Ann: Excellent Initial Metallurgical Results for REE Clays at Neo, page-16

This is very exciting - looking more favourable after every update. Some really important technical observations from this:

• TREO grades in these samples are extremely high, especially in the ultrafines i.e. 7,102 ppm (%0.71%) TREO in composite 2
• The alumina content is very high - 36%, almost pure kaolin (common in Chinese IADs)
• Low Fe & Ca = again tick, tick for favourable leaching
• Halloysite = major tick
• Waste rejection - removing the unwanted material upfront is how say the kaolin producers operate. It is a tried and tested approach. And should have a major positive impact for the project's viability and environmental footprint.

Really looking forward to the leaching.