meeting 5/6/2012, page-13

The venue was the Celtic Club which is a lovely old building.
The turnout was small but enthuisiastic.

The standard of grooming and deportment was good except for the bloke you wore thongs but they were "double pluggers" so probobly "his goin out thongs" as my friends mum would call my friends better thongs back in 1985.

AH did most of the talking and dispensed with the formalities. He answered most of the questions. Rameez asked most of the questions. Both did a good job leaving myself and Rabooth to crumb the pack for issues not covered.

Alisair barely swore which was disappointing but I could tell when the issue of the Roths raising was raised he began to find some form. WE were assured there woud be no more botched raisings and I felt AHs pain as he explained he was completely mislead on that occasion. He was humble and took any cristism on the chin and accepted it as head of the company.

They was talk of focus and its very much Ngualla and REE focused. We have a hell of a resource of both LREEs and HREEs. Dave and AH explained that because of the size of the deposit our HREE resource tops that of some so called HREE explorers.

We are defining the resourse better(in the upcoming drill campaign) with the view to target the highest grade easiest to extract stuff first for development.

U.S listing any day now so they will be able to buy and sell PEK shares much easier and no doubt some stock will head over there.

Metalurgy results in the upcoming next few weeks. Sounds like a serious batch of results expected. Reading between the lines I expect good things there.

Cornestone or end user investors are still being sought and considered. I asked and the metalurgy is considered fairly pivotal to this process.

It was reinforced our resource even at this stage and at the higher 4 percent level is still huge. The part of this resource that suggests easy extraction is huge ie probobly/possibly many years production.

Thats the most of what I remember of the formal part of the meeting.

The guys were in good spirit.

We chatted afterwards and the directors hung around for a cup of tea and a chat. There was tea and coffee and quite nice biscuits. It was worth going.

WE have a good company with honest hard working directors and an exceptional asset.

There was probobly more but it alludes me ATM.
(I came home and got on with some some serious demolition on a neighbours house so will end it there for the moment and go and think about dinner and maybe a refreshing drink of some sort!)

Cheers for now.

Tretch