Consolidated Lithium Metals Completes Updated Preliminary Economic Assessment for the Kwyjibo Underground Mining Project | Pre-tax IRR @ 46.5% | Post-tax IRR @ 35.4% 2.67 Hectare Mine Surface Footprint | Processing Facilities Located Offsite | No Residues Stored at Mine Site Surface
TORONTO, July 02, 2026 (GLOBE NEWSWIRE) -- Consolidated Lithium Metals Inc. (TSXV: CLM | FRA: Z36 | OTCQB: JORFF) ("CLM" or the "Company") is pleased to announce the results of the Updated Preliminary Economic Assessment ("Updated PEA") for the Kwyjibo Rare Earth Oxide Project ("Kwyjibo" or the "Project"), located in Québec's Côte-Nord region. As developer and operator of Kwyjibo, CLM is advancing the Project under a definitive option agreement with SOQUEM Inc. ("SOQUEM"), pursuant to which the Company may earn up to an 80% undivided interest. The Updated PEA confirms the Project's competitive economic fundamentals while incorporating significant engineering improvements that substantially reduce the Project's long-term surface footprint compared with the preliminary economic assessment prepared by DRA Americas Inc. for SOQUEM dated August 2, 2018 (the “2018 PEA”). CLM is committed to consulting with the Innu of Takuaikan Uashat Mak Mani-Utenam, the Innu of Ekuanitshit, and the local communities throughout the MRC de Minganie to assess and plan the Project.
Key highlights of the Updated PEA include:
Underground mine, access road and off-site hydrometallurgical complex with a minimal surface footprint, designed to produce approximately 10,000 tonnes of rare earth oxides ("REO") per year over a 10-year mine life.
Estimated rare earth basket revenue of CAD $79.75 per kg of REO (Adamas Quarterly 2031) with operating costs of CAD $17.50 per kg of REO.
Mineral Resource of 8.48 million tonnes @ 2.45% total rare earth oxides (“TREO”) (Measured & Indicated), plus 1.825 million tonnes @ 3.27% TREO (Inferred). Kwyjibo hosts an uncommon, rare-earth distribution of 45.5% critical REO, consisting of 24.5% Dy-Tb-Y, and approximately 20% NdPr.
Favourable deposit mineralogy eliminates the need for conventional energy-intensive cracking or roasting and, together with a simplified hydrometallurgical flowsheet, contributes to an estimated total project power requirement of approximately 35 MW, reflecting one of the lowest projected energy requirements among comparable hard-rock rare earth development projects.
Hydrometallurgical complex located near Québec's low-cost hydroelectric grid, with nearby hydroelectric power plant (<10 km) and two high-voltage transmission lines (<3 km).
Project Economics - Highlights
The following table presents the Project's estimated operational and financial metrics.
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Kwyjibo | Production Parameters
Parameter
Unit
Value
Mine life
Years
10
Annual throughput
Ktpa
387
TREO grade, LOM average
% TREO
3.35
TREO recovery, LOM average
%
75.0
Annual production, TREO (average1)
Ktpa
9.8
Kwyjibo | Capital and Operating Cost Estimates
Parameter
Unit
Value
Development Capital
CAD $M
881
Sustaining Capital
CAD $M
25.2
Closure Capital
CAD $M
8.0
Operating Costs
CAD $/kg TREO
17.5
Notes:
1 – Average production determined considering only full years (where 387 ktpa of feed is processed).
Kwyjibo | Project Economics
Parameter
Units
Pre-Tax
After Tax
Cash flow
CAD $M
4,843
2,966
NPV @ 8%
CAD $M
2,403
1,401
IRR
%
46.5
35.4
Payback period
years
1.6
2.0
Project Advantages - Highlights
The following table presents the Project's uncommon, rare-earth distribution and its regional employment metrics.
