Ann: IXR and VMM to form REE Refining and Recycling JV in Brazil, page-30

The trick is to read past the first highlights page everyone....

Also from the VMM announcement further down - moving forward, any IP and process design that is developed through the 50/50 JV (that VMM will be paying 50% capital for the studies), the JV is then entitled to use that IP and Process design package worldwide (. "This exlclusive does not extend to the intellectual property developed by a party outside of the JV Co in relation to downstream rare earth refining".

So in other words, anything that IXR continues to develop by itself outside of the JV completely belongs to IXR. Anything that is designed or new IP that is formed within the JV can therefore be used by the JV worldwide, not very hard to understand?

The magnet recycling tech is also only exclusive to Brazil, so IXR have all of our rights for any recycling plant outside of Brazil to ourselves.

This is 100% intended to build a hub within Brazil and then depending on what is the best case scenario moving forward for IXR whether or not they want to set up a refinery elsewhere, we can still do that.

IMO this is a fairly reasonable deal/JV as we have potentially secured 50% profit/revenue from refining VMM's deposit (as of yesterday we didn't have that revenue stream). This can also open up taking in MEI product and any other Brazil IAC deposit.

IMO if it is beneficial to IXR, they will still set up a 100% owned refinery to take Makuutu's product over the life of the mine.

Disclaimer: I hold both VMM & IXR.