Roscoe Postle Associates Inc. (RPA) was retained by Mineração Terras Raras S.A. (MTR) to prepare an independent Technical Report on the Morro do Ferro rare earth element project, located near the town of Poços de Caldas, Minas Gerais state, Brazil. The purpose of this report is to summarize the results of an updated Mineral Resource estimate that was based on drill hole information collected during the 2014 in-fill drilling campaign and to disclose the results of a metallurgical testing program that was completed in March 2017. This Technical Report conforms to NI 43-101 Standards of Disclosure for Mineral Projects but is intended for internal use by MTR.

MTR is a public limited company in Brazil which owns 100% of the Morro do Ferro Project.