Australian Rare Earths Limited · ASX:AR3
Australian Rare Earths — Corporate Update (October 2026)
23 slides from Australian Rare Earths's corporate update, Oct 27, 2026
Slide 1: Koppamurra Rare Earths: From PFS to Pilot Plant
rsonal use only Koppamurra Rare Earths: From PFS to Pilot Plant x AR3 | ANSTO Pilot Plant Site Visit | October 2026 ASX: AR3
Slide 2: Important Information and Disclaimer
Important Information and Disclaimer Disclaimer & Important Information The information in this announcement is in summary form and does not purport to be complete nor does it contain all the information in relation to the Company. It should be read in conjunction with the Company's other periodic a
Slide 3: Investment highlights
Investment highlights A capital-light Australian heavy rare earths project with PFS-level economics, now advancing through pilot-scale validation at ANSTO rsonal use only Compelling economics Capital-light development A$858M post-tax NPV8, 99% IRR (Base Case); A$178M initial capital including ~25% A
Slide 4: PFS Summary Financials
PFS Summary Financials Compelling economics; highly leveraged to scarcity premium rsonal use only Capital-light development with Base Western Price Key Financial Outcomes Unit Case Spot Floors A$178m capital and 4.8 capital efficiency Annual Revenue A$M 290 606 250 ratio*; a clear signal of the valu
Slide 5: Project overview: established regional infrastructure, no camp or airstrip required
Project overview: established regional infrastructure, no camp or airstrip required Scale/Size ~7,400km² exploration licence area rsonal use only Ownership 100% Maiden Ore Reserve 26Mt @ 920ppm TREO1 Magnet Rare Earth ~26% of TREO including strategically valuable heavy REE’s dysprosium & terbium ~3%
Slide 6: Mine plan: 3Mtpa from the higher-grade south with scope for staged expansion north
Mine plan: 3 Mtpa from the higher-grade south with scope for staged expansion north Highly attractive MREO PFS targeted Southern Scope for staged capital rsonal use only production delivering portion of resource to efficient expansion North meaningful quantities of a support area around to significa
Slide 7: Free-dig mining: simple, low-cost and proven in the field
Free-dig mining: simple, low-cost and proven in the field rsonal use only No drilling or blasting required soft, free-digging clay ore Progressive rehabilitation built into the mine plan — reducing mined with conventional open-pit methods, lowering opex closure liability and supporting sustainable l
Slide 8: Processing route delivers low capital cost, low-complexity operations
Processing route delivers low capital cost, low-complexity operations rsonal use only Simplifying the process to produce a high-purity Mixed Rare Earth Oxide Progressive Heap Leach and Rapid Rehabilitation Rare earth minerals extracted at ~pH 2.2 delivering ~68% TREO recoveries Simple oxalic a
Slide 9: Product mix - high-value MREO basket
Product mix − high- value MREO basket As oxide in oxalate As oxide calcined REO wt% Product wt% Product The Magnet Rare La2O3 6.32 16.3 Earths total rsonal use only CeO2 11.80 30.4 Limited heavy rare earth supply Pr6O11 1.71 4.4 ~25% of TREO options; ionic clay deposits are an attractive source of h
Slide 10: Peer comparison: Magnet rare earth assemblage
Peer comparison: Magnet rare earth assemblage Koppamurra amongst the highest heavy magnet rare earth assemblage among peer projects Global rare earth projects NdPr% vs Dy + Tb% of TREO (Mineral Resource) rsonal use only 4% Aclara ~1:7 heavy : light ratio 3% AR3 Koppamurra Koppamurra is an enriched s
Slide 11: Inside ANSTO's rare earth pilot facility
rsonal use only ANSTO PILOT PLANT Inside ANSTO’s rare earth pilot facility Koppamurra ore is being processed through ANSTO’s new rare earth piloting facility in Sydney — the first industry campaign at the facility ANSTO Minerals Column Leach Piloting Facility
Slide 12: Proving the flowsheet at ANSTO
