Ann: Encouraging Mineralogy Results at Ambato, page-22

Hi Ans25,

There are several things I like about the project:

- It fits with my strategy of investing into projects with relatively low exploration risk. I think the exploration risk is relatively low because REE mineralisation is known over significant strike length, but has not been defined by drilling as far as I can tell. Significant trenching and surface sampling has been undertaken though. MNB are not trying to find a deposit, they will more be quantifying the extent and grade.

- The mineralisation is relatively rich in neodymium and praseodymium which are of most interest for the electric vehicle boom. Market has not fully appreciated this yet.

- Bastanite nineralogy is a big advantage here from my understanding in terms of processing.

- I think there is still some fear of investing in rare earths as plenty got burnt during the last “boom”, this may provide an advantage for those who are “brave”.

- Low market cap and now well cashed up. Share register also looks strong.