Developing a world-class rare earth deposit in South Africa

LREO
HREO
REO Prices and Relative Distribution
Average Current
Frontier Lynas Molycorp
price 1 price 2
RE Oxide ($/kg REO) ($/kg REO) ZC1 Mt Weld 4 Mtn Pass
Rare
Element Arafura Avalon Quest
Bear
Lodge
Nolans
Bore
Nechalacho
Strange
Lake
Lanthanum $12 $91 25.42% 25.14% 34.00% 31.27% 19.78% 15.83% 13.19%
Cerium $10 $91 44.17% 44.97% 48.80% 47.19% 47.63% 35.72% 27.37%
Praseodymium $29 $136 4.55% 4.90% 4.20% 4.05% 5.83% 4.51% 3.00%
Neodymium $30 $147 15.77% 17.18% 11.70% 11.87% 21.24% 17.83% 10.69%
Samarium $8 $91 2.31% 2.44% 0.79% 2.35% 2.37% 3.91% 2.60%
Europium $494 $740 0.59% 0.56% 0.13% 0.55% 0.40% 0.49% 0.20%
Gadolinium $13 $98 1.44% 1.54% 0.21% 1.22% 1.00% 3.71% 2.70%
Terbium $515 $740 0.17% 0.17% 0.02% 0.17% 0.08% 0.54% 0.60%
Dysprosium $148 $450 0.77% 0.58% 0.05% 0.41% 0.33% 2.71% 4.10%
Holmium $0 $0 0.13% 0.08% 0.02% 0.03% 0.00% 0.48% 0.90%
Erbium $0 $0 0.32% 0.22% 0.02% 0.06% 0.00% 1.26% 2.80%
Thulium $0 $0 0.04% 0.02% 0.02% 0.00% 0.00% 0.17% 0.50%
Ytterbium $0 $0 0.23% 0.09% 0.02% 0.03% 0.00% 1.01% 2.90%
Lutetium $0 $0 0.03% 0.02% 0.02% 0.00% 0.00% 0.14% 0.40%
Yttrium $18 $106 4.07% 2.08% 0.02% 0.81% 1.32% 11.69% 28.07%
Total 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Notes:
1. Based on average FOB China prices for 2008-2010. Source: Roskill
2. Based on current FOB China prices. Source: Metal Pages, 1 March 2011
3. No value is attributed to Holmium, Erbium, Thulium, Ytterbium and Lutetium as they have small markets and are typically produced to
special order and do not have regularly published prices.
4. Mount Weld distribution calculated as a weighted average of the Central and Duncan deposits
46 │