Ann: Mangaroon Ni-Cu-PGE Project Advances to $12m Earn-in, page-19

The First Quantum JV has always been a nice to have/bonus in terms of my investment in DRE. The Kimberley was why I initially put $ here and the REE was the nice surprise that has now become the immediate priority (as it should be too). I would have liked the Mangaroon Ni, CU, PGEor project to have been DRE’s project on its own but a junior needs cash so JVs are always on the cards in the early days. If First Quantum do eventually mine here (some years away), DRE get 30% of the profits or First Quantum will likely pay them out with more $$$ to own the lot so it’s a win/win in any case.