Corporate INFORMATION JULY 2013

Developing a Low Cost Rare Earth Project Ngualla Rare Earth Project

UGANDA Corporate Profile Peak Resources Limited is developing its 100% owned Ngualla Rare Earth Project in Tanzania. Favourable mineralogy enables a simple, low risk and low cost processing route which, together with high grades and extremely low uranium and levels, distinguishes Ngualla from other rare earth projects. The Scoping Study Update completed in May 2013 defines robust project economics further improved by the TANZANIA new Mineral Resource estimate released in April 2013 and recent beneficiation test work results. The revised Dar Es Salaam Scoping Study confirms Ngualla as a leading rare earth project with an NPV of US$1.768 billion, IRR of 60%, Ngualla Project Indian Ocean ! annual revenues of US$378 million and payback within 3 years. Ngualla is a new discovery and one of the Mbeya largest and highest grade rare earth deposits in the world. N

0 100 200 400km Peak’s strategy for growth is to develop Ngualla into production rapidly via lower capital costs and establishg the Ngualla Project location, Tanzania. Company as a lower cost quartile, long term producer of clean, high purity rare earth products.

Capital Share Structure Ngualla0 50 100 –200m a quality Bastnaesite Zone Monazite Zone As of 3o June 2013 Northern Zone rare earth project Southern Rare Earth Zone (SREZ) Trading Symbol1 toAustralia 2% REO / 0.5 to 1% Nb2O5 / 200 to 500ppm Ta2O5 / +20% phosphate Geological fundamentals Colluvium Ngualla Hill >2% REO ASX: PEK Ferricrete 1600distinguish Ngualla from other SW Alluvials Fresh Weathered projects and have enabled the 100m Trading Symbol US >3% REO rapid development(Bastnaesite and Monazite)achieved OTCQX: PKRLY 1 to 2% REO fromAlluvium discovery just over two Ordinary Shares on issue: 1500years ago. 600m Primary REO mineralisation 275.6M Residual apatite- • One of the largestFresh and Fresh Fresh Fresh 1 to 2% REO Market Cap: highest Calcitegrade deposits Transitional Ultramafic Ferro-Carbonatite Transitional A$38.6 million (at 14.0c) Calcite Carbonatite Carbonatite Carbonatite 1400 in the world Listed Options outstanding: Southern Rare Earth Zone (SREZ) Northern Zone • Outcropping blanket of 51.7M 0 50 100 200m mineralisation, highest Bastnaesite Zone Monazite Zone Geological cross section: the Bastnaesite Zone. Thick high blanket of high grade RE mineralisation at surface. Unlisted Options outstanding: 1 to 2% REO / 0.5 to 1% Nb2O5 / 1 to 2% REO / 0.5 to 1% Nb2O5 / grades at surface 2 5 2 5 7.9M Ngualla Hill 200 to 500ppm Ta O / +20% phosphate 200 to 500ppm Ta O / +20% phosphate Colluvium Ferricrete • Favourable bastnaesite Investment Highlights >2% REO 1600 Cash at hand: mineralogy in oxide matrix • Exposure to rare earths – a strategic commodity with SW Alluvials Fresh Weathered A$2.44M 100m is the key to the proven, low China restricting supply to clean technology and expanding(Bastnaesite and Monazite) >3% REO Weathered 52 week range: cost, low risk metallurgical hi-tech markets 1 to 2% REO Alluvium 11.0c – 25c processing route that • One of the largest high grade rare earth deposits1500 in the world – 700m Primary REO mineralisation distinguishes this project Residual apatite-magnetite 21.6Mt at 4.54% REO for 982,000t contained REO Fresh Contact Details Fresh Fresh Fresh from others (JORC Mineral Resource, see Table over leaf) 1 to 2% REO Calcite Carbonatite Registered Office:Transitional Ultramafic Ferro-Carbonatite Transitional Calcite Carbonatite • The extremely low levels Carbonatite Carbonatite • Distinguished from other rare earth projects by1400 100% ownership, Level 2, 46 Ord Street, of uranium and thorium favourable and non-radioactive bastnaesite mineralogy, simple West Perth, WA 6005, Australia of 14ppm and 42ppm proven metallurgy, high grades, low strip mining and low costs Telephone: respectively are a distinct +61 8 9200 5360 • Low Capex and Opex rare earth project with high returns and advantage over other rare potential for expansions Facsimile: earth projects +61 8 9226 3831 • Low risk - proven simple technology • Initial 25 year development Email: exploits just 10% of the Peak is poised for growth given the rapid positive progress [email protected] total resource – significant achieved and is considerably undervalued compared to its Website: opportunity for future peers considering resource size, mineralogy and strong www.peakresources.com.au expansions project economics.

