• Caldera is the only permitted heavy rare earth mine outside of China’s control
• Caldera is a U.S. based mine with a recently completed and economic NI 43 101
• Caldera is a multi-commodity producer, enhancing economic stability against adverse REE pricing
• Caldera has secured proven commercial scale separation & metallic technology for on-site processing
• Caldera is partnering with metal and magnet fabricators and EV motor and auto makers
• Caldera will offer the only 100% U.S. sourced, separated & metallic HREEs
• Phase 1 Production for NdFeB (tpy metal): Nd 1760, Pr 370, Tb 35, Dy 190, Ho 15
• Phase 1 Production for SmCo (tpy Metal): Sm 230, Co 290, Ni 30
  • Mined, Concentrated & Separated in the U.S. 
  • Production begins in late 2026
  • Phase 2 Increases all volumes by ~ 150%

Partnership Opportunities Limited

A Permitted Heavy Rare Earth Project In The U.S. With Full Spectrum / Commercial Scale Separation Capability Developing Integration Partnerships For The Production Of High Operating Temperature (HOT) REE Magnets

STATUS OF NON-CHINESE ‘MARKET LEADERS’

According to most market analysts, MP is losing money on its Nd/Pr production and is dependent on Nd/Pr for profitability. Lynas appears to have a lower cost of production.  However, if Nd/Pr prices go lower both companies may face challenges.

China controls pricing/margins at the metallic conversion and magnet production level.  Boosting Nd/Pr production or moving downstream to metal and / or magnet   production only makes matters worse.

Cyclical failure of Mt. Pass (MP) and Mt. Weld (Lynas) is largely due to their geochemistry

• Their geochemistry, and the distribution of REEs in the deposit, are incompatible with economic and national security needs
• The geochemistry lends itself to the overproduction of light REEs
• China is the arbiter of demand, supply, and price, allowing it to incentivize new production or turn it off
• China controls access to all heavy REEs and inflates the exported cost of these materials

This makes downstream expansion uncompetitive / unprofitable

Only a few elements comprise most REES value

5 of the 16 commercial REE elements are critical and comprise ~90 percent of global REEs value at powder stage

About 95% of the Final REE Value is Magnets & Metal

1)Note: Y and Sc are not Lanthanides and have lower atomic weights than any of the other elements. Historically, Scandium was included in the USDS heavy REEs classification.

2) Pm is not found in the earth’s crust and is not a commercial element.

Understanding Resource Incompatibility of MP & Lynas

MP Materials has no (zero) recoverable Tb, Dy, or Ho

Lynas has very little Tb, Dy, and Ho in its Mt. Weld deposit

• currently producing about 0.01% of global demand*
• All production is shipped to China for separation

China controls 100% of Tb/Dy separation**.

(All global production passes through China)

Other issues

*Assumes total global Tb, Dy & Ho = 6,000 tpy

**Lynas recently claimed to be able to separate Ho

Economic Viability

• The economics of both companies are exclusively and near-exclusively dependent on Nd/Pr pricing
• Current Nd/Pr pricing appears to be below MP’s cost of production.  MP may face bankruptcy if prices remain low or fall further.
• Chinese pricing of Sm is so low that all SmCo magnets contain Sm that was separated inside China

Deficient Producers Drive Policy

• For more that 15 years, deficient resource producers have driven policy
• No amount of private or public funding can compensate for these deficiencies
• Good money continues to follow bad
• Alternatives get little to no support

SOMETHING NEW ON THE HORIZON

Caldera’s Pea Ridge resource vs. MP and others

Phased Production of high-temperature NdFeB magnets – enhanced with non-Chinese Nd/Pr without the development of Caldera, the production numbers of conforming NdFeB magnets is zero

Caldera is the only solution on the horizon

• Caldera is fully permitted and startup engineering is nearly completed
• Caldera has geopolitically significant levels of all heavy REEs, including Tb, Dy & Ho
• Caldera is negotiating the transfer of full spectrum separation technology (all 16 REEs)
• Caldera will be the only non-Chinese source of separated Tb, Dy & Ho (and all others)
• Caldera’s heavy REEs assure profitability in the current market
• Caldera has multiple high-value byproducts, ensuring profitability in current and lower REE market pricing environments
• Caldera’s byproducts include Co and Ni, allowing for 100% U.S. sourced SmCo magnets (with sufficient Co and Sm to meet most of U.S. demand)
• Due to extraordinarily high CAPEX, Caldera will need DoE and DoD funding for startup

From two mineralizations, REE-Apatite and Pyrite, Caldera will produce 22 critical materials.  The  complexity of these separations is accomplished through Caldera’s digestion, cracking and solvent extraction processes.  The iron (Fe) that is recovered from the tailings easily concentrates up to a purity level for specialty and chemical applications, including new battery technologies.

Market Pricing Risk

The greatest demonstrated risk for any REE company is China’s use of monopoly practices to undermine or eliminate competitors. Caldera has addressed this risk through a strategy of vertical integration and product diversification.

Vertical integration: Caldera’s midstream partner will be a leading metals and magnet fabricator that will establish new facilities in the U.S.

Caldera’s primary downstream off-take partner will be an international auto manufacturer of EVs.

Our primary downstream off-take partner will utilize about half of our NdFeB +Tb/Dy magnet capacity.

Product Diversification: Caldera’s other heavy REEs, numerous other critical materials, and commodity products should provide a hedge against operational losses if rare earth prices remain low or go lower (MP and Lynas are suffering losses on their Nd/Pr products at current price levels).

Caldera’s heavy REEs financially carry the project at current pricing levels.

Fluorapatite Contains all REEs, F & Ga

Pyrite Contains Co, Ni, Mo, Cu, S & Te

Fe in the tailings beneficiates to 99.9% and is milled to customer specifications

Caldera Holding LLC owns the Pea Ridge Mine in Washington County, Missouri.  The mine operated for 40 years as the highest-grade producer of iron concentrates in the world.

The 40 years of accumulated mine tailings contain 130,000 tons of rare earths, including all heavy REEs, other critical materials, and valuable commodities.  In addition to 250 million tons of proven iron reserves, there are two others rare earth deposits underground (all open at depth).

The mine is permitted and all project engineering is nearly complete.  Site work has been initiated and final engineering and partnerships will be completed later this summer.