Ann: Monthly Activities/Appendix 5B Cash Flow Report, page-32

Yep it is dog shit - that is the Governments integrity and PEK management being ill-prepared (not having Feasibility Studies for multiple refining points completed).

Management have had 5 plus years to prove that Tanzanian refining wont work OR does not generate the superior returns that Teeside will.

How good would it have been if during this 5-6 year period our management spent some resources preparing Feasibility Studies relating to refinery locations so when the time comes to signing SML/EFA we can provide the GoT with straight up facts with no loss of time (perhaps we would have signed on the 13th of Dec 2021 if we did this).

You would think that given the refinery build is consuming 43% of total CAPEX management should have completed their homework!

We have arguably the best rare earths deposit for ndpr oxide in the world (and at our fingertips) and it will be mined. Lets hope the Government signs it quickly!

All national media points to a positive outcome with PEK happening and the dot points from the quarterly look like it has been copy and pasted from the EFA.