MEI Scoping Study Discussion, page-30

The key catalyst for Vmm is the current drilling at cupim south as that provides a continuous high grade deposit within a concentrated area. We have seen with the Mei scoping study that a LOM at better than 3600 ppm is required over 20 years to supersede MEI metrics and what needs to expanded is the 4450 ppm at 28MT. The MEI scoping study highlight what type of drill results we need. It sends a criteria required in the absence of any REE price recovery. Cupim South offers this potential as it could provide a resource that is the highest avg grade IAC globally and even more significant pockets within. These next set of results in the cupim south region is critical for price recovery and confidence.