Ann: Investor Webinar Presentation, page-2

interesting webinar. some points:

Stallion:

- Next milestone is testing cheap leaches - to determine whether economical or not (they start with the cheapest leach and then proceed)
- Scale of Stallion is potentially huge - but we need to know if economical before we drill the whole project out (to save $$ if not economical)
- The idea is that the REEs are in the weathered bedrock - hence one cannot compare us to purely bedrock-focused REE projects (Lynas, Hastings etc), our appropriate comparison is clay-hosted deposits (where low grad is completely fine, if leachable in economic ways)
- The other idea is that this weathered bedrock is outcropping to the west and east (in our new tenement) - hence once this is granted (and leaching is economical) we would drill there as well, with hopefully shallower mineralisation (so I assume that's where the "jackpot" would sit - for open cut mining)

Phillips River:

- 50m magnetic survey completed. First analyses might be indicative of some interesting structures (I think I heard the word pegmatite). More soon (to me this sounded rather interesting, geologically, but not an expert)

Cash:

- "Plenty of cash"
- Enough for a few drilling campaigns