Amalgamated annual exploration report GR284 EL 24932, EL 25027, EL 26777, EL 27282, EL 27349, EL 27746, EL 27747 for period ending 10 March 2014, Acacia Frazers Group Project NT

Abstract

As a result of ongoing economic conditions, an assessment was made on these tenements. Arnhem Minerals Pty Ltd (100 percent owned by Spectrum Rare Earths Limited) opted not to develop this project any further during 2013. Spectrum is currently focusing on the development of its rare earth prospects in other areas such as the Skyfall Heavy Rare Earth prospect. As a result of not completing any work on these tenements and as per the agreement with Acacia Minerals Pty Ltd all tenements are currently being transferred back to Acacia.