Ann: Makuutu Demonstration Plant Approved to Proceed, page-30

I think that this is a very important announcement and the company is now confident to begin producing a Ugandan derived mixed rare earth carbonate for sale and testing by potential customers in the second half of this year!! Plus the building of the facility is already underway!!

It is worth reading the first 4 dot points again and I have highlighted in bold the key items:

1. Manufacture and construction of the permanent metallurgical and analytical test laboratories have commenced;

2. Demonstration Plant to be constructed in two phases to de-risk project development and scale up;

3. Demonstration Plant Phase 1 to be operational during Q3 2023

4. Commercial quantities of Mixed Rare Earth Carbonate (MREC) produced at the Demonstration Plant expected to be available later in 2023 for ongoing discussions with potential supply chain partners.

We still have a long way to go to get into production but this announcement is a critical step in the path way to full scale production. If IXR prove beyond doubt that they can produce a carbonate that can be used by customers, the remaining steps to get into production will be so much easier to achieve.

Chrs W2