MKA.V · 2012-10-10

Mkango Files Technical Report for the Maiden Indicated and Inferred Mineral Resource Estimate for the Songwe Rare Earth Project

Resource Estimates Technical Reports (NI 43-101)

MKANGO RESOURCES LTD.

Suite 1400, 700-2^nd Street S.W.

Calgary, Alberta T2P 4V5

NEWS RELEASE

MKANGO FILES TECHNICAL REPORT FOR THE MAIDEN INDICATED AND INFERRED MINERAL RESOURCE ESTIMATE FOR THE SONGWE RARE EARTH PROJECT

Calgary, Alberta: November 26th, 2012 – Mkango Resources Ltd. (TSXV-MKA) (the "Corporation" or "Mkango") is pleased to announce that it has filed a Technical Report (the “Report”) for the Songwe rare earth project in Malawi. The Mineral Resource estimates from the Report, as previously announced in the News Release of 10^th October 2012, are summarised below and in the tables thereafter.

Cut-off grade In-situ Indicated Mineral In-situ Inferred Mineral Resource estimate Resource estimate 1.0% TREO 13.2 mt grading 1.62% TREO 18.6 mt grading 1.38% TREO 1.5% TREO 6.2 mt grading 2.05% TREO 5.1 mt grading 1.83% TREO TREO – total rare earth oxides. In-situ - no geological losses applied. mt - million tonnes

NI 43-101 technical report filed, entitled NI 43-101 Technical Report and Mineral Resource Estimate for the Songwe Hill Rare Earth Element (REE) Project, Phalombe District, Republic of Malawi, and available on www.sedar.com
The in-situ Indicated and Inferred mineral resource estimates at the chosen base case cut-off grade of 1.0% TREO represent a major milestone in the development of the project
Substantial tonnages at a higher grade are also generated at a higher cut-off grade of 1.5% TREO
The mineralized zones are untested at depths greater than 350 m below the surface of Songwe Hill and are open laterally to the northeast and southwest, with additional regional exploration potential
The Indicated component comprises approximately 41.5% of the mineral resource and 45.4% of the estimated contained TREO at a 1.0% TREO cut-off grade, and, following the results of ongoing metallurgical studies, it may form the initial basis for commencement of a pre-feasibility study
Heavy rare earths as a percentage of total rare earths are 7.1% and 7.4% for Indicated and Inferred mineral resource estimates, respectively, at a 1.0% TREO cut-off grade

Mineral Resource Estimate

The Report was independently prepared by The MSA Group of South Africa (“MSA”) and Dr. Scott Swinden of Swinden Geoscience Consultants Ltd, the “Qualified Person” (QP), who together have currently identifed 1.0% TREO as an appropriate base case cut-off grade for the mineral resource estimate. This will be further investigated on completion of metallurgical test work. The In-situ mineral resource estimates at different cut-off grades are illustrated in Table 1.

Table 1 – In-situ Mineral Resource estimates at different cut–off grades¹

	0.5% TREO cut off grade			1.0% TREO cut off grade			1.5% TREO cut off grade
	Million	TREO	TREO	Million	TREO	TREO	Million	TREO	TREO
	tonnes	%	tonnes	tonnes	%	tonnes	tonnes	%	tonnes
Indicated			Indicated			Indicated
Carbonatite	16.31	1.35	219,978 Carbonatite	11.10	1.62	179,499 Carbonatite	5.26	2.03	106,886
Fenite	2.71	1.18	31,912 Fenite	1.37	1.61	22,145 Fenite	0.59	2.11	12,460
Mixed	1.01	1.38	13,993 Mixed	0.69	1.65	11,454 Mixed	0.31	2.19	6,719
Total	20.04	1.33	265,882 Total	13.16	1.62	213,098 Total	6.15	2.05	126,065
Inferred			Inferred			Inferred
Carbonatite	17.09	1.07	182,866 Carbonatite	8.64	1.35	116,967 Carbonatite	1.90	1.85	35,045
Fenite	17.47	1.06	184,819 Fenite	8.27	1.35	111,318 Fenite	1.73	1.88	32,477
Mixed	1.90	1.56	29,614 Mixed	1.68	1.65	27,863 Mixed	1.43	1.74	24,890
Total	36.47	1.09	397,299 Total	18.59	1.38	256,149 Total	5.06	1.83	92,412

