Ann: OUTSTANDING TEST RESULTS , page-6

Stoops, maybe I place too much importance on it but very focused on CREO volumes, Nd, Eu, Dy, Tb & Y (reservations on the Y), based on the DoE CM report.

Reiterating, these are the high demand, high value elements with the greatest growth profile in clean tech & hi tech and even China may not be so prolific in Eu, Dy & Tb. At the very least their COP will rise considerably as China cleans up the Southern Ionic REO production. I.e., Dy has been produced cheaply by heap leaching in pits, discarding all else and creating huge wastelands in the process.

Point is, as the REO market stabilises and we hopefully see further growth in clean tech markets CREO prices should start to rise against the rest of the basket.

Re Borisdog, I hope we'll see some higher recoveries but also some solid data on CREO volumes.