Ucore Hosts U.S. Embassy Ottawa Staff at RapidSX Demonstration Plant

Peak Rare Earths Limited (ASX: PEK) (“Peak” or the “Company”) is pleased to announce that on 8 August 2023 it executed a binding offtake agreement with Shenghe Resources (Singapore) Pte. Ltd. (“Shenghe Singapore”), a wholly owned subsidiary of global rare earths company, Shenghe Resources Holding Co., Ltd. (“Shenghe”). The Company also signed a non-binding Memorandum of Understanding (“MOU”) with Shenghe, which sets out the basis of the parties’ cooperation on assessing an integrated Engineering, Procurement and Construction (“EPC”) and project funding solution for the Ngualla Rare Earth Project (“Ngualla Project”). 1

Under the offtake agreement, the net payability for concentrate, being the price received for concentrate divided by the basket value of contained rare earth elements, will vary with the grade of Ngualla Project’s concentrate and the underlying price of rare earth elements. Peak is targeting to produce concentrate with a TREO grade of greater than 45% over the life of the Offtake Agreement. Based on current spot prices, over 92% of the value of Ngualla concentrate is attributable to contained NdPr Oxide3 .