Presentation-Jan2015

MKANGO RESOURCES
RARE EARTHS FUTURE INNOVATION
TSX-V: MKA
Spearheading development of Malawi’s Rare Earth Sector
January 2015

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contents or otherwise in connection therewith.
Dr Scott Swinden of Swinden Geoscience Consultants Ltd is a qualified person for purposes of Canadian National Instrument 43-101 – Standards of Disclosure for Mineral
Projects (“NI 43-101”). Dr Swinden has approved and verified the scientific and technical information in this presentation related to the Mineral Resource Estimate. Scientific
and technical information contained in this presentation in relation to metallurgical test work has been approved and verified by Mr Gavin Beer BSc. (Ext. Met.) MAusIMM (CP),
consultant metallurgist who is a "Qualified Person" in accordance with NI 43-101. The Mineral Reserve calculation contained in this Presentation was completed by The MSA
Group (Pty) Ltd. under the supervision of Clive Brown, who is a “Qualified Person” in accordance with NI 43-101. The process design and cost estimation for the integrated
processing plant and the infrastructure associated with the integrated processing plant for the Pre-feasibility Study (the “Study”) was completed by SNC-Lavalin (Pty) Ltd. under
the supervision of Jansen Scheepers and Tinus Redelinghuys, respectively, each of whom are a “Qualified Person” in accordance with NI 43-101.
A complete description of technical and scientific information related to the Songwe Hill project is contained in (i) the report titled “NI 43-101 Technical Report and Mineral
Resource Estimate for the Songwe Hill Rare Earth Element (REE) Project, Phalombe District, Republic of Malawi”, dated November 22, 2012 and authored by Scott Swinden,
PhD, P.Geo and Michael Hall, Pr.Sci.Nat., MAusIMM (the “Technical Report”), which has been filed and is available at www.sedar.com; (ii) the press release titled “Mkango

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Announces Results of Pre-Feasibility Study for the Songwe Hill Rare Earth Project in Malawi dated September 23rd September; and (iii) the NI 43-101 compliant Technical Report
in respect of the results of the Study described herein being prepared by The MSA Group (Pty) Ltd. under the guidance of Rob Croll, Principal Consultant for The MSA Group
(Pty) Ltd., who is a “Qualified Person” in accordance with NI 43-101, and which will be filed at www.sedar.com on or before November 7th 2014. All of the Qualified Persons
referred to above are independent of the Company.
Certain disclosures contained in or incorporated by reference into this presentation constitute forward-looking statements or forward-looking information. Any statements
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By their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond Mkango’s control, including the impact of general
economic conditions, industry conditions, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, changes in
environmental, tax and royalty legislation, competition from other industry participants, the lack of availability of qualified personnel or management, stock market volatility,
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therefrom. Mkango disclaims any intention or obligation to update or revise any forward-looking statements or forward-looking information, whether as a result of new
information, future events or otherwise, except as required by law.
This presentation may contain forward-looking statements, including 'forward-looking statements' within the meaning of the United States Private Securities Litigation Reform
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Because these forward-looking statements involve risks and uncertainties, there are important factors that could cause actual results to differ materially from those expressed
or implied by these forward-looking statements. Nothing in this Presentation or in documents referred to in it should be considered as a profit forecast and Mkango’s forward-
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Services Authority ("FSA") under Section 87A of FSMA and has not been filed with the FSA pursuant to the United Kingdom Prospectus Rules. No offer of securities in the
Company is being or will be made in the United Kingdom in circumstances which would require such a prospectus to be prepared.

