) |
| ![img78450133_35.jpg](img78450133_35.jpg) | ![img78450133_36.gif](img78450133_36.gif) |
| ![img78450133_37.gif](img78450133_37.gif) | ![img78450133_38.gif](img78450133_38.gif) |
| ![img78450133_39.gif](img78450133_39.gif) | ![img78450133_40.gif](img78450133_40.gif) |

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Note: Figure prepared by McGarry Geoconsulting, 2025. Pr = praseodymium, Nd = neodymium, La = lanthanum, Ce = cerium, Dy = dysprosium, Gd = gadolinium, Th = thorium, U = uranium.

Date: 25 March 2026 Page 8-16

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| ![img78450133_2.jpg](img78450133_2.jpg) | www.rareearthsamericas.com |
|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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**Figure 8-6: ALS Lima Field Duplicate Scatter Plots**

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|:---|:---|
| ![img78450133_41.gif](img78450133_41.gif) | ![img78450133_42.gif](img78450133_42.gif) |
| ![img78450133_43.jpg](img78450133_43.jpg) | ![img78450133_44.gif](img78450133_44.gif) |
| ![img78450133_45.gif](img78450133_45.gif) | ![img78450133_46.gif](img78450133_46.gif) |
| ![img78450133_47.gif](img78450133_47.gif) | ![img78450133_48.gif](img78450133_48.gif) |

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Note: Figure prepared by McGarry Geoconsulting, 2025. Pr = praseodymium, Nd = neodymium, La = lanthanum, Ce = cerium, Dy = dysprosium, Gd = gadolinium, Th = thorium, U = uranium.

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| ![img78450133_2.jpg](img78450133_2.jpg) | www.rareearthsamericas.com |
|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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8.8 Database

Exploration data is recorded directly into proprietary logging spreadsheet tables hosted on secure cloud servers. The spreadsheets are populated using locked picklists to minimize entry errors and ensure consistency. Tables are interlinked so that key metadata, such as hole IDs and total depths, are automatically attributed to corresponding logging records. Basic auto-validation tools are applied to check for logical errors, including ensuring correct from- and to-depth relationships.

Assay data is imported from laboratory certificates using lookup functions that match sample identifiers, reducing manual transcription errors. Density measurements and survey data are entered into the same system, maintaining a single integrated dataset for resource estimation.

Although these linked spreadsheets and validation functions improve data reliability, they are not a substitute for a dedicated commercial geological database system.

Original logging sheets, assay certificates, and survey files are archived digitally, with backups maintained on cloud servers. Routine copies of the database are saved to ensure data recovery capability in the event of corruption or accidental loss.

8.9 Qualified Person's Opinion on Sample Preparation, Security, and Analytical Procedures

The results of the QA/QC samples summitted by Rare Earth Americas during exploration do not indicate significant issues with the analytical data.

The performance of CRM, blanks and field duplicates indicate satisfactory performance of field sampling protocols and assay laboratories in providing acceptable levels of precision and accuracy.

The density determinations are suitably representative for the estimation of inferred mineral resources. Rare Earths America should continue to collect density measurements on undisturbed samples obtained from sonic drill core.

The data verification programs undertaken on the data collected from the Project support the geological interpretations and the analytical and database quality, and therefore the data can be used for mineral resource estimation.

Date: 25 March 2026 Page 8-18

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| ![img78450133_2.jpg](img78450133_2.jpg) | www.rareearthsamericas.com |
|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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9.0 DATA VERIFICATION

9.1 Internal Data Verification

**9.1.1 Exploration Data** 

Rare Earth Americas maintains all exploration data in a secure, web-based database that incorporates automated validation protocols. The system performs continuous checks for overlapping from–to intervals within assay and geological tables and enforces standardization of lithology, alteration, and assay codes through defined pick lists to ensure consistency in data entry.

All drill hole data are routinely exported from the database and imported into Leapfrog Geo software (version 2025.1) for independent validation. Standard verification procedures include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Identification of interval data exceeding recorded maximum hole depths;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Review for overlapping or inconsistent sample intervals.

Visual validation is also undertaken by the Rare Earth Americas' geology manager to identify spurious collar coordinates.

**9.1.2 Twin Holes**

Across the Pedra Preta, Roseira, and Varginha deposits, 37 sonic holes were drilled in close proximity to auger holes. Results from these closely-spaced sonic twin holes show strong correlation with the auger drilling assays, confirming the reliability of the auger sampling method.

Statistical comparison of paired intervals demonstrates that grade distribution and mean assay values from auger holes are consistent with those obtained from sonic drilling, with no evidence of systematic bias between the two methods.

9.2 Data Verification by Qualified Persons

**9.2.1 Karst Geosolutions**

Karst Geosolutions completed a site visit (refer to Chapter 2.4).

The following conclusions were reached as a result of the site visit:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•All procedures relating to drilling including environmental, safety, sampling and surveying appeared to be followed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•All staff including drillers and geologists seemed to be comfortable with the drilling and sampling procedures;

Date: 25 March 2026 Page 9-1

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| ![img78450133_2.jpg](img78450133_2.jpg) | www.rareearthsamericas.com |
|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Preliminary verification of the drill collar coordinates indicated an acceptable level of accuracy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Rare Earths Americas geologists and sampling technicians had a good understanding of quality assurance procedures.

The majority of the data, drilling, and geological records were found to be well maintained by Rare Earths Americas personnel and comprehensive field procedures have been developed.

**9.2.2 McGarry Geoconsulting**

McGarry Geoconsulting compiled and verified all exploration data provided by Rare Earth Americas to generate the mineral resources disclosed in this Report:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•For all drill data, McGarry Geoconsulting conducted independent validation checks, including: verification of collar coordinates against survey control, review of downhole survey data for consistency, and validation of assay tables for overlapping intervals or values beyond recorded hole depths;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The database supplied by Rare Earth Americas was cross-checked against original laboratory certificates and field logs on a representative basis to confirm data integrity. Any discrepancies identified during this process were resolved in collaboration with Rare Earth Americas' geology team prior to resource estimation.

McGarry Geoconsulting is satisfied that the data has been appropriately verified and is acceptable to support the mineral resource estimates presented in this Report.

9.3 Qualified Person's Opinion on Data Adequacy

Sufficient data have been obtained through various exploration and sampling programs to support the geological interpretations. The data are of sufficient quantity and reliability to reasonably support the rare earth mineral resource estimates in this Report.

The mineral resource is classified as inferred after considering the limited data spacing, reliance on auger holes that only partially test the regolith profile, and low survey and digital elevation model accuracy. The overall quality of the exploration data obtained by Rare Earth Americas is considered acceptable to support higher mineral resource confidence categories once data density and spatial accuracy are improved.

Date: 25 March 2026 Page 9-2

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| ![img78450133_2.jpg](img78450133_2.jpg) | www.rareearthsamericas.com |
|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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10.0 MINERAL PROCESSING AND METALLURGICAL TESTING

10.1 Introduction

The metallurgical basis for reporting rare earth elements in the mineral resource estimate is supported by an extensive program of bench-scale leachability testing conducted on exploration drill samples across all deposit areas. Samples were collected at 1 m intervals through the entire regolith profile in a subset of drill holes, providing high vertical resolution and systematic coverage across the mineralized zones.

Leach recoveries for individual rare earth elements were derived from these results and incorporated into the block model to estimate in-situ grades and metallurgical recoveries. Recovered block values were calculated and used to support cut-off grade determinations.

Testing was performed using ammonium sulphate under controlled ion-exchange conditions selected to approximate the anticipated processing method, with the resulting average recoveries considered representative at a bulk scale due to the systematic sampling strategy and the close alignment between test conditions and the anticipated processing method.

10.2 Proposed Processing Method

The processing of ionic adsorption clay rare earth mineralization is an emerging technology that differs significantly from traditional hard rock rare earth extraction methods. Ionic adsorption clay deposits typically host rare earth elements loosely bound to clay particles near the surface. These rare earth elements are not locked within minerals but are instead adsorbed onto the surface of clay minerals, which allows for relatively simple extraction techniques.

The proposed processing route is based on ion-exchange leaching using ammonium sulphate (NH₄)₂SO₄ solution under acidic conditions (target pH ≈ 2). The acidity enhances ion mobility and exchange efficiency, facilitating the desorption of rare earth elements from the clay matrix. The process takes advantage of the electrostatic nature of rare earth element adsorption onto clays, replacing the rare earth element³⁺ ions with NH₄⁺ ions from solution. This reaction occurs readily under ambient pressure and temperature, provided that solution chemistry (pH, ionic strength, contact time) is properly controlled.

The resulting slurry is then subjected to solid-liquid separation, typically through pressure or vacuum filtration, to produce a pregnant leach solution-enriched in rare earth elements. This pregnant leach solution is subsequently processed through chemical precipitation, where specific reagents—commonly oxalic acid or sodium carbonate—are added to selectively remove the dissolved rare earth elements from solution. The precipitated material, known as mixed rare earth concentrate, contains the suite of rare earth elements present in the deposit, except for cerium, which is only minimally recovered in this process due to its prevalent oxidized state. Depending on market requirements and product specifications, the mixed rare earth concentrate may undergo further purification and upgrading stages.

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|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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Globally, only a limited number of ionic adsorption clay projects are in production outside of China. The technology remains relatively new, with few operations having progressed to commercial-scale development. In Brazil, the Serra Verde Project, operated by Serra Verde Pesquisa e Mineração Ltda., is currently the only known ionic adsorption clay operation in production, highlighting the early stage of adoption of this processing method within the country.

The technology in use at the Serra Verde operation is considered suitable for application at the Project and involves:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Ion-exchange leaching using sodium chloride at natural pH, which acts in the same way as ammonium sulphate by exchanging Na⁺ ions with the rare earth element³⁺ ions adsorbed on clay mineral surfaces. The leaching solution is applied to run-of-mine mineralized material screened to 1 mm to remove oversize particles. The material is processed in agitated tanks (agitated leach) with reagent control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•pH control and purification: the resulting slurry is subjected to pH adjustment by the addition of sodium carbonate, promoting the precipitation of key impurities, mainly aluminum and iron, before rare earth element recovery. This step improves downstream precipitation selectivity and overall product purity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Solid-liquid separation, carried out through pressure filtration to ensure efficient recovery of the pregnant leach solution while minimizing the carryover of fine solids;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Chemical precipitation of rare earth elements from the pregnant leach solution, using sodium carbonate to produce rare earth carbonates. Precipitation parameters, such as pH, reagent dosage, and residence time, are carefully controlled to maximize rare earth element recovery while minimizing co-precipitation of impurities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Concentration and filtration: the precipitated slurry is sent to a thickener to achieve the target solids content, which is then fed to a filter press for production of the mixed rare earth concentrate cake;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Recirculation of barren solution: all solution recovered from the thickener overflow and mixed rare earth concentrate filtration filtrate is recirculated back into the process, reducing fresh water demand and minimizing reagent losses.

Compared to hard rock rare earth deposits, ionic adsorption clay processing avoids crushing, grinding, and high-temperature treatment, resulting in lower energy use and reduced environmental impact.

10.3 Test Laboratories

ALS Geochemistry in Lima, Peru was used to undertake bench-scale leaching tests during 2024. The facility is independent of Rare Earths Americas, holds ISO 17025 accreditation and ISO 9001 certification. There are currently no globally recognized accreditations for metallurgical testwork.

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| ![img78450133_2.jpg](img78450133_2.jpg) | www.rareearthsamericas.com |
|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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10.4 Metallurgical Testwork

ALS Lima carried out bench-scale ammonium sulphate ionic exchange tests using a 0.5 molar (M) ammonium sulfate solution (0.5 moles of solute per liter of solution; ALS code ME-MS19) on 30 g sample aliquots. The samples were agitated in ammonium sulphate solution for 20 minutes and then filtered. The resulting filtrate was collected, an aliquot diluted with 2% nitric acid, and analyzed by ICP-MS.

In total, 89% of drill holes were subject to 3,374 ammonium sulphate leach tests during 2024, of which 2,107 are within modelled saprolite mineral resource estimation domains. Drill hole collar locations for holes with samples that underwent ionic exchange testing are presented in Figure 10-1.

**Figure 10-1: Collar Locations, Metallurgical Testwork Samples**

![img78450133_49.jpg](img78450133_49.jpg)

Note: Figure prepared by Rare Earths Americas, 2024.

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| ![img78450133_2.jpg](img78450133_2.jpg) | www.rareearthsamericas.com |
|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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10.5 Rare Earth Element Extraction Estimates

As of the date of this Report, 2,107 samples had been submitted for metallurgical testwork within modelled saprolite estimation domains. The average TREO-CeO₂ extraction into leach solution across all deposit areas is 33.7%, with comparable extractions observed for the economically significant magnet rare earths neodymium and praseodymium. Recoveries for dysprosium and terbium were lower at 19% at 22% respectively. Leach extraction varies both between, and within, deposit areas.

Of the samples submitted, 1,084 samples (51%) contained saprolite with total rare earth oxide concentrations greater than a threshold of >270 ppm TREO-cerium extracted into the leach solution. This threshold was applied to determine reasonable prospects for economic extraction, as detailed in the cut-off calculation provided in Chapter 11. Cerium was excluded from the threshold because it does not readily leach under the mild acid conditions typical of ionic clay processing. As a result, its extraction does not contribute to leach solution grades and is therefore not considered in determining potential economic cut-off parameters.

For samples above the selected threshold and representative of the mineral resource, the mean leach extraction for rare earth elements was 51.7%, with comparable extractions observed for the economically significant magnet rare earths neodymium and praseodymium. Recoveries for dysprosium and terbium were lower at 32% at 37% respectively. The mean extraction for individual deposits is summarized in Table 10-1 and recoveries by individual rare earth element are illustrated in Figure 10-2.

**Table 10-1: Mean Leach Sample Recoveries by Deposit** 

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| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Mean Extraction (%)**<br>**All Estimation Samples** | **Mean Extraction (%)**<br>**All Estimation Samples** | **Mean Extraction (%)**<br>**All Estimation Samples** | **Mean Extraction (%)**<br>**All Estimation Samples** | **Mean Extraction (%)**<br>**All Estimation Samples** | **Mean Extraction (%)**<br>**All Estimation Samples** | **Mean Extraction (%)**<br>**>270 ppm TREO–CeO2 in Leach Solution** | **Mean Extraction (%)**<br>**>270 ppm TREO–CeO2 in Leach Solution** | **Mean Extraction (%)**<br>**>270 ppm TREO–CeO2 in Leach Solution** | **Mean Extraction (%)**<br>**>270 ppm TREO–CeO2 in Leach Solution** | **Mean Extraction (%)**<br>**>270 ppm TREO–CeO2 in Leach Solution** | **Mean Extraction (%)**<br>**>270 ppm TREO–CeO2 in Leach Solution** | **Mean Extraction (%)**<br>**>270 ppm TREO–CeO2 in Leach Solution** |
|  | **Count** | **TREO<br>-CeO2** | **Nd2O3** | **Pr6O11** | **Dy2O3** | **Tb4O7** | **Tb4O7** | **Count** | **TREO<br>-CeO2** | **Nd2O3** | **Pr6O11** | **Dy2O3** | **Tb4O7** |
| Pio Cipó | 335 | 30.2 | 34.2 | 34.3 | 19.8 | 22.7 | 22.7 | 174 | 48.5 | 52.6 | 52.6 | 34.6 | 38.8 |
| Pedra Preta  | 525 | 23.6 | 28.4 | 27.5 | 14.5 | 16.8 | 16.8 | 202 | 43.1 | 48.6 | 47.5 | 30.2 | 34.1 |
| Varginha | 574 | 41.0 | 46.4 | 47.0 | 21.2 | 24.0 | 24.0 | 292 | 60.9 | 64.8 | 65.0 | 36.3 | 40.5 |
| Roseira | 346 | 33.0 | 37.1 | 36.0 | 12.9 | 15.6 | 15.6 | 186 | 47.1 | 50.4 | 49.4 | 19.1 | 22.3 |
| Mato Queimado | 199 | 47.0 | 53.5 | 52.2 | 33.1 | 38.5 | 38.5 | 158 | 53.3 | 60.5 | 59.1 | 38.7 | 44.6 |
| Clube da Uva | 25 | 38.4 | 45.4 | 45.9 | 18.7 | 21.0 | 21.0 | 14 | 55.7 | 62.6 | 62.6 | 29.7 | 32.9 |
| Andradas | 103 | 31.8 | 33.2 | 32.7 | 26.0 | 27.4 | 27.4 | 46 | 54.7 | 58.2 | 59.1 | 40.7 | 44.0 |
| ***All*** | ***2107*** | ***33.7*** | ***38.5*** | ***38.1*** | ***19.3*** | ***22.1*** | ***22.1*** | ***1072*** | ***51.7*** | ***56.3*** | ***55.8*** | ***32.3*** | ***36.5*** |

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| ![img78450133_2.jpg](img78450133_2.jpg) | www.rareearthsamericas.com |
|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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**Figure 10-2: Summary of Leach Test Results for Above Mineral Resource Estimate Threshold Samples**![img78450133_50.gif](img78450133_50.gif)

Note: Figure prepared by McGarry Consulting, 2025.

Block model REE leach recovery values for were estimated from all available test results at each deposit, using the same parameters and methodology described in Section 11.11. The resulting block model estimates of leach extraction for TREO–CeO2, Nd2O3, Pr6O11, Dy2O3 and Tb4O7 attributable to the mineral resource are presented in Table 10-2.

**Table 10-2: Mean Block Model Recovery Estimates**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Mean Estimated Extraction (%) Blocks >1,000 ppm TREO** | **Mean Estimated Extraction (%) Blocks >1,000 ppm TREO** | **Mean Estimated Extraction (%) Blocks >1,000 ppm TREO** | **Mean Estimated Extraction (%) Blocks >1,000 ppm TREO** | **Mean Estimated Extraction (%) Blocks >1,000 ppm TREO** |
|  | **TREO-CeO2** | **Nd2O3** | **Pr6O11** | **Dy2O3** | **Tb4O7** |
| Pio Cipó | 36.6 | 40.6 | 40.6 | 25.3 | 28.7 |
| Pedra Preta  | 29.0 | 31.9 | 30.9 | 18.6 | 21.2 |
| Varginha | 49.5 | 52.0 | 52.9 | 24.3 | 27.5 |
| Roseira | 36.5 | 39.9 | 38.9 | 13.3 | 15.6 |
| Mato Queimado | 47.5 | 52.2 | 50.7 | 33.7 | 39.1 |
| Clube da Uva | 35.0 | 53.1 | 53.6 | 23.5 | 26.3 |
| Andradas | 31.2 | 33.6 | 33.2 | 28.0 | 29.2 |
| **All** | **37.9** | **41.7** | **41.3** | **22.3** | **25.3** |

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| ![img78450133_2.jpg](img78450133_2.jpg) | www.rareearthsamericas.com |
|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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These leaching results were comparable to those published for ionic adsorption clay projects on adjacent properties and inferred that the ionic clay rare earth mineralization is amenable to ionic exchange leaching at standard temperatures, pH, and atmospheric pressure. Process optimization testwork is planned and will be advanced as the Project develops.

Infill drilling should delineate material most amenable to leaching and target discrete horizons and zones with high rare earth element contents by leaching.

10.6 Metallurgical Variability

Leach recovery samples were collected from exploration drillholes on a regular grid spacing across each deposit, ensuring spatial representativity of the metallurgical dataset. Samples were taken continuously downhole through the entire regolith profile, capturing both lateral and vertical variability within the mineralized zones. The sampling approach covered the full range of grades present in the deposits, and leach tests were performed on intervals representing both high- and low-grade material.

The sample distribution covered the defined saprolite mineralization domain used in the estimation, ensuring that the extraction data were representative of the mineral resource estimates (Figure 10-1).

10.7 Deleterious Elements

For ionic adsorption clay deposits in general, the most common deleterious elements are thorium and uranium due to their impact on product radioactivity, and iron and aluminum due to their influence on reagent consumption and pregnant leach solution chemistry.

Bench-scale leach tests were conducted to evaluate the deportment of deleterious elements, including thorium and uranium, into the pregnant leach solution (Table 10-3). These tests indicated that both elements were largely immobile under the selected ion-exchange leaching conditions, with generally low levels detected in the pregnant leach solution.

Thorium and uranium were also estimated into the block model from exploration assays to assess their distribution and assess potential impacts on selective mining or waste management.

**Table 10-3: Deleterious Element U and Th in Pregnant Leach Solution in Bench-Scale Tests**

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|:---|:---|:---|:---|:---|:---|:---|:---|
| **Deposit** | **Count** | **Uranium (U ppm)** | **Uranium (U ppm)** | **Uranium (U ppm)** | **Thorium (Th ppm)** | **Thorium (Th ppm)** | **Thorium (Th ppm)** |
| **Deposit** | **Count** | **Average** | **Minimum** | **Maximum** | **Average** | **Minimum** | **Maximum** |
| Pedra Preta  | 525 | 1.59 | 0.02 | 30.90 | 0.60 | 0.10 | 3.25 |
| Pio Cipó | 335 | 0.27 | 0.02 | 1.95 | 0.12 | 0.10 | 0.66 |
| Clube da Uva | 25 | 0.61 | 0.08 | 2.11 | 1.24 | 0.29 | 3.59 |
| Roseira | 346 | 0.61 | 0.02 | 4.20 | 0.65 | 0.01 | 6.26 |
| Andradas | 103 | 0.31 | 0.02 | 2.08 | 0.58 | 0.01 | 2.71 |
| Mato Queimado | 199 | 0.43 | 0.02 | 2.42 | 0.12 | 0.10 | 0.51 |
| Varginha | 574 | 0.87 | 0.02 | 10.15 | 1.49 | 0.10 | 17.35 |
| ***Grand Total*** | ***2107*** | ***0.84*** | ***0.02*** | ***30.90*** | ***0.74*** | ***0.01*** | ***17.35*** |

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| ![img78450133_2.jpg](img78450133_2.jpg) | www.rareearthsamericas.com |
|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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Additional metallurgical work is recommended. Bulk composite and variability testing will further assess these elements and confirm that impurity levels will not impact plant throughput, recovery, or product marketability.

No factors were identified to date that would preclude potential economic extraction or the generation of a marketable rare earth carbonate product at the Project, although continued assessment of deleterious elements is recommended as the Project advances.

10.8 Qualified Person's Opinion on Data Adequacy

The metallurgical dataset is considered acceptable to support the current mineral resource estimate. The bench-scale leach tests replicate the proposed ammonium sulphate ion-exchange process and are relevant to the ionic clay deposit class.

The systematic sampling captures both lateral and vertical variability, and the recoveries allow an inference of bulk-scale behavior at the current resource development stage.

It is recommended that future work include bulk composite and pilot-scale leach testing to evaluate potential comminution effects in transitional horizons, test material handling and leach solution flow, and refine leach extraction estimates across different regolith domains.

Continuous column leach testing should also be undertaken to replicate percolation behavior under process-representative conditions and validate leaching kinetics. These larger-scale tests should provide sufficient pregnant leach solution volumes for confirmatory work on mixed rare earth carbonate precipitation and purification, to establish product quality and recovery estimates through to a saleable product.

These programs should strengthen the metallurgical basis for the mineral resource estimate and support the economic assumptions in sufficient detail to support higher-confidence mineral resource categories and preliminary engineering studies.

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| ![img78450133_2.jpg](img78450133_2.jpg) | www.rareearthsamericas.com |
|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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11.0 MINERAL RESOURCE ESTIMATES

11.1 Introduction

Geological and block modelling was undertaken Leapfrog version 2025.1 with the Edge extension. Statistical analysis was carried out using Snowden Supervisor software version 8.6.

The Constellation Project contains seven deposit domains used for the mineral resource estimation. The deposit areas are defined by property boundaries and were shown in Figure 7-2.

The total area of the seven deposit models is 14.4 km<sup>2</sup>. The total modelled volume is approximately 269 Mm<sup>3</sup>. The modelled north–south extent of individual deposits ranges up to about 3 km. The east–west extents range up to 3 km. The modelled thicknesses range up to 47 m, and the median thicknesses range from 10–25 m. Domain extents are provided in Table 11-1.

**Table 11-1: Model Domain Extents**

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Deposit** | **Pedra Preta** | **Pedra Preta** | **Pedra Preta** | **Roseira** | **Roseira** | **Varginha** | **Varginha** |
|  | **Deposit** | **Pedra**<br>**Preta** | **Pio**<br>**Cipó** | **Mato**<br>**Queimado** | **Roseira** | **Clube<br>da Uva** | **Varginha** | **Andradas** |
| Extent<br>(m) | North–south | 2550 | 3500 | 1270 | 1640 | 490 | 2780 | 1070 |
| Extent<br>(m) | East–west | 2279 | 3638 | 2228 | 1771 | 778 | 2007 | 2178 |
| ![img78450133_51.jpg](img78450133_51.jpg) | Min | 4 | 2 | 0 | 9 | 5 | 0 | 0 |
| ![img78450133_51.jpg](img78450133_51.jpg) | 25 percentile | 14 | 10 | 8 | 18 | 15 | 13 | 22 |
| ![img78450133_51.jpg](img78450133_51.jpg) | Median: | 18 | 14 | 12 | 21 | 18 | 16 | 25 |
| ![img78450133_51.jpg](img78450133_51.jpg) | 75 percentile | 23 | 19 | 16 | 23 | 22 | 18 | 27 |
| ![img78450133_51.jpg](img78450133_51.jpg) | Max value: | 41 | 37 | 32 | 34 | 32 | 31 | 47 |
| Area (Mm<sup>2</sup>) | Area (Mm<sup>2</sup>) | 2.99 | 4.11 | 1.20 | 1.61 | 0.38 | 3.22 | 0.91 |
| Volume (Mm<sup>3</sup>) | Volume (Mm<sup>3</sup>) | 70.00 | 68.75 | 15.73 | 33.90 | 7.10 | 51.52 | 22.18 |

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11.2 Unsampled Intervals

Within sampled drill holes used in the mineral resource estimate, there were two 1 and 2 m long intervals that were not sampled and do not have assayed rare earth element grades. These unsampled intervals were assigned a null grade rather than a zero grade and were ignored during mineral resource estimation.

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|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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11.3 Drill Hole Coding

Drill hole coding was undertaken to group samples for statistical and geostatistical analyses and grade interpolation. Samples that were in individual mineralized regolith envelopes were flagged by tenement area. For mineral domain with relatively few assays, for which reliable geostatistical cannot be undertaken, samples were grouped with the closest well-informed domain and were estimated using the same estimation parameters.

The groupings applied are listed below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Pedra Preta estimation domain: consists of the Pedra Preta deposit area, and the smaller Pio Cipó and Mato Queimado areas which have relatively fewer drill holes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Roseira estimation domain: consists of the Roseira and the smaller Clube da Uva area.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Varginha estimation domain: consists of the Varginha and smaller Andradas areas.

The locations of these estimation domain groups is provided in Figure 7-2

11.4 Univariate Statistics

Univariate statistical assessments of composited rare earth oxide grade data and deleterious elements were undertaken. Summary statistics composite rare earth oxide values for each of the three major estimation domains are presented in Table 11-2, and are based on 1,115 samples for Pedra Preta, 326 samples for Roseira, and 629 samples for Varginha.

Statistical analysis shows that a single estimation approach would be appropriate for estimation of the rare earth elements in all estimation domains.

Summary composite rare earth element statistics for each estimation group include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Pedra Preta group: total rare earth oxide grades ranged from 365 ppm up to 19,512 ppm (1.9% TREO) and averaged 2,781 ppm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Roseira group: total rare earth oxide grades ranged from 500 ppm up to 67,252ppm (6.7% TREO) and averaged 2,729 ppm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Varginha group: total rare earth oxide grades ranged from 253 ppm up to 35,865 ppm (3.6% TREO) and averaged 2,032 ppm.

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| ![img78450133_2.jpg](img78450133_2.jpg) | www.rareearthsamericas.com |
|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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**Table 11-2: Composite Statistics for Rare Earth Element Grades, Estimation Domains**

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **La2O3<br>(ppm)** | **CeO2<br>(ppm)** | **Pr6O1<br>(ppm)** | **Nd2O3<br>(ppm)** | **Sm2O3<br>(ppm)** | **Eu2O3<br>(ppm)** | **Gd2O3<br>(ppm)** | **Tb4O7<br>(ppm)** | **Dy2O3<br>(ppm)** | **Ho2O3<br>(ppm)** | **Er2O3<br>(ppm)** | **Tm2O3<br>(ppm)** | **Yb2O3<br>(ppm)** | **Lu2O3 <br>(ppm)** | **Y2O3<br>(ppm)** |
| &nbsp;&nbsp;&nbsp;***Pedra Preta = 1,240*** | &nbsp;&nbsp;&nbsp;***Pedra Preta = 1,240*** | &nbsp;&nbsp;&nbsp;***Pedra Preta = 1,240*** | &nbsp;&nbsp;&nbsp;***Pedra Preta = 1,240*** | &nbsp;&nbsp;&nbsp;***Pedra Preta = 1,240*** | &nbsp;&nbsp;&nbsp;***Pedra Preta = 1,240*** | &nbsp;&nbsp;&nbsp;***Pedra Preta = 1,240*** | &nbsp;&nbsp;&nbsp;***Pedra Preta = 1,240*** | &nbsp;&nbsp;&nbsp;***Pedra Preta = 1,240*** | &nbsp;&nbsp;&nbsp;***Pedra Preta = 1,240*** | &nbsp;&nbsp;&nbsp;***Pedra Preta = 1,240*** | &nbsp;&nbsp;&nbsp;***Pedra Preta = 1,240*** | &nbsp;&nbsp;&nbsp;***Pedra Preta = 1,240*** | &nbsp;&nbsp;&nbsp;***Pedra Preta = 1,240*** | &nbsp;&nbsp;&nbsp;***Pedra Preta = 1,240*** | &nbsp;&nbsp;&nbsp;***Pedra Preta = 1,240*** |
| Mean | 892 | 1027 | 142 | 404 | 48.5 | 12.2 | 31.8 | 4.5 | 25.1 | 4.8 | 13.8 | 1.9 | 12.3 | 1.7 | 161 |
| Std.Dev | 845 | 756 | 150 | 459 | 52.9 | 12.8 | 33.2 | 4.1 | 20.7 | 3.8 | 10.2 | 1.4 | 8.1 | 1.1 | 144 |
| CV | 1.0 | 0.7 | 1.1 | 1.1 | 1.1 | 1.1 | 1.0 | 0.9 | 0.8 | 0.8 | 0.7 | 0.7 | 0.7 | 0.6 | 1 |
| Minimum  | 21.5 | 91.4 | 4.5 | 12.6 | 3.5 | 1.2 | 3.7 | 0.8 | 5.9 | 1.1 | 3.4 | 0.5 | 3.4 | 0.4 | 29 |
| Median | 654 | 832 | 96 | 262 | 31.8 | 8.1 | 20.7 | 3.4 | 19.3 | 3.8 | 11.4 | 1.7 | 10.6 | 1.5 | 125 |
| Maximum | 9863 | 12284 | 1488 | 4765 | 554 | 125 | 256 | 31 | 277 | 69 | 213 | 32 | 180 | 23 | 2870 |
| P95 | 2485 | 2334 | 410 | 1177 | 134 | 34 | 89 | 11 | 58 | 11 | 30 | 4 | 24 | 3 | 384 |
| &nbsp;&nbsp;&nbsp;***Roseira = 379*** | &nbsp;&nbsp;&nbsp;***Roseira = 379*** | &nbsp;&nbsp;&nbsp;***Roseira = 379*** | &nbsp;&nbsp;&nbsp;***Roseira = 379*** | &nbsp;&nbsp;&nbsp;***Roseira = 379*** | &nbsp;&nbsp;&nbsp;***Roseira = 379*** | &nbsp;&nbsp;&nbsp;***Roseira = 379*** | &nbsp;&nbsp;&nbsp;***Roseira = 379*** | &nbsp;&nbsp;&nbsp;***Roseira = 379*** | &nbsp;&nbsp;&nbsp;***Roseira = 379*** | &nbsp;&nbsp;&nbsp;***Roseira = 379*** | &nbsp;&nbsp;&nbsp;***Roseira = 379*** | &nbsp;&nbsp;&nbsp;***Roseira = 379*** | &nbsp;&nbsp;&nbsp;***Roseira = 379*** | &nbsp;&nbsp;&nbsp;***Roseira = 379*** | &nbsp;&nbsp;&nbsp;***Roseira = 379*** |
| Mean | 1145 | 824 | 154 | 396 | 40.2 | 9.2 | 22.8 | 2.9 | 16.1 | 3.0 | 8.6 | 1.2 | 7.4 | 1.0 | 98 |
| Std.Dev | 3163 | 796 | 373 | 907 | 71.1 | 13.8 | 32.4 | 2.8 | 11.5 | 1.8 | 4.3 | 0.5 | 2.7 | 0.4 | 77 |
| CV | 2.8 | 1.0 | 2.4 | 2.3 | 1.8 | 1.5 | 1.4 | 1.0 | 0.7 | 0.6 | 0.5 | 0.4 | 0.4 | 0.4 | 1 |
| Min | 23.6 | 265.6 | 5.0 | 12.5 | 2.8 | 0.8 | 2.2 | 0.4 | 2.2 | 0.5 | 1.5 | 0.3 | 1.8 | 0.2 | 12 |
| Median | 614 | 734 | 90 | 252 | 29.3 | 7.3 | 17.6 | 2.5 | 14.8 | 2.8 | 8.3 | 1.1 | 7.2 | 1.0 | 88 |
| Max | 48563 | 14780 | 4950 | 10812 | 963 | 193 | 440 | 37 | 148 | 22 | 50 | 5 | 28 | 4 | 925 |
| P95 | 3077 | 1355 | 355 | 798 | 75 | 18 | 42 | 5 | 27 | 5 | 13 | 2 | 12 | 2 | 154 |
| &nbsp;&nbsp;&nbsp;***Varginha= 534*** | &nbsp;&nbsp;&nbsp;***Varginha= 534*** | &nbsp;&nbsp;&nbsp;***Varginha= 534*** | &nbsp;&nbsp;&nbsp;***Varginha= 534*** | &nbsp;&nbsp;&nbsp;***Varginha= 534*** | &nbsp;&nbsp;&nbsp;***Varginha= 534*** | &nbsp;&nbsp;&nbsp;***Varginha= 534*** | &nbsp;&nbsp;&nbsp;***Varginha= 534*** | &nbsp;&nbsp;&nbsp;***Varginha= 534*** | &nbsp;&nbsp;&nbsp;***Varginha= 534*** | &nbsp;&nbsp;&nbsp;***Varginha= 534*** | &nbsp;&nbsp;&nbsp;***Varginha= 534*** | &nbsp;&nbsp;&nbsp;***Varginha= 534*** | &nbsp;&nbsp;&nbsp;***Varginha= 534*** | &nbsp;&nbsp;&nbsp;***Varginha= 534*** | &nbsp;&nbsp;&nbsp;***Varginha= 534*** |
| Mean | 853 | 671 | 95 | 226 | 23.1 | 5.9 | 15.9 | 2.3 | 14.1 | 2.9 | 9.2 | 1.4 | 9.1 | 1.3 | 101 |
| Std.Dev | 1481 | 479 | 150 | 353 | 30.7 | 7.2 | 21.2 | 2.5 | 13.2 | 2.5 | 7.1 | 1.0 | 5.7 | 0.8 | 98 |
| CV | 1.7 | 0.7 | 1.6 | 1.6 | 1.3 | 1.2 | 1.3 | 1.1 | 0.9 | 0.9 | 0.8 | 0.7 | 0.6 | 0.6 | 1 |
| Min | 15.3 | 105.2 | 2.1 | 7.3 | 1.7 | 0.6 | 1.9 | 0.4 | 2.9 | 0.4 | 1.1 | 0.2 | 1.1 | 0.2 | 15 |
| Median | 446 | 538 | 51 | 124 | 13.9 | 3.7 | 10.1 | 1.7 | 10.8 | 2.3 | 7.8 | 1.2 | 8.1 | 1.2 | 79 |
| Max | 23474 | 3638 | 2160 | 5248 | 463 | 112 | 360 | 41 | 218 | 42 | 112 | 14 | 75 | 11 | 1708 |
| P95 | 2612 | 1572 | 287 | 657 | 60 | 15 | 39 | 5 | 31 | 6 | 20 | 3 | 18 | 3 | 224 |

---

Note: StdDev = standard deviation; CV = co-efficient of variation; P95 = 95<sup>th</sup> percentile

Domain statistics for rare earth element reporting groups and deleterious elements are provided in Table 11-3.

Date: 25 March 2026 Page 11-3

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| ![img78450133_2.jpg](img78450133_2.jpg) | www.rareearthsamericas.com |
|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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**Table 11-3: Composite Statistics for Rare Earth Element Reporting Groups and Deleterious Element Grades**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **TREO<br>(ppm)** | **TREO-CeO2<br>(ppm)** | **Nb2O5<br>(ppm)** | **U3O8<br>(ppm)** | **ThO2<br>(ppm)** |
| &nbsp;&nbsp;&nbsp;***Pedra Preta = 1,240*** | &nbsp;&nbsp;&nbsp;***Pedra Preta = 1,240*** | &nbsp;&nbsp;&nbsp;***Pedra Preta = 1,240*** | &nbsp;&nbsp;&nbsp;***Pedra Preta = 1,240*** | &nbsp;&nbsp;&nbsp;***Pedra Preta = 1,240*** | &nbsp;&nbsp;&nbsp;***Pedra Preta = 1,240*** |
| Mean | 2781 | 1754 | 668 | 34 | 79 |
| Std.Dev | 1891 | 1663 | 214 | 40 | 44 |
| CV | 0.7 | 1.0 | 0.3 | 1.2 | 0.6 |
| Min | 365 | 148 | 244 | 1.8 | 22.3 |
| Median | 2297 | 1248 | 651 | 20 | 68 |
| Max | 19512 | 16782 | 1675 | 356 | 403 |
| &nbsp;&nbsp;&nbsp;***Roseira = 379*** | &nbsp;&nbsp;&nbsp;***Roseira = 379*** | &nbsp;&nbsp;&nbsp;***Roseira = 379*** | &nbsp;&nbsp;&nbsp;***Roseira = 379*** | &nbsp;&nbsp;&nbsp;***Roseira = 379*** | &nbsp;&nbsp;&nbsp;***Roseira = 379*** |
| Mean | 2729 | 1905 | 587 | 20 | 55 |
| Std.Dev | 4789 | 4578 | 166 | 31 | 32 |
| CV | 1.8 | 2.4 | 0.3 | 1.6 | 0.6 |
| Min | 500 | 65 | 233 | 2.7 | 25.5 |
| Median | 1924 | 1143 | 579 | 11 | 50 |
| Max | 67252 | 66431 | 1493 | 317 | 534 |
| &nbsp;&nbsp;&nbsp;***Varginha= 534*** | &nbsp;&nbsp;&nbsp;***Varginha= 534*** | &nbsp;&nbsp;&nbsp;***Varginha= 534*** | &nbsp;&nbsp;&nbsp;***Varginha= 534*** | &nbsp;&nbsp;&nbsp;***Varginha= 534*** | &nbsp;&nbsp;&nbsp;***Varginha= 534*** |
| Mean | 2032 | 1360 | 569 | 17 | 77 |
| Std.Dev | 2242 | 2151 | 142 | 16 | 32 |
| CV | 1.1 | 1.6 | 0.3 | 0.9 | 0.4 |
| Min | 253 | 86 | 207 | 1.4 | 24.6 |
| Median | 1548 | 764 | 541 | 13 | 70 |
| Max | 35865 | 34036 | 1166 | 181 | 383 |

---

Note: StdDev = standard deviation; CV = co-efficient of variation; P95 = 95<sup>th</sup> percentile

All of the estimation domains showed broadly comparable asymmetric log distributions for the rare earth oxides with positive skew. Mean grades tended to be higher than median grades, and were influenced by a tail of high values. The coefficients of variation ranged from 0.3–3, indicating that treatment of high grades during estimation may be required.

**11.4.1 Assay Summary Statistics**

Widely-spaced exploration drilling at all of the concession areas have encountered broad zones of regolith-hosted rare earth oxide mineralization. Summary statistics for total rare earth oxide and rare earth oxides, based on 4,280 samples, are provided in Table 11-4 and Table 11-5.

Total rare earth oxide grades have comparable log histogram distributions (Figure 11-1) associated with rare earth element enrichment in dispersed ionic adsorption clay horizons.

Date: 25 March 2026 Page 11-4

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| ![img78450133_2.jpg](img78450133_2.jpg) | www.rareearthsamericas.com |
|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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**Table 11-4: Summary Statistics, Rare Earth Element Assays**

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| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Item** | **La2O3<br>(ppm)** | **CeO2<br>(ppm)** | **Pr6O1<br>(ppm)** | **Nd2O3<br>(ppm)** | **Sm2O3<br>(ppm)** | **Eu2O3<br>(ppm)** | **Gd2O3<br>(ppm)** | **Tb4O7<br>(ppm)** | **Dy2O3<br>(ppm)** | **Ho2O3<br>(ppm)** | **Er2O3<br>(ppm)** | **Tm2O3<br>(ppm)** | **Yb2O3<br>(ppm)** | **Lu2O3<br>(ppm)** | **Y2O3<br>(ppm)** |
| Mean | 694 | 894 | 99.6 | 275 | 33.4 | 8.6 | 22.8 | 3.3 | 18.3 | 3.5 | 10.4 | 1.5 | 9.5 | 1.3 | 117 |
| Std.Dev | 1399 | 887 | 183 | 485 | 48.7 | 11.7 | 30 | 3.5 | 17 | 3 | 8 | 1.1 | 6.3 | 0.9 | 112 |
| CV | 2 | 1 | 1.8 | 1.8 | 1.5 | 1.4 | 1.3 | 1.1 | 0.9 | 0.9 | 0.8 | 0.7 | 0.7 | 0.7 | 1 |
| Min | 11.49 | 9.7 | 1.57 | 4.67 | 0.58 | 0.12 | 0.43 | 0.07 | 0.46 | 0.08 | 0.19 | 0.03 | 0.06 | 0.03 | 2.83 |
| Median | 384 | 716 | 57.3 | 160 | 20.8 | 5.5 | 14.7 | 2.4 | 13.9 | 2.8 | 8.5 | 1.3 | 8.3 | 1.2 | 89 |
| Max | 52255 | 26081 | 5720 | 16100 | 1500 | 304 | 708 | 59 | 277 | 69 | 213 | 32 | 180 | 23 | 2870 |

---

Note: Std.Dev = standard deviation

**Table 11-5: Summary Statistics, Rare Earth Element Reporting Groups and Potentially Deleterious Elements**

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Item** | **TREO**<br>**(ppm** | **TREO-CeO2**<br>**(ppm)** | **LREO**<br>**(ppm)** | **HREO**<br>**(ppm)** | **HREO**<br>**(%)** | **MREO**<br>**(ppm)** | **Nb2O5**<br>**(ppm)** | **Sc2O3**<br>**(ppm)** | **U3O8**<br>**(ppm** | **ThO2**<br>**(ppm)** |
| Mean | 2192 | 1298 | 1962 | 230 | 11.8 | 596 | 7.2 | 24.3 | 74.1 | 2192 |
| Std.Dev | 2508 | 2199 | 2341 | 226 | 6.1 | 244 | 17.7 | 30.9 | 63.5 | 2508 |
| CV | 1.1 | 1.7 | 1.2 | 1 | 0.5 | 0.4 | 2.5 | 1.3 | 0.9 | 1.1 |
| Min | 32.31 | 22.6 | 27.43 | 4.87 | 0.66 | 5.35 | 0.38 | 0.21 | 0.46 | 32.31 |
| Median | 1658 | 792 | 1486 | 169 | 10.8 | 587 | 1.2 | 14.7 | 63 | 1658 |
| Max | 72312 | 71460 | 70053 | 4452 | 76 | 3145 | 134 | 383 | 1748 | 72312 |

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Note: Std.Dev = standard deviation

Date: 25 March 2026 Page 11-5

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| ![img78450133_2.jpg](img78450133_2.jpg) | www.rareearthsamericas.com |
|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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**Figure 11-1: TREO, HREO, Nd2O3, Pr6O11, Dy2O3 and Tb4O7 Assay Log Histograms**

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| | |
|:---|:---|
| ![img78450133_52.gif](img78450133_52.gif) | ![img78450133_53.gif](img78450133_53.gif) |
| ![img78450133_54.gif](img78450133_54.gif) | ![img78450133_55.gif](img78450133_55.gif) |
| ![img78450133_56.gif](img78450133_56.gif) | ![img78450133_57.gif](img78450133_57.gif) |

---

Note: Figure prepared by McGarry Geoconsulting, 2025.

Date: 25 March 2026 Page 11-6

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| ![img78450133_2.jpg](img78450133_2.jpg) | www.rareearthsamericas.com |
|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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Rare earth oxide grades are positively correlated:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•CeO₂ behaves differently, with weaker correlations to both light and heavy rare earth oxides confirming the incompatible mobility of CeO2 within the regolith relative to rare earth oxides that have accumulated in saprolite IAC deposits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Light rare earth oxides (e.g., La₂O₃, Pr₆O₁₁, Nd₂O₃) tend to be strongly correlated with each other, indicating they are likely found together;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Heavy rare earth oxides (e.g., Dy₂O₃, Tb₄O₇, Ho₂O₃) also show high intercorrelations.

The correlation matrix for the various rare earth elements is provided in Table 11-6.

**Table 11-6: Correlation Matrix, Rare Earth Element Assays**

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Indep/<br>Dep** | &nbsp;&nbsp;![img78450133_58.jpg](img78450133_58.jpg) | &nbsp;&nbsp;![img78450133_59.jpg](img78450133_59.jpg) | &nbsp;&nbsp;![img78450133_60.jpg](img78450133_60.jpg) | &nbsp;&nbsp;![img78450133_61.jpg](img78450133_61.jpg) | &nbsp;&nbsp;![img78450133_62.jpg](img78450133_62.jpg) | &nbsp;&nbsp;![img78450133_63.jpg](img78450133_63.jpg) | &nbsp;&nbsp;![img78450133_64.jpg](img78450133_64.jpg) | &nbsp;&nbsp;![img78450133_65.jpg](img78450133_65.jpg) | &nbsp;&nbsp;![img78450133_66.jpg](img78450133_66.jpg) | &nbsp;&nbsp;![img78450133_67.jpg](img78450133_67.jpg) | &nbsp;&nbsp;![img78450133_68.jpg](img78450133_68.jpg) | &nbsp;&nbsp;![img78450133_69.jpg](img78450133_69.jpg) | &nbsp;&nbsp;![img78450133_70.jpg](img78450133_70.jpg) | &nbsp;&nbsp;![img78450133_71.jpg](img78450133_71.jpg) | &nbsp;&nbsp;![img78450133_72.jpg](img78450133_72.jpg) | &nbsp;&nbsp;![img78450133_73.jpg](img78450133_73.jpg) | &nbsp;&nbsp;![img78450133_74.jpg](img78450133_74.jpg) |
| &nbsp;&nbsp;**La2O3** | &nbsp;&nbsp;1.00 | &nbsp;&nbsp;0.15 | &nbsp;&nbsp;0.95 | &nbsp;&nbsp;0.90 | &nbsp;&nbsp;0.78 | &nbsp;&nbsp;0.71 | &nbsp;&nbsp;0.70 | &nbsp;&nbsp;0.62 | &nbsp;&nbsp;0.57 | &nbsp;&nbsp;0.53 | &nbsp;&nbsp;0.48 | &nbsp;&nbsp;0.40 | &nbsp;&nbsp;0.35 | &nbsp;&nbsp;0.34 | &nbsp;&nbsp;0.57 | &nbsp;&nbsp;0.92 | &nbsp;&nbsp;0.67 |
| &nbsp;&nbsp;**CeO2** | &nbsp;&nbsp;0.15 | &nbsp;&nbsp;1.00 | &nbsp;&nbsp;0.17 | &nbsp;&nbsp;0.17 | &nbsp;&nbsp;0.19 | &nbsp;&nbsp;0.22 | &nbsp;&nbsp;0.20 | &nbsp;&nbsp;0.25 | &nbsp;&nbsp;0.24 | &nbsp;&nbsp;0.24 | &nbsp;&nbsp;0.25 | &nbsp;&nbsp;0.24 | &nbsp;&nbsp;0.24 | &nbsp;&nbsp;0.23 | &nbsp;&nbsp;0.21 | &nbsp;&nbsp;0.51 | &nbsp;&nbsp;0.22 |
| &nbsp;&nbsp;**Pr6O11** | &nbsp;&nbsp;0.95 | &nbsp;&nbsp;0.17 | &nbsp;&nbsp;1.00 | &nbsp;&nbsp;0.99 | &nbsp;&nbsp;0.92 | &nbsp;&nbsp;0.84 | &nbsp;&nbsp;0.82 | &nbsp;&nbsp;0.75 | &nbsp;&nbsp;0.68 | &nbsp;&nbsp;0.62 | &nbsp;&nbsp;0.55 | &nbsp;&nbsp;0.45 | &nbsp;&nbsp;0.39 | &nbsp;&nbsp;0.38 | &nbsp;&nbsp;0.64 | &nbsp;&nbsp;0.92 | &nbsp;&nbsp;0.77 |
| &nbsp;&nbsp;**Nd2O3** | &nbsp;&nbsp;0.90 | &nbsp;&nbsp;0.17 | &nbsp;&nbsp;0.99 | &nbsp;&nbsp;1.00 | &nbsp;&nbsp;0.96 | &nbsp;&nbsp;0.90 | &nbsp;&nbsp;0.87 | &nbsp;&nbsp;0.80 | &nbsp;&nbsp;0.73 | &nbsp;&nbsp;0.66 | &nbsp;&nbsp;0.59 | &nbsp;&nbsp;0.48 | &nbsp;&nbsp;0.41 | &nbsp;&nbsp;0.40 | &nbsp;&nbsp;0.67 | &nbsp;&nbsp;0.89 | &nbsp;&nbsp;0.82 |
| &nbsp;&nbsp;**Sm2O3** | &nbsp;&nbsp;0.78 | &nbsp;&nbsp;0.19 | &nbsp;&nbsp;0.92 | &nbsp;&nbsp;0.96 | &nbsp;&nbsp;1.00 | &nbsp;&nbsp;0.98 | &nbsp;&nbsp;0.96 | &nbsp;&nbsp;0.91 | &nbsp;&nbsp;0.84 | &nbsp;&nbsp;0.75 | &nbsp;&nbsp;0.65 | &nbsp;&nbsp;0.54 | &nbsp;&nbsp;0.47 | &nbsp;&nbsp;0.45 | &nbsp;&nbsp;0.73 | &nbsp;&nbsp;0.81 | &nbsp;&nbsp;0.88 |
| &nbsp;&nbsp;**Eu2O3** | &nbsp;&nbsp;0.71 | &nbsp;&nbsp;0.22 | &nbsp;&nbsp;0.84 | &nbsp;&nbsp;0.90 | &nbsp;&nbsp;0.98 | &nbsp;&nbsp;1.00 | &nbsp;&nbsp;0.99 | &nbsp;&nbsp;0.95 | &nbsp;&nbsp;0.89 | &nbsp;&nbsp;0.79 | &nbsp;&nbsp;0.69 | &nbsp;&nbsp;0.57 | &nbsp;&nbsp;0.50 | &nbsp;&nbsp;0.48 | &nbsp;&nbsp;0.76 | &nbsp;&nbsp;0.76 | &nbsp;&nbsp;0.90 |
| &nbsp;&nbsp;**Gd2O3** | &nbsp;&nbsp;0.70 | &nbsp;&nbsp;0.20 | &nbsp;&nbsp;0.82 | &nbsp;&nbsp;0.87 | &nbsp;&nbsp;0.96 | &nbsp;&nbsp;0.99 | &nbsp;&nbsp;1.00 | &nbsp;&nbsp;0.97 | &nbsp;&nbsp;0.92 | &nbsp;&nbsp;0.84 | &nbsp;&nbsp;0.74 | &nbsp;&nbsp;0.62 | &nbsp;&nbsp;0.54 | &nbsp;&nbsp;0.52 | &nbsp;&nbsp;0.80 | &nbsp;&nbsp;0.74 | &nbsp;&nbsp;0.93 |
| &nbsp;&nbsp;**Tb4O7** | &nbsp;&nbsp;0.62 | &nbsp;&nbsp;0.25 | &nbsp;&nbsp;0.75 | &nbsp;&nbsp;0.80 | &nbsp;&nbsp;0.91 | &nbsp;&nbsp;0.95 | &nbsp;&nbsp;0.97 | &nbsp;&nbsp;1.00 | &nbsp;&nbsp;0.98 | &nbsp;&nbsp;0.92 | &nbsp;&nbsp;0.84 | &nbsp;&nbsp;0.74 | &nbsp;&nbsp;0.67 | &nbsp;&nbsp;0.65 | &nbsp;&nbsp;0.88 | &nbsp;&nbsp;0.70 | &nbsp;&nbsp;0.97 |
| &nbsp;&nbsp;**Dy2O3** | &nbsp;&nbsp;0.57 | &nbsp;&nbsp;0.24 | &nbsp;&nbsp;0.68 | &nbsp;&nbsp;0.73 | &nbsp;&nbsp;0.84 | &nbsp;&nbsp;0.89 | &nbsp;&nbsp;0.92 | &nbsp;&nbsp;0.98 | &nbsp;&nbsp;1.00 | &nbsp;&nbsp;0.98 | &nbsp;&nbsp;0.93 | &nbsp;&nbsp;0.85 | &nbsp;&nbsp;0.79 | &nbsp;&nbsp;0.76 | &nbsp;&nbsp;0.95 | &nbsp;&nbsp;0.64 | &nbsp;&nbsp;0.98 |
| &nbsp;&nbsp;**Ho2O3** | &nbsp;&nbsp;0.53 | &nbsp;&nbsp;0.24 | &nbsp;&nbsp;0.62 | &nbsp;&nbsp;0.66 | &nbsp;&nbsp;0.75 | &nbsp;&nbsp;0.79 | &nbsp;&nbsp;0.84 | &nbsp;&nbsp;0.92 | &nbsp;&nbsp;0.98 | &nbsp;&nbsp;1.00 | &nbsp;&nbsp;0.98 | &nbsp;&nbsp;0.93 | &nbsp;&nbsp;0.88 | &nbsp;&nbsp;0.86 | &nbsp;&nbsp;0.98 | &nbsp;&nbsp;0.59 | &nbsp;&nbsp;0.97 |
| &nbsp;&nbsp;**Er2O3** | &nbsp;&nbsp;0.48 | &nbsp;&nbsp;0.25 | &nbsp;&nbsp;0.55 | &nbsp;&nbsp;0.59 | &nbsp;&nbsp;0.65 | &nbsp;&nbsp;0.69 | &nbsp;&nbsp;0.74 | &nbsp;&nbsp;0.84 | &nbsp;&nbsp;0.93 | &nbsp;&nbsp;0.98 | &nbsp;&nbsp;1.00 | &nbsp;&nbsp;0.98 | &nbsp;&nbsp;0.95 | &nbsp;&nbsp;0.93 | &nbsp;&nbsp;0.97 | &nbsp;&nbsp;0.55 | &nbsp;&nbsp;0.92 |
| &nbsp;&nbsp;**Tm2O3** | &nbsp;&nbsp;0.40 | &nbsp;&nbsp;0.24 | &nbsp;&nbsp;0.45 | &nbsp;&nbsp;0.48 | &nbsp;&nbsp;0.54 | &nbsp;&nbsp;0.57 | &nbsp;&nbsp;0.62 | &nbsp;&nbsp;0.74 | &nbsp;&nbsp;0.85 | &nbsp;&nbsp;0.93 | &nbsp;&nbsp;0.98 | &nbsp;&nbsp;1.00 | &nbsp;&nbsp;0.98 | &nbsp;&nbsp;0.97 | &nbsp;&nbsp;0.93 | &nbsp;&nbsp;0.46 | &nbsp;&nbsp;0.85 |
| &nbsp;&nbsp;**Yb2O3** | &nbsp;&nbsp;0.35 | &nbsp;&nbsp;0.24 | &nbsp;&nbsp;0.39 | &nbsp;&nbsp;0.41 | &nbsp;&nbsp;0.47 | &nbsp;&nbsp;0.50 | &nbsp;&nbsp;0.54 | &nbsp;&nbsp;0.67 | &nbsp;&nbsp;0.79 | &nbsp;&nbsp;0.88 | &nbsp;&nbsp;0.95 | &nbsp;&nbsp;0.98 | &nbsp;&nbsp;1.00 | &nbsp;&nbsp;0.99 | &nbsp;&nbsp;0.87 | &nbsp;&nbsp;0.41 | &nbsp;&nbsp;0.78 |
| &nbsp;&nbsp;**Lu2O3** | &nbsp;&nbsp;0.34 | &nbsp;&nbsp;0.23 | &nbsp;&nbsp;0.38 | &nbsp;&nbsp;0.40 | &nbsp;&nbsp;0.45 | &nbsp;&nbsp;0.48 | &nbsp;&nbsp;0.52 | &nbsp;&nbsp;0.65 | &nbsp;&nbsp;0.76 | &nbsp;&nbsp;0.86 | &nbsp;&nbsp;0.93 | &nbsp;&nbsp;0.97 | &nbsp;&nbsp;0.99 | &nbsp;&nbsp;1.00 | &nbsp;&nbsp;0.86 | &nbsp;&nbsp;0.40 | &nbsp;&nbsp;0.76 |
| &nbsp;&nbsp;**Y2O3** | &nbsp;&nbsp;0.57 | &nbsp;&nbsp;0.21 | &nbsp;&nbsp;0.64 | &nbsp;&nbsp;0.67 | &nbsp;&nbsp;0.73 | &nbsp;&nbsp;0.76 | &nbsp;&nbsp;0.80 | &nbsp;&nbsp;0.88 | &nbsp;&nbsp;0.95 | &nbsp;&nbsp;0.98 | &nbsp;&nbsp;0.97 | &nbsp;&nbsp;0.93 | &nbsp;&nbsp;0.87 | &nbsp;&nbsp;0.86 | &nbsp;&nbsp;1.00 | &nbsp;&nbsp;0.61 | &nbsp;&nbsp;0.96 |
| &nbsp;&nbsp;**LREO** | &nbsp;&nbsp;0.92 | &nbsp;&nbsp;0.51 | &nbsp;&nbsp;0.92 | &nbsp;&nbsp;0.89 | &nbsp;&nbsp;0.81 | &nbsp;&nbsp;0.76 | &nbsp;&nbsp;0.74 | &nbsp;&nbsp;0.70 | &nbsp;&nbsp;0.64 | &nbsp;&nbsp;0.59 | &nbsp;&nbsp;0.55 | &nbsp;&nbsp;0.46 | &nbsp;&nbsp;0.41 | &nbsp;&nbsp;0.40 | &nbsp;&nbsp;0.61 | &nbsp;&nbsp;1.00 | &nbsp;&nbsp;0.72 |
| &nbsp;&nbsp;**HREO** | &nbsp;&nbsp;0.67 | &nbsp;&nbsp;0.22 | &nbsp;&nbsp;0.77 | &nbsp;&nbsp;0.82 | &nbsp;&nbsp;0.88 | &nbsp;&nbsp;0.90 | &nbsp;&nbsp;0.93 | &nbsp;&nbsp;0.97 | &nbsp;&nbsp;0.98 | &nbsp;&nbsp;0.97 | &nbsp;&nbsp;0.92 | &nbsp;&nbsp;0.85 | &nbsp;&nbsp;0.78 | &nbsp;&nbsp;0.76 | &nbsp;&nbsp;0.96 | &nbsp;&nbsp;0.72 | &nbsp;&nbsp;1.00 |

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11.5 Geological Models

The base of saprolite and base of the mottled zone were modelled as offset topography surfaces. The base of saprolite was modelled using manually digitized control points. Points representing the base of the deepest mottled zone interval were extracted from drill hole logs and filtered to remove inconsistent and possibly mis-logged intervals. Copies of the topography surface were then offset to align with base of overburden and base of mottled zone points. The resultant wireframes followed the trend of the topography model and have a 50 m<sup>2</sup> resolution.

The saprolite geology model was used to control the lower estimate extent. The base of mottled zone was a ceiling. A single mineralization domain is generated for each deposit area.

Date: 25 March 2026 Page 11-7

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| ![img78450133_2.jpg](img78450133_2.jpg) | www.rareearthsamericas.com |
|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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The base of mottled zone was used to guide a dynamic search during estimation. Model extents were limited by boundary polygons that define the extent of the resource model and tenement boundaries. Continuity of mineralization was limited by erosional incisions, or barren underlying rock types. The estimate boundary was extrapolated from the nearest drill hole by 100 m on average and occasionally up to 370 m.

11.6 Block Models

Block models were created to encompass the full extent of the deposit areas, and were constrained by the interpreted regolith wireframe model (Table 11-7).

**Table 11-7: Block Model Extents**

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Coordinate** | &nbsp;&nbsp;**Coordinate** | &nbsp;&nbsp;**X** | &nbsp;&nbsp;**Y** | &nbsp;&nbsp;**Z** |
| &nbsp;&nbsp;Parent cell  | &nbsp;&nbsp;Parent cell <br> &nbsp;&nbsp;m | &nbsp;&nbsp;80 | &nbsp;&nbsp;80 | &nbsp;&nbsp;5 |
| &nbsp;&nbsp;Sub-cell | &nbsp;&nbsp;Sub-cell<br> &nbsp;&nbsp;m | &nbsp;&nbsp;20 | &nbsp;&nbsp;20 | &nbsp;&nbsp;5 |
| &nbsp;&nbsp;Pedra Preta | &nbsp;&nbsp;Origin <br> &nbsp;&nbsp;min | &nbsp;&nbsp;334030 | &nbsp;&nbsp;7565975 | &nbsp;&nbsp;900 |
| &nbsp;&nbsp;Pedra Preta | &nbsp;&nbsp;Range <br> &nbsp;&nbsp;m | &nbsp;&nbsp;6000 | &nbsp;&nbsp;5600 | &nbsp;&nbsp;600 |
| &nbsp;&nbsp;Pedra Preta | &nbsp;&nbsp;No. parent cells | &nbsp;&nbsp;75 | &nbsp;&nbsp;70 | &nbsp;&nbsp;120 |
| &nbsp;&nbsp;Roseira | &nbsp;&nbsp;Origin<br> &nbsp;&nbsp;min | &nbsp;&nbsp;331084 | &nbsp;&nbsp;7576257 | &nbsp;&nbsp;984 |
| &nbsp;&nbsp;Roseira | &nbsp;&nbsp;Range <br> &nbsp;&nbsp;m | &nbsp;&nbsp;20560 | &nbsp;&nbsp;8800 | &nbsp;&nbsp;660 |
| &nbsp;&nbsp;Roseira | &nbsp;&nbsp;No. parent cells | &nbsp;&nbsp;257 | &nbsp;&nbsp;110 | &nbsp;&nbsp;132 |
| &nbsp;&nbsp;Varginha | &nbsp;&nbsp;Origin <br> &nbsp;&nbsp;min | &nbsp;&nbsp;340208 | &nbsp;&nbsp;7560311 | &nbsp;&nbsp;900 |
| &nbsp;&nbsp;Varginha | &nbsp;&nbsp;Range<br> &nbsp;&nbsp;m | &nbsp;&nbsp;4320 | &nbsp;&nbsp;9680 | &nbsp;&nbsp;600 |
| &nbsp;&nbsp;Varginha | &nbsp;&nbsp;No. parent cells | &nbsp;&nbsp;54 | &nbsp;&nbsp;121 | &nbsp;&nbsp;120 |

---

Block models were created with 80 x 80 x 5 m (X \* Y \* Z) parent cells dimensions. Sub-celling to a minimum block size of 5 m in along strike and across strike direction and 1 m elevation was selected to maintain an appropriate model resolution.

The dimensions applied represents ⅓ of the drill hole spacing. Block dimensions were assumed to be appropriate for the mining selectivity achievable via open-pit mining methods and likely bench heights.

Block models were not rotated.

11.7 Density Assignment

The density values presented in Table 8-1 were applied to the block model based on the corresponding regolith domains.

Date: 25 March 2026 Page 11-8

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| ![img78450133_2.jpg](img78450133_2.jpg) | www.rareearthsamericas.com |
|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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11.8 Grade Capping/Outlier Restrictions

High-grade assays were not capped but retained for grade interpolation using a "clamping" method which allows the very high grade samples to be available for inclusion in the grade interpolation for blocks which are within a nominated distance of the sample. Beyond that nominated distance, a cap was imposed upon the sample so that the capped grade can be used to interpolate blocks beyond the nominated distance.

McGarry Geoconsulting selected a nominated distance equal to the first search pass radius. Beyond this distance, samples were capped to a nominated 95<sup>th</sup> percentile from the population statistics. The selected approach prevented the extrapolation of extremely high grades over unreasonably large distances whilst retaining them for estimation of local blocks.

11.9 Composites

Compositing was based on the maximum composite length as defined by the dominant sample length of 1 m (Figure 11-2).

The minimum composite length was set to 0.5 m. Residual intervals <0.5 m were added to the previous composite.

Samples coded by the regolith deposit domain they fell within were composited to 1 m intervals, a length equal to the dominant drill sample interval.

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| ![img78450133_2.jpg](img78450133_2.jpg) | www.rareearthsamericas.com |
|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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**Figure 11-2: Log Probability Plot, Sample Lengths**

![img78450133_75.gif](img78450133_75.gif)

Note: Figure prepared by McGarry Geoconsulting, 2025.

11.10 Variography

Semi-variogram models were developed for TREO–CeO2 across the Pedra Preta, Roseira and Varginha domains. Experimental semi-variograms were generated, transformed, and assessed for anisotropy before being modelled using two nested spherical structures in addition to a nugget effect. Resulting variograms were cross checked against a selection of rare earth oxides, including neodymium, praseodymium, dysprosium, and terbium. Minor adjustments were made where necessary to ensure the semi-variogram models were suitable for estimation of all rare earth oxides and deleterious elements.