1 Mineral resources which are not mineral reserves do not have demonstrated economic viability

The estimated mineral resource has been traced in drill holes to a maximum depth of 350 m below the surface of Songwe Hill and is based on the two phases of diamond drilling completed by Mkango in 2011 and 2012 totalling approximately 6,850 m. The vast majority of the Indicated mineral resource blocks (at a 1% TREO cut-off, 9.1 mt of carbonatite, 0.67 mt of mixed and 1.04 mt of fenite) are at depths of less than 200 m below the surface of the hill. The areas drilled to date are in an elevated position on the northern slopes of Songwe Hill, which rises approximately 230 m above the surrounding plain. The approximate dimensions of the mineral resource estimate are 400 m aligned northeast by 230 m aligned northwest and to a depth of 350 m below and paralleling the topographic surface of the hill and surrounding plain.

Higher grade areas occur at various locations within the mineral resource, including at or close to surface, particularly in the north eastern part of the carbonatite domain. The mineralisation is not constrained by drilling at depth and laterally to both the northeast and southwest.

Geological domains, comprising either carbonatite or fenite dominant rock types, were used to guide the mineral resource estimate. Where the carbonatite and fenite lithologies were inseparable, a mixed domain was created.

The carbonatite dominant domain generally comprises a higher proportion of elevated TREO grade mineralisation than the fenite dominant domain. This results in a higher proportion of the mineralisation in this domain being reported above the 1% TREO cut off, albeit at a similar average grade to the other domains, as illustrated in Table 2.

The carbonatite domain is dominant at Songwe, comprising 84% of the Indicated and 46% of the Inferred mineral resources.

A schematic geological map illustrating the location of the drill holes will shortly be made available on the Company’s website (www.mkango.ca).

The individual REO data and ratios as presented in Tables 2, 3, 4 and 5 were derived from lengthweighted averages of the drill hole data. Heavy rare earths, as defined here, comprise europium, gadolinium, terbium, dysprosium, holmium, erbium, thulium, ytterbium, lutetium and yttrium. These include the most highly priced of the more commonly traded rare earths, europium, terbium and dysprosium.

The overall weighted average proportion of heavy rare earths as a percentage of total rare earths for Indicated and Inferred resource estimates at 1.0% TREO cut-off grade is 7.1% and 7.4% respectively. The heavy rare earths vary with cut-off grade both in terms of absolute values and relative proportions. As TREO grade decreases, relative proportions of heavy rare earths increases (at 0.5% TREO cut-off grade, the HREO proportion is 7.7% and 8.2% for Indicated and Inferred categories, respectively) and the reverse is also true (at 1.5% TREO cut-off grade, the HREO proportion is 6.1% and 5.8% for Indicated and Inferred categories, respectively).

Apart from the proportion of heavy rare earths, a further measure of the potential value is the proportions of critical rare earths. The US Department of Energy has highlighted neodymium, dysprosium, europium, terbium and yttrium as being “critical” rare earths in terms of their importance to the clean energy economy and risk of supply disruption. Of these, dysprosium, europium, terbium and yttrium are heavy rare earths and are also reflected in the heavy rare earth ratio. Neodymium (Nd) is a light rare earth, principally used in the production of high strength permanent magnets.

The Songwe Hill mineral resource has an estimated weighted average grade of 2,665 ppm Nd2O3 and 2,240 ppm Nd2O3 in the Indicated and Inferred categories at 1.0% TREO cut-off grade, respectively. This equates to a weighted average proportion of Nd2O3 as a percentage of total rare earth oxides for Indicated and Inferred categories of 16.5% and 16.3%, respectively, as derived from Table 2.

Metallurgical Scoping Test Work

Metallurgical scoping work at Mintek in South Africa is ongoing, comprising flotation test work and leach tests. The current flotation test work is focused on a similar reagent regime to that used previously at the Mountain Pass mine and variations thereof. Further reagent regimes and conditions will continue to be tested. Rare earth mineralogy at Songwe is well understood, comprising predominantly synchysite and apatite.

