Ann: Makuutu Rare Earths Project Scoping Study, page-23

I guess an interesting point here overall is NPV number definitely below $1b that some were thinking.

However, not that much actually needs to be financed. I'm guessing the delay may have been was due to being forced to re-work the numbers on an 11 year LoM? However the years beyond year 10 make little impact on NPV anyway. However it makes practically long term makes a huge impact on the hip pocket.

Looks like also no Scandium separation (only playability as part of concentrate) is part of the calculations, so there might be upside from that.

The staged ramp-up makes logical sense and gives a realistic NPV as opposed to a theoretical prefect world one. However, if someone wants to part-fund a module to be done earlier I'm sure Ionic will not turn that down.

I'm happy with how they've used pricing forecasts, and then the added sensitivity analysis. Met recoveries in particular with what Chinalco can bring to the table from their experience there would be a key leaver imho. REE pricing is obviously outside the control of the company. People may not immediately appreciate that when upgraded met results come through I suspect.

IMHO this is the most important bit of the whole document.