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RARE EARTHS, SPECIALITY
& STRATEGIC METALS
INVESTMENT SUMMIT
      Exploring the Karrat REE deposit in Greenland
      Hugh Mackay – Chairman, Avannaa Resources




 IRONMONGERS’ HALL, CITY OF LONDON ● THURSDAY, 17 MAR 2011
 www.ObjectiveCapitalConferences.com
Avannaa Resources
  Exploring the Karrat REE deposit in Greenland

                       Objective Capital
Rare Earths, Speciality & Strategic Metals Investment Summit
                   London, 17 March 2011

                    www.avannaa.com
Avannaa key facts




1.   Founded in UK in 2006. Not listed. Focussed on Greenland
     exploration, where founders have worked since 1982
2.   Experts at grassroots mineral exploration, experts on the
     geology of Greenland
3.   Objective is to find giant deposits of gold, base metals and
     diamonds.
4.   Focus on competitive edge in grassroots exploration and
     bring in development partners to take mines into production
Why Greenland?
• Excellent geology – the same geology in Australia, Canada and
  southern Africa hosts world class mineral deposits.
• Under-explored, high potential for significant discoveries
• Greenland government is pro-mining and single government
  agency acts as administrative partner
• No royalties, favourable deductions on capital, no ring-fencing
• 30 % corporate tax
• Simple logistics, extensive access to deep tidal water, ocean
  moderated climate
• Modern society with educated, problem-solving workforce
Management Team
Dr. Nicholas Rose: CEO
     Ph.D. Geology, Stanford University, 1989
     Active in Greenland since 1982 on a variety of research and mineral exploration projects, and has a total of
     18 field seasons in Greenland. Research fellow at Lawrence Livermore National Laboratory (California) and
     University of Copenhagen. Managed projects for several mining exploration companies working in Greenland
     during the 1990’s including Inco, Quadrant Resources and Diamet and has worked as a geologist in
     exploration projects in Greenland since 1986. Excellent network in the Greenland geological and mining
     community.

Dr. Stefan Bernstein: Exploration Director
     Ph.D. Geology, University of Copenhagen, 1994
     Senior scientist in Danish geological community, including five years at the Geological Survey of Denmark and
     Greenland (GEUS). Resident in Greenland 2 years as leader of Denmark’s Arctic research station. 24 research
     and exploration seasons in all parts of Greenland including work with Platinova, Quadrant, NunaOil, RTZ,
     Strathcona, Corona and Teck. Intimate knowledge and direct involvement with most major deposit finds in
     Greenland within the last 15 years. Author of >30 scientific papers.

Hugh Mackay: Chairman
    B.Sc. (Hons) Geology, University of Edinburgh, 1982; Sloan M.Sc., London Business School, 2001.
    International management experience in disciplined corporate environments in oil exploration with BP and
    Enterprise Oil. Management team in 3 start up companies culminating in $50 million trade sale of The Peak
    Group to AGR ASA. Special experience of exploration portfolio management and business development.
    Hands on experience of company start-up, managing growth, trade sale and mergers. Several expeditions to
    Greenland since 1982.

The Avannaa management team are also the founders of the company
Licences
Licence                                     Award
number    Region                     km2     date   Targets
2007/52   Disko                        8    2007    Diamonds
2008/27   Saqqaq/Itilliarsuk          140   2008    Au, Fe
2008/33   Eqi                         70    2008    Au
2010/05   Karrat REE                  122   2010    REE
2010/20   Flammefjeld                 14    2010    Mo, Au
2010/31   Nuussuaq                    24    2010    Zn
2010/32   IC Christensen Land         405   2010    Cu
2011/30   ICC extension              4096   2011    Cu
2011/31   Kangerluarsuk               112   2011    SEDEX Pb-Zn
2011/40   Central East Greenland     1072   2011    Cu
                               Total 6063
Avannaa is a leading Greenland explorer
                km2 under licence
7000
6000
5000
4000
3000
2000
1000
   0




              Number of licences
  16
  14
  12
  10
   8
   6
   4
   2
   0
Projects
                         IC Christensen Land copper




Karrat REE                      Central East Greenland
                                copper
SEDEX lead-zinc


