Ann: NORTH STANMORE INITIAL MINERAL RESOURCE ESTIMATE, page-76

@Dario123 You make a good point on the Tb and Dy grades. I've been working on a comparison of Australian REE plays and their individual Mag REE grades where available (as I mentioned, a handful share only the sum HREE or MREE grades).



It is interesting that you mention WC1, their "weighted MREO" grade is actually 23% higher than OD6 despite their headline TREO grade being 10% lower, which just shows that the devil is in the detail with these clay REE projects.

Overall, I wouldn't compare the Esperance plays to the rest, the need for hydrochloric acid completely changes the economics and therefore grade requirements. This is why the market has priced the Esperance plays at a much lower market cap per unit contained TREO. Not to say they can't succeed, just comparing them with the rest is apples and oranges.

ABX is an outstanding resource, if small and in a potentially difficult to bulk mine area, but overall the market has somewhat confirmed the quality of the resource with ABX priced the highest per unit TREO of any of the above stocks.

Back to VTM, their grade is low, that is an unfortunate fact. Much lower than AR3 which is the bench mark at the moment at $42m mcap. VTM will need to show an improvement in grade to 800-900 ppm with infill drilling or will be dead in the water, hence on reflection my sentiment is hold. VTM does have some metallurgical advantages with low impurity extraction. Even with VTM's lower current grade, they do have an equivalent weighted MREO to IXR which is a positive if comparing IXR and VTM directly.

Looking forward, the infill drilling and a resource upgrade for VTM will be critical, as well as step out drilling identifying better high grade continuous pockets within their large landholding.