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Substantial increase in Cummins Range “Rare Dyke” Mineral Resource to 397Mt at 0.33% TREO, 4.2% P₂O₅





500% increase from the 2021 Mineral Resource Estimate, driven by highly successful 2022 drilling campaign, establishes Cummins Range as second largest undeveloped Australian rare earths deposit.


Highlights


  • Updated Indicated and Inferred Mineral Resource Estimate (MRE) completed for the “Rare Dyke” at RareX’s 100%-owned Cummins Range Rare Earths-Phosphate-Niobium Project:

    • 397Mt at 0.33% TREO and 4.2% P2O5, for a total of 1.3 million tonnes of contained TREO and 16.7 million tonnes of contained P2O5 estimated by industry expert CSA Global

    • 2.5% P2O5 cut used instead of a TREO cut due to highly successful 2022 drilling campaign and new understanding of the deposit as a very large rare earths rich phosphate system


  • 500% increase in contained TREO and 800% increase in P2O5 compared with the 2021 MRE


  • Updated MRE positions Cummins Range as the second largest undeveloped Australian rare earths project


  • High-value NdPr content represents an excellent 21% of total contained TREO with 280Kt of NdPr contained


  • Attractive Basket Price of US$33/kg based on US$110/kg NdPr


  • Increased confidence in the geological model, with 44Mt in the Indicated category


  • Phosphate characteristics are highly favourable for organic phosphate production with potential to also use in lithium iron phosphate (LFP) batteries


  • Phos Dyke MRE due in late April, expected to result in further significant resource growth


  • Updated Cummins Range Scoping Study underway using the updated MRE



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