Ann: FYI: FYI Enters The Rare Earths Sector, page-12

First thought are obviously Iluka spending 2 billion I think it was to establish REO refinery for their minerals sand project - obviously large scale.

Second thought - gee a many fingers in the pie from mineral sands concentrate suppliers - logistics - managed by MOPL - then FYI - ARU all in for a slice of profits.

Third thought PFS early 2024 will provide critical details and $$$ details from the above concentrate costs - logistics - MINHUB costs etc.

Fourth thought is ARU can earn in on two components with the 50/50 non binding arrangement currently in place. From the 3 mineral sands to be produced and more importantly the "FIRST RIGHT OF OFFTAKE" for the very rich REO concentrate xenotime - so ARU purchase this concentrate at agreed price for which 50% of value is ARU'S anyway - to rail back to Nolan's for a very high grade feedstock - that would be of far less opex to procure over a long period than that of Nolan's mine to refinery - complete with the HREO assets in DY/TB potential refining. It could may well be a long term low cost opportunity for ARU to procure some exceptional high grade concentrate to process and have additional product for spot market 15% - all at a time Nolan's is commissioned and ARU are scaling - very timely indeed.

YES I am seeing ARU'S concept and look forward to more details in early 2024. Anyway back to the main game Nolan's.