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Investment Highlights
MALAWI – A GLOBALLY SIGNIFICANT RARE EARTHS MINERAL PROVINCE
PRE-FEASIBILITY STUDY INDICATES 36% IRR AND US$293M NET PRESENT VALUE
CAPITAL EXPENDITURE OF US$217M AMONGST THE LOWEST IN THE SECTOR
MAIDEN PROBABLE RESERVE SUPPORTS 18 YEAR, OPEN PIT MINING OPERATION
AVERAGE ANNUAL PRODUCTION OF 2,841 TONNES REO IN HIGH GRADE CHEMICAL CONCENTRATE
OPPORTUNITY TO SIGNIFICANTLY EXPAND PRODUCTION AND MINE LIFE
DIVERSIFIED RARE EARTH MIX LEVERAGED TO HIGH GROWTH MAGNET APPLICATIONS
REGIONAL ROAD, RAIL AND POWER INFRASTRUCTURE DEVELOPMENTS

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Financial Evaluation Nominal discount rate1 Real Discount rate Post-tax NPV US$m
9.0% 6.3% 326
Base Case 10.0% 7.3% 293
11.0% 8.3% 262
12.0% 9.3% 234
13.0% 10.2% 210
14.0% 11.2% 188
Internal rate of return 36% 32%
Results of Pre-Feasibility Study
1includes inflation at 2.5%
ROBUST PROJECT AT A RANGE OF DISCOUNT RATES
ADDITIONAL OPPORTUNITIES TO OPTIMISE AND ADD VALUE
DURING NEXT PHASE

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Capital Structure
*If the closing price of the Common Shares on the TSX Venture Exchange equals or exceeds C$0.30 for 20 consecutive trading days following the date that is four months and one day after the date of issuance of the Warrants, Mkango Resources shall have the right to require
conversion of the Warrants at the exercise price upon 30 days' notice. Mkango may, within three trading days thereof, accelerate the expiry of the Warrants to 20 trading days after the issuance of a news release announcing the new expiry date
**Includes Brokers Warrants entitling the holder to acquire one Unit (one common share and common share purchase warrant and options
Directors &
Management
Leominex
(Private)
• Haywood Securities
• Institutions & private investors
Mkango Resources
(TSX-V)
• Sprott Inc & Affiliates
• Genesis Emerging Markets
• Haywood Securities
• Institutions & private investors
34%
33%
Share Price (05/01): C$0.10
Shares Outstanding: 73.3M
Warrants (exp. 03/19,
03/16,04/19, 04/16):
24.0M @ C$0.20*
Options: 6.9M
Fully Diluted: 104.2M**
Market Cap (05/01): ~C$7M

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Board of Directors
Executive Directors
Mr William Dawes, Chief Executive Officer
- 12 years Exploration and Business Development, 9 years Mining Finance; prior experience with Rio Tinto exploration
& JP Morgan mining team - Bristol University (BSc Geology), Royal School of Mines (MSc Mineral Exploration).
Mr Alexander Lemon, President
- 15 years Exploration and Operations, 5 years Investment Analysis; prior experience as Managing Director of Gold &
Mineral Excavation Inc., Central Asian miner - Oxford Brookes (BSc Geological Sciences), Royal School of Mines (MSc
Mineral Exploration).
Non – Executive Directors
Mr Derek Linfield (Chairman)
- Managing Partner of Stikeman Elliott (London) LLP, 17 years experience in London with a focus on cross-border
financings, M&A in the mining and oil & gas sectors and TSX, TSX-V & LSE listings.
Mr Adrian Reynolds
- Over 30 years experience in the natural resources sector, 15 years with Randgold, Chairman of Digby Wells
Environmental, Non-Executive Director of Aureus Mining.
Mr David Berg
- Former Chairman and Director of Potash One Inc., 28 years of consecutive service with Loblaw Companies Ltd.
Mr Eugene Chen
- Corporate Finance and Securities lawyer with McMillan LLP.

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Strong international Team Delivered Pre-Feasibility Study
SNC-Lavalin, South Africa Processing plant, and associated infrastructure
Digby Wells Environmental, South Africa Environmental and social impact studies
Epoch Resources, South Africa Tailings storage facility
Met-Chem Consulting, Australia Metallurgical optimisation
Mintek, South Africa Metallurgical optimisation
The MSA Group, South Africa Mining studies and compilation of the NI 43-101 Report
Nagrom Laboratories, Australia Metallurgical optimisation
AFRICAN CONTENT WAS A KEY DRIVER FOR AWARD OF DTI GRANT
Pre-Feasibility Team
Technical Expertise
Dr Aoife Brady Principal geologist and mineralogist
Dr Alan Woolley Consulting geologist and mineralogist
Dr Scott Swinden Consulting geologist and QP
Research Camborne School of Mines
Malawi – Strong in-Country Expertise
Mr Burton Kachinjika Country Manager
Ms Effie Likaku Country Administrator
Mr James Mtegha Senior Exploration Geologist
Mr Ansel Zabula Senior Exploration Geologist
Mr Chikondi Mcheka Exploration Geologist