Dysprosium, Terbium, Neodymium, Praseodymium, Yttrium which represents 91% of project revenue
Kwyjibo deposit distribution
Critical Rare Earths (45.5%)
Other Rare Earths (55.5%)
Kwyjibo | Regional Employment
Parameter
Value
Construction Phase
700
Direct
300
Indirect
900
Site Relocation and Footprint Reduction | Kwyjibo Mine Site
Component
Key Change
Description
Kwyjibo Mine
Reduced Surface Footprint
Small-scale underground mine designed to process 1,060 tonnes per day, with a total surface footprint reduced to 2.67 hectares (approximately three soccer fields).
Kwyjibo Mine
Simplified Mine Site Infrastructure
No crusher, concentrator, hydrometallurgical plant and no surface tailings storage facility, ore stockpile and waste rock dump located at the mine site.
Kwyjibo Mine
Reduced Land Disturbance
Surface mining claims associated with the Project reduced from 232 claims to 81 claims.
Site Relocation and Footprint Reduction | Kwyjibo Hydrometallurgical Complex
Component
Key Change
Description
Hydrometallurgical Complex
Compact Processing Facility
Hydrometallurgical complex designed to process 1,060 tonnes per day within a compact 19-hectare footprint.
Hydrometallurgical Complex
Relocated Processing Site
Processing facility relocated approximately 80 km south of the Kwyjibo mine to an existing industrial location, approximately 10 km west of the 25 MW Courbe-du-Sault Hydroelectric Power Plant.
Hydrometallurgical Complex
Underground Backfill of Non-Inert Residues
Non-inert hydrometallurgical process residues will be returned underground as cemented backfill, maintaining naturally occurring constituents, including traces of radionuclides, at concentrations consistent with those found in the ore body.
Hydrometallurgical Complex
Engineered Dry Tailings Storage
Inert, non-acid-generating process residues will be managed as cemented dry stack tailings within a dedicated 6.6-hectare engineered storage area inside of the hydrometallurgical complex area.
Hydrometallurgical Complex
Environmental Monitoring and Containment
Residues composed primarily of calcium, iron, and magnesium oxides will be deposited on a fully lined engineered foundation. Runoff will be treated and monitored at a collection basin for ongoing physicochemical water quality audits.
Relocation and Footprint Reduction | Kwyjibo Access Road
Component
Key Change
Description
Access Road
Road Relocation
A 144 km access road will connect the Kwyjibo mine and hydrometallurgical complex.
Access Road
Controlled Vehicle Speeds
Company haul trucks will be equipped with speed-limiting devices and operated at a maximum speed of 50 km/h.
Access Road
Enclosed Material Transport
Ore and hydrometallurgical residues will be transported in rigid, sealed truck bodies designed to fully enclose material and prevent dust emissions during transport.
Access Road
Dust Control Measures
Trucks will be washed at the mine and hydrometallurgical complex before leaving each site prior to leaving each facility.
Richard Quesnel, CEO of Consolidated Lithium Metals Inc. commented:
“As North America works to establish strategic rare earth stockpiles to strengthen domestic supply chains, Kwyjibo is well positioned to contribute to this objective. The Project combines a high-grade deposit, a simplified processing flowsheet, existing hydroelectric infrastructure, and an engineering approach focused on minimizing the long-term surface footprint, supporting a reliable source of rare earth oxides from a compact 10-year operation. As we evaluate the Project, we remain committed to ongoing consultation with the Innu Takuaikan Uashat Mak Mani-Utenam, the Innu of Ekuanitshit, and the local communities throughout the MRC de Minganie, with the objective of identifying mutually beneficial opportunities and partnerships.”
Upcoming Work
Consultations with the Innu of Takuaikan Uashat mak Mani-utenam, the Innu of Ekuanitshit and the local communities throughout the MRC de Minganie to assess and plan the Project
Continuation of hydrometallurgical studies to confirm the environmental viability of the proposed extraction and processing flowsheet, including the underground return of non-inert process residues as cemented backfill, maintaining naturally occurring constituents, including traces of radionuclides, at concentrations consistent with those found in the ore body while eliminating the need for a surface tailings facility at the mine site.
