Ann: Peak commences Beneficiation Pilot Plant, page-5

It is a long time for sure. I don't envisage too much risk of SP downside from here. Their attention to detail so far has been very good and I hope it continues that way. We don't want any more Lynas or Molycorps. PEK will have learnt a lot and the good thing about the timing is that the elements are at all time lows price wise and the capital and production costs are being reduced significantly as we approach the BFS. Things can only improve from here as construction costs and labour costs are becoming very very competitive. Feasibility studies are being done at the best time. No problems with grades and no problems with the quantity or mine life so any increase in the price of Neodymium and Praseodymium will be a very significant boost to a project that is still viable at these low prices.