Ann: High Grade Rare Earths Mineralisation Identified, page-15

I rarely drop by, but when I do your sour grapes are as bad as anything I've seen on HC. I'm not sure what specifically it was you think management lied about, drove down your throat other than selling the sizzle to raise funds required to do Stage 1 scoping study and pay off vendor debt?

It is a cracking deposit no question... it's also in Africa, in a raging RE bear market that has more than a whiff of structural damage instead of price cycle about it, cum-raise for a substantial funds for Stage 1 build, a huge amount of people sitting on huge profits from cents not long ago who can/will lock in profits under pressure and still go buy that new boat... it is being hammered by smart traders who know this no doubt, and probably also know Asimwe and that they can get re-filled cheap when the Stage 1 CR rolls around. It's a junior developer in Africa getting clobbered by Lassonde in a bear market...simple as that.

Where did management mislead holders? Well, they certainly indicated early they may be funded for Stage 1 with only ~US$20M capex, which will turn out wildly optimistic but what developer that early isn't?. Many bulls were hanging their head on monetising the bauxite, but that obviously wasn't possible, so a CR it is. Expecting developers to be pessimistic on costs, timetable early days is unrealistic and naive... that's on you friend.

Otherwise, it seems to me management has drilled the deposit as they said they would, demonstrated a very large MRE and the grade of starter pit shells, demonstrated the quality met work recoveries, worked up permits and engineering designs etc leading into the scoping study. If it turns out the met work goes backwards some, how were they to know last year? Shareholders who rode this up should be grateful they generated enough sizzle to raise the money needed with little dilution when they did, given it was always a min-Lassonde situation until the Stage 1 scoping and FID etc.

Seriously, I'd like to hear specifically what they did wrong by raising high when the ducks were quacking over the world class deposit? The deposit and met recovery and low U&Th is world class, they were excited to tell the story and the market lapped it up. Maybe just learn from the experience to jump off the when the exploration sizzle peaks, before the feasibility/funding period price fall sets in? Long Term investing and riding the Lassonde Curve isn;t for many...

GLTAH