Table 2 – In-situ Mineral Resource estimates at 1.0% TREO cut–off grade¹

In-situ Indicated Mineral Resource at 1% TREO Cut-Off

Indicated	Million Tonnes	La2O3 Ce2O3 Pr2O3 Nd2O3 Sm2O3 ppm ppm ppm ppm ppm	LREO ppm	Eu2O3 Gd2O3 Tb2O3 Dy2O3 Ho2O3 Er2O3 Tm2O3 Yb2O3 Lu2O3 Y2O3 ppm ppm ppm ppm ppm ppm ppm ppm ppm ppm	HREO ppm	TREO ppm	TREO %	Th ppm	U ppm
Carbonatite Fenite Mixed	11.10 1.37 0.69	3,951 7,208 775 2,676 387 3,980 7,235 779 2,679 404 4,520 7,678 774 2,473 335	14,997 15,077 15,780	95 223 27 127 21 48 6 36 5 590 76 186 24 116 19 46 6 32 4 542 63 148 17 79 13 29 4 22 3 362	1,178 1,050 739	16,175 16,127 16,519	1.62 1.61 1.65	351 301 335	12 11 12

In-situ Inferred Mineral Resource at 1% TREO Cut-Off

Inferred	Million Tonnes	La2O3 Ce2O3 Pr2O3 Nd2O3 Sm2O3 ppm ppm ppm ppm ppm	LREO ppm	Eu2O3 Gd2O3 Tb2O3 Dy2O3 Ho2O3 Er2O3 Tm2O3 Yb2O3 Lu2O3 Y2O3 ppm ppm ppm ppm ppm ppm ppm ppm ppm ppm	HREO ppm	TREO ppm	TREO %	Th ppm	U ppm
Carbonatite Fenite Mixed	8.64 8.27 1.68	3,275 5,974 642 2,218 321 3,286 5,973 643 2,212 333 4,559 7,746 781 2,495 338	12,430 12,448 15,918	90 211 25 120 19 46 6 34 5 559 73 180 23 112 18 44 5 31 4 523 53 125 14 66 11 25 3 19 3 304	1,115 1,014 622	13,545 13,462 16,541	1.35 1.35 1.65	324 295 248	11 12 11

HREO – heavy rare earth oxides

Table 3 – REO distribution for different rock types at 1.0% TREO cut-off grade¹

In-situ Indicated Mineral Resource - REO Distributions at 1.0% TREO Cut-Off

Indicated	LaO CeO PrO NdO SmO EuO GdO TbO DyO HoO ErO TmO YbO LuO YO 2 3 2 3 2 3 2 3 2 3 2 3 2 3 2 3 2 3 2 3 2 3 2 3 2 3 2 3 2 3 % % % % % % % % % % % % % % %	Total %	HREO %
Carbonatite Fenite Mixed	24.43 44.56 4.79 16.54 2.39 0.59 1.38 0.17 0.78 0.13 0.30 0.04 0.22 0.03 3.65 24.68 44.86 4.83 16.61 2.50 0.47 1.15 0.15 0.72 0.12 0.28 0.04 0.20 0.03 3.36 27.36 46.48 4.69 14.97 2.03 0.38 0.90 0.10 0.48 0.08 0.18 0.02 0.13 0.02 2.19	100 100 100	7.3 6.5 4.5

In-situ Inferred Mineral Resource - REO Distributions at 1.0% TREO Cut-Off

Inferred	LaO CeO PrO NdO SmO EuO GdO TbO DyO HoO ErO TmO YbO LuO YO 2 3 2 3 2 3 2 3 2 3 2 3 2 3 2 3 2 3 2 3 2 3 2 3 2 3 2 3 2 3 % % % % % % % % % % % % % % %	Total %	HREO %
Carbonatite Fenite Mixed	24.18 44.11 4.74 16.37 2.37 0.67 1.56 0.19 0.89 0.14 0.34 0.04 0.25 0.03 4.12 24.41 44.37 4.78 16.43 2.48 0.54 1.33 0.17 0.83 0.14 0.33 0.04 0.23 0.03 3.89 27.56 46.83 4.72 15.08 2.04 0.32 0.75 0.09 0.40 0.06 0.15 0.02 0.11 0.02 1.84	100 100 100	8.2 7.5 3.8

