E25 0.00% 20.5¢ element 25 limited

Ann: Investor Presentation - September 2021, page-20

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    Stage 1 (x1 production) NPV $480m

    Stage 1 (x3 production) NPV $1B (480 is part of this)

    Stage 2 (say 100-200 kt HPMSM) NPV $2B -$3B (extra to Stage 1's $1B)

    so full realisation = NPV $3B to $4B. (SP $20 to $26) by 2024.

    stage 3, producing more HPMSM....
    Stage 4, producing EMM.....

    endless game

 
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