Ann: Heritage Survey Complete Ahead of Maiden Drill Program, page-317

My view is that DRE is currently the worst play in the region owing to its current, in my view, over valuation.

HAS is starting work on their 15 years of life mine. Permits all done. Capital largely all raised. Twiggy on board with a move into downstream magnet processing via neo metal underway. MC currently about $500mill (somewhat undervalued in my view).

Neither DRE nor LNR are anywhere near them in terms of having permits or a viable path to commercialisation in front of them. DRE is a few drilling holes in front of LNR and their maiden JORC has been largely derisked but LNR is really only a drilling announcement or two behind them. DRE is valued at S350 million MC or so (only 100 behind HAS). LNR is at $60 million MC.

while they may end up with a potentially larger resource, without a path to commercialisation that's all it is, potential. DRE currently massively overvalued for where it's at. If you want gains on current MC LNR is a much better play at current prices.