1 Mineral resources which are not mineral reserves do not have demonstrated economic viability

Key assumptions, parameters and methods used to estimate the Mineral Resources

wireframing of the three lithological units was based on surface geological mapping extended to

depth using the drillhole intersection data;

TREO, HREO, Th and U grades as well as Density were determined using Ordinary Kriging

interpolation into individual 3-Dimensional block models constrained by the respective

lithological wireframes;

the lithological block models comprised sub-celled block dimensions of 5 m x 5 m x 5 m.
the lithology wireframes and block models were truncated to the topographic surface;
no capping or cutting to limit any input grade data was undertaken as part of the mineral

resource estimation;

Datamine Studio 3 was the modelling package; and
mineral resources were classified as either Indicated or Inferred following an assessment of the grade and geological continuity exhibited by the data.

Scientific and technical information, including data verification, contained in this release has been approved and verified by Dr. Scott Swinden of Swinden Geoscience Consultants Ltd, who is a “Qualified Person” in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

Sample preparation and analytical work for the drilling and channel sampling programmes were provided by Intertek-Genalysis Laboratories (Johannesburg, South Africa and Perth, Australia) employing ICP-MS techniques suitable for rare earth element (REE) analyses and following strict internal QAQC procedures inserting duplicates, blanks and standards. Internal Laboratory QAQC was also completed to include blanks, standards and duplicates.

The Songwe Hill Rare Earth Project

The Songwe Hill rare earth project is located within a 100% owned exclusive prospecting licence covering an area of 1,283 km² in southeast Malawi (the "Phalombe Licence"). Songwe is accessible by road from Zomba, the former capital, and Blantyre, the principal commercial town of Malawi. Total travel time from Zomba is approximately 2 hours, which will reduce as infrastructure continues to be upgraded in the area.

Mkango Resources Ltd.

Mkango's primary business is the exploration for rare earth elements and associated minerals in the Republic of Malawi. It holds, through its wholly owned subsidiary Lancaster, a 100% interest in two exclusive prospecting licenses covering a combined area of 1,751 km² in southern Malawi. The main exploration target is the Songwe Hill rare earth deposit, which features carbonatite hosted rare earth mineralisation and was subject to previous exploration in the late 1980s.

The Corporation's corporate strategy is to further delineate the rare earth mineralisation at Songwe Hill and secure additional rare earth element and other mineral opportunities in Malawi and elsewhere in Africa.

For further information, please contact:

Mkango Resources Ltd. William Dawes Alexander Lemon Office +1 (403) 444 – 5979 Chief Executive Officer President Fax +1 (403) 351 – 1703 [email protected] [email protected] www.mkango.ca

Cautionary Note Regarding Forward-Looking Statements

This news release may contain forward-looking statements relating to the Corporation. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. By their nature, forwardlooking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause actual performance and results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. Such factors and risks include, among others, the interpretation and actual results of current exploration activities; uncertainty of estimates of mineral resources, changes in project parameters as plans continue to be refined; future commodity prices; possible variations in grade or recovery rates; failure of equipment or processes to operate as anticipated; labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of exploration.

The forward-looking statements contained in this press release are made as of the date of this press release. Except as required by law, the Corporation disclaims any intention and assume no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities law. Additionally, the Corporation undertakes no obligation to comment on the expectations of, or statements made, by third parties in respect of the matters discussed above.

The TSX Venture Exchange has neither approved nor disapproved the contents of this press release.

