Neil McIntyre August 23 2019

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Interview with
Neil McIntyre, MBE
CEO, Diatreme Resources Limited
Interview conducted 9 August 2019 at the office of Diatreme Resources, Brisbane,

Queensland. Mr Neil McIntyre is speaking with Fiona Fox from Acquisdata.
• Australia Specialty Minerals

• Company SnapShot
26 August 2019
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1
Company Overview
Diatreme Resources Limited (ASX:DRX) is an emerging Australian producer of mineral and
silica sands based in Brisbane.
The company’s key projects comprise the Galalar Silica Project in Far North Queensland,
located next to the world’s biggest silica sand mine, together with the Cyclone Zircon Project in
Western Australia’s Eucla Basin, considered one of a handful of major zircon-rich discoveries
of the past decade.
Diatreme has an experienced Board and management, with expertise across all stages of
project exploration, development and financing, with a vast network of contacts across China
and Asia.
Importantly for shareholders, we have a clear focus on maximising shareholder value by only
pursuing those projects considered capable of generating a near-term return on investment,
while minimising corporate overheads.
http://www.diatreme.com.au
2
Biography
Neil McIntyre, MBE

Neil McIntyre is Chief Executive Officer of Diatreme Resources Limited (ASX:DRX), an emerging
mineral and silica sands explorer and developer based in Brisbane. He was appointed CEO in
August 2014 after previously serving as a Non-Executive Director, with a clear strategic focus
on maximising company resources on projects considered offering the greatest potential for
shareholder value.
Diatreme’s current focus is on its Galalar Silica Project in Far North Queensland, which is
advancing towards development in partnership with the traditional owners, targeting the fast
growing premium-quality silica sand market for solar panels. The company’s other key project,
the Cyclone Zircon Project in Western Australia’s Eucla Basin, has been successfully de-risked
and has secured potential development partners amid constrained supply of high-grade zircon.
Prior to joining Diatreme, Mr McIntyre served as a career banker with over 25 years of senior
management experience at national and state levels in Australia, Asia and the Pacific, including
eight years as Managing Director of Pacific Capital Limited in Papua New Guinea, a boutique
merchant bank owned at that time by NM Rothschild and Sons Australia Ltd, and several major
PNG pension and superannuation funds which provided corporate and commercial advisory
services with specialist expertise in the mining, petroleum and natural resource sectors.
He has held positions as Chairman, Executive Director, Director Finance and Non-Executive
Director in various listed and unlisted minerals and petroleum exploration companies regionally.
Mr McIntyre is a Member of the Australian Institute of Company Directors and in 2003 was made
an ordinary member of the Civil Division of The Order of The British Empire (“MBE”) for services
to Commerce, Finance and Forestry in Papua New Guinea.
3
Interview with
Neil McIntyre
1. Overview of Diatreme and its key projects
Neil McIntyre: We have been listed since 2005 and our principal project has
watch on YouTube
https://youtu.be/2TXHRNsoh4M been our Cyclone Heavy Mineral [Zircon] Project in Western Australia1, and
that was first discovered in 2007, and we’ve been transitioning that through a
* For best viewing results, download and save
the pdf, open it in Adobe Acrobat Reader and period of permitting and approvals and economic studies. But if I was to say
view the videos on YouTube.
where we’re at the moment, we’re really a company of two projects: one is
Cyclone and the other is our Galalar Silica Project in Far North Queensland2.
That’s just finished a resource development program, where we’ve defined a
30 million tonnes indicated and inferred resource.
These projects are at relatively different stages, so our silica project, we’re
about now to enter through our permitting and approval process, looking
towards development, possibly within a 15 to 18 month timeline, while our
heavy mineral sands project in Western Australia is now going through an
externally managed process with a corporate advisor, targeting either a sale
or joint venture process.
The heavy mineral sands project is actually what we call in the industry,
‘shovel-ready’: all the primary permitting and approvals are in place - mining
lease, environmental studies, the bankable feasibility has been done. It’s
about a AU$120 million capex project, so given our current market cap is
sitting around AU$20 million, we had to reach out and try and encourage
major parties to come in and develop that project. Really our primary focus is
on those two projects.
1 https://www.diatreme.com.au/projects/cyclone-zircon-project-diatreme-100/
2 https://www.diatreme.com.au/projects/cape-bedford-silicaheavy-minerals-project-
diatreme-100/
Watch the whole playlist on Acquisdata’s YouTube channel:

