EURARE Kvanefjeld Refinery Demo Plant Work Package 5

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EURARE Kvanefjeld Refinery Demo Plant Work Package 5 October 2015

About Outotec Research Laboratories Highly Skilled and Experienced in Atmospheric Leaching Located in Pori, Finland Part of Outotec Global Metallurgy Highly skilled and experienced in atmospheric leaching Developed the HydroCu process Hydrometallurgical expertise State of the art facilities

Outotec Research Laboratories Entrance to Outotec Research Laboratories

About the Refinery Pilot Plant 250 kilograms of concentrated treated 1 st Kvanefjeld Refinery Pilot Plant Performed Previously completed 100 hour continuous leaches Concentrate from 26 tonne flotation pilot plant in May 2015 Fully integrated two stage leach Part of the EURARE Program The EURARE program aims to encourage the sustainable supply of EU rare earth raw materials.

Pilot Plant Flowsheet Process Piloted in Four Phases Phase 1 Phase 4 Phase 2 Phase 3

Pilot Plant Flowsheet Phase 1 Counter Current Atmospheric Leach with Two Products

Concentrate Storage Process Piloted in Three Phases

Weak Acid Leach Tank 1 Large Tank Used to assess scale and seeding

Weak Acid Leach Circuit Continuously Stirred Tank Reactors

Weak Acid Leach Thickener Clear Overflows Produced suitable for downstream

Strong Acid Leach Circuit Ensures High Extractions of Rare Earths and Uranium

Strong Acid Leach Filtration Good Filtration Observed for SAL Leach Discharge

Strong Acid Leach Filter Cake Rare Earths in Filter Cake Ready for Next Phase Metathesis

WAL Thickener Over Flow Low Grade Uranium Solution Ready for Solvent Extraction

Pilot Plant Facilities Great Facilities and long 250 hours of operation Computer Controlled Operated from Monday 31 st August till Friday 11 th of September

Overall Performance Kvanefjeld Flotation Now Well Tested High availability with only 4 hours of downtime Rare earth leach extraction of ~95% Exceeding Feasibility Design of 77% Uranium leach extractions of ~85% Good circuit operability Silica control effective with no gelling Filtration and Thickening working well

Pilot Plant Flowsheet Phase 2 Testwork Phase 2

Pilot Plant Flowsheet Phase 2 Metathesis Rare Earth Double Sulphate Conversion

Feed Storage Re pulped SAL Leach Residue

Metathesis Cascade Converting REE Double Salt to REE Hydroxide

Product Thickening Dynamic Settling Tests for Thickener Sizing

Metathesis Residues Filtration Filtration and Washing Data Generated.

Overall Performance Metathesis Demonstrated Continuously High availability, no downtime Extensive double salt conversion achieved No requirement to heat circuit confirmed Good circuit operability Thickening and filtration working well

Pilot Plant Flowsheet Phase 3 Phase 3

Pilot Plant Flowsheet Phase 3 HCl Releach and Impurity Removal

Feed Storage Re pulped Metathesis Residue

HCl Releach Rare Earths Dissolved with HCl

Impurity Removal Fe / Al / Th Precipitated from Solution

Radionuclide Removal Pb / Po / Ra Precipitated from Solution

Solid/Liquid Separation Dynamic Thickener Testwork

Final Residues Barren Residues for Disposal

Overall Performance Phase 3 High availability, no downtime Rare earth recovery from converted double salt >95% Low iron and aluminium dissolution in HCl releach High rejection of impurities. No requirement to heat circuit confirmed Good circuit operability Thickening achieved good underflow density and overflow clarity

Pilot Plant Flowsheet Phase 4 Phase 4

Pilot Plant Flowsheet Phase 4 Carbonate Precipitation Seed recycle REE Chloride Solution 8.9 kg/hr 17.8 kg/hr 36 37 4.0 kg/hr 130 g/l Na 2 CO 3 Tank 1 20 L 38 Tank 2 5 L 39 Tank 3 5 L 40 Sample point number Tank 4 5 L 41 0.1% Flocc 260 g/hr Feed Dilution Tank 1 L 42 Solution (stored/ disposed) 43 Potable Water Seed recycle Thickener U/F tank Mixed REE Carbonate

Carbonate Precipitation REE Precipitated as Carbonates

Filtered Product REE Carbonate Filter Cake

Washed Final Product Approximately 50% TREO

Overall Performance Phase 4 High availability, no downtime High rare earth recovery from solution Good selectivity against impurities (Ca) No requirement to heat circuit confirmed Simple circuit operability based on ph

About the EURARE Program GMEL is one of the participating Mining Companies

Introduction: Greenland Minerals and Energy Key Highlights A unique world class mining project World class, large scale development project GREENLAND MINERALS AND ENERGY LTD 1 2 3 4 5 6 Economically robust, proven technology, large-scale, long life production of rare earths and uranium Large JORC resource base to produce ~8kt CREO, ~15kt LREO & 1Mlbs U 3 O 8 per annum over 37 year mine life Ideally located near international airport, existing towns and potential hydro-electric power source Very attractive commodity portfolio Heavy rare earths and uranium are both recognised as strategically important commodities for the future Rare earths market characterised by limited capacity and increasing demand (particularly Dy, Nd, Tb, Eu and Pr) Strong management and technical team Experienced management team with proven track record Well-respected and knowledgeable technical/project team in place with exceptional local expertise Highly advantageous ore type, makes for simple cost effective processing, highly scalable production Low mass -high grade mineral concentrate produced through beneficiation Easy atmospheric leaching of the mineral concentrate Globally significant, long life, low cost, multi commodity asset Company to become one of the largest producers of rare earths globally and major U 3 O 8 Company has low cost of production due to multiple by-product opportunities Low political risk Stable, low-risk operating environment with government looking to develop new industries and employment GME fully permitted to evaluate the project, exploration licence now includes radioactive elements Management and board have a solid working relationship with the government and are socially aware