Ann: Further highgrade drill results expected to extend mine life, page-4

A very interesting set of results, especially when compared to the previous 40 holes,

My first observation is that the return (in REE per hole) has increased substantially ~ the previous drilling averaged 1700t/REO per hole while this round has achieved 2350t/REO/hole, a significant increase in productivity.

Angle drilling gives you more sample per vertical meter which usually can be seen as more confidence, it can however cut your return per m drilled depending on the spatial interpretations you use. I have stuck to a horizontal distribution and therefore have cut my calculations by a factor of 0.86. Also I have not adjusted my totals for any additional tonnage from "Fresh rock" keeping my SG at 1.4

My calculations indicate that the Weighted Average grade for these samples is 2.25% REE and 0.51% NdPr

So by my estimates these 18 holes will add a further ~ 2 million tonnes of ore, containing 42,500t of REO and 9,600t of NdPr, to the "Resource" model; Which, when you consider that the value of refined NdPr alone is around US$50,000/t, then the team has just added around a half a Billion dollars to the in-situ value of Longonjo !, And even if we only achieved a 20% net return that still equates to US$100M !!!

Or about A$1 per share.