Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-7

I thought the quarterly was well presented. It makes sense.. Mgmt gave a good layout of what's happened and what to expect in the near future. There are certain posters here that clearly have an axe to grind with the company. Saying the same things over and over about management just trying to enrich themselves at the expense of the shareholders. Do you expect them to work for nothing? They've foregone other opportunities to work for KAI. They wouldn't have done that for the peanut salaries they're getting if they didn't think KAI had some promise and they won't get significant payback unless they deliver. For those who wonder why they haven't started drilling the new REE targets here's what management put in the quarterlies:

Metallurgical Test Work

Results and interpretation are awaited for four, 4-metre composite samples ofmineralised lower saprolite clays (Figure 4) collected from 2 RC drillholes completedduring 2023 (see announcement dated 19 December 2023 entitled ‘High-grade assaysover large area point to significant rare earths discovery’.
These samples are deemed to besuitably representative of typical mineralisation that will undergo size analysis screenbeneficiation and acid leach sighter testing.

Two leach tests were performed on each composite sample to assess the potential rareearth recoveries achievable over varied conditions, with each sample undergoing leachtests using hydrochloric acid (HCl) at a 25g/L concentration and 50°C temperature, andammonium sulphate at an ambient
temperature and pH of 4. The results of the lattertest will be an indicator of whether the clay-hosted REE mineralisation is an ‘ionic’ innature.

All results and interpretations of the leach tests and sizing analysis will be presented inearly May.

A program of low-cost aircore drilling is being designed to test the gravity lows; timingof the drilling is dependent on the results and assessment of ongoing metallurgicalsighter testwork being undertaken on material from the previous drilling campaign.