From MD&A April 28/14OUTLOOK The Company anticipated releasing the Montviel PEA by the end of March 2014. Following the identification of the sizeable HREE-S zone during Phase 3, management decided to adjust the Montviel PEA mine plan to account for the discovery. The HREE-S Zone, 400% enrichment in dysprosium, a key element in the high performance permanent magnet industry, should improve the annual distribution mix of REE. The final mine plan adjustments and metallurgical tests are ongoing and are the last significant adjustments in the PEA. The Company is currently planning and budgeting for the development of the proprietary REE physical separation process and the development of the Montviel project. The optimization tests and engineering required prior the building of an initial prototype are set to begin in June 2014 and are expected to be completed by the end of 2014. Although the financial condition of the Company has improved following the closing of a $3,315,000 brokered private placement on April 14, 2014, additional funding will be required to achieve the Company’s development goals.