Ann: ADDITIONAL HIGH-GRADE PRIMARY MINERALISED ZONES DISCOVERED, page-22

It is highly likely that REE will spend the next 12 months drilling and releasing assays resulting in an upgraded mineral resource estimate which supports construction of a REE smelter to produce mixed rare earth carbonate or oxide. Unless they sell by-products as a concentrate the capex will be in the billions to recover all these products in a saleable form. It will take another 2 years to reach this stage, and then the company will be competing for the same billion dollar financing as all the other me too MREC/oxide companies in the global REE space. Unless REE partners with Lynas or Shenghe to bring the project forward sooner. But given many juniors approach these two companies competition will be tough. I would also like to see REE focus on the Laos plant optioned by CREC and partner with them and their partners. By I do not believe REE has the partners in Asia to pull off such a comprehensive strategy.