GLENOVER RARE EARTHS ALEX ANDERSSON - MD - GLENOVER
Glenover Rare Earth Project Agenda INTRODUCTION & PROJECT BACKGROUND GLENOVER PROJECT INFRASTRUCTURE METALLURGY DEVELOPMENT VALUE DERIVED SUMMARY GLENOVER RARE EARTHS
GLENOVER PROJECT BACKGROUND
Glenover Rare Earth Project Location Glenover GLENOVER RARE EARTHS
Glenover Rare Earth Project LOCATION
Glenover Rare Earth Project ORIGINAL BROAD GEOLOGICAL MODEL GEOLOGY Breccia Body “hill” Pyroxenite Late Stage Carbonatite Source: Dr. W J Verwoerd
Glenover Rare Earth Project ROCK TYPES Pyroxenite/Glimmerite Pyroxenite cross cut by Carbonatite Veins Coarse Grained Dolomitic Carbonatite Apatite Martite Breccia
Glenover Rare Earth Project GEOPHYSICS – AEROMAGNETIC SIGNATURE
Glenover Rare Earth Project GEOPHYSICS – RADIOMETRIC SIGNATURE
Glenover Rare Earth Project HISTORY – GOLDFIELDS OPERATION 1958 - 1982
Glenover Rare Earth Project HISTORY – FERMINORE OPERATION 1999 - 2011
GLENOVER PROJECT INFRASTRUCTURE
Glenover Rare Earth Project PROJECT INFRASTRUCTURE RAIL SERVICES WITHIN 20KM 2 REGIONAL POWER STATIONS TAR ROAD TO SITE
Glenover Rare Earth Project BOOMING LOCAL MINING INDUSTRY
Glenover Rare Earth Project PROJECT INFRASTRUCTURE ON SITE ELECTRICAL SUPPLY WORKSHOPS/OFFICE BOREHOLE WATER ABLUTION FACILITIES
Glenover Rare Earth Project INFRASTRUCTURE 3.5MT of fines and ROM stockpiles ready for processing
GLENOVER GETTING TO METALLURGY
Glenover Rare Earth Project GEOCHEMISTRY – 3000M DRILL PROGRAMME
Glenover Rare Earth Project GEOCHEMISTRY – 3000M DRILL PROGRAMME
Glenover Rare Earth Project GEOCHEMISTRY
Glenover Rare Earth Project RESOURCE
Glenover Rare Earth Project RESOURCE
Glenover Rare Earth Project RESOURCE STATEMENT – APATITE BRECCIA ONLY Cut-off Tonnes Average Grade Contained Grade TREO % TREO Mt % TREO kt Indicated 1 7.4 2.2 163 Resource In Situ Inferred Resource 1 3.1 1.9 59 (Stockpiles) TOTAL 10.5 222
Glenover Rare Earth Project APATITE BRECCIA MINERALOGY HIGHLIGHTS Potential Co-products Grade Summary: TREO HREO HREO/ Nb 2 O 5 Sc 2 O 3 ThO 2 P 2 O 5 Fe 2 O 3 TREO % % % % ppm ppm % % Apatite 2.22 0.14 6.31 0.81 143 540 18.21 23.67 Breccia Main REE Bearing Minerals: Apatite (Primary + Secondary); Monazite; Synchysite; Bastnaesite; Aeschynite
Glenover Rare Earth Project APATITE BRECCIA MINERALOGY HIGHLIGHTS Grain Size Distribution LG Apatite Breccia 100 90 Cu mulative mass % mineral passing size 80 70 60 REE Phosphates 50 REE Carbonates Zr Oxides and Silicates 40 REE Nb-rich 30 Apatite 20 Fe Oxide Fe Oxide with Goethite 10 0 10 100 1000 Grain Size (µm) Liberation: Iron: 75%- 80% at 120μm P2O5: +90% at 120μm REE: 30-40% at 120μm
Glenover Rare Earth Project Flow Sheet
PROPOSED PLANT EXPANSION AND PIT Glenover Rare Earth Project ENLARGEMENT
GLENOVER DEVELOPMENT VALUE DERIVED
