Rare Element Resources
Bear Lodge Project
Canadian NI 43-101 Technical Report
October 9
th
, 2014
10135-200-46 - Rev. 0
19-11
Table 19.1 - TREO Product Pricing Used in PFS
Based on average LOM Project Output
Element
Recovered
Distribution / Kg
TREO (g/kg)*
Adjusted
TTM Export
Value / kg
Value /
kg
Neodymium (Nd)
182
$71.26
12.97
Europium (Eu)**
7
$948.23
6.64
Praseodymium (Pr)**
50
$96.97
4.85
Dysprosium (Dy)**
4
$654.87
2.62
Lanthanum (La)
283
$6.77
1.91
Cerium (Ce)**
416
$4.54
1.89
Terbium (Tb)
1
$745.32
0.75
Gadolinium (Gd)
16
$46.50
0.74
Yttrium (Y)
10
$22.14
0.22
Samarium (Sm)
30
$5.50
0.17
Erbium (Er)
1
$50.36
0.05
1,000 g
Price / kilogram
$32.81
After Discount 25%
$24.60
*
Reflects concentrate grade, adjusted for anticipated recoveries and is based on a
discounted basket price of $24.60/kg. Resources, reserves and economics were all
calculated using a $24.60/kg basket price; however, elemental distribution and prices vary
between resource models and the PFS economic model. Excludes ytterbium, holmium,
thulium lutetium and scandium that occur in negligible amounts and were not considered in
the calculation of a basket price.
**Adjusted downward to reflect current market conditions
(Rare Element, 2014)
It should be noted that the $24.60/kg discounted basket price shown above was used
in the Bear Lodge economic model and is calculated using different RE prices for
individual elements and an updated distribution of RE elements recovered, based on
additional metallurgical testwork since the June 30, 2014 resource and reserve
calculations (which used TTM export prices through April, 2014). The prices of
certain RE elements were revised downward significantly to take into account
