# EDGAR Filing Document

**Accession Number:** 0002095743
**File Stem:** 0001193125-25-277421
**Filing Date:** 2025-11
**Character Count:** 3463367
**Document Hash:** 780d39a77b942d55f00ec08e458288c7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-277421.hdr.sgml**: 20260413

**ACCESSION NUMBER**: 0001193125-25-277421

**CONFORMED SUBMISSION TYPE**: DRS

**PUBLIC DOCUMENT COUNT**: 254

**FILED AS OF DATE**: 20251112

**DATE AS OF CHANGE**: 20251113

**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:** DRS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 377-08674
- **FILM NUMBER:** 251472284

**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 confidentially submitted to the Securities and Exchange Commission on November 12, 2025. This draft registration statement has not been publicly filed with the Securities and Exchange Commission and all information herein remains strictly confidential.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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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**250 Fillmore Street, Suite 150**

**Denver, CO 80206**

**[_]** 

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

**___________________________**

**Donald Swartz**

**Chief Executive Officer**

**Rare Earths Americas, Inc.**

**250 Fillmore Street, Suite 150**

**Denver, CO 80206**

**[_]** 

(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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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Large accelerated filer | ☐ | Accelerated filer | ☐ |
| &nbsp;&nbsp;&nbsp;&nbsp;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 , 2025** |

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**Shares**

**Common Stock**

![img17874326_0.jpg](img17874326_0.jpg)

**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 also agreed to issue to Cantor Fitzgerald & Co. ("Cantor"), warrants exercisable for the number of shares of our common stock equal to 2.5% of the total number of shares of common stock sold in this offering (which we refer to as the "Underwriter's Warrants"). See the section titled "Underwriting" beginning on page 137 for additional information regarding compensation payable to the underwriters.

&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 (i) the option we have granted to the underwriters to purchase additional shares of our common stock from us as described below or (ii) the Underwriter's Warrants.

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 , 2025.

**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**

Prospectus dated , 2025

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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) | 9 |
| &nbsp;&nbsp;&nbsp;[<u>Glossary of Mining and other Terms</u>](#glossaryofminingandotherterms) | 10 |
| &nbsp;&nbsp;&nbsp;[<u>Risk Factors</u>](#risk_factors) | 12 |
| &nbsp;&nbsp;&nbsp;[<u>Special Note Regarding Forward-Looking Statements</u>](#specialnoteregardingforwardlookingstatem) | 40 |
| &nbsp;&nbsp;&nbsp;[<u>Market and Industry Data</u>](#marketandindustrydata) | 42 |
| &nbsp;&nbsp;&nbsp;[<u>Use of Proceeds</u>](#useofprocceds) | 43 |
| &nbsp;&nbsp;&nbsp;[<u>Dividend Policy</u>](#dividendpolicy) | 44 |
| &nbsp;&nbsp;&nbsp;[<u>Capitalization</u>](#capitalization) | 45 |
| &nbsp;&nbsp;&nbsp;[<u>Dilution</u>](#dilution) | 46 |
| &nbsp;&nbsp;&nbsp;[<u>Management's Discussion and Analysis of Financial Condition and Results of Operations</u>](#managementsdiscussionandanalysis) | 48 |
| &nbsp;&nbsp;&nbsp;[<u>Business</u>](#business) | 57 |
| &nbsp;&nbsp;&nbsp;[<u>Properties</u>](#properties) | 79 |
| &nbsp;&nbsp;&nbsp;[<u>Management</u>](#management_1) | 111 |
| &nbsp;&nbsp;&nbsp;[<u>Executive Compensation</u>](#executivecompensation) | 118 |
| &nbsp;&nbsp;&nbsp;[<u>Certain Relationships and Related Party Transactions</u>](#certain_relationships_and_related) | 127 |
| &nbsp;&nbsp;&nbsp;[<u>Principal Stockholders</u>](#principalstockholders) | 128 |
| &nbsp;&nbsp;&nbsp;[<u>Description of Capital Stock</u>](#descriptionofcapitalstock) | 130 |
| &nbsp;&nbsp;&nbsp;[<u>Shares Eligible for Future Sale</u>](#shareseligibleforfuturesale) | 135 |
| &nbsp;&nbsp;&nbsp;[<u>Material U.S. Federal Income Tax Consequences to Non-U.S. Holders</u>](#materialusfederalincometaxconsequences) | 137 |
| &nbsp;&nbsp;&nbsp;[<u>Underwriting</u>](#underwriting) | 141 |
| &nbsp;&nbsp;&nbsp;[<u>Legal Matters</u>](#legal_matters) | 152 |
| &nbsp;&nbsp;&nbsp;[<u>Experts</u>](#experts) | 152 |
| &nbsp;&nbsp;&nbsp;[<u>Where You Can Find Additional Information</u>](#whereyoucanfindadditionalinformation) | 152 |
| &nbsp;&nbsp;&nbsp;[<u>Index to Financial Statements</u>](#indextofinancialstatements) | 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 of up to 20.01% Total Rare Earth Oxides ("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. The Homer Project hosts multiple large carbonatite clusters with potential for

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rare earth minerals and niobium considering the region contains some of the world's preeminent niobium mines. We control an additional 1,233 km² of tenements in Brazil.

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 incorporated 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"), REA Management Company, LLC ("REA Management"), and T.E. Liberty Holdings, LLC ("T.E. Liberty").

![img17874326_1.jpg](img17874326_1.jpg)

Our principal executive offices are located at 250 Fillmore Street, Suite 150, Denver, Colorado 80208. 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.

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

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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, 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. |
| Underwriter's warrants | We have agreed to issue to Cantor, upon the closing of this offering, warrants exercisable for the number of shares of our common stock equal to 2.5% of the total number of shares of our common stock sold in this offering (which we refer to as the "Underwriter's Warrants"). The Underwriter's Warrants have an exercise price equal to 125% of the initial public offering price shown on the cover of this prospectus, may be exercised, in whole or in part, from time to time after six months following the date of this prospectus, and will expire on the date that is five years following the date of this prospectus. See the section titled "Underwriting—Underwriter's Warrants." |

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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. <br> Proposed NYSE American symbol REA

The number of shares of our common stock to be outstanding after this offering is based on shares of common stock outstanding as of September 30, 2025 and excludes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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 September 30, 2025, including (i) shares underlying the Underwriter's Warrants, with an exercise price of 125% of the initial public offering price and (ii) shares of common stock issuable upon the exercise of other warrants, 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 September 30, 2025, 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 September 30, 2025;

&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 statements of operations data for the years ended December 31, 2024 and 2023 have been derived from the audited financial statements of our Predecessor, Alpha Minerals Brazil Participações Ltda. Those audited financial statements are 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 summary financial data below in conjunction with the section titled "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 the financial statements and are qualified in their entirety by the financial statements and related notes included elsewhere in this prospectus.

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| | | |
|:---|:---|:---|
|  | **For the year ended <br>December 31,** | **For the year ended <br>December 31,** |
| (in thousands of U.S. Dollars) | **2024** | **2023** |
| **Statements of Operations Data:** |  |  |
| **Operating expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Exploration expenses | $2890 | $3887 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative expenses | 1094 | 1377 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation expense | 6 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 3990 | 5276 |
| **Operating loss** | (3990) | (5276) |
| **Other income:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | 15 | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income, net |  | 206 |
| Loss before income taxes | (3975) | (4985) |
| Provision for income taxes |  |  |
| **Net loss** | $(3975) | $(4985) |

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| | | |
|:---|:---|:---|
|  | **For the year ended <br>December 31,** | **For the year ended <br>December 31,** |
| (in thousands of U.S. Dollars, except share and per share data) | **2024** | **2023** |
| **Net loss per common share, basic and diluted** | $(0.46) | $(1.16) |
| **Weighted average common shares outstanding, basic and diluted** | 8674507 | 4280589 |

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| | | |
|:---|:---|:---|
|  | **For the year ended <br>December 31,** | **For the year ended <br>December 31,** |
| (in thousands of U.S. Dollars) | **2024** | **2023** |
| **Other Financial Data:** |  |  |
| Net cash used in operating activities | $(3793) | $(4191) |
| Net cash provided by investing activities | $65 | $70 |
| Net cash provided by financing activities | $3311 | $4730 |

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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.

"**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

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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. 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.

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;

&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;

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&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.

***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, 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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;

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•potential opposition from non-governmental organizations, environmental groups, local groups or local inhabitants which 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, power, materials and supplies; and

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

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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;

&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

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&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.

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.***

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.

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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.

***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

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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.***

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

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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 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

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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 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

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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.***

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

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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, 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.

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***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.***

Our operations in Brazil, including export of rare earth elements, are or could become subject to changes in U.S. trade policy. The current U.S. administration has imposed new tariffs on a wide range of imports from Brazil, citing various national security, economic, and foreign policy concerns. For example, recent executive orders have imposed an additional 40% tariff on certain Brazilian goods, bringing the cumulative duty to as high as 50% for many products.

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While some products derived from rare earth elements may be temporarily exempted or subject to different tariff rates under existing trade regulations, there is no guarantee that such exemptions or rates will remain in effect. Furthermore, the political and economic justifications for these tariffs are subject to change, and we cannot predict whether new tariffs will be imposed on additional product categories or if existing tariffs will be increased.

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 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.

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**<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 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

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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 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.

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**<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.***

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.

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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.

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.

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***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 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 imposition of tariffs by the U.S. Government in 2025 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

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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.

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;

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&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 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 September 30, 2025 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) 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.

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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. In addition, up to shares of our common stock (or shares of our common stock if the underwriters exercise their option to purchase additional shares in full) may be issued upon the exercise in full by the underwriters of the Underwriter's Warrants (see "Underwriting—Underwriter's Warrants"). 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. 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, 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, 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

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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

&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 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.

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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.

***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.

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***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 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 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.

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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.

**<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.

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

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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.

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

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

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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.

***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.

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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.

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 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,

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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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Rare Earth Magnet Market Outlook to 2040, Adamas Intelligence (August 29, 2024);

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

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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 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 September 30, 2025:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•on an as adjusted 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 September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** |
| **(in thousands, except per share data)** | <br>**Actual** | <br>**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 liabilities and stockholders' equity | $| $| $|

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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.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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 September 30, 2025, 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 September 30, 2025, issued pursuant to the 2025 Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shares of our common stock issuable upon the exercise in full by the underwriters of the Underwriter's Warrants;

&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".

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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 September 30, 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 September 30, 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 September 30, 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 September 30, 2025, and excludes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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 September 30, 2025, 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 September 30, 2025, issued pursuant to the 2025 Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shares of our common stock issuable upon the exercise in full by the underwriters of the Underwriter's Warrants;

&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, 2024 and 2023 and the respective notes thereto, which have been included elsewhere in this prospectus.* 

*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 prospectus.*

*The information for the years ended December 31, 2024 and 2023 is derived from Alpha Minerals Brazil Participacoes Ltda's ("AMBPL" or "Predecessor"), our predecessor, audited combined financial statements and the notes thereto included elsewhere in this prospectus.*

*Any reference in this section to "we", "us", "our", "REA", or the "Company" refers to Rare Earths Americas, Inc. and our consolidated subsidiaries on a forward-looking basis 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 (the "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 then 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 $16.0 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 10—Subsequent Events" in our financial statements for the years ended December 31, 2024 and 2023 for additional details regarding the Acquisitions and the Private Placement.

We have determined that our acquisition of AMBPL is required to be accounted for as a transaction between entities under common control under accounting principles generally accepted in the United States ("U.S. GAAP") because the former sole shareholder of AMBPL, Rare Earths Americas Limited ("REA Australia"), retained control of REA upon REA's consummation of the acquisitions of both AMBPL and FRE Australia. Furthermore, as (1) the activities of REA through the Merger Date were limited to administrative tasks supporting the Acquisitions and Private

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Placement and (2) REA succeeded to substantially all of the operations of AMBPL, we determined that AMBPL is the predecessor entity for purposes of the financial statements included in this prospectus. Accordingly, the reported results of the Company for the fiscal years ended December 31, 2024 and 2023, as well as the accompanying discussion and analysis, relates solely to the historical operations of AMBPL. As the acquisition of AMBPL by REA is a transaction between entities under common control, costs incurred by REA will be reported in the Company's financial results commencing with the date that REA was incorporated.

FRE Australia was not determined to be under common control with REA or AMBPL and was not determined to be a predecessor entity to REA. Accordingly, the operating results and cash flows of FRE Australia will begin to be reflected in our reported operating results as of the Merger Date, and our reported working capital and financial condition are not impacted by FRE Australia's assets and liabilities until reporting periods ending subsequent to the Merger Date. FRE Australia was determined to be a variable interest entity and its acquisition was deemed an asset acquisition.

*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. 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 years ended December 31, 2024 and 2023 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 for the years ended December 31, 2024 and 2023 include allocations of shared costs incurred and recorded by REA Australia, primarily consisting of cash and share-based compensation related to management of REA Australia. Our financial results reported for the fiscal years ended December 31, 2024 and 2023 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 prospectus. The following is a description of how our corporate history and our acquisitions (1) have impacted the nature, amounts, and properties

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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, 2024 and 2023 include exploration activities related to the Alpha and Constellation projects, as each project was part of the historical operations of AMBPL, which has been deemed our predecessor entity for financial reporting purposes. 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, and has remained at lower levels throughout the Merger Date. Exploration expenditures for the period starting after the Merger Date through the end of the fiscal year ended December 31, 2025 ("Fiscal Year 2025") and in the periods subsequent to Fiscal Year 2025 are expected to continue to be lower 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 will increase as a result of the inclusion of amounts related to this project subsequent to the Merger Date. Exploration of the Shiloh project will be funded using capital raised in the Company's Private Placement, as well as proceeds from the offering contemplated pursuant to this registration statement.

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 and consulting arrangements with several of the new management team members prior to when they became full-time employees 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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• increased legal and consulting expenses that were incurred in support of the acquisition transactions consummated with AMBPL and FRE Australia and will continue to be incurred in support of this offering;

• 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, 2024 and 2023 include allocated shared costs incurred and recorded by AMBPL's former parent totaling $0.3 million and $0.2 million, respectively.

**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 plan and operations, including funding of mineral exploration and evaluation for economic viability; 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 Statements of Operations*

<u>Exploration expenses</u>: Exploration 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 licenses and lease payments, option 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 the other expense categories reported on our statement of operations.

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*Comparison of years ended December 31, 2024 and 2023*

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

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| | | | |
|:---|:---|:---|:---|
|  | **For the year ended <br>December 31,** | **For the year ended <br>December 31,** | **Change** |
| (in thousands of U.S. Dollars) | **2024** | **2023** | **%** |
| **Statements of Operations Data:** |  |  |  |
| **Operating expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Exploration expenses | $2890 | $3887 | (26) |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative expenses | 1094 | 1377 | (21) |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation expense | 6 | 12 | (50) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 3990 | 5276 | (24) |
| **Operating loss** | (3990) | (5276) | (24) |
| **Other income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | 15 | 85 | (82) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income, net |  | 206 | (100) |
| Loss before income taxes | (3975) | (4985) | (20) |
| Provision for income taxes |  |  |  |
| **Net loss** | $(3975) | $(4985) | (20) |

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*Operating Costs and Expenses*

*Exploration expenses.* Exploration expense decreased by $1.0 million, or 26%, to $2.9 million in 2024, as compared to $3.9 million in 2023. The decrease was primarily due to a $1.6 million decrease in mineral rights acquisitions, partially offset by a $0.6 million increase in laboratory testing and evaluation costs. Our exploration costs are expected to increase as compared to amounts reported in 2024 for reasons cited in the discussion of "*Factors that Will Impact Our Exploration Costs."*

*General and administrative expenses.* General and administrative expense decreased by $0.3 million, or 21%, to $1.1 million in 2024, as compared to $1.4 million in 2023. The decrease was primarily due to across-the-board cost reduction activities implemented in the second half of 2024 to conserve cash, including reduction in consulting related expenses, legal and professional fees, and facilities costs. General and administrative expenses are expected to increase as compared to amounts reported in 2024 for reasons cited in the discussion of "*Summary of Historical Operations and Expected Trends."*

*Depreciation expense.* Depreciation decreased by $6.0 thousand, or 50%, to $6.0 thousand in 2024 compared to $12.0 thousand in 2023. The decrease was primarily due to certain property, plant and equipment becoming fully depreciated and sold in 2023 and 2024.

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*Other Income*

*Interest income.* Interest income decreased by $70.0 thousand, or 82%, to $15.0 thousand in 2024, as compared to $85.0 thousand in 2023. The decrease was primarily due to lower balances in our money market funds.

*Other income, net.* Other income decreased by $0.2 million, or 100%, to $0.0 in 2024, as compared to $0.2 million in 2023. During the course of 2023, the Company continued to optimize the utilization of its leased equipment through certain sublease arrangements. There were no such arrangements in 2024.

**Liquidity and Capital Resources**

***Liquidity***

*Sources and Uses of Liquidity*

We consider cash equivalents to be highly liquid investments purchased with original maturities of three months or less. As of December 31, 2024 and 2023, we had $6.0 thousand and $0.8 million, 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 $4.0 million and $5.0 million in 2024 and 2023, respectively, and have reported an accumulated deficit of $9.9 million and $5.9 million as of December 31, 2024 and 2023, respectively. We have 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 2024 and 2023, 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 earth 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, between Brazil Royalty Corp Participacoes E Investments Ltda. ("BRC"), as a lender, and AMBPL (as borrower), for a loan of up to R$6,105,000.00 to AMBPL (the "Loan Agreement"). 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 $16.0 million after transaction costs.

Our current liabilities exceeded our current assets by $0.2 million as of December 31, 2024, compared to current assets in excess of current liabilities of $0.4 million as of December 31, 2023. The change of $0.6 million was primarily attributable to a decrease in cash of $0.8 million.

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

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| | | |
|:---|:---|:---|
|  | **For the year ended <br>December 31,** | **For the year ended <br>December 31,** |
| (in thousands of U.S. Dollars) | **2024** | **2023** |
| **Other Financial Data:** |  |  |
| Net cash used in operating activities | $(3793) | $(4191) |
| Net cash provided by investing activities | $65 | $70 |
| Net cash provided by financing activities | $3311 | $4730 |

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*Operating Activities*

During the year ended December 31, 2024, our operating activities used $3.8 million of net cash, as compared to $4.2 million during 2023. The $0.4 million decrease in net cash used in operating activities during 2024 compared to 2023 was primarily due to our $1.0 million decrease in net loss due to across-the-board exploration and general and administrative cost reductions initiated in the second half of 2024. We also incurred a $0.3 million increase in due to related parties for transfers received and costs paid on our behalf in order to help us maintain our operations in 2024. This was offset by a $0.9 million reduction in accounts payables and accrued expenses, as we curtailed costs primarily in payments for employee and professional services related expenses.

*Investing Activities*

Our investing activities provided approximately $0.1 million in each year ended December 31, 2024 and 2023. Cash provided by investing activities was primarily due to the sale of certain existing property and equipment to related parties, coupled with our decision not to make additional investments in capital expenditures associated with our property and equipment until we raised further capital in 2025.

*Financing Activities*

During the years ended December 31, 2024, and 2023, our financing activities provided $3.3 million and $4.7 million of cash, respectively, from the direct investment by REA Australia.

*Liquidity Outlook*

As of December 31, 2024, we had available cash balances totaling $6.0 thousand. 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.

Our cash forecast for the remainder of Fiscal Year 2025 and the 12 months thereafter:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Includes projected net proceeds from equity offerings and/or debt financing;

oTo fund land acquisition, mineral licenses and lease payments, 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;

oTo fund exploration, evaluation, land consolidation, metallurgy, engineering and permitting studies at our Alpha Project;

oTo fund exploration, evaluation, land option payments, metallurgy, engineering and permitting studies at our Constellation Project; and

oThe remainder for working capital and other general corporate purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Includes funding of non-discretionary and discretionary expenditures primarily related to exploration and evaluation activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Does not include cash from generating revenues from operations. We do not expect to begin development or production on any of our projects in 2025; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Does not include funding of cash expenditures for: (i) acquisition costs of exploration and evaluation mineral rights not already under contract as of December 31, 2024, (ii) construction costs for a mine; or (iii) additional equity investments in new strategic ventures or to increase our ownership within our current investment.

We believe that funds raised in our Private Placement and the net proceeds from this offering will be sufficient to fund our cash needs for the remainder of Fiscal Year 2025 and the 12 months thereafter. In addition, historically, we have been successful in raising cash through equity financing; 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.

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**Off-Balance Sheet Arrangements**

Other than as otherwise described in this prospectus, 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, 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. Summary of Significant Accounting Policies* to our audited financial statements as of and for the years ended December 31, 2024 and 2023, included elsewhere in this prospectus for a description of our significant accounting policies. As of and for the years ended December 31, 2024 and 2023, there were no accounting estimates that we considered critical for understanding and evaluating our financial condition and results of our operation.

**Recently Adopted Accounting Standards**

See *Note 2. Summary of Significant Accounting Policies* to our audited financial statements for the years ended December 31, 2024 and 2023.

**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 our registration 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

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

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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 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 of up to 20.01% 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. 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. We control an additional 1,233 km² of tenements in Brazil.

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.

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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 250 Fillmore Street, Suite 150, Denver, Colorado, 80206 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. 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, August 29, 2024)*, and given the U.S.-China ongoing geopolitical and trade tensions, reliance on such production poses significant supply chain risk. 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. 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. Between July and August 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. Members of the U.S. Government including the Secretary of Treasury have recently stated that the U.S. Government may make additional investments to strengthen the U.S.' rare earth supply chain.

According to Adamas Intelligence, Global MREO demand is forecasted to grow at an 8.2% compound annual growth rate (CAGR). A high demand growth rate combined with geographically constrained production can lead to volatile prices for rare earth elements, including Dy and Tb.

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&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 2030

![img17874326_2.jpg](img17874326_2.jpg)

Note: Source Adamas Intelligence (2024)

&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

![img17874326_3.jpg](img17874326_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

![img17874326_4.jpg](img17874326_4.jpg)

Note: Source Adamas Intelligence (2024)

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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 ~50tpa and excluding any expansions. The Mt. Weld mine is one of few major producers of Dy and Tb outside of China.

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 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 REA Management and T.E. Liberty, each a 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

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into in Georgia. On January 1, 2026, we plan to complete a merger of REA Management into REA resulting in all current employees of REA Management becoming employees of REA upon effectiveness of such merger.

![img17874326_5.jpg](img17874326_5.jpg)

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.

**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.

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&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. According to Adamas Intelligence, MREO are projected to grow at a compound annual growth rate 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, conducting scoping and feasibility studies, 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

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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.

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.

*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 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. Planned exploration in the remainder of 2025 includes additional geophysical surveys, drilling, and metallurgical

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testing, aimed at establishing an initial mineral resource estimate. 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.

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

![img17874326_6.jpg](img17874326_6.jpg)

\* 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. 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.

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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 |
| &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%.

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.

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&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."

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."

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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 |

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| | |
|:---|:---|
| &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.

*Other Mining Properties*

Additionally, we hold rights to several additional, non-material, early-stage exploration projects, most notably our Homer Project (Goiás, Brazil), which hosts multiple, large carbonatite clusters with potential for rare earth and niobium – located in a region containing the world's preeminent niobium mines. The Homer Project is at an early exploration stage, with no mineral resources defined to date. We are in the preliminary phase of planning exploration activities, including identifying key target areas for drilling and sampling.

*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.

*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.

&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

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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 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.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;8.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;9.Numbers have been rounded. Totals may not sum due to rounding.

**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

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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.

&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.

&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:

![img17874326_7.jpg](img17874326_7.jpg)

On February 25, 2021, FRE US, formerly known as Piedmont Rare Earths, LLC prior to its name change in March 2021 ("Piedmont"), entered into an option agreement with a local landowner in Georgia 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. 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.

The Newbill Option required an initial payment within 30 days of signing of the option agreement, followed by annual payments until February 28, 2026, as well as production royalty payments and an annual drilling bonus of $1 per foot drilled by FRE US within the property. 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.

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

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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.

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 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. 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;

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&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.

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:

![img17874326_8.jpg](img17874326_8.jpg)

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*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,

&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 five percent 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 require 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$15M, 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 of the number of REA Shares (as defined below) equal to US$4M, valued at the closing price on the date of the Liquidity Event (as defined below) (collectively, the "First Installment").

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Second Installment: Within 12 months after the due date of the First Installment, issuance to JJBF of the number of REA Shares equal to US$5,000,000, valued at the average closing prices traded on the ASX (as defined below) measured over 10 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 of the number of REA Shares equal to US$5,000,000, valued at the average closing prices traded on the Exchange measured over 10 days prior to the transfer date (the "Third Installment").

The JJBF Option also requires a share of mining profits to be paid to JJBF.

For purposes of the Constellation Options 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 JJBF Option terminates on December 31, 2025; however, if a Liquidity Event related to the REA Shares has not occurred by the end of the term, AMBPL may extend the term until December 31, 2026 for an additional premium of US$100,000. 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 installments in Brazilian reais; however, if a Liquidity Event occurs after the exercise and prior to the payment of all installments, then any outstanding installments must be paid in REA Shares, unless the Grantor 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.

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.

The parties under each of the JJBF Option and GMC Option are contemplating entering into an option amendment to change the definition of a Liquidity Event, to include the initial public offering of the Company, and change ASX references to that of a national US stock exchange.

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A location map for the Constellation Project is shown below:

![img17874326_9.jpg](img17874326_9.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 250 Fillmore Street, Suite 150, Denver, Colorado 80206. 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 October 1, 2025, we have engaged six (6) employees and eight (8) consultants. All employees are full-time. Four (4) consultants serve us full-time and four (4) consultants serve us part-time. These employees and consultants provide management, technical, administrative, accounting and legal 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 "Alpha Project Bahia, Brazil Technical Report Summary" dated October 31, 2025 (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 "Constellation Project Minas Gerais, Brazil Technical Report Summary" dated October 31, 2025 (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. No private royalties or title encumbrances are known.<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. No private royalties or title encumbrances are known. | 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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|:---|:---|:---|:---|:---|:---|:---|
| **Homer Project**  | Goiás State, Brazil | Wholly owned by us pursuant to exploration permits. | REA | 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

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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.

![img17874326_10.jpg](img17874326_10.jpg)

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<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 establish and operate the applicable mining operations.

<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.

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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<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

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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.

![img17874326_11.jpg](img17874326_11.jpg)

The following map shows the layout of the Shiloh claims.

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Shiloh Project Mineral Claims

![img17874326_12.jpg](img17874326_12.jpg)

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 rare earth boulder grades of up to 41.3% 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 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 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.

![img17874326_13.jpg](img17874326_13.jpg)

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

![img17874326_6.jpg](img17874326_6.jpg)

\* 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. 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

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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 |
| &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. Continued drilling, metallurgical testing, and geologic modeling are recommended to advance the project.

**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

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book value of the Alpha Project property and its associated plant and equipment is US$110,604. The following map shows the location of the Alpha Project.

![img17874326_14.jpg](img17874326_14.jpg)

The following map shows the layout of the Alpha Project tenements.

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Alpha Project Tenements

![img17874326_15.jpg](img17874326_15.jpg)

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.

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<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.

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).

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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.

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, 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.

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*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.

&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.

• <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.

• 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.

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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.

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.

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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.

![img17874326_16.jpg](img17874326_16.jpg)

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.

&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.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;8.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;9.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;

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&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 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.

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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 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$58,506.

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The Constellation Project is an IAC rare earth project. The following map shows the location of the Constellation Project.

![img17874326_17.jpg](img17874326_17.jpg)

The following map shows the layout of the properties within the Constellation Project.

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Constellation Project Mineral Properties

![img17874326_18.jpg](img17874326_18.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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![img17874326_19.jpg](img17874326_19.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>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.

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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.

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.

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![img17874326_20.jpg](img17874326_20.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 |
| Inferred | Mato Queimado  | 17.7 | 2027 | 483 | 26.0 | 1000 | 47 |
| Inferred | Clube da Uva | 9.6 | 2508 | 375 | 17.0 | 1000 | 35 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 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).

&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$43.5/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 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.

&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;

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&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 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

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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 and Director |
| Joseph Dwyer | 56 | Chief Financial Officer |
| Jen Grafton  | 49 | Chief Operating Officer, General Counsel and Secretary |
| &nbsp;&nbsp;&nbsp;***Non-Employee Directors*** |  |  |
| Dan Shribman | 41 | Chairman |
| Ivy Estabrooke | 49 | Director |
| Reta Jo Lewis | 72 | Director |
| Keith Phillips | 65 | Director |
| Hugo Schumann | 42 | 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 and Director*

Mr. Swartz has served as our Chief Executive Officer 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, 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.

***Joseph Dwyer –*** *Chief Financial Officer*

Mr. Dwyer has served as our Chief Financial Officer since August 1, 2025. Prior to this, Mr. Dwyer served as a consultant to FRE US from July 2025 until August 1, 2025. Additionally, Mr. Dwyer served as Chief Financial Officer at Golden Minerals Company, a metals mining exploration company, from August 2024 to July 2025 and prior to that as their Corporate Controller from September 2022 to August 2024. Prior to Golden Minerals Company, Mr. Dwyer served as a consultant at Bridgepoint Consulting, a provider of consulting services to equity-backed, public and venture-funded companies, from March 2022 to September 2022. From January 2020 to February 2022, Mr. Dwyer served as a Controller at Karcher North America Inc., a cleaning equipment and home and industrial applications company. Mr. Dwyer holds a Bachelor of Science in Business Administration degree from UNLV Lee Business School.

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***Jen 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 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.

**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 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. 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 director 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 Chief Executive Officer, USA, for Elemental Group 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. He currently serves as a non-executive director of Global Uranium & Enrichment Ltd (ASX: GUE) and 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.

**Family Relationships**

There are no family relationships among our directors and executive officers.

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**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 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 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

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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 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;

&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;

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&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;

&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;

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&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**

**2024 Summary Compensation Table** 

This section provides an overview of AMBPL, our Predecessor's, executive compensation program, including a narrative description of the material factors necessary to an understanding of the information disclosed in the summary compensation table below.

As an emerging growth company, we have opted to comply with the executive compensation disclosure rules applicable to "smaller reporting companies" as such term is defined in the rules promulgated under the Securities Act, which require compensation disclosure for its principal executive officer and its two other most highly compensated executive officers, known as "named executive officers." 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.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Name and Principal Position** | **Year** | **Salary**<br>**($) (1)** | **Bonus**<br>**($)** | **All Other**<br>**Compensation**<br>**($)** | **All Other**<br>**Compensation**<br>**($)** | **Total**<br>**($)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Renato Aureo de Paula Gonzaga <br>*Statutory Manager* | 2024 | - | -  | 36108.56  | (2) | &nbsp;&nbsp;&nbsp;36108.56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;João Paulo Agapito da Veiga <br>*Statutory Manager* | 2024 | - | -  | 14563.11  | (3) | &nbsp;&nbsp;&nbsp;14563.11 |

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(1)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.

(2)Based on compensation received by Mr. Gonzaga of 223,150.90 Brazilian Reals for rendered services.

(3)Based on compensation received by Mr. Agapito Veiga of 90,000.00 Brazilian Reals for rendered services.

**Narrative to Summary Compensation Table** 

***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

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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 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 December 1, 2023, 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.

**2025 Executive Officers' Compensation Arrangements**

As indicated in the disclosure under the heading "Executive Officers", prior to our formation in February 2025, Mr. Swartz and Ms. Grafton provided consulting services to our affiliated entity, FRE US. 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; Ms. Grafton as the Company's Chief Operating Officer and General Counsel; and Joe Dwyer as the Company's Chief Financial Officer. See "Management — Executive Officers."

Prior to the Redomestication, each of our Executive Officers was a party to an employment agreement with REA Management, our wholly-owned U.S.-based operating subsidiary. 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 Ltd. 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 10.8 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.

On January 1, 2026, we plan to complete a merger of REA Management into REA resulting in all current employees of REA Management becoming employees of REA upon effectiveness of such merger.

***Donald S Swartz, II***

*Consulting Agreement* 

On January 2, 2025, FRE US entered into a consulting agreement with 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.

Under the Swartz Consulting Agreement, Mr. Swartz received compensation of $24,000.00 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 are exercisable at AUS$0.125 per share and expired on 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.

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On August 14, 2025, the Swartz Consulting Agreement was superseded by the Swartz Employment Agreement (as defined below) and subsequently terminated.

*Employment Agreement*

On August 14, 2025, REA Management 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 received 135,000 RSUs for shares of the Company's common stock 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 received RSUs for 284,226 shares of the Company's common stock that vest following a Liquidity Event.

***Jen 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 $18,000.00 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 expired on 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.

On July 31, 2025, the Grafton Consulting Agreement was superseded by the Grafton Employment Agreement (as defined below), and subsequently terminated.

*Employment Agreement*

On July 31, 2025, REA Management 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 received RSUs for 30,000 shares of the Company's common stock 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.

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***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 subsequently terminated.

*Employment Agreement*

On August 5, 2025, REA Management 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.

**Outstanding Equity Awards at 2024 Fiscal-Year End** 

Our Predecessor's named executive officers did not hold any outstanding equity awards in the Predecessor as of December 31, 2024.

**Director Compensation** 

We were formed in February 2025. Our Predecessor is a limited liability company (*sociedade limitada)* organized under the laws of Brazil. Under Brazilian law, a *sociedade limitada* is not required to have a board of directors or a fiscal council. As a *sociedade limitada,* 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. Our Predecessor is managed by two statutory managers designated by its then-parent company, REA Australia. For fiscal year 2024, the two statutory managers designated by our Predecessor's parent company, 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 the year fiscal year ended December 31, 2024.

For fiscal year 2024, our Predecessor did not have a board of directors and as such, no individuals received compensation for board services during fiscal year 2024.

Our current board of directors is composed of Mr. Shribman, Mr. Swartz, Mr. Schumann, Ms. Estabrooke, Ms. Lewis, and Mr. Phillips.

***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

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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.

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.

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&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 10.8 to this registration statement.

**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 , 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 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*

In 2026, the Board adopted, and 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 to attract, retain, and motivate 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 this registration statement.

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A total of 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;• % 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 .

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.

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.

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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.

&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;

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&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.

**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.

**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 October 31, 2025, 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 shares of common stock outstanding as of October 31, 2025. 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 October 31, 2025, 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., 250 Fillmore Street, Suite 150, Denver, Colorado 80208.