Neither the 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 4 - In-situ Mineral Resource estimates at different cut-off grades

In-situ Indicated Carbonatite Mineral Resource

Cut-Off %TREO	Million Tonnes	La2O3 Ce2O3 Pr2O3 Nd2O3 Sm2O3 ppm ppm ppm ppm ppm	LREO ppm	Eu2O3 Gd2O3 Tb2O3 Dy2O3 Ho2O3 Er2O3 Tm2O3 Yb2O3 Lu2O3 Y2O3 ppm ppm ppm ppm ppm ppm ppm ppm ppm ppm	HREO ppm	TREO ppm	TREO %	Th ppm	U ppm
0.5 1.0 1.5	16.31 11.10 5.26	3,274 5,973 642 2,217 321 3,951 7,208 775 2,676 387 5,022 9,163 985 3,401 492	12,426 14,997 19,063	85 200 24 114 18 44 6 32 4 530 95 223 27 127 21 48 6 36 5 590 103 241 29 137 22 52 7 39 5 639	1,058 1,178 1,275	13,484 16,175 20,338	1.35 1.62 2.03	322 351 385	12 12 12

In-situ Inferred Carbonatite Mineral Resource

Cut-Off %TREO	Million Tonnes	La2O3 Ce2O3 Pr2O3 Nd2O3 Sm2O3 ppm ppm ppm ppm ppm	LREO ppm	Eu2O3 Gd2O3 Tb2O3 Dy2O3 Ho2O3 Er2O3 Tm2O3 Yb2O3 Lu2O3 Y2O3 ppm ppm ppm ppm ppm ppm ppm ppm ppm ppm	HREO ppm	TREO ppm	TREO %	Th ppm	U ppm
0.5 1.0 1.5	17.09 8.64 1.90	2,568 4,686 504 1,739 252 3,275 5,974 642 2,218 321 4,539 8,281 890 3,074 445	9,748 12,430 17,228	77 180 22 102 17 39 5 29 4 476 90 211 25 120 19 46 6 34 5 559 99 233 28 132 21 51 6 37 5 616	949 1,115 1,230	10,698 13,545 18,458	1.07 1.35 1.85	304 324 349	12 11 11

In-situ Indicated Mixed Mineral Resource

Cut-Off %TREO	Million Tonnes	La2O3 Ce2O3 Pr2O3 Nd2O3 Sm2O3 ppm ppm ppm ppm ppm	LREO ppm	Eu2O3 Gd2O3 Tb2O3 Dy2O3 Ho2O3 Er2O3 Tm2O3 Yb2O3 Lu2O3 Y2O3 ppm ppm ppm ppm ppm ppm ppm ppm ppm ppm	HREO ppm	TREO ppm	TREO %	Th ppm	U ppm
0.5 1.0 1.5	1.01 0.69 0.31	3,749 6,369 642 2,051 278 4,520 7,678 774 2,473 335 6,051 10,280 1,037 3,311 448	13,088 15,780 21,127	61 144 17 76 12 29 4 22 3 351 63 148 17 79 13 29 4 22 3 362 69 163 19 87 14 32 4 25 3 399	717 739 816	13,805 16,519 21,943	1.38 1.65 2.19	318 335 387	12 12 14

In-situ Inferred Mixed Mineral Resource

Cut-Off %TREO	Million Tonnes	La2O3 Ce2O3 Pr2O3 Nd2O3 Sm2O3 ppm ppm ppm ppm ppm	LREO ppm	Eu2O3 Gd2O3 Tb2O3 Dy2O3 Ho2O3 Er2O3 Tm2O3 Yb2O3 Lu2O3 Y2O3 ppm ppm ppm ppm ppm ppm ppm ppm ppm ppm	HREO ppm	TREO ppm	TREO %	Th ppm	U ppm
0.5 1.0 1.5	1.90 1.68 1.43	4,289 7,287 735 2,347 318 4,559 7,746 781 2,495 338 4,802 8,158 823 2,628 356	14,976 15,918 16,766	53 125 15 66 11 25 3 19 3 305 53 125 14 66 11 25 3 19 3 304 53 124 14 66 11 25 3 19 3 302	624 622 618	15,600 16,541 17,384	1.56 1.65 1.74	251 248 243	11 11 11

