Ann: ACQUISITION OF HIGH-GRADE ARAXA NIOBIUM PROJECT, page-71

I meant to include another quote from the PEA that has a capital cost of over $US600m for the project....
"The location of the old CBMM tailings dam, covering a part of the Mineral Resources, will have an effect on the ability to mine the project.
This effect may influence safety and also have a cost implication for the Araxá Project.

These effects have not been addressed in any manner or form and will need to be included as part of the modifying factors for Mineral Resource to Mineral Reserve conversion. "

In other words extra costs before any mining could take place. How many billions would it cost to move the massive contents of a tailings dam, holding radioactive waste to a different location? How hard would it be to get permits to do this?

Does anyone really think the Brazilian authorities would let anyone dig a pit to access ore 50-100m in front of a tailings dam holding radioactive waste after the Samarco disaster in 2019?

If they can't access the mineralisation under the tailings dam wall and for the next 100+ metres, there is not much of the high grade stuff left!! There is only 6Mt of high grade anyway...

This project is a bad joke on shareholders..
Please go and read the PEA done by Itafos!!