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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:** |  |  |  |  |
| Rare Earths Americas Limited<sup>(1)</sup> | 9375000 | 62.77% |  |  |
| **Named Executive Officers and Directors:** |  |  |  |  |
| Donald Swartz<sup>(2)</sup> | 46610 | \* |  |  |
| Joseph Dwyer | - | \* |  |  |
| Jen Grafton<sup>(3)</sup> | 15537 | \* |  |  |
| Dan Shribman<sup>(4)</sup> | 231051 | 1.54% |  |  |
| Hugo Schumann | 6992 | \* |  |  |
| Ivy Estabrooke | - | \* |  |  |
| Keith Phillips<sup>(5)</sup> | 16780 | \* |  |  |
| Reta Jo Lewis | - | \* |  |  |
| All current directors and executive officers as a group <br>&nbsp;&nbsp;&nbsp;&nbsp;(8 persons) | 316970 | 2.10% |  |  |

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\* Less than 1%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Consists of 9,375,000 shares issued as a result of the Acquisition. Bernardo Da Veiga, Dominic Allen, and Renato Gonzaga (the "REA Australia Board"), as directors of REA Australia have voting and investment control of the shares held by REA Australia and may be deemed to be the beneficial owner of such shares. The REA Australia Board, however, disclaims any beneficial ownership of such securities. The address for

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REA Australia is C/O Acute Business Services, Suite 53, Level 2, 11-15 Labouchere Road, South Perth, WA 6151 Australia.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)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, which are exercisable within 60 days of October 31, 2025. 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;(3)Consists of 15,537 shares underlying warrants to purchase common stock issued as a result of the Acquisition, which are exercisable within 60 days of October 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)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, which warrants are exercisable within 60 days of October 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)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, which warrants are exercisable within 60 days of October 31, 2025.

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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 September 30, 2025, there were 14,935,267 shares of common stock outstanding, held by 225 stockholders of record.

As of September 30, 2025, there were 1,921,623 shares of our common stock subject to outstanding warrants and shares of our common stock underlying RSUs outstanding under the 2025 Plan.

Additionally, up to an aggregate of shares of our common stock (or shares of our common stock if the underwriters exercise their option to purchase additional shares in full) are issuable upon the exercise of the Underwriter's Warrants, which are exercisable at an exercise price equal to 125% of the initial public offering price of the shares of common stock sold in this offering.

*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

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liabilities and the satisfaction of any liquidation preference granted to the holders of any then outstanding shares of preferred stock.

*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.

**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 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

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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, 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

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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.

*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.

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*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 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.

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

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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.

**Underwriter's Warrants**

We have agreed to issue to Cantor, upon the closing of this offering, warrants exercisable for the number of shares of our common stock equal to 2.5% of the total number of shares of our common stock sold in this offering (which we refer to as the "Underwriter's Warrants"). The Underwriter's Warrants will be exercisable at an exercise price equal to 125% of the initial public offering price of our common stock sold in this offering, will be exercisable, in whole or in part, from time to time after six months following the date of this prospectus, and will expire on the date that is five years following the date of this prospectus. The Underwriter's Warrants and the shares of common stock issuable upon exercise of the Underwriter's Warrants are also being registered under the registration statement of which this prospectus forms a part. See "Underwriting—Underwriter's Warrants."

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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.

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

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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 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

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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 , 2025 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. |  |
| 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.

**Commission 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. 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)The underwriting discounts and commissions reflected in this table do not include (i) the issuance by us of the Underwriter's Warrants to certain of the underwriters (see "—Underwriter's Warrants" below) or (ii) 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.

**Cantor's Right of First Refusal**

We have agreed to grant Cantor the right to act as a 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 three (3) years 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.

**Underwriter's Warrants** 

We have agreed to issue to Cantor, upon the closing of this offering, Underwriter's Warrants exercisable for the number of shares of our common stock equal to 2.5% of the total number of shares of common stock sold in this offering. The Underwriter's Warrants will be exercisable at an exercise price equal to 125% of the initial public offering price of the shares of common stock sold in this offering. Subject to FINRA Rule 5110(e)(1), the Underwriter's Warrants will be exercisable, in whole or in part, from time to time after six months following the date of this prospectus, until the expiration of the Underwriter's Warrants on the date that is five (5) years following the commencement of this offering, in compliance with FINRA Rule 5110(g)(8)(A). The Underwriter's Warrants and the shares of common stock issuable upon exercise of the Underwriter's Warrants are also being registered under the registration statement of which this prospectus forms a part, and this prospectus also relates to the shares of common stock issuable upon exercise of the Underwriter's Warrants.

In addition, pursuant to FINRA Rule 5110, the Underwriter's Warrants and the shares of common stock underlying the Underwriter's Warrants are deemed by FINRA to be underwriting compensation for this offering, and, as such, they will be subject to lock-up restrictions, as required by FINRA Rule 5110(e)(1), and may not be sold during this offering, or sold, transferred, assigned, pledged or hypothecated, or be the subject of any hedging, short sale, derivative, put or call transaction that would result in the effective economic disposition of such securities by any person, for a period of 180 days immediately following the date of effectiveness of the registration statement of which this prospectus forms a part or the commencement of sales under this offering, except as provided in FINRA Rule 5110(e)(2).

The exercise price and the number of shares of common stock issuable upon exercise of the Underwriter's Warrants may be adjusted in certain circumstances, including in the event of a stock dividend, extraordinary cash dividend, or recapitalization, reorganization, merger or consolidation. You should review a copy of the form of the Underwriter's Warrants, which is included as Exhibit 4.1 to the registration statement of which this prospectus forms a part, for a complete description of the terms and conditions applicable to the Underwriter's Warrants.

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**Listing**

We have applied 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.

**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,

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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,

&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

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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.

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

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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.

**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

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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.

*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

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&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.

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.

------

***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.

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***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.

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**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), Washington, D.C. Certain legal matters in connection with this offering will be passed upon for the underwriters by Dorsey & Whitney LLP, Toronto, Ontario.

**EXPERTS**

The financial statements of Alpha Minerals Brazil Participações Ltd. (the predecessor of Rare Earths Americas, Inc.) as of and for the fiscal years ended December 31, 2024 and 2023 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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**ALPHA MINERALS BRAZIL PARTICIPAÇÕES LTDA.**

**INDEX TO FINANCIAL STATEMENTS**

---

| | |
|:---|:---|
|  | **Page** |
| &nbsp;&nbsp;&nbsp;[<u>Report of Independent Registered Public Accounting Firm</u>](#audit_report) (PCAOB ID: 6754) | F-1 |
| &nbsp;&nbsp;&nbsp;[<u>Balance Sheets</u>](#balance_sheets) | F-3 |
| &nbsp;&nbsp;&nbsp;[<u>Statements of Operations</u>](#statements_of_operations) | F-4 |
| &nbsp;&nbsp;&nbsp;[<u>Statements of Comprehensive Loss</u>](#statements_of_comprehensive_loss) | F-5 |
| &nbsp;&nbsp;&nbsp;[<u>Statements of Changes in Stockholders' Equity (Deficit)</u>](#stmt_of_changes_in_stockholders_equity) | F-6 |
| &nbsp;&nbsp;&nbsp;[<u>Statements of Cash Flows</u>](#statements_of_cash_flows) | F-7 |
| &nbsp;&nbsp;&nbsp;[<u>Notes to Financial Statements</u>](#notes_to_the_financial_statements) | F-8 |

---

**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 and 2023, the related statements of operations and comprehensive income (loss), changes in stockholders' equity and cash flows for the each of the two years in the period ended December 31, 2024, and the related notes and financial statement schedules.

In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the two years 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.

São Paulo, São Paulo

November 11, 2025

The foregoing report is in the form that will be signed upon the inclusion in the financial statements of the common control transaction between REA Australia and REA Cayman, as described in Notes 2 (Net Loss per Common Share), 5 (Issued Capital), and 10 (Subsequent Events). Our audit procedures considered subsequent events through November 11, 2025.

/s/ PGBR RODYOS AUDITORES INDEPENDENTES S.S

São Paulo, São Paulo

November 11, 2025

PCAOB ID#6754

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***ALPHA MINERALS BRAZIL PARTICIPAÇÕES LTDA.***

**BALANCE SHEETS**

**(in thousands of U.S. Dollars)**

---

| | | |
|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2023** |
| **ASSETS** |  |  |
| **Current assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $6 | $800 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current assets | 61 | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 67 | 872 |
| **Non-current assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Property and equipment, net | 34 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total non-current assets | 34 | 49 |
| **Total assets** | $101 | $921 |
| **LIABILITIES** |  |  |
| **Current liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | $8 | $494 |
| &nbsp;&nbsp;&nbsp;&nbsp;Due to related parties | 236 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current liabilities | 22 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 266 | 502 |
| **Non-current liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contingent liabilities | 95 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total non-current liabilities | 95 |  |
| **Total liabilities** | 361 | 502 |
| Commitments and contingencies (Note 9) |  |  |
| **STOCKHOLDERS' (DEFICIT) EQUITY** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Members' equity | 9982 | 6387 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (334) | (35) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated deficit | (9908) | (5933) |
| **Total stockholders' (deficit) equity** | (260) | 419 |
| **Total liabilities and stockholders' equity** | $101 | $921 |

---

*See accompanying notes to the financial statements.*

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***ALPHA MINERALS BRAZIL PARTICIPAÇÕES LTDA.***

**STATEMENTS OF OPERATIONS**

**(in thousands of U.S. Dollars, except share and per share data)**

---

| | | |
|:---|:---|:---|
|  | **For the year ended <br>December 31,** | **For the year ended <br>December 31,** |
|  | **2024** | **2023** |
| **Operating expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Exploration expenses | $2890 | $3887 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative expenses | 1094 | 1377 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation expense | 6 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 3990 | 5276 |
| **Operating loss** | (3990) | (5276) |
| **Other income:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | 15 | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income, net |  | 206 |
| Loss before income taxes | (3975) | (4985) |
| Provision for income taxes |  |  |
| **Net loss** | $(3975) | $(4985) |

---

---

| | | |
|:---|:---|:---|
| **Net loss per common share, basic and diluted** | $(0.46 | $(1.16 |
| **Weighted average common shares outstanding, basic and diluted** | 8674507 | 4280589 |

---

*See accompanying notes to the financial statements.*

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***ALPHA MINERALS BRAZIL PARTICIPAÇÕES LTDA.***

**STATEMENTS OF COMPREHENSIVE LOSS**

**(in thousands of U.S. Dollars)**

---

| | | |
|:---|:---|:---|
|  | **For the year ended<br>December 31,** | **For the year ended<br>December 31,** |
|  | **2024** | **2023** |
| **Net loss** | $(3975) | $(4985) |
| **Other comprehensive loss:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation adjustments | (299) | (27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other comprehensive loss | (299) | (27) |
| **Comprehensive loss** | $(4274) | $(5012) |

---

*See accompanying notes to the financial statements.*

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***ALPHA MINERALS BRAZIL PARTICIPAÇÕES LTDA.***

**STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT)**

**(in thousands of U.S. Dollars)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Members'<br>Equity** | **Accumulated<br>Other<br>Comprehensive<br>Loss** | **Accumulated<br>Deficit** | **Total<br>Stockholders'<br>Equity<br>(Deficit)** |
| **Balance as of December 31, 2022** | $**1465** | $**(8)** | $**(948)** | $**509** |
| Equity contributions from parent | 4922 |  |  | 4922 |
| Other comprehensive loss |  | (27) |  | (27) |
| Net loss |  |  | (4985) | (4985) |
| **Balance as of December 31, 2023** | **6387** | **(35)** | **(5933)** | **419** |
| Equity contributions from parent | 3595 |  |  | 3595 |
| Other comprehensive loss |  | (299) |  | (299) |
| Net loss |  |  | (3975) | (3975) |
| **Balance as of December 31, 2024** | $**9982** | $**(334)** | $**(9908)** | $**(260)** |

---

*See accompanying notes to the financial statements.*

------

***ALPHA MINERALS BRAZIL PARTICIPAÇÕES LTDA.***

**STATEMENTS OF CASH FLOWS**

**(in thousands of U.S. Dollars)**

---

| | | |
|:---|:---|:---|
|  | **For the year ended<br>December 31,** | **For the year ended<br>December 31,** |
|  | **2024** | **2023** |
| **Cash flows from operating activities:** |  |  |
| Net loss | $(3975) | $(4985) |
| Adjustments to reconcile net loss to net cash used in operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation | 6 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of property and equipment to related parties | (68) | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for labor contingency | 109 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Allocated expenses from parent | 284 | 192 |
| Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Taxes recoverable | (40) | (18) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets | 36 | 146 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | (434) | 478 |
| &nbsp;&nbsp;&nbsp;&nbsp;Due to related parties | 268 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | 21 | (12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in operating activities | (3793) | (4191) |
| **Cash flows from investing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of property and equipment | (10) | (48) |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales of property and equipment to related parties | 75 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by investing activities | 65 | 70 |
| **Cash flows from financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity contributions from parent | 3311 | 4730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by financing activities | 3311 | 4730 |
| Effect of exchange rates on cash and cash equivalents | (377) | (3) |
| Net (decrease) increase in cash and cash equivalents | (794) | 606 |
| Cash and cash equivalents at beginning of period | 800 | 194 |
| Cash and cash equivalents at end of period | $6 | $800 |
| Supplemental non-cash information: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash equity contribution from parent | $284 | $192 |

---

*See accompanying notes to the financial statements.*

------

***ALPHA MINERALS BRAZIL PARTICIPAÇÕES LTDA.***

**Notes to the financial statements**

**1.** **Organization and Business Operations**

On August 12, 2021, Alpha Minerals Brazil Participações Ltda. ("Alpha" or the "Company") was incorporated under the laws of Brazil. In February 2023, Rare Earths Americas Limited ("REA Australia") acquired a 100% ownership interest in Alpha in a transaction that did not result in a change in the carrying basis of Alpha's assets and liabilities because the transaction was consummated between entities under common control.

The company is currently developing two projects: the Alpha IAC Project in Bahia, Brazil, and the Constellation IAC Project in Minas Gerais, Brazil. The Alpha IAC Project covers approximately 314 square kilometers of exploration licenses in northeastern Brazil and represents a province-scale deposit of ion-adsorption clay ("IAC") and rare earth elements. The Constellation IAC Project is located in the emerging high-grade IAC rare earth region of Poços de Caldas, Minas Gerais. This region is home to one of the world's largest alkaline intrusions, which has produced rare earth IAC deposits through supergene lateritic weathering processes.

The Company's principal activity during the years ended December 31, 2024 and 2023 was exploring for rare earth elements and other critical minerals in Brazil.

**2.** **Significant Accounting Policies**

***Basis of Presentation***

The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") and have been presented in United States dollars. All dollar amounts presented in the accompanying footnotes are presented in thousands, with the exception of per share information.

The accompanying financial statements have been prepared on a carve-out basis and present the financial position, results of operations, and cash flows of Alpha as historically managed within REA Australia. Certain shared costs incurred by REA Australia have been allocated to the Company and included as expenses in the statements of operations and equity contributions in the statements of changes in stockholders' equity (deficit). We consider 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. Accordingly, these financial statements are not necessarily indicative of the financial results that would have been achieved if Alpha had operated as a separate, stand-alone entity during the periods presented.

***Emerging Growth Company Status*** 

The Company is an "emerging growth company," as defined in the Jumpstart Our Business Startups Act (the "JOBS Act"), and it 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, including, but not limited to, (1) presenting only two years of audited financial statements and only two years of related management's discussion and analysis of financial condition and results of operations in this prospectus, (2) not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, and (3) reduced disclosure obligations regarding executive compensation in our periodic reports and proxy statements. The Company has elected to take advantage of these exemptions.

In addition, Section 107 of the JOBS Act also provides that an emerging growth company can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act of 1933, as amended (the "Securities Act"), 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.

------

The Company can remain an emerging growth company for up to five years, or until the earliest of (1) the last day of the first fiscal year in which our annual gross revenues exceed $1.235 billion; (2) the date that we become a "large accelerated filer" as defined in Rule 12b-2 under the Exchange Act, which would occur if the market value of our common stock that are held by non-affiliates exceeds $700 million as of the last business day of our most recently completed second fiscal quarter and we have been publicly reporting for at least 12 months; or (3) the date on which we have issued more than $1 billion in non-convertible debt during the preceding three-year period.

***Use of Estimates***

The preparation of the 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. Actual results could differ from those estimates.

***Foreign Currency Translation and Transactions***

The Company's reporting currency is the U.S. dollar ("USD"). However, the functional currency of the Company's operations in Brazil is the local currency, reflecting the currency of the primary economic environment in which the operations are conducted. In connection with preparing the financial statements, the Company must translate balance sheet amounts and the financial results related to its operations in Brazil 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 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' (deficit) equity.

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. No foreign currency transaction gains or losses were reported for the years ended December 31, 2024 and 2023.

***Exploration Stage Issuer***

The Company is considered an exploration stage issuer under Subpart 1300 of Regulation S-K ("S-K 1300"), 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.

***Segment Reporting***

Accounting Standards Codification ("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

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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's CODM has been identified as the Managing Director, who evaluates the operating results for the Company as a whole to make decisions about allocating resources and assessing financial performance. When evaluating the Company's performance and making strategic decisions regarding resource allocation, the CODM reviews the Company's quarterly board report which presents aggregate financial results. Accordingly, management has determined that the Company has only one operating segment and, therefore, one reportable segment. The CODM uses net loss as the measure of operating performance of the Company's one operating segment. All of the Company's long-lived assets are located in Brazil, where its operations are based.

***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 equivalents include funds held in Brazilian banks, which are insured up to 250 thousand Brazilian Real (approximately $40 based on the December 31, 2024 exchange rate). The Company had $6 and $800 in cash and cash equivalents as of December 31, 2024 and 2023, respectively.

***Exploration Costs and Mineral Properties***

Mineral property acquisition costs, including indirectly related acquisition costs, are capitalized when incurred. Costs attributable to mineral property licenses and lease payments are expensed as incurred until it is economically viable to develop. Exploration costs are expensed as incurred. When it is determined that a mining deposit can be economically and legally extracted or produced based on established proven and probable reserves under S-K 1300, development costs related to such reserves will be considered for capitalization. The establishment of proven and probable reserves is based on 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.

***Property & Equipment***

Property and equipment are recorded at historical cost. Maintenance and repair expenditures are charged to expense as incurred. Depreciation is calculated using the straight-line method over the assets' estimated useful lives as follows:

Computer and office equipment 3 to 5 years <br> Machinery equipment 5 to 10 years

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 from the books, and any resulting gain or loss is also recognized within operating income or loss in the 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. No impairment charges were recorded for the years ended December 31, 2024 and 2023.

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***Leases***

The Company primarily enters into leases for real estate, equipment, and vehicles. Under Accounting Standards Codification ("ASC") 842, *Leases*, 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 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. For the years ended December 31, 2024 and 2023, lease expense recognized for short-term leases totaled $996 and $662, respectively, and was reported in our statements of operations as follows:

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| | | |
|:---|:---|:---|
|  | **Year ended December 31,** | **Year ended December 31,** |
|  | **2024** | **2023** |
| Exploration expenses | $914 | $599 |
| General and administrative expenses | 82 | 63 |
|  | $996 | $662 |

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For the years ended December 31, 2024 and 2023, cash paid for amounts due under short-term leases has been recorded in operating activities in our statements of cash flows for each period and approximated the lease expense recorded in those periods. As of December 31, 2024, our remaining lease payment commitments for short-term leases totaled $14.

*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 incremental borrowing rate 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.

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. As all leases in effect during the fiscal years ended December 31, 2024 and 2023 were determined to be short-term in nature, there was no lease expense attributable to long-term operating leases for the fiscal years ended December 31, 2024 and 2023, and ROU asset and lease liability balances related to operating leases were $0 as of each of the respective balance sheet dates.

For finance leases, ROU asset balances will be reported within fixed assets. As there were no finance leases in effect during the years ended December 31, 2024 and 2023, there was no associated lease expense for the fiscal years ended December 31, 2024 and 2023, and ROU asset and lease liability balances related to finance leases were $0 as of each of the respective balance sheet dates.

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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.

***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 in a commercial bank in Brazil, which at times may exceed insurance limits. As part of its cash management process, the Company regularly monitors the credit standing of institutions in which it maintains cash and cash equivalents..

***Share Based Compensation***

The Company has not granted share-based compensation. REA Australia, the Company's parent, operates equity-settled share-based compensation plans for its employees and consultants, some of whom provide services to the Company as a subsidiary of REA Australia. None of REA Australia's plans are cash-settled.

REA Australia has historically determined amounts to be recognized as share-based compensation based upon the fair value of awards at their grant date. Share-based compensation has then been recognized over the period in which the service and performance conditions are fulfilled (the vesting period), ratably for each tranche. A portion of REA Australia's share-based compensation expense has been allocated to the Company based on estimates of the portion of employees' and consultants' time dedicated to the Company.

For the years ended December 31, 2024 and 2023, share-based compensation expense was included in general and administrative expenses in the amounts of $146 and $73, respectively. Assuming similar allocation rates, the unrecognized compensation expense that would be allocated to the Company was $339 as of December 31, 2024.

***Income Taxes***

The Company follows the asset and liability method of accounting for income taxes under FASB 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, as well as for net operating loss and tax credit carryforwards. 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.

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 position. The Company's management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months.

***Net Loss per Common Share***

Basic and diluted net loss per share is calculated using the weighted-average number of common shares outstanding during each period. For the years ended December 31, 2024 and 2023, the calculations of basic and diluted net loss per share have been adjusted to reflect the retroactive impact of changes to our capital structure resulting from the common control transaction consummated with Rare Earths Americas, Ltd. ("REA Cayman") that closed on July 22, 2025, at an exchange ratio of approximately 1-for-5.22. REA Cayman subsequently changed its domicile to Texas and became Rare Earths Americas, Inc. in October 2025. Refer to FN 10 - Subsequent Events for further details regarding the common control transaction and subsequent redomestication.

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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. For the years ended December 31, 2024 and 2023, there were no dilutive or potentially dilutive shares outstanding.

***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 makers, (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. The Company made the aforementioned disclosures as an effect of the adoption of ASU 2023-07. All required segment disclosures have been included in our segment accounting policy included in this Note 2 - Significant Accounting Policies.

***Recently Issued Accounting Pronouncements Not Yet Adopted***

Other than the ASUs listed below, there have been no accounting pronouncements issued, which the Company has not yet adopted, that either are expected to have or will potentially have a material impact on the Company's financial statements and accompanying notes.

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 enhance 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.

In December 2023, the FASB issued ASU No. 2023-09, "Improvements to Income Tax Disclosures" ("ASU 2023-09"), which enhances 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 and provide additional information for reconciling items that meet a quantitative threshold. ASU 2023-09 is effective for the Company's annual periods beginning after December 15, 2025. Early adoption and retrospective application of the amendments are 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, and are required to be re-measured and reported at fair value at each reporting period and (2) non-financial assets and liabilities that are required to be 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 in ASC 820 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 the most 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 Alpha. Unobservable inputs are

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inputs that reflect Alpha'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, 2024, the Company did not have any assets or liabilities that were measured at fair value on a recurring basis. As of December 31, 2024, the Company's financial instruments consisted of cash and cash equivalents. The carrying amount of these financial instruments approximated fair value due to their short-term nature. As of December 31, 2023, the Company held cash equivalents in the form of money market funds totaling $785, which were measured at fair value and classified within Level 1 of the fair value hierarchy. The carrying value of these money market funds approximated fair value due to their short-term nature. The Company did not have any Level 2 or Level 3 assets or liabilities as of December 31, 2023.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** |
| **Description** | **Balance Sheet Classification** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** |  |  |  |  |  |
| Money Market Funds | Cash and cash equivalents | $785 | $- | $- | $785 |

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**4.** **Property and Equipment, net**

Property and equipment, net consisted of the following:

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| | | |
|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2023** |
| Computer and office equipment | $14 | $18 |
| Machinery equipment | 26 | 33 |
| Total property and equipment | 40 | 51 |
| Less: accumulated depreciation | (6) | (2) |
| &nbsp;&nbsp;Property and equipment, net | $34 | $49 |

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Depreciation expense was $6 and $12 for the years ended December 31, 2024 and 2023, respectively.

**5.** **Issued Capital**

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 the Company for 9,375,000 common shares in REA Cayman. All disclosures of member units and per member unit data in these financial statements and related notes have been adjusted to reflect this transaction at an exchange ratio of approximately 1-for-5.22 for all periods presented.

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In the years ended December 31, 2024 and 2023, the Company made distributions of mineral exploration rights to REA Australia to redeem member units. Those mineral exploration rights had been expensed as exploration costs at purchase and, therefore, had no carrying value on the Company's balance sheets.

The following table shows the Company's member units activity:

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| | | |
|:---|:---|:---|
|  | **Year ended December 31,** | **Year ended December 31,** |
|  | **2024** | **2023** |
| Opening balance | 7574185 | 1914170 |
| &nbsp;&nbsp;Member units issued | 1914171 | 6814448 |
| &nbsp;&nbsp;Member units redeemed in exchange for mineral rights | (113356) | (1154433) |
| Closing balance | 9375000 | 7574185 |

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**6.** **Related Party Transactions**

*Borborema Recursos Minerais Ltda. ("Borborema")*

Various members of the Company's management team during the years ended December 31, 2024 and 2023 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 recognized a gain of $68 on the sale.

During the year ended December 31, 2023 the Company received $210 from Borborema for property and equipment sub-leases that ended during fiscal year 2023.

Borborema pays certain expenses on behalf of the Company. In relation to such expenses, the Company had payables of $27 and $15 at December 31, 2024 and 2023, respectively, included within due to related parties on the balance sheets.

*Brazil Royalty Corp Participações e Investimentos Ltda. ("BRC")*

During the year ended December 31, 2023, the Company sold property and equipment, including vehicles, to BRC in exchange for $118. The Company recognized a gain of $5 on the sale.

During the years ended December 31, 2024 and 2023, the Company paid $390 and $283 to lease equipment from BRC.

During the year ended December 31, 2024, the Company received $211 from BRC that did not contain any repayment terms and did not bear any interest. As of December 31, 2024, $268 is included in due to related parties on the balance sheets. In June 2025, the Company entered into a loan agreement to formalize the repayment terms. Refer to FN 10 - Subsequent Events for further details regarding the terms of the loan agreement.

*DTQ Consultoria Empresarial Ltda. ("DTQ")*

A member of the Company's management also served on the management team of DTQ during the year ended December 31, 2023. The Company paid $16 to DTQ in exchange for consulting services during the year ended December 31, 2023. The Company did not have any receivables or payables related to DTQ on its balance sheets as of December 31, 2024 or 2023.

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**7.** **Financial Statement Details**

Other current assets consisted of the following:

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| | | |
|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2023** |
| Recoverable taxes | $50 | $20 |
| Security deposits | 5 | 12 |
| Other | 6 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total other current assets | $61 | $72 |

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Other current liabilities consisted of the following:

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| | | |
|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2023** |
| Taxes payable | $22 | $3 |
| Other |  | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total other current liabilities | $22 | $5 |

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**8.** **Income Taxes**

The Company is subject to income taxes at the Brazilian statutory rate of 34%. Provision for income taxes for each of the years ended December 31, 2024 and 2023 was $0, as current taxes were $0 due to our reported losses, and a valuation reserve was recorded related to all deferred taxes that would have otherwise been recognized for each reporting period. No cash was paid for income taxes in the years ended December 31, 2024 and 2023.

Deferred income taxes reflect the net tax effects of 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 taxes are as follows:

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| | | |
|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2023** |
| Accruals and provisions | $91010 | $— |
| Tax losses available for offset against future taxable income | 1599518 | 1198945 |
| Valuation allowance | (1690528) | (1198945) |
| &nbsp;&nbsp;Net deferred tax assets | $— | $— |

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Tax losses carried forward were $4,704 and $3,526 as of December 31, 2024 and 2023, respectively. Tax losses do not expire under Brazil tax law. The benefit of the tax losses will only be available if the Company has complied and continues to comply with conditions for deductibility imposed by current tax legislation, which include a limit on the amount of tax losses that can be applied to taxable income in a given period, and there are no adverse changes to such legislation.

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**9.** **Commitments and Contingencies**

*Exploration commitments*

The Company does not have minimum expenditure requirements in relation to its exploration permits other than annual fees charged by local mining authorities. Future minimum payments under such permits with a remaining term in excess of one year as of December 31, 2024 are presented in the table below:

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| | |
|:---|:---|
| **Year ended December 31,** | **Amount** |
| 2025 | $83 |
| 2026 | 80 |
| 2027 | 18 |
| Thereafter |  |
|  | $181 |

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*Mining rights option agreements*

The Company has agreements which provide the Company the option to purchase, or lease, mining rights at its various project locations. The options may be exercised by the Company any time prior to their expirations, which are between June 2025 and July 2026. Certain options allow the expiration date to be extended for a fee. The Company subsequently extended the expiration date of certain of it options from June 2025 to June 2026 (refer to FN 10 - Subsequent Events for further details). After the extension, the expiration dates of all options are between December 2025 and July 2026.

The total amount that may be paid by the Company upon, or after, exercising the options is $23,160, with up to $14,000 of the total amount payable in shares of the Company. In April 2025, the Company amended one of the option agreements to allow for an additional $5,160 to be payable in shares of the Company. Certain options have installments which do not require the full amount to be paid upon exercise and allow for the total exercise price to be paid in installments within 12 or 24 months. As of December 31, 2024, the Company has not committed to exercising any of the options.

*Unasserted legal claim*

The Company is evaluating a potential employment-related matter that may result in a legal claim being asserted. As of the reporting date, no formal claim has been filed. However, based on the facts and circumstances, the Company has determined that it is probable that a claim will be asserted and that the outcome will be unfavorable to the Company.

The Company has assessed the potential exposure and determined that a loss is probable and reasonably estimable. Accordingly, the Company has accrued a loss contingency of $95 in connection with this matter, which is included in contingent liabilities on the balance sheets as of December 31, 2024, and within exploration expenses on the statements of operations for the year ended December 31, 2024.

The Company continues to monitor the situation and will adjust its estimates as necessary based on new developments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.** **Subsequent Events**

The Company evaluated subsequent events and transactions that occurred after the balance sheet date through November 12, 2025, the date that the financial statements were issued. Other than the matters noted below, there have been no subsequent events that required adjustment to or disclosure in the financial statements for the years ended December 31, 2024 and 2023:

In April and July 2025, the Company obtained amendments to an option agreement to acquire six exploration licenses. The amendments extended the term of the option through June 2026, with the possibility of additional

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135-day extensions in exchange for a fee of $300 for each extension. In August 2025, the Company paid a fee of $1,000 in conjunction with the amendments.

In June 2025, the Company entered into a Loan Agreement with BRC, whereby amounts previously paid by BRC on the Company's behalf were formalized into a loan payable to BRC. Under the agreement, the Company may borrow up to 6,105 thousand Brazilian Real ($1,070). As of the date of the Loan Agreement, the outstanding balance was $575. Interest under the loan is payable on amounts borrowed at the Brazil Interbank Deposit Certificate rate. The loan amount 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 the Company.

In June 2025, the Company's parent REA Australia entered into an agreement to sell all of the 48,976,822 outstanding member units of the Company to REA Cayman, an entity that was formed in February 2025 in anticipation of this transaction and that had no substantive operations prior to the close of the transaction. As consideration for all member units of the Company, REA Australia received a controlling interest in REA Cayman consisting of 9,375,000 common shares with a par value of $0.0001 per share. All disclosures of member units and per member unit data in these financial statements and related notes have been adjusted to reflect this transaction at an exchange ratio of approximately 1-for-5.22 for all periods presented. The transaction closed on July 22, 2025. This transaction did not result in a change in the carrying basis of the Company's assets and liabilities because the transaction was consummated between entities under common control. The Company is the predecessor of REA Cayman for financial reporting purposes.

In July 2025, REA Cayman completed the acquisition of all outstanding ownership interests in Foothills Rare Earths Limited ("FRE Australia") in exchange for 2,805,267 ordinary shares and warrants to purchase an additional 1,004,025 common shares of REA Cayman. This transaction is considered an asset acquisition for accounting purposes.

In July 2025, the Company entered into a Deed of Novation with BRC and REA Cayman, whereby the repayment obligation under the Loan Agreement was transferred from the Company to REA Cayman. The Deed of Novation also amended the repayment terms to allow for repayment in cash, or in shares of REA Cayman. The amended repayment terms require BRC to give notice to REA Cayman, specifying which repayment option it elects ("Notice of Election"), and the repayment date was amended to be the later of the following dates: (i) the BRC Loan Maturity Date or (ii) 5 business days after the Notice of Election. 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.

In July 2025, REA Cayman issued 2,500,000 common shares in exchange for cash of $16,197 to new and existing shareholders. REA Cayman incurred $207 of issuance costs in conjunction with this offering.

In August 2025, REA Cayman established the 2025 Equity Incentive Plan (the "Plan"). In August and September 2025, REA Cayman granted 1,187,598 of restricted stock and restricted stock units under the Plan to employees, directors, and contractors.

In October 2025, REA Cayman changed its domicile to Texas and became Rare Earths Americas, Inc. The shareholders of REA Cayman retained corresponding common stock in Rare Earths Americas, Inc.

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**Shares<br>Common Stock**

![img17874326_21.jpg](img17874326_21.jpg)

**__________________________________**

**PRELIMINARY PROSPECTUS**

**__________________________________**

**Cantor**

&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** | $**\*** |

---

____________

\* 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.

------

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

------

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.

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.

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.

