ABx Group announced the delivery of a maiden JORC compliant Mineral Resource Estimate for the Deep Leads - Rubble Mound channel area, the first estimate from within the company's rare earth elements (REE) project in northern Tasmania. The Mineral Resource Estimate is 3.94 million tonnes averaging 655ppm TREO-CeO2 and 918ppm TREO at a 200ppm TREO-CeO2 cut-off2 grade, including 511,917 tonnes averaging 785ppm TREO-CeO2 and 905ppm TREO in the indicated category. Following completion of the maiden Mineral Resource estimate for the Deep Leads - Rubble Mound channel, the company will now undertake further metallurgical testing to obtain more data on recoveries.

This will be followed by further drilling, commencing in January 2023, with an aim to grow the resource base. Deep Leads REE mineralisation is enriched in the more valuable permanent magnet type of REE and includes true ionic adsorption (IAC) clay zones that achieve excellent extraction rates of up to 71% from the main type of REE mineralisation under standard desorption test conditions, which represent low-acid, low-cost processing.