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Sorry for typo as the AI predictive text changes my text. I have tried to switch off the function but maybe on this forum they have their own software. I typed, even now in the past and the AI changes it to ever now. I type now, it changes to not. LoL.

Ref: 19:21, Sun, 31 May 2026 by Big_Kahuna:

Verbatim from Big_Kahuna: "Comparing TK to major producers like Mountain Pass is useful for context but CAN BE MISLEADING."

My Comment: I produced what was my thesis & as I stated clearly, I do NOT HAVE INTERNAL Kendrick MODELLING as that is not released. So, if you think and believe that "COMPARING TK [stands for TEUFELSKUPPE] to major producers like MOUNTAIN Pass is useful for context but CAN BE MISLEADING" is contrary to what Mr Colin Bird stated in his 15 MAY 2026 KEN RNS. For this reason, I gave the background how Mountain Pass was discovery and the SIZE of the deposit vs 14mt at TK currently. YES, FOR SURE, without a thesis, it can be said to be wild speculation but I am building how potentially the Ken RNS will get there isnt it? But anyway, that is why I will never been ever said to have "misled" as I QUOTE THE KEN RNS and what the Chairman himself said. That is why it is up to everyone whether they BELIEVE CHAIRMAN BIRD of Kendrick or yourself isnt it ,with due respect? DYOR.

Big_Kahuna at 19:04, Sunday, 31.5.26

Yes, you provide a summary with bullet points. BUT for clarity, that does not work out how a WORLD CLASS TIER 1 is going to be achieved and in the outlier class of Mountain Pass at 30gt vs 14gt current at Kendrick TK. I am here for the Tier 1 and as to HOW big it will be ie equal to Mountain Pass or more with KH? One can just jump to conclusion and post WILD speculations as that is easy to do but rather to show the analysis. That is not privy to me but certainly MR BIRD, CHAIRMAN OF KENDRICK and his team of geologists and mining engineers will know. Look at the conceptual study Mr Bird did for Mankayan before they JV'ed to show a reduced capex.

Irish: Today is Sunday & I have seen your post on another Colin Bird co wherein you said you fell out with a poster some time ago. Let us hope you dont start here like on the other forum given I dont intend to post further to my final thesis.

Is there a reason I am not as concise as you? YES, I read the first page of your open archive wherein you said: "..the 14mt is more than enough to get the mine running & operating 4-5 yrs at least...produce a concentrate LOCALLY & export from Luz to the new REE finish plant being built in France."-Irish, 12 May 2026 at 07:39. https://www.lse.co.uk/profiles/irishdemon/?page=4 You will NOTE that Mr Bird 's KENDRICK RINS of 15 May 2026 CONTRADICTS your above thesis, 3 days later. I prefer to believe Mr Bird , Chairman of Kendrick if that is OK with you, Sir.

You will notice Irish, my thesis DIFFERS from yours which sound very simple but I do not go for small mines LoL. I dont think it is as easy as you say due to cost synergies and all that.

As for Big_kahuna at 18:02, Sun, 31 May 2026: Colin Bird will read what I posted and in stating the full picture, Mr Bird CAN correct if anyone is not correct via data in a RNS. Since i was in at Day 1 of Bushrangers, just before Christmas, Mr Bird explained the rationale for drilling ie he is doing another Solgold type deeper drilling. Mr Bird also subsequently explained to Bob at an AGM, that to drill Bushrangers further would require $8m of which he does not want to spend. So, Mr Bird does read and he wants everyone to get clarity instead of their own ideas, isnt it?

Good Sir, today, is Sunday, Irish.

P.S. Helpful:

I am OFF now. I came to see if there was any further follow up but since there is NONE, I can MOVE on ie You say, I say and end of. I dont NEED to look in at this forum [RRR].

So, ___DONT SAY___, I didnt ___REPLY ___because now , let Mt Ida take its own course and there is a lot of new news in this regard. Thanks. News, Sun, 31 May 2026

Ref: 16:49 Sun, 31 May 2026:

Nike180: With due respect, I think its best to leave this particular subject matter with a closed file [Helpful & I today ie 26.5.26 at 20:07 and 31.5.26 ] given you, as an external party will NOT be called upon to participate in any regulatory review. You will NOTE that no one else is commenting as they understand the 1st general lesson in law class of A can ..B, but NOT C [chain]. As I stated clearly, even Helpful should not be the WATER CARRIER [ancient day messenger]as the Chair can certainly speak for himself with an Oxford Law Degree.// FOR THE AVOIDANCE OF DOUBT & CLARITY: With due respect, I do WHAT IS best for myself in that I will take the line of statement [overt or implied] & look for retraction or denial. Failing that, I will then put up my defence in print with the external said witnesses on Twitter. In doing so, I have covered all my legal bases and Helpful has not repeated his 26.5.26 at 20:07 and has instead touched on the title: "ROYALTY" to which was subject to Q & A ie me to Chair on Twitter. //Without prejudice. News, Sun 31 May 2026 5:30pm.

