Oslo, Norway – 6 June 2024. At today’s press conference the Norwegian mining company Rare Earths Norway (“REN”) announced a mineral resource estimate showing that The Fen Carbonatite Complex hosts continental Europe’s largest deposit of rare earth elements.

After three years of targeted exploration, REN is pleased to deliver a Maiden Mineral Resource estimate for the Fen Carbonatite Complex (“Fen” or “the Project”). The consulting firm WSP have provided support and technical guidance throughout the campaign and has now prepared an initial Inferred Mineral Resource estimate in accordance with the requirements of the Australasian Code for the Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC, 2012 Edition, or JORC 2012) code. This is an important milestone for Rare Earths Norway, and underscores Norway’s position as a vital part of Europe’s rare earth and critical raw material value chain.

The Maiden Mineral Resource Estimate shows that the Fen Carbonatite Complex (“FCC”) hosts the largest REE deposit in continental Europe evaluated to date. This is the first published Mineral Resource Estimate of REEs from the Fen Carbonatite Complex. The current estimate covers a large majority of the Project area and thus a huge discovery for REN, Norway, and Europe.

The current work provides a Mineral Resource estimate depth to - 468m below mean sea level (msl). REN expects significant potential future upside to the project, with previous exploration drilling completed by the Geological Survey of Norway and the geological advisor the Telemark County council, indicating mineralization is open to a depth of approximately -1000m msl.

REN expects the development of new mining methods will increase the resource estimate.

• This is a very important moment for Rare Earths Norway, the resource estimate underscores the potential of the deposit to be a truly transformative asset that can underpin a secure rare earths value chain for Europe. We are working with leading partners, such as Montanuniversität Leoben in Austria to develop this deposit with the world’s most sustainable mine and mineral processing technology minimising the environmental footprint from mine to magnet, states Alf Reistad, CEO of Rare Earths Norway.
• We are very excited to see Rare Earths Norway, a company that EIT RawMaterials and ERMA have supported over several years, reach this major milestone. This project underscores the potential and the opportunity for Europe to invest in world class mining and processing projects that will help secure our industrial value chains and set new standards in environmental and social performance through technology, innovation and collaboration says Bernd Schäfer, CEO, EIT Raw Materials.

Comments from REN on the report

The resource is reported according to the JORC 2012 code. This implies that several constraints have been applied to determine what parts of the deposit are considered “Reasonable prospects for eventual economic extraction (RPEEE)”. The constraints include mining method, metallurgical and processing grade parameters, production costs and prices.

The Maiden Inferred Mineral Resource, which satisfies the RPEEE is at 559 Mt at 1.57% Total Rare Earth Oxides (TREO). This means that the Fen Carbonatite Complex contains 8.8 Mt TREO with a reasonable prospect for eventual economic extraction. Within the TREOs, there is estimated to be 1. 5 Mt of magnet-related rare earth used in electric vehicles and wind turbines. The EU considers these metals to be the most critical raw materials when considering supply risk.

- Confirms that the Fen Carbonatite Complex is the largest in Europe

The resource estimate shows that Rare Earths Norway holds rights to the largest rare earth deposit in continental Europe.

• We have now, through an independent third party, confirmed that we have a significant Mineral Resource at Fen. This is a milestone for us that could be extremely important for the local community in Nome, but also Norway and Europe for generations, states Trond Watne, Chief Geologist of Rare Earths Norway

The geological advisor to the Telemark County council, Sven Dahlgren is positively surprised over the size of the Fen Carbonatite Complex:

• It is with great pleasure that the geological data shows that the deposit is even bigger than the investigations done by the geological adviser in 2019. This confirms that the Fen Carbonatite Complex is, undoubtedly, Europe’s largest deposit of REE minerals. This looks very promising, and it will be exciting to follow the project further.

Rare Earths Norway is actively pursuing the Norwegian government ambitions through the new Mineral Strategy to develop the most sustainable mineral industry in the world.

• The goal for Rare Earths Norway is to contribute to a total, compact value chain, from mine to magnet with considerably lower climate- and environmental impact says Alf Reistad

Next Steps for the Project

Rare Earths Norway will continue the exploration work at Fen, with a new drilling campaign already scheduled for 2024. Rare Earths Norway will continue to assess the economic viability of the Project through continued study work, with results due later in 2024.

Rare Earth Norway plans to establish a pilot factory close to the deposit in Nome municipality where they will test new technologies and optimise the mineral processing. Additionally, the pilot will be an educational platform for training and education of future staff, this will be in close collaboration with local schools. Telemark Utviklingsfond (TUF) has already supported the pilot with NOK 20 million, and Rare Earth Norway is now working on localisation and fully financing of the pilot.

