Ann: Trading Halt, page-27

Agree, i mentioned this a real value unlocker 2-3 weeks ago. Post #:51949126

"Aside from all that, the real value creation in the next 3-6months (aside from drilling over in the east and the SS and met testing improvements) will be if they are able to secure an MOU/offtake agreement or additionally project acquisition. This would change the optic substantially, as ultimately you now have much greater chance of finance and therefore production. Whilst i see these stage-gates as formalities IMO the offtake would be the next major step after SS. Extra % of project means you begin to take larger parts of the pie. Once the SS is out we can quantify what those would be in terms of NPV impacts."

My timeline was thinking post SS for the MOU and the offtake hopefully sometime thereafter. This obviously draws in that offtake timeline sooner.

Aside from all that it will be important as to whom the MOU is with. It could be with a downstream processing/separating facility in which case - yes we are talking potential offtakes.

There could be something else, whereby it's angle as rare earth producer who may want more of a vertical integration operation where IXR itself gets involved commercially in the down stream processing.

Ultimately either of the outcomes is fantastic, and whilst MOU's (which are non-binding) are exactly that they do signal market intent and companies (major rare earth companies) don't sign them for no reason.

my guess would be that the MOU is with a chinese entity. Mainly because i'm still not convinced that the US/Can/Europe are actually putting money where their mouth is. 95% of all conversion is still done in china and ultimately are the ones who intimately understand these projects and also the conversion process. In that sense i think there's more fundamental viability with a chinese player, aka i think they will genuinely be interested. On the flip side a non chinese entity would certainly bode well from a mere marketing perspective whereby investors will see the attractiveness in another operation steering away from chinese control. This could start a slight bidding war over the coming 12months. As i said IXR has a unique basket and there's only 2-3 companies outside china globally that have proven a feasible ionic clay project with quantities to support. Not a "ME2" mozanite/carbonatite 40-50% conc grade based product which needs to be cracked to be worth something.

Exciting future and certainly has made me re-consider the typical post SS 'lull' which may now be full of fireworks. Noting that i'm usually pretty mild, mannered and don't like superlatives and don't get excited that much, but this announcements gives me good feelings. Take that as you will.

SF2TH