rabbits out of hats, page-22

See in preferred options for development of Railway:

1. Secure offtake agreement for IO; and,
2. Secure JV or equity partner for project.

Not necessarily material on their own, but potentially significant in light of recent developments with MGX, etc. and evolving nature of junior IO sector ATM.

How significant depends on how management view ST to MT evolution of equity, debt and IO markets: ie, whether they see improvement or deterioration.

That is, how imperative is the incentive to do a deal now?

Depends on management's views as to holds the whip hand? UMC or potential equity partners, etc.?

High grade orebody is one factor of a number.

BUSH