Virgin Mountain REE

The Virgin Mountain Rare Earths Project is situated on the border of Nevada and Arizona, proximal to the world-class Mountain Pass Rare Earth Element (REE) producing mine (12.15 Mt @ 4.79% Total Rare Earth Oxide (TREO)) (MP Materials Inc; MP:NYSE; US$12b market cap).

In 2025, MP Materials received $400M from the USA DoD and a further $500M co-investment from Apple for the development of REE-related infrastructure.

Regional developments significantly increase REE project feasibility, with DoD committing $150M in federal loan support for the development of a Heavy Rare Earth Element (HREE) processing plant.

Virgin Mountain TREO mineralisation contains significantly higher HREE than Mountain Pass, providing an opportunity to supply HREE for the new processing facility.

Virgin Mountain contains high concentrations of HREE and includes significant levels of the valuable elements Neodymium and Praseodymium (Nd/Pr).

The Hummingbird Prospect

EXISTING MINERALISATION

• Historic channel samples were taken by Globex Mining Enterprises (GME) in 2022 to validate historic assay results.
• Due diligence sampling includes:
  • AGL-7, 1.26% TREO, cont. 36% HREO and 20% Nd/Pr
  • AGL-13, 0.72% TREO, cont. 30% HREO and 22% Nd/Pr
  • ALG-8, 0.67% TREO, cont. 57% HREO and 14% Nd/Pr
  • AGL-12, 0.61% TREO, cont. 36% HREO and 21% Nd/Pr

EXPLORATION POTENTIAL

• Sampled mineralisation sits within an underexplored 760 m REE-trend, which remains open along strike.
• Historic work from Uranium explorers highlights multiple surface targets for immediate follow-up in Q4 2025.