Hi, KO

"...I can't recall why it requires udating..."

An independed geotechinal analysis of a project's potential (and next step recommendations) is required by securities regulators in Canada. That reporting requirement has been adopted by American companies, though not required by US laws. It's just standard procudure.

Yes, this can take a long time. The final SRK report for Big Chunk took something like 15 or 18 months. If LBSR were to focus on an incorporated US-based or Canadian partner, a JV at this point may be unlikely, as the parties would have to wait for SRK, or proceed subject to issuance of a positive report. HOWEVER, most other counties in the world use different standards (if they have any at all). In our case, the final SRK report most likely is not necessary for entering a JV with private party offshore investors, and immediately proceeding to drilling. Still, this would be an important document to have on hand, don't you think? ...and it may be needed in the future anyway.

Having said this, I do not practice securities law, nor am I 100 percert confident in what I just offered - more like 95 percent. Besides, the final report is very unlikely to be less encouraging than the last one, so I do not see this as an issue.

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