The models are characterized by a low nugget effect (10%), indicating limited random short-range variability. The first spherical structure describes grade continuity of approximately 50–300 m, while the second captures longer-range continuity of 300–450 m. Sill values demonstrate that most of the grade variability is explained by these structures.

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| ![img78450133_2.jpg](img78450133_2.jpg) | www.rareearthsamericas.com |
|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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11.11 Estimation/interpolation Methods

Mineral resources were estimated using ordinary kriging into block models created in Leapfrog™ 2025.1 using the Edge Extension. Fifteen rare earth element grades (La, Ce, Pr, Nd, Sm, Eu, Gd, Tb, Dy, Ho, Er, Tm, Yb, Lu and Y) and deleterious elements uranium and thorium were estimated independently in a univariate sense using the same parameters. The consistent estimation approach was selected to ensure block compositional grade proportions honored those of the input samples. The estimation was in a 5 x 5 x 5 discretization of the block and in the parent cell.

Up to three search passes were used if block was not estimated in the first pass. The first search distance was equal to the variogram range; subsequent searches were undertaken using two and four times this distance with successive searches using more relaxed parameters for selection of input composite data.

Search parameters are listed in Table 11-8.

**Table 11-8: Search Parameters**

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| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Pass 1** | &nbsp;&nbsp;**Pass 2** | &nbsp;&nbsp;**Pass 3** |
| &nbsp;&nbsp;Search volume multiple | &nbsp;&nbsp;× 1 | &nbsp;&nbsp;× 2 | &nbsp;&nbsp;× 4 |
| &nbsp;&nbsp;Minimum samples | &nbsp;&nbsp;8 | &nbsp;&nbsp;8 | &nbsp;&nbsp;8 |
| &nbsp;&nbsp;Maximum samples | &nbsp;&nbsp;15 | &nbsp;&nbsp;15 | &nbsp;&nbsp;15 |
| &nbsp;&nbsp;Maximum per hole | &nbsp;&nbsp;4 | &nbsp;&nbsp;4 | &nbsp;&nbsp;4 |
| &nbsp;&nbsp;Discretization | &nbsp;&nbsp;5 x 5 x 5 | &nbsp;&nbsp;5 x 5 x 5 | &nbsp;&nbsp;5 x 5 x 5 |
| &nbsp;&nbsp;Boundaries | &nbsp;&nbsp;Hard | &nbsp;&nbsp;Hard | &nbsp;&nbsp;Hard |
| &nbsp;&nbsp;Ellipse Segments | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 |

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Search ranges and clamping restriction settings are provided in Table 11-9.

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| ![img78450133_2.jpg](img78450133_2.jpg) | www.rareearthsamericas.com |
|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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**Table 11-9: Search Ranges and Clamping Restrictions**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Domain** | &nbsp;&nbsp;**Run** | &nbsp;&nbsp;**Ellipsoid Ranges** | &nbsp;&nbsp;**Ellipsoid Ranges** | &nbsp;&nbsp;**Ellipsoid Ranges** | &nbsp;&nbsp;**Clamping Limit** | &nbsp;&nbsp;**Clamping Limit** |
| &nbsp;&nbsp;**Domain** | &nbsp;&nbsp;**Run** | &nbsp;&nbsp;**Major** | &nbsp;&nbsp;**Semi-major** | &nbsp;&nbsp;**Minor** | &nbsp;&nbsp;**Distance<br>(%)** | &nbsp;&nbsp;**Threshold** |
| &nbsp;&nbsp;Pedra Preta | &nbsp;&nbsp;1 | &nbsp;&nbsp;400 | &nbsp;&nbsp;300 | &nbsp;&nbsp;30 | &nbsp;&nbsp;— | &nbsp;&nbsp;— |
| &nbsp;&nbsp;Pedra Preta | &nbsp;&nbsp;2 | &nbsp;&nbsp;800 | &nbsp;&nbsp;600 | &nbsp;&nbsp;60 | &nbsp;&nbsp;50 | &nbsp;&nbsp;P95 |
| &nbsp;&nbsp;Pedra Preta | &nbsp;&nbsp;3 | &nbsp;&nbsp;1600 | &nbsp;&nbsp;1200 | &nbsp;&nbsp;400 | &nbsp;&nbsp;25 | &nbsp;&nbsp;P95 |
| &nbsp;&nbsp;Roseira | &nbsp;&nbsp;1 | &nbsp;&nbsp;400 | &nbsp;&nbsp;400 | &nbsp;&nbsp;30 | &nbsp;&nbsp;— | &nbsp;&nbsp;— |
| &nbsp;&nbsp;Roseira | &nbsp;&nbsp;2 | &nbsp;&nbsp;800 | &nbsp;&nbsp;800 | &nbsp;&nbsp;60 | &nbsp;&nbsp;50 | &nbsp;&nbsp;P95 |
| &nbsp;&nbsp;Roseira | &nbsp;&nbsp;3 | &nbsp;&nbsp;1600 | &nbsp;&nbsp;1600 | &nbsp;&nbsp;400 | &nbsp;&nbsp;25 | &nbsp;&nbsp;P95 |
| &nbsp;&nbsp;Varginha | &nbsp;&nbsp;1 | &nbsp;&nbsp;400 | &nbsp;&nbsp;350 | &nbsp;&nbsp;30 | &nbsp;&nbsp;— | &nbsp;&nbsp;— |
| &nbsp;&nbsp;Varginha | &nbsp;&nbsp;2 | &nbsp;&nbsp;800 | &nbsp;&nbsp;700 | &nbsp;&nbsp;60 | &nbsp;&nbsp;50 | &nbsp;&nbsp;P95 |
| &nbsp;&nbsp;Varginha | &nbsp;&nbsp;3 | &nbsp;&nbsp;1600 | &nbsp;&nbsp;1400 | &nbsp;&nbsp;400 | &nbsp;&nbsp;25.00 | &nbsp;&nbsp;P95 |

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11.12 Validation

Validation of block model grade estimates was completed by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Visual checks on screen in cross-section and plan view to ensure that block model grades honor the grade of sample composites;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Statistical comparison of composite and block grades;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Generation of swath plots to compare input and output grades in a semi-local sense, by easting, northing, and elevation.

**11.12.1 Visual Validation**

For all of the estimates, block grades correlate well with input sample grades. The distribution and tenor of grades in the composites are honored by the block model and are appropriate considering known levels of grade continuity and the semi-variograms.

Total rare earth oxide grades are shown in plan view in Figure 11-3 and section view in Figure 11-4.

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| ![img78450133_2.jpg](img78450133_2.jpg) | www.rareearthsamericas.com |
|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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**Figure 11-3: Plan View of Largest Constellation Block Models Colored by Total Rare Earth Oxide Grade**

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| | |
|:---|:---|
| ![img78450133_76.jpg](img78450133_76.jpg) | ![img78450133_77.jpg](img78450133_77.jpg) |
| ![img78450133_78.jpg](img78450133_78.jpg) | ![img78450133_79.jpg](img78450133_79.jpg) |

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![img78450133_80.jpg](img78450133_80.jpg)

Note: Figure prepared by McGarry Geoconsulting, 2025. Section lines for sections shown in Figure 11-4 as black lines.

Date: 25 March 2026 Page 11-13

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| ![img78450133_2.jpg](img78450133_2.jpg) | www.rareearthsamericas.com |
|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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**Figure 11-4: Cross Section Views of the Block Model Colored by Total Rare Earth Oxide–CeO2 Grade**

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| |
|:---|
| ![img78450133_81.jpg](img78450133_81.jpg) |
| ![img78450133_82.jpg](img78450133_82.jpg) |
| ![img78450133_83.jpg](img78450133_83.jpg) |
| ![img78450133_84.jpg](img78450133_84.jpg) |

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Note: Figure prepared by McGarry Geoconsulting, 2025. Section lines for sections shown in Figure 11-3 as black lines.

Date: 25 March 2026 Page 11-14

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| ![img78450133_2.jpg](img78450133_2.jpg) | www.rareearthsamericas.com |
|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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**11.12.2 Comparison of Means**

A check was conducted to test that the mean of the input data was close to the block model mean. The check compared the average rare earth oxide input composites and model blocks assigned to each resource estimate domain. For light rare earth oxides, thorium and uranium, which tend to have skewed distributions, block model averages are lower than input samples. For heavy rare earth oxides, which tend to increase with depth to the base of the drill hole, block model grades tend to be closer to input composites. A tabulation of average input and block grades for each domain is presented in Table 11-10.

Differences are typically within ±20% for the neodymium, praseodymium, dysprosium and terbium estimates. Larger differences are seen for domains with greater grade variance, and/or fewer samples such as the Roseira domain. The test demonstrated that the mean input composites grades and the grades of the ordinary kriged block models are comparable.

**Table 11-10: Comparison of Means for Pedra Preta, Roseira, and Varginha Estimation Domains**

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Variable** | &nbsp;&nbsp;**Comp Mean** | &nbsp;&nbsp;**OK Est** | &nbsp;&nbsp;**Diff. OK<br>(%)** | &nbsp;&nbsp;**Comp Mean** | &nbsp;&nbsp;**OK Est** | &nbsp;&nbsp;**Diff. OK<br>(%)** | &nbsp;&nbsp;**Comp Mean** | &nbsp;&nbsp;**OK Est** | &nbsp;&nbsp;**Diff. OK<br>(%)** |
| &nbsp;&nbsp;**Variable** | &nbsp;&nbsp;**Pedra Preta** | &nbsp;&nbsp;**Pedra Preta** | &nbsp;&nbsp;**Pedra Preta** | &nbsp;&nbsp;**Roseira** | &nbsp;&nbsp;**Roseira** | &nbsp;&nbsp;**Roseira** | &nbsp;&nbsp;**Varginha** | &nbsp;&nbsp;**Varginha** | &nbsp;&nbsp;**Varginha** |
| &nbsp;&nbsp;La2O3 (ppm) | &nbsp;&nbsp;903.5 | &nbsp;&nbsp;835.9 | &nbsp;&nbsp;-7 | &nbsp;&nbsp;1019.0 | &nbsp;&nbsp;777.0 | &nbsp;&nbsp;-24 | &nbsp;&nbsp;818.7 | &nbsp;&nbsp;604.8 | &nbsp;&nbsp;-26 |
| &nbsp;&nbsp;CeO2 (ppm) | &nbsp;&nbsp;1047.7 | &nbsp;&nbsp;973.6 | &nbsp;&nbsp;-7 | &nbsp;&nbsp;829.8 | &nbsp;&nbsp;751.2 | &nbsp;&nbsp;-9 | &nbsp;&nbsp;653.5 | &nbsp;&nbsp;589.9 | &nbsp;&nbsp;-10 |
| &nbsp;&nbsp;Pr6O11 (ppm) | &nbsp;&nbsp;145.1 | &nbsp;&nbsp;137.4 | &nbsp;&nbsp;-5 | &nbsp;&nbsp;133.1 | &nbsp;&nbsp;106.9 | &nbsp;&nbsp;-20 | &nbsp;&nbsp;97.0 | &nbsp;&nbsp;80.7 | &nbsp;&nbsp;-17 |
| &nbsp;&nbsp;Nd2O3 (ppm) | &nbsp;&nbsp;415.1 | &nbsp;&nbsp;394.3 | &nbsp;&nbsp;-5 | &nbsp;&nbsp;341.2 | &nbsp;&nbsp;281.0 | &nbsp;&nbsp;-18 | &nbsp;&nbsp;240.5 | &nbsp;&nbsp;216.6 | &nbsp;&nbsp;-10 |
| &nbsp;&nbsp;Sm2O3 (ppm) | &nbsp;&nbsp;49.9 | &nbsp;&nbsp;47.9 | &nbsp;&nbsp;-4 | &nbsp;&nbsp;35.2 | &nbsp;&nbsp;31.6 | &nbsp;&nbsp;-10 | &nbsp;&nbsp;25.8 | &nbsp;&nbsp;25.1 | &nbsp;&nbsp;-3 |
| &nbsp;&nbsp;Eu2O3 (ppm) | &nbsp;&nbsp;12.6 | &nbsp;&nbsp;12.1 | &nbsp;&nbsp;-4 | &nbsp;&nbsp;8.2 | &nbsp;&nbsp;7.2 | &nbsp;&nbsp;-12 | &nbsp;&nbsp;6.6 | &nbsp;&nbsp;6.6 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;Gd2O3 (ppm) | &nbsp;&nbsp;32.6 | &nbsp;&nbsp;31.5 | &nbsp;&nbsp;-3 | &nbsp;&nbsp;20.7 | &nbsp;&nbsp;18.3 | &nbsp;&nbsp;-12 | &nbsp;&nbsp;17.8 | &nbsp;&nbsp;18.0 | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;Tb4O7 (ppm) | &nbsp;&nbsp;4.7 | &nbsp;&nbsp;4.5 | &nbsp;&nbsp;-4 | &nbsp;&nbsp;2.8 | &nbsp;&nbsp;2.5 | &nbsp;&nbsp;-9 | &nbsp;&nbsp;2.6 | &nbsp;&nbsp;2.6 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;Dy2O3 (ppm) | &nbsp;&nbsp;25.6 | &nbsp;&nbsp;24.5 | &nbsp;&nbsp;-4 | &nbsp;&nbsp;15.4 | &nbsp;&nbsp;14.3 | &nbsp;&nbsp;-7 | &nbsp;&nbsp;14.9 | &nbsp;&nbsp;14.6 | &nbsp;&nbsp;-2 |
| &nbsp;&nbsp;Ho2O3 (ppm) | &nbsp;&nbsp;4.8 | &nbsp;&nbsp;4.6 | &nbsp;&nbsp;-5 | &nbsp;&nbsp;2.9 | &nbsp;&nbsp;2.7 | &nbsp;&nbsp;-6 | &nbsp;&nbsp;3.0 | &nbsp;&nbsp;2.9 | &nbsp;&nbsp;-3 |
| &nbsp;&nbsp;Er2O3 (ppm) | &nbsp;&nbsp;14.0 | &nbsp;&nbsp;13.2 | &nbsp;&nbsp;-6 | &nbsp;&nbsp;8.4 | &nbsp;&nbsp;8.0 | &nbsp;&nbsp;-5 | &nbsp;&nbsp;9.3 | &nbsp;&nbsp;8.7 | &nbsp;&nbsp;-6 |
| &nbsp;&nbsp;Tm2O3 (ppm) | &nbsp;&nbsp;2.0 | &nbsp;&nbsp;1.8 | &nbsp;&nbsp;-6 | &nbsp;&nbsp;1.2 | &nbsp;&nbsp;1.1 | &nbsp;&nbsp;-3 | &nbsp;&nbsp;1.4 | &nbsp;&nbsp;1.3 | &nbsp;&nbsp;-7 |
| &nbsp;&nbsp;Yb2O3 (ppm) | &nbsp;&nbsp;12.5 | &nbsp;&nbsp;11.7 | &nbsp;&nbsp;-6 | &nbsp;&nbsp;7.3 | &nbsp;&nbsp;7.2 | &nbsp;&nbsp;-2 | &nbsp;&nbsp;8.9 | &nbsp;&nbsp;8.0 | &nbsp;&nbsp;-10 |
| &nbsp;&nbsp;Lu2O3 (ppm) | &nbsp;&nbsp;1.7 | &nbsp;&nbsp;1.6 | &nbsp;&nbsp;-7 | &nbsp;&nbsp;1.0 | &nbsp;&nbsp;1.0 | &nbsp;&nbsp;-2 | &nbsp;&nbsp;1.3 | &nbsp;&nbsp;1.2 | &nbsp;&nbsp;-9 |
| &nbsp;&nbsp;Y2O3 (ppm) | &nbsp;&nbsp;162.9 | &nbsp;&nbsp;139.6 | &nbsp;&nbsp;-14 | &nbsp;&nbsp;94.3 | &nbsp;&nbsp;88.7 | &nbsp;&nbsp;-6 | &nbsp;&nbsp;103.3 | &nbsp;&nbsp;98.6 | &nbsp;&nbsp;-5 |
| &nbsp;&nbsp;ThO2 (ppm) | &nbsp;&nbsp;674.8 | &nbsp;&nbsp;651.4 | &nbsp;&nbsp;-3 | &nbsp;&nbsp;584.1 | &nbsp;&nbsp;568.4 | &nbsp;&nbsp;-3 | &nbsp;&nbsp;546.6 | &nbsp;&nbsp;464.7 | &nbsp;&nbsp;-15 |
| &nbsp;&nbsp;U3O8 (ppm) | &nbsp;&nbsp;80.7 | &nbsp;&nbsp;74.0 | &nbsp;&nbsp;-8 | &nbsp;&nbsp;55.7 | &nbsp;&nbsp;55.0 | &nbsp;&nbsp;-1 | &nbsp;&nbsp;70.7 | &nbsp;&nbsp;55.0 | &nbsp;&nbsp;-22 |

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Date: 25 March 2026 Page 11-15

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| ![img78450133_2.jpg](img78450133_2.jpg) | www.rareearthsamericas.com |
|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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**11.12.3 Swath Plots**

Swath plots were generated for the for major domains that account for the majority of the mineral resource estimates. Swath plots compared the grades of composites and grade estimates that fell within 80 m northing and easting slices and 5 m elevation slices. Plots identified slices that contain high-grade samples and low-grade blocks, or vice versa, which might indicate a problem with the estimation technique. Example swath plots for neodymium are shown in Figure 11-5 to Figure 11-7 and compare inverse distance weighting to the third power (IDW<sup>3</sup>) and OK estimates.

For all domains, block grades estimated by OK have a smoother profile relative to input samples. Where there are more samples, good agreement is seen between the trends of input composites and block grades estimated by each technique. The block model estimates reflect drill hole data on a local basis.

**Figure 11-5: Swath Plots of Pedra Preta Composite Nd2O3 Values Versus IDW And OK Block Grade Estimates**

![img78450133_85.gif](img78450133_85.gif)

Note: Figure prepared by McGarry Geoconsulting, 2025.

**Figure 11-6: Swath Plots Of Roseira Composite Nd2O3 Values Versus IDW and OK Block Grade Estimates**

![img78450133_86.gif](img78450133_86.gif)

Note Figure prepared by McGarry Geoconsulting, 2025.

Date: 25 March 2026 Page 11-16

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| ![img78450133_2.jpg](img78450133_2.jpg) | www.rareearthsamericas.com |
|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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**Figure 11-7: Swath Plots of Varginha Composite Nd2O3 Values Versus IDW and OK Block Grade Estimates**

![img78450133_87.gif](img78450133_87.gif)

Note: Figure prepared by McGarry Geoconsulting, 2025.

11.13 Confidence Classification of Mineral Resource Estimate

**11.13.1 Mineral Resource Confidence Classification**

The mineral resource was classified in accordance with definitions specified in SEC Regulation S-K 1300. The classification level is primarily based upon an assessment of the validity and robustness of input data and the estimator's judgment with respect to the proximity of resource blocks to sample locations and confidence with respect to the geological continuity of the saprolite horizons and grade estimates, geological understanding of the deposit, geological and mineralization continuity, drill hole spacing, quality control results, search and interpolation parameters and an analysis of available density information.

All mineral resources were classified as inferred. The inferred confidence classification was based on the following key attributes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Geological understanding of the deposit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Geological and mineralization continuity between drill holes. Rare earth element mineralization is hosted within regolith developed over a provincial scale alkaline complex, where weathering produced widespread enrichment across the caldera. Empirical observations and statistical analysis demonstrate a high degree of lateral continuity, and a consistent vertical enrichment profile. This interpretation is supported by variography, which confirms the consistency of grade distribution across the deposit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Drill spacing and drill density. Drilling was completed on a regular grid pattern at spacings of approximately 240 m.

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| ![img78450133_2.jpg](img78450133_2.jpg) | www.rareearthsamericas.com |
|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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Uncertainties regarding sampling and drilling methods, data processing and handling, geological modelling, and estimation were incorporated into the classification assigned (Table 11-11).

**Table 11-11: Sources of Mineral Resource Uncertainty** 

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| | |
|:---|:---|
| &nbsp;&nbsp;**Uncertainty Source** | &nbsp;&nbsp;**Discussion** |
| &nbsp;&nbsp;Drilling techniques, drill sample recovery. | &nbsp;&nbsp;Auger and sonic drilling yield representative samples, with high core recovery supporting the reliability of the resulting assay values for resource estimation at an Inferred level.<br>Augering is the principal drilling method accounting for 88% of holes drilled and 75% of meters drilled. Auger holes do not recover undisturbed samples of in-situ material preventing high resolution analysis of regolith strata, or in-situ bulk densities. |
| &nbsp;&nbsp;Location of data points | &nbsp;&nbsp;Collar surveys obtained from handheld GPS devices are available for all drilling. Topographic control is provided by low resolution shuttle radar tomography. Survey data allow modelling of saprolite intercepts with moderate degree of spatial accuracy congruent with the Inferred classification.  |
| &nbsp;&nbsp;Data spacing and distribution | &nbsp;&nbsp;Deposits are well understood based on extensive auger and sonic drilling at spacings sufficient to provide multiple points of observation to interpret saprolite and grade continuity at an inferred level where drill density is equal to greater than 250 m x 250 m. The wide-spaced, data spacing means the continuity of REE mineralization between holes is assumed rather than confirmed, raising uncertainty in volume and grade estimates.<br>Auger holes have limited depth penetration and drill holes typically provide only a partial profile of regolith mineralization at the project. |
| &nbsp;&nbsp;Geological modelling  | &nbsp;&nbsp;Geological models are underpinned by a good understanding of the deposit geology. Mineral resources are controlled by the presence of REE enriched saprolite, and the extent overlying leached soil, duricrust or mottled zone horizons. <br>Where drill data is sparse alternative interpretations of the continuity of individual regolith units between holes could be made. Alternate interpretations would adjust tonnage estimates locally but would not likely yield a more geologically reasonable result overall. <br>Auger holes have limited depth penetration and drill holes typically provide only a partial profile of mineralized  |

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| ![img78450133_2.jpg](img78450133_2.jpg) | www.rareearthsamericas.com |
|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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| | |
|:---|:---|
| &nbsp;&nbsp;**Uncertainty Source** | &nbsp;&nbsp;**Discussion** |
|  | &nbsp;&nbsp;saprolite at the project. There for the total mineralized saprolite depth is uncertain and predominantly based on widely spaced sonic drilling where available. |
| &nbsp;&nbsp;Estimation | &nbsp;&nbsp;Rare earth grade estimation and modelling techniques are classified as robust after consideration of the validation exercises undertaken as part of this study. Grade data have distributions with limited skew, and few extreme values, allowing established linear estimation techniques to be used. Estimated block grades reflect input samples and are comparable when calculated by OK methods. <br>At the current typical data spacing (i.e., 240 m x 240 m), saprolite horizon is broadly continuous. Rare earth grades changes are generally gradational down hole and between holes. Grades were estimated using domain scale anisotropy models with appropriately large parent block sizes. Abrupt grade changes associated with more leached or enriched horizons in the regolith profile could be resolved better using smaller block sizes. <br>Estimated in situ dry bulk densities were assigned to saprolite and waste rocks on a weathering domain basis using representative averages obtained from bulk density determinations derived from undisturbed samples from widely spaced sonic drill holes.  |
| &nbsp;&nbsp;Leach recovery  | &nbsp;&nbsp;High-density meter by meter leach test data enables detailed mapping of recovery variability and supports interpolation into the block model, providing an early indication of recoverable REEs and informing preliminary resource classification.<br>Bench-scale leach tests may not reflect recovery under operational conditions due to differences in reagent distribution, clay permeability, and leach kinetics, introducing uncertainty in process performance and recovery estimates that limit resource classification to the Inferred category. |

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The distance between drill holes and the inferred mineral resource blocks is shown in Figure 11-8. For each deposit 75% of the inferred mineral resource blocks are within 150 m to the nearest drill hole, which is equal to approximately 50% of the modelled grade continuity ranges in modelled semi-variograms (refer to section 11.10). All of the inferred mineral resource blocks are within 300 m of the nearest drill hole; the distance is equivalent to the average maximum continuity range of modelled semi-variograms.

Date: 25 March 2026 Page 11-19

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| ![img78450133_2.jpg](img78450133_2.jpg) | www.rareearthsamericas.com |
|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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**Figure 11-8: Classified Block Distances from Drill Hole**

![img78450133_88.gif](img78450133_88.gif)

Note: Figure prepared by McGarry Geoconsulting, 2025

Date: 25 March 2026 Page 11-20

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| ![img78450133_2.jpg](img78450133_2.jpg) | www.rareearthsamericas.com |
|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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11.14 Reasonable Prospects of Economic Extraction

**11.14.1 Initial Assessment Assumptions**

To meet the content requirements of an initial assessment to support mineral resource estimates, McGarry Geoconsulting evaluated the content requirements set out in Table 1 of §229.1302 (Item 1302) "Qualified person, technical report summary, and technical studies".

The assumptions used by the McGarry Geoconsulting in support of the initial assessment are summarized in Table 11-12.

**Table 11-12: Initial Assessment Assumptions**

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Factors** | &nbsp;&nbsp;**Initial Assessment** | &nbsp;&nbsp;**Project** |
| &nbsp;&nbsp;Site infrastructure | &nbsp;&nbsp;Establish whether or not access to power and site is possible. Assume infrastructure location, plant area required, type of power supply, site access roads, and camp/town site, if required. | &nbsp;&nbsp;Deposits are located in close proximity to electrical power infrastructure that is already in place feeding power to nearby residents and property owners. <br>Major (138kv) transmission lines run immediately through the Pio Cipó tenement and within close proximity (<20km) of all deposit areas supplying predominantly clean hydropower. <br>Road access is similar with a short 2.5km connection required to be built by the project to access the wider road network. <br>Water will be sourced from several nearby storage facilities with short pipelines required to supply the process plant-site. <br>It is assumed that the process plant will occupy an area 0.5km<sup>2</sup> to 1km<sup>2</sup> |
| &nbsp;&nbsp;Mine design & planning | &nbsp;&nbsp;Mining method defined broadly as surface or underground. Production rates assumed. | &nbsp;&nbsp;Mineral resources at the project can be mined by conventional truck and shovel arrangement on a free dig basis, much like what is seen in other clay hosted REE and lateritic deposits. Mining costs were obtained from recently disclosed values obtained by peers at comparable projects.<br>If present, groundwater inflow within the regolith profile can be effectively managed using standard dewatering techniques. |
| &nbsp;&nbsp;Processing plant | &nbsp;&nbsp;Establish that all products used in assessing prospects of economic extraction can be processed with methods consistent with each other. Processing method and plant throughput assumed. | &nbsp;&nbsp;Leaching testwork by Rare Earth Americas has confirmed that REE-bearing materials across the Poços de Caldas region can be processed using a common, ambient-temperature leaching method under mildly acidic conditions. This flowsheet will includes impurity removal and rare earth carbonate precipitation.<br>A modular processing plant is assumed, with 500,000 tpa nominal throughput and dry-stack tailings. All material types under consideration are assumed compatible with this single flowsheet. |

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Date: 25 March 2026 Page 11-21

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| ![img78450133_2.jpg](img78450133_2.jpg) | www.rareearthsamericas.com |
|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Factors** | &nbsp;&nbsp;**Initial Assessment** | &nbsp;&nbsp;**Project** |
|  |  | &nbsp;&nbsp;The plant footprint is estimated at 0.5 to 1.0 km², located outside the current resource shell, within the Pio Cipó mining permit or on adjacent exploration tenements. The site is accessible, gently sloping, and lies 0.5 to 1.5 km from the main resource areas, allowing efficient haulage of run-of-mine feed.<br>These assumptions will be refined as further metallurgical, engineering, and environmental studies are completed. |
| &nbsp;&nbsp;Environmental compliance & permitting | &nbsp;&nbsp;List of required permits & agencies drawn. Determine if significant obstacles exist to obtaining permits. Identify pre- mining land uses. Assess requirements for baseline studies. Assume post- mining land uses. Assume tailings disposal, reclamation, and mitigation plans. | &nbsp;&nbsp;The project is assumed to lie primarily within rural, privately held land used for grazing and agriculture, with no immediate presence of Indigenous lands or protected conservation units.<br>All potential mining activities will be subject to federal, state, and municipal environmental licensing procedures.<br>Project development will require a full Environmental Impact Assessment (EIA/RIMA), with baseline studies initiated at least 12 months prior to submission of a Preliminary License application.<br>Tailings and waste will be managed through dry-stacked or lined containment, with long-term reclamation and groundwater monitoring plans assumed.<br>No fatal flaws are presently identified in the licensing pathway.<br>Federal Agencies and Permits<br>•ANM – Agência Nacional de Mineração<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪Mineral exploration and mining rights (Alvará de Pesquisa, Requerimento de Lavra).<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪Approval of Mining Plan (Plano de Aproveitamento Econômico – PAE).<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪Annual Mining Report (RAL – Relatório Anual de Lavra).<br>•IBAMA – Instituto Brasileiro do Meio Ambiente e dos Recursos Naturais Renováveis<br>▪Only leads environmental licensing if the project affects multiple states or federal conservation units.<br>▪Issues federal-level Preliminary License (LP), Installation License (LI), and Operation License (LO) when applicable.<br>•CNEN – Comissão Nacional de Energia Nuclear<br>▪Authorization to handle radioactive materials (e.g., monazite with thorium/uranium).<br>▪Licensing of storage, packaging, and disposal of radioactive waste.<br>State Agencies (Minas Gerais) and Permits |

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Date: 25 March 2026 Page 11-22

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| ![img78450133_2.jpg](img78450133_2.jpg) | www.rareearthsamericas.com |
|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Factors** | &nbsp;&nbsp;**Initial Assessment** | &nbsp;&nbsp;**Project** |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•SEMAD-MG – Secretaria de Estado de Meio Ambiente e Desenvolvimento Sustentável<br>oEnvironmental licensing lead agency in Minas Gerais.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪*Licença Prévia (LP)* – Preliminary License.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪*Licença de Instalação (LI)* – Installation License.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪*Licença de Operação (LO)* – Operation License.<br>oOversees the Environmental Impact Study and Report (EIA/RIMA).<br>oCoordinates public consultation (audiência pública).<br>•FEAM – Fundação Estadual do Meio Ambiente<br>oTechnical support for licensing; evaluates air, waste, and pollution control plans.<br>oReviews closure and post-mining environmental management plans.<br>•IGAM – Instituto Mineiro de Gestão das Águas<br>o*Outorga de Direito de Uso da Água* – Water abstraction/use rights.<br>oEvaluates hydrological and aquifer impact assessments.<br>•IEF – Instituto Estadual de Florestas<br>o*Autorização de Supressão de Vegetação (ASV)* – Vegetation clearance permit.<br>oOversees reforestation and biodiversity compensation obligations. |
| &nbsp;&nbsp;Other relevant factors | &nbsp;&nbsp;Appropriate assessments of other reasonably assumed technical and economic factors necessary to demonstrate reasonable prospects for economic extraction. |  |
| &nbsp;&nbsp;Capital costs | &nbsp;&nbsp;Optional. If included:<br>Accuracy: ±50% Contingency: ≤25% | &nbsp;&nbsp;Not relevant to this Report. |
| &nbsp;&nbsp;Operating costs | &nbsp;&nbsp;Optional. If included: Accuracy: ±50% Contingency: ≤25% | &nbsp;&nbsp;Not relevant to this Report. |
| &nbsp;&nbsp;Economic analysis | &nbsp;&nbsp;Optional. If included: Taxes and revenues are assumed. Discounted cash flow analysis based on assumed production rates and revenues from available measured and indicated mineral resources. | &nbsp;&nbsp;Not relevant to this Report. |

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Date: 25 March 2026 Page 11-23

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| ![img78450133_2.jpg](img78450133_2.jpg) | www.rareearthsamericas.com |
|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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**11.14.2 Constraining Potentially Mineable Shape Input Assumptions**

Following input assumptions were applied to determine reasonable prospects for economic extraction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Near-surface rare earth mineralization occurs within shallow, laterally extensive saprolite horizons amenable to conventional free-dig open-pit mining;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•A TREO cut-off grade was established using block value and leach recovery calculations, as well as mining recovery, and costs to identify material with reasonable prospects of eventual economic extraction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Revenue basis assumes production of a mixed rare earth carbonate with payability linked to forecast oxide prices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Price assumptions are derived from a long-term independent market forecast expressed in constant real terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•A conceptual open-pit shell was used to constrain the mineral resource estimate. The shell was defined using calculated block value, assumed mining, processing and administrative costs, leching recoveries, and slope constraints.

**11.14.3 Market and Commodity Price Forecasts**

**General Uses and Products** 

The mineral resource estimate contains potentially minable concentrations of rare earth elements including MREO neodymium, praseodymium, dysprosium and terbium, which represent the dominant contributors to the in-situ value calculations and are the primary drivers of the Project's economic potential.

These elements are predominantly used in the manufacture of permanent magnets, which are essential for advanced technologies such as electric vehicles, wind turbines, electronics, robotics, and a wide range of consumer, industrial, and defense electronics applications. Though used in small quantities, they provide critical magnetic, optical, and catalytic properties.

The most likely commercial products from the Constellation Project are mixed rare earth carbonates (MREC), an intermediate product used in the manufacture of refined, separated, rare earth oxides, predominantly for the permanent magnet market.

Date: 25 March 2026 Page 11-24

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| ![img78450133_2.jpg](img78450133_2.jpg) | www.rareearthsamericas.com |
|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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**Market Overview and Principal Users**

Global magnetic rare earth oxide demand in 2024 was 126,025 tonnes. Global MREO demand is being forecasted to grow at an 8.2% compound annual growth rate (CAGR), total demand is forecast at 444,872 tonnes by (Adamas Intelligence, 2024).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Neodymium and praseodymium demand is expected to grow from an estimated ~110 kt in 2024 to ~350 kt in 2030, (see Figure 11-9) (Adamas Intelligence (2024));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Dysprosium has a similar outlook, growing from ~3 kt to ~7 kt over the same period (see Figure 11-10) (Adamas Intelligence (2024)).

**Figure 11-9: Forecast Global NdPr Oxide Production and Demand**

![img78450133_89.jpg](img78450133_89.jpg)

Note: Source Adamas Intelligence (2024)

**Figure 11-10: Forecast Global Dysprosium Oxide Production and Demand**

![img78450133_90.jpg](img78450133_90.jpg)

Note: Source Adamas Intelligence (2024)

Date: 25 March 2026 Page 11-25

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| ![img78450133_2.jpg](img78450133_2.jpg) | www.rareearthsamericas.com |
|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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The principal consumers are Chinese, Japanese, South Korean, European, and North American manufacturers of permanent magnets for the automotive and renewable energy sectors.

China accounts for ~65% of global rare earth production and >80% of processing, though its share of global NdPr mined supply is forecast to decline from 70% in 2024 to ~58% by 2029 (Benchmark Mineral Intelligence, 2024). Supply remains geographically constrained, and recent Chinese restrictions on technology exports highlight ongoing volatility and the strategic importance of new projects outside of China.

Brazil is projected to expand its role in the rare earth market, with ionic clay deposits, including Serra Verde (operating) and emerging projects (such as Constellation) expected to increase Brazil's share of dysprosium supply with Benchmark Mineral Intelligence (2024) predicting an increase from 2% share in 2024 to ~11% share by 2029.

**Marketability and Pricing**

The Project is expected to produce a mixed rare earth carbonate. These oxides are specialty chemicals, not exchange-traded commodities, and are typically priced in US dollars per kilogram. Pricing is negotiated through private contracts and the contract negotiated typically reflects product purity, oxide composition, delivery terms, and prevailing demand.

Due to the lack of standardized markets, pricing remains opaque. However, indicative spot prices are published by agencies such as Asian Metal and Shanghai Metals Market and are widely used for valuation purposes.

**Price Forecasts**

The expected increase in demand, and high price volatility, means that commodity pricing for rare earth studies is predominantly based on forecasts made by expert research companies such as Adamas Intelligence.

Rare Earth Americas have used the average rare earth oxide price over a 10-year period to from 2031 to 2040 forecast by Adamas Intelligence in their Q1 2025 Rare Earth Pricing Quarterly Outlook. This period was selected to align with potential timeframes for construction of all infrastructure and mining of the deposit. Prices include 13% value-added tax (VAT); forecast prices are in Real 2025 US dollars. These VAT-inclusive prices are presented for consistency with published Chinese market indices and have not been adjusted.

Example forecasts for the 2030–2040 period (real 2025 US dollars, inclusive of 13% VAT) are given in Table 11 13. Prices are expected to remain relatively stable through the mid-2020s before increasing in the early 2030s as supply constraints emerge, then stabilizing at the long-term incentive levels used for this study (Adamas Intelligence, 2024).

Date: 25 March 2026 Page 11-26

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| ![img78450133_2.jpg](img78450133_2.jpg) | www.rareearthsamericas.com |
|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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**Table 11-13: Rare-Earth Elements Prices and Average Basket Price Calculation**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**REE Oxide**<sup>1</sup> | &nbsp;&nbsp;**Avg. Proportion of Recovered TREO (%)** | &nbsp;&nbsp;**Forecast Price<br>($/kg)** | &nbsp;&nbsp;**Value at 70% Payability ($/kg)** | &nbsp;&nbsp;**Contribution to Avg. Basket Value ($/kg)**<sup>3</sup> | &nbsp;&nbsp;**Proportion of Avg. Basket Value (%)** |
| &nbsp;&nbsp;La2O3 | &nbsp;&nbsp;52.6 | &nbsp;&nbsp;1.4 | &nbsp;&nbsp;1.0 | &nbsp;&nbsp;0.5 | &nbsp;&nbsp;1.2 |
| &nbsp;&nbsp;CeO2 | &nbsp;&nbsp;6.3 | &nbsp;&nbsp;1.5 | &nbsp;&nbsp;1.0 | &nbsp;&nbsp;0.1 | &nbsp;&nbsp;0.1 |
| &nbsp;&nbsp;Pr6O11 | &nbsp;&nbsp;8.5 | &nbsp;&nbsp;158.6 | &nbsp;&nbsp;111.0 | &nbsp;&nbsp;9.4 | &nbsp;&nbsp;21.2 |
| &nbsp;&nbsp;Nd2O3 | &nbsp;&nbsp;23.9 | &nbsp;&nbsp;154.8 | &nbsp;&nbsp;108.3 | &nbsp;&nbsp;25.9 | &nbsp;&nbsp;58.4 |
| &nbsp;&nbsp;Sm2O3 | &nbsp;&nbsp;2.3 | &nbsp;&nbsp;4.3 | &nbsp;&nbsp;3.0 | &nbsp;&nbsp;0.1 | &nbsp;&nbsp;0.2 |
| &nbsp;&nbsp;Eu2O3 | &nbsp;&nbsp;0.4 | &nbsp;&nbsp;34.7 | &nbsp;&nbsp;24.3 | &nbsp;&nbsp;0.1 | &nbsp;&nbsp;0.2 |
| &nbsp;&nbsp;Gd2O3 | &nbsp;&nbsp;1.3 | &nbsp;&nbsp;80.5 | &nbsp;&nbsp;56.3 | &nbsp;&nbsp;0.7 | &nbsp;&nbsp;1.7 |
| &nbsp;&nbsp;Tb4O7 | &nbsp;&nbsp;0.1 | &nbsp;&nbsp;1550.8 | &nbsp;&nbsp;1085.5 | &nbsp;&nbsp;1.6 | &nbsp;&nbsp;3.6 |
| &nbsp;&nbsp;Dy2O3 | &nbsp;&nbsp;0.7 | &nbsp;&nbsp;503.5 | &nbsp;&nbsp;352.5 | &nbsp;&nbsp;2.5 | &nbsp;&nbsp;5.6 |
| &nbsp;&nbsp;Ho2O3 | &nbsp;&nbsp;0.1 | &nbsp;&nbsp;171.2 | &nbsp;&nbsp;119.8 | &nbsp;&nbsp;0.1 | &nbsp;&nbsp;0.2 |
| &nbsp;&nbsp;Er2O3 | &nbsp;&nbsp;0.3 | &nbsp;&nbsp;58.0 | &nbsp;&nbsp;40.6 | &nbsp;&nbsp;0.1 | &nbsp;&nbsp;0.3 |
| &nbsp;&nbsp;Yb2O3 | &nbsp;&nbsp;2.6 | &nbsp;&nbsp;17.5 | &nbsp;&nbsp;12.3 | &nbsp;&nbsp;0.3 | &nbsp;&nbsp;0.7 |
| &nbsp;&nbsp;Lu2O3 | &nbsp;&nbsp;0.5 | &nbsp;&nbsp;910.8 | &nbsp;&nbsp;637.6 | &nbsp;&nbsp;3.0 | &nbsp;&nbsp;6.7 |
| &nbsp;&nbsp;Y2O3 | &nbsp;&nbsp;0.0 | &nbsp;&nbsp;8.0 | &nbsp;&nbsp;5.6 | &nbsp;&nbsp;0.0 | &nbsp;&nbsp;0.0 |
| &nbsp;&nbsp;***Average TREO Basket Value $/kg*:** | &nbsp;&nbsp;***Average TREO Basket Value $/kg*:** | &nbsp;&nbsp;***Average TREO Basket Value $/kg*:** | &nbsp;&nbsp;***Average TREO Basket Value $/kg*:** | &nbsp;&nbsp;**44.4** | &nbsp;&nbsp;**100.0** |

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Notes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Pricing for Tm₂O₃ (thulium oxide) is not included in the basket calculation. Adamas Intelligence does not publish forecast prices for thulium due to its limited market size and very low contribution to the overall value of rare earth products. As a result, the exclusion of Tm₂O₃ has no material impact on the basket value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Prices include 13% value-added tax (VAT); forecast prices are in real 2025 US dollars.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Numbers have been rounded. Totals may not sum due to rounding.

**Payability**

Payability represents the proportion of contained rare earth element value (based on spot oxide prices) that is realized upon sale of the mixed rare earth carbonate. It depends on the concentration of high-value elements, total rare earth oxide grade, impurity levels, and offtake processing costs. Rare Earth Americas intends to produce a high-quality mixed rare earth carbonate with low impurities and elevated magnet rare earth elements. This study assumes a payability of 70 percent relative to the spot value of contained separated oxides.

**Basket Value Estimation**

For each block, a "basket value" was calculated as the sum of the forecast prices for individual recovered rare earth oxides, adjusted by their typical proportion in the recovered TREO mix and a payability assumption of 70%. The average basket price for Constellation mineralization is estimated at US$44.4/kg TREO.

Date: 25 March 2026 Page 11-27

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| ![img78450133_2.jpg](img78450133_2.jpg) | www.rareearthsamericas.com |
|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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The basket value is determined using the following formula:

![img78450133_91.jpg](img78450133_91.jpg)

Proportion = Typical proportion of recovered oxide i in the recovered TREO mix;

Forecast Price*i* = Forecast price per kg of oxide i;

Payability = Payability rate of 70%.

This block-level basket value served as an input into a Lerchs-Grossmann optimization process, which was used to define a resource-constraining shell for mineral resource reporting and evaluation of reasonable prospects of economic extraction.

**11.14.4 Pit Shell**

To demonstrate reasonable prospects for economic extraction, a conceptual constraining pit shell was constructed using block models created for each deposit including inferred mineral resource blocks and waste blocks.

The constraining shell was derived from a Whittle optimization using estimated block value and mining parameters appropriate for determining reasonable prospects of economic extraction. These included a mining cost of US$1.98/t, a processing cost of US$9.39/t, appropriate recovery and dilution factors, and the basket value estimated for each block. A maximum pit slope angle of 35° was used and the extent of the constraining pit shell was limited to within the boundary of each tenement. A summary of the key assumptions is shown in Table 11-14.

**Table 11-14. Whittle Resource Constraining Pit Shell Parameters**

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Item** | &nbsp;&nbsp;**Unit** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;Average recovered value<br> &nbsp;&nbsp;(P) | &nbsp;&nbsp;$/kg | &nbsp;&nbsp;44.4 |
| &nbsp;&nbsp;Mining cost (mineralization and waste)<br> &nbsp;&nbsp;(m) | &nbsp;&nbsp;$/t | &nbsp;&nbsp;1.98 |
| &nbsp;&nbsp;Process cost<br> &nbsp;&nbsp;(C) | &nbsp;&nbsp;$/t | &nbsp;&nbsp;7.65 |
| &nbsp;&nbsp;General and administrative cost<br> &nbsp;&nbsp;(CGA) | &nbsp;&nbsp;$/t | &nbsp;&nbsp;1.74 |
| &nbsp;&nbsp;Dilution<br> &nbsp;&nbsp;(d) | &nbsp;&nbsp;% | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;Mining recovery<br> &nbsp;&nbsp;(ym) | &nbsp;&nbsp;% | &nbsp;&nbsp;95 |
| &nbsp;&nbsp;Average process recovery<br> &nbsp;&nbsp;(yc) | &nbsp;&nbsp;% | &nbsp;&nbsp;48 |
| &nbsp;&nbsp;Recovered cut-off grade<br> &nbsp;&nbsp;(Grec) | &nbsp;&nbsp;ppm TREO | &nbsp;&nbsp;270 |
| &nbsp;&nbsp;In-situ cut-off grade<br> &nbsp;&nbsp;(Ginsitu) | &nbsp;&nbsp;ppm TREO | &nbsp;&nbsp;709 |
| &nbsp;&nbsp;***Selected in-situ cut-off grade*** | &nbsp;&nbsp;***ppm TREO*** | &nbsp;&nbsp;***1000*** |

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| ![img78450133_2.jpg](img78450133_2.jpg) | www.rareearthsamericas.com |
|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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The overall strip ratio is estimated at 0.64, indicating that each tonne of mineralization is accompanied by 0.64 t of waste. Areas excluded include zones with low estimated recovery of rare earths, as well as speculative blocks at depth and at the periphery of the deposits.

For each deposit area, pit shell extents at surface was shown in Figure 11-3, and in cross-section in Figure 11-4. Material falling outside of the pit shell is considered to not meet reasonable prospects for economic extraction. Potentially minable portions of the block model inside the shell are conceptual in nature. Potential royalty costs have not been included in the Whittle optimization calculation.

**11.14.5 Cut-off**

Using the parameters in Table 11-14 a marginal cut-off of 1,000 ppm TREO was selected. This threshold is consistent with cut-off grades applied at comparable ionic clay-hosted rare earth deposits developed by open-pit mining and supports a reasonable expectation of potential economic extraction.

The following equations form the basis of the cut-off calculation:

![img78450133_92.jpg](img78450133_92.jpg)

![img78450133_93.jpg](img78450133_93.jpg)

Abbreviations used in these equations are explained in Table 11-14.

The cut-off is based on the average recovered value using a 10-year forecast of rare earth oxide prices to 2040, as published by Adamas Intelligence in the Q1 2025 *Rare Earth Pricing Quarterly Outlook*. The marginal cut-off included mining, processing, and general and administrative costs. Costs related to waste mining, transportation, and capital expenditures were excluded.

**11.14.6 QP Statement**

Based on the data review, the attendant work done to verify the data integrity and the creation of an independent geological model, McGarry Geoconsulting believes this is a fair and accurate representation of the mineral resources at the Project.

There is sufficient time in the 10-year timeframe considered for the commodity price forecast for Rare Earths Americas to address any issues that may arise, or perform appropriate additional drilling, testwork and engineering studies to mitigate identified issues with the estimates.

Based on the current information, McGarry Geoconsulting considers that the mineral resource estimates have reasonable prospects for eventual economic extraction, subject to the successful completion of the recommended work programs.

Date: 25 March 2026 Page 11-29

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| ![img78450133_2.jpg](img78450133_2.jpg) | www.rareearthsamericas.com |
|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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11.15 Mineral Resource Statement

Mineral resources are reported using the mineral resource definitions set out in SK1300. The reference point for the estimate is in situ. The estimate is current as at 31 October 2025.

The Qualified Person for the estimate is McGarry Geoconsulting.

Mineral Resources are summarized in Table 11-15.

**Table 11-15: Constellation Project – Summary of Rare Earth Mineral Resources at October 31, 2025**

**Based on basket value of US$44.4/kg of recovered rare earth oxide** 

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Category** | &nbsp;&nbsp;**Cut-Off Grade** | &nbsp;&nbsp;**Deposit** | &nbsp;&nbsp;**Tonnes** | &nbsp;&nbsp;**TREO**  | &nbsp;&nbsp;**Nd2O3 + Pr6O11**  | &nbsp;&nbsp;**Dy2O3 + Tb4O7** |
|  | &nbsp;&nbsp;**(ppm TREO)** |  | &nbsp;&nbsp;**(Mt)** | &nbsp;&nbsp;**(ppm)** | &nbsp;&nbsp;**(ppm)** | &nbsp;&nbsp;**(ppm)** |
| &nbsp;&nbsp;**Inferred** | &nbsp;&nbsp;1000 | &nbsp;&nbsp;Pio Cipó | &nbsp;&nbsp;70.2 | &nbsp;&nbsp;2976 | &nbsp;&nbsp;722 | &nbsp;&nbsp;35.6 |
| &nbsp;&nbsp;**Inferred** | &nbsp;&nbsp;1000 | &nbsp;&nbsp;Pedra Preta | &nbsp;&nbsp;60.7 | &nbsp;&nbsp;3101 | &nbsp;&nbsp;664 | &nbsp;&nbsp;32.8 |
| &nbsp;&nbsp;**Inferred** | &nbsp;&nbsp;1000 | &nbsp;&nbsp;Varginha | &nbsp;&nbsp;53.0 | &nbsp;&nbsp;2157 | &nbsp;&nbsp;350 | &nbsp;&nbsp;16.9 |
| &nbsp;&nbsp;**Inferred** | &nbsp;&nbsp;1000 | &nbsp;&nbsp;Roseira | &nbsp;&nbsp;42.3 | &nbsp;&nbsp;2508 | &nbsp;&nbsp;518 | &nbsp;&nbsp;18.6 |
| &nbsp;&nbsp;**Inferred** | &nbsp;&nbsp;1000 | &nbsp;&nbsp;Mato Queimado  | &nbsp;&nbsp;17.7 | &nbsp;&nbsp;2027 | &nbsp;&nbsp;483 | &nbsp;&nbsp;26.0 |
| &nbsp;&nbsp;**Inferred** | &nbsp;&nbsp;1000 | &nbsp;&nbsp;Clube da Uva | &nbsp;&nbsp;9.6 | &nbsp;&nbsp;2508 | &nbsp;&nbsp;375 | &nbsp;&nbsp;17.0 |
| &nbsp;&nbsp;**Inferred** | &nbsp;&nbsp;1000 | &nbsp;&nbsp;Andradas | &nbsp;&nbsp;12.6 | &nbsp;&nbsp;1928 | &nbsp;&nbsp;513 | &nbsp;&nbsp;28.1 |
| &nbsp;&nbsp;**Inferred** | &nbsp;&nbsp;1000 | &nbsp;&nbsp;***Total*** | &nbsp;&nbsp;***266.2*** | &nbsp;&nbsp;***2637*** | &nbsp;&nbsp;***564*** | &nbsp;&nbsp;***26.9*** |

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Notes to accompany mineral resource table:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Mineral resources are reported in situ, using the definitions in S-K 1300, and are current as at 31 October, 2025. Mineral resources are not mineral reserves and do not have demonstrated economic viability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.The third-party firm responsible for the estimates is McGarry Geoconsulting Corp.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Tonnes are dry metric tonnes, and contained metal figures are derived arithmetically from in situ tonnage and grade (i.e., not adjusted for mining dilution or losses).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Mineral resources are constrained within an optimized Whittle pit shell generated using a mining cost of US$1.98/t, a processing cost of US$7.65/t, a general and administration cost of US$1.74/ t and mining and process recovery factors of 95% and 38%, respectively. A maximum pit slope of 35° is used and the extent of the shell is limited to within the boundary of each tenement. Block values were calculated from Adamas Intelligence forecast rare earth oxide prices for 2030–2040 with an assumed 70% payability, corresponding to a basket value of US$44.4/kg of recovered rare earth oxide.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.Mineral resources are reported above a marginal cut-off of 1,000 ppm TREO, which is based on the parameters used for pit optimization in note 4. Costs related to waste mining, transportation, and capital expenditures are excluded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.Average recovery represents the weighted mean of block model rare earth element leach extraction estimates, excluding cerium, based on test results on representative exploration samples.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.The Roseira, Varginha and Clube da Uva deposits are subject to a private royalty equal to 5% of net revenue from concession production in favor of Mineração Andradense Ltda. The Andradas deposit is subject to a private royalty equal to 2.5% of gross revenue from concession production in favor of Brazil Royalty Corp Participações e Investimentos Ltda.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.Total rare earth oxides (TREO ppm) = La2O3 + CeO2 + Pr6O11 + Nd2O3 + Sm2O3 + Eu2O3 + Gd2O3 + Tb4O7 + Dy2O3 + Ho2O3 + Er2O3 + Tm2O3 + Yb2O3 + Y2O3 + Lu2O3; NdPr = Nd2O3 + Pr6O11; DyTb = Tb4O7 + Dy2O3.

Date: 25 March 2026 Page 11-30

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|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.Total rare earth oxides (TREO ppm) are inclusive of, not separate to, NdPr ppm and DyTb ppm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.Numbers have been rounded. Totals may not sum due to rounding.

Tonnage-weighted average grades for individual rare earth oxides (REO), supporting the reported TREO grade, are summarized in Table 11-16.

**Table 11-16: Constellation Project Block Model Report – All Rare Earth Oxides**

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;**Deposit** | &nbsp;&nbsp;**Deposit** | &nbsp;&nbsp;**Deposit** | &nbsp;&nbsp;**Deposit** | &nbsp;&nbsp;**Deposit** | &nbsp;&nbsp;**Deposit** | &nbsp;&nbsp;**Deposit** |  |
| &nbsp;&nbsp;**Cut-Off Grade (ppm TREO)** | &nbsp;&nbsp;**Values** | &nbsp;&nbsp;**Pio Cipo** | &nbsp;&nbsp;**Pedra Preta** | &nbsp;&nbsp;**Varginha** | &nbsp;&nbsp;**Roseira** | &nbsp;&nbsp;**Mato Queimado** | &nbsp;&nbsp;**Clube da Uva** | &nbsp;&nbsp;**Andradas** | &nbsp;&nbsp;**Total** |
| &nbsp;&nbsp;1000 | &nbsp;&nbsp;Tonnes (Mt) | &nbsp;&nbsp;70.2 | &nbsp;&nbsp;60.7 | &nbsp;&nbsp;53.0 | &nbsp;&nbsp;42.3 | &nbsp;&nbsp;17.7 | &nbsp;&nbsp;9.6 | &nbsp;&nbsp;12.6 | &nbsp;&nbsp;**266.2** |
| &nbsp;&nbsp;1000 | &nbsp;&nbsp;TREO (ppm) | &nbsp;&nbsp;2976 | &nbsp;&nbsp;3101 | &nbsp;&nbsp;2157 | &nbsp;&nbsp;2508 | &nbsp;&nbsp;2027 | &nbsp;&nbsp;2508 | &nbsp;&nbsp;1928 | &nbsp;&nbsp;**2637** |
| &nbsp;&nbsp;1000 | &nbsp;&nbsp;La2O3 (ppm) | &nbsp;&nbsp;1022 | &nbsp;&nbsp;1087 | &nbsp;&nbsp;936 | &nbsp;&nbsp;991 | &nbsp;&nbsp;696 | &nbsp;&nbsp;723 | &nbsp;&nbsp;630 | &nbsp;&nbsp;**964** |
| &nbsp;&nbsp;1000 | &nbsp;&nbsp;CeO2 (ppm) | &nbsp;&nbsp;859 | &nbsp;&nbsp;1144 | &nbsp;&nbsp;680 | &nbsp;&nbsp;794 | &nbsp;&nbsp;689 | &nbsp;&nbsp;648 | &nbsp;&nbsp;609 | &nbsp;&nbsp;**847** |
| &nbsp;&nbsp;1000 | &nbsp;&nbsp;Pr6O11 (ppm) | &nbsp;&nbsp;183 | &nbsp;&nbsp;173 | &nbsp;&nbsp;104 | &nbsp;&nbsp;142 | &nbsp;&nbsp;124 | &nbsp;&nbsp;101 | &nbsp;&nbsp;126 | &nbsp;&nbsp;**149** |
| &nbsp;&nbsp;1000 | &nbsp;&nbsp;Nd2O3 (ppm) | &nbsp;&nbsp;539 | &nbsp;&nbsp;491 | &nbsp;&nbsp;245 | &nbsp;&nbsp;375 | &nbsp;&nbsp;359 | &nbsp;&nbsp;274 | &nbsp;&nbsp;387 | &nbsp;&nbsp;**415** |
| &nbsp;&nbsp;1000 | &nbsp;&nbsp;Sm2O3 (ppm) | &nbsp;&nbsp;66 | &nbsp;&nbsp;58 | &nbsp;&nbsp;25 | &nbsp;&nbsp;39 | &nbsp;&nbsp;44 | &nbsp;&nbsp;37 | &nbsp;&nbsp;49 | &nbsp;&nbsp;**48** |
| &nbsp;&nbsp;1000 | &nbsp;&nbsp;Eu2O3 (ppm) | &nbsp;&nbsp;16 | &nbsp;&nbsp;14 | &nbsp;&nbsp;6 | &nbsp;&nbsp;9 | &nbsp;&nbsp;12 | &nbsp;&nbsp;7 | &nbsp;&nbsp;12 | &nbsp;&nbsp;**12** |
| &nbsp;&nbsp;1000 | &nbsp;&nbsp;Gd2O3 (ppm) | &nbsp;&nbsp;43 | &nbsp;&nbsp;36 | &nbsp;&nbsp;17 | &nbsp;&nbsp;22 | &nbsp;&nbsp;31 | &nbsp;&nbsp;19 | &nbsp;&nbsp;34 | &nbsp;&nbsp;**31** |
| &nbsp;&nbsp;1000 | &nbsp;&nbsp;Tb4O7 (ppm) | &nbsp;&nbsp;6 | &nbsp;&nbsp;5 | &nbsp;&nbsp;2 | &nbsp;&nbsp;3 | &nbsp;&nbsp;4 | &nbsp;&nbsp;3 | &nbsp;&nbsp;4 | &nbsp;&nbsp;**4** |
| &nbsp;&nbsp;1000 | &nbsp;&nbsp;Dy2O3 (ppm) | &nbsp;&nbsp;30 | &nbsp;&nbsp;28 | &nbsp;&nbsp;14 | &nbsp;&nbsp;16 | &nbsp;&nbsp;22 | &nbsp;&nbsp;14 | &nbsp;&nbsp;23 | &nbsp;&nbsp;**23** |
| &nbsp;&nbsp;1000 | &nbsp;&nbsp;Ho2O3 (ppm) | &nbsp;&nbsp;5 | &nbsp;&nbsp;5 | &nbsp;&nbsp;3 | &nbsp;&nbsp;3 | &nbsp;&nbsp;4 | &nbsp;&nbsp;3 | &nbsp;&nbsp;4 | &nbsp;&nbsp;**4** |
| &nbsp;&nbsp;1000 | &nbsp;&nbsp;Er2O3 (ppm) | &nbsp;&nbsp;15 | &nbsp;&nbsp;15 | &nbsp;&nbsp;9 | &nbsp;&nbsp;9 | &nbsp;&nbsp;10 | &nbsp;&nbsp;8 | &nbsp;&nbsp;12 | &nbsp;&nbsp;**12** |
| &nbsp;&nbsp;1000 | &nbsp;&nbsp;Tm2O3 (ppm) | &nbsp;&nbsp;2 | &nbsp;&nbsp;2 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;2 | &nbsp;&nbsp;**2** |
| &nbsp;&nbsp;1000 | &nbsp;&nbsp;Yb2O3 (ppm) | &nbsp;&nbsp;12 | &nbsp;&nbsp;13 | &nbsp;&nbsp;9 | &nbsp;&nbsp;7 | &nbsp;&nbsp;8 | &nbsp;&nbsp;7 | &nbsp;&nbsp;9 | &nbsp;&nbsp;**10** |
| &nbsp;&nbsp;1000 | &nbsp;&nbsp;Lu2O3 (ppm) | &nbsp;&nbsp;2 | &nbsp;&nbsp;2 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;648 | &nbsp;&nbsp;1 | &nbsp;&nbsp;**25** |
| &nbsp;&nbsp;1000 | &nbsp;&nbsp;Y2O3 (ppm) | &nbsp;&nbsp;176 | &nbsp;&nbsp;28 | &nbsp;&nbsp;103 | &nbsp;&nbsp;96 | &nbsp;&nbsp;22 | &nbsp;&nbsp;14 | &nbsp;&nbsp;23 | &nbsp;&nbsp;**91** |

---

Notes to accompany block model table:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Values represent tonnage-weighted averages derived from the reported block model.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Reported oxides are not individually classified as mineral resources.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Data is provided to illustrate rare earth element distribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.TREO is the sum of all rare earth oxides listed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.Numbers have been rounded. Totals may not sum due to rounding.

Date: 25 March 2026 Page 11-31

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|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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11.16 Uncertainties (Factors) That May Affect the Mineral Resource Estimate

Factors which may affect the mineral resource estimates include the following.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Metal price and exchange rate assumptions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Changes to the assumptions used to generate cut-off grades;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Changes in local interpretations of mineralization geometry and continuity of mineralized zones;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Changes to geological and mineralization shape;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Changes to geological and grade continuity assumptions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Density and domain assignments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Changes to geotechnical, mining, and metallurgical recovery assumptions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Changes to the input and design parameter assumptions that pertain to mining assumptions used to constrain the estimates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Assumptions as to the continued ability to access the site, complete proposed exploration programs, and maintain the social license to operate.

There are no other environmental, legal, title, taxation, socioeconomic, marketing, political or other relevant factors known to McGarry Geoconsulting that would materially affect the estimation of mineral resources that are not discussed in this Report.

Date: 25 March 2026 Page 11-32

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| ![img78450133_2.jpg](img78450133_2.jpg) | www.rareearthsamericas.com |
|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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12.0 MINERAL RESERVE ESTIMATES

This Chapter is not relevant to this Report.

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|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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13.0 MINING METHODS

This Chapter is not relevant to this Report.

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|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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14.0 RECOVERY METHODS

This Chapter is not relevant to this Report.

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|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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15.0 INFRASTRUCTURE

This Chapter is not relevant to this Report.

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|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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16.0 MARKET STUDIES AND CONTRACTS

This Chapter is not relevant to this Report.

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|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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17.0 ENVIRONMENTAL STUDIES, PERMITTING, AND PLANS, NEGOTIATIONS, OR AGREEMENTS WITH LOCAL INDIVIDUALS OR GROUPS

This Chapter is not relevant to this Report.

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| ![img78450133_2.jpg](img78450133_2.jpg) | www.rareearthsamericas.com |
|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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18.0 CAPITAL AND OPERATING COSTS

This Chapter is not relevant to this Report.

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|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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19.0 ECONOMIC ANALYSIS

This Chapter is not relevant to this Report.

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|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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20.0 ADJACENT PROPERTIES

Rare Earth America's tenements are located within a district containing multiple rare earth exploration licenses in the Poços de Caldas–Caldas region of Minas Gerais, Brazil. Licenses held by Rare Earth Americas are contiguous with or in close proximity to licenses held by Meteoric Resources and, in some areas, Viridis Mining.

Publicly available information for the adjacent Meteoric Resources and Viridis Mining projects indicates regolith-hosted rare earth mineralization of similar style and geological setting to that of the Constellation Project.

The Qualified Person has not independently verified the data for these adjacent properties, and such information is not necessarily indicative of mineralization within Rare Earth America's tenements.

**Figure 20**-**1: Location of Rare Earth America Constellation Project and Adjacent Properties**

![img78450133_94.jpg](img78450133_94.jpg)

Note: Figure prepared by Rare Earth Americas, 2024

Date: 25 March 2026 Page 20-1

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|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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21.0 OTHER RELEVANT DATA AND INFORMATION

This Chapter is not relevant to this Report.

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|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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22.0 INTERPRETATION AND CONCLUSIONS

22.1 Introduction

McGarry Geoconsulting and Karst Geosolutions note the following interpretations and conclusions, based on the review of data and information available for this Report.

22.2 Property Setting

The tenement area ranges in elevation from approximately 950–1,450 masl. This physiographic setting does not present any material constraint to exploration or mining development.

The Project is accessible via federal highways (BR-381, BR-459, BR-146), local all-weather roads, and is in proximity to rail infrastructure and the Port of Santos. The nearby municipality of Poços de Caldas could provide logistical support and services, while São Paulo could be a source of equipment, reagents, and personnel.

The climate in the region supports year-round exploration and mining activity.

22.3 Ownership

The Project is controlled by Rare Earths Americas through wholly owned mineral title or through option agreements existing on mineral title holders.

22.4 Mineral Tenure, Surface Rights, Water Rights, Royalties and Agreements

Information obtained from legal experts retained by Rare Earth Americas supports that the mineral tenure held is valid, and the mineral tenures held are sufficient to support mineral resource estimation.

To date Rare Earth Americas has secured verbal agreements and signed consent declarations from landowners permitting exploration and drilling activities at the Constellation Project. Rare Earth Americas intends to initiate formal discussions regarding broader surface rights as the Project progresses.

Rare Earth Americas has not obtained any permits or agreements to extract water for exploration at the Constellation Project. Exploration to date has not required water use. Future diamond core drilling may require water, which is expected to be commercially supplied via tankers or obtained under agreement for temporary extraction from local sources.

All project concessions are subject to the CFEM. In addition, concessions 800.572/1969 hosting the Roseira deposit 808.966/1968 hosting the Varginha deposit and 804.059/1971 hosting the Clube da Uva deposits which together amount to 40% of disclosed mineral resource tonnes are subject to a private royalty equal to 5% of net revenue from concession production in favor of Mineração Andradense Ltda.

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A further private royalty applies to 4.7% of the reported mineral resources within concession 833.020/2022 hosting the Andradas deposit, equal to 2.5% of gross revenue from concession production in favor of in favor of Brazil Royalty Corp Participações e Investimentos Ltda.

Based on the review of the legal and regulatory setting, the Qualified Person is not aware of any legal, regulatory, or permitting impediments that would prevent the continued exploration and potential development of a mining project on the property.

