Ann: Caralue Bluff and Ethiopia REE Prospects Continue to Grow, page-8

Some promising results there, especially at Caralue. Good grade and depth and covering potentially big area.

IXR has proven up a bigger resource and the leachability of REE's from the clay is clearer, so not yet comparable. But that project is in Africa and they only own 50% of it, so if things keep going the right way who knows. We do also have the graphite and Kaolin prospects and the great location with infrastructure etc.

I think it's the ADN comparison that is more interesting. Market cap >$200m for pure kaolin project in a location where they are not as close to infrastructure. Will be interesting to see what the Kaolin test results reveal. That's a market cap 7 times ITM.