2
The timing of the Feasibility Study (“FS”);
The progress, potential and uncertainties of our 2015 process technology test work and development at
the Bear Lodge REE Project;
Our ability and the timing to obtain the necessary permits and licenses, including environmental ,
project development, mining, beneficiation and processing operations permits;
Our expectations regarding the timing for commissioning of the Bear Lodge REE Project;
Expectations regarding the ability to raise capital and to continue development plans at our Bear Lodge
REE Project;
Plans outlined under the section heading “Item 7. Management’s Discussion and Analysis of Financial
Condition and Results of Operations - Outlook”; and
Expectations as to the marketability and prices of our future rare earth product(s), including the
potential impact on a Chinese dominated market.
Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors that
could cause actual events or results to differ from those expressed or implied by the forward-looking statements,
including, without limitation, risks associated with:
our history of losses and need for additional financing;
our lack of production from our mineral properties, including the Bear Lodge REE Project;
numerous uncertainties that could affect the profitability or feasibility of the Bear Lodge REE Project;
the potential outcome of the planned FS that may indicate Bear Lodge REE Project economics are less
favorable;
the exploration, development and operation of our Bear Lodge REE Project;
increased costs affecting our financial condition;
volatile rare earth markets, including fluctuations in demand for, and prices of, rare earth products;
establishing adequate distribution channels to place our entire future product suite;
competition in the mining and rare earths industries, including an increase in global supplies or
predatory pricing and dumping by our competitors;
technological advancements and the establishment of new uses and markets for rare earth products;
the specific product(s) from the Bear Lodge REE Project potentially having a limited number of
potential customers, which could limit our bargaining power, product pricing, and profitability;
our proprietary, patent-pending, processing technology that could encounter unforeseen problems,
unexpected costs or both in scaling it up to commercial application;
mineral reserve and mineral resource estimation;
the permitting, licensing and regulatory approval processes for our planned operations;
continued compliance with current environmental regulations and the possibility of new legislation,
environmental regulations or permit requirements adverse to the mining industry, including measures
regarding the mining industry and climate change;
our dependence on and the potential difficulty of attracting and retaining key personnel and qualified
management;
a shortage of equipment and supplies;
mining and resource exploration and development being a potentially hazardous activity;
operating in the resource industry, which can be highly speculative and subject to market forces
outside of our control;
title in our properties or mining claims;
insurance for our operations that could become unavailable, unaffordable or commercially
unreasonable or exclude from coverage certain exposures of our business;
increased competition affecting our ability to raise capital or acquire additional properties;
negative impacts to our business or operations from market factors;
our land reclamation and remediation requirements;
information technology system disruptions, damage or failures;
effects of proposed legislation on the mining industry and our business;
foreign currency fluctuations;
our executive officers, directors and consultants being engaged in other businesses;
costs associated with any unforeseen litigation;
