Peak Rare Earths (PEK) Corporate Presentation summary

Strategic partnerships and ownership structure

• Ngualla Rare Earth Project is being developed with support from Shenghe and the Tanzanian government, with Shenghe subscribing for a 50% stake in NGUK for A$96m, resulting in a fully funded solution and no further equity required from Peak.

• Shenghe holds a 19.9% shareholding and brings technical expertise, funding, and offtake agreements, underpinning project development and downstream collaboration.

Project highlights and development status

• Ngualla is one of the world's largest and highest-grade undeveloped rare earth deposits, with a 24-year initial mine life and significant exploration upside in fluorspar, niobium, and phosphate.

• Special Mining Licence has been expanded from 18km² to 51km², supporting future development and exploration.

• All key licences are in place, and the project is technically de-risked with completed BFS and FEED studies; further optimisation is ongoing.

Offtake, funding, and optimisation

• Binding 7-year offtake agreement with Shenghe covers 100% of concentrate and at least 50% of downstream products, with attractive payabilities across the rare earth pricing cycle.

• Shenghe's A$96m investment and arranged debt facility provide a fully funded solution, supporting a technically enhanced and lower-cost project.

• Ongoing collaboration with Shenghe targets cost reductions, process optimisation, and competitive tendering for project execution.