texas rare earth resources€¦ · round top rare earth-beryllium-uranium project currently does...

OTCQB: TRER TRER.com

OTCQB: TRER

TexasRare EarthResources


CAUTIONARY NOTE TO U.S. INVESTORSThe United States Securities and Exchange Commission (the “SEC”) permits United States mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. Our Round Top Rare Earth-Beryllium-Uranium project currently does not contain any known proven or probable ore reserves under SEC reporting standards. Our reference in this presentation to the metric tons of Rhyolite contained at the Round Top project is a reference only to potential in-place tonnage and our references in this presentation to quantities of rare earth oxides contained at the Round Top project are references only to estimated in-place quantities of mineralized material based on the potential quantity of host rock and current assay results from drill data. U.S. Investors are cautioned not to assume that these amounts reflect economically and legally recoverable quantities of rare earth minerals. We use certain terms in this presentation such as “mineral resource” and “geologic resource” which the SEC guidelines generally prohibit United States companies from including in their filings with the SEC. The SEC normally only permits issuers to report mineralization that does not constitute “reserves” by SEC reporting standards as in-place tonnage and grade without reference to unit measures. U.S. Investors are cautioned not to assume that any part or all of mineral deposits in these categories will ever be converted into SEC compliant reserves. We also reference in this presentation a historical “reserve” estimate. This estimate does not refer to proven or probable ore reserves under SEC reporting standards. Under SEC reporting standards, a “final” or “bankable” feasibility study is required to report reserves, the three-year historical average price is used in any reserve or cash flow analysis to designate reserves and the primary environmental analysis or report must be filed with the appropriate governmental authority. U.S. Investors are urged to consider closely the disclosure in our latest reports and registration statements filed with the SEC, which may be secured from us, or from the SEC's website at http://www.sec.gov/edgar.shtml.

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http://www.sec.gov/edgar.shtml

http://www.sec.gov/edgar.shtml


FORWARD LOOKING STATEMENTS AND CAUTIONARY DISCLAIMERThis presentation contains forward-looking statements within the meaning of the U.S. Securities Act of 1933, as amended, and U.S. Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, included in this presentation that address activities, events or developments that Texas Rare Earth Resources expects or anticipates will or may occur in the future, including such things as the potential development of the Round Top Rare Earth-Beryllium-Uranium project, estimates of mineralized material, the potential positioning of the Company to be a leading, global low-cost producer of rare earth minerals, the potential ratio of heavy to total rare earth minerals present at the Round Top project, the number of metric tons of Rhyolite contained at the Round Top project, the potential market for rare earth minerals, the potential in-place quantity of mineralized material of specific rare earth minerals, and other such similar matters are forward-looking statements. When used in this press release, the words “potential,” “indicate,” “expect,” “intend,” “hopes,” “believe,” “may,” “will,” “if, “anticipate” and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Texas Rare Earth Resources to be materially different from any future results, performance or achievements expressed or implied by such statements. Such factors include, among others, uncertainty of mineralized material estimates, risks relating to completing drilling and metallurgical testing at the Round Top project, risks related to project development determinations, risks related to fluctuations in the price of rare earth minerals, the inherently hazardous nature of mining-related activities, potential effects on Texas Rare Earth Resource’s operations of environmental regulations, risks due to legal proceedings, risks related to uncertainty of being able to raise capital on favorable terms or at all, as well as those factors discussed under the heading “Risk Factors” in Texas Rare Earth Resource’s latest annual report on Form 10-K as filed on February 8, 2011, as amended, April 19, 2011, and other documents filed with the U.S. Securities and Exchange Commission. Although Texas Rare Earth Resources has attempted to identify important factors that could cause actual results to differ materially from those described in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. Except as required by law, Texas Rare Earth Resources assumes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.

