Ann: Makuutu Rare Earths Project Scoping Study, page-94

Market reaction Is quite irrational when you consider the conservative estimates and numbers used here. I know it’s not a rocket ships SS but I’d rather conservative numbers that are likely leaning to the -50% side of things as opposed to a lot of SS’s that lean more towards the +50% side of things.

I think we all know final resource and hence mine life with be a lot larger / longer so as infill drilling is completed and announced and we increase M&I from inferred this will be a big positive. OPEX / ASIC also seems quite conservative and can likely be improved as we move forward. CAPEX is in the ball park expected...of course we will need funding by dilution to move to construction...we all knew that didn’t we???

we have the cash now to get us to BFS which I’m 100% confident will have a much stronger set of numbers that the SS.

we have an MOU with the worlds biggest player, yes they are Chinese but so what it’s a Chinese dominated sector at the moment, I’m sure others will want in at some point.

add in the global context for future REE supply v demand and nothing has changed.

I truly believe herd mentality rules for a lot of investors nowadays and they do very little research or actually understand the stock they hold but rather follow the crowd or what “that fella who knows about shares” down the pub tells them to do!!!

time to go sell take some blue chip profit and get some cash on hand to buy again!

good luck all.