Ann: Exceptional Historical Drill Results at Tundulu, page-54

Hello. If they remove the cerium the grade falls but it remains uneconomic with basket price at $26/kg. Or course, they can only produce concentrates therefore the payability will be 60% to 75% of the basket price. Songwe looks uneconomic.

	REE	ppm	%	REE/kg	Basket
1	dy	98	1.5%	$ 246.00	$3.79
2	er	37	0.6%	$39.00	$0.23
3	eu	72	1.1%	$24.00	$0.27
4	gd	173	2.7%	$22.00	$0.60
5	ho	16	0.3%	$66.00	$0.17
6	la	2,829	44.5%	$0.50	$0.22
7	lu	4	0.1%	$ 676.00	$0.43
8	nd	1,815	28.5%	$47.00	$13.42
9	pr	547	8.6%	$47.00	$4.04
10	sm	266	4.2%	$2.00	$0.08
11	tb	21	0.3%	$ 783.00	$2.59
12	tm	5	0.1%
13	y	448	7.0%	$5.00	$0.35
14	yb	27	0.4%	$12.00	$0.05
15	TREO	6,358	100.0%
16	th	295	4.4%
17	u	13	0.2%
18		6,666			$26.24