Acceptance of the Final Exploration Report marks the formal conclusion of the exploration phase. Once accepted, ANM may authorize the initiation of the Mining Concession application process. Authorization for mining of rare earths remains pending for all concessions.

For the six tenements with mining concessions, Rare Earth Americas must communicate the discovery of the rare earths as soon as technical work demonstrates its occurrence and indicates potential economic interest., by submitting a Final Exploration Report with the result, present a specific Economic Utilization Plan for rare earth elements.

If approved, ANM will recognize the new reserves and extend the existing mining concessions to include the additional substances as economically exploitable within the same tenements.

For the 15 exploration permits, Rare Earth Americas must submit a Final Exploration Report to ANM. Acceptance of the Final Exploration Report would formally conclude the exploration phase and authorize the commencement of the process to obtain a mining concession.

Rare Earth Americas have not consulted with local communities during the exploration campaigns. The company's interactions were limited to rural landowners, solely for the purpose of facilitating access for exploration activities.

To the extent known to McGarry Geoconsulting, there are no other significant factors and risks that may affect access, title, or the right or ability to perform work on the Project that are not discussed in this Report.

22.5 Geology and Mineralization

The Project hosts rare earth element mineralization in the form of ionically adsorbed rare earth elements bound to clay minerals within the regolith developed over the crystalline basement. Although ionic adsorption clay deposits are not currently classified within the United States Geological Survey Mineral Deposit Model series, the deposit type is well defined in the geological literature.

The Project is underlain by the Poços de Caldas alkaline complex, a large intrusive system known to host rare earth element mineralization. Rare earth element at the Project occur in the form of ionically adsorbed mineralization within a well-developed weathering profile, consistent with the Ionic Adsorption Clay deposit style.

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The lateritic profile, including mottled zones and mineralized saprolite, is laterally continuous across large parts of the deposit area. Drilling has confirmed sufficient geological continuity of mineralized horizons to support the estimation of Inferred Mineral Resources.

However, due to the presence of residual cover and the regolith-dominated profile, the underlying bedrock geology and its control on rare earth element distribution are not yet well understood. Additionally, the current drill spacing is too wide to resolve local variations in regolith thickness or the vertical position of mineralized zones with the confidence required for higher resource classifications.

Further geological work and infill drilling will be necessary to improve confidence in the geological model and to support the estimation of higher confidence classification mineral resources.

22.6 History

There is no known previous exploration for rare earth elements in the Project area prior to Rare Earths Americas' interest in the Project. In 2023, Alpha Minerals Brazil Participações Ltda, a wholly-owned subsidiary of Rare Earth Americas, undertook a mineral prospectivity review that identified the Poços de Caldas alkaline intrusion as highly prospective for ionic adsorption clay mineralization. Between 2023 and 2024, Alpha Minerals secured mineral rights through the staking of exploration claims, and through option agreements with existing mineral rights holders. Rare Earth Americas was created as the holding company for the Project in January 2023.

Auger drilling commenced at the Project on the Roseira and Clube da Uva properties in June 2023. Exploration at the Project ceased in July 2024 due to the exhaustion of the then-budgeted exploration funds.

22.7 Exploration, Drilling, and Sampling

Exploration and drilling completed to date are appropriate for the regolith-hosted ionic clay rare earth mineralization at the Constellation Project. Drill collars were surveyed using handheld GPS referenced to SIRGAS 2000 UTM 23S and projected to a 30 m DTM; future programs should use differential GPS and higher-resolution topography to improve accuracy for resource modelling and engineering studies.

Sufficient drilling and sampling data have been collected to support the geological interpretation and mineral resource estimates. The geology and mineralization controls are well understood, and the exploration techniques and QA/QC protocols employed are appropriate for this deposit style. The rare earth assay and leach recovery datasets are of acceptable quality and quantity for resource estimation, with minimal risk to overall confidence.

Rare Earth Americas' drilling, sampling, assaying, and QA/QC have been completed in line with good industry practice. Remaining exploration potential exists in lateral saprolite extensions, transitional saprock zones, and peripheral tenements with anomalous REE geochemistry.

Date: 25 March 2026 Page 22-3

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The current dataset is sufficient to support the mineral resource estimates disclosed. Additional drilling, improved surveying, and further metallurgical testing are recommended to refine the model and advance resources to higher confidence categories.

22.8 Data Verification

Sufficient exploration and sampling data have been collected to support the geological interpretations and to underpin the rare earth mineral resource estimates. The mineral resource has been classified as inferred, reflecting the current limitations in data spacing, reliance on auger drilling that only partially tests the regolith profile, and low survey and digital elevation model accuracy.

The overall quality of the data acquired by Rare Earth Americas is considered to be acceptable, and with improved drilling density and spatial control, the mineral resource estimate has the potential to be upgraded to higher confidence categories in future estimates with the support of additional work programs.

22.9 Metallurgical Testwork

The metallurgical dataset is considered acceptable to support the current inferred mineral resource estimate.

The bench-scale leach tests replicate the proposed ammonium sulfate ion-exchange process and are relevant to the ionic clay deposit style. The systematic sampling captures both lateral and vertical variability in rare earth recovery by leaching.

The recoveries are considered sufficiently representative of bulk-scale behavior to support determine reasonable prospects for eventual economic extraction in accordance with the Inferred classification.

It is recommended that future work include bulk composite and pilot-scale leach testing to evaluate potential comminution effects in transitional horizons, test material handling and leach solution flow, and refine recovery estimates across different regolith domains. Continuous column leach testing should also be undertaken to replicate percolation behavior under process-representative conditions and validate leaching kinetics. These larger-scale tests should provide sufficient pregnant leach solution volumes for confirmatory work on mixed rare earth carbonate precipitation and purification, enabling verification of product quality and recovery through to a saleable product.

These programs should strengthen the metallurgical basis for the mineral resource estimate and support the economic assumptions in sufficient detail to support higher-confidence mineral resource categories and preliminary engineering studies.

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|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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22.10 Mineral Resource Estimates

An Initial Assessment was completed to support assessments of reasonable prospects for economic extraction. The depth, geometry, and grade of rare earth bearing saprolite on the properties make them amenable to exploitation by open cut mining methods. Mineral resources are reported within a resource constraining conceptual pit shell.

Mineral resources are reported using the mineral resource definitions set out in SK1300. The in situ inferred mineral resource estimate consists of 266.2 Mt at an average grade of 2,637 ppm TREO, at a 1,000 ppm TREO reporting cut-off.

Factors which may affect the mineral resource estimates include the following.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Metal price and exchange rate assumptions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Changes to the assumptions used to generate cut-off grades;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Changes in local interpretations of mineralization geometry and continuity of mineralized zones;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Changes to geological and mineralization shape;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Changes to geological and grade continuity assumptions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Density and domain assignments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Changes to geotechnical, mining, and metallurgical recovery assumptions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Changes to the input and design parameter assumptions that pertain to mining assumptions used to constrain the estimates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Assumptions as to the continued ability to access the site, complete proposed exploration programs, and maintain the social license to operate.

In the opinion of McGarry Geoconsulting, all material issues relating to the relevant technical and economic factors that may influence the prospect of eventual economic extraction at the Project can reasonably be resolved with further work. While certain factors, such as leaching performance at bulk sample scale, the quality of a potential mixed rare earth carbonate product, the geotechnical characterization of proposed infrastructure sites, and the permitting framework, require additional data and assessment, none are currently identified as fatal flaws.

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|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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22.11 Risks

**22.11.1 Exploration and Geology Risks**

The following risks were identified:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Geological continuity: drilling is widely spaced. There is a risk that infill drilling could demonstrate mineralization to be less continuous and more variable than currently modelled, impacting resource classification and tonnage;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Depth of mineralization: deeper sonic drilling may determine that mineralized saprolite that is shallower than currently projected beneath auger drilling, which could alter the interpreted thickness and geometry of mineralized horizons.

**22.11.2 Mineral Resource Estimate Risks**

The following risks were identified, in addition to those provided in Chapter 22.10:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Survey accuracy: Current drill collar positions are based on handheld GPS and projected onto a 30 m DTM;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Bulk density: bulk densities used for resource estimation are based on limited data; there is a risk that true in-situ densities are lower than estimated, which would affect tonnage and contained metal calculations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Metallurgical variability: while bench-scale leach testing supports recoverable rare earth elements, additional bulk composite and variability testwork are required to confirm recoveries across all regolith domains and to fully characterize the deportment of deleterious elements such as thorium and uranium;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Product specification: the current mineral resource model assumes production of a mixed rare earth carbonate. Any change to the assumed processing route or product specification could affect cut-off grade determinations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Economic sensitivity: the assessment of reasonable prospects of economic extraction is sensitive to assumptions on REE prices and operating costs, which should be refined;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Hydrogeological factors: groundwater inflow within the regolith profile may affect both mining method selection and metallurgical recovery. Hydrogeological characterization is recommended.

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|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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**22.11.3 Environmental, Social and Permitting Risks**

The following risks were identified:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Permitting and environmental approvals: Development is contingent on securing environmental permits and land-use approvals. Identification of environmental constraints could limit resource development at the Project. For the Pio Cipó and Varginha deposits, the proximity to large water storage facilities may require additional permitting and water protection measures, which could affect mine planning and development timelines. In addition, transmission lines crossing the Pio Cipó deposit may impose localized constraints on mine design and require setbacks or infrastructure management measures. Changes to regulatory requirements or delays in permitting could impact project timelines or restrict development options;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Land tenure and surface rights: The project is dependent on maintaining current mineral rights and securing necessary surface access agreements. Any disputes or delays in renewing licenses or negotiating access could affect exploration and future development;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Environmental liabilities: Localized liabilities may be present within the Roseira and Pedra Preta permits, where small-scale historical bulk sampling and mining conducted by the underlying titleholders created surface disturbances with little evidence of remediation. These properties, along with areas of active agriculture, forestry, and ranching across the Project, warrant further review through baseline studies should Rare Earth Americas exercise its options and advance the Project.

No fatal flaws have been identified; these risks are typical for a project at this stage and are expected to be addressed through additional drilling, improved surveying, bulk density testing, hydrogeological assessment, permitting studies, and expanded metallurgical and engineering studies.

22.12 Opportunities

**22.12.1 Exploration and Geology Opportunities**

The Constellation Project is in a geological and mining jurisdiction that was previously underexplored for rare earth elements. Rare Earth Americas are building an extensive and well-informed database of information which will provides an opportunity to assess the optimal exploration targeting strategy and exploration potential for the Project.

The drilling and sampling completed to date indicate the presence of additional rare earth element mineralization outside the currently defined resource areas. These results highlight the potential for resource expansion through further auger, sonic and core drilling, as well as systematic follow-up of untested and partially tested targets within the project area.

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|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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22.13 Mineral Resource Opportunities

Opportunities exist to increase existing mineral resources by additional work including infill and extensional drilling at depth.

22.14 Conclusions

Drilling has consistently intersected significant are earth element-bearing saprolite, frequently exhibiting HREO enrichment with depth.

The data verification programs undertaken on the data collected from the Project support geological interpretations and the analytical and database quality, and therefore the data can be used for mineral resource estimation.

The metallurgical dataset is considered adequate to support the current mineral resource estimate. The bench-scale leach tests replicate the proposed ammonium sulphate ion-exchange process and are relevant to the ionic clay deposit class. The systematic sampling captures both lateral and vertical variability, and the recoveries allow an inference of bulk-scale behavior at the current resource development stage.

In the opinion of the Qualified Person, all material issues relating to the relevant technical and economic factors that may influence the prospect of eventual economic extraction at the Project can reasonably be resolved with further work. While certain factors, such as leaching performance at bulk sample scale, the quality of a potential mixed rare earth carbonate product, the geotechnical characterization of proposed infrastructure sites, and the permitting framework, require additional data and assessment, none are currently identified as fatal flaws.

Additional work is warranted, and a two-phase work program is recommended (see Chapter 23).

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|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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23.0 RECOMMENDATIONS

23.1 Introduction

The Constellation Project hosts rare earth element mineral resource that warrants further exploration and evaluation. A two-phase work program is recommended. Phase A will focus on generating additional exploration data and materials, while Phase B will address targeted testwork and technical analysis.

Phase A aims to improve understanding of the controls on mineralization and to delineate additional prospective zones in regional exploration concessions. Infill drilling and technical studies will be undertaken to potentially upgrade mineral resources from the inferred to higher-confidence mineral resource classifications. Phase A is estimated to require a budget of US$3.34 million to complete.

Results from Phase A exploration will provide representative drill samples for metallurgical testing and will provide a basis for an updated appraisal of the deposits. If results are positive the project will advance to Phase B, which will involve the analysis of key modifying factors, including mining and processing considerations, to updated the Initial Assessment and mineral resource estimates. Phase B is estimated to require a budget of US$1.15 million.

Collectively, Phase A and Phase B will require an overall budget of US$4.49 million.

23.2 Phase A

The following recommendations are made for Phase A:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Continue the ongoing auger and sonic drilling campaign to potentially support upgrade of the mineral resource confidence categories at all deposit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Assay outstanding auger samples from the southwestern portion of exploration concession tenement 820611/2022 to evaluate the high-grade mineralization intersected in recent exploration auger holes and determine the potential for delineating additional mineralization that may support mineral resource estimation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Undertake targeted step-out and infill drilling at tenement 832150/2022 and tenement 832149/2022 to test the continuity of mineralized regolith identified in initial auger drilling;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Undertake core drilling to extend high-grade mineralization deeper, particularly at the Pedra Preta, Varginha, and Andradas target areas where thick, high-grade mineralization remains open at depth;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•In addition to using the chemical index of alteration, regolith units should be determined using a range of physical and geochemical parameters as well as visual assessment of drill. Ensuring correct logging of regolith domains will enhance stationarity and prevent leached samples estimating material in the saprolite accumulation zone, and vice versa;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Continue collecting bulk density measurements from drill core to support tonnage estimates for individual regolith and saprock units;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Conduct a high-resolution topographic survey, potentially using LiDAR or satellite technology, to support geological mapping and resource modelling and to support future technical studies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Undertake mineralogical and geo-metallurgical testwork including QEMSCAN analysis on regolith samples to characterize the deposit and identify rare-earth element-bearing minerals that may not be recoverable via the ionic adsorption clay process route, to support a more accurate assessment of metallurgical potential.

The proposed budget breakdown for the Phase A work program is provided in Table 23-1.

**Table 23-1: Budget for Phase A Work Program**

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|:---|:---|
| **Item** | **Total Cost <br>(US$)** |
| Surface exploration and ground geophysics<sup>1</sup> | 250000 |
| Core drilling – 5,000 m<sup>1</sup> | 1500000 |
| Auger drilling - 9,000 m<sup>1</sup> | 1500000 |
| High resolution satellite DEM  | 20000 |
| Minerology testwork | 70000 |
| ***Total*** | ***3340000*** |

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Notes: 1. Program budgets are inclusive of assay, personnel, equipment, consumables and transport costs.

23.3 Phase B

The following recommendations are made for Phase B:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Commence a metallurgical testing program to optimize leach parameters, establish reagent consumption profiles, and define material most amenable to leaching;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Complete bulk testwork programs to validate laboratory-scale results, confirm recovery assumptions, and generate process design criteria for preliminary flowsheet development;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Commence studies to develop mining concepts, pit optimization parameters, and production assumptions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Initiate development studies to evaluate infrastructure requirements, and determine reasonable access routes, power and water supply options, and site requirements for mining and processing facilities;

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|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Assess environmental, permitting, and social considerations relevant to development scenarios. Determine the requirement for baseline data collection to support future environmental and social impact assessments. Conduct desk and field based mapping of Atlantic Forest areas to guide prioritization of exploration areas;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Prepare an updated mineral resource estimate incorporating the drilling, assay, and density data collected in Phase A. This should include modelling of distinct regolith domains (leached, mottled, and enriched saprolite zones) to improve estimation accuracy and ensure appropriate assignment of grades between material types;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Compile the results of Phase B studies into an updated Initial Assessment of potential development scenarios and an updated mineral resource estimate.

The proposed budget breakdown for the Phase B work program is provided in Table 23-2.

**Table 23-2: Budget for Phase B Work Program**

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| | |
|:---|:---|
| **Item** | **Total Cost <br>(US$)** |
| Metallurgical testwork  | $250000 |
| Mineral resource estimation  | $100000 |
| Mining studies | $300000  |
| Infrastructure assessment | $100000 |
| Environmental, social and permitting assessment  | $400000 |
| ***Total*** | ***1150000*** |

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Notes: 1. Program budgets are inclusive of assay, personnel, equipment, consumables and transport costs.

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|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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24.0 REFERENCES

24.1 Bibliography

Adamas Intelligence (2024). Rare Earth Magnet Market Outlook to 2040. Q3 2024.

Almeida, F.F.M., Carneiro, C.D.R., 2012. Corpos Alcalinos de Poços de Caldas, Itatiaia e São Sebastião. In: Hasui, Y. (Ed.), Geologia do Brasil. 18d, Editora Beca, São Paulo, Brasil, pp. 464–465.

Almeida, F.F.M., Carneiro, C.D.R., Bartorelli, A. 2012. Magmatismo Pós-Paleozoico no Brasil. In: Hasui, Y. (Ed.), Geologia do Brasil. 18a, Editora Beca, São Paulo, Brasil, pp. 430–452.

Benchmark Mineral Intelligence. (2024). *Rare Earths Forecast Report, Q4 2024*. Benchmark Mineral Intelligence. www.benchmarkminerals.com

Goldberg, K., and Humayun, M. (2010). The applicability of the Chemical Index of Alteration as a paleoclimatic indicator: An example from the Permian of the Paraná Basin, Brazil. Palaeogeography, Palaeoclimatology, Palaeoecology, 293(1-2), 175-183.

Gomes, C.B., Azzi, A.A., Atencio, D., 2023. A review of mineral assemblages of agpaitic rocks from the Poços de Caldas alkaline massif, southeastern Brazil. Brazilian Journal of Geology, 53(2), 1-14.

Joint Ore Reserves Committee, 2012. *Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. The JORC Code, 2012 Edition*. [online]. Available from http://www.jorc.org (The Joint Ore Reserves Committee of The Australasian Institute of Mining and Metallurgy, Australian Institute of Geoscientists, and Minerals Council of Australia).

Rare Earths Americas (2023). March 2023 Quarterly Report

Rare Earths Americas (2023a). June 2023 Quarterly Report

Rare Earths Americas (2024). Half-Yearly Report July - December 31 2024

Rare Earths Americas (2024a). Half-Yearly Report to 30 June 2024.

Takehara, L., Shintaku, I., Rabelo, D.M., Silveira, F.V., 2015. Avaliação do Potencial de Terras Raras no Brasil. Informe de Recursos Minerais (Série Minerais Estratégicos 2), CPRM-Serviço Geológico do Brasil, Brasília, Brasil, 218 p.

Ulbrich, H.H.G.J., Vlach, S.R.F., Demaiffe, D., Ulbrich, M.N.C. 2005. Structure and origin of the Poços de Caldas alkaline massif, SE Brazil. In: Chiaramonti, P.C., Gomes, C.B. (Eds.), Mesozoic to Cenozoic Alkaline Magmatism in the Brazilian Platform. 12, Editora da Universidade de São Paulo, São Paulo, Brasil, pp. 367–418.

Verplanck, P. L. & Van Gosen, B. S. (2011). *Carbonatite and alkaline intrusion-related rare earth element deposits—A deposit model.* U.S. Geological Survey Open-File Report 2011–1256, 6 p.

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24.2 Abbreviations

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|:---|:---|
| % | percent |
| (NH4)2SO4 | ammonium sulphate |
| ° | degrees |
| °C | degrees Celsius |
| 3D | three-dimensional |
| AAS | atomic absorption spectroscopy |
| ALS | ALS Mineral Analysis Laboratories |
| ANM | National Mining Agency1 |
| APGO | Association of Professional Geoscientists of Ontario |
| ASX | Australian Securities Exchange |
| CBPM | Companhia Baiana de Pesquisa Mineral |
| CDF | cumulative distribution function |
| CDTN  | Nuclear Technology Development Center in Belo Horizonte |
| Ce  | Cerium |
| cm | centimeters(s) |
| CPRM | Brazilian Geological Survey |
| CFEM – | Compensação Financeira pela Exploração de Recursos Minerais |
| CRM | certified reference material |
| CV | coefficient of variation |
| DTM | digital terrain model |
| Dy  | Dysprosium |
| Er | Erbium |
| eTh | Thorium equivalent |
| Eu  | Europium |
| g | gram(s) |
| GCOS | global change of support |
| Gd  | Gadolinium |
| GPS | global positioning system |
| Ho | Holmium |
| HREE | Heavy Rare Earth Elements  |
| HREO | Heavy Rare Earth Oxides |
| IAC | Ionic Adsorption Clay |
| IAD | Ionic Adsorption Deposit |
| ICP-ES | inductively coupled plasma emission spectrometry |
| ICP-MS | inductively coupled plasma mass spectrometry |
| IDW | inverse distance weighting |
| kg | kilogram(s) |
| km | kilometers |

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| km<sup>2</sup> | square kilometers |
| La | Lanthanum |
| LCT | locked cycle test |
| LiDAR | light detection and ranging (survey) |
| LREE | Light Rare Earth Elements |
| LREO | Light Rare Earth Oxides |
| Lu  | Lutetium |
| m | meter(s) |
| m<sup>2</sup> | square meter(s) |
| m<sup>3</sup> | cubic meter(s) |
| MGG | McGarry Geoconsulting Corporation |
| MLR | (North Carolina State University's) Minerals Research Laboratory |
| mm | millimeter(s) |
| Mm<sup>3</sup> | million cubic meters |
| MRE | Mineral Resource estimate |
| MREC | Mixed Rare Earth Carbonate |
| MREE | Magnet Rare Earth Elements |
| MREO | Magnet Rare Earth Oxides |
| Mt | million tonnes |
| Nd  | Neodymium |
| OK | ordinary kriging |
| OREAS | Ore Research & Exploration Pty Ltd |
| PLS | Pregnant Leach Solution |
| Pr | Praseodymium |
| QA | quality assurance |
| QAQC | quality assurance/quality control |
| Q-Q | quantile-quantile |
| R<sup>2</sup> | Coefficient of determination |
| REA | Rare Earth Americas |
| REE  | rare earth elements |
| RMS | root mean squared |
| ROPO | Recognized Overseas Professional Organization |
| RPO | Recognized Professional Organization |
| RSD | relative standard deviation |
| Sc | Scandium |
| Sm  | Samarium |
| SME | Society of Mining, Metallurgy and Exploration |
| SMU | selective mining unit |
| SOR | slope of regression |
| SQL | structured query language |

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|:---|:---|
| SRM | standard reference material |
| t | tonne(s) |
| Tb  | Terbium |
| Th | Thorium |
| Tm  | Thulium |
| U | Uranium |
| VRPS | Volta do Rio Plutonic Suite |
| XRD | x-ray diffraction |
| XRF | x-ray fluorescence |
| Y | Yttrium |
| Yb  | Ytterbium |

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24.3 Glossary of Terms

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| | |
|:---|:---|
| Adsorption | The process by which ions, atoms, or molecules adhere to the surface of another substance, such as clays in ionic adsorption deposits. |
| Agpaitic | A type of igneous rock rich in alkaline elements (like sodium and potassium) and poor in aluminum; often enriched in rare earth elements. |
| Alkaline complex | A large body of igneous rocks formed from magma rich in alkaline elements  |
| Alteration | Changes in the mineral composition of rocks caused by heat, fluids, or chemical weathering. |

| Bastnäsite | A rare earth mineral made of fluorocarbonates; an important ore for rare earths. |
| Bedrock | The solid rock beneath soil and weathered material. |
| Block Model | A three-dimensional digital representation of mineralized rock volumes, grades, and geologic domains used in resource estimation. |
| Carbonatite | A rare igneous rock made mostly of carbonate minerals, often enriched in rare earths. |
| Chevkinite | A rare earth-bearing accessory mineral containing elements such as cerium, lanthanum, and titanium. |
| Circumferential Dykes  | Igneous intrusions that form roughly concentric rings around a central intrusion or volcanic structure, emplaced along circular tension cracks. |
| Clastic sediments | Sediments made of fragments of pre-existing rocks or minerals. |
| Clay | Fine-grained aluminosilicate minerals formed by weathering, commonly hosting ionic adsorption rare earth deposits. |

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| Craton | A stable portion of continental crust that has remained tectonically inactive for long geological periods. |
| Deuteric processes | Late-stage changes in igneous rocks caused by fluids trapped in the cooling magma. |
| Domain | A geologically distinct volume within a deposit defined for resource estimation, often based on lithology, alteration, or grade. |
| Dyke  | A sheet of rock that formed when magma intruded into cracks and solidified. |
| Eudialyte | A rare silicate mineral that can contain high concentrations of rare earth elements. |
| Facies | A body of rock with specific characteristics reflecting a particular depositional or metamorphic environment. |
| Feldspars | A group of common rock-forming minerals that break down into clay during weathering. |
| Felsic | Igneous rocks rich in silica and light-colored minerals such as quartz and feldspar. |
| Fluorite | A calcium fluoride mineral that may occur as an accessory phase in rare earth element deposits. |
| Gabbro | A coarse-grained mafic intrusive igneous rock composed mainly of plagioclase and pyroxene. |
| Gneiss | A high-grade metamorphic rock characterized by compositional banding due to recrystallization under high temperature and pressure. |
| Granite | A coarse-grained intrusive igneous rock composed primarily of quartz, feldspar, and mica. |
| Granodiorite | An intrusive igneous rock similar to granite but with more plagioclase than alkali feldspar. |
| Halloysite | A tubular form of kaolinite with higher surface area, providing more room for REE ion adsorption. |
| Hornblendite | An ultramafic rock composed predominantly of hornblende, commonly associated with layered mafic intrusions. |
| Hydrometallurgy | A branch of extractive metallurgy involving the use of aqueous chemistry to recover metals from ores, concentrates, or recycled materials. |
| Hydrothermal | Relating to hot, mineral-rich fluids that alter rocks and may form mineral deposits. |
| Illite | A non-swelling clay with moderate capacity, contributing to REE adsorption in weathered layers. |
| Ionic Adsorption Clay  | (IAC) Weathered clay deposits where rare earth elements (REEs) are weakly stuck to clay surfaces, making them recoverable by simple leaching. |

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| Ionic | Refers to chemical species existing as charged atoms or molecules, particularly describing exchangeable rare earth elements in clay minerals. |
| Kamafugites | Rare volcanic rocks rich in magnesium, potassium, and rare earth elements. |
| Kaolinite | A common clay mineral in IAC profiles with limited sites for REE ions, but still part of the adsorption system. |
| Lateritic duricrusts | A hard surface layer rich in iron and aluminum formed by intense tropical weathering. |
| Leach | The process of extracting soluble components from rock or soil using a solvent, commonly acid or salt solutions in rare earth processing. |
| Metamorphism | The mineralogical, chemical, and structural adjustment of rocks to changes in temperature and pressure within the Earth's crust. |
| Migmatite | A composite rock containing both metamorphic and igneous components formed under high-grade metamorphic conditions. |
| Monazite | A phosphate mineral containing rare earth elements, typically cerium, lanthanum, neodymium, and thorium. |
| Monzonite | An intrusive igneous rock containing roughly equal amounts of plagioclase and alkali feldspar, with minor mafic minerals. |
| Nepheline syenites | Coarse-grained igneous rocks made mostly of nepheline and feldspar. |
| Nephelinolites | Fine-grained volcanic rocks rich in nepheline. |
| Ombrophylous | Refers to vegetation or forest types adapted to high rainfall conditions, particularly tropical rainforests. |
| Orthogneiss | A gneiss derived from the metamorphism of igneous rocks, typically granite or tonalite. |
| Pediment | A gently sloping erosional surface at the base of a mountain or escarpment, often covered with thin alluvium. |
| Pegmatite | A very coarse-grained igneous rock formed during the final stages of magma crystallization, often enriched in rare elements. |
| Peridotites | Dark, coarse-grained igneous rocks from Earth's mantle, high in olivine. |
| Phonolites | Fine-grained volcanic rocks high in alkaline minerals and sometimes enriched in rare earths. |
| Pregnant | Refers to a leach solution enriched with dissolved metals after contact with mineralized material. |
| Radial Dykes  | Sheet-like igneous intrusions that radiate outward from a central intrusion or volcanic center, following fractures that spread like spokes from the core. |
| Rare Earth Element  | (REE) A group of 17 metallic elements (the lanthanides plus scandium and yttrium) essential in technologies such as permanent magnets, batteries, catalysts, lighting, and defense applications. |

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|:---|:---|
| Regolith | A layer of unconsolidated material overlying bedrock, formed by weathering, which may host ionic adsorption clay rare earth deposits. |
| Residual Deposits | Weathering products left in place; in IAC systems this concentrates clays that can adsorb REEs. |
| Smectite | A swelling clay with high ion-holding capacity, often the most effective host of REEs in IAC deposits. |
| Tailings  | The residual material left after valuable minerals have been extracted from ore, typically stored in engineered impoundments. |
| Tinguaites | Fine-grained intrusive igneous rocks, usually forming dykes, related to syenites. |
| Tonalite | An intrusive igneous rock similar to granodiorite but containing little or no alkali feldspar. |
| Trivalent Ions | Rare earth elements occur mainly as +3 charged ions, which naturally attach to clay surfaces in IAC deposits. |
| Variogram | A mathematical function describing the spatial continuity and variability of a dataset, commonly used in geostatistics. |
| Variography | The study and modelling of spatial correlations within geological or grade data for use in resource estimation. |

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25.0 RELIANCE ON INFORMATION PROVIDED BY THE REGISTRANT

25.1 Introduction

McGarry Geoconsulting fully relied on the registrant for the information used in the areas noted in the following sub-sections. McGarry Geoconsulting considers it reasonable to rely on the registrant for the information identified in those sub-sections, for the following reasons:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The registrant, or its affiliates, employ qualified professionals in Brazil with expertise in geology, mineral exploration, mineral processing, mining rights, permitting, and environmental management, including staff with experience at the only ionic adsorption clay project currently in production in the country.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The registrant or its affiliates have engaged independent specialists in rare earth markets and legal matters and have incorporated their findings into the information provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The subject matter in these sub-sections extends beyond direct scope of expertise for McGarry Geoconsulting and Karst Geo Solutions. Reliance on qualified specialists employed or retained by the registrant, or its affiliates, is considered to be consistent with professional industry practice and the requirements of Regulation S-K 1300.

25.2 Mineral Processing

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Information relating to the proposed processing route, including a description of the processing technologies in use at other ionic adsorption clay deposits and their applicability to the Constellation Project, was obtained from the registrant..

This information supports the assessment of the available testwork and the proposed processing method in Chapter 10.0, and in in determining reasonable prospects for the economic extraction of the mineral resource estimates in Chapter 11.0.

25.3 Markets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Information relating to market studies/markets for product, market entry strategies, marketing and sales contracts, product valuation, product specifications, refining and treatment charges, transportation costs, and agency relationships was obtained from the registrant.

This information supports the assessment of reasonable prospects for economic extraction of the mineral resource estimates in Chapter 11.

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|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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25.4 Legal Matters

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Information relating to the corporate ownership interest, the mineral tenure (concessions, payments to retain property rights, obligations to meet expenditure/reporting of work conducted), surface rights, water rights (water take allowances), royalties, encumbrances, easements and rights-of-way, violations and fines, current and future permitting requirements, and the ability to obtain permits was obtained from the registrant.

This information is used in support of information in Chapter 3 including general information on property and title in Bahia, Project ownership, mineral tenure, surface rights, water rights, royalties, and permitting considerations, and it supports the reasonable prospects of economic extraction for the mineral resource estimates in Chapter 11.

25.5 Environmental Matters

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Information relating to exploration programs meeting applicable state and local environmental regulations, the potential for mining within the concessions in adherence to these regulations, the significance of potential environmental liabilities from historical bulk sampling or small scale mining, and the status of baseline studies was obtained from the registrant.

This information is used in support of the environmental considerations information in Chapter 3, and it supports the reasonable prospects of economic extraction for the mineral resource estimates in Chapter 11.

25.6 Stakeholder Accommodations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Information relating to social considerations was obtained from the registrant.

This information is used in support of the social considerations information in Chapter 3, and it supports the reasonable prospects of economic extraction for the mineral resource estimates in Chapter 11.

Date: 25 March 2026 Page 25-2

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| | |
|:---|:---|
| ![img78450133_2.jpg](img78450133_2.jpg) | www.rareearthsamericas.com |
|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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26.0 Date and Signature Page

This report titled "Constellation Project, Bahia, Brazil, Technical Report Summary" is current at March 25, 2026, and was prepared and signed by:

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| | |
|:---|:---|
|  | /s/ Adam Karst |
| Signature Location: Midlothian, VA USA | Adam Karst, President |
| Signature Date: March 25, 2026 | Karst Geo Solutions LLC |
|  | /s/ Leon McGarry |
| Signature Location: Robertsbridge, UK | Leon McGarry, Principal Consultant and President |
| Signature Date: March 25, 2026 | McGarry Geoconsulting Corp. |

---

Date: 25 March 2026 Page 26-1

------

## Exhibit 96.3

**Exhibit 96.3**

![img79373654_0.gif](img79373654_0.gif)

**Alpha Project <br>Bahia, Brazil<br>Technical Report Summary**

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| | |
|:---|:---|
| &nbsp;&nbsp;**Report prepared for:** | &nbsp;&nbsp;**Rare Earths Americas, Inc.** |
| &nbsp;&nbsp;**Qualified Persons:** | &nbsp;&nbsp;**McGarry Geoconsulting Corp.** |
|  | &nbsp;&nbsp;**Karst Geo Solutions LLC** |
| &nbsp;&nbsp;**Report Effective Date:** | &nbsp;&nbsp;31 October 2025 |
| &nbsp;&nbsp;**Updated Report Date:** | &nbsp;&nbsp;25 March 2026 |

---

![img79373654_1.jpg](img79373654_1.jpg)

------

---

| | |
|:---|:---|
| ![img79373654_2.jpg](img79373654_2.jpg) | www.rareearthsamericas.com |
|  | Alpha Project<br>Bahia, Brazil<br>Technical Report Summary |

---

------

**Contents**

------

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| | | |
|:---|:---|:---|
| **1.0** | **EXECUTIVE SUMMARY** | **1-1** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 | Introduction | 1-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 | Terms of Reference | 1-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 | Property Setting | 1-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 | Ownership | 1-2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5 | Mineral Tenure, Surface Rights, Water Rights, Royalties and Agreements | 1-2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6 | Environmental, Permitting and Social Considerations | 1-3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7 | Geology and Mineralization | 1-4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.8 | History | 1-6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.9 | Exploration | 1-7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | Drilling and Sampling | 1-7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11 | Data Verification | 1-9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12 | Metallurgical Testwork | 1-10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12.1 | &nbsp;&nbsp;&nbsp;&nbsp;Ionic Adsorption Clay Processing | 1-10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12.2 | &nbsp;&nbsp;&nbsp;&nbsp;Metallurgical Testwork | 1-10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 | Mineral Resource Estimation | 1-12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13.1 | &nbsp;&nbsp;&nbsp;&nbsp;Estimation Methodology | 1-12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13.2 | &nbsp;&nbsp;&nbsp;&nbsp;Market Assessment | 1-13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13.3 | &nbsp;&nbsp;&nbsp;&nbsp;Mineral Resource Statement | 1-14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13.4 | &nbsp;&nbsp;&nbsp;&nbsp;Factors That May Affect the Mineral Resource Estimate | 1-15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 | Risks | 1-16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14.1 | &nbsp;&nbsp;&nbsp;&nbsp;Exploration and Geology Risks | 1-16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14.2 | &nbsp;&nbsp;&nbsp;&nbsp;Mineral Resource Estimate Risks | 1-16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14.3 | &nbsp;&nbsp;&nbsp;&nbsp;Environmental, Social and Permitting Risks | 1-16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15 | Opportunities | 1-17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15.1 | &nbsp;&nbsp;&nbsp;&nbsp;Exploration and Geology Opportunities | 1-17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15.2 | &nbsp;&nbsp;&nbsp;&nbsp;Mineral Resource Opportunities | 1-17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16 | Conclusions | 1-17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17 | Recommendations | 1-18 |
| **2.0** | **INTRODUCTION** | **2-1** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 | Introduction | 2-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 | Terms of Reference | 2-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.1 | &nbsp;&nbsp;&nbsp;&nbsp;Report Purpose | 2-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.2 | &nbsp;&nbsp;&nbsp;&nbsp;Terms of Reference | 2-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 | Qualified Persons | 2-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 | Site Visits and Scope of Personal Inspection | 2-3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4.1 | &nbsp;&nbsp;&nbsp;&nbsp;McGarry Geoconsulting Corp. | 2-3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4.2 | &nbsp;&nbsp;&nbsp;&nbsp;Karst Geo Solutions | 2-3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 | Report Date | 2-3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 | Information Sources and References | 2-3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 | Previous Technical Report Summaries | 2-3 |

---

Date: 25 March 2026 ii

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| | |
|:---|:---|
| ![img79373654_2.jpg](img79373654_2.jpg) | www.rareearthsamericas.com |
|  | Alpha Project<br>Bahia, Brazil<br>Technical Report Summary |

---

------

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| | | |
|:---|:---|:---|
| **3.0** | **PROPERTY DESCRIPTION** | **3-1** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 | Introduction | 3-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 | Property and Title in Bahia | 3-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Overview | &nbsp;&nbsp;&nbsp;&nbsp;Overview | 3-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.1 | &nbsp;&nbsp;&nbsp;&nbsp;Mineral Title | 3-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.2 | &nbsp;&nbsp;&nbsp;&nbsp;Surface Rights | 3-3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.3 | &nbsp;&nbsp;&nbsp;&nbsp;Water Rights | 3-3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.4 | &nbsp;&nbsp;&nbsp;&nbsp;Government Mining Taxes, Levies or Royalties | 3-4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 | Ownership | 3-4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 | Mineral Title | 3-5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 | Surface Rights | 3-8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6 | Water Rights | 3-8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7 | Royalties | 3-9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8 | Encumbrances | 3-9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9 | Environmental Considerations | 3-9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9.1 | &nbsp;&nbsp;&nbsp;&nbsp;Baseline Studies | 3-10 |
| 3.10 | Permitting Considerations | 3-10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10.1 | &nbsp;&nbsp;&nbsp;&nbsp;Permitting Requirements | 3-10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Next Permitting Milestones | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Next Permitting Milestones | 3-10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Future Permitting Milestones | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Future Permitting Milestones | 3-11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10.2 | &nbsp;&nbsp;&nbsp;&nbsp;Permitting Timelines | 3-11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10.3 | &nbsp;&nbsp;&nbsp;&nbsp;Permit Conditions | 3-12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10.4 | &nbsp;&nbsp;&nbsp;&nbsp;Violations and Fines | 3-13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.11 | Social Considerations | 3-13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12 | Significant Factors and Risks That May Affect Access, Title, or Work Programs | 3-13 |
| **4.0** | **ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY** | **4-1** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 | Physiography | 4-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.1 | &nbsp;&nbsp;&nbsp;&nbsp;Topography and Elevation | 4-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.2 | &nbsp;&nbsp;&nbsp;&nbsp;Vegetation | 4-2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 | Accessibility | 4-2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 | Climate | 4-3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3.1 | &nbsp;&nbsp;&nbsp;&nbsp;Length of Operating Season | 4-3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 | Infrastructure | 4-3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4.1 | &nbsp;&nbsp;&nbsp;&nbsp;Water | 4-4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4.2 | &nbsp;&nbsp;&nbsp;&nbsp;Electricity and Power | 4-4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4.3 | &nbsp;&nbsp;&nbsp;&nbsp;Personnel | 4-4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4.4 | &nbsp;&nbsp;&nbsp;&nbsp;Supplies | 4-4 |
| **5.0** | **HISTORY** | **5-1** |
| **6.0** | **GEOLOGICAL SETTING, MINERALIZATION, AND DEPOSIT** | **6-1** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 | Deposit Type | 6-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 | Regional Geology | 6-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 | Local Geology | 6-3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3.1 | &nbsp;&nbsp;&nbsp;&nbsp;Volta do Rio Suite | 6-3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 | Structure | 6-4 |

---

Date: 25 March 2026 iii

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| | |
|:---|:---|
| ![img79373654_2.jpg](img79373654_2.jpg) | www.rareearthsamericas.com |
|  | Alpha Project<br>Bahia, Brazil<br>Technical Report Summary |

---

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5 | Regolith Profile | 6-4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6 | Deposit Descriptions | 6-6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6.1 | &nbsp;&nbsp;&nbsp;&nbsp;Rio Preto Deposit | 6-6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deposit Dimensions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deposit Dimensions | 6-6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bedrock Geology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bedrock Geology | 6-7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regolith and Weathering | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regolith and Weathering | 6-7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mineralization | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mineralization | 6-8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6.2 | &nbsp;&nbsp;&nbsp;&nbsp;Sapacaia Deposit | 6-8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deposit Dimensions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deposit Dimensions | 6-8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bedrock Geology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bedrock Geology | 6-8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regolith and Weathering | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regolith and Weathering | 6-9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mineralization | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mineralization | 6-9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6.3 | &nbsp;&nbsp;&nbsp;&nbsp;Nova Canaã Deposit | 6-10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deposit Dimensions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deposit Dimensions | 6-10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bedrock Geology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bedrock Geology | 6-11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regolith and Weathering | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regolith and Weathering | 6-11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mineralization | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mineralization | 6-12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6.4 | &nbsp;&nbsp;&nbsp;&nbsp;Rio das Pombas Deposit | 6-12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deposit Dimensions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deposit Dimensions | 6-12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bedrock Geology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bedrock Geology | 6-12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regolith and Weathering | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regolith and Weathering | 6-14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mineralization | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mineralization | 6-14 |
| **7.0** | **EXPLORATION** | **7-1** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 | Exploration | 7-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.1 | &nbsp;&nbsp;&nbsp;&nbsp;Grids and Surveys | 7-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.2 | &nbsp;&nbsp;&nbsp;&nbsp;Geological Mapping | 7-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.3 | &nbsp;&nbsp;&nbsp;&nbsp;Airborne Geophysics | 7-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.4 | &nbsp;&nbsp;&nbsp;&nbsp;Geochemistry | 7-2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.5 | &nbsp;&nbsp;&nbsp;&nbsp;Qualified Person's Interpretation of the Exploration Information | 7-3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.6 | &nbsp;&nbsp;&nbsp;&nbsp;Exploration Potential | 7-5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ionic Clay Mineralization | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ionic Clay Mineralization | 7-5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Secondary Monazite in Regolith | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Secondary Monazite in Regolith | 7-5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 | Drilling | 7-7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2.1 | &nbsp;&nbsp;&nbsp;&nbsp;Overview | 7-7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Drilling Used in Estimation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Drilling Used in Estimation | 7-7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Drilling Excluded for Estimation Purposes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Drilling Excluded for Estimation Purposes | 7-7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Drilling Methods | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Drilling Methods | 7-8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Drilling Since Database Cut-off Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Drilling Since Database Cut-off Date | 7-8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2.2 | &nbsp;&nbsp;&nbsp;&nbsp;Drill Methods | 7-8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Auger | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Auger | 7-10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sonic | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sonic | 7-10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Core Drilling | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Core Drilling | 7-11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2.3 | &nbsp;&nbsp;&nbsp;&nbsp;Logging | 7-11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2.4 | &nbsp;&nbsp;&nbsp;&nbsp;Recovery | 7-12 |

---

Date: 25 March 2026 iv

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| | |
|:---|:---|
| ![img79373654_2.jpg](img79373654_2.jpg) | www.rareearthsamericas.com |
|  | Alpha Project<br>Bahia, Brazil<br>Technical Report Summary |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2.5 | &nbsp;&nbsp;&nbsp;&nbsp;Collar Surveys | 7-12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2.6 | &nbsp;&nbsp;&nbsp;&nbsp;Down Hole Surveys | 7-12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2.7 | &nbsp;&nbsp;&nbsp;&nbsp;Drilled Versus True Thickness | 7-12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2.8 | &nbsp;&nbsp;&nbsp;&nbsp;Drill Hole Spacing | 7-13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2.9 | &nbsp;&nbsp;&nbsp;&nbsp;Comment on Material Results and Interpretation | 7-13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 | Hydrogeology | 7-14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 | Geotechnical | 7-14 |
| **8.0** | **SAMPLE PREPARATION, ANALYSES, AND SECURITY** | **8-1** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 | Sampling Methods | 8-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.1 | &nbsp;&nbsp;&nbsp;&nbsp;Auger | 8-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.2 | &nbsp;&nbsp;&nbsp;&nbsp;Sonic and Core | 8-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.3 | &nbsp;&nbsp;&nbsp;&nbsp;Grab Samples | 8-2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 | Sample Security Methods | 8-2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 | Density Determinations | 8-2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4 | Analytical and Test Laboratories | 8-3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5 | Sample Preparation | 8-3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6 | Analysis | 8-3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.7 | Quality Assurance and Quality Control | 8-5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.7.1 | &nbsp;&nbsp;&nbsp;&nbsp;Certified Reference Materials | 8-5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CRM Results SGS Geosol IMS95A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CRM Results SGS Geosol IMS95A | 8-5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CRM Results ALS ME-MS81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CRM Results ALS ME-MS81 | 8-10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.7.2 | &nbsp;&nbsp;&nbsp;&nbsp;Blanks | 8-14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blank SGS IMS95A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blank SGS IMS95A | 8-14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blank ALS ME-MS81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blank ALS ME-MS81 | 8-14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.7.3 | &nbsp;&nbsp;&nbsp;&nbsp;Field Duplicates | 8-17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Field Duplicates SGS Geosol IMS95A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Field Duplicates SGS Geosol IMS95A | 8-17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Field Duplicates ALS Lima | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Field Duplicates ALS Lima | 8-17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.8 | Database | 8-17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.9 | Qualified Person's Opinion on Sample Preparation, Security, and Analytical Procedures | 8-20 |
| **9.0** | **DATA VERIFICATION** | **9-1** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 | Internal Data Verification | 9-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1.1 | &nbsp;&nbsp;&nbsp;&nbsp;Exploration Data | 9-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 | Data Verification by Qualified Person | 9-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2.1 | &nbsp;&nbsp;&nbsp;&nbsp;Karst Geo Solutions | 9-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2.2 | &nbsp;&nbsp;&nbsp;&nbsp;McGarry Geoconsulting | 9-2 |
| **10.0** | **MINERAL PROCESSING AND METALLURGICAL TESTING** | **10-1** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 | Introduction | 10-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 | Proposed Processing Method | 10-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3 | Test Laboratories | 10-3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4 | Metallurgical Testwork | 10-3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5 | Rare Earth Element Extraction Estimates | 10-5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.6 | Metallurgical Variability | 10-7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.7 | Deleterious Elements | 10-7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.8 | Qualified Person's Opinion on Data Adequacy | 10-8 |

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Date: 25 March 2026 v

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| | |
|:---|:---|
| ![img79373654_2.jpg](img79373654_2.jpg) | www.rareearthsamericas.com |
|  | Alpha Project<br>Bahia, Brazil<br>Technical Report Summary |

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| | | |
|:---|:---|:---|
| **11.0** | **MINERAL RESOURCE ESTIMATES** | **11-1** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1 | Introduction | 11-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2 | Unsampled Intervals | 11-2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3 | Univariate Statistics | 11-2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4 | Assay Summary Statistics | 11-5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.5 | Geological Models | 11-9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.5.1 | &nbsp;&nbsp;&nbsp;&nbsp;Density Assignment | 11-9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.5.2 | &nbsp;&nbsp;&nbsp;&nbsp;Grade Capping/Outlier Restrictions | 11-9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.6 | Composites | 11-9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.7 | Variography | 11-10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.8 | Estimation/interpolation Methods | 11-11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.9 | Validation | 11-12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.9.1 | &nbsp;&nbsp;&nbsp;&nbsp;Visual Validation | 11-12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.9.2 | &nbsp;&nbsp;&nbsp;&nbsp;Comparison of Means | 11-15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.9.3 | &nbsp;&nbsp;&nbsp;&nbsp;Swath Plots | 11-16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.10 | Confidence Classification of Mineral Resource Estimate | 11-17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.10.1 | &nbsp;&nbsp;&nbsp;&nbsp;Mineral Resource Confidence Classification | 11-17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.11 | Reasonable Prospects of Economic Extraction | 11-20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.11.1 | &nbsp;&nbsp;&nbsp;&nbsp;Initial Assessment Assumptions | 11-20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.11.2 | &nbsp;&nbsp;&nbsp;&nbsp;Constraining Potentially Mineable Shape Input Assumptions | 11-23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.11.3 | &nbsp;&nbsp;&nbsp;&nbsp;Market and Commodity Price Forecasts | 11-23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Uses and Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Uses and Products | 11-23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Market Overview and Principal Users | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Market Overview and Principal Users | 11-24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketability and Pricing | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketability and Pricing | 11-25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Price Forecasts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Price Forecasts | 11-26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payability | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payability | 11-27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basket Value Estimation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basket Value Estimation | 11-27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.11.4 | &nbsp;&nbsp;&nbsp;&nbsp;Pit Shell | 11-27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.11.5 | &nbsp;&nbsp;&nbsp;&nbsp;Cut-off | 11-28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.11.6 | &nbsp;&nbsp;&nbsp;&nbsp;QP Statement | 11-29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.12 | Mineral Resource Statement | 11-29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.13 | Uncertainties (Factors) That May Affect the Mineral Resource Estimate | 11-31 |
| **12.0** | **MINERAL RESERVE ESTIMATES** | **12-1** |
| **13.0** | **MINING METHODS** | **13-1** |
| **14.0** | **RECOVERY METHODS** | **14-1** |
| **15.0** | **INFRASTRUCTURE** | **15-1** |
| **16.0** | **MARKET STUDIES AND CONTRACTS** | **16-1** |
| **17.0** | **ENVIRONMENTAL STUDIES, PERMITTING, AND PLANS, NEGOTIATIONS, OR**  |  |
| **AGREEMENTS WITH LOCAL INDIVIDUALS OR GROUPS** | **AGREEMENTS WITH LOCAL INDIVIDUALS OR GROUPS** | **17-1** |
| **18.0** | **CAPITAL AND OPERATING COSTS** | **18-1** |
| **19.0** | **ECONOMIC ANALYSIS** | **19-1** |
| **20.0** | **ADJACENT PROPERTIES** | **20-1** |
| **21.0** | **OTHER RELEVANT DATA AND INFORMATION** | **21-1** |
| **22.0** | **INTERPRETATION AND CONCLUSIONS** | **22-1** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.1 | Introduction | 22-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.2 | Property Setting | 22-1 |

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| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.3 | Ownership | 22-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.4 | Mineral Tenure, Surface Rights, Water Rights, Royalties and Agreements | 22-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.5 | Geology and Mineralization | 22-2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.6 | History | 22-3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.7 | Exploration, Drilling, and Sampling | 22-3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.8 | Data Verification | 22-4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.9 | Metallurgical Testwork | 22-4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.10 | Mineral Resource Estimates | 22-5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.11 | Risks | 22-6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.11.1 | &nbsp;&nbsp;&nbsp;&nbsp;Exploration and Geology Risks | 22-6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.11.2 | &nbsp;&nbsp;&nbsp;&nbsp;Mineral Resource Estimate Risks | 22-6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.11.3 | &nbsp;&nbsp;&nbsp;&nbsp;Environmental, Social and Permitting Risks | 22-6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.12 | Opportunities | 22-7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.12.1 | &nbsp;&nbsp;&nbsp;&nbsp;Exploration and Geology Opportunities | 22-7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.12.2 | &nbsp;&nbsp;&nbsp;&nbsp;Mineral Resource Opportunities | 22-7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.13 | Conclusions | 22-7 |
| **23.0** | **RECOMMENDATIONS** | **23-1** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.1 | Introduction | 23-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.2 | Phase A | 23-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.3 | Phase B | 23-2 |
| **24.0** | **REFERENCES** | **24-1** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.1 | Bibliography | 24-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.2 | Abbreviations and Units of Measure | 24-2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.3 | Glossary of Terms | 24-4 |
| **25.0** | **RELIANCE ON INFORMATION PROVIDED BY THE REGISTRANT** | **25-1** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.1 | Introduction | 25-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.2 | Mineral Processing | 25-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.3 | Markets | 25-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.4 | Legal Matters | 25-2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.5 | Environmental Matters | 25-2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.6 | Stakeholder Accommodations | 25-2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.7 | Governmental Factors | 25-2 |
| **26.0** | **26.0 Date and Signature Page** | **26-1** |

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**Tables**

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|:---|:---|:---|
| Table 1-1: | Alpha Project Mineral Resource Estimate | 1-14 |
| Table 2-1: | QP Responsibilities | 2-2 |
| Table 3-1: | Mineral Concession Summary Table | 3-6 |
| Table 6-1: | Stratigraphic Column Through Weathering Profile | 6-5 |
| Table 7-1: | 2023 Summary of Surface Samples | 7-2 |
| Table 7-2: | Intercepts with Geochemical Indicative of Secondary Monazite Mineralization | 7-7 |
| Table 7-3: | Drill Summary Table Supporting Mineral Resource Estimates | 7-10 |
| Table 7-4: | Summary of water-related drilling stoppages in deposit areas | 7-14 |

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| Table 8-1:  | Bulk Density Determinations | 8-3 |
| Table 8-2: | Elemental Detection Limits, SGS Geosol and ALS Lima | 8-4 |
| Table 8-3: | SGS IMS95A Results: OREAS 25a | 8-6 |
| Table 8-4: | SGS IMS95A Results: OREAS 30a | 8-6 |
| Table 8-5: | SGS IMS95A Results: OREAS 100a | 8-7 |
| Table 8-6: | SGS IMS95A Results: OREAS 106 | 8-7 |
| Table 8-7: | SGS IMS95A Results: OREAS 147 | 8-8 |
| Table 8-8: | SGS IMS95A Results: OREAS 460 | 8-8 |
| Table 8-9: | ALS ME-MS81 Results: OREAS 30a | 8-10 |
| Table 8-10: | ALS ME-MS81 Results: OREAS 100a | 8-11 |
| Table 8-11: | ALS ME-MS81 Results: OREAS 147 | 8-11 |
| Table 8-12: | ALS ME-MS81 Results: OREAS 460 | 8-12 |
| Table 10-1: | Mean Leach Sample Recoveries by Deposit | 10-5 |
| Table 10-2: | Mean Block Model Recovery Estimates | 10-6 |
| Table 10-3: | Deleterious Element U and Th in Pregnant Leach Solution in Bench-Scale Tests | 10-8 |
| Table 11-1: | Extents of the Mineral Resource Estimate Domains | 11-2 |
| Table 11-2: | Composite Rare Earth Element Statistics (all values in ppm) | 11-3 |
| Table 11-3: | Composite Statistics for Rare Earth Element Reporting Groups and Deleterious Element Grades (all values in ppm) | 11-4 |
| Table 11-4: | Summary Statistics for Rare Earth Element Assays (all values in ppm) | 11-6 |
| Table 11-5: | Summary Statistics for Rare Earth Element Reporting Groups and Deleterious Elements | 11-6 |
| Table 11-6: | Correlation Matrix, Rare Earth Element Assays | 11-8 |
| Table 11-7: | Search Parameters | 11-11 |
| Table 11-8: | Search Ranges and Clamping Restrictions | 11-12 |
| Table 11-9: | Comparison of Means for Rio Preto and Sapacaia Domains | 11-15 |
| Table 11-10. | Sources of Mineral Resource Uncertainty | 11-18 |
| Table 11-11: | Initial Assessment Assumptions | 11-20 |
| Table 11-12: | Rare-Earth Elements Prices and Average Basket Price Calculation | 11-26 |
| Table 11-13: | Whittle Resource Constraining Pit Shell Parameters | 11-28 |
| Table 11-14: | Alpha Project Mineral Resource Estimate | 11-29 |
| Table 11-15: | Alpha Project Block Model Report – All Rare Earth Oxides | 11-30 |
| Table 23-1: | Budget for Phase A Work Program | 23-2 |
| Table 23-2: | Budget for Phase B Work Program | 23-3 |

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**Figures**

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|:---|:---|:---|
| Figure 2-1: | Project Location Plan | 2-2 |
| Figure 3-1: | Mineral Tenure Location Plan | 3-7 |
| Figure 6-1: | Regional Geology Plan | 6-2 |

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| Figure 6-2: | Example Strip Log Stratigraphy, Drill Hole ST10944 (left) and Schematic Ionic Adsorption Clay Model (right) | 6-6 |
| Figure 6-3: | Example Geological Cross Section Rio Preto | 6-7 |
| Figure 6-4: | Example Geological Cross-Section Sapacaia | 6-9 |
| Figure 6-5: | Sapacaia Secondary REE Mineral Zone Geological Cross-Section | 6-10 |
| Figure 6-6: | Example Geological Cross-Section Nova Canaã | 6-11 |
| Figure 6-7: | Example Geological Long-Section Rio das Pombas North | 6-13 |
| Figure 6-8: | Example Geological Long-Section Rio das Pombas South | 6-13 |
| Figure 7-1: | Surface Sample Location Map | 7-4 |
| Figure 7-2: | Secondary Monazite Mineralization Occurrences | 7-6 |
| Figure 7-3: | Property Drill Collar Location Plan | 7-9 |
| Figure 8-1: | SGS Example CRM Control Plot OREAS 100a | 8-9 |
| Figure 8-2: | ALS Example CRM Control Plot OREAS 100a | 8-13 |
| Figure 8-3: | SGS Control Plot Blanks | 8-15 |
| Figure 8-4: | ALS Control Plot Blanks | 8-16 |
| Figure 8-5: | SGS Field Duplicate Scatter Plots | 8-18 |
| Figure 8-6: | ALS Field Duplicate Scatter Plots | 8-19 |
| Figure 10-1: | Collar Locations, Metallurgical Testwork Samples | 10-4 |
| Figure 10-2: | Summary of Leach Test Results for Above Mineral Resource Estimate Threshold Samples | 10-6 |
| Figure 11-1: | TREO, HREO, Nd2O3, Pr6O11, Dy2O3 and Tb4O7 Assay Log Histograms | 11-7 |
| Figure 11-2: | Log Probability Plot, Sample Lengths | 11-10 |
| Figure 11-3: | Plan View of Largest Block Models Colored by Total Rare Earth Oxide Grade | 11-13 |
| Figure 11-4: | Cross-Section Views of the Block Model Colored by Total Rare Earth Oxide Grade | 11-14 |
| Figure 11-5: | Swath Plots Rio Preto and Sapacaia Composite Nd2O3 Values Vs. ID<sup>3</sup> and OK Estimates | 11-16 |
| Figure 11-6: | Swath Plots Nova Canaã Composite Nd2O3 Values Vs. ID<sup>3</sup> and OK Estimates | 11-16 |
| Figure 11-7: | Swath Plots Rio das Pombas Composite Nd2O3 Values Vs. ID3 and OK Estimates | 11-17 |
| Figure 11-8: | Classified Block Distances from Drill Hole | 11-19 |
| Figure 11-9: | Forecast Global NdPr Oxide Production and Demand | 11-24 |
| Figure 11-10: | Forecast Global Dysprosium Oxide Production and Demand | 11-25 |

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1.0 EXECUTIVE SUMMARY

1.1 Introduction

This technical report summary (the Report) was prepared by McGarry Geoconsulting Corp. and Karst Geo Solutions, LLC for Rare Earths Americas, Inc. (Rare Earths Americas) on the Alpha Project (the Project) in Bahia, Brazil.

1.2 Terms of Reference

The Report was prepared to support the initial registration statement filed by Rare Earth Americas and is included as an exhibit to Form S-1, initially filed on November 12, 2025, as amended, pursuant to Regulation S-K 1300.

The Report provides initial disclosure of mineral resource estimates for rare earth element mineral deposits at four areas within the Alpha Project: Rio Preto, Sapacaia, Nova Canaã, and Rio das Pombas.

Unless otherwise indicated, the metric system is used in this report for mineral resources. Mineral resources are reported using the definitions in Regulation S–K 1300 (SK1300), under Item 1300. Monetary values use the United States (US) dollar unless otherwise indicated. The Brazilian currency is the real (BRL). The Report uses United States English.

1.3 Property Setting

The Project is located approximately 270 km southwest of Salvador, the capital of Bahia State in northeastern Brazil. The Project concessions lie within the municipal boundaries of Iguaí and Nova Canaã, provincial towns situated immediately east of the Project area.

Elevations in the Project area range from 400–900 meters above sea level (masl) and include both gently undulating and sloped terrain, as well as areas with greater relief.

All Rare Earth Americas concessions are within approximately 35 km of Brazil's major federal highway BR-116 to the west and 80 km of BR-101 to the east. These highways provide direct access to the country's key infrastructure and industrial centers. The concessions can be easily reached from either highway, first by paved highway BA-262 which passes through the Sapacaia, Nova Canaã and Rio das Pombas deposits; and then by a network of partially paved and unpaved roads. Exploration sites within the properties can be accessed using off-road vehicles via existing agricultural tracks or tracks established by the company through open pasture, plantations, or forests.

The climate in the Project area is tropical savanna. Rainfall is irregularly distributed, with most of the rain occurring from October–April. Field exploration operations can be conducted throughout the year except for short periods of intense rainfall during the summer season, which may diminish drilling capabilities. It is expected that any future mining activity in the Project area would be year-round.

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The closest municipality to the Project center, Iguaí, has a population of approximately 27,000 and offers various amenities to support mineral exploration, including: food, accommodation, fuel, automotive services, and medical facilities. The Project is <500 km by road from Camaçari petrochemical complex that produces ammonium sulphate and sulfuric acid, which are key reagents that would be required for any process plant treating the mineralization within the Project area. The Port of Ilhéus, located about 120 km from the Project, can be accessed via highway BR-415 and could be used for the transportation of freight, heavy machinery, consumables, and mineral products associated with mining.

A 500 kV electrical transmission line passes 30 km to the east of the Project area, and a natural gas pipeline runs 80 km to the east of the Project area.

The concessions are crossed by three perennial rivers: Rio Preto, Rio do Vigário and the Rio das Pombas. The Project is situated on a hard-rock aquifer with low productivity that is not considered to be sensitive to mining extraction.

All of the current manual labor requirements for the Project, which consist of exploration activities, are met by personnel from nearby communities. Recruitment from outside the area may be required to secure experienced and competent senior personnel for mining operations.

1.4 Ownership

The Project is wholly owned by Rare Earths Americas.

1.5 Mineral Tenure, Surface Rights, Water Rights, Royalties and Agreements

The Project comprises nine granted exploration permits registered with Brazil's National Mining Agency (ANM) with a total area of approximately 99.76 km². The concessions are granted for a range of commodities as defined under the Mining Code. The ANM process permits the holder to adjust the commodity title prior to the granting of a mining concession, provided the holder demonstrates technical justification through exploration results. Although a number of concessions were originally granted for iron ore or granite, the company has submitted formal notices to ANM seeking amendment of these titles to cover rare earth elements. Where titles have reached the end of their original exploration term, renewals have been lodged on time. Where titles have reached the Final Exploration Report due date, reports have been lodged on time.

The Project includes four deposit areas within the following concessions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•872003/2021 and 872458/2016 host a portion of the Rio Preto deposit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•872073/2016 hosts the Sapacaia deposit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•870377/2012 hosts a portion of the Nova Canaã deposit;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•874490/2011 and 870340/2013 host a portion of each of the Rio das Pombas and Nova Canaã deposits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•872585/2015 and 871567/2015 hosts a portion of the Rio das Pombas deposit.

To date Rare Earth Americas has secured verbal agreements and signed consent declarations from landowners permitting exploration and drilling activities at the Alpha Project. However, the company does not currently hold formal surface access agreements for activities beyond exploration and drilling. Negotiations for such agreements have not yet commenced. Rare Earth Americas intends to initiate formal discussions regarding broader surface rights as the project progresses.

Rare Earth Americas has not obtained any permits or agreements to extract water for exploration at the Alpha Project. Exploration to date has not required water use. Future diamond core drilling may require water, which is expected to be commercially supplied via tankers or obtained under agreement for temporary extraction from local sources. Any future mining and processing operations will require a dedicated water supply, expected to be sourced through commercial supply from nearby storage facilities and/or through permitted surface or groundwater extraction.

The Project is subject to the Financial Compensation for the Exploration of Mineral Resources (Compensação Financeira por Exploração Mineral - CFEM), which is a royalty to be paid to the Federal Government at rates that can vary from 1–3.5%, depending on the substance. The CFEM rate for mining rare earth elements is 2%. In addition, the project is subject to a private 2.5% gross revenue royalty applicable to 100% of the reported mineral resources.

1.6 Environmental, Permitting and Social Considerations

Current activities at the Project are limited to mineral exploration. In the state of Bahia, the Instituto do Meio Ambiente e Recursos Hídricos (INEMA) is the designated authority responsible for monitoring environmental compliance, including the rehabilitation of drill pads and other surface disturbances resulting from exploration activities. All exploration work undertaken to date, including auger drill pad construction and access road development, has been conducted in accordance with applicable state and local environmental regulations.

Project concessions 872458/2016, and 872003/2021, which host the Rio Preto deposit, lie within the Serra do Ouro Environmental Protection Area. Concessions 872073/2016 and 872585/2015, which include the Sapacaia and Rio das Pombas deposits, are partially covered by the same conservation unit. In the Brazilian legal framework, mining activities within sustainable use areas are not explicitly prohibited at the federal, state, or municipal levels. Activities in these areas must reconcile economic development with environmental preservation. Mining operations impacting these areas require licensing approval from the respective zone's management authority. This authorization is contingent upon conducting thorough Environmental Impact Assessment (EIA) studies.

No formal environmental baseline studies were conducted on the Project at the Report date.

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All exploration activities to the Report date were conducted in accordance with applicable federal and state regulations. The next permit milestones will include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•For the three concessions with granted Exploration Permits, Rare Earth Americas must conduct exploration and submit a Final Exploration Report to ANM;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•For six of the concessions, Rare Earth Americas have already submitted Final Exploration Reports to ANM. As at the date of this Report, the Final Exploration Reports remain under review by ANM;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•For seven concessions that grant title on substances other than rare earths, Rare Earth Americas has already submitted substance change notices for six. As at the date of this Report, the notices remain under review by ANM. For the remaining concession, a substance change notice must be submitted when the Final Exploration Report becomes due.