Glenover Rare Earth Project DEVELOPMENT SUMMARY - GEOLOGY • June 2011: Mineralogy study on Apatite Breccia completed by SGS • Jan 2012: Initial 3000m Drill Programme completed • March 2012: 6-hole Step Out Drill Programme completed • June 2012: Updated SAMREC Resource published • To Aug 2012: Stockpiles sampled and 16T of ROM crushed and homogenized for mineralogy and metallurgy • August 2012: Mineralogy studies on Breccia, Carbonatite and Pyroxenite core completed by Xstrata Process Support
Glenover Rare Earth Project DEVELOPMENT SUMMARY – METALLURGY • June 2010: Fer-Min-Ore magnetic separation testwork • April 2012: Completion of Maelgwyn apatite flotation testwork • August 2012: PEA scope awarded to process consultant GBM, UK • September 2012: PFS metallurgy contract awarded to lab, China
Glenover Rare Earth Project BENCHMARKING – Nd RICH REE PACKAGE Galileo Frontier Montero GWMG Arafura Lynas Rare Element Quest RE Oxide Glenover Zandkopsdrift Wigu Hill Steenkampskraal Nolans Bore Mt Weld Bear Lodge Strange Lake PEER RATING OF CREO DISTRIBUTION Lanthanum 16.71% 25.37% 37.07% 21.05% 19.13% 23.88% 26.56% 13.76% Cerium 45.04% 44.05% 49.03% 45.36% 48.72% 47.54% 43.81% 29.13% 2 Praseodymium 5.78% 4.62% 3.86% 5.13% 5.93% 5.16% 5.01% 3.24% 1 Neodymium 22.16% 15.88% 9.27% 17.83% 20.59% 18.13% 17.95% 12.14% Samarium 3.51% 2.27% 0.77% 2.80% 2.29% 2.44% 2.83% 2.70% 1 Europium 0.89% 0.59% 0.00% 0.06% 0.39% 0.53% 0.62% 0.11% Gadolinium 2.03% 1.42% 0.00% 1.91% 0.99% 1.09% 1.44% 2.65% 3 Terbium 0.21% 0.17% 0.00% 0.23% 0.08% 0.09% 0.12% 0.55% 4 Dysprosium 0.76% 0.78% 0.00% 1.00% 0.32% 0.25% 0.37% 3.60% Holmium 0.10% 0.13% 0.00% 0.12% 0.04% 0.03% 0.04% 0.83% Erbium 0.19% 0.32% 0.00% 0.31% 0.09% 0.06% 0.08% 2.54% Thulium 0.02% 0.04% 0.00% 0.02% 0.01% 0.01% 0.01% 0.40% Ytterbium 0.09% 0.22% 0.00% 0.12% 0.06% 0.03% 0.04% 2.61% Lutetium 0.01% 0.03% 0.00% 0.01% 0.01% 0.00% 0.01% 0.40% Yttrium 2.50% 4.12% 0.00% 4.05% 1.35% 0.76% 1.11% 25.34% Total 100% 100% 100% 100% 100% 100% 100% 100%
Glenover Rare Earth Project BENCHMARKING
Glenover Rare Earth Project PROJECT DEVELOPMENT PLANS – SYNCHYSITE TARGET – VALUE POTENTIAL
Glenover Rare Earth Project PROJECT DEVELOPMENT PLANS – 2012/2013 • Metallurgy – Complete Open and Closed Circuit PFS Met by Q4 2012 • Feasibility Studies - Complete PEA Q1 2013 and PFS Q4 2013 • Exploration Drilling – Investigate Synchysite Target
GLENOVER - SUMMARY • Low Cost Project that Competes with World Class Peers • Potentially Low Cost Producer with Zero Mining Costs for 1 st 3 Years • Potential Co-Product Credits • Significant Available Infrastructure • Excellent Further Target Potential in 7km Diameter Intrusive
QUESTIONS & ANSWERS
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