Ann: Salazar REE Project Metallurgical Testwork Update, page-5

Agree. The fact that WC1 mention "acid leach" strongly suggests that they have little to no ionic component of their resource. Using an acid would imply that gangue minerals (i.e. Fe, Al) also go into solution at low pH conditions, causing downstream separation challenges. I note that WC1 make reference to magnetic separation - this is likely due to the dissolution of iron into solution at these acid conditions. Additionally, if work has been underway since 2011 on this material it doesn't evoke much confidence in the project's economic viability. I hope I am wrong and I wish WC1 all the best in their endeavours.