GLENOVER RARE EARTHS ALEX ANDERSSON - MD - GLENOVER Glenover - PowerPoint PPT Presentation

GLENOVER RARE EARTHS ALEX ANDERSSON - MD - GLENOVER

Glenover Rare Earth Project Agenda INTRODUCTION & PROJECT BACKGROUND GLENOVER PROJECT INFRASTRUCTURE METALLURGY DEVELOPMENT VALUE DERIVED SUMMARY GLENOVER RARE EARTHS

GLENOVER PROJECT BACKGROUND

Glenover Rare Earth Project Location Glenover GLENOVER RARE EARTHS

Glenover Rare Earth Project LOCATION

Glenover Rare Earth Project ORIGINAL BROAD GEOLOGICAL MODEL GEOLOGY Breccia Body “hill” Pyroxenite Late Stage Carbonatite Source: Dr. W J Verwoerd

Glenover Rare Earth Project ROCK TYPES Pyroxenite/Glimmerite Pyroxenite cross cut by Carbonatite Veins Coarse Grained Dolomitic Carbonatite Apatite Martite Breccia

Glenover Rare Earth Project GEOPHYSICS – AEROMAGNETIC SIGNATURE

Glenover Rare Earth Project GEOPHYSICS – RADIOMETRIC SIGNATURE

Glenover Rare Earth Project HISTORY – GOLDFIELDS OPERATION 1958 - 1982

Glenover Rare Earth Project HISTORY – FERMINORE OPERATION 1999 - 2011

GLENOVER PROJECT INFRASTRUCTURE

Glenover Rare Earth Project PROJECT INFRASTRUCTURE RAIL SERVICES WITHIN 20KM 2 REGIONAL POWER STATIONS TAR ROAD TO SITE

Glenover Rare Earth Project BOOMING LOCAL MINING INDUSTRY

Glenover Rare Earth Project PROJECT INFRASTRUCTURE ON SITE ELECTRICAL SUPPLY WORKSHOPS/OFFICE BOREHOLE WATER ABLUTION FACILITIES

Glenover Rare Earth Project INFRASTRUCTURE 3.5MT of fines and ROM stockpiles ready for processing

GLENOVER GETTING TO METALLURGY

Glenover Rare Earth Project GEOCHEMISTRY – 3000M DRILL PROGRAMME

Glenover Rare Earth Project GEOCHEMISTRY – 3000M DRILL PROGRAMME

Glenover Rare Earth Project GEOCHEMISTRY

Glenover Rare Earth Project RESOURCE

Glenover Rare Earth Project RESOURCE

Glenover Rare Earth Project RESOURCE STATEMENT – APATITE BRECCIA ONLY Cut-off Tonnes Average Grade Contained Grade TREO % TREO Mt % TREO kt Indicated 1 7.4 2.2 163 Resource In Situ Inferred Resource 1 3.1 1.9 59 (Stockpiles) TOTAL 10.5 222

Glenover Rare Earth Project APATITE BRECCIA MINERALOGY HIGHLIGHTS Potential Co-products Grade Summary: TREO HREO HREO/ Nb 2 O 5 Sc 2 O 3 ThO 2 P 2 O 5 Fe 2 O 3 TREO % % % % ppm ppm % % Apatite 2.22 0.14 6.31 0.81 143 540 18.21 23.67 Breccia Main REE Bearing Minerals: Apatite (Primary + Secondary); Monazite; Synchysite; Bastnaesite; Aeschynite

Glenover Rare Earth Project APATITE BRECCIA MINERALOGY HIGHLIGHTS Grain Size Distribution LG Apatite Breccia 100 90 Cu mulative mass % mineral passing size 80 70 60 REE Phosphates 50 REE Carbonates Zr Oxides and Silicates 40 REE Nb-rich 30 Apatite 20 Fe Oxide Fe Oxide with Goethite 10 0 10 100 1000 Grain Size (µm) Liberation: Iron: 75%- 80% at 120μm P2O5: +90% at 120μm REE: 30-40% at 120μm

