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#KEN @KendrickRes Nothing has changed This is going to be a MONSTER .. World class rare earth discovery Here’s where we are. What was in the intial $400 million valuation was an above-ground, non-JORC 14Mt inventory at Teufelskuppe, at a time when only two drill holes existed. What is now on the table and not in that number: •A target of not less than 40Mt at 3.0 wt% LREO at Teufelskuppe - roughly three times the tonnage assumption behind the original valuation - now to an extent validated by certified assay, not just pXRF. •A newly discovered breccia-hosted mineralised style at T K, averaging 3.75 wt% TREO, with its own maiden resource estimate now in progress. •A Kieshöhe project the Chairman has publicly said may have been underestimated relative to Teufelskuppe, with every hole drilled to date still open at depth. •Confirmed favourable mineralogy (bastnäsite/parisite) and certified lowest-quartile radioactivity - the two technical risks most likely to blow up a rare earth project’s economics, both now somewhat de-risked. •A statistically validated pXRF-to-lab correlation that means six months of drill results can be trusted at closer to full weight rather than being treated as provisional. The maiden JORC MRE for Teufelskuppe is coming. When it lands, it will be the first time any of this gets converted into a code-compliant number the market can underwrite. Given everything disclosed since 27 May sits outside the last valuation exercise, I’d suggest the gap between where the stock trades and where the ground data points has, if anything, widened rather than closed over the summer. Bird has said he wants this delivered ‘in the shortest possible timeframe