Strategy

Timeline Overview

Project Stages

STAGE I (Complete)

  • Created a portfolio of exploration projects in North America.  Beginning with the La Paz Rare Earth Project then securing additional high value, higher grade complementary projects in the Halleck Creek Rare Earth Project (Wyoming) and the Searchlight Heavy Rare Earth Project (Nevada)
  • Built a diverse, experienced leadership team, including additional technical expertise, to develop our assets
  • Undertaken field work to expand surface samples data and target new drilling locations.  Includes detailed geological mapping and systematic surface sampling that remains ongoing.
  • Expanded claim control adding Bureau of Land Management tenements at La Paz to a total project area of >5600 acres and Halleck Creek from 5 to 68 lode claims expanding the total area to >3100 acres
  • Completed Technical Reports at flagship La Paz project in 2020 (NI 43-101 & JORC 2012)
  • Metallurgical test work undertaken toward the goal of establishing Rare Earth Elements (REE) composition and defining the highest efficiency processing flowsheet for the La Paz project
  • Completed a core drill campaign, expanding the La Paz resource, doubling the Indicated Resources and increasing total Resource Estimate to 170 million tonnes of mineralized ore
  • Established a maiden Scandium resource containing 4.4 million Kg of estimated oxide content within the La Paz Resource area
  • Successful reconnaissance drill holes have indicated a potential additional deposit area southwest of the La Paz Resource; the new area represents an additional Exploration Target of  742 million tonnes to 928 million tonnes with a grade range of 350 – 400 ppm Total Rare Earth Oxides plus a Scandium oxide grade range of 20 – 24.5 ppm
  • Established project awareness with key stakeholders and Government agencies
  • Secured strategic partnerships with leading National Research Institutions focused on REE processing

STAGE II (by H2 2022+)

Overall Milestones

  • Secure additional capital

La Paz Milestones

  • Complete NAGROM MET testing
  • Advance the R&D of metallurgy (processing) to confirm cost-effective, scalable options
  • Complete scoping study
  • New ore body drilling (SW area)
  • Resource expansion drilling (depth & lateral) expansion, Geotech, H20 investigation
  • Complete PEA
  • Begin advanced exploration permitting and commence baseline environmental monitoring including ground water and air quality
  • Optimize to Opportunity Zone + NMTC investors

Halleck Creek Milestones

  • Secure drilling permits
  • Maiden drill program
  • Early phase metallurgical study
  • Resource drill program
  • Maiden JORC resource

Searchlight Milestones

  • Surface mapping and sampling
  • Secure drilling permits
  • Maiden drill program (Late 2022 to early 2023)
  • Initial metallurgical study (2023)

STAGE III (2023+)

La Paz Milestones

  • Continue baseline environmental monitoring and advance permitting requirements
  • Continue exploration and development drilling to upgrade resource classification and expand Southwest resource area
  • Progress toward Pre-Feasibility Studies
  • Establishment of production and processing pilot program

Halleck Creek Milestones

  • Advanced metallurgy and processing studies
  • Begin advanced exploration permitting
  • Commence baseline environmental monitoring including ground water and air quality
  • Scoping studies followed by Preliminary Economic Assessment for Halleck Creek Project

Searchlight Milestones

  • Resource drill program
  • Maiden JORC resource