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PEAK RESOURCES ENABLING LOW CARBON TECHNOLOGIES Quarterly Activities Report and Appendix 5B September 2021 Quarterly Activities Report and Appendix 5B September 2021 Quarter HIGHLIGHTS Peak Resources Limited ( " Peak " or the " Company " ) continues to progress the development of its 100 % owned Ngualla Rare Earth Project ( " Project " ) with the following events occurring during the Quarter : • Tanzanian Cabinet approval of a Special Mining Licence application for the Ngualla Rare Earth Project Completion of an A $ 30 million equity placement and a ~ A $ 1.7 million Share Purchase Plan Repayment of the ANRF Royalty Facility and the termination of a 2 % life - of - mine royalty Commencement of a Bankable Feasibility Study Update • Initiation of Economic Framework Agreement discussions Senior technical and commercial appointments Research reports published Speculation around further Chinese consolidation Continuation of rapid growth in global Electric Vehicle sales Strong appreciation in the NdPr Oxide price Tanzanian Cabinet Approval of a Special Mining Licence Peak announced on 22 July that the Cabinet of Ministers ( " Cabinet " ) of the Government of the United Republic of Tanzania ( the " Government ” ) had approved the Special Mining Licence ( " SML " ) application by PR NG Minerals Ltd ( “ PR NG ” ) , a wholly owned Tanzanian incorporated subsidiary of Peak , for the Ngualla Rare Earth Project ( " Ngualla Project " ) . The SML is the milestone regulatory authorisation required to develop the Ngualla Project under the Mining Act of the United Republic of Tanzania ( " Tanzania " ) . Subject to the formal grant of the SML by the Minister of Minerals , PR NG has provided a commitment to the Government to work jointly to establish a Tanzanian registered company ( " Newco " ) , to which PR NG will transfer the SML and to seek any requisite consents . Newco is to be owned 84 % by Peak ( via a wholly owned entity ) and 16 % by the Government ( to be held in the form of non - dilutable free carried interest shares ) . The Hon . Dotto Biteko ( MP ) , the Tanzanian Minister for Minerals made the following comments in relation to the SML application approval : ENABLING LOW CARBON TECHNOLOGIES 1