New Risk • Apr 09
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: CA$13.5m (US$9.79m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (20% average weekly change). Revenue is less than US$1m. Market cap is less than US$10m (CA$13.5m market cap, or US$9.79m). Minor Risk Shareholders have been diluted in the past year (27% increase in shares outstanding). Aankondiging • Jan 14
ReeXploration Inc. Announces Update on 2026 Uranium Exploration Drill Program at its Eureka Project in Namibia ReeXploration Inc. announced that the 2026 uranium exploration drill program at its Eureka Project in Namibia is fully funded and moving into the execution phase. With capital in place and detailed drill planning underway, the Company is preparing to advance a targeted drill program designed to test high-priority uranium anomalies defined during its 2025 work programs. During the second half of 2025, ReeXploration expanded the scope of the Eureka Project beyond rare earth elements through the identification and refinement of multiple high-priority uranium targets. These targets are located within one of the world's premier uranium provinces and are supported by coherent radiometric and geochemical anomalies consistent with large, intrusion-related uranium systems. Based on the results of this work, the targets are now considered drill-ready and form the primary focus of the Company's initial 2026 exploration program. Key milestones achieved in 2025 include: Closed two private placements in the Fall of 2025, raising $1.95 million to fund ongoing and upcoming exploration activities, including $1.0 million in December required to advance near-term exploration objectives and initiate uranium drilling. Completion of the Company's rebrand to ReeXploration, reflecting a sharpened focus on critical minerals aligned with global energy security and supply-chain diversification. Identification and confirmation of a large-scale drill-ready uranium target at Eureka through field programs, geophysics, and geochemical analysis. Expansion of the broader uranium target footprint, reinforcing the project's multi-commodity potential alongside its established rare earth element foundation. These developments collectively repositioned Eureka as a dual-commodity critical minerals project, pairing a rare earths system with a compelling uranium exploration opportunity. Further updates will be provided as exploration activities progress. Aankondiging • Dec 24
ReeXploration Inc. announced that it has received CAD 1 million in funding On December 23, 2025, ReeXploration Inc. closed the transaction. The Company paid Numus Capital Corp., a registered Exempt Market Dealer, a cash fee of CAD 70,000 or 7% of proceeds raised and issued 636,363 compensation warrants entitling the agent to purchase that number of Shares at CAD 0.11 per share for a period of 24 months from closing. All securities issued pursuant to the Financing are subject to a hold period lasting four-months and one day from the closing. The company announced that it has received 9,090,910 shares of the Company at a price of CAD 0.11 per share for gross proceeds of CAD 1,000,000.1. Aankondiging • Dec 16
ReeXploration Inc. announced that it expects to receive CAD 1 million in funding ReeXploration Inc. entered into agreement with Numus Capital Corp to issue 9,090,910 shares of the Company at a price of CAD 0.11 per share for gross proceeds of CAD 1,000,000.1 on December 15, 2025. The Company has agreed to pay to the agent a cash fee equal to 7% of proceeds raised and to issue compensation warrants entitling the agent to purchase that number of Shares as is equal to 7% of the Shares from investors introduced by the agent, except on subscriptions received from directors, officers, and employees of the Company and their affiliates and associates. Each compensation warrant will be exercisable into a Share of the Company at CAD 0.11 per share for a period of 24 months from closing. Completion of the Financing is subject to the satisfaction of certain conditions, including the approval of the TSX Venture Exchange, and all securities issued pursuant to the Financing will be subject to a four month and one day hold period. New Risk • Nov 21
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: CA$12.6m (US$8.91m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (25% average weekly change). Revenue is less than US$1m. Market cap is less than US$10m (CA$12.6m market cap, or US$8.91m). Minor Risk Shareholders have been diluted in the past year (18% increase in shares outstanding). New Risk • Oct 02
