Ann: Makuutu Rare Earths Drilling Update, page-2

professional outfit.

first impressions;
25% through the program. absolutely smashing it and due to complete in October. imo this means they may only get a increased resource confidence including into the SS I think the resource expansion results may drop shortly after the SS but we'll see.

scoping study on track and targeting 2.5Mtpa to 10mtpa which at the upper end of the scale with 50% recovery 90% concentrate puts you around the 5,000tpa concentrate product.

reading this suggests they may land initially at 5mtpa targrttig 2500tpa and ramping up which is what I eluded to. I assume that the reasons for this is such that you can only perform the study on the known resource so given they are still proving it up may have to present 2500tpa. I believe by early q1 or even end of this year the full drill results will have allowed a JORC upgrade.

you can see that it takes 4weeks from the results getting sent you then need time to interpret and upgrade resource so if the drill program concludes in October I think December we'll have the final upgrade from the program.

by November higher confidence will be obtained and potentially drilling in the central zone which is indicated by green will expand the resource there. western and eastern upgrades will be later

Im currently out on the golf course, will provide a more detailed review tonight.

SF2TH