Ann: Quarterly Activities & Cashflow Report, page-51

Hi Jasox, I do see your point and you may well be correct. However they very well could be much further down the DD road than that, in employing an outside engineering consultant. That step would most likely occur once all internal checkpoints have been met and the submission has advanced.

In theory we could be in the process of the drafting the term sheet and awaiting the next Board of Directors quarterly meeting for final approval.

The announcement regarding a non-binding LOI with a Chinese entity was no accident and could have remained under commercial in confidence terms. But it wasn't, we announced it. Tell me that wouldn't have created a little more urgency around the ol' DFC office.

Are we aware of any other JORC compliant deposits of this kind? Very strategic and critical minerals to let slip from Uncle Sam's grasp. The DoD would roll heads down there at the DFC. See agreement with Lynas last year over REE's as an example of motivation from the US DoD. Given our locations a deal directly implicating the DoD would be politically sensitive.

DFC offers an element of arms length from the Department of Defence. I'm feeling ok about the funding being approved and then the other finance streams/off takes etc will fall into place pretty quickly. The DFC is that first domino that needs to fall....

Am I growing impatient? You bet your ass I am. But in real world terms, there are a lot of moving parts here. Delays are probably inevitable.