Ann: A238 Assay Results and Exploration Update, W, page-5

re: Ann: A238 Assay Results and Exploration U... The current Firawa U resource is defined as 17.7mT @ 296 ppm U = +5,239 tonne of U

Therefore 17.7mT @ 26,037ppm REE (5 sample average) = 460,855 tonne of REE.

Using ARU & LYC current valuations of $70/kg REE.

461m Kg x 70 = US$32b [revenue], you can then apply recovery factors and insitu values to that - say 50% and $5/kg = US$1.15b current value.

Or assuming a similar mine to ARU which is targeting 20,000T REO per year with a CAPEX of A$750m. Revenue = $US1.4b / year from REE alone with over half being net profit. Pick a PE - either way we are talking SP multiples even with half of that production rate.!