Ann: Bankable Feasibility Study Update, page-31

I know many aren't happy with this but honestly I'm not surprised it's been deferred, at this stage a Stella BFS report would harden Tanzania to pursue in country refining. There is no counter argument yet why it can't be done or the economics of doing so until as per announcement there is some kind of study is performed.

if the government is committed to in country then the board has to be looking at a probably higher risk startup project which might have issues to obtain suitable financing compared to teesides BFS project. So the way forward would be to simply mine to get some income (better for shareholders than continue dilution) and go from there. I don't see an issue with that, other than the Chinese wild card.

i always thought it strange after the previous several announcements as to spend on a BFS for one option while the government where vocal on a preferred other option. I'm not privy to either party and the communications , but a timeline of consultation would be nice to see how much are the board to blame for not looking at this earlier and how much the government has been at fault with changing their tune and expectations.

several years ago I recall the government where looking at some kind of x-ray to measure the quantity of rare earth being exported , I can't recall the specifics.

lastly it has been very poor form of management to communicate to the market this at the last moment. Keeping in mind short term outcome of price pullback would still have happened.