Before discussions can begin which might in turn lead to a letter of intent that outlines the general terms of a deal (level of funding, size of equity stake, potential milestones, etc.) the major will need to see sufficient proprietary info (e.g., the SRK report, ZTEM data, etc.) to make sure it is even interested in having such preliminary discussions. Hence the NDA. While there may be a period of exclusivity included in the NDA/Non-compete which would prohibit LBSR from having similar discussions w/ other suitors, I would guess that the non-compete provision would merely prohibit the major from using our confidential info in a manner adverse to our interests (e.g., buying up land around Hay Mt.). My experience is that any exclusivity restricting our ability to negotiate w/ others would only be agreed to at the letter of intent stage where the basic outlines of a deal have been agreed upon and the parties are working on final documentation.