Australian Bauxite Limited (ABx or Company) reported on confirmatory results from exploration at the DL130 bauxite project in northern Tasmania for rare earth elements (REE) that occur within the ABx bauxite geology and have the following features: The confirmatory sample has returned the highest level of REE enrichment discovered to date. In northern Tasmania, the most enriched element is Neodymium which is a critical strategic metal used in super-magnets used in electric vehicles, wind turbines, smart phones and military electronics. Clays in the highly corroded "Source Rocks" have been found to contain soluble REE. The mineralisation appears likely to be Ionic Adsorption Clay deposits ("IAC") which have been a major source of low-cost REE production in southern China. Exploration is focusing on extensions to the 500 x 500 metre zone of source rocks that has been confirmed by 7 samples to date. ABx's Exploration Strategy is as follows: To explore for REE that are in strongest demand. ABx is exploring for Neodymium because its price is growing strongly and it is the main metal used for super-magnets that are critical strategic components in electric vehicles, wind turbines, smart phones and military electronics. To focus on a deposit type that can be quickly developed with a low capital cost and has a low operating cost. So, ABx explores for the Ionic Adsorption Clay (IAC) style of mineralisation which is analogous with the IAC deposits that have produced REE in southern China using simple leaching. To explore in areas where an IAC leaching project will not interfere with alternative land use. To always comply with ABx's paramount policy to leave land better than company find it and only operate where welcome. ABx's Exploration Tactics are as follows- To assess the regional extent of the source rock that is rich in Neodymium and highly corroded and leached so that it has released REE into ancient groundwaters, 2. Discovery of transport pathways that have transported the neodymium, and 3. To identify and drill-test the traps where fairly large REE deposits will exist. Geological setting: At the end of the ice age, northern Tasmania was wet lowlands at the northern edge of a melting glacial ice sheet (the one that formed Cradle Mountain). This generated swamplands that deeply rotted the source rocks, which released REE into the groundwaters. This is how Southern China's REE deposits formed and ABx has found similar features in its bauxite geology. Therefore, any REE orebody discovered by ABx in northern Tasmania will probably be water-soluble (called Ionic Adsorption Clay or "IAC-REE") which can be rapidly developed as a low-cost, in-situ leaching project as per the diagram below. Unlike southern China, Tasmania does not have rice paddies on top of these deposits and most exploration targets lie in hardwood plantations where the ground is fairly infertile due to bauxite formation. Socio-environmental setting: In-situ leaching is widely used in the USA and is currently being conducted for uranium extraction in South Australia at Beverley without problems since 2001. ABx's REE leaching would be much more benign, but as always, ABx would have to earn its social licence to operate case-by-case, as ABx has done successfully since 2013. ABx has worked hard on its rehabilitation technology and is always respectful and cooperative with landholders and all stakeholders. Should an orebody be found, ABx is well positioned to prove that ABx could carry-out in-situ leaching operations in a safe manner. ABx feels its REE exploration is well-focussed.