Ann: REE Discovery At Manna Project Area, page-34

using the precise numbers (which i wasnt) yes the debt portion couls be 60-70% and therefore $251-293m. The residual （125-167m) could be equity.
again with respect, only 30% of offtake has been contracted to Suzhou T&A. Ron has been very clear no additional offtake will be provided unless there is support. So there is 70% left that is unspoken for perhaps another strategic to come in. If i were Ron, I wouldnt market the offtake to another Chinese group but perhaps north american or north american allied to take advantage of the IRA where there are significant credits for EVs.


also the REE does NOT signal a change of direction, it is clearly written in the announcement. They would have had to disclose this serendipitous find per ASX disclosure rules. Core focus is still lithium.