Lindian has emerged as the victorWe have mentioned Lindian’s...

Lindian has emerged as the victorWe have mentioned Lindian’s Kangankunde rare earth project on a number of occasions previously but it has taken time to dig out historical information that has enabled us to provide a more informed view. Kangankunde is not a recent discovery that has had us waiting for up coming news flow. Rather, it has been recognised as a significant project for at least 20 years - sufficiently so that industry leaders have been jostling for a position, but their objectives have been frustrated by drawn-out litigation concerning legal title. Finally, Lindian has emerged as the victor with a High Court consent order to the right to acquire a 100% interest in the owner, Rift Valley Resource Developments Limited (Rift Valley), as detailed in the ASX release of 1 August, 2022.The deal allows Lindian to acquire 100% of Rift Valley, thereby enabling 100% ownership of Kangankunde, upon payment of US$30m in five tranches over a four year period. Having paid the first tranche of US$2.5m in August, Lindian is now in the box seat to advance Kangankunde and become a serious rare earth industry participant.We have managed to locate a number of historical reports on Kangankunde that attest to its geological merits but these need to be revised to reflect more modern JORC requirements. Similarly, the economic appraisals need to be updated to account for the more recent pricing of rare earth products. Capital and operating costs need to be adjusted for the more topical concern of inflationary pressures and energy costs.Early History of exploration and litigationModern exploration was first conducted by Lonhro Malawi Ltd from 1969 to 1981. It re-sampled prior trenches and developed an adit with a number of crosscuts from which exploration drilling was undertaken. A pilot plant was commissioned in order to recover a strontium product.In the period 1987 to 1990, the French geoscience organisation Bureau de Rècherches Gèologiques et Minières (BRGM) conducted extensive geological process and test work on the Kangankunde Carbonate Complex (KGK). It completed more than 2,000m of diamond core drilling and 550 trench samples. Hellman and Schofield then estimated an Inferred Resource of 2.53 Mt of mineralisation containing 107,000 tonnes of rare earth oxides (REO) at 4.24% REO using a very high cut-off grade of 3.5%. The mineralisation commenced at surface and was open at depth, below 100m. Geometrically, it is possible that the structure could contain 80 Mt from the peak of the hill to a depth of 200m, with further potential beneath this level.The ore was shown to be amenable to simple, low cost gravity separation to achieve a concentrate grade of 60% based on work done on a 30 tonne sample. This result wassubsequently confirmed by Mintek and Multotech in South Africa. However, BRGM did not advance the project any further.Lynas entered, then departed the frayAfter conducting extensive due diligence Lynas Corporation announced a deal to acquire Kangankunde in September 2007, for US$4m. At the time it was developing its Mt Weld project that had an average 44 ppm thorium content. This it considered to be a low level radiation level but when it reported the Kangankunde level at only 11 ppm thorium, it described this as “extremely low”. Lynas’s business model contemplated a 5,000 tpa REO operation, but something wentwrong.The Mining Licence holder, Michael Saner, was awarded an Exclusive Prospecting Right (EPL) in March 2000 for three years but its renewal was refused in 2003. That decision was reversed in the High Court in 2006, but the Government ignored that decision when it acted ultra vires in granting the Mining Licence to a third party, in denial of the requirement that a Grantee had to have had an EPL first. It was this Grantee who purported to sell the Licence to Lynas, but the transfer to Lynas was frustrated by the earlier High Court order from 2006. Saner successfully obtained an injunction in 2010, that prevented the transfer to Lynas.Yet, Lynas announced the transfer approval in December 2010, and it successfully had a High Court judge dismiss the injunction. In March 2011, it announced the completion of the acquisition at a cost of US$4m, opening the door to the development of Kangakunde. At the time Lynas contemplated that a concentrate could be processed in Africa to produce a mixed rare earths product for shipment to Malaysia for separation, or processing at the Malaysian processing facility.Things started to go off the rails in November 2011, when Lynas announced that it had received correspondence on behalf of a party claiming that, in 2003, the Government of Malawi acted incorrectly in not renewing that party’s exploration licence over the area of the KGK tenements. That placed question marks over Lynas’s title. In fact, Saner was successful in his appeal and had his rights