Ann: Investor Presentation, page-23

The writing has been on the wall for a fair while.

I would say there is a fair bit of difference between hard rock and clay in regards to ppm. 1800ppm in clay can be economic if it has a high basket value and an economic recovery flow sheet. SGQ like most other clay explorers do not have economic clays. Hence why they are all sub $30mill MC .. Most half that or lower.

Only clay explorers with a chance IMO are ones with the more valuable heavy rare earths.