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 18% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (23% average weekly change). Revenue is less than US$1m. Minor Risks Shareholders have been diluted in the past year (18% increase in shares outstanding). Market cap is less than US$100m (CA$14.4m market cap, or US$10.3m). Board Change • Sep 24
High number of new directors Independent Director William Sheppard was the last director to join the board, commencing their role in 2025. Aankondiging • Sep 03
E-Tech Resources Inc. announced that it expects to receive CAD 0.95 million in funding E-Tech Resources Inc announced a private placement to issue 19,000,000 shares at a price of CAD 0.05 per share for aggregate gross proceeds of CAD 950,000 on September 3, 2025. The company will pay to the agent t a cash fee equal to 7% of proceeds raised from investors introduced by the agent, except on subscriptions received from directors, officers, and employees of the company and their affiliates and associates, and will issue compensation warrants entitling the agent to purchase that number of Shares as is equal to seven percent (7%) of the Shares sold to investors introduced by the agent, except on subscriptions received from directors, officers, and employees of the company and their affiliates and associates. Each compensation warrant will be exercisable into a Share of the company at CAD 0.05 per share for a period of 24 months from closing. The transaction is subject to the approval of the TSX Venture Exchange. The securities issued in the transaction will be subject to a four month and one day hold period. Aankondiging • Jul 23
E-Tech Resources Inc., Annual General Meeting, Sep 18, 2025 E-Tech Resources Inc., Annual General Meeting, Sep 18, 2025. Location: nova scotia, halifax Canada New Risk • Nov 28
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -CA$861k This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$861k free cash flow). Share price has been highly volatile over the past 3 months (29% average weekly change). Revenue is less than US$1m. Market cap is less than US$10m (CA$4.80m market cap, or US$3.43m). Minor Risk Shareholders have been diluted in the past year (13% increase in shares outstanding). Aankondiging • Aug 02
E-Tech Resources Inc. announced that it has received CAD 0.6 million in funding On August 1, 2024, E-Tech Resources Inc. closed the transaction. The company paid cash commissions of CAD 24,500 and 490,000 broker warrants. Each broker warrant entitles the holder to acquire one common share at an exercise price of CAD 0.10 and is exercisable for a period of 24 months from closing. The transaction included participation from directors and an officer of the company subscribed for 1,800,000 units. Aankondiging • Jul 30
E-Tech Resources Inc., Annual General Meeting, Sep 26, 2024 E-Tech Resources Inc., Annual General Meeting, Sep 26, 2024. Aankondiging • Jul 22
E-Tech Resources Inc. announced that it expects to receive CAD 0.6 million in funding E-Tech Resources Inc. announced a private placement of up to 12,000,000 units at a price of CAD 0.05 per unit for gross proceeds of up to CAD 600,000 on July 22, 2024. Each unit will consist of one common share and one-half common share purchase warrant. Each warrant will be exercisable to purchase one common share at a price of CAD 0.10 per share for a period of 24 months from the closing date of the financing. The completion of the financing is subject to the satisfaction of certain conditions, including the approval of the TSX Venture Exchange, and all securities issued pursuant to the financing will be subject to a four month and one day hold period. Aankondiging • Apr 27
E-Tech Resources Inc. Announces CEO Changes E-Tech Resources Inc. announced the appointment of Christopher Drysdale as interim Chief Executive Officer (CEO) of the company. Mr. Drysdale is an experienced professional with international experience in the mineral and exploration industry. Currently serving as the CEO of Antler Gold Inc. and a Director at E-Tech, he has previously served as the Kenyan Country Manager for Stockport Exploration, overseeing the operations for all aspects of its gold exploration and production activities throughout East Africa. Mr. Drysdale has a progressive and diverse background which extends across various mineral projects and the international capital markets. The Company thanks Todd Burlingame for his stewardship during his tenure with the Company and wishes him well in his future endeavors. Board Change • Mar 11