https://www.youtube.com/playlist?list=PLLht7jPps2v2r0XtJO9Xdbe8bZ2tmsvC9
4
Interview with
Neil McIntyre
2. Galalar Silica Project (NQ)– agreement with the

traditional owners, the Hopevale Congress
Neil McIntyre: It’s a huge tenement area, it’s an enormous tenement area,
watch on YouTube
over 500 square kilometres, and the resource that we’ve identified is in the
https://youtu.be/1J3Upvq6zXw
very southern tip of the tenement area. We’ve identified 30 million tonnes of
the pdf, open it in Adobe Acrobat Reader and
resource [at Galalar], and our intention is to take that now through the next
step, permitting and approval processes - mining lease and environmental
studies to mining activity, and we think a realistic timeline for that from now is
probably around 15 to 18 months.
We’ve already started on environmental studies, we have a very unusual

relationship with our traditional owners, the Hopevale Congress3, because
that entire tenement area is actually owned under Aboriginal freehold and
Native Title by one body, which is the Hopevale Congress. It’s quite unusual,
the structure of the ownership.
We took a view very early on, before we undertook any exploration activity,
we actually held a community meeting, showed them what our drill rigs looked
like, how we would undertake that activity, exploration, how silica sands are
formed. We took them through a primer, if you like, on mining activity and
what it looks like.
We then took the extra step; typically at exploration stage on tenements

you get a fairly simple two or three page quick agreement that says we’re
going to explore and, if we find something, we’ll move towards more detailed
understandings. Instead, we had the community meeting and then we put in
place project level agreements - cultural heritage agreement and a conduct and
compensation agreement – right from Day 1, again, before we undertook any
activity, which sent a really clear template for how we interact, commercially
and on the ground.
3 Hopevale Congress: http://www.cylc.org.au/hopevale-congress/

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Interview with
Neil McIntyre
We also, unusually, negotiated with Congress, to give them a direct project

interest, so they have a vested interest in our success and we need them to
work with us, ultimately to transition it through to mining activity.
3. Galalar Silica Project (NQ) - MOU with the Fengsha

Group4
Fiona Fox (Acquisdata): What would it mean for the company if this MOU
watch on YouTube
https://youtu.be/XMsz37RR81k becomes a binding agreement? Would you be expecting or hoping that this
would be for all of the product of Galalar?
Neil McIntyre: Probably a significant portion. I think, certainly in the short
term, we’re looking potentially at about a million tonnes a year operation. This
MOU [with the Fengsha Group5] is for half a million tonnes, 500,000 tonnes,
with the provision for an extra 250,000 tonnes. So we still have some capacity
there, but what this MOU did was underpin early stage commerciality of the
project. Industrial minerals by nature, and silica is one of those, it’s a very
opaque market, very difficult to get behind both pricing and levels of demand
for the product because it’s driven by manufacturers actually buying product.
You can’t pick up the paper every morning and see the price for silica, unlike
gold or some of the major metals, where the markets are very well understood.
4. Galalar Silica Project (NQ) - the market for silica of

the Galalar quality
watch on YouTube Fiona Fox (Acquisdata): So what would you say are the key existing markets
https://youtu.be/siCpsLDXXTE for silica, for a start, and any emerging markets?

