ABX : Fourth Rare Earth Discovery

ASX Announcement

16 March 2022

ASX: ABX

For personal use only

Fourth discovery confirms Rare Earths province

ABx tenement coverage increased

Discovery ofhigh grade REEatRubble Mound 6 km southeast of Deep Leads

New rare earth element (REE) prospect discovered at Rubble Mound located 6 km east of ABx's Deep Leads REE project in northern Tasmania

Rubble Mound results include hole RM161 grading 1,620 ppm total rare earth oxides (TREO)

Rubble Mound discovery and the new tenement EL10/2021 confirm that ABx now controls an REE province that is at least 52 kms wide. Several other targets are still to be tested

ABx Group Limited (ABX) is pleased to announce the discovery of a new rare earth element (REE) prospect at Rubble Mound in northern Tasmania (see Figure 1).

	Wind Break
	REE
Deep		52km
Leads
REE Targets	Portrush
REE	Rubble Mound
REE
	REE discovery

Figure 1: ABx leases in the 52km wide REE province. Deep Leads REE trends towards Rubble Mound (yellow dashes)

Rubble Mound REE discovery lies 6km southeast of Deep Leads. The line of lode from Deep Leads trends through the newly granted EL10/2021 to Rubble Mound in hardwood plantations. ABx's REE discoveries at Portrush and Wind Break are 52km and 16km from Deep Leads respectively.1

ABx CEO, Mark Cooksey commented; "Our new EL10/2021 secures the gap between Deep Leads and Rubble Mound which significantly increases the potential size of REE resources. Deep Leads REE mineralisation could connect to Rubble Mound.

"Our exploration manager, Paul Glover and national operations manager, Nathan Towns are also assembling a bulk sample for metallurgical testwork to learn more about our potential to produce a saleable REE concentrate using simple leaching processes"; he said.

	1	see ASX releases 10th & 14th February 2022
ABx Group Limited	Level 5 52 Phillip Street Sydney NSW 2000
ABN 14 139 494 885	P: [phone]	F: [phone]

ASX release 16 March 2022 page 2

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ABx REE discoveries across northern Tasmania

ABx is an emerging hi-technology and explorer-developer company that is the first company to discover clay-hosted REE in northern Tasmania, initially at Deep Leads. ABx's latest discovery at Rubble Mound confirms that ABx has at least four REE discoveries, as shown in Figure 1:

1. Deep Leads project (see ASX releases 10th & 14th February 2022)
2. Rubble Mound located 6 km southeast of Deep Leads (new discovery reported here)
3. Wind Break project 16 km northeast of Deep Leads (ASX releases 10th & 14th February 2022)
4. Portrush project located 52 km east of Deep Leads (ASX releases 10th & 14th February 2022)

New REE discovery at Rubble Mound

These initial drilling results from Rubble Mound have identified similar REE mineralisation to that of the main REE discovery at Deep Leads and suggest that there is a 6 km long line of lode targets between Deep Leads and the new Rubble Mound discovery.

The newly granted exploration licence EL10/2021 secured this potential connection between Deep Leads and Rubble Mound, which is a series of ridges in hardwood plantation land. Like the Deep Leads REE, the Rubble Mound REE mineralisation is mainly in clays at the gradational boundary between a thick clay horizon and the weathered bedrock.

RM158

For personal

RM161

RM051

RM125

Figure 2: Initial assay results from the Rubble Mound REE discovery shown as total rare earth oxide (TREO). The geology of the line of lode is prospective for REE mineralisation over a distance of 6km to Deep Leads

Table1: REEresultsofthe4holesthatreachedthemineralisedhorizonatRubbleMound2

Hole	From	To	Nd2O3	Pr2O3	Dy2O3	Tb2O3	Sm2O3	Other REE	TREO
	m	m	ppm	ppm	ppm	ppm	ppm	ppm	ppm
RM051	6	7	314	94	37	7	66	622	1,141
RM125	12	13	255	65	56	8	50	899	1,334
RM158	13	14	267	63	83	12	65	973	1,463
RM161	6	7	17	4	4	1	4	1,591	1,620

2 See JORC Appendix 1 and Table 2: results & locations.

Note: the sample from the bottom of hole RM161 is rich in cerium (Ce) which usually occurs above the main REE zone in this REE province

ASX release 16 March 2022 page 3

Deep Leads project and south-eastern trending line of lode

For personal use only

Deep Leads REE mineralisation extends over a 3.5km strike length and has a southeast trending line of lode heading towards Rubble Mound as shown in Figure 1 and 3.

The line of lode between Deep Leads and Rubble Mound has similar geology to Deep Leads and the newly granted tenement EL10/2021 allows ABx to explore the line of lode which occurs in recently harvested hardwood plantations.

Figure 3: Deep Leads drillholes with REE grades shown as total rare earth oxide (TREO). The geology of the line of lode is prospective for REE mineralisation over a distance of at least 6km from Deep Leads to Rubble Mound. This prospective ground is now secured by the recently granted tenement EL10/2021 (see Figure 1).

ASX release 16 March 2022 page 4

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Rare Earth Element market continues to exceed expectations

Prices of the super-magnet rare earth elements are rising strongly due to a significant shortage of supply and aggressive buying by the major consumers and governments. China currently controls 86% of global REE supply but is not expanding production at the same rate that demand for the critical REEs has risen.

Figure 4: Market prices are rising strongly for the super-magnet suite of rare earth elements (REE) neodymium (Nd), praseodymium (Pr), dysprosium (Dy) and terbium (Tb)

The super-magnet suite of REE comprise neodymium (Nd), praseodymium (Pr), dysprosium (Dy), terbium (Tb) and samarium (Sm). They are in short supply and are needed for use in electric vehicles, wind turbines, mobile phones, computers and military applications. ABx's REE mineralisation is enriched in this super-magnet suite of REE, especially Nd and Pr.