Completion of feasibility study to evaluate the technical and economic viability of the Project.
Environmental permitting from the Bureau d’accélération de Projets.
Project Geology and Mineral Resources
The Updated PEA is based on the mineral resource estimate for the Kwyjibo Rare Earth Element Project, with an effective date of June 25, 2026 (the “Mineral Resource Estimate”). The estimate was prepared in accordance with the 2014 CIM Definition Standards and forms the basis for the Updated PEA.
The Kwyjibo deposit comprises two principal mineralized zones, Josette Northeast and Josette Southwest, which together contain a high-grade rare earth resource enriched in both light and heavy rare earth oxides.
The Kwyjibo Rare Earth Element Project comprises 81 mineral claims covering 4,388 hectares and hosts a Mesoproterozoic iron oxide copper-gold (IOCG)-style polymetallic system enriched in iron, rare earth elements, copper and gold. Mineralization is concentrated within the Josette Horizon, consisting of the Josette Northeast and Josette Southwest zones, with a mineralization over approximately 1.2 km of strike and to a depth of 300 m. The deposit remains open at depth and along portions of strike.
Table 1: Mineral Resource Estimate Summary (Effective June 25, 2026)*
Type
Tonnes
Total TREO
Critical REO
TREO Light
TREO Heavy
Nd2O3 + Pr2O3
Tb2O3
Dy2O3
*1000
%
%
%
%
%
%
%
Josette North-East
Measured
1,409
3.38
1.52
2.27
1.11
0.68
0.019
0.11
Indicated
2,728
3.44
1.54
2.31
1.12
0.69
0.019
0.11
M+I
4,137
3.42
1.53
2.30
1.11
0.69
0.019
0.11
Inferred
1,370
3.93
1.76
2.65
1.27
0.79
0.022
0.13
Josette South-West
Measured
1,729
1.55
0.69
1.05
0.50
0.31
0.008
0.05
Indicated
2,614
1.51
0.67
1.02
0.49
0.30
0.008
0.05
M+I
4,343
1.53
0.68
1.03
0.49
0.30
0.008
0.05
Inferred
455
1.28
0.56
0.88
0.40
0.26
0.007
0.04
Combined
Measured
3,138
2.37
1.06
1.60
0.77
0.48
0.013
0.08
Indicated
5,342
2.49
1.11
1.68
0.81
0.50
0.014
0.08
M+I
8,480
2.44
1.09
1.65
0.80
0.49
0.013
0.08
Inferred
1,825
3.27
1.46
2.21
1.06
0.66
0.018
0.11
*See Appendix below for more detailed information.
Cautionary Notes and Other Relevant Information:
The economic viability of Mineral Resources that are not Mineral Reserves has not been demonstrated. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing or other relevant issues.
The Mineral Resources have been estimated in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") Definition Standards for Mineral Resources and Mineral Reserves, prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council on May 10, 2014.
Inferred Mineral Resources included in this estimate have a lower level of confidence than that applied to Indicated Mineral Resources and must not be converted to Mineral Reserves. It is reasonably expected that the majority of the Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.
LREO = La₂O₃ + Ce₂O₃ + Pr₂O₃ + Nd₂O₃ + Sm₂O₃ (as defined by Hazen Research Inc.).
HREO = Eu₂O₃ + Gd₂O₃ + Tb₂O₃ + Dy₂O₃ + Ho₂O₃ + Er₂O₃ + Tm₂O₃ + Yb₂O₃ + Lu₂O₃ + Y₂O₃ (as defined by Hazen Research Inc.).
CREO = Nd 2 O 3 + Pr 2 O 3 + Tb 2 O 3 + Dy 2 O 3 + Y 2 O 3.
The effective date of the Mineral Resource estimate is June 25, 2026.