------

**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\* | Form of Underwriting Agreement. |
| 2.1\* | 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. |
| 2.2\* | Form of Offer to Subscribe for Shares in Rare Earths Americas Ltd. |
| 2.3\* | Quota Sale and Share Subscription Agreement, dated July 22, 2025, by and between Rare Earths Americas Ltd. and Rare Earths Americas Limited. |
| 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 |
| 5.1\* | Opinion of DLA Piper LLP (US). |
| 10.1†\* | Rare Earths Americas Ltd. 2025 Equity Incentive Plan. |
| 10.2†\* | Form of Rare Earths Americas Ltd. Restricted Stock Units Agreement (for international participants). |
| 10.3†\* | Form of Rare Earths Americas Ltd. Restricted Stock Units Agreement (for U.S. participants). |
| 10.4† \* | Form of Rare Earths Americas Ltd. Notice of Grant of Restricted Stock Units. |
| 10.5†\* | Form of Rare Earths Americas Ltd. Restricted Stock Agreement. |
| 10.6†\* | Form of Rare Earths Americas Ltd. Notice of Grant of Restricted Stock. |
| 10.7†\* | Rare Earths Americas, Inc. 2026 Equity Incentive Plan. |
| 10.8†\* | Rare Earths Americas Ltd. Executive Severance Plan. |
| 10.9.1\* | 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. |
| 10.9.2\* | 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. |
| 10.10.1\* | 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. |
| 10.10.2\* | 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. |
| 10.10.3\* | 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. |
| 10.11\* | 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. |
| 10.12\* | 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. |

---

------

---

| | |
|:---|:---|
| 10.13\* | 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. |
| 10.14\* | 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. |
| 10.15.1\* | 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. |
| 10.15.2\* | 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. |
| 10.15.3\* | 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. |
| 10.16\* | Mining Lease Agreement, dated October 1, 2020, between Weyerhaeuser Company and Southeast Metals, LLC. |
| 10.17†\* | Employment Agreement, dated as of August 14, 2025, between REA Management Company, LLC and Donald Swartz. |
| 10.18†\* | Employment Agreement, dated as of August 5, 2025, between REA Management Company, LLC and Joseph Dwyer. |
| 10.19†\* | Employment Agreement, dated as of July 31, 2025, between REA Management Company, LLC and Jen Grafton. |
| 10.20†\* | English Translation of Contract for Services, dated as of June 1, 2023, between Alpha Minerals Brazil Participações Ltda and Renato Aureo de Paula Gonzaga. |
| 10.21†\* | English Translation of Contract for Services, dated as of December 1, 2023, between Alpha Minerals Brazil Participações Ltda and João Paulo Agapito da Veiga. |
| 10.22†\* | Form of Indemnification Agreement. |
| 10.23\* | Loan Agreement between Brazil Royalty Corp Participações e Investimentos Ltda. and Alpha Minerals Brazil Participações Ltda., dated June 2, 2025. |
| 10.24.1\* | 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. |
| 10.24.2\*<br>| 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. |
| 21.1 | [<u>List of Subsidiaries of the Registrant.</u>](rea-ex21_1.htm) |
| 23.1\* | Consent of PGBR Auditores e Consultores, Independent Registered Public Accounting Firm. |
| 23.2\* | Consent of DLA Piper LLP (US) (included in Exhibit 5.1). |
| 23.3 | [<u>Consent of Geosyntec Consultants, Inc. with respect to the Shiloh Project Technical Report Summary.</u>](rea-ex23_3.htm) |
| 23.4 | [<u>Consent of McGarry Geoconsulting Corp. with respect to the Constellation Project Technical Report Summary.</u>](rea-ex23_4.htm) |
| 23.5 | [<u>Consent of Karst Geo Solutions LLC with respect to the Constellation Project Technical Report Summary.</u>](rea-ex23_5.htm) |
| 23.6 | [<u>Consent of McGarry Geoconsulting Corp. with respect to the Alpha Project Technical Report Summary.</u>](rea-ex23_6.htm) |
| 23.7 | [<u>Consent of Karst Geo Solutions LLC with respect to the Alpha Project Technical Report Summary.</u>](rea-ex23_7.htm) |
| 24.1\* | Power of Attorney (included on signature page of this registration statement). |

---

------

---

| | |
|:---|:---|
| [99.1] | [<u>Technical Report Summary Shiloh Project, Georgia, dated November 7, 2025.</u>](rea-ex99_1.htm) |
| [99.2] | [<u>Constellation Project Minas Gerais, Brazil Technical Report Summary, dated October 31, 2025.</u>](rea-ex99_2.htm) |
| [99.3] | [<u>Alpha Project Bahia, Brazil Technical Report Summary, dated October 31, 2025.</u>](rea-ex99_3.htm) |
| 107\* | Filing Fee Table. |

---

\* 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 Denver, State of Colorado, on , 2025.

---

| | |
|:---|:---|
| **RARE EARTHS AMERICAS, INC.** | **RARE EARTHS AMERICAS, INC.** |
| By: |  |
| Name: | Donald Swartz |
| Title: | Chief Executive Officer |

---

**Power of Attorney**

KNOW ALL BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Donald Swartz and Joseph Dwyer, and each of them, as his or her true and lawful attorneys-in-fact and agents, each 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 attorneys-in-fact and agents, and each of them, 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 attorneys-in-fact and agents, or their, his or her 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** |
|  | Chief Executive Officer and Director | &nbsp;&nbsp;&nbsp;&nbsp; , 2025 |
| Donald Swartz | (*Principal Executive Officer)* |  |
|  | Chief Financial Officer | &nbsp;&nbsp;&nbsp;&nbsp; , 2025 |
| Joseph Dwyer | (*Principal Financial Officer and Principal Accounting Officer)* |  |
|  | Chairman | &nbsp;&nbsp;&nbsp;&nbsp; , 2025 |
| Dan Shribman |  |  |
|  | Director | &nbsp;&nbsp;&nbsp;&nbsp; , 2025 |
| Ivy Estabrooke<br>|  |  |
|  | Director | &nbsp;&nbsp;&nbsp;&nbsp; , 2025 |
| Reta Jo Lewis<br>|  |  |
|  | Director | &nbsp;&nbsp;&nbsp;&nbsp; , 2025 |
| Keith Phillips |  |  |
|  | Director | &nbsp;&nbsp;&nbsp;&nbsp; , 2025 |
| Hugo Schumann  |  |  |

---

------

## 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

------

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:

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| | |
|:---|:---|
| **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

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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.

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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.

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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.

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| | |
|:---|:---|
| By: | /s/ Donald Swartz |
| Name: | Donald Swartz |
| Title: | Chief Executive Officer |

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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 |

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ii

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---

| | | |
|:---|:---|:---|
| &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 |

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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.

------

**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.

------

&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.

------

## 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** |  |

---

October 08, 2025

Capitol Services Inc

P O Box 1831

Austin, TX 78767 USA

RE: Rare Earths Americas, Inc. <br>File Number: 806250942

----

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

------

---

| | | |
|:---|:---|:---|
| 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** |  |

---

**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

---

| | |
|:---|:---|
| ![img174846728_1.jpg](img174846728_1.jpg) | ![img174846728_2.jpg](img174846728_2.jpg)<br>Jane Nelson <br>Secretary of State |

---

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

------

---

| | | |
|:---|:---|:---|
| 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** |  |

---

**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

---

| | |
|:---|:---|
| ![img174846728_1.jpg](img174846728_1.jpg) | ![img174846728_2.jpg](img174846728_2.jpg)<br>Jane Nelson <br>Secretary of State |

---

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

------

---

| | | |
|:---|:---|:---|
| **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_3.jpg](img174846728_3.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** |

---

**Converting Entity Information**<br>

---

| | |
|:---|:---|
| The name of the converting entity is: | **Rare Earths Americas Ltd.** |

---

---

| | |
|:---|:---|
| The jurisdiction of formation of the converting entity is: | **Cayman Islands** |

---

The converting entity is a: (Select the appropriate entity type from the list shown below.)

---

| | | | | |
|:---|:---|:---|:---|:---|
| ![img174846728_4.jpg](img174846728_4.jpg) | For-Profit Corporation | For-Profit Corporation | ![img174846728_5.jpg](img174846728_5.jpg) | Limited Liability Company |
| ![img174846728_5.jpg](img174846728_5.jpg) | Nonprofit Corporation | Nonprofit Corporation | ![img174846728_5.jpg](img174846728_5.jpg) | Professional Limited Liability Company |
| ![img174846728_5.jpg](img174846728_5.jpg) | Professional Corporation | Professional Corporation | ![img174846728_5.jpg](img174846728_5.jpg) | Limited Partnership |
| ![img174846728_5.jpg](img174846728_5.jpg) | Professional Association | Professional Association | ![img174846728_5.jpg](img174846728_5.jpg) | Cooperative Association |
| ![img174846728_5.jpg](img174846728_5.jpg) | Other: |  | ![img174846728_5.jpg](img174846728_5.jpg) | General Partnership |
|  |  | *Specify type of entity.* |  |  |

---

---

| | |
|:---|:---|
| The date of formation of the converting entity is: | **February 28, 2025** |

---

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:

---

| |
|:---|
| **Rare Earths Americas, Inc.** |
| *(Name of entity after the conversion must include an organizational identifier for the entity type selected below.)* |

---

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.)

---

| | | | |
|:---|:---|:---|:---|
| ![img174846728_4.jpg](img174846728_4.jpg) | For-Profit Corporation | ![img174846728_5.jpg](img174846728_5.jpg) | Limited Liability Company |
| ![img174846728_5.jpg](img174846728_5.jpg) | Nonprofit Corporation | ![img174846728_5.jpg](img174846728_5.jpg) | Professional Limited Liability Company |
| ![img174846728_5.jpg](img174846728_5.jpg) | Professional Corporation | ![img174846728_5.jpg](img174846728_5.jpg) | Limited Partnership |
| ![img174846728_5.jpg](img174846728_5.jpg) | Professional Association | ![img174846728_5.jpg](img174846728_5.jpg) | Cooperative Association |

---

Form 647 Page 4 of 3

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**Plan of Conversion *or* Alternative Statements**<br>

---

| | |
|:---|:---|
| ![img174846728_5.jpg](img174846728_5.jpg) | The plan of conversion is attached. |

---

*If the plan of conversion is not attached, the following statements must be completed.*

---

| | |
|:---|:---|
| ![img174846728_4.jpg](img174846728_4.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. |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 1. | 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* |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 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* |

---

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_4.jpg](img174846728_4.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_5.jpg](img174846728_5.jpg)This document becomes effective when the document is accepted and filed by the secretary of state.

B. ![img174846728_4.jpg](img174846728_4.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_5.jpg](img174846728_5.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_5.jpg](img174846728_5.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. |
| OR |  |
| ![img174846728_4.jpg](img174846728_4.jpg) | In lieu of providing the tax certificate, the converted entity is liable for the payment of any required franchise taxes. |

---

**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.

---

| | | | |
|:---|:---|:---|:---|
| 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) |

---

Form 647 Page 2 of 3

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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 23.3

**Exhibit 23.3**

**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 23.4

**Exhibit 23.4**

**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 "**Constellation Project, Minas Gerais, Brazil, Technical Report Summary,"** dated October 31, 2025, 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 (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 (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: November 12, 2025

---

| | |
|:---|:---|
| By: | /s/ Leon McGarry |
| Name:  | Leon McGarry |
| Title: | Principal Consultant and President |

---

------

## Exhibit 23.5

**Exhibit 23.5**

**CONSENT**

---

| | |
|:---|:---|
| **To**: | Rare Earths Americas, Inc. (the "Company") |

---

---

| | |
|:---|:---|
| **Re**:  | &nbsp;&nbsp;&nbsp;&nbsp;Registration Statement on Form S-1 of the Company  |

---

**Karst Geo Solutions LLC** is the authoring firm of the report titled "**Constellation Project, Minas Gerais, Brazil, Technical Report Summary,"** dated October 31, 2025, 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 (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 (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: November 12, 2025

---

| | |
|:---|:---|
| By: | /s/ Adam Karst |
| Name: | Adam Karst |
| Title: | President |

---

------

## Exhibit 23.6

**Exhibit 23.6**

**CONSENT**

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| | |
|:---|:---|
| **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 "**Alpha Project, Bahia, Brazil, Technical Report Summary,"** dated October 31, 2025, 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 (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 (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: November 12, 2025

---

| | |
|:---|:---|
| By: | /s/ Leon McGarry |
| Name:  | Leon McGarry |
| Title: | Principal Consultant and President  |

---

------

## Exhibit 23.7

**Exhibit 23.7** 

**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 "**Alpha Project, Bahia, Brazil, Technical Report Summary,"** dated October 31, 2025, 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 (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 (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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the use of, and references to, its name in the Registration Statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the use of, and references to, the Qualified Person Report in the Registration Statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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: November 12, 2025

---

| | |
|:---|:---|
| By: | /s/ Adam Karst |
| Name:  | Adam Karst |
| Title: | President |

---

------

## Exhibit 99.1

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| | |
|:---|:---|
| ![img55683095_0.jpg](img55683095_0.jpg) | **Exhibit 96.1** |

---

**Technical Report Summary**

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| | |
|:---|:---|
|  | ![img55683095_1.jpg](img55683095_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 | ![img55683095_1.jpg](img55683095_1.jpg) |
|  | ![img55683095_1.jpg](img55683095_1.jpg) |

| | |
|:---|:---|
| **Technical Report Summary** | ![img55683095_2.jpg](img55683095_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** | ![img55683095_2.jpg](img55683095_2.jpg) |

---

**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** | ![img55683095_2.jpg](img55683095_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** | ![img55683095_2.jpg](img55683095_2.jpg) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| ****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** | ![img55683095_2.jpg](img55683095_2.jpg) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| ****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** | ![img55683095_2.jpg](img55683095_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** | ![img55683095_2.jpg](img55683095_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** | ![img55683095_2.jpg](img55683095_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** | ![img55683095_2.jpg](img55683095_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** | ![img55683095_2.jpg](img55683095_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.

![img55683095_3.jpg](img55683095_3.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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![img55683095_4.jpg](img55683095_4.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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| **Technical Report Summary** | ![img55683095_2.jpg](img55683095_2.jpg) |

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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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| **Technical Report Summary** | ![img55683095_2.jpg](img55683095_2.jpg) |

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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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| **Technical Report Summary** | ![img55683095_2.jpg](img55683095_2.jpg) |

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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).

![img55683095_5.jpg](img55683095_5.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.).

![img55683095_6.jpg](img55683095_6.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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![img55683095_7.jpg](img55683095_7.jpg)

**Figure 5 Newbill Property with Contoured Radiometric Ground Grid. (Source: Foothills Rare Earths, 2025a)**

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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).

![img55683095_8.jpg](img55683095_8.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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![img55683095_9.jpg](img55683095_9.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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![img55683095_10.jpg](img55683095_10.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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![img55683095_11.jpg](img55683095_11.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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![img55683095_12.jpg](img55683095_12.jpg)

**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

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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).

![img55683095_13.jpg](img55683095_13.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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![img55683095_14.jpg](img55683095_14.jpg)

**Figure 12 Geologic Map of the Shiloh Project Area, (Source: Foothills Rare Earths, 2025a)**

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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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![img55683095_17.jpg](img55683095_17.jpg)

**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**

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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)

![img55683095_18.jpg](img55683095_18.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

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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).

![img55683095_19.jpg](img55683095_19.jpg)

**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

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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.

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![img55683095_20.jpg](img55683095_20.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.

![img55683095_21.jpg](img55683095_21.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).

![img55683095_22.jpg](img55683095_22.jpg)

**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).

![img55683095_23.jpg](img55683095_23.jpg)

**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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![img55683095_24.jpg](img55683095_24.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).

![img55683095_25.jpg](img55683095_25.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.

![img55683095_26.jpg](img55683095_26.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**

![img55683095_27.jpg](img55683095_27.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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![img55683095_28.jpg](img55683095_28.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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![img55683095_29.jpg](img55683095_29.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).

![img55683095_30.jpg](img55683095_30.jpg)

**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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**`**![img55683095_31.jpg](img55683095_31.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.

![img55683095_32.jpg](img55683095_32.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.

SLV0163 – Technical Report Summary Shiloh Project, Georgia 67 November 2025

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| **Technical Report Summary** | ![img55683095_2.jpg](img55683095_2.jpg) |

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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.

SLV0163 – Technical Report Summary Shiloh Project, Georgia 68 November 2025

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| **Technical Report Summary** | ![img55683095_2.jpg](img55683095_2.jpg) |

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![img55683095_33.jpg](img55683095_33.jpg)

**Figure 28 Overview of 2021 Drill Locations: Direct Push and Sonic Drillholes. (Source: Foothills Rare Earths, 2025e)**

SLV0163 – Technical Report Summary Shiloh Project, Georgia 69 November 2025

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![img55683095_34.jpg](img55683095_34.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** | ![img55683095_2.jpg](img55683095_2.jpg) |

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![img55683095_35.jpg](img55683095_35.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** | ![img55683095_2.jpg](img55683095_2.jpg) |

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![img55683095_36.jpg](img55683095_36.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** | ![img55683095_2.jpg](img55683095_2.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** | ![img55683095_2.jpg](img55683095_2.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** | ![img55683095_2.jpg](img55683095_2.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;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** | ![img55683095_2.jpg](img55683095_2.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;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** | ![img55683095_2.jpg](img55683095_2.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;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** | ![img55683095_2.jpg](img55683095_2.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** | ![img55683095_2.jpg](img55683095_2.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** | ![img55683095_2.jpg](img55683095_2.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** | ![img55683095_2.jpg](img55683095_2.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** | ![img55683095_2.jpg](img55683095_2.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** | ![img55683095_2.jpg](img55683095_2.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** | ![img55683095_2.jpg](img55683095_2.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** | ![img55683095_2.jpg](img55683095_2.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** | ![img55683095_2.jpg](img55683095_2.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** | ![img55683095_2.jpg](img55683095_2.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** | ![img55683095_2.jpg](img55683095_2.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** | ![img55683095_2.jpg](img55683095_2.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** | ![img55683095_2.jpg](img55683095_2.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** | ![img55683095_2.jpg](img55683095_2.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** | ![img55683095_2.jpg](img55683095_2.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** | ![img55683095_2.jpg](img55683095_2.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** | ![img55683095_2.jpg](img55683095_2.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** | ![img55683095_2.jpg](img55683095_2.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** | ![img55683095_2.jpg](img55683095_2.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** | ![img55683095_2.jpg](img55683095_2.jpg) |

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![img55683095_37.jpg](img55683095_37.jpg)

**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** | ![img55683095_2.jpg](img55683095_2.jpg) |

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![img55683095_38.jpg](img55683095_38.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** | ![img55683095_2.jpg](img55683095_2.jpg) |

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![img55683095_39.jpg](img55683095_39.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** | ![img55683095_2.jpg](img55683095_2.jpg) |

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![img55683095_40.jpg](img55683095_40.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** | ![img55683095_2.jpg](img55683095_2.jpg) |

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![img55683095_41.jpg](img55683095_41.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** | ![img55683095_2.jpg](img55683095_2.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** | ![img55683095_2.jpg](img55683095_2.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** | ![img55683095_2.jpg](img55683095_2.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 |

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SLV0163 – Technical Report Summary Shiloh Project, Georgia 104 November 2025

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| | |
|:---|:---|
| **Technical Report Summary** | ![img55683095_2.jpg](img55683095_2.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** | ![img55683095_2.jpg](img55683095_2.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** | ![img55683095_2.jpg](img55683095_2.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

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---

| | |
|:---|:---|
| **Technical Report Summary** | ![img55683095_2.jpg](img55683095_2.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 |

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SLV0163 – Technical Report Summary Shiloh Project, Georgia 108 November 2025

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| | |
|:---|:---|
| **Technical Report Summary** | ![img55683095_2.jpg](img55683095_2.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** | ![img55683095_2.jpg](img55683095_2.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** | ![img55683095_2.jpg](img55683095_2.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** | ![img55683095_2.jpg](img55683095_2.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

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| | |
|:---|:---|
| **Technical Report Summary** | ![img55683095_2.jpg](img55683095_2.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-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** | ![img55683095_2.jpg](img55683095_2.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 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |

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SLV0163 – Technical Report Summary Shiloh Project, Georgia 114 November 2025

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| | |
|:---|:---|
| **Technical Report Summary** | ![img55683095_2.jpg](img55683095_2.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** | ![img55683095_2.jpg](img55683095_2.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-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** | ![img55683095_2.jpg](img55683095_2.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 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |

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SLV0163 – Technical Report Summary Shiloh Project, Georgia 117 November 2025

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| | |
|:---|:---|
| **Technical Report Summary** | ![img55683095_2.jpg](img55683095_2.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** | ![img55683095_2.jpg](img55683095_2.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 | 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** | ![img55683095_2.jpg](img55683095_2.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** | ![img55683095_2.jpg](img55683095_2.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** | ![img55683095_2.jpg](img55683095_2.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-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** | ![img55683095_2.jpg](img55683095_2.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** | ![img55683095_2.jpg](img55683095_2.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** | ![img55683095_2.jpg](img55683095_2.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-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** | ![img55683095_2.jpg](img55683095_2.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** | ![img55683095_2.jpg](img55683095_2.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** | ![img55683095_2.jpg](img55683095_2.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-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** | ![img55683095_2.jpg](img55683095_2.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** | ![img55683095_2.jpg](img55683095_2.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** | ![img55683095_2.jpg](img55683095_2.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-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** | ![img55683095_2.jpg](img55683095_2.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** | ![img55683095_2.jpg](img55683095_2.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** | ![img55683095_2.jpg](img55683095_2.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-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** | ![img55683095_2.jpg](img55683095_2.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** | ![img55683095_2.jpg](img55683095_2.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

------

---

| | |
|:---|:---|
| **Technical Report Summary** | ![img55683095_2.jpg](img55683095_2.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** | ![img55683095_2.jpg](img55683095_2.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** | ![img55683095_2.jpg](img55683095_2.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

------

---

| | |
|:---|:---|
| **Technical Report Summary** | ![img55683095_2.jpg](img55683095_2.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-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** | ![img55683095_2.jpg](img55683095_2.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** | ![img55683095_2.jpg](img55683095_2.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

------

---

| | |
|:---|:---|
| **Technical Report Summary** | ![img55683095_2.jpg](img55683095_2.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** | ![img55683095_2.jpg](img55683095_2.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** | ![img55683095_2.jpg](img55683095_2.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 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |

---

SLV0163 – Technical Report Summary Shiloh Project, Georgia 145 November 2025

------

---

| | |
|:---|:---|
| **Technical Report Summary** | ![img55683095_2.jpg](img55683095_2.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** | ![img55683095_2.jpg](img55683095_2.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 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |

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SLV0163 – Technical Report Summary Shiloh Project, Georgia 147 November 2025

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| | |
|:---|:---|
| **Technical Report Summary** | ![img55683095_2.jpg](img55683095_2.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 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |

---

SLV0163 – Technical Report Summary Shiloh Project, Georgia 148 November 2025

------

---

| | |
|:---|:---|
| **Technical Report Summary** | ![img55683095_2.jpg](img55683095_2.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** | ![img55683095_2.jpg](img55683095_2.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 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |

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SLV0163 – Technical Report Summary Shiloh Project, Georgia 150 November 2025

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|:---|:---|
| **Technical Report Summary** | ![img55683095_2.jpg](img55683095_2.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 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |

---

SLV0163 – Technical Report Summary Shiloh Project, Georgia 151 November 2025

------

---

| | |
|:---|:---|
| **Technical Report Summary** | ![img55683095_2.jpg](img55683095_2.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-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** | ![img55683095_2.jpg](img55683095_2.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 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |

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SLV0163 – Technical Report Summary Shiloh Project, Georgia 153 November 2025

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|:---|:---|
| **Technical Report Summary** | ![img55683095_2.jpg](img55683095_2.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 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |

---

SLV0163 – Technical Report Summary Shiloh Project, Georgia 154 November 2025

------

---

| | |
|:---|:---|
| **Technical Report Summary** | ![img55683095_2.jpg](img55683095_2.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** | ![img55683095_2.jpg](img55683095_2.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 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |

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SLV0163 – Technical Report Summary Shiloh Project, Georgia 156 November 2025

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| | |
|:---|:---|
| **Technical Report Summary** | ![img55683095_2.jpg](img55683095_2.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

------

---

| | |
|:---|:---|
| **Technical Report Summary** | ![img55683095_2.jpg](img55683095_2.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** | ![img55683095_2.jpg](img55683095_2.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 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |

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SLV0163 – Technical Report Summary Shiloh Project, Georgia 159 November 2025

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| | |
|:---|:---|
| **Technical Report Summary** | ![img55683095_2.jpg](img55683095_2.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 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |

---

SLV0163 – Technical Report Summary Shiloh Project, Georgia 160 November 2025

------

---

| | |
|:---|:---|
| **Technical Report Summary** | ![img55683095_2.jpg](img55683095_2.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-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** | ![img55683095_2.jpg](img55683095_2.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 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |

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SLV0163 – Technical Report Summary Shiloh Project, Georgia 162 November 2025

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| | |
|:---|:---|
| **Technical Report Summary** | ![img55683095_2.jpg](img55683095_2.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 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |

---

SLV0163 – Technical Report Summary Shiloh Project, Georgia 163 November 2025

------

---

| | |
|:---|:---|
| **Technical Report Summary** | ![img55683095_2.jpg](img55683095_2.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-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 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |

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SLV0163 – Technical Report Summary Shiloh Project, Georgia 164 November 2025

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| **Technical Report Summary** | ![img55683095_2.jpg](img55683095_2.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 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |

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SLV0163 – Technical Report Summary Shiloh Project, Georgia 165 November 2025

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| | |
|:---|:---|
| **Technical Report Summary** | ![img55683095_2.jpg](img55683095_2.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 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |

---

SLV0163 – Technical Report Summary Shiloh Project, Georgia 166 November 2025

------

---

| | |
|:---|:---|
| **Technical Report Summary** | ![img55683095_2.jpg](img55683095_2.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** | ![img55683095_2.jpg](img55683095_2.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 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |

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SLV0163 – Technical Report Summary Shiloh Project, Georgia 168 November 2025

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| | |
|:---|:---|
| **Technical Report Summary** | ![img55683095_2.jpg](img55683095_2.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 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |

---

SLV0163 – Technical Report Summary Shiloh Project, Georgia 169 November 2025

------

---

| | |
|:---|:---|
| **Technical Report Summary** | ![img55683095_2.jpg](img55683095_2.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-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** | ![img55683095_2.jpg](img55683095_2.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 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |

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SLV0163 – Technical Report Summary Shiloh Project, Georgia 171 November 2025

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|:---|:---|
| **Technical Report Summary** | ![img55683095_2.jpg](img55683095_2.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 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |

---

SLV0163 – Technical Report Summary Shiloh Project, Georgia 172 November 2025

------

---

| | |
|:---|:---|
| **Technical Report Summary** | ![img55683095_2.jpg](img55683095_2.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-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** | ![img55683095_2.jpg](img55683095_2.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 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |

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SLV0163 – Technical Report Summary Shiloh Project, Georgia 174 November 2025

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| | |
|:---|:---|
| **Technical Report Summary** | ![img55683095_2.jpg](img55683095_2.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-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 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |

---

SLV0163 – Technical Report Summary Shiloh Project, Georgia 175 November 2025

------

---

| | |
|:---|:---|
| **Technical Report Summary** | ![img55683095_2.jpg](img55683095_2.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** | ![img55683095_2.jpg](img55683095_2.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 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |

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SLV0163 – Technical Report Summary Shiloh Project, Georgia 177 November 2025

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| | |
|:---|:---|
| **Technical Report Summary** | ![img55683095_2.jpg](img55683095_2.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 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |

---

SLV0163 – Technical Report Summary Shiloh Project, Georgia 178 November 2025

------

---

| | |
|:---|:---|
| **Technical Report Summary** | ![img55683095_2.jpg](img55683095_2.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** | ![img55683095_2.jpg](img55683095_2.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 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |

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SLV0163 – Technical Report Summary Shiloh Project, Georgia 180 November 2025

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| | |
|:---|:---|
| **Technical Report Summary** | ![img55683095_2.jpg](img55683095_2.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 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |

---

SLV0163 – Technical Report Summary Shiloh Project, Georgia 181 November 2025

------

---

| | |
|:---|:---|
| **Technical Report Summary** | ![img55683095_2.jpg](img55683095_2.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-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** | ![img55683095_2.jpg](img55683095_2.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 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |

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SLV0163 – Technical Report Summary Shiloh Project, Georgia 183 November 2025

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| | |
|:---|:---|
| **Technical Report Summary** | ![img55683095_2.jpg](img55683095_2.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 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |

---

SLV0163 – Technical Report Summary Shiloh Project, Georgia 184 November 2025

------

---

| | |
|:---|:---|
| **Technical Report Summary** | ![img55683095_2.jpg](img55683095_2.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-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** | ![img55683095_2.jpg](img55683095_2.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 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |

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SLV0163 – Technical Report Summary Shiloh Project, Georgia 186 November 2025

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| | |
|:---|:---|
| **Technical Report Summary** | ![img55683095_2.jpg](img55683095_2.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 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |

---

SLV0163 – Technical Report Summary Shiloh Project, Georgia 187 November 2025

------

---

| | |
|:---|:---|
| **Technical Report Summary** | ![img55683095_2.jpg](img55683095_2.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-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** | ![img55683095_2.jpg](img55683095_2.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 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |

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SLV0163 – Technical Report Summary Shiloh Project, Georgia 189 November 2025

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|:---|:---|
| **Technical Report Summary** | ![img55683095_2.jpg](img55683095_2.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 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |

---

SLV0163 – Technical Report Summary Shiloh Project, Georgia 190 November 2025

------

---

| | |
|:---|:---|
| **Technical Report Summary** | ![img55683095_2.jpg](img55683095_2.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** | ![img55683095_2.jpg](img55683095_2.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 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |

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SLV0163 – Technical Report Summary Shiloh Project, Georgia 192 November 2025

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| | |
|:---|:---|
| **Technical Report Summary** | ![img55683095_2.jpg](img55683095_2.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 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |

---

SLV0163 – Technical Report Summary Shiloh Project, Georgia 193 November 2025

------

---

| | |
|:---|:---|
| **Technical Report Summary** | ![img55683095_2.jpg](img55683095_2.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** | ![img55683095_2.jpg](img55683095_2.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-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** | ![img55683095_2.jpg](img55683095_2.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** | ![img55683095_2.jpg](img55683095_2.jpg) |

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![img55683095_42.jpg](img55683095_42.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** | ![img55683095_2.jpg](img55683095_2.jpg) |

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![img55683095_43.jpg](img55683095_43.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** | ![img55683095_2.jpg](img55683095_2.jpg) |

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![img55683095_44.jpg](img55683095_44.jpg)

**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** | ![img55683095_2.jpg](img55683095_2.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** | ![img55683095_2.jpg](img55683095_2.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** | ![img55683095_2.jpg](img55683095_2.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** | ![img55683095_2.jpg](img55683095_2.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** | ![img55683095_2.jpg](img55683095_2.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** | ![img55683095_2.jpg](img55683095_2.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** | ![img55683095_2.jpg](img55683095_2.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** | ![img55683095_2.jpg](img55683095_2.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** | ![img55683095_2.jpg](img55683095_2.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** | ![img55683095_2.jpg](img55683095_2.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** | ![img55683095_2.jpg](img55683095_2.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** | ![img55683095_2.jpg](img55683095_2.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** | ![img55683095_2.jpg](img55683095_2.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** | ![img55683095_2.jpg](img55683095_2.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** | ![img55683095_2.jpg](img55683095_2.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** | ![img55683095_2.jpg](img55683095_2.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** | ![img55683095_2.jpg](img55683095_2.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 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |

---

**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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| **Technical Report Summary** | ![img55683095_2.jpg](img55683095_2.jpg) |

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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

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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

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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.

![img55683095_45.jpg](img55683095_45.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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![img55683095_46.jpg](img55683095_46.jpg)

**Figure 41 OREAS 460 (Source: Geosyntec, 2025)**

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![img55683095_47.jpg](img55683095_47.jpg)

**Figure 42 OREAS 463 (Source: Geosyntec, 2025)**

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![img55683095_48.jpg](img55683095_48.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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![img55683095_49.jpg](img55683095_49.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.

![img55683095_50.jpg](img55683095_50.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.

![img55683095_51.jpg](img55683095_51.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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![img55683095_52.jpg](img55683095_52.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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![img55683095_53.jpg](img55683095_53.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**

![img55683095_54.jpg](img55683095_54.jpg)

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.

![img55683095_55.jpg](img55683095_55.jpg)<br>![img55683095_56.jpg](img55683095_56.jpg)<br>![img55683095_57.jpg](img55683095_57.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.

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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.

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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.

SLV0163 – Technical Report Summary Shiloh Project, Georgia 249 November 2025

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12. Mineral Reserve Estimates

This is an early-stage exploration project. This chapter is not relevant to this Report.

SLV0163 – Technical Report Summary Shiloh Project, Georgia 250 November 2025

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13. Mining Methods

This is an early-stage exploration project. This chapter is not relevant to this Report.

SLV0163 – Technical Report Summary Shiloh Project, Georgia 251 November 2025

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14. Processing and Recovery Methods

This is an early-stage exploration project. This chapter is not relevant to this Report.

SLV0163 – Technical Report Summary Shiloh Project, Georgia 252 November 2025

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15. Infrastructure

This is an early-stage exploration project. This chapter is not relevant to this Report.

SLV0163 – Technical Report Summary Shiloh Project, Georgia 253 November 2025

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16. Market Studies

This is an early-stage exploration project. This chapter is not relevant to this Report.

SLV0163 – Technical Report Summary Shiloh Project, Georgia 254 November 2025

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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.

SLV0163 – Technical Report Summary Shiloh Project, Georgia 255 November 2025

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18. Capital And Operating Costs

This is an early-stage exploration project. This chapter is not relevant to this Report.

SLV0163 – Technical Report Summary Shiloh Project, Georgia 256 November 2025

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19. Economic Analysis

This is an early-stage exploration project. This chapter is not relevant to this Report.

SLV0163 – Technical Report Summary Shiloh Project, Georgia 257 November 2025

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20. Adjacent Properties

This chapter is not relevant to this Report.

SLV0163 – Technical Report Summary Shiloh Project, Georgia 258 November 2025

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21. Other relevant data and information

This chapter is not relevant to this Report.

SLV0163 – Technical Report Summary Shiloh Project, Georgia 259 November 2025

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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.

SLV0163 – Technical Report Summary Shiloh Project, Georgia 260 November 2025

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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.

SLV0163 – Technical Report Summary Shiloh Project, Georgia 261 November 2025

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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.

SLV0163 – Technical Report Summary Shiloh Project, Georgia 262 November 2025

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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

SLV0163 – Technical Report Summary Shiloh Project, Georgia 265 November 2025

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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).

