Ann: Acquisition of 60% interest-Manono Lithium, Tin, Tantalum, page-327

Doc a JORC resource would come first and then SS (Scoping Study) would take that resource and run sum basic costings and give an indication that the project is financially viable.

Western miners need to go past that into PFS, DFS and occasionally BFS (series of feasibility studies that become more accurate. Chinese wave their hand at that. They just want to know that there is a JORC resource and the fundamentals are there and they will start building. For that , the SS is enough for them.

It's a huge advantage the Chinese have over us in the west. They use trickle down economics where these mines all have sovereign wealth funds behind them. They trust the opinions of the top analysts on a verbal basis after SS. In the west we have to go through all the steps (often total nonsense) because we deal with private equity that in many cases have no idea what they're dealing with. These are some of the reasons why the future will be dominated by China and there is not a dam thing we can do but watch it happen.

An example would be a PFS, DFS and BFS done a year ago for lithium that would be total nonsense by the time the mine is built as pricing has surged upwards. Of course it can also go backwards in a year, yet they try to project earning on for 10 years when there is absolutely no numbers based on fact whatsoever.