Peak Rare Earths Limited announce that upon the request of the Special Presidential Government Negotiation Team ("SPGNT"), Peak attended a meeting with the Tanzanian Business Registrations and Licensing Agency ("BRELA") in Dar es Salaam on 20 February 2023 and registered and incorporated the following entities: Mamba Minerals Corporation Limited ("MML"); and Mamba Refinery Corporation Limited ("MRL"). As part of the Framework Agreement documentation agreed with the SPGNT and awaiting final approval from the Government of Tanzania: MML ­ will hold the Special Mining Licence ("SML") for the Ngualla Rare Earth Project ("Ngualla Project') upon its formal grant and will own and operate the Ngualla Project;
and MRL ­ will own and operate any future Tanzanian refining and downstream operations. Both entities are owned 84% by Peak (via wholly owned subsidiaries) and 16% by the Government of Tanzania (via the Treasury Register). Mamba is the Swahili name for crocodile. The Ngualla Project is located approximately 80km from Lake Rukwa.