*Mineralization hosted on adjacent or nearby properties is not necessarily indicative of mineralization hosted on Powermax’s properties
GEOLOGICAL POTENTIAL
Powermax’s Ogden Bear Lodge REE Project shares a border with Rare Element Resource’s (RER) Bear Lodge Critical Rare Earth Project.
The Bear Lodge Mountains are part of the Black Hills Uplift with a northwesterly orientation and extends from the western South Dakota – Nebraska border through northeastern Wyoming into south-eastern Montana. 1
RER began REE exploration in 2004, drilling nearly 500 holes totaling over 285,000 feet and identifying multiple target zones. 2
$170M USD invested by Rare Element Resources into the Bear Lodge Critical Rare Earth Project as of June 2025. 3
In November 2022, Rare Element Resources was awarded a $4.4 million grant from the Wyoming Energy Authority (WEA) to support its rare earth separation & processing demonstration plant in Upton, WY. 4
The project also received significant backing from the U.S. Department of Energy (DOE), which contributed approximately $24.2 million. 5
In March 2025, RER received a non-binding Letter of Interest from the Export-Import Bank of the United States (“EXIM”) to provide a portion of debt financing of up to $553 million for the Bear Lodge Project development. 6
