Lions Bay Capital Inc. announced the receipt of the phase 2 drilling report from SRK Consulting (Australasia) Pty Ltd. on the rare earth discovery being evaluated by the Savic Minerals Pty Ltd. ("Savic") joint venture. Lions Bay has the right to earn up to 50% interest on the Savic ground by spending AUD 5 million (CAD 4.47 million) over 3 years from January 2022. The Savic ground lies immediately adjacent to the Koppamurra Project of Australian Rare Earths.

Assays from the recent phase 2 exploration on the Savic ground are expected in the next six weeks which will enable the geological team to determine a grid for resource definition drilling later this year.