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Malawi – “The Warm Heart of Africa”
 World class, underdeveloped rare
earth mineral province – historically
known carbonatite deposits, drilled
by JICA/MMAJ in late 80s
 Songwe Hill – most advanced stage
rare earth project, catalyst for
regional REE development
 Global support – ~US$40m minerals
sector support funded by World
Bank, EU, French Government
 Established infrastructure – Multi
billion dollar Vale Tete-Nacala rail
development
STABLE COUNTRY CLOSE TO MAJOR MINING CENTRES
CHILWA ALKALINE
PROVINCE (CAP)

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Songwe Hill - 2 hours’ drive from international airport

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Rail and Road Developments
TETE – NACALA RAIL LINE OPERATIONAL EARLY 2015
Tete – Nacala railway line through Malawi Blantyre – Migowi road refurbishment

Maiden Probable Mineral Reserve Estimate
TREO – total rare earth oxides. Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability. Mineral Resources are inclusive of Mineral Reserves. Full
resources estimate can be found on page 112-116 of the Technical Report on www.sedar.com. The following modifying factor were used to convert the Mineral Resource Estimate to the
Mineral Reserve Estimate: Mining recovery – 95%, Mining dilution – 5%, plant recovery 34%, product price US$55.01/kg TREO, operating cost US$96.42/t ore processed / US$16.95/kg TREO
recovered.
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SIGNIFICANT POTENTIAL TO EXPAND PRODUCTION OR MINE LIFE
2012 Mineral Resource Estimate
1.0% TREO cut off grade 1.5% TREO cut off grade
Tonnes (million) TREO (%) TREO
(tonnes)
Tonnes
(million)
TREO (%) TREO (tonnes)
Indicated 13.16 1.62 213,098 6.15 2.05 126,065
Inferred 18.59 1.38 256,149 5.06 1.83 92,412
2014 Mineral Reserve Estimate
1.0% TREO cut off grade
Tonnes (million) TREO (%) TREO (tonnes)
Probable 8.48 1.60 136,139
 Conservative Mineral Reserve
cut–off grade versus pay limit
(0.57% TREO)
 Mineral Reserve based on
Indicated Resource only
Songwe apatite contains significantly
higher concentrations of HREE versus the
majority of apatite in carbonatites
worldwide
REE Geology and Mineralogy at Songwe Hill
• Songwe Hill is a near-surface carbonatite hosted
REE deposit
• Volcanic vent system with three main REE-
mineralized rock types: carbonatites, fenites and
breccias
• REE mineralization interpreted to have formed
through hydrothermal alteration following the
carbonatite intrusion
Songwe key rare earth minerals
Synchysite – fluorocarbonate (Ca(Ce,La)(CO3)2F)
Apatite – phosphate (Ca5(PO4)3(F,Cl,OH))
Scanning electron microscope (SEM) colour montage: blue = synchysite,
yellow = apatite, red = carbonate
Typical carbonatite apatite
Songwe Hill apatite
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Maiden Probable Mineral Reserve Estimate
TREO – total rare earth oxides. Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability. Mineral Resources are inclusive of Mineral Reserves. Full
Mineral Resources Estimates can be found on page 112-116 of the Technical Report on www.sedar.com. The following modifying factor were used to convert the Mineral Resource Estimate to
the Mineral Reserve Estimate: Mining recovery – 95%, Mining dilution – 5%, plant recovery 34%, product price US$55.01/kg TREO, operating cost US$96.42/t ore processed / US$16.95/kg
TREO recovered.
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SIGNIFICANT POTENTIAL TO EXPAND PRODUCTION OR MINE LIFE
2012 Mineral Resource Estimate
1.0% TREO cut off grade 1.5% TREO cut off grade
Tonnes (million) TREO (%) TREO
(tonnes)
Tonnes
(million)
TREO (%) TREO (tonnes)
Indicated 13.16 1.62 213,098 6.15 2.05 126,065
Inferred 18.59 1.38 256,149 5.06 1.83 92,412
2014 Mineral Reserve Estimate
1.0% TREO cut off grade
Tonnes (million) TREO (%) TREO (tonnes)
Probable 8.48 1.60 136,139
 Conservative Mineral Reserve
cut–off grade versus pay limit
(0.57% TREO)
 Mineral Reserve based on
Indicated Resource only

