Ann: Board Renewal Update, page-25

Over the years, I do read this thread from time to time & am amazed at the diversity of posters who have received moderated posts - at this end of the market & the economic climate, it does tell the tale of an array of investors who are optimistic, hopeful & disillusioned. Have always kept an eye out due to the Mt Lindsey project. As presented in a previous post was a scale of tin hopefuls. That graph doesn't do no justice for this project due to added content of the boron, tungsten & copper contained. Boron for me is of interest but I need to do a bit more research. Until the PFS is completed, we cannot properly assess if this is economic at these levels. Maybe once Curtain Uni complete their met work program & a greater confidence is given to which cut off grade is likely to be used, the project might move forward. One possible production deterrent is the Tarkine issue ???? - not 100% sure on how this will unravel & whether this could be an issue to new investors if the project is to be sold or even worse, if it can't be sold or developed.

Mt Riley, I still see it as an opportunity & until the assessment is completed by Argonaut PCF, direction is limited - sale or proceed with production??

On a left field approach, I personally believe the disposal of the REE project should be considered maybe after the company has provided an initial resource & if prices improve. It is a long path for a many rare earths companies, some hard rock are still waiting for large levels of funding or offtake agreements, costly capex / opex, production costs & met work which is highly important to these economics. Also with Australia, we have to compete with other regions where ESG policies are not as compliant to western standards. Listened to a podcast on IXR this morning & found with REE prices have been falling the last several months, it had a low IRR of 33% some time ago when prices were higher & a proposed CAPEX of US$120 million for their clay project. There was a glimmer of hope that rare earth pricing would eventually rebound some time into the future??? I have added a recent table recently listed by RDM for a bit of comparison of the met work released into the REE "clay" industry. A lot more research is required by individuals & the company as it needs to compete with the rest of the industry. It will be interesting to see what the resource holds & I would like to further add that I could be totally wrong in my opinion??



Once again, this is all my opinion and I do wish existing shareholders good luck including jobs for Australians if industry prevails. I do personally think the BOD are partially responsible for the current position. It is up to shareholders to maybe go down the slow path of the first & eventually second strikes if it's direction does not change in the future. I am not also sure if Elphinstone is currently in the top 20 but it could take someone of that magnitude to start a process if required. Tough market & I have a few in this "hopeful" or "abandon ship" category if the price is right. In this tight financial period, I am expecting some of my "hopefuls" to be in hibernation/survival mode & some to be written off as as expected!