Ann: Maiden Trial MREC Product From Sybella REO Ore, page-74

Yes, tough day today but it is across the board so to be expected.. Concerning to see market darling MEI hammered, a bit of a reflection of the state of rare earth explorers/developers right now.

I think next cab off the rank for news is going to be the drilling results. Drilling completed in the June quarter so assays should start flowing in. Not sure if they will release in tranches or all at once, it is a huge program of 100+ holes so wouldn't be surprised to see 20-30 holes reported every few weeks.

The metallurgy is looking pretty solid now, just with work to establish maximum recoveries at pH 3+ with very long leaching times (which will delay news on this front but it is for the best) and to prove up the leaching with heap leach column tests which are underway per the quarterly.

Resource drilling definitely the next item to check off. Need to determine continuity, scale and if there are any higher grade pockets. We don't need much step out to come in for it to be a 20+ year mine life at 10-20 mtpa given it is still open at 100m deep and a continuous SG of 2.6 vs ionic clays at 1.3 (twice the mass per bcm moved). The recent met work proving up the fresh rock down to 60m was leachable at pH 3 was a big tick for giving the project optionality to either go deeper or go laterally through the weathered depending on what is most economic for heap leaching.