Neil McIntyre: Broadly, most of the existing silica produced goes into industrial
uses, actually into cement, but that’s very low grade use of the sand; the use
in foundry, casting. As the quality of the sand increases, it then gets used in
things like glass manufacturing, at different levels, and then, as you move
4 https://www.diatreme.com.au/investors/asx-announcements/
5 Anhui Fengsha Mining Group Co

6
Interview with
Neil McIntyre
further up the scale of the quality of the silica, you get into more specialty
manufacturing, like solar panels, and what’s called TFT glass which is used in
smartphones and computers, and things like spectacle glass, which is used
in spectacles.
It’s really those higher-end specialty markets that we’re targeting because of
the inherent quality of the sand that we’re finding at Galalar on our tenement
area, and of course the price – the better the quality, the price moves up.
We don’t see any benefit in mining this area just to supply a broadacre industrial
use, low value industrial use – that would be a misuse of the resource in our
view, and we’ve found that inherently, the quality of the silica sand - even
in situ, straight out of the drill – this runs at about 99% pure silica, I mean
it’s extraordinary quality and, interestingly, some of the inherent qualities that
high-end manufacturers look for are already contained in the sand, so it’s
extraordinarily high value.
Fiona Fox (Acquisdata): So will that mean that your processing or production
costs will be less?
Neil McIntyre: I’d quantify it as a glorified quarrying operation more than a

mining operation; it’s a very simple mining operation. We do put it through
standard – not unlike heavy minerals actually – we put it through a standard
spiral and gravity circuit for minerals separation, we remove the heavy mineral.
In this case, instead of mining the heavy mineral, we actually remove it from
the silica sand, and then it’s ready to export already. We’ve undertaken quite
a number of bulk testing programs to see what products we can target, and
by that relatively benign process – it just involves gravity and water, there’s no
chemicals involved at all – we can get to the specification required for solar
panel manufacture.

7
Interview with
Neil McIntyre
Fiona Fox (Acquisdata): And solar panel manufacturers, there are Asian
markets for that, are there other markets that you’d be looking at?
Neil McIntyre: We’ve been concentrating on the solar panel market although
it can be used for other purposes, mainly because of the sheer size of that
market. We’ve had a lot of interaction, obviously, with Chinese markets, and
we’ve signed this MOU with Fengsha. In this specification, you’re probably
talking about demand on the Chinese side of about 10 or 12 million tonnes
per year for this particular product and it’s growing at over 30% year on year,
so it’s an extraordinary market for growth, and we’ve been across to China
quite a number of times now, we met with both processors and with the glass
manufacturers.
The demand on the Chinese side is almost insatiable for this particular product,
the demand cannot be met, so we see it as a very lucrative market for us to
participate in and a growing market.
5. The Australian silica sands industry
Fiona Fox (Acquisdata): So does that mean the Australian silica sands
watch on YouTube industry is a mutually supportive industry rather than competitive?
https://youtu.be/0I9llwjK96w
* For best viewing results, download and save Neil McIntyre: I think we’re a very young industry really. Certainly in the
view the videos on YouTube. public company space, there’s not too many of us involved in silica sand.
Generally, the larger players are actually privately owned, such as quite large
trading houses. Our tenement area, for example, completely surrounds the
operations of Cape Flattery, which is actually the world’s largest silica mine,
and that’s owned by Mitsubishi6.
So we see quite a number of Japanese trading houses involved in this space,

as well as companies like Sibelco7, in essence private companies.
6 Mitsubishi Corporation: https://www.mitsubishicorp.com/jp/en/index.html
7 Sibelco: https://www.sibelco.com/

