Ann: Outstanding Scoping Study Results - Tanbreez Project, page-2

Why am I not surprised that one has to scroll down to page 77 to get a proper outline of the capital costs: Total capital costs, including pre-production and sustaining capital, is estimated at US$442M. No wonder they tried to release a 'lite' version of this earlier in the month.

Consider the absurdity of the timeline: in June 2024 CRML pay just US$5M cash and issued US$211M of their CRML shares at US$10.71/sh for their 92.5% interest (today those US$211M shares are worth just US$38M, assuming the vendor was dumb enough not to sell them like everybody else did). Now the company has done a Scoping Study and they say the project NPV is worth US$2.4B to US$3B? In my opinion this never gets built, but the Greenland/Trump/REE narrative will probably suck in enough investors for CRML to raise several times round to continue paying salaries.