Araxa Project

The Araxá Project hosts a world-class rare earths and niobium resource in Minas Gerais, Brazil, located adjacent to CBMM’s world-leading niobium mining operations. The resource is a high-grade carbonatite hosted rare earths and niobium deposit that was acquired by St George in February 2025 and now ranks as the largest high-grade hard-rock rare earths deposit in South America.

The Araxá Project is located within the Barreiro Carbonatite Intrusive Complex, a circular geological feature approximately 5 km in diameter. The complex was
emplaced about 90 million years ago into quartzites and schists of the Araxá Group, forming a domal structure with concentric and radial fracture patterns.

Extensive drilling by St George since acquiring the Project – with more than 170 drill holes completed – has confirmed the consistency of high grades over very broad, continuous widths. Samples drill results include:

• 8m @ 5.16% TREO and 0.72% Nb₂O₅ from surface in AXDD044 incl:
  • 22m @ 7.48% TREO and 1.05% Nb₂O₅ from 12m
  • 8m @ 7.41% TREO and 0.51% Nb₂O₅ from from 49m

• 6m @ 4.82% TREO and 0.64% Nb₂O₅ from surfacein AXDD036 incl:
  • 5m @ 6.55% TREO and 1.17% Nb₂O₅ from 15m
  • 9m @ 9.19% TREO and 0.90% Nb₂O₅ from 50.1m

• 45m @ 4.06% TREO and 0.55% Nb₂O₅ from surface in AXDD004 inc:
• 9m @ 5.44% TREO and 0.79% Nb₂O₅ from 9m

• 2m @ 4.64% TREO and 0.59% Nb₂O₅ from surface in AXDD088 including:
  • 92m @ 5.37% TREO and 0.64% Nb₂O₅ from 46m
  • 17m @ 12.16% TREO and 1.00% Nb₂O₅ from 59m

• 7m @ 4.34% TREO and 0.75% Nb₂O₅ from surface in AXDD086 incl:
  • 15m @ 12,27% TREO and 1.61% Nb₂O₅ from 8.05m
  • 7m @ 6.16% TREO and 0.95% Nb₂O₅ from 14m

On 11 August 2026, St George announced an upgrade to the Mineral Resources Estimate (MRE) for the Project as shown below:

Contained metal now comprises 3.98Mt of TREO – including 760,000t of NdPr oxides – as well as 630,000t of Nb₂O₅  – highlighting the Project’s unique world-class rare earths and niobium inventory.

The higher-confidence Measured & Indicated categories now represent approximately 68% of the total MRE and contain approximately 520,000t of NdPr oxides and 440,000t of Nb₂O₅ – providing a strong foundation for metallurgical testwork, pilot plant programs, mine planning and economic studies for a potential long-life mining operation.

Figure 1: 3D perspective of the new Araxá MRE – TREO (%) grades (looking north-east)

Figure 1 above is a 3D block model. The mineralisation is modelled to commence from surface and the block model extends in some areas to approximately 180m below surface.

The MRE remains open in all directions, including at depth, providing potential for further drilling to add significant volume to the resource. Importantly, 100% of the resource in the top 120m is constrained within the weathered profile – this comprises mineralisation that is free-digging, supporting potential for low-cost open-pit mining.

The region around the Araxá Project has a long history of commercial niobium production and provides access to infrastructure and a skilled workforce. St George has negotiated government support for expedited project approvals and has assembled a highly experienced in-country team and established relationships with key authorities in Brazil to drive the Project through exploration work and development studies.

Above: aerial Earth image of the Barreiro carbonatite complex showing the Araxa Project (red outline) as well as the adjacent CBMM niobium mine and the Mosaic phosphate mine.