Ann: Replacement Quarterly Activities Report, page-9

Chinese Dy oxide price (US$259Kg) minus 20% (being generous)

Dy contained in a 57% concentrate around about US$207Kg

Makes up 9% of the TREconcentrate so around US$19 for Dy contained in the 57% concentrate.

Chines Y oxide price (US$7Kg) minus 20%

Y contained in a 57% concentrate around about US$5.6Kg

Makes up 60% of the TREconcentrate so around US$3.30 for Y contained in the 57% concentrate.

Around US$22.3 would be approximately 70% of the total value of the TREE contained in the 57% concentrate.

My guess is that a 57% carbonate would be worth no more than US$30Kg in China.

57% carbonate is useless to ROW companies unless they have the capabilities and capacity to separate into individual REO and I am not aware of any that will be able to in the foreseeable future.