Itilliarsuk gold, iron

                                    Flammefjeld Mo/Au
Qeqertaa diamond
Karrat REE




             •   Large tonnage
             •   Open pit
             •   HREO enriched
             •   Next to coast
Karrat REE location




                         History
                         New rare earth element deposit, discovered by
                         Avannaa
                         2007: discovery during regional prospecting
                         2008: verification
Licence data             2009: bulk sampling, prospecting - confirmed
2010/05, 122 km2         and enlarged deposit – applied for more ground
2007/08, 84 km2          2010: drill 1740m, bulk & channel sampling,
                         prospecting
Karrat REE two locations
   Niaqornakavsak
   NIAQ



     10 km

             Umiamako Nuna
             UMIA
NIAQ geology
            • Host rock is
              Paleoproterozoic
              metasediments and
              metavolcanics of the
              Karrat Group
            • REE mineralization is a
NIAQ
              lithologically distinct
              horizon of banded
              carbonates in an
              amphibolite unit
Stratigraphy
NIAQ looking south
         NIAQ 3,4,5        NIAQ 1,2        NIAQ 6,7,8
East
                                                    West




       NIAQ Bulk
NIAQ cross section 3,4,5
NIAQ bulk sample site
    UMIA




           NIAQ
NIAQ




       UMIA
NIAQ dimensions
• Tabular body hosting the REE
• 1.5 km long, striking east west
• True thickness pinches and swells from 10.3 to
  32.5 m, structurally controlled
                   o
• Dips south at 32
• 56 m asl highest outcrop
• 165 m bsl deepest drill penetration
• 26 million tonnes is reasonable resource target
• Open in two dimensions
NIAQ REE
  • REE mainly hosted by
    bastnaesite, monazite,
    allanite and other REE
    silicates.
  • TREO+ Y 1.36 wt% average
    in bulk sample. Up to 2.45%
    in core.
  • HREO+Y 13.06% average in
    bulk sample. Up to 30% in
    core.
Calcium carbonate banded horizon
Major Mineralogy                                         Magnetite
• Calcium carbonate ~80-90%
• Grunerite (Fe-Mg amphibole),
Magnetite, Ilmenite, Fluorite,
Anandite (Ba-S mica)
Primary REE mineral
• Bastnasite




                                 25 µm
                                         Bastnasite                             Calcite

                                                BSE Electron Microprobe – Stanford University
Black layered carbonate
Major Mineralogy
• Anandite (Ba-S mica) ~50-80%
• Magnetite, Ilmenite, Calcite,
Apatite, Edenite
Primary REE minerals
• Bastnasite, Monazite, Allanite




                                   SEM BSE image – Stanford University
NIAQ Chondrite normalized core data
                      10000                  La

                                                   Ce
                                                             Pr

                                                                       Nd


                                                                                      Sm
   Sample/Chondrite




                                                                                                Eu
                                                                                                          Gd
                      1000
                                                                                                                    Tb

                                                                                                                          Dy

                                                                                                                                Ho
                                                                                                                                          Er
                                                                                                                                                Tm
                                                                                                                                                      Yb
                                                                                                                                                                Lu




                       100
                              55   56   57        58    59        60        61   62        63        64        65        66    67    68        69    70    71        72
                                                                                  Atomic Number

                                         CI Chondrite data after Anders and Greeves (1989)
Working Theory
• Source fluid is from a ferrocarbonatite.
• We believe that the mineralized horizon is not a
  carbonatite based primarily on the overall whole
  rock chemistry.
• SiO2 content of the horizon varies between 15-
  25%, in a carbonatite we would expect to see
  values below 5%.
• CaO content varies between 18-20%, in a
  carbonatite we would expect to see values
  >30%.
Karrat vs. Bayan Obo
100000




 10000




  1000




   100
              Karrat
              Ffe - Primary Ore
              MFe
    10        AeFe
              RiFe
              DFe