8
Interview with
Neil McIntyre
What’s happened on the Chinese side is, because of these increased levels
of demand, the manufacturers are seeking a more corporatised supply.
Traditionally, they’ve been sourcing their supply from 40, 50, 60 small
suppliers, but they can’t plan increases in production around that, so what they
need are companies, like Diatreme and others, supplying them regular, high
quality, large volume amounts, so they can plan their production increases
around them – a more corporatised style of supply.
Fiona Fox (Acquisdata): Is it in your interests to have a range of buyers?
Neil McIntyre: Sure, it’s not healthy to have a single buyer for your product.
I know, as we move further towards actual production, in an ideal circumstance,
we’d be supplying to 3 or 4, at least, possible offtakers and I think that will
definitely be the case.
Fiona Fox (Acquisdata): I’ve read that there’s growth in the US and European
markets as well, does that interest you?
Neil McIntyre: It does, but from a shipping viewpoint in bulk minerals - it’s all
about getting it to market for the lowest possible cost, and we’re closest to the
Asian markets.
For us to get it across to Europe and North America would probably add
another 10, 15 dollars a tonne and that would come straight off our bottom
line, and in terms of solar panel manufacturing, I’ve seen various numbers, but
I believe it’s over 90% of the world’s solar panels are actually manufactured
in China. The large end for the demand is in China for this and it’s also the
highest price point for the product as well.
6. Environmental standards for mineral sands supply
Neil McIntyre: Globally of course, it’s not just Australia that’s having increasing
watch on YouTube environmental standards, it’s everywhere. In terms of also – I mentioned – that
https://youtu.be/C0q9_N8t8K8
fractured supply of sand, some of the traditional sources for those supplies
* For best viewing results, download and save have been places like Vietnam and Indonesia and Malaysia, and those

9
Interview with
Neil McIntyre
countries are cracking down on illegal mining because a lot of the sources for
this used to be river sand and that’s not supportable environmentally, so that’s
being progressively shut down, illegal sand-mining on river beds.
And of course it’s nonsensical to manufacture a green product and then source
your supply from an environmentally unfriendly source. The whole market is
becoming more aware of looking at the full chain from mining to manufacture
and have it green-certified all the way through, and this enables it to be done.
Fiona Fox (Acquisdata): Yes, I read that Australia is considered a world

leader in ethical mineral supplies?
Neil McIntyre: We fully support that. Environmentally, it’s challenging to

meet the requirements but we see that as part of the cost of mining and we
actually encourage that.
Fiona Fox (Acquisdata): And does that have an impact on the prices that
you can charge?
Neil McIntyre: Sure. It makes it more expensive to mine. There’s no doubt

that it adds an impost to the value, but we view that as an acceptable cost
and, ultimately, it’s all demand-led, of course, so as long as the buyers are
prepared to pay that additional cost, we’ll supply the product.
7. Carbon neutrality of the Galalar Silica Project
Fiona Fox (Acquisdata): Neil, I understand that the Galalar Silica Project can
watch on YouTube be considered carbon-neutral. Can you explain how that works?
https://youtu.be/1MCnVLWwk_8
* For best viewing results, download and save Neil McIntyre: There’s definitely a potential there for us to be rated carbon
view the videos on YouTube. neutral. That will require independent certification at the appropriate point
but the Fengsha Group, who we signed our offtake MOU with, informed us
that all of this product will be used in solar panel manufacturing and that the
manufacturer they’re intending to supply are manufacturing these panels to
displace or reduce the reliance within several of the major Chinese capital

10
Interview with
Neil McIntyre
cities on coal-fired power and there are positive environmental credits to

accrue from that, and with those offsets and with the mining activity we’d be
planning on site, there’s a potential to be carbon neutral during the process. It
comes back to this thing again of certification, in terms of how you mine your
product, and then how your product is used, and yes, it’s an important positive
to the project.
Fiona Fox (Acquisdata): Do you know who would be doing that certifying?
Neil McIntyre: It would be via third party verification. There’s a number of

independent firms who do that, and they’re rigorous, and they check it right
from mining activity, you know, the amount of heavy equipment we use, the
sort of power we have on site, how we generate that, right to that end use
and they follow that chain all the way through and they then determine how
it’s used on the other side and the positive benefits that accrue from that and
the benefits in terms of the lessening of the dependence on coal-fired power.
Fiona Fox (Acquisdata): So that’s all part of your big picture corporate social
responsibility?
Neil McIntyre: Yes, indeed, we take that responsibility seriously and we

examine our footprint quite aggressively and we look at ways to mitigate our
footprint environmentally.
8. The Cyclone Zircon Project (WA), the MOU with