Helpful at 07:51am, Sunday, 31 May 2026:

I quote Helpful verbatim from the avove post: "AB did state on Twitter that the relevant RNS from 2012 was definitive. he doesnt need to state anything more.DYOR."

My full reply: So, since there is no further repeat of Helpful's post of 26 May 2026 at 20:07 with link TODAY, Sun 31 May 2026, I consider that Helpful has CLOSED this matter. Of significance is that Helpful answers today, Sunday 31 May 2026 & did not say I got it wrong in the title reference to me "News" of his 26 May 2026 20:07 post on this forum.

// May I also add that Helpful does not ACT as PRINCIPAL to RRR plc ie without executive powers to effect anything in his own right [1ast day Law class 101: A to B, no C.] // My view of what Helpful has posted today is up to the Chairman AB of RRR plc if he deems a 2012 RRR RNS has sufficient RNS reporting merit given that was 14 yrs ago? [Current 2026 minus 2012 =14 yrs ago relating to Mt Ida Royalty of RRR plc].

Without prejudice. DYOR. News, Sunday, 31 May 2026.

Concluding thesis of Teufelskuppe & Keishohe [Kendrick Resources]. I wont be going to the Kendrick AGM in London in early June 2026 so running this past Mr Colin Bird, Chairman of Kendrick given he said in an interview he reads stock forums on his stocks. So, Mr Bird can CORRECT if wrong.

KIESHOHE AT 1.5-1.6% IS ECONOMICALLY STRONG: Phase 1 drilling & trenching returned an average grade of 1.6% [with some zones hitting 2%], it solidified the asset potentially as a highly lucrative COMMERCIAL FEED. Of that 1.6% grade, NdPr make up roughly =27%= of the total rare earth mix. Therefore, a 1.6% grade rich in magnet metals yield a far higher $ value per tonne than a 3% full of low-value Cerium or Lanthanum. [2] A "curse" of high grade rare earth deposits globally is high radioactivity which creates high environmental disposal cost. Kendrick explicitly stated KIESHOHE feature VERY LOW uranium & thorium levels, drastically simplifying the processing loop & chemical processing cost. On the global stage, a 1.6% hard rock carbonatite with a high magnet ratio & clean mineralogy is a premium asset. [[Typical hard rock/carbonatite PEERS [0.5%-1.2% TREO: The vast majority of global hard rock projects under development struggle to CLEAR THE 1% TREO MARK.]] KIESHOHE sits comfortably above this STANDARD development hurdle.

KEY SUPPLY RISK FACTOR: The Neodymium squeeze is projected to scale heavily due to wind turbine generation & EV traction motors. Bloomberg intelligence notes that despite a wave of early stage projects, new production will arrive TOO slowly to prevent a SEVERE DEFICIT by 2030. Current NdPr is $28.57/t.

WORLD CLASS ELITE: [2%-5%+ TREO]: This tier is reserved for the rare outliers like MOUNTAIN PASS, MT WELD [Lynas] & KENDRICK own flagship TEUFELSKUPPE core at 3.12% TREO.

PYTHON CODE: DOUBLE PROJECT VOLUME EXPANSION MODEL: It scales the TEUFELSKUPPE deposit from 14mt SURFACE OUTCROP to deeper drilling [reflecting the 80-115m vertical continuity proven by recent core samples. It then integrates a conservative secondary valuation for the substantive KIESHOHE complex. Thru this volume expansion potential, commodity price growth is HELD, to a steady, market index of 10% per yr.

MR COLIN BIRD, CHAIRMAN OF KENDRICK: "It is important to note that the ABOVE SURFACE TONNAGE estimated for TK is very CLOSE TO THAT OF MT PASS deposit, while KEN has YET to INCLUDE any tonnage estimate for SUB-SURFACE mineralisation at TK [TEUFELSKUPPE] & has taken NO account of KIESHOHE TONNAGE potential. Our prognosis that this is a POTENTIAL TOP TIER WORLD CLASS is being justified with every technical step we take."-Kendrick Resources RNS, 15 May 2026 [subject to mistakes, typos, errors in copying so kindly check]. News, Sunday 31 May 2026 [Kenderick Mkt Cap around £35m at 9.375p]. DYOR. P.S. NPV is not value in situ.