     1
         La   Ce     Pr      Nd   Sm   Eu   Gd   Tb   Dy   Ho   Er   Tm   Yb   Lu
NIAQ 1.36 wt% TREO+Y,
     13.06% HREO+Y
                  Me2O3          RE2O3                   kg RE2O3
Element ppm*      factor          ppm RE2O3 wt%RE203 in % tonne
La            2245      1.173    2633.4   0.263%   19.3%    2.63
Ce           5036.9     1.171    5898.2   0.590%   43.3%    5.90
Pr            470.1      1.17     550.0   0.055%    4.0%    0.55
Nd           2003.6     1.166    2336.2   0.234%   17.2%    2.34
Sm            358.2      1.16     415.5   0.042%    3.1%    0.42
Eu             106      1.158     122.7   0.012%    0.9%    0.12
Gd            270.1     1.153     311.4   0.031%    2.3%    0.31
Tb            38.8      1.151     44.7    0.004%    0.3%    0.04
Dy            180.8     1.148     207.6   0.021%    1.5%    0.21
Ho            28.2      1.146     32.3    0.003%    0.2%    0.03
Er            69.1      1.143     79.0    0.008%    0.6%    0.08
Tm             7.9      1.142      9.0    0.001%    0.1%    0.01
Yb            42.6      1.139     48.5    0.005%    0.4%    0.05
Lu             5.5      1.137      6.3    0.001%    0.0%    0.01
Y             721.5     1.269     915.6   0.092%    6.7%    0.92
Total       11584.3             13610.4 1.361%    100.0%   13.61
*Analyses from average bulk sample nos 2523 - 2530
Bold = critical supply issues in medium term
NIAQ key metrics


                             2014 FOB     Feb 2011 FOB
$ kg RE2O3 product         $         32   $         123
$ tonne ore                $        432   $       1,669
In ground value (billions) $         11   $          43
26 million tonnes
Average bulk sample
NIAQ 2014 FOB prices
                                          26 million tonnes ore                  2014 FOB prices
                                                                               RE2O3                 NIAQ in
                                                                               product               ground
                  Me2O3          RE2O3                   kg RE2O3   2014 price NIAQ $    NIAQ $      value $
Element ppm*      factor          ppm RE2O3 wt%RE203 in % tonne      kg RE203     kg    tonne ore     billion
La           2245       1.173    2633.4   0.263%   19.3%    2.63    $     4.06 $ 0.79 $     10.69    $    0.28
Ce          5036.9      1.171    5898.2   0.590%   43.3%    5.90    $     2.08 $ 0.90 $     12.27    $    0.32
Pr           470.1       1.17     550.0   0.055%    4.0%    0.55    $ 43.87 $ 1.77 $        24.13    $    0.63
Nd          2003.6      1.166    2336.2   0.234%   17.2%    2.34    $ 46.06 $ 7.91 $ 107.61          $    2.80
Sm           358.2       1.16     415.5   0.042%    3.1%    0.42    $     5.58 $ 0.17 $       2.32   $    0.06
Eu            106       1.158     122.7   0.012%    0.9%    0.12    $1,086.10 $ 9.80 $ 133.32        $    3.47
Gd           270.1      1.153     311.4   0.031%    2.3%    0.31    $ 13.70 $ 0.31 $          4.27   $    0.11
Tb           38.8       1.151     44.7    0.004%    0.3%    0.04    $1,166.09 $ 3.83 $      52.08    $    1.35
Dy           180.8      1.148     207.6   0.021%    1.5%    0.21    $ 254.59 $ 3.88 $       52.84    $    1.37
Ho            28.2      1.146      32.3   0.003%    0.2%    0.03    $ 66.35 $ 0.16 $          2.14   $    0.06
Er            69.1      1.143      79.0   0.008%    0.6%    0.08    $ 48.92 $ 0.28 $          3.86   $    0.10
Tm             7.9      1.142       9.0   0.001%    0.1%    0.01    $ 90.00 $ 0.06 $          0.81   $    0.02
Yb            42.6      1.139      48.5   0.005%    0.4%    0.05    $ 25.00 $ 0.09 $          1.21   $    0.03
Lu             5.5      1.137       6.3   0.001%    0.0%    0.01    $ 522.83 $ 0.24 $         3.27   $    0.09
Y            721.5      1.269     915.6   0.092%    6.7%    0.92    $ 23.22 $ 1.56 $        21.26    $    0.55
Total       11584.3             13610.4 1.361%    100.0%   13.61               $ 31.75 $ 432.08      $   11.23
*Analyses from average bulk sample nos 2523 - 2530
Bold = critical supply issues in medium term
NIAQ Feb 2011 FOB prices
                                          26 million tonnes ore             February 2011 FOB prices
                                                                                                         NIAQ in
                                                                     2011    RE2O3                       ground
                  Me2O3          RE2O3                   kg RE2O3   price kg product NIAQ $              value S
Element ppm*      factor          ppm RE2O3 wt%RE203 in % tonne     RE203 NIAQ $ kg tonne ore             billion
La            2245      1.173    2633.4   0.263%   19.3%    2.63    $    92.10   $ 17.82    $ 242.53     $    6.31
Ce           5036.9     1.171    5898.2   0.590%   43.3%    5.90    $    95.10   $ 41.21    $ 560.92     $   14.58
Pr            470.1      1.17     550.0   0.055%    4.0%    0.55    $   140.50   $ 5.68     $ 77.28      $    2.01
Nd           2003.6     1.166    2336.2   0.234%   17.2%    2.34    $   156.00   $ 26.78    $ 364.45     $    9.48
Sm            358.2      1.16     415.5   0.042%    3.1%    0.42    $    95.10   $ 2.90     $ 39.52      $    1.03
Eu             106      1.158     122.7   0.012%    0.9%    0.12    $   800.00   $ 7.21     $ 98.20      $    2.55
Gd            270.1     1.153     311.4   0.031%    2.3%    0.31    $    58.00   $ 1.33     $ 18.06      $    0.47
Tb            38.8      1.151      44.7   0.004%    0.3%    0.04    $   800.00   $ 2.62     $ 35.73      $    0.93
Dy           180.8      1.148     207.6   0.021%    1.5%    0.21    $   460.00   $ 7.01     $ 95.48      $    2.48
Ho            28.2      1.146     32.3    0.003%   0.2%     0.03    $    66.35   $ 0.16     $     2.14   $    0.06
Er            69.1      1.143     79.0    0.008%   0.6%     0.08    $   340.00   $ 1.97     $ 26.85      $    0.70
Tm             7.9      1.142      9.0    0.001%   0.1%     0.01    $    90.00   $ 0.06     $     0.81   $    0.02
Yb            42.6      1.139     48.5    0.005%   0.4%     0.05    $    33.40   $ 0.12     $     1.62   $    0.04
Lu             5.5      1.137      6.3    0.001%   0.0%     0.01    $   365.00   $ 0.17     $     2.28   $    0.06
Y            721.5      1.269    915.6    0.092%   6.7%     0.92    $   113.00   $ 7.60     $ 103.46     $    2.69
Total       11584.3             13610.4 1.361%    100.0%   13.61                 $ 122.65   $ 1,669.33   $   43.40
*Analyses from average bulk sample nos 2523 - 2530
Bold = critical supply issues in medium term
NIAQ comparison
                          $kg REO vs Mkt Cap
          $80.00                                                                10000
          $70.00   2800         2500




