Summary

Mine Type	Open Pit
Study Completed	Feasibility
Stage	Fully Permitted
Commodities	Scandium REE
Mining Method	Truck & Shovel / Loader
Mine Life	...
Snapshot	Makuutu ranks amongst the world’s largest and most advanced ionic adsorption clay (IAC) deposits. The clays of Makuutu present a low capital mining, extraction and processing opportunity and are the most readily available global sources of heavy REOs, with the project having the added benefit of being fully permitted, 'shovel-ready' for production. First production of Mixed Rare Earth Carbonate (MREC) was achieved during the March quarter 2024 at the Makuutu Demonstration Plant, fostering engagement with potential offtakers and strategic partners. Discussions continuing with potential investors and members of Minerals Security Partnership and offtakers on development of the Makuutu project, amid increased focus on securing exChina heavy rare earths supply.

Deposit type

• Laterite
• Sedimentary
• Saprolite

Summary:

The Makuutu deposit is interpreted to be an ionic adsorption REE clay-type deposits.

The near-surface mineralisation occurs under approximately three meters of cover. Ionic adsorption clay (IAC) REE mineralisation involves REEs mainly adsorbed onto the surfaces of clay minerals as hydrated ions or hydroxyl-hydrated ions, hosted within the regolith (laterite profile). The Makuutu mineralisation is interpreted to be in a flat-lying weathered profile, including cover soil, lateritic caprock, clays transitioning to saprolite and saprock, with fresh shales, siltstones, and mudstones below. Pit mapping and diamond drilling indicate the mineralised regolith to be generally horizontal.

The mineralisation is contained within the tropical lateritic weathering profile of a basin filled with sedimentary rocks including shales, mudstones and sandstones potentially derived from the surrounding granitic and mafic rocks. These rocks are considered the original source of the REE which were then accumulated in the sediments (via ionic bonds with the clays) of the basin as the surrounding rocks have degraded. These sediments then form the protolith that was subjected to prolonged tropical weathering.

The weathering developed a lateritic regolith with a surface indurated hardcap, followed downward by clay rich zones that grade down through saprolite and saprock to unweathered sediments. The thickness of the regolith is between 10 and 20 metres from surface.

The REE mineralisation is concentrated in the weathered profile where it has dissolved from its primary mineral form, such as monazite and xenotime, then ionically bonded (adsorbed) or colloidally bonded on to fine particles of aluminosilicate clays (e.g. kaolinite, illite, smectite). The adsorbed and colloidal REE is the target for extraction and production of REO at Makuutu.

Dimensions
The overall defined mineralised zone extends across 11 discrete prospect areas defined by radiometric and topographical features. The overall strike for the eastern-most to westernmost prospects is approximately 37 kilometres, with an across strike extent of ~3,000m and an average vertical thickness of 18m.

The top of the mineralised zone is defined by a thin surficial soil / hardcap zone that averages 3.5m in thickness. The base of the mineralised zone is defined by the top of the saprock/fresh rock boundary which extends to an average vertical depth of 17m.

Mining Methods

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Comminution

Crushers and Mills

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Processing

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Commodity Production

Operational metrics

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Personnel

Job Title	Name	Profile	Ref. Date
.......................	.......................		Oct 31, 2025