P.S. Using Python modelling at different price points for REE, one can see the increased VALUE [NPV minus discount rate] should REE prices increase to the 2030 price points.

The current 14mt surface cap at Teufelskhuppe is literally the EXPOSED lid or the weathered SURFACE OUTCROP. The sub-surface body: Because it is a carbonatite pipe, the DEPOSIT does NOT stop at the SURFACE. By running step-out and deeper drilling, Kendrick is mapping the massive potential vertical extension of that pipe.

MATHS BEHIND THE 30MT TARGET THESIS: To move an asset from 14mt tonne surface tonnage to a= 30MT ==TIER 1 [MOUNTAIN PASS PEER ]esource footprint, it requires the deep roots. Kendrick recent deep drilling struck mineralisation to ==112m at 3.03% TREO directly beneath the surface hills. Therefore, hitting a 30MT total resource is a highly logical geological progression.

A 30Mt potential Tier 1 <TARGET> put Kendrick in the ELITE bracket of TOP 5 independent, high grade asset OUTSIDE CHINA.

COLIN BIRD, CHAIRMAN put a $400 MILLION VALUATION [NPV] for the record just for the 14m tonne suface piece was the INITIAL ANCHOR POINT.

So, the $800m is just MATHS [if 14mt tonnes per Kendrick RNS =$400m, how much would 28mt tonns be= $400m x 2= $800m TARGET]. TIER 1 TARGET was mentioned in Kendrick's RNS.

MOUNTAIN PASS [USA] was also mentioned in the Kendrick RNS and without going over old ground, please refer to my quotation from the Kendrick RNS's of 29 MAY 2026 AT 18:34 , 21: 44 & 00:12. ___________PLEASE CHECK THE KENDRICK RNS [PLURAL] ON TEUFELSKUPPE & KEISHOHE ____DYOR___and ask Mr Bird, Chairman of Kendrick at the coming AGM in London in early June 2026. Please note errors, typos and mistakes.

Summary:

TEUFELSKUPPE [Kendrick Resources ] 14mt resource size [pre-JORC] , hard rock carbonatite ==VERSUS= Moutain Pass, USA [MP Material] with a resource size of 30mt and in active production.

RANK NO 1: LYNAS RARE EARTH , ASX : A$19.31 BN @A$19.19 [Mt WELD , Australia] - weathered carbonatite [Laterite[ and size 106.6Mt and in active production.

Comment: If folks read the earlier background into the Mountain Pass story, the massive deposit lies BELOW surface and that is also KENDRICK'S playbook per the KEN RNS of 27 May 2026.

KENDRICK AGM: It will be held on Fri, 19 June 2026 at 2pm at DRUCES LLP, 6th Floor, 99 Gresham Street, LONDON , EC2V 7NG. So, anyone that can attend and wants to attend, they can ask Mr Bird more details if anyone wants filling in on the extensive details that I have typed up and can CHECK WITH MR BIRD, CHAIRMAN OF KENDRICK. Please write up notes and let us know with thanks. Dont ask about the rest as this part of the journey is the LASSONDE CURVE and more to come as the 27.5.26 KEN RNS stated. DYOR.

2/ Molycop went into Chapter 11. A US-led consortium of asset management funds helmed by fund manager James Litinsky & Michael Rosenthal stepped in. They won the asset out of bankruptcy. Litinsky ABANDONED Molycorp's overly complex processing methods and focussed in getting the basic mining & floatation operational. WITHIN 3 YRS, the newly formed MP MATERIALS turned the site PROFITABLE. In 2020 , the firm completed de-SPAC at $10 raising critical institutional cash required to expand into downstream magnet production and cementing ITS MULTI-BILLION DOLLAR VALUATION TODAY."

<>TEUFELSKUPPE, NAMIBIA: "TEufelskuppe was SYSTEMATICALLY MAPPED & unlocked by professional GEOLOGISTS in the Sperrgebiet desert region of southwest Namibia. They conducted extensive geochemical mapping & ==== O U T C R O P whole-rock sampling which cuminated in their extensive study - the work of Dr Alan G . Marlow & Professor Martin R. Palmer. Their definitive work: "A preliminary study of the rare earth enriched TEufelskuppe carbonate complex, southern Namibia and published in the GEOLOGICAL MAGAZINE. "

"When Kenrick acquired the 70% earn-in interest with local partner BONYA Exploration, they did not start with a BLANK slate. THEY INHERITED 295 meticulously LOGGED historical whole rock samples detailing an AVERAGE SURFACE grade of 3.12% TREO. "

