Ann: Ultra-High Grade Rare Earth Assays at Monte Alto Project, page-12

IMHO, This is a discovery that could change the balance of supply / demand globally for the REE industry;

1. Amazing (almost unbelievable) grades with the DyTb grade (2,000+ ppm) in-situ itself being similar to most of the ionic clays in the market! This is going to be of strategic significance to all players in the REE space around the world.

2. This is near surface and overlain by what other companies would dream to have as their own resource; a free dig source of +1% TREO ore. Not sure what everyone means by deep, as some of the high grade is starting from 0.7m; that's pretty close to surface IMO. Also, these look like the initial "discovery" holes. This occurrence clearly has an extensive sub-crop in the area (and potentially province) given there are boulders of this crazy stuff on the surface!

3. Looks like a majority of the mineralization is monazite. This is a HUGE positive as this has historically been very simple to process (Lynas, U.S., Chinese etc have been doing this in the past for years) and there are multiple non-Chinese facilities either built or being built that would die to have this material (I am thinking Lynas, Iluka, Energy Fuels etc).

4. Massive upside not just at Monte Alto but in this entire province! This is Voisey Bay for the REE industry. BRE management could obviously see this potential in the recently acquired ground.

We could see a change in the supply / demand balance with this province as at these types of grades you only need 10-20 million tonnes (excluding the overlying, ore grade, monazite sand resource) to become the largest player in the REE space.

This could attract the attention of a lot of additional players and it is clear why Hancock and Whitehaven took such a large position.

Well played by BRE and a result of the first class management we have in this company that had quietly locked up this entire province.

BRE could become a must own for any serious future players in the REE industry.