Lion Rock Minerals (LRM) investor relations material

Executive summary

• First direct REE assays at Minta Est confirmed shallow, in-situ monazite-hosted mineralisation, with leading intercepts above 3% TREO from surface and high grades in saprolite; mineralisation remains open at depth.

• A 761-hole Minta Est alluvial programme was completed, while the Mboma-Loum rutile corridor and adjoining Minta 1 discovery extend the project’s dual rutile and rare-earths exploration potential.

Financial highlights

• Exploration and evaluation cash payments were A$1.431m in the September quarter; operating cash outflow was A$2.155m.

• Cash and cash equivalents were A$4.551m at quarter end, down from A$6.865m at the start of the period.

Outlook and guidance

• Diamond drilling is being expedited to test REE mineralisation beneath the auger depth limit; specialist consultants will help assess scale and mineralogy through XRF, XRD and QEMSCAN work.

• Results from the 761-hole programme are expected in batches over coming months; the first 167 holes reported after quarter end showed TREO up to 3.04% and calculated monazite up to 5.69% in recovered heavy-mineral concentrate.

• Planned programme timing and results remain subject to operational, regulatory, weather, access, community, equipment, freight, sample-preparation, laboratory and QA/QC risks.