                                                                                        Mkt cap S million
          $60.00                                                                1000
Skg REO




          $50.00          343          352 268 211           365        216
          $40.00                                   145                          100
                                                                              107
          $30.00                                                   46
          $20.00                                                                10
          $10.00
             $-                                                                 1




                                 $ kg REO        Mkt Cap $




                                                                                                    All values based on 2014 FOB,
                                                                                                    company data from websites and
                                                                                                    SEDAR as at 20 Nov 2010. Mkt
                                                                                                    Cap FT.com 13 Dec 2010.
Umiamako Nuna
                                       Drill site
Looking south from summit                                             Looking north toward summit




          Potential REE mineralisation observed in field at several locations.
          200m section tested by drilling in two holes. Possible extraction by
          simple quarry.
Support Services
•   ALS Chemex
•   AMEC
•   Moose Mountain
•   P-MET
•   PFU-APS
•   SGS Lakefield
•   Stanford University
•   Wardrop
Metallurgy NIAQ
                  Bulk sample




                 Comminution and
                  characterisation




                                         Magnetic     Non mags        Flotation
    Roasting
                                        separation
       Calcine




                                                                        Conc.
                                               Mags
 Water/Mild
                                      Acid leaching                Acid leaching
 acid leaching




                                                                        Lixivium
                                          Lixivium
      Lixivium




Ion exchange/                        Ion exchange/               Ion exchange/
 Precipiation                        Precipiation                Precipiation


Preferred                                                        Less possible
                                       Possible
Next steps
• Current activity
   – Commercial modelling
   – Metallurgical testing
   – Scoping level
     assessment
• Future activity
   NI 43-101 compliant:
   – Indicated resource
   – Preliminary Economic
     Assessment
Exploring the Karrat REE deposit in Greenland
Contact


  Avannaa Resources Limited
Dronningens Tværgade 48 st.tv
      1302 København K
          Denmark

     e-mail enquiries to:
     hgm@avannaa.com

telephone: +44 7771 660 539

     www.avannaa.com

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Exploring the Karrat REE deposit in Greenland

