De-risking of MUS will start to occur with the following...

De-risking of MUS will start to occur with the following activities:

1. Announcement of an Auction Date for the October auction
2. Confirmation of Ruby Inventory remaining on target for hitting 200,000 carats by October
3. Confirmation of Ruby Inventory hitting 200,000 carats
4. Further info on the grading system
5. Confirmation of the number of buyers attending the October auction

These things together will significantly lift interest and anticipation ahead of the auction.

It will also be great to see the plant ramping up to full capacity. The recent financing no doubt helps with this.

Of course an acceptable sales results from the October auction in line with or exceeding expectations and associated cashflow will really drive a re-rating.

The second stage of a re-rating involves a successful March auction (to show consistency) and then the JORC for the Rubies.

The graphite will be an interesting side-story.