Glenover Rare Earth Project Flow Sheet

PROPOSED PLANT EXPANSION AND PIT Glenover Rare Earth Project ENLARGEMENT

GLENOVER DEVELOPMENT VALUE DERIVED

Glenover Rare Earth Project DEVELOPMENT SUMMARY - GEOLOGY • June 2011: Mineralogy study on Apatite Breccia completed by SGS • Jan 2012: Initial 3000m Drill Programme completed • March 2012: 6-hole Step Out Drill Programme completed • June 2012: Updated SAMREC Resource published • To Aug 2012: Stockpiles sampled and 16T of ROM crushed and homogenized for mineralogy and metallurgy • August 2012: Mineralogy studies on Breccia, Carbonatite and Pyroxenite core completed by Xstrata Process Support

Glenover Rare Earth Project DEVELOPMENT SUMMARY – METALLURGY • June 2010: Fer-Min-Ore magnetic separation testwork • April 2012: Completion of Maelgwyn apatite flotation testwork • August 2012: PEA scope awarded to process consultant GBM, UK • September 2012: PFS metallurgy contract awarded to lab, China

Glenover Rare Earth Project BENCHMARKING – Nd RICH REE PACKAGE Galileo Frontier Montero GWMG Arafura Lynas Rare Element Quest RE Oxide Glenover Zandkopsdrift Wigu Hill Steenkampskraal Nolans Bore Mt Weld Bear Lodge Strange Lake PEER RATING OF CREO DISTRIBUTION Lanthanum 16.71% 25.37% 37.07% 21.05% 19.13% 23.88% 26.56% 13.76% Cerium 45.04% 44.05% 49.03% 45.36% 48.72% 47.54% 43.81% 29.13% 2 Praseodymium 5.78% 4.62% 3.86% 5.13% 5.93% 5.16% 5.01% 3.24% 1 Neodymium 22.16% 15.88% 9.27% 17.83% 20.59% 18.13% 17.95% 12.14% Samarium 3.51% 2.27% 0.77% 2.80% 2.29% 2.44% 2.83% 2.70% 1 Europium 0.89% 0.59% 0.00% 0.06% 0.39% 0.53% 0.62% 0.11% Gadolinium 2.03% 1.42% 0.00% 1.91% 0.99% 1.09% 1.44% 2.65% 3 Terbium 0.21% 0.17% 0.00% 0.23% 0.08% 0.09% 0.12% 0.55% 4 Dysprosium 0.76% 0.78% 0.00% 1.00% 0.32% 0.25% 0.37% 3.60% Holmium 0.10% 0.13% 0.00% 0.12% 0.04% 0.03% 0.04% 0.83% Erbium 0.19% 0.32% 0.00% 0.31% 0.09% 0.06% 0.08% 2.54% Thulium 0.02% 0.04% 0.00% 0.02% 0.01% 0.01% 0.01% 0.40% Ytterbium 0.09% 0.22% 0.00% 0.12% 0.06% 0.03% 0.04% 2.61% Lutetium 0.01% 0.03% 0.00% 0.01% 0.01% 0.00% 0.01% 0.40% Yttrium 2.50% 4.12% 0.00% 4.05% 1.35% 0.76% 1.11% 25.34% Total 100% 100% 100% 100% 100% 100% 100% 100%

Glenover Rare Earth Project BENCHMARKING

Glenover Rare Earth Project PROJECT DEVELOPMENT PLANS – SYNCHYSITE TARGET – VALUE POTENTIAL

Glenover Rare Earth Project PROJECT DEVELOPMENT PLANS – 2012/2013 • Metallurgy – Complete Open and Closed Circuit PFS Met by Q4 2012 • Feasibility Studies - Complete PEA Q1 2013 and PFS Q4 2013 • Exploration Drilling – Investigate Synchysite Target

GLENOVER - SUMMARY • Low Cost Project that Competes with World Class Peers • Potentially Low Cost Producer with Zero Mining Costs for 1 st 3 Years • Potential Co-Product Credits • Significant Available Infrastructure • Excellent Further Target Potential in 7km Diameter Intrusive

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