I remained disappointed in MRD. To be honest, I’m mostly...

I remained disappointed in MRD. To be honest, I’m mostly disappointed with myself for getting in, since there were a few red flags to begin with (almost 6B SOI, inflated MC, etc.). My concerns:

• Still no word about the results of actual testing required to see if it’s ionic clay-hosted (uncommon but relatively straight-forward analysis)
• I assume they haven’t tested because they now know it’s not ionic, but have yet to correct the record
• Grades mean nothing if you can’t get the stuff out of the rock for a reasonable price; we need to know the hosting mechanisms, which comes from understanding the mineralogy
• The relative proportion of REEs is also important; obviously some are more desirable than others economically (do they even care about this?)

They seem to love drilling and reporting numbers, but have skipped the steps of investigating these fundamental factors which, in my eyes, will make or break the project.