$550m Debt, page-45

Gus, your definition "PM EV's"?

From my POV that's a very broad catch all, and frankly rather meaningless, particularly over the 5yr & 10 yr timeframes that can be forecast with any confidence, and that have any bearing on practical investment horizons.

There are very distinct categories within emerging electrified vehicles with very distinct potential impacts on the rare earths mkt and without qualification your statement is basically a moon shot.

"EV's" in the literature I read are generally defined as pure EV's, totally reliant on the grid, dragging along half a tonne of hazardous materials in the floor or elsewhere, that cost $30/40k to replace.

Plug-in Hybrids are compromised with small, low power ICE backup, but still grid reliant.

Full hybrids, E motor drives the wheels

Mild hybrids, full compromise.

Distinctly different weighting to RE, also remembering broad auto is already the fastest demand growth sector as features trickle down and developing world adopts enviro controls, any thoughts to quantifying net volume gains, or are "EV's" just an homogenous mass?

Cuts right to the basic rationale for RE, most efficient use of resource.