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ROUND TOP PROJECT

TRER’s Round Top Project is aLARGE BULK TONNAGE PROSPECTWITH HEAVY RARE EARTH ELEMENTSthat TRER believes can be aLEADING U.S. BASED SUPPLIER OF RARE EARTHS

4


CAPITAL STRUCTURE

Shares Outstanding 34.5 million

Fully Diluted 49.9 million

Market Capitalization $62.1 million

Recent Price $1.80

52-week Range $1.50 - $10.00

Average 3-month Daily Volume 10,712

Institutional Ownership (13F/S-1) 22.9%

Insider Ownership 46.5%

Cash Position $15.3 million

Market data as of November 15, 2011; cash position as of November 15, 2011; ownership as of most recent 13F/S-1 !ling

OTCQB: TRER (applied for listing on National Exchange)

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Of!ce Locations Englewood, CO Sierra Blanca, TX


SIGNIFICANT BREADTH & DEPTH

Dan Gorski, Chief Operating Of!cer

More than 35 years of mining industry experience; former CEO of TRER

Previously co-founded High Plains Uranium and Metalline Mining Company

Chris Mathers, Chief Financial Of!cer, CPA

More than 17 years public-company experience in manufacturing, construction and heavy industry

Anthony Garcia, SVP, Project Development

More than 20 years of project/engineering management, design, and !eld experience in the mining and metals industry

Most recently, Value Assurance Senior Director for Newmont Mining

Strong Senior Management

Experienced Directors – 100+ years combined mining expertise

Anthony Marchese, Chairman Jim Graham Marc LeVier Graham Karklin Dan Gorski General Gregory “Speedy” Martin

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K. Marc LeVier, President & CEO

40 years experience in advanced process engineering within the mining industry

22 years with Newmont Mining Corp., including 16 years as Senior Director of Metallurgical Research & Development


CRITICAL NATURE OF RARE EARTHS…

China’s handling of this issue poses

a threat to both the economic

security as well as the national

security of the United States.”

U.S. Congressman Coffman, House Armed Services Committee

7

“


DEVELOPMENTS IN THE REE MARKET

8

China controls 100% of Heavy Rare Earth production, and > 95% of Light Rare Earth production

China has signi!cantly lowered both production and export quotas, restricting supply to the world

Rare Earths projects outside of China that are at, or near production, are primarily focused on LREEs

Industry data indicates China will be a net importer of REEs in 3-5 years

Today


China DemandROW DemandChina Export Quota

RARE EARTHS DEMAND

9

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

2005 2006 2007 2008 2009 2010 2011f 2012f 2013f 2014f 2015f

Source: IMCOA Sept 2011

China supplies ~95% of world requirements China reduced export quotas: -37% in 2010 to 30,258 tons Further restricted export in June/July 2011

Demand Outpaces Supply

Dem

and

tpa

- REO


DOE CRITICAL RARE EARTH ELEMENTS

10OTCQB: TRER

Source: U.S. DOE Report 2010

TRER.com


National Security/Defense

CommunicationsWeapons systemsRemote and portable powerDrones

Consumer Products

LED lighting

Rechargeable batteries

Consumer electronics and LCD monitors

Alternative Energy

Hybrid vehiclesWind turbinesSolar panels

RARE EARTH ELEMENTS

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Indispensable for our…


HEAVY REES CRITICAL REES ROUND TOP HREES*

Europium Europium

Gadolinium

Terbium Terbium

Dysprosium Dysprosium

Erbium

Thulium

Ytterbium

Yttrium Yttrium

LIGHT REES

Lanthanum

Cerium

Praseodymium

Neodymium Neodymium

Samarium

WHY IS ROUND TOP CRITICAL?

12OTCQB: TRER

*See Cautionary Note to U.S. Investors

TRER.com



Europium Europium

Gadolinium

Terbium Terbium


Erbium

Thulium

Ytterbium

Yttrium Yttrium

LIGHT REES

Lanthanum

Cerium

Praseodymium

Neodymium Neodymium

Samarium


13OTCQB: TRER TRER.com




Europium Europium

Gadolinium

Terbium Terbium


Erbium

Thulium

Ytterbium

Yttrium Yttrium

LIGHT REES

Lanthanum

Cerium

Praseodymium

Neodymium Neodymium

Samarium


14OTCQB: TRER TRER.com



ROUND TOP PROJECT

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3 mineralized areas: Round Top, Little Round Top, Little Blanca

85 miles east of El Paso, TX

TX Bureau of Economic Geology est. Round Top Mountain contains ~1.6 bil. tonnes of Rhyolite host rock containing the Rare Earths and associated minerals */**

* See Cautionary Note to U.S. Investors **GSA Special Paper #246, ca 1990


HEAVY RARE EARTH ELEMENT RATIO COMPARISON(4)

16

0

20

40

60

80

(4) Based upon publicly available information, including information set forth on the respective company websites

Round Top TRER

Strange Lake (B Zone)

Quest RareMinerals Ltd.