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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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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 99.2

**Exhibit 96.2**

![img56606616_0.jpg](img56606616_0.jpg)

**Constellation Project**

**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 current as at:** | &nbsp;&nbsp;31 October 2025 |

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![img56606616_1.jpg](img56606616_1.jpg)

Date: 31 October 2025 1

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| ![img56606616_2.jpg](img56606616_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 | &nbsp;&nbsp;&nbsp;Introduction | 1-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 | &nbsp;&nbsp;&nbsp;Terms of Reference | 1-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 | &nbsp;&nbsp;&nbsp;Property Setting | 1-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 | &nbsp;&nbsp;&nbsp;Ownership | 1-2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5 | &nbsp;&nbsp;&nbsp;Mineral Tenure, Surface Rights, Water Rights, Royalties and Agreements | 1-2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6 | &nbsp;&nbsp;&nbsp;Environmental, Permitting and Social Considerations | 1-3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7 | &nbsp;&nbsp;&nbsp;Geology and Mineralization | 1-4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.8 | &nbsp;&nbsp;&nbsp;History | 1-6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.9 | &nbsp;&nbsp;&nbsp;Exploration | 1-7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;Drilling and Sampling | 1-7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;Data Verification | 1-9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;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 | &nbsp;&nbsp;&nbsp;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 | 1-12 |
| &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 | &nbsp;&nbsp;&nbsp;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 | &nbsp;&nbsp;&nbsp;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 | &nbsp;&nbsp;&nbsp;Conclusions | 1-17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17 | &nbsp;&nbsp;&nbsp;Recommendations | 1-18 |
| **2.0** | **INTRODUCTION** | **2-1** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 | &nbsp;&nbsp;&nbsp;Introduction | 2-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 | &nbsp;&nbsp;&nbsp;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 | &nbsp;&nbsp;&nbsp;Qualified Persons | 2-2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 | &nbsp;&nbsp;&nbsp;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 | &nbsp;&nbsp;&nbsp;Report Date | 2-3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 | &nbsp;&nbsp;&nbsp;Information Sources and References | 2-3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 | &nbsp;&nbsp;&nbsp;Previous Technical Report Summaries | 2-4 |

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Date: 31 October 2025 ii

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|:---|:---|
| ![img56606616_2.jpg](img56606616_2.jpg) | www.rareearthsamericas.com |
|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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| | | |
|:---|:---|:---|
| **3.0** | **PROPERTY DESCRIPTION** | **3-1** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 | &nbsp;&nbsp;&nbsp;Introduction | 3-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 | &nbsp;&nbsp;&nbsp;Property and Title in Minas Gerais | 3-1 |
| &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 | &nbsp;&nbsp;&nbsp;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 | &nbsp;&nbsp;&nbsp;Mineral Title | 3-6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 | &nbsp;&nbsp;&nbsp;Surface Rights | 3-7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6 | &nbsp;&nbsp;&nbsp;Water Rights | 3-10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7 | &nbsp;&nbsp;&nbsp;Royalties | 3-11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8 | &nbsp;&nbsp;&nbsp;Encumbrances | 3-11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9 | &nbsp;&nbsp;&nbsp;Environmental Considerations | 3-11 |
| &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 | &nbsp;&nbsp;&nbsp;Permitting Considerations | 3-12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10.1 | &nbsp;&nbsp;&nbsp;&nbsp;Permitting Requirements | 3-12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10.2 | &nbsp;&nbsp;&nbsp;&nbsp;Permitting Timelines | 3-13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10.3 | &nbsp;&nbsp;&nbsp;&nbsp;Permit Conditions | 3-14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10.4 | &nbsp;&nbsp;&nbsp;&nbsp;Violations and Fines | 3-15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.11 | &nbsp;&nbsp;&nbsp;Social Considerations | 3-15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12 | &nbsp;&nbsp;&nbsp;Significant Factors and Risks That May Affect Access, Title or Work Programs | 3-15 |
| **4.0** | **ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY** | **4-1** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 | &nbsp;&nbsp;&nbsp;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 | &nbsp;&nbsp;&nbsp;Accessibility | 4-3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 | &nbsp;&nbsp;&nbsp;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 | &nbsp;&nbsp;&nbsp;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 | &nbsp;&nbsp;&nbsp;Deposit Type | 6-1 |

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Date: 31 October 2025 iii

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|:---|:---|
| ![img56606616_2.jpg](img56606616_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;6.2 | &nbsp;&nbsp;&nbsp;Regional Geology | 6-2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 | &nbsp;&nbsp;&nbsp;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 | 6-5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 | &nbsp;&nbsp;&nbsp;Deposit Geology | 6-6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4.1 | &nbsp;&nbsp;&nbsp;&nbsp;Pio Cipó Deposit | 6-6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4.2 | &nbsp;&nbsp;&nbsp;&nbsp;Pedra Preta Deposit | 6-8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4.3 | &nbsp;&nbsp;&nbsp;&nbsp;Varginha Deposit | 6-10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4.4 | &nbsp;&nbsp;&nbsp;&nbsp;Roseira Deposit | 6-12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4.5 | &nbsp;&nbsp;&nbsp;&nbsp;Mato Queimado Deposit | 6-13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4.6 | &nbsp;&nbsp;&nbsp;&nbsp;Clube da Uva Deposit | 6-15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4.7 | &nbsp;&nbsp;&nbsp;&nbsp;Andradas Deposit | 6-16 |
| **7.0** | **EXPLORATION** | **7-1** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 | &nbsp;&nbsp;&nbsp;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 | &nbsp;&nbsp;&nbsp;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 | 7-11 |
| &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 | &nbsp;&nbsp;&nbsp;Hydrogeology | 7-13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 | &nbsp;&nbsp;&nbsp;Geotechnical | 7-14 |
| **8.0** | **SAMPLE PREPARATION, ANALYSES, AND SECURITY** | **8-1** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 | &nbsp;&nbsp;&nbsp;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 | &nbsp;&nbsp;&nbsp;Sample Security Methods | 8-2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 | &nbsp;&nbsp;&nbsp;Density Determinations | 8-2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4 | &nbsp;&nbsp;&nbsp;Analytical and Test Laboratories | 8-3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5 | &nbsp;&nbsp;&nbsp;Sample Preparation | 8-3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6 | &nbsp;&nbsp;&nbsp;Analysis | 8-4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.7 | &nbsp;&nbsp;&nbsp;Quality Assurance and Quality Control | 8-5 |

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Date: 31 October 2025 iv

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| | |
|:---|:---|
| ![img56606616_2.jpg](img56606616_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;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 | 8-11 |
| &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;8.8 | &nbsp;&nbsp;&nbsp;Database | 8-21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.9 | &nbsp;&nbsp;&nbsp;Qualified Person's Opinion on Sample Preparation, Security, and Analytical Procedures | 8-21 |
| **9.0** | **DATA VERIFICATION** | **9-1** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 | &nbsp;&nbsp;&nbsp;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;&nbsp;&nbsp;9.1.2 | &nbsp;&nbsp;&nbsp;&nbsp;Twin Holes | 9-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 | &nbsp;&nbsp;&nbsp;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 | &nbsp;&nbsp;&nbsp;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 | &nbsp;&nbsp;&nbsp;Introduction | 10-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 | &nbsp;&nbsp;&nbsp;Proposed Processing Method | 10-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3 | &nbsp;&nbsp;&nbsp;Test Laboratories | 10-2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4 | &nbsp;&nbsp;&nbsp;Metallurgical Testwork | 10-3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5 | &nbsp;&nbsp;&nbsp;Rare Earth Element Extraction Estimates | 10-4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.6 | &nbsp;&nbsp;&nbsp;Metallurgical Variability | 10-6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.7 | &nbsp;&nbsp;&nbsp;Deleterious Elements | 10-6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.8 | &nbsp;&nbsp;&nbsp;Qualified Person's Opinion on Data Adequacy | 10-7 |
| **11.0** | **MINERAL RESOURCE ESTIMATES** | **11-1** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1 | &nbsp;&nbsp;&nbsp;Introduction | 11-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2 | &nbsp;&nbsp;&nbsp;Unsampled Intervals | 11-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3 | &nbsp;&nbsp;&nbsp;Drill Hole Coding | 11-2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4 | &nbsp;&nbsp;&nbsp;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 | &nbsp;&nbsp;&nbsp;Geological Models | 11-7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.6 | &nbsp;&nbsp;&nbsp;Block Models | 11-8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.7 | &nbsp;&nbsp;&nbsp;Density Assignment | 11-9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.8 | &nbsp;&nbsp;&nbsp;Grade Capping/Outlier Restrictions | 11-9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.9 | &nbsp;&nbsp;&nbsp;Composites | 11-9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.10 | &nbsp;&nbsp;&nbsp;Variography | 11-10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.11 | &nbsp;&nbsp;&nbsp;Estimation/interpolation Methods | 11-10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.12 | &nbsp;&nbsp;&nbsp;Validation | 11-11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.12.1 | &nbsp;&nbsp;&nbsp;&nbsp;Visual Validation | 11-11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.12.2 | &nbsp;&nbsp;&nbsp;&nbsp;Comparison of Means | 11-14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.12.3 | &nbsp;&nbsp;&nbsp;&nbsp;Swath Plots | 11-15 |

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Date: 31 October 2025 v

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| | |
|:---|:---|
| ![img56606616_2.jpg](img56606616_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;11.13 | &nbsp;&nbsp;&nbsp;Confidence Classification of Mineral Resource Estimate | 11-16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.13.1 | &nbsp;&nbsp;&nbsp;&nbsp;Mineral Resource Confidence Classification | 11-16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.14 | &nbsp;&nbsp;&nbsp;Reasonable Prospects of Economic Extraction | 11-20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.14.1 | &nbsp;&nbsp;&nbsp;&nbsp;Initial Assessment Assumptions | 11-20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.14.2 | &nbsp;&nbsp;&nbsp;&nbsp;Constraining Potentially Mineable Shape Input Assumptions | 11-23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.14.3 | &nbsp;&nbsp;&nbsp;&nbsp;Market and Commodity Price Forecasts | 11-23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.14.4 | &nbsp;&nbsp;&nbsp;&nbsp;Pit Shell | 11-27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.14.5 | &nbsp;&nbsp;&nbsp;&nbsp;Cut-off | 11-28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.14.6 | &nbsp;&nbsp;&nbsp;&nbsp;QP Statement | 11-28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.15 | &nbsp;&nbsp;&nbsp;Mineral Resource Statement | 11-29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.16 | &nbsp;&nbsp;&nbsp;Uncertainties (Factors) That May Affect the Mineral Resource Estimate | 11-30 |
| **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** | **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 | &nbsp;&nbsp;&nbsp;Introduction | 22-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.2 | &nbsp;&nbsp;&nbsp;Property Setting | 22-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.3 | &nbsp;&nbsp;&nbsp;Ownership | 22-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.4 | &nbsp;&nbsp;&nbsp;Mineral Tenure, Surface Rights, Water Rights, Royalties and Agreements | 22-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.5 | &nbsp;&nbsp;&nbsp;Geology and Mineralization | 22-2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.6 | &nbsp;&nbsp;&nbsp;History | 22-3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.7 | &nbsp;&nbsp;&nbsp;Exploration, Drilling, and Sampling | 22-3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.8 | &nbsp;&nbsp;&nbsp;Data Verification | 22-4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.9 | &nbsp;&nbsp;&nbsp;Metallurgical Testwork | 22-4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.10 | &nbsp;&nbsp;&nbsp;Mineral Resource Estimates | 22-4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.11 | &nbsp;&nbsp;&nbsp;Risks | 22-5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.11.1 | &nbsp;&nbsp;&nbsp;&nbsp;Exploration and Geology Risks | 22-5 |
| &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 | &nbsp;&nbsp;&nbsp;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 | &nbsp;&nbsp;&nbsp;Mineral Resource Opportunities | 22-7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.14 | &nbsp;&nbsp;&nbsp;Conclusions | 22-7 |
| **23.0** | **RECOMMENDATIONS** | **23-1** |

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Date: 31 October 2025 vi

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| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.1 | &nbsp;&nbsp;&nbsp;Introduction | 23-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.2 | &nbsp;&nbsp;&nbsp;Phase A | 23-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.3 | &nbsp;&nbsp;&nbsp;Phase B | 23-2 |
| **24.0** | **REFERENCES** | **24-1** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.1 | &nbsp;&nbsp;&nbsp;Bibliography | 24-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.2 | &nbsp;&nbsp;&nbsp;Abbreviations | 24-2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.3 | &nbsp;&nbsp;&nbsp;Glossary of Terms | 24-4 |
| **25.0** | **RELIANCE ON INFORMATION PROVIDED BY THE REGISTRANT** | **25-1** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.1 | &nbsp;&nbsp;&nbsp;Introduction | 25-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.2 | &nbsp;&nbsp;&nbsp;Mineral Processing | 25-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.3 | &nbsp;&nbsp;&nbsp;Markets | 25-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.4 | &nbsp;&nbsp;&nbsp;Legal Matters | 25-2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.5 | &nbsp;&nbsp;&nbsp;Environmental Matters | 25-2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.6 | &nbsp;&nbsp;&nbsp;Stakeholder Accommodations | 25-2 |

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**Tables**

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| Table 1-1: | Constellation Project – Summary of Rare Earth Mineral Resources at October 31, 2025 Based on basket value of US$43.5/kg of recovered rare earth oxide | 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 | 3-5 |
| Table 4-1  | Description of Vegetation | 4-2 |
| Table 6-1: | Stratigraphic Column Through Weathering Profile | 6-5 |
| 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 | 8-7 |
| Table 8-5: | SGS IMS95A Results, OREAS 460 | 8-8 |
| Table 8-6: | SGS IMS95A Results, OREAS 463 | 8-9 |
| Table 8-7: | ALS ME-MS81 Results, OREAS 30a | 8-12 |
| Table 8-8: | ALS ME-MS81 Results, OREAS 100a | 8-13 |
| Table 8-9: | ALS ME-MS81 Results: OREAS 460 | 8-14 |
| Table 10-1: | Mean Leach Sample Recoveries by Deposit | 10-4 |
| Table 10-2: | Mean Block Model Extraction Estimates | 10-5 |

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| 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 | 11-10 |
| Table 11-9: | Search Ranges and Clamping Restrictions | 11-11 |
| Table 11-10: | Comparison of Means For Pedra Preta, Roseira, and Varginha Estimation Domains | 11-14 |
| Table 11-11: | Sources of Mineral Resource Uncertainty | 11-17 |
| Table 11-12: | Initial Assessment Assumptions | 11-20 |
| Table 11-13: | Rare-Earth Elements Prices and Average Basket Price Calculation | 11-26 |
| Table 11-14. | Whittle Resource Constraining Pit Shell Parameters | 11-27 |
| Table 11-15: | Constellation Project – Summary of Rare Earth Mineral Resources at October 31, 2025 Based on basket value of US$43.5/kg of recovered rare earth oxide | 11-29 |
| 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 | 3-1 |
| Figure 6-1: | Geology Plan, Poços de Caldas Alkaline Complex | 6-4 |
| Figure 6-2: | Example Strip Log Stratigraphy | 6-6 |
| Figure 6-3: | Pio Cipó Example Geological Cross-Section | 6-7 |
| Figure 6-4: | Pedra Preta Example Geological Cross-Section | 6-9 |
| Figure 6-5: | Varginha Example Geological Cross-Section | 6-11 |
| Figure 6-6: | Roseira Example Geological Cross-Section | 6-12 |
| Figure 6-7: | Mato Queimado Example Geological Cross-Section | 6-14 |
| Figure 6-8: | Clube da Uva Example Geological Cross-Section | 6-16 |
| Figure 6-9: | Andradas Example Geological Cross-Section | 6-17 |
| 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 | 8-10 |
| Figure 8-2: | ALS Example CRM Control Plot OREAS 100a | 8-15 |
| Figure 8-3: | SGS Control Plot Blanks | 8-16 |
| Figure 8-4: | ALS Control Plot Blanks | 8-18 |
| Figure 8-5: | SGS Geosol Field Duplicate Scatter Plots | 8-119 |

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| Figure 8-6: | ALS Lima Field Duplicate Scatter Plots | 8-20 |
| 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 | 11-9 |
| Figure 11-3: | Plan View of Largest Constellation Block Models Colored by Total Rare Earth Oxide Grade | 11-12 |
| Figure 11-4: | Cross Section Views of the Block Model Colored by Total Rare Earth Oxide–CeO2 Grade | 11-13 |
| Figure 11-5: | Swath Plots of Pedra Preta Composite Nd2O3 Values Versus IDW And OK Block Grade Estimates | 11-15 |
| Figure 11-6: | Swath Plots Of Roseira Composite Nd2O3 Values Versus IDW and OK Block Grade Estimates | 11-15 |
| Figure 11-7: | Swath Plots of Varginha Composite Nd2O3 Values Versus IDW and OK Block Grade Estimates | 11-16 |
| 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 | 11-24 |
| Figure 20-1: | Location of Rare Earth America Constellation Project and Adjacent Properties | 20-1 |

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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 filing by Rare Earth Americas of a registration statement on Form S-1 with the Securities and Exchange Commission, pursuant to Section 1300 of Regulation S-K.

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.

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.

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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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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 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 5% net revenue royalty applicable to approximately 40% of the reported mineral resources falling within the Roseira, Clube da Uva, and Varginha tenements.

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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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.

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),

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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.

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.

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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.

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.

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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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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.

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

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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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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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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$43.5 per kilogram of recovered TREO. This block-level basket value served as an input into a Lerchs–Grossmann optimization process,

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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.

The third-party firm responsible for the estimate is McGarry Geoconsulting, Corp.

**Table 1-1: Constellation Project Mineral Resource Estimate** 

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| &nbsp;&nbsp;**Category** | &nbsp;&nbsp;**Cut-Off**<br>**Grade** | &nbsp;&nbsp;**Deposit** | &nbsp;&nbsp;**Tonnes** | &nbsp;&nbsp;**TREO**  | &nbsp;&nbsp;**Nd2O3 +**<br>**Pr6O11** | &nbsp;&nbsp;**Dy2O3 +**<br>**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;Roseira | &nbsp;&nbsp;42.3 | &nbsp;&nbsp;2508 | &nbsp;&nbsp;518 | &nbsp;&nbsp;18.6 |
|  |  | &nbsp;&nbsp;Mato Queimado  | &nbsp;&nbsp;17.7 | &nbsp;&nbsp;2027 | &nbsp;&nbsp;483 | &nbsp;&nbsp;26.0 |
|  |  | &nbsp;&nbsp;Clube da Uva | &nbsp;&nbsp;9.6 | &nbsp;&nbsp;2508 | &nbsp;&nbsp;375 | &nbsp;&nbsp;17.0 |
|  |  | &nbsp;&nbsp;Andradas | &nbsp;&nbsp;12.6 | &nbsp;&nbsp;1928 | &nbsp;&nbsp;513 | &nbsp;&nbsp;28.1 |
|  |  | &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$43.5/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

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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. 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**

![img56606616_3.jpg](img56606616_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 filing by Rare Earth Americas of a registration statement on Form S-1 with the Securities and Exchange Commission, pursuant to Section 1300 of Regulation S-K.

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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| &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, 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.

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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.

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.

**3.2.5 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.

**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

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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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**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 July 2025 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;

&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;

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&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.

3.5 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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**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** |
| &nbsp;&nbsp;&nbsp;**Concessions Hosting Mineral Resources**  | &nbsp;&nbsp;&nbsp;**Concessions Hosting Mineral Resources**  | &nbsp;&nbsp;&nbsp;**Concessions Hosting Mineral Resources**  | &nbsp;&nbsp;&nbsp;**Concessions Hosting Mineral Resources**  | &nbsp;&nbsp;&nbsp;**Concessions Hosting Mineral Resources**  | &nbsp;&nbsp;&nbsp;**Concessions Hosting Mineral Resources**  | &nbsp;&nbsp;&nbsp;**Concessions Hosting Mineral Resources**  | &nbsp;&nbsp;&nbsp;**Concessions Hosting Mineral Resources**  | &nbsp;&nbsp;&nbsp;**Concessions Hosting Mineral Resources**  | &nbsp;&nbsp;&nbsp;**Concessions Hosting Mineral Resources**  | &nbsp;&nbsp;&nbsp;**Concessions Hosting Mineral Resources**  | &nbsp;&nbsp;&nbsp;**Concessions Hosting Mineral Resources**  |
| &nbsp;&nbsp;&nbsp;833.020/2022 Andradas | &nbsp;&nbsp;&nbsp;Exploration Permit | 91.3 | R$433 | $82.20 | &nbsp;&nbsp;&nbsp;Alpha Minerals Brazil Participações Ltda | &nbsp;&nbsp;Minas Gerais | &nbsp;&nbsp;Rare Earths | 07/02/2023 | 09/12/2025 | 7/02/2026 |  |
| &nbsp;&nbsp;&nbsp;830914/2013 Mato Queimado | &nbsp;&nbsp;&nbsp;Mining Concession | 120.0 | R$0 | $0.00 | &nbsp;&nbsp;&nbsp;Edem Empresa De Desenvolvimento Em Mineração | &nbsp;&nbsp;Minas Gerais | &nbsp;&nbsp;Bauxite | 27/06/2023 | N/A | N/A |  |
| &nbsp;&nbsp;&nbsp;800.572/1969 Roseira | &nbsp;&nbsp;&nbsp;Mining Concession | 160.6 | R$0 | $0.00 | &nbsp;&nbsp;&nbsp;Mineração Andradense Ltda | &nbsp;&nbsp;Minas Gerais | &nbsp;&nbsp;Bauxite | 03/09/1980 | N/A | N/A | 2 |
| &nbsp;&nbsp;&nbsp;813944/1971 Pedra Preta | &nbsp;&nbsp;&nbsp;Mining Concession | 298.9 | R$0 | $0.00 | &nbsp;&nbsp;&nbsp;JJBF Ltda | &nbsp;&nbsp;Minas Gerais | &nbsp;&nbsp;Bauxite | 23/10/1997 | N/A | N/A |  |
| &nbsp;&nbsp;&nbsp;804.059/1971 Clube da Uva | &nbsp;&nbsp;&nbsp;Mining Concession | 37.5 | R$0 | $0.00 | &nbsp;&nbsp;&nbsp;Mineração Andradense Ltda | &nbsp;&nbsp;Minas Gerais | &nbsp;&nbsp;Clay | 22/12/1978 | N/A | N/A | 2 |
| &nbsp;&nbsp;&nbsp;818865/1971 Pio Cipó | &nbsp;&nbsp;&nbsp;Mining Concession | 411.1 | R$0 | $0.00 | &nbsp;&nbsp;&nbsp;Bautek Minerais Industriais | &nbsp;&nbsp;Minas Gerais | &nbsp;&nbsp;Bauxite | 20/06/2005 | N/A | N/A |  |
| &nbsp;&nbsp;&nbsp;808.966/1968 Varginha | &nbsp;&nbsp;&nbsp;Mining Concession | 322.3 | R$0 | $0.00 | &nbsp;&nbsp;&nbsp;Mineração Andradense Ltda | &nbsp;&nbsp;Minas Gerais | &nbsp;&nbsp;Clay | 12/06/1980 | N/A | N/A | 2 |
| &nbsp;&nbsp;&nbsp;**Other Concessions** | &nbsp;&nbsp;&nbsp;**Other Concessions** | &nbsp;&nbsp;&nbsp;**Other Concessions** | &nbsp;&nbsp;&nbsp;**Other Concessions** | &nbsp;&nbsp;&nbsp;**Other Concessions** | &nbsp;&nbsp;&nbsp;**Other Concessions** | &nbsp;&nbsp;&nbsp;**Other Concessions** | &nbsp;&nbsp;&nbsp;**Other Concessions** | &nbsp;&nbsp;&nbsp;**Other Concessions** | &nbsp;&nbsp;&nbsp;**Other Concessions** | &nbsp;&nbsp;&nbsp;**Other Concessions** | &nbsp;&nbsp;&nbsp;**Other Concessions** |
| &nbsp;&nbsp;&nbsp;833.021/2022 | &nbsp;&nbsp;&nbsp;Exploration Permit | 145.0 | R$687 | $130.50 | &nbsp;&nbsp;&nbsp;Alpha Minerals Brazil Participações Ltda | Minas Gerais | Rare Earths | 7/02/2023 | 9/12/2025 | 7/02/2026 |  |
| &nbsp;&nbsp;&nbsp;820612/2022 | &nbsp;&nbsp;&nbsp;Exploration permit | 228.3 | R$1,082 | $205.43 | &nbsp;&nbsp;&nbsp;Alpha Minerals Brazil Participações Ltda | São Paulo | Rare Earths | 21/03/2023 | 20/01/2026 | 21/03/2026 |  |
| &nbsp;&nbsp;&nbsp;820.611/2022 | &nbsp;&nbsp;&nbsp;Exploration permit | 295.6 | R$1,401 | $266.04 | &nbsp;&nbsp;&nbsp;Alpha Minerals Brazil Participações Ltda | São Paulo | Rare Earths | 21/03/2023 | 20/01/2026 | 21/03/2026 |  |
| &nbsp;&nbsp;&nbsp;820.610/2022 | &nbsp;&nbsp;&nbsp;Exploration permit | 106.3 | R$504 | $95.65 | &nbsp;&nbsp;&nbsp;Alpha Minerals Brazil Participações Ltda | São Paulo | Rare Earths | 21/03/2023 | 20/01/2026 | 21/03/2026 |  |
| &nbsp;&nbsp;&nbsp;833.019/2022 | &nbsp;&nbsp;&nbsp;Exploration permit | 438.8 | R$2,080 | $394.88 | &nbsp;&nbsp;&nbsp;Alpha Minerals Brazil Participações Ltda | Minas Gerais | Rare Earths | 23/03/2023 | 24/03/2026 | 23/03/2026 |  |
| &nbsp;&nbsp;&nbsp;833.018/2022 | &nbsp;&nbsp;&nbsp;Exploration permit | 155.1 | R$735 | $139.55 | &nbsp;&nbsp;&nbsp;Brazil Royalty Corp. Participações E Investimentos Ltda | Minas Gerais | Rare Earths | 17/04/2023 | 16/02/2026 | 17/04/2026 | 1 |

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| ![img56606616_2.jpg](img56606616_2.jpg) | www.rareearthsamericas.com |
|  | 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** |
| &nbsp;&nbsp;&nbsp;833.015/2022 | &nbsp;&nbsp;&nbsp;Exploration permit | 175.2 | R$830 | $157.68 | &nbsp;&nbsp;&nbsp;Alpha Minerals Brazil Participações Ltda | Minas Gerais | Rare Earths | 23/03/2023 | 22/01/2026 | 23/03/2026 |  |
| &nbsp;&nbsp;&nbsp;833.014/2022 | &nbsp;&nbsp;&nbsp;Exploration permit | 525.2 | R$2,490 | $472.72 | &nbsp;&nbsp;&nbsp;Alpha Minerals Brazil Participações Ltda | Minas Gerais | Rare Earths | 23/03/2023 | 22/01/2026 | 23/03/2026 |  |
| &nbsp;&nbsp;&nbsp;833.013/2022 | &nbsp;&nbsp;&nbsp;Exploration permit | 335.9 | R$1,592 | $302.29 | &nbsp;&nbsp;&nbsp;Alpha Minerals Brazil Participações Ltda | Minas Gerais | Rare Earths | 23/03/2023 | 22/01/2026 | 23/03/2026 |  |
| &nbsp;&nbsp;&nbsp;833.012/2022 | &nbsp;&nbsp;&nbsp;Exploration permit | 1060.4 | R$5,026 | $954.34 | &nbsp;&nbsp;&nbsp;Alpha Minerals Brazil Participações Ltda | Minas Gerais | Rare Earths | 23/03/2023 | 22/01/2026 | 23/03/2026 |  |
| &nbsp;&nbsp;&nbsp;832.965/2022 | &nbsp;&nbsp;&nbsp;Exploration permit | 932.8 | R$4,421 | $839.50 | &nbsp;&nbsp;&nbsp;Alpha Minerals Brazil Participações Ltda | Minas Gerais | Rare Earths | 27/02/2023 | 29/12/2025 | 27/02/2026 |  |
| &nbsp;&nbsp;&nbsp;830301/2024 | &nbsp;&nbsp;&nbsp;Exploration permit | 35.3 | R$167 | $31.79 | &nbsp;&nbsp;&nbsp;Brazil Royalty Corp. Participações E Investimentos Ltda | Minas Gerais | Rare Earths | 11/07/2024 | 12/05/2027 | 11/07/2027 | 1 |
| &nbsp;&nbsp;&nbsp;832150/2022 | &nbsp;&nbsp;&nbsp;Exploration permit | 61.1 | R$0 | $0.00 | &nbsp;&nbsp;&nbsp;Terra Goyana Mineradora Ltda | Minas Gerais | Ilmenite | 23/05/2023 | 24/03/2026 | 23/05/2026 |  |
| &nbsp;&nbsp;&nbsp;832149/2022 | &nbsp;&nbsp;&nbsp;Exploration permit | 12.1 | R$0 | $0.00 | &nbsp;&nbsp;&nbsp;Terra Goyana Mineradora Ltda | Minas Gerais | Ilmenite | 1/11/2023 | 2/09/2026 | 1/11/2026 |  |

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Notes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.A request to transfer concession to Alpha Minerals has been filed with ANM.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Tenement is subject to 5% royalty agreement in favour of Mineração Andradense Ltda.

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| ![img56606616_2.jpg](img56606616_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**

![img56606616_4.jpg](img56606616_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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| ![img56606616_2.jpg](img56606616_2.jpg) | www.rareearthsamericas.com |
|  | 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.

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 known environmental protections, community access rights, infrastructure easements, or other encumbrances that would materially impact exploration or potential development activities.

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.

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| ![img56606616_2.jpg](img56606616_2.jpg) | www.rareearthsamericas.com |
|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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**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.

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.

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| ![img56606616_2.jpg](img56606616_2.jpg) | www.rareearthsamericas.com |
|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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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.

**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.

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| ![img56606616_2.jpg](img56606616_2.jpg) | www.rareearthsamericas.com |
|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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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.

**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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|:---|:---|
| **Permit** | **Requirement** |
| &nbsp;&nbsp;&nbsp;Approval of the Research Authorization | &nbsp;&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;&nbsp;Final Exploration Report | &nbsp;&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;&nbsp;Economic Development Plan | &nbsp;&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;&nbsp;Preliminary Environmental License | &nbsp;&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  |

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| ![img56606616_2.jpg](img56606616_2.jpg) | www.rareearthsamericas.com |
|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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| **Permit** | **Requirement** |
|  | &nbsp;&nbsp;&nbsp;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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**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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| ![img56606616_2.jpg](img56606616_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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| ![img56606616_2.jpg](img56606616_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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|:---|:---|
| **Deposit**  | **Description of Vegetation** |
| &nbsp;&nbsp;&nbsp;Pio Cipó | &nbsp;&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;&nbsp;Pedra Preta | &nbsp;&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;&nbsp;Varginha | &nbsp;&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;&nbsp;Roseira | &nbsp;&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;&nbsp;Mato Queimado | &nbsp;&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;&nbsp;Clube da Uva | &nbsp;&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;&nbsp;Andradas | &nbsp;&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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| ![img56606616_2.jpg](img56606616_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.

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.

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| ![img56606616_2.jpg](img56606616_2.jpg) | www.rareearthsamericas.com |
|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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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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| ![img56606616_2.jpg](img56606616_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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|  | 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).

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| ![img56606616_2.jpg](img56606616_2.jpg) | www.rareearthsamericas.com |
|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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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.

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.

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|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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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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|  | 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**

![img56606616_5.jpg](img56606616_5.jpg)

Note: Note: Figure prepared by Rare Earths Americas, 2025. Black outlines show mineral concessions held by Rare Earths Americas.

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| ![img56606616_2.jpg](img56606616_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

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| ![img56606616_2.jpg](img56606616_2.jpg) | www.rareearthsamericas.com |
|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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Projection UTM Zone23S) at the Mato Queimado deposit and is representative of the typical regolith stratigraphy at the Constellation Project.

**Figure 6-2: Example Strip Log Stratigraphy**![img56606616_6.jpg](img56606616_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.

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|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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**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.

**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**![img56606616_7.jpg](img56606616_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.

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| ![img56606616_2.jpg](img56606616_2.jpg) | www.rareearthsamericas.com |
|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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**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.

**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).

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| ![img56606616_2.jpg](img56606616_2.jpg) | www.rareearthsamericas.com |
|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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**Figure 6-4: Pedra Preta Example Geological Cross-Section**

![img56606616_8.jpg](img56606616_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.

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.

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|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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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.

**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.

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| ![img56606616_2.jpg](img56606616_2.jpg) | www.rareearthsamericas.com |
|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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**Figure 6-5: Varginha Example Geological Cross-Section**![img56606616_9.jpg](img56606616_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.

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.

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| ![img56606616_2.jpg](img56606616_2.jpg) | www.rareearthsamericas.com |
|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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**6.4.4 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**![img56606616_10.jpg](img56606616_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.

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

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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

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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.

**Figure 6-7: Mato Queimado Example Geological Cross-Section**![img56606616_11.jpg](img56606616_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.

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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.

**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.

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|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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**Figure 6-8: Clube da Uva Example Geological Cross-Section**

![img56606616_12.jpg](img56606616_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.

**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.

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|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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**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.

**Figure 6-9: Andradas Example Geological Cross-Section**

![img56606616_13.jpg](img56606616_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

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|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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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.

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|  | 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).

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.

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|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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**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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| ![img56606616_2.jpg](img56606616_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**

![img56606616_14.jpg](img56606616_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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|  | 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.

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| ![img56606616_2.jpg](img56606616_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 Depth (m)** | &nbsp;&nbsp;**Drilled Meters** | &nbsp;&nbsp;**Assayed 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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| ![img56606616_2.jpg](img56606616_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**

![img56606616_15.jpg](img56606616_15.jpg)

Note: Figure prepared by Rare Earths Americas, 2025.

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| ![img56606616_2.jpg](img56606616_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 Depth (m)** | &nbsp;&nbsp;**Drilled Meters** | &nbsp;&nbsp;**Assayed 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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|  | 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;

&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

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|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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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 |
| &nbsp;&nbsp;820611/2022 | &nbsp;&nbsp;STPC0146 | &nbsp;&nbsp;4213183 | &nbsp;&nbsp;98413900 | &nbsp;&nbsp;12 | &nbsp;&nbsp;180 | &nbsp;&nbsp;335 | &nbsp;&nbsp;498 |
| &nbsp;&nbsp;820611/2022 | &nbsp;&nbsp;STPC0149 | &nbsp;&nbsp;3567641 | &nbsp;&nbsp;83278591 | &nbsp;&nbsp;10 | &nbsp;&nbsp;960 | &nbsp;&nbsp;1179 | &nbsp;&nbsp;1533 |

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| ![img56606616_2.jpg](img56606616_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;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.

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.

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| ![img56606616_2.jpg](img56606616_2.jpg) | www.rareearthsamericas.com |
|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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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.

**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.

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| ![img56606616_2.jpg](img56606616_2.jpg) | www.rareearthsamericas.com |
|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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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 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,

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| ![img56606616_2.jpg](img56606616_2.jpg) | www.rareearthsamericas.com |
|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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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.

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.

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| ![img56606616_2.jpg](img56606616_2.jpg) | www.rareearthsamericas.com |
|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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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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| ![img56606616_2.jpg](img56606616_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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| ![img56606616_2.jpg](img56606616_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:

![img56606616_16.jpg](img56606616_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.

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| ![img56606616_2.jpg](img56606616_2.jpg) | www.rareearthsamericas.com |
|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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**Table 8-1: 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.