In-situ Indicated Fenite Mineral Resource

Cut-Off %TREO	Million Tonnes	La2O3 Ce2O3 Pr2O3 Nd2O3 Sm2O3 ppm ppm ppm ppm ppm	LREO ppm	Eu2O3 Gd2O3 Tb2O3 Dy2O3 Ho2O3 Er2O3 Tm2O3 Yb2O3 Lu2O3 Y2O3 ppm ppm ppm ppm ppm ppm ppm ppm ppm ppm	HREO ppm	TREO ppm	TREO %	Th ppm	U ppm
0.5 1.0 1.5	2.71 1.37 0.59	2,876 5,228 563 1,936 292 3,980 7,235 779 2,679 404 5,236 9,517 1,025 3,524 531	10,895 15,077 19,833	64 158 20 98 16 39 5 27 4 459 76 186 24 116 19 46 6 32 4 542 88 217 28 135 22 53 7 38 5 633	889 1,050 1,226	11,784 16,127 21,060	1.18 1.61 2.11	288 301 334	13 11 10

In-situ Inferred Fenite Mineral Resource

Cut-Off %TREO	Million Tonnes	La2O3 Ce2O3 Pr2O3 Nd2O3 Sm2O3 ppm ppm ppm ppm ppm	LREO ppm	Eu2O3 Gd2O3 Tb2O3 Dy2O3 Ho2O3 Er2O3 Tm2O3 Yb2O3 Lu2O3 Y2O3 ppm ppm ppm ppm ppm ppm ppm ppm ppm ppm	HREO ppm	TREO ppm	TREO %	Th ppm	U ppm
0.5 1.0 1.5	17.47 8.27 1.73	2,564 4,661 502 1,726 260 3,286 5,973 643 2,212 333 4,631 8,417 907 3,117 470	9,713 12,448 17,541	62 153 19 95 16 38 5 26 4 446 73 180 23 112 18 44 5 31 4 523 88 215 27 134 22 53 7 37 5 627	863 1,014 1,215	10,577 13,462 18,756	1.06 1.35 1.88	271 295 331	13 12 11

Table 5 - REO distribution at different cut-off grades

In-situ Indicated Carbonatite Mineral Resource - REO Distributions at 0.5%, 1.0% and 1.5% TREO Cut-Offs

Cut-Off %TREO	LaO CeO PrO NdO SmO EuO GdO TbO DyO HoO ErO TmO YbO LuO YO 2 3 2 3 2 3 2 3 2 3 2 3 2 3 2 3 2 3 2 3 2 3 2 3 2 3 2 3 2 3 % % % % % % % % % % % % % % %	Total %	HREO %
0.5 1 1.5	24.28 44.29 4.76 16.44 2.38 0.63 1.49 0.18 0.84 0.14 0.32 0.04 0.24 0.03 3.93 24.43 44.56 4.79 16.54 2.39 0.59 1.38 0.17 0.78 0.13 0.30 0.04 0.22 0.03 3.65 24.69 45.05 4.84 16.72 2.42 0.51 1.19 0.14 0.67 0.11 0.26 0.03 0.19 0.03 3.14	100 100 100	7.8 7.3 6.3

In-situ Inferred Carbonatite Mineral Resource - REO Distributions at 0.5%, 1.0% and1.5% TREO Cut-Offs

Cut-Off %TREO	LaO CeO PrO NdO SmO EuO GdO TbO DyO HoO ErO TmO YbO LuO YO 2 3 2 3 2 3 2 3 2 3 2 3 2 3 2 3 2 3 2 3 2 3 2 3 2 3 2 3 2 3 % % % % % % % % % % % % % % %	Total %	HREO %
0.5 1 1.5	24.01 43.80 4.71 16.26 2.35 0.72 1.68 0.20 0.95 0.15 0.37 0.05 0.27 0.04 4.45 24.18 44.11 4.74 16.37 2.37 0.67 1.56 0.19 0.89 0.14 0.34 0.04 0.25 0.03 4.12 24.59 44.86 4.82 16.65 2.41 0.54 1.26 0.15 0.72 0.12 0.27 0.04 0.20 0.03 3.34	100 100 100	8.9 8.2 6.7

