24c price target., page-53

The Demand drivers for REE. From another preso. You guys get the idea.

Used in glass, ceramics, phosphors, the automotive industry, electric vehicles and renewable energy generation.

- Each EV uses 2-5kg of REE magnets. Global sales are forecast to grow 20% CAGR to 2026 (20m units pa.)

- Wind turbines use 650kg of REE magnets per MW of generation capacity-installed generation capacity forecast to grow at 25% CAGR to 2030.

-Growing demand for permanent magnets is the primary driver of growth in REE and demand over the next 10 years.
Magnetic REE are going to be 99% of the value of the market by 2031.

-MRE0 supply deficit of 37% forecast by 2031.

-MREO supply deficit of 15% forecast by 2031 if all planned projects come online and produce as forecast.

-MREO are 1% of the cost of a EV.