Ann: Large mineralised carbonatite emerging at Green -West Arunta, page-85

Before Tuesday we all hoped that Green as a large stand alone Niobium deposit, given that priority samples had been sent to the lab.

Now we know that while the area contains some great results, it is probably not the large high grade stand alone deposit. So the value of the company is less until another set of great results come in. Most of the Mcap is from 'expectations' of results, so any announcement that constrains the potential will be a negative, as we are currently having.

Plus as the chart looks worse, then negative sentiment will set in among those likely to buy or those holding for the short term (days, weeks or even months).

I would expect the SP to continue to go down until expectations of a positive announcement, from a different area start to rise. Of course none of us know the order of announcements, so may get something bullish before further 'constraints'. If the next lot of Green assays are just more like the existing ones, with lower grades outside the areas of the priority samples, that would be a negative, while rushing some priority samples from the Elephant Island/Stromness fault drilling would be a positive (likewise from Joyce).

Given the areas where we've found high grade Niobium so far, over 15+km range, it is (or was) obviously a huge well endowed carbonatite system, with huge areas left to find many millions of tonnes more Niobium. I have zero doubt there is a lot more to find just in the triangle made by P2, Green, Hurley, of which most land is held by ENR.

It's just a matter of time (and money) until we find a great deal more, hopefully concentrated in a relatively small area like Luni, but the market will trade us down and up on every set of results, until a main ore body is discovered. Meanwhile cash is used in exploration, which points to downward direction until either capital is raised and/or definitive discovery made.

Hindsight is great, and with it I'd suggest the best time for raising another $15-$20M was a couple of weeks ago, with the 'promise' of priority Green assay results making it an easy sell. Unfortunately without a major find somewhere (West of Crean getting wider higher grade would be good!!), then the next cap raise will be at lower prices meaning more dilution.

I'm looking to re-buy at the 50-55c level, but as usual will probably miss the bottom....

To me one aspect is really noticeable, between WA1 and ENR, we have found some high grade Niobium in EVERY separate area searched. There is a lot here, so no reason to think searching in other, close, highly likely locations, wont be a continuation of the pattern, of more discovered... IMHO it's very possible this area has (or had) more high grade Niobium than Araxa and it's just a matter of finding it and hoping a lot of weathered material is preserved, as in multiple Luni type deposits...