Name of the Project
Flemington scandium project.

Location
Central New South Wales, Australia.

Project Owner/s
Resource company focused on developing battery-grade minerals Australian Mines.

Project Description
The project is being assessed as a long-life scandium operation producing high-purity scandium oxide. The April 2026 scoping study is based on the January 2025 mineral resource of 6.3-million tonnes grading 446 parts per million (ppm) scandium, derived from more than 550 drillholes and more than 11 600 m of drilling. The mine plan uses a 450 ppm scandium cutoff and is based on three shallow, free-dig openpits. The scoping study supports a 28-year mine life, with total life-of-mine (LoM) processing of about 2.1-million tonnes of oxide ore at a stripping ratio of 1.9:1. The mine plan delivers an average feed grade of 573 ppm scandium over the first 15 years and an LoM average feed grade of 529 ppm scandium. The 2.1-million-tonne production target comprises 55.8% measured, 43.6% indicated and 0.57% inferred mineral resources.

The proposed processing plant has been designed around a conventional hydrometallurgical flowsheet suited to Flemington’s lateritic ore. The flowsheet is based on high-pressure acid leach, solvent extraction, oxalate precipitation and calcination to produce high-purity scandium oxide. The plant will treat about 72 000 t/y to 76 000 t/y of feed to produce 60 t/y of scandium oxide, with an overall scandium recovery of 90.8%. The scoping study also includes the recovery of nickel and cobalt into a mixed hydroxide precipitate, but this by-product is expected to contribute only about 4% of project revenue and is not considered material to the investment case.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
At the cautious mine design price of $1 500/kg scandium oxide, the project has an after-tax net present value, at an 8% discount rate, of $270-million and an internal rate of return of 32%, with a payback estimated at two years and six months after the start of production.

Capital Expenditure
Initial capital expenditure is estimated at $125-million for a 60 t/y scandium oxide operation.

Planned Start/End Date
Not stated.

Latest Developments
The scoping study has recommended that the project advance to a prefeasibility study. Work required for the next phase includes additional metallurgical testwork, assessing stockpiling strategies for lower-grade mineralisation, environmental baseline studies, hydrogeological investigations and permitting activities, as well as further market and customer engagement.

Key Contracts, Suppliers and Consultants
SRK Consulting (Australasia) (scoping study).

Contact Details for Project Information
Australian Mines, tel +61 8 9481 5811 or email investorrelations@australianmines.com.au.