In-situ Indicated Mixed Mineral Resource - REO Distributions at 0.5%, 1.0% and 1.5% TREO Cut-Offs

Cut-Off %TREO	LaO CeO PrO NdO SmO EuO GdO TbO DyO HoO ErO TmO YbO LuO YO 2 3 2 3 2 3 2 3 2 3 2 3 2 3 2 3 2 3 2 3 2 3 2 3 2 3 2 3 2 3 % % % % % % % % % % % % % % %	Total %	HREO %
0.5 1 1.5	27.15 46.13 4.65 14.86 2.01 0.44 1.04 0.12 0.55 0.09 0.21 0.03 0.16 0.02 2.54 27.36 46.48 4.69 14.97 2.03 0.38 0.90 0.10 0.48 0.08 0.18 0.02 0.13 0.02 2.19 27.58 46.85 4.72 15.09 2.04 0.32 0.74 0.09 0.40 0.06 0.15 0.02 0.11 0.02 1.82	100 100 100	5.2 4.5 3.7

In-situ Inferred Mixed Mineral Resource - REO Distributions at 0.5%, 1.0% and 1.5% TREO Cut-Offs

Cut-Off %TREO	LaO CeO PrO NdO SmO EuO GdO TbO DyO HoO ErO TmO YbO LuO YO 2 3 2 3 2 3 2 3 2 3 2 3 2 3 2 3 2 3 2 3 2 3 2 3 2 3 2 3 2 3 % % % % % % % % % % % % % % %	Total %	HREO %
0.5 1 1.5	27.50 46.71 4.71 15.05 2.04 0.34 0.80 0.09 0.43 0.07 0.16 0.02 0.12 0.02 1.96 27.56 46.83 4.72 15.08 2.04 0.32 0.75 0.09 0.40 0.06 0.15 0.02 0.11 0.02 1.84 27.62 46.93 4.73 15.12 2.05 0.30 0.71 0.08 0.38 0.06 0.14 0.02 0.11 0.02 1.74	100 100 100	4.0 3.8 3.6

In-situ Indicated Fenite Mineral Resource - REO Distributions at 0.5%, 1.0% and 1.5% TREO Cut-Offs

Cut-Off %TREO	LaO CeO PrO NdO SmO EuO GdO TbO DyO HoO ErO TmO YbO LuO YO 2 3 2 3 2 3 2 3 2 3 2 3 2 3 2 3 2 3 2 3 2 3 2 3 2 3 2 3 2 3 % % % % % % % % % % % % % % %	Total %	HREO %
0.5 1 1.5	24.41 44.36 4.78 16.43 2.48 0.54 1.34 0.17 0.83 0.14 0.33 0.04 0.23 0.03 3.89 24.68 44.86 4.83 16.61 2.50 0.47 1.15 0.15 0.72 0.12 0.28 0.04 0.20 0.03 3.36 24.86 45.19 4.87 16.73 2.52 0.42 1.03 0.13 0.64 0.11 0.25 0.03 0.18 0.02 3.01	100 100 100	7.5 6.5 5.8

In-situ Inferred Fenite Mineral Resource - REO Distributions at 0.5%, 1.0% and 1.5%TREO Cut-Offs

Cut-Off %TREO	LaO CeO PrO NdO SmO EuO GdO TbO DyO HoO ErO TmO YbO LuO YO 2 3 2 3 2 3 2 3 2 3 2 3 2 3 2 3 2 3 2 3 2 3 2 3 2 3 2 3 2 3 % % % % % % % % % % % % % % %	Total %	HREO %
0.5 1 1.5	24.25 44.07 4.75 16.32 2.46 0.59 1.45 0.18 0.90 0.15 0.36 0.04 0.25 0.03 4.21 24.41 44.37 4.78 16.43 2.48 0.54 1.33 0.17 0.83 0.14 0.33 0.04 0.23 0.03 3.89 24.69 44.88 4.83 16.62 2.50 0.47 1.15 0.15 0.71 0.12 0.28 0.04 0.20 0.03 3.34	100 100 100	8.2 7.5 6.5

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