Ann: ASX Notice - Admission and Quotation, page-7

Few lucky punters got their money back at 20c, which is probably the high water mark for this stock. Just can't see where the price drivers are coming from?

Goschen EL5278 is reasonably well tested but too deep to be competitive with about 10Bt of better, more shallow WIM style deposits lining up around the place


Douglas EL's 7545 and 7544, both picked up last year, reasonably well tested are also deep and/or low grade. That grade legend is hilarious... first two colour ranges are 'absent', and '-0.1 to 0', how the hell do you get negative HM assays and why not leave them in the absent category? Next pretty light blue is 0 to 0.1% HM, so close to zero as the same, how the hell does this get it's own category? Then green to 0.5% HM and hot pink for 0.5-1.0% HM... 5 colour categories and we only just moving above potential economic cut-off lol. Last two categories, which actually matter, suddenly jump 1-5% and then all above 5% HM. Thankfully the bar chart on drill holes shows how most orange is closer to 1% and the ~5m thick red HG core of the strand (~200m width) starts under 25m depth.


EL7545 is just very low grade...


This whole float looks set up for Medallion to try and break into the Oz market, where they have not managed to break into any market over their long and tenacious journey so far. Fair enough, nowhere better served by multiple, high RE assemblage, world class deposits than Murray Basin. Trouble is the eastern states and Victoria specifically are NIMBYs who much rather enjoy the benefits of mining products and taxes from elsewhere thank you very much. No coincidence both ATR and VHM are going down the path of Stage 1 project developments aimed at selling concentrates to China. ILU has no interest in supporting any competitors in the Murray Basin with RE-con offtakes...

It is taking years just to get approvals for small, monazite concentrate export only mines. IMO the carrot of Stage 2 with monazite cracking plants to produce a MREC feed Medallion process uses, is just to keep options open and attract subsidies from government who like the idea of value add and non-China RE sales. Economically it doesn;t really make sense for the extra capex unless and until permits are approved locally and the companies financially strong enough to commit to building downstream RE plants with all the risks that entails (technical and financial). The radioactive waste from Medallions process is the problem for permitting... how many years until ATR, VHM etc are financially ready to apply for monazite processing and then such applications are approved? In a market where investors hate waiting 6 months for news 6 years looks a bridge too far away.

Never say never, but this looks lost in no-mans land... still, GLTAH