Option holders list, page-74

The long term upside for this company is its whale of a resource or to be more precise, its pod of resource whales. Ongoing exploration is giving our company the luxury of selecting the best location for an initial mining operation among literally thousands of potentially viable sites.

Already data is emerging on locations with favorable strip ratios and relatively high grades but metallurgical data remains somewhat sparse. What is clear is that metallurgical testing has been restricted to very few sites. Certainly the newly announced satellite deposits would not have been thoroughly tested for beneficiation. In my opinion, its unlikely that rare earth mineralogy will be uniform through all these sites. That means we need multiple sets of tests over at least the most promising satellite deposits.

So far, we've been told that a couple of sequential froth flotation stages have produced a nine fold upgrade in RE concentration with 95% rejection to "waste". That tells me a little more than half of our rare earths are still locked away in that waste. It would be lovely to imagine some of that waste is in the form of RE infused ionic clays but I'm certain some of the test work would have been to elute clay with ammonium ions to see what RE gets washed out. Please correct me if I missed the announcement but ionic clay doesn't seem to ever get mentioned by CRI. Sadly, that tells me our massive resource doesn't yet show a significant RE ionic clay component. Otherwise we would have been told about it.

It's possible other locations on our tenements do have RE ionic clays but this is speculation. We do not know at this time. I suspect one of the reasons the share price languished for so long is we have not yet announced high RE ionic clay concentrations in any of the locations tested so far.

Our share price is creeping up and I guess one of the reasons is the size of our resource. I'm not expecting it to creep up enough to put my options in the money but I would love to be surprised.