Nechalacho/ Thor LakeAvalon Rare Metals Inc.

Kvanefjeld GreenlandMinerals

Zandkopsdrift Frontier

Rare Earths

Mountain Pass

Molycorp

The Heavy Rare Earth content at Round Top is estimated to be ~70% of the total.

HREE/TREE(percentage)


MULTI-METAL REVENUE POTENTIAL(2)(3)

17

$0

$75

$150

$225

$300

Nov ‘11July ‘11Jan ‘10$0

$1,500

$3,000

$4,500

$6,000

431 million kg Yttrium Oxide 6.6 million kg Terbium Oxide 58 million kg Dysprosium Oxide

52 million kg Neodymium Oxide 19 million kg Samarium Oxide

Estimated Light Rare Earth Oxides*

Also present: 852 million kg Niobium Oxide, 117 million kg Gallium (metal) and 84 million kg Uranium Oxide

* Estimated in-place kilograms; based on potential in-place tonnage of Rhyolite host rock, estimated ratio of HREE to TREE of 70%, see Footnotes and Cautionary Note to U.S. Investors

/kg /kg /kg

/kg/kg

$0

$750

$1,500

$2,250

$3,000

$0

$50

$100

$150

$200

$0

$125

$250

$375

$500

Nov ‘11July ‘11Jan ‘10 Nov ‘11July ‘11Jan ‘10

Nov ‘11July ‘11Jan ‘10Nov ‘11July ‘11Jan ‘10

Estimated Heavy Rare Earth Oxides*


KEY ADVANTAGES AT ROUND TOP

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Size 1.6 billion potential tonnes of Rhyolite host rock with estimated high ratio of heavy REEs to total REEs: ~ 70%*

Location Texas – pro-natural resource, favorable permitting environment (20-year renewable lease on STATE land)

Excellent Infrastructure 3 miles to Interstate 10, rail, electricity, water and natural gas transmission line

* See Cautionary Note to U.S. Investors


KEY ADVANTAGES AT ROUND TOP(CONT.)

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Favorable Initial Metallurgical Testing and Characterization

Simple mineralogy

REEs uniformly distributed throughout the Rhyolite – resulting in little to no strip ratio and low-cost production

Time to Market Climate provides year-round drilling and construction; this ease of operation results in fast-track development

2016 commissioning and production is achievable


ROUND TOP HREE PROJECT STATUS

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Drilled 48 holes and approximately 16,800 ft to date (in additionto previous ~200 holes and 82,000 ft drilled by Cyprus Minerals)

Completed Phase I metallurgy test program

Initiated Phase II of metallurgical testing

De!nition Drilling continuing at rate of 5,000 ft/month with 1 rig, 2nd rig on site November 1 to supplement drilling


ROUND TOP DRILLING PROGRAM

21

3-D model is consistent with 2011 drilling results

Indicates signi!cant additional exploration potential on adjacent property

OTCQB: TRER TRER.com22

ROUND TOP DRILLING PROGRAM

3-D model is consistent with 2011 drilling results

Indicates signi!cant additional exploration potential on adjacent property


ROUND TOP HREE PROJECT STATUS(CONT.)

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Completed aeromagnetic and gravimetric studies

Contracted Gochnour & Associates to direct environmental baseline development and permitting efforts

Contracted Klepfer Mining Services, LLC to provide technical assistance in preparation of geological modeling

Expanded drilling plan approved by Texas General Land Of!ce (GLO)

Contracted Gustavson & Associates to advance an NI 43 101 compliant PEA report


2011201120112011 2012201220122012 2013201320132013 2014201420142014 2015201520152015 2016201620162016

Resource Exploration and Delineation

Scoping/PEA Study

Metallurgical Process and Development

Pre-Feasibility Study

Environmental Baseline

Feasibility Study

Final Engineering / Construction / Start-up

Production

ROUND TOP PROJECT TIMELINE

24

thru 2076


WHY INVEST IN TRER?