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. No experienced directors. No highly experienced directors. Interim VP of Operations & Director Chris Drysdale is the most experienced director on the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. New Risk • Dec 02
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -CA$967k This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$967k free cash flow). Earnings have declined by 17% per year over the past 5 years. Revenue is less than US$1m. Market cap is less than US$10m (CA$2.37m market cap, or US$1.75m). Minor Risk Shareholders have been diluted in the past year (14% increase in shares outstanding). Aankondiging • Oct 18
E-Tech Resources Inc. (TSXV:REE) entered a definitive agreement to acquire 85% stake in EPL 8748 of Eureka project from Gecko Namibia (Pty) Ltd and Flightec Namibia. E-Tech Resources Inc. (TSXV:REE) entered a definitive agreement to acquire 85% stake in EPL 8748 of Eureka project from Gecko Namibia (Pty) Ltd and Flightec Namibia on October 16, 2023. Aankondiging • Oct 17
E-Tech Resources Inc. Ramps Up Exploration Activities E-Tech Resources Inc. announced the engagement of Gecko Namibia (Pty) Ltd. ("Gecko") and Flightec Namibia ("Flightec") to support ongoing exploration and development activities on its 100% owned Eureka project. E-Tech has evaluated the results of the current exploration program and is now expanding its activities to include a Phase 1 Ultra-high resolution UAV-borne magnetic survey. This survey is planned to be conducted by Flightec later this year. The results of the magnetic survey will be used to plan the 2024 exploration and drill programs across EPL 6762 and EPL 8748. New Risk • Aug 13
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 14% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (37% average weekly change). Revenue is less than US$1m. Market cap is less than US$10m (CA$6.62m market cap, or US$4.93m). Minor Risk Shareholders have been diluted in the past year (14% increase in shares outstanding). Aankondiging • Aug 12
E-Tech Resources Inc. announced that it has received CAD 0.7 million in funding On August 11, 2023, E-Tech Resources Inc. closed the transaction. The transaction included participation from individual investors, John Philpott subscribed for 100,000 shares, Ken Marshall subscribed for 150,000 shares and Todd Burlingame subscribed for 250,000 shares. Aankondiging • Jul 29
E-Tech Resources Inc., Annual General Meeting, Sep 28, 2023 E-Tech Resources Inc., Annual General Meeting, Sep 28, 2023. Aankondiging • Jul 23
E-Tech Resources Inc. announced that it expects to receive CAD 0.5 million in funding E-Tech Resources Inc. announced a private placement of up to 8,333,334 common shares at an issue price of $0.06 per share for gross proceeds of up to $500,000.04 on July 21, 2023. Completion of the transaction is subject to the satisfaction of certain conditions, including the approval of the TSX Venture Exchange, and all securities issued pursuant to the Financing will be subject to a four-month and one day hold period. Board Change • Dec 12
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. No experienced directors. No highly experienced directors. Interim VP of Operations & Director Chris Drysdale is the most experienced director on the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Board Change • Nov 19
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. No experienced directors. No highly experienced directors. Interim VP of Operations & Director Chris Drysdale is the most experienced director on the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Aankondiging • Nov 17
