Peak Rare Earths (PEK) Q3 2025 TU earnings summary

Executive summary

• Advanced negotiations with Shenghe for a potential investment and development transaction for the Ngualla Rare Earth Project, including high-level meetings in China.

• Completed a capital raising of approximately A$3.7m in January 2025, increasing Shenghe Singapore's shareholding to ~19.9%.

• Progressed the sale process for the non-core Teesside site in the UK, with proceeds intended to support project and corporate needs.

• Approved land compensation schedule for the Ngualla Project, with payments to affected persons and the local village scheduled for May–October 2025.

• Continued community initiatives, including new high school classrooms, near-completion of a police station, and establishment of a paramedic service.

Financial highlights

• Cash at hand as of 31 March 2025 was $6.2m.

• Market capitalization stood at $38.7m at $0.11/share.

• Quarterly operating expenditure included ~$0.15m to related parties and $1.3m on project development and evaluation.

• Net cash used in operating activities for the quarter was $(2.1)m; net cash from financing activities was $3.5m.

• Estimated quarters of funding available at current burn rate: 2.9.

Outlook and guidance

• Ongoing negotiations with Shenghe expected to result in a legally binding investment and development agreement.

• Proceeds from the anticipated Teesside site sale will be used to support the Ngualla Project and working capital.

• Land compensation payments to be completed by October 2025, supporting project advancement.

• Strong EV market growth and rare earth price appreciation underpin a positive long-term outlook.