  • 1. RARE EARTHS, SPECIALITY & STRATEGIC METALS INVESTMENT SUMMIT Exploring the Karrat REE deposit in Greenland Hugh Mackay – Chairman, Avannaa Resources IRONMONGERS’ HALL, CITY OF LONDON ● THURSDAY, 17 MAR 2011 www.ObjectiveCapitalConferences.com
  • 2. Avannaa Resources Exploring the Karrat REE deposit in Greenland Objective Capital Rare Earths, Speciality & Strategic Metals Investment Summit London, 17 March 2011 www.avannaa.com
  • 3. Avannaa key facts 1. Founded in UK in 2006. Not listed. Focussed on Greenland exploration, where founders have worked since 1982 2. Experts at grassroots mineral exploration, experts on the geology of Greenland 3. Objective is to find giant deposits of gold, base metals and diamonds. 4. Focus on competitive edge in grassroots exploration and bring in development partners to take mines into production
  • 4. Why Greenland? • Excellent geology – the same geology in Australia, Canada and southern Africa hosts world class mineral deposits. • Under-explored, high potential for significant discoveries • Greenland government is pro-mining and single government agency acts as administrative partner • No royalties, favourable deductions on capital, no ring-fencing • 30 % corporate tax • Simple logistics, extensive access to deep tidal water, ocean moderated climate • Modern society with educated, problem-solving workforce
  • 5. Management Team Dr. Nicholas Rose: CEO Ph.D. Geology, Stanford University, 1989 Active in Greenland since 1982 on a variety of research and mineral exploration projects, and has a total of 18 field seasons in Greenland. Research fellow at Lawrence Livermore National Laboratory (California) and University of Copenhagen. Managed projects for several mining exploration companies working in Greenland during the 1990’s including Inco, Quadrant Resources and Diamet and has worked as a geologist in exploration projects in Greenland since 1986. Excellent network in the Greenland geological and mining community. Dr. Stefan Bernstein: Exploration Director Ph.D. Geology, University of Copenhagen, 1994 Senior scientist in Danish geological community, including five years at the Geological Survey of Denmark and Greenland (GEUS). Resident in Greenland 2 years as leader of Denmark’s Arctic research station. 24 research and exploration seasons in all parts of Greenland including work with Platinova, Quadrant, NunaOil, RTZ, Strathcona, Corona and Teck. Intimate knowledge and direct involvement with most major deposit finds in Greenland within the last 15 years. Author of >30 scientific papers. Hugh Mackay: Chairman B.Sc. (Hons) Geology, University of Edinburgh, 1982; Sloan M.Sc., London Business School, 2001. International management experience in disciplined corporate environments in oil exploration with BP and Enterprise Oil. Management team in 3 start up companies culminating in $50 million trade sale of The Peak Group to AGR ASA. Special experience of exploration portfolio management and business development. Hands on experience of company start-up, managing growth, trade sale and mergers. Several expeditions to Greenland since 1982. The Avannaa management team are also the founders of the company