"BOTH DEPOSITS ie MOUNTAIN PASS & TEUFELSKUPPE represent a rare , type of earth formation, a lithospheric -scale carbonatite instrusive system. At Mountain Pass, the early prospectors only SAW THE thin Birthday claims SURFACE veins before MINING exposed the MASSIVE SULPHUR QUEEN carbonatite plug. At Teufelskuppe, KENDRICK is following the SAME HISTORICAL PLAYBOOK. They began with 14mt tonnes ===OF VISIBLE SUFACE OUTCROPS. RECENT DEEP DRILLING [striking 112m at 3.03% TREO underneath those hills] has ===PROVEN==THAT THE EXPOSED SURFACE ROCKS

are just the "SURFACE CAP" of a MASSIVE, continous UNDERGROUND instrusive system."

Kindly check as errors, typos and mistakes can be made.

Spinal Tap: Good question. When you see MP Material listed on the NYSE at US$11bn at US$64.70, we must TRACE the DISCOVERY todate.

"Mountain Pass rare earth deposit was DISCOVERED in Apr 1949 by three independent gold & uranium gold prospectors, Herbert S. Woodward, Clarence Watkins & P.A Simons. In early 1949, the gov was incentivising the domestic search for radioactive nuc materials. Inspired by a lecture given by mining engineer Marty Hess, Woodward & his partners set out into the Clark Mountain Range of S.E California equipped with a G E I G E R counter. While exploring by the MOUNTAIN PASS, the Geiger counter began clicking frantically registering intense levels of radioactivity. Believing they had struck a rich vein of massive, high grade vein of uranium, the prospectors STAKED out their claims. When they sent the samples to a lab for chemical testing, it came back with tiny non-commercial amounts of uranium. Instead the high radio activity was caused by THORIUM, entirely intergrown with a heavy unfamilar mineral. That material was BASTNASITE, a rare mineral heavily saturated with LIGHT RARE EARTH elements [cerium, lanthanum, neodymium & praseodymium."

"Realising the the VALUE of the UNIQUE FIND, the prospectors SOLD their initial stakes to [known as BIRTHDAY CLAIMS] in 1950 to MOLYBDENUM CORP OF AMERICA [which became MOLYCORP]. Molycorp went on to UNCOVER the ====a d j a c e n t SULPHIDE QUEEN carbonate block, turning the site into the world's premier supplier of rare earths for FOUR DECADES. The financial backer Kasey sued Molybdeum in a landmark mining case claiming that MCA tricked them into SIGNING away the vastly RICHER Sulphide Queen block adjacent to their intial claims. The courts ruled in favour of MCA, upholding the original contracts. MCA realised the SULPHIDE QUEEN hosted the ==MASSIVE, primary DEEP carbonite body ==while the PROSPECTOR'S Birthday property hosted ==THE SURFACE VEINS.== Moly was a highly profitable mining co from its moly operations and funded the construction of the Mountain Pass floatation mill with its own balance sheet in 1952. "

"The true scale of the MCA valuation became clear in 1977 when UNOCAL purchased MOLYCORP for ==US$240M.== in 2005, the supermajor bought UNOCAL for $18bn to secure its oil and gas reserves. Cheveron inherited MOUNTAIN PASS by accident and they had ZERO interest in running an idle rare earth mine in the California desert. In 2008, a private equity group convinced Chevron to sell them the domant mine and resurrected the MOLYCORP Inc name & took the co PUBLIC on the NYSE in 2010. "

"In 2010, China dominated the global supply of rare earths and prices for metals like NEODYMIUM SHOT UP OVER 500% WALL ST WENT INTO A FRENZY and MOLYCORP MKT CAP SHOT UP to $6 BILLION. Molycorp spent $500m to build a state-of-art auto processing facility at Mountain Pass ...China opened the floodgates & rare earth prices collapsed and with Molycorp went into Ch

PROOF : KENDRICK RESOURCES RNS 10 MAR 2026:

"Historical exploration results PUBLISHED in open science journal. Marlow AG & Palmer MR 2023. GEOLOGICAL Magazine, Vol 160: 305-21 for the

TEUFELSKUPPE [TK] carbonate.

Publication endorses AUTHENTICITY & data quality." -KEN RNS, 10 Mar 2026.

The above is a "PEER REVIEWED Scientific Journal provides exceptional confidence as to their authenticity."- Kendrick Resources RNS, 6 May 2026.

Chairman Colin Bird, KEN RNS, 15 May 2026: " Above surface tonnage of Teufelskuppe CLOSE to that of MOUNTAIN PASS deposit."

Mountain Pass REE depisit belongs to MP Material listed on NYSE: MP at $11. 52 Billion at US$64.70.

