Ann: Notification regarding unquoted securities - MRD, page-3

Is it correct to say the values of resource, based on the 121aud/kg spot from the AFR presentation, are:

class A - 60.5 million aud
class b - 90.8 million aud
class c - 121 million aud
class d - 242 million aud
* these values do not include discounting for time value of money or development or operations costs.

current market cap is around 40 million aud.

looks like class a and b wouldn’t move share price much.

class c would be good with doubling to tripling of share price and class d would be a great result 4 to 6 times the share price. Assuming the markets are rational…. and the 500ppm cut off is a good estimate of a grade that can be developed economically.

further upside if the historic REE prices increase.

still worth a bit of a bet in my view - but based on management expectations of outcome linked to their payment incentives share price target of 1 -5 cents looks to be on the cards.