Ann: Makuutu Rare Earths Project Scoping Study, page-25

J

Just for context on revenues 3800tpa REO in year 11.
$73.2usd/kg revenue with Opex $23.7 (including Sc) so margin is $50/kg = 190M USD in Y11.

If you used the full 312mT you extend LOM by 16years. Essentially 16Y of 190M EBIDTA.
Which adds 3bn to the LOM EBITDA.

Noting the forecasting is suggested price of REO to be higher at that point i just used current price for an estimate.

Needless to say there's massive upside for those willing the read between the lines. Simply proving the resource of 312 to higher confidence level essentially triples the revenues by allowing input into the study.

No idea on the markets reaction, but this is a generational type project IMO and only needs 90M USD initial kicker. Firm hold for me!

SF2TH