Ann: 2023 AGM - Chairman's and Managing Director's Addresses, page-2

TO'L & team want to metallise the REE concentrate. His speech is very bullish:

"Insofar as rare earths are concerned, our ambition should not be limited to being the quarry of others; refining, metallising and eventually magnetising these key products for ourselves and our international partners that need them is a rational and, with appropriate policy settings and commitment, an achievable ambition.

"Together, our (Commonwealth) natural endowment of key rare earth resources; strong safety and environmental standards; and the ability to refine these materials domestically at Eneabba, provide us an important source of international influence.

"We have a once in a generation opportunity to use that influence to pursue downstream industries and lift our sights beyond the mere extraction, and even the refining of minerals. Taking the further step to rare earth metallisation would represent a crucial gateway step to the potential manufacture of rare earth magnets in future."

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Metallising is at the edge of ILU's core competence and creating an entirely new DnPr supply chain will require billions in government support - both Oz and US. This is how China achieved its current DyTr position.

The preconditions for success are present at Eneabba,

Ash