A World-Class Strategic Asset

The Ashram Deposit: Rare Earth Elements / Fluorspar

Robust Economics - Conventional Metallurgy - Globally Significant Size - Secure Jurisdiction

  • Current Resource Calculation:
    • Measured: 1.59 Mt averaging 1.77% TREO
    • Indicated: 27.67 Mt averaging 1.90% TREO
    • Inferred: 219.8 Mt averaging 1.88% TREO
  • 45%+ Total Rare Earth Oxide (TREO) concentrate successfully produced.
  • Deposit remains open along strike and at depth..
  • Positive economics with significant Fluorspar by-product value still to be added.
  • Financial participation of Quebec Government:
    • $1M CAD direct equity investment.
    • $365K CAD funding of parallel pilot plant program & software modelling (Universite’ Laval).
    • $300K CAD funding of tailings optimization program (INRS).
  • Flow sheet optimization work currently underway by NRCan (Canadian Federal Government).
  • Pre-Feasibility Study currently underway.


  • Study results show a strongly positive cash flow from a 4,000 tonne per day open-pit operation at Ashram with a 25-year mine life, a pre-tax and pre-finance Net Present Value (NPV) at a 10% discount rate of $2.32 billion, a pre-tax/pre-finance Internal Rate of Return (IRR) of 44% and a pre-tax/pre-finance payback period of 2.25 years. The current Ashram Technical Report dated January 7, 2015 explains why no after-tax case is included, and that a combined tax rate of around 32.5% may apply to production.
  • SGS's economic evaluation was based on the March 6, 2012 resource estimate which used a base case geologic cut-off grade of 1.25% TREO and provided 1.59 million tonnes (Mt) averaging 1.77% TREO of measured resource, 27.67 Mt averaging 1.90% TREO of indicated resource, and 219.8 Mt averaging 1.88% TREO of inferred resource. Mineral resources are not mineral reserves as they do not have demonstrated economic viability.
  • The rare earth elements at Ashram occur in simple and well-understood mineralogy, being primarily in the mineral monazite and to a lesser extent in bastnaesite and xenotime. These minerals dominate the currently known commercial extraction processes for rare earths.