Ann: Quarterly Activities Report and Appendix 5B, page-5

Updated some figures from Bell Potter presentation 12 Feb 2022 with current NdPr pricing at US$152 p/kg

NdPr Production 4440 ton pa

@ US$152 p/kg

= US$ 674,880,000

+ Phosphoric acid $58m

Total revenue US$732.88m

Mining costs $30m pa

Processing cost $105m pa

Admin cost $15m p

EBITDA $US582m

EBITDA $AU814m

Current market cap $542m

MC 8x EBITDA $4.3b

Mine life 38years

Capital cost AU$1056m

IRR 77%

Doesn’t take into account dilution, changes in capital costs or currency changes. Also doesn’t account for increases in NdPr and Phosphoric acid prices by the time production has commenced.

I think it’s more de-risked than the market gives it value for.