Ann: Nyngan Scandium Joint Venture Update , page-10

Mr D.,

I have no knowledge of DPs past dealings though when researching to invest in this company it was evident he was not popular with shareholders. He has a lot of skin in the game & JRV CANNOT advance this project alone. Even the Aurex money is some years away.

His initial reaction to EMCs efforts are correct IMO but I hope he handles it in a positive manner from here. EMC are getting a fantastic deal & should be prepared to pay the agreed price. I think they were hoping to have off-loaded Springer some time ago to fund the full Feasibilty Study. That has not happened so they have thrown a cheap report on the table hoping that will do. It won't do - JRV cannot afford to let it do as it is not enough for JRV to progress further. An extension or an alteration to the JV agreement may be the best option but a full comprehensive Feasibility Study is required - at EMCs cost.

I just hope DP has the ability to make this happen but the overwhelming shareholder sentiment about him does not inspire confidence.