Project Number: 37

Deposit Number: 31

Location: Benoji Mountains, Wyoming, America

Resource (*10^4 t, REO, Total): 49.8

Grade (wt. %): 3.05

La2O3: 26.4325323475046

Ce2O3: 43.7707948243993

Pr6O11: 4.91682070240296

Nd2O3: 17.8927911275416

Sm2O3: 2.88354898336414

Eu2O3: 0.628465804066544

Gd2O3: 1.51571164510166

Tb4O7: 0.11090573012939

Dy2O3: 0.406654343807763

Ho2O3: 0.0369685767097967

Er2O3: 0.0739371534195934

Yb2O3: 0.0369685767097967

Y2O3: 1.29390018484288

HREE Percentage: 3.47504621072089

REE Pattern Reference: Paulick, H., & Machacek, E. (2017). The global rare earth element exploration boom: An analysis of resources outside of China and discussion of development perspectives. Resources Policy, 52, 134-153.

Project and Status Reference: June 2021 Corporate Presentation（http://www.rareelementresources.com/investor-information/presentations#.YP56aOgzYdU）

Deposit Type Reference: June 2021 Corporate Presentation（http://www.rareelementresources.com/investor-information/presentations#.YP56aOgzYdU）

Resource and Grade Reference: http://www.rareelementresources.com/bear-lodge-project#.YP6ECegzYdU