Ann: Potential to Significantly Expand Yangibana Resource Base, page-4

Don't like this one. Its pretty clear the company doesn't need further exploration. Plenty of time for that once a plant is up and running given that it already has a decent LOM with the current resource. This sort of stuff is always worrying in that shareholders need to cross their fingers that the exploration review doesn't turn into an exploration drive with increased spending. They then inevitably discover more resources (to nobody's surprise) and then out comes an announcement that they are delaying things because they want to incorporate the new resources into their modelling.

As I shareholder I say no to any large exploration drives. Get the plant running at the capacity you have already modelled. You don't have to prove up the resource any more, you already have offtake partners. Just get on with building the plant and producing a product before the costs to do so go up even more and save every penny for the inevitable hiccups of commissioning. There is a long route of learning during the plant development that the company still needs to go through. The one shining light is that the board are heavy owners so should be aware of this.

The prize within the REE space is becoming the next actual commercial producer. Then build up a cash buffer to survive the next down turn and hopefully a little extra to gobble up other deposits on the next downturn.

Would be great if we could start getting monthly construction updates, with drone flyovers like the African goldies do, keeps the shareholders informed and keeps the construction crews/management focused on what is important. Very low cost to buy a drone and fly it over once a month and provide a one pager presser.