Ann: Results of Meeting, page-13

Hi @ttroy,

I take it from your lack of a response to my question regarding LYC's SEG product, there is still no publicly available detail available to base your assertion on.

What we would need to know to have an informed view is:

• Mt Weld R.E. concentrate feed grade and composition,
• Non La/Ce/Nd/Pr rare earths (i.e.SEG) LAMP recoveries through the cracking and refining circuits,
• Final SEG composition.
• SEG production volumes.

It would also be nice to understand who they are selling SEG to and the price they are receiving, to understand if it is profitable or or a loss maker like their La & Ce products....basically the sort of info that would be contained in a DFS if they had done one for their HRE refinery proposal!

Without this info there is no basis to your claim LYC are producing substantial quantities of HRE's, let alone more than that forecast for NTU's Browns Range project. You are welcome to post your down ramping opinions but keep it factual please.

GLTAH & DYOR.