Acceptance of the Final Exploration Report marks the formal conclusion of the exploration phase. Once accepted, ANM may authorize the initiation of the mining concession application process. Authorization remains pending for all concessions.

For the three concessions with granted Exploration Permits, Rare Earth Americas is undertaking the work necessary to support the preparation of Final Exploration Reports which are due between 2026 and 2027. For one of these concessions a substance change notice will be submitted when the Final Exploration Report, which is due in 2026. For the six concessions with Final Exploration Reports and substance change notices submitted, the review and authorization process timeline is determined by ANM. Reviews are expected to be completed within the statutory period of six months; however, this timeframe is often exceeded, and COVID-19 impacts have further extended processing times. While Rare Earth Americas may formally request prioritization, the sequencing of reviews remains at ANM's discretion.

Rare Earth Americas have not consulted with local communities during the exploration campaigns. The company's interactions were limited to rural landowners, solely for the purpose of facilitating access for exploration activities.

1.7 Geology and Mineralization

The Project hosts rare earth element mineralization in the form of ionically adsorbed rare earth elements bound to clay minerals within the regolith developed over the crystalline basement. Although ionic adsorption clay deposits are not currently classified within the United States Geological Survey Mineral Deposit Model series, the deposit type is well defined in the geological literature.

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The Project sits within the Jequié Block, a tectono-structural block of the northeastern São Francisco Craton that contains the Jequié Complex assemblage of granitic intrusions and supracrustal rocks that have been metamorphosed to granulite facies. At approximately 2.6 Ga, the Jequié Complex was intruded by the Volta do Rio and Poço Preto Plutonic Suites. These suites form large, north–northeast–south–southwest-trending batholiths that extend through the Project area and continue both to the north and south.

The Volta do Rio Suite, consists of high-potassium, slightly peraluminous, calcium-alkaline orthogneisses enriched in thorium, uranium and rare earth elements, which generate a pronounced gamma-spectrometric signature, easily distinguishable on regional aero geophysical maps, and characterizes it as a major source of the ionic clay-type mineralization found in the regolith in the area.

Bedrock exposure at the Project is limited to occasional outcrops at erosional scarps and along drainage channels. Due to poor exposure, mapping and effective remote sensing of bedrock at the deposit scale can be challenging.

The weathering profile can be divided into a rare earth element-leached zone in the upper part of the profile and a rare earth element accumulation zone with more ion-exchangeable rare earth elements in the lower part of the profile. Laterite horizons are absent within the Project area. Rare Earths Americas have used a weathering intensity proxy for the identification of ionically adsorbed to clay rare earth element enrichment within the Project area. This is defined geochemically using the "chemical index of alteration", a recognized measure for chemical weathering during the production of clastic sediments, being the degradation of feldspars and the formation of clay minerals during weathering.

The Rio Preto deposit extends approximately 5,500 m north to south and 3,000 m east–west, and has a surface area of 14 km². The average depth of the deposit is approximately 23 m. Saprolite is of variable thickness and has been intersected to depths of up to 49 m below surface. It occurs at an average depth of 2.8 m, with typical thicknesses between 9–17 m, with the thickest intervals intersected along the slopes to the south of the River Preto. In most areas, the regolith exhibits an ionic clay rare earth profile with leached upper horizons transitioning downward into a discontinuous rare earth accumulation zone, variably exposed by erosion and characterized by neodymium–praseodymium (NdPr):total rare earth oxide (TREO) ratios >20%. The rare earth profile remains only partially tested by auger drilling, with most holes terminating in mineralization.

The Sapacaia deposit has a defined north–south extent of approximately 6,000 m and an east–west extent of 1,900 m, covering a surface area of 12.1 km². The average depth of the deposit is approximately 24 m. The saprolite horizon is the most extensive weathered unit and hosts the majority of the rare earth mineralization. It occurs at an average depth of 7.3 m below surface, with typical thicknesses ranging from 14–21 m. The average modelled thickness is 13 m, and maximum thickness of 40 m. The highest-grade rare earth concentrations occur along the north–south trend of the folded Volta do Rio Suite protolith. The regolith exhibits an intermittent ionic clay rare earth profile, with enriched zones characterized by high NdPr:TREO ratios of 20% or more, indicative of remobilized rare earths in ionic clay horizons. These enriched zones are typically restricted to well-developed saprolite preserved on gentle

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hills. Within the Sapacaia deposit saprolite has been found to contain secondary monazite grains visually identified in a panned concentrate. Where present, secondary monazite is interpreted to be derived from primary rare earth mineralization within the magmatic stratigraphy of the Volta do Rio Suite.

The Nova Canaã deposit extends approximately 2,400 m north–south and 2,340 m east–west, with a surface area of 3.8 km². The average depth of the deposit is approximately 25 m. The saprolite horizon is the most extensive weathered unit and hosts the majority of the rare earth mineralization. It occurs at an average depth of 7 m below surface, with typical thicknesses ranging from 16–22 m. The average modelled thickness is 18 m, and maximum thickness of 42 m. A broad enriched zone spanning 1.5 km north–south and 300 m east–west is characterized by high NdPr:TREO ratios of 20% or more and grades above 1,000 ppm TREO occurring over thickness of 10–20 m.

The Rio das Pombas deposit extends approximately 2,400 m north–south and 2,340 m east–west, with a surface area of 3.8 km². The average depth of the deposit is approximately 25 m. Saprolite is of variable thickness and has been intersected to depths up to 65 m below surface in the southwestern portion. It occurs at an average depth of 10 m, with typical thicknesses between 14–24 m. Ionic clay mineralization with significant rare earth grades exceeding 2,000 ppm TREO is intersected by auger drilling at the break of slope along the east and west of this plateau along a strike length of 7 km. The rare earth profile is only partially tested by auger drilling at the deposit, and most drill holes end in mineralization.

The extent of the mineral resource models is predominantly limited by the availability of exploration data and by tenement boundaries. Although individual rare earth element-bearing horizons may pinch out, many deposit areas are open at depth and also have potential for the delineation of well mineralized ionic adsorption clay zones, highly enriched in rare earth elements. Auger holes have limited depth penetration and drill holes typically provide only a partial profile of mineralized saprolite. There is potential to extend the mineralization model deeper with core drilling.

The most intense enrichment Ionic clay mineralization by mobilized rare earth elements occurs in slope zones and within the deep regolith mantle of hill tops. The close association between topography and ionic adsorption clay mineralization means there is potential to delineate higher-grade zones with targeted infill drilling by auger or core drilling methods at prospective terrain features.

1.8 History

There is no known previous exploration for rare earth elements in the Project area prior to Rare Earths Americas' interest in the Project. Rare Earth Americas acquired a regional-scale airborne geophysical survey dataset from Companhia Baiana de Pesquisa Mineral (CBPM), a state mineral research agency. The survey identified a provincial-scale corridor of radiometric anomalies related to the Volta do Rio Plutonic Suite and was used by Alpha Minerals Brazil Participações Ltd, a wholly-owned subsidiary of Rare Earth Americas in the period 2021–2023, to select exploration concession areas. Rare Earth Americas was created as the holding company for the Project in January 2023 with Alpha Minerals Brazil Participações Ltd, becoming a wholly-owned subsidiary of Rare Earth Americas.

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1.9 Exploration

Exploration grids used to position drill holes are orientated to the geographic projection system SIRGAS 2000 Universal Transverse Mercator zone 24 South. A topographic digital terrain model is used to locate drill collars and for the topographic surface constraining the mineral resource estimates.

During initial reconnaissance and prospecting in 2023, Rare Earth Americas collected 107 surface samples from limited regolith and bedrock exposures across its concessions for geochemical analysis. surface grab sampling has not yet materially influenced targeting, though future follow-up may demonstrate correlations with broader mineralized zones and validate the method.

1.10 Drilling and Sampling

Drilling consists of 30 diamond core holes (1,013 m), 15 sonic drill holes (398 m) and 936 auger holes (15,422 m). The mineral resource estimate was based on all drilling data completed to July 16, 2024. The database close-out date reflects the date of the last assay information and is August 13, 2024.

Drill companies and methods included Alpha Minerals Brazil Participações Ltda., a wholly owned subsidiary of Rare Earth Americas, who used a hand-held petrol-powered auger, Brazil Royalty Corp. Participações e Investimentos Ltda, who used an Eijkelkamp Compact RotoSonic V rig for sonic and diamond core drilling. Holes were collared using HQ drill, producing 63.5 mm diameter core, and advanced with NQ rods, producing 47.6 mm diameter core, once fresh, and unoxidized bedrock was encountered.

Auger holes were geologically logged in the field, and a representative fraction was retained in a chip tray for reference. Auger samples were photographed. Sonic and diamond core holes were transported from the drill site to logging facilities in covered boxes. The sonic and diamond core drill core was measured to assess recovery, then geologically logged and photographed wet in core boxes immediately before sampling.

For both auger, sonic and diamond core drill holes, logging included qualitative determinations of primary and secondary lithology units, weathering profile units (mottled zone, lateritic zone, saprock, saprolite, etc.), as well as the color and textural characteristics of the rock.

Recovered auger sample material, and sonic and diamond drill core, was measured, and recovery expressed as a percentage recorded in the database. Recovery rates for auger drilling in regolith is 99%. The average recovery for sonic core drilling in regolith is 95%. The average recovery for diamond core drilling is 78% in regolith and 95% in rock. For core drilling methods, poor recoveries less than 85% typically occur 5–10 m below surface in areas of unconsolidated cover. There was no observed relationship between sample recovery and grade or sample bias due to preferential loss or gain of fine or coarse material.

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Drill collars were located using a handheld global positioning system (GPS) instrument. The accuracy of the locations is sufficient to support the inferred mineral resource confidence classification. No down hole surveys were completed on any of the drill holes due to their shallow depths.

The mineralization is interpreted to be flat in the weathered profile, so the drilling is vertically perpendicular to mineralization and drilled mineralization thickness is interpreted to correspond to true thickness. Any variations to rare earth element distribution within the horizontal layering were not defined.

Drill hole spacing varies across the Project area from a maximum grid size of 320 m spacings which is infill drilled using a diamond pattern to 225 m spacings and 160 m in the most densely drilled places. The distribution is sufficient to establish the degree of geological and grade continuity appropriate for an inferred mineral resource confidence classification.

Based on the available data, drilling and logging are adequate to support mineral resource estimation.

Auger, sonic and drill core sub-samples submitted for assaying had an average weight of 1 kg. Grab samples had an average weight of 1 kg. For all sample types, field duplicates were completed at a frequency of 1:20 samples. Collected auger sample interval lengths were 1 m, with some variation depending on sample recovery and geological unit boundaries. Core and sonic drill samples were split to obtain quarter core sub-samples for assaying. Core sample intervals were typically 1 m in length, with a minimum of 0.55 m and a maximum of 2.0 m, taking into account lithological boundaries.

Sample collection, preparation, and transportation was managed by Rare Earths Americas. Chain-of-custody procedures consist of sample submittal forms sent to the laboratory with sample shipments to make certain that all samples are received by the laboratory.

Density measurements were completed on 163 fragments of sonic drill core, typically about 10 cm in length and 300 cm<sup>3</sup> in volume, collected from across deposit. The water displacement method was used for density measurement. Simple averages generated for each material type were assigned to mineral resource models for each deposit.

SGS Geosol in Vespasiano, Minas Gerais, Brazil (SGS Geosol) has been the primary assay laboratory for the Project since mineral exploration sampling commenced in March 2022. SGS Geosol is independent of Rare Earths Americas and holds ISO 9001 certification and 17025 accreditations. Approximately 74% of the assays (3,642 samples) in the database were generated by SGS Geosol. In early 2024, Rare Earths Americas began periodically sending drill samples for preparation to ALS Belo Horizonte, Brazil (ALS Belo Horizonte) and with assaying completed at the ALS Lima facility in Peru (ALS Lima). ALS Belo Horizonte and ALS Lima are independent of Rare Earths Americas, and both hold ISO 17025 accreditations and ISO 9001 certification. Approximately 26% of the assays (1,293 samples) in the database were generated by ALS Lima.

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Sample preparation methods included drying, crushing to 75% passing 3 mm, and pulverizing to 95% passing 75 µm (SGS Geosol) or 85% passing 75 µm (ALS Belo Horizonte). SGS Geosol used a lithium borate fusion followed by inductively-coupled plasma mass spectrometry (ICP-MS) determination for a multi-element suite. ALS Lima used lithium borate fusion followed by an ICP-MS determination (ALS code ME-MS81), to generate a multi-element suite. Both methods provide a total rare earth element analysis, and values for the potentially deleterious elements uranium and thorium. At both laboratories, the assay technique used for major oxides and components was lithium borate fusion followed by ICP optical emission spectroscopy (OES) analysis.

All exploration conducted was accompanied by a quality assurance and quality control (QA/QC) program, which included the systematic insertion of certified reference materials (CRMs), blank material, and the collection of field duplicate samples along with the exploration samples. QA/QC sample results were monitored by the exploration team independently from the analytical laboratories and were periodically reviewed by McGarry Geoconsulting. The results of the QA/QC samples summitted by Rare Earth Americas during exploration do not indicate significant issues with the analytical data. The performance of CRM, blanks and field duplicates indicate satisfactory performance of field sampling protocols and assay laboratories in providing acceptable levels of precision and accuracy.

1.11 Data Verification

Rare Earth Americas maintains all exploration data in a secure, web-based database that incorporates automated validation protocols. The system performs continuous checks for overlapping from–to intervals within assay and geological tables and enforces standardization of lithology, alteration, and assay codes through defined pick lists to ensure consistency in data entry.

Karst Geo Solutions concluded, following a site visit, that the majority of the data, drilling, and geological records were well maintained by Rare Earths Americas personnel and comprehensive field procedures were developed.

McGarry Geoconsulting completed a site visit, and conducted independent validation checks, including: verification of collar coordinates against survey control, review of downhole survey data for consistency, and validation of assay tables for overlapping intervals or values beyond recorded hole depths. The database supplied by Rare Earth Americas was cross-checked against original laboratory certificates and field logs on a representative basis to confirm data integrity. Any discrepancies identified during this process were resolved in collaboration with Rare Earth Americas' geology team prior to resource estimation. McGarry Geoconsulting is satisfied that the data has been appropriately verified and is adequate to support the mineral resource estimates presented in this Report.

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1.12 Metallurgical Testwork

**1.12.1 Ionic Adsorption Clay Processing**

The processing of ionic adsorption clay rare earth mineralization is an emerging technology that differs significantly from traditional hard rock rare earth extraction methods. Ionic adsorption clay deposits typically host rare earth elements loosely bound to clay particles near the surface. These rare earth elements are not locked within minerals but are instead adsorbed onto the surface of clay minerals, which allows for relatively simple extraction techniques.

The proposed processing route is based on ion-exchange leaching using ammonium sulphate ((NH₄)₂SO₄) solution under acidic conditions (target pH ≈ 2). The acidity enhances ion mobility and exchange efficiency, facilitating the desorption of rare earth elements from the clay matrix. The process takes advantage of the electrostatic nature of rare earth element adsorption onto clays, replacing the rare earth element³⁺ ions with NH₄⁺ ions from solution. This reaction occurs readily under ambient pressure and temperature, provided that solution chemistry (pH, ionic strength, contact time) is properly controlled.

The resulting slurry is then subjected to solid-liquid separation, typically through pressure or vacuum filtration, to produce a pregnant leach solution (PLS) enriched in rare earth elements. This PLS is subsequently processed through chemical precipitation, where specific reagents—commonly oxalic acid or sodium carbonate—are added to selectively remove the dissolved rare earth elements from solution. The precipitated material, known as mixed rare earth concentrate, contains the suite of rare earth elements present in the deposit, except for cerium, which is only minimally recovered in this process due to its prevalent oxidized state. Depending on market requirements and product specifications, the mixed rare earth concentrate may undergo further purification and upgrading stages.

Globally, only a limited number of ionic adsorption clay projects are in production outside of China. The technology remains relatively new, with few operations having progressed to commercial-scale development. In Brazil, the Serra Verde Project, operated by Serra Verde Pesquisa e Mineração Ltda., is currently the only known ionic adsorption clay operation in production, highlighting the early stage of adoption of this processing method within the country.

The technology in use at the Serra Verde operation is considered suitable for application at the Project

**1.12.2 Metallurgical Testwork**

SGS Geosol in Lima, Peru was used to undertake bench scale leaching tests during the period 2022 to 2023. ALS Geochemistry in Lima, Peru was used to undertake bench scale leaching tests during the period 2023 to 2024. Both facilities are independent of Rare Earths Americas, and both hold ISO 17025 accreditations and ISO 9001 certification. There are currently no globally recognized accreditations for metallurgical testwork.

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SGS Geosol performed bench-scale ionic exchange tests using an ammonium sulphate solution equivalent to approximately 0.5 molar (M) ammonium sulfate solution (0.5 moles of solute per liter of solution; SGS code ICM655) on 50 g sample aliquots. A total of 1,078 leach tests were completed on samples from 117 auger holes between 2022 and 2024.

ALS Lima carried out bench-scale ammonium sulphate ionic exchange tests using a 0.5 M ammonium sulfate solution (0.5 moles of solute per liter of solution; ALS code ME-MS19) on 30 g sample aliquots. A total of 1,154 leach tests were completed on samples from 56 auger holes between 2023 and 2024.

For both laboratories, the samples were agitated in ammonium sulphate solution for 20 minutes and then filtered. The resulting filtrate was collected, an aliquot diluted with 2% nitric acid, and analyzed by ICP-MS.

In total, 17% of drill holes were subject to 2,232 ammonium sulphate leach tests, of which 2,199 are within modelled deposit area.

The average TREO-cerium oxide (CeO₂) extraction into leach solution across all deposit areas was 22%, with comparable extractions observed for the economically significant magnet rare earth oxides. Leach extraction varied both between and within deposit areas. Of the samples submitted, 601 samples (25%) contained saprolite with total rare earth oxide concentrations greater than a threshold of >209 ppm TREO–CeO2 extracted into the leach solution. This threshold was applied to determine reasonable prospects for economic extraction during mineral resource estimation.

Cerium was excluded from the threshold because it does not readily leach under the mild acid conditions typical of ionic clay processing. As a result, its extraction does not contribute to leach solution grades and is therefore not considered in determining economic cut-off parameters. For samples above the selected threshold and representative of the mineral resource, the mean leach extraction for rare earth elements is 40%, with comparable extractions for the magnet rare earths neodymium, praseodymium, dysprosium, and terbium.

The leaching results were comparable to those published for ionic adsorption clay projects on adjacent properties and infer that the ionic clay rare earth mineralization is amenable to ionic exchange leaching at standard temperatures, pH, and atmospheric pressure.

The sample distribution covered the defined saprolite mineralization domain used in estimation, ensuring that the extraction data were representative of the mineral resource estimates.

For ionic adsorption clay deposits in general, the most common deleterious elements are thorium and uranium due to their impact on product radioactivity, and iron and aluminum due to their influence on reagent consumption and pregnant leach solution chemistry. Bench-scale leach tests indicated that both elements are largely immobile under the selected ion-exchange leaching conditions, with generally low levels detected in the pregnant leach solution.

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1.13 Mineral Resource Estimation

**1.13.1 Estimation Methodology**

Geological and block modelling was undertaken Leapfrog version 2025.1 with the Edge extension. Statistical analysis was carried out using Snowden Supervisor software version 8.6.

The Alpha Project was sub-divided into four deposit areas for mineral resource estimation purposes. Deposit boundaries defined areas characterized by consistent topographic trends, which exert a primary control on the distribution of ionic adsorption clay mineralization, and by airborne radiometric thorium equivalent anomalies associated with rare earth element mineralization. Where appropriate, deposit boundaries coincided with concession limits.

The base of saprolite and base of the mottled zone were modelled as offset topography surfaces. The base of saprolite was modelled using manually digitized control points. The resultant wireframes followed the trend of the topography model and have a 50 m<sup>2</sup> resolution. The saprolite geology model was used to control the lower estimate extent. The base of mottled zone was a ceiling. A single mineralization domain is generated for each deposit area. Continuity of mineralization was limited by erosional incisions, or barren underlying rock types.

High grade assays were not capped but retained for grade interpolation using a "clamping" method. McGarry Geoconsulting selected a nominated distance equal to the first search pass radius. Beyond this distance, samples were capped to a nominated 95<sup>th</sup> percentile from the population statistics.

Compositing was based on the maximum composite length as defined by the dominant sample length of 1 m.

Semi-variogram models were developed for TREO–CeO2 across the Rio Preto, Sapacaia, and Nova Canaã domains. Experimental semi-variograms were generated, transformed, and assessed for anisotropy before being modelled using two nested spherical structures in addition to a nugget effect.

Mineral resources were estimated using ordinary kriging (OK) into block models created in Leapfrog 2025.1 using the Edge Extension. Fifteen rare earth element grades (La, Ce, Pr, Nd, Sm, Eu, Gd, Tb, Dy, Ho, Er, Tm, Yb, Lu, and Y) and deleterious elements uranium and thorium were estimated independently in a univariate sense using the same parameters. The consistent estimation approach was selected to ensure block compositional grade proportions honored those of the input samples. The estimation was in a 5 x 5 x 5 discretization of the block and in the parent cell.

Up to three search passes were used if block was not estimated in the first pass. The first search distance was equal to the variogram range; subsequent searches were undertaken using two and four times this distance with successive searches using more relaxed parameters for selection of input composite data.

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Validation of block model grade estimates was completed by visual checks on screen, statistical comparison of composite and block grades, and generation of swath plots.

Mineral resources were classified based on drill spacing and the estimator's judgment with respect to the proximity of resource blocks to sample locations and confidence with respect to the geological continuity of the saprolite horizons and grade estimates, quality control results, search and interpolation parameters and an analysis of available density information.

Mineral resource estimation is supported by an Initial Assessment. A conceptual open-pit shell was used to constrain the estimate. The shell was defined using a mining cost of US$1.98/t, a processing cost of US$9.39/t, appropriate recovery and dilution factors, and the basket value estimated for each block. A maximum pit slope of 35° was used and the extent of the shell was limited to within the boundary of each tenement.

A marginal reporting cut-off of 1,000 ppm TREO was selected. This threshold is consistent with cut-off grades applied at comparable ionic clay-hosted rare earth deposits developed by open-pit mining and supports a reasonable expectation of economic extraction.

**1.13.2 Market Assessment**

The Project is expected to produce a mixed rare earth carbonate, an intermediate product used in the manufacture of refined, separated rare earth oxides. These oxides are specialty chemicals, not exchange-traded commodities, and are typically priced in US dollars per kilogram. Pricing is negotiated through private contracts and reflects product purity, oxide composition, delivery terms, and prevailing demand. Payability represents the proportion of contained rare earth elements value (based on spot oxide prices) that is realized upon sale of mixed rare earth carbonate. It depends on the concentration of high-value elements, total rare earth oxide grade, impurity levels, and offtake processing costs. Rare Earth Americas intends to produce a high-quality mixed rare earth carbonate with low impurities and elevated magnet rare earth elements. This Report assumes a payability of 70% relative to the spot value of contained separated oxides.

Rare earth elements are sold as neodymium and praseodymium are the most valuable rare earth elements in rare earth mines due to their relatively high price and large market. Rare earth mineral production is geographically constrained, with about two-thirds of global production occurring in China and another 20% in the U.S. and Australia. The processing of rare earth elements is further constrained, with most processing occurring in China and some elements exclusively being processed in China. With a small market and geographically constrained production, prices for rare earth elements can be volatile.

The expected increase in demand, and high price volatility, means that commodity pricing for rare earth studies is predominantly based forecasts made by expert research companies such as Adamas Intelligence. Rare Earth Americas have used the average rare earth oxide price over a 10-year period up to 2040 forecast by Adamas Intelligence in their Q1 2025 Rare Earth Pricing Quarterly Outlook. This period is selected to align with potential timeframes for construction of all infrastructure and mining of the deposit. Prices include 13% value-added tax; forecast prices are in Real US 2025 dollars.

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For each block, a "basket value" was calculated as the sum of the forecast prices for individual recovered rare earth oxides, adjusted by their typical proportion in the recovered TREO mix and a payability assumption of 70%. The average basket price was estimated at US$57.2 per kilogram of recovered TREO. This block-level basket value served as an input into a Lerchs–Grossmann optimization process, which was used to define a resource-constraining shell for mineral resource reporting and evaluation of reasonable prospects of economic extraction.

**1.13.3 Mineral Resource Statement**

Mineral resources are reported using the mineral resource definitions set out in SK1300. The reference point for the estimate is in situ. The estimate is current as at 31 October 2025 and is provided in Table 1-1.

The third-party firm responsible for the estimate is McGarry Geoconsulting, Corp.

**Table 1-1: Alpha Project Mineral Resource Estimate**

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| &nbsp;&nbsp;**Category** | &nbsp;&nbsp;**Cut-Off Grade** | &nbsp;&nbsp;**Deposit** | &nbsp;&nbsp;**Tonnes** | &nbsp;&nbsp;**TREO**  | &nbsp;&nbsp;**Nd2O3 + Pr6O11**  | &nbsp;&nbsp;**Dy2O3 + Tb4O7** |
|  | &nbsp;&nbsp;**(ppm TREO)** |  | &nbsp;&nbsp;**(Mt)** | &nbsp;&nbsp;**(ppm)** | &nbsp;&nbsp;**(ppm)** | &nbsp;&nbsp;**(ppm)** |
| &nbsp;&nbsp;**Inferred** | &nbsp;&nbsp;1000 | &nbsp;&nbsp;Rio Preto | &nbsp;&nbsp;80.8 | &nbsp;&nbsp;1478 | &nbsp;&nbsp;327 | &nbsp;&nbsp;41.1 |
| &nbsp;&nbsp;**Inferred** | &nbsp;&nbsp;1000 | &nbsp;&nbsp;Sapacaia | &nbsp;&nbsp;50.6 | &nbsp;&nbsp;1846 | &nbsp;&nbsp;356 | &nbsp;&nbsp;33.9 |
| &nbsp;&nbsp;**Inferred** | &nbsp;&nbsp;1000 | &nbsp;&nbsp;Rio das Pombas | &nbsp;&nbsp;56.5 | &nbsp;&nbsp;1370 | &nbsp;&nbsp;298 | &nbsp;&nbsp;40.0 |
| &nbsp;&nbsp;**Inferred** | &nbsp;&nbsp;1000 | &nbsp;&nbsp;Nova Canaã | &nbsp;&nbsp;13.8 | &nbsp;&nbsp;1184 | &nbsp;&nbsp;260 | &nbsp;&nbsp;34.4 |
| &nbsp;&nbsp;**Inferred** | &nbsp;&nbsp;1000 | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**201.7** | &nbsp;&nbsp;**1520** | &nbsp;&nbsp;**322** | &nbsp;&nbsp;**38.5** |

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Notes to accompany mineral resource table:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Mineral resources are reported in situ, using the definitions in S-K 1300, and are current as at 31 October 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.The third-party firm responsible for the estimates is McGarry Geoconsulting Corp.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Tonnes are dry metric tonnes, and contained metal figures are derived arithmetically from in situ tonnage and grade (i.e., not adjusted for mining dilution or losses).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Mineral resources are constrained within an optimized Whittle pit shell generated using a mining cost of US$1.98/t, a processing cost of US$7.65/t, a general and administration cost of US$1.74/ t and mining and process recovery factors of 95% and 27%, respectively. A maximum pit slope of 35° is used and the extent of the shell is limited to within the boundary of each tenement. Block values were calculated from Adamas Intelligence forecast rare earth oxide prices for 2030–2040 with an assumed 70% payability, corresponding to a basket value of US$57.20/kg of recovered rare earth oxide.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.Mineral resources are reported above a marginal cut-off of 1,000 ppm TREO, which is based on the parameters used for pit optimization in note 4. Costs related to waste mining, transportation, and capital expenditures are excluded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.Average recovery represents the weighted mean of block model rare earth element leach extraction estimates, excluding cerium, based on test results on representative exploration samples.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.Mineral Resources reported for the Alpha Project are subject to a private 2.5% gross revenue royalty payable to Brazil Royalty Corp Participações e Investimentos Ltda.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.Total rare earth oxides (TREO ppm) = La2O3 + CeO2 + Pr6O11 + Nd2O3 + Sm2O3 + Eu2O3 + Gd2O3 + Tb4O7 + Dy2O3 + Ho2O3 + Er2O3 + Tm2O3 + Yb2O3 + Y2O3 + Lu2O3; NdPr = Nd2O3 + Pr6O11; DyTb = Tb4O7 + Dy2O3

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.Total rare earth oxides (TREO ppm) are inclusive of, not separate to, NdPr ppm and DyTb ppm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.Numbers have been rounded. Totals may not sum due to rounding.

**1.13.4 Factors That May Affect the Mineral Resource Estimate** 

Factors which may affect the mineral resource estimates include the following.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Metal price and exchange rate assumptions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Changes to the assumptions used to generate cut-off grades;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Changes in local interpretations of mineralization geometry and continuity of mineralized zones;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Changes to geological and mineralization shape;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Changes to geological and grade continuity assumptions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Density and domain assignments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Changes to geotechnical, mining, and metallurgical recovery assumptions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Changes to the input and design parameter assumptions that pertain to mining assumptions used to constrain the estimates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Assumptions as to the continued ability to access the site, complete proposed exploration programs, and maintain the social license to operate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Assumptions regarding the ability to mine within the Serra do Ouro Environmental Protection Area and in areas of Atlantic Forest

In the opinion of the Qualified Person, all material issues relating to the relevant technical and economic factors that may influence the prospect of eventual economic extraction at the Project can reasonably be resolved with further work. While certain factors, such as leaching performance at bulk sample scale, the quality of a potential mixed rare earth carbonate product, the geotechnical characterization of proposed infrastructure sites, and the permitting framework, require additional data and assessment, none are currently identified as fatal flaws.

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1.14 Risks

**1.14.1 Exploration and Geology Risks**

The following risks were identified:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Geological continuity: drilling is widely spaced. There is a risk that infill drilling could demonstrate mineralization to be less continuous and more variable than currently modelled, impacting resource classification and tonnage;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Depth of mineralization: deeper sonic drilling may determine that mineralized saprolite that is shallower than currently projected beneath auger drilling, which could alter the interpreted thickness and geometry of mineralized horizons.

**1.14.2 Mineral Resource Estimate Risks**

The following risks, in addition to those identified in Chapter 22.10, were also identified:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Survey accuracy: current drill collar positions are based on handheld global positioning system (GPS) instrument readings and projected onto a 30 m digital terrain model (DTM);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Bulk density: bulk densities used for resource estimation are based on limited data; there is a risk that true in-situ densities are lower than estimated, which would affect tonnage and contained metal calculations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Metallurgical variability: while bench-scale leach testing supports recoverable rare earth elements, additional minerology testwork and bulk composite and variability testwork are required to confirm recoveries across all regolith domains and to fully characterize the deportment of deleterious elements such as thorium and uranium;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Product specification: the current mineral resource model assumes production of a mixed rare earth carbonate. Any change to the processing route or product specification could affect revenue forecasts and cut-off grade determinations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Hydrogeological factors: groundwater inflow within the regolith profile may affect both mining method selection and metallurgical recovery. Further hydrogeological characterization is recommended.

**1.14.3 Environmental, Social and Permitting Risks**

The following risks were identified:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Permitting and environmental approvals: Development is contingent on securing environmental permits and land-use approvals. Identification of environmental constraints could limit resource development at the Project. The position of the Rio Preto deposit area,

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in particular, within the Serra do Ouro Environmental Protection Area may require additional permitting and environmental protection measures, which could affect mine planning and development timelines. Changes to regulatory requirements or delays in permitting could impact project timelines or restrict development options;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Land tenure and surface rights: the Project is dependent on maintaining current mineral rights and securing necessary surface access agreements. Any disputes or delays in renewing licenses or negotiating access could affect exploration and future development.

1.15 Opportunities

**1.15.1 Exploration and Geology Opportunities**

The Alpha Project is located in a previously underexplored geological and mining jurisdiction. Rare Earth Americas are building an extensive and well-informed database of information which will provide an opportunity to assess the optimal exploration targeting strategy and exploration potential for the Project.

The recent discovery of rare earth element mineralization by Rare Earth Americas at the Alpha Project has the potential to establish a new and previously unrecognized rare earth element metallogenic province.

As well as ongoing development and resource definition for ionic clay style mineralization, the discovery of high-grade rare earth element materials, indicative of secondary monazite mineralization, suggests there may be strong potential for the discovery of other rare earth mineralization types in regolith and bedrock.

**1.15.2 Mineral Resource Opportunities**

Opportunities exist to increase existing mineral resources by additional work including infill and extensional drilling at depth.

1.16 Conclusions

Drilling has consistently intersected significant rare earth element-bearing saprolite, frequently exhibiting magnet rare earth oxide (MREO) enrichment with depth. More recent drilling has identified high-grade monazite sand mineralization associated with the Volta do Rio Suite, a geologically prospective unit extending across the Project area.

The data verification programs undertaken on the data collected from the Project support the geological interpretations and the analytical and database quality, and therefore the data can be used for mineral resource estimation.

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The metallurgical dataset is considered adequate to support the current mineral resource estimate. The bench-scale leach tests replicate the proposed ammonium sulphate ion-exchange process and are relevant to the ionic clay deposit class. The systematic sampling captures both lateral and vertical variability, and the recoveries allow an inference of bulk-scale behavior at the current resource development stage.

In the opinion of the Qualified Person, all material issues relating to the relevant technical and economic factors that may influence the prospect of eventual economic extraction at the Project can reasonably be resolved with further work. While certain factors, such as leaching performance at bulk sample scale, the quality of a potential mixed rare earth carbonate product, the geotechnical characterization of proposed infrastructure sites, and the permitting framework, require additional data and assessment, none are currently identified as fatal flaws.

Additional work is warranted, and a two-phase work program is recommended (see Chapter 1.16).

1.17 Recommendations

The Alpha Project hosts rare earth element mineral resource that warrants further exploration and evaluation. A two-phase work program is recommended. Phase A will focus on generating additional exploration data and materials, while Phase B will address targeted testwork and technical analysis.

Phase A aims to improve understanding of the controls on mineralization and to delineate additional prospective zones. Infill drilling and technical studies will be undertaken to potentially upgrade mineral resources from the inferred to higher-confidence mineral resource classifications. Phase A is estimated to require a budget of US$2.58 million to complete.

Results from Phase A exploration will provide representative drill samples for metallurgical testing and will provide a basis for an updated appraisal of the deposits. If results are positive the Project will advance to Phase B, which will involve the analysis of key modifying factors, including mining and processing considerations, to updated the Initial Assessment and mineral resource estimates. Phase B is estimated to require a budget of US$1.15 million.

Collectively, Phase A and Phase B will require an overall budget of US$3.73 million.

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2.0 INTRODUCTION

2.1 Introduction

This technical report summary (the Report) was prepared by McGarry Geoconsulting Corp. and Karst Geo Solutions, LLC for Rare Earths Americas, Inc. (Rare Earths Americas) on the Alpha Project (the Project) in Bahia, Brazil. The Project location is shown in Figure 2-1.

2.2 Terms of Reference

**2.2.1 Report Purpose**

The Report was prepared to support the initial registration statement filed by Rare Earth Americas and is included as an exhibit to Form S-1, initially filed on November 12, 2025, as amended, pursuant to Regulation S-K 1300.

The Report provides initial disclosure of mineral resource estimates for rare earth element mineral deposits at four areas within the Alpha Project: Rio Preto, Sapacaia, Nova Canaã, and Rio das Pombas.

**2.2.2 Terms of Reference**

Unless otherwise indicated, the metric system is used in this report for mineral resources. Mineral resources are reported using the definitions in Regulation S–K 1300 (SK1300), under Item 1300. Monetary values use the United States (US) dollar unless otherwise indicated. The Brazilian currency is the real (BRL). The Report uses United States English.

2.3 Qualified Persons

This Report was prepared by the following third-party firms, acting as Qualified Persons (QP):

• McGarry Geoconsulting Corp;

• Karst Geo Solutions LLC.

The QP responsibilities for Report chapters and sub-sections are set out in Table 2-1.

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**Figure 2-1: Project Location Plan**

![img79373654_3.jpg](img79373654_3.jpg)

Note: Figure prepared by Rare Earths Americas, 2025.

**Table 2-1: QP Responsibilities**

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| &nbsp;&nbsp;**QP** | &nbsp;&nbsp;**Responsibility** |
| &nbsp;&nbsp;McGarry Geoconsulting Corp. | &nbsp;&nbsp;Chapters: 3 to 6, 10 to 21, and 23, 24 and 25 <br>Sections: 1.1 to 1.8, 1.11 to 1.17, 2.1, 2.2, 2.3, 2.4.1, 2.5, 2.6, 2.7, 8.7, 8.8, 9.1,9.2.2 and 22.1 to 22.6, and 22.8 to 22.12. |
| &nbsp;&nbsp;Karst Geo Solutions | &nbsp;&nbsp;Chapters 7, 12 to 21, 24<br>Sections: 1.1, 1.2, 1.9, 1.10, 2.1, 2.2, 2.3, 2.4.2, 8.1 to 8.6, 8.9, 9.2.1, 22.7 |

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2.4 Site Visits and Scope of Personal Inspection

**2.4.1 McGarry Geoconsulting Corp.**

McGarry Geoconsulting Corp. visited the Project area on August 15 and 16, 2025. During that visit, McGarry Geoconsulting Corp reviewed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Reviewed site geology;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Access road and internal tenure road suitability for exploration purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Topography in and around resource area for suitability of infrastructure location;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Settlements in proximity to mineral resource areas;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Inspected sample and core storage facilities.

**2.4.2 Karst Geo Solutions**

Karst Geo Solutions visited the Project area on June 24 and 25, 2024. During that visit, Karst Geo Solutions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Inspect operating drill rigs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Verify the location of selected drill collars;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Reviewed current drilling and sampling procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Inspected site geological data collection systems (mapping, logging etc.);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Reviewed sample storage facilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Review site geology;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Discussed quality assurance with geological personnel.

2.5 Report Date

The Report is current as at October 31, 2025.

2.6 Information Sources and References

The reports and documents listed in Chapter 24 and Chapter 25 of this Report were used to support Report preparation.

Rare Earths Americas provided input to McGarry Geoconsulting and Karst Geo Solutions in their areas of expertise on request.

2.7 Previous Technical Report Summaries

Rare Earths Americas has not previously filed a technical report summary on the Project.

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3.0 PROPERTY DESCRIPTION

3.1 Introduction

The Project is located approximately 270 km southwest of Salvador, the capital of Bahia State in northeastern Brazil. The Project concessions lie within the municipal boundaries of Iguaí and Nova Canaã, provincial towns situated immediately east of the Project area.

This report discloses mineral resources for deposit area on nine contiguous concessions which have a combined area of approximately 100 km<sup>2</sup>. Concessions are distributed across an area that is approximately 12 km east–west by 20 km north–south.

The approximate Project centroid is 40°9'40.51″W and 14°44'27.53″S (375,000E, 8,370,000N SIRGAS 2000 UTM Zone 24S).

Deposit centroids include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Rio Preto: 14°42'30.29″S, 40°9'56.61″W (374,500E, 8,373,600N);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Sapacaia: 14°45'12.46″S, 40°11'44.49″W (371,300E, 8,368,600N);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Nova Canaã: 14°47'45.63″S, 40°11'1.84″W (372,600E, 8,363,900N);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Rio das Pombas: 14°47'7.16″S, 40°9'7.92″W (376,000E, 8,365,100N).

3.2 Property and Title in Bahia

**Overview**

Under Brazilian laws, the Federal Government owns all mineral resources. Under Article 176 of the Brazilian Constitution, all mineral deposits (jazidas) belong to the Federal Government, whether or not the deposits are in active production. Mineral rights are distinct from surface rights.

Mining is regulated by Decree-Law 227, 1967 (the Mining Code), Mining Regulations that came into force in December 2017, and other regulations issued by the National Mining Agency (ANM), formerly known as National Department of Mining Production (DNPM).

Brazil also has legislation and legal guarantees related to the exploitation and use of water rights.

**3.2.1 Mineral Title**

The Brazilian legal system for obtaining and maintaining mining rights and access to mineralized real estate properties is regulated by the Federal Constitution (article 176), by the Mining Code (Decree-Law no. 227/1967), by the regulation of the Mining Code (Decree No. 9.406/2018) and by ANM legislation.

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The mineral title acquisition process begins with an Application for Exploration Permit. In Brazil, mineral titles are administered through an online GIS-based cadastral system known as SIGMINE - *Sistema de Gestão de Informações Minerárias* (Mining Information Management System). All exploration license applications are submitted electronically by selecting predefined grid polygons on the digital map, which establishes priority on a first-come, first-served basis. Physical ground staking is not required.

Once an application is accepted, an exploration permit (Alvará de Pesquisa) is issued, granting the holder exclusive rights to conduct exploration within the defined area, subject to reporting and compliance requirements set by the National Mining Agency (ANM). The grant is published in the Federal Gazette.

The permit, which has a 3 to 6 year term, allows the license holder to conduct exploration activities. At the end of the permit term, the license holder must provide a Final Exploration Technical Report (Relatório Final de Pequisa) to the ANM. On December 30, 2022, Law No. 14514/2022 was published, extending the term of the exploration permit to 4–8 years; however, no regulations to accompany the law have been promulgated.

The requirements for applying for a renewal of exploration permits are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Submit the application within 60 days of the expiry of the exploration permit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Submit a report describing the exploration activities that have been carried out;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Submit a technical justification for continuing the exploration activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Pay the fee required by the Brazilian National Mining Agency to analyze the renewal application, currently set at BRL 1,358.58 (USD 244) per tenement.

If the extension request is granted, the renewal will take place according to the term requested by the holder of the mining right, which can be between 1–4 years. The term of the exploration permit can be renewed more than once under specific situations established in the Brazilian mining code.

If no application is made to extend the license tenure, or convert it to a 'mining permit,' the tenure expires.

Following a positive review of the Final Exploration Report, the license holder then has a year in which to apply for a mining concession over any discovered deposit. A mining concession application must include an Economic Exploitation Plan (Plano de Aproveitamento Econômico or PAE), which must be prepared by a legally qualified professional. Once the PAE is presented, the ANM requires an installation license (Licença de Instalação or LI) that is granted by an environmental licensing agency. If the license has not been issued yet, the holder must update ANM with the progress of the environmental licensing process by providing reports every 180 days. Once the LI is granted, it will be lodged with the Agency and, if the PAE is approved, a mining concession will be granted; the grant is published in the Federal Gazette. To start operations, an environmental operation license (Licença de Operação) is also required.

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Mining activities must start within six months of the mining concession grant and annual production reports must be provided to the ANM. Assuming all other conditions are met, a mining concession remains valid until the deposit is depleted. Mining operations must be in accordance with the Economic Exploitation Plan approved by ANM. If additional minerals are discovered, ANM must be notified of the discovery, and the mining concession license must be amended to include the new list of minerals before those minerals can be commercially produced and sold.

**3.2.2 Surface Rights**

Surface rights in Brazil are separate from mineral rights. Under Article 176 of the Federal Constitution and Article 6 of the Brazilian Mining Code (Decree-Law No. 227/1967), mineral resources are the property of the Union, while surface land remains under private or public ownership. Mineral rights holders are granted the right to access and use areas required for exploration and mining operations, subject to regulatory approval.

According to Articles 27 and 64 of the Mining Code, mining right holders may obtain rights of way and easements over public and private lands necessary for the exercise of their mining activities. These rights may include temporary occupation or permanent access, as required by the project.

In most cases, the mining rights holder enters into a private agreement with the surface landowner, which includes a negotiated compensation fee for land use or disturbance. However, where no agreement can be reached, Article 27 allows the mining rights holder to apply to a local court to obtain judicial access. The court may authorize access and establish the compensation amount to be paid to the surface owner, often with input from independent appraisers.

**3.2.3 Water Rights**

All waters are in the public domain, and are separated into:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Federal waters: lakes, rivers, and any water courses on lands under Federal authority; those that flow through more than one State; those that serve as a frontier with another country, or flow into or originate in another other country; as well as marginal lands and beaches;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•State waters: groundwater and rivers located entirely within the territory of a single State, unless otherwise classified as a federal water.

Law 9,433 of 1997 established the National Water Resources Policy, created the National Water Resources Management System, and defined a catchment (river) basin as the unit for water resource planning. The law includes the principle of multiple water uses, thereby putting all user categories on an equal footing for access to water resources.

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The organizational framework administering water includes the National Water Resources Council, State Water Resources Councils, River Basin Committees, State Water Resources Management Institutions, and Water Agencies.

In 2003, to facilitate the management of Brazilian water resources, the country was divided into 12 hydrographic regions; however, these do not coincide with the 27 state political divisions. The National Water Resources Council is responsible for resolving disputes over use of water for basins at the Federal level, and for establishing guidelines necessary to implement the institutional framework and instruments contained in the National Water Resources Policy. The State Water Resources Councils are responsible for basins at the State level. The State Water Resources Management Institutions are responsible for implementing the guidelines set by the State Water Resources Councils. The River Basin Committees and Water Agencies cover the actual water regions, which may be part of more than one State.

**3.2.4 Government Mining Taxes, Levies or Royalties**

All mining permits in Brazil are subject to state and landowner royalties, pursuant to article 20, § 1, of the Constitution and article 11, "b", of the Mining Code. In Brazil, the Financial Compensation for the Exploration of Mineral Resources (Compensação Financeira por Exploração Mineral or CFEM) is a royalty to be paid to the Federal Government at rates that can vary from 1%–3.5%, depending on the substance. The CFEM rate for mining rare earth elements is 2%.

Under the CFEM terms, the royalty is expected to be paid:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•On the first sale of the mineral product; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•When there is mineralogical mischaracterization or in the industrialization of the substance, which is considered "consume" of the product by the holder of the mining tenement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•When the products are exported, whichever occurs first.

The basis for calculating the CFEM varies, depending on the event that causes the payment of the royalty.

Landowner royalties could be subject of a transaction, however, if there is no agreement to access the land or the contract does not specify the royalties, article 11, §1, of the Mining Code sets forth that the royalties will correspond to half of the amount paid as the CFEM.

3.3 Ownership

The Project is wholly owned by Rare Earths Americas.

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3.4 Mineral Title

The Project comprises nine granted exploration permits registered with Brazil's National Mining Agency that have a total area of approximately 99.76 km². These concessions are listed in Table 3-1 and shown on Figure 3-1. Eight of the concessions host mineral resource estimates.

The Project includes four deposit areas within the following concessions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•872003/2021 and 872458/2016 host a portion of the Rio Preto deposit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•872073/2016 hosts the Sapacaia deposit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•870377/2012 hosts a portion of the Nova Canaã deposit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•874490/2011 and 870340/2013 host a portion of each of the Rio das Pombas and Nova Canaã deposits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•872585/2015 and 871567/2015 hosts a portion of the Rio das Pombas deposit.

The concessions listed in Table 3-1 are granted for a range of commodities as defined under the Mining Code. The ANM process permits the holder to adjust the commodity title prior to the granting of a mining concession, provided the holder demonstrates technical justification through exploration results.

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**Table 3-1: Mineral Concession Summary Table**

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| **Concession** | **Type** | **Area<br>(ha)** | **Annual<br>Fee**<br>**BRL/ha** | **Annual<br>Fee**<br>**USD/ha** | **Holder** | **Substance** | **Grant Date**<br>**DD-MM-YYYY** | **Renewal Date**<br>**DD-MM-YYYY** | **FER Due Date**<br>**DD-MM-YYYY** | **Footnote<br>Reference** |
| **Concessions Hosting Mineral Resources**  | **Concessions Hosting Mineral Resources**  | **Concessions Hosting Mineral Resources**  | **Concessions Hosting Mineral Resources**  | **Concessions Hosting Mineral Resources**  | **Concessions Hosting Mineral Resources**  | **Concessions Hosting Mineral Resources**  | **Concessions Hosting Mineral Resources**  | **Concessions Hosting Mineral Resources**  | **Concessions Hosting Mineral Resources**  | **Concessions Hosting Mineral Resources**  |
| 872003/2021 | Exploration<br>permit | 121.21 | 4.74 | 0.9 | Alpha Minerals Brazil<br>Participações Ltda | Rare earths | 17/11/2022 | 18/09/2025  | 22/05/2028 | 1 |
| 870340/2013 | Exploration<br>permit | 468.67 |  |  | Alpha Minerals Brazil<br>Participações Ltda | Iron ore | 24/09/2015 | 18/10/2018 | 1/05/2023 | 1, 2, 3, 4 |
| 874490/2011 | Exploration<br>permit | 1609.78 |  |  | Alpha Minerals Brazil<br>Participações Ltda | Iron ore | 14/09/2015 | 18/10/2018 | 1/05/2023 | 1, 2, 3, 4 |
| 870377/2012 | Exploration<br>permit | 976.73 |  |  | Alpha Minerals Brazil<br>Participações Ltda | Iron ore | 14/09/2015 | 18/10/2018 | 1/05/2023 | 1, 2, 3, 4 |
| 872073/2016 | Exploration<br>permit | 1850.01 | 4.74 | 0.9 | Alpha Minerals Brazil<br>Participações Ltda | Iron ore | 20/03/2017 | 30/01/2023 | 30/01/2026 | 15 |
| 872458/2016 | Exploration<br>permit | 1445.86 |  |  | Alpha Minerals Brazil<br>Participações Ltda | Iron ore | 02/03/2017 | 15/04/2020 | 1/10/2023 | 1, 2, 3, 4 |
| 871567/2015 | Exploration<br>permit | 997.96 |  |  | Alpha Minerals Brazil<br>Participações Ltda | Granite | 15/12/2015 | 20/07/2020 | 1/10/2023 | 1, 2, 3, 4 |
| 872585/2015 | Exploration<br>permit | 1573.05 |  |  | Alpha Minerals Brazil<br>Participações Ltda | Iron ore | 10/06/2016 | 17/09/2019 | 1/10/2023 | 1, 2, 3, 4 |
| **Other Concessions** | **Other Concessions** | **Other Concessions** | **Other Concessions** | **Other Concessions** | **Other Concessions** | **Other Concessions** | **Other Concessions** | **Other Concessions** | **Other Concessions** | **Other Concessions** |
| 870701/2021 | Exploration<br>permit | 635.91 | 4.74 | 0.9 | Alpha Minerals Brazil<br>Participações Ltda | Rare earths | 06/08/2021 | 22/05/2025 | 22/05/2028 | 1 |

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Notes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Tenement is subject to 2.5% gross revenue royalty payable to Brazil Royalty Corp Participações e Investimentos Ltda.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.The Final Exploration Report (FER) was lodged on time, and the tenement is active and in force. Once the FER is approved by the ANM, the mining right owner will have up to one year to apply for the mining permit and submit the Economic Development Plan for analysis by the agency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.RFP (Relatório Final de Pesquisa) - Final Exploration Report (FER): Upon conclusion of the exploration program, the holder of mining rights is obligated to submit a conclusive exploration report that presents the findings of the exploration activities and establishes the technical feasibility for exploiting the deposit or alternatively, confirming the absence of such a deposit within the designated tenement. Subsequent to review, the National Mining Agency possesses the authority to either grant approval or disapproval of the FER, an indispensable preliminary stage in the mining permit application process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Notice of new substance (rare earths) has been filed with ANM in 2023.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.Notice of new substance (rare earths) will be filed with FER.

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**Figure 3-1: Mineral Tenure Location Plan**

![img79373654_4.gif](img79373654_4.gif)

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Note: Figure prepared by Rare Earths Americas, 2025.

Although a number of concessions were originally granted for iron ore or granite, the company has submitted formal notices to ANM seeking amendment of these titles to cover rare earth elements.

Where titles have reached the end of their original exploration term, renewals have been lodged on time. Where titles have reached the Final Exploration Report Due Date, reports have been lodged on time. Accordingly, all rare earth results reported herein are associated with active tenure and remain in compliance with Brazilian mining regulations.

In addition to the titles listed in Table 3-1, Rare Earth Americas holds title to 27 concessions in non-contiguous blocks distributed across the broader region. Collectively, these concessions cover 386 km² and to date have not been the subject of significant mineral exploration work. No formal assessment of their exploration potential has been made, and they are not included in the Project area that is the subject of this Report.

3.5 Surface Rights

To the Report date Rare Earth Americas has secured verbal agreements and signed consent declarations from landowners that allow for exploration and drilling activities at the Alpha Project. However, the company does not currently hold formal surface access agreements for activities beyond exploration and drilling. Negotiations for such agreements have not yet commenced. Rare Earth Americas intends to initiate formal discussions regarding broader surface rights as the Project progresses.

All concessions have sufficient area to accommodate mining activities. In addition, there is sufficient space within the existing concessions, outside the defined mineral resource area, to host the infrastructure required for a potential processing operation at the Project.

At this stage, any additional land required outside the current tenement package is expected to be limited in extent and could be purchased or leased within the local district. The area surrounding the Alpha Project is largely rural, comprising privately-held pastoral and agricultural land, and land availability is not currently considered by Rare Earths Americas to be a constraint.

3.6 Water Rights

Rare Earth Americas has not obtained any permits or agreements to extract water for exploration at the Alpha Project. Exploration to the Report date has not required water use. Future diamond core drilling may require water, which is expected to be commercially supplied via tankers or obtained under agreement for temporary extraction from local sources.

Any future mining and processing operations will require a dedicated water supply, expected to be sourced through commercial supply from nearby storage facilities and/or through permitted surface or groundwater extraction.

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3.7 Royalties

All project concessions are subject to the CFEM (see Chapter 3.2.4.). In addition, all concessions representing 100% of disclosed mineral resource tonnes are subject to a private royalty equal to 2.5% of gross revenue from concession production in favor of Brazil Royalty Corp Participações e Investimentos Ltda.

3.8 Encumbrances

Rare Earth Americas have advised McGarry Geoconsulting Corp that it is not aware of any material restrictions, liabilities, or claims affecting the Alpha Project mineral titles. To the company's knowledge, there are no known environmental protections, community access rights, infrastructure easements, or other encumbrances that would materially impact exploration or potential development activities.

Portions of the Alpha Project lie within the Serra do Ouro Environmental Protection Area, a sustainable use conservation unit. While designation does not constitute a title encumbrance and mining within such areas is not prohibited, activities in such areas are subject to additional environmental licensing and permitting requirements, as discussed in Sections 3.9.

3.9 Environmental Considerations

Current activities at the Project are limited to mineral exploration. In the state of Bahia, the Instituto do Meio Ambiente e Recursos Hídricos (INEMA) is the designated authority responsible for monitoring environmental compliance, including the rehabilitation of drill pads and other surface disturbances resulting from exploration activities.

All exploration work undertaken to date, including auger drill pad construction and access road development, has been conducted in accordance with applicable state and local environmental regulations.

Rare Earth Americas acknowledges that any future advancement beyond the exploration stage will be subject to additional environmental permitting at both the state and federal levels. This will include requirements for environmental impact assessments, stakeholder engagement, and site rehabilitation plans.

Project concessions 870701/2021, 872458/2016, and 872003/2021, which host the Rio Preto deposit, lie within the Serra do Ouro Environmental Protection Area. Concessions 872073/2016 and 872585/2015, which include the Sapacaia and Rio das Pombas deposits, are partially covered by the Serra do Ouro Environmental Protection Area.

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According to Federal Law 9.985/2000, an environmental protection area is classified as a form of conservation unit for sustainable use (Article 14, Item I), with the objective of making nature conservation compatible with the sustainable use of part of its natural resources (Article 7, Paragraph 2). In general, the law does not impose prohibitions on the development of potentially or effectively polluting activities, such as mining. However, it is required that any rules imposed in the Management Plan of the conservation unit be observed and that, within the scope of environmental licensing, there is coordination with the management body of the conservation unit.

In the Brazilian legal framework, mining activities within sustainable use areas are not explicitly prohibited at the federal, state, or municipal levels. Activities in these areas must reconcile economic development with environmental preservation. Mining operations impacting these areas require licensing approval from the respective zone's management authority. This Authorization is contingent upon conducting thorough Environmental Impact Assessment (EIA) studies.

To the extent known to McGarry Geoconsulting, there are no environmental liabilities on the Project.

**3.9.1 Baseline Studies**

No formal environmental baseline studies have been conducted on the Project to the Report date. As at Report date, there are no known material environmental liabilities associated with the Project.

3.10 Permitting Considerations

**3.10.1 Permitting Requirements** 

The Project is currently in the exploration stage. All exploration activities to date have been conducted in accordance with applicable federal and state regulations. The Project is located in the state of Bahia, Brazil, and is subject to oversight by both ANM, the federal mining authority, and INEMA, which is responsible for environmental permitting at the state level.

**Next Permitting Milestones**

The next permit milestones will include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•For the three concessions with granted Exploration Permits, Rare Earth Americas must conduct exploration and submit a Final Exploration Report to ANM;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•For six of the concessions, Rare Earth Americas have already submitted Final Exploration Reports to ANM. As at the date of this Report, the Final Exploration Reports remain under review by ANM;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•For seven concessions that grant title on substances other than rare earths, Rare Earth Americas has already submitted substance change notices for six. As at the date of this Report, the notices remain under review by ANM. For the remaining concession, a substance change notice must be submitted when the Final Exploration Report becomes due.

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Acceptance of the Final Exploration Report marks the formal conclusion of the exploration phase. Once accepted, ANM may authorize the initiation of the mining concession application process. Authorization remains pending for all concessions.

**Future Permitting Milestones**

Following acceptance of the Final Exploration Reports, Rare Earth Americas will prepare and submit an Economic Development Plan (Plano de Aproveitamento Econômico). The Economic Development Plan, which will be supported by a scoping study, must demonstrate the technical and economic viability of the proposed mining operation. Approval of the Economic Development Plan by ANM is required prior to issuance of any mining concession.

In parallel with the ANM process, Rare Earth Americas will initiate the environmental licensing process with INEMA. This process typically consists of three stages:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•A Preliminary License (Licença Prévia), which assesses the environmental feasibility of a project;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•An Installation License (Licença de Instalação), which authorizes the commencement of construction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•An Operation License (Licença de Operação), which allows for the commencement of mining operations.

Each license is granted following the submission and review of the required EIA and supporting documentation.

**3.10.2 Permitting Timelines**

For the three concessions with granted Exploration Permits, Rare Earth Americas is undertaking the work necessary to support the preparation of Final Exploration Reports which are due between 2026 and 2027. For one of these concessions a substance change notice will be submitted with the Final Exploration Report, which is due in 2026.

For the six concessions with Final Exploration Reports and substance change notices submitted, the review and authorization process timeline is determined by ANM. Reviews are expected to be completed within a statutory period of six months; however, this timeframe is often exceeded, and COVID-19 impacts have further extended processing times. While Rare Earth Americas may formally request prioritization, the sequencing of reviews remains at ANM's discretion.

All permitting efforts will be aligned with the advancement of the Project toward more detailed studies.

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**3.10.3 Permit Conditions**

For all permits the applicant must be legally established in Brazil and in good standing with the relevant authorization authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Approval of the Research Authorization requires submission of exploration permit application and technical exploration plan detailing objectives, methods, and timelines. The proposed activities must be compatible with land use and environmental constraints;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Final Exploration Report must be submitted within the granted Research Authorization period and must provide a verifiable summary of exploration activities, results, geological interpretations, and conclusions on economic potential. Fieldwork must comply with environmental and land access regulations. Where applicable, the report should include a statement of mineral resources classified according to recognized national or international standards. If economically viable mineralization is identified, the Final Exploration Report should be followed by a mining concession application with an Economic Development Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Economic Development Plan must include a mineral resource or mineral reserve estimate supported by appropriate technical data and classified according to recognized national or international standards. The submission must include a clear and economically viable mining plan, processing plan, and development timeline, all defined at a minimum of a scoping study level. The proposed operation must also be compatible with environmental regulations, with relevant environmental licensing procedures either underway or completed to a sufficient degree to demonstrate feasibility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•For a Preliminary Environmental License, the applicant must submit a formal request along with supporting documentation. For projects with potentially significant environmental impacts, an Environmental Impact Study and a Public Summary document must be submitted and may be subject to public hearings. The project must also be compatible with local land use and zoning laws and must not conflict with protected areas or indigenous lands without appropriate Authorizations. SEMAD conducts a technical review of all submitted materials, and the Preliminary Environmental License is granted if the project is deemed environmentally viable. The Preliminary Environmental License does not authorize construction but allows the project to proceed to the next licensing stage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The development of potentially or effectively polluting activities, such as mining, within the Serra do Ouro Environmental Protection Area is not explicitly prohibited at the federal, state, or municipal levels. Mining activities in this area must balance economic development with environmental preservation and require licensing approval from the Serra do Ouro management authority. Such approval is contingent upon the completion of comprehensive Environmental Impact Assessment (EIA) studies.

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**3.10.4 Violations and Fines**

There are no current material violations or fines as understood in the United States mining regulatory context that apply to the Project.

3.11 Social Considerations

Rare Earth Americas have not consulted with local communities during the exploration campaigns. The company's interactions were limited to rural landowners, solely for the purpose of facilitating access for exploration activities.

In 2023, Rare Earth Americas became members of the Management Council of the Serra do Ouro Environmental Protection Area. This conservation area is located in the municipality of Iguaí, and Project concessions 870701/2021, 872458/2016, 872003/2021 which host the Rio Preto deposit, are situated within its boundaries. Project concessions 872073/2016 and 872585/2015 which host the Sapacaia and Rio das Pombas deposits are partially covered by the Serra do Ouro Environmental Protection Area. As members, Rare Earth Americas are able to participate in council meetings.

3.12 Significant Factors and Risks That May Affect Access, Title, or Work Programs

To the extent known to McGarry Geoconsulting, there are no other significant factors and risks that may affect access, title, or the right or ability to perform work on the Project that are not discussed in this Report.

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4.0 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY

4.1 Physiography

The Project is situated in a topographic region known as the "Plateaus and Mountain Ranges of the East and Southeast Atlantic" (Ross, 1985). This region includes the eastern portion of Bahia State and encompasses a wide strip of land characterized by crystalline bedrock, forming a north-south running plateau approximately 100 km inland from the coast.

**4.1.1 Topography and Elevation**

The topography of the region is characterized by the following dominant features:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Parallel valleys: these valleys follow the general trend of the underlying bedrock geology, oriented north–northeast, and are occupied by seasonal drainage, banked by sloping pediment at elevations ranging from approximately 400–700 meters above sea level (masl);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Hills and upland plateaus: these features separate the parallel valleys and are covered by a deep regolith mantle. Intermittent drainage networks dissect the upland plateaus at elevations ranging from approximately 700–900 masl. The surrounding slope zones are often rounded, steep, and influenced by mass slope movement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Cross-cutting valleys: northwest-orientated valleys cut across the general relief described above. Valleys range in scale from minor to major topographic features. The largest valleys contain perennial rivers that flow east towards the Atlantic.

The elevation difference between the plateau tops and valley floors is up to 400 m but typically ranges from 100–200 m. Elevation and relief should be considered in planning ground exploration and drill access. Measures such as drill pad and access preparation, or man-portable modular drill rigs, may be required. However, terrain conditions are not expected to materially constrain exploration at the Project.

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**4.1.2 Vegetation**

Within the Project region, land is primarily used for cattle grazing, subsistence farming, and plantations. Upland plateaus often support denser primary vegetation. The Project lies within the Bahia Coastal Forests ecoregion (da Silva, 2018), which is characterized by primary Atlantic Forest (Mata Atlântica) with ombrophylous (thriving in heavy rainfall areas) tree cover (IBGE, 1993).

Project concessions 870701/2021, 872458/2016, and 872003/2021, which host the Rio Preto deposit, lie within the Serra do Ouro Environmental Protection Area. Concessions 872073/2016 and 872585/2015, which include the Sapacaia and Rio das Pombas deposits, are partially covered by the same conservation unit. The Serra do Ouro Environmental Protection Area was established because of the natural characteristics of the area covered, such as the remnants of the Atlantic Forest biome, especially fragments of semi-deciduous seasonal forest of ecological importance.

Remnants of native vegetation are primarily confined to steep-sided valleys and hillsides hitherto unsuitable for cattle grazing or other agricultural use. On the Rare Earth Americas concessions, these occur primarily along the valleys of the Rio Preto, Sapacaia, and Rio das Pombas deposits, with a significant forested area northwest of Nova Canaã in the Rio das Pombas area.

The presence of protected vegetation zones may limit access for exploration activities, require modified drilling methods, and influence mining of and the placement infrastructure to minimize environmental impacts and permitting requirements.

4.2 Accessibility

All Rare Earth Americas concessions are within approximately 35 km of Brazil's major federal highway BR-116 to the west and 80 km of BR-101 to the east. These highways provide direct access to the country's key infrastructure and industrial centers. The concessions can be easily reached from either highway, first by paved highway BA-262 which passes through the Sapacaia, Nova Canaã and Rio das Pombas deposits; and then by a network of partially paved and unpaved roads. All deposit areas are within 1–2 km of municipal road networks. Exploration sites within the concession areas can be accessed using off-road vehicles via existing agricultural tracks or tracks established by Rare Earth Americas through open pasture, plantations, or forests.

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4.3 Climate

The climate in the Project area is tropical savanna, classified as 'Aw' under the Köppen climate classification system.

The average annual temperature is about 22.3°C. The highest average temperatures are observed in March, reaching around 23.9°C. July is the coldest month, with temperatures averaging 20.2°C.

The annual precipitation in the area averages 633 mm. Rainfall is irregularly distributed, with most of the rain occurring from October–April.

**4.3.1 Length of Operating Season**

Field exploration operations can be conducted throughout the year except for short periods of intense rainfall during the summer season, which may diminish drilling capabilities.

Mining operations in the region, supported by the necessary infrastructure, operate year-round. It is expected that any future mining activity in the Project area would be year-round.

4.4 Infrastructure

The Project area is located approximately 270 km southwest of Salvador, the capital of Bahia State in Northeast Brazil.

