Rare Element Resources Announces Updated Mineral Resource for the Bear Lodge Project Focused on Key Magnet Materials - Seite 2

4.08

245.5

49.7

Inferred

1.90

3.61

68.5

14.4

Resource Notes:

1. Mineral resources do not have demonstrated economic viability. There is no guarantee that any part of the mineral resource will be converted to mineral reserves in the future. All figures are rounded to reflect the accuracy of the grade and tonnage estimates.
2. This mineral resource estimate is reported in accordance with Regulation S-K (CFR Title 17 Part 229 Items 1300-1305) at a cut-off grade of 2.18% TREO.
3. Only certain rare earth elements (La, Nd, Pr, Dy, and a heavy rare earth element mixed oxide including Yb, Tm, Tb, Er, Ho, Lu) are considered payable for pit optimization purposes. Commodity price assumptions used in the preparation of the mineral resource estimate are set forth in the TRS.
4. The estimated overall NdPr process recovery is 90%.

“With demand for magnet materials expected to grow exponentially over the next 30 years, driven primarily by their use in defense and green technologies, it makes sense to focus our efforts on those key magnet materials in this resource model. This will ensure that over the longer term, we are aligned with the national security interests and decarbonization goals of the United States,” stated Brent Berg, President and CEO of the Company. “Our proprietary rare earth recovery and separation technology enabled us to look at the body of geological data we have generated through a different lens. That work allows us to focus on a higher grade and smaller pit design. I believe this strategy provides the greatest opportunity for the Company to capitalize on the projected rare earth demand growth and most clearly aligns with our innovative technology while allowing us to preserve the long-term, upside potential of the Bear Lodge Project.”

The Company is preparing a Technical Report Summary (“TRS”) in accordance with Regulation S-K (CFR Title 17 Part 229 Items 601(b)(96) and 1300-1305), as well as an updated technical report compliant with Canadian National Instrument NI 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”). The TRS will be filed on the date of this release on a current report on Form 8-K and will be available at www.sec.gov. The NI 43-101-compliant report will be filed on the Company’s SEDAR profile at www.sedarplus.ca within 45 days of the date of this press release. The mineral resource work and technical reports are being undertaken by Alan C. Noble, P.E., principal engineer of Ore Reserves Engineering (ORE), based on his modeling work developed on the Bear Lodge Project over the past decade. The full list of economic assumptions and cut-off grade sensitivity for the evaluation will be fully discussed in both the TRS and the NI 43-101 compliant technical reports.