Ann: Half Year Accounts, page-4

This is just my musings so make of it what you will.

the way I read the ex cerium was that the overall basket tonnage of RE had to amount to those elements which reetec require exclusive of cerium.

I have been speculating that the cerium will not be seperated prior to shipment and will act as a sweetner for the deal.

I suspect that REEtec will simply process the entire basket and retain the profit from the cerium.

please keep in mind I have no factual evidence for this and it is pure speculation from my wild train of thought.

the way I see it, the #1 priority is demonstrating our ability to produce to the requirement of the customer and scale the operation to meet forecast demand. I strongly believe once we achieve this with REEtec the customers will be knocking and the flood gates will open.

I'll close the way I opened.....make if it what you will.

SB