Ann: Company Presentation, page-6

For the original REE distribution go back to late Jan 21 for the announcement that qualifies these amounts, Its then a pretty simple process to punch these numbers into a spread sheet and work out the final sales price for individual RE carbonate.

I've got a spreadsheet going where I input the latest sales price to get a view of the RE basket price. I use metals.com to get my prices daily.

I've only been able to do this for the REETEC deal as its the only time i have found VML fully transparent with their mixed carbonate distribution.

The other question that I often ponder is what is the profit share agreement, is it 50/50 or is it biased in on direction. for simplicity I have gone with 50/50 but that is no guarantee of what it will finally be.

SB