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Management team100+ combined years of mining experience

Extensive hydro-metallurgy and project development expertise

Large potential deposit ~ 70% Heavy REEs to TREE content*

Focused on high value, Critical Heavy REEs

Located in TexasPro-natural resource development state

State land – no Forest Service, no BLM

Established infrastructure will result in signi!cant cost savings



CONTACTS FOR ADDITIONAL INFORMATION

26

OTCQB: TRER

INVESTOR RELATIONS:Nadine WakelyDirector, Investor [email protected]

304 Inverness Way South, #365Englewood, CO 80112

mailto:[email protected]

mailto:[email protected]


SUPPLEMENTAL SLIDES AND FOOTNOTES

27


K. Marc LeVier – CHIEF EXECUTIVE OFFICER AND DIRECTOR

MANAGEMENT

Mr. LeVier spent the last 22 years with Newmont Mining Corp. in several professional capacities, including 16 years as the Senior Director of Metallurgical Research & Development. Mr. LeVier led the world class metallurgical research team in the development of processes for resources which have become Newmont's primary producing properties today. These include the development of the Gold Quarry refractory ore treatment plant (ROTP) at the Carlin Trend in Nevada, the Batu Hijau porphyry copper-gold mine in Indonesia, the heap leach operations at Minera Yanacocha in Peru, the Ahafo operations in Ghana, the Phoenix operation in Nevada, and the Boddington operation in Australia. Mr. LeVier led the teams in the development of the former operations at Minahasa in Indonesia and the Zarafshan-Newmont Joint Venture heap leach operation in Uzbekistan. With 40 years experience in advanced process engineering within the mining industry, he has developed and led multi-disciplinary teams in the development of hydrometallurgical, chemical and engineering design processes for base metals, industrial minerals, uranium, coal, iron ore, and precious metals and published numerous technical papers on metallurgical research and process development. Mr. LeVier served as the President of the Mining and Metallurgical Society for four years.


MANAGEMENT

With more than 35 years of experience in the mining industry, Mr. Gorski assumed control of the company upon its reorganization in January 2007 and served as CEO until May 2011. In 2004, he co-founded High Plains Uranium and was its vice president of operations until the company completed an IPO on the Toronto Stock Exchange in 2005. In June 1996, he co-founded Metalline Mining Co. and served as an of!cer and director through May 2004. Metalline was a publicly traded mining and development company with extensive holdings in Mexico. Prior to that, he worked as an exploration geologist, principally in uranium, and has managed several underground mining operations in the United States and Mexico. Mr. Gorski holds a master’s degree in geology from the University of Texas at Austin, granted in 1970.

Mr. Mathers was appointed Chief Financial Of!cer in December 2010. He has more than 17 years experience in manufacturing, construction and heavy industry. For the previous ten years, he was involved in providing contract chief !nancial of!cer and consulting services to a wide variety of privately and publicly held companies. From 1993 through 1999, Mr. Mathers served as CFO to InterSystems, Inc. (AMEX:II). Mr. Mathers began his career in public accounting with the international accounting !rm of PriceWaterhouse. He is a certi!ed public accountant.

Chris Mathers – CHIEF FINANCIAL OFFICER

Dan Gorski – CHIEF OPERATING OFFICER AND DIRECTOR


MANAGEMENT

Mr. Garcia has more than 20 years of project/engineering management, design, and !eld experience in the mining and metals industry. Most recently he served as Value Assurance Senior Director for Newmont Mining where he oversaw the review of 35 projects in Newmont’s pipeline. Earlier in his career, Mr. Garcia progressed through a series of management positions at Bechtel Mining and Minerals. He has managed studies, detailed design, construction and the commissioning of a wide range of metals and mining projects around the world. He also worked on the remediation of uranium mine and mill operations as a member of an engineering design and construction team required to regularly interface with state and federal regulators. Mr. Garcia earned his BS and master’s degrees in engineering, and an MBA in industrial engineering from Colorado State University.

Mr. Korzeb has served as the Company’s vice president since its reorganization in January 2007. Prior to that time, he served as an exploration geologist for Teck Cominco at the Pend Oreille Mine in Washington State and before that, as chief geologist for Metalline Mining Company, directing exploration at their zinc-lead-silver project at Sierra Mojada, Coahuila, Mexico. From 1980 to 1996, Mr. Korzeb was a geologist with the U.S. Bureau of Mines, analyzing the economic viability of mines and prospects in the Western United States. He has authored numerous publications during his tenure at the BM. Mr. Korzeb received a master of science degree in geology in 1977 from Miami University in Ohio and has an extensive background in mineralogy.