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Significant resource upside - open laterally and to depth
Stage 1 & 2 drill holes superimposed on Th / K radiometrics

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Mine Development and Infrastructure
 Favourable topography – located on a hill, not a laterite
deposit
 Broad zones of mineralisation – as opposed to a narrow
vein or dyke deposit
 Open pit mining – using contract mining
 Developing infrastructure – railhead in Blantyre, roads
being paved to within circa 10km from project with
gravel/dirt roads for the balance, power developments,
access to water
Summary of Key Outputs
Total ore mined and processed (tonnes) 8,482,603
Average strip ratio 4.5
Total waste mined (tonnes) 38,441,726
Average life of mine TREO grade (%) 1.60
Mine Life (years) 18
Total REO recovered to concentrate1 (tonnes) 48,275
Annual ore mined and processed2 (tonnes) 500,000
1 A large proportion of the cerium will be selectively removed during the hydrometallurgical process
2 Average annual at full capacity excluding first and last years process

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Mine Development – Potential Upside
IN-PIT INFERRED RESOURCES CURRENTLY TREATED AS WASTE – POTENTIAL TO
LOWER STRIP RATIO AND OPERATING COSTS, EXTEND MINE LIFE

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Rare Earth Oxide REO Price Assumption
US$/kg
REO in conc1
tonnes
REO in conc
split
REO in conc
US$/kg
REO IN conc
split by value
Lanthanum La2O3 7.7 1,075 37.8% 2.9 5.3%
Cerium CeO2 5.9 341 12.0% 0.7 1.3%
Praseodymium Pr6O11 91.4 227 8.0% 7.3 13.3%
Neodymium Nd2O3 77.3 756 26.6% 20.6 37.4%
Samarium Sm2O3 7.9 114 4.0% 0.3 0.6%
Europium Eu2O3 1066.0 27 0.9% 10.0 18.3%
Gadolinium Gd2O3 49 62 2.2% 1.1 1.9%
Terbium Tb4O7 912 7 0.3% 2.3 4.3%
Dysprosium Dy2O3 627.9 35 1.2% 7.8 14.2%
Yttrium Y2O3 32.9 165 5.8% 1.9 3.5%
Holmium2 Ho2O3 6 0.2%
Erbium2 Er2O3 13 0.5%
Thulium2 Tm2O3 2 0.1%
Ytterbium2 Yb2O3 10 0.3%
Lutetium2 Lu2O3 1 0.0%
Average annual production REO in concentrate 2,841 100.0% 55.0 100.0%
Average heavy rare earth production in concentrate 328 11.5% 23.2 42.1%
Key Revenue Drivers – Peer Group Consensus Pricing
1Average annual at full capacity excluding first and last years
2No value currently attributed to these rare earths in the financial evaluation 17

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Diversified REE Mix Geared to Magnet Applications
Neodymium*; Dysprosium*; Praseodymium
Europium*; Terbium*; Yttrium*
Permanent magnets
Phosphors
Critical Rare Earths – supply risk versus importance to clean energy
PERMANENT MAGNET SECTOR IS THE KEY GROWTH AREA FOR RARE EARTHS
CONSUMER ELECTRONICS – CLEAN ENERGY
Lanthanum
5%
Cerium
1%
Samarium
1%
Gadolinium
2%
Neodymium
38%
Dysprosium
14%
Praseodymium
13%
Europium
18%
Terbium
4%
Yittrium
4%

