Ann: Offtake Agreement Conditions Precedent Satisfied, page-14

https://www.reuters.com/markets/commodities/china-issues-rare-earth-regulations-further-protect-domestic-supply-2024-06-29/

more regulation by China, it has to stop illegal outputs and can only be positive for PEK in particular with Shenghe now needing more REE

Do management sell us out for less than consolidation price?

Can Shenghe transact on current share price as fair value? PEK will have to do a fair valuation test to get it over the line especially with REE being ultra high importance.

Any movement in underlying REE is significant to NPV valuations, i cant recall fully but i expect NPV must be around 700-900m AUD at present prices. 50% of that is 350m as fair value for Shenghe to make an offer, should be more given future state pricing... So thats around 8x from here = 100c + - Thats fair.



At least Neodymium looks very very bottomy now..


Either way, as we get closer to FID - the ride is finally over, only thing that can scrw us now is Africa risk, we've already felt that for a few years, can africa do it twice on a single project? Doubtful, they got everything they wanted...