Ann: Corporate Presentation, page-13

If I was, I can categorically say that it would be indirectly.

I just speak with the team as an investor. Inform them of what I think the market doesn't understand, what key points should be addressed and also ask a lot of questions. Some of which can't be answered and as such they find themselves in the announcement.

Todays investor presentation was extremely comprehensive - A really good one stop shop for everything IXR and additionally rare earths in general. A lot of update commentary especially about the end users, end markets along with macro drivers.

The separation facility study cannot be underestimated. Where previously IXR was marketing a project to offtakers whereby they'd still have to process the stuff via china, they're now presenting a case whereby end users can have security of supply for HREO and CREO completely de-coupled from china's downstream stranglehold.

There's a lot of other players of course looking for downstream separation of LREO but only LYC has touched on HREO sep capacity but without sort of firm funding and commitment. Irrespectively, in a short period may be able to offer what no other REO companies listed across multiple exchanges can do. It can't be understated. That said and as i mentioned before. IXR probably not a sugar hit stock anymore.

12 months now the timeline for BFS. As long as prevailing REO prices remain steady and or rise from now until then I expect we have a nice steady grind towards and exceeding our previous all time highs.

Will be interesting to see what comes of the sep facility study and secondly how much of that upside can find its way into the BFS. If timelines prevent this we could see a very significant revised BFS in late 2022 recalling that the BFS deadline is precedent for 60% ownership.

I also note that having rwenzori retain a large percentage in the project is strategic. Skin in the game so to speak as we progress through the important mining licensing and relevant approvals. I garner there's already discussions about securing the remaining 40%. Obviously securing more is important, but also needs to be done at the right price. We might see extra project acquisition prior to BFS but certainly post mining licence this becomes a primary focus.

For now as shareholders it's ensuring our drilling programs remain on time, such that we can upgrade the resource allowing sufficient time for relevant economic appraisal of it into the BFS.

offtakes/sep study news/extra project acquisition are all major bonus's but nothing i'm necessarily banking on in the short term.

SF2TH