Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-20

For the record, I have never downramped any stock ever; nothing but a silly waste of precious time imho; that was ausheds' MO on multiple "wannabe" forums while he was still on his high horse over at Lynas regaling everyone everyday about how Musk was an idiot and how he was a genius for shorting TSLA (at $50, $100, $150, lol) and how BEVs were obsoleted by his beloved 48V mild fake hybrids. So I downramped his beloved 48V MHEV using math and logic. And I quite obviously prevailed; I returned his many derisive LOLs with interest, also took his horse and ran him off; a three year effort and not a moment was wasted.

As for why I invest before every risk is known to me, that is often the risk that delivers the reward imho - just so long as your logic is coherent and cogent.

My logic is partly to be found in the Thorium power potential I mentioned earlier, but certainly thorium power is a ways off (still in my timeframe) and will be of little value to players like Hastings. In the meantime and for the majority, the radioactive content of the resource in development is as important a metric as the rare earth content. With too few exceptions, the thorium content prevents sustainable economic exploitation. In fact every REE developer will have to deal with the issue whether thorium power is pursued by India and China, or not. Lynas's struggles in Malaysia (entirely due to 6 Bq/g in their concentrate) provided a good preview for the rest of the industry. Hastings at 33 Bq/g will have to deal with the issue at some cost.

More to the point, because the magnet metals are so valuable (there is no substitute) to the Green Revolution, and because U/Th is found in all deposits of the most common REE minerals, it is only a matter of time before regulatory agencies provide useful and achievable guidance in support of a sustainable mining model. That's my bet. In the US, for example, UUUU is a fully licensed uranium miner with the ability to "clean" REE ores and store any extracted radionuclides. While no such entity in Australia at this time because regulations prevent it, imho that will change.

I suspect few developers will be processing their ores beyond beneficiation but believe most will make good money doing just that and selling to a toll processor like ILU or LYC. We will see. I have great hopes for Australia downstream efforts.

GLTASH