Ann: 2014 AGM Presentation, page-2

The presentation doesn't say much really.

They are saving money on capex and opex never actually spent. Doesn't say much for the quality of the due diligence conducted in the first place. If this project had gone ahead earlier by their own admission it would have been a very expensive operation if 24% savings in opex have been made in 12 months.

The bubble chart is a re-worked version of an old one. What about stating sources for data? CAGRs etc.

If the NdPr supply shortfall is here and now where are ARU??? They told us they would be in production in 2013 and that year has come and gone. Again, what is their data source?

Where have their product samples been produced and at what scale?
Have the products been made on a larger pilot scale?

Feasibility study. Please don't tick off until actually completed. End of 2015 is still a long way off.

If there is minimal technical risk why the delay? Samples were originally produced in 2009!

The mine may be in a "minimally populated mining region" but what about downstream? That is where the damage and opposition arises. Lynas in Malaysia is the perfect case.

No comprehensive assessment can be made until they decide the location and technical arrangements of the downstream porcessing - most likely China where REO prices are lower.