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5 1794: RareearthsdiscoveredbyJohanGaddin at Ytterby insweden 1903: Firstcommercialproductionofrareearth flintsattreibach inaustria 1953: Demand~1,000tREO Value~US$25M 2003: Demand85,000tREO ValueUS$500M 2008: Demand124,000tREO ValueUS$1¼B 2015: Demand200,000tREO ValueUS$23B 5

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9 HistoryofChineseExportQuotas tonnesreo Year DomesticRareEarthQuotas Phase1 Phase2 Total Change Total including ForeignJV Quota ROW Demand ,189t

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11 EstimatedGlobalRareEarths Demandin2008(tREO±15%) Application China Japan& NE Asia Catalysts USA Others Total Glass Polishing MetalAlloys Magnets Phosphors Ceramics Other Total 74,000 23,500 18,500 8, ,000 11

12 Phosphors 32% Other 3% Ceramics 3% Catalysts 5% Glass 2% Polishing 4% Metal Alloys 13% REO Consumption by Value 2008 Magnets 38% Ceramics Phosphors 6% 7% Other 7% REO Consumption by Volume 2008 Catalysts 19% Glass 10% Magnets 21% Metal Alloys 18% Polishing 12% 12

13 GlobalRareEarthsDemandin2008&2014(tREO) Application Consumptiontpa REO MarketGrowth f 2014f %pa Catalysts Glass Polishing MetalAlloys Magnets Phosphors&Pigments Ceramics Other Total/Range 124, , % 13

14 Rare Earth Oxide Forecast Supply and Demand for Selected Rare Earths in ,000tpa REO ,000tpa REO Lanthanum 49-53,000t REO 52-56,000t REO Cerium 62-66,000t REO 80-90,000t REO Terbium t RE00-500t REO Dysprosium 1,800-2,200t REO 1,500-2,000t REO Yttrium 10-14,000t REO 10-12,000t REO 14

15 250,000 Demand tpa -REO 200, , ,000 50,000 0 China Supply ROW Supply Global Demand China Demand 15

16 RareEarthContentofMajorSourceMinerals(%totalREO) Rare Earth Oxide BaiyunObo, Mongolia, China Bastnaesite Xenotime MountainPass, California USA Lahat Perak, Malaysia Guangdong, China Ionadsorptionclays Xunwu, Jiangxi, China Longnan, Jiangxi, China Nd 2 La 2 CeO 2 Pr 6 O 11 Sm 2 Eu 2 Gd 2 Total

17 Rare Earth Oxide RareEarthContentofMajorSourceMinerals(%totalREO) MtWeld, Australia Monazite India Guandong, China Loparite Lovozersky Russia La 2 CeO 2 Pr 6 O 11 Nd 2 Sm 2 Eu 2 Gd 2 Total

18 RareEarthContentofPotentialSourceMinerals(%totalREO) Rare EarthOxide Trachyte Apatite Steenstrapine Fergusonite Dubbo, Australia Nolans Australia HoidasLake Canada Kvanefjeld Greenland ThorLake Canada La 2 CeO 2 Pr 6 O 11 Nd 2 Sm 2 Eu 2 Gd 2 Total

19 Factor MountainPass (USA) RCF,GoldmanSachs& Traxys HoidasLake (Canada) GreatWesternMinerals Group ThorLake (Canada) AvalonVenturesLtd BearLake (USA) Status Resource 4.3MtREOcontained (aprovenreserve) 0.04MtREO(indicated) 1.3MtREO(inferred) Potential Production CriticalIssues 19

20 Factor MtWeld (Australia/Malaysia) LynasCorporationLtd Dubbo Zirconia (Australia) AlkaneResourcesLtd Nolans (Australia) ArafuraResourcesLtd Kvanefjeld (Greenland) GreenlandMinerals& EnergyLtd Status Resource 0.92MtREOcontained (aprovenreserve) 0.65MtREOcontained (aprovenreserve) 0.85MtREOcontained 2.6MtREOcontained Potential Production Critical Issues 20

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