Proving the flowsheet at ANSTO rsonal use only Australia's First Ionic Clay Pilot at ANSTO AR3 is the first company to access ANSTO's new pilot-scale rare earth processing facility − a significant technical and strategic milestone. Continuous pilot-scale circuit ~30 tonnes of Koppamurra ore processe
Slide 13: Processing: a simple route from clay to high-purity MREO
Processing: a simple route from clay to high-purity MREO Heap leach and oxalic acid precipitation deliver a low-impurity mixed rare earth oxide Being demonstrated in continuous operation at the ANSTO pilot plant rsonal use only 1 2 3 4 5 Free-dig mining Heap leach MREOH IR and oxalate Calcination an
Slide 14: Pilot circuit: ore preparation and column leaching
Pilot circuit: ore preparation and column leaching Columns replicate the proposed heap leach under controlled conditions rsonal use only Agglomerator conditioning the clay feed Rare earth solution collection beneath each column Ore preparation and rare earth extraction 2 Heap Leach • Leach recovery
Slide 15: Pilot circuit: from leach solution to rare earth product
Pilot circuit: from leach solution to rare earth product Precipitation, filtration and calcination produce the mixed rare earth oxide Downstream steps rsonal use only MREOH Precipitation 3 Rare earths precipitated from leach solution MREOH precipitation circuit Automated filter press IR and oxalate
Slide 16: Pilot program: from bulk sample to continuous production
Pilot program: from bulk sample to continuous production Key milestones achieved in 2026, with product and data outputs to follow 2026 Q2 2026 8 May 2026 11 Aug 2026 10 Sep 2026 Next rsonal use only ✓ ✓ ✓ ✓ ● → First industry ~30t bulk sample Facility officially Pilot processing Moved to MREOH Produ
Slide 17: Project de-risking underway
Project de-risking underway Clear pathway to first production: A$5M Australian Government IPCM grant Formal recognition of strategic importance pilot data feeds directly into the DFS rsonal use only Environmental Scoping Report published Mining Lease Application targeted 2026 ✓ COMPLETED UND
Slide 18: Securing the allied world's energy transition metals
rsonal use only Securing the allied world’s energy transition metals Scan the QR code to access our Investor Hub Contact Us Investor Relations Travis Beinke, Tau Media Managing Director & CEO Jessica Fertig +1 300 646 100 +61 408 855 855 [email protected] AR3 | ANSTO Pilot Plant Site Visit | Octo
Slide 19: Appendices
rsonal use only Appendices Ore Reserve, Mineral Resource Estimate and Exploration Target PFS Price Scenarios Peer comparison reference data AR3 | ANSTO Pilot Plant Site Visit | October 2026 19
Slide 20: Maiden Ore Reserve
Maiden Ore Reserve Targeting higher grade mineralisation to drive value rsonal use only Ore Reserve estimation as at 25 June 2026 Ore Reserve TREO- Material BD TREO La2O3 CeO2 Pr6O11 Nd2O3 Sm2O3 Gd2O3 Tb4O7 Dy2O3 Ho2O3 Er2O3 Eu2O3 Tm2O3 Yb2O3 Lu2O3 Y2O3 U3O8 ThO2 Category CeO2 Mt gcm3 ppm ppm ppm pp
Slide 21: Mineral Resource Estimate and Exploration Target
Mineral Resource Estimate and Exploration Target rsonal use only 2026 Exploration Target Material Type Zone Material BD TREO TREO-CeO2 MREO Dy2O3 Tb4O7 Nd2O3 Pr6O11 Mt gcm3 ppm ppm ppm ppm ppm ppm ppm Exploration 3 650 - 3120 1.6 560 -820 360 - 540 140 - 210 15 - 20 3-4 100 - 150 25 - 40 Target 4 30
Slide 22: PFS economics under Western price scenarios
PFS economics under 3 Western price scenarios Price bifurcation momentum continues to build Magnet Rare Earths: Base Case and Price Floor Cases (US$/kg) rsonal use only Pr Nd Ndpr floor Tb* Tb floor* Dy* Dy floor* 200 3,500 1. Base Case 180 Pricing using the average of two highly regarded 3,000 inde
Slide 23: Peer source data
Peer source data Rare earth assemblage within Mineral Resource estimate rsonal use only TREO NdPr Dy Tb NdPr Dy + Tb Company Project Classification % ppm ppm ppm % of TREO % of TREO Reference Monte Alto + Camacari Scoping Study Presentation Brazilian Rare Earths Monte Alto Ultra-High Grade JORC 12 R
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