The Project is surrounded by small population centers that are classified as cities and towns. The closest municipality to the Project center, Iguaí, has a population of approximately 27,000 and offers various amenities to support mineral exploration, including: food, accommodation, fuel, automotive services, and medical facilities. Within the Project area, there are several small settlements. The region's land use comprises primarily cattle grazing, subsistence farming, plantations (coffee, cocoa, cereals, and cassava), and tourism.

The Project is <500 km by road from Camaçari petrochemical complex that produces ammonium sulphate and sulfuric acid, which are key reagents required for any process plant treating the mineralization within the Project area.

The Port of Ilhéus, located about 120 km from the Project, can be accessed via highway BR-415 and could be used for the transportation of freight, heavy machinery, consumables, and mineral products associated with mining.

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**4.4.1 Water**

The concessions are crossed by three perennial rivers: Rio Preto, Rio do Vigário and the Rio das Pombas. The Project is situated on a hard-rock aquifer with low productivity (CPRM, 2010) that is not considered to be sensitive to mining extraction.

Piped water supplied by the state utility company can be accessed in the municipalities of Iguaí and Nova Canaã along highway BA-262, which passes through the permit area.

**4.4.2 Electricity and Power**

**4.4.3 Personnel**

All of the current manual labor requirements for the Project, which consist of exploration activities, are met by personnel from nearby communities.

Recruitment from outside the area may be required to secure experienced and competent senior personnel for mining operations.

**4.4.4 Supplies**

Salvador has a population of approximately three million and provides access to equipment, supplies, and manpower required for mining operations. The city is served by the Salvador Bahia International Airport. Additionally, the Project can be connected to transcontinental road and rail networks, as well as international maritime links.

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5.0 HISTORY

There is no known previous exploration for rare earth elements in the Project area prior to Rare Earths Americas' interest in the Project.

A regional-scale airborne geophysical survey was commissioned in 2006 by the Companhia Baiana de Pesquisa Mineral (CBPM), a state mineral research agency. The 18,000 km<sup>2</sup> high-resolution airborne magnetic and radiometric survey was completed at 500 m line spacings and covered the east and south of the Jequié Block. The survey identified a provincial-scale corridor of radiometric anomalies related to the Volta do Rio Plutonic Suite. This historical dataset was acquired by Rare Earth Americas.

In 2021, Alpha Minerals Brazil Participações Ltd, a wholly owned subsidiary of Rare Earth Americas, conducted a review of the CBPM regional-scale airborne geophysical surveys. Based on the presence of prospective anomalies associated with the Volta do Rio Plutonic Suite, exploration licenses were acquired by Alpha Minerals Brazil Participações Ltd, between 2021 and 2023.

Rare Earth Americas was created as the holding company for the Project in January 2023 with Alpha Minerals Brazil Participações Ltd, becoming a wholly owned subsidiary of Rare Earth Americas.

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6.0 GEOLOGICAL SETTING, MINERALIZATION, AND DEPOSIT

6.1 Deposit Type

The Project hosts rare earth element mineralization in the form of ionically adsorbed rare earth elements bound to clay minerals within the regolith developed over the crystalline basement. Although ionic adsorption clay deposits are not currently classified within the United States Geological Survey Mineral Deposit Model series, the deposit type is well defined in the geological literature.

Residual deposits of rare-earth element-bearing clays are termed ion-adsorption clays. These deposits associated are typically associated with weathered rare-earth element-enriched granites. Rare-earth elements released during the weathering of the granites and the breakdown of primary minerals are adsorbed by kaolin and other clay minerals such as halloysite.

During weathering, water and other agents break down the rock and minerals releasing rare-earth elements as trivalent ions into solution. These fluids then migrate downwards through the regolith and rare-earth element ions may become adsorbed within the interlayer spaces of clay minerals, such as kaolinite, halloysite, smectite or illite. The Project has areas that are prospective for such clay hosted rare-earth element mineralization and some of the tested clays display an ionic character.

The weathered, rare-earth element-rich zones typically range from 3–10 m thick, and can be divided into four layers based on mineralogy:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•An upper layer dominated by soil;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•A strongly weathered zone enriched in rare-earth elements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•A semi-weathered layer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•A weakly weathered zone with the same minerals as the original rock (Kanazawa and Kamitani, 2006).

The bedrock source of rare earth elements at the Project are granite gneisses enriched in thorium, uranium, and rare earth elements.

6.2 Regional Geology

The Project area is underlain by crystalline basement comprised of granites, gneisses, granulites and migmatites of Archean to Paleoproterozoic age, which are part of a major tectonic domain known as the São Francisco Craton (Heilbron et al. 2017).

The Project sits within the Jequié Block, a tectono-structural block of the northeastern São Francisco Craton that contains an assemblage of granitic intrusions and supracrustal rocks that have been metamorphosed to granulite facies (Fernandes et al., 2019).

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The Jequié Complex is located between the Gavião Block to the west and the Serrinha Block to the east (Figure 6-1).

**Figure 6-1: Regional Geology Plan**

![img79373654_5.jpg](img79373654_5.jpg)

Note: Figure prepared by Rare Earths Americas, 2025.

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Several tectonic cycles affected the Region, most significantly the Transamazonic Cycle at approximately 2.0 billion years ago which is responsible for the collision between the Jequié Block and the Serrinha block to the east. Their suture zone is marked by the Ipiaú Belt, a corridor of gneisses with intercalated amphibolite, quartz-feldspathic rocks, and granites.

6.3 Local Geology

The core of the Jequié Complex consists of undifferentiated granulites, migmatites, and supracrustal rocks. Contacts between these units are marked by regional-scale thrusts, shear zones, and younger felsic metaplutonic intrusions. These lithologies are most prominently exposed southwest of the Project, within the Nova Canaã deposit area.

At approximately 2.6 Ga, the Jequié Complex was intruded by the Volta do Rio and Poço Preto Plutonic Suites. These suites form large, north–northeast–south–southwest-trending batholiths that extend through the Project area and continue both to the north and south.

**6.3.1 Volta do Rio Suite** 

The Volta do Rio Suite, consists of high-potassium, slightly peraluminous, calcium-alkaline orthogneisses enriched in thorium, uranium and rare earth elements, which generate a pronounced gamma-spectrometric signature, easily distinguishable on regional aero geophysical maps, and characterizes it as a major source of the ionic clay-type mineralization found in the regolith in the area. The Volta do Rio Suite extends over a distance of 200 km (Fernandes et al., 2019) and reaches widths of up to 20 km (refer to Figure 6-1).

Significant units of the Volta do Rio Suite include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Rare earth element-bearing orthogneiss contains rare earth element mineralization in disseminated accessory apatite and chevkinite grains (Fernandes et al., 2019; Barbosa et al., 2004);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Coeval intermediate to ultramafic units including:

oIntermediate layered hornblendites and monzonites as concordant horizons of variable thicknesses (e.g. centimeters to tens of meters) within the orthogneiss, these units are reported to host accessory rare earth element minerals;

oUltramafic to gabbroic enclaves of ultra-high grade, possible layered cumulates of hornblende, chevkinite and apatite -britholite have been mapped by at numerous locations on the Volta do Rio Suite;

These units may be associated with occurrences of secondary monazite and +1% TREO grades in the Project area.

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6.4 Structure

A complex structural history is evident in the rocks in the Project area. Units of the Jequié block record multiple episodes of ductile deformation contemporaneous with the Transamazonic Cycle collision and associated high-grade metamorphism (Barbosa et al., 2004).

During Paleoproterozoic collision, large westward thrusts stacked rocks of the Ipiaú Belt and Serrinha Block on top of those in the Jequié Block. This deformation phase is associated with large isoclinal F1 folds with inclined axial planes that trend north-northeast and dip steeply to the west, these are affected by subsequent orthogonal F2 folds with axial planes striking east–southeast. The resulting fold interference pattern that controls the distribution of the prospective rocks of the Volta do Rio Suite.

With continued deformation, thrusts became sinistral transcurrent shear zones characterized by vertical foliation with sub horizontal lineation. As a result, the region is intensely affected by northeast–southwest-trending shear zones that bound, and may penetrate, major lithostratigraphic units including the Volta do Rio Suite.

Conjugate sets of later north–northwest- and west–northwest-oriented brittle fault structures cross-cut geological units at the Project. Faults are represented by fractures and tectonic brecciation with bedrock offsets at the deposit scale ranging from tens to hundreds of meters, and at the regional scale of many kilometers along the Rio do Vigario shear zone which truncates the Volta do Rio and Poço Preto Plutonic Suites and Ipiaú Belt to the south.

6.5 Regolith Profile

The weathering profile can be divided into a rare earth element-leached zone in the upper part of the profile and a rare earth element accumulation zone with more ion-exchangeable rare earth elements in the lower part of the profile. Laterite horizons are absent within the Project area.

Rare Earths Americas used a weathering intensity proxy for the identification of ionically adsorbed to clay rare earth element enrichment within the Project area. This is defined geochemically using the "chemical index of alteration" developed by Goldberg and Humayun (2010) and Nesbit and Young (1982). The chemical index of alteration is a recognized measure for chemical weathering during the production of clastic sediments, being the degradation of feldspars and the formation of clay minerals during weathering.

The chemical index of alteration is denoted with the following ratio:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•CIA = (Al2O3/Al2O3+ CaO\*+Na2O+K2O) × 100.

The weathering profile in the Project area is summarized by stratigraphic unit in Table 6-1. An example cross-section is provided as Figure 6-2.

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Bedrock exposure at the Project is limited to occasional outcrops at erosional scarps and along drainage channels. Due to poor exposure, mapping and effective remote sensing of bedrock at the deposit scale can be challenging.

**Table 6-1: Stratigraphic Column Through Weathering Profile**

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| | |
|:---|:---|
| &nbsp;&nbsp;**Profile Element** | &nbsp;&nbsp;**Note** |
| &nbsp;&nbsp;Mottled zone | &nbsp;&nbsp;CIA >95% indicates an extremely weathered mottled zone, averaging a depth of 5.5 m. Here, REE-bearing minerals dissolve in acidic soil water, transporting REEs downward as aqueous complexes or REE<sup>3+</sup>, creating a REE-leached zone with low REE grades |
| &nbsp;&nbsp;Saprolite  | &nbsp;&nbsp;CIA 65–95%, which has been drilled to an average depth of 14 m but typically extends to an average depth of 25 m in sonic drilling. In this zone, REE-bearing fluids mix with less acidic groundwater, causing REEs to become immobilized by adsorption to ionic clay or incorporation into secondary minerals |
| &nbsp;&nbsp;Saprolite accumulation zone  | &nbsp;&nbsp;Heavy rare earth oxide enrichment with depth. |
| &nbsp;&nbsp;Saprock | &nbsp;&nbsp;CIA 50–65% indicates saprock. The base of the saprock has not been tested, so its thickness is unknown |
| &nbsp;&nbsp;Fresh rock  | &nbsp;&nbsp;CIA <50% indicates fresh rock |

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Note: CIA = chemical index of alteration; REE = rare earth element(s).

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**Figure 6-2: Example Strip Log Stratigraphy, Drill Hole ST10944 (left) and Schematic Ionic Adsorption Clay Model (right)**

![img79373654_6.gif](img79373654_6.gif)

Note: Figure prepared by Rare Earths Americas, 2024.

6.6 Deposit Descriptions

**6.6.1 Rio Preto Deposit**

**Deposit Dimensions**

The Rio Preto deposit extends approximately 5,500 m north–south and 3,000 m east–west and has a surface area of 14 km². The average depth of the deposit is approximately 23 m.

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**Bedrock Geology**

The core of the deposit consists of granulites and migmatites of the Jequié Complex. Along the western and southeastern margins of the deposit, the Volta do Rio Plutonic Suite are repeated on the limbs of a regional fold. These units represent the main protolith and occupy the majority of the deposit area. A cross-section through the deposit is shown in Figure 6-3.

**Figure 6-3: Example Geological Cross Section Rio Preto**

![img79373654_7.jpg](img79373654_7.jpg)

Note: Figure prepared by McGarry Geoconsulting, 2025. Figure shows modelled regolith units and interpreted bedrock geology with drill samples colored by total rare earth oxide grade. TREO = total rare earth oxide.

**Regolith and Weathering**

The weathering profile includes soil, mottled zone, and saprolite horizons.

Soil thickness ranges from 0.3–to 6.8 m, averaging 0.9 m.

The mottled zone is well developed at higher elevations and thinner at valley bottoms. Typical thicknesses range between 7–13 m with an average of 11 m.

Saprolite is of variable thickness and has been intersected to depths of up to 49 m below surface on the s portion. It occurs at an average depth of 2.83 m, with typical thicknesses between 9–17 m, and the thickest intervals intersected along the slopes to the south of the River Preto.

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**Mineralization**

Ionic clay mineralization is encountered throughout the Rio Preto deposit, with significant rare earth grades exceeding 1,000 ppm total rare earth oxide (TREO) observed across the deposit. The highest-grade rare earth concentrations occur in the western and southeastern portions of the deposit, in proximity to the Volta do Rio Suite. In most areas, the regolith exhibits an ionic clay rare earth profile with leached upper horizons transitioning downward into a discontinuous rare earth accumulation zone, variably exposed by erosion and characterized by neodymium–praseodymium (NdPr):TREO ratios >20%.

In the highland plateaus, at elevations above 600 masl, the regolith profile comprises a thick, low-grade mottled zone overburden underlain by deeper saprolite horizons that remain poorly tested by auger drilling.

The slope zone, situated between the highland plateaus and lower pediment zones, is subject to higher rates of erosion and overburden removal. Consequently, the slope zone is considered more prospective for occurrences of thick rare earth element-mineralized saprolite at or near surface.

The rare earth profile remains only partially tested by auger drilling, with most holes terminating in mineralization. This relationship is illustrated in the example cross-section through the mineralization that was presented in Figure 6-3.

**6.6.2 Sapacaia Deposit**

**Deposit Dimensions**

The Sapacaia deposit has a defined north–south extent of approximately 6,000 m and an east–west extent of 1,900 m, covering a surface area of 12.1 km². The average depth of the deposit is approximately 24 m.

**Bedrock Geology**

The deposit is predominantly underlain by the Volta Do Rio Suite which is repeated on the limbs of a regional north–northeast-oriented fold which closes at the southern end of the deposit which reached a width of 2.5 km. The Volta do Rio Suite represents the main protolith of the regolith deposit. The core of the fold is occupied by granulites of the Jequié Complex forming a wedge shape. No significant structural features or fault systems have been mapped within the Sapacaia deposit area. A cross-section through the deposit is shown in Figure 6-4.

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**Figure 6-4: Example Geological Cross-Section Sapacaia**

![img79373654_8.jpg](img79373654_8.jpg)

Note: Figure prepared by McGarry Geoconsulting, 2025. Figure shows modelled regolith units and interpreted bedrock geology with drill samples colored by total rare earth oxide grade.

**Regolith and Weathering**

The regolith profile at Sapacaia is well preserved, exhibiting a complete and laterally extensive weathering sequence that includes soil, mottled zone, and saprolite horizons. The soil horizon is thin an average thickness of 1.1 m. It is discontinuously distributed across the property. The mottled zone is well developed across the entire deposit area and is typically 4–8 m thick, with an average of 6 m. It is locally shallower in areas of surface erosion and drainage concentration. The saprolite horizon is the most extensive weathered unit and hosts the majority of the rare earth mineralization. It occurs at an average depth of 7.3 m below surface, with typical thicknesses ranging from 14–21 m. The average modelled thickness is 13 m, and the maximum thickness is 40 m.

**Mineralization**

Rare earth mineralization is encountered throughout the Sapacaia deposit area. The highest-grade rare earth concentrations occur along the north–south trend of the folded Volta do Rio Suite protolith. Regolith mineralization is bounded by the occurrence of barren ultramafic rocks to the east and barren rocks of the Poço Preto Suite to the west.

The regolith exhibits an intermittent ionic clay rare earth profile, with enriched zones characterized by high NdPr:TREO ratios of 20% or more, indicative of remobilized rare earths in ionic clay horizons. These enriched zones are typically restricted to well-developed saprolite preserved on gentle hills as shown in the example cross-section in Figure 6-4.

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At elevations below 650 masl, the terrain is characterized by valleys and terraces with occasional bedrock exposures. In these areas, preservation of mineralized regolith is reduced due to erosion.

Within the Sapacaia deposit, auger drilling used to estimate the mineral resource intersected zones with rare earth oxide concentrations exceeding 1% TREO, accompanied by low leaching recoveries, along a north-south trend. An example is auger hole STI0731 (Figure 6-5) which contains a 3 m averaging 2.8% TREO from 10 m to 13 m, within a broader 9.8m interval averaging 1% TREO. These grades exceed the enrichment possible through ionic adsorption rare earth element to clay, and therefore the presence of rare earth minerals in regolith may reflect an underlying primary mineralization source within the magmatic bedrock stratigraphy of the Volta do Rio Plutonic Suite.

**Figure 6-5: Sapacaia Secondary REE Mineral Zone Geological Cross-Section**

![img79373654_9.jpg](img79373654_9.jpg)

Note: Figure prepared by McGarry Geoconsulting, 2025. Figure shows modelled regolith units and interpreted bedrock geology with drill samples colored by total rare earth oxide grade.

**6.6.3 Nova Canaã Deposit**

**Deposit Dimensions**

The Nova Canaã deposit extends approximately 2,400 m north–south and 2,340 m east–west, with a surface area of 3.8 km². The average depth of the deposit is approximately 25 m.

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**Bedrock Geology**

The deposit is centered on a north–northwest-oriented belt of the Volta do Rio Suite. To the west, felsic granulites of the Jequié Complex occur within a fault bound block over a 6 km strike length that is partially covered by Rare Earths Americas' concessions. These units are the main protolith and occupy most of the deposit area. No mapped structures have been identified in the area. A cross-section through the deposit is shown in Figure 6-6.

**Figure 6-6: Example Geological Cross-Section Nova Canaã**

![img79373654_10.jpg](img79373654_10.jpg)

Note: Figure prepared by McGarry Geoconsulting, 2025. Figure shows modelled regolith units and interpreted bedrock geology with drill samples colored by total rare earth oxide grade.

**Regolith and Weathering**

The regolith profile is well preserved, exhibiting a complete and laterally extensive weathering sequence that includes soil, mottled zone, and saprolite horizons.

The soil horizon is thin with an average thickness of 1 m.

The leached mottled zone is well developed across the entire deposit area, and is typically 4–8 m thick, with an average of 6 m. It is thickest along the ridge of felsic granulites at the west of the property and shallower in areas of surface erosion and drainage concentration.

The saprolite horizon is the most extensive weathered unit and hosts the majority of the rare earth mineralization. It occurs at an average depth of 7 m below surface, with typical thicknesses ranging from 16–22 m. The average modelled thickness is 18 m, and the maximum thickness is 42 m.

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**Mineralization**

Rare earth mineralization is encountered throughout the Nova Canaã deposit. The highest-grade rare earth concentrations occur along the VRPS belt and overlying the felsic granulites of the Jequié Complex.

The regolith overlying the Volta do Rio Suite exhibits a discontinuous ionic clay rare earth profile with grades above 1,000 ppm TREO over intervals of 5–20 m. At elevations below 650 masl, preservation of mineralized regolith is reduced due to erosion associated with the valleys and terraces of the Rio do Vigario, which occupies a northwest orientated regional shear zone.

To the west of this shear zone, the felsic granulites of the Jequié Complex form a topographic high with a well-developed ionic clay rare earth profile. A broad enriched zone spanning 1.5 km north–south and 300 m east–west is characterized by high NdPr:TREO ratios of 20% or more and grades >1,000 ppm TREO occurring over thickness of 10–20 m.

Within the Nova Canaã deposit, regolith has been found to contain significant rare earth mineralization, exemplified by a surface sample at the southern end of the deposit which returned a grade of 1.62% TREO (see discussion in Chapter 7). These rare earth grades exceed the enrichment possible in ionic clay deposits and are attributable to rare earth minerals, such as monazite, in the regolith, and may reflect an underlying bedrock mineralization source.

**6.6.4 Rio das Pombas Deposit**

**Deposit Dimensions**

The Rio das Pombas deposit extends approximately 2,400 m north–south and 2,340 m east–west, with a surface area of 3.8 km². The average depth of the deposit is approximately 25 m.

**Bedrock Geology**

The deposit is underlain by rock of the Volta do Rio Suite, granulites of the of the Jequié Block and Ipiaú Belt. These rocks represent the main protolith of the rare earth element deposits. The sequence occurs along the eastern limb of a regional fold. The main deposit is orientated north–south along this limb, with eastward continuation of the deposit into the Ipiaú Belt. A long-section through the northern portion deposit is shown in Figure 6-7, and the southern portion of the deposit in Figure 6-8.

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**Figure 6-7: Example Geological Long-Section Rio das Pombas North**

![img79373654_11.jpg](img79373654_11.jpg)

Note: Figure prepared by McGarry Geoconsulting, 2025. Figure shows modelled regolith units and interpreted bedrock geology with drill samples colored by total rare earth oxide grade.

**Figure 6-8: Example Geological Long-Section Rio das Pombas South**

![img79373654_12.jpg](img79373654_12.jpg)

Note: Figure prepared by McGarry Geoconsulting, 2025. Figure shows modelled regolith units and interpreted bedrock geology with drill samples colored by total rare earth oxide grade.

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**Regolith and Weathering**

The weathering profile includes soil, mottled zone, and saprolite horizons. Soil thickness can be up to 5.3 m, averaging 1 m. The mottled zone is discontinuous, with typical thicknesses between 6–12 m and an average of 9 m. Saprolite is of variable thickness and has been intersected to depths up to 65 m below surface in the southwestern portion. It occurs at an average depth of 10 m, with thicknesses ranging from 14–24 m.

**Mineralization**

Well-developed ionic clay mineralization is encountered along a north–northeast-oriented plateau cantered on the resistive granulites and migmatites of the Jequié Block and the Ipiaú Belt to the east. Ionic clay mineralization with significant rare earth grades exceeding 2,000 ppm TREO was intersected by auger drilling at the break of slope along the east and west of this plateau along a strike length of 7 km.

The regolith exhibits a well-developed ionic clay rare earth profile with leached upper horizons to depths of 5–20 m, which transitions downward into a rare earth accumulation zone. The ionic clay rare earth profile overlies the granulites and migmatites of the Jequié Block as shown in Figure 6-7 and Ipiaú Block as shown in Figure 6-8.

The rare earth profile is only partially tested by auger drilling at the deposit, and most drill holes end in mineralization.

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7.0 EXPLORATION

7.1 Exploration

**7.1.1 Grids and Surveys**

Exploration grids used to position drill holes are orientated to the geographic projection system SIRGAS 2000 Universal Transverse Mercator zone 24 South.

The geological modelling used a topographic digital terrain model derived from radar interferometry data obtained from the Shuttle Radar Topography Mission (SRTM) during February 2000. The SRTM 1-arc second (~30 m) digital terrain model used in the Project area has a typical vertical accuracy of ±10 m (90% confidence) and a horizontal accuracy of approximately ±20 m. Relative to the topography, surveyed collar coordinates have an average absolute difference of 5 m ranging from -28 m–21 m. To account for these differences, drill collars were projected on to the digital terrain model surface.

It is recommended that collar locations be surveyed using a method with higher accuracy than the current hand-held methods, such as differential global positioning system (GPS) instrument survey. In addition, a higher resolution topography survey should be undertaken to generate a digital terrain model that aligns with projected collar positions surveyed by differential GPS. A more accurate survey that captures topographic features in greater detail would benefit any future engineering studies and bulk sample excavation designs.

**7.1.2 Geological Mapping**

The bedrock geology is largely concealed beneath a deep regolith and soil cover. Exposures of weathered protolith are rare and primarily restricted to anthropogenic and natural excavations, including road cuts and drainage channels. Geological investigations have concentrated on these limited outcrops to validate published regional geological maps.

**7.1.3 Airborne Geophysics**

In 2006, Companhia Baiana de Pesquisa Mineral commissioned an 18,000 km<sup>2</sup> high-resolution regional-scale airborne magnetic and radiometric survey. The survey covered the east and south of the Jequié Block including what became the Alpha Project area.

The survey identified a provincial-scale corridor of radiometric anomalies related to the Volta do Rio Plutonic Suite. This corridor stretches over 200 km from north to south and has widths ranging from 10–20 km.

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In 2023 Rare Earth Americas acquired the CBMP survey data, and reprocessed raw data to an enhanced resolution cell size of 125 m<sup>2</sup>. Radiometric thorium equivalent (eTh) anomalies guided exploration targeting on the basis that the eTh signature was associated with rare earth element-bearing minerals in the bedrock and areas that were prospective for ionic adsorption clay deposits.

**7.1.4 Geochemistry**

During initial reconnaissance and prospecting in 2023, Rare Earth Americas collected 107 surface samples from limited regolith and bedrock exposures across its concessions for geochemical analysis.

Grab samples were collected from saprolite, saprock and float using a rock hammer to obtain representative fragments with an average weight of 1 kg. Rock fragments were placed in pre-numbered sample bags in the field and then transported to the company's exploration facility prior to shipment to the laboratory. Grab samples were collected from individual point locations and do not represent continuous sampling along the mineralized system.

After collection in the field, grab samples were placed in sealed plastic bags that were then placed into larger polyweave bags labelled with the sample IDs inside and transported to the company's secure warehouse.

Sample results are summarized in Table 7-1 and shown in

Figure 7-1, superimposed on the regional airborne survey within the Project area.

**Table 7-1: 2023 Summary of Surface Samples**

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|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Tenement** | &nbsp;&nbsp;**Count** | &nbsp;&nbsp;**TREO (ppm)** | &nbsp;&nbsp;**TREO (ppm)** | &nbsp;&nbsp;**TREO (ppm)** |
| &nbsp;&nbsp;**Tenement** | &nbsp;&nbsp;**Count** | &nbsp;&nbsp;**Min** | &nbsp;&nbsp;**Average** | &nbsp;&nbsp;**Max** |
| &nbsp;&nbsp;*Concessions Hosting Mineral Resources* | &nbsp;&nbsp;*Concessions Hosting Mineral Resources* | &nbsp;&nbsp;*Concessions Hosting Mineral Resources* | &nbsp;&nbsp;*Concessions Hosting Mineral Resources* | &nbsp;&nbsp;*Concessions Hosting Mineral Resources* |
| &nbsp;&nbsp;872458/2016 | &nbsp;&nbsp;24 | &nbsp;&nbsp;106.9 | &nbsp;&nbsp;946.5 | &nbsp;&nbsp;3684.4 |
| &nbsp;&nbsp;872003/2021 | &nbsp;&nbsp;1 | &nbsp;&nbsp;243.9 | &nbsp;&nbsp;243.9 | &nbsp;&nbsp;243.9 |
| &nbsp;&nbsp;872073/2016 | &nbsp;&nbsp;9 | &nbsp;&nbsp;86.2 | &nbsp;&nbsp;1737.2 | &nbsp;&nbsp;5962.7 |
| &nbsp;&nbsp;870377/2012 | &nbsp;&nbsp;14 | &nbsp;&nbsp;84.2 | &nbsp;&nbsp;350.1 | &nbsp;&nbsp;975.4 |
| &nbsp;&nbsp;874490/2011 | &nbsp;&nbsp;29 | &nbsp;&nbsp;27.4 | &nbsp;&nbsp;987.3 | &nbsp;&nbsp;16194.1 |
| &nbsp;&nbsp;870340/2013 | &nbsp;&nbsp;7 | &nbsp;&nbsp;94.2 | &nbsp;&nbsp;284.3 | &nbsp;&nbsp;822.6 |
| &nbsp;&nbsp;871567/2015 | &nbsp;&nbsp;7 | &nbsp;&nbsp;247.4 | &nbsp;&nbsp;528.0 | &nbsp;&nbsp;1178.8 |
| &nbsp;&nbsp;872585/2015 | &nbsp;&nbsp;6 | &nbsp;&nbsp;21.8 | &nbsp;&nbsp;188.7 | &nbsp;&nbsp;402.4 |
| &nbsp;&nbsp;*Other Concessions* | &nbsp;&nbsp;*Other Concessions* | &nbsp;&nbsp;*Other Concessions* | &nbsp;&nbsp;*Other Concessions* | &nbsp;&nbsp;*Other Concessions* |
| &nbsp;&nbsp;870701/2021 | &nbsp;&nbsp;10 | &nbsp;&nbsp;67.2 | &nbsp;&nbsp;396.2 | &nbsp;&nbsp;1380.4 |

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**7.1.5 Qualified Person's Interpretation of the Exploration Information**

Exploration information obtained by Rare Earth Americas is predominantly derived from auger holes drilled on a regular grid across the exploration concessions. This method provides an efficient means of defining regolith horizons and identifying rare earth enrichment within the saprolite, which typically begins at depths of around 5 m in the Project area.

Significant results from widely spaced auger drilling are subsequently followed up with tighter infill drill grids, enabling Rare Earth Americas to vector zones of higher rare earth enrichment. This technique has generated the majority of the data used to delineate and estimate the current mineral resources.

Auger drilling is limited in penetration, reaching a maximum of approximately 30 m, and commonly 10–15 m where refusal is encountered due to hard ground or groundwater. This depth constraint results in only partial characterization of the regolith profile and may leave deeper mineralized zones untested.

The exploration programs completed by Rare Earth Americas to the Report date are appropriate for the style of mineralization; however, alternative methods such as sonic or aircore drilling could provide more comprehensive regolith profiles and improve the assessment of deeper mineralization.

To the Report date surface grab sampling has not yet materially influenced targeting, though future follow-up may demonstrate correlations with broader mineralized zones and validate the method.

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**Figure 7-1: Surface Sample Location Map**

![img79373654_13.jpg](img79373654_13.jpg)

Note: Figure prepared by Rare Earths Americas, 2025. Map underlay from the regional airborne radiometric survey.

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**7.1.6 Exploration Potential**

**Ionic Clay Mineralization**

The extent of the mineral resource models is predominantly limited by the availability of exploration data and by tenement boundaries. Although individual rare earth element-bearing horizons may pinch out, many deposit areas are open at depth and also have potential for the delineation of well mineralized ionic adsorption clay zones, highly enriched in rare earth elements.

Auger holes have limited depth penetration and drill holes typically provide only a partial profile of mineralized saprolite at the project. As highlighted in auger holes, STI0132, STI0133 and STI0127 at Rio Preto (refer to Figure 6-3, drill holes were used to estimate mineral resources) and auger holes STI0534, STI0954 at Rio das Pombas North (refer to Figure 6-7, drill holes were used to estimate mineral resources), auger drilling commonly terminated in mineralization. There is potential to extend the mineralization model deeper with core drilling.

The most intense enrichment Ionic clay mineralization by mobilized rare earth elements occurs in slope zones and within the deep regolith mantle of hilltops. The close association between topography and ionic adsorption clay mineralization means there is potential to delineate higher-grade zones with targeted infill drilling by auger or core drilling methods at prospective terrain features.

**Secondary Monazite in Regolith**

Within the Sapacaia and Nova Canaã deposits, auger drilling used in the mineral resource estimate has encountered rare earth elements at particularly high concentrations with elevated phosphorus, thorium and uranium incompatible with ionic adsorption clay mineralization. Anomalous results from regolith samples obtained by auger and surface sampling are consistent with the presence of secondary regolith-hosted rare earth minerals such monazite.

In the extent of the current mineral resource model, rare earth oxide concentrations >1% and low leaching recovery, are encountered over a north–south corridor approximately 3.5 km long extending from STI0770 in the north to STI0031 in the south (Figure 7-2). These results, presented in Table 7-2, are indicative of secondary rare earth minerals that are not amenable to recovery through the proposed ionic absorbent clay processing route. Targeted infill drilling has the potential to refine the current deposit model by delineating a zone of rare earth mineral enrichment within the regolith, which could then be excluded from the ionic absorbent clay resource model and assessed for alternative processing methods.

These findings demonstrate potential for high-grade rare earth mineralization within the Project concessions. The presence of secondary rare earth minerals in the regolith may also serve as an effective pathfinder for primary rare earth mineralization in the underlying bedrock associated with the Volta do Rio Suite.

Date: 25 March 2026 Page 7-5

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| ![img79373654_2.jpg](img79373654_2.jpg) | www.rareearthsamericas.com |
|  | Alpha Project<br>Bahia, Brazil<br>Technical Report Summary |

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**Figure 7-2: Secondary Monazite Mineralization Occurrences**![img79373654_14.jpg](img79373654_14.jpg)

Note: Figure prepared by Rare Earths Americas, 2025. Map underlay from the regional airborne radiometric survey.

Date: 25 March 2026 Page 7-6

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| ![img79373654_2.jpg](img79373654_2.jpg) | www.rareearthsamericas.com |
|  | Alpha Project<br>Bahia, Brazil<br>Technical Report Summary |

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**Table 7-2: Intercepts with Geochemical Indicative of Secondary Monazite Mineralization**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Hole ID** | **Target** | **From <br>(m)** | **To <br>(m)** | **Interval1**<br>**(m)** | **TREO <br>(%)** | **NdPr2 <br>(ppm)** | **DyTb3 <br>(ppm)** |
| &nbsp;&nbsp;&nbsp;SDI0031 | &nbsp;&nbsp;&nbsp;Nova Canaã | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;2584 | &nbsp;&nbsp;&nbsp;773 |
| &nbsp;&nbsp;&nbsp;SDI0031 | &nbsp;&nbsp;&nbsp;Nova Canaã | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.30 | &nbsp;&nbsp;&nbsp;5711 | &nbsp;&nbsp;&nbsp;1075 |
| &nbsp;&nbsp;&nbsp;STI0679 | &nbsp;&nbsp;&nbsp;Sapacaia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;2377 | &nbsp;&nbsp;&nbsp;115 |
| &nbsp;&nbsp;&nbsp;STI0679 (open at depth) | &nbsp;&nbsp;&nbsp;Sapacaia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp;&nbsp;2440 | &nbsp;&nbsp;&nbsp;114 |
| &nbsp;&nbsp;&nbsp;STI0731 | &nbsp;&nbsp;&nbsp;Sapacaia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;2325 | &nbsp;&nbsp;&nbsp;186 |
| &nbsp;&nbsp;&nbsp;STI0731 | &nbsp;&nbsp;&nbsp;Sapacaia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.90 | &nbsp;&nbsp;&nbsp;12368 | &nbsp;&nbsp;&nbsp;513 |
| &nbsp;&nbsp;&nbsp;STI0731 | &nbsp;&nbsp;&nbsp;Sapacaia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp;&nbsp;2777 | &nbsp;&nbsp;&nbsp;144 |
| &nbsp;&nbsp;&nbsp;STI0770 | &nbsp;&nbsp;&nbsp;Sapacaia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;2988 | &nbsp;&nbsp;&nbsp;142 |
| &nbsp;&nbsp;&nbsp;STI0890 (open at depth) | &nbsp;&nbsp;&nbsp;Sapacaia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40 | &nbsp;&nbsp;&nbsp;2332 | &nbsp;&nbsp;&nbsp;818 |

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Notes:

1. Vertical down hole lengths are interpreted to correspond to true thickness of flat-lying regolith mineralization

2. Nd = neodymium; Pr = praseodymium

3. Dy = dysprosium; Tb = terbium.

7.2 Drilling

**7.2.1 Overview**

All drilling was completed on behalf of Rare Earths Americas, and consisted of auger, sonic and diamond core drilling.

**Drilling Used in Estimation**

The mineral resource estimate was based on all drilling data completed on the Project up to the completion of the final auger hole on July 16, 2024. No drilling was conducted after this date.

Assay data is available for all drill holes. Results from the final batch of assays were received on August 13, 2024. This date represents the data cutoff date for mineral resource estimate. No new drilling results or assay data have been received after this date.

**Drilling Excluded for Estimation Purposes**

All drill data obtained by Rare Earth Americas was used for resource estimation purposes.

Date: 25 March 2026 Page 7-7

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|  | Alpha Project<br>Bahia, Brazil<br>Technical Report Summary |

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**Drilling Methods**

Between March 2022 and July 2024, Rare Earths Americas conducted:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•936 auger drillholes, totaling 15,422 m of drilling, of which assay data is available for 924 holes amounting to 15,224 m. All holes were drilled vertically.

Additionally, a roto-sonic drill rig (Eijkelkamp Compact RotoSonic V) was employed to drill:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•15 sonic holes amounting to 398 m of drilling of which assay data are available for each hole and totaling 361 m of drilling. All holes were drilled vertically;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•30 core drill holes amounting to 1,013 m of drilling of which assay data is available for each hole and 702 m of drilling. All holes were drilled vertically.

As of August 13, 2024, drill data cut-off date for estimation purposes, lithology data were available for all drill holes.

A drill summary table for the drill holes used in estimation is provided in Table 7-3 for each mineral resource area. Collar locations are shown in Figure 7-3.

**Drilling Since Database Cut-off Date**

No drilling has been completed at the Project since the resource estimation cut-off date.

**7.2.2 Drill Methods**

No exploration drilling for rare earths was conducted on the property prior to Rare Earths Americas' interest in the Project.

Date: 25 March 2026 Page 7-8

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| ![img79373654_2.jpg](img79373654_2.jpg) | www.rareearthsamericas.com |
|  | Alpha Project<br>Bahia, Brazil<br>Technical Report Summary |

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**Figure 7-3: Property Drill Collar Location Plan**

![img79373654_15.jpg](img79373654_15.jpg)

Note: Figure prepared by Rare Earths Americas, 2025. REA = Rare Earths Americas

Date: 25 March 2026 Page 7-9

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| ![img79373654_2.jpg](img79373654_2.jpg) | www.rareearthsamericas.com |
|  | Alpha Project<br>Bahia, Brazil<br>Technical Report Summary |

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**Table 7-3: Drill Summary Table Supporting Mineral Resource Estimates** 

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Type** | **Count** | **Average <br>Depth (m)** | **Maximum**<br>**Depth (m)** | **Drilled**<br>**Meters** | **Assayed**<br>**Meters** |
| Rio Preto | Sonic | 13 | 25.1 | 56.0 | 326.2 | 296 |
| Rio Preto | Auger | 261 | 16.1 | 30.0 | 4191.5 | 3998 |
| Sapacaia | Auger | 130 | 16.5 | 30.0 | 2149.6 | 2150 |
| Nova Canaã | Core | 7 | 49.2 | 70.8 | 344.2 | 228 |
| Nova Canaã | Auger | 143 | 12.8 | 30.0 | 1834.4 | 1834 |
| Rio das Pombas | Core | 23 | 29.1 | 51.5 | 668.4 | 474 |
| Rio das Pombas | Sonic | 2 | 36.0 | 42.0 | 72.0 | 65 |
| Rio das Pombas | Auger | 402 | 18.0 | 30.0 | 7246.3 | 7241 |
| **Total** | **Core** | **30** | **33.8** | **70.8** | **1013** | **702** |
| **Total** | **Sonic** | **15** | **26.5** | **56** | **398** | **361** |
| **Total** | **Auger** | **936** | **16.5** | **30** | **15422** | **15224** |

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**Auger**

Between March 2022 and July 2024, Rare Earths Americas conducted a large-scale auger drill program across the property totaling 15,422 m in 936 holes. Auger drilling was carried out by Alpha Minerals Brazil Participações Ltda., a wholly owned subsidiary of Rare Earth Americas, using a handheld petrol-powered auger.

Auger drilling was conducted using a 0.05 m diameter x 0.4 m long clay soil auger bucket with 0.5 m to 1 m long rods. The auger bucket was advanced by adding rods until either groundwater was reached (which degrades sample quality) or refusal due to rock or hard saprolite. Auger drilling has a maximum operational depth limit of 30 m, with the average hole depth being 16 m.

Each bucket generated approximately 1.5 kg of sample material, which was recovered directly from the auger bucket, and placed onto a white polypropylene tarp to align with its likely in-situ position, geologically logged in the field, and a representative fraction was retained in a chip tray for reference.

Each auger sample was photographed in its natural condition before transport to the exploration facility, showing auger hole number and drill run lengths.

**Sonic**

Between October 2023 and February 2024, Rare Earths Americas conducted a targeted sonic drill program primarily focused on the southern portion of the Rio Preto deposit area and totaling 398 m in 15 holes. Sonic drilling was carried out by Brazil Royalty Corp. Participações e Investimentos Ltda under contract to Alpha Minerals, using an Eijkelkamp Compact RotoSonic V.

Date: 25 March 2026 Page 7-10

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|  | Alpha Project<br>Bahia, Brazil<br>Technical Report Summary |

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Sonic drilling using a 2 m long single wall barrel to obtain a 7.6 cm diameter core or a 2 m long double wall core barrel to obtain a 6.8 cm diameter core. The drill string was advanced until encountering rock, hard boulders, or operational limits.

When encountering the water table or poor recovery, an outer casing was used, and water was utilized as a drilling fluid to aid in extracting material from the core barrel. The maximum operational depth limit of the sonic drill rig was 60 m, with an average hole depth of 27 m at the Alpha Project.

Drill core was collected directly from the core barrel, placed in pre-labelled core trays, and run interval depths were recorded. The core was then transported to the exploration facility for further processing. The core was transported from the drill site to logging facilities in covered boxes with utmost care. At the logging facility, broken core was re-aligned to its original position as closely as possible.

The diamond and sonic drill core was measured to assess recovery, then geologically logged and photographed wet in core boxes immediately before sampling. Core photos showed sample numbers and drill run lengths. All drill cores were logged at exploration facilities by logging geologists.

**Core Drilling** 

Between February 2024 and April 2024, Rare Earths Americas conducted a targeted diamond drill program at the southern portion of the Rio das Pombas deposit area totaling 1,013 m in 30 holes also using the RotoSonic rig with an operation depth limit of 200 m.

The average diamond drill hole depth is 38 m. Drill core was recovered from surface to the target depth. All core drill holes were completed using a 3.05 m long single wall barrel. Holes were collared using HQ drill, producing 63.5 mm diameter core, and advanced with NQ rods, producing 47.6 mm diameter core, once fresh, and unoxidized bedrock was encountered. Water was used as a drilling fluid as necessary and to aid in extruding material from the core barrel.

**7.2.3 Logging**

For auger, sonic and diamond drill holes, logging included qualitative determinations of primary and secondary lithology units, weathering profile units, as well as the color and textural characteristics of the soil and rock.

Global positioning system (GPS) coordinates and geological logging data for all drill holes were captured in a Microsoft Excel spreadsheet and uploaded to the Project database. These data were collected in sufficient detail to support mineral resource estimation.

McGarry Geoconsulting notes that the regolith domains are assigned using a chemical index of alteration (refer to Chapter 6.5). However, the relationship between calculated chemical index of alteration, weathering intensity, and rare earth element accumulation may vary between different locations and bedrock types. In addition to visual inspection of the core, additional physical and geochemical parameters should be used to ensure correct determination regolith domains.

Date: 25 March 2026 Page 7-11

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| ![img79373654_2.jpg](img79373654_2.jpg) | www.rareearthsamericas.com |
|  | Alpha Project<br>Bahia, Brazil<br>Technical Report Summary |

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**7.2.4 Recovery**

Auger samples were checked by the technician at the rig to ensure they represented the interval drilled. Fallen material was removed before sample collection.

If poor recovery was encountered during sonic drilling, then drill speed was decreased. Persistent poor recovery at the beginning of a hole resulted in redrilling at a nearby location. Casing was used to minimize fallback.

Recovered auger sample material, and sonic and diamond drill core, was measured, and recovery expressed as a percentage recorded in the database. Recovery rates for auger drilling in regolith is 99%. The average recovery for sonic core drilling in regolith is 95%. The average recovery for diamond core drilling is 78% in regolith and 95% in rock.

For core drilling methods, poor recoveries less than 85% typically occur 5–10 m below surface in areas of unconsolidated cover. There was no observed relationship between sample recovery and grade or sample bias due to preferential loss or gain of fine or coarse material.

**7.2.5 Collar Surveys**

Drill collars were located using a handheld GPS with ±3–5 m horizontal accuracy (95% confidence) in open sky conditions. The datum used was SIRGAS 2000 UTM 24S. The digital elevation model used has a has a lateral resolution of 30 m and a typical vertical accuracy of ±10 m (90% confidence). The accuracy of the locations is sufficient to support the inferred mineral resource confidence classification assigned in Chapter 11.

**7.2.6 Down Hole Surveys**

No down hole surveys were completed on any of the drill holes due to their shallow depths. While several sonic and diamond core holes have depths up to 70.8 m, the vertical holes are expected to have limited deviation of the drill hole trace.

**7.2.7 Drilled Versus True Thickness** 

All intercepts reported are down hole lengths.

The mineralization is interpreted to be flat in the weathered profile, so the drilling is vertically perpendicular to mineralization and drilled mineralization thickness is interpreted to correspond to true thickness. The selected vertical drill orientation is applicable to the horizontal regolith mineralization..

Date: 25 March 2026 Page 7-12

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| ![img79373654_2.jpg](img79373654_2.jpg) | www.rareearthsamericas.com |
|  | Alpha Project<br>Bahia, Brazil<br>Technical Report Summary |

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**7.2.8 Drill Hole Spacing**

The ion-adsorption clay mineralization formed by deep and widespread weathering of regional-scale rare earth element-enriched meta-plutonic rocks. This process results in laterally extensive rare earth element-enriched horizons within in regolith saprolite horizons. The continuity of saprolite, and rare earth enrichment within it, can be established at a low resolution with widely spaced drilling. Drill hole spacing varies across the Project area from a maximum grid size of 320 m spacings which is infill drilled using a diamond pattern to 225 m spacings. The distribution is sufficient to establish the degree of geological and grade continuity appropriate for an inferred mineral resource confidence classification.

At smaller scales, geomorphic and hydrological processes result in localized zones of rare earth depletion and enrichment, as well as removal of prospective regolith horizons due to erosion. These features are well defined in more densely drilled areas where infill drilling was conducted on a tighter grid spacing of 160 m. This spacing may be sufficient to support indicated mineral resource confidence categories, if sources of uncertainty associated with elevation accuracy and metallurgical recovery are addressed, and supported by an updated initial assessment.

**7.2.9 Comment on Material Results and Interpretation**

Drilling, collar surveying, and geological logging were completed in accordance with industry-standard practices for ionic adsorption clay deposits. Drill collars were located using handheld GPS (SIRGAS 2000 UTM 24S). No downhole surveys were conducted due to the shallow nature of the drilling, with auger, sonic, and core holes drilled to depths generally less than 50 m. The short, vertical holes are expected to exhibit minimal deviation, resulting in low positional uncertainty.

For auger samples which make up 93.5% of the resource database, recovery was consistently high, approaching 100%. Diamond and sonic drilling methods make up 4.3% and 2.2% of the resource database respectively. For sonic drilling recovery in regolith was 95%. For diamond drilling recovery in regolith was 78%. Recovery was measured systematically and recorded in the project database. No correlation between recovery and grade was observed, and there is no indication of sampling bias from gain or loss of specific size fractions. Drilling methods, recovery rates, and logging procedures are considered appropriate to support mineral resource estimation.

The geological model is consistent with a regolith-hosted rare earth deposit, where mineralization occurs as ion-adsorbed clays within the weathered profile. The typical profile includes a leached upper soil and mottled zone, underlain by a saprolite horizon that hosts the majority of rare earth element enrichment. Mineralization is laterally continuous and flat lying, with vertical drilling producing intercepts that closely approximate true thickness.

Drilling has consistently intersected significant rare earth element-bearing saprolite, frequently exhibiting magnet rare earth oxide (MREO) enrichment with depth. More recent drilling has identified high-grade monazite sand mineralization associated with the Volta do Rio Suite, a geologically prospective unit extending across tenement area.

Date: 25 March 2026 Page 7-13

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|  | Alpha Project<br>Bahia, Brazil<br>Technical Report Summary |

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Drill hole spacing ranges from approximately 320 m (with diamond-pattern infill) to 225 m, sufficient to support an inferred mineral resource confidence classification. In localized areas with 160 m spacing, data density may support an indicated classification.

Based on the available data, drilling and logging are adequate to support mineral resource estimation.

7.3 Hydrogeology

Detailed hydrological investigations have not yet commenced for this early-stage project.

Auger drilling completed to date has recorded depths at which drilling was halted due to water inflow into the drill holes. Those data are summarized in Table 7-4 for each deposit area. In general, water-related stoppages occur infrequently across all deposit areas, typically in proximity to drainage channels at depths of 10–20 m.

In such places, results may be indicative of local groundwater conditions. The mineral resource model and associated constraining pit shells often extend well below these recorded depths, highlighting the requirement for dedicated hydrological characterization work as the Project advances.

**Table 7-4: Summary of water-related drilling stoppages in deposit areas**

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Target** | &nbsp;&nbsp;**Water Stoppage <br>Count** | &nbsp;&nbsp;**Holes Stopped (%)** | &nbsp;&nbsp;**Mean Stoppage Depth (m)** | &nbsp;&nbsp;**Comments** |
| &nbsp;&nbsp;Rio Preto | &nbsp;&nbsp;49 | &nbsp;&nbsp;19 | &nbsp;&nbsp;17.6 | &nbsp;&nbsp;Water in auger drilling distributed across the deposit and is more common in holes next to drainage channels and rivers. The majority of holes ended in rock. |
| &nbsp;&nbsp;Sapacaia | &nbsp;&nbsp;30 | &nbsp;&nbsp;23 | &nbsp;&nbsp;18.2 | &nbsp;&nbsp;Water in auger drilling distributed across the deposit and is more common in holes next to drainage channels and rivers. The majority of holes ended in rock. |
| &nbsp;&nbsp;Nova Canaã | &nbsp;&nbsp;12 | &nbsp;&nbsp;8 | &nbsp;&nbsp;9.8 | &nbsp;&nbsp;Water stoppages are limited to areas surrounding the confluence of drainage channels in the eastern portion of the tenement surrounding a drainage channel |
| &nbsp;&nbsp;Rio das Pombas | &nbsp;&nbsp;64 | &nbsp;&nbsp;16 | &nbsp;&nbsp;15.9 | &nbsp;&nbsp;Water stoppages predominantly occur in the northern portion of the deposit and in the east in areas surrounding the Rio das Pombas |

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7.4 Geotechnical

Detailed geotechnical investigations have not yet commenced.

Core recovery data collected as part of drill hole logging indicated that there was no observed relationship between sample recovery and grade or sample bias due to preferential loss or gain of fine or coarse material (refer to Chapter 7.2.4.)

Date: 25 March 2026 Page 7-14

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| ![img79373654_2.jpg](img79373654_2.jpg) | www.rareearthsamericas.com |
|  | Alpha Project<br>Bahia, Brazil<br>Technical Report Summary |

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8.0 SAMPLE PREPARATION, ANALYSES, AND SECURITY

8.1 Sampling Methods

Auger, sonic and drill core sub-samples submitted for assaying had an average weight of 1 kg. Grab samples had an average weight of 1 kg. For all sample types, field duplicates were completed at a frequency of 1:20 samples.

**8.1.1 Auger**

Collected sample interval lengths were 1 m, with some variation depending on sample recovery and geological unit boundaries.

Auger samples were sieved through a 10 x 10 mm screen. The oversized material was mechanically pulverized and re-combined with the undersized material on a plastic tarpaulin. The sample was homogenized by working it back and forth on the tarpaulin and then split using the cone and quarter method to produce sub-samples for assaying and archiving. The split for assay was placed in pre-numbered sample bags for shipment to the laboratory, while the remaining portion was bagged and stored onsite in a secure warehouse.

Samples were processed with natural moisture content, and those too wet for effective screening were air-dried naturally prior to processing.

To minimize cross-contamination, sampling tools were cleaned using water and compressed air between samples. Any plastic sheeting or tarpaulins used in sample collection and preparation were replaced between samples.

**8.1.2 Sonic and Core** 

Core from sonic drilling was split to obtain quarter core sub-samples for assaying. Core sample intervals were typically 1 m in length, with a minimum of 0.55 m and a maximum of 2.0 m, taking into account lithological boundaries. The right side of the core was consistently sampled, and the bottom half retained in the core tray for archiving. The core was split into two quarter-core samples using a knife. One quarter-core sample was designated for assay testing, while the other was preserved as an archive sample. The quarter-core sample allocated for assay was placed in pre-numbered sample bags and prepared for shipment to the laboratory for analysis. The remaining half of the core was retained in the core tray for reference.

Date: 25 March 2026 Page 8-1

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|  | Alpha Project<br>Bahia, Brazil<br>Technical Report Summary |

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**8.1.3 Grab Samples**

Grab samples are collected from outcropping material using a rock hammer to obtain fragments of material for analysis. Grab samples represent single location points and do not represent a continuous sample along any length of the mineralized system. After collection in the field, grab samples were placed in sealed plastic bags labelled with sample IDs inside and transported to the company's secure warehouse.

8.2 Sample Security Methods

Sample chain of custody was wholly managed by Rare Earths Americas.

After collection, exploration samples were bagged in sealed plastic bags, placed into polyweave sacks, labelled with the sample numbers, and transported to the company's warehouse.

A local courier transported the samples to the analytical laboratory. A copy of all waybills related to the sample forwarding was secured from the expediter. An electronic copy of each submission was forwarded to the laboratory to advise them of the incoming sample shipment.

Once the samples arrived at the laboratory, Rare Earths Americas was notified by laboratory manager and any non-compliance was reported. The laboratory checked the packages and at the Report date, had not notified Rare Earths Americas of any sample-related security issues.

8.3 Density Determinations

Density measurements were completed on 163 fragments of sonic drill core, typically about 10 cm in length and 300 cm<sup>3</sup> in volume, collected from across deposit. The water displacement method was used for density measurement.

A representative sample was selected from the drill core and dried in an oven for 24 hours at 60ºC. The sample was weighed both before and after drying so that the moisture content of the samples can be calculated.

The dry bulk density of the sample was determined using the displacement method once the sample was dry. Porous regolith samples were tightly covered in plastic wrap prior to immersion in water to prevent the sample from disintegrating in water. Care was taken to avoid trapping air spaces between the plastic wrap and the sample. The temperature of the water was measured to determine its density for use in the following equation:

![img79373654_16.jpg](img79373654_16.jpg)

All measurements were completed by Rare Earths Americas personnel and are summarized in Table 8-1. Simple averages generated for each material type were assigned to mineral resource models for each deposit.

Date: 25 March 2026 Page 8-2

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| ![img79373654_2.jpg](img79373654_2.jpg) | www.rareearthsamericas.com |
|  | Alpha Project<br>Bahia, Brazil<br>Technical Report Summary |

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**Table 8-1: Bulk Density Determinations** 

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|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Material** | &nbsp;&nbsp;**Count** | &nbsp;&nbsp;**Avg. Moisture <br>(%)** | &nbsp;&nbsp;**Dry Bulk Density (t/m**<sup>3</sup>**)** | &nbsp;&nbsp;**Dry Bulk Density (t/m**<sup>3</sup>**)** | &nbsp;&nbsp;**Dry Bulk Density (t/m**<sup>3</sup>**)** |
| &nbsp;&nbsp;**Material** | &nbsp;&nbsp;**Count** | &nbsp;&nbsp;**Avg. Moisture <br>(%)** | &nbsp;&nbsp;**Min** | &nbsp;&nbsp;**Max** | &nbsp;&nbsp;**Average** |
| &nbsp;&nbsp;Mottled Zone | &nbsp;&nbsp;77 | &nbsp;&nbsp;9.4 | &nbsp;&nbsp;1.4 | &nbsp;&nbsp;2.1 | &nbsp;&nbsp;1.7 |
| &nbsp;&nbsp;Saprolite | &nbsp;&nbsp;86 | &nbsp;&nbsp;5.5 | &nbsp;&nbsp;1.3 | &nbsp;&nbsp;2.2 | &nbsp;&nbsp;1.7 |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;**163** | &nbsp;&nbsp;**7.3** | &nbsp;&nbsp;**1.3** | &nbsp;&nbsp;**2.2** | &nbsp;&nbsp;**1.7** |

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8.4 Analytical and Test Laboratories

SGS Geosol in Vespasiano, Minas Gerais, Brazil (SGS Geosol) has been the primary assay laboratory for the Project since mineral exploration sampling commenced in March 2022. SGS Geosol is independent of Rare Earths Americas and holds ISO 9001 certification and 17025 accreditations. Approximately 74% of the assays (3,642 samples) in the database were generated by SGS Geosol.

In early 2024, Rare Earths Americas began periodically sending drill samples for preparation to ALS Belo Horizonte, Brazil (ALS Belo Horizonte) and with assaying completed at the ALS Lima facility in Peru (ALS Lima). ALS Belo Horizonte and ALS Lima are independent of Rare Earths Americas, and both hold ISO 17025 accreditations and ISO 9001 certification. Approximately 26% of the assays (1,293 samples) in the database were generated by ALS Lima.

8.5 Sample Preparation

At SGS Geosol, samples were initially dried at 105ºC for 24 hours. Samples were crushed to 75% passing 3 mm and the sample weight was recorded. The sample was reduced on a rotary splitter and then 250–300 g of the sample was pulverized to 95% passing 75 µm. A 50 g aliquot was assayed. Residual coarse crush and pulp material was returned to Rare Earths Americas for secure storage at the project.

ALS Belo Horizonte prepared samples in the same manner as at SGS Geosol, with the exception of the pulverization step, where 250–300 g of the sample was pulverized to 85% passing 75 µm. Residual coarse crush and pulp material was returned to Rare Earths Americas for secure storage at the project.

8.6 Analysis

SGS Geosol used a lithium borate fusion followed by inductively-coupled plasma mass spectrometry (ICP-MS) determination for a multi-element suite (SGS Geosol code IMS95A). This method provides a total rare earth element analysis, and values for the potentially deleterious elements uranium and thorium to the lower limits of detection presented in Table 8-2.

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|  | Alpha Project<br>Bahia, Brazil<br>Technical Report Summary |

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The assay technique used for major oxides and components was lithium borate fusion followed by ICP optical emission spectroscopy (OES) analysis (SGS Geosol code ICP95A). ALS Lima used lithium borate fusion followed by an ICP-MS determination (ALS code ME-MS81), to generate a multi-element suite. This method provides a total rare earth element analysis, and values for the potentially deleterious elements uranium and thorium to the lower limits of detection (refer to Table 8-2). The assay technique used for major oxides and components was lithium borate fusion followed by ICP-OES (ALS code ME-ICP06).

**Table 8-2: Elemental Detection Limits, SGS Geosol and ALS Lima**

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Element** | &nbsp;&nbsp;**SGS Geosol<br>(ppm)** | &nbsp;&nbsp;**ALS Lima<br>(ppm)** |
| &nbsp;&nbsp;La | &nbsp;&nbsp;0.10 | &nbsp;&nbsp;0.1 |
| &nbsp;&nbsp;Ce | &nbsp;&nbsp;0.10 | &nbsp;&nbsp;0.1 |
| &nbsp;&nbsp;Pr | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;0.02 |
| &nbsp;&nbsp;Nd | &nbsp;&nbsp;0.10 | &nbsp;&nbsp;0.1 |
| &nbsp;&nbsp;Sm | &nbsp;&nbsp;0.10 | &nbsp;&nbsp;0.03 |
| &nbsp;&nbsp;Eu | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;0.02 |
| &nbsp;&nbsp;Gd | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;0.05 |
| &nbsp;&nbsp;Tb | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;0.05 |
| &nbsp;&nbsp;Dy | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;0.05 |
| &nbsp;&nbsp;Ho | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;0.05 |
| &nbsp;&nbsp;Er | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;0.03 |
| &nbsp;&nbsp;Tm | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;0.01 |
| &nbsp;&nbsp;Yb | &nbsp;&nbsp;0.10 | &nbsp;&nbsp;0.03 |
| &nbsp;&nbsp;Lu | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;0.01 |
| &nbsp;&nbsp;Y | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;0.05 |
| &nbsp;&nbsp;U | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;0.05 |
| &nbsp;&nbsp;Th | &nbsp;&nbsp;0.10 | &nbsp;&nbsp;0.05 |

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|  | Alpha Project<br>Bahia, Brazil<br>Technical Report Summary |

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8.7 Quality Assurance and Quality Control

All exploration conducted was accompanied by a QA/QC program implemented by Rare Earths Americas geologists following guidelines provided by geochemist Dr. Dennis Arne (Arne, 2023). This program included the systematic insertion of certified reference materials (CRMs), blank material, and the collection of field duplicate samples along with the exploration samples. For resource development drilling, QA/QC samples were inserted in the following proportions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•CRM was inserted after every 20<sup>th</sup> sample;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Blank material was inserted after every 40<sup>th</sup> sample;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Duplicate samples of quarter core were inserted after every 20<sup>th</sup> sample.

QA/QC sample results were monitored by the exploration team independently from the analytical laboratories and were periodically reviewed by McGarry Geoconsulting.

**8.7.1 Certified Reference Materials**

The CRMs used for this program were supplied by Ore Research & Exploration Pty Ltd of Perth, Australia (OREAS). The selection of a suitable CRM is dependent on the type of material being sampled. Lower-grade CRMs are used for ionic-clay mineralization. OREAS 460 is used where previous analyses have indicated the presence of very high rare earth element levels. The CRMs were submitted as "blind" control samples not identifiable by the laboratory.

**CRM Results SGS Geosol IMS95A**

For SGS method IMS95A, rare earth elements and yttrium, and potentially deleterious elements thorium and uranium, CRM assay results are tabulated by CRM type in Table 8-3 to Table 8-8 for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Commercially significant elements neodymium, praseodymium, dysprosium and terbium;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Cerium and lanthanum which make up the largest proportion of reported TREO grades;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Deleterious elements thorium and uranium.

Example control plots for CRM OREAS 100a are shown in Figure 8-1.

Date: 25 March 2026 Page 8-5

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|  | Alpha Project<br>Bahia, Brazil<br>Technical Report Summary |

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**Table 8-3: SGS IMS95A Results: OREAS 25a**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Element** | **CRM Grade <br>(ppm)** | **CRM Std. Dev.** | **Assay Avg. <br>(ppm)** | **Avg. Bias <br>(%)** |
| &nbsp;&nbsp;La | &nbsp;&nbsp;23.3 | &nbsp;&nbsp;1.1 | &nbsp;&nbsp;23.9 | &nbsp;&nbsp;3 |
| &nbsp;&nbsp;Ce | &nbsp;&nbsp;50.8 | &nbsp;&nbsp;1.6 | &nbsp;&nbsp;50.2 | &nbsp;&nbsp;-1 |
| &nbsp;&nbsp;Pr | &nbsp;&nbsp;5.3 | &nbsp;&nbsp;0.2 | &nbsp;&nbsp;5.4 | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;Nd | &nbsp;&nbsp;20.0 | &nbsp;&nbsp;0.6 | &nbsp;&nbsp;20.2 | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;Sm | &nbsp;&nbsp;3.9 | &nbsp;&nbsp;0.2 | &nbsp;&nbsp;4.0 | &nbsp;&nbsp;2 |
| &nbsp;&nbsp;Eu | &nbsp;&nbsp;0.8 | &nbsp;&nbsp;0.0 | &nbsp;&nbsp;0.7 | &nbsp;&nbsp;-8 |
| &nbsp;&nbsp;Gd | &nbsp;&nbsp;3.8 | &nbsp;&nbsp;0.2 | &nbsp;&nbsp;4.1 | &nbsp;&nbsp;7 |
| &nbsp;&nbsp;Tb | &nbsp;&nbsp;0.7 | &nbsp;&nbsp;0.1 | &nbsp;&nbsp;0.7 | &nbsp;&nbsp;2 |
| &nbsp;&nbsp;Dy | &nbsp;&nbsp;4.3 | &nbsp;&nbsp;0.2 | &nbsp;&nbsp;4.3 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;Ho | &nbsp;&nbsp;0.9 | &nbsp;&nbsp;0.0 | &nbsp;&nbsp;0.9 | &nbsp;&nbsp;-1 |
| &nbsp;&nbsp;Er | &nbsp;&nbsp;2.8 | &nbsp;&nbsp;0.2 | &nbsp;&nbsp;2.8 | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;Yb | &nbsp;&nbsp;2.9 | &nbsp;&nbsp;0.2 | &nbsp;&nbsp;3.0 | &nbsp;&nbsp;5 |
| &nbsp;&nbsp;Lu | &nbsp;&nbsp;0.4 | &nbsp;&nbsp;0.0 | &nbsp;&nbsp;0.4 | &nbsp;&nbsp;-2 |
| &nbsp;&nbsp;Y | &nbsp;&nbsp;25.1 | &nbsp;&nbsp;1.5 | &nbsp;&nbsp;25.7 | &nbsp;&nbsp;2 |
| &nbsp;&nbsp;Th | &nbsp;&nbsp;16.4 | &nbsp;&nbsp;0.8 | &nbsp;&nbsp;17.4 | &nbsp;&nbsp;6 |
| &nbsp;&nbsp;U | &nbsp;&nbsp;3.5 | &nbsp;&nbsp;0.1 | &nbsp;&nbsp;3.5 | &nbsp;&nbsp;0 |
| ***Total rare earth element*** | ***145.4*** | ***Number of CRMs*** | &nbsp;&nbsp;***49.0*** |  |

---

Note: La = lanthanum, Ce = cerium, Pr = praseodymium, Nd = neodymium, Sm = samarium, Eu = europium, Gd = gadolinium, Tb = terbium, Dy = dysprosium, Ho = holmium, Er = erbium, Yb = ytterbium, Lu = lutetium, Y = yttrium, Th = thorium, U = uranium.

