Ann: VMM JV For Separation, Refining & Recycling Rare Earths, page-36

Hi shan_e, I think as insaf has highlighted, in this depressed market everyone is waiting for the Maiden MRE to reassess VMM's true value. By the way even in these tough market conditions I was surprised at the lack of response to the announcement of the REE refining JV considering it has the potential to position both VMM and the Brazilian REE industry very well in the supply chain. Again, perhaps it's too early in the project cycle for greater impact and from my understanding the SST technology is not yet commercially proven. The JV though has now set a course for a scoping study and PFS, so the next 18 months is going to be very busy. Holding tight for now in anticipation of the eventual re-rate.