Peak Rare Earths - Positioned to Capitalize on the Electric Vehicle Revolution

• Peak Rare Earths is an ASX-listed company focused on developing the Ngualla rare earth project in Tanzania, one of the largest undeveloped rare earth projects globally.
• The Ngualla project has high-grade rare earth reserves, a 24+ year mine life based on reserves accounting for just 20% of resources, and robust project economics per a completed feasibility study.
• Binding agreements are in place for off-take with major shareholder Shenhe and integrated EPC and funding support.
• The Ngualla project benefits from Tanzania's established mining jurisdiction and Peak's experienced management team.
• Near-term focus is advancing the project towards a targeted final investment decision and the start of construction by May 2024 while also exploring project expansion and downstream opportunities.

About Peak Rare Earths

Peak Rare Earths is an Australian Securities Exchange (ASX) listed rare earth development company focused on becoming a major producer of neodymium and praseodymium (NdPr) oxide. NdPr oxide is a critical material needed for the magnets used in electric vehicles and wind turbines.

Peak’s flagship project is the Ngualla Rare Earth Project located in Tanzania, East Africa. With a 24+ year projected mine life and high-grade total rare earth oxide and NdPr mineralization, Ngualla is one of the largest and highest-grade undeveloped rare earth projects globally. Peak has completed a Bankable Feasibility Study on Ngualla and holds an 84% interest in the project, with the Government of Tanzania holding a 16% free carry interest.

Pitch Perfect presentation with Bardin Davis, CEO of Peak Rare Earths

World-Class Ngualla Rare Earth Project

The Ngualla Rare Earth Project has numerous advantages that position it to be a globally significant producer of NdPr oxide.

• High-grade resources: Ngualla's ore reserves have high average grades of 4.8% total rare earth oxide and enriched to a 45% REO high-grade concentrate, which is significantly higher than comparable projects. This results in strong project economics.
• Large scale: With ore reserves to support a 24+ year initial mine life, Ngualla provides Peak with a multigenerational asset. Importantly, current reserves only account for 20% of Ngualla's total mineral resource, providing significant potential upside.
• Derisked development: Peak has substantially de-risked Ngualla after completing a Bankable Feasibility Study, securing a Special Mining License in Tanzania, and signing a binding off-take agreement with major shareholder Shenghe.
• Favorable logistics: Ngualla benefits from nearby infrastructure including roads, rail, power and water. A deep sea port provides ready access for export markets.

Demand Outlook

NdPr oxide is vital for the permanent magnets used in electric vehicle motors and direct drive wind turbines. Demand is projected to outpace supply this decade, driven by the surging adoption of electric vehicles and wind power to support global decarbonization efforts. This supply deficit presents a compelling opportunity for new NdPr production.

China currently dominates the global rare earth supply, however, geopolitical tensions pose risks. Peak can provide a reliable long-term supply source from a stable mining jurisdiction.

Integrated Development Approach

Peak has secured a binding off-take agreement with major shareholder Shenghe. This provides Peak with a partner that has proven technical and funding capabilities in the rare earth sector.

Additionally, Peak is in discussions with Shenghe to finalize an integrated Engineering, Procurement, and Construction (EPC) contract and funding solution for Ngualla. This integrated approach de-risks project financing and development.

Near-term Development Timeline

With permitting secured and feasibility studies completed, Peak is now focused on progressing Ngualla to a targeted final investment decision in 2024. Key upcoming milestones include:

• Completion of Front End Engineering Design study in late 2023
• Finalizing EPC and funding agreements with Shenghe
• Early works and procurement to commence in 2024
• Construction is planned to begin in 2024 targeting first production in 2025

This development timeline positions Peak to capitalize on forecast NdPr shortages later this decade.

Exploration Upside

While Peak is focused on fast-tracking Ngualla into production, the project also provides significant longer-term upside through exploration. Recent drilling has discovered high-grade niobium, tantalum, and phosphate mineralization on the property.

Additionally, Peak is evaluating opportunities to move downstream and establish a rare earth processing hub in East Africa. This could boost margins and support regional economic development.

Proven Leadership Team

Peak has assembled an experienced board and management team with significant expertise in African mining projects and rare earths:

• Chairman Russell Scrimshaw is a former founding director of Fortescue Metals Group

This proven team increases confidence in Peak’s ability to successfully develop Ngualla and become a major player in the rare earth supply chain.

Investment Summary

With the electric vehicle revolution underway and NdPr shortages forecast this decade, Peak Rare Earths is positioned to capitalize on its world-class Ngualla Rare Earth Project. Supported by strategic partnerships, integrated development funding, and a proven leadership team, Peak provides investors with targeted exposure to critical minerals needed to power the green economy.

Conclusion

Peak Rare Earths represents a compelling investment opportunity given strong demand drivers, advantageous project economics, exploration upside, and a clear pathway to production. As the world transitions to electric mobility and clean energy, securing reliable supplies of rare earths will become increasingly important. With construction at Ngualla targeted for 2024, Peak is poised to emerge as a major supplier of NdPr oxide at a time when significant shortfalls are forecast. For investors seeking leverage to the accelerating electric vehicle and renewable energy trend, Peak provides focused exposure to critical energy transition materials.