General Chat / Discussion, page-4313

Clearly states.

Valuation: A$0.09/share

Our risked NPV for IXR is A$0.09/share (fully diluted), compared to the
to the current share price of A$0.037. We have applied a 50% risk
weighting to account for outstanding project risks (financing,
construction, commissioning) and dilution for a A$38m equity raise at
A$0.05/share to fund IXR’s equity contribution to the project (we assume 60:40 debt and equity split).

Key catalysts for IXR to unlock this valuation upside are approval of the mining licence, securing project
financing (debt and equity), commissioning of magnetic recycling demonstration plot in Belfast, and
commencing early works at Makuutu.

Key risks: delays in the mining licence application; increase in development capital costs; technological risks
with processing REEs; and country risks with operating in Uganda.