Ann: Major Strategic Expansion of the Colossus REE Project, page-35

Hello. Thank you. I am a bit slow here. Doing some research:

* Brazilian Rare Earths will list on the ASX with a market capitalisation of some $315 million, Gina Rinehart’s Hancock Prospecting took part in the company’s pre-IPO raise. The company will hit the bourse on December 18. The listing is by way of 34 million new shares at $1.47. The company has 461 square kilometres of tenements in Brazil with a maiden JORC resource of 169 Mt at 1,526 parts per million total rare earth oxides. This, it reckons, translates into multi billion-tonne potential and is comparable to the world’s biggest non-Chinese rare earth clay projects such as Serra Verde.

* Serra Verde Project November 2015 Pre‐Feasibility study finalized with mineral reserves of 350Mt @ 0 15% TREO, TOTAL RESOURCES 911mt @ 0.12% TREO. Nd 19.3% Pr 5.9%. Dy 3.2% Tb 0.5%.

* MEI. JORC 409Mt @ 2,626 ppm TREO , likely to at least double soon.

So VMM will probably have higher grade than Brazilian Rare Earths & Serre Verde.