Ann: FEED UPDATE FOR PANDA HILL PROJECT-CXX.AX, page-2

This is a good encouraging report. Things appear to be progressing in an orderly manner (as one would expect) and it is very good to see they have multiple offtake interested parties. This competition should ensure a good and healthy agreement is reached for the Company.

One thing that impresses me is how the Board is ensuring that the local community is being looked after - both with the prison relocation and the donation to the local schools. I think this is great and should go a long way to ensuring a happy local population - which is always a desired outcome when you have an overseas Company altering the local landscape.

Finally, this report certainly demonstrates the Board is intending to carry out what their intention has been all along - to mine niobium!! I'm happy to see that I must say!