Ann: Investor Presentation, page-10

I would say that this is what the market picked up on in the presentation - no mention about the timing of the mining license. I guess until the EIA / SIA are closed out and the public hearings commence,we won't know for certain and the share price will reflect that- hopefully over the coming months we get more clarity!

That being said, the presentation was excellent and it's full steam ahead and no turning back!

"Q4 ‐ 2017  Updated Environmental Impact Assessment incorporating
additional data and studies conducted through 2017
Q1 ‐ 2018
 Project update drawing on test work conducted jointly with
Shenghe through 2017; addresses optimisation and integration
with downstream processing
 Commence update of Feasibility Study (2016)
Q2 ‐ 2018
 Update operating costs
 Incorporate updated workforce requirements into SIA, conduct
required EIA revisions that arise from optimisation
Q3 ‐ 2018  Pilot plant operation of final configuration
Q4 ‐ 2018
 Finalise Feasibility Study
 Revise capital costs"

(Still a lot of work to do before production commences)