Discovery Resource Metallurgy Scoping PFS BFS Production Aug 2010 Feb 2012 2012 Dec 2012 2013 2014 2016 Simplified 3 Stage Process Flow Sheet - Ngualla Project

BENEFICIATION Recovery SEPARATION

4 High MINE Magnetic Separation CONCEN- Sulphuric Acid Leach RE SX 99% Purity FEED & Flotation TRATE & Purification Solution Separation Products

Precipitate

Mid+Heavy Simplified process route for Ngualla RE Oxide bastnaesite mineralisation into two streams: Oxide Nd–Pr Oxide a) cerium oxide concentrate Concentrate b) 4 refined high 99% purity REO products Cerium Oxide Oxide

Metallurgy Revised Scoping Study Strategy and Milestones • Beneficiation reduces feed mass May 2013 Key milestones and potential by 78%, significantly reducing plant • Base case pre-tax NPV of upside include: size, reagent consumption, Capex US$1.768 billion and IRR of 60% • Updated Scoping Study and Opex 2013 and economic assessment • Low capital cost of US$373 million May 2103 • Proven simple sulphuric acid leach (excluding contingency) and payback recovery process – no baking or high within 3 years cost, difficult to operate kilns • +99% purity REO products • Capex includes SX plant for +99% purity from SX pilot plant available • 83% REO leach recovery REO products for assessment by off take customers by mid-2013 • Established low risk, proven • Low operating costs of US$10.18/kg technology – ‘tanks, pumps & filters’ • Optimised beneficiation • Annual revenues of US$361 million at process • Early cerium recovery further reduces 10,000 tonne ‘base case’ REO production downstream plant and costs • Recovery process • Options to increase production to optimisation • Solvent Extraction (SX) Separation 20,000tpa Plant to produce +99% purity REO products • Pre-Feasibility Study is in progress to • PFS on schedule for Q4 include revised economic study and 2013. To include a maiden • Second mover advantage has reduced maiden reserve Reserve estimate and costs, risk and with the favourable revised economic study mineralogy has enabled rapid success • Production 2016 • Definitive Feasibility to 2014 Classification of Mineral Resources for the Bastnaesite Zone weathered mineralisation at a be completed in 2014 3.0% lower cut.

Lower cut – off JORC Resource Tonnage REO Contained • Construction 2015 grade Category (Mt) (%)* REO tonnes 2015 Measured 19 4.53 840,000 Indicated 2.9 4.62 140,000 3.0% REO Inferred 0.11 4.10 4,000 Total 21.6 4.54 982,000 2016 • On schedule for first REO (%) includes all the lanthanide elements plus oxides. Figures above may not sum precisely due to rounding. production 2016 The number of significant figures does not imply an added level of precision.

The information in this report that relates to Exploration Results is based on information compiled and/or reviewed by Dave Hammond who is a Member of The Australasian Institute of Mining and Metallurgy. Dave Hammond is the Technical Director of the Company. He has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Dave Hammond consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. The information in this report that relates to Mineral Resources is based on information compiled by Rob Spiers, who is a member of The Australasian Institute of Geoscientists. Rob Spiers is an employee of geological consultants H&S Consultants Pty Ltd. Rob Spiers has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Rob Spiers consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.