Ann: 8m @ 5,716ppm TREO- Jupiter Drilling Continues to Outperform, page-396

I watched the preso, comparison of Jupiter grades to Chinese IAC deposits. China at 800ppm, PL mentioned Jupiter having 20m-30m excess of 2000ppm and 60-80m of over 1000ppm TREO (I know you can get these from the drill results released to market but wanted to use her words) - On the surface that seems amazing, multiples the grade of Chinese deposits.. no mention of met work at this stage of the preso, then we get to the next steps slide 'Commence Metallurgical Programs' - waiting for last assays before even starting met work.

Certainly interesting to compare to Chinese IAC deposits when met work hasn't even kicked off yet, it's great to talk about scale and grade but without met work it doesn't stack up. Why not compare to OD6 a clay based peer within W.A?

"Surely, they would have an understanding as to how the Mets are fairing.". Based on the preso I don't think we can be so sure if they've not commenced any met work at this stage.

"“Jupiter” was 170 times bigger than “Mt.Well”". Not sure what the point of the comparison is, one is a Carbonatite (hard rock), Jupiter is a clay based deposit. I very easily could turn around and say well Mt Weld has 40x the grade of Jupiter (~8% vs ~0.2% Jupiter). A pointless comparison given the two different types of deposits.

"Are they in line or better than expected when compared to other REE companies; Are they in line or better than our neighbours such as Lynas and Iluka, etc. She would have to have an idea." At this point we now know met work hasn't kicked off, but any director has to be very careful in what they say if it didn't first come via an ASX announcement for compliance rules. Again however trying to compare mets to Lynas is a completely pointless exercise, two different deposit types.

"Whilst, later down the track find out there is a glitch with our Mets and it’s not what it’s made out to be. This is NOT ON." IMO there is no reason they couldn't have kicked met work off already on what they've drilled to date. These things can be done concurrently.