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| ![img56606616_2.jpg](img56606616_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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| | | |
|:---|:---|:---|
| **Element** | **SGS Geosol (ppm)** | **ALS Lima (ppm)** |
| &nbsp;&nbsp;La | 0.10 | 0.1 |
| &nbsp;&nbsp;Ce | 0.10 | 0.1 |
| &nbsp;&nbsp;Pr | 0.05 | 0.02 |
| &nbsp;&nbsp;Nd | 0.10 | 0.1 |
| &nbsp;&nbsp;Sm | 0.10 | 0.03 |
| &nbsp;&nbsp;Eu | 0.05 | 0.02 |
| &nbsp;&nbsp;Gd | 0.05 | 0.05 |
| &nbsp;&nbsp;Tb | 0.05 | 0.05 |
| &nbsp;&nbsp;Dy | 0.05 | 0.05 |
| &nbsp;&nbsp;Ho | 0.05 | 0.05 |
| &nbsp;&nbsp;Er | 0.05 | 0.03 |
| &nbsp;&nbsp;Tm | 0.05 | 0.01 |
| &nbsp;&nbsp;Yb | 0.10 | 0.03 |
| &nbsp;&nbsp;Lu | 0.05 | 0.01 |
| &nbsp;&nbsp;Y | 0.05 | 0.05 |
| &nbsp;&nbsp;U | 0.05 | 0.05 |
| &nbsp;&nbsp;Th | 0.10 | 0.05 |

---

Date: 31 October 2025 Page 8-4

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|:---|:---|
| ![img56606616_2.jpg](img56606616_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.

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| ![img56606616_2.jpg](img56606616_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**

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Element** | &nbsp;&nbsp;**CRM Grade (ppm)** | &nbsp;&nbsp;**CRM** <br>**Standard Deviation** | &nbsp;&nbsp;**Assay Average (ppm)** | &nbsp;&nbsp;**Average Bias (%)** |
| &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 |
| &nbsp;&nbsp;***Total rare earth element*** | &nbsp;&nbsp;***163.0*** | &nbsp;&nbsp;***Number of CRMs*** | &nbsp;&nbsp;***68*** |  |

---

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: 31 October 2025 Page 8-6

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|:---|:---|
| ![img56606616_2.jpg](img56606616_2.jpg) | www.rareearthsamericas.com |
|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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**Table 8-4: 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>**(%)** |
| La | 260.0 | 13.0 | 255.9 | -2 |
| Ce | 463.0 | 29.0 | 473.3 | 2 |
| Pr | 47.1 | 4.0 | 45.0 | -4 |
| Nd | 152.0 | 14.0 | 147.1 | -3 |
| Sm | 23.6 | 0.7 | 24.0 | 2 |
| Eu | 3.7 | 0.4 | 3.6 | -4 |
| Gd | 23.6 | 2.2 | 21.2 | -10 |
| Tb | 3.8 | 0.3 | 3.5 | -9 |
| Dy | 23.2 | 0.9 | 23.1 | 0 |
| Ho | 4.8 | 0.2 | 4.8 | -1 |
| Er | 14.9 | 0.9 | 15.0 | 1 |
| Yb | 14.9 | 0.5 | 15.1 | 2 |
| Lu | 2.3 | 0.2 | 2.1 | -5 |
| Y | 142.0 | 6.0 | 134.0 | -6 |
| Th | 51.6 | 4.3 | 49.9 | -3 |
| U | 135.0 | 11.0 | 134.8 | 0 |
| ***Total rare earth element*** | ***1181.2*** | ***Number of CRMs*** | ***70*** |  |

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Date: 31 October 2025 Page 8-7

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|:---|:---|
| ![img56606616_2.jpg](img56606616_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 (ppm)** | **CRM Standard Deviation** | **Assay Average (ppm)** | **Average Bias (%)** |
| &nbsp;&nbsp;La | 1369.3 | 75.1 | 1349.2 | -1 |
| &nbsp;&nbsp;Ce | 1798.2 | 72.2 | 1805.4 | 0 |
| &nbsp;&nbsp;Pr | 243.7 | 8.5 | 233.0 | -4 |
| &nbsp;&nbsp;Nd | 781.3 | 46.7 | 779.0 | 0 |
| &nbsp;&nbsp;Sm | 107.4 | 3.4 | 103.8 | -3 |
| &nbsp;&nbsp;Eu | 22.7 | 1.0 | 22.1 | -3 |
| &nbsp;&nbsp;Gd | 50.1 | 3.0 | 49.0 | -2 |
| &nbsp;&nbsp;Tb | 4.8 | 0.2 | 4.6 | -5 |
| &nbsp;&nbsp;Dy | 19.8 | 0.8 | 19.5 | -2 |
| &nbsp;&nbsp;Ho | 2.8 | 0.2 | 2.7 | -3 |
| &nbsp;&nbsp;Er | 6.0 | 0.3 | 5.8 | -3 |
| &nbsp;&nbsp;Yb | 3.9 | 0.3 | 3.7 | -4 |
| &nbsp;&nbsp;Lu | 0.5 | 0.0 | 0.5 | -9 |
| &nbsp;&nbsp;Y | 59.7 | 2.6 | 59.0 | -1 |
| &nbsp;&nbsp;Th | 115.9 | 3.3 | 111.8 | -4 |
| &nbsp;&nbsp;U | 4.2 | 0.2 | 4.2 | -1 |
| &nbsp;&nbsp;***Total rare earth element*** | ***4470*** | ***Number of CRMs*** | ***36*** |  |

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Date: 31 October 2025 Page 8-8

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|:---|:---|
| ![img56606616_2.jpg](img56606616_2.jpg) | www.rareearthsamericas.com |
|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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**Table 8-6: SGS IMS95A Results, OREAS 463**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Element** | **CRM Grade (ppm)** | **CRM** <br>**Standard Deviation** | **Assay Average (ppm)** | **Average Bias (%)** |
| &nbsp;&nbsp;La | 4965.7 | 139.3 | 4969.6 | 0 |
| &nbsp;&nbsp;Ce | 6590.7 | 154.4 | 6594.2 | 0 |
| &nbsp;&nbsp;Pr | 1003.6 | 43.0 | 999.2 | 0 |
| &nbsp;&nbsp;Nd | 3682.3 | 184.5 | 3740.8 | 2 |
| &nbsp;&nbsp;Sm | 537.7 | 10.8 | 533.4 | -1 |
| &nbsp;&nbsp;Eu | 115.1 | 4.4 | 116.4 | 1 |
| &nbsp;&nbsp;Gd | 241.0 | 13.2 | 246.6 | 2 |
| &nbsp;&nbsp;Tb | 20.3 | 1.0 | 19.9 | -2 |
| &nbsp;&nbsp;Dy | 70.5 | 3.3 | 71.5 | 1 |
| &nbsp;&nbsp;Ho | 8.7 | 0.6 | 8.5 | -2 |
| &nbsp;&nbsp;Er | 16.0 | 1.1 | 16.0 | 0 |
| &nbsp;&nbsp;Yb | 7.0 | 0.4 | 7.3 | 4 |
| &nbsp;&nbsp;Lu | 0.8 | 0.0 | 0.8 | 1 |
| &nbsp;&nbsp;Y | 180.2 | 8.1 | 182.1 | 1 |
| &nbsp;&nbsp;Th | 292.2 | 11.1 | 299.8 | 3 |
| &nbsp;&nbsp;U | 7.9 | 0.3 | 7.9 | 1 |
| &nbsp;&nbsp;***Total rare earth element*** | ***17440*** | ***Number of CRMs*** | ***7.0*** |  |

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Date: 31 October 2025 Page 8-9

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| ![img56606616_2.jpg](img56606616_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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| | |
|:---|:---|
| ![img56606616_17.jpg](img56606616_17.jpg) | ![img56606616_18.jpg](img56606616_18.jpg) |
| ![img56606616_19.jpg](img56606616_19.jpg) | ![img56606616_20.jpg](img56606616_20.jpg) |

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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;

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.

Date: 31 October 2025 Page 8-10

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| ![img56606616_2.jpg](img56606616_2.jpg) | www.rareearthsamericas.com |
|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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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.

**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.

Date: 31 October 2025 Page 8-11

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| | |
|:---|:---|
| ![img56606616_2.jpg](img56606616_2.jpg) | www.rareearthsamericas.com |
|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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**Table 8-7: ALS ME-MS81 Results, OREAS 30a**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Element** | **CRM Grade**<br>**(ppm)** | **CRM**<br>**Standard Deviation** | **Assay Average**<br>**(ppm)** | **Average Bias**<br>**(%)** |
| La | 28.9 | 1.8 | 29.8 | 3 |
| Ce | 58.0 | 3.2 | 59.9 | 3 |
| Pr | 7.1 | 0.6 | 7.3 | 3 |
| Nd | 27.4 | 1.6 | 28.7 | 5 |
| Sm | 5.7 | 0.4 | 6.0 | 5 |
| Eu | 1.8 | 0.1 | 1.9 | 7 |
| Gd | 5.2 | 0.2 | 5.4 | 3 |
| Tb | 0.8 | 0.1 | 0.8 | 3 |
| Dy | 4.2 | 0.2 | 4.1 | -1 |
| Ho | 0.7 | 0.1 | 0.8 | 6 |
| Er | 1.9 | 0.2 | 2.0 | 4 |
| Yb | 1.5 | 0.1 | 1.6 | 2 |
| Lu | 0.2 | 0.0 | 0.2 | -1 |
| Y | 19.4 | 1.1 | 20.0 | 3 |
| Th | 3.7 | 0.3 | 3.8 | 3 |
| U | 1.4 | 0.1 | 1.4 | 1 |
| ***Total rare earth element*** | ***163*** | ***Number of CRMs*** | ***24*** |  |

---

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: 31 October 2025 Page 8-12

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| | |
|:---|:---|
| ![img56606616_2.jpg](img56606616_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>(%)** |
| La | 260.0 | 13.0 | 256.3 | 3 |
| Ce | 463.0 | 29.0 | 460.4 | 4 |
| Pr | 47.1 | 4.0 | 46.1 | 2 |
| Nd | 152.0 | 14.0 | 149.6 | 2 |
| Sm | 23.6 | 0.7 | 24.1 | 7 |
| Eu | 3.7 | 0.4 | 3.4 | -3 |
| Gd | 23.6 | 2.2 | 20.2 | -11 |
| Tb | 3.8 | 0.3 | 3.5 | -4 |
| Dy | 23.2 | 0.9 | 22.2 | 0 |
| Ho | 4.8 | 0.2 | 4.8 | 3 |
| Er | 14.9 | 0.9 | 14.7 | 3 |
| Yb | 14.9 | 0.5 | 14.8 | 3 |
| Lu | 2.3 | 0.2 | 2.1 | -3 |
| Y | 142.0 | 6.0 | 135.1 | -1 |
| Th | 51.6 | 4.3 | 49.0 | -1 |
| U | 135.0 | 11.0 | 129.1 | 0 |
| ***Total rare earth element*** | ***1179*** | ***Number of CRMs*** | ***25*** |  |

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Date: 31 October 2025 Page 8-13

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|:---|:---|
| ![img56606616_2.jpg](img56606616_2.jpg) | www.rareearthsamericas.com |
|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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**Table 8-9: ALS ME-MS81 Results: OREAS 460**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Element** | **CRM Grade (ppm)** | **CRM Standard Deviation** | **Assay Average (ppm)** | **Average Bias (%)** |
| La | 1369.3 | 75.1 | 1380.6 | 1 |
| Ce | 1798.2 | 72.2 | 1880.9 | 5 |
| Pr | 243.7 | 8.5 | 246.3 | 1 |
| Nd | 781.3 | 46.7 | 830.8 | 6 |
| Sm | 107.4 | 3.4 | 108.3 | 1 |
| Eu | 22.7 | 1.0 | 22.7 | 0 |
| Gd | 50.1 | 3.0 | 49.8 | 0 |
| Tb | 4.8 | 0.2 | 5.1 | 6 |
| Dy | 19.8 | 0.8 | 20.4 | 3 |
| Ho | 2.8 | 0.2 | 2.8 | 2 |
| Er | 6.0 | 0.3 | 6.3 | 4 |
| Yb | 3.9 | 0.3 | 3.8 | -4 |
| Lu | 0.5 | 0.0 | 0.5 | 3 |
| Y | 59.7 | 2.6 | 61.8 | 4 |
| Th | 115.9 | 3.3 | 115.4 | 0 |
| U | 4.2 | 0.2 | 4.2 | 0 |
| ***Total rare earth element*** | ***4470*** | ***Number of CRMs*** | ***16*** |  |

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Date: 31 October 2025 Page 8-14

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|:---|:---|
| ![img56606616_2.jpg](img56606616_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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| | |
|:---|:---|
| ![img56606616_21.jpg](img56606616_21.jpg) | ![img56606616_22.jpg](img56606616_22.jpg) |
| ![img56606616_23.jpg](img56606616_23.jpg) | ![img56606616_24.jpg](img56606616_24.jpg) |

---

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: 31 October 2025 Page 8-15

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|:---|:---|
| ![img56606616_2.jpg](img56606616_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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| | |
|:---|:---|
| ![img56606616_25.jpg](img56606616_25.jpg) | ![img56606616_26.jpg](img56606616_26.jpg) |
| ![img56606616_27.jpg](img56606616_27.jpg) | ![img56606616_28.jpg](img56606616_28.jpg) |

---

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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| ![img56606616_2.jpg](img56606616_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: 31 October 2025 Page 8-17

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|:---|:---|
| ![img56606616_2.jpg](img56606616_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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| | |
|:---|:---|
| ![img56606616_29.jpg](img56606616_29.jpg) | ![img56606616_30.jpg](img56606616_30.jpg) |
| ![img56606616_31.jpg](img56606616_31.jpg) | ![img56606616_32.jpg](img56606616_32.jpg) |

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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: 31 October 2025 Page 8-18

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| ![img56606616_2.jpg](img56606616_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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|:---|:---|
| ![img56606616_33.jpg](img56606616_33.jpg) | ![img56606616_34.jpg](img56606616_34.jpg) |
| ![img56606616_35.jpg](img56606616_35.jpg) | ![img56606616_36.jpg](img56606616_36.jpg) |
| ![img56606616_37.jpg](img56606616_37.jpg) | ![img56606616_38.jpg](img56606616_38.jpg) |
| ![img56606616_39.jpg](img56606616_39.jpg) | ![img56606616_40.jpg](img56606616_40.jpg) |

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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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| ![img56606616_2.jpg](img56606616_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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|:---|:---|
| ![img56606616_41.jpg](img56606616_41.jpg) | ![img56606616_42.jpg](img56606616_42.jpg) |
| ![img56606616_43.jpg](img56606616_43.jpg) | ![img56606616_44.jpg](img56606616_44.jpg) |
| ![img56606616_45.jpg](img56606616_45.jpg) | ![img56606616_46.jpg](img56606616_46.jpg) |
| ![img56606616_47.jpg](img56606616_47.jpg) | ![img56606616_48.jpg](img56606616_48.jpg) |

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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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| ![img56606616_2.jpg](img56606616_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.

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| ![img56606616_2.jpg](img56606616_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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Preliminary verification of the drill collar coordinates indicated an acceptable level of accuracy;

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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;•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.

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| ![img56606616_2.jpg](img56606616_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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| ![img56606616_2.jpg](img56606616_2.jpg) | www.rareearthsamericas.com |
|  | 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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| ![img56606616_2.jpg](img56606616_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**

![img56606616_49.jpg](img56606616_49.jpg)

Note: Figure prepared by Rare Earths Americas, 2024.

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| ![img56606616_2.jpg](img56606616_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** |
|  | **Count** | **TREO-CeO2** | **Nd2O3** | **Pr6O11** | **Dy2O3** | **Tb4O7** | **Count** | **TREO-CeO2** | **Nd2O3** | **Pr6O11** | **Dy2O3** | **Tb4O7** |
| Pio Cipó | 335 | 30.2 | 34.2 | 34.3 | 19.8 | 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 | 202 | 43.1 | 48.6 | 47.5 | 30.2 | 34.1 |
| Varginha | 574 | 41.0 | 46.4 | 47.0 | 21.2 | 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 | 186 | 47.1 | 50.4 | 49.4 | 19.1 | 22.3 |
| Mato Queimado | 199 | 47.0 | 53.5 | 52.2 | 33.1 | 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 | 14 | 55.7 | 62.6 | 62.6 | 29.7 | 32.9 |
| Andradas | 103 | 31.8 | 33.2 | 32.7 | 26.0 | 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** | **1072** | **51.7** | **56.3** | **55.8** | **32.3** | **36.5** |

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| ![img56606616_2.jpg](img56606616_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**![img56606616_50.jpg](img56606616_50.jpg)

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** |
| &nbsp;&nbsp;Pio Cipó | 36.6 | 40.6 | 40.6 | 25.3 | 28.7 |
| &nbsp;&nbsp;Pedra Preta  | 29.0 | 31.9 | 30.9 | 18.6 | 21.2 |
| &nbsp;&nbsp;Varginha | 49.5 | 52.0 | 52.9 | 24.3 | 27.5 |
| &nbsp;&nbsp;Roseira | 36.5 | 39.9 | 38.9 | 13.3 | 15.6 |
| &nbsp;&nbsp;Mato Queimado | 47.5 | 52.2 | 50.7 | 33.7 | 39.1 |
| &nbsp;&nbsp;Clube da Uva | 35.0 | 53.1 | 53.6 | 23.5 | 26.3 |
| &nbsp;&nbsp;Andradas | 31.2 | 33.6 | 33.2 | 28.0 | 29.2 |
| &nbsp;&nbsp;**All** | **37.9** | **41.7** | **41.3** | **22.3** | **25.3** |

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|  | 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** |
| &nbsp;&nbsp;Pedra Preta  | 525 | 1.59 | 0.02 | 30.90 | 0.60 | 0.10 | 3.25 |
| &nbsp;&nbsp;Pio Cipó | 335 | 0.27 | 0.02 | 1.95 | 0.12 | 0.10 | 0.66 |
| &nbsp;&nbsp;Clube da Uva | 25 | 0.61 | 0.08 | 2.11 | 1.24 | 0.29 | 3.59 |
| &nbsp;&nbsp;Roseira | 346 | 0.61 | 0.02 | 4.20 | 0.65 | 0.01 | 6.26 |

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|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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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** |
| &nbsp;&nbsp;Andradas | 103 | 0.31 | 0.02 | 2.08 | 0.58 | 0.01 | 2.71 |
| &nbsp;&nbsp;Mato Queimado | 199 | 0.43 | 0.02 | 2.42 | 0.12 | 0.10 | 0.51 |
| &nbsp;&nbsp;Varginha | 574 | 0.87 | 0.02 | 10.15 | 1.49 | 0.10 | 17.35 |
| &nbsp;&nbsp;**Grand Total** | **2107** | **0.84** | **0.02** | **30.90** | **0.74** | **0.01** | **17.35** |

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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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| ![img56606616_2.jpg](img56606616_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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|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;**Pedra Preta** | &nbsp;&nbsp;**Pedra Preta** | &nbsp;&nbsp;**Pedra Preta** | &nbsp;&nbsp;**Roseira** | &nbsp;&nbsp;**Roseira** | &nbsp;&nbsp;**Varginha** | &nbsp;&nbsp;**Varginha** |
|  | &nbsp;&nbsp;**Deposit** | &nbsp;&nbsp;**Pedra Preta** | &nbsp;&nbsp;**Pio Cipó** | &nbsp;&nbsp;**Mato Queimado** | &nbsp;&nbsp;**Roseira** | &nbsp;&nbsp;**Clube da Uva** | &nbsp;&nbsp;**Varginha** | &nbsp;&nbsp;**Andradas** |
| &nbsp;&nbsp;Extent (m) | &nbsp;&nbsp;North–south | &nbsp;&nbsp;2550 | &nbsp;&nbsp;3500 | &nbsp;&nbsp;1270 | &nbsp;&nbsp;1640 | &nbsp;&nbsp;490 | &nbsp;&nbsp;2780 | &nbsp;&nbsp;1070 |
| &nbsp;&nbsp;![img56606616_51.jpg](img56606616_51.jpg) | &nbsp;&nbsp;East–west | &nbsp;&nbsp;2279 | &nbsp;&nbsp;3638 | &nbsp;&nbsp;2228 | &nbsp;&nbsp;1771 | &nbsp;&nbsp;778 | &nbsp;&nbsp;2007 | &nbsp;&nbsp;2178 |
| &nbsp;&nbsp;![img56606616_51.jpg](img56606616_51.jpg) | &nbsp;&nbsp;Min | &nbsp;&nbsp;4 | &nbsp;&nbsp;2 | &nbsp;&nbsp;0 | &nbsp;&nbsp;9 | &nbsp;&nbsp;5 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;![img56606616_51.jpg](img56606616_51.jpg) | &nbsp;&nbsp;25 percentile | &nbsp;&nbsp;14 | &nbsp;&nbsp;10 | &nbsp;&nbsp;8 | &nbsp;&nbsp;18 | &nbsp;&nbsp;15 | &nbsp;&nbsp;13 | &nbsp;&nbsp;22 |
| &nbsp;&nbsp;![img56606616_51.jpg](img56606616_51.jpg) | &nbsp;&nbsp;Median: | &nbsp;&nbsp;18 | &nbsp;&nbsp;14 | &nbsp;&nbsp;12 | &nbsp;&nbsp;21 | &nbsp;&nbsp;18 | &nbsp;&nbsp;16 | &nbsp;&nbsp;25 |
| &nbsp;&nbsp;![img56606616_51.jpg](img56606616_51.jpg) | &nbsp;&nbsp;75 percentile | &nbsp;&nbsp;23 | &nbsp;&nbsp;19 | &nbsp;&nbsp;16 | &nbsp;&nbsp;23 | &nbsp;&nbsp;22 | &nbsp;&nbsp;18 | &nbsp;&nbsp;27 |
| &nbsp;&nbsp;![img56606616_51.jpg](img56606616_51.jpg) | &nbsp;&nbsp;Max value: | &nbsp;&nbsp;41 | &nbsp;&nbsp;37 | &nbsp;&nbsp;32 | &nbsp;&nbsp;34 | &nbsp;&nbsp;32 | &nbsp;&nbsp;31 | &nbsp;&nbsp;47 |
| &nbsp;&nbsp;Area (Mm<sup>2</sup>) | &nbsp;&nbsp;Area (Mm<sup>2</sup>) | &nbsp;&nbsp;2.99 | &nbsp;&nbsp;4.11 | &nbsp;&nbsp;1.20 | &nbsp;&nbsp;1.61 | &nbsp;&nbsp;0.38 | &nbsp;&nbsp;3.22 | &nbsp;&nbsp;0.91 |
| &nbsp;&nbsp;Volume (Mm<sup>3</sup>) | &nbsp;&nbsp;Volume (Mm<sup>3</sup>) | &nbsp;&nbsp;70.00 | &nbsp;&nbsp;68.75 | &nbsp;&nbsp;15.73 | &nbsp;&nbsp;33.90 | &nbsp;&nbsp;7.10 | &nbsp;&nbsp;51.52 | &nbsp;&nbsp;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.

Date: 31 October 2025 Page 11-1

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|:---|:---|
| ![img56606616_2.jpg](img56606616_2.jpg) | www.rareearthsamericas.com |
|  | 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.

Date: 31 October 2025 Page 11-2

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|:---|:---|
| ![img56606616_2.jpg](img56606616_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**

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**La2O3**<br>**(ppm)** | &nbsp;&nbsp;**CeO2**<br>**(ppm)** | &nbsp;&nbsp;**Pr6O1**<br>**(ppm)** | &nbsp;&nbsp;**Nd2O3**<br>**(ppm)** | &nbsp;&nbsp;**Sm2O3**<br>**(ppm)** | &nbsp;&nbsp;**Eu2O3**<br>**(ppm)** | &nbsp;&nbsp;**Gd2O3**<br>**(ppm)** | &nbsp;&nbsp;**Tb4O7**<br>**(ppm)** | &nbsp;&nbsp;**Dy2O3**<br>**(ppm)** | &nbsp;&nbsp;**Ho2O3**<br>**(ppm)** | &nbsp;&nbsp;**Er2O3**<br>**(ppm)** | &nbsp;&nbsp;**Tm2O3**<br>**(ppm)** | &nbsp;&nbsp;**Yb2O3**<br>**(ppm)** | &nbsp;&nbsp;**Lu2O3** <br>**(ppm)** | &nbsp;&nbsp;**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 | &nbsp;&nbsp;&nbsp;892 | &nbsp;&nbsp;&nbsp;1027 | &nbsp;&nbsp;&nbsp;142 | &nbsp;&nbsp;&nbsp;404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7 | &nbsp;&nbsp;&nbsp;161 |
| Std.Dev | &nbsp;&nbsp;&nbsp;845 | &nbsp;&nbsp;&nbsp;756 | &nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 | &nbsp;&nbsp;&nbsp;144 |
| CV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.6 | &nbsp;&nbsp;&nbsp;1 |
| Minimum  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.4 | &nbsp;&nbsp;&nbsp;29 |
| Median | &nbsp;&nbsp;&nbsp;654 | &nbsp;&nbsp;&nbsp;832 | &nbsp;&nbsp;&nbsp;96 | &nbsp;&nbsp;&nbsp;262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5 | &nbsp;&nbsp;&nbsp;125 |
| Maximum | &nbsp;&nbsp;&nbsp;9863 | &nbsp;&nbsp;&nbsp;12284 | &nbsp;&nbsp;&nbsp;1488 | &nbsp;&nbsp;&nbsp;4765 | &nbsp;&nbsp;&nbsp;554 | &nbsp;&nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;256 | &nbsp;&nbsp;&nbsp;31 | &nbsp;&nbsp;&nbsp;277 | &nbsp;&nbsp;&nbsp;69 | &nbsp;&nbsp;&nbsp;213 | &nbsp;&nbsp;&nbsp;32 | &nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;23 | &nbsp;&nbsp;&nbsp;2870 |
| P95 | &nbsp;&nbsp;&nbsp;2485 | &nbsp;&nbsp;&nbsp;2334 | &nbsp;&nbsp;&nbsp;410 | &nbsp;&nbsp;&nbsp;1177 | &nbsp;&nbsp;&nbsp;134 | &nbsp;&nbsp;&nbsp;34 | &nbsp;&nbsp;&nbsp;89 | &nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;58 | &nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;24 | &nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;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 | &nbsp;&nbsp;&nbsp;1145 | &nbsp;&nbsp;&nbsp;824 | &nbsp;&nbsp;&nbsp;154 | &nbsp;&nbsp;&nbsp;396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0 | &nbsp;&nbsp;&nbsp;98 |
| Std.Dev | &nbsp;&nbsp;&nbsp;3163 | &nbsp;&nbsp;&nbsp;796 | &nbsp;&nbsp;&nbsp;373 | &nbsp;&nbsp;&nbsp;907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.4 | &nbsp;&nbsp;&nbsp;77 |
| CV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.4 | &nbsp;&nbsp;&nbsp;1 |
| Min | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.2 | &nbsp;&nbsp;&nbsp;12 |
| Median | &nbsp;&nbsp;&nbsp;614 | &nbsp;&nbsp;&nbsp;734 | &nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0 | &nbsp;&nbsp;&nbsp;88 |
| Max | &nbsp;&nbsp;&nbsp;48563 | &nbsp;&nbsp;&nbsp;14780 | &nbsp;&nbsp;&nbsp;4950 | &nbsp;&nbsp;&nbsp;10812 | &nbsp;&nbsp;&nbsp;963 | &nbsp;&nbsp;&nbsp;193 | &nbsp;&nbsp;&nbsp;440 | &nbsp;&nbsp;&nbsp;37 | &nbsp;&nbsp;&nbsp;148 | &nbsp;&nbsp;&nbsp;22 | &nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;28 | &nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;925 |
| P95 | &nbsp;&nbsp;&nbsp;3077 | &nbsp;&nbsp;&nbsp;1355 | &nbsp;&nbsp;&nbsp;355 | &nbsp;&nbsp;&nbsp;798 | &nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;18 | &nbsp;&nbsp;&nbsp;42 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;27 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;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 | &nbsp;&nbsp;&nbsp;853 | &nbsp;&nbsp;&nbsp;671 | &nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 | &nbsp;&nbsp;&nbsp;101 |
| Std.Dev | &nbsp;&nbsp;&nbsp;1481 | &nbsp;&nbsp;&nbsp;479 | &nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.8 | &nbsp;&nbsp;&nbsp;98 |
| CV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.6 | &nbsp;&nbsp;&nbsp;1 |
| Min | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.2 | &nbsp;&nbsp;&nbsp;15 |
| Median | &nbsp;&nbsp;&nbsp;446 | &nbsp;&nbsp;&nbsp;538 | &nbsp;&nbsp;&nbsp;51 | &nbsp;&nbsp;&nbsp;124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 | &nbsp;&nbsp;&nbsp;79 |
| Max | &nbsp;&nbsp;&nbsp;23474 | &nbsp;&nbsp;&nbsp;3638 | &nbsp;&nbsp;&nbsp;2160 | &nbsp;&nbsp;&nbsp;5248 | &nbsp;&nbsp;&nbsp;463 | &nbsp;&nbsp;&nbsp;112 | &nbsp;&nbsp;&nbsp;360 | &nbsp;&nbsp;&nbsp;41 | &nbsp;&nbsp;&nbsp;218 | &nbsp;&nbsp;&nbsp;42 | &nbsp;&nbsp;&nbsp;112 | &nbsp;&nbsp;&nbsp;14 | &nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;1708 |
| P95 | &nbsp;&nbsp;&nbsp;2612 | &nbsp;&nbsp;&nbsp;1572 | &nbsp;&nbsp;&nbsp;287 | &nbsp;&nbsp;&nbsp;657 | &nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;39 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;31 | &nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;18 | &nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;224 |

---

Note: StdDev = standard deviation; CV = co-efficient of variation; P95 = 95<sup>th</sup> percentile

Date: 31 October 2025 Page 11-3

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|:---|:---|
| ![img56606616_2.jpg](img56606616_2.jpg) | www.rareearthsamericas.com |
|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

---

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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**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**TREO <br>(ppm)** | &nbsp;&nbsp;&nbsp;&nbsp;**TREO-CeO2 <br>(ppm)** | &nbsp;&nbsp;&nbsp;&nbsp;**Nb2O5<br>(ppm)** | &nbsp;&nbsp;&nbsp;&nbsp;**U3O8 <br>(ppm)** | &nbsp;&nbsp;&nbsp;&nbsp;**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 | &nbsp;&nbsp;2781 | &nbsp;&nbsp;1754 | &nbsp;&nbsp;668 | &nbsp;&nbsp;34 | &nbsp;&nbsp;79 |
| Std.Dev | &nbsp;&nbsp;1891 | &nbsp;&nbsp;1663 | &nbsp;&nbsp;214 | &nbsp;&nbsp;40 | &nbsp;&nbsp;44 |
| CV | &nbsp;&nbsp;0.7 | &nbsp;&nbsp;1.0 | &nbsp;&nbsp;0.3 | &nbsp;&nbsp;1.2 | &nbsp;&nbsp;0.6 |
| Min | &nbsp;&nbsp;365 | &nbsp;&nbsp;148 | &nbsp;&nbsp;244 | &nbsp;&nbsp;1.8 | &nbsp;&nbsp;22.3 |
| Median | &nbsp;&nbsp;2297 | &nbsp;&nbsp;1248 | &nbsp;&nbsp;651 | &nbsp;&nbsp;20 | &nbsp;&nbsp;68 |
| Max | &nbsp;&nbsp;19512 | &nbsp;&nbsp;16782 | &nbsp;&nbsp;1675 | &nbsp;&nbsp;356 | &nbsp;&nbsp;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 | &nbsp;&nbsp;2729 | &nbsp;&nbsp;1905 | &nbsp;&nbsp;587 | &nbsp;&nbsp;20 | &nbsp;&nbsp;55 |
| Std.Dev | &nbsp;&nbsp;4789 | &nbsp;&nbsp;4578 | &nbsp;&nbsp;166 | &nbsp;&nbsp;31 | &nbsp;&nbsp;32 |
| CV | &nbsp;&nbsp;1.8 | &nbsp;&nbsp;2.4 | &nbsp;&nbsp;0.3 | &nbsp;&nbsp;1.6 | &nbsp;&nbsp;0.6 |
| Min | &nbsp;&nbsp;500 | &nbsp;&nbsp;65 | &nbsp;&nbsp;233 | &nbsp;&nbsp;2.7 | &nbsp;&nbsp;25.5 |
| Median | &nbsp;&nbsp;1924 | &nbsp;&nbsp;1143 | &nbsp;&nbsp;579 | &nbsp;&nbsp;11 | &nbsp;&nbsp;50 |
| Max | &nbsp;&nbsp;67252 | &nbsp;&nbsp;66431 | &nbsp;&nbsp;1493 | &nbsp;&nbsp;317 | &nbsp;&nbsp;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 | &nbsp;&nbsp;2032 | &nbsp;&nbsp;1360 | &nbsp;&nbsp;569 | &nbsp;&nbsp;17 | &nbsp;&nbsp;77 |
| Std.Dev | &nbsp;&nbsp;2242 | &nbsp;&nbsp;2151 | &nbsp;&nbsp;142 | &nbsp;&nbsp;16 | &nbsp;&nbsp;32 |
| CV | &nbsp;&nbsp;1.1 | &nbsp;&nbsp;1.6 | &nbsp;&nbsp;0.3 | &nbsp;&nbsp;0.9 | &nbsp;&nbsp;0.4 |
| Min | &nbsp;&nbsp;253 | &nbsp;&nbsp;86 | &nbsp;&nbsp;207 | &nbsp;&nbsp;1.4 | &nbsp;&nbsp;24.6 |
| Median | &nbsp;&nbsp;1548 | &nbsp;&nbsp;764 | &nbsp;&nbsp;541 | &nbsp;&nbsp;13 | &nbsp;&nbsp;70 |
| Max | &nbsp;&nbsp;35865 | &nbsp;&nbsp;34036 | &nbsp;&nbsp;1166 | &nbsp;&nbsp;181 | &nbsp;&nbsp;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.

Date: 31 October 2025 Page 11-4

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| ![img56606616_2.jpg](img56606616_2.jpg) | www.rareearthsamericas.com |
|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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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.