Exploration, development of new technologies and test mining should lead to an investment decision of NOK10 billion to develop the first stage of mining within 2030. Rare Earths Norway could then cover 10 per cent of the demand for rare earths, in line with European Union goals under the Critical Raw Materials Act (CRMA).

Rare Earths Norway’s work with the Fen Carbonatite Complex is supported by EIT RawMaterials, which is supported by the European Institute of Innovation & Technology (EIT), a body of the European Union (EU), European Raw Materials Alliance (ERMA), Innovation Norway, The Research Council of Norway, SkatteFUNN, Telemark Utviklingsfond and Regionale Forskningsfond Vestfold & Telemark.

Forward Looking Statement

This press release contains forward-looking information related to Mineral Resource estimates for the Project. The material factors that could cause actual results to differ materially from the conclusions, estimates, designs, forecasts or projections in the forward-looking information include any significant differences from one or more of the material factors or assumptions that were set forth in this sub-section including geological and grade interpretations and controls and assumptions and forecasts associated with establishing the prospects associated with establishing the Reasonable Prospects For Eventual Economic Extraction.

For media requests, please contact:

Alf Reistad, CEO, Rare Earths Norway

Email: alf.reistad@ren.no, Phone: +47 987 654 321

Elisabeth Ippel, Communications Manager, EIT RawMaterials

Email: elisabeth.ippel@eitrawmaterials.eu

About Rare Earths Norway

Rare Earths Norway is a leading exploration and mining company dedicated to discovering and developing sustainable rare earth element resources. With a focus on environmental responsibility and innovation, REN aims to contribute significantly to Europe’s green transition and technological advancement.

About EIT RawMaterials

EIT RawMaterials is the largest and most active raw materials knowledge and innovation network, with 300 partner organisations spanning the entire race materials value chain and promoting the circular economy. EIT RawMaterials is mandated to lead the European Raw Materials Alliance, with 750 members and an investment pipeline of 30 projects with an investment potential of €10 billion.

About WSP

WSP is a global consulting firm providing technical expertise and strategic advice to clients in the mining sector. With a commitment to sustainability and excellence, WSP supports the discovery and development of critical mineral resources worldwide.

Notes to the editor:

Introduction to the Fen Project

The Fen Carbonatite Complex is located approximately 108 kilometers (km) southwest of Oslo, next to the village of Ulefoss in Telemark County, Norway.

The Mineral Resource estimate is based on a US$100/t economic cut-off applied on a Fe-Dolomite Carbonatite (FDC) mineralisation envelope and mineralisation domain interpreted and modelled originally by WSP, with the following additional constraints, for an underground (UG) scenario: (i) horizontal 100 meter (m) boundary restriction around peripheral holes projection; (ii) -468 m bottom elevation in relation to the mean sea level (msl); (iii) within the Extraction Permits 08.09.2023 (Fen 1-6) boundary; (iv) within first and second estimation passes for the key element Nd (ppm); (v) under a 25 m downward offset from the topography surface which includes an assumed 5 m overburden cover plus a 20 m crown pillar; (vi) out of the influence area of known historical UG mine development voids. The eventually resulting constrained FDC mineralisation domain forms the basis of the Maiden Mineral Resource estimate classified in accordance with JORC 2012.

Mineral Resource Statement

The material factors that could cause actual results to differ materially from the conclusions, estimates, designs, forecasts, or projections in the forward-looking information include any significant differences from one or more of the material factors or assumptions that were set forth in this sub-section including geological and grade interpretations and controls and assumptions and forecasts associated with establishing the prospects for economic extraction.

The Mineral Resource Estimate was determined in accordance with the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”.

Mineral Resource estimates were classified in accordance with guidelines principles of The JORC Code, 2012 Edition. The classification was based principally on geological confidence, drill hole spacing and grade continuity from available drilling data. Table 1 provides a summary of the Mineral Resource at an $100/t economic cut-off grade. The Mineral Resource is constrained to optimised stopes to satisfy RPEEE requirements for an underground operation scenario.

Caution to Readers: The Mineral Resources presented in this MRE Statement are not Mineral Reserves and do not reflect demonstrated economic viability. The reported Inferred Mineral Resources are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Ore Reserves. There is no certainty that all or any part of this Mineral Resource will be converted into Ore Reserve. All figures are rounded to reflect the relative accuracy of the estimates and totals may not add correctly.

Table 1: Mineral Resource for Fen Deposit as of May 2024 – US$100/t NSR economic cut-off

Notes:

1. NSR = Net Smelter Return; TREO = Total of Rare Earth Oxides; NdPr = Sum Nd₂O₃+Pr₆O₁₁; LREO = Total of Light Rare Earth Oxides; HREO = Total of Heavy Rare Earth Oxides; REO = Similar behaviour to Rare Earth Oxides; *Similar behaviour to HREO, included in that group.

