Metallurgical test work, page-39

IMHO, both UFX and Mal are correct i.e. it really is time for FNT shareholders (both potential and existing) to focus on the future and FNT's exciting REE prospects, particularly Gascoyne.

As I have stated here before and very clearly, and I doubt that I will be very far wrong about the decision making processes involved in FNT's sale of their Tolukuma EL2531 tenement, I believe that FNT were offered a low ball offer by Lole Mining and took this chance to take the cash (as well as a shareholding in Lole Mining) and invest the cash, in particular, in Gascoyne, which is quite clearly an exciting project that can move ahead far far quicker and with a far far lower level of capital expenditure (CAPEX) than EL2531 i.e. in a nutshell: Gascoyne in particular, offers far more bang for the buck and potentially far greater rewards and far far quicker (although this will really only become known after the upcoming drilling at Gascoyne has been completed). Apart from the simple facts that Gascoyne will be a breeze to drill, the existing infrastructure is already in place, and HAS will be very soon be building a state of the art REE processing facility right next door to Gascoyne. Thus, bearing all these very positive aspects in mind, I can only firmly agree with the boards decision to pull out of Tolukuma.

I would suggest that a gold expert assessed both FNT's EL2531 lease and FNT's overall financial situation and came to the same conclusion as me i.e. EL2531 had a significant value, but neverthless, the further development of FNT‘s prospects within EL2532 would be very time consuming and very capital intensive. Particularly also given the fact that the existing mine within ML104 was under water (which I personally was unaware of), which IMHO was a game-changer for me and probably also for FNT, thus the smart option was to take the cash and invest it wisely Gascoyne etc.

If I can be critical at all of the FNT board, it was that they did not inform us that the existing mine within ML104 was under water. Naughty naughty. However, it is what it is it i.e. it is time to focus on the future

With regard to Andewa, this is what mineral exploration is all about i.e. the chances of major disappointment are ever present (Andewa was a real long-shot IMHO anyway, which is why I was not an FNT shareholder at the time).

Looking at what lies immediately ahead of FNT, the metallurgical analysis from Gascoyne is due any day. I am very optimistic that this will be very good news for both FNT and its shareholders, and thus very much validate FNT's decision to pull up stumps at Tolukuma EL2531 and invest most of its funds in Gascoyne.

GLTAH.