Hunan Rare Earth Industry Group and the EOI from
MCC8
watch on YouTube Neil McIntyre: We’re looking at bringing in major development partners, and
https://youtu.be/0_QDpsqS3LY
we believe we’re assembling the right partners now. They’re in a process, and
* For best viewing results, download and save we signed - offtake is a very important underpinning of that – which we signed
view the videos on YouTube. with Hunan Rare Earth9. They’re looking at 100% offtake on our product.
8 https://www.diatreme.com.au/investors/asx-announcements/
9 Hunan Rare Earth Co., Ltd: https://www.hnrem.com/

11
Interview with
Neil McIntyre
It’s a heavy mineral concentrate product, so we’re looking at exporting that to

China for then further processing into end products, and those end products
will be zircon and titanium products. We’re very fortunate that the heavy
mineral concentrate is very zircon dominant, which is unusual. Zircon is the
high value product so zircon is currently trading around US$1600 a tonne and
our titanium products are trading around anywhere from US$800 to $1000 a
tonne also, so with a zircon dominant heavy mineral concentrate, that makes
our concentrate worth a lot more money.
We also brought in MCC10, who are part of the China Minmetals Group11,
Metallurgical Corporation of China, MCC. They’re probably the most
international of the Chinese state-owned enterprises in the mining sector; they
have a number of international operations already, they’ve had a Perth office
for about 8 or 9 years and they’ve undertaken a number of EPC (engineering,
procurement and construction) contracts in Australia, so they’re well-versed
technically and they’re across the permitting and regulatory issues.
We got a lot of encouragement from them stepping up and saying ‘we want to
do your EPC’ and they’ve also offered to assist us in our debt-funding for the
project. We’re in active discussions with a number of other parties to get the
mix right – offtake, engineering services and equity investment that will see
the project developed in the short term.
Given that the project is ‘shovel-ready’, all permits in place, we believe we can
bring those parties together over the next quarter and then show the market,
and, more importantly, our shareholders, how the project will ultimately be
developed.
Fiona Fox (Acquisdata): What sort of things do you look for in your potential
partners, buyers, team?
Neil McIntyre: I think capacity, both financial and technical, to undertake the
tasks that they’re offering to do and a genuine capacity to engage with us and
10 MCC International Incorporation Ltd: http://www.cccme.org.cn/shop/cccme10494/index.aspx
11 China Minmetals Corporation: http://www.minmetals.com/english/about_666/AboutMinmetals/

12
Interview with
Neil McIntyre
get a deal done and on suitable terms for the company. We’re looking for
companies of reputation within our industry so we know we can rely on them
to perform and to undertake the tasks they’re agreeing to do. That’s very
important.
Fiona Fox (Acquisdata): You mentioned this would be giving all this heavy
metal to HRE – so you’re happy with selling them 100%?
Neil McIntyre: Yes. Under the terms that we’re negotiating – they process
our heavy mineral concentrate into end product and we have some agreed
mechanism in place – which will be more formalised over the coming months
– about how those end products are then sold. The products are actually sold
at arm’s length; Hunan Rare Earth actually undertake the processing of the
concentrate into final products, and then we have a mechanism in place for
the sale of the end product. It’s all done at arm’s length and at market price,
so we’re comfortable with that arrangement.
9. Impact of the US/ China ‘trade war’ on Diatreme’s

dealings
watch on YouTube Fiona Fox (Acquisdata): The so-called ‘trade war’ between the US and
https://youtu.be/oOouwmShhx0 China, is that having any impact on anything that you’re doing and how are
you managing that if so?
Neil McIntyre: Actually, it’s strangely positive, because what’s happening is
the increasing tension on the US side is forcing, in particular the Chinese
large state-owned enterprises to reach out and find resources in more friendly
jurisdictions. Where in the past they may have been able to access product
from the US, and indeed from Europe, some of those avenues are becoming
increasingly difficult for them, so our feedback in the short-term has actually
been an increased level of interest because they need to get surety of market
supply. The discussions are actually getting more focused because they’ve
had a bit of a scare and they can see that if they want access to these
commodities in the medium and long term, they need to put, perhaps, even
some ownership in terms of where they source these products from.