1. TREO = LREO + HREO; LREO = La₂O₃ + Ce2O + Pr₆O₁₁ + Nd₂O₃ + Sm₂O₃ ; HREO = Eu₂O₃ + Gd₂O₃ + Tb₄O₁₁ + Dy₂O₃ + Ho₂O₃ + Er₂O₃ + Tm₂O₃ + Yb₂O₃ + Lu₂O₃ + Y₂O₃

1. Mt = Million tonnes; wt. % = weight percentage

1. Totals may differ due to rounding, Mineral Resources reported on a dry in-situ basis.

1. The Statement of Estimates of Mineral Resources has been compiled by Mr. Roger Stangler, who is a full-time employee of WSP Australia Pty Ltd (WSP), in collaboration with Róisín Kerr, P.Geo. and Jennifer Simper, P.Geo. of WSP Canada Inc. Mr Stangler is a fellow of the Australasian Institute of Mining and Metallurgy, a Member of the Australian Institute of Geoscientists and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the JORC 2012.

1. Mineral Resource estimates are not precise calculations, being dependent on the interpretation of limited information on the location, shape and continuity of the occurrence and on the available sampling results. The totals contained in the above table have been rounded to reflect the relative uncertainty of the estimate. Rounding may cause some computational discrepancies.

1. Mineral Resources are reported in accordance with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (The Joint Ore Reserves Committee Code – JORC 2012 Edition).

1. The reported Mineral Resource estimate was constrained by conceptual Mineral Resource optimised stopes for the purpose of establishing reasonable prospects of eventual economic extraction based on potential mining, metallurgical and processing grade parameters identified by mining, metallurgical and processing studies performed to date on the Project. Key inputs in developing the Mineral Resource optimised stopes included: Mining Cost = US$40/t, Processing Cost = US$55/t, G&A = US$5/t. NSR Cut-off = US$100/t. The mining method of long hole open stoping, with dimensions of 30m height x 20m wide, was implemented for the optimisation. REO offtake prices were sourced from MP Materials Corp. Mountain Pass PFS dated 2024. Assumes sale of an REO concentrate similar to Mountain Pass with a long-term price forecast of US$10.94/kg TREO in a flotation concentrate. Process recovery is indicated by current test work at around 70% TREO recovery, further test work is required at this stage.

COMPETENT PERSONS’ STATEMENT

The Mineral Resource has been prepared by Mr Roger Stangler, of WSP Australia Pty Limited, in collaboration with Róisín Kerr and Jennifer Simper from WSP Canada. Mr Stangler is a fellow of the Australasian Institute of Mining and Metallurgy and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the JORC 2012.

The information in this statement that relates to the Mineral Resources is based on information compiled by Mr Roger Stangler who is a full-time employee of WSP Australia Pty Limited, and Fellow of the Australasian Institute of Mining and Metallurgy. Roger Stangler has sufficient relevant experience to the style of mineralisation and type of deposit under consideration and to the activity for which he is undertaking to qualify as a Competent Person as defined in the JORC Code (2012 Edition).

Facts about REE and Rare Earths Norway As

• The rare-earth elements (REE) are a group of 17 elements on the periodic table, consisting of the lanthanoid series, and yttrium, sometimes scandium.
• These play a vital role for modern applications for the green and digital transition. Examples: Wind Turbines, electric vehicles and military use.
• President Ursula von der Layen expressed that in short time, REE will be more important that oil and gas (State of the European Union speech 14.09.2022)
• Roughly 17% of the REE’s at Fen is magnet related rare earths elements (Neodymium and Praseodymium)
• These magnet related REE is ranked by EU to be the most critical raw material when considering supply risk. (Study on Raw Materials, EU 2023)
• REE’s are considered by EU’s Critical Raw Materials Act (CRMA) as strategic raw materials.
• One of the aims of the CRMA is to extract 10% of Europe’s demand of REE. As of today, there are no extraction of REE in Europe.
• Rare Earths Norway, trough a “fast track” permitting process has an overall goal to contribute to the expectation of the CRMA.
• The Norwegian Government through the political platform “Hurdalsplattformen” and the Norwegian Mineral Strategy, has great ambitions for the Norwegian mineral industry, including the goal of developing the world’s most sustainable mineral industry in Norway.
• Rare Earths Norway are working on developing a standard for mining and developing the world’s most sustainable mining concept “Invisible mine”.
• This mining concept includes electric and autonomous technology with backfilling of tailings.
• Rare Earths Norway are now developing both the mining concept and the mineral processing technology through three large research and development projects in 14 different countries. Additionally, supplying material to two international R&D projects.
• Rare Earths Norway also leads and participates in several research and development programs and has partners from almost twenty countries.

FEN Mineral Resource Statement Summary - Rare Earth Elements (REE)

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