reinstated in June 2012. Lynas said that it would appeal the decision but as history shows, it was unsuccessful. Kangakunde ceased to feature in its ASX releases. It had to walk away.Lindian arrived on the scene in mid 2018In August 2018, Lindian announced it had signed an exclusive option agreement with Rift Valley Resource Developments Limited (Michael Saner’s company) to acquire up to a 75% interest in Kangankunde. However, in what seems to have been a demonstration of seller’s remorse, Saner sought to cancel the deal and instead, offered to sell the project for US$70m and a 5% royalty. This commentary is provided at no charge and in good faith from sources believed to be reliable and accurate. Far East Capital Ltd directors and employees do not accept liability for the results of any action taken on the basis of information provided or for any errors or omissions contained therein. Readers should seek investment advice from their professional advisors before acting on information contained therein. Please see Disclosure of Conflicts of Interest at the end of this commentary. Far East Capital Ltd - 20 August 2022Weekly Commentary That started another round of litigation as Lindian sought the enforceability of the previously agreed deal.Cutting a long story short, Michael Saner passed away in 2021. An out-of-court settlement was announced in May 2022, whereby Lindian was granted a 60 day period of exclusivity to negotiate a replacement deal based on a US$30m acquisition price for 100% of the project. That deal was confirmed and declared binding in the ASX announcement of 1 August 2022.Robust economics demonstrated in early studyKangankunde has been the subject of a number of studies and due diligence analysis by various parties over the last 20 or more years.A simplistic model was completed in 2014, that went into project scale, capex and opex estimates. It concluded that;• “Kangankunde is a world class brownfield Rare Earth Oxide deposit. It has a large tonnage with a great grade. The Monazite concentrate that can be produced via simple gravity techniques (and) is unique in that its content of deleterious Thorium is extremely low – so much so that it will not have any problem with the IAEA standards for both its transport and or its subsequent cracking process.• The monazite when mined is probably upgradeable using simple static photo-sort techniques and contains an extremely rich 68% REO when in concentrate form making it an extremely valuable product.• In excess of 85% of the value in contained REO’s can be extracted with only 3 separation lines, making for a relatively cheap and simple extraction process in terms of capital required and in working costs. The easily extractible REO’s are also rich in Critical Rare Earth elements and for the foreseeable future these commodities will be in high demand and priced accordingly. “Details of the project contemplated in 2014Even though the study is now eight years old and needs to be updated - or totally rewritten - it is worthwhile seeing what was concluded at the time as it gives some insight into how seriously the project was being taken.• The mining technology to be considered, namely drill, blast, load, haul, dump, crush, upgrade the ore via cheap photo-sort, and then mill with simple gravity concentration in spirals and shaker tables, is not technically complex, and the screened, dried and bagged monazite concentrate can be easily shipped to one of the port options.• All-in costs for monazite recovery including mining (ore and waste), crushing and photo sort plus milling and gravity separation, inclusive of power costs was US$14 pt. This part of the processing plant could cost in the order of US$50m.• The REO concentrate could be further processed with the simple addition of heat and caustic soda to crack the monazite and recover the REO in a chloride. Solvent extraction and ion exchange steps would then recover saleable products. The capital cost of this stage may be in the order of US$120m.Updating expectations with the Lindian perspectiveThe world is a very different place to what it was in 2014, so we need to look at Kangankunde through the eyes of Lindian, today. In doing so, we should acknowledge the appointment of Alistair Stephens as the new CEO and draw comfort from his experience. Alistair is a geologist who worked for companies such as Newmont, Normandy and WMC in the early days. He was MD of Arafura Resources for a six year stint from from early 2004 to late 2009, before going to Malawi with Globe Metals and Mining from 2013 to 2022. He got his first exposure to Kangakunde in those years and he actually attempted to get control of the project but the playing field was too crowded. Nevertheless, he was so impressed by the project potential that he approached Lindian to seek the CEO role, and Lindian reciprocated with his appointment.Alistair is familiar with how Malawi works