A net smelter return cut-off value of $386.09/t was applied by DRA during the underground stope optimization. The cut-off was derived from the economic assumptions for beneficiation, hydrometallurgical processing, concentrate transportation, and general and administrative (G&A) costs. The NSR for each block in the model was calculated assuming a 74.5% metallurgical recovery and an OTTR price of $67,734/t.
The Josette Northeast Zone represents the principal mineralized zone and contains approximately 48% of the Combined Measured and Indicated Mineral Resource, with an average grade of 3.42% TREO, including 1.11% HREO and 0.69% Nd₂O₃ + Pr₂O₃. The Josette Southwest Zone contributes an additional 4.343 million tonnes of Measured and Indicated resources grading 1.53% TREO, providing additional mineable inventory and operational flexibility.
Collectively, the two zones contain a Combined Measured and Indicated Mineral Resource of 8.48 million tonnes grading 2.44% TREO, including 1.65% LREO, 0.80% HREO, 1.09% CREO (defined below) (consisting of0.49% Nd₂O₃ + Pr₂O₃ and 0.6 % Tb2O3 + Dy2O3 + Y2O3), together with an Inferred Mineral Resource of 1.825 million tonnes grading 3.27% TREO.
The Mineral Resource Estimate is based on 109 surface drill holes totaling 19,168m, supported by 4,962 analytical samples and 886 specific gravity measurements. Geological interpretation, three-dimensional wireframe modelling and grade estimation were completed using industry-standard methodologies, including 1.5 m composites, 10 m × 10 m × 5 m block dimensions and inverse distance squared (ID²) interpolation within constrained mineralized
Cautionary Note and Other Relevant Information
Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.
The Updated PEA is preliminary in nature and includes Inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves. There is no certainty that the results of the Updated PEA will be realized.
The Mineral Resource Estimate has been prepared in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Definition Standards for Mineral Resources and Mineral Reserves (2014), as incorporated by reference into National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).
The Inferred Mineral Resource has a lower level of confidence than Measured and Indicated Mineral Resources and cannot be converted directly into a Mineral Reserve. It is reasonably expected that additional drilling may upgrade portions of the Inferred Mineral Resource to the Indicated category; however, there is no certainty that such upgrading will occur.
The Mineral Resource Estimate remains subject to assumptions regarding mining, metallurgical performance, processing recoveries, commodity prices, operating costs, capital costs, environmental permitting, taxation, title, legal matters, marketing, social considerations and other modifying factors that may materially affect the estimate.
The Mineral Resource Estimate has an effective date of June 25, 2026, and is based on 109 surface drill holes totaling 19,168 metres, incorporating 4,962 analytical samples and 886 specific gravity measurements. The estimate was completed using three-dimensional geological modelling, inverse distance squared (ID²) interpolation, 1.5-metre composites, 10 m × 10 m × 5 m block dimensions, a density model correlated with iron grade, and a CAD $330 per tonne cut-off value.
TREO represents the sum of La₂O₃, Ce₂O₃, Pr₂O₃, Nd₂O₃, Sm₂O₃, Eu₂O₃, Gd₂O₃, Tb₂O₃, Dy₂O₃, Ho₂O₃, Er₂O₃, Tm₂O₃, Yb₂O₃, Lu₂O₃ and Y₂O₃.
LREO comprises La₂O₃, Ce₂O₃, Pr₂O₃, Nd₂O₃ and Sm₂O₃
HREO comprises Eu₂O₃, Gd₂O₃, Tb₂O₃, Dy₂O₃, Ho₂O₃, Er₂O₃, Tm₂O₃, Yb₂O₃, Lu₂O₃ and Y₂O₃, consistent with the Hazen Research classification.
CREO = Nd2O3 + Pr2O3 + Tb2O3 + Dy2O3 + Y2O3.
Reported Mineral Resources are exclusive of Mineral Reserves, and totals may not add precisely due to rounding.
