JL MAG Rare-Earth Industry Price Briefing 02-11~02-15

Week 7, 2019

1. 重要新闻简报Briefing of Important News

本周稀土市场行情，镨钕，镝铁和铽价格保持平稳，与上周持平。亚洲金属网价格: 镨钕金属价格395-400元/KG (上海有色，398-401元/KG)，镝铁合金价格1200-1220元/KG (上海有色，1210-1230元/KG)，金属铽价格3800-3850元/KG (上海有色，3850-3900元/KG)。

This week, price of PrNd, DyFe and Tb kept stable and basically unchanged from last week. Price from Asian Metal at this weekend presented: PrNd metal 395-400RMB/KG (price from SMM: 398-401RMB/KG), DyFe alloy 1200-1220RMB/KG (price from SMM: 1210-1230RMB/KG), and Tb metal 3800-3850RMB/KG (price from SMM: 3850-3900RMB/KG).

2. 业内人士分析Analysis of Professional Insiders

· 2019年2月4日，Mkango资源有限公司宣布松威山稀土项目的新矿产资源估算。测量和指示资源总量增加60%，达到2100万吨，2018年钻井计划的主要目标已经实现，更新的资源为正在进行的可行性研究提供了基础。约95%的已测量和指示的矿物资源块位于山下160米以下，这表明大部分可通过露天采矿进入，更新和扩大的资源支持了Mkango成为长期可持续生产钕、镨、镝和铽的战略。

On February 4, 2019, Mkango Resources Co., Ltd. announced the latest mineral resources estimate of Songwei Mountain Rare Earth Project. The total amount of measured and indicated resources increased by 60% to 21 million tons，the main objectives of the 2018 drilling plan have been achieved. The updated resources provide the basis for ongoing feasibility studies. About 95% of the measured and indicated mineral resource blocks are located below 160 meters below the mountain, which indicates that most of them can be accessed through open-pit mining. The updated and expanded resources support Mkango's strategy of long-term sustainable production of Nd, Pr, Dy and Tb.

根据皮特街研究公司(Pitt Street Research)的数据，格陵兰矿产和能源有限公司位于格陵兰的Kvanefjeld稀土项目预计将于2021年左右投产。自2015年可行性研究发表以来，格陵兰矿业公司及其合作者一直在逐步降低项目成本估算基础。近的公告表明，Kvanefjeld的成本可能比之前认为的要低，并指出2019年将有一项强有力的可行性研究更新。在过去的11年里，Kvanefjeld已经成为世界上大的未开发的稀土氧化物资源之一，目前JORC 2012资源为10.1亿吨，分级1.1% REO。该项目还拥有丰富的铀(5.93亿英镑)和锌资源。

According to date of Pitt Street Research, the Kvanefjeld rare earth project of Greenland Minerals and Energy Ltd. in Greenland is expected to be put into operation around 2021. Since the first feasibility study was published in 2015, Greenland Mining Corporation and its partners have been gradually reducing the project cost estimation basis. Recent announcements indicate that Kvanefjeld may cost less than previously thought, and point out that there will be a strong feasibility study update in 2019. Over the past 11 years, Kvanefjeld has become one of the largest untapped rare earth oxide resources in the world. At present, JORC's resources in 2012 are 1.01 billion tons, classified as 1.1% REO. The project also has abundant uranium (593 million pounds) and zinc resources.

南方稀土发布2月11日稀土氧化物挂牌价

Listing price on Feb 11st from China South Rare Earth

单位：万元/吨（出厂含税价）

Unit: 10,000RMB/ton (EXW price incl. VAT)

3. 趋势图（参考亚洲金属网）Tendency Chart (refer to Asian Metal)

2019年2月15日

Feb 15th, 2019

提示：以上信息仅供参考！

Notes: the information above is for reference only!