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Initial CAPEX Breakdown
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Initial Capital Expenditure US$m
Site facilities and infrastructure 22.0
Power supply 14.2
Mining 1.7
Beneficiation plant 45.2
Hydrometallurgical plant 57.1
Sulphuric acid plant 32.7
Tailings storage facility 12.7
Other Costs 12.0
Total Initial Capital Expenditure 197.5
Contingency 19.8
Total Initial Capital Expenditure including contingency 217.3
CAPEX OF US$217M IS AMONG THE LOWEST IN THE SECTOR
 Infrastructure – utilizing existing road, rail, power developments
 Mineralogy – high capital and energy kilns will not be required
 Low strength acid – enables use of plastics or composite material for tanks
 Conventional technology – tanks, pumps and filters; modular plant
 Strategy – initially modest scale with expansion options; produce chemical concentrate

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OPEX Breakdown
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Real Operating Costs Life of Mine
US$/kg
Life of mine
US$/t processed
2017-2021
US$/kg
2017-2021
US$/t processed
Mining 4.1 23.5 3.0 21.1
Beneficiation 3.7 21.3 3.0 21.2
Hydrometallurgical 7.7 43.5 6.1 43.5
G & A / other 1.5 8.4 1.3 9.3
Cash Operating Cost 17.0 96.7 13.4 95.1
Tolling / conc sale 10.0 56.9 10.0 70.9
Total Cash Costs 27.0 153.6 23.4 166.0
FUTURE FOCUS ON OPTIMISATION AND OPEX REDUCTION
 Strip ratio – potential to lower strip ratio if inferred resource is included
 Beneficiation – focus on improving flotation recoveries, greatest scope for improvement
 Hydrometallurgy – optimisation of reagent use and testing of modified flow sheet
 Cerium removal – increasing cerium rejection would add value given tolling strategy
 By-products – potential sale of gypsum
 Synergies – utilisation of excess sulphuric acid capacity
Potential for optimisation:

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Mkango Resources
STRONG PROJECT RETURNS WITH RELATIVELY LOW CAPEX
SIMPLE OPEN PIT MINING OPERATION OVER INITIAL 18 YEAR MINE LIFE
CONVENTIONAL TECHNOLOGY WITH NO KILNS REQUIRED IN FLOW SHEET
PLATFORM FOR FURTHER GROWTH
REGIONAL ROAD, RAIL AND POWER DEVELOPMENTS
RARE EARTH MIX GEARED TO HIGH GROWTH MAGNET SECTOR
STRONG PLATFORM TO CAPITALISE ON REE SECTOR RECOVERY

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Contact Details
William Dawes
Chief Executive
will@mkango.ca
Alexander Lemon
President
alex@mkango.ca
Dr. Aoife Brady
Principal Geologist
aoife@mkango.ca
Mkango Resources Ltd.
www.mkango.ca
Twitter: @MkangoResources
Calgary Office
259 Windermere Road SW
Calgary, Alberta
T3C 3L2
Canada
P +1 403 444 5979
F +1 403 351 1703
Malawi Office
43 Glyn Jones Road, Namiwawa
P.O. Box 3027
Blantyre
Malawi
P +265 1 525 383
F +265 1 525 383

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In-situ Mineral Resource Estimates

