Really so many positives in this announcement. Still now...

Really so many positives in this announcement. Still now talking about a 2 phase not 3 phase development. IMO SP is now grossly undervalued.

"A funding strategy has been formulated to best supportthe Project and minimise shareholder

dilution, consisting of:

• equity-relatedfunding, including strategic equity funders contributing approximately US$8million
• project debt amounting to approximately US$15 million;
• convertible instruments totalling approximately US$9million; and
• offtake pre-financing of approximately US$14 million.

Funding is advanced, project debt and convertible note withnegotiations in progress.

The Company has received substantial support from globaland regional development institutions, which will play a crucial role inproviding the necessary debt and convertible note funding for the Project.

1. Pre-tax NPV (8%) of US$1.004Bn and IRR of 47.08%.

2. The total unit cost of Niobium Pentoxide reduces by15% to US$18.90/kg and gross profit

margin increases by 5% to 71%.

3. 27-year life of mine.

4. Two-Phase development approach allows a significantreduction in initial upfront capital from

US$70m to US$46m and greatly reduces the risk profile ofthe Project.

The Company is committed to minimising the dilution ofexisting shareholders as much as possible and believes the Phase 1 financingpackage will address this concern.