Quarterly Activities Report for the Period Ended 30 June 2023

Highlights:

Thunderbird Mineral Sands Project (Sheffield interest – 50%)

• Site construction is over 90% complete.

• Process plant construction activities are well advanced, with all major equipment including spirals, WHIMS, piping, and electrical components in place.

• Operational readiness is progressing well with recruitment of key leadership personnel across all operational disciplines.

• Waste mining contractor is mobilized to site and clearing and grubbing activities commenced ahead of initial waste mining.

• Project remains on schedule and within budget of $484M AUD with first product shipment from Thunderbird on track for Q1 2024.

South Atlantic Project

• Planning is underway for a drilling program of up to 10,000m, commencing late 2023.

Corporate

• Cash balance was $24.4M AUD as of 30 June 2023 (unaudited).