and he is comfortable with the jurisdiction. He is attracted to the project by the consistently high grades, the scale potential and the extremely low radiation levels. The historical work has provided him with strong comfort that Kangankunde is indeed a serious development opportunity.Nevertheless, he wants to get in there and conduct 10,000-20,000m of drilling and refurbish the adit ahead of further work and planning for an initial 500,000 tpa mining operation to produce 25,000 tpa of concentrates. This could be doubled or tripled in subsequent expansions with the benefit of a strong cash flow from operations.There is every expectation that the concentrates will run at a grade of at least 60% based on simple gravity recovery, but there may be the potential to lift the recovery rates to 80% with enhanced methods.GeologyThe intrusive carbonatite pipe occurs within a hill rising 200m above the surrounding plain. This translates into a low stripping ratio of around 1:1. The sought after rare earth mineralisation is found in discrete tabular bodies within an oval shaped body. These have a westwards dip of about 75 degrees in the west and they are near vertical in the east. Individual bodies are continuous for up to several hundred metres but some pinch out at depth.There are three main geological domains of the KCC, being Mn and REE-rich carbonatites, dolomite carbonatites and apatite-rich carbonatites. The REE-rich carbonates are concentrated at the centre of the Complex with others occurring irregularly in veins and dykes that intrude different units of the carbonatite body.The main REE-bearing minerals in the Kangankunde Carbonatite Complex are monazite, bastnaesite, and synchysite. Monazite, is the most abundant REE-bearing mineral.Metamictisation and why it mattersIt would be an understatement to say that the mineralogy of rare earth deposits is complicated. There are no less than 25 minerals that can contain rare earths and many of them can exist in a single “deposit”, meaning the design of a process recovery circuit can take considerable time.The presence of radioactive materials such as uranium and thorium adds to this complexity as they bring into consideration the process of metamictisation, whereby the decay of these materials changes the crystal lattice of the mineralisation. Many of the older deposits, such as Mt This commentary is provided at no charge and in good faith from sources believed to be reliable and accurate. Far East Capital Ltd directors and employees do not accept liability for the results of any action taken on the basis of information provided or for any errors or omissions contained therein. Readers should seek investment advice from their professional advisors before acting on information contained therein. Please see Disclosure of Conflicts of Interest at the end of this commentary. 2 Far East Capital Ltd - 20 August 2022Weekly Commentary Weld, have been dated back to around 2 billion years. Over time metamictisation results in a reduction in size of the minerals to the point where they can become too small to recover e.g. down to 5 μm, compromising recovery rates. Most older rare earth deposits suffer from this process.At only 129 million years of age, Kangankunde has not experienced the same degree of metamictisation. That is why recovery rates are so high for this deposit. That is a great point of differentiation that investors should note.The Bottom Linepotentially high profit margin project. Rare earths continue to be the flavour of the month, and this one may well be the sweetest.NB: Do not forget about the high grade conglomerate bauxite project that Lindian still has in Guinea. More on that later. At a price of 25.5¢ the Lindian market capitalisation is $216m. That is higher than that of many junior resource companies, but don’t let that put you off. The share price is only part way through a re-rating following the announcements relating to Kangankunde. We expect it to move to much higher levels as the market digests the historical information that attests to this being a quality,
Sentiment Oscillator: The broad recovery continued over the last week. uptrend and 43% (51%) in downtrend on Friday’s close.There were 20% (15%) of the charts in Detailed Chart Comments NB. Only the bold comments have been updated. Comments in grey type are from previous weeks and will be less relevant. Please note that this list is a cross section of the market. It IS NOT a list of recommendations. IndicesA-Cap EnergyAlpha HPAAdriatic ResourcesAdvance Metals (was Pacific American)Alkane ResourcesAltech ChemicalAnteotechAlto MetalsCodeCodeACBA4NADTAVMALKAQIATCADOAMETrend Comment All Ordinaries Metals and Mining Energy Information TechnologyXAOXMMXEJXIJbreached downtrendbreached steepest downtrendtesting support linebreaching downtrend StocksTrend Comment (updated comments in bold)breached downtrendtesting downtrendbouncing off