Ann: Chairmans letter to shareholders and corporate presentation, page-4

The confident tone in our Chairman's letter to shareholders is reassuring. All backed up with a very nice presentation too.

What I didn’t realise is that, Dysprosium and Terbium are almost entirely sourced from ionic clays in China and Myanmar (Myanmar being a complete basket case country) – see attached.Also, it’s crazy to think that AR3 is one of only six ‘proven’ ionic clay resources ex China – see attached. In fact, I’d argue that the lack of ESG credentials and infrastructure in most of the other potential projects outside of China puts our project on a very high pedestal.

Where are the other obvious choices for low-cost economic and secure raw material supply for OECD countries going to come in the next few years?It’s looking very thin and prices are already high. We could be one of only a select few 'trusted' projects to fill the gap at a time when prices could be well north of what they are!








All IMO, DYOR, GLTA(patient)H