Ann: High-Grade Rare Earth & Niobium Zones at C3 & C5 - Mangaroon, page-34

we know, as do you, that many of the developed (and even mined) carb deposits you yourself like to comp to, have economics that are tremendously boosted by a relatively small high grade plug(s). Often less than 200m across. This first pass is at 160m spacing. Simply put, your claim it’s been tested is false. The intent of this very first wide spaced drill program is to identify the high grade plugs. A single hole at 3% is all we are hoping for. In the future they will go back and drill much tighter spacing to define the high grade resource. Those small high grade plugs then act to boost the economics of the lower grade stuff surrounding it. You know this.

reminder, this Isent even an indicated resource yet. Comping it and analysing it like it’s a proven reserve, and then using that as the sole judgment of the project, is widely inappropriate.

good luck