Ann: Makuutu Phase 5 Drilling Update, page-20

Craigasx123
Mate... mine development does not happen quickly anywhere. The Ugandan Govt has been going through a process to update their mining approval processes as they see a bright future for mining to become an important contributor to their economy. IXR are a fledgling mining company and have had limits on their spending capability.

That said everything is coming together very nicely in Uganda and with an upgrade in the size of our resource likely in H2 2023.

IXR will eventually be in a great position with an expanded resource size to sign offtake deals with western companies.

IXR will also be seeking funding for the project and having an expanded resource estimate will make IXR a very attractive company to invest in and to source REEs from.

The proximity to Europe is also a plus! Please also bear in mind that the company is still to finalise the heap leach process for which work is underway in Uganda to test alternative heap leach columns.

So to summarise there are many things happening now that will ensure that the project will be successful when mining does begin.

Chrs W2