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ISR Capital Ltd.

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Summary

Project:

Tantalus Rare Earth Project

Deposit:Tantalus Rare Earth Project
Location:Madagascar
Commodities:Rare Earth
Date:10/24/2016
Report Code:(no Code)
Report Type:Supporting Acquisition
Project Stage:Pursuing Resource Increase/Upgrade
Report details:24-10-2016: ISR Capital Ltd. announces a Supporting Acquisition report for its Tantalus Rare Earth Project deposit at the Tantalus Rare Earth Project project. Second Independent Valuation Report. This Independent Technical Valuation Report (“ITV”) of the
Resources:(Resource, M+I): 197.68Mt @ 897ppm TREO for 177383t TREO contained
CP/QP:[Overall Report]: Allen J Maynard (Al Maynard & Associates Pty Ltd.)
ABSTRACT:This Independent Technical Valuation Report (“ITV”) of the Rare Earth Concession deposit situated in Madagascar owned by Tantalum Rare Earth Malagasy S.A.R.L. (“TREM”) has been prepared by Al Maynard & Associates (“AM&A”) at the request of ISR Capital Limited, Singapore (“ISR”). The project encompasses a total area of 300 km2 located in the eastern part of the Ampasindava Peninsula, Antsiranana Province on the northwest coast of Madagascar. This report provides an independent technical valuation of the one Exploration Licence (“EL”) as at 30th September, 2016. This AM&A report has been prepared in accordance with the guidelines of the Valuation of Mineral Assets and Mineral Securities for Independent Expert’s Reports (the “Valmin Code” - 2015) as adopted by the Australian Institute of Geoscientists (“AIG”) and the Australasian Institute of Mining and Metallurgy (“AusIMM”). This valuation appraises the project using Comparable Transactions and a form of the Empirical Method to derive a range of values. Given the relevance of the assumptions and factors underlying the development and conceptual prospectivity for resources of the project, AM&A has concluded that it is reasonable to rely on this data for the purposes of this report and the derivation of a current valuation is accordingly based on that information. AM&A has relied on the technical data supplied by TREM and accepted that data in reaching our conclusions, unless AM&A expressly states otherwise.

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