Ann: Offtake MOU signed with Jien Mining, page-18

Yes, clear admission the DFS was indeed fantasy, predicated on $684kg Dy pricing, ridiculous private research by Adamas on Y demand, adding scattered small resources < 0.3% TREO, let alone logistics and finding a market for concentrate that represents something close to an additional 50% of current demand for Dy.

And in this process the retail SH has been diluted down to about one third.

Clearly project volumes are shrinking back rapidly to try and find something realistic but inevitably they will bump into economies of scale given high logistical costs. Should they find the right economic balance in a much smaller project then comes the Q of CapEx, what percentage of this project can retail expect to own?