East Versus West., page-23

I think part of the challenge is that if you are a fund, you are probably still going to pretty hesitant to throw serious funds at a small cap developer at this stage, not yet funded, operating in a riskier jurisdiction that is Africa (even though I think Malawi seems like one of the better regions) in a challenging economic environment and structurally challenging REE market given China dominance and uncertainty around prices, no matter how good our asset is.

I am surprised they aren't jumping at it, opportunity to get in at bargain prices. will just take one large player to get our SP really going and first mover will have the advantage. funds maybe be otherwise waiting to see if they can get in the next CR (assuming there maybe one)