E-Tech Identifies 17 Drill Targets for Exploration Drilling At Its 100% Owned Eureka Project E-Tech Resources Inc. announced the identification of 17 robust drill targets defined through the recently completed ground geophysical and exploration mapping programs. An initial seventeen (17) drill target areas have been identified following the ground radiometric and magnetic geophysical surveys, and geological mapping program. The initial target areas comprise favourable geophysical, geological and structural features akin to those of the original Eureka Zone 1 discovery. Drilling is scheduled to commence in the last week of November with approximately 3,000 meters ("m") planned. The 3,000 m Reverse Circulation ("RC") drill program planned over these 17 target areas will be driven by real time outcomes based upon results from the recently acquired portable X-Ray Fluorescence (pXRF) unit. This systematic approach will allow the Company to optimize the targeting methodology and plan follow-up holes on each target during the drilling program. The target areas have been defined by the following key indicators: Anomalous thorium radiometric signature, as thorium is contained within monazite. Favourable lithologies, including carbonates and monazite identified during the geological mapping program. An association with structural features interpreted from the magnetic ground geophysical survey and believed to play an important role in the location of the Eureka deposit. Other drill target areas include discrete radiometric highs proximal to favourable and historical geochemistry results. This initial drilling program is designed to confirm associations, extent and understand the larger systems' potential to host a substantial REE deposit. Following this program, infill RC and diamond drilling will be undertaken over mineralised areas including those already identified. Aankondiging • Nov 04
E-Tech Resources Inc. Announces Diamond Drilling Intersects Thick, Rare Earth Element Mineralisation, Open at Depth and Along Strike at Eureka E-Tech Resources Inc. announce that its Phase 2 diamond drilling program has again successfully intersected shallow and thick REE mineralization at its 100% owned Eureka REE Project Highlights from the diamond drilling include: Drill Hole ED028 intersected 8.2m at 2.6%TREO from 83m (including 3.7m at 4.7% TREO). Drill Hole ED027 intersected 7.9m at 1.4% TREO from 58m (including 4.9m at 2.1% TREO). A total of 376 samples (including standards, duplicates, and blanks) from the 11 hole 2,226 meter diamond drilling program have been analyzed. The objective of this diamond drill program was to gain a firm understanding of the structural and lithological controls on mineralization at Zones 1, 2 and 3. Following this program, further RC and diamond drilling will be undertaken over these new areas as well as those already identified along strike. The recently completed detailed magnetic and radiometric ground survey has resulted in the identification of anomalies prospective for REE mineralization. The magnetic data indicates that there is potential for similar styles of REE mineralization up to >4km in strike extent, with significant potential identified beyond the initial drilling targets. The company is therefore currently undertaking a full review of all its exploration results and data received to date, with a view to announcing the company's next stage of exploration. All E-Tech sample assay results have been independently monitored through a quality assurance /quality control ("QA/QC") program including the insertion of certified reference standards, blanks, and duplicate samples. QA/QC samples make up 10% of all samples submitted. Drill core is sawn in half on site and half drill-core samples are securely transported to Activation Laboratories Ltd. sample preparation facility in Windhoek, Namibia. The core is dried, crushed to 90% passing 2 mm, riffle splitting a 250 g sub-sample and pulverizing to 95% passing 105 µm. Sample pulps are sent to Activation Laboratories Ltd. in Ontario, Canada for analysis. REE analysis is by method 8-REE. The sample is milled to 95% -200 mesh. To ensure complete fusion of resistate minerals, lithium metaborate/tetraborate fusion is used with analysis by ICP-OES and ICP-MS. Aankondiging • Oct 28
E-Tech Resources Inc. Announces Reverse Circulation Drilling Results Further Extends Rare Earths Footprint At Eureka E-Tech Resources Inc. announced new assay results from its most recent Reverse Circulation ("RC") exploration drilling campaign. Results from this drilling program have successfully extended the current known mineralised zones with a number of wide, shallow and high-grade intersections reinforcing the size scalability of the Eureka REE deposit. Highlights from the RC drilling include: Zone 2:- Drill Hole ER042 intersected 2m at 2.8%TREO from 46m (including 1m at 4.8%TREO) Drill Hole ER043 intersected 3m at 1.6%TREO from 14m (including 2m at 2.3%TREO) Zone 3:- Drill Hole ER033 intersected 2m at 2.9%TREO from 8m Drill Hole ER047 intersected 5m at 1.4%TREO