**Table 8-4: SGS IMS95A Results: OREAS 30a**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Element** | **CRM Grade <br>(ppm)** | **CRM Std. Dev.** | **Assay Avg. <br>(ppm)** | **Avg. Bias <br>(%)** |
| &nbsp;&nbsp;La | &nbsp;&nbsp;28.9 | &nbsp;&nbsp;1.8 | &nbsp;&nbsp;29.5 | &nbsp;&nbsp;2 |
| &nbsp;&nbsp;Ce | &nbsp;&nbsp;58.0 | &nbsp;&nbsp;3.2 | &nbsp;&nbsp;58.4 | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;Pr | &nbsp;&nbsp;7.1 | &nbsp;&nbsp;0.6 | &nbsp;&nbsp;6.9 | &nbsp;&nbsp;-2 |
| &nbsp;&nbsp;Nd | &nbsp;&nbsp;27.4 | &nbsp;&nbsp;1.6 | &nbsp;&nbsp;27.4 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;Sm | &nbsp;&nbsp;5.7 | &nbsp;&nbsp;0.4 | &nbsp;&nbsp;5.7 | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;Eu | &nbsp;&nbsp;1.8 | &nbsp;&nbsp;0.1 | &nbsp;&nbsp;1.8 | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;Gd | &nbsp;&nbsp;5.2 | &nbsp;&nbsp;0.2 | &nbsp;&nbsp;5.3 | &nbsp;&nbsp;2 |
| &nbsp;&nbsp;Tb | &nbsp;&nbsp;0.8 | &nbsp;&nbsp;0.1 | &nbsp;&nbsp;0.7 | &nbsp;&nbsp;-3 |
| &nbsp;&nbsp;Dy | &nbsp;&nbsp;4.2 | &nbsp;&nbsp;0.2 | &nbsp;&nbsp;4.2 | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;Ho | &nbsp;&nbsp;0.7 | &nbsp;&nbsp;0.1 | &nbsp;&nbsp;0.8 | &nbsp;&nbsp;3 |
| &nbsp;&nbsp;Er | &nbsp;&nbsp;1.9 | &nbsp;&nbsp;0.2 | &nbsp;&nbsp;2.0 | &nbsp;&nbsp;3 |
| &nbsp;&nbsp;Yb | &nbsp;&nbsp;1.5 | &nbsp;&nbsp;0.1 | &nbsp;&nbsp;1.6 | &nbsp;&nbsp;2 |
| &nbsp;&nbsp;Lu | &nbsp;&nbsp;0.2 | &nbsp;&nbsp;0.0 | &nbsp;&nbsp;0.2 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;Y | &nbsp;&nbsp;19.4 | &nbsp;&nbsp;1.1 | &nbsp;&nbsp;19.4 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;Th | &nbsp;&nbsp;3.7 | &nbsp;&nbsp;0.3 | &nbsp;&nbsp;7.1 | &nbsp;&nbsp;91 |
| &nbsp;&nbsp;U | &nbsp;&nbsp;1.4 | &nbsp;&nbsp;0.1 | &nbsp;&nbsp;1.4 | &nbsp;&nbsp;0 |
| ***Total rare earth element*** | **163.0** | ***Number of CRMs*** | &nbsp;&nbsp;**129.0** |  |

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Date: 25 March 2026 Page 8-6

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|:---|:---|
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|  | Alpha Project<br>Bahia, Brazil<br>Technical Report Summary |

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**Table 8-5: SGS IMS95A Results: OREAS 100a**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Element** | **CRM Grade <br>(ppm)** | **CRM Std. Dev.** | **Assay Avg. <br>(ppm)** | **Avg. Bias <br>(%)** |
| &nbsp;&nbsp;La | &nbsp;&nbsp;260.0 | &nbsp;&nbsp;13.0 | &nbsp;&nbsp;256.4 | &nbsp;&nbsp;-1 |
| &nbsp;&nbsp;Ce | &nbsp;&nbsp;463.0 | &nbsp;&nbsp;29.0 | &nbsp;&nbsp;464.7 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;Pr | &nbsp;&nbsp;47.1 | &nbsp;&nbsp;4.0 | &nbsp;&nbsp;45.4 | &nbsp;&nbsp;-4 |
| &nbsp;&nbsp;Nd | &nbsp;&nbsp;152.0 | &nbsp;&nbsp;14.0 | &nbsp;&nbsp;145.2 | &nbsp;&nbsp;-4 |
| &nbsp;&nbsp;Sm | &nbsp;&nbsp;23.6 | &nbsp;&nbsp;0.7 | &nbsp;&nbsp;23.8 | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;Eu | &nbsp;&nbsp;3.7 | &nbsp;&nbsp;0.4 | &nbsp;&nbsp;3.6 | &nbsp;&nbsp;-4 |
| &nbsp;&nbsp;Gd | &nbsp;&nbsp;23.6 | &nbsp;&nbsp;2.2 | &nbsp;&nbsp;21.2 | &nbsp;&nbsp;-10 |
| &nbsp;&nbsp;Tb | &nbsp;&nbsp;3.8 | &nbsp;&nbsp;0.3 | &nbsp;&nbsp;3.4 | &nbsp;&nbsp;-10 |
| &nbsp;&nbsp;Dy | &nbsp;&nbsp;23.2 | &nbsp;&nbsp;0.9 | &nbsp;&nbsp;22.9 | &nbsp;&nbsp;-1 |
| &nbsp;&nbsp;Ho | &nbsp;&nbsp;4.8 | &nbsp;&nbsp;0.2 | &nbsp;&nbsp;4.7 | &nbsp;&nbsp;-2 |
| &nbsp;&nbsp;Er | &nbsp;&nbsp;14.9 | &nbsp;&nbsp;0.9 | &nbsp;&nbsp;14.9 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;Yb | &nbsp;&nbsp;14.9 | &nbsp;&nbsp;0.5 | &nbsp;&nbsp;15.0 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;Lu | &nbsp;&nbsp;2.3 | &nbsp;&nbsp;0.2 | &nbsp;&nbsp;2.1 | &nbsp;&nbsp;-5 |
| &nbsp;&nbsp;Y | &nbsp;&nbsp;142.0 | &nbsp;&nbsp;6.0 | &nbsp;&nbsp;131.4 | &nbsp;&nbsp;-7 |
| &nbsp;&nbsp;Th | &nbsp;&nbsp;51.6 | &nbsp;&nbsp;4.3 | &nbsp;&nbsp;50.3 | &nbsp;&nbsp;-2 |
| &nbsp;&nbsp;U | &nbsp;&nbsp;135.0 | &nbsp;&nbsp;11.0 | &nbsp;&nbsp;130.2 | &nbsp;&nbsp;-4 |
| ***Total rare earth element*** | **1181.2** | ***Number of CRMs*** | &nbsp;&nbsp;**110.0** |  |

---

**Table 8-6: SGS IMS95A Results: OREAS 106**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Element** | **CRM Grade <br>(ppm)** | **CRM Std. Dev.** | **Assay Avg. <br>(ppm)** | **Avg. Bias <br>(%)** |
| &nbsp;&nbsp;La | &nbsp;&nbsp;54.0 | &nbsp;&nbsp;3.0 | &nbsp;&nbsp;50.7 | &nbsp;&nbsp;-6 |
| &nbsp;&nbsp;Ce | &nbsp;&nbsp;137.0 | &nbsp;&nbsp;11.0 | &nbsp;&nbsp;134.6 | &nbsp;&nbsp;-2 |
| &nbsp;&nbsp;Pr | &nbsp;&nbsp;19.7 | &nbsp;&nbsp;1.2 | &nbsp;&nbsp;19.6 | &nbsp;&nbsp;-1 |
| &nbsp;&nbsp;Nd | &nbsp;&nbsp;84.0 | &nbsp;&nbsp;5.0 | &nbsp;&nbsp;86.4 | &nbsp;&nbsp;3 |
| &nbsp;&nbsp;Sm | &nbsp;&nbsp;20.7 | &nbsp;&nbsp;1.5 | &nbsp;&nbsp;20.3 | &nbsp;&nbsp;-2 |
| &nbsp;&nbsp;Eu | &nbsp;&nbsp;2.0 | &nbsp;&nbsp;0.2 | &nbsp;&nbsp;1.9 | &nbsp;&nbsp;-4 |
| &nbsp;&nbsp;Gd | &nbsp;&nbsp;18.2 | &nbsp;&nbsp;1.3 | &nbsp;&nbsp;18.1 | &nbsp;&nbsp;-1 |
| &nbsp;&nbsp;Tb | &nbsp;&nbsp;3.1 | &nbsp;&nbsp;0.2 | &nbsp;&nbsp;3.0 | &nbsp;&nbsp;-5 |
| &nbsp;&nbsp;Dy | &nbsp;&nbsp;19.0 | &nbsp;&nbsp;1.1 | &nbsp;&nbsp;18.7 | &nbsp;&nbsp;-1 |
| &nbsp;&nbsp;Ho | &nbsp;&nbsp;3.9 | &nbsp;&nbsp;0.3 | &nbsp;&nbsp;4.0 | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;Er | &nbsp;&nbsp;12.2 | &nbsp;&nbsp;0.7 | &nbsp;&nbsp;12.0 | &nbsp;&nbsp;-2 |
| &nbsp;&nbsp;Yb | &nbsp;&nbsp;12.1 | &nbsp;&nbsp;0.6 | &nbsp;&nbsp;12.2 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;Lu | &nbsp;&nbsp;1.7 | &nbsp;&nbsp;0.1 | &nbsp;&nbsp;1.7 | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;Y | &nbsp;&nbsp;644.0 | &nbsp;&nbsp;30.0 | &nbsp;&nbsp;638.6 | &nbsp;&nbsp;-1 |
| &nbsp;&nbsp;Th | &nbsp;&nbsp;1143.0 | &nbsp;&nbsp;34.0 | &nbsp;&nbsp;1117.0 | &nbsp;&nbsp;-2 |
| ***Total rare earth element*** | **1032** | ***Number of CRMs*** | **50.0** |  |

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Date: 25 March 2026 Page 8-7

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| ![img79373654_2.jpg](img79373654_2.jpg) | www.rareearthsamericas.com |
|  | Alpha Project<br>Bahia, Brazil<br>Technical Report Summary |

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**Table 8-7: SGS IMS95A Results: OREAS 147**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Element** | **CRM Grade <br>(ppm)** | **CRM <br>Std. Dev.** | **Assay Avg. <br>(ppm)** | **Avg. Bias <br>(%)** |
| &nbsp;&nbsp;La | &nbsp;&nbsp;698.3 | &nbsp;&nbsp;26.7 | &nbsp;&nbsp;691.9 | &nbsp;&nbsp;-1 |
| &nbsp;&nbsp;Ce | &nbsp;&nbsp;1197.6 | &nbsp;&nbsp;73.2 | &nbsp;&nbsp;1155.0 | &nbsp;&nbsp;-4 |
| &nbsp;&nbsp;Pr | &nbsp;&nbsp;121.6 | &nbsp;&nbsp;2.7 | &nbsp;&nbsp;115.3 | &nbsp;&nbsp;-5 |
| &nbsp;&nbsp;Nd | &nbsp;&nbsp;378.6 | &nbsp;&nbsp;18.9 | &nbsp;&nbsp;364.6 | &nbsp;&nbsp;-4 |
| &nbsp;&nbsp;Sm | &nbsp;&nbsp;47.9 | &nbsp;&nbsp;3.4 | &nbsp;&nbsp;45.9 | &nbsp;&nbsp;-4 |
| &nbsp;&nbsp;Eu | &nbsp;&nbsp;10.2 | &nbsp;&nbsp;0.6 | &nbsp;&nbsp;9.8 | &nbsp;&nbsp;-4 |
| &nbsp;&nbsp;Gd | &nbsp;&nbsp;21.8 | &nbsp;&nbsp;0.9 | &nbsp;&nbsp;23.0 | &nbsp;&nbsp;5 |
| &nbsp;&nbsp;Tb | &nbsp;&nbsp;2.3 | &nbsp;&nbsp;0.3 | &nbsp;&nbsp;2.1 | &nbsp;&nbsp;-11 |
| &nbsp;&nbsp;Dy | &nbsp;&nbsp;8.5 | &nbsp;&nbsp;0.7 | &nbsp;&nbsp;8.6 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;Ho | &nbsp;&nbsp;1.3 | &nbsp;&nbsp;0.2 | &nbsp;&nbsp;1.2 | &nbsp;&nbsp;-8 |
| &nbsp;&nbsp;Er | &nbsp;&nbsp;2.8 | &nbsp;&nbsp;0.3 | &nbsp;&nbsp;2.6 | &nbsp;&nbsp;-6 |
| &nbsp;&nbsp;Yb | &nbsp;&nbsp;1.6 | &nbsp;&nbsp;0.2 | &nbsp;&nbsp;1.7 | &nbsp;&nbsp;5 |
| &nbsp;&nbsp;Y | &nbsp;&nbsp;27.6 | &nbsp;&nbsp;1.2 | &nbsp;&nbsp;27.2 | &nbsp;&nbsp;-1 |
| &nbsp;&nbsp;Th | &nbsp;&nbsp;95.5 | &nbsp;&nbsp;3.4 | &nbsp;&nbsp;88.7 | &nbsp;&nbsp;-7 |
| ***Total rare earth element*** | **2616** | ***Number of CRMs*** | **208.0** |  |

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**Table 8-8: SGS IMS95A Results: OREAS 460**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Element** | **CRM Grade <br>(ppm)** | **CRM <br>Std. Dev.** | **Assay Avg. <br>(ppm)** | **Avg. Bias <br>(%)** |
| &nbsp;&nbsp;La | &nbsp;&nbsp;1369.3 | &nbsp;&nbsp;75.1 | &nbsp;&nbsp;1309.0 | &nbsp;&nbsp;-4 |
| &nbsp;&nbsp;Ce | &nbsp;&nbsp;1798.2 | &nbsp;&nbsp;72.2 | &nbsp;&nbsp;1772.4 | &nbsp;&nbsp;-1 |
| &nbsp;&nbsp;Pr | &nbsp;&nbsp;243.7 | &nbsp;&nbsp;8.5 | &nbsp;&nbsp;231.1 | &nbsp;&nbsp;-5 |
| &nbsp;&nbsp;Nd | &nbsp;&nbsp;781.3 | &nbsp;&nbsp;46.7 | &nbsp;&nbsp;769.5 | &nbsp;&nbsp;-2 |
| &nbsp;&nbsp;Sm | &nbsp;&nbsp;107.4 | &nbsp;&nbsp;3.4 | &nbsp;&nbsp;101.4 | &nbsp;&nbsp;-6 |
| &nbsp;&nbsp;Eu | &nbsp;&nbsp;22.7 | &nbsp;&nbsp;1.0 | &nbsp;&nbsp;21.9 | &nbsp;&nbsp;-4 |
| &nbsp;&nbsp;Gd | &nbsp;&nbsp;50.1 | &nbsp;&nbsp;3.0 | &nbsp;&nbsp;52.0 | &nbsp;&nbsp;4 |
| &nbsp;&nbsp;Tb | &nbsp;&nbsp;4.8 | &nbsp;&nbsp;0.2 | &nbsp;&nbsp;4.7 | &nbsp;&nbsp;-2 |
| &nbsp;&nbsp;Dy | &nbsp;&nbsp;19.8 | &nbsp;&nbsp;0.8 | &nbsp;&nbsp;19.2 | &nbsp;&nbsp;-3 |
| &nbsp;&nbsp;Ho | &nbsp;&nbsp;2.8 | &nbsp;&nbsp;0.2 | &nbsp;&nbsp;2.7 | &nbsp;&nbsp;-2 |
| &nbsp;&nbsp;Er | &nbsp;&nbsp;6.0 | &nbsp;&nbsp;0.3 | &nbsp;&nbsp;5.7 | &nbsp;&nbsp;-4 |
| &nbsp;&nbsp;Yb | &nbsp;&nbsp;3.9 | &nbsp;&nbsp;0.3 | &nbsp;&nbsp;3.7 | &nbsp;&nbsp;-6 |
| &nbsp;&nbsp;Lu | &nbsp;&nbsp;0.5 | &nbsp;&nbsp;0.0 | &nbsp;&nbsp;0.5 | &nbsp;&nbsp;-12 |
| &nbsp;&nbsp;Y | &nbsp;&nbsp;59.7 | &nbsp;&nbsp;2.6 | &nbsp;&nbsp;57.7 | &nbsp;&nbsp;-3 |
| &nbsp;&nbsp;Th | &nbsp;&nbsp;115.9 | &nbsp;&nbsp;3.3 | &nbsp;&nbsp;113.7 | &nbsp;&nbsp;-2 |
| &nbsp;&nbsp;U | &nbsp;&nbsp;4.2 | &nbsp;&nbsp;0.2 | &nbsp;&nbsp;4.1 | &nbsp;&nbsp;-3 |
| ***Total rare earth element*** | **4470** | ***Number of CRMs*** | &nbsp;&nbsp;**194.0** |  |

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Date: 25 March 2026 Page 8-8

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**Figure 8-1: SGS Example CRM Control Plot OREAS 100a**

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| | |
|:---|:---|
| ![img79373654_17.gif](img79373654_17.gif) | ![img79373654_18.gif](img79373654_18.gif) |
| ![img79373654_19.gif](img79373654_19.gif) | ![img79373654_20.gif](img79373654_20.gif) |

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Note: Figure prepared by McGarry Consulting, 2025.

Date: 25 March 2026 Page 8-9

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|  | Alpha Project<br>Bahia, Brazil<br>Technical Report Summary |

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**CRM Results ALS ME-MS81**

For ALS method ME-MS81, rare earth elements and yttrium, and potentially deleterious elements thorium and uranium, CRM assay results are tabulated by CRM type in Table 8-9 to Table 8-12. Example control plots for CRM OREAS 100a are shown in Figure 8-2.

Overall CRMs performed very well with all but a handful of results within ±2 standard deviation control limits. Across all CRMs, rare earth and deleterious elements did not have consistent positive or negative bias and assay values were typically within a ±4% of the certified grades.

**Table 8-9: ALS ME-MS81 Results: OREAS 30a**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Element** | **CRM Grade <br>(ppm)** | **CRM Std. Dev.** | **Assay Avg. <br>(ppm)** | **Avg. Bias <br>(%)** |
| &nbsp;&nbsp;La | &nbsp;&nbsp;28.9 | &nbsp;&nbsp;1.8 | &nbsp;&nbsp;29.3 | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;Ce | &nbsp;&nbsp;58.0 | &nbsp;&nbsp;3.2 | &nbsp;&nbsp;59.0 | &nbsp;&nbsp;2% |
| &nbsp;&nbsp;Pr | &nbsp;&nbsp;7.1 | &nbsp;&nbsp;0.6 | &nbsp;&nbsp;7.1 | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;Nd | &nbsp;&nbsp;27.4 | &nbsp;&nbsp;1.6 | &nbsp;&nbsp;29.1 | &nbsp;&nbsp;6 |
| &nbsp;&nbsp;Sm | &nbsp;&nbsp;5.7 | &nbsp;&nbsp;0.4 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;7 |
| &nbsp;&nbsp;Eu | &nbsp;&nbsp;1.8 | &nbsp;&nbsp;0.1 | &nbsp;&nbsp;1.8 | &nbsp;&nbsp;4 |
| &nbsp;&nbsp;Gd | &nbsp;&nbsp;5.2 | &nbsp;&nbsp;0.2 | &nbsp;&nbsp;5.4 | &nbsp;&nbsp;3 |
| &nbsp;&nbsp;Tb | &nbsp;&nbsp;0.8 | &nbsp;&nbsp;0.1 | &nbsp;&nbsp;0.7 | &nbsp;&nbsp;-1 |
| &nbsp;&nbsp;Dy | &nbsp;&nbsp;4.2 | &nbsp;&nbsp;0.2 | &nbsp;&nbsp;4.2 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;Ho | &nbsp;&nbsp;0.7 | &nbsp;&nbsp;0.1 | &nbsp;&nbsp;0.7 | &nbsp;&nbsp;2 |
| &nbsp;&nbsp;Er | &nbsp;&nbsp;1.9 | &nbsp;&nbsp;0.2 | &nbsp;&nbsp;2.0 | &nbsp;&nbsp;4 |
| &nbsp;&nbsp;Yb | &nbsp;&nbsp;1.5 | &nbsp;&nbsp;0.1 | &nbsp;&nbsp;1.6 | &nbsp;&nbsp;3 |
| &nbsp;&nbsp;Lu | &nbsp;&nbsp;0.2 | &nbsp;&nbsp;0.0 | &nbsp;&nbsp;0.2 | &nbsp;&nbsp;-3 |
| &nbsp;&nbsp;Y | &nbsp;&nbsp;19.4 | &nbsp;&nbsp;1.1 | &nbsp;&nbsp;20.2 | &nbsp;&nbsp;4 |
| &nbsp;&nbsp;Th | &nbsp;&nbsp;3.7 | &nbsp;&nbsp;0.3 | &nbsp;&nbsp;3.8 | &nbsp;&nbsp;2 |
| &nbsp;&nbsp;U | &nbsp;&nbsp;1.4 | &nbsp;&nbsp;0.1 | &nbsp;&nbsp;1.4 | &nbsp;&nbsp;0 |
| ***Total rare earth element*** | **163** | ***Number of CRMs*** | &nbsp;&nbsp;**56.0** |  |

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Date: 25 March 2026 Page 8-10

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| ![img79373654_2.jpg](img79373654_2.jpg) | www.rareearthsamericas.com |
|  | Alpha Project<br>Bahia, Brazil<br>Technical Report Summary |

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**Table 8-10: ALS ME-MS81 Results: OREAS 100a**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Element** | **CRM Grade <br>(ppm)** | **CRM Std. Dev.** | **Assay Avg. <br>(ppm)** | **Avg. Bias <br>(%)** |
| &nbsp;&nbsp;La | &nbsp;&nbsp;260.0 | &nbsp;&nbsp;13.0 | &nbsp;&nbsp;258.2 | &nbsp;&nbsp;-1 |
| &nbsp;&nbsp;Ce | &nbsp;&nbsp;463.0 | &nbsp;&nbsp;29.0 | &nbsp;&nbsp;466.9 | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;Pr | &nbsp;&nbsp;47.1 | &nbsp;&nbsp;4.0 | &nbsp;&nbsp;46.5 | &nbsp;&nbsp;-1 |
| &nbsp;&nbsp;Nd | &nbsp;&nbsp;152.0 | &nbsp;&nbsp;14.0 | &nbsp;&nbsp;152.7 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;Sm | &nbsp;&nbsp;23.6 | &nbsp;&nbsp;0.7 | &nbsp;&nbsp;24.2 | &nbsp;&nbsp;3 |
| &nbsp;&nbsp;Eu | &nbsp;&nbsp;3.7 | &nbsp;&nbsp;0.4 | &nbsp;&nbsp;3.6 | &nbsp;&nbsp;-3 |
| &nbsp;&nbsp;Gd | &nbsp;&nbsp;23.6 | &nbsp;&nbsp;2.2 | &nbsp;&nbsp;21.1 | &nbsp;&nbsp;-11 |
| &nbsp;&nbsp;Tb | &nbsp;&nbsp;3.8 | &nbsp;&nbsp;0.3 | &nbsp;&nbsp;3.6 | &nbsp;&nbsp;-6 |
| &nbsp;&nbsp;Dy | &nbsp;&nbsp;23.2 | &nbsp;&nbsp;0.9 | &nbsp;&nbsp;23.1 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;Ho | &nbsp;&nbsp;4.8 | &nbsp;&nbsp;0.2 | &nbsp;&nbsp;4.8 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;Er | &nbsp;&nbsp;14.9 | &nbsp;&nbsp;0.9 | &nbsp;&nbsp;15.1 | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;Yb | &nbsp;&nbsp;14.9 | &nbsp;&nbsp;0.5 | &nbsp;&nbsp;15.2 | &nbsp;&nbsp;2 |
| &nbsp;&nbsp;Lu | &nbsp;&nbsp;2.3 | &nbsp;&nbsp;0.2 | &nbsp;&nbsp;2.2 | &nbsp;&nbsp;-4 |
| &nbsp;&nbsp;Y | &nbsp;&nbsp;142.0 | &nbsp;&nbsp;6.0 | &nbsp;&nbsp;138.6 | &nbsp;&nbsp;-2 |
| &nbsp;&nbsp;Th | &nbsp;&nbsp;51.6 | &nbsp;&nbsp;4.3 | &nbsp;&nbsp;49.7 | &nbsp;&nbsp;-4 |
| &nbsp;&nbsp;U | &nbsp;&nbsp;135.0 | &nbsp;&nbsp;11.0 | &nbsp;&nbsp;133.0 | &nbsp;&nbsp;-1 |
| ***Total rare earth element*** | **1179** | ***Number of CRMs*** | &nbsp;&nbsp;**58.0** |  |

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**Table 8-11: ALS ME-MS81 Results: OREAS 147**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Element** | **CRM Grade (ppm)** | **CRM Std. Dev.** | **Assay Avg. (ppm)** | **Avg. Bias (%)** |
| &nbsp;&nbsp;La | &nbsp;&nbsp;698.3 | &nbsp;&nbsp;26.7 | &nbsp;&nbsp;703.3 | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;Ce | &nbsp;&nbsp;1197.6 | &nbsp;&nbsp;73.2 | &nbsp;&nbsp;1196.6 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;Pr | &nbsp;&nbsp;121.6 | &nbsp;&nbsp;2.7 | &nbsp;&nbsp;118.6 | &nbsp;&nbsp;-2 |
| &nbsp;&nbsp;Nd | &nbsp;&nbsp;378.6 | &nbsp;&nbsp;18.9 | &nbsp;&nbsp;383.4 | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;Sm | &nbsp;&nbsp;47.9 | &nbsp;&nbsp;3.4 | &nbsp;&nbsp;47.3 | &nbsp;&nbsp;-1 |
| &nbsp;&nbsp;Eu | &nbsp;&nbsp;10.2 | &nbsp;&nbsp;0.6 | &nbsp;&nbsp;9.9 | &nbsp;&nbsp;-3 |
| &nbsp;&nbsp;Gd | &nbsp;&nbsp;21.8 | &nbsp;&nbsp;0.9 | &nbsp;&nbsp;21.6 | &nbsp;&nbsp;-1 |
| &nbsp;&nbsp;Tb | &nbsp;&nbsp;2.3 | &nbsp;&nbsp;0.3 | &nbsp;&nbsp;2.3 | &nbsp;&nbsp;-1 |
| &nbsp;&nbsp;Dy | &nbsp;&nbsp;8.5 | &nbsp;&nbsp;0.7 | &nbsp;&nbsp;8.9 | &nbsp;&nbsp;4 |
| &nbsp;&nbsp;Ho | &nbsp;&nbsp;1.3 | &nbsp;&nbsp;0.2 | &nbsp;&nbsp;1.3 | &nbsp;&nbsp;-6 |
| &nbsp;&nbsp;Er | &nbsp;&nbsp;2.8 | &nbsp;&nbsp;0.3 | &nbsp;&nbsp;2.7 | &nbsp;&nbsp;-2 |
| &nbsp;&nbsp;Yb | &nbsp;&nbsp;1.6 | &nbsp;&nbsp;0.2 | &nbsp;&nbsp;1.7 | &nbsp;&nbsp;2 |
| &nbsp;&nbsp;Y | &nbsp;&nbsp;27.6 | &nbsp;&nbsp;1.2 | &nbsp;&nbsp;27.8 | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;Th | &nbsp;&nbsp;95.5 | &nbsp;&nbsp;3.4 | &nbsp;&nbsp;92.3 | &nbsp;&nbsp;-3 |
| ***Total rare earth element*** | 2616 | ***Number of CRMs*** | 50.0 |  |

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Date: 25 March 2026 Page 8-11

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| ![img79373654_2.jpg](img79373654_2.jpg) | www.rareearthsamericas.com |
|  | Alpha Project<br>Bahia, Brazil<br>Technical Report Summary |

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**Table 8-12: ALS ME-MS81 Results: OREAS 460**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Element** | **CRM Grade (ppm)** | **CRM Std. Dev.** | **Assay Avg. (ppm)** | **Avg. Bias (%)** |
| &nbsp;&nbsp;La | &nbsp;&nbsp;1369.3 | &nbsp;&nbsp;75.1 | &nbsp;&nbsp;1380.0 | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;Ce | &nbsp;&nbsp;1798.2 | &nbsp;&nbsp;72.2 | &nbsp;&nbsp;1851.8 | &nbsp;&nbsp;3 |
| &nbsp;&nbsp;Pr | &nbsp;&nbsp;243.7 | &nbsp;&nbsp;8.5 | &nbsp;&nbsp;241.0 | &nbsp;&nbsp;-1 |
| &nbsp;&nbsp;Nd | &nbsp;&nbsp;781.3 | &nbsp;&nbsp;46.7 | &nbsp;&nbsp;811.3 | &nbsp;&nbsp;4 |
| &nbsp;&nbsp;Sm | &nbsp;&nbsp;107.4 | &nbsp;&nbsp;3.4 | &nbsp;&nbsp;106.0 | &nbsp;&nbsp;-1 |
| &nbsp;&nbsp;Eu | &nbsp;&nbsp;22.7 | &nbsp;&nbsp;1.0 | &nbsp;&nbsp;22.4 | &nbsp;&nbsp;-1 |
| &nbsp;&nbsp;Gd | &nbsp;&nbsp;50.1 | &nbsp;&nbsp;3.0 | &nbsp;&nbsp;49.4 | &nbsp;&nbsp;-1 |
| &nbsp;&nbsp;Tb | &nbsp;&nbsp;4.8 | &nbsp;&nbsp;0.2 | &nbsp;&nbsp;4.9 | &nbsp;&nbsp;2 |
| &nbsp;&nbsp;Dy | &nbsp;&nbsp;19.8 | &nbsp;&nbsp;0.8 | &nbsp;&nbsp;20.1 | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;Ho | &nbsp;&nbsp;2.8 | &nbsp;&nbsp;0.2 | &nbsp;&nbsp;2.8 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;Er | &nbsp;&nbsp;6.0 | &nbsp;&nbsp;0.3 | &nbsp;&nbsp;6.2 | &nbsp;&nbsp;3 |
| &nbsp;&nbsp;Yb | &nbsp;&nbsp;3.9 | &nbsp;&nbsp;0.3 | &nbsp;&nbsp;3.7 | &nbsp;&nbsp;-5 |
| &nbsp;&nbsp;Lu | &nbsp;&nbsp;0.5 | &nbsp;&nbsp;0.0 | &nbsp;&nbsp;0.5 | &nbsp;&nbsp;-3 |
| &nbsp;&nbsp;Y | &nbsp;&nbsp;59.7 | &nbsp;&nbsp;2.6 | &nbsp;&nbsp;60.7 | &nbsp;&nbsp;2 |
| &nbsp;&nbsp;Th | &nbsp;&nbsp;115.9 | &nbsp;&nbsp;3.3 | &nbsp;&nbsp;113.7 | &nbsp;&nbsp;-2 |
| &nbsp;&nbsp;U | &nbsp;&nbsp;4.2 | &nbsp;&nbsp;0.2 | &nbsp;&nbsp;4.1 | &nbsp;&nbsp;-2 |
| ***Total rare earth element*** | 4470 | ***Number of CRMs*** | &nbsp;&nbsp;41.0 |  |

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Date: 25 March 2026 Page 8-12

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| ![img79373654_2.jpg](img79373654_2.jpg) | www.rareearthsamericas.com |
|  | Alpha Project<br>Bahia, Brazil<br>Technical Report Summary |

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**Figure 8-2: ALS Example CRM Control Plot OREAS 100a**

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|:---|:---|
| ![img79373654_21.gif](img79373654_21.gif) | ![img79373654_22.gif](img79373654_22.gif) |
| ![img79373654_23.gif](img79373654_23.gif) | ![img79373654_24.gif](img79373654_24.gif) |

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Note: Figure prepared by McGarry Consulting, 2025

Date: 25 March 2026 Page 8-13

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| ![img79373654_2.jpg](img79373654_2.jpg) | www.rareearthsamericas.com |
|  | Alpha Project<br>Bahia, Brazil<br>Technical Report Summary |

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**8.7.2 Blanks**

Quartz sand was used as coarse blank material submitted with the core samples. An upper control line is set at a value of 10 times the lower limit of detection for the method used for analysis.

**Blank SGS IMS95A**

A total of 372 blank analyses were completed.

For abundant elements of interest such as cerium, lanthanum, neodymium and thorium, C the lower limit of detection was 0.1 ppm, and the control line was set at 1 ppm. For less abundant elements of interest such as praseodymium, dysprosium, terbium and uranium, the lower limit of detection is 0.05 ppm, and the control line is set at 0.5 ppm.

Blank control charts are shown in Figure 8-3.

The majority of blank analyses for commercially significant elements neodymium, praseodymium, dysprosium and terbium are below the corresponding control line.

For abundant elements cerium, lanthanum and thorium a large proportion of blank analyses exceed the control limit by a small amount with nearly all (i.e. >98%) assays are below a 10-ppm limit. The correlation between element abundance and blank control failure suggests minor cross contamination, or carryover of elements, from exploration samples. The amount of carryover is not significant relative to the resource reporting grade.

**Blank ALS ME-MS81**

A total of 79 blank analyses were completed.

Blank control charts are shown in Figure 8-4.

For commercially significant elements neodymium, praseodymium, dysprosium and terbium, the majority of assays are below the corresponding control line.

For abundant elements cerium and lanthanum, a large proportion of blank analyses exceed the control limit by a small amount with nearly all (i.e. >98%) assays are below a 10 ppm limit.

Date: 25 March 2026 Page 8-14

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| ![img79373654_2.jpg](img79373654_2.jpg) | www.rareearthsamericas.com |
|  | Alpha Project<br>Bahia, Brazil<br>Technical Report Summary |

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**Figure 8-3: SGS Control Plot Blanks**

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|:---|:---|
| ![img79373654_25.gif](img79373654_25.gif) | ![img79373654_26.gif](img79373654_26.gif) |
| ![img79373654_27.gif](img79373654_27.gif) | ![img79373654_28.gif](img79373654_28.gif) |

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Note: Figure prepared by McGarry Consulting, 2025.

Date: 25 March 2026 Page 8-15

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| ![img79373654_2.jpg](img79373654_2.jpg) | www.rareearthsamericas.com |
|  | Alpha Project<br>Bahia, Brazil<br>Technical Report Summary |

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**Figure 8-4: ALS Control Plot Blanks**

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|:---|:---|
| ![img79373654_29.gif](img79373654_29.gif) | ![img79373654_30.gif](img79373654_30.gif) |
| ![img79373654_31.gif](img79373654_31.gif) | ![img79373654_32.gif](img79373654_32.gif) |

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Note: Figure prepared by McGarry Consulting, 2025.

Date: 25 March 2026 Page 8-16

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| ![img79373654_2.jpg](img79373654_2.jpg) | www.rareearthsamericas.com |
|  | Alpha Project<br>Bahia, Brazil<br>Technical Report Summary |

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**8.7.3 Field Duplicates**

Sampling precision was monitored by submitting samples for repeat analysis.

**Field Duplicates SGS Geosol IMS95A**

A total of 929 duplicate analyses were completed by SGS Geosol. Scatter plots for each element are shown in Figure 8-5.

There is a strong linear relationship between the original and duplicate values. Coefficient of determination (R<sup>2</sup>) values are typically >0.9 indicating a strong positive correlation between original and duplicate values. Despite the strong correlation, there are some outliers or deviations from the line especially at higher values, but these are relatively few. Neodymium had the lowest R<sup>2</sup> value at 0.88 resulting from a repeat analysis of sample ALS507318 which returned a grade of 950 ppm vs. an original value of 111 ppm.

**Field Duplicates ALS Lima**

A total of 205 duplicate analyses completed by ALS Lima. Scatter plots for each element are shown in Figure 8-6.

There is a strong linear relationship between the original and duplicate values. Coefficient of determination (R2) values are typically >0.9 indicating a indicates a strong positive correlation between original and duplicate values.

8.8 Database

Exploration data is recorded directly into proprietary logging spreadsheet tables hosted on secure cloud servers. The spreadsheets are populated using locked picklists to minimize entry errors and ensure consistency. Tables are interlinked so that key metadata, such as hole IDs and total depths, are automatically attributed to corresponding logging records. Basic auto-validation tools are applied to check for logical errors, including ensuring correct from- and to-depth relationships.

Assay data is imported from laboratory certificates using lookup functions that match sample identifiers, reducing manual transcription errors. Density measurements and survey data are entered into the same system, maintaining a single integrated dataset for resource estimation.

Although these linked spreadsheets and validation functions improve data reliability, they are not a substitute for a dedicated commercial geological database system.

Original logging sheets, assay certificates, and survey files are archived digitally, with backups maintained on cloud servers. Routine copies of the database are saved to ensure data recovery capability in the event of corruption or accidental loss.

Date: 25 March 2026 Page 8-17

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| ![img79373654_2.jpg](img79373654_2.jpg) | www.rareearthsamericas.com |
|  | Alpha Project<br>Bahia, Brazil<br>Technical Report Summary |

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**Figure 8-5: SGS Field Duplicate Scatter Plots**

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| | |
|:---|:---|
| ![img79373654_33.gif](img79373654_33.gif) | ![img79373654_34.gif](img79373654_34.gif) |
| ![img79373654_35.gif](img79373654_35.gif) | ![img79373654_36.gif](img79373654_36.gif) |
| ![img79373654_37.gif](img79373654_37.gif) | ![img79373654_38.gif](img79373654_38.gif) |
| ![img79373654_39.gif](img79373654_39.gif) | ![img79373654_40.gif](img79373654_40.gif) |

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Note: Figure prepared by McGarry Consulting, 2025. Pr = praseodymium, Nd = neodymium, La = lanthanum, Ce = cerium, Dy = dysprosium, Gd = gadolinium, Th = thorium, U = uranium.

Date: 25 March 2026 Page 8-18

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| ![img79373654_2.jpg](img79373654_2.jpg) | www.rareearthsamericas.com |
|  | Alpha Project<br>Bahia, Brazil<br>Technical Report Summary |

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**Figure 8-6: ALS Field Duplicate Scatter Plots**

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| | |
|:---|:---|
| ![img79373654_41.gif](img79373654_41.gif) | ![img79373654_42.gif](img79373654_42.gif) |
| ![img79373654_43.gif](img79373654_43.gif) | ![img79373654_44.gif](img79373654_44.gif) |
| ![img79373654_45.gif](img79373654_45.gif) | ![img79373654_46.gif](img79373654_46.gif)3 |
| ![img79373654_47.gif](img79373654_47.gif) | ![img79373654_48.gif](img79373654_48.gif) |

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Note: Figure prepared by McGarry Consulting, 2025. Pr = praseodymium, Nd = neodymium, La = lanthanum, Ce = cerium, Dy = dysprosium, Gd = gadolinium, Th = thorium, U = uranium.

Date: 25 March 2026 Page 8-19

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| ![img79373654_2.jpg](img79373654_2.jpg) | www.rareearthsamericas.com |
|  | Alpha Project<br>Bahia, Brazil<br>Technical Report Summary |

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8.9 Qualified Person's Opinion on Sample Preparation, Security, and Analytical Procedures

The results of the QA/QC samples summitted by Rare Earth Americas during exploration do not indicate significant issues with the analytical data.

The performance of CRM, blanks and field duplicates indicate satisfactory performance of field sampling protocols and assay laboratories in providing acceptable levels of precision and accuracy.

The density determinations are suitably representative for the estimation of inferred mineral resources. Rare Earths America should continue to collect density measurements on undisturbed samples obtained from sonic drill core.

The data verification programs undertaken on the data collected from the Project support the geological interpretations and the analytical and database quality, and therefore the data can be used for mineral resource estimation.

Date: 25 March 2026 Page 8-20

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| ![img79373654_2.jpg](img79373654_2.jpg) | www.rareearthsamericas.com |
|  | Alpha Project<br>Bahia, Brazil<br>Technical Report Summary |

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9.0 DATA VERIFICATION

9.1 Internal Data Verification

**9.1.1 Exploration Data** 

Rare Earth Americas maintains all exploration data in a secure, web-based database that incorporates automated validation protocols. The system performs continuous checks for overlapping from–to intervals within assay and geological tables and enforces standardization of lithology, alteration, and assay codes through defined pick lists to ensure consistency in data entry.

All drill hole data is routinely exported from the database and imported into Leapfrog Geo software (version 25.1) for independent validation. Standard verification procedures include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Identification of interval data exceeding recorded maximum hole depths;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Review for overlapping or inconsistent sample intervals.

Visual validation is also undertaken by the Rare Earth Americas' geology manager to identify spurious collar coordinates.

9.2 Data Verification by Qualified Person

**9.2.1 Karst Geo Solutions**

Karst Geo Solutions completed a site visit (refer to Chapter 2.4.2).

The following conclusions were reached as a result of the site visit:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•All procedures relating to drilling including environmental, safety, sampling and surveying appeared to be followed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•All staff, including drillers and geologists, seemed to be comfortable with the drilling and sampling procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Preliminary verification of the drill collar coordinates indicated an acceptable level of accuracy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Rare Earths Americas geologists and sampling technicians had a good understanding of quality assurance procedures.

The majority of the data, drilling, and geological records were found to be well maintained by Rare Earths Americas personnel and comprehensive field procedures were developed.

Date: 25 March 2026 Page 9-1

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| ![img79373654_2.jpg](img79373654_2.jpg) | www.rareearthsamericas.com |
|  | Alpha Project<br>Bahia, Brazil<br>Technical Report Summary |

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**9.2.2 McGarry Geoconsulting** 

McGarry Geoconsulting performed a site visit (see Chapter 2.4.1).

McGarry Geoconsulting has compiled and verified all exploration data provided by Rare Earth Americas to generate the mineral resources disclosed in this Report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•For all drill data, McGarry Geoconsulting conducted independent validation checks, including: verification of collar coordinates against survey control, review of downhole survey data for consistency, and validation of assay tables for overlapping intervals or values beyond recorded hole depths;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The database supplied by Rare Earth Americas was cross-checked against original laboratory certificates and field logs on a representative basis to confirm data integrity. Any discrepancies identified during this process were resolved in collaboration with Rare Earth Americas' geology team prior to resource estimation.

McGarry Geoconsulting is satisfied that the data has been appropriately verified and is adequate to support the mineral resource estimates presented in this report.

McGarry Geoconsulting concluded that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Sufficient data have been obtained through various exploration and sampling programs to support the geological interpretations. The data are of sufficient quantity and reliability to reasonably support the rare earth mineral resource estimates in this Report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The mineral resource was classified as inferred after considering the limited data spacing, reliance on auger holes that only partially test the regolith profile, and low survey and digital terrain model accuracy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The overall quality of the exploration data obtained by Rare Earth Americas is considered adequate to support higher mineral resource confidence categories once data density and spatial accuracy are improved.

Date: 25 March 2026 Page 9-2

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| ![img79373654_2.jpg](img79373654_2.jpg) | www.rareearthsamericas.com |
|  | Alpha Project<br>Bahia, Brazil<br>Technical Report Summary |

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10.0 MINERAL PROCESSING AND METALLURGICAL TESTING

10.1 Introduction

The mineral resource estimate is supported by a program of bench-scale leachability testing conducted on exploration drill samples from all deposit areas (see discussion in Chapter 10.3 and Chapter 10.4). The results provide the metallurgical basis for reporting rare earth element mineral resources.

Samples were collected at 1 m intervals throughout the regolith profile in a subset of drill holes, providing vertical resolution and systematic coverage across the mineralized zones.

Leach recoveries for individual rare earth elements were derived from these results and incorporated into the block model to estimate in-situ grades and metallurgical recoveries. Recovered block values were calculated and used to support cut-off grade determinations.

Testing was performed using ammonium sulphate under controlled ion-exchange conditions selected to approximate the anticipated processing method, with the resulting average recoveries considered representative at a bulk scale due to the systematic sampling strategy and the close alignment between test conditions and the anticipated processing method.

10.2 Proposed Processing Method

The processing of ionic adsorption clay rare earth mineralization is an emerging technology that differs significantly from traditional hard rock rare earth extraction methods. Ionic adsorption clay deposits typically host rare earth elements loosely bound to clay particles near the surface. These rare earth elements are not locked within minerals but are instead adsorbed onto the surface of clay minerals, which allows for relatively simple extraction techniques.

The proposed processing route is based on ion-exchange leaching using ammonium sulphate ((NH₄)₂SO₄) solution under acidic conditions (target pH ≈ 2). The acidity enhances ion mobility and exchange efficiency, facilitating the desorption of rare earth elements from the clay matrix. The process takes advantage of the electrostatic nature of rare earth element adsorption onto clays, replacing the rare earth element³⁺ ions with NH₄⁺ ions from solution. This reaction occurs readily under ambient pressure and temperature, provided that solution chemistry (pH, ionic strength, contact time) is properly controlled.

The resulting slurry is then subjected to solid-liquid separation, typically through pressure or vacuum filtration, to produce a pregnant leach solution-enriched in rare earth elements. This pregnant leach solution is subsequently processed through chemical precipitation, where specific reagents—commonly oxalic acid or sodium carbonate—are added to selectively remove the dissolved rare earth elements from solution. The precipitated material, known as mixed rare earth concentrate, contains the suite of rare earth elements present in the deposit, except for cerium, which is only minimally recovered in this process due to its prevalent oxidized state. Depending on market requirements and product specifications, the mixed rare earth concentrate may undergo further purification and upgrading stages.

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| ![img79373654_2.jpg](img79373654_2.jpg) | www.rareearthsamericas.com |
|  | Alpha Project<br>Bahia, Brazil<br>Technical Report Summary |

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Globally, only a limited number of ionic adsorption clay projects are in production outside of China. The technology remains relatively new, with few operations having progressed to commercial-scale development. In Brazil, the Serra Verde Project, operated by Serra Verde Pesquisa e Mineração Ltda., is currently the only known ionic adsorption clay operation in production, highlighting the early stage of adoption of this processing method within the country.

The technology in use at the Serra Verde operation is considered suitable for application at the Project and involves:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Ion-exchange leaching using sodium chloride at natural pH, which acts in the same way as ammonium sulphate by exchanging Na⁺ ions with the rare earth element³⁺ ions adsorbed on clay mineral surfaces. The leaching solution is applied to run-of-mine mineralized material screened to 1 mm to remove oversize particles. The material is processed in agitated tanks (agitated leach) with reagent control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•pH control and purification: the resulting slurry is subjected to pH adjustment by the addition of sodium carbonate, promoting the precipitation of key impurities, mainly aluminum and iron, before rare earth element recovery. This step improves downstream precipitation selectivity and overall product purity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Solid-liquid separation, carried out through pressure filtration to ensure efficient recovery of the pregnant leach solution while minimizing the carryover of fine solids;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Chemical precipitation of rare earth elements from the pregnant leach solution, using sodium carbonate to produce rare earth carbonates. Precipitation parameters, such as pH, reagent dosage, and residence time, are carefully controlled to maximize rare earth element recovery while minimizing co-precipitation of impurities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Concentration and filtration: the precipitated slurry is sent to a thickener to achieve the target solids content, which is then fed to a filter press for production of the mixed rare earth concentrate cake;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Recirculation of barren solution: all solution recovered from the thickener overflow and mixed rare earth concentrate filtration filtrate is recirculated back into the process, reducing freshwater demand and minimizing reagent losses.

Compared to hard rock rare earth deposits, ionic adsorption clay processing avoids crushing, grinding, and high-temperature treatment, resulting in lower energy use and reduced environmental impact.

Date: 25 March 2026 Page 10-2

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| ![img79373654_2.jpg](img79373654_2.jpg) | www.rareearthsamericas.com |
|  | Alpha Project<br>Bahia, Brazil<br>Technical Report Summary |

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10.3 Test Laboratories

SGS Geosol in Lima, Peru was used to undertake bench-scale leaching tests during the period 2022 to 2023. ALS Geochemistry in Lima, Peru was used to undertake bench-scale leaching tests during the period 2023 to 2024. Both facilities are independent of Rare Earths Americas, and both hold ISO 17025 accreditations and ISO 9001 certification. There are currently no globally recognized accreditations for metallurgical testwork.

10.4 Metallurgical Testwork

SGS Geosol performed bench-scale ionic exchange tests using an ammonium sulphate solution equivalent to approximately 0.5 M (SGS code ICM655) on 50 g sample aliquots. A total of 1,078 leach tests were completed on samples from 117 auger holes between 2022 and 2024.

ALS Lima carried out bench-scale ammonium sulphate ionic exchange tests using a 0.5 M ammonium sulphate solution (ALS code ME-MS19) on 30 g sample aliquots. A total of 1,154 leach tests were completed on samples from 56 auger holes between 2023 and 2024.

For both laboratories, the samples were agitated in ammonium sulphate solution for 20 minutes and then filtered. The resulting filtrate was collected, an aliquot diluted with 2% nitric acid, and analyzed by ICP-MS.

In total, 17% of drill holes were subject to 2,232 ammonium sulphate leach tests, of which 2,199 are within modelled deposit areas. Drill hole collar locations for holes with samples that underwent ionic exchange testing are presented in Figure 10-1.

Date: 25 March 2026 Page 10-3

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|  | Alpha Project<br>Bahia, Brazil<br>Technical Report Summary |

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**Figure 10-1: Collar Locations, Metallurgical Testwork Samples**

![img79373654_49.jpg](img79373654_49.jpg)

Note: Figure prepared by Rare Earths Americas, 2025.

Date: 25 March 2026 Page 10-4

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|  | Alpha Project<br>Bahia, Brazil<br>Technical Report Summary |

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10.5 Rare Earth Element Extraction Estimates

As of the date of this Report, 2,439 samples have been submitted for metallurgical testwork. The average TREO-CeO₂ extraction into leach solution across all deposit areas is 22%, with comparable extractions observed for the economically significant magnet rare earth oxides. Leach extraction varies both between, and within, deposit areas.

Of the samples submitted, 807 samples (33%) contained saprolite with total rare earth oxide concentrations greater than a threshold of >209 ppm TREO–cerium oxide (CeO2) extracted into the leach solution. This threshold was applied to determine reasonable prospects for economic extraction, as detailed in the cut-off calculation provided in Chapter 11.11. Cerium was excluded from the threshold because it does not readily leach under the mild acid conditions typical of ionic clay processing. As a result, its extraction does not contribute to leach solution grades and is therefore not considered in determining potential economic cut-off parameters.

For samples above the selected threshold and representative of the mineral resource, the mean leach extraction for rare earth elements was 40%, with comparable extractions for the magnet rare earths neodymium, praseodymium, dysprosium, and terbium. The mean extraction for individual deposits is summarized in Table 10-1 and recoveries by individual rare earth element are illustrated in Figure 10-2.

**Table 10-1: Mean Leach Sample Recoveries by Deposit** 

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| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Mean Extraction (%)**<br>**All MRE Samples** | &nbsp;&nbsp;**Mean Extraction (%)**<br>**All MRE Samples** | &nbsp;&nbsp;**Mean Extraction (%)**<br>**All MRE Samples** | &nbsp;&nbsp;**Mean Extraction (%)**<br>**All MRE Samples** | &nbsp;&nbsp;**Mean Extraction (%)**<br>**All MRE Samples** | &nbsp;&nbsp;**Mean Extraction (%)**<br>**All MRE Samples** | &nbsp;&nbsp;**Mean Extraction (%)**<br>**>209 ppm TREO–CeO2 in Leach Solution** | &nbsp;&nbsp;**Mean Extraction (%)**<br>**>209 ppm TREO–CeO2 in Leach Solution** | &nbsp;&nbsp;**Mean Extraction (%)**<br>**>209 ppm TREO–CeO2 in Leach Solution** | &nbsp;&nbsp;**Mean Extraction (%)**<br>**>209 ppm TREO–CeO2 in Leach Solution** | &nbsp;&nbsp;**Mean Extraction (%)**<br>**>209 ppm TREO–CeO2 in Leach Solution** | &nbsp;&nbsp;**Mean Extraction (%)**<br>**>209 ppm TREO–CeO2 in Leach Solution** | &nbsp;&nbsp;**Mean Extraction (%)**<br>**>209 ppm TREO–CeO2 in Leach Solution** |
|  | &nbsp;&nbsp;**Count** | **TREO-<br>CeO2** | &nbsp;&nbsp;**Nd2O3** | &nbsp;&nbsp;**Pr6O11** | &nbsp;&nbsp;**Dy2O3** | &nbsp;&nbsp;**Tb4O7** | &nbsp;&nbsp;**Tb4O7** | &nbsp;&nbsp;**Count** | **TREO-<br>CeO2** | &nbsp;&nbsp;**Nd2O3** | &nbsp;&nbsp;**Pr6O11** | &nbsp;&nbsp;**Dy2O3** | &nbsp;&nbsp;**Tb4O7** |
| Rio Preto | &nbsp;&nbsp;688 | 17.01 | 17.5 | 15.9 | 17.8 | 18.8 | 18.8 | &nbsp;&nbsp;211 | 39.0 | 39.5 | 36.5 | 40.1 | 37.4 |
| Sapacaia | &nbsp;&nbsp;190 | 21.27 | 23.5 | 20.5 | 24.2 | 21.6 | 21.6 | &nbsp;&nbsp;50 | 50.3 | 55.1 | 48.7 | 53.7 | 49.8 |
| Nova Canaã | &nbsp;&nbsp;267 | 25.17 | 25.9 | 23.4 | 26.2 | 23.9 | 23.9 | &nbsp;&nbsp;108 | 41.8 | 42.4 | 39.0 | 42.6 | 39.3 |
| Rio das Pombas | &nbsp;&nbsp;1054 | 24.81 | 25.7 | 23.0 | 23.0 | 26.0 | 26.0 | &nbsp;&nbsp;438 | 39.0 | 40.3 | 37.1 | 38.7 | 38.9 |
| ***All*** | &nbsp;&nbsp;***2199*** | ***22.34*** | ***23.0*** | ***20.6*** | ***21.9*** | ***23.1*** | ***23.1*** | &nbsp;&nbsp;***807*** | ***40.1*** | ***41.3*** | ***37.9*** | ***40.5*** | ***39.2*** |

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Date: 25 March 2026 Page 10-5

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|  | Alpha Project<br>Bahia, Brazil<br>Technical Report Summary |

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**Figure 10-2: Summary of Leach Test Results for Above Mineral Resource Estimate Threshold Samples**![img79373654_50.gif](img79373654_50.gif)

Note: Figure prepared by McGarry Consulting, 2025.

Block model rare earth element (REE) leach recovery values for were estimated from all available test results at each deposit, using the same parameters and methodology described in Section 11.11. Estimated leach extraction for TREO–CeO2, Nd2O3, Pr6O11, Dy2O3 and Tb4O7 attributable to the mineral resource are presented in Table 10-2.

**Table 10-2: Mean Block Model Recovery Estimates**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Mean Estimated Extraction (%) Blocks >1,000ppm TREO** | **Mean Estimated Extraction (%) Blocks >1,000ppm TREO** | **Mean Estimated Extraction (%) Blocks >1,000ppm TREO** | **Mean Estimated Extraction (%) Blocks >1,000ppm TREO** | **Mean Estimated Extraction (%) Blocks >1,000ppm TREO** |
|  | **TREO-CeO2** | **Nd2O3** | **Pr6O11** | **Dy2O3** | **Tb4O7** |
| Rio Preto | 27.0 | 26.8 | 24.0 | 28.0 | 30.2 |
| Sapacaia | 22.4 | 23.8 | 20.8 | 26.7 | 23.8 |
| Nova Canaã | 29.9 | 33.8 | 30.4 | 30.3 | 24.7 |
| Rio das Pombas | 34.6 | 34.9 | 30.7 | 35.5 | 31.9 |
| ***All*** | ***27.2*** | ***28.6*** | ***25.5*** | ***28.8*** | ***27.2*** |

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These leaching results were comparable to those published for ionic adsorption clay projects on adjacent properties and inferred that the ionic clay rare earth mineralization is amenable to ionic exchange leaching at standard temperatures, pH, and atmospheric pressure. Process optimization testwork is planned and will be advanced as the Project develops.

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|  | Alpha Project<br>Bahia, Brazil<br>Technical Report Summary |

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Infill drilling should delineate material most amenable to leaching and target discrete horizons and zones with high rare earth element contents by leaching.

10.6 Metallurgical Variability

Leach recovery samples were collected from exploration drillholes on a regular grid spacing across each deposit, ensuring spatial representativity of the metallurgical dataset. Samples were taken continuously downhole through the entire regolith profile, capturing both lateral and vertical variability within the mineralized zones. The sampling approach covered the full range of grades present in the deposits, and leach tests were performed on intervals representing both high- and low-grade material.

The sample distribution covered the defined saprolite mineralization domain used in the estimation, ensuring that the extraction data were representative of the mineral resource estimates.

10.7 Deleterious Elements

For ionic adsorption clay deposits in general, the most common deleterious elements are thorium and uranium due to their impact on product radioactivity, and iron and aluminum due to their influence on reagent consumption and pregnant leach solution chemistry.

Bench-scale leach tests were conducted to evaluate the deportment of deleterious elements, including thorium and uranium, into the pregnant leach solution (Table 10-3). These tests indicated that both elements were largely immobile under the selected ion-exchange leaching conditions, with generally low levels detected in the pregnant leach solution.

Thorium and uranium were also estimated into the block model from exploration assays to assess their distribution and assess potential impacts on selective mining or waste management.

Additional metallurgical work is recommended. Bulk composite and variability testing will further assess these elements and confirm that impurity levels will not impact plant throughput, recovery, or product marketability.

No factors were identified to date that would preclude potential economic extraction or the generation of a marketable rare earth carbonate product at the project, although continued assessment of deleterious elements is recommended as the Project advances.

Date: 25 March 2026 Page 10-7

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|  | Alpha Project<br>Bahia, Brazil<br>Technical Report Summary |

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**Table 10-3: Deleterious Element U and Th in Pregnant Leach Solution in Bench-Scale Tests**

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|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Deposit** | &nbsp;&nbsp;**Count** | &nbsp;&nbsp;**Uranium (U ppm)** | &nbsp;&nbsp;**Uranium (U ppm)** | &nbsp;&nbsp;**Uranium (U ppm)** | &nbsp;&nbsp;**Thorium (Th ppm)** | &nbsp;&nbsp;**Thorium (Th ppm)** | &nbsp;&nbsp;**Thorium (Th ppm)** |
| &nbsp;&nbsp;**Deposit** | &nbsp;&nbsp;**Count** | &nbsp;&nbsp;**Average** | &nbsp;&nbsp;**Minimum** | &nbsp;&nbsp;**Maximum** | &nbsp;&nbsp;**Average** | &nbsp;&nbsp;**Minimum** | &nbsp;&nbsp;**Maximum** |
| &nbsp;&nbsp;Rio Preto | &nbsp;&nbsp;211 | &nbsp;&nbsp;0.25 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;3.17 | &nbsp;&nbsp;0.35 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;5.10 |
| &nbsp;&nbsp;Sapacaia | &nbsp;&nbsp;50 | &nbsp;&nbsp;2.41 | &nbsp;&nbsp;0.24 | &nbsp;&nbsp;11.95 | &nbsp;&nbsp;1.00 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;9.04 |
| &nbsp;&nbsp;Nova Canaã  | &nbsp;&nbsp;108 | &nbsp;&nbsp;0.35 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;1.92 | &nbsp;&nbsp;0.88 | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;12.45 |
| &nbsp;&nbsp;Rio das Pombas  | &nbsp;&nbsp;438 | &nbsp;&nbsp;0.18 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;4.06 | &nbsp;&nbsp;0.33 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;6.64 |
| &nbsp;&nbsp;***Grand total*** | &nbsp;&nbsp;***807*** | &nbsp;&nbsp;***0.34*** | &nbsp;&nbsp;***0.00*** | &nbsp;&nbsp;***11.95*** | &nbsp;&nbsp;***0.44*** | &nbsp;&nbsp;***0.01*** | &nbsp;&nbsp;***12.45*** |

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10.8 Qualified Person's Opinion on Data Adequacy

The metallurgical dataset is considered adequate to support the current mineral resource estimate. The bench-scale leach tests replicate the proposed ammonium sulphate ion-exchange process and are relevant to the ionic clay deposit class.

The systematic sampling captures both lateral and vertical variability, and the recoveries allow an inference of bulk-scale behavior at the current resource development stage.

It is recommended that future work include bulk composite and pilot-scale leach testing to evaluate potential comminution effects in transitional horizons, test material handling and leach solution flow, and refine leach extraction estimates across different regolith domains.

Continuous column leach testing should also be undertaken to replicate percolation behavior under process-representative conditions and validate leaching kinetics. These larger-scale tests should provide sufficient pregnant leach solution volumes for confirmatory work on mixed rare earth carbonate precipitation and purification, to establish product quality and recovery estimates through to a saleable product.

These programs should strengthen the metallurgical basis for the mineral resource estimate and support the economic assumptions in sufficient detail to support higher-confidence mineral resource categories and engineering studies.

Date: 25 March 2026 Page 10-8

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|  | Alpha Project<br>Bahia, Brazil<br>Technical Report Summary |

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11.0 MINERAL RESOURCE ESTIMATES

11.1 Introduction

Geological and block modelling was undertaken Leapfrog version 2025.1 with the Edge extension. Statistical analysis was carried out using Snowden Supervisor software version 8.6.

The Alpha Project is sub-divided into four deposit areas for the mineral resource estimation. These areas are shown in Figure 7-3. Deposit boundaries define areas characterized by consistent topographic trends, which exert a primary control on the distribution of ionic adsorption clay mineralization, and by airborne radiometric thorium equivalent anomalies associated with rare earth element mineralization. Where appropriate, deposit boundaries coincide with concession limits. The deposits are defined as follows (Table 11-1):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Rio Preto: primarily underlain by bedrock of the Volta do Rio Plutonic Suite and undifferentiated granulites that trend to the northeast;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Sapacaia: primarily underlain by bedrock of the Volta do Rio Plutonic Suite orientated to the north–northeast;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Nova Canaã: defines a zone primarily underlain by rocks of the Volta do Rio Plutonic Suite and felsic granulites that trend to the north–northwest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Rio Das Pombas: defines a zone primarily underlain by rocks of the Volta do Rio Plutonic Suite and Ipiaú Belt trending to the north–northeast.

The total area of the four deposit models is 53.1 km<sup>2</sup>. The total modelled volume is approximately 1,400 Mm<sup>3</sup>.

The modelled north–south extent of each area ranges from 2.4–7.5 km with a total extent of approximately 53 km<sup>2</sup>. The east–west extents range up to 10 km. The modelled thicknesses range from 2–65 m where the deposit was tested by sonic and core drilling. Where the deposit was tested by auger drilling (with a maximum operational limit of 30 m) thickness ranges to 39 m. The median thicknesses range from 23–29 m.

Date: 25 March 2026 Page 11-1

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|  | Alpha Project<br>Bahia, Brazil<br>Technical Report Summary |

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**Table 11-1: Extents of the Mineral Resource Estimate Domains**

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|:---|:---|:---|:---|:---|:---|
|  | **Deposit** | **Rio Preto** | **Sapacaia** | **Nova Canaã** | **Rio das Pombas** |
| Extent (m) | North–south | 5510 | 5980 | 2390 | 7530 |
| Extent (m) | East–west | 3023 | 1900 | 2341 | 10038 |
| ![img79373654_51.jpg](img79373654_51.jpg) | Minimum | 5 | 7 | 7 | 2 |
| ![img79373654_51.jpg](img79373654_51.jpg) | 25 Percentile | 19 | 19 | 22 | 23 |
| ![img79373654_51.jpg](img79373654_51.jpg) | Median: | 23 | 24 | 25 | 29 |
| ![img79373654_51.jpg](img79373654_51.jpg) | 75 Percentile | 28 | 29 | 27 | 35 |
| ![img79373654_51.jpg](img79373654_51.jpg) | Maximum Value: | 49 | 46 | 65 | 50 |
| Area (Mm<sup>2</sup>) | Area (Mm<sup>2</sup>) | 14.3 | 12.1 | 3.81 | 22.9 |
| Volume (Mm<sup>3</sup>) | Volume (Mm<sup>3</sup>) | 323.1 | 274.9 | 91.6 | 603.0 |

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11.2 Unsampled Intervals

Within sampled drill holes used in the resource estimate, there were two 1 m and 2 m long intervals that were not sampled and do not have assayed rare earth element grades. These unsampled intervals were assigned a null grade rather than a zero grade and were ignored during mineral resource estimation.

11.3 Univariate Statistics

Univariate statistical assessments of composited rare earth oxide grade data and deleterious elements were undertaken. Summary statistics composite rare earth oxide values for each deposit domain are presented in Table 11-2 and are based on 3,359 samples for Rio Preto, 1,968 samples for Sapacaia, 1,291 samples for Nova Canaã, and 6,986 samples for Rio das Pombas.

Statistical analysis shows that a single estimation approach would be appropriate for estimation of the rare earth elements in all estimation domains.

Summary composite rare earth element statistics for each estimation domain include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Rio Preto domain, TREO grades ranged from 33.1–8,561 ppm (0.9% TREO) and averaged 982 ppm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Sapacaia domain, TREO grades ranged from 8.2–69,127 ppm (6.9% TREO) and averaged 705 ppm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Nova Canaã domain, TREO grades ranged from 0.7–7,921 ppm (0.8% TREO) and averaged 975 ppm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Rio das Pombas domain, TREO grades ranged from 0.6–9,957 ppm (1.0% TREO) and averaged 705 ppm.