lowsdownat resistancetesting downtrendbouncing off lowstesting downtrendat resistanceMain InteresturaniumHPAzinc, polymetalliccoal, gold explorationgoldHPA, anodessilicon anodes, biotechgold exploration Alicanto MineralsAmerican Rare Earths ARR spiked through resistance liebase metals, silver, goldrare earths Antilles GoldAAU still downgoldArafura ResourcesARU weakerrare earthsArdea ResourcesARL back in uptrendnickelAurelia MetalsAMInew lowgold + base metalsAustralian PotashAPCnew lowpotashAustralian Rare EarthsAR3at resistancerare earths This commentary is provided at no charge and in good faith from sources believed to be reliable and accurate. Far East Capital Ltd directors and employees do not accept liability for the results of any action taken on the basis of information provided or for any errors or omissions contained therein. Readers should seek investment advice from their professional advisors before acting on information contained therein. Please see Disclosure of Conflicts of Interest at the end of this commentary. 3Disclosure: Interests associated with the author own shares and options in Lindian and capital raising fees have been received. Far East Capital Ltd - 20 August 2022 Weekly Commentary Auteco MineralsBeach EnergyBellevue GoldBenz MiningBlack Cat SyndicateBlue Star HeliumBMG ResourcesBoab MetalsBreaker ResourcesBuru EnergyCalidus ResourcesCapricorn MetalsCaravel MineralsCastile ResourcesCelsius ResourcesChalice MiningCobalt BlueCyprium MetalsDatelineDe GreyE2 MetalsEcografElement 25Emerald ResourcesEmpire EnergyEuro ManganeseEvolution MiningFirefinchFirst GrapheneFortescue MetalsFYI ResourcesGalena MiningGalilee EnergyGenesis MineralsGenminGold RoadGreat Boulder ResourcesHastings Technology MetalsHazer GroupHeavy MineralsAUTBGLBNZBC8BNLBMGBMLBRBBRUCAICMMCVVDTRDEGE2MEGRE25EMREEGEMNEVNFFXFGRFMGFYIG1AGLLGMDGENGORGBRHASHZRHVYrecovering gold exploration Arizona LithiumAZLtesting downtrendnew uptrend confirmedbreached downtrendbreached downtrendbreached downtrendsideways through downtrenddownat resistancebreached supportsidewayshitting resistancerecoveringnew lowtesting downtrendbreaching resistance linetesting steepest downtrendsurge out of downtrendbreaching resistance linetrying to recapture uptrendspiked highersurge higherbouncing off lowssuspendedbreached downtrendlithium Azure MineralsAZStesting downtrendnickel exploration BHPBHPBPTat resistancediversified, iron oreoil and gasgold explorationgoldgoldgas, heliumgold explorationsilver/leadgold explorationoilgoldgold new lowcopper CSTCLACHNCHZCOBCYMtesting downtrendsideways at lowsdownnew lowrisinggold/copper/cobaltcoppernickel, copper, PGMs, gold explorationcobaltcopperrare earthsgoldgold explorationgraphitemanganesegoldgasmanganesegoldgoldgraphene hitting resistance linesideways through downtrendtesting steepest downtrendsofterdownrisingbreached downtrendbut approaching resistance linesurge out of downtrendstill in downtrendstill in downtrendiron oreHPAleadoil and gas, CBMgoldiron oregoldgold explorationrare earthshydrogengarnet Chesser Resources gold exploration This commentary is provided at no charge and in good faith from sources believed to be reliable and accurate. Far East Capital Ltd directors and employees do not accept liability for the results of any action taken on the basis of information provided or for any errors or omissions contained therein. Readers should seek investment advice from their professional advisors before acting on information contained therein. Please see Disclosure of Conflicts of Interest at the end of this commentary. 4 Far East Capital Ltd - 20 August 2022Weekly Commentary Highfield Resources Hillgrove Resources Iluka ResourcesHFRHGOILU Image Resourcesioneer (was Global Geoscience) Ionic Rare EarthsKrakatoa Resources KTAtesting resistance line rising againbreaching downtrend downgood rallymineral sands lithiumrare earthsrare earths rare earths goldIMA INR IXRbreached downtrendbreached downtrendtesting resistance linedowncoppermineral sands Marmota Marvel GoldMetalsX Metro MiningMEK surge on drill results -capital raising MEG back to downtrendgold exploration gold exploration gold exploration gold explorationgoldrare earths, gold exploration tin, nickelbauxite Orecorp ORR Oz Minerals OZLPeak Resources PEKrecovering from the lowsnew high on BHP takeover movesrisinggold development copperrare earths PantoroPNRnew low goldPanoramic ResPANdown nickel This commentary is provided at no charge and in good faith from sources believed to be reliable and accurate. Far East Capital Ltd directors and employees do not accept liability for the results of any action taken on the basis of information provided or for any errors or omissions contained therein. Readers should seek investment advice from their professional advisors before acting on information contained therein. Please see Disclosure of Conflicts of Interest at the end of this commentary. 