Ann: Yin Extended by 1km & 2.5km of High-Grade NdPr Discoveries, page-91

quick Canaccord note-

We expect YIN South to be brought into a resource and further infill at Yin derisking the deposit in the coming weeks (June/July 2023). Our target would be up to 20Mt in resource across the project (currently 14.3Mt). During the DecQ'23, we expect an updated ironstone resource lifting the total project inventory to somewhere in the region of 25-30Mt with +50% Indicated. This will form the basis off an initial mining study. We could also see a maiden carbonatite resource from C3 at some point in 2H23.

50-100Mt @ 0.9-1.3% TREO Exploration Target in the medium to long term: Recall that in February 2023, DRE published an exploration target range for the ironstone potential within the 100%-owned Mangaroon REE Project. The company cited a substantial amount of geological knowledge derived from work undertaken by DRE itself and neighbour HAS-ASX in advancing the Yin and Yangibana ironstone province. DRE defined a JORC 2012 Exploration Target of 50-100Mt @ 0.9-1.3% TREO for the 40km of mapped and sparsely drilled ironstones within its Mangaroon Project. This is in addition to its current resource over a 3km strike at Yin (14.36Mt @ 1.13% TREO). In total, DRE has defined 43km of strike potential within its tenure. The exploration target excludes ironstone mineralisation at depths greater than 150m below surface, and all carbonatite mineralisation across the project.

Valuation and recommendation: Our valuation is underpinned by an EV/Resource multiple centring on a 60Mt @ 1% TREO resource defined at Mangaroon. Given DRE has already defined 14.4Mt of resource and has a further 50-100Mt defined in a JORC Exploration Target, we believe a total resource offering of 60Mt is achievable from DRE over time.

We maintain our SPECULATIVE BUY rating and price target of $0.24.