Date: 25 March 2026 Page 11-2

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|  | Alpha Project<br>Bahia, Brazil<br>Technical Report Summary |

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**Table 11-2: Composite Rare Earth Element Statistics (all values in ppm)**

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| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **La2O3**  | **CeO2** | **Pr6O11** | **Nd2O3**  | **Sm2O3**  | **Eu2O3**  | **Gd2O3**  | **Tb4O7**  | **Dy2O3**  | **Ho2O3**  | **Er2O3**  | **Tm2O3**  | **Yb2O3**  | **Lu2O3**  | **Y2O3**  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Rio Preto = 3,359** | &nbsp;&nbsp;&nbsp;&nbsp;**Rio Preto = 3,359** | &nbsp;&nbsp;&nbsp;&nbsp;**Rio Preto = 3,359** | &nbsp;&nbsp;&nbsp;&nbsp;**Rio Preto = 3,359** | &nbsp;&nbsp;&nbsp;&nbsp;**Rio Preto = 3,359** | &nbsp;&nbsp;&nbsp;&nbsp;**Rio Preto = 3,359** | &nbsp;&nbsp;&nbsp;&nbsp;**Rio Preto = 3,359** | &nbsp;&nbsp;&nbsp;&nbsp;**Rio Preto = 3,359** | &nbsp;&nbsp;&nbsp;&nbsp;**Rio Preto = 3,359** | &nbsp;&nbsp;&nbsp;&nbsp;**Rio Preto = 3,359** | &nbsp;&nbsp;&nbsp;&nbsp;**Rio Preto = 3,359** | &nbsp;&nbsp;&nbsp;&nbsp;**Rio Preto = 3,359** | &nbsp;&nbsp;&nbsp;&nbsp;**Rio Preto = 3,359** | &nbsp;&nbsp;&nbsp;&nbsp;**Rio Preto = 3,359** | &nbsp;&nbsp;&nbsp;&nbsp;**Rio Preto = 3,359** | &nbsp;&nbsp;&nbsp;&nbsp;**Rio Preto = 3,359** |
| Mean | 202.0 | 442.1 | 42.2 | 140.1 | 23.3 | 3.0 | 18.3 | 2.7 | 14.9 | 2.8 | 7.6 | 1.1 | 6.8 | 1.0 | 74.2 |
| Std.Dev | 167.4 | 385.7 | 43.4 | 160.5 | 30.7 | 5.0 | 26.2 | 4.1 | 24.1 | 4.7 | 13.7 | 1.9 | 12.2 | 1.6 | 138.7 |
| CV | 0.8 | 0.9 | 1.0 | 1.2 | 1.3 | 1.7 | 1.4 | 1.5 | 1.6 | 1.7 | 1.8 | 1.8 | 1.8 | 1.7 | 1.9 |
| Minimum | 2.1 | 17.7 | 0.8 | 2.0 | 0.1 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.1 | 0.0 | 1.3 |
| Median | 160.7 | 366.3 | 31.1 | 99.9 | 15.3 | 1.3 | 11.2 | 1.5 | 7.8 | 1.4 | 3.6 | 0.5 | 3.2 | 0.5 | 33.1 |
| Maximum | 2637 | 4848 | 532 | 2271 | 443 | 90 | 468 | 78 | 515 | 99 | 294 | 40 | 263 | 37 | 2586 |
| P95 | 490 | 1007 | 112 | 379 | 66 | 10 | 53 | 8 | 48 | 9 | 27 | 4 | 23 | 3 | 258 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Sapacaia = 1,968** | &nbsp;&nbsp;&nbsp;&nbsp;**Sapacaia = 1,968** | &nbsp;&nbsp;&nbsp;&nbsp;**Sapacaia = 1,968** | &nbsp;&nbsp;&nbsp;&nbsp;**Sapacaia = 1,968** | &nbsp;&nbsp;&nbsp;&nbsp;**Sapacaia = 1,968** | &nbsp;&nbsp;&nbsp;&nbsp;**Sapacaia = 1,968** | &nbsp;&nbsp;&nbsp;&nbsp;**Sapacaia = 1,968** | &nbsp;&nbsp;&nbsp;&nbsp;**Sapacaia = 1,968** | &nbsp;&nbsp;&nbsp;&nbsp;**Sapacaia = 1,968** | &nbsp;&nbsp;&nbsp;&nbsp;**Sapacaia = 1,968** | &nbsp;&nbsp;&nbsp;&nbsp;**Sapacaia = 1,968** | &nbsp;&nbsp;&nbsp;&nbsp;**Sapacaia = 1,968** | &nbsp;&nbsp;&nbsp;&nbsp;**Sapacaia = 1,968** | &nbsp;&nbsp;&nbsp;&nbsp;**Sapacaia = 1,968** | &nbsp;&nbsp;&nbsp;&nbsp;**Sapacaia = 1,968** | &nbsp;&nbsp;&nbsp;&nbsp;**Sapacaia = 1,968** |
| Mean | 216.2 | 454.8 | 40.7 | 129.4 | 21.5 | 3.0 | 16.8 | 2.4 | 13.2 | 2.4 | 6.8 | 0.9 | 6.2 | 0.9 | 66.6 |
| Std.Dev | 471.4 | 923.1 | 85.4 | 263.5 | 39.0 | 5.1 | 31.3 | 4.3 | 25.4 | 5.0 | 15.0 | 2.0 | 13.1 | 1.9 | 158.6 |
| CV | 2.2 | 2.0 | 2.1 | 2.0 | 1.8 | 1.7 | 1.9 | 1.8 | 1.9 | 2.1 | 2.2 | 2.1 | 2.1 | 2.0 | 2.4 |
| Minimum | 2.7 | 1.6 | 0.2 | 0.2 | 0.1 | 0.0 | 0.1 | 0.0 | 0.1 | 0.0 | 0.0 | 0.0 | 0.1 | 0.0 | 0.0 |
| Median | 146.4 | 312.9 | 26.6 | 82.7 | 13.8 | 1.6 | 10.2 | 1.4 | 7.7 | 1.3 | 3.5 | 0.5 | 3.1 | 0.5 | 31.9 |
| Maximum | 17800 | 34500 | 3110 | 9258 | 1200 | 95 | 789 | 105 | 713 | 152 | 473 | 61 | 390 | 53 | 5099 |
| P95 | 560 | 1254 | 114 | 374 | 68 | 10 | 51 | 7 | 40 | 8 | 23 | 3 | 21 | 3 | 227 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Nova Canaã n=1,291** | &nbsp;&nbsp;&nbsp;&nbsp;**Nova Canaã n=1,291** | &nbsp;&nbsp;&nbsp;&nbsp;**Nova Canaã n=1,291** | &nbsp;&nbsp;&nbsp;&nbsp;**Nova Canaã n=1,291** | &nbsp;&nbsp;&nbsp;&nbsp;**Nova Canaã n=1,291** | &nbsp;&nbsp;&nbsp;&nbsp;**Nova Canaã n=1,291** | &nbsp;&nbsp;&nbsp;&nbsp;**Nova Canaã n=1,291** | &nbsp;&nbsp;&nbsp;&nbsp;**Nova Canaã n=1,291** | &nbsp;&nbsp;&nbsp;&nbsp;**Nova Canaã n=1,291** | &nbsp;&nbsp;&nbsp;&nbsp;**Nova Canaã n=1,291** | &nbsp;&nbsp;&nbsp;&nbsp;**Nova Canaã n=1,291** | &nbsp;&nbsp;&nbsp;&nbsp;**Nova Canaã n=1,291** | &nbsp;&nbsp;&nbsp;&nbsp;**Nova Canaã n=1,291** | &nbsp;&nbsp;&nbsp;&nbsp;**Nova Canaã n=1,291** | &nbsp;&nbsp;&nbsp;&nbsp;**Nova Canaã n=1,291** | &nbsp;&nbsp;&nbsp;&nbsp;**Nova Canaã n=1,291** |
| Mean | 212.7 | 396.8 | 42.8 | 142.7 | 23.6 | 3.7 | 21.3 | 2.8 | 16.0 | 3.1 | 8.8 | 1.2 | 8.1 | 1.1 | 90.0 |
| Std.Dev | 168.6 | 273.8 | 38.9 | 130.0 | 21.8 | 4.1 | 18.4 | 2.5 | 15.4 | 3.1 | 9.1 | 1.3 | 8.3 | 1.1 | 95.2 |
| CV | 0.8 | 0.7 | 0.9 | 0.9 | 0.9 | 1.1 | 0.9 | 0.9 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.1 |
| Minimum | 0.1 | 0.1 | 0.0 | 0.1 | 0.1 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.1 | 0.0 | 0.0 |
| Median | 186.7 | 354.6 | 35.8 | 116.4 | 18.5 | 2.7 | 16.4 | 2.1 | 11.9 | 2.3 | 6.1 | 0.8 | 5.4 | 0.8 | 62.2 |
| Maximum | 2332 | 3471 | 612 | 1961 | 322 | 67 | 186 | 27 | 157 | 36 | 123 | 18 | 123 | 16 | 1342 |
| P95 | 467 | 833 | 94 | 319 | 55 | 10 | 51 | 7 | 40 | 8 | 24 | 3 | 22 | 3 | 257 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Rio das Pombas n= 6,986** | &nbsp;&nbsp;&nbsp;&nbsp;**Rio das Pombas n= 6,986** | &nbsp;&nbsp;&nbsp;&nbsp;**Rio das Pombas n= 6,986** | &nbsp;&nbsp;&nbsp;&nbsp;**Rio das Pombas n= 6,986** | &nbsp;&nbsp;&nbsp;&nbsp;**Rio das Pombas n= 6,986** | &nbsp;&nbsp;&nbsp;&nbsp;**Rio das Pombas n= 6,986** | &nbsp;&nbsp;&nbsp;&nbsp;**Rio das Pombas n= 6,986** | &nbsp;&nbsp;&nbsp;&nbsp;**Rio das Pombas n= 6,986** | &nbsp;&nbsp;&nbsp;&nbsp;**Rio das Pombas n= 6,986** | &nbsp;&nbsp;&nbsp;&nbsp;**Rio das Pombas n= 6,986** | &nbsp;&nbsp;&nbsp;&nbsp;**Rio das Pombas n= 6,986** | &nbsp;&nbsp;&nbsp;&nbsp;**Rio das Pombas n= 6,986** | &nbsp;&nbsp;&nbsp;&nbsp;**Rio das Pombas n= 6,986** | &nbsp;&nbsp;&nbsp;&nbsp;**Rio das Pombas n= 6,986** | &nbsp;&nbsp;&nbsp;&nbsp;**Rio das Pombas n= 6,986** | &nbsp;&nbsp;&nbsp;&nbsp;**Rio das Pombas n= 6,986** |
| Mean | 145.6 | 309.4 | 29.8 | 97.7 | 16.1 | 2.1 | 12.9 | 1.8 | 10.5 | 2.0 | 5.6 | 0.8 | 5.1 | 0.7 | 56.3 |
| Std.Dev | 165.9 | 358.5 | 37.2 | 124.4 | 21.9 | 3.4 | 19.1 | 2.9 | 17.5 | 3.4 | 9.8 | 1.3 | 7.9 | 1.1 | 104.2 |
| CV | 1.1 | 1.2 | 1.3 | 1.3 | 1.4 | 1.6 | 1.5 | 1.6 | 1.7 | 1.7 | 1.7 | 1.7 | 1.6 | 1.5 | 1.9 |
| Minimum | 0.1 | 0.1 | 0.0 | 0.1 | 0.1 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.1 | 0.0 | 0.0 |
| Median | 89.7 | 236.3 | 16.2 | 51.9 | 8.0 | 0.9 | 6.0 | 0.7 | 4.0 | 0.7 | 2.0 | 0.3 | 2.3 | 0.4 | 18.8 |
| Maximum | 4105 | 9074 | 695 | 2118 | 423 | 73 | 479 | 82 | 529 | 115 | 324 | 42 | 220 | 35 | 4099 |
| P95 | 426 | 809 | 95 | 317 | 55 | 8 | 46 | 7 | 41 | 8 | 23 | 3 | 20 | 3 | 223 |

---

Note: Std.Dev = standard deviation, CV = co-efficient of variation, P95 is 95<sup>th</sup> percentile

Date: 25 March 2026 Page 11-3

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| ![img79373654_2.jpg](img79373654_2.jpg) | www.rareearthsamericas.com |
|  | Alpha Project<br>Bahia, Brazil<br>Technical Report Summary |

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Domain statistics for rare earth element reporting groups and deleterious elements are provided in Table 11-3.

**Table 11-3: Composite Statistics for Rare Earth Element Reporting Groups and Deleterious Element Grades (all values in ppm)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **TREO**  | **TREO–CeO2**  | **ThO2**  | **U3O8** |
| **Rio Preto = 3,359** | **Rio Preto = 3,359** | **Rio Preto = 3,359** | **Rio Preto = 3,359** | **Rio Preto = 3,359** |
| Mean | 982.0 | 539.9 | 82.2 | 11.8 |
| Std.Dev | 746.6 | 560.6 | 80.4 | 18.9 |
| CV | 0.8 | 1.0 | 1.0 | 1.6 |
| Min | 33.1 | 15.0 | 0.1 | 0.0 |
| Median | 852.0 | 394.4 | 44.6 | 7.2 |
| Max | 8561 | 8110 | 853 | 887 |
| P95 | 2178 | 1410 | 231 | 34 |
| **Sapacaia = 1,968** | **Sapacaia = 1,968** | **Sapacaia = 1,968** | **Sapacaia = 1,968** | **Sapacaia = 1,968** |
| Mean | 981.8 | 527.1 | 112.1 | 17.1 |
| Std.Dev | 1871.2 | 1007.6 | 374.6 | 20.9 |
| CV | 1.9 | 1.9 | 3.3 | 1.2 |
| Min | 8.2 | 6.2 | 0.1 | 0.2 |
| Median | 696.0 | 354.9 | 84.7 | 14.7 |
| Max | 69127 | 34627 | 15693 | 684 |
| P95 | 2443 | 1480 | 241 | 40 |
| **Nova Canaã n =1,291** | **Nova Canaã n =1,291** | **Nova Canaã n =1,291** | **Nova Canaã n =1,291** | **Nova Canaã n =1,291** |
| Mean | 974.8 | 578.0 | 77.5 | 12.6 |
| Std.Dev | 662.9 | 477.7 | 68.4 | 10.5 |
| CV | 0.7 | 0.8 | 0.9 | 0.8 |
| Min | 0.6 | 0.5 | 0.1 | 0.0 |
| Median | 894.9 | 483.5 | 59.3 | 9.0 |
| Max | 7921 | 6162 | 830 | 58 |
| P95 | 1963 | 1281 | 187 | 34 |
| **Rio das Pombas n = 6,986** | **Rio das Pombas n = 6,986** | **Rio das Pombas n = 6,986** | **Rio das Pombas n = 6,986** | **Rio das Pombas n = 6,986** |
| Mean | 696.5 | 387.1 | 52.0 | 6.4 |
| Std.Dev | 665.1 | 483.0 | 48.4 | 5.2 |
| CV | 1.0 | 1.3 | 0.9 | 0.8 |
| Min | 0.6 | 0.5 | 0.1 | 0.0 |
| Median | 524.7 | 210.0 | 39.0 | 4.9 |
| Max | 9957 | 9668 | 786 | 113 |
| P95 | 1773 | 1231 | 158 | 16 |

---

Note: Std.Dev = standard deviation, CV = co-efficient of variation, P95 is 95<sup>th</sup> percentile

Date: 25 March 2026 Page 11-4

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| ![img79373654_2.jpg](img79373654_2.jpg) | www.rareearthsamericas.com |
|  | Alpha Project<br>Bahia, Brazil<br>Technical Report Summary |

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All of the estimation domains showed broadly comparable asymmetric log distributions for the rare earth oxides with positive skew. Mean grades tended to be higher than median grades and were influenced by a tail of high values. The coefficients of variation ranged from 1.5 to 2, indicating that treatment of high grades during estimation may be required.

11.4 Assay Summary Statistics

Widely spaced exploration drilling at all properties have encountered broad zones of regolith hosted REO mineralization. Summary statistics for TREO and rare earth oxide reporting groups are shown in Table 11-4 and Table 11-5.

Total rare earth oxide grades have comparable log histogram distributions (Figure 11-1) associated with rare earth element enrichment in dispersed ionic adsorption clay horizons.

Date: 25 March 2026 Page 11-5

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| ![img79373654_2.jpg](img79373654_2.jpg) | www.rareearthsamericas.com |
|  | Alpha Project<br>Bahia, Brazil<br>Technical Report Summary |

---

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**Table 11**-**4: Summary Statistics for Rare Earth Element Assays (all values in ppm)** 

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Item** | &nbsp;&nbsp;&nbsp;&nbsp;**La2O3<br>(ppm)** | &nbsp;&nbsp;&nbsp;&nbsp;**CeO2<br>(ppm)** | &nbsp;&nbsp;&nbsp;&nbsp;**Pr6O1<br>(ppm)** | &nbsp;&nbsp;&nbsp;&nbsp;**Nd2O3<br>(ppm)** | &nbsp;&nbsp;&nbsp;&nbsp;**Sm2O3<br>(ppm)** | &nbsp;&nbsp;&nbsp;&nbsp;**Eu2O3<br>(ppm)** | &nbsp;&nbsp;&nbsp;&nbsp;**Gd2O3<br>(ppm)** | &nbsp;&nbsp;&nbsp;&nbsp;**Tb4O7<br>(ppm)** | &nbsp;&nbsp;&nbsp;&nbsp;**Dy2O3<br>(ppm)** | &nbsp;&nbsp;&nbsp;&nbsp;**Ho2O3<br>(ppm)** | &nbsp;&nbsp;&nbsp;&nbsp;**Er2O3<br>(ppm)** | &nbsp;&nbsp;&nbsp;&nbsp;**Tm2O3<br>(ppm)** | &nbsp;&nbsp;&nbsp;&nbsp;**Yb2O3<br>(ppm)** | &nbsp;&nbsp;&nbsp;&nbsp;**Lu2O3 <br>(ppm)** | &nbsp;&nbsp;&nbsp;&nbsp;**Y2O3<br>(ppm)** |
| &nbsp;&nbsp;&nbsp;&nbsp;**n = 16,006** | &nbsp;&nbsp;&nbsp;&nbsp;**n = 16,006** | &nbsp;&nbsp;&nbsp;&nbsp;**n = 16,006** | &nbsp;&nbsp;&nbsp;&nbsp;**n = 16,006** | &nbsp;&nbsp;&nbsp;&nbsp;**n = 16,006** | &nbsp;&nbsp;&nbsp;&nbsp;**n = 16,006** | &nbsp;&nbsp;&nbsp;&nbsp;**n = 16,006** | &nbsp;&nbsp;&nbsp;&nbsp;**n = 16,006** | &nbsp;&nbsp;&nbsp;&nbsp;**n = 16,006** | &nbsp;&nbsp;&nbsp;&nbsp;**n = 16,006** | &nbsp;&nbsp;&nbsp;&nbsp;**n = 16,006** | &nbsp;&nbsp;&nbsp;&nbsp;**n = 16,006** | &nbsp;&nbsp;&nbsp;&nbsp;**n = 16,006** | &nbsp;&nbsp;&nbsp;&nbsp;**n = 16,006** | &nbsp;&nbsp;&nbsp;&nbsp;**n = 16,006** | &nbsp;&nbsp;&nbsp;&nbsp;**n = 16,006** |
| &nbsp;&nbsp;Mean | &nbsp;&nbsp;164 | &nbsp;&nbsp;344 | 33.1 | &nbsp;&nbsp;109 | &nbsp;&nbsp;18 | 2.5 | 14.7 | 2.1 | 11.7 | 2.2 | 6.2 | 0.9 | 5.6 | 0.8 | 61.3 |
| &nbsp;&nbsp;Std.Dev | &nbsp;&nbsp;228 | &nbsp;&nbsp;463 | 47.1 | &nbsp;&nbsp;156 | 26.4 | 4.1 | 22.3 | 3.3 | 19.7 | 3.9 | 11.2 | 1.5 | 9.6 | 1.3 | &nbsp;&nbsp;117 |
| &nbsp;&nbsp;CV | 1.4 | 1.4 | 1.4 | 1.4 | 1.5 | 1.6 | 1.5 | 1.6 | 1.7 | 1.7 | 1.8 | 1.8 | 1.7 | 1.7 | 1.9 |
| &nbsp;&nbsp;Minimum | 0.06 | 0.06 | 0.03 | 0.06 | 0.06 | 0.02 | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 | 0.01 | 0.06 | 0.03 | 0.03 |
| &nbsp;&nbsp;Median | &nbsp;&nbsp;115 | &nbsp;&nbsp;263 | 21.2 | 67.7 | 10.7 | 1.2 | 8.3 | 1.1 | 5.6 | &nbsp;&nbsp;1 | 2.7 | 0.4 | 2.6 | 0.4 | 25.5 |
| &nbsp;&nbsp;Maximum | &nbsp;&nbsp;17800 | &nbsp;&nbsp;34500 | &nbsp;&nbsp;3110 | &nbsp;&nbsp;9258 | &nbsp;&nbsp;1200 | &nbsp;&nbsp;95 | &nbsp;&nbsp;789 | &nbsp;&nbsp;105 | &nbsp;&nbsp;713 | &nbsp;&nbsp;152 | &nbsp;&nbsp;473 | &nbsp;&nbsp;61 | &nbsp;&nbsp;390 | &nbsp;&nbsp;53 | &nbsp;&nbsp;5099 |

---

Note: Std.Dev = standard deviation, CV = coefficient of variation

**Table 11**-**5: Summary Statistics for Rare Earth Element Reporting Groups and Deleterious Elements** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Item** | **TREO <br>(ppm)** | **TREO-CeO2 <br>(ppm)** | **LREO <br>(ppm)** | **HREO <br>(ppm)** | **HREO<br>(%)** | **Nb2O5 <br>(ppm)** | **Sc2O3 <br>(ppm)** | **U3O8<br>(ppm)** | **ThO2 <br>(ppm)** |
| **n = 16,006** | **n = 16,006** | **n = 16,006** | **n = 16,006** | **n = 16,006** | **n = 16,006** | **n = 16,006** | **n = 16,006** | **n = 16,006** | **n = 16,006** |
| Mean | 776 | 432 | 650 | 126 | 15.2 | 38 | 11 | 9.2 | 66.7 |
| Std.Dev | 927 | 586 | 802 | 211 | 10.3 | 25.3 | 12.2 | 13.1 | 145 |
| CV | 1.2 | 1.4 | 1.2 | 1.7 | 0.7 | 0.7 | 1.1 | 1.4 | 2.2 |
| Minimum | 0.59 | 0.52 | 0.21 | 0.38 | 0.39 | 0.04 | 0.38 | 0.03 | 0.06 |
| Median | 608 | 278 | 518 | 60.7 | 12.3 | 34.9 | 7.2 | 5.5 | 40.4 |
| Maximum | 69127 | 34627 | 64668 | 8314 | 84 | 325 | 169 | 887 | 15693 |

---

Note: Std.Dev = standard deviation, CV = coefficient of variation, LREO = light rare earth oxides, HREO = heavy rare earth oxides.

Date: 25 March 2026 Page 11-6

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|:---|:---|
| ![img79373654_2.jpg](img79373654_2.jpg) | www.rareearthsamericas.com |
|  | Alpha Project<br>Bahia, Brazil<br>Technical Report Summary |

---

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**Figure 11-1: TREO, HREO, Nd2O3, Pr6O11, Dy2O3 and Tb4O7 Assay Log Histograms**

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| | |
|:---|:---|
| ![img79373654_52.jpg](img79373654_52.jpg) | ![img79373654_53.jpg](img79373654_53.jpg) |
| ![img79373654_54.jpg](img79373654_54.jpg) | ![img79373654_55.jpg](img79373654_55.jpg) |
| ![img79373654_56.jpg](img79373654_56.jpg) | ![img79373654_57.jpg](img79373654_57.jpg) |

---

Note: Figure prepared by McGarry Consulting, 2025.

Date: 25 March 2026 Page 11-7

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| | |
|:---|:---|
| ![img79373654_2.jpg](img79373654_2.jpg) | www.rareearthsamericas.com |
|  | Alpha Project<br>Bahia, Brazil<br>Technical Report Summary |

---

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REO grades are positively correlated (Table 11-6). Except for cerium, the light rare earths are correlated with coefficients typically above 0.9. Except for europium, the heavy rare earths are strongly correlated with coefficients approaching 1.0.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The low correlation between CeO2 and other rare earth oxides confirms the incompatible mobility of CeO2 within the regolith relative to the other rare earth oxides that have accumulated in saprolite ionic adsorption clay deposits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Low europium values and weak correlation with other rare earth oxides indicate a source in an alkaline silicate melt of the Volta do Rio Suite.

**Table 11-6: Correlation Matrix, Rare Earth Element Assays**

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Indep/ Dep** | &nbsp;&nbsp;![img79373654_58.jpg](img79373654_58.jpg) | &nbsp;&nbsp;![img79373654_59.jpg](img79373654_59.jpg) | &nbsp;&nbsp;![img79373654_60.jpg](img79373654_60.jpg) | &nbsp;&nbsp;![img79373654_61.jpg](img79373654_61.jpg) | &nbsp;&nbsp;![img79373654_62.jpg](img79373654_62.jpg) | &nbsp;&nbsp;![img79373654_63.jpg](img79373654_63.jpg) | &nbsp;&nbsp;![img79373654_64.jpg](img79373654_64.jpg) | &nbsp;&nbsp;![img79373654_65.jpg](img79373654_65.jpg) | &nbsp;&nbsp;![img79373654_66.jpg](img79373654_66.jpg) | &nbsp;&nbsp;![img79373654_67.jpg](img79373654_67.jpg) | &nbsp;&nbsp;![img79373654_68.jpg](img79373654_68.jpg) | &nbsp;&nbsp;![img79373654_69.jpg](img79373654_69.jpg) | &nbsp;&nbsp;![img79373654_70.jpg](img79373654_70.jpg) | &nbsp;&nbsp;![img79373654_71.jpg](img79373654_71.jpg) | &nbsp;&nbsp;![img79373654_72.jpg](img79373654_72.jpg) | &nbsp;&nbsp;![img79373654_73.jpg](img79373654_73.jpg) | &nbsp;&nbsp;![img79373654_74.jpg](img79373654_74.jpg) |
| &nbsp;&nbsp;**La2O3** | &nbsp;&nbsp;1.00 | &nbsp;&nbsp;0.67 | &nbsp;&nbsp;0.95 | &nbsp;&nbsp;0.91 | &nbsp;&nbsp;0.83 | &nbsp;&nbsp;0.57 | &nbsp;&nbsp;0.74 | &nbsp;&nbsp;0.67 | &nbsp;&nbsp;0.60 | &nbsp;&nbsp;0.54 | &nbsp;&nbsp;0.49 | &nbsp;&nbsp;0.44 | &nbsp;&nbsp;0.42 | &nbsp;&nbsp;0.39 | &nbsp;&nbsp;0.48 | &nbsp;&nbsp;0.90 | &nbsp;&nbsp;0.59 |
| &nbsp;&nbsp;**CeO2** | &nbsp;&nbsp;0.67 | &nbsp;&nbsp;1.00 | &nbsp;&nbsp;0.62 | &nbsp;&nbsp;0.57 | &nbsp;&nbsp;0.49 | &nbsp;&nbsp;0.21 | &nbsp;&nbsp;0.39 | &nbsp;&nbsp;0.33 | &nbsp;&nbsp;0.27 | &nbsp;&nbsp;0.22 | &nbsp;&nbsp;0.19 | &nbsp;&nbsp;0.16 | &nbsp;&nbsp;0.15 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;0.18 | &nbsp;&nbsp;0.92 | &nbsp;&nbsp;0.26 |
| &nbsp;&nbsp;**Pr6O11** | &nbsp;&nbsp;0.95 | &nbsp;&nbsp;0.62 | &nbsp;&nbsp;1.00 | &nbsp;&nbsp;0.99 | &nbsp;&nbsp;0.94 | &nbsp;&nbsp;0.70 | &nbsp;&nbsp;0.85 | &nbsp;&nbsp;0.79 | &nbsp;&nbsp;0.73 | &nbsp;&nbsp;0.66 | &nbsp;&nbsp;0.60 | &nbsp;&nbsp;0.56 | &nbsp;&nbsp;0.54 | &nbsp;&nbsp;0.51 | &nbsp;&nbsp;0.58 | &nbsp;&nbsp;0.88 | &nbsp;&nbsp;0.70 |
| &nbsp;&nbsp;**Nd2O3** | &nbsp;&nbsp;0.91 | &nbsp;&nbsp;0.57 | &nbsp;&nbsp;0.99 | &nbsp;&nbsp;1.00 | &nbsp;&nbsp;0.97 | &nbsp;&nbsp;0.77 | &nbsp;&nbsp;0.90 | &nbsp;&nbsp;0.84 | &nbsp;&nbsp;0.78 | &nbsp;&nbsp;0.72 | &nbsp;&nbsp;0.67 | &nbsp;&nbsp;0.63 | &nbsp;&nbsp;0.60 | &nbsp;&nbsp;0.57 | &nbsp;&nbsp;0.64 | &nbsp;&nbsp;0.84 | &nbsp;&nbsp;0.76 |
| &nbsp;&nbsp;**Sm2O3** | &nbsp;&nbsp;0.83 | &nbsp;&nbsp;0.49 | &nbsp;&nbsp;0.94 | &nbsp;&nbsp;0.97 | &nbsp;&nbsp;1.00 | &nbsp;&nbsp;0.85 | &nbsp;&nbsp;0.95 | &nbsp;&nbsp;0.92 | &nbsp;&nbsp;0.88 | &nbsp;&nbsp;0.82 | &nbsp;&nbsp;0.77 | &nbsp;&nbsp;0.74 | &nbsp;&nbsp;0.71 | &nbsp;&nbsp;0.68 | &nbsp;&nbsp;0.74 | &nbsp;&nbsp;0.76 | &nbsp;&nbsp;0.85 |
| &nbsp;&nbsp;**Eu2O3** | &nbsp;&nbsp;0.57 | &nbsp;&nbsp;0.21 | &nbsp;&nbsp;0.70 | &nbsp;&nbsp;0.77 | &nbsp;&nbsp;0.85 | &nbsp;&nbsp;1.00 | &nbsp;&nbsp;0.87 | &nbsp;&nbsp;0.85 | &nbsp;&nbsp;0.83 | &nbsp;&nbsp;0.79 | &nbsp;&nbsp;0.76 | &nbsp;&nbsp;0.73 | &nbsp;&nbsp;0.72 | &nbsp;&nbsp;0.69 | &nbsp;&nbsp;0.73 | &nbsp;&nbsp;0.47 | &nbsp;&nbsp;0.81 |
| &nbsp;&nbsp;**Gd2O3** | &nbsp;&nbsp;0.74 | &nbsp;&nbsp;0.39 | &nbsp;&nbsp;0.85 | &nbsp;&nbsp;0.90 | &nbsp;&nbsp;0.95 | &nbsp;&nbsp;0.87 | &nbsp;&nbsp;1.00 | &nbsp;&nbsp;0.98 | &nbsp;&nbsp;0.96 | &nbsp;&nbsp;0.93 | &nbsp;&nbsp;0.89 | &nbsp;&nbsp;0.86 | &nbsp;&nbsp;0.84 | &nbsp;&nbsp;0.81 | &nbsp;&nbsp;0.87 | &nbsp;&nbsp;0.66 | &nbsp;&nbsp;0.94 |
| &nbsp;&nbsp;**Tb4O7** | &nbsp;&nbsp;0.67 | &nbsp;&nbsp;0.33 | &nbsp;&nbsp;0.79 | &nbsp;&nbsp;0.84 | &nbsp;&nbsp;0.92 | &nbsp;&nbsp;0.85 | &nbsp;&nbsp;0.98 | &nbsp;&nbsp;1.00 | &nbsp;&nbsp;0.99 | &nbsp;&nbsp;0.96 | &nbsp;&nbsp;0.94 | &nbsp;&nbsp;0.91 | &nbsp;&nbsp;0.89 | &nbsp;&nbsp;0.87 | &nbsp;&nbsp;0.92 | &nbsp;&nbsp;0.59 | &nbsp;&nbsp;0.97 |
| &nbsp;&nbsp;**Dy2O3** | &nbsp;&nbsp;0.60 | &nbsp;&nbsp;0.27 | &nbsp;&nbsp;0.73 | &nbsp;&nbsp;0.78 | &nbsp;&nbsp;0.88 | &nbsp;&nbsp;0.83 | &nbsp;&nbsp;0.96 | &nbsp;&nbsp;0.99 | &nbsp;&nbsp;1.00 | &nbsp;&nbsp;0.99 | &nbsp;&nbsp;0.98 | &nbsp;&nbsp;0.96 | &nbsp;&nbsp;0.94 | &nbsp;&nbsp;0.92 | &nbsp;&nbsp;0.96 | &nbsp;&nbsp;0.52 | &nbsp;&nbsp;0.99 |
| &nbsp;&nbsp;**Ho2O3** | &nbsp;&nbsp;0.54 | &nbsp;&nbsp;0.22 | &nbsp;&nbsp;0.66 | &nbsp;&nbsp;0.72 | &nbsp;&nbsp;0.82 | &nbsp;&nbsp;0.79 | &nbsp;&nbsp;0.93 | &nbsp;&nbsp;0.96 | &nbsp;&nbsp;0.99 | &nbsp;&nbsp;1.00 | &nbsp;&nbsp;0.99 | &nbsp;&nbsp;0.98 | &nbsp;&nbsp;0.97 | &nbsp;&nbsp;0.95 | &nbsp;&nbsp;0.98 | &nbsp;&nbsp;0.46 | &nbsp;&nbsp;0.99 |
| &nbsp;&nbsp;**Er2O3** | &nbsp;&nbsp;0.49 | &nbsp;&nbsp;0.19 | &nbsp;&nbsp;0.60 | &nbsp;&nbsp;0.67 | &nbsp;&nbsp;0.77 | &nbsp;&nbsp;0.76 | &nbsp;&nbsp;0.89 | &nbsp;&nbsp;0.94 | &nbsp;&nbsp;0.98 | &nbsp;&nbsp;0.99 | &nbsp;&nbsp;1.00 | &nbsp;&nbsp;0.99 | &nbsp;&nbsp;0.98 | &nbsp;&nbsp;0.97 | &nbsp;&nbsp;0.99 | &nbsp;&nbsp;0.41 | &nbsp;&nbsp;0.99 |
| &nbsp;&nbsp;**Tm2O3** | &nbsp;&nbsp;0.44 | &nbsp;&nbsp;0.16 | &nbsp;&nbsp;0.56 | &nbsp;&nbsp;0.63 | &nbsp;&nbsp;0.74 | &nbsp;&nbsp;0.73 | &nbsp;&nbsp;0.86 | &nbsp;&nbsp;0.91 | &nbsp;&nbsp;0.96 | &nbsp;&nbsp;0.98 | &nbsp;&nbsp;0.99 | &nbsp;&nbsp;1.00 | &nbsp;&nbsp;0.99 | &nbsp;&nbsp;0.99 | &nbsp;&nbsp;0.98 | &nbsp;&nbsp;0.37 | &nbsp;&nbsp;0.97 |
| &nbsp;&nbsp;**Yb2O3** | &nbsp;&nbsp;0.42 | &nbsp;&nbsp;0.15 | &nbsp;&nbsp;0.54 | &nbsp;&nbsp;0.60 | &nbsp;&nbsp;0.71 | &nbsp;&nbsp;0.72 | &nbsp;&nbsp;0.84 | &nbsp;&nbsp;0.89 | &nbsp;&nbsp;0.94 | &nbsp;&nbsp;0.97 | &nbsp;&nbsp;0.98 | &nbsp;&nbsp;0.99 | &nbsp;&nbsp;1.00 | &nbsp;&nbsp;0.99 | &nbsp;&nbsp;0.97 | &nbsp;&nbsp;0.35 | &nbsp;&nbsp;0.96 |
| &nbsp;&nbsp;**Lu2O3** | &nbsp;&nbsp;0.39 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;0.51 | &nbsp;&nbsp;0.57 | &nbsp;&nbsp;0.68 | &nbsp;&nbsp;0.69 | &nbsp;&nbsp;0.81 | &nbsp;&nbsp;0.87 | &nbsp;&nbsp;0.92 | &nbsp;&nbsp;0.95 | &nbsp;&nbsp;0.97 | &nbsp;&nbsp;0.99 | &nbsp;&nbsp;0.99 | &nbsp;&nbsp;1.00 | &nbsp;&nbsp;0.96 | &nbsp;&nbsp;0.33 | &nbsp;&nbsp;0.94 |
| &nbsp;&nbsp;**Y2O3** | &nbsp;&nbsp;0.48 | &nbsp;&nbsp;0.18 | &nbsp;&nbsp;0.58 | &nbsp;&nbsp;0.64 | &nbsp;&nbsp;0.74 | &nbsp;&nbsp;0.73 | &nbsp;&nbsp;0.87 | &nbsp;&nbsp;0.92 | &nbsp;&nbsp;0.96 | &nbsp;&nbsp;0.98 | &nbsp;&nbsp;0.99 | &nbsp;&nbsp;0.98 | &nbsp;&nbsp;0.97 | &nbsp;&nbsp;0.96 | &nbsp;&nbsp;1.00 | &nbsp;&nbsp;0.40 | &nbsp;&nbsp;0.98 |
| &nbsp;&nbsp;**LREO** | &nbsp;&nbsp;0.90 | &nbsp;&nbsp;0.92 | &nbsp;&nbsp;0.88 | &nbsp;&nbsp;0.84 | &nbsp;&nbsp;0.76 | &nbsp;&nbsp;0.47 | &nbsp;&nbsp;0.66 | &nbsp;&nbsp;0.59 | &nbsp;&nbsp;0.52 | &nbsp;&nbsp;0.46 | &nbsp;&nbsp;0.41 | &nbsp;&nbsp;0.37 | &nbsp;&nbsp;0.35 | &nbsp;&nbsp;0.33 | &nbsp;&nbsp;0.40 | &nbsp;&nbsp;1.00 | &nbsp;&nbsp;0.50 |
| &nbsp;&nbsp;**HREO** | &nbsp;&nbsp;0.59 | &nbsp;&nbsp;0.26 | &nbsp;&nbsp;0.70 | &nbsp;&nbsp;0.76 | &nbsp;&nbsp;0.85 | &nbsp;&nbsp;0.81 | &nbsp;&nbsp;0.94 | &nbsp;&nbsp;0.97 | &nbsp;&nbsp;0.99 | &nbsp;&nbsp;0.99 | &nbsp;&nbsp;0.99 | &nbsp;&nbsp;0.97 | &nbsp;&nbsp;0.96 | &nbsp;&nbsp;0.94 | &nbsp;&nbsp;0.98 | &nbsp;&nbsp;0.50 | &nbsp;&nbsp;1.00 |

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| ![img79373654_2.jpg](img79373654_2.jpg) | www.rareearthsamericas.com |
|  | Alpha Project<br>Bahia, Brazil<br>Technical Report Summary |

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11.5 Geological Models

The base of saprolite and base of the mottled zone were modelled as offset topography surfaces. The base of saprolite was modelled using manually digitized control points. Points representing the base of the deepest mottled zone interval were extracted from drill hole logs and filtered to remove inconsistent and possibly mis-logged intervals. Copies of the topography surface were then offset to align with base of overburden and base of mottled zone points. The resultant wireframes followed the trend of the topography model and have a 50 m<sup>2</sup> resolution.

The saprolite geology model was used to control the lower estimate extent. The base of mottled zone was a ceiling. A single mineralization domain is generated for each deposit area.

The base of mottled zone was used to guide a dynamic search during estimation. Model extents were limited by boundary polygons that define the extent of the resource model and tenement boundaries. Continuity of mineralization was limited by erosional incisions, or barren underlying rock types.

**11.5.1 Density Assignment**

The density values presented in Table 8-1 were applied to the block model according to the corresponding regolith domains.

**11.5.2 Grade Capping/Outlier Restrictions**

High-grade assays were not capped but were retained for grade interpolation using a "clamping" method which allows the very high-grade samples to be available for inclusion in the grade interpolation for blocks which are within a nominated distance of the sample. Beyond that nominated distance, a cap was imposed upon the sample so that the capped grade can be used to interpolate blocks beyond the nominated distance.

McGarry Geoconsulting selected a nominated distance equal to the first search pass radius. Beyond this distance, samples were capped to a nominated 95<sup>th</sup> percentile from the population statistics. The selected approach prevented the extrapolation of extremely high grades over unreasonably large distances whilst retaining them for estimation of local blocks.

11.6 Composites

Compositing was based on the maximum composite length as defined by the dominant sample length of 1 m (Figure 11-2).

The minimum composite length was set to 0.5 m. Residual intervals <0.5 m were added to the previous composite.

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|  | Alpha Project<br>Bahia, Brazil<br>Technical Report Summary |

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Samples coded by the regolith deposit domain they fell within were composited to 1 m intervals, a length equal to the dominant drill sample interval.

11.7 Variography

Semi-variogram models were developed for TREO–CeO2 across the Rio Preto, Sapacaia, and Nova Canaã domains. Experimental semi-variograms were generated, transformed, and assessed for anisotropy before being modelled using two nested spherical structures in addition to a nugget effect. Resulting variograms were cross checked against a selection of rare earth oxides, including neodymium, praseodymium, dysprosium, and terbium. Minor adjustments were made where necessary to ensure the semi-variogram models were suitable for estimation of all rare earth oxides and deleterious elements.

The models are characterized by a low nugget effect (10%), indicating limited random short-range variability. The first spherical structure describes grade continuity of approximately 150–200 m, while the second captures longer-range continuity of 300–400 m. Sill values demonstrate that most of the grade variability is explained by these structures.

**Figure 11-2: Log Probability Plot, Sample Lengths**

![img79373654_75.jpg](img79373654_75.jpg)

Note: Figure prepared by McGarry Consulting, 2025.

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| ![img79373654_2.jpg](img79373654_2.jpg) | www.rareearthsamericas.com |
|  | Alpha Project<br>Bahia, Brazil<br>Technical Report Summary |

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Directional ranges indicate anisotropy, with greater continuity along the horizontal axes compared to the vertical. This reflects the regolith-hosted nature of the mineralization, where rare earth grades are more continuous laterally than with depth. Overall, the results indicate that grades remain consistent over several hundred meters, with only minor local fluctuations.

11.8 Estimation/interpolation Methods

Mineral resources were estimated using ordinary kriging (OK) into block models created in Leapfrog 2025.1using the Edge Extension. Fifteen rare earth element grades (La, Ce, Pr, Nd, Sm, Eu, Gd, Tb, Dy, Ho, Er, Tm, Yb, Lu and Y) and deleterious elements uranium and thorium were estimated independently in a univariate sense using the same parameters. The consistent estimation approach was selected to ensure block compositional grade proportions honored those of the input samples. The estimation was in a 5 x 5 x 5 discretization of the block and in the parent cell.

Up to three search passes were used if block was not estimated in the first pass. The first search distance was equal to the variogram range; subsequent searches were undertaken using two and four times this distance with successive searches using more relaxed parameters for selection of input composite data. Search parameters are listed in Table 11-7. Search ranges and clamping restriction settings are provided in Table 11-8.

**Table 11-7: Search Parameters**

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| | | | |
|:---|:---|:---|:---|
|  | **Pass<br>1** | **Pass<br>2** | **Pass<br>3** |
| &nbsp;&nbsp;&nbsp;Search volume multiple | × 1 | × 2 | × 4 |
| &nbsp;&nbsp;&nbsp;Minimum samples | 8 | 8 | 8 |
| &nbsp;&nbsp;&nbsp;Maximum samples | 15 | 15 | 15 |
| &nbsp;&nbsp;&nbsp;Maximum per hole | 4 | 4 | 4 |
| &nbsp;&nbsp;&nbsp;Discretization | 5 x 5 x 5 | 5 x 5 x 5 | 5 x 5 x 5 |
| &nbsp;&nbsp;&nbsp;Boundaries | Hard | Hard | Hard |
| &nbsp;&nbsp;&nbsp;Ellipse segments | 1 | 1 | 1 |

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| ![img79373654_2.jpg](img79373654_2.jpg) | www.rareearthsamericas.com |
|  | Alpha Project<br>Bahia, Brazil<br>Technical Report Summary |

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**Table 11-8: Search Ranges and Clamping Restrictions**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Domain** | **Run** | **Ellipsoid Ranges** | **Ellipsoid Ranges** | **Ellipsoid Ranges** | **Ellipsoid Ranges** | **Clamping Limit** | **Clamping Limit** |
| **Domain** | **Run** | **Major** | **Semi-major** | **Minor** | **Distance (%)** | **Distance (%)** | **Threshold** |
| &nbsp;&nbsp;&nbsp;Rio Preto | 1 | 400 | 350 | 30 |  |  |  |
| &nbsp;&nbsp;&nbsp;Rio Preto | 2 | 800 | 700 | 60 | 50 | 50 | P95 |
| &nbsp;&nbsp;&nbsp;Rio Preto | 3 | 1600 | 1400 | 400 | 25.00 | 25.00 | P95 |
| &nbsp;&nbsp;&nbsp;Sapacaia | 1 | 400 | 350 | 30 |  |  |  |
| &nbsp;&nbsp;&nbsp;Sapacaia | 2 | 800 | 700 | 60 | 50 | 50 | P95 |
| &nbsp;&nbsp;&nbsp;Sapacaia | 3 | 1600 | 1400 | 400 | 25.00 | 25.00 | P95 |
| &nbsp;&nbsp;&nbsp;Nova Canaã | 1 | 400 | 300 | 30 |  |  |  |
| &nbsp;&nbsp;&nbsp;Nova Canaã | 2 | 800 | 600 | 60 | 50 | 50 | P95 |
| &nbsp;&nbsp;&nbsp;Nova Canaã | 3 | 1600 | 1200 | 400 | 25.00 | 25.00 | P95 |
| &nbsp;&nbsp;&nbsp;Rio Das Pombas | 1 | 400 | 400 | 30 |  |  |  |
| &nbsp;&nbsp;&nbsp;Rio Das Pombas | 2 | 800 | 800 | 60 | 50 | 50 | P95 |
| &nbsp;&nbsp;&nbsp;Rio Das Pombas | 3 | 1600 | 1600 | 400 | 25.00 | 25.00 | P95 |

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11.9 Validation

Validation of block model grade estimates was completed by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Visual checks on screen in cross-section and plan view to ensure that block model grades honor the grade of sample composites;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Statistical comparison of composite and block grades;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Generation of swath plots to compare input and output grades in a semi-local sense, by easting, northing, and elevation.

**11.9.1 Visual Validation**

For all properties, block grades correlate well with input sample grades. The distribution and tenor of grades in the composites are honored by the block model and are appropriate considering known levels of grade continuity and the semi-variograms.

Total rare earth oxide grades are shown in plan view in Figure 11-3 and section view in Figure 11-4.

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| ![img79373654_2.jpg](img79373654_2.jpg) | www.rareearthsamericas.com |
|  | Alpha Project<br>Bahia, Brazil<br>Technical Report Summary |

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**Figure 11-3: Plan View of Largest Block Models Colored by Total Rare Earth Oxide Grade**

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|:---|:---|
| ![img79373654_76.jpg](img79373654_76.jpg) | ![img79373654_77.jpg](img79373654_77.jpg) |
| ![img79373654_78.jpg](img79373654_78.jpg) | ![img79373654_79.jpg](img79373654_79.jpg) |

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![img79373654_80.jpg](img79373654_80.jpg)

Note: Figure prepared by McGarry Consulting, 2025. Section lines for sections shown in Figure 11-4 as black lines.

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| ![img79373654_2.jpg](img79373654_2.jpg) | www.rareearthsamericas.com |
|  | Alpha Project<br>Bahia, Brazil<br>Technical Report Summary |

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**Figure 11-4: Cross-Section Views of the Block Model Colored by Total Rare Earth Oxide Grade**

![img79373654_81.jpg](img79373654_81.jpg)

![img79373654_82.jpg](img79373654_82.jpg)

![img79373654_83.jpg](img79373654_83.jpg)

![img79373654_84.jpg](img79373654_84.jpg)

Note: Figure prepared by McGarry Consulting, 2025. Section lines for sections shown in Figure 11-3 as black lines.

Date: 25 March 2026 Page 11-14

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| ![img79373654_2.jpg](img79373654_2.jpg) | www.rareearthsamericas.com |
|  | Alpha Project<br>Bahia, Brazil<br>Technical Report Summary |

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**11.9.2 Comparison of Means**

A check was conducted to test that the mean of the input data was close to the block model mean. The check compared the average rare earth oxide input composites and model blocks assigned to each resource estimate domain. For light rare earth oxides, thorium and uranium, which tend to have skewed distributions, block model averages are lower than input samples. For heavy rare earth oxides, which tend to increase with depth to the base of the drill hole, block model grades tend to be slightly higher than the input composites. A summary tabulation of average input and block grades for estimation domain is presented in Table 11-9.

Differences between input composite and block model grades are typically within ±5% for neodymium, praseodymium, dysprosium and terbium. Larger differences are seen for domains with greater grade variance, and/or fewer samples such as the Nova Canaã domain. The test demonstrated that the mean input composites grade and the grade of both the ordinary kriged and inverse distance weighting to the third power block models are comparable.

**Table 11-9: Comparison of Means for Rio Preto and Sapacaia Domains**

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Variable** | **Comp Mean** | **OK Est** | **Diff. OK<br>(%)** | **Comp<br>Mean** | **OK Est** | **Diff. OK<br>(%)** | **Comp<br>Mean** | **OK Est** | **Diff. OK<br>(%)** |
| **Variable** | **Rio Preto and Sapacaia Domains** | **Rio Preto and Sapacaia Domains** | **Rio Preto and Sapacaia Domains** | **Nova Canaã** | **Nova Canaã** | **Nova Canaã** | **Rio das Pombas** | **Rio das Pombas** | **Rio das Pombas** |
| &nbsp;&nbsp;&nbsp;La2O3 (ppm) | 207.2 | 247 | 19 | 204.4 | 197 | -3 | 148 | 142 | -4 |
| &nbsp;&nbsp;&nbsp;CeO2 (ppm) | 447.0 | 416 | -7 | 383.7 | 351 | -8 | 315 | 277 | -12 |
| &nbsp;&nbsp;&nbsp;Pr6O11 (ppm) | 41.6 | 40.3 | -3 | 41.1 | 37.6 | -8 | 30.0 | 28.8 | -4 |
| &nbsp;&nbsp;&nbsp;Nd2O3 (ppm) | 136.1 | 133.4 | -2 | 136.4 | 127.2 | -7 | 98.5 | 97.0 | -1 |
| &nbsp;&nbsp;&nbsp;Sm2O3 (ppm) | 22.6 | 22.6 | 0 | 22.5 | 21.2 | -6 | 16.1 | 15.9 | -1 |
| &nbsp;&nbsp;&nbsp;Eu2O3 (ppm) | 3.0 | 3.2 | 6 | 3.3 | 3.1 | -6 | 2.2 | 2.4 | 10 |
| &nbsp;&nbsp;&nbsp;Gd2O3 (ppm) | 17.8 | 18.2 | 2 | 20.3 | 20.1 | -1 | 13.1 | 13.5 | 3 |
| &nbsp;&nbsp;&nbsp;Tb4O7 (ppm) | 2.6 | 2.6 | 3 | 2.7 | 2.7 | 0 | 1.8 | 1.9 | 3 |
| &nbsp;&nbsp;&nbsp;Dy2O3 (ppm) | 14.2 | 14.6 | 3 | 15.1 | 15.3 | 1 | 10.4 | 10.8 | 3 |
| &nbsp;&nbsp;&nbsp;Ho2O3 (ppm) | 2.7 | 2.8 | 5 | 2.9 | 3.0 | 3 | 2.0 | 2.1 | 3 |
| &nbsp;&nbsp;&nbsp;Er2O3 (ppm) | 7.3 | 7.7 | 5 | 8.2 | 8.5 | 4 | 5.6 | 5.8 | 3 |
| &nbsp;&nbsp;&nbsp;Tm2O3 (ppm) | 1.0 | 1.1 | 5 | 1.1 | 1.2 | 4 | 0.8 | 0.8 | 3 |
| &nbsp;&nbsp;&nbsp;Yb2O3 (ppm) | 6.6 | 6.9 | 4 | 7.4 | 7.7 | 4 | 5.1 | 5.2 | 2 |
| &nbsp;&nbsp;&nbsp;Lu2O3 (ppm) | 0.9 | 1.0 | 4 | 1.0 | 1.1 | 3 | 0.7 | 0.7 | 1 |
| &nbsp;&nbsp;&nbsp;Y2O3 (ppm) | 71.3 | 75.1 | 5 | 83.3 | 86.9 | 4 | 56.0 | 58.6 | 5 |
| &nbsp;&nbsp;&nbsp;ThO2 (ppm) | 93.3 | 80.3 | -14 | 77.1 | 66.8 | -13 | 53.9 | 49.0 | -9 |
| &nbsp;&nbsp;&nbsp;U3O8 (ppm) | 13.7 | 12.4 | -9 | 12.5 | 10.7 | -15 | 6.7 | 6.2 | -8 |

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Date: 25 March 2026 Page 11-15

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| ![img79373654_2.jpg](img79373654_2.jpg) | www.rareearthsamericas.com |
|  | Alpha Project<br>Bahia, Brazil<br>Technical Report Summary |

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**11.9.3 Swath Plots**

Swath plots were generated for the for major domains that account for the majority of resources each property. Swath plots compare the grades of composites and grade estimates that fall within 80m northing and easting slices and 5 m elevation slices. Plots identify slices that contain high-grade samples and low-grade blocks, or vice versa, which might indicate a problem with the estimation technique. Example swath plots for neodymium are shown in Figure 11-5, Figure 11-6, and Figure 11-7.

For all domains, block grades estimated by ordinary kriging and inverse distance weighting to the third power have a smoother profile relative to input samples. Where there are more samples, good agreement is seen between the trends of input composites and block grades estimated by each technique. The ordinary kriged profile is slightly smoother than that generated from the inverse distance weighting to the third power estimate. Both models reflect drill hole data on a local basis.

**Figure 11-5: Swath Plots Rio Preto and Sapacaia Composite Nd2O3 Values Vs. ID**<sup>3</sup> **and OK Estimates**

![img79373654_85.gif](img79373654_85.gif)

Note: Figure prepared by McGarry Consulting, 2025. OK=ordinary kriged, ID3=inverse distance weighting to the third power.

**Figure 11-6: Swath Plots Nova Canaã Composite Nd2O3 Values Vs. ID**<sup>3</sup> **and OK Estimates**

![img79373654_86.gif](img79373654_86.gif)

Note: Figure prepared by McGarry Consulting, 2025. OK=ordinary kriged, ID3=inverse distance weighting to the third power.

Date: 25 March 2026 Page 11-16

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| ![img79373654_2.jpg](img79373654_2.jpg) | www.rareearthsamericas.com |
|  | Alpha Project<br>Bahia, Brazil<br>Technical Report Summary |

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**Figure 11-7: Swath Plots Rio das Pombas Composite Nd2O3 Values Vs. ID3 and OK Estimates**

![img79373654_87.gif](img79373654_87.gif)

Note: Figure prepared by McGarry Consulting, 2025. OK=ordinary kriged, ID3=inverse distance weighting to the third power.

11.10 Confidence Classification of Mineral Resource Estimate

**11.10.1 Mineral Resource Confidence Classification**

The Mineral Resource has been classified in accordance with definitions specified in SEC Regulation S-K 1300. The classification level is primarily based upon an assessment of the validity and robustness of input data and the estimator's judgment with respect to the proximity of resource blocks to sample locations and confidence with respect to the geological continuity of the saprolite horizons and grade estimates, quality control results, search and interpolation parameters and an analysis of available density information.

All mineral resources were classified as inferred. The inferred classification is based on the sources of uncertainty tabulated in Table 11-10 and considers the following key attributes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Geological understanding of the deposit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Geological and mineralization continuity between drillholes. Mineralization is controlled by batholith-scale fractionation. Hence, both empirical observations and statistical analysis confirm a very high degree of continuity with the respective rock masses. This is supported by variography;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Drill spacing and drill density. The drill pattern is mostly irregular with drill spacing of approximately 320 m locally infilled to 160 m.

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|  | Alpha Project<br>Bahia, Brazil<br>Technical Report Summary |

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**Table 11-10. Sources of Mineral Resource Uncertainty** 

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| | |
|:---|:---|
| &nbsp;&nbsp;**Uncertainty Source** | &nbsp;&nbsp;**Discussion** |
| &nbsp;&nbsp;Drilling techniques, drill sample recovery. | &nbsp;&nbsp;Auger, sonic and diamond drilling yield representative samples, with high core recovery supporting the reliability of the resulting assay values for resource estimation at an Inferred level.<br>Augering is the principal drilling method, accounting for 95% of holes drilled and 92% of meters drilled. Auger holes do not recover undisturbed samples of in-situ material preventing high resolution analysis of regolith strata, or in-situ bulk densities. |
| &nbsp;&nbsp;Location of data points | &nbsp;&nbsp;Collar surveys obtained from handheld GPS devices are available for all drilling. Topographic control is provided by low resolution shuttle radar topography. Survey data allow modelling of saprolite intercepts with moderate degree of spatial accuracy congruent with the Inferred classification.  |
| &nbsp;&nbsp;Data spacing and distribution | &nbsp;&nbsp;Deposits are well understood based on extensive auger and sonic drilling at spacings sufficient to provide multiple points of observation to interpret saprolite and grade continuity at an Inferred level where drill density is greater than 320 x 320 m. The wide data spacing means the continuity of REE mineralization between holes is assumed rather than confirmed.<br>Auger holes have limited depth penetration and drill holes typically provide only a partial profile of the regolith mineralization.  |
| &nbsp;&nbsp;Geological modelling  | &nbsp;&nbsp;Geological models are underpinned by a good understanding of the deposit geology. Mineral resources are controlled by the presence of REE-enriched saprolite, and the extent overlying leached mottled zone horizons. <br>Where drill data is sparse alternative interpretations of the continuity of individual regolith units between holes could be made. Alternate interpretations would adjust tonnage estimates locally but would not likely yield a more geologically reasonable result overall. <br>Auger holes have limited depth penetration and drill holes typically provide only a partial profile of mineralized saprolite at the project. Therefore, the total mineralized saprolite depth is uncertain and is predominantly based on widely spaced sonic drilling, where available. |
| &nbsp;&nbsp;Minerology | &nbsp;&nbsp;Rare Earth Americas has not undertaken a comprehensive program of minerology or granulometry, or other geo-metallurgical testwork to determine the presence of rare earth minerals that may be contributing to head grades but that cannot be effectively recovered by leaching. |
| &nbsp;&nbsp;Estimation | &nbsp;&nbsp;Rare earth grade estimation and modelling techniques are classified as robust after consideration of the validation exercises undertaken as part of this study. Grade data have distributions with limited skew, and few extreme values, allowing established linear estimation techniques to be used. Estimated block grades reflect input samples and are comparable when calculated by OK methods. <br>At the current typical data spacing (i.e., 320 m to 180 m), saprolite horizon is broadly continuous. Rare earth grades changes are generally gradational down hole and between holes. Grades were estimated using domain scale anisotropy models with appropriately large parent block sizes. Abrupt grade changes associated with more leached or enriched horizons in the regolith profile could be resolved better using smaller block sizes. <br>Estimated in situ dry bulk densities were assigned to saprolite and waste rocks on a weathering domain basis using representative averages obtained from bulk density determinations derived from undisturbed samples from widely spaced sonic and auger drill holes.  |

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| ![img79373654_2.jpg](img79373654_2.jpg) | www.rareearthsamericas.com |
|  | Alpha Project<br>Bahia, Brazil<br>Technical Report Summary |

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| | |
|:---|:---|
| &nbsp;&nbsp;**Uncertainty Source** | &nbsp;&nbsp;**Discussion** |
| &nbsp;&nbsp;Leach recovery  | &nbsp;&nbsp;High-density meter by meter leach test data enables detailed mapping of recovery variability and supports interpolation into the block model, providing an early indication of recoverable REEs and informing preliminary resource classification. Where leach tests are sparse the resource has a much greater degree of uncertainty.<br>Bench-scale leach tests may not reflect recovery under operational conditions due to differences in reagent distribution, clay permeability, and leach kinetics, introducing uncertainty in process performance and recovery estimates that limit resource classification to the Inferred category. |

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Note: REE = rare earth element(s)

Distance between drill holes and inferred mineral resource blocks is shown in Figure 11-8, for each deposit 75% of the inferred blocks are within 170 m of the nearest drill hole, which is equal to less than 50% of the modelled grade continuity ranges in modelled semi-variograms (refer to Section 11.7). All inferred blocks are within 300 m of the nearest drill hole.

**Figure 11-8: Classified Block Distances from Drill Hole**

![img79373654_88.jpg](img79373654_88.jpg)

![img79373654_89.jpg](img79373654_89.jpg)

Note: Figure prepared by McGarry Consulting, 2025.

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| ![img79373654_2.jpg](img79373654_2.jpg) | www.rareearthsamericas.com |
|  | Alpha Project<br>Bahia, Brazil<br>Technical Report Summary |

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11.11 Reasonable Prospects of Economic Extraction

**11.11.1 Initial Assessment Assumptions**

To meet the content requirements of an initial assessment to support mineral resource estimates, McGarry Geoconsulting evaluated the content requirements set out in Table 1 of §229.1302 (Item 1302) "Qualified person, technical report summary, and technical studies".

The assumptions used in support of the Initial Assessment are summarized in Table 11-11.

**Table 11-11: Initial Assessment Assumptions**

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|:---|:---|:---|
| &nbsp;&nbsp;**Factors** | &nbsp;&nbsp;**Initial Assessment** | &nbsp;&nbsp;**Project** |
| &nbsp;&nbsp;Site infrastructure | &nbsp;&nbsp;Establish whether or not access to power and site is possible. Assume infrastructure location, plant area required, type of power supply, site access roads, and camp/town site, if required. | &nbsp;&nbsp;Deposits are located in close proximity to electrical power infrastructure that is already in place feeding power to nearby residents and property owners. <br>Major (500 kV) transmission lines run within close proximity (<20 km) of all deposit areas supplying predominantly clean hydropower. <br>Road access is similar with a short 2.5 km connection required to be built by the project to access the wider road network. <br>Water will be sourced from several nearby storage facilities with short pipelines required to supply the process plant site. <br>It is assumed that the process plant will occupy an area of 0.5–1 km<sup>2</sup>. |
| &nbsp;&nbsp;Mine design & planning | &nbsp;&nbsp;Mining method defined broadly as surface or underground. Production rates assumed. | &nbsp;&nbsp;Mineral resources at the project can be mined by conventional truck and shovel arrangement on a free dig basis, much like what is seen in other clay hosted REE and lateritic deposits. Mining costs were obtained from recently disclosed values obtained by peers at comparable projects. |
| &nbsp;&nbsp;Processing plant | &nbsp;&nbsp;Establish that all products used in assessing prospects of economic extraction can be processed with methods consistent with each other. Processing method and plant throughput assumed. | &nbsp;&nbsp;Leaching testwork by Rare Earth Americas has confirmed that REE-bearing materials across the Poços de Caldas region can be processed using a common, ambient-temperature leaching method under mildly acidic conditions. This flowsheet will include impurity removal and rare earth carbonate precipitation.<br>A modular processing plant is assumed, with 500,000 tpa nominal throughput and dry-stack tailings. All material types under consideration are assumed compatible with this single flowsheet.<br>The plant footprint is estimated at 0.5 to 1.0 km², located outside the current resource shell, within the Pio Cipó mining permit or on adjacent exploration concessions. The site is accessible, gently sloping, and lies 0.5 to 1.5 km from the main resource areas, allowing efficient haulage of run-of-mine feed. |

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Date: 25 March 2026 Page 11-20

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| ![img79373654_2.jpg](img79373654_2.jpg) | www.rareearthsamericas.com |
|  | Alpha Project<br>Bahia, Brazil<br>Technical Report Summary |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Factors** | &nbsp;&nbsp;**Initial Assessment** | &nbsp;&nbsp;**Project** |
|  |  | &nbsp;&nbsp;These assumptions will be refined as further metallurgical, engineering, and environmental studies are completed. |
| &nbsp;&nbsp;Environmental compliance & permitting | &nbsp;&nbsp;List of required permits & agencies drawn. Determine if significant obstacles exist to obtaining permits. Identify pre- mining land uses. Assess requirements for baseline studies. Assume post-mining land uses. Assume tailings disposal, reclamation, and mitigation plans. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Project is assumed to lie primarily within rural, privately held land used for grazing and agriculture, with no immediate presence of Indigenous lands.<br>Mining is permissible in areas of native vegetation and Atlantic Forest, though compensation and swap arrangements requiring Rare Earth Americas to protect and conserve equivalent vegetation elsewhere.<br>All potential mining activities will be subject to federal, state, and municipal environmental licensing procedures.<br>Project development will require a full Environmental Impact Assessment (EIA/RIMA), with baseline studies initiated at least 12 months prior to submission of a Preliminary License application.<br>Tailings and waste will be managed through dry-stacked or lined containment, with long-term reclamation and groundwater monitoring plans assumed.<br>Part of the Project is within the Serra do Ouro Environmental Protection Area, where potentially polluting activities such as mining are allowed under sustainable use but require licensing approval from the Serra do Ouro Management Authority and compliance with its Management Plan.<br>No fatal flaws are presently identified in the licensing pathway. <br>Federal Agencies and Permits<br> ANM – Agência Nacional de Mineração<br> Mineral exploration and mining rights (Alvará de Pesquisa, Requerimento de Lavra).<br> Approval of Mining Plan (Plano de Aproveitamento Econômico – PAE).<br> Annual Mining Report (RAL – Relatório Anual de Lavra).<br> IBAMA – Instituto Brasileiro do Meio Ambiente e dos Recursos Naturais Renováveis<br> Only leads environmental licensing if the project affects multiple states or federal conservation units.<br> Issues federal-level Preliminary License (LP), Installation License (LI), and Operation License (LO) when applicable. |

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Date: 25 March 2026 Page 11-21

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| ![img79373654_2.jpg](img79373654_2.jpg) | www.rareearthsamericas.com |
|  | Alpha Project<br>Bahia, Brazil<br>Technical Report Summary |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Factors** | &nbsp;&nbsp;**Initial Assessment** | &nbsp;&nbsp;**Project** |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CNEN – Comissão Nacional de Energia Nuclear<br> Authorisation to handle radioactive materials (e.g., monazite with thorium/uranium).<br> Licensing of storage, packaging, and disposal of radioactive waste.<br>State Agencies (Minas Gerais) and Permits<br> INEMA – Instituto do Meio Ambiente e Recursos Hídricos da Bahia.<br>o Lead agency for environmental licensing in Bahia.<br> *Licença Prévia (LP)* – Preliminary License.<br> *Licença de Instalação (LI)* – Installation License.<br> *Licença de Operação (LO)* – Operation License.<br>o Oversees the Environmental Impact Study and Report (EIA/RIMA).<br>o Coordinates public consultation (audiência pública).<br>o *Autorização de Supressão de Vegetação (ASV)* – Vegetation clearance permit.<br>o Oversees reforestation and biodiversity compensation obligations.<br> SEMA – Secretaria do Meio Ambiente do Estado da Bahia<br>o Formulates environmental policy; may participate in strategic project reviews.<br> SRH – Superintendência de Recursos Hídricos<br>o Grants water use rights and evaluates hydrological and aquifer impact studies. |
| &nbsp;&nbsp;Other relevant factors | &nbsp;&nbsp;Appropriate assessments of other reasonably assumed technical and economic factors necessary to demonstrate reasonable prospects for economic extraction. |  |
| &nbsp;&nbsp;Capital costs | &nbsp;&nbsp;Optional. If included:<br>Accuracy: ±50% Contingency: ≤25% | &nbsp;&nbsp;Not relevant to this Report. |
| &nbsp;&nbsp;Operating costs | &nbsp;&nbsp;Optional. If included: Accuracy: ±50% Contingency: ≤25% | &nbsp;&nbsp;Not relevant to this Report. |

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Date: 25 March 2026 Page 11-22

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| ![img79373654_2.jpg](img79373654_2.jpg) | www.rareearthsamericas.com |
|  | Alpha Project<br>Bahia, Brazil<br>Technical Report Summary |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Factors** | &nbsp;&nbsp;**Initial Assessment** | &nbsp;&nbsp;**Project** |
| &nbsp;&nbsp;Economic analysis | &nbsp;&nbsp;Optional. If included: Taxes and revenues are assumed. Discounted cash flow analysis based on assumed production rates and revenues from available measured and indicated mineral resources. | &nbsp;&nbsp;Not relevant to this Report. |

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Note: REE = rare earth element(s)

**11.11.2 Constraining Potentially Mineable Shape Input Assumptions**

Following input assumptions were applied to determine reasonable prospects for economic extraction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Near-surface rare earth mineralization occurs within shallow, laterally extensive saprolite horizons amenable to conventional free-dig open-pit mining;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•A TREO cut-off grade was established using block value and leach recovery calculations, as well as mining recovery, and costs to identify material with reasonable prospects of eventual economic extraction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Revenue basis assumes production of a mixed rare earth carbonate with payability linked to forecast oxide prices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Price assumptions are derived from a long-term independent market forecast expressed in constant real terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•A conceptual open-pit shell was used to constrain the estimate. The shell was defined using calculated block value, assumed mining, processing and administrative costs, leching recoveries, and slope constraints.