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In-situ Mineral Resource Estimates at 1.0% TREO cut–off grade1
Indicated Million La2O3 Ce2O3 Pr2O3 Nd2O3 Sm2O3 LREO Eu2O3 Gd2O3 Tb2O3 Dy2O3 Ho2O3 Er2O3 Tm2O3 Yb2O3 Lu2O3 Y2O3 HREO TREO TREO Th U
Tonnes ppm ppm ppm ppm ppm ppm ppm ppm ppm ppm ppm ppm ppm ppm ppm ppm ppm ppm % ppm ppm
Carbonatite 11.10 3,951 7,208 775 2,676 387 14,997 95 223 27 127 21 48 6 36 5 590 1,178 16,175 1.62 351 12
Fenite 1.37 3,980 7,235 779 2,679 404 15,077 76 186 24 116 19 46 6 32 4 542 1,050 16,127 1.61 301 11
Mixed 0.69 4,520 7,678 774 2,473 335 15,780 63 148 17 79 13 29 4 22 3 362 739 16,519 1.65 335 12
Inferred Million La2O3 Ce2O3 Pr2O3 Nd2O3 Sm2O3 LREO Eu2O3 Gd2O3 Tb2O3 Dy2O3 Ho2O3 Er2O3 Tm2O3 Yb2O3 Lu2O3 Y2O3 HREO TREO TREO Th U
Tonnes ppm ppm ppm ppm ppm ppm ppm ppm ppm ppm ppm ppm ppm ppm ppm ppm ppm ppm % ppm ppm
Carbonatite 8.64 3,275 5,974 642 2,218 321 12,430 90 211 25 120 19 46 6 34 5 559 1,115 13,545 1.35 324 11
Fenite 8.27 3,286 5,973 643 2,212 333 12,448 73 180 23 112 18 44 5 31 4 523 1,014 13,462 1.35 295 12
Mixed 1.68 4,559 7,746 781 2,495 338 15,918 53 125 14 66 11 25 3 19 3 304 622 16,541 1.65 248 11
In-situ Inferred Mineral Resource at 1% TREO Cut-Off
In-situ Indicated Mineral Resource at 1% TREO Cut-Off
Indicated La2O3 Ce2O3 Pr2O3 Nd2O3 Sm2O3 Eu2O3 Gd2O3 Tb2O3 Dy2O3 Ho2O3 Er2O3 Tm2O3 Yb2O3 Lu2O3 Y2O3 Total HREO
% % % % % % % % % % % % % % % % %
Carbonatite 24.43 44.56 4.79 16.54 2.39 0.59 1.38 0.17 0.78 0.13 0.30 0.04 0.22 0.03 3.65 100 7.3
Fenite 24.68 44.86 4.83 16.61 2.50 0.47 1.15 0.15 0.72 0.12 0.28 0.04 0.20 0.03 3.36 100 6.5
Mixed 27.36 46.48 4.69 14.97 2.03 0.38 0.90 0.10 0.48 0.08 0.18 0.02 0.13 0.02 2.19 100 4.5
Inferred La2O3 Ce2O3 Pr2O3 Nd2O3 Sm2O3 Eu2O3 Gd2O3 Tb2O3 Dy2O3 Ho2O3 Er2O3 Tm2O3 Yb2O3 Lu2O3 Y2O3 Total HREO
% % % % % % % % % % % % % % % % %
Carbonatite 24.18 44.11 4.74 16.37 2.37 0.67 1.56 0.19 0.89 0.14 0.34 0.04 0.25 0.03 4.12 100 8.2
Fenite 24.41 44.37 4.78 16.43 2.48 0.54 1.33 0.17 0.83 0.14 0.33 0.04 0.23 0.03 3.89 100 7.5
Mixed 27.56 46.83 4.72 15.08 2.04 0.32 0.75 0.09 0.40 0.06 0.15 0.02 0.11 0.02 1.84 100 3.8
In-situ Indicated Mineral Resource - REO Distributions at 1.0% TREO Cut-Off
In-situ Inferred Mineral Resource - REO Distributions at 1.0% TREO Cut-Off
REO distribution for different rock types at 1.0% TREO cut-off grade1
TREO – total rare earths including Y2O3; HREO – heavy rare earth oxides including Y2O3
1 Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability; Mineral Resources are inclusive of Mineral Reserves; Individual REO
concentrations calculated by applying global proportions per domain from the drilling database

