Ann: Makuutu Rare Earths Project Phase 5 Drill Results, page-16

In short.....MEI & potentially VMM. Check the grades & overburden (very favourable so far) but again it's early.VMM has potential problems by virtue of its location, it's surrounded by towns/villages. They have a long way to go, with VMM just scratching the surface (literally) right now. For a comparison you might want to have a look at LIN which by disclosure I have recently bought into, I'm not cross promoting....I'm answering you). That's a deposit of massive scale that will make money at virtually any point in the cycle (definitely over the cycle) which Matuuku can't (at this point in time) which is why in large part IXR is trading where it is. And for those posters that care to call that a "broad sweeping negative statement"....it is & I stand by it as truth. Matuuku will not be funded at its commodity price points at this point in time for the commodity basket endowment it has. You'd need pricing to almost double from here for it to make sense. When that happens I have no answer.

I have a large & longstanding exposure to IXR, so it's not as if I'm downramping with an agenda as purported to by another poster above.....sometimes the truth is both inconvenient & uncomfortable as it is for IXR I think right now. Management were clever to go down the magnet lifecycle path from mining to recycling because at this time the recycling is the only thing that will potentially bring in cashflow until there's a step change in commodity pricing.