General discussion (MEI), page-4335

“When all around are losing theirs…”

1/ Globally unique largehigh grade genuine ionic clay deposit.

Largetonnage, plus billion tonnes eventually?

High grade,low impurity, including newly identified very high grade zones [south andcentral].

Strongfocus on delineating high grade zones for early production, first 100-200mt?

Cheapmining, from surface, no drill and blast, virtually no strip, no tails dams, treated ore returned

2/ Metallurgy

Testingconfirms high recoveries from simple ammonium wash.

Nocrush and grind.

Hence cheap,simple plant, relatively low capex and quick build?

3/ Fast track to production?Approx 4 years from acquisition to commissioning for Tier 1 project?

Permittingstarted. FS through 2025, “Q4 2025 Construction Permit target”, build 2026, commission end 2026 / early 2027?

Stageddevelopment. Start with plant south? Truck from centre or build 2^ndplant?

4/ Favourable Brazil jurisdiction

Miningfamiliar

Power,infrastructure, workforce

Supportivegovernments, behind multiple REO projects aiming to make Brazil the leadingproducer outside PRC

5/ Strategicgeo-political implications of MEI’s Caldeira Project and other Brazil REO projects

Given currentPRC dominance of global industry.

6/ Management

Rapid mobilisationfrom standing start end 2022.

Alreadya substantial professional team.

7/ Strong ongoing news flow2024

Ongoingstep out drilling, areas beyond current announced resources based on historicdrilling.

Infilldrilling, delineating Measured and Indicated Resources,

Progressivenew resources estimates.

Ongoingmetallurgy tests, pilot plant?

ScopingStudy/PEA from Ausenco as first pass quantification of economic advantages intonnes, grade, recoveries, simple treatment, relatively low capex etc.