from 5m (including 1m at 4.1% TREO) Drill Hole ER059 intersected 4m at 2.3%TREO from 57m (including 2m at 3.7% TREO) Zone 4:- Drill Hole ER053 intersected 2m at 1.4%TREO from 9m A total of 661 RC samples (including standards, duplicates and blanks) from a 39 hole 1440 meter RC drilling program have been analysed to date. Results confirm the continuation of mineralisation along strike of Zone 3 towards the south and east by approximately 250 meters N-S and 500 meters E-W, respectively. Zone 2 has also been extended further to the west by 150 meters. The program was designed to achieve the following goals within each zone as follows: Zone 2:- Zone 2 targets were selected to provide further support for lateral extent of the current known resource. Seven (7) RC holes spaced approximately 50 x 80 meters apart were drilled to extend the current resource footprint approximately 125 meters along strike. Zone 3:- The expanded drill grid of Zone 3 consisted of 24 RC drill holes with a 55 x 110 meter spacing. The grid was specifically planned to further test for mineralisation laterally to the south and east, targeting dykes that had been previously identified from the surface trenching program completed in 2021. Zone 4:- Eight (8) RC drill holes with a 50 x 100 meter spacing were completed over Zone 4. All the holes successfully encountered carbonatite dykes near surface with encouraging grades of REE mineralization. Aankondiging • Sep 30
E-Tech Resources Inc. Announces Executive Changes E-Tech Resources Inc. has appointed Jim Megann as interim CEO, replacing Mr. Daniel Whittaker, who will step down as interim CEO of the Company in order to direct his focus to the expansion of other exploration projects. Jim Megann is an accomplished executive and business leader with experience in the exploration, communications and marketing industries. He currently sits on the Board of Directors of Torrent Capital Ltd., Sona Nanotech Inc., and OARO and is the former CEO of Stockport Exploration Inc. Aankondiging • Aug 24
E-Tech Resources Inc Announces Director Changes E-Tech Resources Inc. announced that it has appointed Professor Frances Wall as a director effective immediately. Professor Wall replaces Mr. Ed Loye on the board of directors. Mr. Loye will remain as a technical consultant to the Company. Frances Wall is Professor of Applied Mineralogy at Camborne School of Mines, University of Exeter, has a BSc in geochemistry from Queen Mary University of London and a PhD in rare earth-rich carbonatites from the University of London. Frances has over 30 years experience researching the geology and process mineralogy of global rare earth deposits and practically linking exploration stage studies to responsible sourcing outcomes. Frances has also led large consortium research projects such as HiTech AlkCarb and SoS RARE and is currently Principal Investigator for the UK Research and Innovation Interdisciplinary Circular Economy Centre for Technology Metals (Met4Tech). Frances is Chair of the British Geological Survey Science Advisory Committee, a member of the UK Critical Minerals Expert Committee, was named in the WIM UK '100 Global Inspirational Women in Mining' 2016 edition and awarded the William Smith Medal of the Geological Society of London for applied geoscience in 2019. Aankondiging • May 18
E-Tech Resources Inc. Appoints Daniel Whittaker as the Corporation's Chief Executive Officer on an Interim Basis, Effective May 17, 2022, Replacing Berend Gert-Jan Loois E-Tech Resources Inc. announced that Daniel Whittaker has been appointed as the Corporation's Chief Executive Officer on an interim basis, effective May 17, 2022. Mr. Whittaker replaces Berend Gert-Jan Loois as the Corporation's CEO, and as a director and officer of its subsidiaries. Mr. Whittaker will retain his role as a director and Board Chair of the Corporation. Mr. Whittaker is the current CEO of Antler Gold Inc. and has held senior positions in the mineral industry for the last 25 years. Board Change • Apr 27
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 5 non-independent directors. was the last director to join the board, commencing their role in . The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Aankondiging • Feb 11
