Risk Factors Update Summary

• Shareholders should consider new risks when making investment decisions.
• The company may not successfully address risks, including geological formations and natural disasters.
• The company faces risks related to regulatory changes, compliance costs, and stricter government regulations.
• Risks include the inability to produce RE Carbonate and separated REE oxides cost-competitively.
• Market prices of uranium, vanadium, REEs, and HMC are cyclical and subject to substantial changes.
• The company competes for capital, mineral resources, and reserves with other mining companies.
• The company may not be able to justify future production due to uranium and vanadium price changes.
• Change from "results be achieved" to "results must be achieved" emphasizes stricter performance requirements.
• The addition of "must" in various steps indicates increased regulatory stringency.
• The removal of "PO" and addition of "plan of operations" clarifies project approval terminology.