5potash Jervois MiningKaiser ReefKingston ResourcesKingfisher MiningKingwest ResourcesLegend MiningLepidicoLindian ResourcesLion One MetalsLos CerrosLotus ResourcesLucapa DiamondLunnon MetalsLynas Corp.JVRKAUKSNKFMKWRLEGLPDLINLLOLCLLOTLOMLM8LYCnew lowrecovering from lowsimprovingnew lowrecovering from lowsanother new highbreached uptrendnew uptrend commencedsideways through downtrendnew uptrend formingrisingrising againnickel/cobaltgoldgoldnickel explorationlithiumbauxitegoldgold explorationuraniumdiamondsnickelrare earths Magnetic ResourcesMako GoldMatador MiningMayur ResourcesMeeka GoldMegado GoldMincor ResourcesMithril ResourcesMusgrave MineralsNagambie ResourcesNeometalsNorthern Star Res.Nova MineralsOceana GoldMAUMKGMEUMVLMZZMRLMLXMMIMCRMTHMGVNAGNMTNSTNVAOGCnew lowapproaching resistance linedown after placementnew lownew lownew lownew lowslump out of new uptrend with a placementrecovering from lowsdowntesting downtrendstrongerrisingstrong risebreached resistance - new upend commenceddowngold explorationrenewables, cementgold/nickelgold/silvergold explorationgold, antimonylithiumgoldgold explorationgold Far East Capital Ltd - 20 August 2022Weekly Commentary Peel MiningPeninsula EnergyPerseus MiningProvaris EnergyPVW ResourcesQMinesQueensland Pacific MetalsRed River ResourcesRenergenResource Mining Corp.RIORumble ResourcesS2 ResourcesSilver MinesSouth Harz PotashSouthern Cross GoldStanmore CoalStrandline ResourcesSunstone MetalsTalga ResourcesTesoro ResourcesTheta Gold MinesThor MiningTietto MineralsTuraco GoldVanadium ResourcesWest African ResourcesWestgold ResourcesWest Wits MiningPEXPENPOSPRUPV1PVWQMLQPMRVRRRLRLTRMIRIORTRS2RSVLSHPSXGSMRSTATLGTMTTSOTGMTHRTIETCGVR8WAFWGXWWIbreached steepest downtrendnew lowbreached steepest downtrendhitting resistance linebreached downtrendnew lownew lownew lowtesting downtrendtesting downtrendpullback on placementnew lowhitting resistance linenew high uranium enrichment technologycopperuranium softergoldhydrogenrare earthscoppernickel/cobalt/HPAgas, heliumnickel explorationdiversified, iron ore St BarbaraSandfire ResourcesSantosSaturn MetalsSilex SystemsSBMSFRSTOSTNSLXbreached downtrendtesting resistance lineuptrendsidewaysgoldcopperoil/gasgold exploration down silverstill in downtrendstrongly highersurge highernew lowstrong rise from lows - at resistancesideways through downtrendbreaching downtrendbouncing from lowsbreached uptrendholding uptrendbreaching downtrendnew low goldpotashgold exploration coal strong risedowntrendtesting steepest downtrenddownmineral sands STMexplorationgraphitegold explorationgoldgold explorationgoldgold explorationvanadiumgoldgold Poseidon NickelRegis Resourcesnickelzinc goldgold exploration gold exploration testing downtrend Technology Metalsvanadium Whitehaven Coal WHCnew highcoalgold exploration gold exploration zinc Yandal ResourcesZenith MineralsZinc Mines of IrelandTotalsYRLZNCZMI20%43%6329new lowbreached steepest downtrendnew low Uptrend Downtrend 145Total This commentary is provided at no charge and in good faith from sources believed to be reliable and accurate. Far East Capital Ltd directors and employees do not accept liability for the results of any action taken on the basis of information provided or for any errors or omissions contained therein. Readers should seek investment advice from their professional advisors before acting on information contained therein. Please see Disclosure of Conflicts of Interest at the end of this commentary. 6 Far East Capital Ltd - 20 August 2022 Weekly Commentary Guides to Chart Interpretations• Charts usually go pass from one trend (up or down) into the other via a period of indecision and uncertainty during which the trend can either recover or change. This period is signified by the orange colour. The orange represent both the greatest risk and greatest reward possibilities.• Once a chart is in confirmed up or downtrends it is not uncommon for 10-20% of that trend to have already transpired.• There are trends within trends. The focus of this chart review is the immediate trend that affects the sentiment i.e. it can be a downtrend within a long-termuptrend.• Not every chart warrants a new comment every week. The new comments are in bold type. Grey type comments may be dated.• Individual charts provide a single view. It is valuable to look at charts of other companies in similar commodities, and the overall sentiment is also veryvaluable. Not many stocks can swim against the tide.