**11.11.3 Market and Commodity Price Forecasts**

**General Uses and Products** 

The mineral resource estimate contains potentially minable concentrations of rare earth elements including MREO neodymium, praseodymium, dysprosium and terbium, which represent the dominant contributors to the in-situ value calculations and are the primary drivers of the Project's economic potential.

These elements are predominantly used in the manufacture of permanent magnets, which are essential for advanced technologies such as electric vehicles, wind turbines, electronics, robotics, and a wide range of consumer, industrial, and defence electronics applications. Though used in small quantities, they provide critical magnetic, optical, and catalytic properties.

Date: 25 March 2026 Page 11-23

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| ![img79373654_2.jpg](img79373654_2.jpg) | www.rareearthsamericas.com |
|  | Alpha Project<br>Bahia, Brazil<br>Technical Report Summary |

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The most likely commercial products from the Alpha Project are mixed rare earth carbonates (MREC), an intermediate product used in the manufacture of refined, separated, rare earth oxides, predominantly for the permanent magnet market.

**Market Overview and Principal Users**

Global magnetic rare earth oxide demand in 2024 was 126,025 tonnes. Global MREO demand is being forecasted to grow at an 8.2% compound annual growth rate (CAGR), total demand is forecast at 444,872 tonnes by (Adamas Intelligence, 2024).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Neodymium and praseodymium demand is expected to grow from an estimated ~110 kt in 2024 to ~350 kt in 2030, (see Figure 11-9) (Adamas Intelligence, 2024), while

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Dysprosium has a similar outlook, growing from ~3 kt to ~7 kt over the same period (see Figure 11-10) (Adamas Intelligence, 2024)

**Figure 11-9: Forecast Global NdPr Oxide Production and Demand**

![img79373654_90.jpg](img79373654_90.jpg)

Note: Source Adamas Intelligence (2024)

Date: 25 March 2026 Page 11-24

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| ![img79373654_2.jpg](img79373654_2.jpg) | www.rareearthsamericas.com |
|  | Alpha Project<br>Bahia, Brazil<br>Technical Report Summary |

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**Figure 11-10: Forecast Global Dysprosium Oxide Production and Demand**

![img79373654_91.gif](img79373654_91.gif)

Note: Source Adamas Intelligence (2024)

The principal consumers are Chinese, Japanese, South Korean, European, and North American manufacturers of permanent magnets for the automotive and renewable energy sectors.

China accounts for ~65% of global rare earth production and >80% of processing, though its share of global NdPr mined supply is forecast to decline from 70% in 2024 to ~58% by 2029 (Benchmark Mineral Intelligence, 2024). Supply remains geographically constrained, and recent Chinese restrictions on technology exports highlight ongoing volatility and the strategic importance of new projects outside of China.

Brazil is projected to expand its role in the rare earth market, with ionic clay deposits, including Serra Verde (operating) and emerging projects (such as Alpha) expected to increase Brazil's share of dysprosium supply with Benchmark Mineral Intelligence (2024) predicting an increase from 2% share in 2024 to ~11% share by 2029.

**Marketability and Pricing**

The Project is expected to produce a mixed rare earth carbonate. These oxides are specialty chemicals, not exchange-traded commodities, and are typically priced in US dollars per kilogram. Pricing is negotiated through private contracts and the contract negotiated typically reflects product purity, oxide composition, delivery terms, and prevailing demand.

Due to the lack of standardized markets, pricing remains opaque. However, indicative spot prices are published by agencies such as Asian Metal and Shanghai Metals Market and are widely used for valuation purposes.

Date: 25 March 2026 Page 11-25

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| ![img79373654_2.jpg](img79373654_2.jpg) | www.rareearthsamericas.com |
|  | Alpha Project<br>Bahia, Brazil<br>Technical Report Summary |

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**Price Forecasts**

The expected increase in demand, and high price volatility, means that commodity pricing for rare earth studies is predominantly based on forecasts made by expert research companies such as Adamas Intelligence.

Rare Earth Americas have used the average rare earth oxide price over a 10-year period to from 2031 to 2040 forecast by Adamas Intelligence in their Q1 2025 Rare Earth Pricing Quarterly Outlook. This period was selected to align with potential timeframes for construction of all infrastructure and mining of the deposit. Prices include 13% value-added tax (VAT); forecast prices are in Real 2025 USD dollars. These VAT-inclusive prices are presented for consistency with published Chinese market indices and have not been adjusted.

Example forecasts for the 2030–2040 period (real 2025 dollars, inclusive of 13% VAT) are given in Table 11-12. Prices are expected to remain relatively stable through the mid-2020s before increasing in the early 2030s as supply constraints emerge, then stabilizing at the long-term incentive levels used for this study (Adamas Intelligence, 2024).

**Table 11-12: Rare-Earth Elements Prices and Average Basket Price Calculation**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**REE Oxide**<sup>1</sup> | &nbsp;&nbsp;**Avg. Proportion of Recovered TREO (%)** | &nbsp;&nbsp;**Forecast Price<br>($/kg)** | &nbsp;&nbsp;**Value at 70% Payability ($/kg)** | &nbsp;&nbsp;**Contribution to Avg. Basket Value ($/kg)**<sup>3</sup> | &nbsp;&nbsp;**Proportion of Avg. Basket Value(%)** |
| &nbsp;&nbsp;La2O3 | &nbsp;&nbsp;24.3 | &nbsp;&nbsp;1.4 | &nbsp;&nbsp;1.0 | &nbsp;&nbsp;0.2 | &nbsp;&nbsp;0.4 |
| &nbsp;&nbsp;CeO2 | &nbsp;&nbsp;6.7 | &nbsp;&nbsp;1.5 | &nbsp;&nbsp;1.0 | &nbsp;&nbsp;0.1 | &nbsp;&nbsp;0.1 |
| &nbsp;&nbsp;Pr6O11 | &nbsp;&nbsp;6.3 | &nbsp;&nbsp;158.6 | &nbsp;&nbsp;111.0 | &nbsp;&nbsp;7.0 | &nbsp;&nbsp;12.2 |
| &nbsp;&nbsp;Nd2O3 | &nbsp;&nbsp;24.3 | &nbsp;&nbsp;154.8 | &nbsp;&nbsp;108.3 | &nbsp;&nbsp;26.3 | &nbsp;&nbsp;46.0 |
| &nbsp;&nbsp;Sm2O3 | &nbsp;&nbsp;4.3 | &nbsp;&nbsp;4.3 | &nbsp;&nbsp;3.0 | &nbsp;&nbsp;0.1 | &nbsp;&nbsp;0.2 |
| &nbsp;&nbsp;Eu2O3 | &nbsp;&nbsp;0.6 | &nbsp;&nbsp;34.7 | &nbsp;&nbsp;24.3 | &nbsp;&nbsp;0.1 | &nbsp;&nbsp;0.3 |
| &nbsp;&nbsp;Gd2O3 | &nbsp;&nbsp;3.7 | &nbsp;&nbsp;80.5 | &nbsp;&nbsp;56.3 | &nbsp;&nbsp;2.1 | &nbsp;&nbsp;3.6 |
| &nbsp;&nbsp;Tb4O7 | &nbsp;&nbsp;0.5 | &nbsp;&nbsp;1550.8 | &nbsp;&nbsp;1085.5 | &nbsp;&nbsp;5.8 | &nbsp;&nbsp;10.1 |
| &nbsp;&nbsp;Dy2O3 | &nbsp;&nbsp;3.2 | &nbsp;&nbsp;503.5 | &nbsp;&nbsp;352.5 | &nbsp;&nbsp;11.4 | &nbsp;&nbsp;19.8 |
| &nbsp;&nbsp;Ho2O3 | &nbsp;&nbsp;0.6 | &nbsp;&nbsp;171.2 | &nbsp;&nbsp;119.8 | &nbsp;&nbsp;0.7 | &nbsp;&nbsp;1.2 |
| &nbsp;&nbsp;Er2O3 | &nbsp;&nbsp;1.8 | &nbsp;&nbsp;58.0 | &nbsp;&nbsp;40.6 | &nbsp;&nbsp;0.7 | &nbsp;&nbsp;1.3 |
| &nbsp;&nbsp;Yb2O3 | &nbsp;&nbsp;1.3 | &nbsp;&nbsp;17.5 | &nbsp;&nbsp;12.3 | &nbsp;&nbsp;0.2 | &nbsp;&nbsp;0.3 |
| &nbsp;&nbsp;Lu2O3 | &nbsp;&nbsp;0.2 | &nbsp;&nbsp;910.8 | &nbsp;&nbsp;637.6 | &nbsp;&nbsp;1.3 | &nbsp;&nbsp;2.2 |
| &nbsp;&nbsp;Y2O3 | &nbsp;&nbsp;21.9 | &nbsp;&nbsp;8.0 | &nbsp;&nbsp;5.6 | &nbsp;&nbsp;1.2 | &nbsp;&nbsp;2.1 |
| &nbsp;&nbsp;***Average TREO Basket Value $/kg:*** | &nbsp;&nbsp;***Average TREO Basket Value $/kg:*** | &nbsp;&nbsp;***Average TREO Basket Value $/kg:*** | &nbsp;&nbsp;***Average TREO Basket Value $/kg:*** | &nbsp;&nbsp;***57.2*** | &nbsp;&nbsp;***100.0*** |

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Notes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Pricing for Tm₂O₃ (thulium oxide) is not included in the basket calculation. Adamas Intelligence does not publish forecast prices for thulium due to its limited market size and very low contribution to the overall value of rare earth products. As a result, the exclusion of Tm₂O₃ has no material impact on the basket value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Prices include 13% value-added tax (VAT); forecast prices are in Real 2025 US dollars.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Numbers have been rounded. Totals may not sum due to rounding.

Date: 25 March 2026 Page 11-26

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| ![img79373654_2.jpg](img79373654_2.jpg) | www.rareearthsamericas.com |
|  | Alpha Project<br>Bahia, Brazil<br>Technical Report Summary |

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**Payability**

Payability represents the proportion of contained rare earth element value (based on spot oxide prices) that is realized upon sale of the mixed rare earth carbonate. It depends on the concentration of high-value elements, total rare earth oxide grade, impurity levels, and offtake processing costs. Rare Earth Americas intends to produce a high-quality mixed rare earth carbonate with low impurities and elevated magnet rare earth elements. This study assumes a payability of 70 percent relative to the spot value of contained separated oxides.

**Basket Value Estimation**

For each block, a "basket value" is calculated as the sum of the forecast prices for individual recovered rare earth oxides, adjusted by their typical proportion in the recovered TREO mix and a payability assumption of 70%. The average basket price is estimated at US$57.2 per kilogram of recovered TREO.

The basket value is determined using the following formula:

![img79373654_92.jpg](img79373654_92.jpg)

Proportion = Typical proportion of recovered oxide i in the recovered TREO mix

Forecast Price*i* = Forecast price per kg of oxide i

Payability = Payability rate of 70%

This block-level basket value serves as an input into a Lerchs–Grossmann optimization process, which was used to define a resource-constraining shell for mineral resource reporting and evaluation of reasonable prospects of economic extraction.

**11.11.4 Pit Shell** 

To demonstrate reasonable prospects for eventual economic extraction a conceptual constraining pit shell was constructed using block models created for each deposit including Inferred category mineral resource and waste block.

The constraining shell is derived from a Whittle optimization using estimated block value and mining parameters appropriate for determining reasonable prospects of economic extraction. These include a mining cost of US$1.98/t, a processing cost of US$9.39/t, appropriate recovery and dilution factors, and the basket value estimated for each block. A maximum pit slope angle of 35° was used and the extent of the constraining pit shell was limited to within the boundary of each tenement. A summary of the key assumptions is shown in Table 11-13.

Date: 25 March 2026 Page 11-27

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| ![img79373654_2.jpg](img79373654_2.jpg) | www.rareearthsamericas.com |
|  | Alpha Project<br>Bahia, Brazil<br>Technical Report Summary |

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**Table 11-13: Whittle Resource Constraining Pit Shell Parameters**

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Item** | &nbsp;&nbsp;**Unit** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;*Average recovered value*<br> &nbsp;&nbsp;(P) | &nbsp;&nbsp;$/t | &nbsp;&nbsp;57.2 |
| &nbsp;&nbsp;Mining cost (mineralization and waste)<br> &nbsp;&nbsp;(m) | &nbsp;&nbsp;$/t | &nbsp;&nbsp;1.98 |
| &nbsp;&nbsp;Process cost<br> &nbsp;&nbsp;(C) | &nbsp;&nbsp;$/t | &nbsp;&nbsp;7.65 |
| &nbsp;&nbsp;General and administrative cost<br> &nbsp;&nbsp;(CGA) | &nbsp;&nbsp;$/t | &nbsp;&nbsp;1.74 |
| &nbsp;&nbsp;Dilution<br> &nbsp;&nbsp;(d) | &nbsp;&nbsp;% | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;Mining recovery<br> &nbsp;&nbsp;(ym) | &nbsp;&nbsp;% | &nbsp;&nbsp;95 |
| &nbsp;&nbsp;Average process recovery<br> &nbsp;&nbsp;(yc) | &nbsp;&nbsp;% | &nbsp;&nbsp;27 |
| &nbsp;&nbsp;Recovered cut-off grade<br> &nbsp;&nbsp;(Grec) | &nbsp;&nbsp;ppm TREO | &nbsp;&nbsp;209 |
| &nbsp;&nbsp;In-situ cut-off grade<br> &nbsp;&nbsp;(Ginsitu) | &nbsp;&nbsp;ppm TREO | &nbsp;&nbsp;774 |
| &nbsp;&nbsp;***Selected in-situ cut-off grade*** | &nbsp;&nbsp;***ppm TREO*** | &nbsp;&nbsp;***1000*** |

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The overall strip ratio is estimated at 0.55, indicating that each tonne of mineralization is accompanied by 0.55 t of waste. Areas excluded include zones with low estimated recovery of rare earths, as well as speculative blocks at depth and at the periphery of the deposits.

For each deposit area, pit shell extents at surface are shown in Figure 11-3, and in cross-section in Figure 11-4. Material falling outside of the pit shell is considered to not meet reasonable prospects for economic extraction. Potentially minable portions of the block model inside the shell are conceptual in nature. Potential royalty costs have not been included in the Whittle optimization calculation.

**11.11.5 Cut-off**

Using the parameters in Table 11-13, a marginal reporting cut-off of 1,000 ppm TREO was selected. This threshold is consistent with cut-off grades applied at comparable ionic clay-hosted rare earth deposits developed by open-pit mining and supports a reasonable expectation of economic extraction.

The following equations form the basis of the cut-off calculation:

![img79373654_93.jpg](img79373654_93.jpg)

![img79373654_94.jpg](img79373654_94.jpg)

Abbreviations used in these equations are explained in Table 11-13.

Date: 25 March 2026 Page 11-28

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|  | Alpha Project<br>Bahia, Brazil<br>Technical Report Summary |

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The cut-off is based on the average recovered value using a 10-year forecast of rare earth oxide prices to 2040, as published by Adamas Intelligence in the Q1 2025 *Rare Earth Pricing Quarterly Outlook*. The marginal cut-off includes mining, processing, and general and administrative costs. Costs related to waste mining, transportation, capital expenditures, and royalties are excluded.

**11.11.6 QP Statement**

Based on the data review, the attendant work done to verify the data integrity and the creation of an independent geologic model, McGarry Geoconsulting believes this is a fair and accurate representation of the mineral resources at the Project.

There is sufficient time in the 10-year timeframe considered for the commodity price forecast for Rare Earths Americas to address any issues that may arise, or perform appropriate additional drilling, testwork and engineering studies to mitigate identified issues with the estimates.

Based on the current information, McGarry Geoconsulting considers that the mineral resource estimates have reasonable prospects for eventual economic extraction, subject to the successful completion of the recommended work programs.

11.12 Mineral Resource Statement

Mineral resources are reported using the mineral resource definitions set out in SK1300. The reference point for the estimate is in situ. The estimate is current as at 31 October 2025.

The third-party firm responsible for the estimate is McGarry Geoconsulting, Corp.

Mineral Resources are summarized in Table 11-14.

**Table 11-14: Alpha Project Mineral Resource Estimate**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Category** | &nbsp;&nbsp;**Cut-Off Grade** | &nbsp;&nbsp;**Deposit** | &nbsp;&nbsp;**Tonnes** | &nbsp;&nbsp;**TREO**  | &nbsp;&nbsp;**Nd2O3 + Pr6O11**  | &nbsp;&nbsp;**Dy2O3 + Tb4O7** |
|  | &nbsp;&nbsp;**(ppm TREO)** |  | &nbsp;&nbsp;**(Mt)** | &nbsp;&nbsp;**(ppm)** | &nbsp;&nbsp;**(ppm)** | &nbsp;&nbsp;**(ppm)** |
| &nbsp;&nbsp;**Inferred** | &nbsp;&nbsp;1000 | &nbsp;&nbsp;Rio Preto | &nbsp;&nbsp;80.8 | &nbsp;&nbsp;1478 | &nbsp;&nbsp;327 | &nbsp;&nbsp;41.1 |
| &nbsp;&nbsp;**Inferred** | &nbsp;&nbsp;1000 | &nbsp;&nbsp;Sapacaia | &nbsp;&nbsp;50.6 | &nbsp;&nbsp;1846 | &nbsp;&nbsp;356 | &nbsp;&nbsp;33.9 |
| &nbsp;&nbsp;**Inferred** | &nbsp;&nbsp;1000 | &nbsp;&nbsp;Rio das Pombas | &nbsp;&nbsp;56.5 | &nbsp;&nbsp;1370 | &nbsp;&nbsp;298 | &nbsp;&nbsp;40.0 |
| &nbsp;&nbsp;**Inferred** | &nbsp;&nbsp;1000 | &nbsp;&nbsp;Nova Canaã | &nbsp;&nbsp;13.8 | &nbsp;&nbsp;1184 | &nbsp;&nbsp;260 | &nbsp;&nbsp;34.4 |
| &nbsp;&nbsp;**Inferred** | &nbsp;&nbsp;1000 | &nbsp;&nbsp;***Total*** | &nbsp;&nbsp;***201.7*** | &nbsp;&nbsp;***1520*** | &nbsp;&nbsp;***322*** | &nbsp;&nbsp;***38.5*** |

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Notes to accompany mineral resource table:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Mineral resources are reported in situ, using the definitions in S-K 1300, and are current as at 31 October, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.The third-party firm responsible for the estimates is McGarry Geoconsulting Corp.

Date: 25 March 2026 Page 11-29

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|  | Alpha Project<br>Bahia, Brazil<br>Technical Report Summary |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Tonnes are dry metric tonnes, and contained metal figures are derived arithmetically from in situ tonnage and grade (i.e., not adjusted for mining dilution or losses).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Mineral resources are constrained within an optimized Whittle pit shell generated using a mining cost of US$1.98/ t, a processing cost of US$7.65/t, a general and administration cost of US$1.74/td and mining and process recovery factors of 95% and 27%, respectively. A maximum pit slope of 35° is used and the extent of the shell is limited to within the boundary of each tenement. Block values were calculated from Adamas Intelligence forecast rare earth oxide prices for 2030–2040 with an assumed 70% payability, corresponding to a basket value of US$57.2/kg of recovered rare earth oxide.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.Mineral resources are reported above a marginal cut-off of 1,000 ppm TREO, which is based on the parameters used for pit optimization in note 4. Costs related to waste mining, transportation, and capital expenditures are excluded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.Average recovery represents the weighted mean of block model rare earth element leach extraction estimates, excluding cerium, based on test results on representative exploration samples.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.Mineral Resources reported for the Alpha Project are subject to a private 2.5% gross revenue royalty payable to Brazil Royalty Corp Participações e Investimentos Ltda.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.Total rare earth oxides (TREO ppm) = La2O3 + CeO2 + Pr6O11 + Nd2O3 + Sm2O3 + Eu2O3 + Gd2O3 + Tb4O7 + Dy2O3 + Ho2O3 + Er2O3 + Tm2O3 + Yb2O3 + Y2O3 + Lu2O3; NdPr = Nd2O3 + Pr6O11; DyTb = Tb4O7 + Dy2O3

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.Total rare earth oxides (TREO ppm) are inclusive of, not separate to, NdPr ppm and DyTb ppm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.Numbers have been rounded. Totals may not sum due to rounding.

Tonnage-weighted average grades for individual rare earth oxides (REO), supporting the reported TREO grade, are summarized in Table 11-15.

**Table 11-15: Alpha Project Block Model Report – All Rare Earth Oxides**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;**Deposit** | &nbsp;&nbsp;**Deposit** | &nbsp;&nbsp;**Deposit** | &nbsp;&nbsp;**Deposit** |  |
| &nbsp;&nbsp;**Cut-Off Grade (ppm TREO)** | &nbsp;&nbsp;**Values**  | &nbsp;&nbsp;**Rio Preto** | &nbsp;&nbsp;**Sapacaia** | &nbsp;&nbsp;**Rio das Pombas** | &nbsp;&nbsp;**Nova Canaã** | &nbsp;&nbsp;**Total** |
| &nbsp;&nbsp;1000 | &nbsp;&nbsp;Tonnes (Mt) | &nbsp;&nbsp;80.8 | &nbsp;&nbsp;50.6 | &nbsp;&nbsp;56.5 | &nbsp;&nbsp;13.8 | &nbsp;&nbsp;**201.7** |
| &nbsp;&nbsp;1000 | &nbsp;&nbsp;TREO (ppm) | &nbsp;&nbsp;1478 | &nbsp;&nbsp;1846 | &nbsp;&nbsp;1370 | &nbsp;&nbsp;1184 | &nbsp;&nbsp;**1520** |
| &nbsp;&nbsp;1000 | &nbsp;&nbsp;La2O3 (ppm) | &nbsp;&nbsp;295 | &nbsp;&nbsp;411 | &nbsp;&nbsp;298 | &nbsp;&nbsp;252 | &nbsp;&nbsp;**322** |
| &nbsp;&nbsp;1000 | &nbsp;&nbsp;CeO2 (ppm) | &nbsp;&nbsp;472 | &nbsp;&nbsp;750 | &nbsp;&nbsp;407 | &nbsp;&nbsp;346 | &nbsp;&nbsp;**515** |
| &nbsp;&nbsp;1000 | &nbsp;&nbsp;Pr6O11 (ppm) | &nbsp;&nbsp;72 | &nbsp;&nbsp;83 | &nbsp;&nbsp;67 | &nbsp;&nbsp;57 | &nbsp;&nbsp;**72** |
| &nbsp;&nbsp;1000 | &nbsp;&nbsp;Nd2O3 (ppm) | &nbsp;&nbsp;256 | &nbsp;&nbsp;273 | &nbsp;&nbsp;231 | &nbsp;&nbsp;202 | &nbsp;&nbsp;**250** |
| &nbsp;&nbsp;1000 | &nbsp;&nbsp;Sm2O3 (ppm) | &nbsp;&nbsp;47 | &nbsp;&nbsp;46 | &nbsp;&nbsp;42 | &nbsp;&nbsp;36 | &nbsp;&nbsp;**44** |
| &nbsp;&nbsp;1000 | &nbsp;&nbsp;Eu2O3 (ppm) | &nbsp;&nbsp;6 | &nbsp;&nbsp;7 | &nbsp;&nbsp;6 | &nbsp;&nbsp;5 | &nbsp;&nbsp;**6** |
| &nbsp;&nbsp;1000 | &nbsp;&nbsp;Gd2O3 (ppm) | &nbsp;&nbsp;41 | &nbsp;&nbsp;38 | &nbsp;&nbsp;38 | &nbsp;&nbsp;36 | &nbsp;&nbsp;**39** |
| &nbsp;&nbsp;1000 | &nbsp;&nbsp;Tb4O7 (ppm) | &nbsp;&nbsp;6 | &nbsp;&nbsp;5 | &nbsp;&nbsp;6 | &nbsp;&nbsp;5 | &nbsp;&nbsp;**6** |
| &nbsp;&nbsp;1000 | &nbsp;&nbsp;Dy2O3 (ppm) | &nbsp;&nbsp;35 | &nbsp;&nbsp;29 | &nbsp;&nbsp;34 | &nbsp;&nbsp;30 | &nbsp;&nbsp;**33** |
| &nbsp;&nbsp;1000 | &nbsp;&nbsp;Ho2O3 (ppm) | &nbsp;&nbsp;7 | &nbsp;&nbsp;6 | &nbsp;&nbsp;7 | &nbsp;&nbsp;6 | &nbsp;&nbsp;**7** |
| &nbsp;&nbsp;1000 | &nbsp;&nbsp;Er2O3 (ppm) | &nbsp;&nbsp;20 | &nbsp;&nbsp;16 | &nbsp;&nbsp;19 | &nbsp;&nbsp;17 | &nbsp;&nbsp;**18** |
| &nbsp;&nbsp;1000 | &nbsp;&nbsp;Tm2O3 (ppm) | &nbsp;&nbsp;3 | &nbsp;&nbsp;2 | &nbsp;&nbsp;3 | &nbsp;&nbsp;2 | &nbsp;&nbsp;**3** |
| &nbsp;&nbsp;1000 | &nbsp;&nbsp;Yb2O3 (ppm) | &nbsp;&nbsp;17 | &nbsp;&nbsp;13 | &nbsp;&nbsp;16 | &nbsp;&nbsp;15 | &nbsp;&nbsp;**16** |
| &nbsp;&nbsp;1000 | &nbsp;&nbsp;Lu2O3 (ppm) | &nbsp;&nbsp;2 | &nbsp;&nbsp;2 | &nbsp;&nbsp;2 | &nbsp;&nbsp;2 | &nbsp;&nbsp;**2** |
| &nbsp;&nbsp;1000 | &nbsp;&nbsp;Y2O3 (ppm) | &nbsp;&nbsp;200 | &nbsp;&nbsp;164 | &nbsp;&nbsp;195 | &nbsp;&nbsp;172 | &nbsp;&nbsp;**188** |

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Notes to accompany block model table:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Values represent tonnage-weighted averages derived from the reported block model.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Reported oxides are not individually classified as mineral resources.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Data is provided to illustrate rare earth element distribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.TREO is the sum of all rare earth oxides listed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.Numbers have been rounded. Totals may not sum due to rounding.

11.13 Uncertainties (Factors) That May Affect the Mineral Resource Estimate

Factors which may affect the mineral resource estimates include the following.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Metal price and exchange rate assumptions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Changes to the assumptions used to generate cut-off grades;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Changes in local interpretations of mineralization geometry and continuity of mineralized zones;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Changes to geological and mineralization shape;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Changes to geological and grade continuity assumptions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Density and domain assignments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Changes to geotechnical, mining, and metallurgical recovery assumptions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Changes to the input and design parameter assumptions that pertain to mining assumptions used to constrain the estimates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Assumptions as to the continued ability to access the site, complete proposed exploration programs, and maintain the social license to operate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Assumptions regarding the ability to mine within the Serra do Ouro Environmental Protection Area and in areas of Atlantic Forest.

In the opinion of the Qualified Person, all material issues relating to the relevant technical and economic factors that may influence the prospect of eventual economic extraction at the Project can reasonably be resolved with further work. While certain factors, such as leaching performance at bulk sample scale, the quality of a potential mixed rare earth carbonate product, the geotechnical characterization of proposed infrastructure sites, and the permitting framework, require additional data and assessment, none are currently identified as fatal flaws.

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12.0 MINERAL RESERVE ESTIMATES

This Chapter is not relevant to this Report.

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13.0 MINING METHODS

This Chapter is not relevant to this Report.

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14.0 RECOVERY METHODS

This Chapter is not relevant to this Report.

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15.0 INFRASTRUCTURE

This Chapter is not relevant to this Report.

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16.0 MARKET STUDIES AND CONTRACTS

This Chapter is not relevant to this Report.

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17.0 ENVIRONMENTAL STUDIES, PERMITTING, AND PLANS, NEGOTIATIONS, OR AGREEMENTS WITH LOCAL INDIVIDUALS OR GROUPS

This Chapter is not relevant to this Report.

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18.0 CAPITAL AND OPERATING COSTS

This Chapter is not relevant to this Report.

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19.0 ECONOMIC ANALYSIS

This Chapter is not relevant to this Report.

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20.0 ADJACENT PROPERTIES

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21.0 OTHER RELEVANT DATA AND INFORMATION

This Chapter is not relevant to this Report.

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22.0 INTERPRETATION AND CONCLUSIONS

22.1 Introduction

The QPs note the following interpretations and conclusions, based on the review of data and information available for this Report.

22.2 Property Setting

The tenement area ranges in elevation from approximately 400–900 masl. Elevation and relief should be considered in planning ground exploration and drill access; however, terrain conditions are not expected to materially constrain exploration activities at the Project.

The Project is accessible via federal highways (BR-116, BR-101) and local all-weather roads and is in proximity to rail infrastructure and the Port of Ilhéus. The nearby municipality of Iguaí can provide logistical support and services, while Salvador and the nearby Camacari chemical complex can serve as sources of equipment, reagents, and personnel.

The climate in the region supports year-round exploration and mining activities, with only limited seasonal disruption.

22.3 Ownership

The Project is wholly owned by Rare Earths Americas.

22.4 Mineral Tenure, Surface Rights, Water Rights, Royalties and Agreements

Information obtained from legal experts retained by Rare Earth Americas supports that the mineral tenure held is valid, and the mineral tenures held are sufficient to support mineral resource estimation.

To date Rare Earth Americas has secured verbal agreements and signed consent declarations from landowners permitting exploration and drilling activities at the Alpha Project. Rare Earth Americas intends to initiate formal discussions regarding broader surface rights as the Project progresses.

Rare Earth Americas has not obtained any permits or agreements to extract water for exploration at the Alpha Project. Exploration to date has not required water use. Future diamond core drilling may require water, which is expected to be commercially supplied via tankers or obtained under agreement for temporary extraction from local sources.

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All project concessions are subject to the CFEM, in addition all concessions are subject to a private royalty equal to 2.5% of gross revenue from concession production in favor of Brazil Royalty Corp Participações e Investimentos Ltda.

All exploration work undertaken to date, including auger drill pad construction and access road development, has been conducted in accordance with applicable state and local environmental regulations. Rare Earth Americas acknowledges that any future advancement beyond the exploration stage will be subject to additional environmental permitting at both the state and federal levels.

Based on the review of the legal and regulatory setting, the Qualified Person is not aware of any legal, regulatory, or permitting impediments that would prevent the continued exploration and potential development of a mining project.

Acceptance of the Final Exploration Report marks the formal conclusion of the exploration phase. Once accepted, ANM may authorize the initiation of the Mining Concession application process. Authorisation remains pending for all concessions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•For the three concessions with granted Exploration Permits, Rare Earth Americas must conduct exploration and submit a Final Exploration Report to ANM;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•For six of the concessions, Rare Earth Americas have already submitted a Final Exploration Reports to ANM. As at the date of this Report, the Final Exploration Reports remain under review by ANM.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•For seven concessions that grant title on substances other than rare earths, Rare Earth Americas has already submitted substance change notices for six. As at the date of this Report, the notices remain under review by ANM. For the remaining concession, a substance change notice must be submitted when the Final Exploration Report becomes due.

Rare Earth Americas have not consulted with local communities during the exploration campaigns. The company's interactions were limited to rural landowners, solely for the purpose of facilitating access for exploration activities.

To the extent known to McGarry Geoconsulting, there are no other significant factors and risks that may affect access, title, or the right or ability to perform work on the Project that are not discussed in this Report.

22.5 Geology and Mineralization

The Project hosts rare earth element mineralization in the form of ionically adsorbed rare earth elements bound to clay minerals within the regolith developed over the crystalline basement. Although ionic adsorption clay deposits are not currently classified within the United States Geological Survey Mineral Deposit Model series, the deposit type is well defined in the geological literature.

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The Project is situated within the Jequié Complex, an Archean-age tectono-structural block comprising rare earth element-enriched granulites, supracrustal sequences, and batholithic intrusions of the Volta do Rio and Poço Preto metaplutonic suites. At the Project, weathering of the crystalline basement has liberated rare earth elements, which occur in the form of ionically adsorbed mineralization within a well-developed weathering profile, consistent with the ionic adsorption clay deposit style.

The regolith profile, including mottled zones and mineralized saprolite, is laterally continuous across large parts of the deposit area. Drilling has confirmed sufficient geological continuity of mineralized horizons to support the estimation of inferred mineral resources.

However, due to the presence of residual cover and the regolith-dominated profile, the underlying bedrock geology and its control on rare earth element distribution are not yet well understood. Additionally, the current drill spacing is too wide to resolve local variations in regolith thickness or the vertical position of mineralized zones with the confidence required for higher resource classifications.

Further geological work and infill drilling will be necessary to improve confidence in the geological model and to support the estimation of indicated or measured mineral resources.

22.6 History

There is no known previous exploration for rare earth elements in the Project area prior to Rare Earths America's Project interest. In 2021 Alpha Minerals Brazil Participações Ltd a wholly owned subsidiary of Rare Earth Americas conducted a review of a historical regional-scale airborne geophysical survey flown by the state mineral research agency CBPM. Based on the presence of prospective radiometric anomalies associated, the Project exploration licenses were acquired by Alpha Minerals Brazil Participações Ltd, between 2021 and 2023. Rare Earth Americas was created as the holding company for the Project in January 2023.

22.7 Exploration, Drilling, and Sampling

Exploration and drilling completed to date are appropriate for the regolith-hosted ionic clay rare earth mineralization at the Alpha Project.

Drill collars were surveyed using handheld GPS referenced to SIRGAS 2000 UTM 24S and projected to a 30 m DTM; future programs should use differential GPS and higher-resolution topography to improve accuracy for resource modelling and engineering studies.

Sufficient drilling and sampling data have been collected to support the geological interpretation and mineral resource estimates. Hole spacing ranges from 320 m (with infill drilling on a diamond pattern) to 225 m and 160m in the most densely drilled places. The geology and mineralization controls are well understood, and the exploration techniques and QA/QC protocols employed are appropriate for this deposit style. The rare earth assay and leach recovery datasets are of adequate quality and quantity for resource estimation, with minimal risk to overall confidence.

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Rare Earth Americas' drilling, sampling, assaying, and QA/QC have been completed in line with industry practices.

The current dataset is sufficient to support the mineral resource estimates disclosed. Additional drilling, improved surveying, and further metallurgical testing are recommended to refine the model and advance resources to higher confidence categories.

22.8 Data Verification

Sufficient exploration and sampling data have been collected to support the geological interpretations and to underpin the rare earth mineral resource estimates. The resource has been classified as inferred, reflecting the current limitations in data spacing, reliance on auger drilling that only partially tests the regolith profile, and low survey and digital elevation model accuracy.

The overall quality of the data acquired by Rare Earth Americas is considered to be acceptable and with improved drilling density and spatial control, the mineral resource has the potential to be upgraded to higher confidence categories in future estimates with the support of additional work programs.

22.9 Metallurgical Testwork

The metallurgical dataset is considered acceptable to support the current inferred mineral resource estimate.

The bench-scale leach tests replicate the proposed ammonium sulphate ion-exchange process and are relevant to the ionic clay deposit style. The systematic sampling captures both lateral and vertical variability in rare earth recovery by leaching.

The recoveries are considered sufficiently representative of bulk-scale behavior to support determine reasonable prospects for eventual economic extraction in accordance with the Inferred classification.

It is recommended that future work include bulk composite and pilot-scale leach testing to evaluate potential comminution effects in transitional horizons, test material handling and leach solution flow, and refine recovery estimates across different regolith domains. Continuous column leach testing should also be undertaken to replicate percolation behavior under process-representative conditions and validate leaching kinetics. These larger-scale tests should provide sufficient pregnant leach solution volumes for confirmatory work on mixed rare earth carbonate precipitation and purification, enabling verification of product quality and recovery through to a saleable product.

These programs should strengthen the metallurgical basis for the mineral resource estimate and support the economic assumptions in sufficient detail to support higher-confidence mineral resource categories and engineering studies.

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22.10 Mineral Resource Estimates

An Initial Assessment was completed to support assessments of reasonable prospects for economic extraction. The depth, geometry, and grade of rare earth bearing saprolite on the properties make them amenable to exploitation by open cut mining methods. Mineral resources are reported within a resource constraining conceptual pit shell.

Mineral resources are reported using the mineral resource definitions set out in SK1300. The in situ mineral resource estimate consists of 201.7 Mt at an average grade of 1,520 ppm TREO at a 1,000 ppm TREO reporting cut-off.

Factors which may affect the mineral resource estimates include the following.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Metal price and exchange rate assumptions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Changes to the assumptions used to generate cut-off grades;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Changes in local interpretations of mineralization geometry and continuity of mineralized zones;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Changes to geological and mineralization shape;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Changes to geological and grade continuity assumptions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Density and domain assignments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Changes to geotechnical, mining, and metallurgical recovery assumptions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Changes to the input and design parameter assumptions that pertain to mining assumptions used to constrain the estimates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Assumptions as to the continued ability to access the site, complete proposed exploration programs, and maintain the social license to operate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Assumptions regarding the ability to mine within the Serra do Ouro Environmental Protection Area and in areas of Atlantic Forest.

In the opinion of the Qualified Person, all material issues relating to the relevant technical and economic factors that may influence the prospect of eventual economic extraction at the Project can reasonably be resolved with further work. While certain factors, such as leaching performance at bulk sample scale, the quality of a potential mixed rare earth carbonate product, the geotechnical characterization of proposed infrastructure sites, and the permitting framework, require additional data and assessment, none are currently identified as fatal flaws.

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22.11 Risks

**22.11.1 Exploration and Geology Risks**

The following risks were identified:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Geological continuity: drilling is widely spaced. There is a risk that infill drilling could demonstrate mineralization to be less continuous and more variable than currently modelled, impacting resource classification and tonnage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Depth of mineralization: deeper sonic drilling may determine that mineralized saprolite that is shallower than currently projected beneath auger drilling, which could alter the interpreted thickness and geometry of mineralized horizons.

**22.11.2 Mineral Resource Estimate Risks**

The following risks, in addition to those identified in Chapter 22.10, were also identified:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Survey accuracy: current drill collar positions are based on handheld GPS and projected onto a 30 m DTM;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Bulk density: bulk densities used for resource estimation are based on limited data; there is a risk that true in-situ densities are lower than estimated, which would affect tonnage and contained metal calculations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Metallurgical variability: while bench-scale leach testing supports recoverable rare earth elements, additional minerology testwork and bulk composite and variability testwork are required to confirm recoveries across all regolith domains and to fully characterize the deportment of deleterious elements such as thorium and uranium;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Product specification: the current mineral resource model assumes production of a mixed rare earth carbonate. Any change to the processing route or product specification could affect revenue forecasts and cut-off grade determinations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Hydrogeological factors: groundwater inflow within the regolith profile may affect both mining method selection and metallurgical recovery. Further hydrogeological characterization is recommended.

**22.11.3 Environmental, Social and Permitting Risks**

The following risks were identified:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Permitting and environmental approvals: Development is contingent on securing environmental permits and land-use approvals. Identification of environmental constraints could limit resource development at the Project. The position of the Rio Preto deposit area,

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in particular, within the Serra do Ouro Environmental Protection Area may require additional permitting and environmental protection measures, which could affect mine planning and development timelines. Changes to regulatory requirements or delays in permitting could impact project timelines or restrict development options;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Land tenure and surface rights: the Project is dependent on maintaining current mineral rights and securing necessary surface access agreements. Any disputes or delays in renewing licenses or negotiating access could affect exploration and future development.

No fatal flaws have been identified; these risks are typical for a project at this stage and are expected to be addressed through additional drilling, improved surveying, bulk density testing, hydrogeological assessment, permitting studies, expanded metallurgical testwork, and technical and engineering studies.

22.12 Opportunities

**22.12.1 Exploration and Geology Opportunities**

The Alpha Project is located in a previously underexplored geological and mining jurisdiction. Rare Earth Americas are building an extensive and well-informed database of information which will provide an opportunity to assess the optimal exploration targeting strategy and exploration potential for the Project.

The recent discovery of rare earth element mineralization by Rare Earth Americas at the Alpha Project has the potential to establish a new and previously unrecognized rare earth element metallogenic province.

As well as ongoing development and resource definition for ionic clay style mineralization, the discovery of high-grade rare earth element materials, indicative of secondary monazite mineralization, suggests there may be strong potential for the discovery of other rare earth mineralization types in regolith and bedrock.

**22.12.2 Mineral Resource Opportunities**

Opportunities exist to increase existing mineral resources by additional work including infill and extensional drilling at depth.

22.13 Conclusions

Drilling has consistently intersected significant rare earth element-bearing saprolite, frequently exhibiting MREO enrichment with depth. More recent drilling has identified high-grade monazite sand mineralization associated with the Volta do Rio Suite, a geologically prospective unit extending across the Project area.

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The data verification programs undertaken on the data collected from the Project support the geological interpretations and the analytical and database quality, and therefore the data can be used for mineral resource estimation.

The metallurgical dataset is considered adequate to support the current mineral resource estimate. The bench-scale leach tests replicate the proposed ammonium sulphate ion-exchange process and are relevant to the ionic clay deposit class. The systematic sampling captures both lateral and vertical variability, and the recoveries allow an inference of bulk-scale behavior at the current resource development stage.

In the opinion of the Qualified Person, all material issues relating to the relevant technical and economic factors that may influence the prospect of eventual economic extraction at the Project can reasonably be resolved with further work. While certain factors, such as leaching performance at bulk sample scale, the quality of a potential mixed rare earth carbonate product, the geotechnical characterization of proposed infrastructure sites, and the permitting framework, require additional data and assessment, none are currently identified as fatal flaws.

Additional work is warranted, and a two-phase work program is recommended. (see Chapter 23).

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| ![img79373654_2.jpg](img79373654_2.jpg) | www.rareearthsamericas.com |
|  | Alpha Project<br>Bahia, Brazil<br>Technical Report Summary |

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23.0 RECOMMENDATIONS

23.1 Introduction

The Alpha Project hosts rare earth element mineral resource that warrants further exploration and evaluation. A two-phase work program is recommended. Phase A will focus on generating additional exploration data and materials, while Phase B will address targeted testwork and technical analysis.

Phase A aims to improve understanding of the controls on mineralization and to delineate additional prospective zones. Infill drilling and technical studies will be undertaken to potentially upgrade mineral resources from the inferred to higher-confidence mineral resource classifications. Phase A is estimated to require a budget of US$2.58 million to complete.

Results from Phase A exploration will provide representative drill samples for metallurgical testing and will provide a basis for an updated appraisal of the deposits. If results are positive the project will advance to Phase B, which will involve the analysis of key modifying factors, including mining and processing considerations, to updated the Initial Assessment and mineral resource estimates. Phase B is estimated to require a budget of US$1.15 million.

Collectively, Phase A and Phase B will require an overall budget of US$3.73 million.

23.2 Phase A

The following recommendations are made for Phase A:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Continue the ongoing auger drilling campaign to potentially support upgrade of the mineral resource confidence category for the Rio Preto deposit model and to delineate of zones high ionic clary rare earth enrichment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Undertake core drilling to extend high-grade mineralization identified at depth in auger drilling, particularly within the Rio das Pombas deposit area where mineralization remains open at depth;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Conduct high resolution surface geophysics and targeted drilling along the 3.5 km-long Sapacaia deposit trend of high rare earth element grades associated with secondary-monazite occurrences;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Establish the potential for secondary monazite mineralization and underlying bedrock-hosted rare earth mineralization associated with the fertile magmatic system of the Volta do Rio Suite;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Continue collecting bulk density measurements from drill core to support tonnage estimates for individual regolith and saprock units;

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|  | Alpha Project<br>Bahia, Brazil<br>Technical Report Summary |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Conduct a high-resolution topographic survey, potentially using LiDAR or satellite technology, to support geological mapping and resource modelling and to support future technical studies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Undertake mineralogical and geo-metallurgical testwork including QEMSCAN analysis on regolith samples to characterize the deposit and identify rare-earth element-bearing minerals that may not be recoverable via the ionic adsorption clay process route, to support a more accurate assessment of metallurgical potential;

**Table 23-1: Budget for Phase A Work Program**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Item** | &nbsp;&nbsp;**Total Cost (US$)** |
| &nbsp;&nbsp;Surface exploration and ground geophysics<sup>1</sup> | &nbsp;&nbsp;$250000 |
| &nbsp;&nbsp;Auger drilling - 2,250 m<sup>1</sup> | &nbsp;&nbsp;$1000000  |
| &nbsp;&nbsp;Core drilling - 8,000 m<sup>1</sup> | &nbsp;&nbsp;$1250000 |
| &nbsp;&nbsp;High resolution satellite DEM  | &nbsp;&nbsp;$10000 |
| &nbsp;&nbsp;Minerology testwork | &nbsp;&nbsp;$70000 |
| &nbsp;&nbsp;***Total*** | &nbsp;&nbsp;***$2580000*** |

---

Notes:

Program budgets are inclusive of assay, personnel, equipment, consumables and transport costs.

23.3 Phase B

The following recommendations are made for Phase B:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Commence a metallurgical testing program to optimize leach parameters, establish reagent consumption profiles, and define material most amenable to leaching.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Complete bulk testwork programs to validate laboratory-scale results, confirm recovery assumptions, and generate process design criteria for preliminary flowsheet development.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Commence studies to develop mining concepts, pit optimization parameters, and production assumptions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Initiate development studies to evaluate infrastructure requirements, and determine reasonable access routes, power and water supply options, and site requirements for mining and processing facilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Assess environmental, permitting, and social considerations relevant to development scenarios. Determine the requirement for baseline data collection to support future environmental and social impact assessments. Conduct desk and field based mapping of Atlantic Forest areas to guide prioritization of exploration areas;

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|  | Alpha Project<br>Bahia, Brazil<br>Technical Report Summary |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Prepare an updated mineral resource estimate incorporating the drilling, assay, and density data collected in Phase A. This should include modelling of distinct regolith domains (leached, mottled, and enriched saprolite zones) to improve estimation accuracy and ensure appropriate assignment of grades between material types.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Compile the results of Phase B studies into an updated Initial Assessment of potential development scenarios and an updated mineral resource estimate.

**Table 23-2: Budget for Phase B Work Program**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Item** | &nbsp;&nbsp;**Total Cost (US$)** |
| &nbsp;&nbsp;Metallurgical testwork  | &nbsp;&nbsp;$250000 |
| &nbsp;&nbsp;Mineral Resource estimation  | &nbsp;&nbsp;$100000 |
| &nbsp;&nbsp;Mining studies | &nbsp;&nbsp;$300000  |
| &nbsp;&nbsp;Infrastructure assessment | &nbsp;&nbsp;$100000 |
| &nbsp;&nbsp;Environmental, social and permitting assessment  | &nbsp;&nbsp;$400000 |
| &nbsp;&nbsp;***Total*** | &nbsp;&nbsp;***$1150000*** |

---

Notes:

Program budgets are inclusive of assay, personnel, equipment, consumables and transport costs.

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|  | Alpha Project<br>Bahia, Brazil<br>Technical Report Summary |

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24.0 REFERENCES

24.1 Bibliography

Adamas Intelligence (2024). Rare Earth Magnet Market Outlook to 2040. Q3 2024.

Barbosa, J., Martin, H., & Peucat, J. J. (2004). Palaeoproterozoic dome-forming structures related to granulite-facies metamorphism, Jequié block, Bahia, Brazil: petrogenetic approaches. Precambrian Research, 135(1-2), 105-131.

Barbosa, J., Martin, H., & Peucat, J. J. (2004). Palaeoproterozoic dome-forming structures related to granulite-facies metamorphism, Jequié block, Bahia, Brazil: petrogenetic approaches. Precambrian Research, 135(1-2), 105-131.

Benchmark Mineral Intelligence. (2024). *Rare Earths Forecast Report, Q4 2024*. Benchmark Mineral Intelligence. www.benchmarkminerals.com

CPRM-Serviço Geológico Do Brasil, (2010). Mapa Hidrogeológico Do Brasil Folha Salvador (Sd.24).

Brazilian Rare Earths. (2023). ASX Listing Prospectus dated 13 November 2023.

CPRM-Serviço Geológico Do Brasil, (2010). Mapa Hidrogeológico Do Brasil Folha Salvador (Sd.24).

Fernandes, P. C. D., Frantz, J. C., Rios, D. C., Davis, D. W., Porcher, C. C., Conceição, R. V., and Coelho, R. E. (2019). The Jequié Complex Revisited: a U-Pb geochronological reappraisal of the geology and stratigraphy of the Jequié-Itagi area (Bahia, Brazil). Anuário do Instituto de Geociências, 42(1), 166-178.

Goldberg, K., and Humayun, M.,. (2010). The applicability of the Chemical Index of Alteration as a paleoclimatic indicator: An example from the Permian of the Paraná Basin, Brazil. Palaeogeography, Palaeoclimatology, Palaeoecology, 293(1-2), 175-183.

Heilbron, M., Cordani, U. G., & Alkmim, F. F. (2016). The São Francisco craton and its margins. In São Francisco craton, eastern Brazil: Tectonic genealogy of a miniature continent (pp. 3-13). Cham: Springer International Publishing.

Kanazawa, Y., & Kamitani, M. (2006). Rare earth minerals and resources in the world. Journal of alloys and compounds, 408, 1339-1343.

Nesbitt, H. W. and Young, G.m. (1982). Early Proterozoic climates and plate motions inferred from major element chemistry of lutites. , 299(5885), 715–717. doi:10.1038/299715a0.

Pires, A.S; Menezes, R.C.L.; Martins, A.A.M.; Meireles, L.G.S; Santos, F. P.; Lima, E.G.; Rodrigues, T.R; Miranda, D.A. (2020). Jequié, Folha S D.24-V-D-IV. Carta Geológica. Salvador: CPRM, 2020.

Rare Earths Americas (2023). March 2023 Quarterly Report

Rare Earths Americas (2023a). June 2023 Quarterly Report

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Rare Earths Americas (2024). Half-Yearly Report July - December 31 2024

Rare Earths Americas (2024a). Half-Yearly Report to 30 June 2024.

Sanematsu, K., & Watanabe, Y. (2016). Characteristics and genesis of ion adsorption-type rare earth element deposits.

Zincone, S. A., Oliveira, E. P., Ribeiro, B. P., & Marinho,m.m. (2021). High-K granites between the Archean Gaviao and Jequié blocks, Sao Francisco Craton, Brazil: Implications for cratoniation and amalgamation of the Rhyacian Atlantica continent. *Journal of South American Earth Sciences*, *105*, 102920.

24.2 Abbreviations and Units of Measure

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| | |
|:---|:---|
| % | percent |
| (NH4)2SO4 | ammonium sulphate |
| ° | degrees |
| °C | degrees Celsius |
| 3D | three-dimensional |
| AAS | atomic absorption spectroscopy |
| ALS | ALS Mineral Analysis Laboratories |
| ANM | National Mining Agency1 |
| APGO | Association of Professional Geoscientists of Ontario |
| ASX | Australian Securities Exchange |
| CAGR | Compound Annual Growth Rate |
| CBPM | Companhia Baiana de Pesquisa Mineral |
| CDF | cumulative distribution function |
| CDTN | Nuclear Technology Development Center in Belo Horizonte |
| Ce | Cerium |
| cm | centimeters(s) |
| CPRM | Brazilian Geological Survey |
| CFEM – | Compensação Financeira pela Exploração de Recursos Minerais |
| CRM | certified reference material |
| CV | coefficient of variation |
| DTM | digital terrain model |
| Dy | Dysprosium |
| Er | Erbium |
| eTh | Thorium equivalent |
| Eu | Europium |
| g | gram(s) |
| GCOS | global change of support |
| Gd | Gadolinium |

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| | |
|:---|:---|
| GPS | global positioning system |
| Ho | Holmium |
| HREE | Heavy Rare Earth Elements |
| HREO | Heavy Rare Earth Oxides |
| IAC | Ionic Adsorption Clay |
| IAD | Ionic Adsorption Deposit |
| ICP-ES | inductively coupled plasma emission spectrometry |
| ICP-MS | inductively coupled plasma mass spectrometry |
| IDW | inverse distance weighting |
| kg | kilogram(s) |
| km | kilometers |
| km<sup>2</sup> | square kilometers |
| La | Lanthanum |
| LCT | locked cycle test |
| LiDAR | light detection and ranging (survey) |
| LREE | Light Rare Earth Elements |
| LREO | Light Rare Earth Oxides |
| Lu | Lutetium |
| m | meter(s) |
| m<sup>2</sup> | square meter(s) |
| m<sup>3</sup> | cubic meter(s) |
| MGG | McGarry Geoconsulting Corporation |
| MLR | (North Carolina State University's) Minerals Research Laboratory |
| mm | millimeter(s) |
| Mm<sup>3</sup> | million cubic meters |
| MRE | Mineral Resource estimate |
| MREC | Mixed Rare Earth Carbonate |
| MREE | Magnet Rare Earth Elements |
| MREO | Magnet Rare Earth Oxides |
| Mt | million tonnes |
| Nd | Neodymium |
| OK | ordinary kriging |
| OREAS | Ore Research & Exploration Pty Ltd |
| PLS | Pregnant Leach Solution |
| Pr | Praseodymium |
| QA | quality assurance |
| QAQC | quality assurance/quality control |
| Q-Q | quantile-quantile |
| R<sup>2</sup> | Coefficient of determination |
| REA | Rare Earth Americas |

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|  | Alpha Project<br>Bahia, Brazil<br>Technical Report Summary |

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| | |
|:---|:---|
| REE | rare earth elements |
| RMS | root mean squared |
| ROPO | Recognized Overseas Professional Organization |
| RPO | Recognized Professional Organization |
| RSD | relative standard deviation |
| Sc | Scandium |
| Sm | Samarium |
| SME | Society of Mining, Metallurgy and Exploration |
| SMU | selective mining unit |
| SOR | slope of regression |
| SQL | structured query language |
| SRM | standard reference material |
| t | tonne(s) |
| Tb | Terbium |
| Th | Thorium |
| Tm | Thulium |
| U | Uranium |
| VRPS | Volta do Rio Plutonic Suite |
| XRD | x-ray diffraction |
| XRF | x-ray fluorescence |
| Y | Yttrium |
| Yb | Ytterbium |

---

24.3 Glossary of Terms

---

| | |
|:---|:---|
| Adsorption | The process by which ions, atoms, or molecules adhere to the surface or of another substance, such as clays in ionic adsorption deposits. |
| Anorthosite | A coarse-grained igneous rock composed predominantly of plagioclase feldspar, commonly associated with mafic-ultramafic complexes. |
| Batholith | A large intrusive igneous body, typically granitic, that forms from cooled magma deep in the crust and can extend over hundreds of square kilometers. |
| Bedrock | The solid rock beneath soil and weathered material. |
| Block Model | A three-dimensional digital representation of mineralized rock volumes, grades, and geologic domains used in resource estimation. |
| Chevkinite | A rare earth-bearing accessory mineral containing elements such as cerium, lanthanum, and titanium. |
| Clay | Fine-grained aluminosilicate minerals formed by weathering, commonly hosting ionic adsorption rare earth deposits. |

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| Craton | A stable portion of continental crust that has remained tectonically inactive for long geological periods. |
| Domain | A geologically distinct volume within a deposit defined for resource estimation, often based on lithology, alteration, or grade. |
| Facies | A body of rock with specific characteristics reflecting a particular depositional or metamorphic environment. |
| Felsic | Igneous rocks rich in silica and light-colored minerals such as quartz and feldspar. |
| Fluorite | A calcium fluoride mineral that may occur as an accessory phase in rare earth element deposits. |
| Gabbro | A coarse-grained mafic intrusive igneous rock composed mainly of plagioclase and pyroxene. |
| Gneiss | A high-grade metamorphic rock characterized by compositional banding due to recrystallisation under high temperature and pressure. |
| Granite | A coarse-grained intrusive igneous rock composed primarily of quartz, feldspar, and mica. |
| Granodiorite | An intrusive igneous rock similar to granite but with more plagioclase than alkali feldspar. |
| Hornblendite | An ultramafic rock composed predominantly of hornblende, commonly associated with layered mafic intrusions. |
| Hydrogeological | Relating to the movement and distribution of groundwater within soils and rocks. |
| Hydrometallurgy | A branch of extractive metallurgy involving the use of aqueous chemistry to recover metals from ores, concentrates, or recycled materials. |
| Ionic | Refers to chemical species existing as charged atoms or molecules, particularly describing exchangeable rare earth elements in clay minerals. |
| Leach | The process of extracting soluble components from rock or soil using a solvent, commonly acid or salt solutions in rare earth processing. |
| Metamorphism | The mineralogical, chemical, and structural adjustment of rocks to changes in temperature and pressure within the Earth's crust. |
| Migmatite | A composite rock containing both metamorphic and igneous components formed under high-grade metamorphic conditions. |
| Monazite | A phosphate mineral containing rare earth elements, typically cerium, lanthanum, neodymium, and thorium. |
| Monzonite | An intrusive igneous rock containing roughly equal amounts of plagioclase and alkali feldspar, with minor mafic minerals. |
| Mottled Zone | A weathered layer in the regolith showing irregular patterns or blotches of different colors caused by partial oxidation and leaching. |

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| | |
|:---|:---|
| Ombrophylous | Refers to vegetation or forest types adapted to high rainfall conditions, particularly tropical rainforests. |
| Orthogneiss | A gneiss derived from the metamorphism of igneous rocks, typically granite or tonalite. |
| Pediment | A gently sloping erosional surface at the base of a mountain or escarpment, often covered with thin alluvium. |
| Pegmatite | A very coarse-grained igneous rock formed during the final stages of magma crystallization, often enriched in rare elements. |
| Phosphate | Minerals containing phosphorus and oxygen (PO₄), such as monazite, which can carry rare earth elements. |
| Pregnant | Refers to a leach solution enriched with dissolved metals after contact with mineralized material. |
| Regolith | A layer of unconsolidated material overlying bedrock, formed by weathering, which may host ionic adsorption clay rare earth deposits. |
| Silicate | The most common mineral group on Earth, built from silicon and oxygen, often forming the framework of igneous and metamorphic rocks. |
| Tailings | The residual material left after valuable minerals have been extracted from ore, typically stored in engineered impoundments. |
| Tonalite | An intrusive igneous rock similar to granodiorite but containing little or no alkali feldspar. |
| Trondhjemite | A leucocratic tonalite composed mainly of quartz and sodic plagioclase, common in Archean terranes. |
| Ultramafic | Igneous rocks with very low silica content and high magnesium and iron, typically containing olivine and pyroxene. |
| Variogram | A mathematical function describing the spatial continuity and variability of a dataset, commonly used in geostatistics. |
| Variography | The study and modelling of spatial correlations within geological or grade data for use in resource estimation. |

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|  | Alpha Project<br>Bahia, Brazil<br>Technical Report Summary |

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25.0 RELIANCE ON INFORMATION PROVIDED BY THE REGISTRANT

25.1 Introduction

McGarry Geoconsulting fully relied on the registrant for the information used in the areas noted in the following sub-sections. McGarry Geoconsulting considers it reasonable to rely on the registrant for the information identified in those sub-sections, for the following reasons:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The registrant and third-party consultants providing services to the registrant, employ qualified professionals in Brazil with expertise in geology, mineral exploration, mineral processing, mining rights, permitting, and environmental management

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The registrant employs specialist staff who have experience at the only ionic adsorption clay project currently in production in Brazil;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The registrant has engaged independent specialists in rare earth markets and legal matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The registrant has employed industry professionals with expertise in the areas listed in the following sub-sections.

25.2 Mineral Processing

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Information relating to the proposed processing route, including a description of the processing technologies in use at other ionic adsorption clay deposits and their applicability to the Alpha Project, was obtained from the registrant.

This information supports the assessment of the available testwork and the proposed processing method in Chapter 10.0, and in in determining reasonable prospects for the economic extraction of the mineral resource estimates in Chapter 11.0.

25.3 Markets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Information relating to market studies/markets for product, market entry strategies, marketing and sales contracts, product valuation, product specifications, refining and treatment charges, transportation costs, and agency relationships was obtained from the registrant.

This information supports the assessment of reasonable prospects for economic extraction of the mineral resource estimates in Chapter 11.

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|  | Alpha Project<br>Bahia, Brazil<br>Technical Report Summary |

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25.4 Legal Matters

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Information relating to the corporate ownership interest, the mineral tenure (concessions, payments to retain property rights, obligations to meet expenditure/reporting of work conducted), surface rights, water rights (water take allowances), royalties, encumbrances, easements and rights-of-way, violations and fines, current and future permitting requirements, and the ability to obtain permits was obtained from the registrant.

This information is used in support of information in Chapter 3 including general information on property and title in Bahia, Project ownership, mineral tenure, surface rights, water rights, royalties, and permitting considerations, and it supports the reasonable prospects of economic extraction for the mineral resource estimates in Chapter 11.

25.5 Environmental Matters

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Information relating to exploration programs meeting applicable state and local environmental regulations, that mining activities can be conducted within sustainable use areas, in particular the Serra do Ouro Environmental Protection Area, and the status of baseline studies was obtained from the registrant.

This information is used in support of the environmental considerations information in Chapter 3, and it supports the reasonable prospects of economic extraction for the mineral resource estimates in Chapter 11.

25.6 Stakeholder Accommodations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Information relating to social considerations was obtained from the registrant.

This information is used in support of the social considerations information in Chapter 3, and it supports the reasonable prospects of economic extraction for the mineral resource estimates in Chapter 11.

25.7 Governmental Factors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Information relating to royalty considerations at the Project level, violations and fines, and that mining activities can be conducted within sustainable use areas, in particular the Serra do Ouro Environmental Protection Area was obtained from the registrant.

This information is used in support of the royalty and permitting considerations information in Chapter 3, and it supports the reasonable prospects of economic extraction for the mineral resource estimates in Chapter 11.

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|  | Alpha Project<br>Bahia, Brazil<br>Technical Report Summary |

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26.0 Date and Signature Page

This report titled "Alpha Project, Bahia, Brazil, Technical Report Summary" is current at March 25, 2026, and was prepared and signed by:

---

| | |
|:---|:---|
|  | /s/ Adam Karst |
| Signature Location: Midlothian, VA USA | Adam Karst, President |
| Signature Date: March 25, 2026 | Karst Geo Solutions LLC |
|  | <br>/s/ Leon McGarry |
| Signature Location: Robertsbridge, UK | Leon McGarry, Principal Consultant and President |
| Signature Date: March 25, 2026 | McGarry Geoconsulting Corp. |

---

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## Ex-Filing

?xml version='1.0' encoding='ASCII'? EX-FILING FEES

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Calculation of Filing Fee Tables**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **S-1**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Rare Earths Americas, Inc.**  |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Type**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Class Title**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fee Calculation or Carry Forward Rule**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Maximum Aggregate Offering Price**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fee Rate**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Amount of Registration Fee**  |
| **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** |
| Fees to be Paid | 1 | Equity | Common Stock, $0.0001 par value per share | 457(o) | $75000000.00 | 0.0001381 | $10357.50 |
| Fees Previously Paid |  |  |  |  |  |  |  |
| **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** |
| Carry Forward Securities |  |  |  |  |  |  |  |
|  |  |  | Total Offering Amounts: | Total Offering Amounts: | $75000000.00  |  | $10357.50  |
|  |  |  | Total Fees Previously Paid:  | Total Fees Previously Paid:  |  |  | $0.00  |
|  |  |  | Total Fee Offsets:  | Total Fee Offsets:  |  |  | $0.00  |
|  |  |  | Net Fee Due:  | Net Fee Due:  |  |  | $10357.50  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Offering Note** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>1</sup> 1 Estimated solely for the purpose of computing the amount of the registration fee pursuant to Rule 457(o) under the Securities Act of 1933, as amended (the "Securities Act"). This Registration Statement on Form S-1 (this "Registration Statement") covers shares of common stock, par value of $0.0001 per share ("Common Stock"), of Rare Earths Americas, Inc. (the "Company" or "Registrant") to be issued and sold by the Company pursuant to the proposed form of Underwriting Agreement by and between the Company and the Underwriters named therein, including shares that may be sold pursuant to the Underwriters' over-allotment option.

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| |
|:---|
| |
| **Rules 457(b) and 0-11(a)(2)** |
| Fee Offset Claims |
| Fee Offset Sources |
| **Rule 457(p)** |
| Fee Offset Claims |
| Fee Offset Sources |

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