Ann: Appointment of Chief Operating Officer, page-18

I agree. As most on here would be aware there is no point having a deposit if you have only one customer, the CCP. If a company finds itself in this position, then they are a price taker, and no one wants to be a price taker when there is only one customer. Great business are built on owning the verticle supply chain. As we move from mining, to refining to magnets, the value we present to end users increases substantially. We also capture the value at each stage in the lifecycle. This leads to greater profits than just mining, and because it is a full vertical supply chain, the multiples it will trade on will be higher than just a mining excavation company. Finance should also be easier because lenders are placing less security in Chinese offtakes, and Western countries will gladly offer binding offtakes for non Chinese supply chains. We are witnessing the lLassonde cycle playing out on the price side, while Tim arranges his chess pieces for a long-term strategic play. GLTAH