• We periodically add or delete charts, some times for obscure reasons. If a chart consistent gives poor signals or is very erratic, we may delete it. Sometimeswe add a chart because we want to see what all the fuss is about. We do have a preference for charting stocks that we cover in our research as well.Errors and omissions may occur from time to time, especially in fast moving markets.Amber Lights in Tables: Just a reminder if when the amber light is used in the table – it is when the charts are ambiguous or when there is a change of trend taking place. If a chart is breaching a downtrend it can either be a positive sign or a trap. Only once it has done more work can it be confirmed as a new uptrend. Maybe it is a new uptrend (or conversely a new downtrend); the risk takers can decide to jump on board early (or sell). They will maximise their profits (or minimise their losses if indeed it is the start of the new uptrend (downtrend). More risk-averse investors should wait a little longer, being prepared to give up some of the gains in return for greater certainty.• Weightings of Sectors Represented in the Company Charts SectorNo. of CompaniesWeighting Gold3322.8% Gold Exploration2215.2% Rare Earths128.3% Nickel117.6% Copper96.2% Oil/Gas85.5% Iron Ore/Manganese64.1% Zinc/Lead53.4% Lithium42.8% Uranium42.8% Graphite/graphene32.1% Potash/Phosphate32.1% Coal32.1% Mineral Sands32.1% Silver21.4% Bauxite 21.4% Vanadium21.4% Cobalt10.7% Tin 10.7% This commentary is provided at no charge and in good faith from sources believed to be reliable and accurate. Far East Capital Ltd directors and employees do not accept liability for the results of any action taken on the basis of information provided or for any errors or omissions contained therein. Readers should seek investment advice from their professional advisors before acting on information contained therein. Please see Disclosure of Conflicts of Interest at the end of this commentary. 7 Far East Capital Ltd - 20 August 2022 Weekly Commentary Diamonds Other1 100.7% Total 145FEC Disclosure of Interests: It is a requirement of ASIC that holders of AFS licences prominently disclose any conflicts of interest. At all times readers should be aware that Far East Capital Ltd is an active investor. It shares its research and opinions free of charge to other investors and it aims to do so on an ethical basis. Accordingly, when it is writing about stocks in which it holds interests, these will be disclosed. In this week’s publication FEC discloses that interests associated with the the author hold shares in First Graphene. and Lucapa Diamond Company. The author is chairman of First Graphene and one of the largest shareholders, through a number of entities. Over the last three years FEC has received fees from Alicanto Minerals, Blackstone Minerals, Broken Hill Prospecting, Cobalt Blue, First Graphene, Golden Rim, Lindian Resources, Lucapa Diamond Company, Orinoco Gold, Pacific American and West Wits for corporate and capital raising services. Its primary business is investing and managing its own money, but it does occasionally raise money for resource companies.Disclaimer: This Research Report has been prepared exclusively for Far East Capital clients and is not to be relied upon by anyone else. In compiling this Commentary, we are of necessity unable to take account of the particular investment objectives, financial situation and needs of any of our individual clients. Accordingly, each client should evaluate the recommendations obtained in this Commentary in the light of their own particular investment objectives, financial situation and needs. If you wish to obtain further advice regarding any recommendation made in this Commentary to take account of your particular investment objectives, financial situation and needs, you should contact us. We believe that the advice and information herein are accurate and reliable, but no warranty of accuracy, reliability or completeness is given and (except insofar as liability under any statute cannot be excluded) no responsibility arising in any other way for errors or omissions or in negligence is accepted by Far East Capital Limited or any employee or agent. For private circulation only. This document is not intended to be an offer, or a solicitation of an offer, to buy or sell any relevant securities (i.e. securities mentioned herein or of the same issuer and options, warrant, or rights with respect to or interests in any such securities). We do not guarantee the accuracy or completeness of the information herein, or upon which opinions herein have been based. At any time we or any of our connected or affiliated companies (or our or their employees) may have a position, subject to change, and we or any such companies may make a market or act as principal in transactions, in any relevant securities or provide advisory or other services to an issuer of relevant securities or any company therewith. Unless otherwise stated all views expressed herein (including estimates or forecasts) are solely those of our research department and subject to change without notice. This document may not be reproduced or copies circulated without authority. Copyright © Far East Capital Ltd 2021. This commentary is provided at no charge and in good faith from sources believed to be reliable and accurate. Far East Capital Ltd directors and empl