  • 6. Licences Licence Award number Region km2 date Targets 2007/52 Disko 8 2007 Diamonds 2008/27 Saqqaq/Itilliarsuk 140 2008 Au, Fe 2008/33 Eqi 70 2008 Au 2010/05 Karrat REE 122 2010 REE 2010/20 Flammefjeld 14 2010 Mo, Au 2010/31 Nuussuaq 24 2010 Zn 2010/32 IC Christensen Land 405 2010 Cu 2011/30 ICC extension 4096 2011 Cu 2011/31 Kangerluarsuk 112 2011 SEDEX Pb-Zn 2011/40 Central East Greenland 1072 2011 Cu Total 6063
  • 7. Avannaa is a leading Greenland explorer km2 under licence 7000 6000 5000 4000 3000 2000 1000 0 Number of licences 16 14 12 10 8 6 4 2 0
  • 8. Projects IC Christensen Land copper Karrat REE Central East Greenland copper SEDEX lead-zinc Itilliarsuk gold, iron Flammefjeld Mo/Au Qeqertaa diamond
  • 9. Karrat REE • Large tonnage • Open pit • HREO enriched • Next to coast
  • 10. Karrat REE location History New rare earth element deposit, discovered by Avannaa 2007: discovery during regional prospecting 2008: verification Licence data 2009: bulk sampling, prospecting - confirmed 2010/05, 122 km2 and enlarged deposit – applied for more ground 2007/08, 84 km2 2010: drill 1740m, bulk & channel sampling, prospecting
  • 11. Karrat REE two locations Niaqornakavsak NIAQ 10 km Umiamako Nuna UMIA
  • 12. NIAQ geology • Host rock is Paleoproterozoic metasediments and metavolcanics of the Karrat Group • REE mineralization is a NIAQ lithologically distinct horizon of banded carbonates in an amphibolite unit
  • 14. NIAQ looking south NIAQ 3,4,5 NIAQ 1,2 NIAQ 6,7,8 East West NIAQ Bulk
  • 16. NIAQ bulk sample site UMIA NIAQ
  • 17. NIAQ UMIA
  • 18. NIAQ dimensions • Tabular body hosting the REE • 1.5 km long, striking east west • True thickness pinches and swells from 10.3 to 32.5 m, structurally controlled o • Dips south at 32 • 56 m asl highest outcrop • 165 m bsl deepest drill penetration • 26 million tonnes is reasonable resource target • Open in two dimensions
  • 19. NIAQ REE • REE mainly hosted by bastnaesite, monazite, allanite and other REE silicates. • TREO+ Y 1.36 wt% average in bulk sample. Up to 2.45% in core. • HREO+Y 13.06% average in bulk sample. Up to 30% in core.
  • 20. Calcium carbonate banded horizon Major Mineralogy Magnetite • Calcium carbonate ~80-90% • Grunerite (Fe-Mg amphibole), Magnetite, Ilmenite, Fluorite, Anandite (Ba-S mica) Primary REE mineral • Bastnasite 25 µm Bastnasite Calcite BSE Electron Microprobe – Stanford University
  • 21. Black layered carbonate Major Mineralogy • Anandite (Ba-S mica) ~50-80% • Magnetite, Ilmenite, Calcite, Apatite, Edenite Primary REE minerals • Bastnasite, Monazite, Allanite SEM BSE image – Stanford University
