Price Scenarios

Notes:

Jacob Securities 2014-2016 price forecasts taken from Exhibit 7 of “Rare Earths Economic War” dated October 17, 2011.

Byron Capital Markets 2012-2020 price forecasts taken from Exhibit 1 of “Confusion on Rare Earths: Setting It Straight” dated November 3, 2011 – unfortunately this did not include any estimates for either Yttrium or Gadolinium and because Bronte Capital Markets has been unwilling to work with us we’ve simply assumed very conservative price forecasts.

Dundee Capital Markets 2020+ price forecast taken from “The Rare Earths Race: Identifying the Formula One Cars” dated March 5, 2012.