Rare Element Resources
Bear Lodge Project
Canadian NI 43-101 Technical Report
October 9
th
, 2014
10135-200-46 – Rev. 0
1-7
Table 1.4 - Bear Lodge Project Mineral Reserve Estimate
Mineral Reserve Estimate*
(using a 1.5% cutoff grade)
Grade
%
TREO
Tons
(M)
Tonnes
(M)
lbs (M)
Kg (M)
Proven
Contained TREO
High Grade
5.17
1.4
1.3
145
66
Mid Grade
2.36
1.2
1.1
57
26
Average / Total
3.87
2.6
2.4
202
92
Probable
High Grade
4.13
3.9
3.5
322
146
Mid Grade
1.89
9.1
8.3
343
156
Average / Total
2.56
13.0
11.8
700
302
Total
High Grade
4.41
5.3
4.8
467
212
Mid Grade
1.94
10.3
9.4
400
182
Average / Total
2.78
15.6
14.2
867
394
*Proven and Probable mineral reserve estimates were determined by Bill Rose, P.E. of WLR Consulting, an
independent qualified person as defined by NI 43-101, as part of the Bull Hill Mine design and effective June 30,
2014. Reserves are for the ultimate pit, which includes both the Bull Hill and Whitetail Ridge resources. The
mineral resources referenced above in Table 1.2 for the Bear Lodge Project 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. The mineral
resource estimate is the basis for the engineering studies that estimate reserves and is compliant with NI 43-
101. SEC Industry Guide 7 does not address reporting of mineral resource estimates.
Mineable reserves are calculated from an open-pit mine plan prepared by Bill Rose, P.E., WLR Consulting, an
independent Qualified Person as defined by NI 43-101. Proven and probable mineral reserves are estimated in
compliance with NI 43-101. The mineral reserves stated herein are calculated in accordance with the CIM
Standards on Mineral Resources and Mineral Reserves as contemplated in NI 43-101, but are not recognized as
reserves under SEC Industry Guide 7.
Since the Company reports mineral reserves to both NI 43-101 and SEC Industry Guide 7 standards, it is possible
for the mineral reserve figures to vary between the two standards. Where such a variance occurs, it will arise
from the different requirements for reporting mineral reserves. For example, NI 43-101 has a minimum
requirement that mineral reserves be supported by a PFS, whereas the SEC Industry Guide 7 requires support
from a feasibility study (FS) that demonstrates that reserves can be legally and economically extracted.
