Based on what i could glean from the information to date is that...

Based on what i could glean from the information to date is that MEI could be a more profitable project. I mean on the mine only, noting they have downstream revenue stream in play.

2 enormous caveats.

1) They will need to delineate a large resource to the right levels of confidence to proof there is ~150-200mT+ at those grades/depths.

2) Met testing to confirm the metallurgy is the same or similar across that resource.

Right now we know a ~1500m x 1500 x 15m (1.8 specific gravity) area is ionic. That is for context ~50mT.
Will need 5-10 of those to rival current contained tonnes at Makuutu. It's possible, more drilling and results required.

In theory, in 2 years time, if MEI replicated the tonnage and continue with met results in line with whats reported here, the project could be worth double what IXR's Makuutu is today.

That said, i don't think the market attributes value to the downstream endeavours and magnet recycling business. Thus the actual relevant value of makuutu may be less than the entire MC of IXR.

Certainly the best ionic prospect I've come across since IXR. Albeit the MC is quite large now for stage of asset - it looks like (if things continue) it will be a very economical project and still good upside available. So it's more a case of whether one prefers an early entry with more potential upside, or a later entry with maybe less upside but less risk (more developed).

Also BTW i'm a holder as of today - Only a starter entry atm because i'm hopeful the traders are short sighted and provide more opportunity at 4c or below. If it never goes back there, that's ok will be more opportunity in the future.

I'm still doing further due diligence on the company as a whole, management etc whom appear (rightfully or wrongfully) not an awesome track record. The asset look potentially solid - just wouldn't want it to be bungled. The mining licences i presume are granted on the basis of what was mine previously - i'm not sure they correlate directly across to start mining REO but that is strictly an assumption and i'd need to confirm that to be the case based on their mining regs etc.

*status to buy reflecting actions today.

SF2TH