PVW Resources Limited provided an update on the metallurgical sighter testwork and mineralogical results at the Tanami Rare Earth Project. The metallurgy and mineralogy go hand in hand and both studies indicate the xenotime mineralisation will be recoverable using known processing technologies. Studies on the five 20kg samples collected for metallurgical testwork by metallurgical consultants IMO are progressing well with encouraging results. The assay results of the five metallurgical samples were previously reported with an average HREO percentage of 80% including an average of 2,990ppm dysprosium oxide and up to 5,795ppm dysprosium oxide. Ore sorting and magnetic separation work on the samples is complete at a "sighter" level. The knowledge gained from these two steps will ensure ongoing flotation testwork is conducted on the most suitable material to achieve a higher-grade concentrate for downstream processing. Metallurgical test work: This initial test work program was conducted to confirm the amenability of the Tanami Rare Earth Project to known rare earth ore beneficiation techniques currently being conducted on other heavy rare earth ores within Western Australia and worldwide. The aim was to determine if there were any fatal flaws on a Master Composite ore sample which was generated from outcrop rock samples taken from various locations within the Killi Killi East Prospect. The Master Composite underwent initial ore sorting testwork at a course crush (<50 mm) on two different size fractions (-50+25 mm and -25+10 mm) using a common x-ray transmission technique to successfully separate the ore on the different mineral densities within the host rock. The initial success of this sighter test shows the potential for ore sorting to be used on a commercial scale and warrants further testwork to further optimise the various ore sorting techniques and to confirm their application on a commercial scale. The success of the ore sorting also indicates that other gravity separation techniques will be applicable post ore sorting providing PVW with further processing options. The Master Composite (composited from ore sorter products including tails, similar to the ore sorter feed) along with the four variability composites which were used to make up the Master Composite as well as an outcrop sample from Watts Rise were processed through a Wet High Intensity Magnetic Separation (WHIMS) unit (post grinding to 75 µm) at various magnetic
strengths up until 10,000 Gauss. This test resulted in a continual increase in rare earth recovery with minimal decrease in rare earth grade as the magnetic strength was increased. This indicated the ore will be amenable to rare earth upgrade by magnetic separation possibly in combination with an ore sorter to significantly reduce the mass to downstream flotation. It also indicates that further increasing the magnetic intensity will increase the rare earths recovery with minimal further impact on the concentrate rare earth grade. Mineralogical studies: A key to understanding the metallurgical results is understanding the mineralogy. To improve the current understanding of the Killi Killi East mineralisation seven hand-sized rock chip
samples collected in the 2021 field programme were selected for Micro-X-ray Fluorescence (XRF) spectroscopy using the Bruker M4 Tornado Plus spectrometer and imported into Advanced Mineral Identification Classification Software (AMICS). This technique allows for the acquisition of quantitative and qualitative geochemical data at high resolution (micron-scale) paired with manual mineral interpretation to confirm minerals identified using AMICS spectra analysis and to establish mineral abundance. These studies have confirmed mineralisation in multiple styles in both the Pargee Sandstone (TATO002) and the Killi Killi Formation (TATO006). The Pargee Sandstone (TATO002) is an effective host rock for mineralisation, given the porosity and permeability of the conglomerate beds. The Killi Killi breccia (TATO006) contains several distinct structures which are geochemically
unique, which suggests multiple stages of extensive hydrothermal fluid movement and xenotime precipitation. Regional REE Target: The contact between the Pargee Sandstone and the Killi Killi Formation is a regional-scale unconformity of over 18km strike length and is considered prospective for hydrothermal unconformity-related REE mineralisation, examples of which occur across a large part of the Birrindudu Basin (eg. Browns Range, Boulder Ridge). The two main prospect areas, Killi Killi East and Watts Rise occur 12km apart and are both located close to the contact between the
Pargee Sandstone and the Killi Killi Formation. PVW Resources exploration program will target faults and structures that transect the regional unconformity and potentially act as conduits for mineralising fluids. Deposits of the hydrothermal unconformity-related style can have a small areal footprint (<200m) which may require detailed geological mapping and close spaced drilling. As part of the drilling program in April, regional targets
along the unconformity between Watts Rise and Killi Killi East will also be tested. These regional targets are currently still being finalised.