More outcropping ironstones found at FNT's REE project

Today FNT’s field sampling program yielded what we think are good early signs that Rare Earths could be present on their tenements.

154 rock chip samples were taken and have been sent to the lab for assays.

FNT is getting the rocks classified into potential groupings of monazite, carbonatite and ironstone.

Ironstone is particularly interesting, as ironstones played a key role in the discovery that ~$500M market capped Hastings Technology Metals made at the next door Yangibana project.

The presence of carbonatite is also worth noting as Australia’s only Rare Earths producer, ~$10B market capped Lynas Corp, found their massive Mt Weld discovery in carbonatite.

For conext, the total grade of Rare Earths across Hasting’s project is ~1% and the nearby Dreadnought Resources re-rated in June-July 2021, in part, on the back of ironstone rock chip sample assays of 11.2% Total Rare Earth Oxide (“TREO”).

We think FNT is well placed in an emerging major Rare Earths district in WA, and we’re looking forward to what they come back with in terms of assays from the labs.

We wanted to see FNT advance their Rare Earth’s project by drilling (Key Objective #2) - and we now know that FNT is planning drilling for Q2 2022, which is just around the corner.

Here is why we invested in FNT and what we expect them to achieve in 2022 - FNT Investment Memo.