  • 22. NIAQ Chondrite normalized core data 10000 La Ce Pr Nd Sm Sample/Chondrite Eu Gd 1000 Tb Dy Ho Er Tm Yb Lu 100 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 Atomic Number CI Chondrite data after Anders and Greeves (1989)
  • 23. Working Theory • Source fluid is from a ferrocarbonatite. • We believe that the mineralized horizon is not a carbonatite based primarily on the overall whole rock chemistry. • SiO2 content of the horizon varies between 15- 25%, in a carbonatite we would expect to see values below 5%. • CaO content varies between 18-20%, in a carbonatite we would expect to see values >30%.
  • 24. Karrat vs. Bayan Obo 100000 10000 1000 100 Karrat Ffe - Primary Ore MFe 10 AeFe RiFe DFe 1 La Ce Pr Nd Sm Eu Gd Tb Dy Ho Er Tm Yb Lu
  • 25. NIAQ 1.36 wt% TREO+Y, 13.06% HREO+Y Me2O3 RE2O3 kg RE2O3 Element ppm* factor ppm RE2O3 wt%RE203 in % tonne La 2245 1.173 2633.4 0.263% 19.3% 2.63 Ce 5036.9 1.171 5898.2 0.590% 43.3% 5.90 Pr 470.1 1.17 550.0 0.055% 4.0% 0.55 Nd 2003.6 1.166 2336.2 0.234% 17.2% 2.34 Sm 358.2 1.16 415.5 0.042% 3.1% 0.42 Eu 106 1.158 122.7 0.012% 0.9% 0.12 Gd 270.1 1.153 311.4 0.031% 2.3% 0.31 Tb 38.8 1.151 44.7 0.004% 0.3% 0.04 Dy 180.8 1.148 207.6 0.021% 1.5% 0.21 Ho 28.2 1.146 32.3 0.003% 0.2% 0.03 Er 69.1 1.143 79.0 0.008% 0.6% 0.08 Tm 7.9 1.142 9.0 0.001% 0.1% 0.01 Yb 42.6 1.139 48.5 0.005% 0.4% 0.05 Lu 5.5 1.137 6.3 0.001% 0.0% 0.01 Y 721.5 1.269 915.6 0.092% 6.7% 0.92 Total 11584.3 13610.4 1.361% 100.0% 13.61 *Analyses from average bulk sample nos 2523 - 2530 Bold = critical supply issues in medium term
  • 26. NIAQ key metrics 2014 FOB Feb 2011 FOB $ kg RE2O3 product $ 32 $ 123 $ tonne ore $ 432 $ 1,669 In ground value (billions) $ 11 $ 43 26 million tonnes Average bulk sample
  • 27. NIAQ 2014 FOB prices 26 million tonnes ore 2014 FOB prices RE2O3 NIAQ in product ground Me2O3 RE2O3 kg RE2O3 2014 price NIAQ $ NIAQ $ value $ Element ppm* factor ppm RE2O3 wt%RE203 in % tonne kg RE203 kg tonne ore billion La 2245 1.173 2633.4 0.263% 19.3% 2.63 $ 4.06 $ 0.79 $ 10.69 $ 0.28 Ce 5036.9 1.171 5898.2 0.590% 43.3% 5.90 $ 2.08 $ 0.90 $ 12.27 $ 0.32 Pr 470.1 1.17 550.0 0.055% 4.0% 0.55 $ 43.87 $ 1.77 $ 24.13 $ 0.63 Nd 2003.6 1.166 2336.2 0.234% 17.2% 2.34 $ 46.06 $ 7.91 $ 107.61 $ 2.80 Sm 358.2 1.16 415.5 0.042% 3.1% 0.42 $ 5.58 $ 0.17 $ 2.32 $ 0.06 Eu 106 1.158 122.7 0.012% 0.9% 0.12 $1,086.10 $ 9.80 $ 133.32 $ 3.47 Gd 270.1 1.153 311.4 0.031% 2.3% 0.31 $ 13.70 $ 0.31 $ 4.27 $ 0.11 Tb 38.8 1.151 44.7 0.004% 0.3% 0.04 $1,166.09 $ 3.83 $ 52.08 $ 1.35 Dy 180.8 1.148 207.6 0.021% 1.5% 0.21 $ 254.59 $ 3.88 $ 52.84 $ 1.37 Ho 28.2 1.146 32.3 0.003% 0.2% 0.03 $ 66.35 $ 0.16 $ 2.14 $ 0.06 Er 69.1 1.143 79.0 0.008% 0.6% 0.08 $ 48.92 $ 0.28 $ 3.86 $ 0.10 Tm 7.9 1.142 9.0 0.001% 0.1% 0.01 $ 90.00 $ 0.06 $ 0.81 $ 0.02 Yb 42.6 1.139 48.5 0.005% 0.4% 0.05 $ 25.00 $ 0.09 $ 1.21 $ 0.03 Lu 5.5 1.137 6.3 0.001% 0.0% 0.01 $ 522.83 $ 0.24 $ 3.27 $ 0.09 Y 721.5 1.269 915.6 0.092% 6.7% 0.92 $ 23.22 $ 1.56 $ 21.26 $ 0.55 Total 11584.3 13610.4 1.361% 100.0% 13.61 $ 31.75 $ 432.08 $ 11.23 *Analyses from average bulk sample nos 2523 - 2530 Bold = critical supply issues in medium term
