Ann: West Arunta Project - Luni Assay Results, page-271

As promised, some extra info to digest regarding the big 3 based on their earnings calls. I'll keep it as brief as possible.

FMG: https://cdn.fortescue.com/docs/default-source/announcements-and-reports/fy24-half-year-results-investor-call-transcript.pdf?sfvrsn=9df547b9_3

• "Weremain laser-focused on maintaining our industry leading cost position." Cast your memory back to pg 27/28 of the Equity Raise Presentation and the cost savings in steel from adding in 0.02% niobium. And from the Money of Mine YouTube video, Datt explained that incorporating 300 grams of niobium in a tonne of steel could reduce the weight of steel by 25%, so “ultimately, by reducing weight, you reduce cost”.
• Significant discussion around hydrogen.Niobium is currently widely discussed in the context of hydrogen energy but it does have potential applications across different aspects of hydrogen production, storage, and utilization. Think things such as hydrogen storage and production, fuel cells, and the purification and separation of hydrogen. With FMG going heavy in their commitment to Fortescue Future Industries and things like the government's $140m hydrogen hub in the Pilbarra, the application of Niobium is broader than we think. Hydrogen based energy is a big gamble by FMG but also a big catalyst for further price movement. It is still early days as an energy source but that may suit us, if they want to optimise energy production before taking it to market.

RIO: https://www.riotinto.com/en/invest/financial-news-performance/results (see third downloadable link)

• "To deliver for the long-term, we are relentlessly following our purpose and four objectives: becomingbest operator, achieving impeccable ESG credentials, excel in development, and deepening oursocial licence". (self explanatory)
• "Decarbonisation remains at the heart of our strategy". Niobium helps with more efficient and cost effective hydrogen technologies, it can help with renewable energy infrastructure (think wind turbines) which in turn lead to more renewable energy sources being created, lightweight alloys for transportation applications (automotive and aerospace industry applications, and industrial processes whereby niobium compounds or catalysts can be employed in various industrial processes to improve efficiency, reduce energy consumption, and lower emissions. E.g. niobium-containing catalysts can enhance the performance of chemical processes involved in the production of fuels, chemicals, and other products.
• "We’re making progress with renewables. Most significantly, repowering our aluminium PacificOperations – a hugely challenging but vital part of our decarbonisation pathway." An overlooked metal if you think about it. Aluminium is soft and weak in its pure form and needs to be turned into an alloy to maximise its benefits. Niobium can also be added to aluminium in the same way it is added to steel.
• "We’re also making important progress to decarbonise our iron ore business". "We’re again leveraging our extensive R&D capabilities. We’re excited about BioIron to support lower-carbon steelmaking.Finally, we’re using high-grade iron ore from Canada to help feed and accelerate low carbonsteelmaking". How about Australian iron ore with niobium added to improve its green properties and strength

BHP: https://www.bhp.com/-/media/documents/media/reports-and-presentations/2024/240220_bhphalfyearresultsfortheperiodended31-december2023_investoranalysttranscript.pdf

• "We remain the lowest-cost major iron ore supplier globally". And I'm sure they would want this to fall further.
• "There’s only about 3%,from memory, of global iron ore resources today that are suitable for DRI production with existing DRI technology. So ifyou’re sitting there as a steelmaker, that’s not a very attractive outlook. So we believe that steelmakers are highlymotivated to find alternative routes to green steel." DRI is a ore efficient way of creating steel. Given its scarcity of use, does that put niobium among other alternatives in the conversation?