Ann: Appointment of Independent Power Provider, page-3

Is anything safe from persecution. APA is big and proven - actually trades around $10 currently not far off 5 year highs and just released div of 29cps. Suggests they must be doing something right opposed a minnow in COE trading at what 14c.

We know what the issues are - offtake and finance will be completed just when - reo/prnd demand will soar and the higher reo pricing with it and China control/pricing is waning as much discussion on future supply ex China gains pace. This is a very early phase of transition to renewables - with that it will not happen overnight nor without concerns or challenges. We are shovel ready and in position to avoid the many issues that plagued Lynas for which they overcame. ARU will do such also - without the massive 100's of millions of extra expenditure Lynas was hit with.

PrNd prices bumped again today up near 500usdpt. Friday was up around 350usdpt by memory. Green shoots that now see price up somewhere between 11-13% in less than 3 weeks from lows - hopefully this rise can be sustained again.

The brakes will be released on remaining key progress being delivered in due course - those with a 1-10 year time frame have little to be concerned about - obviously the longer the better as in Lynas past whom I reference regularly primarily because they are the only benchmark for reference out side of China supply.