Ann: VMM JV For Separation, Refining & Recycling Rare Earths, page-24

Mate, a lot of the risk has been de-risked.

We know it will be a huge world class high grade IAC deposit, with current METS showing 80% recovery based upon a simple Ammonia Leach, with higher recoveries, a certainty.

VMM currently have MOU’s in place for fast tracking approvals for a separation plant and mining permits with the local and state governments.

VMM have a joint-venture with a partner who has a mature technology to separate, not just one or 2 REE elements but the full suite in a simplified flow sheet, reducing the Capex and Opex of its competitors.

On top of all this, VMM have the rights to license this JV technology globally.

But most importantly, VMM appear to have the skilled management team who not only have backed themselves in with their own hard earned cash, but have achieved all of this in the space of seven months.

Very impressive!