assays confirm presence of ree, page-22

SW

I dont believe the timeline is any cause for concern. The primary objective at this point should be to define the most valuable resource on which to base a scoping study followed by DFS. The market is very efficient when great assays are announced and share price gains will follow - institutions, major miners, producers, end users will be watching and will make a move if the value is there - the calculators and slide-rules will be running red hot right now!

We would now appear to be looking at 2 operations: a uranium mine in Mauritania (A238) and an REE mine in Guinea with U a byproduct.

In regard to Firawa, FTE wasn't yet at the feasibility stage and more drilling would have been required anyway to better define the resource for a scoping study. Particularly for a DFS which requires indicated and measured resource status minimum.

Bottom line is I would rather have the REE discovery than not as alone it has the potential to be a "company maker". If that means additional feasibility time, capital raisings and CAPEX then so be it - as shareholders we will all be better off in the long run.