**Table 11-4: Summary Statistics, Rare Earth Element Assays**

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**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**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Item** | &nbsp;&nbsp;**TREO**<br>**(ppm)** | &nbsp;&nbsp;**TREO-CeO2**<br>**(ppm)** | &nbsp;&nbsp;**LREO**<br>**(ppm)** | &nbsp;&nbsp;**HREO**<br>**(ppm)** | &nbsp;&nbsp;**HREO<br>(%)** | &nbsp;&nbsp;**MREO**<br>**(ppm)** | &nbsp;&nbsp;**Nb2O5**<br>**(ppm)** | &nbsp;&nbsp;**Sc2O3**<br>**(ppm)** | &nbsp;&nbsp;**U3O8** <br>**(ppm** | &nbsp;&nbsp;**ThO2** <br>**(ppm)** |
| Mean | &nbsp;&nbsp;2192 | &nbsp;&nbsp;1298 | &nbsp;&nbsp;1962 | &nbsp;&nbsp;230 | &nbsp;&nbsp;11.8 | &nbsp;&nbsp;596 | &nbsp;&nbsp;7.2 | &nbsp;&nbsp;24.3 | &nbsp;&nbsp;74.1 | &nbsp;&nbsp;2192 |
| Std.Dev | &nbsp;&nbsp;2508 | &nbsp;&nbsp;2199 | &nbsp;&nbsp;2341 | &nbsp;&nbsp;226 | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;244 | &nbsp;&nbsp;17.7 | &nbsp;&nbsp;30.9 | &nbsp;&nbsp;63.5 | &nbsp;&nbsp;2508 |
| CV | &nbsp;&nbsp;1.1 | &nbsp;&nbsp;1.7 | &nbsp;&nbsp;1.2 | &nbsp;&nbsp;1 | &nbsp;&nbsp;0.5 | &nbsp;&nbsp;0.4 | &nbsp;&nbsp;2.5 | &nbsp;&nbsp;1.3 | &nbsp;&nbsp;0.9 | &nbsp;&nbsp;1.1 |
| Min | &nbsp;&nbsp;32.31 | &nbsp;&nbsp;22.6 | &nbsp;&nbsp;27.43 | &nbsp;&nbsp;4.87 | &nbsp;&nbsp;0.66 | &nbsp;&nbsp;5.35 | &nbsp;&nbsp;0.38 | &nbsp;&nbsp;0.21 | &nbsp;&nbsp;0.46 | &nbsp;&nbsp;32.31 |
| Median | &nbsp;&nbsp;1658 | &nbsp;&nbsp;792 | &nbsp;&nbsp;1486 | &nbsp;&nbsp;169 | &nbsp;&nbsp;10.8 | &nbsp;&nbsp;587 | &nbsp;&nbsp;1.2 | &nbsp;&nbsp;14.7 | &nbsp;&nbsp;63 | &nbsp;&nbsp;1658 |
| Max | &nbsp;&nbsp;72312 | &nbsp;&nbsp;71460 | &nbsp;&nbsp;70053 | &nbsp;&nbsp;4452 | &nbsp;&nbsp;76 | &nbsp;&nbsp;3145 | &nbsp;&nbsp;134 | &nbsp;&nbsp;383 | &nbsp;&nbsp;1748 | &nbsp;&nbsp;72312 |

---

Note: Std.Dev = standard deviation

Date: 31 October 2025 Page 11-5

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| ![img56606616_2.jpg](img56606616_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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| | |
|:---|:---|
| ![img56606616_52.jpg](img56606616_52.jpg) | ![img56606616_53.jpg](img56606616_53.jpg) |
| ![img56606616_54.jpg](img56606616_54.jpg) | ![img56606616_55.jpg](img56606616_55.jpg) |
| ![img56606616_56.jpg](img56606616_56.jpg) | ![img56606616_57.jpg](img56606616_57.jpg) |

---

Note: Figure prepared by McGarry Geoconsulting, 2025.

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|:---|:---|
| ![img56606616_2.jpg](img56606616_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/ Dep** | &nbsp;&nbsp;**La2O3**<br>| &nbsp;&nbsp;**CeO2**<br>| &nbsp;&nbsp;**Pr6O11**<br>| &nbsp;&nbsp;**Nd2O3**<br>| &nbsp;&nbsp;**Sm2O3**<br>| &nbsp;&nbsp;**Eu2O3**<br>| &nbsp;&nbsp;**Gd2O3**<br>| &nbsp;&nbsp;**Tb4O7**<br>| &nbsp;&nbsp;**Dy2O3**<br>| &nbsp;&nbsp;**Ho2O3**<br>| &nbsp;&nbsp;**Er2O3**<br>| &nbsp;&nbsp;**Tm2O3**<br>| &nbsp;&nbsp;**Yb2O3**<br>| &nbsp;&nbsp;**Lu2O3**<br>| &nbsp;&nbsp;**Y2O3**<br>| &nbsp;&nbsp;**LREO**<br>| &nbsp;&nbsp;**HREO**<br>|
| &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 |

---

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.

Date: 31 October 2025 Page 11-7

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| ![img56606616_2.jpg](img56606616_2.jpg) | www.rareearthsamericas.com |
|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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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. 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.

Date: 31 October 2025 Page 11-8

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| ![img56606616_2.jpg](img56606616_2.jpg) | www.rareearthsamericas.com |
|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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11.7 Density Assignment

The density values presented in Table 8-1 were applied to the block model based on the corresponding regolith domains.

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.

**Figure 11-2: Log Probability Plot, Sample Lengths**

![img56606616_58.jpg](img56606616_58.jpg)

Note: Figure prepared by McGarry Geoconsulting, 2025.

Date: 31 October 2025 Page 11-9

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| ![img56606616_2.jpg](img56606616_2.jpg) | www.rareearthsamericas.com |
|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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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.

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.

Date: 31 October 2025 Page 11-10

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| ![img56606616_2.jpg](img56606616_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;**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.

Date: 31 October 2025 Page 11-11

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| ![img56606616_2.jpg](img56606616_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 <br>Earth Oxide Grade**

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| | |
|:---|:---|
| ![img56606616_59.jpg](img56606616_59.jpg) | ![img56606616_60.jpg](img56606616_60.jpg) |
| ![img56606616_61.jpg](img56606616_61.jpg) | ![img56606616_62.jpg](img56606616_62.jpg) |
| ![img56606616_63.jpg](img56606616_63.jpg) | ![img56606616_63.jpg](img56606616_63.jpg) |

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Note: Figure prepared by McGarry Geoconsulting, 2025. Section lines for sections shown in Figure 11-4 as black lines.

Date: 31 October 2025 Page 11-12

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| ![img56606616_2.jpg](img56606616_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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| |
|:---|
| ![img56606616_64.jpg](img56606616_64.jpg) |
| ![img56606616_65.jpg](img56606616_65.jpg) |
| ![img56606616_66.jpg](img56606616_66.jpg) |
| ![img56606616_67.jpg](img56606616_67.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: 31 October 2025 Page 11-13

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| ![img56606616_2.jpg](img56606616_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: 31 October 2025 Page 11-14

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| ![img56606616_2.jpg](img56606616_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**

![img56606616_68.jpg](img56606616_68.jpg)

Note: Figure prepared by McGarry Geoconsulting, 2025.

**Figure 11-6: Swath Plots Of Roseira Composite Nd2O3 Values Versus IDW and OK Block Grade Estimates**

![img56606616_69.jpg](img56606616_69.jpg)

Note Figure prepared by McGarry Geoconsulting, 2025.

Date: 31 October 2025 Page 11-15

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| ![img56606616_2.jpg](img56606616_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**

![img56606616_70.jpg](img56606616_70.jpg)

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.

• Geological understanding of the deposit;

• 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;

• Drill spacing and drill density. Drilling was completed on a regular grid pattern at spacings of approximately 240 m.

Uncertainties regarding sampling and drilling methods, data processing and handling, geological modelling, and estimation were incorporated into the classification assigned (Table 11-11).

Date: 31 October 2025 Page 11-16

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| ![img56606616_2.jpg](img56606616_2.jpg) | www.rareearthsamericas.com |
|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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**Table 11-11: 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>|

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| ![img56606616_2.jpg](img56606616_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;Auger holes have limited depth penetration and drill holes typically provide only a partial profile of mineralized 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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| ![img56606616_2.jpg](img56606616_2.jpg) | www.rareearthsamericas.com |
|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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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.

**Figure 11-8: Classified Block Distances from Drill Hole**

![img56606616_71.jpg](img56606616_71.jpg)

Note: Figure prepared by McGarry Geoconsulting, 2025

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| ![img56606616_2.jpg](img56606616_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>|

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| ![img56606616_2.jpg](img56606616_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;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 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;&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 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> 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: 31 October 2025 Page 11-21

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| ![img56606616_2.jpg](img56606616_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; 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<br> SEMAD-MG – Secretaria de Estado de Meio Ambiente e Desenvolvimento Sustentável<br>o Environmental licensing lead agency in Minas Gerais.<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> FEAM – Fundação Estadual do Meio Ambiente<br>o Technical support for licensing; evaluates air, waste, and pollution control plans.<br>o Reviews 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>o Evaluates hydrological and aquifer impact assessments.<br> IEF – Instituto Estadual de Florestas<br>o *Autorização de Supressão de Vegetação (ASV)* – Vegetation clearance permit.<br>o Oversees 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. |

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Date: 31 October 2025 Page 11-22

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| ![img56606616_2.jpg](img56606616_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;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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**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: 31 October 2025 Page 11-23

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| ![img56606616_2.jpg](img56606616_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).

 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));

 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**

![img56606616_72.jpg](img56606616_72.jpg)

Note: Source Adamas Intelligence (2024)

**Figure 11-10: Forecast Global Dysprosium Oxide Production and Demand**

![img56606616_73.jpg](img56606616_73.jpg)

Note: Source Adamas Intelligence (2024)

Date: 31 October 2025 Page 11-24

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| ![img56606616_2.jpg](img56606616_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: 31 October 2025 Page 11-25

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| ![img56606616_2.jpg](img56606616_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;154.4 | &nbsp;&nbsp;108.0 | &nbsp;&nbsp;9.2 | &nbsp;&nbsp;21.1 |
| &nbsp;&nbsp;Nd2O3 | &nbsp;&nbsp;23.9 | &nbsp;&nbsp;150.7 | &nbsp;&nbsp;105.5 | &nbsp;&nbsp;25.2 | &nbsp;&nbsp;58.0 |
| &nbsp;&nbsp;Sm2O3 | &nbsp;&nbsp;2.3 | &nbsp;&nbsp;4.1 | &nbsp;&nbsp;2.9 | &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;3.7 |
| &nbsp;&nbsp;Dy2O3 | &nbsp;&nbsp;0.7 | &nbsp;&nbsp;503.5 | &nbsp;&nbsp;352.5 | &nbsp;&nbsp;2.5 | &nbsp;&nbsp;5.7 |
| &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;Y2O3 | &nbsp;&nbsp;0.0 | &nbsp;&nbsp;8.0 | &nbsp;&nbsp;5.6 | &nbsp;&nbsp;0.0 | &nbsp;&nbsp;0.0 |
| &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;6.8 |
| &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;**43.5** | &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$43.5/kg TREO.

Date: 31 October 2025 Page 11-26

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| ![img56606616_2.jpg](img56606616_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:

![img56606616_74.jpg](img56606616_74.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;$/kg | &nbsp;&nbsp;43.5 |
| &nbsp;&nbsp;Mining cost (mineralization and waste)<br> &nbsp;&nbsp;(m) | &nbsp;&nbsp;$/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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Date: 31 October 2025 Page 11-27

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| ![img56606616_2.jpg](img56606616_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:

![img56606616_75.jpg](img56606616_75.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: 31 October 2025 Page 11-28

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| ![img56606616_2.jpg](img56606616_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<br>Based on basket value of US$43.5/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$43.5/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.

&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.

Date: 31 October 2025 Page 11-29

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| ![img56606616_2.jpg](img56606616_2.jpg) | www.rareearthsamericas.com |
|  | 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.

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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

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**

![img56606616_76.jpg](img56606616_76.jpg)

Note: Figure prepared by Rare Earth Americas, 2024

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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

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

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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:

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.

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.

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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.

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.

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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.

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.

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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.

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.

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**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.

**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. 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,

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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.

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

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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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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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|:---|:---|
| &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*** |

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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;

&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

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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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|:---|:---|
| &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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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.

Date: 31 October 2025 Page 24-1

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|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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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 |

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| | |
|:---|:---|
| 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 |
| REE | rare earth elements |

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|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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| | |
|:---|:---|
| 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 |

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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. |

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|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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| 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. |

| 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. |

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|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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|:---|:---|
| 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. |
| 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. |

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|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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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. |
| 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. |
| 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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|  | Constellation Project<br>Minas Gerais, Brazil<br>Technical Report Summary on Mineral Resource Estimate |

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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.

Date: 31 October 2025 Page 25-1

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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.

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| ![img56606616_2.jpg](img56606616_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, Minas Gerais, Brazil, Technical Report Summary**" is current at October 31, 2025, and was prepared and signed by:

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| | |
|:---|:---|
|  | /s/ Adam Karst |
| Signature Location: Midlothian, VA USA | Adam Karst, President |
| Signature Date: November 12, 2025 | Karst Geo Solutions LLC |
|  | /s/ Leon McGarry |
| Signature Location: Robertsbridge, UK | Leon McGarry, Principal Consultant and President |
| Signature Date: November 12, 2025 | McGarry Geoconsulting Corp. |

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Date: 31 October 2025 Page 25-3

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## Exhibit 99.3

**Exhibit 96.3**

![img57530137_0.jpg](img57530137_0.jpg)

**Alpha Project** 

**Bahia, 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 current as at:** | &nbsp;&nbsp;31 October 2025 |

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![img57530137_1.jpg](img57530137_1.jpg)

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|:---|:---|
| ![img57530137_2.jpg](img57530137_2.jpg) | ![img57530137_3.jpg](img57530137_3.jpg) |
|  | Alpha Project<br>Bahia, Brazil<br>Technical Report Summary |

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**Contents**

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| | | |
|:---|:---|:---|
| **1.0** | **EXECUTIVE SUMMARY** | **1-1** |
| &nbsp;&nbsp;&nbsp;&nbsp;1.1 | Introduction | 1-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;1.2 | Terms of Reference | 1-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;1.3 | Property Setting | 1-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;1.4 | Ownership | 1-2 |
| &nbsp;&nbsp;&nbsp;&nbsp;1.5 | Mineral Tenure, Surface Rights, Water Rights, Royalties and Agreements | 1-2 |
| &nbsp;&nbsp;&nbsp;&nbsp;1.6 | Environmental, Permitting and Social Considerations | 1-3 |
| &nbsp;&nbsp;&nbsp;&nbsp;1.7 | Geology and Mineralization | 1-4 |
| &nbsp;&nbsp;&nbsp;&nbsp;1.8 | History | 1-6 |
| &nbsp;&nbsp;&nbsp;&nbsp;1.9 | Exploration | 1-7 |
| &nbsp;&nbsp;&nbsp;&nbsp;1.10 | Drilling and Sampling | 1-7 |
| &nbsp;&nbsp;&nbsp;&nbsp;1.11 | Data Verification | 1-9 |
| &nbsp;&nbsp;&nbsp;&nbsp;1.12 | Metallurgical Testwork | 1-9 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.12.1 | Ionic Adsorption Clay Processing | 1-9 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.12.2 | Metallurgical Testwork | 1-10 |
| &nbsp;&nbsp;&nbsp;&nbsp;1.13 | Mineral Resource Estimation | 1-11 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13.1 | Estimation Methodology | 1-11 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13.2 | Market Assessment | 1-13 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13.3 | Mineral Resource Statement | 1-14 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13.4 | Factors That May Affect the Mineral Resource Estimate | 1-14 |
| &nbsp;&nbsp;&nbsp;&nbsp;1.14 | Risks | 1-15 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.14.1 | Exploration and Geology Risks | 1-15 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.14.2 | Mineral Resource Estimate Risks | 1-15 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.14.3 | Environmental, Social and Permitting Risks | 1-16 |
| &nbsp;&nbsp;&nbsp;&nbsp;1.15 | Opportunities | 1-16 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.15.1 | Exploration and Geology Opportunities | 1-16 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.15.2 | Mineral Resource Opportunities | 1-17 |
| &nbsp;&nbsp;&nbsp;&nbsp;1.16 | Conclusions | 1-17 |
| &nbsp;&nbsp;&nbsp;&nbsp;1.17 | Recommendations | 1-18 |
| **2.0** | **INTRODUCTION** | **2-1** |
| &nbsp;&nbsp;&nbsp;&nbsp;2.1 | Introduction | 2-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;2.2 | Terms of Reference | 2-1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.2.1 | Report Purpose | 2-1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.2.2 | Terms of Reference | 2-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;2.3 | Qualified Persons | 2-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;2.4 | Site Visits and Scope of Personal Inspection | 2-3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.4.1 | McGarry Geoconsulting Corp. | 2-3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.4.2 | Karst Geo Solutions | 2-3 |
| &nbsp;&nbsp;&nbsp;&nbsp;2.5 | Report Date | 2-3 |
| &nbsp;&nbsp;&nbsp;&nbsp;2.6 | Information Sources and References | 2-3 |
| &nbsp;&nbsp;&nbsp;&nbsp;2.7 | Previous Technical Report Summaries | 2-4 |
| **3.0** | **PROPERTY DESCRIPTION** | **3-1** |

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Date: 31 October 2025 ii

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| ![img57530137_2.jpg](img57530137_2.jpg) | ![img57530137_3.jpg](img57530137_3.jpg) |
|  | Alpha Project<br>Bahia, Brazil<br>Technical Report Summary |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;3.1 | Introduction | 3-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.2 | Property and Title in Bahia | 3-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Overview | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Overview | 3-1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.2.1 | Mineral Title | 3-1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.2.2 | Surface Rights | 3-3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.2.3 | Water Rights | 3-3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.2.4 | Government Mining Taxes, Levies or Royalties | 3-4 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.3 | Ownership | 3-4 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.4 | Mineral Title | 3-4 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.5 | Surface Rights | 3-8 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.6 | Water Rights | 3-8 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.7 | Royalties | 3-9 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.8 | Encumbrances | 3-9 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.9 | Environmental Considerations | 3-9 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.9.1 | Baseline Studies | 3-10 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.10 | Permitting Considerations | 3-10 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10.1 | 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; 3.10.2 | Permitting Timelines | 3-11 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10.3 | Permit Conditions | 3-11 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10.4 | Violations and Fines | 3-12 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.11 | Social Considerations | 3-12 |
| &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;4.1 | Physiography | 4-1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.1.1 | Topography and Elevation | 4-1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.1.2 | Vegetation | 4-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.2 | Accessibility | 4-2 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.3 | Climate | 4-2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.3.1 | Length of Operating Season | 4-2 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.4 | Infrastructure | 4-3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.4.1 | Water | 4-3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.4.2 | Electricity and Power | 4-3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.4.3 | Personnel | 4-3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.4.4 | Supplies | 4-4 |
| **5.0** | **HISTORY** | **5-1** |
| **6.0** | **GEOLOGICAL SETTING, MINERALIZATION, AND DEPOSIT** | **6-1** |
| 6.1 | Deposit Type | 6-1 |
| 6.2 | Regional Geology | 6-1 |
| 6.3 | Local Geology | 6-3 |
| 6.3.1 | Volta do Rio Suite | 6-3 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.4 | Structure | 6-3 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.5 | Regolith Profile | 6-4 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.6 | Deposit Descriptions | 6-6 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.6.1 | Rio Preto Deposit | 6-6 |

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Date: 31 October 2025 iii

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| | |
|:---|:---|
| ![img57530137_2.jpg](img57530137_2.jpg) | ![img57530137_3.jpg](img57530137_3.jpg) |
|  | Alpha Project<br>Bahia, Brazil<br>Technical Report Summary |

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------

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| | | |
|:---|:---|:---|
| &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 | 6-7 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.6.2 | 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; 6.6.3 | 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 | 6-10 |
| &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 | 6-11 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.6.4 | 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;7.1 | Exploration | 7-1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.1.1 | Grids and Surveys | 7-1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.1.2 | Geological Mapping | 7-1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.1.3 | Airborne Geophysics | 7-1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.1.4 | Geochemistry | 7-2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.1.5 | Qualified Person's Interpretation of the Exploration Information | 7-2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.1.6 | 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;7.2 | Drilling | 7-7 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.2.1 | 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; 7.2.2 | 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; 7.2.3 | Logging | 7-11 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.2.4 | Recovery | 7-12 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.2.5 | Collar Surveys | 7-12 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.2.6 | Down Hole Surveys | 7-12 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.2.7 | Drilled Versus True Thickness | 7-12 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.2.8 | Drill Hole Spacing | 7-12 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.2.9 | Comment on Material Results and Interpretation | 7-13 |

---

Date: 31 October 2025 iv

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| | |
|:---|:---|
| ![img57530137_2.jpg](img57530137_2.jpg) | ![img57530137_3.jpg](img57530137_3.jpg) |
|  | Alpha Project<br>Bahia, Brazil<br>Technical Report Summary |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;7.3 | Hydrogeology | 7-14 |
| &nbsp;&nbsp;&nbsp;&nbsp;7.4 | Geotechnical | 7-14 |
| **8.0** | **SAMPLE PREPARATION, ANALYSES, AND SECURITY** | **8-1** |
| &nbsp;&nbsp;&nbsp;&nbsp;8.1 | Sampling Methods | 8-1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.1.1 | Auger | 8-1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.1.2 | Sonic and Core | 8-1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.1.3 | Grab Samples | 8-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;8.2 | Sample Security Methods | 8-2 |
| &nbsp;&nbsp;&nbsp;&nbsp;8.3 | Density Determinations | 8-2 |
| &nbsp;&nbsp;&nbsp;&nbsp;8.4 | Analytical and Test Laboratories | 8-3 |
| &nbsp;&nbsp;&nbsp;&nbsp;8.5 | Sample Preparation | 8-3 |
| &nbsp;&nbsp;&nbsp;&nbsp;8.6 | Analysis | 8-3 |
| &nbsp;&nbsp;&nbsp;&nbsp;8.7 | Quality Assurance and Quality Control | 8-4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.7.1 | 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 | 8-9 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.7.2 | Blanks | 8-11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blank SGS IMS95A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blank SGS IMS95A | 8-11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blank ALS ME-MS81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blank ALS ME-MS81 | 8-12 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.7.3 | Field Duplicates | 8-13 |
| &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 | 8-13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Field Duplicates ALS Lima | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Field Duplicates ALS Lima | 8-13 |
| &nbsp;&nbsp;&nbsp;&nbsp;8.8 | Database | 8-14 |
| &nbsp;&nbsp;&nbsp;&nbsp;8.9 | Qualified Person's Opinion on Sample Preparation, Security, and Analytical Procedures | 8-16 |
| **9.0** | **DATA VERIFICATION** | **9-1** |
| &nbsp;&nbsp;&nbsp;&nbsp;9.1 | Internal Data Verification | 9-1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.1.1 | Exploration Data | 9-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;9.2 | Data Verification by Qualified Person | 9-1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.2.1 | Karst Geo Solutions | 9-1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.2.2 | McGarry Geoconsulting | 9-1 |
| **10.0** | **MINERAL PROCESSING AND METALLURGICAL TESTING** | **10-1** |
| &nbsp;&nbsp;&nbsp;&nbsp;10.1 | Introduction | 10-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;10.2 | Proposed Processing Method | 10-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;10.3 | Test Laboratories | 10-2 |
| &nbsp;&nbsp;&nbsp;&nbsp;10.4 | Metallurgical Testwork | 10-3 |
| &nbsp;&nbsp;&nbsp;&nbsp;10.5 | Rare Earth Element Extraction Estimates | 10-4 |
| &nbsp;&nbsp;&nbsp;&nbsp;10.6 | Metallurgical Variability | 10-7 |
| &nbsp;&nbsp;&nbsp;&nbsp;10.7 | Deleterious Elements | 10-7 |
| &nbsp;&nbsp;&nbsp;&nbsp;10.8 | Qualified Person's Opinion on Data Adequacy | 10-8 |
| **11.0** | **MINERAL RESOURCE ESTIMATES** | **11-1** |
| &nbsp;&nbsp;&nbsp;&nbsp;11.1 | Introduction | 11-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;11.2 | Unsampled Intervals | 11-2 |
| &nbsp;&nbsp;&nbsp;&nbsp;11.3 | Univariate Statistics | 11-2 |
| &nbsp;&nbsp;&nbsp;&nbsp;11.4 | Assay Summary Statistics | 11-5 |
| &nbsp;&nbsp;&nbsp;&nbsp;11.5 | Geological Models | 11-9 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.5.1 | Density Assignment | 11-9 |

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Date: 31 October 2025 v

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| | |
|:---|:---|
| ![img57530137_2.jpg](img57530137_2.jpg) | ![img57530137_3.jpg](img57530137_3.jpg) |
|  | Alpha Project<br>Bahia, Brazil<br>Technical Report Summary |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; 11.5.2 | Grade Capping/Outlier Restrictions | 11-9 |
| &nbsp;&nbsp;&nbsp;&nbsp;11.6 | Composites | 11-9 |
| &nbsp;&nbsp;&nbsp;&nbsp;11.7 | Variography | 11-10 |
| &nbsp;&nbsp;&nbsp;&nbsp;11.8 | Estimation/interpolation Methods | 11-11 |
| &nbsp;&nbsp;&nbsp;&nbsp;11.9 | Validation | 11-12 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.9.1 | Visual Validation | 11-12 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.9.2 | Comparison of Means | 11-15 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.9.3 | Swath Plots | 11-16 |
| &nbsp;&nbsp;&nbsp;&nbsp;11.10 | Confidence Classification of Mineral Resource Estimate | 11-17 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.10.1 | Mineral Resource Confidence Classification | 11-17 |
| &nbsp;&nbsp;&nbsp;&nbsp;11.11 | Reasonable Prospects of Economic Extraction | 11-20 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.11.1 | Initial Assessment Assumptions | 11-20 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.11.2 | Constraining Potentially Mineable Shape Input Assumptions | 11-24 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.11.3 | Market and Commodity Price Forecasts | 11-24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Uses and Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Uses and Products | 11-24 |
| &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 | 11-25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marketability and Pricing | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marketability and Pricing | 11-26 |
| &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; 11.11.4 | Pit Shell | 11-28 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.11.5 | Cut-off | 11-29 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.11.6 | QP Statement | 11-30 |
| &nbsp;&nbsp;&nbsp;&nbsp;11.12 | Mineral Resource Statement | 11-30 |
| &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** | **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;22.1 | Introduction | 22-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;22.2 | Property Setting | 22-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;22.3 | Ownership | 22-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;22.4 | Mineral Tenure, Surface Rights, Water Rights, Royalties and Agreements | 22-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;22.5 | Geology and Mineralization | 22-2 |
| &nbsp;&nbsp;&nbsp;&nbsp;22.6 | History | 22-3 |
| &nbsp;&nbsp;&nbsp;&nbsp;22.7 | Exploration, Drilling, and Sampling | 22-3 |
| &nbsp;&nbsp;&nbsp;&nbsp;22.8 | Data Verification | 22-4 |
| &nbsp;&nbsp;&nbsp;&nbsp;22.9 | Metallurgical Testwork | 22-4 |

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Date: 31 October 2025 vi

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| | |
|:---|:---|
| ![img57530137_2.jpg](img57530137_2.jpg) | ![img57530137_3.jpg](img57530137_3.jpg) |
|  | Alpha Project<br>Bahia, Brazil<br>Technical Report Summary |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;22.10 | Mineral Resource Estimates | 22-4 |
| &nbsp;&nbsp;&nbsp;&nbsp;22.11 | Risks | 22-5 |
| &nbsp;&nbsp;&nbsp;&nbsp; 22.11.1 | Exploration and Geology Risks | 22-5 |
| &nbsp;&nbsp;&nbsp;&nbsp; 22.11.2 | Mineral Resource Estimate Risks | 22-6 |
| &nbsp;&nbsp;&nbsp;&nbsp; 22.11.3 | Environmental, Social and Permitting Risks | 22-6 |
| &nbsp;&nbsp;&nbsp;&nbsp;22.12 | Opportunities | 22-7 |
| &nbsp;&nbsp;&nbsp;&nbsp; 22.12.1 | Exploration and Geology Opportunities | 22-7 |
| &nbsp;&nbsp;&nbsp;&nbsp; 22.12.2 | Mineral Resource Opportunities | 22-7 |
| &nbsp;&nbsp;&nbsp;&nbsp;22.13 | Conclusions | 22-7 |
| **23.0** | **RECOMMENDATIONS** | **23-1** |
| &nbsp;&nbsp;&nbsp;&nbsp;23.1 | Introduction | 23-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;23.2 | Phase A | 23-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;23.3 | Phase B | 23-2 |
| **24.0** | **REFERENCES** | **24-1** |
| &nbsp;&nbsp;&nbsp;&nbsp;24.1 | Bibliography | 24-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;24.2 | Abbreviations and Units of Measure | 24-2 |
| &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;25.1 | Introduction | 25-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;25.2 | Mineral Processing | 25-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;25.3 | Markets | 25-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;25.4 | Legal Matters | 25-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;25.5 | Environmental Matters | 25-2 |
| &nbsp;&nbsp;&nbsp;&nbsp;25.6 | Stakeholder Accommodations | 25-2 |
| &nbsp;&nbsp;&nbsp;&nbsp;25.7 | Governmental Factors | 25-2 |

---

Date: 31 October 2025 vii

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| | |
|:---|:---|
| ![img57530137_2.jpg](img57530137_2.jpg) | ![img57530137_3.jpg](img57530137_3.jpg) |
|  | Alpha Project<br>Bahia, Brazil<br>Technical Report Summary |

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------

**Tables**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Table 1-1: | Alpha Project Mineral Resource Estimate | 1-14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Table 2-1: | QP Responsibilities | 2-2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Table 3-1: | Mineral Concession Summary Table | 3-6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Table 6-1: | Stratigraphic Column Through Weathering Profile | 6-5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Table 7-1: | 2023 Summary of Surface Samples | 7-2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Table 7-2: | Intercepts with Geochemical Indicative of Secondary Monazite Mineralization | 7-7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Table 7-3: | Drill Summary Table Supporting Mineral Resource Estimates | 7-10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Table 7-4: | Summary of water-related drilling stoppages in deposit areas | 7-14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Table 8-1:  | Bulk Density Determinations | 8-3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Table 8-2: | Elemental Detection Limits, SGS Geosol and ALS Lima | 8-4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Table 8-3: | SGS IMS95A Results: OREAS 25a | 8-5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Table 8-4: | SGS IMS95A Results: OREAS 30a | 8-6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Table 8-5: | SGS IMS95A Results: OREAS 100a | 8-6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Table 8-6: | SGS IMS95A Results: OREAS 106 | 8-7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Table 8-7: | SGS IMS95A Results: OREAS 147 | 8-7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Table 8-8: | SGS IMS95A Results: OREAS 460 | 8-8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Table 8-9: | ALS ME-MS81 Results: OREAS 30a | 8-9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Table 8-10: | ALS ME-MS81 Results: OREAS 100a | 8-9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Table 8-11: | ALS ME-MS81 Results: OREAS 147 | 8-10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Table 8-12: | ALS ME-MS81 Results: OREAS 460 | 8-10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Table 10-1: | Mean Leach Sample Recoveries by Deposit | 10-5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Table 10-2: | Mean Block Model Recovery Estimates | 10-6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Table 10-3: | Deleterious Element U and Th in Pregnant Leach Solution in Bench-Scale Tests | 10-8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Table 11-1: | Extents of the Mineral Resource Estimate Domains | 11-2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Table 11-2: | Composite Rare Earth Element Statistics (all values in ppm) | 11-3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Table 11-3: | Composite Statistics for Rare Earth Element Reporting Groups and Deleterious Element Grades (all values in ppm) | 11-4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Table 11-4: | Summary Statistics for Rare Earth Element Assays (all values in ppm) | 11-6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Table 11-5: | Summary Statistics for Rare Earth Element Reporting Groups and Deleterious Elements | 11-6 |

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| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Table 11-6: | Correlation Matrix, Rare Earth Element Assays | 11-8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Table 11-7: | Search Parameters | 11-11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Table 11-8: | Search Ranges and Clamping Restrictions | 11-11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 | 11-21 |
| Table 11-12: | Rare-Earth Elements Prices and Average Basket Price Calculation | 11-27 |
| Table 11-13: | Whittle Resource Constraining Pit Shell Parameters | 11-28 |
| Table 11-14: | Alpha Project Mineral Resource Estimate | 11-30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Table 23-1: | Budget for Phase A Work Program | 23-2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Table 23-2: | Budget for Phase B Work Program | 23-3 |

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**Figures**

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| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Figure 2-1: | Project Location Plan | 2-2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Figure 3-1: | Mineral Tenure Location Plan | 3-7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Figure 6-1: | Regional Geology Plan | 6-2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Figure 6-2: | Example Strip Log Stratigraphy, Drill Hole ST10944 (left) and Schematic Ionic Adsorption Clay Model (right) | 6-6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Figure 6-3: | Example Geological Cross Section Rio Preto | 6-7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Figure 6-4: | Example Geological Cross-Section Sapacaia | 6-9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Figure 6-5: | Sapacaia Secondary REE Mineral Zone Geological Cross-Section | 6-10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Figure 6-6: | Example Geological Cross-Section Nova Canaã | 6-11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Figure 6-7: | Example Geological Long-Section Rio das Pombas North | 6-13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Figure 6-8: | Example Geological Long-Section Rio das Pombas South | 6-13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Figure 7-1: | Surface Sample Location Map | 7-4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Figure 7-2: | Secondary Monazite Mineralization Occurrences | 7-6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Figure 7-3: | Property Drill Collar Location Plan | 7-9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Figure 8-1: | SGS Example CRM Control Plot OREAS 100a | 8-8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Figure 8-2: | ALS Example CRM Control Plot OREAS 100a | 8-11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Figure 8-3: | SGS Control Plot Blanks | 8-12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Figure 8-4: | ALS Control Plot Blanks | 8-13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Figure 8-5: | SGS Field Duplicate Scatter Plots | 8-14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Figure 8-6: | ALS Field Duplicate Scatter Plots | 8-15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Figure 10-1: | Collar Locations, Metallurgical Testwork Samples | 10-4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Figure 10-2: | Summary of Leach Test Results for Above Mineral Resource Estimate Threshold Samples | 10-6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Figure 11-1: | TREO, HREO, Nd2O3, Pr6O11, Dy2O3 and Tb4O7 Assay Log Histograms | 11-7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Figure 11-2: | Log Probability Plot, Sample Lengths | 11-10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Figure 11-3: | Plan View of Largest Block Models Colored by Total Rare Earth Oxide Grade | 11-13 |

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| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Figure 11-4: | Cross-Section Views of the Block Model Colored by Total Rare Earth Oxide Grade | 11-14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Figure 11-5: | Swath Plots Rio Preto and Sapacaia Composite Nd2O3 Values Vs. ID<sup>3</sup> and OK Estimates | 11-16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Figure 11-6: | Swath Plots Nova Canaã Composite Nd2O3 Values Vs. ID<sup>3</sup> and OK Estimates | 11-17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Figure 11-7: | Swath Plots Rio das Pombas Composite Nd2O3 Values Vs. ID3 and OK Estimates | 11-17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Figure 11-8: | Classified Block Distances from Drill Hole | 11-20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Figure 11-9: | Forecast Global NdPr Oxide Production and Demand | 11-25 |
| 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 filing by Rare Earth Americas of a registration statement on Form S-1 with the Securities and Exchange Commission, pursuant to Section 1300 of Regulation S-K.

