Ann: Update on offtake MOU-NTU.AX, page-4

The Japanese will pay a premium for a guaranteed supply of any non Chinese resource. I expect China will soon be throwing everything at NTU to prevent a Japanese company bypassing their artificially priced monopoly. Dysprosium is still a valuable resource if if the supply is stable and it's not coming from China. Nobody is buying Chinese because it's actually not for sale in usable quantities at the prices China is listing, those figures are there solely to prevent newcomers such as NTU appearing financially viable as they quite clearly will be if the resource is priced to reflect it's true value. Any large order is currently conducted off market and negotiated Chinese style at a vastly inflated price. Japan will take whatever we can produce at pretty much whatever fair price we name as will every other end user because the Chinese resource for all intents and purposes doesn't exist, lacking the price stability that allows end users to forward plan.