Ann: RareX acquires district-scale niobium project - East Yilgarn, page-41

Cummins is said to be the largest undeveloped rare earths project in Australia furthermore the phosphate / rare earths project is said to be very low cost and REE are meant to be planning a pre-strip very soon with an expected 300,000 tpa of phosphate be shipped to port and later 550,000 tpa of higher value phosphate / rare earth mixed concentrate. This is directly shipped with no processing. REE have already secured the port facilities at Wyndham further derisking the project. Time is of the essence so I don't think management should be dragging the chain. Regardless of phosphate 'coming down' the fact is it has fallen about 50% from a year ago but prices remain volatile. Prices are double what they were in December 2020 so it's still very attractive and certainly profitable