Ann: $5M Placement to fast-track exploration at Mt Clere, page-22

PTR is interesting. With the volume we're seeing get behind REE clay explorers I'm toying with having a small portfolio with some of them eg AR3 (FNT next to them) and MRD as well. I'm very committed to KTA, not just for Mt Clere, though so want to be convinced.

PTR has good grades for clay. Intercept widths aren't big but they are in them at end of hole in the ones they reported so could well be more on top - shareholders would be rapt if they end up with widths like KTA and the PTR grades to work with. The thing that's holding me back is indications that they may be close to bedrock so it could be the weathered top layer of a hard rock deposit which might be problematic - the good grades for clay would be seen as weak grades for hard rock.

Which all just highlights that we're in a tricky space with this stuff. KTA is in a good place to begin with, and I think we'll easily demonstrate significant scale but we'll have to prove up metallurgy and that's the hard part with these things. There's REE in clay abundantly across the planet, not many places where it's being extracted economically though. The good thing is, we could potentially have answers to both scale and metallurgical potential this year.