Ann: June Quarterly Report, page-70

Have always agreed Balfast is the future of IXR , If they can secure funding in a timely manner as cash is running out FAST , And to go to the market for one more CR would be fatal to the current SH , So now is the time to release a cornerstone / strategic investor posthaste , Tim has promised this many times , I guess it all comes down to now , If you believe him or not, Hoping for your sake he delivers on his promises.

Makuutu- Is Unfeasible as just has been seen with the MEI SS.

The IAC deposit in Uganda is as certain as any other IAC deposit elsewhere to either irreparably poison natural water resources by in-situ leaching with ammonium sulphate solution, in proximity to Lake Victoria and Lake Kyoga, or be unfeasible economically for not in-situ leaching the resource and going for tank leaching instead.

Alternative leaching

There is a in-situ leaching process in China that bases on potentially much more benign leaching with magnesium sulphate, developed by General Research Institute of Non-Ferrou Metals (GRINM) in Beijing.

But that one is covered by China’s negative list and in general all things rare earth are subject to perceived “national security” anyway.