25
Cut-Off Million La2O3 Ce2O3 Pr2O3 Nd2O3 Sm2O3 LREO Eu2O3 Gd2O3 Tb2O3 Dy2O3 Ho2O3 Er2O3 Tm2O3 Yb2O3 Lu2O3 Y2O3 HREO TREO TREO Th U
%TREO Tonnes ppm ppm ppm ppm ppm ppm ppm ppm ppm ppm ppm ppm ppm ppm ppm ppm ppm ppm % ppm ppm
0.5 16.31 3,274 5,973 642 2,217 321 12,426 85 200 24 114 18 44 6 32 4 530 1,058 13,484 1.35 322 12
1.0 11.10 3,951 7,208 775 2,676 387 14,997 95 223 27 127 21 48 6 36 5 590 1,178 16,175 1.62 351 12
1.5 5.26 5,022 9,163 985 3,401 492 19,063 103 241 29 137 22 52 7 39 5 639 1,275 20,338 2.03 385 12
0.5 17.09 2,568 4,686 504 1,739 252 9,748 77 180 22 102 17 39 5 29 4 476 949 10,698 1.07 304 12
1.0 8.64 3,275 5,974 642 2,218 321 12,430 90 211 25 120 19 46 6 34 5 559 1,115 13,545 1.35 324 11
1.5 1.90 4,539 8,281 890 3,074 445 17,228 99 233 28 132 21 51 6 37 5 616 1,230 18,458 1.85 349 11
0.5 1.01 3,749 6,369 642 2,051 278 13,088 61 144 17 76 12 29 4 22 3 351 717 13,805 1.38 318 12
1.0 0.69 4,520 7,678 774 2,473 335 15,780 63 148 17 79 13 29 4 22 3 362 739 16,519 1.65 335 12
1.5 0.31 6,051 10,280 1,037 3,311 448 21,127 69 163 19 87 14 32 4 25 3 399 816 21,943 2.19 387 14
0.5 1.90 4,289 7,287 735 2,347 318 14,976 53 125 15 66 11 25 3 19 3 305 624 15,600 1.56 251 11
1.0 1.68 4,559 7,746 781 2,495 338 15,918 53 125 14 66 11 25 3 19 3 304 622 16,541 1.65 248 11
1.5 1.43 4,802 8,158 823 2,628 356 16,766 53 124 14 66 11 25 3 19 3 302 618 17,384 1.74 243 11
0.5 2.71 2,876 5,228 563 1,936 292 10,895 64 158 20 98 16 39 5 27 4 459 889 11,784 1.18 288 13
1.0 1.37 3,980 7,235 779 2,679 404 15,077 76 186 24 116 19 46 6 32 4 542 1,050 16,127 1.61 301 11
1.5 0.59 5,236 9,517 1,025 3,524 531 19,833 88 217 28 135 22 53 7 38 5 633 1,226 21,060 2.11 334 10
0.5 17.47 2,564 4,661 502 1,726 260 9,713 62 153 19 95 16 38 5 26 4 446 863 10,577 1.06 271 13
1.0 8.27 3,286 5,973 643 2,212 333 12,448 73 180 23 112 18 44 5 31 4 523 1,014 13,462 1.35 295 12
1.5 1.73 4,631 8,417 907 3,117 470 17,541 88 215 27 134 22 53 7 37 5 627 1,215 18,756 1.88 331 11
In-situ Inferred Carbonatite Mineral Resource
In-situ Indicated Mixed Mineral Resource
In-situ Inferred Mixed Mineral Resource
In-situ Indicated Carbonatite Mineral Resource
In-situ Indicated Fenite Mineral Resource
In-situ Inferred Fenite Mineral Resource
In-situ Mineral Resource Estimates at different cut–off grades1
1 Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability; Mineral Resources are inclusive of Mineral Reserves; Individual REO concentrations calculated by applying
global proportions per domain from the drilling database

