Ann: Investor Presentation November 2021, page-51

I've just done some very rough numbers based on latest prices for REO. In one of the early 2021 updates from last year from Hastings which are freely available from their website the REO basket price (Page 13 of the slide show), was calculated at $20.45US/kg based on ROE prices in July 2020. But if you factor in todays prices based on the %REO splits in their Ore I get $76US/kg. That's a huge increase. Happy to stand corrected if someone would like to check my math's as I don't pretend to be a math's professor!!:

		% REO	$US/KG
1	Lanthanum	9.99	1.3	0.12987
2	Cerium	39.59	1.3	0.51467
3	Praseodymium	8.01	150.6	12.06306
4	Neodymium	33.8	166.4	56.2432
5	Samarium	3.88	4.1	0.15908
6	Europium	0.84	30.7	0.25788
7	Gadolinium	1.8	83.6	1.5048
8	Terbium	0.15	2153	3.2295
9	Dysprosium	0.5	478.8	2.394
10	Yttrium	1.14	12.8	0.14592
11
12			Basket price	76.64198

Regards,

Darren