OFFICIAL 1. PROJECT BACKGROUND The project involves the development of continental Europe’s largest documented rare earth element (REE) deposit and is being advanced by Rare Earths Norway (REN), thereby positioning Norway as a prospective long-term, sustainable supplier of critical minerals relevant to the green transition and European industrial resilience. Rare Earths Norway AS is owned by two private companies: Hustadlitt AS (95%) and Brennebu AS (5%). Demand for REEs has increased substantially in response to the EU objective of climate neutrality by 2050, heightened geopolitical tensions between the United States and China, and the strengthening of defense capabilities across the Western world. This demand growth is particularly pronounced for magnet-related REEs, notably neodymium (Nd) and praseodymium (Pr), which are key inputs for permanent magnets used in clean energy technologies and advanced industrial applications. The EU currently lacks primary rare earth production, resulting in full dependence on external supply. In this context, the European Commission has identified magnet-related REEs (NdPr) as among the most critical raw materials, reflecting both elevated supply risk and their strategic importance for the green transition, industrial resilience, technological competitiveness, and long-term strategic autonomy. In response, REN’s stated objective is to become a major European supplier of sustainably produced mixed rare earth carbonate (MREC) and NdPr oxides, thereby supporting European downstream value chains and contributing to the green and digital transitions. Norwegian industrial and mineral policy frameworks—including the Green Industrial Initiative (2022) and the Mineral Strategy (2023)—aim to align industrial development with environmental and climate objectives. These initiatives emphasize the expansion of renewable energy, carbon capture, circular economy approaches, and responsible mining practices, supported by forthcoming legislation under a new Minerals Act. Mining activities are subject to comprehensive permitting procedures, including environmental impact assessments, stakeholder consultation, and systematic monitoring of safety and operational performance, with the regulatory framework intended to ensure responsible resource management consistent with international best practices. 2. GEOLOGY AND MINERALOGY The Fen carbonatite complex is located in Telemark County, southern Norway, and comprises near-vertical carbonatite and alkaline intrusions emplaced into Mesoproterozoic granitic gneiss of the Telemark basement. Intrusion occurred in the late Neoproterozoic at ~583 ± 10 Ma, when alkaline magmas penetrated ~1,105 Ma Precambrian Telemark gneiss. Subsequent erosion of an estimated 1–2 km of the volcanic edifice has removed the upper portions of the system, leaving the feeder architecture preserved. Gravity modelling indicates the complex extends to at least ~15 km depth and is interpreted to include a mantle-derived, phlogopite-bearing ultramafic lamprophyre component. The carbonatites
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