Peak Rare Earths (PEK) Scheme Meeting 2025 Presentation summary

Scheme overview and transaction details

• Shenghe Resources (Singapore) Pte. Ltd. will acquire 100% of Peak via a scheme of arrangement, with the deal valuing Peak at A$195 million after a 23% increase in consideration on 5 September 2025.

• Shareholders will receive at least $0.443 per share in cash, representing a 32% premium to the pre-announcement price and a 269% premium to the price before the original scheme announcement.

• The final consideration per share may increase if performance rights lapse before the scheme takes effect.

Board and expert recommendations

• The Independent Board Committee unanimously recommends voting in favor of the scheme, subject to no superior proposal and continued positive expert opinion.

• The Independent Expert has concluded the scheme is fair, reasonable, and in the best interests of shareholders not associated with Shenghe.

Reasons for and against the scheme

• Key reasons to support include a significant premium, certainty of cash, and no superior proposal emerging.

• Reasons to oppose include preference for maintaining current investment, belief in a potential superior proposal, or unfavorable tax consequences.