13
Interview with
Neil McIntyre
10. Diatreme’s divestment of the Tick Hill gold project

to Carnaby Resources
Neil McIntyre: We view Tick Hill as a non-core asset for us; we are definitely
watch on YouTube
https://youtu.be/0-TXL_qJ6R8 concentrating on the heavy minerals and the silica, so we were able to vend in
the project into what’s now called Carnaby Resources12.
We did that for a share swap in that company and those shares – we got
over 4 million shares. We’re a major shareholder now in Carnaby Resources
and they’re purely focused on gold and copper and they’re an extraordinarily
experienced exploration and capital markets team and we felt they could get
better value from that asset than us. Indeed that’s proved correct because the
value of those shares that we were issued has doubled in price within 3 or 4
months. Carnaby have a very aggressive and focused exploration program
they plan to undertake on Tick Hill and their technical team are extremely well-
credentialled. We can see a lot of upside. Although we divested the asset,
we’re also riding the upside on their activity and in the gold space generally.
So, as a major shareholder now in Carnaby, we felt very comfortable in
undertaking that transaction with them.
Fiona Fox (Acquisdata): Will you be taking any active role in the company?
Neil McIntyre: No, we’re a shareholder, at just over 7%, and we wish them
well and we’ll give them whatever support they need. They know what they’re
doing and they’re getting on with it as we speak.
11. What should shareholders expect in the short,

medium and longer term?
Neil McIntyre: We’re really excited about where we’re at. We can see the
watch on YouTube
https://youtu.be/h2j3LL0fXUM upside being unlocked in our heavy mineral project in Western Australia,
Cyclone. We think in the short term we’ll see some genuine transaction
the pdf, open it in Adobe Acrobat Reader and completed, and our target there is to ideally retain a significant interest in the
12 Carnaby Resources Limited (ASX: CNB): https://carnabyresources.com.au/

14
Interview with
Neil McIntyre
project, have other major parties come in to develop it where we don’t have
to fund it any further, and that mine will transition to mining activity and we’ll
hold a significant interest but have a potential revenue stream from the mining
activity and really let them manage and take the project forward.
Also in the medium term, we see Galalar transitioning now through various
stages but through the permitting and approval process getting to mining
activity. We can see the company in the medium term having potentially two
income streams from two separate mining activities, one in Western Australia,
one in North Queensland, one in silica, one in heavy minerals. That’s the holy
grail in our space, to head towards revenue, and we can definitely see that on
the horizon.
12. The regulatory environment in Australia
Fiona Fox (Acquisdata): The regulatory environment in Australia. Is the

watch on YouTube
Government supportive, or is there anything more you think the Government
https://youtu.be/0UhIvpmsW1Y
could or should do to support the industry?
view the videos on YouTube. Neil McIntyre: I think there is a [Federal Government] commission being
undertaken at the moment to look at the removal of various levels of green
and regulatory tape that surround mining projects. I think what industry likes
to see is consistency, so if the rules are well understood and everybody knows
the rules, everybody can work within them and towards them. I think when
we see, shall we say, short-term political interference in regulatory regimes,
that’s when mining companies tend to get a bit upset. I won’t state specific
examples, but there are some obvious examples of that, where projects are
really being interfered with at a political level and then that filters down to
regulatory. I think the separation of those two things, political and regulatory,
is very important. Nobody minds tough environmental standards, we all work
towards those, but what we need is a very clear pathway.

