Ann: Quarterly Activities Report - March 2022, page-61

Thanks @Essa , answered a few questions sounding positive in an otherwise ugly market. Some points:

Exploraton inland at Kuranze in Kenya/Tanzania is a regional laterite/saprolite rutile play siimilar to SVM in Malawi as expected, hypothesis area was the erosional source for rutile found in Kwale. SVM diagram explains


Moratorium to be lifted very soon on granting new exploration licenses... better 3 years late than never

Community access to Kwale extension exploration looking good... again, about time for desperately needed mine life expansion op's

Toliara-Gov terms agreement close, hoping to land in next couple of months from early May presso( maybe this time he really means it))...

Explanation for long depay includes Madagascar Gov's need to consult with world bank, IMF etc on what sort of shake down deal terms would be acceptable to international finance community regards soverign risk and funding. Indicated terms in last DFS (ie 4% royalty)

Apettite for long term offtake contracts.... should help in funding opp's

Toliara 20-23ktpa of monazite from latest DFS mine plan... call it ~25kt after recovery losses to 95% mon con, containing ~3300t NdPr Oxide similar to many planned stand alone REO mines. Just kicked off a monazite pathway study...wtf, just kicking it off now?

Toliara is onbviouisly a monster... add garnet credits, just undercut the garnet only miners for market share, who cares its a free bi-product credit anyway mwhahaha (manic laugh)