26
Cut-Off La2O3 Ce2O3 Pr2O3 Nd2O3 Sm2O3 Eu2O3 Gd2O3 Tb2O3 Dy2O3 Ho2O3 Er2O3 Tm2O3 Yb2O3 Lu2O3 Y2O3 Total HREO
%TREO % % % % % % % % % % % % % % % % %
0.5 24.28 44.29 4.76 16.44 2.38 0.63 1.49 0.18 0.84 0.14 0.32 0.04 0.24 0.03 3.93 100 7.8
1 24.43 44.56 4.79 16.54 2.39 0.59 1.38 0.17 0.78 0.13 0.30 0.04 0.22 0.03 3.65 100 7.3
1.5 24.69 45.05 4.84 16.72 2.42 0.51 1.19 0.14 0.67 0.11 0.26 0.03 0.19 0.03 3.14 100 6.3
%TREO % % % % % % % % % % % % % % % % %
0.5 24.01 43.80 4.71 16.26 2.35 0.72 1.68 0.20 0.95 0.15 0.37 0.05 0.27 0.04 4.45 100 8.9
1 24.18 44.11 4.74 16.37 2.37 0.67 1.56 0.19 0.89 0.14 0.34 0.04 0.25 0.03 4.12 100 8.2
1.5 24.59 44.86 4.82 16.65 2.41 0.54 1.26 0.15 0.72 0.12 0.27 0.04 0.20 0.03 3.34 100 6.7
%TREO % % % % % % % % % % % % % % % % %
0.5 27.15 46.13 4.65 14.86 2.01 0.44 1.04 0.12 0.55 0.09 0.21 0.03 0.16 0.02 2.54 100 5.2
1 27.36 46.48 4.69 14.97 2.03 0.38 0.90 0.10 0.48 0.08 0.18 0.02 0.13 0.02 2.19 100 4.5
1.5 27.58 46.85 4.72 15.09 2.04 0.32 0.74 0.09 0.40 0.06 0.15 0.02 0.11 0.02 1.82 100 3.7
%TREO % % % % % % % % % % % % % % % % %
0.5 27.50 46.71 4.71 15.05 2.04 0.34 0.80 0.09 0.43 0.07 0.16 0.02 0.12 0.02 1.96 100 4.0
1 27.56 46.83 4.72 15.08 2.04 0.32 0.75 0.09 0.40 0.06 0.15 0.02 0.11 0.02 1.84 100 3.8
1.5 27.62 46.93 4.73 15.12 2.05 0.30 0.71 0.08 0.38 0.06 0.14 0.02 0.11 0.02 1.74 100 3.6
%TREO % % % % % % % % % % % % % % % % %
0.5 24.41 44.36 4.78 16.43 2.48 0.54 1.34 0.17 0.83 0.14 0.33 0.04 0.23 0.03 3.89 100 7.5
1 24.68 44.86 4.83 16.61 2.50 0.47 1.15 0.15 0.72 0.12 0.28 0.04 0.20 0.03 3.36 100 6.5
1.5 24.86 45.19 4.87 16.73 2.52 0.42 1.03 0.13 0.64 0.11 0.25 0.03 0.18 0.02 3.01 100 5.8
%TREO % % % % % % % % % % % % % % % % %
0.5 24.25 44.07 4.75 16.32 2.46 0.59 1.45 0.18 0.90 0.15 0.36 0.04 0.25 0.03 4.21 100 8.2
1 24.41 44.37 4.78 16.43 2.48 0.54 1.33 0.17 0.83 0.14 0.33 0.04 0.23 0.03 3.89 100 7.5
1.5 24.69 44.88 4.83 16.62 2.50 0.47 1.15 0.15 0.71 0.12 0.28 0.04 0.20 0.03 3.34 100 6.5
In-situ Indicated Fenite Mineral Resource - REO Distributions at 0.5%, 1.0% and 1.5% TREO Cut-Offs
In-situ Inferred Fenite Mineral Resource - REO Distributions at 0.5%, 1.0% and 1.5%TREO Cut-Offs
In-situ Indicated Carbonatite Mineral Resource - REO Distributions at 0.5%, 1.0% and 1.5% TREO Cut-Offs
In-situ Inferred Carbonatite Mineral Resource - REO Distributions at 0.5%, 1.0% and1.5% TREO Cut-Offs
In-situ Indicated Mixed Mineral Resource - REO Distributions at 0.5%, 1.0% and 1.5% TREO Cut-Offs
In-situ Inferred Mixed Mineral Resource - REO Distributions at 0.5%, 1.0% and 1.5% TREO Cut-Offs
REO distribution at different cut-off grades1
1 Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability; Mineral Resources are inclusive of Mineral Reserves; Individual REO concentrations calculated
by applying global proportions per domain from the drilling database

Presentation-Jan2015

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