Readers are cautioned not to assume that all or any part of the Measured, Indicated or Inferred Mineral Resources will ever be converted into Mineral Reserves or that the Updated PEA represents, or will result in, an economically viable mining operation.
REE Recoveries in Hydrometallurgical Unit Operations (Effective June 25, 2026)
Unit Operation
TREE + Y Recovery*
HREE Recovery
Leach
98
96
Neutralization
>99
>99
Releach
98**
98**
Reneutralization
99
>99
Metathesis
>99
>99
Metathesis leach
82
81
SX bulk loading
>99
>99
Cumulative recovery
77.97**
80.4**
SX = solvent extraction
* Represents the cumulative recovery of TREE + Y in the nonmagnetic concentrate
** Expert assumption and calculated based on initial test work at HAZEN Research. This represents an optimized re-leach extraction. Further testing is needed to confirm the re-leach optimum extraction.
The magnetic separation at the concentrator is designed to produce a 7.00% TREO concentrate with a recovery of 96%. The recovery of TREO from concentrate processed at the hydrometallurgical plant is 78%. The overall TREO recovery is estimated at 75%.
Updated PEA Summary
The Updated PEA, prepared by DRA Americas Inc, a 100% owned subsidiary of DRA Limited (“DRA “), covers the mining and milling of rare earth element-bearing (REE-bearing) magnetite material from an underground mine, with a mine life of 10 years and a concentrator located at the Kwyjibo hydrometallurgical complex. The processing includes crushing, grinding, magnetic separation, thickening and filtering of run-of-mine. The Total Rare Earth Oxides will be produced at the hydrometallurgical complex.
The hydrometallurgical processing plant is designed to transform REE concentrate into five separate refined Rare Earth Oxide products for an annual production rate of 10,000t of TREO. The hydrometallurgical process leaches the concentrate in three steps using solid conversion and is completed by a multi-stage solvent extraction process to produce five REO products: Dy oxide, Tb oxide, Nd oxide, Pr oxide, Y oxide and a mix of the remaining REO.
The Updated PEA is being prepared by DRA Americas Inc. of Montréal, Québec, a 100% owned subsidiary of DRA Limited (“DRA”), and is expected to be filed on SEDAR+ at www.sedarplus.ca under Consolidated Lithium Metals Inc.’s profile within 45 days of this news release in accordance with NI 43-101.
Qualified Person
The scientific and technical information contained in this news release has been reviewed for accuracy and approved in compliance with NI 43-101 by the following qualified persons (as such term is defined in NI 43-101):
The technical information in this press release has been reviewed and approved by Mr. Daniel Gagnon, P. Eng. of DRA Americas Inc. who is independent from the Company.
The Mineral Resource Estimate, which forms the basis of the Updated PEA, was prepared by S. Ibrango, P.Geo., PhD, MBA, Sr Geologist for DRA Americas Inc., an “independent qualified person” as defined in NI 43-101.
The technical information on metallurgical test work and hydrometallurgy was reviewed and approved by Mr. Eric Larochelle, P.Eng., President of SMH Process Innovation. Mr. Larochelle is independent from the Company.
The technical content of this news release was reviewed and approved for the Company by Serge Perreault, P.Geo. (00318), Senior Technical Advisor, who is a “qualified person” as defined in NI 43-101 – Standards of Disclosure for Mineral Projects.
About Consolidated Lithium Metals Inc.
Consolidated Lithium Metals Inc. is a Canadian junior mining exploration company trading under the symbol “CLM” on the TSX Venture Exchange and “Z36” on the Frankfurt Stock Exchange and “JORFF” on the OTCQB® Venture Market. The Company is focused on the exploration and development of critical mineral projects in stable jurisdictions and is committed to advancing the global energy transition through the responsible development of critical mineral supply chains.