KENDRICK TEUFELSKUPPE vs MP MOUNTAIN PASS:

Internal Estimate 14mt Teufelskuppe vs 28.96mt at Mountain Pass, USA.

Average Ore grade of Teufelskuppe 3.12% TREO vs 5.89% TREO at Mountain Pass.

Depth: Above Ground Surface Outcrop at Teufelskuppe vs Mature Open Pit -600ft deep.

KENDRICK MKT CAP : £35M at 9.375p vs $64.70, Mkt Cap : US$11.52 BILLION.

Typo : Colin Bird, Chairman of Kendrick Resources.

Mr Bird holds 18.55% of Kendrick Resources shares for his portfolio of his co's. [More bought in the recent placings at 7p not included ye].

Value at 19 Apr 2026: $2M.

Mr Bird's NO 1 Holding is Kendrick.

https://uk.marketscreener.com/insider/COLIN-BIRD-A05I1B/

Chairman Colin Bell: "What has surprised our engineers and geologists is the tenor & CONTINUITY of rare earth that EXIST on B O T H properties..looking for substantial potential resources on <> BOTH properties<> . Current Company Assessment: Projected TIER 1 target intact & supported by exploration results.

<>TEUFELSKUPPE ABOVE GROUND : Current tonnage estimate of 14Mt for Teufelskuppe ABOVE GROUND mineralised carbonate only. Unaudited in-house gross project valuation [NPV] of ===US$400 MILLION==for VERIFIED in-situ LREO bearing carbonates at Teufelskuppe only.

<>TEUFELSKUPPE BELOW SURFACE: Geological continuity BELOW the surface implies a MUCH LARGER RESOURCE below the present natural landscape surface."

My Comment: So, just the SURFACE Teufelskuppe "unaudited in-house gross project VALUATION IS US$400M for verified in-situ.." Then, BELOW surface Teufelskuppe "implies much LARGER RESOURCE." So, BOTH TEUFELSKUPPE [TK] & KIESHOHE [TK] is "PROJECTED =TIER 1= target intact & supported by exploration results." "We look forward to providing shareholders with FURTHER UPDATES."

https://www.share-talk.com/kendrick-resources-lon-ken-update-on-nambian--ree-projects/ 27 May 2026.

US$400M as above ONLY FOR surface verified REE at Teufelskuppe - with below surface and Kieshohe [KH] to come. Share price 9.375p, Mkt Cap £35m.

Cyberiachas: The answer you require: How man shares does BZT have in Blackstone left.

BZT still owns 80.574M shares in Blackstone Minerals on the Australia ASX. Yesterday, Blackstone closed at Australian 5.1cents at https://hotcopper.com.au/asx/bsx/

BZT also has 2.5M unlisted options at Aussie 6c expiring Feb 2029.

BZT originally owned 139m.

Source: BZT 10 Oct 2025 RNS: "Mankayan Project Update: Blackstone Mineral Investment." Also, BZT RNS, 2 Oct 2025 refers.

Mr Bird's 2nd largest holding in his public co stock portfolio is made up of BZT as a 5.1% holding.

It is ranked his top No 2 holding with a "VALUATION" as at 29 Apr 2026 of $1M.

https://uk.marketscreener.com/insider/COLIN-BIRD-A05I1B/ [Colin Bird, Market Screener]

Market Screener also lists Mr Bird at 83 yrs old on open file.

My Comment: So, it is logical that Mr Bird wants BZT, to be a forthcoming potential copper revenue producing miner- with his $1m riding on this share? DYOR. News, 28 May 2026

Pj70 The Australians appear rather keen on the Philippines project. The article : "Guess which ASX mining stock ROCKETED 80% today on huge Philippines news."-The Motley Fool Australia, 1 month ago. Quote: "This small ASX mining stock is coming close to DOUBLING its value today. ASX mining stock rockets on Philippines green light." https://www.fool.com.au/2026/04/14/guess-which-asx-mining-stock-is-rocketing-80-today-on-huge-philippines-news/

MANKAYAN COPPER : FINANCIAL TIMES:

"Directors share purchases lift Avanti."-FT, 25 Feb 2011 https://www.ft.com/content/f1055356-4114-11e0-bf62-00144feabdc0

Quote: "Bezant Resources rose 5.3% to 50p after saying it was considering the sale of ITS Mankayan copper gold project in the Philippines after it had recived INTEREST from a "number of significant parties". A Chinese conglomerate is rumoured to be among those interested in buying the project, dealers, said."

Some background pj70 relating to Bezant Resources who used to own Mankayan copper.