E-Tech Resources Inc. Reports Additional Assay Results from the First Diamond Drilling Campaign Completed At Eureka REE Project, in Central Namibia E-Tech Resources Inc. reported additional assay results from the first diamond drilling campaign completed at the Eureka REE Project (Eureka or project), located in central Namibia. Significant intersections include 9.4m @ 1.3% Total Rare Earth Oxide (TREO) (ED008), 4.8m @ 1.2% TREO (ED009), 1m @ 13.4% TREO (ED017), 3.5m @ 4% TREO (ED011), 4.2m @1.2% TREO (ED017) and 1.9m @ 1.8% TREO (ED019). The results from these eight holes, all of which have intersected mineralization, have confirmed the presence of mineralization in Zones 1 and 2 at depth and its southward extension along strike. The deposit remains open both along strike and at depth. The corporation is awaiting receipt of additional results from the 5 remaining holes of this first diamond drilling campaign completed in September 2021. Aankondiging • Feb 02
E-Tech Resources Inc. Providesd an Update on Its Exploration Work on E-Tech's Eureka Rare Earth Elements Project E-Tech Resources Inc. provided an update on its exploration work on E-Tech's Eureka Rare Earth Elements (REE) Project. This fully funded exploration program will support further resource definition as well as mineralogical and metallurgical test work. The Project has sound project fundamentals because of its favorable geology, simplistic ore beneficiation and proximity to infrastructure. The Project is situated in the heart of the Erongo Region of Namibia, the "mining corridor of Namibia", and is favorably located within 2km of the Trans-Kalahari tarmac highway, which provides tarred road links between the Namibian port of Walvis Bay on the Atlantic coast and Namibia's capital city Windhoek. Neighboring mines include Rossing Uranium and Navachab Gold. The corporation's exploration program is geared towards fast-tracking exploration and development study work leading to the publication of an updated NI 43-101 compliant mineral resource estimate (MRE). The corporation has continued to make significant strides in advancing the Eureka Project since 2020, with the exploration program designed to expand the current MRE (Independent Technical Report, Eureka Rare Earth Project, Namibia effective as of 2 August 2021 and released on 15 September 2021). In the first exploration campaign, a total of 2,450 meters of trenching, 3,306 meters of Reverse. Circulation drilling ("RC") and 5,761 meters of Diamond Drilling ("DD") has been completed. Assay results of the first 7 out of 20 DD holes were released on 10 November 2021, which highlighted the intersection of monazite bearing dykes up to 160 meters below surface and importantly more than 100 meters below the current MRE. RC assay results, released on 1 December 2021, further confirmed the increased depth and lateral extent of the project's surface footprint in Zones 1 and 3 towards the south and to the west. The complete set of DD assay results from the first drilling campaign is expected within the next weeks, dependent on lab processing time. The second 5000m of RC and DD exploration in Zones 1, 2, 3 and 4 started in December 2021 and is planned to run until end February 2022. The program consists of: 12 DD holes totaling 2,000 meters, across Zones 1, 2 and 3, 34 RC holes totaling 3,000 meters, across Zones 1, 2, 3; and Zone 4 for the first time. further trenching of the wider exploration area. This second campaign has been designed to confirm areas with monazite mineralization and further increase the project's surface expression along strike and to depth. The DD pattern has been focused on delivering proof of resource mineralization at depth. The RC drilling and trenching are aimed at extending the current known surface trends. The assay results of the DD and RC holes from the second exploration campaign are expected towards the end of FIRST QUARTER OF 2022, dependent on lab processing time. The corporation has engaged LightDeepEarths (Pty) Ltd, South Africa, to conduct further mineralogical test work for assessing the optimal beneficiation route to provide a monazite concentrate. Earlier beneficiation test work, based on outcrop material, as performed by SGS Mineral Services in the fourth quarter of 2016, has shown an optimum liberation of the monazite at a coarse fraction, with a 65% recovery of monazite by gravity separation alone. The concentrate was further upgraded by removal of magnetite by low intensity magnetic separation to a grade of 59.2% Total Rare Earth Oxide (TREO). The geological and resource block modeling as a basis for the following MRE update are expected to be accomplished during the first half of 2022.