About SOQUEM
SOQUEM, a subsidiary of Investissement Québec, is dedicated to exploring, discovering and developing mining properties in Québec. SOQUEM also contributes to maintaining strong local economies. Proud partner and ambassador for the development of Québec’s mineral wealth, SOQUEM relies on innovation, research, and strategic minerals to be well positioned for the future.
About DRA Americas Inc.
DRA Americas Inc. is a 100% owned subsidiary of DRA, a global engineering, project delivery, and operations management group specializing in the mining, minerals, and metals sector. DRA has an extensive track record spanning four decades across a wide range of commodities, including battery elements. DRA provides comprehensive services across the project lifecycle - from concept development and feasibility studies to engineering, procurement, construction management, and ongoing operations and maintenance. With offices across key mining regions including North and South America, Africa, the Middle East, and Asia-Pacific, DRA delivers tailored solutions to meet the unique needs of its clients. In the Americas, DRA has been instrumental in delivering numerous successful mining projects, offering a blend of innovative design and a commitment to environmental sustainability.
Contact
Consolidated Lithium Metals Inc. Mr. Richard Quesnel Chief Executive Officer Phone: +1 (514) 249-6320 Email: info@consolidatedlithium.com Website: www.consolidatedlithium.com
Cautionary Statements
This press release contains “forward-looking information” within the meaning of applicable Canadian securities laws. Forward-looking information includes, but is not limited to, statements with respect to: the plans, intentions, beliefs and current expectations of the Company with respect to Kwyjibo with a view to the information contained in the Updated PEA and the Company’s future business activities and operating performance in respect thereof.Forward-looking information is often identified by the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” or similar expressions and includes information regarding the Company’s estimates, expectations, forecasts and guidance for production, waste material, capital expenditures, cost savings, project economics (including pre-tax IRR) and other information contained in the Updated PEA; as well as references to other possible events, the future price of rare earth oxides, the estimation of mineral reserves and mineral resources, the realization of mineral reserve and mineral resource estimates, the timing and amount of estimated future production, costs of production, capital expenditures, costs and timing of the development of the project and mining and processing activities, requirements for additional capital, government regulation of mining operations, environmental risks and the anticipated timing for the filing of the Updated PEA in accordance with NI 43-101.
Investors are cautioned that forward-looking information is not based on historical facts but instead reflect management’s expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, such information involves risks and uncertainties, and undue reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance or achievements of the Company. This forward-looking information may be affected by risks and uncertainties in the combined business of the Company and market conditions, including (1) there being no significant disruptions affecting the Company’s operations whether due to extreme weather events and other or related natural disasters, labor disruptions, supply disruptions, power disruptions, damage to equipment or otherwise; (2) permitting, development, operations and production for the Kwyjibo being consistent with the Company’s expectations; (3) political and legal developments in Québec being consistent with current expectations; (4) certain price assumptions for rare earth oxides; (5) prices for diesel, electricity and other key supplies being approximately consistent with current levels; (6) the accuracy of the Mineral Resource Estimates; (7) labor and materials costs increasing on a basis consistent with the Company’s current expectations; and (8) environmental approvals and community engagement. This information is qualified in its entirety by cautionary statements and risk factor disclosure contained in filings made by the Company with the Canadian securities regulators, including the Company’s annual and interim financial statements and related MD&A, filed with the securities regulatory authorities in certain provinces of Canada and available at www.sedarplus.ca.
Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The Company does not intend, and do not assume any obligation, to update this forward-looking information except as otherwise required by applicable law.