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;•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;

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&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 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 not subject to any private royalties. It 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%.

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;•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;•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;•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.

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.

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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 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.

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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.

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

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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.

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

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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.

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.

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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.

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.

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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.

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

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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.

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.

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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 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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| **Category** | **Cut-Off <br>Grade**<br>| **Deposit** | **Tonnes** | **TREO**  | **Nd2O3 + <br>Pr6O11**  | **Dy2O3 + <br>Tb4O7** |
|  | **(ppm TREO)**<br>|  | **(Mt)** | **(ppm)** | **(ppm)** | **(ppm)** |
|  |  | Rio Preto | 80.8 | 1478 | 327 | 41.1 |
|  |  | Sapacaia | 50.6 | 1846 | 356 | 33.9 |
| **Inferred** | 1000 | Rio das Pombas | 56.5 | 1370 | 298 | 40.0 |
|  |  | Nova Canaã | 13.8 | 1184 | 260 | 34.4 |
|  |  | **Total** | **201.7** | **1520** | **322** | **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.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;8.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;9.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;•Metal price and exchange rate assumptions;

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&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;•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.

1.14 Risks

**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.

**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;•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);

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&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 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;•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;•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;•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, 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;•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.

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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.

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).

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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 filing by Rare Earth Americas of a registration statement on Form S-1 with the Securities and Exchange Commission, pursuant to Section 1300 of Regulation S-K.

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):

&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.

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**Figure 2-1: Project Location Plan**

![img57530137_4.jpg](img57530137_4.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;•Reviewed 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 resource area for suitability of infrastructure location;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Settlements in proximity to mineral resource areas;

&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;•Inspect operating drill rigs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Verify 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;•Review site geology;

&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.

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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;•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;•Sapacaia: 14°45'12.46″S, 40°11'44.49″W (371,300E, 8,368,600N);

&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;•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;•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 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;•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.

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.

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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;•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.

3.3 Ownership

The Project is wholly owned by Rare Earths Americas.

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.

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The 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 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 Fee**<br>**BRL/ha** | **Annual 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 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 permit | 121.21 | 4.74 | 0.9 | Alpha Minerals Brazil <br>Participações Ltda | Rare earths | 17/11/2022 | 18/09/2025  | 22/05/2028 |  |
| 870340/2013 | Exploration permit | 468.67 |  |  | Alpha Minerals Brazil Participações Ltda | Iron ore | 24/09/2015 | 18/10/2018 | 1/05/2023 | 1, 2, 3 |
| 874490/2011 | Exploration permit | 1609.78 |  |  | Alpha Minerals Brazil Participações Ltda | Iron ore | 14/09/2015 | 18/10/2018 | 1/05/2023 | 1, 2, 3 |
| 870377/2012 | Exploration permit | 976.73 |  |  | Alpha Minerals Brazil Participações Ltda | Iron ore | 14/09/2015 | 18/10/2018 | 1/05/2023 | 1, 2, 3 |
| 872073/2016 | Exploration permit | 1850.01 | 4.74 | 0.9 | Alpha Minerals Brazil Participações Ltda | Iron ore | 20/03/2017 | 30/01/2023 | 30/01/2026 | 4 |
| 872458/2016 | Exploration permit | 1445.86 |  |  | Alpha Minerals Brazil Participações Ltda | Iron ore | 02/03/2017 | 15/04/2020 | 1/10/2023 | 1, 2, 3 |
| 871567/2015 | Exploration permit | 997.96 |  |  | Alpha Minerals Brazil Participações Ltda | Granite | 15/12/2015 | 20/07/2020 | 1/10/2023 | 1, 2, 3 |
| 872585/2015 | Exploration permit | 1573.05 |  |  | Alpha Minerals Brazil Participações Ltda | Iron ore | 10/06/2016 | 17/09/2019 | 1/10/2023 | 1, 2, 3 |
| **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 permit | 635.91 | 4.74 | 0.9 | Alpha Minerals Brazil Participações Ltda | Rare earths | 06/08/2021 | 22/05/2025 | 22/05/2028 |  |

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Notes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.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;2.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;3.Notice of new substance (rare earths) has been filed with ANM in 2023.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Notice of new substance (rare earths) will be filed with FER.

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**Figure 3-1: Mineral Tenure Location Plan**

![img57530137_5.jpg](img57530137_5.jpg)

Note: Figure prepared by Rare Earths Americas, 2025.

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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

The Project is not subject to any private royalties. It is subject to the CFEM (see Chapter 3.2.4.)

3.8 Encumbrances

Rare Earth Americas have advised McGarry Geoconsulting Corp that it is not aware of any 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.

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.

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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;•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;•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;•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.

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**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;•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;

&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.

**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;•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;

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&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;•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;•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;•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.

**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.

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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;•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;•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;•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.

**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

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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.

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.

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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.

**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.

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**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;•An upper layer dominated by soil;

&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;•A semi-weathered layer;

&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**

![img57530137_6.jpg](img57530137_6.jpg)

Note: Figure prepared by Rare Earths Americas, 2025.

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.

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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;•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;•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.

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).

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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;•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.

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.

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**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)**

![img57530137_7.jpg](img57530137_7.jpg)

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**

![img57530137_8.jpg](img57530137_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. 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.

**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

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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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|  | Alpha Project<br>Bahia, Brazil<br>Technical Report Summary |

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**Figure 6-4: Example Geological Cross-Section Sapacaia**

![img57530137_9.jpg](img57530137_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.

**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**

![img57530137_10.jpg](img57530137_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.

**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.

**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

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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**

![img57530137_11.jpg](img57530137_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.

**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.

**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.

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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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|  | Alpha Project<br>Bahia, Brazil<br>Technical Report Summary |

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**Figure 6-7: Example Geological Long-Section Rio das Pombas North**

![img57530137_12.jpg](img57530137_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.

**Figure 6-8: Example Geological Long-Section Rio das Pombas South**

![img57530137_13.jpg](img57530137_13.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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|  | Alpha Project<br>Bahia, Brazil<br>Technical Report Summary |

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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.

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.

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|  | Alpha Project<br>Bahia, Brazil<br>Technical Report Summary |

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**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.

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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**

![img57530137_14.jpg](img57530137_14.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.

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**Figure 7-2: Secondary Monazite Mineralization Occurrences**![img57530137_15.jpg](img57530137_15.jpg)

Note: Figure prepared by Rare Earths Americas, 2025. Map underlay from the regional airborne radiometric survey.

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**Table 7-2: Intercepts with Geochemical Indicative of Secondary Monazite Mineralization**

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|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Hole ID** | &nbsp;&nbsp;**Target** | &nbsp;&nbsp;**From <br>(m)** | &nbsp;&nbsp;**To <br>(m)** | &nbsp;&nbsp;**Interval1 (m)** | &nbsp;&nbsp;**TREO <br>(%)** | &nbsp;&nbsp;**NdPr2 <br>(ppm)** | &nbsp;&nbsp;**DyTb3 <br>(ppm)** |
| &nbsp;&nbsp;SDI0031 | &nbsp;&nbsp;Nova Canaã | &nbsp;&nbsp;14.00 | &nbsp;&nbsp;15.00 | &nbsp;&nbsp;1.00 | &nbsp;&nbsp;1.60 | &nbsp;&nbsp;2584 | &nbsp;&nbsp;773 |
| &nbsp;&nbsp;SDI0031 | &nbsp;&nbsp;Nova Canaã | &nbsp;&nbsp;15.00 | &nbsp;&nbsp;16.00 | &nbsp;&nbsp;1.00 | &nbsp;&nbsp;2.30 | &nbsp;&nbsp;5711 | &nbsp;&nbsp;1075 |
| &nbsp;&nbsp;STI0679 | &nbsp;&nbsp;Sapacaia | &nbsp;&nbsp;6.00 | &nbsp;&nbsp;7.00 | &nbsp;&nbsp;1.00 | &nbsp;&nbsp;1.20 | &nbsp;&nbsp;2377 | &nbsp;&nbsp;115 |
| &nbsp;&nbsp;STI0679 (open at depth) | &nbsp;&nbsp;Sapacaia | &nbsp;&nbsp;7.00 | &nbsp;&nbsp;7.17 | &nbsp;&nbsp;0.17 | &nbsp;&nbsp;1.30 | &nbsp;&nbsp;2440 | &nbsp;&nbsp;114 |
| &nbsp;&nbsp;STI0731 | &nbsp;&nbsp;Sapacaia | &nbsp;&nbsp;7.00 | &nbsp;&nbsp;8.00 | &nbsp;&nbsp;1.00 | &nbsp;&nbsp;1.20 | &nbsp;&nbsp;2325 | &nbsp;&nbsp;186 |
| &nbsp;&nbsp;STI0731 | &nbsp;&nbsp;Sapacaia | &nbsp;&nbsp;10.00 | &nbsp;&nbsp;11.00 | &nbsp;&nbsp;1.00 | &nbsp;&nbsp;6.90 | &nbsp;&nbsp;12368 | &nbsp;&nbsp;513 |
| &nbsp;&nbsp;STI0731 | &nbsp;&nbsp;Sapacaia | &nbsp;&nbsp;12.00 | &nbsp;&nbsp;13.00 | &nbsp;&nbsp;1.00 | &nbsp;&nbsp;1.30 | &nbsp;&nbsp;2777 | &nbsp;&nbsp;144 |
| &nbsp;&nbsp;STI0770 | &nbsp;&nbsp;Sapacaia | &nbsp;&nbsp;20.00 | &nbsp;&nbsp;21.00 | &nbsp;&nbsp;1.00 | &nbsp;&nbsp;1.60 | &nbsp;&nbsp;2988 | &nbsp;&nbsp;142 |
| &nbsp;&nbsp;STI0890 (open at depth) | &nbsp;&nbsp;Sapacaia | &nbsp;&nbsp;29.00 | &nbsp;&nbsp;30.00 | &nbsp;&nbsp;1.00 | &nbsp;&nbsp;1.40 | &nbsp;&nbsp;2332 | &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.

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**Drilling Methods**

Between March 2022 and July 2024, Rare Earths Americas conducted:

&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;•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;•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.

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**Figure 7-3: Property Drill Collar Location Plan**

![img57530137_16.jpg](img57530137_16.jpg)

Note: Figure prepared by Rare Earths Americas, 2025. REA = Rare Earths Americas

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|  | 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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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Type** | &nbsp;&nbsp;**Count** | &nbsp;&nbsp;**Average <br>Depth (m)** | &nbsp;&nbsp;**Maximum Depth (m)** | &nbsp;&nbsp;**Drilled Meters** | &nbsp;&nbsp;**Assayed Meters** |
| &nbsp;&nbsp;Rio Preto | &nbsp;&nbsp;Sonic | &nbsp;&nbsp;13 | &nbsp;&nbsp;25.1 | &nbsp;&nbsp;56.0 | &nbsp;&nbsp;326.2 | &nbsp;&nbsp;296 |
| &nbsp;&nbsp;Rio Preto | &nbsp;&nbsp;Auger | &nbsp;&nbsp;261 | &nbsp;&nbsp;16.1 | &nbsp;&nbsp;30.0 | &nbsp;&nbsp;4191.5 | &nbsp;&nbsp;3998 |
| &nbsp;&nbsp;Sapacaia | &nbsp;&nbsp;Auger | &nbsp;&nbsp;130 | &nbsp;&nbsp;16.5 | &nbsp;&nbsp;30.0 | &nbsp;&nbsp;2149.6 | &nbsp;&nbsp;2150 |
| &nbsp;&nbsp;Nova Canaã | &nbsp;&nbsp;Core | &nbsp;&nbsp;7 | &nbsp;&nbsp;49.2 | &nbsp;&nbsp;70.8 | &nbsp;&nbsp;344.2 | &nbsp;&nbsp;228 |
| &nbsp;&nbsp;Nova Canaã | &nbsp;&nbsp;Auger | &nbsp;&nbsp;143 | &nbsp;&nbsp;12.8 | &nbsp;&nbsp;30.0 | &nbsp;&nbsp;1834.4 | &nbsp;&nbsp;1834 |
| &nbsp;&nbsp;Rio das Pombas | &nbsp;&nbsp;Core | &nbsp;&nbsp;23 | &nbsp;&nbsp;29.1 | &nbsp;&nbsp;51.5 | &nbsp;&nbsp;668.4 | &nbsp;&nbsp;474 |
| &nbsp;&nbsp;Rio das Pombas | &nbsp;&nbsp;Sonic | &nbsp;&nbsp;2 | &nbsp;&nbsp;36.0 | &nbsp;&nbsp;42.0 | &nbsp;&nbsp;72.0 | &nbsp;&nbsp;65 |
| &nbsp;&nbsp;Rio das Pombas | &nbsp;&nbsp;Auger | &nbsp;&nbsp;402 | &nbsp;&nbsp;18.0 | &nbsp;&nbsp;30.0 | &nbsp;&nbsp;7246.3 | &nbsp;&nbsp;7241 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Core** | &nbsp;&nbsp;**30** | &nbsp;&nbsp;**33.8** | &nbsp;&nbsp;**70.8** | &nbsp;&nbsp;**1013** | &nbsp;&nbsp;**702** |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Sonic** | &nbsp;&nbsp;**15** | &nbsp;&nbsp;**26.5** | &nbsp;&nbsp;**56** | &nbsp;&nbsp;**398** | &nbsp;&nbsp;**361** |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Auger** | &nbsp;&nbsp;**936** | &nbsp;&nbsp;**16.5** | &nbsp;&nbsp;**30** | &nbsp;&nbsp;**15422** | &nbsp;&nbsp;**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.

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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.

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|  | 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..

**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

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|  | Alpha Project<br>Bahia, Brazil<br>Technical Report Summary |

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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.

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.

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| ![img57530137_2.jpg](img57530137_2.jpg) | ![img57530137_3.jpg](img57530137_3.jpg) |
|  | Alpha Project<br>Bahia, Brazil<br>Technical Report Summary |

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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.)

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| ![img57530137_2.jpg](img57530137_2.jpg) | ![img57530137_3.jpg](img57530137_3.jpg) |
|  | 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.

**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

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|  | Alpha Project<br>Bahia, Brazil<br>Technical Report Summary |

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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:

![img57530137_17.jpg](img57530137_17.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.

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|  | Alpha Project<br>Bahia, Brazil<br>Technical Report Summary |

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**Table 8-1: Bulk Density Determinations** 

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|:---|:---|:---|:---|:---|:---|
| **Material** | **Count** | **Avg.**<br>**Moisture**<br>**(%)** | **Dry Bulk Density (t/m3)** | **Dry Bulk Density (t/m3)** | **Dry Bulk Density (t/m3)** |
| **Material** | **Count** | **Avg.**<br>**Moisture**<br>**(%)** | **Min** | **Max** | **Average** |
| Mottled Zone | 77 | 9.4 | 1.4 | 2.1 | 1.7 |
| Saprolite | 86 | 5.5 | 1.3 | 2.2 | 1.7 |
| Total | **163** | **7.3** | **1.3** | **2.2** | **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.

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

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|  | Alpha Project<br>Bahia, Brazil<br>Technical Report Summary |

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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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|:---|:---|:---|
| **Element** | **SGS Geosol (ppm)** | **ALS Lima (ppm)** |
| La | 0.10 | 0.1 |
| Ce | 0.10 | 0.1 |
| Pr | 0.05 | 0.02 |
| Nd | 0.10 | 0.1 |
| Sm | 0.10 | 0.03 |
| Eu | 0.05 | 0.02 |
| Gd | 0.05 | 0.05 |
| Tb | 0.05 | 0.05 |
| Dy | 0.05 | 0.05 |
| Ho | 0.05 | 0.05 |
| Er | 0.05 | 0.03 |
| Tm | 0.05 | 0.01 |
| Yb | 0.10 | 0.03 |
| Lu | 0.05 | 0.01 |
| Y | 0.05 | 0.05 |
| U | 0.05 | 0.05 |
| Th | 0.10 | 0.05 |

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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;•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.

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| ![img57530137_2.jpg](img57530137_2.jpg) | ![img57530137_3.jpg](img57530137_3.jpg) |
|  | Alpha Project<br>Bahia, Brazil<br>Technical Report Summary |

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**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;•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 TREO grades;

&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.

**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.

Date: 31 October 2025 Page 8-5

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| | |
|:---|:---|
| ![img57530137_2.jpg](img57530137_2.jpg) | ![img57530137_3.jpg](img57530137_3.jpg) |
|  | Alpha Project<br>Bahia, Brazil<br>Technical Report Summary |

---

------

**Table 8-4: SGS IMS95A Results: OREAS 30a**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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** |  |

---

**Table 8-5: SGS IMS95A Results: OREAS 100a**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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** |  |

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Date: 31 October 2025 Page 8-6

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| | |
|:---|:---|
| ![img57530137_2.jpg](img57530137_2.jpg) | ![img57530137_3.jpg](img57530137_3.jpg) |
|  | Alpha Project<br>Bahia, Brazil<br>Technical Report Summary |

---

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**Table 8-6: SGS IMS95A Results: OREAS 106**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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** |  |

---

**Table 8-7: SGS IMS95A Results: OREAS 147**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Element** | **CRM Grade <br>(ppm)** | **CRM 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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Date: 31 October 2025 Page 8-7

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| | |
|:---|:---|
| ![img57530137_2.jpg](img57530137_2.jpg) | ![img57530137_3.jpg](img57530137_3.jpg) |
|  | Alpha Project<br>Bahia, Brazil<br>Technical Report Summary |

---

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**Table 8-8: SGS IMS95A Results: OREAS 460**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Element** | **CRM Grade <br>(ppm)** | **CRM 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** |  |

---

**Figure 8-1: SGS Example CRM Control Plot OREAS 100a**

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| | |
|:---|:---|
| ![img57530137_18.jpg](img57530137_18.jpg) | ![img57530137_19.jpg](img57530137_19.jpg) |
| ![img57530137_20.jpg](img57530137_20.jpg) | ![img57530137_21.jpg](img57530137_21.jpg) |

---

Note: Figure prepared by McGarry Consulting, 2025.

Date: 31 October 2025 Page 8-8

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| | |
|:---|:---|
| ![img57530137_2.jpg](img57530137_2.jpg) | ![img57530137_3.jpg](img57530137_3.jpg) |
|  | 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** |  |

---

**Table 8-10: ALS ME-MS81 Results: OREAS 100a**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 |

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Date: 31 October 2025 Page 8-9

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|:---|:---|
| ![img57530137_2.jpg](img57530137_2.jpg) | ![img57530137_3.jpg](img57530137_3.jpg) |
|  | Alpha Project<br>Bahia, Brazil<br>Technical Report Summary |

---

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---

| | | | | |
|:---|:---|:---|:---|:---|
| **Element** | **CRM Grade <br>(ppm)** | **CRM Std. Dev.** | **Assay Avg. <br>(ppm)** | **Avg. Bias <br>(%)** |
| &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** |  |

---

**Table 8-11: ALS ME-MS81 Results: OREAS 147**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Element** | **CRM Grade <br>(ppm)** | **CRM Std. Dev.** | **Assay Avg. <br>(ppm)** | **Avg. Bias <br>(%)** |
| &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 |  |

---

**Table 8-12: ALS ME-MS81 Results: OREAS 460**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Element** | **CRM Grade <br>(ppm)** | **CRM Std. Dev.** | **Assay Avg. <br>(ppm)** | **Avg. Bias <br>(%)** |
| &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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**Figure 8-2: ALS Example CRM Control Plot OREAS 100a**

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| ![img57530137_22.jpg](img57530137_22.jpg) | ![img57530137_23.jpg](img57530137_23.jpg) |
| ![img57530137_24.jpg](img57530137_24.jpg) | ![img57530137_25.jpg](img57530137_25.jpg) |

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Note: Figure prepared by McGarry Consulting, 2025.

**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

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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.

**Figure 8-3: SGS Control Plot Blanks**

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| ![img57530137_26.jpg](img57530137_26.jpg) | ![img57530137_27.jpg](img57530137_27.jpg) |
| ![img57530137_28.jpg](img57530137_28.jpg) | ![img57530137_29.jpg](img57530137_29.jpg) |

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Note: Figure prepared by McGarry Consulting, 2025.

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**Figure 8-4: ALS Control Plot Blanks**

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| ![img57530137_30.jpg](img57530137_30.jpg) | ![img57530137_31.jpg](img57530137_31.jpg) |
| ![img57530137_32.jpg](img57530137_32.jpg) | ![img57530137_33.jpg](img57530137_33.jpg) |

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Note: Figure prepared by McGarry Consulting, 2025.

**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.

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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.

**Figure 8-5: SGS Field Duplicate Scatter Plots**

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| ![img57530137_34.jpg](img57530137_34.jpg) | ![img57530137_35.jpg](img57530137_35.jpg) |
| ![img57530137_36.jpg](img57530137_36.jpg) | ![img57530137_37.jpg](img57530137_37.jpg) |

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| ![img57530137_38.jpg](img57530137_38.jpg) | ![img57530137_39.jpg](img57530137_39.jpg) |
| ![img57530137_40.jpg](img57530137_40.jpg) | ![img57530137_41.jpg](img57530137_41.jpg) |

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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.

**Figure 8-6: ALS Field Duplicate Scatter Plots**

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| ![img57530137_42.jpg](img57530137_42.jpg) | ![img57530137_43.jpg](img57530137_43.jpg) |
| ![img57530137_44.jpg](img57530137_44.jpg) | ![img57530137_45.jpg](img57530137_45.jpg) |

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| ![img57530137_46.jpg](img57530137_46.jpg) | ![img57530137_47.jpg](img57530137_47.jpg) |
| ![img57530137_48.jpg](img57530137_48.jpg) | ![img57530137_49.jpg](img57530137_49.jpg) |

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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.

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.

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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;•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.

9.2 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;•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;

&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 were developed.

**9.2.2 McGarry Geoconsulting** 

McGarry Geoconsulting performed a site visit (see Chapter 2.4.1).

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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;•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 adequate to support the mineral resource estimates presented in this report.

McGarry Geoconsulting concluded that:

&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;•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;•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.

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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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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 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.

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

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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.

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**Figure 10-1: Collar Locations, Metallurgical Testwork Samples**

![img57530137_50.jpg](img57530137_50.jpg)

Note: Figure prepared by Rare Earths Americas, 2025.

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.

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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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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Mean Extraction (%)<br>All MRE Samples** | **Mean Extraction (%)<br>All MRE Samples** | **Mean Extraction (%)<br>All MRE Samples** | **Mean Extraction (%)<br>All MRE Samples** | **Mean Extraction (%)<br>All MRE Samples** | **Mean Extraction (%)<br>All MRE Samples** | **Mean Extraction (%)<br>>209 ppm TREO–CeO2 in Leach Solution** | **Mean Extraction (%)<br>>209 ppm TREO–CeO2 in Leach Solution** | **Mean Extraction (%)<br>>209 ppm TREO–CeO2 in Leach Solution** | **Mean Extraction (%)<br>>209 ppm TREO–CeO2 in Leach Solution** | **Mean Extraction (%)<br>>209 ppm TREO–CeO2 in Leach Solution** | **Mean Extraction (%)<br>>209 ppm TREO–CeO2 in Leach Solution** |
|  | **Count** | **TREO-<br>CeO2** | **Nd2O3** | **Pr6O11** | **Dy2O3** | **Tb4O7** | **Count** | **TREO-<br>CeO2** | **Nd2O3** | **Pr6O11** | **Dy2O3** | **Tb4O7** |
| &nbsp;&nbsp;&nbsp;Rio Preto | 688 | 17.01 | 17.5 | 15.9 | 17.8 | 18.8 | 211 | 39.0 | 39.5 | 36.5 | 40.1 | 37.4 |
| &nbsp;&nbsp;&nbsp;Sapacaia | 190 | 21.27 | 23.5 | 20.5 | 24.2 | 21.6 | 50 | 50.3 | 55.1 | 48.7 | 53.7 | 49.8 |
| &nbsp;&nbsp;&nbsp;Nova Canaã | 267 | 25.17 | 25.9 | 23.4 | 26.2 | 23.9 | 108 | 41.8 | 42.4 | 39.0 | 42.6 | 39.3 |
| &nbsp;&nbsp;&nbsp;Rio das Pombas | 1054 | 24.81 | 25.7 | 23.0 | 23.0 | 26.0 | 438 | 39.0 | 40.3 | 37.1 | 38.7 | 38.9 |
| &nbsp;&nbsp;&nbsp;***All*** | ***2199*** | ***22.34*** | ***23.0*** | ***20.6*** | ***21.9*** | ***23.1*** | ***807*** | ***40.1*** | ***41.3*** | ***37.9*** | ***40.5*** | ***39.2*** |

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**Figure 10-2: Summary of Leach Test Results for Above Mineral Resource Estimate Threshold Samples**![img57530137_51.jpg](img57530137_51.jpg)

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** |
| &nbsp;&nbsp;&nbsp;Rio Preto | 27.0 | 26.8 | 24.0 | 28.0 | 30.2 |
| &nbsp;&nbsp;&nbsp;Sapacaia | 22.4 | 23.8 | 20.8 | 26.7 | 23.8 |
| &nbsp;&nbsp;&nbsp;Nova Canaã | 29.9 | 33.8 | 30.4 | 30.3 | 24.7 |
| &nbsp;&nbsp;&nbsp;Rio das Pombas | 34.6 | 34.9 | 30.7 | 35.5 | 31.9 |
| &nbsp;&nbsp;&nbsp;***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

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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.

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.

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| ![img57530137_2.jpg](img57530137_2.jpg) | ![img57530137_3.jpg](img57530137_3.jpg) |
|  | 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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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** |
| &nbsp;&nbsp;&nbsp;Rio Preto | 211 | 0.25 | 0.02 | 3.17 | 0.35 | 0.02 | 5.10 |
| &nbsp;&nbsp;&nbsp;Sapacaia | 50 | 2.41 | 0.24 | 11.95 | 1.00 | 0.02 | 9.04 |
| &nbsp;&nbsp;&nbsp;Nova Canaã  | 108 | 0.35 | 0.02 | 1.92 | 0.88 | 0.05 | 12.45 |
| &nbsp;&nbsp;&nbsp;Rio das Pombas  | 438 | 0.18 | 0.02 | 4.06 | 0.33 | 0.01 | 6.64 |
| &nbsp;&nbsp;&nbsp;***Grand total*** | ***807*** | ***0.34*** | ***0.00*** | ***11.95*** | ***0.44*** | ***0.01*** | ***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.

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| ![img57530137_2.jpg](img57530137_2.jpg) | ![img57530137_3.jpg](img57530137_3.jpg) |
|  | 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;•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;•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;•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;•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.

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| ![img57530137_2.jpg](img57530137_2.jpg) | ![img57530137_3.jpg](img57530137_3.jpg) |
|  | 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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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Deposit** | &nbsp;&nbsp;**Rio Preto** | &nbsp;&nbsp;**Sapacaia** | &nbsp;&nbsp;**Nova Canaã** | &nbsp;&nbsp;**Rio das Pombas** |
| &nbsp;&nbsp;Extent (m) | &nbsp;&nbsp;North–south | &nbsp;&nbsp;5510 | &nbsp;&nbsp;5980 | &nbsp;&nbsp;2390 | &nbsp;&nbsp;7530 |
| &nbsp;&nbsp;Extent (m) | &nbsp;&nbsp;East–west | &nbsp;&nbsp;3023 | &nbsp;&nbsp;1900 | &nbsp;&nbsp;2341 | &nbsp;&nbsp;10038 |
| &nbsp;&nbsp;![img57530137_52.jpg](img57530137_52.jpg) | &nbsp;&nbsp;Minimum | &nbsp;&nbsp;5 | &nbsp;&nbsp;7 | &nbsp;&nbsp;7 | &nbsp;&nbsp;2 |
| &nbsp;&nbsp;![img57530137_52.jpg](img57530137_52.jpg) | &nbsp;&nbsp;25 Percentile | &nbsp;&nbsp;19 | &nbsp;&nbsp;19 | &nbsp;&nbsp;22 | &nbsp;&nbsp;23 |
| &nbsp;&nbsp;![img57530137_52.jpg](img57530137_52.jpg) | &nbsp;&nbsp;Median: | &nbsp;&nbsp;23 | &nbsp;&nbsp;24 | &nbsp;&nbsp;25 | &nbsp;&nbsp;29 |
| &nbsp;&nbsp;![img57530137_52.jpg](img57530137_52.jpg) | &nbsp;&nbsp;75 Percentile | &nbsp;&nbsp;28 | &nbsp;&nbsp;29 | &nbsp;&nbsp;27 | &nbsp;&nbsp;35 |
| &nbsp;&nbsp;![img57530137_52.jpg](img57530137_52.jpg) | &nbsp;&nbsp;Maximum Value: | &nbsp;&nbsp;49 | &nbsp;&nbsp;46 | &nbsp;&nbsp;65 | &nbsp;&nbsp;50 |
| &nbsp;&nbsp;Area (Mm<sup>2</sup>) | &nbsp;&nbsp;Area (Mm<sup>2</sup>) | &nbsp;&nbsp;14.3 | &nbsp;&nbsp;12.1 | &nbsp;&nbsp;3.81 | &nbsp;&nbsp;22.9 |
| &nbsp;&nbsp;Volume (Mm<sup>3</sup>) | &nbsp;&nbsp;Volume (Mm<sup>3</sup>) | &nbsp;&nbsp;323.1 | &nbsp;&nbsp;274.9 | &nbsp;&nbsp;91.6 | &nbsp;&nbsp;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;•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;•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;•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;•Rio das Pombas domain, TREO grades ranged from 0.6–9,957 ppm (1.0% TREO) and averaged 705 ppm.

