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RARE EARTHS 101 THE BASicS, EconomicS, Supply cHAin And ApplicATionS

Rare Earths 101

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Rare Earth Elements: The Basics, Economics, Supply Chain, and Applications

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Page 1: Rare Earths 101

RARE EARTHS 101THE BASicS, EconomicS, Supply cHAin

And ApplicATionS

Page 2: Rare Earths 101

The rare earth elements are the 15 lanthanides: lanthanum (La - #57) through to lutetium(Lu - #71), plus yttrium (Y - #39)

REE are grouped as light rare earth elements (LREE) or heavy rare earth elements (HREE). Whilethey are not particularly “rare” in the earth’s crust, they are generally not concentrated incommercially viable ore deposits.

LREE (Light rare earth elements)

*Those in bold have been identified as “critical” rare earth elements by the U.S. Department of Energy

RARE EARTH BASicS

3

Li4

Be

40

Zr41

Nb

31

Ga32

Ge

72

Hf73

Ta

58

Ce59

Pr60

Nd61

Pm62

Sm63

Eu64

Gd65

Tb66

Dy67

Ho68

Er69

Tm70

Yb71

Lu

49

In50

Sn

Other Rare Metals Light Rare Earths Heavy Rare Earths

57

La

37

Rb55

Cs

39

Y

Silver, silvery-white, or gray

High luster, but tarnish in air

High electrical conductivity

Occur together in minerals

Many fluoresce strongly under UVlighting

High melting and boiling points

Catalytic, chemical, electrical, metallurgical,nuclear, magnetic and optical properties

Most REE compounds are stronglyparamagnetic

common pRopERTiES oF RARE EARTHS

Lanthanum (La) Cerium (Ce)Praseodymium (Pr)

Neodymium (Nd)Samarium (Sm)

Europium (Eu) Gadolinium (Gd)Terbium (Tb)Dysprosium (Dy)Holmium (Ho)

Erbium (Er)Thulium (Tm)Ytterbium (Yb)Lutetium (Lu)Yttrium (Y)

HREE (Heavy rare earth elements)

Page 3: Rare Earths 101

RARE EARTH EconomicS

Rare Earth oxide demand at 150,000-170,000 tonnes

Supplyat 180,000-210,000 tonnes

Cerium 70,000 80,000Neodymium 25,000-30,000 30,000-35,000Europium 350-400 400-450Dysprosium 800-850 1,000

Terbium 450-500 250-300Yttrium 9,000-10,000 7,000-8,000

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Forecast Supply and demand forindividual Rare Earths in 2016

2008 2010 2011 2013 2020 Forecast

Estimatedglobal demand 124,000 123,000 110,000 120,000-130,000 200,000-240,000(tonnes REO)

Total value $1.25-2 billion $2.5-3 billion $10-15 billion $3-5 billion Not available(USD $)

USD $/kg $15-20/kg $30-40/kg $140-180/kg $40-60/kg $40-60/kgREO

Tonnes rare 125,000 109,000 98,000 90,000-100,000 Not availableearth oxides

% of global 97% 95% 94% 80-85% Not availablesupply

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The Rare Earths market 2008-2013

China continues to dominate the rare earths market in both production and consumption. It is forecastedthat in the next five to ten years, China may become an importer of heavy rare earths. China willcontinue to maximize value added supply chain within China, consolidate rare earth producers toimprove environmental practices, limit exports of rare earths, and start to stockpile.

GLOBAL MARKET VALUE

CHINA PRODUCTION

Tonnes rare 68,000 74,000 75,000 80,000-85,000 Not availableearth oxides

% of global 55% 60% 68% 66% Not availablesupply

CHINA CONSUMPTION

Importanceof rare earthsin moderntechnology isbeginning tobe recognized

NOTABLE EVENTS

China reducesexport quotasby 40%

Huge priceincreases of500-1,000%,significantsmugglingout of China

China cuttingproductionstockpiling,consolidating,trying to set prices

Supply in 2020to be 240,000-280,000 tonnesREO with theheavy rare earthsstill a concern

Page 4: Rare Earths 101

RareMetalsMatter.comis a place to explore advances in rare metalmaterial science and applications.

From smart phones to hybrid cards, windgenerators to medical technologies...rare metals certainly do matter!

RARE EARTHS liFEcyclE

www.raremetalsmatter.com

Page 5: Rare Earths 101

Rare earth elements (REE) are non-toxic elements essential to a cleaner environment andreduced reliance on fossil fuels. They are the key ingredients in today’s modern electronic,green and health technologies. World demand for REE in 2013 is estimated at 120,000tonnes and growing with the demand for these higher value applications.

SuSTAinABiliTy in minERAl dEVElopmEnT

RARE EARTH ApplicATionS

Rare earth elements are key componentsfor modern green and clean technologies.Avalon prides itself on being a companywholly committed to the principles ofsustainable development and is devoted toensuring that economic extraction of the rareearths are done in a safe, environmentallyand socially responsible manner.

Avalon has committed itself to reporting onand measuring sustainability in the frameworkof the Global Reporting Initiative (the “GRI”),Version G3.1. Avalon also reports on performanceindicators from the Mining Association ofCanada’s ‘Toward Sustainable Mining’principles and guidelines.

Avalon’s 2013 Sustainability Report entitledALIGN. OPTIMIZE. INNOVATE., can be foundonline at www.avalonraremetals.com.

Source: Roskill Estimates, Nov. 2012

SUSTAINABILITY IN MINERAL DEVELOPMENT

R a re e arth elements a re k e y components for mode rn green and cle an techn ologi es. Avalon prides

it self on being a compan y wholl y comm it ted to the principles of sust ainabl e developm ent and is

devoted to ensuring that t he cre ati on of these mat e rials i s done in a n enviro nmentall y,

economi call y, and soci all y r esponsi ble manner.

Avalon has dedic ated its elf to reporting on and m easuring sust ainabili t y in the frame work of the

Global R eporting Init iati ve V ersion G3.1 . Avalon also repo rt s on performan ce

Tow ard Sust ainable Mi ning

guidelines.

Align. Optimize. Innovate., c an be found onli ne at

www.avalon rar emetals.c om.

Global demand for REEby End-use in 2012

Page 6: Rare Earths 101

One of the most important applications of REEis high strength permanent neodymiummagnets (NdFeB) or “neo-magnets”. They areessential to many consumer products such asmicrophones, loudspeakers, headphones andcomputer hard drives. Higher value productsthat use large amounts of neo-magnets includehybrid and electric vehicles, industrial motors,air conditioners, electronic bicycles and windand tidal turbine generators. Demand forneo-magnets is estimated to grow by 6-8% peryear to 2016.

Another very important application of REE,particularly yttrium, terbium and erbium, arelight emitting diodes, or better known as LED’s.The global LED market is estimated to beU$94 billion by 2020, representing approximately60% of the total lighting market. The compoundannual growth rate between 2010 and 2016 isestimated at 35%. (Source: LED Magazine)

Color monitors for computers, consumerelectronics and televisions are dependent onREE phosphors for the colours red (europium),blue (europium) and green (terbium). Glassmonitors, and other glass applications such ascameras, also require cerium oxide as a polishingcompound.

The use of REE in medical applications isincreasing due to new drug treatments,diagnostic techniques and medical equipment.

Another main use of REE i s cata lysts ,specifically fluid cracking catalysts used in therefining of crude oil.

RARE EARTH ApplicATionS