The Company has included certain non-GAAP financial measures in this press release, such as AISC. These non-GAAP financial measures do not have any standardized meaning. Accordingly, these financial measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with International Financial Reporting Standards (“IFRS”). AISC, as defined by the World Gold Council, is a common financial performance measure in the mining industry but have no standard definition under IFRS. AISC include operating cash costs, net-smelter royalty, corporate costs, sustaining capital expenditure, sustaining exploration expenditure and capitalised stripping costs. Other companies may calculate these measures differently and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Appendix
Table 1: Mineral Resource Estimate (Effective June 25, 2026)
Total
By Element
Light and Heavy
Product Types
Type
Material
Tonnes
TREO
CREO
La2O3
Ce2O3
Pr2O3
Nd2O3
Sm2O3
Eu2O3
Gd2O3
Tb2O3
Dy2O3
Ho2O3
Er2O3
Tm2O3
Yb2O3
Lu2O3
Y2O3
LREO
HREO
Nd2O3+Pr2O3
Tb2O3
Dy2O3
*1000
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
Josette North-East
Measured
1,409
3.38
1.52
0.44
1.03
0.13
0.55
0.12
0.012
0.12
0.019
0.11
0.023
0.06
0.008
0.039
0.004
0.71
2.27
1.11
0.68
0.019
0.11
Indicated
2,728
3.44
1.54
0.45
1.05
0.13
0.56
0.12
0.013
0.12
0.019
0.11
0.024
0.07
0.008
0.040
0.004
0.72
2.31
1.13
0.69
0.019
0.11
M+I
4,138
3.42
1.53
0.45
1.04
0.13
0.56
0.12
0.013
0.12
0.019
0.11
0.024
0.07
0.008
0.040
0.004
0.72
2.30
1.12
0.69
0.019
0.11
Inferred
1,370
3.92
1.76
0.52
1.20
0.15
0.64
0.14
0.014
0.13
0.022
0.13
0.027
0.07
0.010
0.046
0.005
0.82
2.65
1.27
0.79
0.022
0.13
Josette South-West
Measured
1,729
1.55
0.69
0.21
0.48
0.06
0.25
0.05
0.005
0.05
0.008
0.05
0.010
0.03
0.004
0.019
0.002
0.32
1.05
0.50
0.31
0.008
0.05
Indicated
2,614
1.51
0.67
0.20
0.47
0.06
0.24
0.05
0.005
0.05
0.008
0.05
0.010
0.03
0.004
0.018
0.002
0.31
1.02
0.49
0.30
0.008
0.05
M+I
4,343
1.52
0.68
0.20
0.47
0.06
0.24
0.05
0.005
0.05
0.008
0.05
0.010
0.03
0.004
0.018
0.002
0.31
1.03
0.49
0.30
0.008
0.05
Inferred
455
1.28
0.56
0.18
0.40
0.05
0.21
0.04
0.004
0.04
0.007
0.04
0.008
0.02
0.000
0.015
0.002
0.26
0.88
0.40
0.26
0.007
0.04
Combined
Measured
3,139
2.37
1.06
0.31
0.73
0.09
0.38
0.08
0.008
0.08
0.013
0.08
0.016
0.04
0.006
0.028
0.003
0.50
1.60
0.77
0.48
0.013
0.08
Indicated
5,342
2.49
1.11
0.33
0.77
0.10
0.40
0.09
0.009
0.09
0.014
0.08
0.017
0.05
0.006
0.029
0.003
0.52
1.68
0.81
0.50
0.014
0.08
M+I
8,481
2.45
1.09
0.32
0.75
0.09
0.40
0.08
0.009
0.08
0.013
0.08
0.017
0.05
0.006
0.029
0.003
0.51
1.65
0.80
0.49
0.013
0.08
Inferred
1,826
3.26
1.46
0.43
1.00
0.13
0.53
0.12
0.012
0.11
0.018
0.11
0.022
0.06
0.008
0.038
0.004
0.68
2.21
1.06
0.66
0.018
0.11
Cautionary Notes and Other Relevant Information
The economic viability of Mineral Resources that are not Mineral Reserves has not been demonstrated. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing or other relevant issues.
The Mineral Resources were estimated in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") Definition Standards for Mineral Resources and Mineral Reserves, prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council on May 10, 2014.
Inferred Mineral Resources included in this estimate have a lower level of confidence than that applied to Indicated Mineral Resources and must not be converted to Mineral Reserves. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.
