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Pacific Century Rare Earth Minerals Limited (“PCL”) is developing the Jongju “Super Target” in the Democratic People’s Republic of Korea (“DPRK”). PCL is a joint venture between the Korea Natural Resources Trading Corporation (responsible for the development of the DPRK rare earth industry) and a private equity company SRE Minerals Limited. According to a recently completed independent geologists report, the Jongju REE target has an estimated 216.18 million tonnes of TREO, which makes it the largest rare earth deposit in the world. To put this in context, the discovery of Jongju increases total reported global reserves of Rare Earth Minerals (Rare Earths) by more than 130%. Jongju will totally transform the global rare earth industry with potentially more than six times the rare earth reserves of China, with one centralised processing facility, experienced and a low cost workforce and the estimated lowest cost of production globally. In addition to 216.18 million tonnes of Rare Earth (which has an in situ value at today’s prices of $4,749 billion), the Jongju “Super Deposit” also potentially holds 3,147 million tonnes of critical metals and associated minerals with an in-situ value at today’s prices of $729bn.

PCL has the exclusive right to build a national rare earth processing plant at the site of the Jongju “Super Deposit” in the DPRK that can be used not only for Jongju’s rare earths and associated minerals but also for other rare earths and associated minerals that are subsequently discovered elsewhere in the DPRK. In addition, PCL will also be mining and processing critical metals and associated minerals from the Jongju “Super Deposit “and surrounding areas. Further, PCL has a policy of Sustainable Development where it is mining and in all related activities and responsibilities. Such policy is built into all of the Company’s Financial Models and is provided for accordingly.