  • 28. NIAQ Feb 2011 FOB prices 26 million tonnes ore February 2011 FOB prices NIAQ in 2011 RE2O3 ground Me2O3 RE2O3 kg RE2O3 price kg product NIAQ $ value S Element ppm* factor ppm RE2O3 wt%RE203 in % tonne RE203 NIAQ $ kg tonne ore billion La 2245 1.173 2633.4 0.263% 19.3% 2.63 $ 92.10 $ 17.82 $ 242.53 $ 6.31 Ce 5036.9 1.171 5898.2 0.590% 43.3% 5.90 $ 95.10 $ 41.21 $ 560.92 $ 14.58 Pr 470.1 1.17 550.0 0.055% 4.0% 0.55 $ 140.50 $ 5.68 $ 77.28 $ 2.01 Nd 2003.6 1.166 2336.2 0.234% 17.2% 2.34 $ 156.00 $ 26.78 $ 364.45 $ 9.48 Sm 358.2 1.16 415.5 0.042% 3.1% 0.42 $ 95.10 $ 2.90 $ 39.52 $ 1.03 Eu 106 1.158 122.7 0.012% 0.9% 0.12 $ 800.00 $ 7.21 $ 98.20 $ 2.55 Gd 270.1 1.153 311.4 0.031% 2.3% 0.31 $ 58.00 $ 1.33 $ 18.06 $ 0.47 Tb 38.8 1.151 44.7 0.004% 0.3% 0.04 $ 800.00 $ 2.62 $ 35.73 $ 0.93 Dy 180.8 1.148 207.6 0.021% 1.5% 0.21 $ 460.00 $ 7.01 $ 95.48 $ 2.48 Ho 28.2 1.146 32.3 0.003% 0.2% 0.03 $ 66.35 $ 0.16 $ 2.14 $ 0.06 Er 69.1 1.143 79.0 0.008% 0.6% 0.08 $ 340.00 $ 1.97 $ 26.85 $ 0.70 Tm 7.9 1.142 9.0 0.001% 0.1% 0.01 $ 90.00 $ 0.06 $ 0.81 $ 0.02 Yb 42.6 1.139 48.5 0.005% 0.4% 0.05 $ 33.40 $ 0.12 $ 1.62 $ 0.04 Lu 5.5 1.137 6.3 0.001% 0.0% 0.01 $ 365.00 $ 0.17 $ 2.28 $ 0.06 Y 721.5 1.269 915.6 0.092% 6.7% 0.92 $ 113.00 $ 7.60 $ 103.46 $ 2.69 Total 11584.3 13610.4 1.361% 100.0% 13.61 $ 122.65 $ 1,669.33 $ 43.40 *Analyses from average bulk sample nos 2523 - 2530 Bold = critical supply issues in medium term
  • 29. NIAQ comparison $kg REO vs Mkt Cap $80.00 10000 $70.00 2800 2500 Mkt cap S million $60.00 1000 Skg REO $50.00 343 352 268 211 365 216 $40.00 145 100 107 $30.00 46 $20.00 10 $10.00 $- 1 $ kg REO Mkt Cap $ All values based on 2014 FOB, company data from websites and SEDAR as at 20 Nov 2010. Mkt Cap FT.com 13 Dec 2010.
  • 30. Umiamako Nuna Drill site Looking south from summit Looking north toward summit Potential REE mineralisation observed in field at several locations. 200m section tested by drilling in two holes. Possible extraction by simple quarry.
  • 31. Support Services • ALS Chemex • AMEC • Moose Mountain • P-MET • PFU-APS • SGS Lakefield • Stanford University • Wardrop
  • 32. Metallurgy NIAQ Bulk sample Comminution and characterisation Magnetic Non mags Flotation Roasting separation Calcine Conc. Mags Water/Mild Acid leaching Acid leaching acid leaching Lixivium Lixivium Lixivium Ion exchange/ Ion exchange/ Ion exchange/ Precipiation Precipiation Precipiation Preferred Less possible Possible
  • 33. Next steps • Current activity – Commercial modelling – Metallurgical testing – Scoping level assessment • Future activity NI 43-101 compliant: – Indicated resource – Preliminary Economic Assessment
  • 35. Contact Avannaa Resources Limited Dronningens Tværgade 48 st.tv 1302 København K Denmark e-mail enquiries to: hgm@avannaa.com telephone: +44 7771 660 539 www.avannaa.com