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| ![img57530137_2.jpg](img57530137_2.jpg) | ![img57530137_3.jpg](img57530137_3.jpg) |
|  | 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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| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**La2O3**  | &nbsp;&nbsp;**CeO2** | &nbsp;&nbsp;**Pr6O11** | &nbsp;&nbsp;**Nd2O3**  | &nbsp;&nbsp;**Sm2O3**  | &nbsp;&nbsp;**Eu2O3**  | &nbsp;&nbsp;**Gd2O3**  | &nbsp;&nbsp;**Tb4O7**  | &nbsp;&nbsp;**Dy2O3**  | &nbsp;&nbsp;**Ho2O3**  | &nbsp;&nbsp;**Er2O3**  | &nbsp;&nbsp;**Tm2O3**  | &nbsp;&nbsp;**Yb2O3**  | &nbsp;&nbsp;**Lu2O3**  | &nbsp;&nbsp;**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 |

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Note: Std.Dev = standard deviation, CV = co-efficient of variation, P95 is 95<sup>th</sup> percentile

Date: 31 October 2025 Page 11-3

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| ![img57530137_2.jpg](img57530137_2.jpg) | ![img57530137_3.jpg](img57530137_3.jpg) |
|  | 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)** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**TREO**  | &nbsp;&nbsp;**TREO–CeO2**  | &nbsp;&nbsp;**ThO2**  | &nbsp;&nbsp;**U3O8** |
| **Rio Preto = 3,359** | **Rio Preto = 3,359** | **Rio Preto = 3,359** | **Rio Preto = 3,359** | **Rio Preto = 3,359** |
| Mean | &nbsp;&nbsp;982.0 | &nbsp;&nbsp;539.9 | &nbsp;&nbsp;82.2 | &nbsp;&nbsp;11.8 |
| Std.Dev | &nbsp;&nbsp;746.6 | &nbsp;&nbsp;560.6 | &nbsp;&nbsp;80.4 | &nbsp;&nbsp;18.9 |
| CV | &nbsp;&nbsp;0.8 | &nbsp;&nbsp;1.0 | &nbsp;&nbsp;1.0 | &nbsp;&nbsp;1.6 |
| Min | &nbsp;&nbsp;33.1 | &nbsp;&nbsp;15.0 | &nbsp;&nbsp;0.1 | &nbsp;&nbsp;0.0 |
| Median | &nbsp;&nbsp;852.0 | &nbsp;&nbsp;394.4 | &nbsp;&nbsp;44.6 | &nbsp;&nbsp;7.2 |
| Max | &nbsp;&nbsp;8561 | &nbsp;&nbsp;8110 | &nbsp;&nbsp;853 | &nbsp;&nbsp;887 |
| P95 | &nbsp;&nbsp;2178 | &nbsp;&nbsp;1410 | &nbsp;&nbsp;231 | &nbsp;&nbsp;34 |
| **Sapacaia = 1,968** | **Sapacaia = 1,968** | **Sapacaia = 1,968** | **Sapacaia = 1,968** | **Sapacaia = 1,968** |
| Mean | &nbsp;&nbsp;981.8 | &nbsp;&nbsp;527.1 | &nbsp;&nbsp;112.1 | &nbsp;&nbsp;17.1 |
| Std.Dev | &nbsp;&nbsp;1871.2 | &nbsp;&nbsp;1007.6 | &nbsp;&nbsp;374.6 | &nbsp;&nbsp;20.9 |
| CV | &nbsp;&nbsp;1.9 | &nbsp;&nbsp;1.9 | &nbsp;&nbsp;3.3 | &nbsp;&nbsp;1.2 |
| Min | &nbsp;&nbsp;8.2 | &nbsp;&nbsp;6.2 | &nbsp;&nbsp;0.1 | &nbsp;&nbsp;0.2 |
| Median | &nbsp;&nbsp;696.0 | &nbsp;&nbsp;354.9 | &nbsp;&nbsp;84.7 | &nbsp;&nbsp;14.7 |
| Max | &nbsp;&nbsp;69127 | &nbsp;&nbsp;34627 | &nbsp;&nbsp;15693 | &nbsp;&nbsp;684 |
| P95 | &nbsp;&nbsp;2443 | &nbsp;&nbsp;1480 | &nbsp;&nbsp;241 | &nbsp;&nbsp;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 | &nbsp;&nbsp;974.8 | &nbsp;&nbsp;578.0 | &nbsp;&nbsp;77.5 | &nbsp;&nbsp;12.6 |
| Std.Dev | &nbsp;&nbsp;662.9 | &nbsp;&nbsp;477.7 | &nbsp;&nbsp;68.4 | &nbsp;&nbsp;10.5 |
| CV | &nbsp;&nbsp;0.7 | &nbsp;&nbsp;0.8 | &nbsp;&nbsp;0.9 | &nbsp;&nbsp;0.8 |
| Min | &nbsp;&nbsp;0.6 | &nbsp;&nbsp;0.5 | &nbsp;&nbsp;0.1 | &nbsp;&nbsp;0.0 |
| Median | &nbsp;&nbsp;894.9 | &nbsp;&nbsp;483.5 | &nbsp;&nbsp;59.3 | &nbsp;&nbsp;9.0 |
| Max | &nbsp;&nbsp;7921 | &nbsp;&nbsp;6162 | &nbsp;&nbsp;830 | &nbsp;&nbsp;58 |
| P95 | &nbsp;&nbsp;1963 | &nbsp;&nbsp;1281 | &nbsp;&nbsp;187 | &nbsp;&nbsp;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 | &nbsp;&nbsp;696.5 | &nbsp;&nbsp;387.1 | &nbsp;&nbsp;52.0 | &nbsp;&nbsp;6.4 |
| Std.Dev | &nbsp;&nbsp;665.1 | &nbsp;&nbsp;483.0 | &nbsp;&nbsp;48.4 | &nbsp;&nbsp;5.2 |
| CV | &nbsp;&nbsp;1.0 | &nbsp;&nbsp;1.3 | &nbsp;&nbsp;0.9 | &nbsp;&nbsp;0.8 |
| Min | &nbsp;&nbsp;0.6 | &nbsp;&nbsp;0.5 | &nbsp;&nbsp;0.1 | &nbsp;&nbsp;0.0 |
| Median | &nbsp;&nbsp;524.7 | &nbsp;&nbsp;210.0 | &nbsp;&nbsp;39.0 | &nbsp;&nbsp;4.9 |
| Max | &nbsp;&nbsp;9957 | &nbsp;&nbsp;9668 | &nbsp;&nbsp;786 | &nbsp;&nbsp;113 |
| P95 | &nbsp;&nbsp;1773 | &nbsp;&nbsp;1231 | &nbsp;&nbsp;158 | &nbsp;&nbsp;16 |

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Note: Std.Dev = standard deviation, CV = co-efficient of variation, P95 is 95<sup>th</sup> percentile

Date: 31 October 2025 Page 11-4

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| ![img57530137_2.jpg](img57530137_2.jpg) | ![img57530137_3.jpg](img57530137_3.jpg) |
|  | 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: 31 October 2025 Page 11-5

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| ![img57530137_2.jpg](img57530137_2.jpg) | ![img57530137_3.jpg](img57530137_3.jpg) |
|  | 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)** 

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| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Item** | **La2O3 (ppm)** | **CeO2 (ppm)** | **Pr6O1 (ppm)** | **Nd2O3 (ppm)** | **Sm2O3 (ppm)** | **Eu2O3 (ppm)** | **Gd2O3 (ppm)** | **Tb4O7 (ppm)** | **Dy2O3 (ppm)** | **Ho2O3 (ppm)** | **Er2O3 (ppm)** | **Tm2O3 (ppm)** | **Yb2O3 (ppm)** | **Lu2O3 <br>(ppm)** | **Y2O3 (ppm)** |
| &nbsp;&nbsp;&nbsp;**n = 16,006** | &nbsp;&nbsp;&nbsp;**n = 16,006** | &nbsp;&nbsp;&nbsp;**n = 16,006** | &nbsp;&nbsp;&nbsp;**n = 16,006** | &nbsp;&nbsp;&nbsp;**n = 16,006** | &nbsp;&nbsp;&nbsp;**n = 16,006** | &nbsp;&nbsp;&nbsp;**n = 16,006** | &nbsp;&nbsp;&nbsp;**n = 16,006** | &nbsp;&nbsp;&nbsp;**n = 16,006** | &nbsp;&nbsp;&nbsp;**n = 16,006** | &nbsp;&nbsp;&nbsp;**n = 16,006** | &nbsp;&nbsp;&nbsp;**n = 16,006** | &nbsp;&nbsp;&nbsp;**n = 16,006** | &nbsp;&nbsp;&nbsp;**n = 16,006** | &nbsp;&nbsp;&nbsp;**n = 16,006** | &nbsp;&nbsp;&nbsp;**n = 16,006** |
| Mean | 164 | 344 | 33.1 | 109 | 18 | 2.5 | 14.7 | 2.1 | 11.7 | 2.2 | 6.2 | 0.9 | 5.6 | 0.8 | 61.3 |
| Std.Dev | 228 | 463 | 47.1 | 156 | 26.4 | 4.1 | 22.3 | 3.3 | 19.7 | 3.9 | 11.2 | 1.5 | 9.6 | 1.3 | 117 |
| 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 |
| 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 |
| Median | 115 | 263 | 21.2 | 67.7 | 10.7 | 1.2 | 8.3 | 1.1 | 5.6 | 1 | 2.7 | 0.4 | 2.6 | 0.4 | 25.5 |
| Maximum | 17800 | 34500 | 3110 | 9258 | 1200 | 95 | 789 | 105 | 713 | 152 | 473 | 61 | 390 | 53 | 5099 |

---

Note: Std.Dev = standard deviation, CV = coefficient of variation

**Table 11-5: Summary Statistics for Rare Earth Element Reporting Groups and Deleterious Elements** 

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Item** | &nbsp;&nbsp;**TREO <br>(ppm)** | &nbsp;&nbsp;**TREO-CeO2 <br>(ppm)** | &nbsp;&nbsp;**LREO <br>(ppm)** | &nbsp;&nbsp;**HREO <br>(ppm)** | &nbsp;&nbsp;**HREO<br>(%)** | &nbsp;&nbsp;**Nb2O5 <br>(ppm)** | &nbsp;&nbsp;**Sc2O3 <br>(ppm)** | &nbsp;&nbsp;**U3O8 <br>(ppm)** | &nbsp;&nbsp;**ThO2 <br>(ppm)** |
| &nbsp;&nbsp;&nbsp;**n = 16,006** | &nbsp;&nbsp;&nbsp;**n = 16,006** | &nbsp;&nbsp;&nbsp;**n = 16,006** | &nbsp;&nbsp;&nbsp;**n = 16,006** | &nbsp;&nbsp;&nbsp;**n = 16,006** | &nbsp;&nbsp;&nbsp;**n = 16,006** | &nbsp;&nbsp;&nbsp;**n = 16,006** | &nbsp;&nbsp;&nbsp;**n = 16,006** | &nbsp;&nbsp;&nbsp;**n = 16,006** | &nbsp;&nbsp;&nbsp;**n = 16,006** |
| &nbsp;&nbsp;&nbsp;Mean | &nbsp;&nbsp;&nbsp;&nbsp;776 | &nbsp;&nbsp;&nbsp;&nbsp;432 | &nbsp;&nbsp;&nbsp;&nbsp;650 | &nbsp;&nbsp;&nbsp;&nbsp;126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.2 | &nbsp;&nbsp;&nbsp;&nbsp;38 | &nbsp;&nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66.7 |
| &nbsp;&nbsp;&nbsp;Std.Dev | &nbsp;&nbsp;&nbsp;&nbsp;927 | &nbsp;&nbsp;&nbsp;&nbsp;586 | &nbsp;&nbsp;&nbsp;&nbsp;802 | &nbsp;&nbsp;&nbsp;&nbsp;211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1 | &nbsp;&nbsp;&nbsp;&nbsp;145 |
| &nbsp;&nbsp;&nbsp;CV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 |
| &nbsp;&nbsp;&nbsp;Minimum | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 |
| &nbsp;&nbsp;&nbsp;Median | &nbsp;&nbsp;&nbsp;&nbsp;608 | &nbsp;&nbsp;&nbsp;&nbsp;278 | &nbsp;&nbsp;&nbsp;&nbsp;518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.4 |
| &nbsp;&nbsp;&nbsp;Maximum | &nbsp;&nbsp;&nbsp;&nbsp;69127 | &nbsp;&nbsp;&nbsp;&nbsp;34627 | &nbsp;&nbsp;&nbsp;&nbsp;64668 | &nbsp;&nbsp;&nbsp;&nbsp;8314 | &nbsp;&nbsp;&nbsp;&nbsp;84 | &nbsp;&nbsp;&nbsp;&nbsp;325 | &nbsp;&nbsp;&nbsp;&nbsp;169 | &nbsp;&nbsp;&nbsp;&nbsp;887 | &nbsp;&nbsp;&nbsp;&nbsp;15693 |

---

Note: Std.Dev = standard deviation, CV = coefficient of variation, LREO = light rare earth oxides, HREO = heavy rare earth oxides.

Date: 31 October 2025 Page 11-6

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| ![img57530137_2.jpg](img57530137_2.jpg) | ![img57530137_3.jpg](img57530137_3.jpg) |
|  | 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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|:---|:---|
| ![img57530137_53.jpg](img57530137_53.jpg) | ![img57530137_54.jpg](img57530137_54.jpg) |
| ![img57530137_55.jpg](img57530137_55.jpg) | ![img57530137_56.jpg](img57530137_56.jpg) |
| ![img57530137_57.jpg](img57530137_57.jpg) | ![img57530137_58.jpg](img57530137_58.jpg) |

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Note: Figure prepared by McGarry Consulting, 2025.

Date: 31 October 2025 Page 11-7

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| ![img57530137_2.jpg](img57530137_2.jpg) | ![img57530137_3.jpg](img57530137_3.jpg) |
|  | 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;•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;•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**

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| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Indep/ Dep** | &nbsp;&nbsp;**La2O3**<br>| &nbsp;&nbsp;**CeO2**<br>| &nbsp;&nbsp;**Pr6O11**<br>| &nbsp;&nbsp;**Nd2O3**<br>| &nbsp;&nbsp;**Sm2O3**<br>| &nbsp;&nbsp;**Eu2O3**<br>| &nbsp;&nbsp;**Gd2O3**<br>| &nbsp;&nbsp;**Tb4O7**<br>| &nbsp;&nbsp;**Dy2O3**<br>| &nbsp;&nbsp;**Ho2O3**<br>| &nbsp;&nbsp;**Er2O3**<br>| &nbsp;&nbsp;**Tm2O3**<br>| &nbsp;&nbsp;**Yb2O3**<br>| &nbsp;&nbsp;**Lu2O3**<br>| &nbsp;&nbsp;**Y2O3**<br>| &nbsp;&nbsp;**LREO**<br>| &nbsp;&nbsp;**HREO**<br>|
| &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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Date: 31 October 2025 Page 11-8

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| ![img57530137_2.jpg](img57530137_2.jpg) | ![img57530137_3.jpg](img57530137_3.jpg) |
|  | 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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| ![img57530137_2.jpg](img57530137_2.jpg) | ![img57530137_3.jpg](img57530137_3.jpg) |
|  | 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**

![img57530137_59.jpg](img57530137_59.jpg)

Note: Figure prepared by McGarry Consulting, 2025.

Date: 31 October 2025 Page 11-10

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|  | 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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| | | | |
|:---|:---|:---|:---|
|  | &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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**Table 11-8: 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;**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 (%)** | &nbsp;&nbsp;**Distance (%)** | &nbsp;&nbsp;**Threshold** |
| &nbsp;&nbsp;Rio Preto | &nbsp;&nbsp;1 | &nbsp;&nbsp;400 | &nbsp;&nbsp;350 | &nbsp;&nbsp;30 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— |
| &nbsp;&nbsp;Rio Preto | &nbsp;&nbsp;2 | &nbsp;&nbsp;800 | &nbsp;&nbsp;700 | &nbsp;&nbsp;60 | &nbsp;&nbsp;50 | &nbsp;&nbsp;50 | &nbsp;&nbsp;P95 |
| &nbsp;&nbsp;Rio Preto | &nbsp;&nbsp;3 | &nbsp;&nbsp;1600 | &nbsp;&nbsp;1400 | &nbsp;&nbsp;400 | &nbsp;&nbsp;25.00 | &nbsp;&nbsp;25.00 | &nbsp;&nbsp;P95 |
| &nbsp;&nbsp;Sapacaia | &nbsp;&nbsp;1 | &nbsp;&nbsp;400 | &nbsp;&nbsp;350 | &nbsp;&nbsp;30 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— |
| &nbsp;&nbsp;Sapacaia | &nbsp;&nbsp;2 | &nbsp;&nbsp;800 | &nbsp;&nbsp;700 | &nbsp;&nbsp;60 | &nbsp;&nbsp;50 | &nbsp;&nbsp;50 | &nbsp;&nbsp;P95 |
| &nbsp;&nbsp;Sapacaia | &nbsp;&nbsp;3 | &nbsp;&nbsp;1600 | &nbsp;&nbsp;1400 | &nbsp;&nbsp;400 | &nbsp;&nbsp;25.00 | &nbsp;&nbsp;25.00 | &nbsp;&nbsp;P95 |
|  | &nbsp;&nbsp;1 | &nbsp;&nbsp;400 | &nbsp;&nbsp;300 | &nbsp;&nbsp;30 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— |

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| ![img57530137_2.jpg](img57530137_2.jpg) | ![img57530137_3.jpg](img57530137_3.jpg) |
|  | Alpha Project<br>Bahia, Brazil<br>Technical Report Summary |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Domain** | &nbsp;&nbsp;**Run** | &nbsp;&nbsp;**Ellipsoid Ranges** | &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 (%)** | &nbsp;&nbsp;**Distance (%)** | &nbsp;&nbsp;**Threshold** |
| &nbsp;&nbsp;Nova Canaã | &nbsp;&nbsp;2 | &nbsp;&nbsp;800 | &nbsp;&nbsp;600 | &nbsp;&nbsp;60 | &nbsp;&nbsp;50 | &nbsp;&nbsp;50 | &nbsp;&nbsp;P95 |
| &nbsp;&nbsp;Nova Canaã | &nbsp;&nbsp;3 | &nbsp;&nbsp;1600 | &nbsp;&nbsp;1200 | &nbsp;&nbsp;400 | &nbsp;&nbsp;25.00 | &nbsp;&nbsp;25.00 | &nbsp;&nbsp;P95 |
| &nbsp;&nbsp;Rio Das Pombas | &nbsp;&nbsp;1 | &nbsp;&nbsp;400 | &nbsp;&nbsp;400 | &nbsp;&nbsp;30 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— |
| &nbsp;&nbsp;Rio Das Pombas | &nbsp;&nbsp;2 | &nbsp;&nbsp;800 | &nbsp;&nbsp;800 | &nbsp;&nbsp;60 | &nbsp;&nbsp;50 | &nbsp;&nbsp;50 | &nbsp;&nbsp;P95 |
| &nbsp;&nbsp;Rio Das Pombas | &nbsp;&nbsp;3 | &nbsp;&nbsp;1600 | &nbsp;&nbsp;1600 | &nbsp;&nbsp;400 | &nbsp;&nbsp;25.00 | &nbsp;&nbsp;25.00 | &nbsp;&nbsp;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;•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.

**11.9.1 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.

Date: 31 October 2025 Page 11-12

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| ![img57530137_2.jpg](img57530137_2.jpg) | ![img57530137_3.jpg](img57530137_3.jpg) |
|  | 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**

![img57530137_60.jpg](img57530137_60.jpg)![img57530137_61.jpg](img57530137_61.jpg)

![img57530137_62.jpg](img57530137_62.jpg)![img57530137_63.jpg](img57530137_63.jpg)![img57530137_64.jpg](img57530137_64.jpg)

Note: Figure prepared by McGarry Consulting, 2025. Section lines for sections shown in Figure 11-4 as black lines.

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| ![img57530137_2.jpg](img57530137_2.jpg) | ![img57530137_3.jpg](img57530137_3.jpg) |
|  | 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**

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| |
|:---|
| ![img57530137_65.jpg](img57530137_65.jpg) |
| ![img57530137_66.jpg](img57530137_66.jpg) |
| ![img57530137_67.jpg](img57530137_67.jpg) |
| ![img57530137_68.jpg](img57530137_68.jpg) |

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Note: Figure prepared by McGarry Consulting, 2025. Section lines for sections shown in Figure 11-3 as black lines.

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| ![img57530137_2.jpg](img57530137_2.jpg) | ![img57530137_3.jpg](img57530137_3.jpg) |
|  | 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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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &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;Rio Preto and Sapacaia Domains | &nbsp;&nbsp;Rio Preto and Sapacaia Domains | &nbsp;&nbsp;Rio Preto and Sapacaia Domains | &nbsp;&nbsp;Nova Canaã | &nbsp;&nbsp;Nova Canaã | &nbsp;&nbsp;Nova Canaã | &nbsp;&nbsp;Rio das Pombas | &nbsp;&nbsp;Rio das Pombas | &nbsp;&nbsp;Rio das Pombas |
| &nbsp;&nbsp;La2O3 (ppm) | &nbsp;&nbsp;207.2 | &nbsp;&nbsp;247 | &nbsp;&nbsp;19 | &nbsp;&nbsp;204.4 | &nbsp;&nbsp;197 | &nbsp;&nbsp;-3 | &nbsp;&nbsp;148 | &nbsp;&nbsp;142 | &nbsp;&nbsp;-4 |
| &nbsp;&nbsp;CeO2 (ppm) | &nbsp;&nbsp;447.0 | &nbsp;&nbsp;416 | &nbsp;&nbsp;-7 | &nbsp;&nbsp;383.7 | &nbsp;&nbsp;351 | &nbsp;&nbsp;-8 | &nbsp;&nbsp;315 | &nbsp;&nbsp;277 | &nbsp;&nbsp;-12 |
| &nbsp;&nbsp;Pr6O11 (ppm) | &nbsp;&nbsp;41.6 | &nbsp;&nbsp;40.3 | &nbsp;&nbsp;-3 | &nbsp;&nbsp;41.1 | &nbsp;&nbsp;37.6 | &nbsp;&nbsp;-8 | &nbsp;&nbsp;30.0 | &nbsp;&nbsp;28.8 | &nbsp;&nbsp;-4 |
| &nbsp;&nbsp;Nd2O3 (ppm) | &nbsp;&nbsp;136.1 | &nbsp;&nbsp;133.4 | &nbsp;&nbsp;-2 | &nbsp;&nbsp;136.4 | &nbsp;&nbsp;127.2 | &nbsp;&nbsp;-7 | &nbsp;&nbsp;98.5 | &nbsp;&nbsp;97.0 | &nbsp;&nbsp;-1 |
| &nbsp;&nbsp;Sm2O3 (ppm) | &nbsp;&nbsp;22.6 | &nbsp;&nbsp;22.6 | &nbsp;&nbsp;0 | &nbsp;&nbsp;22.5 | &nbsp;&nbsp;21.2 | &nbsp;&nbsp;-6 | &nbsp;&nbsp;16.1 | &nbsp;&nbsp;15.9 | &nbsp;&nbsp;-1 |
| &nbsp;&nbsp;Eu2O3 (ppm) | &nbsp;&nbsp;3.0 | &nbsp;&nbsp;3.2 | &nbsp;&nbsp;6 | &nbsp;&nbsp;3.3 | &nbsp;&nbsp;3.1 | &nbsp;&nbsp;-6 | &nbsp;&nbsp;2.2 | &nbsp;&nbsp;2.4 | &nbsp;&nbsp;10 |
| &nbsp;&nbsp;Gd2O3 (ppm) | &nbsp;&nbsp;17.8 | &nbsp;&nbsp;18.2 | &nbsp;&nbsp;2 | &nbsp;&nbsp;20.3 | &nbsp;&nbsp;20.1 | &nbsp;&nbsp;-1 | &nbsp;&nbsp;13.1 | &nbsp;&nbsp;13.5 | &nbsp;&nbsp;3 |
| &nbsp;&nbsp;Tb4O7 (ppm) | &nbsp;&nbsp;2.6 | &nbsp;&nbsp;2.6 | &nbsp;&nbsp;3 | &nbsp;&nbsp;2.7 | &nbsp;&nbsp;2.7 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1.8 | &nbsp;&nbsp;1.9 | &nbsp;&nbsp;3 |
| &nbsp;&nbsp;Dy2O3 (ppm) | &nbsp;&nbsp;14.2 | &nbsp;&nbsp;14.6 | &nbsp;&nbsp;3 | &nbsp;&nbsp;15.1 | &nbsp;&nbsp;15.3 | &nbsp;&nbsp;1 | &nbsp;&nbsp;10.4 | &nbsp;&nbsp;10.8 | &nbsp;&nbsp;3 |
| &nbsp;&nbsp;Ho2O3 (ppm) | &nbsp;&nbsp;2.7 | &nbsp;&nbsp;2.8 | &nbsp;&nbsp;5 | &nbsp;&nbsp;2.9 | &nbsp;&nbsp;3.0 | &nbsp;&nbsp;3 | &nbsp;&nbsp;2.0 | &nbsp;&nbsp;2.1 | &nbsp;&nbsp;3 |
| &nbsp;&nbsp;Er2O3 (ppm) | &nbsp;&nbsp;7.3 | &nbsp;&nbsp;7.7 | &nbsp;&nbsp;5 | &nbsp;&nbsp;8.2 | &nbsp;&nbsp;8.5 | &nbsp;&nbsp;4 | &nbsp;&nbsp;5.6 | &nbsp;&nbsp;5.8 | &nbsp;&nbsp;3 |
| &nbsp;&nbsp;Tm2O3 (ppm) | &nbsp;&nbsp;1.0 | &nbsp;&nbsp;1.1 | &nbsp;&nbsp;5 | &nbsp;&nbsp;1.1 | &nbsp;&nbsp;1.2 | &nbsp;&nbsp;4 | &nbsp;&nbsp;0.8 | &nbsp;&nbsp;0.8 | &nbsp;&nbsp;3 |
| &nbsp;&nbsp;Yb2O3 (ppm) | &nbsp;&nbsp;6.6 | &nbsp;&nbsp;6.9 | &nbsp;&nbsp;4 | &nbsp;&nbsp;7.4 | &nbsp;&nbsp;7.7 | &nbsp;&nbsp;4 | &nbsp;&nbsp;5.1 | &nbsp;&nbsp;5.2 | &nbsp;&nbsp;2 |
| &nbsp;&nbsp;Lu2O3 (ppm) | &nbsp;&nbsp;0.9 | &nbsp;&nbsp;1.0 | &nbsp;&nbsp;4 | &nbsp;&nbsp;1.0 | &nbsp;&nbsp;1.1 | &nbsp;&nbsp;3 | &nbsp;&nbsp;0.7 | &nbsp;&nbsp;0.7 | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;Y2O3 (ppm) | &nbsp;&nbsp;71.3 | &nbsp;&nbsp;75.1 | &nbsp;&nbsp;5 | &nbsp;&nbsp;83.3 | &nbsp;&nbsp;86.9 | &nbsp;&nbsp;4 | &nbsp;&nbsp;56.0 | &nbsp;&nbsp;58.6 | &nbsp;&nbsp;5 |
| &nbsp;&nbsp;ThO2 (ppm) | &nbsp;&nbsp;93.3 | &nbsp;&nbsp;80.3 | &nbsp;&nbsp;-14 | &nbsp;&nbsp;77.1 | &nbsp;&nbsp;66.8 | &nbsp;&nbsp;-13 | &nbsp;&nbsp;53.9 | &nbsp;&nbsp;49.0 | &nbsp;&nbsp;-9 |
| &nbsp;&nbsp;U3O8 (ppm) | &nbsp;&nbsp;13.7 | &nbsp;&nbsp;12.4 | &nbsp;&nbsp;-9 | &nbsp;&nbsp;12.5 | &nbsp;&nbsp;10.7 | &nbsp;&nbsp;-15 | &nbsp;&nbsp;6.7 | &nbsp;&nbsp;6.2 | &nbsp;&nbsp;-8 |

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| ![img57530137_2.jpg](img57530137_2.jpg) | ![img57530137_3.jpg](img57530137_3.jpg) |
|  | 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**

![img57530137_69.jpg](img57530137_69.jpg)

Note: Figure prepared by McGarry Consulting, 2025. OK=ordinary kriged, ID3=inverse distance weighting to the third power.

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| ![img57530137_2.jpg](img57530137_2.jpg) | ![img57530137_3.jpg](img57530137_3.jpg) |
|  | Alpha Project<br>Bahia, Brazil<br>Technical Report Summary |

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**Figure 11-6: Swath Plots Nova Canaã Composite Nd2O3 Values Vs. ID**<sup>3</sup> **and OK Estimates**

![img57530137_70.jpg](img57530137_70.jpg)

Note: Figure prepared by McGarry Consulting, 2025. OK=ordinary kriged, ID3=inverse distance weighting to the third power.

**Figure 11-7: Swath Plots Rio das Pombas Composite Nd2O3 Values Vs. ID3 and OK Estimates**

![img57530137_71.jpg](img57530137_71.jpg)

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

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| ![img57530137_2.jpg](img57530137_2.jpg) | ![img57530137_3.jpg](img57530137_3.jpg) |
|  | Alpha Project<br>Bahia, Brazil<br>Technical Report Summary |

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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;•Geological understanding of the deposit;

&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;•Drill spacing and drill density. The drill pattern is mostly irregular with drill spacing of approximately 320 m locally infilled to 160 m.

**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. |

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| ![img57530137_2.jpg](img57530137_2.jpg) | ![img57530137_3.jpg](img57530137_3.jpg) |
|  | Alpha Project<br>Bahia, Brazil<br>Technical Report Summary |

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| | |
|:---|:---|
| &nbsp;&nbsp;Uncertainty Source | &nbsp;&nbsp;Discussion |
| &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.  |
| &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.

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| ![img57530137_2.jpg](img57530137_2.jpg) | ![img57530137_3.jpg](img57530137_3.jpg) |
|  | Alpha Project<br>Bahia, Brazil<br>Technical Report Summary |

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**Figure 11-8: Classified Block Distances from Drill Hole**

![img57530137_72.jpg](img57530137_72.jpg)

![img57530137_73.jpg](img57530137_73.jpg)

Note: Figure prepared by McGarry Consulting, 2025.

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".

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| ![img57530137_2.jpg](img57530137_2.jpg) | ![img57530137_3.jpg](img57530137_3.jpg) |
|  | Alpha Project<br>Bahia, Brazil<br>Technical Report Summary |

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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 km2. |
| &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.<br>These assumptions will be refined as further metallurgical, engineering, and environmental studies are completed. |

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| ![img57530137_2.jpg](img57530137_2.jpg) | ![img57530137_3.jpg](img57530137_3.jpg) |
|  | 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;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.<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>&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>▪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 |

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| ![img57530137_2.jpg](img57530137_2.jpg) | ![img57530137_3.jpg](img57530137_3.jpg) |
|  | 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;&nbsp;&nbsp;&nbsp;•INEMA – Instituto do Meio Ambiente e Recursos Hídricos da Bahia.<br>oLead agency for environmental licensing in Bahia.<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>o*Autorização de Supressão de Vegetação (ASV)* – Vegetation clearance permit.<br>oOversees reforestation and biodiversity compensation obligations.<br>•SEMA – Secretaria do Meio Ambiente do Estado da Bahia<br>oFormulates environmental policy; may participate in strategic project reviews.<br>•SRH – Superintendência de Recursos Hídricos<br>oGrants 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. |
| &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. |

---

Note: REE = rare earth element(s)

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| ![img57530137_2.jpg](img57530137_2.jpg) | ![img57530137_3.jpg](img57530137_3.jpg) |
|  | Alpha Project<br>Bahia, Brazil<br>Technical Report Summary |

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**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;•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 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.

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.

Date: 31 October 2025 Page 11-24

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|  | Alpha Project<br>Bahia, Brazil<br>Technical Report Summary |

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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;•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;•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**

![img57530137_74.jpg](img57530137_74.jpg)

Note: Source Adamas Intelligence (2024)

**Figure 11-10: Forecast Global Dysprosium Oxide Production and Demand**

![img57530137_75.jpg](img57530137_75.jpg)

Note: Source Adamas Intelligence (2024)

Date: 31 October 2025 Page 11-25

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|  | Alpha Project<br>Bahia, Brazil<br>Technical Report Summary |

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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 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.

**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).

Date: 31 October 2025 Page 11-26

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| ![img57530137_2.jpg](img57530137_2.jpg) | ![img57530137_3.jpg](img57530137_3.jpg) |
|  | Alpha Project<br>Bahia, Brazil<br>Technical Report Summary |

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**Table 11-12: Rare-Earth Elements Prices and Average Basket Price Calculation**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;REE Oxide1 | &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)3 | &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;21.9 | &nbsp;&nbsp;8.0 | &nbsp;&nbsp;5.6 | &nbsp;&nbsp;1.2 | &nbsp;&nbsp;2.1 |
| &nbsp;&nbsp;Lu2O3 | &nbsp;&nbsp;1.3 | &nbsp;&nbsp;17.5 | &nbsp;&nbsp;12.3 | &nbsp;&nbsp;0.2 | &nbsp;&nbsp;0.3 |
| &nbsp;&nbsp;Y2O3 | &nbsp;&nbsp;0.2 | &nbsp;&nbsp;910.8 | &nbsp;&nbsp;637.6 | &nbsp;&nbsp;1.3 | &nbsp;&nbsp;2.2 |
| &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*** | &nbsp;&nbsp;***100.0*** |

---

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" 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.

Date: 31 October 2025 Page 11-27

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|  | Alpha Project<br>Bahia, Brazil<br>Technical Report Summary |

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The basket value is determined using the following formula:

![img57530137_76.jpg](img57530137_76.jpg)

Proportion = Typical proportion of recovered oxide i in the recovered TREO mix

Forecast Price𝑖 = 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.

**Table 11-13: Whittle Resource Constraining Pit Shell Parameters**

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| | | |
|:---|:---|:---|
| Item | Unit | Value |
| Average recovered value<br> (P) | $/t | 57.2 |
| Mining cost (mineralization and waste)<br> (m) | $/t | 1.98 |
| Process cost<br> (C) | $/t | 7.65 |
| General and administrative cost<br> (CGA) | $/t | 1.74 |
| Dilution<br> (d) | % | 0 |
| Mining recovery<br> (ym) | % | 95 |
| Average process recovery<br> (yc) | % | 27 |
| Recovered cut-off grade<br> (Grec) | ppm TREO | 209 |
| In-situ cut-off grade<br> (Ginsitu) | ppm TREO | 774 |
| ***Selected in-situ cut-off grade*** | ***ppm TREO*** | ***1000*** |

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Date: 31 October 2025 Page 11-28

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|  | Alpha Project<br>Bahia, Brazil<br>Technical Report Summary |

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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:

![img57530137_77.jpg](img57530137_77.jpg)

Abbreviations used in these equations are explained in Table 11-13.

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.

Date: 31 October 2025 Page 11-29

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|  | Alpha Project<br>Bahia, Brazil<br>Technical Report Summary |

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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*** |

---

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/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.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;8.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;9.Numbers have been rounded. Totals may not sum due to rounding.

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|  | Alpha Project<br>Bahia, Brazil<br>Technical Report Summary |

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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;•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;•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.

Date: 31 October 2025 Page 11-31

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|  | Alpha Project<br>Bahia, Brazil<br>Technical Report Summary |

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12.0 MINERAL RESERVE ESTIMATES

This Chapter is not relevant to this Report.

Date: 31 October 2025 Page 12-1

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|  | Alpha Project<br>Bahia, Brazil<br>Technical Report Summary |

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13.0 MINING METHODS

This Chapter is not relevant to this Report.

Date: 31 October 2025 Page 13-1

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|  | Alpha Project<br>Bahia, Brazil<br>Technical Report Summary |

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14.0 RECOVERY METHODS

This Chapter is not relevant to this Report.

Date: 31 October 2025 Page 14-1

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|  | Alpha Project<br>Bahia, Brazil<br>Technical Report Summary |

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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

This Chapter is not relevant to this Report.

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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.

The Project is not subject to any private royalties but is subject to the CFEM.

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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;•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;•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;•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.

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.

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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.

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.

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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.

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.

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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;•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;•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.

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.

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**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;•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 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;•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;•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;•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, 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;•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.

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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.

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 23).

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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;•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;•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;•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;•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;•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

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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**

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| &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*** |

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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;•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.

&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.

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**Table 23-2: Budget for Phase B Work Program**

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| &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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Notes:

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

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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

Rare Earths Americas (2024). Half-Yearly Report July - December 31 2024

Date: 31 October 2025 Page 24-1

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| ![img57530137_2.jpg](img57530137_2.jpg) | ![img57530137_3.jpg](img57530137_3.jpg) |
|  | Alpha Project<br>Bahia, Brazil<br>Technical Report Summary |

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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 |
| GPS | global positioning system |
| Ho | Holmium |

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Date: 31 October 2025 Page 24-2

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| ![img57530137_2.jpg](img57530137_2.jpg) | ![img57530137_3.jpg](img57530137_3.jpg) |
|  | Alpha Project<br>Bahia, Brazil<br>Technical Report Summary |

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|:---|:---|
| 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 |
| REE  | rare earth elements |
| RMS | root mean squared |
| ROPO | Recognized Overseas Professional Organization |

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Date: 31 October 2025 Page 24-3

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| ![img57530137_2.jpg](img57530137_2.jpg) | ![img57530137_3.jpg](img57530137_3.jpg) |
|  | Alpha Project<br>Bahia, Brazil<br>Technical Report Summary |

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| | |
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| 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 |

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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 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. |

| Craton | A stable portion of continental crust that has remained tectonically inactive for long geological periods. |

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Date: 31 October 2025 Page 24-4

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| ![img57530137_2.jpg](img57530137_2.jpg) | ![img57530137_3.jpg](img57530137_3.jpg) |
|  | Alpha Project<br>Bahia, Brazil<br>Technical Report Summary |

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| 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. |
| 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. |

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Date: 31 October 2025 Page 24-5

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| ![img57530137_2.jpg](img57530137_2.jpg) | ![img57530137_3.jpg](img57530137_3.jpg) |
|  | Alpha Project<br>Bahia, Brazil<br>Technical Report Summary |

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| 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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Date: 31 October 2025 Page 24-6

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| ![img57530137_2.jpg](img57530137_2.jpg) | ![img57530137_3.jpg](img57530137_3.jpg) |
|  | 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;•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;•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;•The registrant has engaged independent specialists in rare earth markets and legal matters.

&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;•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;•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.

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

Date: 31 October 2025 Page 25-1

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| ![img57530137_2.jpg](img57530137_2.jpg) | ![img57530137_3.jpg](img57530137_3.jpg) |
|  | Alpha Project<br>Bahia, Brazil<br>Technical Report Summary |

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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, 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;•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;•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.

Date: 31 October 2025 Page 25-2

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| ![img57530137_2.jpg](img57530137_2.jpg) | ![img57530137_3.jpg](img57530137_3.jpg) |
|  | 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 October 31, 2025, and was prepared and signed by:

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|:---|:---|
|  | /s/ Adam Karst |
| Signature Location: Midlothian, VA USA | Adam Karst, President |
| Signature Date: November 12, 2025 | Karst Geo Solutions LLC |
|  | /s/ Leon McGarry |
| Signature Location: Robertsbridge, UK | Leon McGarry, Principal Consultant and President |
| Signature Date: November 12, 2025 | McGarry Geoconsulting Corp. |

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Date: 31 October 2025 Page 26-1

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