Anthony Garcia – SR. VICE PRESIDENT OF PROJECT DEVELOPMENT

Stanley Korzeb – VICE PRESIDENT OF EXPLORATION


MANAGEMENT

Mr. Graham is a former member of the Nuclear Energy Institute (NEI) Board of Directors, served as Chairman of the Board of Governors for the World Nuclear Fuel Market (WNFM) and is the past chairman of the NEI’s Nuclear Fuel Supply Forum. Mr. Graham also co-chaired the World Nuclear Association’s 2007 Global Nuclear Fuel Market study in London. Mr. Graham’s 40-year career spans nuclear, mining in potash, coal, gold and uranium using ISL, open pit and underground methods, as well as working with corresponding plant, milling and ISL recovery facilities. His experience covers evaluation, acquisition, design & construction, operation, management and trouble-shooting for various types of properties and facilities. Mr. Graham spent 16 years as President and CEO of ConverDyn, a partnership between Honeywell International and General Atomics. ConverDyn is one of four primary converters in the world which changes the form of uranium oxide to uranium hexa#uoride. Mr. Graham was a Senior Vice President of General Atomics and responsible for the company’s nuclear fuel cycle activities from 1992 until 2004. Mr. Graham served as President and CEO of Total S.A.’s North American mining entities, which included coal operations, as well as uranium operations and gold activities.

Jim Graham – DIRECTOR


MANAGEMENT

Mr. Karklin served as Director of Metallurgical Services for Echo Bay Mines Ltd. and his 18-year tenure further included management of mining operations, development of new projects and mergers and acquisitions. Mr. Karklin worked at Newmont Mining Corp. for 13 years advising on projects and operations in Canada, Peru, Indonesia, Ghana and Uzbekistan. Mr. Karklin currently serves as a consultant and is a Professional Metallurgist, Quali!ed Person. Mr. Karklin’s experience includes metallurgical development and process in the areas of rare earths, base metals and precious metals. Mr. Karklin spent 6 years working for Tantalum Mining Corporation in rare earth operations.

Mr. Marchese is currently Senior Vice President at Axiom Capital Management, Inc., and serves as the general partner and chief investment of!cer of the Insiders Trend Fund, LP, an investment partnership. His prior experience includes Monarch Capital, Laidlaw Equities, Southcoast Capital, Oppenheimer & Co., Prudential-Bache and the General Motors Corporation. Mr. Marchese served with the Army Security Agency and the U.S. Army Intelligence and Security Command. He received an MBA in !nance from the University of Chicago.

Graham Karklin – DIRECTOR

Anthony Marchese – DIRECTOR AND CHAIRMAN


MANAGEMENT

General Martin's, USAF (retired), !nal assignment was as the Commander, Air Force Materiel Command. In that capacity, he led nearly 80,000 personnel. Included under his command were the Air Force Research Laboratory, all Air Force acquisition support and test and evaluation operations, as well as the three Air Force Air Logistics Centers. In his previous assignment, he was the Commander of the United States Air Force Europe, Air Component Commander U.S. European Command and the Commander for NATO's Allied Air Forces North. General Martin has served as a consultant to GE Aviation and Northrop Grumman. He is on the Defense Advisory Board of Unisys and a board member of Alenia North America.

General Gregory “Speedy” Martin – DIRECTOR


BERYLLIUM AND URANIUM

Beryllium and Uranium occur at lower contact of Rhyolite

In 1988, Cyprus Minerals performed extensive development drilling, underground exploration, trial mining and process design resulting in a feasibility study

This historic feasibility study performed by Cyprus Minerals established a mineral resource of 11 million pounds of Beryllium Oxide at a diluted grade of 1.9%*/**

In 2008, TRER found 1.09% Uranium value in the mine heading


** This is a historical feasibility study and the “reserve” does not constitute a Guide 7 proven or probable reserve.


BERYLLIUM AND URANIUM PROJECT STATUS

In 2010, re-logging of Cyprus drill holes has detected widespread Uranium mineralization

