SANDY MITCHELL DRILL PROGRAM

Highlights

• 2,500m Stage-3 resource expansion drill program at the Sandy Mitchell Rare Earth and Heavy Minerals project advancing ahead of schedule, with 94 of 189 drill holes now completed
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  Stage-3 drilling has been designed to significantly increase the Mineral Resource at Sandy Mitchell from the current Measured Mineral Resource Estimate (MRE) of 71.8 Mt @ 1,732.7ppm Monazite Equivalent, calculated using a 700ppm MzEq lower cut-off grade.
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  Ark is targeting a resource increase from this drill program of approximately 260Mt MzEq, bringing the total Measured resource to 330Mt, which still represents just ~22-25% of the JORC Exploration Target range totalling 1,316Mt to 1,580Mt (ASX Announcement 2 July 2024)
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  The potential quantity and grade of the Exploration Target is conceptual in nature; it is uncertain if further exploration will result in an expansion of the Mineral Resource.
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  Ark’s geological team has observed mineralisation encountered in sand from surface to the metamorphic bedrock averages at depths of +12m, consistent with previous drill programs
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  Expansion Stage-3 drill program on track for completion prior to the end of September quarter; assay results to be incorporated into a comprehensive Pre-Feasibility Study (PFS) that is scheduled for completion in early CY2026.
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  Assay results from Stage-3 drill campaign will be complemented by pending release of updated data from a recently completed metallurgical works improvement program carried out by specialist consultants, IHC Mining, to further support PFS project economics.