Cautionary Note to Investors

Forward Looking Statement/Cautionary Language

This website contains forward-looking statements and forward-looking information (collectively, the “forward-looking statements”) within the meaning of securities legislation in the United States and Canada. Except for statements of historical fact, certain information contained herein constitutes forward-looking statements. Forward-looking statements are usually identified by our use of certain terminology, including "will", "believes", "may", "expects", "should", "seeks", "anticipates", "plans", "has potential to", or "intends" (including negative or grammatical variations thereof) or by discussions of strategy or intentions. Such forward-looking statements include statements regarding our vision and strategic near-term and longer term objectives, the likelihood of the continuation of the financial award from the U.S. Department of Energy or grant from the Wyoming Energy Authority/State of Wyoming and ability to progress through go/no-go decision points, the planned demonstration plant timing, cost and expected outcomes, plans to advance toward full-scale production, current and future demand and supply affecting the rare earth element markets, and other aspects of our business and our prospects as well as those of industry participants.

Our forward-looking statements are based on assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions, expected future developments, and other factors that we believe are appropriate under the circumstances. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results or achievements to be materially different from any future results or achievements expressed or implied by such forward-looking statements. These statements are subject to numerous known and unknown risks and uncertainties that may cause actual results to be materially different from any future results or performance expressed or implied by the forward-looking statements. These risks and uncertainties include those described in the “Risk Factors” section of our Annual Report on Form 10-K for the fiscal year ended December 31, 2022, and our quarterly and other filings with the Securities and Exchange Commission, which are incorporated by reference in this presentation. Many of the forward-looking statements in this presentation relate to events or developments anticipated to occur numerous years in the future, which increases the likelihood that actual results will differ materially from those indicated in such forward-looking statements. The forward-looking statements made in or in connection with this presentation speak only as of the date hereof. Except as required by law, we disclaim any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statement or to reflect the occurrence of anticipated or unanticipated events. Certain information contained in this presentation has been obtained by the Company from its own records and from other sources deemed reliable, however no representation or warranty is made as to its accuracy or completeness.