Ann: Updated Exploration Target for Makuutu Rare Earths, page-13

At the risk of being a party pooper I would question why IXR would be looking to start a new exploration drive when we already have plenty of identified I.C. resource that requires further work to upgrade before the Makuutu Feasibility Study is released at the end of 3Q/2022, which will trigger IXR moving to 61% ownership of Makuutu I.C. project.

Adding further inferred resource to what is already a huge JORC'd I.C. resource base of 404Mt of indicated and 127Mt of inferred is IMO unlikely to improve the business case for Makuutu stage 1 development, I think they would be better off using all their available resources to prove up some of the indicated resource to a JORC measured status, which should improve the FS bankability.

With the addition of the new exploration drive to IXR's investment into early stage R.E. refining technology with Seren, I hope that IXR's management have done their cashflow estimates carefully so that the $30m from the recent C.R. is not burnt through early, necessitating another dilutive C.R. before the project is hopefully re-rated post F.S., financing and FID.