Initiating a 43-101 compliant report focused on updating the Beryllium feasibility study


GROSS TONNAGE COMPARATIVE(4)

36

0

400

800

1200

1600

Round Top* TRER






Rare Earths

Mountain Pass

Molycorp

Tonnage(tonnes, in millions)

* Potential in-place tonnage; see Cautionary Note to U.S. Investors


HEAVY RARE EARTH OXIDE COMPARISON(4)

37

0

200

400

600

800

Round Top* TRER





Rare Earths

Mountain Pass

Molycorp

HREO(tonnes, in thousands)

* Potential in-place tonnage; based on estimated ratio of HREE to TREE of ~70% and current assay results from drill data; see Cautionary Note to U.S. Investors



HEAVY RARE EARTH OXIDE CUMULATIVE SUMMARY(4)

0

160

320

480

640

800

Round Top* TRER




Rare Earths

Mountain Pass

Molycorp

HREO(tonnes, in thousands)




Y2O3 Tb4O7 Dy2O3 Ho2O3 Er2O3 Tm2O3 Yb2O3 Lu2O3


COMPARATIVES(4)

39


0

125

250

375

500

0

5

10

15

20

Round Top*TRER

Nechalacho/ Thor Lake

Avalon Rare Metals Inc.



Rare Earths

Mountain Pass

Molycorp

Strange Lake

(B Zone)Quest Rare

Minerals Ltd.





Rare Earths

Mountain Pass

Molycorp

NIL

Yttrium Oxide (Y2O3)(tonnes, in thousands)

Terbium Oxide (Tb4O7)(tonnes, in thousands)

Strange Lake

(B Zone)Quest Rare

Minerals Ltd.

Round Top* TRER


COMPARATIVES(4)

40


0

20

40

60

80

0

5

10

15

Round Top*TRER

Strange Lake

(B Zone)Quest Rare

Minerals Ltd.





Rare Earths

Mountain Pass

Molycorp

Round Top*TRER





Rare Earths

Mountain Pass

Molycorp

NIL NIL

Dysprosium Oxide (Dy2O3)(tonnes, in thousands)

Holmium Oxide (Ho2O3)(tonnes, in thousands)

Strange Lake

(B Zone)Quest Rare

Minerals Ltd.


COMPARATIVES(4)

41


0

15

30

45

60

0

5

10

15

Round Top* TRER

Strange Lake

(B Zone)Quest Rare

Minerals Ltd.





Rare Earths

Mountain Pass

Molycorp

Round Top*TRER

Strange Lake

(B Zone)Quest Rare

Minerals Ltd.





Rare Earths

Mountain Pass

Molycorp

NIL NIL

Erbium Oxide (Er2O3)(tonnes, in thousands)

Thulium Oxide (Tm2O3)(tonnes, in thousands)


COMPARATIVES(4)

42


0

20

40

60

80

100

120

0

5

10

15

20

Round Top* TRER

Strange Lake

(B Zone)Quest Rare

Minerals Ltd.




Rare Earths

Mountain Pass

Molycorp

Round Top*TRER

Strange Lake

(B Zone)Quest Rare

Minerals Ltd.




Rare Earths

Mountain Pass

Molycorp

NIL NIL NIL

Ytterbium Oxide (Yb2O3)(tonnes, in thousands)

Lutetium Oxide (Lu2O3)(tonnes, in thousands)




FOOTNOTES

1. 1.6 billion potential tonnes/65,000 tonnes mined per day = approximately 65 years potential mine life.

2. The quantities of metal oxides presented represent in-place kilograms and are based upon a report published by the Texas Bureau of Economic Geology personnel and others (this technical paper is available upon request), as well as assay information set forth in previously disseminated press releases (copies of which are set forth on our website). These quantities re!ect potential in-place mineralized material only and do not re!ect estimated economically and legally recoverable quantities. See Cautionary Note to U.S. Investors.

3. Prices per kg found on various metal pricing websites including www.metal-pages.com. There can be no assurance that these prices will re!ect future prices or the price that we may achieve from any such sales.

4. Based upon publicly available information, including information set forth on the respective company websites.

http://www.metal-pages.com

http://www.metal-pages.com

texas rare earth resources€¦ · round top rare earth-beryllium-uranium project currently does...

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