Ann: World Leading Recoveries Confirmed at Ema Project, page-14

I'm not too concerned about funding. Last raise we didn't have a billion tonne MRE, now we do, which will fly at current prices from what I can gather. Just because somebody else has a higher grade resource doesn't mean ours won't fly. Also we don't need to do a big raise to pay off Lind any more.

The big money appreciates the scale and low costs as much as grade, there's lots of upside in the MC relative to peers, we're highly levered to any recovery in REE prices and the cash burn should drop off for now with the MRE completed.

We don't need a big raise to deliver the scoping study. A shallow, broad-spaced ~200 x 200m drilling program which will be cheap in Brazil and will increase grade and tonnage as they test the full saprolite profile at Ema and Apui.

We have $4M on hand to call from our rich Uncle Drake who will be very happy with the latest developments, PM assays incoming, and with his REE experience we have a very well connected MD at the helm who will come in very useful when we're looking for offtakes. Hopefully buyers soak up the selling soon.