* all in australian dollar denominations

0.10

0.15

0.19

0.24

0.28

0.0

0.5

1.0

1.5

2.0

2.5

24

-Ju

n-1

3

22

-Ju

l-1

3

19

-Aug

-13

16

-Sep

-13

14

-Oct-

13

11

-Nov-1

3

09

-Dec-1

3

06

-Ja

n-1

4

03

-Fe

b-1

4

03

-Ma

r-1

4

31

-Ma

r-1

4

28

-Apr-

14

26

-Ma

y-1

4

23

-Ju

n-1

4

Share

pric

e ($

)

Volu

me (

m)

Volume Period average volume Share price

High $0.27

Low$0.11

* All in Australian Dollar denominations

people

Rare earth operational experience

Expertise in commodity trading

Global development & construction experience

Strategic management & leadership

Financing & capital raising

International mining knowledgeCommitment

ValuesConfidence

Engagement

Honesty

SuccessSPIRIT

Initiative

Results

Professionalism

Relationships

Management

Leadership

Experience

Knowledge

Integrity

Board

Deliver

Develop

Colin McCavana

Yanchun Wang

Adrian Griffin

Kevin Schultz

Conglin Yue

Robin Wilson

Mark Tory

Robin Jones

Bin Cai

Robert Sills

Executive

OurGeorge Bauk

net present value1

payback from commencement

of operations

average annual operating free

cash flow during full operation

internal rate of return

production in

pre-production capital cost

Dy net of by-product revenue

110% discount rate

1 The Mineral Resource is inclusive of the Ore Reserves

Source: Curtin-IMCOA May 2014 and NTU

total LOM revenue

average annual operating free

cash flow during full operation

Area 5 5km

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• Identified HRE mineralisation at Browns Range• Acquisitions included John Galt and Browns Range NT • Completed first metallurgical test on Browns Range

• Drilling confirms HRE at Wolverine, Gambit and Area 5• Flowsheet developed, low capital costs • Pathway to production schedule developed

• Initial JORC resource at Wolverine • HRE Oxide >92% purity produced, expanding project scope • MoU signed for offtake with Sumitomo Corporation

• Funding strategy initiatives in place • JORC resource upgrade of 165%• Lodged mining lease application

• JORC increase in resource 47,977,000kg• Native title signed and mining lease granted • Maiden JORC Reserve and PFS delivers robust economics

1Rounding may cause some computational discrepancies Cut off at 0.15% TREOTREO = Total Rare Earth Oxides - Total of La2O3, CeO2, Pr6O11, Nd2O3, Sm2O3, Eu2O3, Gd2O3, Tb4O7, Dy2O3, Ho2O3, Er2O3, Tm2O3, Yb2O3, Lu2O3, Y2O3

HREO = Heavy Rare Earth Oxides– Total of Sm2O3, Eu2O3, Gd2O3, Tb4O7, Dy2O3, Ho2O3, Er2O3, Tm2O3, Yb2O3, Lu3, Y2O3

Figures may not add due to rounding

Based on LOM of 9.67 years.

TREO = Total Rare Earth Oxides- Total of Dy2O3,La2O3, CeO2,

Pr6O11, Nd2O3, Sm2O3, Eu2O3, Gd2O3, Tb4O7, Ho2O3, Er2O3,

Tm2O3, Yb2O3, Lu2O3, Y2O3

By-product Oxides- Total of La2O3, CeO2, Pr6O11, Nd2O3,

Sm2O3, Eu2O3, Gd2O3, Tb4O7, Ho2O3, Er2O3, Tm2O3, Yb2O3,

Lu2O3, Y2O3