ABx : ASX ABX new rare earth discoveries thicker, higher grade REE

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ASX Announcement

10 February 2022

ASX: ABX

New rare earth discovery 52 km from Deep Leads

Thicker higher grades

Discovery ofhigh grade REEatPortrush 52 km east of Deep Leads

ABx Group (ABx) has discovered a new rare earth element (REE) prospect at Portrush located 52 km east of ABx's Deep Leads REE project in northern Tasmania (see Figure 1)

Results from Portrush include hole PR033 grading 4,800 ppm total rare earth oxides (TREO)

		Figure 1: ABx
		leases and REE
		prospects in
	Wind	northern
	Tasmania.
	Break
Deep	Portrush	Portrush REE
Leads
52km	discovery is 52km
	Launceston	east of Deep
		Leads
		WindBreakREE
		discoveryis16km
		northeastofDeep
		Leads

Deep Leads drill program delivered thicker, highergrade REEresults:

Latest results at Deep Leads indicate thicker and higher-grade mineralisation. Holes at Deep Leads were stopped by the wet clays and broken ground of the mineralised horizon

Those holes that penetrated further into the mineralisation show a wide distribution of thicker, higher grade REE mineralisation that extends for several kms

The best intercept to date in hole DL190 is 5m thick, including a metre at 3,943ppm TREO

Discovery holes DL190, DL409 and DL403 confirm that the deposit continues strongly tothe southeast and west - see Figures 2 and 3

A more powerful multi-purpose drill rig is being deployed to drill major step-out holes

ABx Group Limited	Level 5 52 Phillip Street Sydney NSW 2000
ABN 14 139 494 885	P: [phone]	F: [phone]

ASX release 10 February 2021 page 2

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ThirddiscoveryatWindBreaklocated16kmnortheastofDeepLeadsconfirmsREEProvince

37 holes at Wind Break project returned strong REE mineralisation at the bottom of the holes

Four of the holes had grades from 1,000 to above 1,500ppm TREO and two of the holes encountered mineralisation 4 m thick. All holes at Wind Break ended in REE mineralisation

ABx exploration manager, Paul Glover commented; "We are discovering better grades and thicker mineralisation over a much larger province than thought possible."

ABx operations manager, Nathan Towns commented; "Our next drill program will sample the full thickness of this shallow, clay-hosted REE and give us some indications of how large these discoveries can be. It's time to step-out much wider."

ABx REE discoveries across northern Tasmania

ABx is an emerging hi-technology and explorer-developer company that is the first company to discover clay-hosted REE in northern Tasmania, initially at Deep Leads. ABx's latest assay results confirm that ABx has now made REE discoveries in three locations (see Figure 1):

1. Deep Leads project
2. Wind Break project located 16 km northeast of Deep Leads
3. Portrush project located 52 km east of Deep Leads

Deep Leads project

In the latest drilling program, several holes were able to penetrate deeper into the REE mineralisation zone before becoming stuck. Without special equipment, drill rods become bogged in wet clays and drill bits get stuck in broken ground.

REE intercepts from those holes that penetrated further into the mineralisation are:

	Hole			From		To			Nd2O3			Pr2O3			Dy2O3			Tb2O3			Sm2O3			Other			TREO
																REE
				m		m			ppm			ppm			ppm			ppm			ppm			ppm			ppm
DL190	4	5		31		8		8		1		6		1,015		1,068
DL190	5	6		40		10		10		2		8		765		835
DL190	6	7		401		111		52		9		77		1,815		2,466
DL190	7	8		679		166		93		16		129		2,859		3,943
DL190	8	9		581		143		87		15		110		1,633		2,568

Discovery hole. DL190 is considered to be a discovery hole because it intersected 5m of REE mineralisation and included the highest grades at Deep Leads to date (3,943 ppm TREO).

DL190 is the southernmost hole, indicating a strengthening REE mineralisation trend towards the south-east which could extend for a considerable distance and is currently unexplored - (see Figure 2).

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ASX release 10 February 2021 page 3

DL403

DL409

DL187

DL190

Figure 2: Deep Leads drillholes with highest REE grades shown as total rare earth oxide (TREO)

									Nd2O3			Pr2O3			Dy2O3			Tb2O3			Sm2O3			Other			TREO
	Hole			From		To													REE
				m		m			ppm			ppm			ppm			ppm			ppm			ppm			ppm
DL187	4	5		28		8		7		1		6		659		709
DL187	5	6		37		9		9		2		10		1,845		1,911
DL187	5	6		41		12		13		2		9		2,380		2,457
DL187	6	7		63		16		19		3		20		2,914		3,036

DL187 is a shallow hole that is more enriched in cerium than usual, which usually occurs in samples above the main REE mineralised zone. DL187 is a strongly mineralised intercept, and a new hole is planned nearby to test to at least 15 metres depth.

ASX release 10 February 2021 page 4

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	Hole			From		To			Nd2O3			Pr2O3			Dy2O3			Tb2O3			Sm2O3			Other			TREO
																REE
				m		m			ppm			ppm			ppm			ppm			ppm			ppm			ppm
DL409	6	7		26		7		6		1		6		1,190		1,236
DL409	7	8		102		26		24		4		23		992		1,170
DL409	8	9		240		60		59		9		51		1,316		1,736
DL409	9	10		125		30		30		5		30		696		916

DL409 is located in the south-westernmost corner of the drilled area, which indicates that the southwestern edge of the plateau is well mineralised.

	Hole			From		To			Nd2O3			Pr2O3			Dy2O3			Tb2O3			Sm2O3			Other			TREO
																REE
				m		m			ppm			ppm			ppm			ppm			ppm			ppm			ppm
DL403	6	7		659		144		174		31		188		1,873		3,070
DL403	7	8		804		177		231		40		238		2,348		3,837
DL403	8	9		717		157		213		37		211		2,110		3,445
DL403	9	10		772		167		230		41		238		2,077		3,525

DL403 discovered a thick, high-grade intercept in a high-grade area that is open to the northwest (see Figure 2). Hole DL403 ended still in high-grade REE mineralisation.

Step-out drilling target

A work-program has been designed to drill holes to significantly expand the drill coverage of the REE mineralisation at Deep Leads as shown in Figure 3.

Figure 3: Potential REE resource zones at Deep Leads REE project (blue zone)

See Figure 2 for legend

ASX release 10 February 2021 page 5

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Portrush project located 52 kms east of Deep Leads

PR033

PR052

Figure 4: REE discovery holes at Portrush REE Project located 52km east of Deep Leads

Hole

From

To

Nd2O3

Pr2O3

Dy2O3

Tb2O3

Sm2O3

Other

TREO

REE

m

m

ppm

ppm

ppm

ppm

ppm

ppm

ppm

PR052

19

20

166

44

34

6

36

516

801

Hole

From

To

Nd2O3

Pr2O3

Dy2O3

Tb2O3

Sm2O3

Other

TREO

REE

m

m

ppm

ppm

ppm

ppm

ppm

ppm

ppm

PR033

11

12

581

139

270

39

146

3,624

4,800

Comments: Hole PR033 is the highest grade REE intercept to date in terms of TREO grades. It is from the final sample drilled in hole PR033 and shallower samples from 8 metres to 11 metres depth will also be assayed.