FINLAND PROJECTS

Prospech is the 100% owner of Bambra Oy (‘Bambra’), a company incorporated in Finland, Korsnas REE project and the Jokikangas REE project (‘Finland Projects’).

About Finland and the Finland Projects

Prospech’s geologic team has had experience in country and the acquisition of Bambra will add a local permitting and administration team with a wealth of country experience.

Project summaries

The Geological Survey of Finland (‘GTK’) has already completed extensive mapping and sampling of the mineralised horizons and the task will be to prioritise grade and tonnage potential of each occurrence to plan and permit drilling in the near term.

Korsnas REE Project

The Korsnas REE project surrounds an old mine at Korsnas which was mined between 1959 and 1972, yielding 0.87Mt of ore averaging 3.6% Pb, allanite and a few other REE minerals which made the deposit prospective for REE.

During pilot production of a REE concentrate in the early 1970s, the ore proved to contain 0.83% RE2O3.  The occurrence is in a north-south trending fault zone filled with a vein comprising coarse grained calcite, feldspar, diopside, REE bearing apatite.

The total REE content of samples taken by previous mine operators ranges from 0.7% to 2.2% with LREE dominating the REE budget.  Eu content is high, ranging from 66 to 242 ppm and Th content ranges from 107 to 604 ppm.

Strategy - A three pronged approach - linked to separate areas -  to advancing Korsnas (since April 2023)

1.     Hard Rock REE Mineralised Structures - Resample over 471 drill holes, near 4,000 samples planned to be dispatched to a third party laboratory.

2.     Tailings Storage Facility - Drilling completed March 2024. Aim for Resource Estimate to JORC standards 2024.

3.     Lathaine Dump – A processed Lanthanide Dump as Korsnas was focussed on Lead production. Assessment in 2024.

Execution of Strategy toward Mutliple JORC Resources of TREO

·      Drill sampling of the Korsnäs historical Tailings Storage Facility (TSF) completed with 64 holes

·      TSF assay results to assess the REE content of pre-mined ore processed for lead recovery are pending

·      Assay results from over 4000 samples from 471 historic Korsnäs drill holes all to be reported mineralised intervals above 1,000 ppm TREO1 and averaged 25% NdPr2 enrichment

·      Five gravity anomalies identified with a total strike length exceeding 5 kilometres

·      Some results to date include:

o      KR-186:    24.0m @ 17,649 ppm TREO from 37.2m
including   7.3m @ 49,324 ppm TREO from 37.2m (15,926 ppm NdPr2 oxide)

o      KR-214:      4.6m @ 45,674 ppm TREO from 365.5m
High-grade mineralisation 260 metres below the lowest mine level, showcasing potential depth extension

o      KR-251:    8.1m @ 10,075 ppm TREO from 73.0m
High-grade mineralisation 1.5 kilometres NW of the mine, showcasing potential strike extension

Jokikangas REE Project

 Jokikangas and Honkamäki cover a REE vanadium mineralised belt of rocks.

Elongated bodies of up to 2.0% REE are characterised by sericitic alteration and a spatial relationship with pegmatities in a mineral assemblage including fergusonite (Nb, Y, REE0, allanite (LREE) and columbite-tantalite (Nb).

Exploration tenure surrounds the Kontioaho and Katajakangas targets held by Otanmaki (O5) Oy with mineralisation continuous and lightly drilled.  Mineralisation at Katajakangas has ~12m thick high grade zone in its central part, surrounded by a lower grade zone at the margins.

Based on archived drillhole data, there is an along strike opportunity to the northwest of Otanmaki (05) Oy’s Kontioaho operation and to the west of the Katajakangas operation (both shown as red dots in the Otanmaki (05) Oy tenement in the above map) onto the Jokikangas project.