Ann: Quarterly Activities Report - December 2022, page-10

My point was gold is mineralogically usually in it's native state, that is gold doesn;t form mineral complexes like most elements, it's just gold. Whether small or large growths, completely free or trapped inside silcate minerals or sulphides, gold recovery is all about physically liberating that gold from it's neighbour minerals, then recovering it via gravity or dissolution leach. REE form inside the crystal lattice of actual minerals themselves (eg monazite = CePO4, where Ce is substituted to various degrees by the whole suit of different REOs). At the Yangibana ironstone-ferrocarbonatites deposits, like the ferrocarbonatite dykes and sills, and no doubt the newly discovered DRE source carbonatites, TREO's is reported as an assay, but held with a number of different mineral species. Monazite is dominant, but there is also bastnaesite, apatite, pyrochlore and other minerl species that contain REO's in their crystal lattice. Overlay that with weathering and new supergene minerals form from the dissolution of orginal REO minerals.

Met recovery to the float con and then hydromet MREC includes entrainment of different minerals and most carbonatite deposits are different requiring bespoke process. We won;t know what the met or recoveries will be in the Mangaroon carbonatites (weathered or fresh) until the studies are done. @McKhenry was right to say "Would I be correct in assuming the recovery circuit that worked for the ironstones, won't necessarily work on the carbonatites and covering clays?"...

Table on p53 of the "Yangibana Rare Earths ProjectSignificant Ore Reserve tonnes increase of 37%NdPr tonnes up 18% to 58kt" HAS release July 2021. The project FS 'Updates' are short on detail because the details and JORC table data HAS don;t necessarily want punters to see is included in previous Ore Reserve releases. Cheers