ABx is exploring where welcomed and in land that may be amenable to early development.

ABx is increasing its ability to identify REE prospects in this province which has been subjected to a range of intense geological events. ABx has discovered a province that contains several prospects with strongly enriched clay-hosted REE mineralisation.

This announcement is approved for release by the board of directors.

For further information please contact:

Dr Mark Cooksey

CEO ABx Group

Mobile: [phone]

Email:[e-mail]

Website: abxgroup.com.au

ASX release 16 March 2022 page 5

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Qualifying statements

General: The information in this report that relate to Exploration Information and Mineral Resources are based on information compiled by Jacob Rebek and Ian Levy who are members of The Australasian Institute of Mining and Metallurgy and the Australian Institute of Geoscientists. Mr Rebek and Mr Levy are qualified geologists and Mr Levy is a director of ABx Group Limited.

Tasmania: The information relating to Exploration Information and Mineral Resources in Tasmania has been prepared or updated under the JORC Code 2012. Mr Rebek and Mr Levy have sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration and to the activity, which they are undertaking to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Rebek and Mr Levy have consented in writing to the inclusion in this report of the Exploration Information in the form and context in which it appears.

Table 2: drilling results & location data

For personal use

Hole	From	To	Nd2O3	Pr2O3	Dy2O3	Tb2O3	Sm2O3	Other REE	TREO
	m	m	ppm	ppm	ppm	ppm	ppm	ppm	ppm
RM009	11	12	5	1	1	0	1	31	41
RM009	12	13	17	5	4	1	4	279	310
RM015	13	14	13	3	4	1	4	102	127
RM018	7	8	4	1	1	0	1	47	54
RM019	4	5	5	1	2	0	2	37	48
RM019	7	8	7	2	2	0	2	352	365
RM022	8	9	6	2	1	0	1	30	40
RM022	18	19	6	1	2	0	2	54	65
RM022	19	20	16	4	6	1	4	92	123
RM023	9	10	29	8	6	1	7	463	514
RM024	6	7	15	4	3	0	3	697	723
RM025	7	8	17	5	4	1	4	200	231
RM025	9	10	122	30	23	4	29	589	798
RM051	6	7	314	94	37	7	66	622	1,141
RM052	3	4	9	2	2	0	2	27	42
RM052	9	10	24	6	6	1	6	268	312
RM053	3	4	5	1	1	0	1	50	59
RM053	4	5	9	2	2	0	2	126	142
RM058	8	9	8	2	2	0	2	191	205
RM058	10	11	10	3	2	0	2	155	171
RM059	9	10	9	2	2	0	2	148	164
RM061	9	10	7	2	2	0	2	37	49
RM061	10	11	8	2	2	0	2	136	151
RM062	3	4	15	4	3	0	3	152	178
RM064	5	6	5	1	1	0	1	25	34
RM065	5	6	6	2	1	0	1	51	63
RM065	6	7	10	2	2	0	3	67	85
RM066	6	7	9	2	2	0	2	145	160
RM066	8	9	11	3	2	0	2	233	252
RM067	8	9	22	6	5	1	5	195	233
RM067	10	11	42	11	10	2	10	232	306
RM119	5	6	6	2	1	0	1	50	61
RM120	5	6	11	3	2	0	2	134	152
RM122	9	10	24	6	7	1	6	121	167
RM125	7	8	21	6	6	1	6	115	155
RM125	12	13	255	65	56	8	50	899	1,334
RM129	7	8	20	5	4	1	5	406	441
RM129	14	15	38	9	11	2	10	153	223
RM130	13	14	13	3	3	1	4	141	164
RM132	8	9	3	1	1	0	1	24	30
RM132	10	11	6	1	1	0	1	190	199
RM133	4	5	2	1	0	0	0	14	18
RM133	6	7	2	1	1	0	1	29	34
RM156	4	5	4	1	1	0	1	22	29
RM156	6	7	9	2	2	0	2	39	54
RM158	10	11	21	5	7	1	6	119	158
RM158	13	14	267	63	83	12	65	973	1,463
RM160	4	5	4	1	1	0	1	302	310
RM161	6	7	17	4	4	1	4	1,591	1,620
RM162	3	4	9	2	3	0	2	55	71
RM163	5	6	15	4	3	0	3	89	114
RM166	19	20	54	13	13	2	12	177	271
RM166	21	22	33	8	10	2	8	146	207

Hole	Northing	Easting
	Coordinates GDA94
RM009	5407681	482573
RM015	5407967	482619
RM018	5408117	482646
RM019	5408204	482650
RM022	5407701	482612
RM023	5407747	482633
RM024	5407797	482643
RM025	5407853	482654
RM051	5407589	482661
RM052	5407573	482730
RM053	5407628	482737
RM058	5407514	482770
RM059	5407465	482826
RM061	5407429	482754
RM062	5407446	482704
RM064	5407358	482813
RM065	5407366	482763
RM066	5407373	482716
RM067	5407364	482664
RM119	5408057	482581
RM120	5407590	482782
RM122	5407685	482801
RM125	5407594	482831
RM129	5407569	482952
RM130	5407525	482957
RM132	5407455	482880
RM133	5407412	482914
RM156	5407316	482791
RM158	5408311	480877
RM160	5408191	481208
RM161	5408222	481301
RM162	5408165	481053
RM163	5408265	481368
RM166	5405869	480830