Ann: Presentation to AIG Rare Earths Discussion Forum, page-7

Just had a look at a couple comparisons between AR3's Koppamurra vs HRE's Cowalinya projects.

		AR3	HRE
1	Market Cap	39.72M	5.39M
2	Resource	186Mt	28Mt
3	Grade	712ppm	625ppm

It seems that AR3s project has a lot more potential in resource size as they are estimating up to 3.1Bt of resource, but I think they will struggle with getting that as their tenement is in prime land for cereal cropping as well as livestock. I would assume there would be a lot of resistance from the farmers in the area. Please correct me if I am wrong but it seems that AR3 has not done any metallurgical work so we cannot compare the results but we can say that HRE can double their grade from works already complete and they are still looking into fine tuning the process. Both companies also have other RE tenements within the country but have done minimal work at those.

It will be interesting to see what HRE's resource upgrade will be like, Richard Brescianini does sound quite confident when he has spoken about this but I won't get to excited till the results come out. Hopefully it is somewhere near AR3's resource as a $40M MC would give our SP quite a nice boost.

Always happy to be corrected or any other information added to this as I have only just started doing research into geology and would like to hear a response from someone that works in the geological industry.