15
Interview with
Neil McIntyre
13. Investing in Diatreme, as a small cap mining

company
watch on YouTube
Fiona Fox (Acquisdata): As the CEO of a small cap mining company, why
https://youtu.be/SjYkiU6cO7U should investors start to take notice of you over the larger players?

the pdf, open it in Adobe Acrobat Reader and Neil McIntyre: We see, and even more generally within our space, we see
companies inherently undervalued, proportionately to where their projects are,
and the potential of their upsides. In particular, Diatreme, where we have a
heavy mineral project that’s permit ready – all permits are in place, all primary
approvals are in place – yet really you could argue there’s no value on it
placed on our balance sheet or on our market cap.
There’s extraordinary leverage capacity in terms of value, so as we bring in

development partners on Cyclone and the valuations on the projects start to
flow in – you know, our current market cap is around AU$ 20 million. We
would argue that we’re probably fundamentally undervalued now and with
these two projects coming on-stream, using standard multiples on earnings,
we would say our market cap should be closer to AU$200 or 250 million [post
project revenues being in place].
So from an investor perspective, we can say, well if you enter now, there’s
a potential for that upside to be delivered, and we’re very confident that that
upside can be delivered, so what you get in the small cap space is leverage
to your investment.
I suppose if you were viewing small caps generally, you’d look for companies
that have a genuine capacity to transition their projects to mining, and I believe
we genuinely have that in two projects, which is unusual again in our space –
to have two projects that are transitioning to mining activity.

16
Interview with
Neil McIntyre
complete transcript

*For best viewing results, download and save the pdf, open it in Adobe Acrobat Reader and view the videos in YouTube channel.
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Executive

Interview conducted 9 August 2019 at the office of Diatreme Resources, Brisbane,

• Australia Specialty Minerals

Disclaimer of Warranties and Liability

Diatreme Resources Limited (ASX:DRX) is an emerging Australian producer of mineral and

silica sands based in Brisbane.

of the past decade.

pursuing those projects considered capable of generating a near-term return on investment,

while minimising corporate overheads.

Neil McIntyre, MBE

to Commerce, Finance and Forestry in Papua New Guinea.

1. Overview of Diatreme and its key projects

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2. Galalar Silica Project (NQ)– agreement with the

We’ve already started on environmental studies, we have a very unusual

We then took the extra step; typically at exploration stage on tenements

3 Hopevale Congress: http://www.cylc.org.au/hopevale-congress/

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We also, unusually, negotiated with Congress, to give them a direct project

3. Galalar Silica Project (NQ) - MOU with the Fengsha

4. Galalar Silica Project (NQ) - the market for silica of

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5 Anhui Fengsha Mining Group Co

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Neil McIntyre: I’d quantify it as a glorified quarrying operation more than a

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5. The Australian silica sands industry

So we see quite a number of Japanese trading houses involved in this space,

6 Mitsubishi Corporation: https://www.mitsubishicorp.com/jp/en/index.html

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Fiona Fox (Acquisdata): Is it in your interests to have a range of buyers?

6. Environmental standards for mineral sands supply

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Fiona Fox (Acquisdata): Yes, I read that Australia is considered a world

Neil McIntyre: We fully support that. Environmentally, it’s challenging to

Neil McIntyre: Sure. It makes it more expensive to mine. There’s no doubt

7. Carbon neutrality of the Galalar Silica Project

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cities on coal-fired power and there are positive environmental credits to

Neil McIntyre: It would be via third party verification. There’s a number of

Neil McIntyre: Yes, indeed, we take that responsibility seriously and we

8. The Cyclone Zircon Project (WA), the MOU with

9 Hunan Rare Earth Co., Ltd: https://www.hnrem.com/

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It’s a heavy mineral concentrate product, so we’re looking at exporting that to

10 MCC International Incorporation Ltd: http://www.cccme.org.cn/shop/cccme10494/index.aspx

11 China Minmetals Corporation: http://www.minmetals.com/english/about_666/AboutMinmetals/

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9. Impact of the US/ China ‘trade war’ on Diatreme’s

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10. Diatreme’s divestment of the Tick Hill gold project

11. What should shareholders expect in the short,

12 Carnaby Resources Limited (ASX: CNB): https://carnabyresources.com.au/

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12. The regulatory environment in Australia

Fiona Fox (Acquisdata): The regulatory environment in Australia. Is the

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13. Investing in Diatreme, as a small cap mining

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There’s extraordinary leverage capacity in terms of value, so as we bring in

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