Rare Element Resources
Bear Lodge Project
Canadian NI 43-101 Technical Report
October 9
th
, 2014
10135-200-46 – Rev. 0
1-5
Table 1.2 - Bear Lodge Project – Measured and Indicated Resource
Measured and Indicated Resource*
(using a 1.5% cutoff grade)
Deposit
Tons
(M)
Tonnes
(M)
Grade
TREO %
Contained
TREO lbs
(M)
Contained
TREO Kg
(M)
Bull Hill
Measured
3.0
2.7
3.77
226
102
Indicated
10.7
9.7
3.09
661
300
Total
13.7
12.4
3.24
887
402
Whitetail Ridge
Measured
--
--
--
--
--
Indicated
4.3
3.9
2.47
212
96
Total
4.3
3.8
2.47
212
96
Project-wide M&I Resource
18.0
16.3
3.05
1,099
498
*The mineral resource estimate is classified as M&I resources, as defined by Canadian Institute
of Mining, Metallurgy and Petroleum (“CIM”) Definition Standards on Mineral Resources and
Mineral Reserves, as of June 30, 2014 using a basket price of $24.60 and is inclusive of proven
and probable reserves. Mineral resources were estimated by Alan C. Noble, P.E. of Ore Reserves
Engineering (O.R.E.), an independent Qualified Person as defined by NI 43-101. Readers are
cautioned that mineral resources that are not mineral reserves do not have demonstrated
economic viability. The terms “Measured and Indicated Mineral Resource” are terms recognized
and required by Canadian regulations but not by the United States Security and Exchange
Commission (SEC). U.S. investors are cautioned not to assume that any part or all of the mineral
deposits in these categories will ever be converted into mineral reserves under SEC regulations.
The mine plan used in the PFS is expected to access areas of significantly higher
grade within the M&I resource in years 1 – 9 of the Project’s life. This reduces the
environmental footprint of the Project and reduces the amount of stockpiling
necessary, bringing cash flows forward and resulting in an attractive payback period
of 2.9 years. A breakout of the high-grade resource is shown in Table 1.3:
