Ann: Full Year Statutory Accounts, page-2

Speaking only from a position of interest in the REE potential... These statements don't make great reading re. future solvency. The capital raise post- accounting period helps shore up cash short-term but the burn rate is high with liabilities hanging over. The REE potential at Colosseum needs to come quickly, although a positive result (potential or identified REE- bearing carbonatite) would presumably only effect more capital raising which may not paper over the gold cracks. And it should be remembered that not all carbonatites contain economic resources of REE.